First Industrial Realty Trust, Inc. (FR) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of First Industrial Realty Trust, Inc. and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 13, 2026. Differences are shown without an overall score or investment verdict.
Total return — FR vs TRNO
growth of $100 · dividends reinvested · last 10yFR vs TRNO: by the numbers
- •FR is the larger company ($8.16B vs $6.97B market cap).
- •TRNO converts more revenue to profit (77.27% vs 47.96% net margin).
- •TRNO grew revenue faster over the past five years (20.25% vs 10.47% CAGR).
- •TRNO pays the higher dividend yield (3.19% vs 3.08%).
Metrics side by side
Valuation
| Metric | FR | TRNO |
|---|---|---|
| P/E ratio | 22.45 | 17.62 |
| Forward P/E | 24.58 | 31.07 |
| P/S ratio | 10.74 | 13.86 |
| P/B ratio | 2.94 | 1.57 |
| EV / EBITDA | 20.95 | 23.91 |
| FCF yield | 5.03% | 2.66% |
For REITs like First Industrial Realty Trust, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Terreno Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | FR | TRNO |
|---|---|---|
| Gross margin | 22.60% | 75.84% |
| Operating margin | 41.59% | 41.42% |
| Net margin | 47.96% | 77.27% |
| ROE | 13.12% | 8.77% |
| ROIC | 5.63% | 3.65% |
Dividends
| Metric | FR | TRNO |
|---|---|---|
| Dividend yield | 3.08% | 3.19% |
| Payout ratio | 68.98% | 55.91% |
First Industrial Realty Trust, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Terreno Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | FR | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 10.47% | 20.25% |
| EPS CAGR (5Y) | 4.10% | 35.52% |
| FCF CAGR (5Y) | 7.52% | 18.95% |
| Total return CAGR (5Y) | 5.56% | 2.24% |
Frequently asked
- Which has grown faster, FR or TRNO?
- Over the past five years, TRNO grew revenue faster — FR at a 10.47% CAGR versus TRNO at 20.25%.
- Does FR or TRNO pay a bigger dividend?
- FR yields 3.08% and TRNO yields 3.19% based on trailing dividends and the latest price.
- Is FR or TRNO more profitable?
- TRNO runs the higher net margin — FR at 47.96% versus TRNO at 77.27%.
- How have FR and TRNO total returns compared?
- Over the past 10 years, FR delivered 11.19% and TRNO delivered 12.30% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
First Industrial Realty Trust & Terreno Realty appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 13, 2026.