Rexford Industrial Realty (REXR)
NYSE:REXR
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Rexford Industrial Realty
(NYSE:REXR)
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Rating:64Neutral
Price Target:
$39.00
â–²(5.38% Upside)
Action:DowngradedDate:04/28/26
The score is driven primarily by solid financial resilience (strong margins and moderate leverage) but weighed down by weakening trailing revenue/earnings trends and only modest cash-flow conversion. The latest earnings call was a net positive due to raised guidance, strong leasing activity and buybacks, though near-term market pressures (negative re-leasing spreads, rent softness, bad debt) remain meaningful. Technicals are improving short term but still below longer-term trend levels, while valuation is supported by the ~4.8% yield but not clearly discounted at a ~20.5 P/E.
Positive Factors
Revenue & margin stability
Rexford has delivered consistent revenue expansion and very stable gross and EBITDA margins over 2020–2025, including an acceleration in 2025. Durable high operating margins support sustained NOI and internal cash generation, underpinning dividends, redevelopment funding and resilience through cycles.
Negative Factors
Elevated leverage vs prior years
Leverage has increased materially from earlier low‑0.20s to current mid‑range levels, raising sensitivity to higher interest costs and slowing rent growth. With modest reported ROE, higher leverage narrows financial flexibility and heightens risk to distributions or growth plans if market or rate conditions worsen.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue & margin stability
Rexford has delivered consistent revenue expansion and very stable gross and EBITDA margins over 2020–2025, including an acceleration in 2025. Durable high operating margins support sustained NOI and internal cash generation, underpinning dividends, redevelopment funding and resilience through cycles.
Read all positive factors
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.14B
Dividend Yield4.3%
Average Volume (3M)2.59M
Price to Earnings (P/E)20.5
Beta (1Y)0.82
Revenue Growth1.75%
EPS Growth-23.68%
CountryUS
Employees271
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.38
Shares Outstanding226,286,640
10 Day Avg. Volume2,497,317
30 Day Avg. Volume2,588,660
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 Cap1.41
Enterprise Value/Revenue11.64
Enterprise Value/Gross Profit19.00
Enterprise Value/Ebitda19.42
Forecast
1Y Price Target
$40.55Price Target Upside9.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)1.17
Revenue Forecast (FY)$970.06M
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:Apr 23, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful operational and capital-allocation wins (record leasing volume, aggressive share buybacks, improved guidance, strong liquidity and a sizable development/repositioning pipeline) against persistent market headwinds (negative cash re-leasing spreads driven by a large renewal, rising vacancy, quarter-over-quarter rent declines, elevated bad debt and slower demand for larger/Class A product). Management’s disciplined capital recycling and operational focus drove outperformance and a modest raise to guidance, but near-term fundamentals remain mixed and will require continued execution for sustained recovery.Positive Updates
Record Leasing Activity
Executed a record 4.1 million square feet of leases in Q1 (144 deals, average ~29,000 sq ft; ~70% of leases were renewals). Leasing activity for the Rexford portfolio was over 70% higher year-over-year and current leasing interest on vacant spaces rose to ~90% (vs ~75% last quarter and a year ago). Momentum accelerated through the back half of the quarter.
Negative Updates
Negative Cash Re-leasing Spreads (Tireco Impact)
Cash re-leasing spreads were negative 15.4% for the quarter including a large Tireco renewal; excluding Tireco the cash re-leasing spread was negative 1.8%. The Tireco renewal alone produced an ~30% negative spread (management described it as strategic but it materially amplified quarterly re-leasing metrics).
Read all updates
Q1-2026 Updates
Positive
Negative
Record Leasing Activity
Executed a record 4.1 million square feet of leases in Q1 (144 deals, average ~29,000 sq ft; ~70% of leases were renewals). Leasing activity for the Rexford portfolio was over 70% higher year-over-year and current leasing interest on vacant spaces rose to ~90% (vs ~75% last quarter and a year ago). Momentum accelerated through the back half of the quarter.
Read all positive updates
Company Guidance
Management raised full‑year guidance modestly, increasing Core FFO per share at the midpoint by $0.02 after reporting Q1 Core FFO of $0.61 (a $0.01 beat vs. internal forecast and $0.02 sequentially), and they raised same‑property NOI growth outlook by 50 bps at the midpoint (both net‑effective and cash); average same‑property occupancy is now expected to be 95.1%–95.6% (up 30 bps at midpoint). Assumptions left unchanged include bad debt of 75 bps of revenue, net‑effective re‑leasing spreads of ~5%, G&A of ~$60M and interest expense of ~$112M. Operationally they expect to stabilize ~1.1M sq ft of value‑add projects in 2026 delivering $17M of annualized NOI (majority in 2H), with ~$12M of in‑place NOI to come offline for 2026 construction starts and a longer‑term pipeline of roughly $50M of NOI over 2+ years. On capital recycling, roughly $144M of dispositions closed with $170M under contract (~$300M of dispositions expected by year‑end), $200M of share repurchases executed in Q1 at a $36 weighted average (cumulative $450M since mid‑2025, with ~$500M remaining on the program), and the quarter‑end balance sheet showed net debt/adjusted EBITDA of 4.5x and $1.3B of total liquidity.Rexford Industrial Realty Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
72
Positive
Cash Flow
61
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 988.48M | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
| Gross Profit | 605.66M | 775.41M | 726.15M | 613.35M | 480.70M | 344.52M |
| EBITDA | 592.48M | 640.59M | 614.10M | 506.81M | 383.67M | 279.78M |
| Net Income | 232.02M | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
Balance Sheet | ||||||
| Total Assets | 12.40B | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Cash, Cash Equivalents and Short-Term Investments | 51.71M | 165.78M | 55.97M | 33.44M | 36.79M | 43.99M |
| Total Debt | 3.25B | 3.50B | 3.35B | 2.23B | 1.94B | 1.40B |
| Total Liabilities | 3.76B | 3.77B | 3.92B | 2.79B | 2.34B | 1.71B |
| Stockholders Equity | 8.26B | 8.46B | 8.32B | 7.77B | 6.56B | 4.78B |
Cash Flow | ||||||
| Free Cash Flow | 213.38M | 208.66M | 105.53M | 160.98M | 192.60M | 128.99M |
| Operating Cash Flow | 530.70M | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M |
| Investing Cash Flow | -36.31M | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B |
| Financing Cash Flow | -997.36M | -307.22M | 1.38B | 1.25B | 2.11B | 1.55B |
Rexford Industrial Realty Technical Analysis
Positive
37.01
Price Trends
35.28
Positive
37.44
Negative
38.17
Negative
Market Momentum
0.23
Negative
68.43
Neutral
95.20
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REXR, the sentiment is Positive. The current price of 37.01 is above the 20-day moving average (MA) of 33.83, above the 50-day MA of 35.28, and below the 200-day MA of 38.17, indicating a neutral trend. The MACD of 0.23 indicates Negative momentum. The RSI at 68.43 is Neutral, neither overbought nor oversold. The STOCH value of 95.20 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
79 Outperform | $8.50B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
75 Outperform | $10.76B | 26.14 | 8.37% | 3.15% | 11.31% | 20.09% | |
75 Outperform | $7.01B | 14.93 | 10.09% | 3.38% | 24.51% | 104.06% | |
73 Outperform | $7.55B | 27.79 | 7.85% | 4.02% | 10.14% | 40.95% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.14B | 20.49 | 2.71% | 4.30% | 1.75% | -23.68% | |
60 Neutral | $8.20B | -81.43 | -1.18% | 6.18% | 0.28% | 86.60% |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
35.84
3.98
12.50%
EGP
Eastgroup Properties
202.22
44.66
28.35%
STAG
Stag Industrial
39.56
8.06
25.60%
TRNO
Terreno Realty
66.07
11.32
20.69%
FR
First Industrial Realty
62.48
16.50
35.89%
LINE
Lineage, Inc.
36.59
-16.74
-31.39%
Rexford Industrial Realty Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
Rexford Industrial Posts Mixed Q1 Results, Leadership Transition
Neutral
Apr 23, 2026
Rexford Industrial reported first-quarter 2026 results on April 23, 2026, with net income attributable to common stockholders rising to $87.9 million, or $0.38 per diluted share, driven in part by higher gains on property sales, while Core FFO sli...
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.