Rexford Industrial Realty, Inc.REXR
NYSE•Real Estate•REIT - Industrial
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-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprised 419 properties with approximately 51.2 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange. Rexford Industrial is an S&P MidCap 400 Index member. Rexford Industrial Realty, Inc. was incorporated on January 18th, 2013 and is based in Los Angeles, United States.
Rexford Industrial Realty, Inc. (REXR) reported trailing twelve months revenue of $995.92M as of March 2026, a 2.2% increase year-over-year. Quarterly revenue reached $245.08M, reflecting continued top-line momentum.
Rexford Industrial Realty, Inc. generated $232.02M in TTM net income, with quarterly EBITDA of $173.39M. The operating margin expanded from 35.8% to 41.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (41.0%) and net margin (37.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 28.2% a year ago, signaling stronger bottom-line efficiency.
REXR trades at a P/E of 32.1x (a premium multiple) and a P/S of 7.5x. The price-to-book ratio of 0.9x suggests the stock trades below its book value.
The company generated $78.13M in free cash flow over the trailing twelve months, a 6.4% increase year-over-year, indicating cash generation ability. The balance sheet shows $12.40B in total assets with $3.25B in long-term debt against $8.26B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~39.1%, suggesting durable pricing power and cost discipline.
ROE is positive at ~3.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~14.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~39.2% — no sign of cost or pricing stress.
FCF consistently trails net income (avg 0.4x) — earnings may be inflated by non-cash items or aggressive accounting.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 5.0% — significant dilution, likely from stock compensation or capital raises.