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Rexford Industrial Realty
(NYSE:REXR)
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Rating:64Neutral
Price Target:
$39.00
â–²(3.67% Upside)
Action:Reiterated
Date:10/23/26
Overall score reflects a solid operational/forward outlook from the latest earnings call (raised guidance, occupancy/leasing strength, deleveraging progress) offset by weaker recent reported profitability (TTM revenue decline and net loss) and a soft technical setup. The dividend supports the profile, but the negative P/E keeps valuation from scoring higher.
Positive Factors
Leasing and Occupancy Strength
High leasing volume and improving occupancy support durable rental income growth across Rexford’s infill portfolio. Renewals and backfills also reduce vacancy risk, while stronger tenant demand can improve cash flow and create a foundation for further same-property NOI gains.
Negative Factors
TTM Revenue and Profitability Decline
The sharp TTM revenue contraction and swing to a net loss weaken current earnings quality and make operating performance less predictable. Although prior annual results were profitable, sustained deterioration would reduce internally generated capital and constrain the company’s ability to fund growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Leasing and Occupancy Strength
High leasing volume and improving occupancy support durable rental income growth across Rexford’s infill portfolio. Renewals and backfills also reduce vacancy risk, while stronger tenant demand can improve cash flow and create a foundation for further same-property NOI gains.
Read all positive factors
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.63B
Dividend Yield4.48%
Average Volume (3M)3.11M
Price to Earnings (P/E)―
Beta (1Y)0.68
Revenue Growth-1.91%
EPS Growth-248.68%
CountryUS
Employees256
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-2.11
Shares Outstanding222,988,130
10 Day Avg. Volume3,028,455
30 Day Avg. Volume3,114,194
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 Cap1.27
Enterprise Value/Revenue11.28
Enterprise Value/Gross Profit18.64
Enterprise Value/Ebitda-140.12
Forecast
1Y Price Target
$40.69Price Target Upside8.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)-1.16
Revenue Forecast (FY)$945.63M
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
REXR primarily makes money through (1) contractual rental income from leasing industrial properties to tenants and (2) ancillary property-related income associated with operating its portfolio. Its core revenue stream is base rent earned under lea...
Rexford Industrial Realty Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive overall. Management reported record-level leasing activity, meaningful occupancy gains, substantial portfolio realignment progress, lower leverage, significant liquidity, share repurchases, operating cost reductions, and raised full-year guidance. The main challenges were expected negative cash re-leasing spreads, a sequential core FFO decline, lower same-property NOI and interest income, an uneven recovery, higher Treasury rates affecting buyers, and slightly higher leasing concessions. The positive operational and balance-sheet developments significantly outweighed the stated challenges.Positive Updates
Strong Leasing Volume and Occupancy Growth
Rexford executed more than 3.7 million square feet of leasing in the third quarter, its second-highest quarter ever. Approximately 87% of expiring space was renewed or backfilled, driving a 200 basis point sequential increase in same-property occupancy.
Negative Updates
Expected Negative Cash Re-Leasing Spreads
Management expects cash re-leasing spreads to average in the negative low to mid teens area over the next couple of years as the company works through leases signed at the peak in 2022 and 2023. Management assumes market rents remain flat throughout the next couple of years, while noting there could be upside if rents accelerate.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Leasing Volume and Occupancy Growth
Rexford executed more than 3.7 million square feet of leasing in the third quarter, its second-highest quarter ever. Approximately 87% of expiring space was renewed or backfilled, driving a 200 basis point sequential increase in same-property occupancy.
Read all positive updates
Company Guidance
Management raised the midpoint of full year core FFO per share guidance by $0.02 to a range of $2.41 to $2.44, increased the same property NOI growth outlook by 75 basis points at the midpoint on both a net effective and cash basis, and raised the average same property occupancy outlook by 40 basis points at the midpoint to 95.9%; it expects cash re-leasing spreads to average in the negative low to mid teens area over the next couple years, assuming market rent is flat throughout the next couple of years, with some upside if rents accelerate, and believes same property occupancy can reach 97% to 98% fully stabilized and total portfolio occupancy can reach 94% to 95% over the next couple of years as long as the market is squarely at their back; Rexford remains on track to reach approximately 3.5 times net debt to EBITDA by year end, with $500 million of dispositions remaining and the majority expected to be under contract or complete by year end.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 | 970.34M | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
| Gross Profit | 587.49M | 775.41M | 726.15M | 613.35M | 480.70M | 344.52M |
| EBITDA | -78.14M | 640.59M | 614.10M | 506.81M | 383.67M | 279.78M |
| Net Income | -463.75M | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
Balance Sheet | ||||||
| Total Assets | 10.79B | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Cash, Cash Equivalents and Short-Term Investments | 423.59M | 165.78M | 55.97M | 33.44M | 36.79M | 43.99M |
| Total Debt | 2.77B | 3.50B | 3.35B | 2.23B | 1.94B | 1.40B |
| Total Liabilities | 3.27B | 3.77B | 3.92B | 2.79B | 2.34B | 1.71B |
| Stockholders Equity | 7.17B | 8.46B | 8.32B | 7.77B | 6.56B | 4.78B |
Cash Flow | ||||||
| Free Cash Flow | 166.67M | 208.66M | 105.53M | 160.98M | 192.60M | 128.99M |
| Operating Cash Flow | 359.70M | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M |
| Investing Cash Flow | 90.23M | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B |
| Financing Cash Flow | -732.12M | -307.22M | 1.38B | 1.25B | 2.11B | 1.55B |
Rexford Industrial Realty Technical Analysis
Positive
37.62
Price Trends
37.00
Positive
35.96
Positive
35.68
Positive
Market Momentum
0.07
Negative
61.13
Neutral
45.27
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 37.62 is above the 20-day moving average (MA) of 36.91, above the 50-day MA of 37.00, and above the 200-day MA of 35.68, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 61.13 is Neutral, neither overbought nor oversold. The STOCH value of 45.27 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $122.56B | 27.85 | 8.00% | 3.34% | 7.16% | 32.07% | |
74 Outperform | $10.70B | 33.68 | 8.90% | 3.22% | 10.40% | 23.75% | |
73 Outperform | $7.10B | 17.51 | 9.21% | 3.27% | 18.05% | 47.75% | |
71 Outperform | $7.02B | 28.02 | 6.94% | 4.21% | 9.63% | 3.17% | |
69 Neutral | $7.46B | 20.16 | 13.03% | 3.57% | 8.55% | 50.73% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $8.63B | -18.35 | -5.90% | 4.48% | -1.91% | -248.68% |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
38.71
-1.79
-4.43%
EGP
Eastgroup Properties
199.02
25.96
15.00%
PLD
Prologis
126.45
3.24
2.63%
STAG
Stag Industrial
36.43
-0.56
-1.51%
TRNO
Terreno Realty
65.15
6.06
10.25%
FR
First Industrial Realty
54.44
-0.32
-0.58%
Rexford Industrial Realty Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
Rexford Industrial Reports Q3 Earnings and Portfolio Realignment
Negative
Oct 22, 2026
Rexford Industrial reported third-quarter 2026 net income attributable to common stockholders of $14.6 million, or $0.07 per diluted share, down sharply from $87.1 million, or $0.37 per diluted share, a year earlier, largely reflecting $71.8 milli...
Business Operations and StrategyStock BuybackFinancial DisclosuresM&A Transactions
Rexford Industrial completes major portfolio disposition program
Positive
Sep 17, 2026
Rexford Industrial Realty has completed the sale of a 22-property industrial portfolio totaling 5.2 million rentable square feet to an affiliate of EQT Real Estate for approximately $1.2 billion, with the closing announced on September 17, 2026. T...
Business Operations and StrategyStock BuybackM&A Transactions
Rexford Industrial Realty Announces Major Portfolio Disposition
Positive
Aug 18, 2026
On August 13, 2026, Rexford Industrial Realty’s operating partnership agreed to sell a portfolio of 22 non-core industrial properties to an affiliate of EQT Real Estate for approximately $1.2 billion in cash, with closing expected by Septemb...
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 ...
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.