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Rexford Industrial Realty, Inc.
REXR
$9.1B
Mkt Cap
$39.00
+8.39%
Rexford Industrial Realty, Inc. (REXR) has a current P/E ratio of 45.3, compared to its historical median P/E of 50.9. The stock is currently considered Fair based on its historical valuation range.
Rexford Industrial Realty, Inc. (REXR) has a 5-year average return on invested capital (ROIC) of 3.0%. This is below average and may indicate limited pricing power.
Rexford Industrial Realty, Inc. (REXR) has a market capitalization of $8.8B. It is classified as a mid-cap stock.
Yes, Rexford Industrial Realty, Inc. (REXR) pays a dividend with a trailing twelve-month yield of 4.57%. The company also returns capital through share buybacks, with a buyback yield of 2.83%.
Based on historical P/E analysis, Rexford Industrial Realty, Inc. (REXR) appears fair. The current P/E of 45.3 is 11% below its historical median of 50.9. The estimated fair value CAGR (P/E method) is 18.6%.
Rexford Industrial Realty, Inc. (REXR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
Rexford Industrial Realty is a self-administered and self-managed REIT focused on owning, operating, and acquiring industrial properties in Southern California infill markets, with a portfolio of 419 properties comprising approximately 51.2 million rentable square feet as of December 31, 2025. The company generates returns through a combination of rental income from leased industrial properties and opportunistic mortgage debt investments secured by industrial property, employing an intensive asset management strategy that includes proactive tenant renewal, re-tenanting at higher rents, and repositioning or developing properties through renovation, modernization, and functional enhancements to increase cash flow and occupancy. Rexford's business model emphasizes multi-tenant conversions and smaller buildings to diversify cash flow and reduce tenant default risk, supported by in-house asset management, leasing, construction management, and customer solutions teams that maintain direct relationships with tenants. The company pursues disciplined capital recycling through programmatic dispositions of underperforming or fully-valued assets, with proceeds redeployed into higher-return opportunities including value-add repositioning projects, share repurchases, and selective acquisitions in prime Southern California infill markets. Rexford's competitive positioning is built on relationship-driven, data-driven research capabilities that enable identification of asset mispricing and market inefficiencies, particularly through off-market or lightly marketed transactions sourced from owners facing generational shifts, fund divestments, liquidity needs, or maturing loans. The company qualifies as a REIT and is generally not subject to federal taxes on income distributed to shareholders.
【Market stabilization and capital deployment】 Management expects continued near-term pressure on occupancy and market rents in infill Southern California, with tenant demand influenced by broader macroeconomic forces and elevated market availability, though the company remains confident in long-term fundamentals of the market. The company is focused on recycling capital on an accretive basis through approximately $400–$500 million of dispositions in 2026, with proceeds deployed toward the highest risk-adjusted returns including repositioning and development projects and opportunistic share repurchases at meaningful discounts to intrinsic value. Rexford expects to stabilize and commence rent on approximately 1.1 million square feet of value-add projects generating $17 million of annualized NOI, with the majority coming online in the second half of 2026, while approximately $12 million of annualized in-place NOI will come offline due to new construction starts. The company is committed to driving operating efficiencies, targeting G&A as a percentage of revenue at or below peer average levels, and expects re-leasing spreads to re-accelerate in the back half of 2026 as market conditions stabilize.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $2.35–$2.40 | FY2026 |
| Same-property NOI growth (net effective basis) | 50 basis points increase at midpoint | FY2026 |
| Average same-property occupancy | 95.1%–95.6% | FY2026 |
| Repositioning and development stabilization | approximately 1.1 million sq ft generating $17 million annualized NOI | FY2026 |
| Dispositions target | $400–$500 million | FY2026 |
| Net effective re-leasing spreads | 5%–10% | FY2026 |
| Cash re-leasing spreads | flat to –5% | FY2026 |
Core FFO per share (FY2026): “We are raising our full year Core FFO per share midpoint by $0.02, primarily driven by outperformance in the first quarter due to strong leasing activity as we continue to prioritize occupancy and accretive capital recycling.”
Same-property NOI growth (net effective basis) (FY2026): “We have also raised our same-property NOI growth outlook by 50 basis points at the midpoint, both on a net effective and cash basis.”
Average same-property occupancy (FY2026): “Average same-property occupancy is now expected to be 95.1%-95.6%, up 30 basis points at the midpoint.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 996M | 1.0B | 936M | 798M | 631M | 452M |
| Net Income | 220M | 200M | 263M | 227M | 157M | 112M |
| EPS | $0.94 | $0.86 | $1.20 | $1.12 | $0.92 | $0.80 |
| Free Cash Flow | 509M | 209M | 106M | 161M | 193M | 129M |
| ROIC | 0.0% | 2.6% | 3.4% | 3.1% | 2.8% | 2.9% |
| Gross Margin | - | 45.8% | 48.2% | 46.2% | 45.0% | 42.7% |
| Debt/Equity | 0.39 | 0.38 | 0.40 | 0.29 | 0.30 | 0.29 |
| Dividends/Share | $1.78 | $1.72 | $1.67 | $1.52 | $1.26 | $0.96 |
| Operating Income | 0 | 305M | 361M | 289M | 206M | 152M |
| Operating Margin | 0.0% | 30.4% | 38.6% | 36.2% | 32.6% | 33.6% |
| ROE | 2.7% | 2.4% | 3.3% | 3.2% | 2.8% | 2.8% |
| Shares Outstanding | 226M | 233M | 219M | 203M | 171M | 140M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 67M | 94M | 126M | 161M | 212M | 267M | 330M | 452M | 631M | 798M | 936M | 1.0B | 996M |
| Gross Margin | 29.4% | 28.8% | 32.6% | 33.7% | 38.0% | 39.3% | 40.9% | 42.7% | 45.0% | 46.2% | 48.2% | 45.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12M | 15M | 17M | 22M | 25M | 30M | 37M | 49M | 64M | 75M | 82M | 79M | 74M |
| EBIT | 7.2M | 10M | 38M | 55M | 62M | 77M | 92M | 152M | 206M | 289M | 361M | 305M | 0 |
| Op. Margin | 10.8% | 10.8% | 29.9% | 33.9% | 29.0% | 28.9% | 27.9% | 33.6% | 32.6% | 36.2% | 38.6% | 30.4% | 0.0% |
| Net Income | 794K | 1.7M | 23M | 34M | 36M | 50M | 61M | 112M | 157M | 227M | 263M | 200M | 220M |
| Net Margin | 1.2% | 1.8% | 18.1% | 21.3% | 17.0% | 18.9% | 18.6% | 24.7% | 24.9% | 28.5% | 28.1% | 20.0% | 22.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89M | 89M |
| Returns on Capital | |||||||||||||
| ROIC | 1.1% | 1.0% | 3.0% | 3.2% | 2.8% | 2.7% | 2.4% | 2.9% | 2.8% | 3.1% | 3.4% | 2.6% | 0.0% |
| ROE | 0.2% | 0.3% | 2.8% | 3.0% | 2.2% | 2.3% | 2.1% | 2.8% | 2.8% | 3.2% | 3.3% | 2.4% | 2.7% |
| ROA | 0.1% | 0.2% | 1.7% | 1.9% | 1.5% | 1.6% | 1.4% | 1.9% | 2.0% | 2.3% | 2.2% | 1.6% | 1.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 25M | 41M | 56M | 77M | 103M | 140M | 183M | 231M | 328M | 428M | 479M | 542M | 531M |
| Free Cash Flow | 11M | 18M | 25M | 34M | 45M | 92M | 104M | 129M | 193M | 161M | 106M | 209M | 509M |
| Owner Earnings | -5.1M | -3.1M | 1.2M | 6.4M | 13M | 30M | 55M | 61M | 102M | 149M | 162M | 126M | 134M |
| CapEx | 14M | 22M | 32M | 42M | 58M | 47M | 79M | 102M | 135M | 267M | 373M | 333M | 21M |
| Maint. CapEx | 29M | 42M | 51M | 65M | 80M | 99M | 115M | 151M | 197M | 245M | 275M | 316M | 302M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22M | 98M | 18M | 0 |
| D&A | 29M | 42M | 51M | 65M | 80M | 99M | 115M | 151M | 197M | 245M | 275M | 316M | 302M |
| CapEx/OCF | 1.9% | 1.5% | 2.3% | 4.6% | 3.5% | 4.6% | 6.5% | 6.8% | 8.9% | 12.9% | 14.4% | 7.1% | 4.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 17M | 26M | 33M | 40M | 54M | 76M | 99M | 130M | 202M | 291M | 354M | 397M | 403M |
| Dividend Yield | 4.0% | 4.1% | 3.3% | 2.6% | 2.4% | 2.1% | 2.1% | 1.8% | 2.1% | 2.9% | 3.6% | 4.5% | 4.6% |
| Share Buybacks | 98K | 191K | 747K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 250M | 250M |
| Buyback Yield | 0.0% | 0.0% | 0.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2.8% | 2.8% |
| Stock-Based Comp | 1.0M | 1.8M | 3.8M | 5.4M | 10M | 11M | 13M | 20M | 28M | 34M | 42M | 100M | 95M |
| Debt Repayment | 147M | 227M | 179M | 443M | 312M | 35M | 176M | 1.1B | 2.2B | 357M | 13M | 101M | 101M |
| Balance Sheet | |||||||||||||
| Net Debt | 348M | 413M | 485M | 662M | 577M | 779M | 1.0B | 1.4B | 1.9B | 2.2B | 3.3B | 3.1B | 3.2B |
| Cash & Equiv. | 8.6M | 5.2M | 16M | 6.6M | 181M | 79M | 176M | 44M | 37M | 33M | 56M | 166M | 52M |
| Long-Term Debt | 356M | 418M | 500M | 669M | 757M | 858M | 1.2B | 1.4B | 1.9B | 2.2B | 3.3B | 3.3B | 3.2B |
| Debt/Equity | 0.69 | 0.62 | 0.53 | 0.50 | 0.40 | 0.34 | 0.37 | 0.29 | 0.30 | 0.29 | 0.40 | 0.38 | 0.39 |
| Interest Coverage | 1.1 | 1.2 | 2.5 | 2.7 | 2.4 | 2.9 | 3.0 | 3.8 | 4.2 | 4.7 | 3.7 | 2.9 | 2.9 |
| Equity | 520M | 672M | 939M | 1.3B | 1.9B | 2.6B | 3.2B | 4.8B | 6.6B | 7.8B | 8.3B | 8.5B | 8.3B |
| Total Assets | 932M | 1.2B | 1.5B | 2.1B | 2.8B | 3.6B | 5.0B | 6.8B | 9.3B | 10.9B | 12.6B | 12.6B | 12.4B |
| Total Liabilities | 386M | 460M | 553M | 746M | 879M | 1.0B | 1.4B | 1.7B | 2.3B | 2.8B | 3.9B | 3.8B | 3.8B |
| Intangibles | 28M | 30M | 36M | 49M | 56M | 73M | 92M | 132M | 170M | 154M | 201M | 141M | 130M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | -222K | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 125M |
| Per Share Data | |||||||||||||
| EPS | 0.02 | 0.03 | 0.36 | 0.48 | 0.41 | 0.47 | 0.51 | 0.80 | 0.92 | 1.12 | 1.20 | 0.86 | 0.94 |
| Owner EPS | -0.13 | -0.06 | 0.02 | 0.09 | 0.14 | 0.28 | 0.46 | 0.43 | 0.60 | 0.74 | 0.74 | 0.54 | 0.59 |
| Book Value | 13.09 | 12.21 | 14.80 | 18.68 | 21.29 | 23.80 | 26.98 | 34.25 | 38.31 | 38.25 | 38.00 | 36.35 | 36.48 |
| Cash Flow/Share | 0.62 | 0.74 | 0.89 | 1.07 | 1.17 | 1.30 | 1.52 | 1.66 | 1.91 | 2.11 | 2.19 | 2.33 | 2.31 |
| Dividends/Share | 0.42 | 0.47 | 0.52 | 0.58 | 0.64 | 0.74 | 0.86 | 0.96 | 1.26 | 1.52 | 1.67 | 1.72 | 1.78 |
| Shares Out. | 39.7M | 55.0M | 63.4M | 71.7M | 88.1M | 107.4M | 120.3M | 139.7M | 171.2M | 203.1M | 219.1M | 232.8M | 226.3M |
| Valuation | |||||||||||||
| P/E Ratio | 595.1 | 426.3 | 50.2 | 49.7 | 59.0 | 81.6 | 82.2 | 86.5 | 51.6 | 46.9 | 30.5 | 45.4 | 41.3 |
| P/FCF | 44.8 | 38.4 | 46.8 | 49.8 | 47.6 | 44.6 | 48.4 | 75.0 | 42.2 | 66.3 | 76.1 | 43.5 | 17.3 |
| EV/EBIT | 114.0 | 110.5 | 43.3 | 43.4 | 41.1 | 62.3 | 64.1 | 72.3 | 48.5 | 44.4 | N/A | N/A | N/A |
| Price/Book | 0.9 | 1.0 | 1.2 | 1.3 | 1.1 | 1.6 | 1.6 | 2.0 | 1.2 | 1.4 | 1.0 | 1.1 | 1.1 |
| Price/Sales | 6.3 | 6.7 | 7.9 | 9.6 | 10.4 | 13.5 | 14.0 | 15.7 | 15.4 | 12.4 | 10.4 | 8.8 | 8.9 |
| FCF Yield | 2.2% | 2.6% | 2.1% | 2.0% | 2.1% | 2.2% | 2.1% | 1.3% | 2.4% | 1.5% | 1.3% | 2.3% | 5.8% |
| Market Cap | 473M | 704M | 1.1B | 1.7B | 2.1B | 4.1B | 5.0B | 9.7B | 8.1B | 10.7B | 8.0B | 9.1B | 8.8B |
| Avg. Price | 10.49 | 11.47 | 15.75 | 21.58 | 25.01 | 33.62 | 38.39 | 50.69 | 56.87 | 48.90 | 44.54 | 37.80 | 39.00 |
| Year-End Price | 11.90 | 12.79 | 18.07 | 23.84 | 24.19 | 38.35 | 41.94 | 69.24 | 47.45 | 52.53 | 36.64 | 39.01 | 39.00 |
Rexford Industrial Realty, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Rexford Industrial Realty, Inc. trades at 45.3x trailing earnings, compared to its 15-year median P/E of 50.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 18.0x vs a median of 48.0x. The company's 5-year average ROIC is 3.0% with a gross margin of 45.6%. Total shareholder yield (dividends + buybacks) is 7.4%. At current prices, the estimated annualized return to fair value is +7.5%.
Rexford Industrial Realty, Inc. (REXR) reported annual revenue of $1.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Rexford Industrial Realty, Inc. (REXR) has a net profit margin of 20.0%. This is a healthy margin.
Rexford Industrial Realty, Inc. (REXR) generated $209 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Rexford Industrial Realty, Inc. (REXR) has a debt-to-equity ratio of 0.38. This indicates a conservatively financed balance sheet.
Rexford Industrial Realty, Inc. (REXR) reported earnings per share (EPS) of $0.86 in its most recent fiscal year.
Rexford Industrial Realty, Inc. (REXR) has a return on equity (ROE) of 2.4%. This indicates moderate shareholder returns.
Rexford Industrial Realty, Inc. (REXR) has a 5-year average gross margin of 45.6%. This indicates decent pricing power.
The Ledger Terminal provides 14 years of financial data for Rexford Industrial Realty, Inc. (REXR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Rexford Industrial Realty, Inc. (REXR) has a book value per share of $36.35, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued near-term pressure on occupancy and market rents in infill Southern California, with tenant demand influenced by broader macroeconomic forces and elevated market availability, though the company remains confident in long-term fundamentals of the market. The company is focused on recycling capital on an accretive basis through approximately $400–$500 million of dispositions in 2026, with proceeds deployed toward the highest risk-adjusted returns including repositioning and development projects and opportunistic share repurchases at meaningful discounts to intrinsic value. Rexford expects to stabilize and commence rent on approximately 1.1 million square feet of value-add projects generating $17 million of annualized NOI, with the majority coming online in the second half of 2026, while approximately $12 million of annualized in-place NOI will come offline due to new construction starts. The company is committed to driving operating efficiencies, targeting G&A as a percentage of revenue at or below peer average levels, and expects re-leasing spreads to re-accelerate in the back half of 2026 as market conditions stabilize.
Based on recent SEC filings and earnings calls, Rexford Industrial Realty, Inc. (REXR) has provided the following forward guidance: Core FFO per share: $2.35–$2.40 (FY2026); Same-property NOI growth (net effective basis): 50 basis points increase at midpoint (FY2026); Average same-property occupancy: 95.1%–95.6% (FY2026); Repositioning and development stabilization: approximately 1.1 million sq ft generating $17 million annualized NOI (FY2026); Dispositions target: $400–$500 million (FY2026), plus 2 additional metrics.
Repositioning and development stabilization (FY2026): “On the repositioning and development front, we expect to stabilize and commence rent on approximately 1.1 million sq ft of value add projects, generating $17 million of annualized NOI, with the majority expected to come online in the second half of this year.”
Dispositions target (FY2026): “Our expectations for this year are between $400 million and $500 million.”
Net effective re-leasing spreads (FY2026): “Our expectations for re-leasing spreads haven't changed since last quarter. On a net effective basis they're going to be between 5%-10%, and then on a cash basis, flat to -5%.”
Cash re-leasing spreads (FY2026): “Our expectations for re-leasing spreads haven't changed since last quarter. On a net effective basis they're going to be between 5%-10%, and then on a cash basis, flat to -5%.”