A Business at a Glance
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Item 1. Business Company Overview References to “we,” “our,” “us,” “our company,” or “the Company” refer to Rexford Industrial Realty, Inc., a Maryland corporation, together with our consolidated subsidiaries (unless the context requires otherwise), including Rexford Industrial Realty, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to Rexford Industrial Realty, Inc. We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.0B | 1.0B | 936M | 798M | 631M | 452M |
| Net Income | 200M | 200M | 263M | 227M | 157M | 112M |
| EPS | $0.86 | $0.86 | $1.20 | $1.12 | $0.92 | $0.80 |
| Free Cash Flow | 209M | 209M | 106M | 161M | 193M | 129M |
| ROIC | 2.6% | 2.6% | 3.4% | 3.1% | 2.8% | 2.9% |
| Gross Margin | 45.8% | 45.8% | 48.2% | 46.2% | 45.0% | 42.7% |
| Debt/Equity | 0.38 | 0.38 | 0.40 | 0.29 | 0.30 | 0.29 |
| Dividends/Share | $1.71 | $1.72 | $1.67 | $1.52 | $1.26 | $0.96 |
| Operating Income | 305M | 305M | 361M | 289M | 206M | 152M |
| Operating Margin | 30.4% | 30.4% | 38.6% | 36.2% | 32.6% | 33.6% |
| ROE | 2.4% | 2.4% | 3.3% | 3.2% | 2.8% | 2.8% |
| Shares Outstanding | 233M | 233M | 219M | 203M | 171M | 140M |
Rexford Industrial Realty, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Rexford Industrial Realty, Inc. trades at 40.3x 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 16.0x 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 8.0%. At current prices, the estimated annualized return to fair value is +8.0%.
Rexford Industrial Realty, Inc. (REXR) has a current P/E ratio of 40.3, 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 $8.1B. It is classified as a mid-cap stock.
Yes, Rexford Industrial Realty, Inc. (REXR) pays a dividend with a trailing twelve-month yield of 4.93%. The company also returns capital through share buybacks, with a buyback yield of 3.10%.
Based on historical P/E analysis, Rexford Industrial Realty, Inc. (REXR) appears fair. The current P/E of 40.3 is 21% below its historical median of 50.9. The estimated fair value CAGR (P/E method) is 19.4%.
Rexford Industrial Realty, Inc. (REXR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
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.