Rexford Industrial Realty, Inc. REXR

Real EstateResidential & Commercial REITsUnited States of America

Last close 38.22 USD on Nov 1, 2026, +2.5% year to date

Quant rating

Quant rating B Rank 58 of 175 in Real Estate

Growth A 2 of 175
Valuation C 122 of 175
Quality C 115 of 175
Revisions A 19 of 175
Momentum C 72 of 175

Wall Street consensus Hold (2.67)Average target 40.67 USD +6.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 8.1B
Enterprise value: 11.0B
52-week range: 32.16 – 42.27
3-year range: 31.57 – 57.39
Dividend yield: 4.55%
Beta (5 years): 1.14
Shares outstanding: 212M
Next earnings: Feb 2, 2027

About the company

Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. It acquires, owns, improves, redevelops, leases, and manages industrial real estate principally located in Southern California infill markets, through Rexford Industrial Realty, L.P. (Operating Partnership) and its subsidiaries. The Company also acquires or provides mortgage debt secured by industrial zoned property or property suitable for industrial development. It provides property management services and leasing services to related-party property owners. Its property management services include performing property inspections, monitoring repairs and maintenance, maintaining tenant relations and providing financial and accounting oversight. Its portfolio consists of approximately 409 properties with 49.9 million rentable square feet.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,003	936	798	631	452	–
Revenue growth	7.1%	17.4%	26.4%	39.6%	37.0%	24.9%
EPS (basic, normalized)	0.86	1.20	1.12	0.92	0.80	–
EPS growth	−28.3%	7.1%	21.7%	15.0%	–	–
Gross margin	77.3%	77.5%	76.9%	76.2%	76.2%	76.8%
Net margin	20.0%	28.1%	28.5%	24.9%	24.7%	25.2%
ROE	2.5%	3.4%	3.3%	3.0%	3.2%	3.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	424
Current ratio	–
Long-term debt (mil)	2,767
Net debt (mil)	2,849
Total equity (mil)	7,166
Net debt / equity	0.40x
Net debt / EBITDA	4.09x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,003	+7.1%	10.9x	697	+6.2%	15.7x	0.86	−28.3%	44.4x
2026	958	−4.5%	11.4x	678	−2.6%	16.2x	1.11	+29.4%	34.4x
2027	941	−1.8%	11.6x	617	−9.1%	17.8x	1.23	+10.9%	31.0x
2028	963	+2.4%	11.4x	631	+2.3%	17.4x	1.03	−16.5%	37.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	958	−0.9%	−1.1%	−2.5%	1.11	+1.1%	−3.5%	−0.5%
2027	941	−2.5%	−3.2%	−6.4%	1.23	+8.1%	+13.9%	+13.9%
2028	963	−1.6%	−4.2%	−9.6%	1.03	0.0%	0.0%	−2.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	214	233	242	243	252	242	253	248	245	243
Sales mean (mil)	206	226	240	243	245	249	251	249	243	242
Surprise	+4.0%	+3.2%	+0.8%	−0.2%	+3.1%	−3.0%	+1.0%	−0.3%	+0.7%	+0.6%
EPS reported	0.27	0.37	0.30	0.27	0.30	0.48	0.37	−0.30	0.38	0.53
EPS mean	0.27	0.27	0.28	0.27	0.27	0.26	0.27	0.23	0.27	0.29
Surprise	+1.2%	+36.0%	+8.1%	+0.6%	+12.1%	+84.6%	+35.8%	−233.3%	+41.8%	+82.8%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
REXR Rexford Industrial Realty, Inc.	8.1B	4.09x	20.0%	1.15x	34.4x	31.0x	16.2x	17.8x
WELL Welltower Inc.	172.1B	3.89x	−4.7%	3.53x	80.9x	71.9x	35.1x	29.1x
PLD Prologis, Inc.	121.6B	5.26x	37.8%	2.18x	31.1x	34.3x	22.0x	19.8x
EQIX Equinix, Inc.	100.3B	4.73x	14.6%	6.90x	56.5x	52.0x	23.1x	20.4x
SPG Simon Property Group Inc	70.5B	6.33x	72.7%	15.89x	33.1x	30.8x	19.1x	18.2x
DLR Digital Realty Trust, Inc.	67.0B	6.45x	20.7%	2.41x	64.8x	65.6x	23.2x	20.3x
Mean		5.13x	26.8%	5.34x	50.1x	47.6x	23.1x	20.9x
Median		4.99x	20.3%	2.97x	45.4x	43.2x	22.5x	20.0x

Technical analysis

1M+4.0%
3M−0.1%
1Y−5.5%
3Y+3.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Rexford Industrial Realty, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,003	936	798	631	452	330
Cost of revenue	228	210	184	151	108	79.7
Gross profit	775	726	613	481	345	250
Selling, general & administrative expenses	78.9	82.2	75.0	64.3	49.0	36.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	316	275	245	197	151	115
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	101	0	1.8	2.5	1.8	0.2
Other operating expenses	0	0	0	0	0	0
Operating income	280	369	292	217	142	98.1
Net interest income (expense)	−105	−98.6	−61.4	−48.5	−40.1	−30.8
Gain (loss) on sale of assets	106	18.0	19.0	8.5	33.9	13.6
Other non-operating income (expense)	−60.7	−2.2	0	0	0	0
Net income before taxes	220	286	250	177	136	80.9
Provision for taxes	0	–	–	–	–	–
Minority interest	−7.7	−12.1	−11.6	−9.6	−8.0	−4.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	212	274	238	168	128	76.4
Extraordinary items	–	–	–	–	–	–
Net income	212	274	238	168	128	76.4
EBIT, normalized	381	369	294	220	144	98.4
EBITDA, normalized	697	644	538	416	296	214
Basic EPS, normalized	0.86	1.20	1.12	0.92	0.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Rexford Industrial Realty, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	166	56.0	33.4	36.8	44.0	176
Receivables	–	–	–	–	–	–
Total inventory	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Other current assets	–	–	–	–	–	–
Total current assets	–	–	–	–	–	–
Property, plant & equipment	11,858	11,987	10,381	8,865	6,461	4,578
Goodwill	–	–	–	–	–	–
Intangibles	146	207	159	175	137	97.3
Long-term investments	–	0	2.1	1.6	8.4	4.1
Note receivable	328	301	264	103	72.5	51.1
Other long-term assets	281	154	124	115	102	221
Total assets	12,613	12,648	10,930	9,259	6,781	4,951
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	113	140	120	86.6	60.8	39.0
Accrued expenses	8.3	9.7	8.9	10.9	5.0	6.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	1.6
Other current liabilities	–	–	–	–	–	–
Total current liabilities	–	–	–	–	–	–
Long-term debt	3,252	3,346	2,226	1,936	1,400	1,215
Minority interest	377	402	377	366	283	285
Other liabilities	523	576	560	400	314	206
Total liabilities	4,152	4,324	3,163	2,702	1,997	1,706
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.3	2.3	2.1	1.9	1.6	1.3
Additional paid-in capital	8,945	8,601	7,941	6,647	4,828	3,183
Retained earnings (accumulated deficit)	−642	−442	−339	−256	−191	−163
Treasury stock	–	–	–	–	–	–
Other equity	155	162	163	164	146	225
Total equity	8,461	8,324	7,767	6,557	4,785	3,245
Total liabilities & shareholders' equity	12,613	12,648	10,930	9,259	6,781	4,951

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Rexford Industrial Realty, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	220	286	250	177	136	80.9
Depreciation, depletion & amortization	316	275	245	197	151	115
Deferred taxes	–	–	–	–	–	–
Non-cash items	41.0	−32.8	−46.8	−38.7	−49.1	−22.3
Changes in working capital	−34.6	−49.4	−19.7	−7.6	−7.0	9.1
Cash from operations	542	479	428	328	231	183
Investing activities
Capital expenditures	−333	−373	−269	−136	−102	−78.8
Other investing cash flows	208	−1,463	−1,408	−2,313	−1,810	−909
Cash from investing	−125	−1,836	−1,676	−2,449	−1,913	−988
Financing activities
Financing cash flow items	−9.4	−4.7	−3.0	−7.3	−4.6	−6.1
Cash dividends paid	−423	−380	−315	−223	−152	−120
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	125	1,764	1,563	2,344	1,704	1,029
Cash from financing	−307	1,380	1,246	2,114	1,548	903
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	110	22.5	−3.3	−7.2	−134	98.7
Free cash flow	209	106	159	192	129	104

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.