Public Storage (PSA) vs Rexford Industrial Realty, Inc. (REXR)

Public Storage and Rexford Industrial Realty, Inc. are both Reit Industrial companies. Public Storage is the larger, with a market value of $53.2B against $8.5B — 6.3× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; Public Storage trades at 27.4×. Public Storage grew revenue faster over the last twelve months: 2.97% against 0.55%. Public Storage has the higher net margin (37.7% vs −40.4%) and the higher return on invested capital (7.20% vs 2.19%). Both pay a dividend; Public Storage yields more (4.22% vs 3.08%). Across the 22 metrics below, Public Storage leads on 13 and Rexford Industrial Realty, Inc. on 9.

Valuation

Metric PSA REXR Reit Industrial median
P/E 27.45 n/m 28.30
P/S 10.36 8.45 8.16
P/B 10.26 1.08 1.89
Price to free cash flow 19.63 36.92 21.44
EV/EBITDA 17.97 16.89 17.97
EV/Sales 12.45 11.71 11.71
Earnings yield 3.64% (4.83%) 3.38%
Free cash flow yield 5.09% 2.71% 2.71%

Profitability

Metric PSA REXR Reit Industrial median
Gross margin 72.51% 76.80% 73.76%
Operating margin 45.25% 39.27% 39.85%
Net margin 37.74% (40.39%) 28.04%
Free cash flow margin 52.76% 22.90% 13.63%
Return on equity 36.68% (4.78%) 6.83%
Return on assets 9.08% (3.24%) 3.45%
Return on invested capital 7.20% 2.19% 2.92%

Growth

Metric PSA REXR Reit Industrial median
Revenue growth (TTM) 2.97% 0.55% 3.86%
EPS growth (last fiscal year) (15.32%) (28.33%) —
Revenue growth, 5-year CAGR 10.60% 24.89% 13.33%
Net income growth, 5-year CAGR 7.62% 26.68% 9.91%

Health

Metric PSA REXR Reit Industrial median
Debt to equity 1.10 0.41 0.84
Current ratio 0.66 1.70 0.78
Net debt to EBITDA 2.92 4.52 4.76

Dividend

Metric PSA REXR Reit Industrial median
Dividend yield 4.22% 3.08% 3.14%
Payout ratio 0.43 1.42 1.14

Size

Metric PSA REXR Reit Industrial median
Market cap 53.17b 8.47b 8.24b

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