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REXR

Rexford Industrial Realty, Inc.

REXR

Rexford Industrial Realty, Inc. • NYSE
$41.61 ▼ -0.12% (-0.05)
Market Cap $10.19 B
52w High $44.38
52w Low $29.68
Dividend Yield 1.71%
P/E 29.3
Volume 889.96K
Outstanding Shares 244.83M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $253.242M ▲ $101.209M ▲ $83.949M ▼ 33.15% ▼ $0.35 ▼ $193.721M ▲
Q2-2025 $249.507M ▼ $19.752M ▼ $116.334M ▲ 46.626% ▲ $0.48 ▲ $168.624M ▲
Q1-2025 $252.287M ▲ $19.868M ▼ $71.199M ▲ 28.221% ▲ $0.3 ▲ $165.733M ▲
Q4-2024 $242.895M ▲ $21.94M ▲ $62.185M ▼ 25.602% ▼ $0.27 ▼ $158.756M ▼
Q3-2024 $241.843M $20.926M $67.77M 28.022% $0.3 $158.923M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $314.42M ▼ $12.851B ▼ $3.809B ▼ $8.676B ▼
Q2-2025 $431.117M ▼ $13.08B ▼ $3.885B ▼ $8.837B ▲
Q1-2025 $504.579M ▲ $13.086B ▲ $3.911B ▼ $8.803B ▲
Q4-2024 $55.971M ▼ $12.648B ▲ $3.922B ▼ $8.324B ▲
Q3-2024 $61.836M $12.42B $3.955B $8.071B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $93.056M ▼ $149.632M ▲ $-37.995M ▼ $-358.405M ▼ $-246.768M ▼ $60.48M ▲
Q2-2025 $120.394M ▲ $128.157M ▼ $-4.343M ▲ $-117.31M ▼ $6.504M ▼ $44.961M ▼
Q1-2025 $70.66M ▲ $152.551M ▲ $-29.043M ▲ $375.205M ▲ $498.713M ▲ $73.403M ▲
Q4-2024 $64.91M ▼ $116.256M ▼ $-296.831M ▼ $174.71M ▲ $-5.865M ▲ $27.879M ▲
Q3-2024 $74.672M $127.242M $-172.527M $-18.589M $-63.874M $7.245M

Five-Year Company Overview

Income Statement

Income Statement Rexford’s income statement shows a clear picture of steady, profitable growth. Revenue has climbed consistently each year, and profits have risen along with it rather than being squeezed. Operating and net income have both expanded, suggesting that as the portfolio grows, the company is maintaining solid pricing power and cost control. Earnings per share have trended higher as well, implying that growth is not just from buying more properties, but also from improving the economics of those properties over time. As with any REIT, results are still sensitive to rental demand, occupancy, and lease renewal terms, but the recent track record looks disciplined and well managed rather than volatile.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been aggressively expanding its asset base while still leaning more on equity than on debt. Total assets have grown strongly as Rexford has acquired and redeveloped properties, and shareholder equity has scaled up alongside this growth. Debt levels have increased, but not to the point where the business looks over‑levered based on the trend, especially for a real estate owner. The relatively modest cash balance is typical for a REIT that prefers to keep capital invested in income‑producing properties. The main watch‑points are ongoing interest rate risk, refinancing needs over time, and the company’s ability to keep leverage within prudent bounds as it continues to grow.

Cash Flow

Cash Flow Cash flow from operations has been rising steadily, showing that the underlying property portfolio is generating more and more recurring cash. At the same time, Rexford is spending heavily on capital projects and acquisitions, which is exactly what you’d expect from a growth‑oriented industrial REIT. Even after this investment, free cash flow has generally remained positive, though it is naturally tighter in years with heavier spending. This pattern suggests a business that is self‑funding a good portion of its expansion but likely still relies on external capital—both debt and equity—to fully support its growth plans and dividends. The key risk is that if capital markets become less friendly or property economics soften, the company may need to pace its investment differently.

Competitive Edge

Competitive Edge Rexford’s competitive edge comes from being extremely specialized rather than broadly diversified. It focuses almost entirely on infill industrial properties in Southern California—one of the tightest, most supply‑constrained logistics markets in the country. In this region, land is scarce, demand is strong, and new development is hard to get entitled, which gives well‑positioned owners meaningful pricing power. Rexford has built deep local relationships and market intelligence, allowing it to source many deals off‑market and add value through redevelopment instead of just paying top dollar for fully stabilized assets. In‑house management further tightens the feedback loop with tenants. The flip side is concentration risk: the company is heavily exposed to the health of a single region and its regulatory, environmental, and economic conditions.

Innovation and R&D

Innovation and R&D While Rexford is not a technology company, it is quite innovative in how it redevelops and manages properties. Its core “R&D” is taking older, underused industrial buildings and upgrading them into modern, efficient logistics hubs, often with sustainability features like high‑efficiency systems, cool roofs, and rooftop solar. The company is pursuing ambitious climate targets and green building standards, which can strengthen tenant appeal and lower operating costs over time. It also uses digital tools, such as tenant portals and internal market analytics, to streamline operations and leasing decisions. Looking ahead, greater use of data, analytics, and potentially AI could further sharpen its acquisition and asset management decisions, but these areas are more evolutionary than disruptive for now.

Summary

Overall, Rexford looks like a focused growth story built around a very specific and advantaged niche: infill industrial real estate in Southern California. The financials show consistent growth in revenue, profits, and operating cash flow, backed by a balance sheet that has expanded significantly but still appears anchored by substantial equity. Heavy reinvestment into properties is a deliberate choice to compound value rather than simply harvest current income. The main strengths are its local scale, market knowledge, and value‑add redevelopment expertise; the main risks are its geographic concentration, sensitivity to industrial demand and interest rates, and the need for continued access to capital to fund its strategy. For observers, the key questions are whether Rexford can keep finding attractive projects in a tight market, sustain strong rent economics, and manage its leverage and sustainability commitments prudently over the long term.

NEWS

November 25, 2025 · 8:30 AM UTC

Rexford Industrial Appoints David Stockert to Board of Directors

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November 18, 2025 · 4:10 PM UTC

Rexford Industrial Highlights Strategic and Financial Priorities to Enhance Shareholder Value

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October 15, 2025 · 4:08 PM UTC

Rexford Industrial Announces Third Quarter 2025 Financial Results

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September 16, 2025 · 4:10 PM UTC

Rexford Industrial Announces Dates for Third Quarter 2025 Earnings Release and Conference Call

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September 4, 2025 · 4:05 PM UTC

Rexford Industrial to Present at Bank of America Securities 2025 Global Real Estate Conference

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