Rexford Industrial Realty (REXR)
NYSE:REXR
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Rexford Industrial Realty
(NYSE:REXR)
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Rating:66Neutral
Price Target:
$35.00
â–²(2.25% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by solid underlying financial strength (strong growth and high operating margins) tempered by a 2025 profitability step-down and higher leverage. Technicals are a clear detractor with the stock trading below key moving averages and negative momentum. Valuation is mixed (high P/E despite a supportive dividend yield), while the earnings call reflects proactive capital allocation but acknowledges meaningful near-term operating headwinds in 2026 guidance.
Positive Factors
High revenue growth and stable margins
Rexford has delivered consistent multi-year revenue growth with gross margins near 76–78% and EBITDA margins in the 61–69% range. Those durable, high operating margins support recurring cash flows and provide a structural cushion for reinvestment, rent concessions, and dividend distributions over the medium term.
Negative Factors
Rent deflation and leasing headwinds
Rexford faces structural leasing pressure: management cites market rents down materially year-over-year and negative net absorption, with same-property NOI expected to decline ~2% in 2026. Prolonged rent deflation and longer leasing cycles can compress recurring NOI and pressure FFO and distributable cash over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High revenue growth and stable margins
Rexford has delivered consistent multi-year revenue growth with gross margins near 76–78% and EBITDA margins in the 61–69% range. Those durable, high operating margins support recurring cash flows and provide a structural cushion for reinvestment, rent concessions, and dividend distributions over the medium term.
Read all positive factors
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.94B
Dividend Yield4.3%
Average Volume (3M)2.62M
Price to Earnings (P/E)42.5
Beta (1Y)0.82
Revenue Growth10.27%
EPS Growth15.25%
CountryUS
Employees271
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.30
Shares Outstanding231,843,840
10 Day Avg. Volume2,085,777
30 Day Avg. Volume2,617,971
Financial Highlights & Ratios
PEG Ratio-1.50
Price to Book (P/B)1.06
Price to Sales (P/S)8.97
P/FCF Ratio43.14
Enterprise Value/Market Cap1.45
Enterprise Value/Revenue11.55
Enterprise Value/Gross Profit18.71
Enterprise Value/Ebitda20.38
Forecast
1Y Price Target
$41.00Price Target Upside19.78% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)1.14
Revenue Forecast (FY)$973.21M
Rexford Industrial Realty Business Overview & Revenue Model
Company Description
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 232 properties with approximately 27.9 million rentable square feet and manages an additio...
How the Company Makes Money
Rexford Industrial Realty makes money primarily by leasing industrial properties and collecting contractual rent from tenants. Its core revenue stream is rental income, which typically includes (1) base rent paid under long-term leases and (2) add...
Rexford Industrial Realty Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Neutral
The call balanced concrete, proactive management actions (dispositions, share buybacks, cutting development exposure, and G&A discipline) and acceptable near-term financial performance (Q4 core FFO in line and full-year FFO at the high end) against clear market and portfolio headwinds (occupancy declines, continued rent deflation vs peak, negative net absorption, development impairments, and elevated bad-debt reserves). Management emphasized disciplined capital allocation and liquidity to navigate the cycle, but near-term operating metrics remain pressured.Positive Updates
Strong Leasing and Value-Add Activity
Executed ~3.0 million square feet of leasing in the quarter; signed approximately 2.0 million square feet of repositioning and development leases in 2025 that are expected to generate nearly $40 million of annualized incremental NOI. Expect to stabilize and commence rent on ~1.2 million square feet in 2026 generating ~$20 million of annualized NOI (majority by midyear).
Negative Updates
Occupancy Decline and Portfolio Downtime
Total portfolio occupancy ended the quarter at 90.2%, down 160 basis points sequentially. Same-property pool adjustments make comparisons complex (appropriate starting same-property point ~95.6%), and management expects average occupancy of ~95% in 2026 with deceleration through the year (midpoint guide ~95%). Repositioning and redevelopment downtime lengthened to ~10–11 months (versus ~9 months prior).
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Leasing and Value-Add Activity
Executed ~3.0 million square feet of leasing in the quarter; signed approximately 2.0 million square feet of repositioning and development leases in 2025 that are expected to generate nearly $40 million of annualized incremental NOI. Expect to stabilize and commence rent on ~1.2 million square feet in 2026 generating ~$20 million of annualized NOI (majority by midyear).
Read all positive updates
Company Guidance
For 2026 Rexford guided core FFO per share of $2.35–$2.40, assuming same‑property NOI down ~2% (net effective), average occupancy of ~95%, net‑effective re‑leasing spreads of 5–10%, bad debt ~75 bps of revenue and G&A ~6% of revenue; management expects $400–$500M of dispositions (≈$450M midpoint, ≈$230M already under contract), has exited six near‑term development projects (~850k sq ft) and recognized $89M of impairments to free ~$285M of capital, plans to stabilize ~1.2M sq ft to generate ~$20M of annualized NOI while ~$12M of in‑place NOI will go offline, budgets ~ $203M of development/repositioning spend, starts 2026 with $166M cash (implying total sources of ≈$616M and roughly $413M available after spend for redeployment or opportunistic buybacks), and will continue to consider share repurchases subject to valuation, capital needs and balance‑sheet strength.Rexford Industrial Realty Financial Statement Overview
Summary
Income Statement
83
Very Positive
Balance Sheet
74
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
| Gross Profit | 775.41M | 726.15M | 613.35M | 480.70M | 344.52M |
| EBITDA | 640.59M | 614.10M | 506.81M | 383.67M | 279.78M |
| Net Income | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
Balance Sheet | |||||
| Total Assets | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Cash, Cash Equivalents and Short-Term Investments | 165.78M | 55.97M | 33.44M | 36.79M | 43.99M |
| Total Debt | 3.50B | 3.35B | 2.23B | 1.94B | 1.40B |
| Total Liabilities | 3.77B | 3.92B | 2.79B | 2.34B | 1.71B |
| Stockholders Equity | 8.46B | 8.32B | 7.77B | 6.56B | 4.78B |
Cash Flow | |||||
| Free Cash Flow | 208.66M | 105.53M | 160.98M | 192.60M | 128.99M |
| Operating Cash Flow | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M |
| Investing Cash Flow | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B |
| Financing Cash Flow | -307.22M | 1.38B | 1.25B | 2.11B | 1.55B |
Rexford Industrial Realty Technical Analysis
Neutral
34.23
Price Trends
35.90
Negative
37.76
Negative
38.15
Negative
Market Momentum
-0.80
Negative
50.57
Neutral
51.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REXR, the sentiment is Neutral. The current price of 34.23 is above the 20-day moving average (MA) of 33.49, below the 50-day MA of 35.90, and below the 200-day MA of 38.15, indicating a neutral trend. The MACD of -0.80 indicates Negative momentum. The RSI at 50.57 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for REXR.
Rexford Industrial Realty Risk Analysis
Rexford Industrial Realty disclosed 60 risk factors in its most recent earnings report. Rexford Industrial Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Rexford Industrial Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $6.67B | 14.93 | 10.09% | 3.38% | 21.13% | 74.37% | |
74 Outperform | $10.30B | 36.86 | 7.48% | 3.15% | 11.10% | -1.65% | |
71 Outperform | $7.26B | 20.67 | 7.85% | 4.02% | 9.62% | 31.08% | |
71 Outperform | $8.22B | 24.05 | 9.32% | 2.98% | 9.66% | -23.17% | |
66 Neutral | $7.94B | 42.45 | 2.44% | 4.30% | 10.27% | 15.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
60 Neutral | $7.82B | -81.43 | -1.18% | 6.18% | 0.44% | 75.40% |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
34.23
1.82
5.61%
EGP
Eastgroup Properties
193.06
42.08
27.87%
STAG
Stag Industrial
37.97
7.13
23.14%
TRNO
Terreno Realty
64.06
10.14
18.80%
FR
First Industrial Realty
60.22
15.45
34.51%
LINE
Lineage, Inc.
34.42
-17.24
-33.38%
Rexford Industrial Realty Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Rexford Industrial Promotes John Nahas to Chief Operating Officer
Positive
Feb 26, 2026
On February 26, 2026, Rexford Industrial announced the promotion of Managing Director of Operations John Nahas to Chief Operating Officer, effective April 1, 2026, coinciding with Laura Clark’s transition to Chief Executive Officer. Nahas, w...
Business Operations and StrategyExecutive/Board ChangesStock BuybackDividendsFinancial Disclosures
Rexford Industrial Highlights Strong 2025 Results Amid CEO Transition
Positive
Feb 4, 2026
On February 4, 2026, Rexford Industrial reported its fourth-quarter and full-year 2025 results, highlighting solid operating performance despite a year-over-year decline in GAAP net income caused by property impairments and Co-CEO transition costs...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.