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Rexford Industrial Realty
(NYSE:REXR)
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Rating:67Neutral
Price Target:
$42.00
â–²(7.69% Upside)
Action:Reiterated
Date:07/28/26
REXR earns a moderate score driven by resilient balance sheet/cash flow characteristics and a bullish technical setup with the stock trading above key moving averages. The score is capped by the sharp TTM earnings deterioration (revenue drop and net loss) and ongoing leasing/rent headwinds discussed on the earnings call, even as management’s guidance and balance-sheet actions are directionally positive.
Positive Factors
Moderate leverage and solid equity base
A moderate debt-to-equity ratio (~0.40–0.45) and a substantial equity cushion improve financial resilience. This structural balance sheet strength lowers refinancing risk, supports access to capital for redevelopments or accretive acquisitions, and provides long-term flexibility through cycles.
Negative Factors
Sharp TTM revenue decline and net loss
A ~40% TTM revenue drop and a swing to net loss materially weaken earnings quality and the dividend coverage profile. Persistent top-line deterioration can limit reinvestment, slow deleveraging, and impair normalized FFO until leasing and rent trends sustainably recover.
Read all positive and negative factors
Positive Factors
Negative Factors
Moderate leverage and solid equity base
A moderate debt-to-equity ratio (~0.40–0.45) and a substantial equity cushion improve financial resilience. This structural balance sheet strength lowers refinancing risk, supports access to capital for redevelopments or accretive acquisitions, and provides long-term flexibility through cycles.
Read all positive factors
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.56B
Dividend Yield4.58%
Average Volume (3M)2.82M
Price to Earnings (P/E)―
Beta (1Y)0.74
Revenue Growth0.58%
EPS Growth-234.18%
CountryUS
Employees256
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-1.83
Shares Outstanding222,988,130
10 Day Avg. Volume3,456,245
30 Day Avg. Volume2,818,667
Financial Highlights & Ratios
PEG Ratio-1.59
Price to Book (P/B)1.06
Price to Sales (P/S)8.97
P/FCF Ratio43.14
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$39.45Price Target Upside1.17% Upside
Rating ConsensusHold
Number of Analyst Covering11
EPS Forecast (FY)1.25
Revenue Forecast (FY)$957.90M
Rexford Industrial Realty Business Overview & Revenue Model
Company Description
Rexford Industrial Realty, Inc. creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-su...
How the Company Makes Money
Rexford Industrial Realty generates revenue primarily from rental income earned under leases with tenants occupying its industrial properties. Its core revenue stream is base rent, typically paid monthly, and it may also earn additional lease-rela...
Rexford Industrial Realty Earnings Call Summary
Earnings Call Date:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 21, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and proactive strategy: management is responding to market headwinds (negative releasing spreads, mark-to-market pressure, a $625M impairment) with decisive actions—targeted $1.5–$2.0B dispositions of non-core assets, $1.0B debt paydown, a new $1.0B buyback authorization, demonstrated buyback execution, and ongoing G&A savings. Operational performance showed mixed but improving signals (leasing volume up 50% YTD, same-property cash NOI +1.5%, and occupancy above 95%). While there are meaningful near-term challenges and non-cash write-downs, the company positioned itself to strengthen the balance sheet, reduce roll-down risk, and reallocate capital to accretive opportunities, supporting a positive medium- to long-term outlook.Positive Updates
Leasing Momentum and Year-to-Date Volume Growth
Executed 2.1 million sq ft in the quarter and 6.2 million sq ft year-to-date, representing a 50% increase in leasing volume year-to-date versus the prior year and a 2.0 million sq ft improvement vs. the first half of last year.
Negative Updates
Negative Cash Releasing Spreads and Rent Pressure
Cash releasing spreads for the quarter were -11.3% (driven by roll-downs from leases signed at market peak). Full-year cash releasing spread guidance was revised to -15% to -10%, and management expects continued pressure on releasing spreads into 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Leasing Momentum and Year-to-Date Volume Growth
Executed 2.1 million sq ft in the quarter and 6.2 million sq ft year-to-date, representing a 50% increase in leasing volume year-to-date versus the prior year and a 2.0 million sq ft improvement vs. the first half of last year.
Read all positive updates
Company Guidance
Rexford updated its full‑year outlook and capital plan: it now targets $1.5 billion to $2.0 billion of dispositions (8.0M SF identified), plans to use roughly $1.0 billion of proceeds to repay 2027 debt (paying all but $575M of 2027 maturities in 2026) which management estimates would reduce net debt to adjusted EBITDA to ~3.5x from today’s 4.5x, and expects the vast majority of sales to close this year; Q2 core FFO per share was $0.63 (+$0.02 QoQ) and the company raised the full‑year core FFO midpoint by $0.01, increased same‑property NOI guidance by 75 bps at the midpoint (cash and net effective), lifted average same‑property occupancy guidance to 95.3%–95.7% (up 15 bps at the midpoint), now expects cash releasing spreads of -15% to -10% and a total portfolio cash mark‑to‑market of ~-4% (from -3%), reduced G&A guidance to $57M (from $60M) and cut 2026 interest expense guidance to $105M; liquidity stands at $1.3B, management has repurchased ~3M shares YTD for $100M (≈3M at a $36 WA price), bought ~15M shares (~$550M) over the last year (~6% of shares outstanding), received board authorization for a new $1.0B buyback, and noted a $625M non‑cash impairment this quarter (excluded from core FFO) while citing $50M of annualized NOI embedded in the redevelopment/development pipeline.Rexford Industrial Realty Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
74
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 984.48M | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
| Gross Profit | 600.74M | 775.41M | 726.15M | 613.35M | 480.70M | 344.52M |
| EBITDA | 2.09M | 640.59M | 614.10M | 506.81M | 383.67M | 279.78M |
| Net Income | -391.22M | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
Balance Sheet | ||||||
| Total Assets | 11.63B | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Cash, Cash Equivalents and Short-Term Investments | 32.23M | 165.78M | 55.97M | 33.44M | 36.79M | 43.99M |
| Total Debt | 3.37B | 3.50B | 3.35B | 2.23B | 1.94B | 1.40B |
| Total Liabilities | 3.74B | 3.77B | 3.92B | 2.79B | 2.34B | 1.71B |
| Stockholders Equity | 7.54B | 8.46B | 8.32B | 7.77B | 6.56B | 4.78B |
Cash Flow | ||||||
| Free Cash Flow | 126.06M | 208.66M | 105.53M | 160.98M | 192.60M | 128.99M |
| Operating Cash Flow | 509.33M | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M |
| Investing Cash Flow | 52.24M | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B |
| Financing Cash Flow | -1.09B | -307.22M | 1.38B | 1.25B | 2.11B | 1.55B |
Rexford Industrial Realty Technical Analysis
Positive
39.00
Price Trends
35.07
Positive
34.70
Positive
36.78
Positive
Market Momentum
0.92
Negative
70.07
Negative
62.54
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 39 is above the 20-day moving average (MA) of 36.46, above the 50-day MA of 35.07, and above the 200-day MA of 36.78, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 70.07 is Negative, neither overbought nor oversold. The STOCH value of 62.54 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 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $7.69B | 17.56 | 10.36% | 2.86% | 20.19% | 105.93% | |
75 Outperform | $11.27B | 36.60 | 8.61% | 2.91% | 10.80% | 22.88% | |
75 Outperform | $9.04B | 23.94 | 13.42% | 2.82% | 8.44% | 34.29% | |
71 Outperform | $7.43B | 29.43 | 6.95% | 3.70% | 9.63% | 3.17% | |
67 Neutral | $8.56B | -20.64 | -4.75% | 4.44% | 0.58% | -234.18% | |
66 Neutral | $9.76B | -68.35 | -1.75% | 5.12% | 1.06% | 79.49% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
37.77
3.30
9.57%
EGP
Eastgroup Properties
209.01
50.84
32.15%
STAG
Stag Industrial
38.26
4.67
13.91%
TRNO
Terreno Realty
71.65
18.62
35.10%
FR
First Industrial Realty
65.84
19.25
41.31%
LINE
Lineage, Inc.
42.37
1.62
3.99%
Rexford Industrial Realty Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Rexford Industrial Reports Q2 Loss Amid Portfolio Realignment
Negative
Jul 23, 2026
Rexford Industrial Realty reported second-quarter 2026 results on July 23, 2026, posting a net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by $624.8 million of non-cash impairments tied to assets ...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Rexford Industrial Shareholders Approve Directors and Governance Proposals
Positive
May 21, 2026
On May 19, 2026, Rexford Industrial Realty held its Annual Meeting of Stockholders, where shareholders elected seven directors, including Robert L. Antin and David P. Stockert, to serve until the 2027 annual meeting. Stockholders also approved mul...
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.