Innovative Industrial Properties, Inc. (IIPR) vs Rexford Industrial Realty, Inc. (REXR)

Innovative Industrial Properties, Inc. and Rexford Industrial Realty, Inc. are both Reit Industrial companies. Rexford Industrial Realty, Inc. is the larger, with a market value of $8.1B against $1.5B — 5.3× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; Innovative Industrial Properties, Inc. trades at 11.8×. Rexford Industrial Realty, Inc. grew revenue faster over the last twelve months: −2.02% against −4.40%. Innovative Industrial Properties, Inc. has the higher net margin (49.2% vs −48.4%) and the higher return on invested capital (3.55% vs 2.47%). Both pay a dividend; Innovative Industrial Properties, Inc. yields more (13.8% vs 4.56%). Across the 22 metrics below, Innovative Industrial Properties, Inc. leads on 17 and Rexford Industrial Realty, Inc. on 5.

Valuation

Metric IIPR REXR Reit Industrial median
P/E 11.85 n/m 29.08
P/S 5.73 8.59 8.75
P/B 0.89 1.14 1.88
Price to free cash flow 6.15 31.99 27.37
EV/EBITDA 9.61 15.72 19.77
EV/Sales 7.83 10.98 11.83
Earnings yield 8.44% (5.54%) 3.06%
Free cash flow yield 16.26% 3.13% 2.68%

Profitability

Metric IIPR REXR Reit Industrial median
Gross margin 88.75% 76.55% 73.76%
Operating margin 51.38% 39.85% 40.64%
Net margin 49.20% (48.38%) 30.03%
Free cash flow margin 93.22% 26.84% 18.60%
Return on equity 7.37% (5.82%) 7.37%
Return on assets 5.20% (4.00%) 3.98%
Return on invested capital 3.55% 2.47% 3.18%

Growth

Metric IIPR REXR Reit Industrial median
Revenue growth (TTM) (4.40%) (2.02%) 4.61%
EPS growth (last fiscal year) (28.80%) (28.33%) (2.22%)
Revenue growth, 5-year CAGR 17.87% 24.89% 14.64%
Net income growth, 5-year CAGR 12.19% 26.68% 12.19%

Health

Metric IIPR REXR Reit Industrial median
Debt to equity 0.38 0.37 0.82
Current ratio 10.66 4.08 0.91
Net debt to EBITDA 1.73 4.52 4.82

Dividend

Metric IIPR REXR Reit Industrial median
Dividend yield 13.75% 4.56% 4.05%
Payout ratio 1.66 — 1.15

Size

Metric IIPR REXR Reit Industrial median
Market cap 1.52b 8.09b 7.97b

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