First Industrial Realty Trust, Inc. (FR) vs Industrial Logistics Properties Trust (ILPT)

First Industrial Realty Trust, Inc. and Industrial Logistics Properties Trust are both Reit Industrial companies. First Industrial Realty Trust, Inc. is the larger, with a market value of $7.4B against $403.9M — 18.3× the size. Industrial Logistics Properties Trust has negative trailing earnings, so its P/E is not meaningful; First Industrial Realty Trust, Inc. trades at 20.1×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.55% against 3.55%. First Industrial Realty Trust, Inc. has the higher net margin (46.1% vs −12.1%) and the higher return on invested capital (3.68% vs 2.02%). Both pay a dividend; Industrial Logistics Properties Trust yields more (4.97% vs 3.60%). Across the 21 metrics below, Industrial Logistics Properties Trust leads on 11 and First Industrial Realty Trust, Inc. on 10.

Valuation

Metric FR ILPT Reit Industrial median
P/E 20.10 n/m 29.08
P/S 9.25 0.87 8.75
P/B 2.50 0.50 1.88
Price to free cash flow n/m 8.39 27.37
EV/EBITDA 18.18 13.30 19.77
EV/Sales 12.60 9.55 11.83
Earnings yield 4.97% (15.90%) 3.06%
Free cash flow yield (0.33%) 11.92% 2.68%

Profitability

Metric FR ILPT Reit Industrial median
Gross margin 73.75% 85.73% 73.76%
Operating margin 41.57% 33.66% 40.64%
Net margin 46.10% (12.12%) 30.03%
Free cash flow margin (3.03%) 10.35% 18.60%
Return on equity 12.74% (6.54%) 7.37%
Return on assets 6.28% (1.08%) 3.98%
Return on invested capital 3.68% 2.02% 3.18%

Growth

Metric FR ILPT Reit Industrial median
Revenue growth (TTM) 8.55% 3.55% 4.61%
EPS growth (last fiscal year) (13.82%) 31.51% (2.22%)
Revenue growth, 5-year CAGR 10.17% 12.01% 14.64%
Net income growth, 5-year CAGR 4.76% 0.00% 12.19%

Health

Metric FR ILPT Reit Industrial median
Debt to equity 0.92 5.27 0.82
Current ratio 1.06 3.78 0.91
Net debt to EBITDA 4.87 11.82 4.82

Dividend

Metric FR ILPT Reit Industrial median
Dividend yield 3.60% 4.97% 4.05%
Payout ratio 0.72 — 1.15

Size

Metric FR ILPT Reit Industrial median
Market cap 7.39b 403.91m 7.97b

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