Prologis, Inc. (PLD) vs Rexford Industrial Realty, Inc. (REXR)

Prologis, Inc. and Rexford Industrial Realty, Inc. are both Reit Industrial companies. Prologis, Inc. is the larger, with a market value of $129.4B against $8.5B — 15.3× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; Prologis, Inc. trades at 29.6×. Prologis, Inc. grew revenue faster over the last twelve months: 7.35% against 0.55%. Prologis, Inc. has the higher net margin (45.7% vs −40.4%) and the higher return on invested capital (3.39% vs 2.19%). Both pay a dividend; Rexford Industrial Realty, Inc. yields more (3.08% vs 2.82%). Across the 22 metrics below, Rexford Industrial Realty, Inc. leads on 13 and Prologis, Inc. on 9.

Valuation

Metric PLD REXR Reit Industrial median
P/E 29.57 n/m 28.30
P/S 13.51 8.45 8.16
P/B 2.14 1.08 1.89
Price to free cash flow 42.54 36.92 21.44
EV/EBITDA 22.18 16.89 17.97
EV/Sales 17.28 11.71 11.71
Earnings yield 3.38% (4.83%) 3.38%
Free cash flow yield 2.35% 2.71% 2.71%

Profitability

Metric PLD REXR Reit Industrial median
Gross margin 74.31% 76.80% 73.76%
Operating margin 54.73% 39.27% 39.85%
Net margin 45.73% (40.39%) 28.04%
Free cash flow margin 31.76% 22.90% 13.63%
Return on equity 7.29% (4.78%) 6.83%
Return on assets 4.23% (3.24%) 3.45%
Return on invested capital 3.39% 2.19% 2.92%

Growth

Metric PLD REXR Reit Industrial median
Revenue growth (TTM) 7.35% 0.55% 3.86%
EPS growth (last fiscal year) (8.95%) (28.33%) —
Revenue growth, 5-year CAGR 14.64% 24.89% 13.33%
Net income growth, 5-year CAGR 17.66% 26.68% 9.91%

Health

Metric PLD REXR Reit Industrial median
Debt to equity 0.63 0.41 0.84
Current ratio 0.70 1.70 0.78
Net debt to EBITDA 5.31 4.52 4.76

Dividend

Metric PLD REXR Reit Industrial median
Dividend yield 2.82% 3.08% 3.14%
Payout ratio 0.90 1.42 1.14

Size

Metric PLD REXR Reit Industrial median
Market cap 129.40b 8.47b 8.24b

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