Comprehensive Stock Comparison
Compare Industrial Logistics Properties Trust (ILPT) vs First Industrial Realty Trust, Inc. (FR) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | FR | 8.7% revenue growth vs ILPT's 1.5% |
| Value | ILPT | Better valuation composite |
| Quality / Margins | FR | 33.2% net margin vs ILPT's -19.9% |
| Stability / Safety | FR | Beta 0.78 vs ILPT's 1.08 |
| Dividends | FR | 2.3% yield; 13-year raise streak; ILPT pays no meaningful dividend |
| Momentum (1Y) | ILPT | +52.8% vs FR's +13.7% |
| Efficiency (ROA) | FR | 4.3% ROA vs ILPT's -1.7%, ROIC 4.6% vs 8.9% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Industrial Logistics Properties Trust is a REIT that owns and leases industrial warehouses and distribution centers across the United States. It generates revenue primarily through long-term net leases — collecting rental income from tenants like Amazon and FedEx — with nearly all its properties leased to single tenants. Its key advantage is its portfolio of modern logistics facilities in strategic locations near major transportation hubs, which are essential for e-commerce fulfillment and supply chain operations.
First Industrial Realty Trust is a real estate investment trust that owns, operates, and develops industrial properties like warehouses and distribution centers across major U.S. markets. It generates revenue primarily through property leasing — collecting rent from tenants — with additional income from property sales and development activities. The company's competitive advantage lies in its strategic portfolio concentrated in high-demand logistics hubs and its integrated platform for development, leasing, and property management.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
ILPT leads in 2 of 6 categories (Valuation Metrics, Profitability & Efficiency). FR leads in 2 (Risk & Volatility, Analyst Outlook). 2 tied.
Financial Metrics (TTM)
FR is the larger business by revenue, generating $714M annually — 1.6x ILPT's $445M. FR is the more profitable business, keeping 33.2% of every revenue dollar as net income compared to ILPT's -19.9%. On growth, FR holds the edge at +7.9% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| RevenueTrailing 12 months | $445M | $714M |
| EBITDAEarnings before interest/tax | $362M | $455M |
| Net IncomeAfter-tax profit | -$89M | $237M |
| Free Cash FlowCash after capex | $39M | $437M |
| Gross MarginGross profit ÷ Revenue | +86.3% | +73.6% |
| Operating MarginEBIT ÷ Revenue | +44.0% | +36.9% |
| Net MarginNet income ÷ Revenue | -19.9% | +33.2% |
| FCF MarginFCF ÷ Revenue | +8.8% | +61.3% |
| Rev. Growth (YoY)Latest quarter vs prior year | +1.8% | +7.9% |
| EPS Growth (YoY)Latest quarter vs prior year | +13.2% | -34.7% |
Valuation Metrics
On an enterprise value basis, ILPT's 0.4x EV/EBITDA is more attractive than FR's 22.2x.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| Market CapShares × price | $391M | $8.4B |
| Enterprise ValueMkt cap + debt − cash | $208M | $10.5B |
| Trailing P/EPrice ÷ TTM EPS | -5.86x | 29.10x |
| Forward P/EPrice ÷ next-FY EPS est. | — | 36.53x |
| PEG RatioP/E ÷ EPS growth rate | — | 10.00x |
| EV / EBITDAEnterprise value multiple | 0.40x | 22.24x |
| Price / SalesMarket cap ÷ Revenue | 0.87x | 12.44x |
| Price / BookPrice ÷ Book value/share | 0.43x | 3.04x |
| Price / FCFMarket cap ÷ FCF | 6.44x | 62.00x |
Profitability & Efficiency
FR delivers a 8.6% return on equity — every $100 of shareholder capital generates $9 in annual profit, vs $-10 for ILPT. On the Piotroski fundamental quality scale (0–9), FR scores 7/9 vs ILPT's 5/9, reflecting strong financial health.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| ROE (TTM)Return on equity | -9.7% | +8.6% |
| ROA (TTM)Return on assets | -1.7% | +4.3% |
| ROICReturn on invested capital | +8.9% | +4.6% |
| ROCEReturn on capital employed | +6.6% | +5.9% |
| Piotroski ScoreFundamental quality 0–9 | 5 | 7 |
| Debt / EquityFinancial leverage | — | 0.81x |
| Net DebtTotal debt minus cash | -$183M | $2.2B |
| Cash & Equiv.Liquid assets | $183M | $45M |
| Total DebtShort + long-term debt | $0 | $2.2B |
| Interest CoverageEBIT ÷ Interest expense | — | 3.59x |
Total Returns (with DRIP)
A $10,000 investment in FR five years ago would be worth $16,273 today (with dividends reinvested), compared to $3,580 for ILPT. Over the past 12 months, ILPT leads with a +52.8% total return vs FR's +13.7%. The 3-year compound annual growth rate (CAGR) favors ILPT at 14.2% vs FR's 8.7% — a key indicator of consistent wealth creation.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| YTD ReturnYear-to-date | +6.9% | +9.1% |
| 1-Year ReturnPast 12 months | +52.8% | +13.7% |
| 3-Year ReturnCumulative with dividends | +48.8% | +28.3% |
| 5-Year ReturnCumulative with dividends | -64.2% | +62.7% |
| 10-Year ReturnCumulative with dividends | -50.0% | +245.4% |
| CAGR (3Y)Annualised 3-year return | +14.2% | +8.7% |
Risk & Volatility
FR is the less volatile stock with a 0.78 beta — it tends to amplify market swings less than ILPT's 1.08 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. FR currently trades 98.7% from its 52-week high vs ILPT's 89.2% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.08x | 0.78x |
| 52-Week HighHighest price in past year | $6.57 | $64.00 |
| 52-Week LowLowest price in past year | $2.45 | $40.31 |
| % of 52W HighCurrent price vs 52-week peak | +89.2% | +98.7% |
| RSI (14)Momentum oscillator 0–100 | 64.7 | 72.9 |
| Avg Volume (50D)Average daily shares traded | 292K | 885K |
Analyst Outlook
Wall Street rates ILPT as "Buy" and FR as "Buy". Consensus price targets imply 70.6% upside for ILPT (target: $10) vs 1.2% for FR (target: $64). FR is the only dividend payer here at 2.31% yield — a key consideration for income-focused portfolios.
| Metric | ILPTIndustrial Logist… | FRFirst Industrial … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $10.00 | $63.89 |
| # AnalystsCovering analysts | 8 | 29 |
| Dividend YieldAnnual dividend ÷ price | — | +2.3% |
| Dividend StreakConsecutive years of raises | 1 | 13 |
| Dividend / ShareAnnual DPS | — | $1.46 |
| Buyback YieldShare repurchases ÷ mkt cap | +0.1% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Industrial Logistic… (ILPT) | 100 | 25.07 | -74.9% |
| First Industrial Re… (FR) | 100 | 143.31 | +43.3% |
First Industrial Re… (FR) returned +63% over 5 years vs Industrial Logistic… (ILPT)'s -64%. A $10,000 investment in FR 5 years ago would be worth $16,273 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Industrial Logistic… (ILPT) | $153M | $449M | +192.8% |
| First Industrial Re… (FR) | $378M | $672M | +77.8% |
Industrial Logistics Properties Trust's revenue grew from $153M (2016) to $449M (2025) — a 12.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Industrial Logistic… (ILPT) | 56.7% | -14.7% | -126.0% |
| First Industrial Re… (FR) | 32.1% | 42.7% | +33.3% |
Industrial Logistics Properties Trust's net margin went from 57% (2016) to -15% (2025).
Chart 4P/E Ratio History — 8 Years
| Stock | 2017 | 2024 | Change |
|---|---|---|---|
| Industrial Logistic… (ILPT) | 17 | 13.7 | -19.4% |
| First Industrial Re… (FR) | 18.6 | 23.1 | +24.2% |
Industrial Logistics Properties Trust has traded in a 14x–28x P/E range over 4 years; current trailing P/E is ~-6x. First Industrial Realty Trust, Inc. has traded in a 18x–32x P/E range over 8 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Industrial Logistic… (ILPT) | 1.34 | -1 | -174.6% |
| First Industrial Re… (FR) | 1.05 | 2.17 | +106.7% |
Industrial Logistics Properties Trust's EPS grew from $1.34 (2016) to $-1.00 (2025) — a NaN% CAGR.
Chart 6Free Cash Flow — 5 Years
Industrial Logistics Properties Trust generated $61M FCF in 2025 (-43% vs 2021). First Industrial Realty Trust, Inc. generated $135M FCF in 2024 (+298% vs 2021).
ILPT vs FR: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is ILPT or FR a better buy right now?
First Industrial Realty Trust, Inc. (FR) offers the better valuation at 29.1x trailing P/E (36.5x forward), making it the more compelling value choice. Analysts rate Industrial Logistics Properties Trust (ILPT) a "Buy" — based on 8 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — ILPT or FR?
Over the past 5 years, First Industrial Realty Trust, Inc. (FR) delivered a total return of +62.7%, compared to -64.2% for Industrial Logistics Properties Trust (ILPT). A $10,000 investment in FR five years ago would be worth approximately $16K today (assuming dividends reinvested). Over 10 years, the gap is even starker: FR returned +245.4% versus ILPT's -50.0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — ILPT or FR?
By beta (market sensitivity over 5 years), First Industrial Realty Trust, Inc. (FR) is the lower-risk stock at 0.78β versus Industrial Logistics Properties Trust's 1.08β — meaning ILPT is approximately 38% more volatile than FR relative to the S&P 500.
04Which has better profit margins — ILPT or FR?
First Industrial Realty Trust, Inc. (FR) is the more profitable company, earning 42.7% net margin versus -14.7% for Industrial Logistics Properties Trust — meaning it keeps 42.7% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ILPT leads at 78.0% versus 44.3% for FR. At the gross margin level — before operating expenses — ILPT leads at 86.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Is ILPT or FR more undervalued right now?
Analyst consensus price targets imply the most upside for ILPT: 70.6% to $10.00.
06Which pays a better dividend — ILPT or FR?
In this comparison, FR (2.3% yield) pays a dividend. ILPT does not pay a meaningful dividend and should not be held primarily for income.
07Is ILPT or FR better for a retirement portfolio?
For long-horizon retirement investors, First Industrial Realty Trust, Inc. (FR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.78), 2.3% yield, +245.4% 10Y return). Both have compounded well over 10 years (FR: +245.4%, ILPT: -50.0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
08What are the main differences between ILPT and FR?
Both stocks operate in the Real Estate sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. FR pays a dividend while ILPT does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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