Rexford Industrial Realty, Inc. (REXR) vs Terreno Realty Corporation (TRNO)

Rexford Industrial Realty, Inc. and Terreno Realty Corporation are both Reit Industrial companies. Rexford Industrial Realty, Inc. is the larger, with a market value of $8.5B against $7.2B — 1.2× the size. Rexford Industrial Realty, Inc. has negative trailing earnings, so its P/E is not meaningful; Terreno Realty Corporation trades at 17.7×. Terreno Realty Corporation grew revenue faster over the last twelve months: 18.1% against 0.55%. Terreno Realty Corporation has the higher net margin (76.9% vs −40.4%) and the higher return on invested capital (2.42% vs 2.19%). Both pay a dividend; Rexford Industrial Realty, Inc. yields more (3.08% vs 2.67%). Across the 21 metrics below, Terreno Realty Corporation leads on 11 and Rexford Industrial Realty, Inc. on 10.

Valuation

Metric REXR TRNO Reit Industrial median
P/E n/m 17.71 28.30
P/S 8.45 14.00 8.16
P/B 1.08 1.59 1.89
Price to free cash flow 36.92 n/m 21.44
EV/EBITDA 16.89 25.97 17.97
EV/Sales 11.71 15.87 11.71
Earnings yield (4.83%) 5.65% 3.38%
Free cash flow yield 2.71% (9.75%) 2.71%

Profitability

Metric REXR TRNO Reit Industrial median
Gross margin 76.80% 76.17% 73.76%
Operating margin 39.27% 41.39% 39.85%
Net margin (40.39%) 76.92% 28.04%
Free cash flow margin 22.90% (136.53%) 13.63%
Return on equity (4.78%) 9.24% 6.83%
Return on assets (3.24%) 7.23% 3.45%
Return on invested capital 2.19% 2.42% 2.92%

Growth

Metric REXR TRNO Reit Industrial median
Revenue growth (TTM) 0.55% 18.05% 3.86%
EPS growth (last fiscal year) (28.33%) 103.65% —
Revenue growth, 5-year CAGR 24.89% 20.58% 13.33%
Net income growth, 5-year CAGR 26.68% 38.26% 9.91%

Health

Metric REXR TRNO Reit Industrial median
Debt to equity 0.41 0.22 0.84
Current ratio 1.70 0.43 0.78
Net debt to EBITDA 4.52 3.36 4.76

Dividend

Metric REXR TRNO Reit Industrial median
Dividend yield 3.08% 2.67% 3.14%
Payout ratio 1.42 0.87 1.14

Size

Metric REXR TRNO Reit Industrial median
Market cap 8.47b 7.24b 8.24b

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