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olivLaw · US equity research

Rexford Industrial Realty, Inc. REXR

Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)

38.15USD−2.80% · 1 dayClose 05 Nov 2026

Rexford Industrial Realty is a REIT that owns and operates industrial properties in Southern California infill markets, where land scarcity supports long-term fundamentals. In 2026 it has reorganized the portfolio through large dispositions and reduced development exposure while market rents cooled from their 2023 peak. The portfolio held 419 properties at the end of 2025.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Rexford Industrial Realty, Inc. (REXR) stock was 38.15 USD (−2.80% on the day), with market capitalisation 8.1 bn USD, dividend yield 4.55%, beta 0.75, 52-week range 32.47–42.22 USD. Latest reported quarter (Q3 2026): revenue of 239.1 m USD (−5.6% YoY), net income of 17.4 m USD (−80.7% YoY), diluted EPS 0.07 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
8.1 bn USD
shares as of 21 Oct 2026
P/E (TTM)
unavailable
Diluted EPS TTM -2.09 · TTM to 30 Sept 2026
E/P (TTM)
-5.48%
TTM to 30 Sept 2026
Dividend yield
4.55%
DPS 12m 1.74
Beta (2y)
0.75
Volatility (1y) 26%
52-week range
32.4742.22

Price history

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Technical reading

RSI (14)
52.6
neutral
Bollinger (20, 2)
36.00 – 39.28
in the upper half of the band · %B 0.65 · band width 8.7%
SMA 50 / 200
37.50 / 36.37
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.35 / 0.22
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+3.7%−5.9%+9.6 pp—
3 months+4.5%−4.6%+9.1 pp—
6 months+5.7%+0.2%+5.5 pp—
Year to date−1.5%+7.4%−8.9 pp—
1 year−7.7%+8.2%−15.9 pp+4.4%
3 years−15.9%+68.4%−84.3 pp+14.7%
5 years−43.9%+56.5%−100.4 pp—
Max drawdown (1y)
−23.1%
11 Nov 2025 → 17 Jun 2026
Max drawdown (5y)
−62.4%
20 Apr 2022 → 08 Apr 2025
Compound annual growth (5y)
−10.9%
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
239.1 m USD
−5.6% YoY
Net income
17.4 m USD
−80.7% YoY
Diluted EPS
0.07
−81.1% YoY
net / operating
7.3% / unavailable

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue242.9 m252.3 m249.5 m253.2 m248.1 m245.1 m245.5 m239.1 m
Depreciation & amortisation71.8 m86.7 m71.2 m81.2 m76.8 m72.9 m73.5 m74.4 m
Interest expense28.2 m27.3 m26.7 m25.5 m25.5 m26.6 m28.6 m24.8 m
Income tax—000—000
Net income62.2 m71.2 m116.3 m89.9 m-65.4 m91.2 m-504.1 m17.4 m
Diluted EPS0.28 ≈0.300.480.37-0.28 ≈0.38-2.260.07
Operating cash flow116.3 m152.6 m128.2 m ≈149.6 m ≈111.7 m141.2 m106.8 m ≈151.8 m ≈
Dividends paid91.6 m94.1 m101.6 m ≈101.8 m ≈100.1 m99.6 m98.4 m ≈97.0 m ≈
Share repurchases000 ≈150.1 m ≈100.0 m200.1 m100.1 m ≈308.9 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue212.5 m267.2 m330.1 m452.2 m631.2 m797.8 m936.4 m1.0 bn
Revenue YoY+31.7%+25.8%+23.5%+37.0%+39.6%+26.4%+17.4%+7.1%
Net income46.2 m62.0 m76.4 m128.2 m167.6 m238.0 m273.8 m212.0 m
Net income YoY+13.5%+34.1%+23.3%+67.8%+30.7%+42.0%+15.0%−22.6%
Diluted EPS0.410.470.510.800.921.121.200.86
Diluted EPS YoY−14.6%+14.6%+8.5%+56.9%+15.0%+21.7%+7.1%−28.3%
net %21.7%23.2%23.1%28.4%26.5%29.8%29.2%21.1%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
165.8 m USD
Financial debt
3.3 bn USD
Net debt
3.1 bn USD
Equity
8.8 bn USD
Total assets
12.6 bn USD
Debt / equity
0.37x
Current ratio
unavailable
ROE
2.4%
ROA
1.7%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
797.8 m
2024
936.4 m
2025
1.0 bn

SEC (XBRL)· 11 Feb 2026verified

Depreciation & amortisation
2023
244.5 m
2024
275.2 m
2025
315.9 m

SEC (XBRL)· 11 Feb 2026verified

Interest expense
2023
61.4 m
2024
98.6 m
2025
104.9 m

SEC (XBRL)· 11 Feb 2026verified

Net income
2023
238.0 m
2024
273.8 m
2025
212.0 m

SEC (XBRL)· 11 Feb 2026verified

Diluted EPS
2023
1.12
2024
1.20
2025
0.86

SEC (XBRL)· 11 Feb 2026verified

Weighted average diluted shares
2023
203.1 m
2024
218.5 m
2025
232.6 m

SEC (XBRL)· 11 Feb 2026verified

Dividend per share
2023
1.52
2024
1.67
2025
1.72

SEC (XBRL)· 11 Feb 2026verified

Balance sheet · USD

Cash
2023
33.4 m
2024
56.0 m
2025
165.8 m

SEC (XBRL)· 11 Feb 2026verified

Intangibles (excl. goodwill)
2023
153.7 m
2024
201.5 m
2025
140.6 m

SEC (XBRL)· 11 Feb 2026verified

Total assets
2023
10.9 bn
2024
12.6 bn
2025
12.6 bn

SEC (XBRL)· 11 Feb 2026verified

Long-term debt
2023
2.2 bn
2024
3.3 bn
2025
3.3 bn

SEC (XBRL)· 11 Feb 2026verified

Total liabilities
2023
2.8 bn
2024
3.9 bn
2025
3.8 bn

SEC (XBRL)· 11 Feb 2026verified

Equity
2023
8.1 bn
2024
8.7 bn
2025
8.8 bn

SEC (XBRL)· 11 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
427.5 m
2024
478.9 m
2025
542.1 m

SEC (XBRL)· 11 Feb 2026verified

Investing cash flow
2023
-1.7 bn
2024
-1.8 bn
2025
-125.1 m

SEC (XBRL)· 11 Feb 2026verified

Financing cash flow
2023
1.2 bn
2024
1.4 bn
2025
-307.2 m

SEC (XBRL)· 11 Feb 2026verified

Dividends paid
2023
290.7 m
2024
354.2 m
2025
397.5 m

SEC (XBRL)· 11 Feb 2026verified

Share repurchases
2023
0
2024
0
2025
250.1 m

SEC (XBRL)· 11 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
16.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
24.9%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
-22.6%
computed by olivLawFY 2025
Net income CAGR 3Y
8.2%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
22.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-28.3%
computed by olivLawFY 2025
EPS CAGR 3Y
-2.2%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
11.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
unavailable
input data missing
Net margin
-47.1%
computed by olivLawTTM to 30 Sept 2026
FCF margin
unavailable
input data missing

Returns

ROE
-5.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-3.9%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
2.3 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Net debt / EBITDA
unavailable
input data missing
Debt / equity
0.4x
computed by olivLawbalance sheet at 30 Sept 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
511.5 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
Cash conversion
unavailable
input data missing

Market and valuation

Market capitalisation
8.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Enterprise value
10.4 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-5.5%
computed by olivLawTTM to 30 Sept 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
P/S
8.3x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
10.7x
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Dividend yield
4.5%
computed by olivLawTTM to 30 Sept 2026
Shareholder yield (distributions)
13.6%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

9 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 4 of at least 6
  • score weight coverage: 50.0% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

38.15 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: 8.1 bn USD

Key indicators

Market capitalisation
8.1 bn USD
computed by olivLawbalance sheet at 30 Sept 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.1x
computed by olivLawbalance sheet at 30 Sept 2026
EV/EBITDA
unavailable
input data missing
ROE
-5.8%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-47.1%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
7.1%
computed by olivLawFY 2025
Dividend yield
4.5%
computed by olivLawTTM to 30 Sept 2026

Coverage and freshness

18/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Share count (cover of the latest filing), as of: 21 Oct 2026
Source: SEC (XBRL)published 27 Oct 2026
verified 1486derived 89

Score by group

50% · Insufficient data

Estimated value range

Low
24.08
USD per share
Mid
39.40
USD per share
High
58.92
USD per share
Price: 38.15 USD
The price is within the range
Potential to the central value: 3.3% (value / price − 1)
Margin of safety: 3.2% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 22.60 – 87.44 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • Net asset value (NAV)unavailable · input data missing
  • Dividend discount (DDM)22.60 – 30.40 (Mid 25.93)
  • Peers: P/B25.56 – 87.44 (Mid 52.88)
    31 companies used · median multiple 1.6x · quartiles 0.8x – 2.6x
    BRSP, BRT, CDP, CLDT, CSR, CTO, DLR, ESS, EXR, FR, HIW, HR, HST, INN, IOR, KIM, O, ONL, PECO, PLD, PSA, RITM, SQFT, SUI, SUNS, VICI, VMRK, VTR, WELL, WHLR, XRN
Multiple comparisons use the SIC vertical: Real Estate Investment Trusts (SIC 6798)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%

FactorValueScoreWeight used
ROE · Quality-5.8%9 (vs peers)13%
EBITDA margin · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth16.7%100 (on a fixed band)17%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
P/B · Valuation1.1x68 (vs peers)39%
P/E (TTM) · Valuationunavailableunavailable—
Dividend yield · Returns4.5%55 (vs peers)30%
Payout ratio (EPS) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partialunavailable · 0/2 factors with a value
  • Growth100/100 · 1/1 factors with a value
  • Quality· partial9/100 · 1/2 factors with a value
  • Returns· partial55/100 · 1/2 factors with a value
  • Valuation· partial68/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Rexford Industrial Realty, Inc. (REXR). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 1.0 bn USD in 2025; YoY growth 7.1%; net margin -47.1%; ROE -5.8%.

The estimated value range is 24.08–58.92 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 39.40 USD, the price of 38.15 USD leaves a potential of 3.3% (value / price − 1) and a margin of safety of 3.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 50.0% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 16.7%

What contradicts it

  • ROE: -5.8%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): EBITDA margin, Net debt / EBITDA, Interest coverage, P/E (TTM), Payout ratio (EPS).

Versus the vertical median

Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 28.6x
EV/EBITDA
—
vertical median 14.5x
P/S
8.3x
vertical median 5.1x
above median (+61.0%)
P/B
1.1x
vertical median 1.6x
below median (−30.6%)
ROE
-5.8%
vertical median 7.1%
below median (−181.9%)
Net margin
-47.1%
vertical median 18.3%
below median (−357.3%)
EBIT margin
—
vertical median 36.0%
Revenue YoY
7.1%
vertical median 4.8%
above median (+48.2%)
Net debt/EBITDA
—
vertical median 4.9x
Dividend yield
4.5%
vertical median 4.0%
above median (+12.8%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
WELLWelltower Inc.180.0 bn105.14.0%12.7%+35.6%+18% / +175%
PLDPrologis, Inc.119.9 bn32.47.1%42.5%+7.2%+0% / +12%
EQIXEquinix Inc98.7 bn59.911.5%16.4%+5.4%+32% / +22%
AMTAmerican Tower Corporation90.0 bn27.290.6%30.7%+5.1%+7% / −7%
PSAPublic Storage63.6 bn34.616.0%37.8%+2.7%+24% / +32%
DLRDigital Realty Trust, Inc.61.4 bn45.66.2%21.7%+10.0%+9% / +26%
ORealty Income Corporation56.6 bn41.03.6%22.9%+9.1%+3% / +10%
VTRVentas, Inc.47.1 bn167.51.9%4.0%+18.5%+10% / +94%
CCICrown Castle Inc.38.7 bn47.9—20.1%−4.4%−0% / −22%
EXRExtra Space Storage Inc.33.4 bn32.67.9%29.9%+3.7%+20% / +23%
IRMIron Mountain Inc31.4 bn68.4—6.1%+12.2%+22% / +64%
VICIVICI Properties Inc.27.8 bn11.68.3%56.5%+4.1%−13% / −16%
VMRKVivmark Residential24.5 bn28.68.1%—+4.8%+6% / +15%
SBACSba Communications Corporation20.2 bn20.8—34.5%+5.1%−1% / −22%
ESSEssex Property Trust, Inc.17.4 bn41.78.0%22.7%+6.4%+3% / +27%
KIMKimco Realty Corporation17.2 bn28.35.8%27.8%+5.1%+24% / +33%
HSTHost Hotels & Resorts, Inc.16.9 bn16.515.8%16.5%+7.6%+40% / +41%
SUISun Communities, Inc14.6 bn—-12.8%-32.4%+2.0%−5% / −6%
RHPRyman Hospitality Properties, Inc.9.1 bn31.926.0%9.9%+10.2%+38% / +31%
REXRRexford Industrial Realty, Inc.8.1 bn—-5.8%-47.1%+7.1%−8% / −16%
FRFirst Industrial Realty Trust, Inc.7.1 bn19.613.4%48.0%+8.6%−6% / +15%
HRHealthcare Realty Trust Incorporated6.5 bn—-1.0%-4.0%−6.9%+5% / +25%
RITMRithm Capital Corp.5.3 bn13.75.8%8.7%−6.7%−18% / −9%
PECOPhillips Edison & Company, Inc.5.3 bn29.27.8%23.9%+9.9%+15% / +16%
CDPCopt Defense Properties3.7 bn21.611.7%22.1%+1.4%+5% / +34%

1- and 3-year price returns: for REXR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

    In brief

    Rexford Industrial Realty is a REIT that owns and operates industrial properties in Southern California infill markets, where land scarcity supports long-term fundamentals. In 2026 it has reorganized the portfolio through large dispositions and reduced development exposure while market rents cooled from their 2023 peak 13. The portfolio held 419 properties at the end of 2025 1.

    SWOT

    Strengths

    • A portfolio concentrated in infill Southern California markets with high entry barriers and strong occupancy in the Same Property portfolio 13.
    • An integrated platform with in-house teams for acquisitions, repositioning, leasing and construction 1.
    • A flexible financial structure with an available revolving credit line and a controlled leverage ratio 13.

    Weaknesses

    • High geographic concentration in one regional economy and seismic exposure, with limited insurance coverage 1.
    • Significant asset impairments in 2026 produced a net loss attributable to common stockholders 23.
    • The company is going through a leadership transition and a portfolio reorganization, which may create operational uncertainty 23.

    Opportunities

    • If demand for infill space keeps improving, the company could achieve better rents on renewals and new leases 3.
    • Capital recycling through sales and buybacks could improve per-share returns if execution stays disciplined 13.
    • Repositioning projects could raise asset values if stabilized returns hold 3.

    Threats

    • Falling market rents and rising vacancy in parts of the submarkets could weigh on revenue 1.
    • Trade, tariff and geopolitical uncertainty could reduce demand for industrial space 12.
    • Changes in California property taxation or regulation could raise operating costs 1.

    Risks

    • Geographic concentrationhigh

      All properties are in Southern California, exposing the company to regional economic and seismic risks 1.

    • Asset impairmentshigh

      The 2026 impairments indicate possible revaluation of some properties, with a direct effect on net income 23.

    • Rent pressuremedium

      Falling market rents and effective rent compression could limit revenue growth from existing properties 13.

    • Inflation and costsmedium

      Inflation could raise operating expenses faster than contractual rent escalations 1.

    • Leadership transitionlow

      The change in executive leadership and the portfolio reorganization could create uncertainty in execution 23.

    Investment thesis

    What would need to be true (bull case)

    • The infill Southern California market has limited supply, and if demand keeps improving, revenue could return to solid growth 13.
    • The company reduced debt and repaid maturities, which may support financial flexibility and capital spending 3.
    • If capital recycling produces good returns, buybacks and sales could create per-share value 13.

    What would break the thesis

    • Large impairments and the 2026 net loss show that some asset values may be lower than previously estimated 23.
    • Geographic concentration in one regional market could amplify the impact of a local economic slowdown 1.
    • If market rents keep falling, revenue growth could be limited even with high occupancy 13.

    What to watch

    • Effective rents and occupancy trends in the Same Property PortfolioQ4 2026
    • Completion of property sales within the 2026 disposition guidanceQ4 2026
    • Net loss and impairment levels in the annual reportnext 10-K
    • Impact of new leadership on capital allocation strategy2027

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (27 Oct 2026).

    The business

    Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets, with 419 properties and approximately 51.2 million rentable square feet as of December 31, 2025 1. It operates through Rexford Industrial Realty, L.P., where it is the sole general partner, and integrates acquisitions, asset management, repositioning, development, leasing and construction in-house 1. Its strategy combines off-market or lightly marketed acquisitions, value-add repositioning of underused properties and programmatic capital recycling through sales 1.

    The capital structure is described as conservative and flexible, with a 1.25 billion USD unsecured revolving credit facility and a net debt to total market capitalization ratio of 24.9% at year-end 2025 1. The company repurchased 250 million USD of common stock in 2025 and continued buybacks in 2026 13. As of September 30, 2026, total debt was 2.8 billion USD at a weighted average rate of 3.70% with no floating-rate exposure 3.

    Laura Clark became Chief Executive Officer effective April 1, 2026, and the company has announced changes to capital allocation priorities and a reduction in development exposure as part of a portfolio review 23. The net loss attributable to common stockholders in 2026 reflects impairments, while Core FFO has grown modestly 23.

    Segments

    Stabilized core industrial properties

    The core portfolio includes small and mid-size industrial properties averaging about 26,000 square feet per space, located in last-mile Southern California markets 1. For the Same Property Portfolio, occupancy was 96.5% at the end of 2025 and 96.9% at September 30, 2026 13.

    Repositioning and development

    The company stabilizes repositioning and development projects, often converting large spaces into smaller and more functional units 1. In 2026 these projects saw significant leasing activity, but the company reduced development exposure and lowered its outlook for new starts 3.

    Dispositions and capital recycling

    Property sales became a major part of the strategy in 2026, including a single 22-property portfolio transaction 3. Disposition guidance for 2026 was updated to between 1.7 and 2.0 billion USD, indicating a broad reorganization of the portfolio 3.

    Market context

    The company describes infill Southern California industrial markets as having favorable long-term fundamentals because of land scarcity and high barriers to new construction 1. At the same time, market rents have fallen by about 22% from the mid-2023 peak after an average rise of roughly 80% during the pandemic years 1. In the latest quarter the company reported better occupancy and less rent pressure, although tariff and interest rate uncertainty remain risks 13.

    Conditions vary by submarket: Los Angeles County saw rising vacancy and lower asking rents, while San Diego and Ventura saw rent increases 1. The company believes its leasing performance has generally outpaced its infill markets, which could support its market position if these trends persist 1.

    Competitive position

    Rexford competes with other public industrial REITs, non-traded income-oriented REITs, private real estate fund managers and local investors and developers 1. Some competitors have greater financial resources or other advantages, and competition can raise acquisition prices or block investments that meet its criteria 1. In leasing, competition may require rent concessions or tenant improvement spending 1.

    The company differentiates itself through access to off-market transactions, an integrated platform and repositioning expertise, factors that could give an edge over more passive owners in its markets 1. This positioning is supported by reported leasing performance, but competition remains intense 1.

    • Other public industrial REITs

      Industrial REITs that compete for acquisitions and tenants, not named in the source 1.

    • Non-traded income-oriented REITs

      Investment vehicles seeking yield that can compete for the same industrial assets 1.

    • Private real estate fund managers

      Private managers that may bid higher prices for properties in the same area 1.

    • Local investors and developers

      Local players competing for land, properties and tenants in Southern California 1.

    News & filings

    In the press

    The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 27 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    SEC filings

    • Quarterly report27 Oct 2026
    • Current report22 Oct 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report17 Sept 2026
      Acquisition or disposition of assets · Regulation FD disclosure · Financial statements and exhibits
    • Current report18 Aug 2026
      Material agreement · Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report28 Jul 2026
    • Current report23 Jul 2026
      Results of operations · Regulation FD disclosure · Financial statements and exhibits
    • Current report21 May 2026
      Shareholder vote · Financial statements and exhibits
    • Quarterly report28 Apr 2026
    • Current report23 Apr 2026
      Results of operations · Item 5.05 · Regulation FD disclosure · Financial statements and exhibits
    • Proxy statement08 Apr 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Rexford Industrial Realty, Inc. · 11 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Rexford Industrial Realty, Inc. · 28 Jul 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Rexford Industrial Realty, Inc. · 22 Oct 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.