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Rexford Industrial Realty
(NYSE:REXR)
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Rating:69Neutral
Price Target:
$43.00
â–²(14.30% Upside)
Action:Reiterated
Date:09/17/26
The score is driven primarily by mixed financial performance—resilient cash generation and moderate leverage, but a notable TTM earnings reset (revenue drop and net loss). The latest earnings call improves the outlook via raised core FFO/NOI/occupancy guidance and a concrete plan to recycle assets and reduce leverage, while technicals are constructive with price above major moving averages. Valuation is supported by the dividend yield, but the negative P/E (loss) reduces visibility and limits the overall score.
Positive Factors
Cash Generation and Moderate Leverage
Strong operating and positive free cash flow give REXR internal funding capacity for leasing, redevelopment and debt service. Combined with moderate debt-to-equity of roughly 0.40–0.45, this supports resilience and preserves flexibility through the next several quarters.
Negative Factors
TTM Revenue and Earnings Deterioration
The sharp TTM revenue contraction and swing to a sizable net loss weaken earnings quality after several years of expansion. This deterioration can reduce retained capital, increase reported earnings volatility, and make it harder to sustain growth investments if weakness persists.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation and Moderate Leverage
Strong operating and positive free cash flow give REXR internal funding capacity for leasing, redevelopment and debt service. Combined with moderate debt-to-equity of roughly 0.40–0.45, this supports resilience and preserves flexibility through the next several quarters.
Read all positive factors
Rexford Industrial Realty (REXR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.34B
Dividend Yield4.78%
Average Volume (3M)2.58M
Price to Earnings (P/E)―
Beta (1Y)0.69
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. Volume3,349,570
30 Day Avg. Volume2,580,650
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
$40.58Price Target Upside7.88% Upside
Rating ConsensusHold
Number of Analyst Covering12
EPS Forecast (FY)-0.4
Revenue Forecast (FY)$946.72M
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:Jul 23, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 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 | 227.15M | 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
Negative
37.62
Price Trends
36.98
Negative
35.58
Positive
35.78
Positive
Market Momentum
0.06
Positive
40.51
Neutral
-0.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For REXR, the sentiment is Negative. The current price of 37.62 is above the 20-day moving average (MA) of 37.29, above the 50-day MA of 36.98, and above the 200-day MA of 35.78, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 40.51 is Neutral, neither overbought nor oversold. The STOCH value of -0.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $128.54B | 28.86 | 7.90% | 3.25% | 7.35% | 21.58% | |
75 Outperform | $10.90B | 34.58 | 8.61% | 3.24% | 10.80% | 22.88% | |
73 Outperform | $7.22B | 17.35 | 9.21% | 3.30% | 18.05% | 47.75% | |
71 Outperform | $7.11B | 27.55 | 6.94% | 4.29% | 9.63% | 3.17% | |
69 Neutral | $8.34B | -19.82 | -4.75% | 4.78% | 0.58% | -234.18% | |
69 Neutral | $8.38B | 21.65 | 13.42% | 3.27% | 8.44% | 34.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
REXR
Rexford Industrial Realty
36.27
-3.58
-8.97%
EGP
Eastgroup Properties
197.45
30.97
18.60%
PLD
Prologis
129.84
16.91
14.97%
STAG
Stag Industrial
35.81
1.49
4.34%
TRNO
Terreno Realty
64.55
8.78
15.73%
FR
First Industrial Realty
59.54
9.14
18.13%
Rexford Industrial Realty Corporate Events
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.