Innovative Industrial Properties, Inc. (IIPR) vs Smartstop Self Storage REIT Inc (SMA)

Innovative Industrial Properties, Inc. and Smartstop Self Storage REIT Inc are both Reit Industrial companies. Smartstop Self Storage REIT Inc is the larger, with a market value of $1.9B against $1.5B — 1.2× the size. Innovative Industrial Properties, Inc. trades at the lower P/E: 12.4× against 62.3×. Smartstop Self Storage REIT Inc grew revenue faster over the last twelve months: 21.1% against −8.42%. Innovative Industrial Properties, Inc. has the higher net margin (49.2% vs 9.41%) and the higher return on invested capital (3.76% vs 1.91%). Across the 21 metrics below, Innovative Industrial Properties, Inc. leads on 18 and Smartstop Self Storage REIT Inc on 3.

Valuation

Metric IIPR SMA Reit Industrial median
P/E 12.37 62.33 28.30
P/S 5.99 5.73 8.16
P/B 0.92 1.40 1.89
Price to free cash flow 6.52 n/m 21.44
EV/EBITDA 9.31 17.80 17.97
EV/Sales 7.52 8.62 11.71
Earnings yield 8.09% 1.60% 3.38%
Free cash flow yield 15.33% (1.31%) 2.71%

Profitability

Metric IIPR SMA Reit Industrial median
Gross margin 88.35% 59.84% 73.76%
Operating margin 51.44% 21.44% 39.85%
Net margin 49.24% 9.41% 28.04%
Free cash flow margin 91.84% (7.50%) 13.63%
Return on equity 7.28% 2.25% 6.83%
Return on assets 5.31% 1.22% 3.45%
Return on invested capital 3.76% 1.91% 2.92%

Growth

Metric IIPR SMA Reit Industrial median
Revenue growth (TTM) (8.42%) 21.10% 3.86%
EPS growth (last fiscal year) (28.80%) 18.00% —
Revenue growth, 5-year CAGR 17.87% 17.78% 13.33%
Net income growth, 5-year CAGR 12.19% 0.00% 9.91%

Health

Metric IIPR SMA Reit Industrial median
Debt to equity 0.33 0.89 0.84
Current ratio 24.51 5.28 0.78
Net debt to EBITDA 1.73 6.40 4.76

Dividend

Metric IIPR SMA Reit Industrial median
Dividend yield 7.89% — 3.14%
Payout ratio 1.28 — 1.14

Size

Metric IIPR SMA Reit Industrial median
Market cap 1.53b 1.85b 8.24b

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