First Industrial Realty Trust, Inc. (FR) vs Rexford Industrial Realty, Inc. (REXR)

First Industrial Realty Trust, Inc. and Rexford Industrial Realty, Inc. are both Reit Industrial companies. First Industrial Realty Trust, Inc. and Rexford Industrial Realty, Inc. are of similar size ($8.5B and $8.4B). Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; First Industrial Realty Trust, Inc. trades at 22.3×. First Industrial Realty Trust, Inc. grew revenue faster over the last twelve months: 8.44% against 0.55%. First Industrial Realty Trust, Inc. has the higher net margin (47.9% vs −40.4%) and the higher return on invested capital (3.71% vs 2.19%). Both pay a dividend; Rexford Industrial Realty, Inc. yields more (3.08% vs 2.57%). Across the 22 metrics below, Rexford Industrial Realty, Inc. leads on 14 and First Industrial Realty Trust, Inc. on 8.

Valuation

Metric FR REXR Reit Industrial median
P/E 22.32 n/m 28.30
P/S 10.68 8.45 8.16
P/B 2.83 1.08 1.89
Price to free cash flow 78.34 36.92 21.44
EV/EBITDA 20.09 16.89 17.97
EV/Sales 13.91 11.71 11.71
Earnings yield 4.48% (4.83%) 3.38%
Free cash flow yield 1.28% 2.71% 2.71%

Profitability

Metric FR REXR Reit Industrial median
Gross margin 73.76% 76.80% 73.76%
Operating margin 41.59% 39.27% 39.85%
Net margin 47.94% (40.39%) 28.04%
Free cash flow margin 13.63% 22.90% 13.63%
Return on equity 13.00% (4.78%) 6.83%
Return on assets 6.48% (3.24%) 3.45%
Return on invested capital 3.71% 2.19% 2.92%

Growth

Metric FR REXR Reit Industrial median
Revenue growth (TTM) 8.44% 0.55% 3.86%
EPS growth (last fiscal year) (13.82%) (28.33%) —
Revenue growth, 5-year CAGR 10.17% 24.89% 13.33%
Net income growth, 5-year CAGR 4.76% 26.68% 9.91%

Health

Metric FR REXR Reit Industrial median
Debt to equity 0.89 0.41 0.84
Current ratio 1.44 1.70 0.78
Net debt to EBITDA 4.87 4.52 4.76

Dividend

Metric FR REXR Reit Industrial median
Dividend yield 2.57% 3.08% 3.14%
Payout ratio 0.51 1.42 1.14

Size

Metric FR REXR Reit Industrial median
Market cap 8.41b 8.47b 8.24b

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