Rexford Industrial Realty, Inc.
- Open
- 37.31
- Day high
- 37.45
- Day low
- 36.73
- Prev close
- 37.46
- Volume
- 2.0M
- Mkt cap
- $8.6B
- P/E (TTM)
- 40.6
- EPS (TTM)
- $0.91
- P/B
- 1.0
- P/S
- 8.7
- Yield
- 4.69%
- Per share
- $1.73
- ▼Insiders net selling -$1.2M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Rexford Industrial Realty, Inc. (REXR) is a Real Estate company listed on NYSE. The stock is up 0% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Rexford Industrial Realty, Inc. (REXR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
REXR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $0.27 | $0.61 | +128.6% | $242M | -0.1% |
| Feb 4, 2026 | $0.58 | $0.59 | +1.7% | $241M | -3.0% |
| Oct 15, 2025 | $0.59 | $0.60 | +1.7% | $253M | +1.7% |
| Jul 16, 2025 | $0.58 | $0.59 | +1.7% | $250M | -0.9% |
| Apr 16, 2025 | $0.57 | $0.62 | +8.8% | $252M | +2.8% |
| Feb 5, 2025 | $0.27 | $0.58 | +114.8% | $243M | -0.7% |
| Oct 16, 2024 | $0.58 | $0.59 | +1.7% | $242M | -0.4% |
| Jul 17, 2024 | $0.58 | $0.60 | +3.4% | $238M | +4.7% |
| Apr 17, 2024 | $0.27 | $0.27 | +0.0% | $214M | +3.7% |
| Feb 6, 2024 | $0.27 | $0.29 | +7.4% | $210M | +4.2% |
| Oct 18, 2023 | $0.27 | $0.27 | +0.0% | $205M | -3.3% |
| Jul 19, 2023 | $0.26 | $0.26 | +0.0% | $196M | -4.5% |
REXR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 16, 2026 | Nahas Johnofficer: Chief Operating Officer | Tax | 127 | $35.09 |
| May 21, 2026 | ANTIN ROBERT Ldirector | Grant | 4,855 | — |
| May 21, 2026 | Kleiman Angela L.director | Grant | 4,855 | — |
| May 21, 2026 | Ingram Diana Jdirector | Grant | 4,855 | — |
| May 21, 2026 | ROSE TYLER Hdirector | Grant | 4,855 | — |
| May 21, 2026 | MORRIS DEBRA Ldirector | Grant | 4,855 | — |
| May 21, 2026 | STOCKERT DAVID Pdirector | Grant | 4,855 | — |
| Apr 28, 2026 | Lanzer David E.officer: General Counsel & Secretary | Sell | 33,299 | $35.47 |
| Apr 28, 2026 | Lanzer David E.officer: General Counsel & Secretary | Option | 30,998 | — |
| Apr 28, 2026 | Lanzer David E.officer: General Counsel & Secretary | Option | 2,301 | — |
| Apr 13, 2026 | Schwimmer Howarddirector | Tax | 281,813 | $34.28 |
| Apr 13, 2026 | Frankel Michael S.director | Tax | 281,813 | $34.28 |
| Mar 18, 2026 | Frankel Michael S.director, officer: Co-CEO, Co-President | Sell | 23,132 | $35.29 |
| Feb 27, 2026 | STOCKERT DAVID Pdirector | Buy | 5,000 | $37.39 |
| Feb 27, 2026 | CLARK LAURA Eofficer: Chief Operating Officer | Buy | 5,310 | $37.73 |
Source: REXR SEC Form 4 filings, latest Jun 16, 2026. For informational purposes only — not investment advice.
See the full REXR insider & 13F page →Rexford Industrial Realty, Inc. company profile
Overview
Rexford Industrial Realty, Inc. (NYSE:REXR) is a real estate investment trust (REIT) founded in 2013 and publicly traded since July 2013. The company specializes in acquiring, owning, and operating industrial properties exclusively within the infill markets of Southern California. Since its inception, Rexford has grown from a startup REIT to become one of the largest owners of industrial real estate in Southern California, with a portfolio spanning approximately 27.9 million rentable square feet across 232 owned properties and an additional 1.0 million square feet under management.
Business
Rexford Industrial operates as a Real Estate Investment Trust (REIT) focused exclusively on industrial properties in Southern California's infill markets. Industrial real estate refers to warehouses, distribution centers, manufacturing facilities, and logistics hubs that serve as critical infrastructure for commerce and trade. These properties are typically single-story buildings with high ceilings, loading docks, and large open floor plans designed for storage, manufacturing, or distribution activities. The company's portfolio consists of properties strategically located in infill markets - densely populated urban and suburban areas with limited available land for new development. These locations are particularly valuable because they provide tenants with proximity to major population centers, ports, airports, and transportation networks while facing significant barriers to new supply due to zoning restrictions and land scarcity. Rexford's properties serve a diverse range of tenants across multiple industries including e-commerce fulfillment, third-party logistics (3PL), food and beverage distribution, consumer products, manufacturing, and regional distribution. The company's strategic focus on Southern California is driven by the region's role as a major gateway for international trade through the ports of Los Angeles and Long Beach, combined with its large consumer population of over 20 million people. The company operates as a single business segment focused on industrial real estate, with revenue generated entirely from rental income and property management fees from its industrial property portfolio.
Revenue model
Rexford generates revenue primarily through rental income from leasing industrial properties to business tenants under multi-year lease agreements. The company's customers are businesses that need warehouse, distribution, or manufacturing space, ranging from small local companies to large multinational corporations. Typical lease terms span 3-10 years with built-in annual rent escalations averaging around 3.7-4%. The company's business model benefits from several revenue enhancement strategies. First, Rexford actively pursues value-add repositioning of older properties, investing in improvements to increase functionality and command higher rents. Second, the company captures significant mark-to-market opportunities by renewing leases at current market rates, which often represent substantial increases over expiring below-market leases. Third, embedded annual rent escalations provide predictable revenue growth throughout lease terms. Several factors influence Rexford's profitability margins. Positive factors include Southern California's supply-constrained market with limited developable land, strong consumer demand driving logistics needs, and the region's role as a critical trade gateway. The company benefits from high barriers to entry due to zoning restrictions, environmental regulations, and land scarcity that limit new supply. However, margins face pressure from rising construction and labor costs for property improvements, interest rate fluctuations affecting financing costs, and broader economic conditions that can impact tenant demand and market rents. The company's focus on high-quality infill locations provides some insulation from economic downturns, as tenants value proximity to population centers and transportation infrastructure even during challenging periods.
Competitive moat
Rexford Industrial possesses a strong economic moat based on several key competitive advantages. The company's primary moat stems from its exclusive focus on Southern California's infill industrial markets, where severe land constraints create high barriers to entry for competitors. Zoning restrictions, environmental regulations, and the scarcity of developable land make it extremely difficult for new supply to enter these markets, protecting existing property values and rental rates. The company's local market expertise and established relationships provide significant advantages in identifying off-market acquisition opportunities. Rexford has demonstrated the ability to source deals through proprietary channels, with approximately 90% of recent acquisitions being off-market or lightly marketed transactions. This sourcing capability allows the company to acquire properties at more attractive pricing than would be available through competitive bidding processes. Rexford's scale and operational efficiency within its focused geographic market creates additional competitive advantages. The company can spread management costs across a large portfolio while maintaining deep local knowledge and relationships. Its financial strength and access to capital markets enable opportunistic acquisitions during market dislocations. However, the moat faces potential challenges from economic cycles that could reduce tenant demand, competition from other well-capitalized REITs expanding into Southern California, and potential changes in trade patterns or supply chain strategies that could affect the region's logistics importance. Additionally, rising interest rates can pressure property valuations and acquisition economics. Despite these risks, the fundamental supply constraints and strategic importance of Southern California's infill markets provide durable competitive protection for well-positioned owners like Rexford.
Risks & safety
Rexford Industrial demonstrates a moderate to strong margin of safety with solid financial fundamentals but elevated valuation metrics. • Liquidity and Solvency: Strong liquidity position with $504.6 million in cash and $1.6 billion total available liquidity. Net debt-to-EBITDA of 3.9x is manageable for a REIT. No significant debt maturities until mid-2026 provides refinancing flexibility. • Valuation Metrics: Current P/E ratio of 31.3x appears elevated, though this reflects REIT-specific accounting. EV/EBITDA of 15.8x is reasonable for a quality industrial REIT. Price-to-book ratio of 1.01x suggests trading near net asset value. • Operational Metrics: Portfolio occupancy of 95.7% indicates stable cash flows. Embedded growth of $230 million in incremental NOI provides future earnings visibility. Strong rent spreads (24% net effective) demonstrate pricing power. • Other Considerations: Geographic concentration in Southern California creates both opportunity and risk. Interest rate sensitivity typical of REITs. Dividend coverage appears adequate with current FFO generation.
Recent development
Over the past few years, Rexford has executed several key strategic initiatives to drive growth and enhance shareholder value. The company has significantly expanded its portfolio through aggressive acquisition activity, completing $1.5 billion in acquisitions during 2024 alone, bringing total assets to over $12.6 billion. Most acquisitions have been sourced off-market or through lightly marketed processes, demonstrating the company's competitive sourcing capabilities. Value-add repositioning has become a core growth driver, with Rexford maintaining a pipeline of over 3.5 million square feet of projects under construction or lease-up. The company has successfully stabilized multiple repositioning projects achieving attractive unlevered yields of 7.5-7.6%. These projects involve upgrading older industrial properties to modern standards, improving functionality and commanding higher rents. The company has also implemented a more sophisticated capital allocation strategy, including opportunistic dispositions of non-core assets at attractive cap rates around 4%. Management authorized a $300 million share repurchase program, providing additional capital allocation flexibility. Rexford has maintained disciplined underwriting standards while expanding its investment criteria to include larger transactions and development opportunities. Operational improvements have focused on maximizing embedded growth opportunities within the existing portfolio. The company has successfully captured significant mark-to-market rent increases, with leasing spreads consistently exceeding 40-50% on net effective basis. Annual embedded rent escalations averaging 3.7-4% provide predictable organic growth. Management has also enhanced operational efficiency, maintaining flat general and administrative expenses despite significant portfolio growth.
REXR company profile · for informational purposes only — not investment advice.
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