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Rexford Industrial Realty, Inc. (REXR)
:REXR
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Rexford Industrial Realty
(NYSE:REXR)
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Select Model
Rating:77Outperform
Price Target:
$48.00
▲(15.05% Upside)
Rexford Industrial Realty's overall stock score of 77 reflects its strong financial performance and robust technical indicators. The company's premium valuation and challenges from declining market rents and macroeconomic uncertainties slightly temper the score. However, its solid lease execution and financial stability position it well for future growth.
Positive Factors
Revenue Growth
Rexford's ability to exceed revenue expectations highlights its effective business model and strong market demand, supporting durable growth.
Lease Execution
Strong lease execution reflects Rexford's strategic advantage in infill markets, ensuring stable cash flows and tenant retention.
Financial Position
A robust financial position with significant liquidity and low leverage enhances Rexford's ability to invest in growth opportunities.
Negative Factors
Market Rent Decline
Declining market rents could pressure Rexford's revenue growth and profitability, impacting long-term financial performance.
Macroeconomic Uncertainty
Economic uncertainties may hinder tenant expansions and lease renewals, affecting Rexford's occupancy rates and rental income.
Lack of New Acquisitions
The absence of new acquisitions could limit Rexford's growth prospects and market share expansion in the competitive REIT sector.
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.71B
Dividend Yield4.04%
Average Volume (3M)2.02M
Price to Earnings (P/E)29.4
Beta (1Y)0.81
Revenue Growth10.27%
EPS Growth15.25%
CountryUS
Employees271
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.37
Shares Outstanding232,810,410
10 Day Avg. Volume1,454,009
30 Day Avg. Volume2,016,515
Financial Highlights & Ratios
PEG Ratio4.31
Price to Book (P/B)1.01
Price to Sales (P/S)9.01
P/FCF Ratio79.97
Enterprise Value/Market Cap1.36
Enterprise Value/Revenue13.26
Enterprise Value/Gross Profit17.11
Enterprise Value/Ebitda19.27
Forecast
1Y Price Target
$44.00Price Target Upside5.47% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)1.41
Revenue Forecast (FY)$989.68M
Rexford Industrial Realty Business Overview & Revenue Model
Company DescriptionRexford 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 additional 20 properties with approximately 1.0 million rentable square feet.
How the Company Makes MoneyRexford Industrial Realty generates revenue primarily through leasing its industrial properties to a variety of tenants, including logistics and distribution companies. The company's revenue model is based on long-term lease agreements that provide stable and predictable cash flows. Key revenue streams include rental income from these leases, as well as potential income from property management services. Additionally, REXR benefits from strategic partnerships with tenants that may involve co-development or build-to-suit projects, further enhancing its earnings potential. The demand for industrial space, driven by trends in e-commerce and supply chain logistics, also significantly contributes to the company's revenue growth.
Rexford Industrial Realty Earnings Call Summary
Earnings Call Date:Jul 16, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 11, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted strong lease execution, financial stability, and successful repositioning and redevelopment activities. However, there were concerns about declining market rents, macroeconomic uncertainties impacting tenant decisions, and a lack of new acquisitions. Overall, the company is well-positioned with a robust portfolio and financial health, but faces challenges in market dynamics.Q2-2025 Updates
Positive Updates
Strong Lease Execution
Executed 1.7 million square feet of leases, including lease-up of 4 repositioning and redevelopment projects, with net effective and cash leasing spreads for comparable leases at 21% and 8%, respectively.
High Tenant Retention and Occupancy
Same-property occupancy reached 96.1%, an increase of 40 basis points sequentially, with net absorption of 220,000 square feet.
Robust Financial Position
Ended the quarter with over $1.8 billion of liquidity and a low leverage balance sheet with net debt to EBITDA of 4x.
Repositioning and Redevelopment Success
Year-to-date repositioning and redevelopment lease-up activity exceeded 900,000 square feet, representing over $16 million of annualized NOI, with a 7.4% unlevered stabilized yield on total investment.
Strong Disposition Strategy
Sold 2 properties totaling $82 million, bringing year-to-date dispositions to $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%.
Negative Updates
Decline in Market Rents
Market rents across the portfolio declined approximately 3.5% sequentially and 12.8% year-over-year.
Macroeconomic and Tariff Uncertainty Impact
Macroeconomic and tariff uncertainty are impacting tenant decision-making, affecting rent levels and lease-up time frames.
No New Acquisitions
No acquisitions under contract or accepted offer, despite actively pursuing opportunities to recycle disposition proceeds.
Planned Deceleration in Occupancy
Expected deceleration in occupancy in the second half of the year due to planned move-outs, with guidance set at 95.5% to 96%.
Company Guidance
During Rexford Industrial's Second Quarter 2025 Earnings Call, the company reported executing 1.7 million square feet of leases, with net effective and cash leasing spreads for comparable leases at 21% and 8%, respectively. The company's same-property occupancy increased by 40 basis points to 96.1%, contributing to a positive net absorption of 220,000 square feet. Despite a 3.5% sequential and 12.8% year-over-year decline in market rents, Rexford demonstrated resilience with its tenant base and infill locations, experiencing minimal bad debt at only 6 basis points of revenue. The company continued to leverage its repositioning and redevelopment projects, executing 520,000 square feet of leases, adding to a total year-to-date activity of over 900,000 square feet with an annualized NOI of over $16 million. Additionally, Rexford maintained a strong balance sheet with $1.8 billion in liquidity and a net debt to EBITDA ratio of 4x. Looking forward, the company reaffirmed its full-year 2025 core FFO outlook of $2.37 to $2.41 per share, highlighting $195 million of incremental cash NOI growth potential.Rexford Industrial Realty Financial Statement Overview
Summary
Rexford Industrial Realty demonstrates strong financial performance with robust revenue growth, solid profitability, and effective cash flow management. The company maintains a moderate leverage and a strong equity base, providing financial stability and supporting continued expansion.Income Statement
Rexford Industrial Realty demonstrates strong revenue growth with a TTM revenue growth rate of 15.5%, indicating robust expansion. The company maintains healthy profitability metrics, with a gross profit margin of 77.5% and a net profit margin of 33.4% in the TTM period. EBIT and EBITDA margins are also solid at 37.9% and 66.9%, respectively. These metrics reflect effective cost management and operational efficiency, contributing to the company's strong financial performance.85
Very Positive
Balance Sheet
The balance sheet shows a stable financial position with a debt-to-equity ratio of 0.39, indicating moderate leverage. The return on equity (ROE) is 3.85%, which, while modest, reflects consistent profitability. The equity ratio stands at 67.5%, demonstrating a strong equity base relative to total assets, which enhances financial stability and reduces risk.78
Positive
Cash Flow
Rexford Industrial Realty exhibits strong cash flow management, with a significant free cash flow growth rate of 34.7% in the TTM period. The operating cash flow to net income ratio is 2.79, indicating efficient conversion of earnings into cash. The free cash flow to net income ratio of 0.38 suggests effective reinvestment and dividend potential, supporting long-term growth.82
Very Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 997.93M | 936.41M | 797.83M | 631.20M | 452.24M | 330.13M |
| Gross Profit | 773.49M | 726.15M | 613.35M | 480.70M | 344.52M | 250.42M |
| EBITDA | 686.83M | 614.10M | 506.81M | 383.67M | 279.78M | 202.97M |
| Net Income | 333.67M | 273.80M | 238.02M | 167.58M | 128.24M | 76.40M |
Balance Sheet | ||||||
| Total Assets | 12.85B | 12.65B | 10.93B | 9.26B | 6.78B | 4.95B |
| Cash, Cash Equivalents and Short-Term Investments | 314.42M | 55.97M | 33.44M | 36.79M | 43.99M | 176.29M |
| Total Debt | 3.37B | 3.35B | 2.23B | 1.94B | 1.40B | 1.28B |
| Total Liabilities | 3.81B | 3.92B | 2.79B | 2.34B | 1.71B | 1.42B |
| Stockholders Equity | 8.68B | 8.32B | 7.77B | 6.56B | 4.78B | 3.25B |
Cash Flow | ||||||
| Free Cash Flow | 206.72M | 105.53M | 160.98M | 192.60M | 128.99M | 104.23M |
| Operating Cash Flow | 546.60M | 478.92M | 427.55M | 327.69M | 231.46M | 182.99M |
| Investing Cash Flow | -368.21M | -1.84B | -1.68B | -2.45B | -1.91B | -987.52M |
| Financing Cash Flow | 74.20M | 1.38B | 1.25B | 2.11B | 1.55B | 903.20M |
Rexford Industrial Realty Technical Analysis
Positive
41.72
Price Trends
41.89
Negative
39.55
Positive
37.85
Positive
Market Momentum
-0.02
Positive
49.78
Neutral
77.85
Neutral
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 41.72 is below the 20-day moving average (MA) of 42.19, below the 50-day MA of 41.89, and above the 200-day MA of 37.85, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 49.78 is Neutral, neither overbought nor oversold. The STOCH value of 77.85 is Neutral, 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 59 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $9.43B | 37.08 | 7.83% | 3.23% | 11.10% | -1.65% | |
77 Outperform | $9.71B | 29.41 | 4.03% | 4.04% | 10.27% | 15.25% | |
75 Outperform | $7.27B | 30.08 | 7.17% | 3.81% | 9.62% | 31.08% | |
72 Outperform | $6.30B | 19.43 | 8.38% | 3.43% | 21.13% | 74.37% | |
68 Neutral | $7.65B | 31.34 | 8.97% | 3.05% | 9.66% | -23.17% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
48 Neutral | $7.60B | ― | -2.06% | 6.34% | ― | ― |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
41.72
1.67
4.17%
EGP
Eastgroup Properties
177.89
8.57
5.06%
STAG
Stag Industrial
39.09
3.48
9.77%
TRNO
Terreno Realty
60.97
1.19
1.99%
FR
First Industrial Realty
56.13
4.27
8.23%
LINE
Lineage, Inc.
33.28
-28.73
-46.33%
Rexford Industrial Realty Corporate Events
Rexford Industrial Realty Reports Strong Q3 2025 Results
Oct 17, 2025
Rexford Industrial Realty, Inc. is a real estate investment trust (REIT) specializing in the acquisition, operation, and redevelopment of industrial properties in Southern California, a region known for its high demand and limited supply of industrial space.
Business Operations and StrategyStock BuybackFinancial Disclosures
Rexford Industrial Realty Reports Strong Q3 2025 Results
Positive
Oct 15, 2025
Rexford Industrial Realty reported strong financial results for the third quarter of 2025, with net income attributable to common stockholders of $87.1 million, up from $65.1 million in the prior year quarter. The company executed 3.3 million square feet of new and renewal leases, with rental rates increasing significantly. Rexford also sold three properties for $53.6 million and repurchased $150 million worth of shares, reflecting a strategic approach to capital allocation. The company’s operational success and strategic initiatives underscore its commitment to delivering growth and value to shareholders.
The most recent analyst rating on (REXR) stock is a Buy with a $44.00 price target. To see the full list of analyst forecasts on Rexford Industrial Realty stock, see the REXR Stock Forecast page.
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.