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 $8.1B against $459.9M — 17.5× the size. Industrial Logistics Properties Trust has negative trailing earnings, so its P/E is not meaningful; First Industrial Realty Trust, Inc. trades at 21.4×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.44% against 2.69%. First Industrial Realty Trust, Inc. has the higher net margin (47.9% vs −10.4%) and the higher return on invested capital (3.71% vs 1.85%). Both pay a dividend; Industrial Logistics Properties Trust yields more (5.13% vs 3.31%). Across the 22 metrics below, First Industrial Realty Trust, Inc. leads on 11 and Industrial Logistics Properties Trust on 11.

Valuation

Metric FR ILPT Reit Industrial median
P/E 21.45 n/m 27.94
P/S 10.26 0.99 8.30
P/B 2.72 0.54 1.85
Price to free cash flow 75.25 7.76 22.45
EV/EBITDA 19.49 13.58 18.69
EV/Sales 13.48 9.78 11.55
Earnings yield 4.66% (10.56%) 3.24%
Free cash flow yield 1.33% 12.88% 2.76%

Profitability

Metric FR ILPT Reit Industrial median
Gross margin 73.76% 85.77% 73.76%
Operating margin 41.59% 31.52% 39.85%
Net margin 47.94% (10.37%) 28.04%
Free cash flow margin 13.63% 12.77% 12.77%
Return on equity 13.00% (5.28%) 6.83%
Return on assets 6.48% (0.91%) 3.45%
Return on invested capital 3.71% 1.85% 2.92%

Growth

Metric FR ILPT Reit Industrial median
Revenue growth (TTM) 8.44% 2.69% 3.86%
EPS growth (last fiscal year) (13.82%) 31.51% 4.51%
Revenue growth, 5-year CAGR 10.17% 12.01% 13.33%
Net income growth, 5-year CAGR 4.76% 0.00% 9.91%

Health

Metric FR ILPT Reit Industrial median
Debt to equity 0.89 4.97 0.84
Current ratio 1.44 4.11 0.78
Net debt to EBITDA 4.87 11.82 4.76

Dividend

Metric FR ILPT Reit Industrial median
Dividend yield 3.31% 5.13% 4.15%
Payout ratio 0.71 — 1.18

Size

Metric FR ILPT Reit Industrial median
Market cap 8.05b 459.88m 7.77b

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