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what it is
Rexford buys and rents warehouses in tight Southern California locations where space is scarce and moving out is painful.
how it gets paid
Last year Rexford Industrial made $589K in revenue. base rental income was the main engine at $454K, or 77% of sales.
why growth slowed
Revenue fell 3.6% last year. The number that matters is 96.8% occupancy, because full buildings are what make those 26.1% rent increases real.
what just happened
Latest quarter revenue reached $392K, up 232% vs. prior year, while reported EPS was $1.16.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
28.4x trailing p/e — priced about right
4.5% dividend yield — cash in your pocket every quarter
4.0% return on capital — nothing to write home about
xvary composite: 54/100 — below average
What they do
Rexford buys and rents warehouses in tight Southern California locations where space is scarce and moving out is painful.
This is a location business dressed up as a REIT. Rexford controls 425 properties and 50.8 million rentable square feet in Southern California infill markets, where your alternatives are limited and usually farther away. Occupancy hit 96.8% in the latest third quarter, up from 96.2% a year earlier, and comparable rents rose 26.1%. REIT → a landlord that pays out most of its income → so what: you are buying rent collection with real pricing power.
How they make money
$589K
annual revenue · their business grew -3.6% last year
base rental income
$454K
tenant recoveries
$82K
redevelopment and repositioning rent
$32K
parking and other property income
$12K
fee and other income
$9K
The products that matter
leases warehouse and logistics space
Industrial Property Leasing
$1M revenue in this feed
the revenue line here shows just $1M, but 96.8% occupancy and 26.1% comparable rental growth suggest the operating story is stronger than this feed's sales detail.
location moat
Key numbers
96.8%
occupancy rate
Occupied space means paid rent. Rexford improved from 96.2% a year ago, which says demand still exceeds supply in its niche.
26.1%
rent spread
Comparable rental rates jumped 26.1%. Plain English: when leases reset, Rexford is charging a lot more.
58.0%
operating margin
Operating margin means how much profit remains after running the properties. At 58.0%, this landlord keeps a lot of each revenue dollar.
4.0%
capital return
Return on capital means profit earned on money invested. At 4.0%, new investment returns look ordinary next to the stock's premium price.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
- net profit margin 35.0% — keeps 35 cents of every dollar in revenue
- return on equity 4% — $0.04 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in REXR 3 years ago → it's now worth $8,230.
The index would have given you $13,920.
source: institutional data · total return
What just happened
missed estimates
Latest quarter revenue reached $392K, up 232% vs. prior year, while reported EPS was $1.16.
Quarterly EPS history from the base source shows fiscal 2025 EPS at $1.45 versus $1.20 in 2024. Separate consensus data flags the last earnings result as a miss, which is the kind of mismatch that keeps this story messy.
$392K
revenue
$1.16
eps
58.0%
gross margin
the number that mattered
The number that matters is 96.8% occupancy, because full buildings are what make those 26.1% rent increases real.
-
the company has expanded rapidly since its initial public offering in mid2013.
-
on average, revenues have grown roughly 30% per annum over that span, in line with the size of the portfolio.
-
its operating metrics are sound, with same-site occupancy at 96.8% in the recent third quarter, versus 96.2% a year earlier.
-
in addition, comparable rental rates increased 26.1% in the latest period.
-
the balance sheet is healthy.
source: company earnings report, 2026
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What could go wrong
the #1 risk is higher-for-longer rates hitting southern california industrial REIT valuations.
med
rate pressure on property values
REITs live and die by the cost of capital. when rates stay high, cap rates move the wrong way and premium valuations get less premium.
with a 4.5% yield and a stated 3–5 year midpoint target of $38 versus a $41.13 stock price, you do not have much valuation cushion.
med
occupancy slipping from here
the operating case rests on tight buildings. same-site occupancy improved to 96.8% from 96.2% a year earlier. if that trend reverses, pricing power usually goes with it.
occupancy is one of the cleanest proof points on this page. if it weakens, the scarcity thesis gets a lot less scarce.
med
rent growth normalizing after a very good stretch
comparable rental rates rose 26.1% in the latest period. that's excellent. it is also a hard number to keep posting forever.
if rent spreads cool while the stock still trades at 28.4x trailing earnings, investors may decide they already paid for the best part.
at $41.13, you are above the stated $38 midpoint target, so REXR needs occupancy and rent growth to stay strong while rates stop being the main villain.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
same-site occupancy at 96.8%
this is the cleanest proof that southern california industrial space is still tight. if it slips, the entire premium narrative softens.
trend
comparable rental growth at 26.1%
great number. hard number to repeat forever. watch whether rent spreads stay unusually strong or start acting normal again.
risk
rates versus valuation cushion
the stock is $41.13 while the stated 3–5 year midpoint target is $38. that means the margin for error is thin before you even argue about macro.
earnings
next update to EPS and revenue detail
Q4 2025 came in at $0.30 EPS and $1.45 for the full year. you want the next release to clarify the revenue picture, not deepen the mystery.
Analyst rankings
short-term outlook
below average
momentum score 4 — in human-speak, analysts think this may lag from here.
risk profile
average
stability score 3 — not fragile, not a bunker. middle of the pack.
chart momentum
average
technical score 3 — the chart is not screaming anything dramatic right now.
earnings predictability
90 / 100
management has been reliable. you usually are not getting wild quarterly surprises here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 216 buyers vs. 178 sellers in 3q2025. total institutional holdings: 0.3B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$27
$49
$41
current price
$38
target midpoint · 8% from current · 3-5yr high: $80 (+95% · 21% ann'l return)
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