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REXR-PB

Rexford Industrial Realty, Inc.

REXR-PB

Rexford Industrial Realty, Inc. • NYSE
$22.91 ▲ 1.71% (+0.39)
Market Cap $8.90 B
52w High $24.00
52w Low $22.15
Dividend Yield 1.47%
P/E 25.89
Volume 204
Outstanding Shares 384.46M

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, steady build in the size and profitability of the business over the past several years. Rental revenue has climbed each year, and profits have grown along with it, which suggests that new properties and rent increases are translating into real earnings, not just higher costs. Operating margins have stayed healthy, indicating good cost control and efficient property management. Earnings per share have also risen over time, a sign that growth has been accretive for common equity holders rather than diluted. For a preferred security like REXR‑PB, this pattern points to a landlord with a growing and resilient earnings base supporting its obligations higher in the capital structure.

Balance Sheet

Balance Sheet The balance sheet is asset‑heavy, as expected for an industrial REIT, with a portfolio that has expanded meaningfully year after year. Equity has grown faster than debt, which implies the company has financed a good portion of that growth through retained earnings and equity capital rather than relying solely on borrowing. Debt levels have increased, but not in an obviously aggressive way relative to the expanding asset base, suggesting a measured approach to leverage. Cash on hand is modest, which is typical for REITs that prefer to keep capital invested, but it does mean the company leans on credit lines and capital markets for flexibility. Overall, the balance sheet looks like that of a growth‑oriented yet still relatively conservative landlord.

Cash Flow

Cash Flow Cash flow from operations has consistently trended upward, showing that the underlying properties are generating more cash as the portfolio scales. Free cash flow after capital spending is positive but slimmer, mainly because Rexford continues to reinvest heavily into acquisitions, redevelopment, and improvements. This pattern is typical for a growth REIT: strong property cash generation but substantial reinvestment to drive future rent and value. The key point is that core operating cash appears solid and expanding, which underpins the company’s ability to service both debt and preferred dividends, even though reported free cash flow can look tight in years with heavy investment.

Competitive Edge

Competitive Edge Rexford holds a focused and powerful niche: industrial properties in infill Southern California, one of the tightest and most strategically important logistics markets in the world. High demand from e‑commerce, logistics, and distribution tenants meets very limited new supply, which tends to support occupancy and rent growth. The company’s scale in this region, deep local relationships, and ability to source off‑market deals give it a meaningful edge over more generalized REIT peers. The flip side is concentration risk—performance is heavily tied to the health of Southern California’s industrial and trade economy and local regulatory environment. Still, within that geography, Rexford appears to be one of the dominant, best‑positioned players.

Innovation and R&D

Innovation and R&D While Rexford is not a technology or R&D‑driven company in the traditional sense, it does lean on data and operational technology to sharpen its edge. The firm uses detailed local market intelligence to spot undervalued properties and to underwrite value‑add projects more accurately, which is central to its business model. It has also invested in modern property and construction management systems, as well as tenant‑facing digital tools, to improve efficiency and service quality. On the asset side, Rexford focuses on repositioning and redeveloping older buildings into modern, efficient, and increasingly sustainable facilities, often targeting green certifications. These efforts don’t look like classic R&D spending, but they function as ongoing innovation in how the company acquires, upgrades, and operates industrial real estate.

Summary

Rexford Industrial Realty underpins the REXR‑PB preferred shares with a steadily growing, profitable industrial real estate platform concentrated in high‑barrier Southern California infill markets. The company’s financials show rising revenue, solid margins, expanding earnings, and a balance sheet that has grown in a generally disciplined way alongside its property base. Cash generation from operations is robust, even as free cash is often reinvested into redevelopment and acquisitions to fuel future growth. Strategically, Rexford benefits from a strong local moat—scarce, well‑located industrial land, scale, and deep market knowledge—but is also more exposed to regional and sector‑specific cycles than a more diversified REIT. For holders or analysts of the preferred stock, the key takeaway is that the issuing entity is a specialized, growth‑oriented industrial landlord with a history of strengthening fundamentals and a business model designed to capture long‑term demand for logistics and last‑mile facilities in a supply‑constrained market.