Rexford Industrial Realty, Inc. (REXR) 10-Year Financial Performance & Capital Metrics

REXR • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial & Logistics REITsRegional Industrial Specialists

AboutRexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 232 properties with approximately 27.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.Show more

Revenue $936M +17.4%
FFO $521M +15.2%
FFO/Share 2.39 +7.1%
FFO Payout 1.78% -97.3%
FFO per Share 2.39 +7.1%
NOI Margin 77.55% +0.9%
FFO Margin 55.68% -1.9%
ROE 3.25% +2.7%
ROA 2.32% -1.5%
Debt/Assets 26.45% +29.9%
Net Debt/EBITDA 3.69 +26.7%
Book Value/Share 39.94 -0.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 34.6%
✓FFO growing 20.9% TTM
✓Sustainable FFO payout ratio of 1.8%
✓High NOI margin of 77.5%
✓Trading at only 1.0x book value

✗Weaknesses

✗Weak 3Y average ROE of 3.1%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y30.26%

5Y28.51%

3Y27.46%

TTM10.4%

Profit (Net Income) CAGR

10Y77.22%

5Y34.6%

3Y28.77%

TTM20.91%

EPS CAGR

10Y-

5Y20.62%

3Y14.47%

TTM13.01%

ROCE

10Y Avg5.45%

5Y Avg5.36%

3Y Avg5.5%

Latest5.66%

Peer Comparison

Regional Industrial Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EGPEastGroup Properties, Inc.	9.95B	186.46	40.01	12.73%	35.67%	7.08%	3.59%	0.47
REXRRexford Industrial Realty, Inc.	9.55B	41.03	34.19	17.37%	33.44%	3.69%	1.1%	0.38
TRNOTerreno Realty Corporation	6.31B	61.30	31.93	18.24%	72.5%	8.03%	2.95%	0.22
PLYMPlymouth Industrial REIT, Inc.	974.33M	21.87	7.08	-0.75%	48.46%	16.78%	9.86%	1.10
NHPAPNational Healthcare Properties, Inc.		18.99	-2.64	2.27%	-22.97%	-12.27%		1.67
LPALogistic Properties of the Americas	97.07M	3.07	-3.27	11.22%	14.07%	2.17%	2.73%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	93.9M	126.19M	161.35M	212.49M	267.21M	330.13M	452.24M	631.2M	797.83M	936.41M
Revenue Growth %	0.41%	0.34%	0.28%	0.32%	0.26%	0.24%	0.37%	0.4%	0.26%	0.17%
Property Operating Expenses	25M	33.62M	42.14M	51.67M	63.27M	79.72M	107.72M	150.5M	184.48M	210.26M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	15.02M	18.41M	21.61M	25.19M	30.3M	36.8M	48.99M	64.26M	75.03M	82.15M
G&A Expenses	15.02M	17.41M	21.61M	25.19M	30.3M	36.8M	48.99M	64.26M	75.03M	82.15M
EBITDA+	96.02M	125.04M	159.73M	209.37M	264.63M	318.36M	431.35M	582.02M	752.95M	891.59M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	42.04M	51.33M	62.58M	74.06M	90.98M	104.74M	135.83M	165.59M	214.63M	247.59M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	53.98M	73.71M	97.15M	135.31M	173.64M	213.62M	295.53M	416.44M	538.32M	643.99M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	8.45M	14.85M	20.21M	25.42M	26.88M	30.85M	40.14M	48.5M	61.4M	98.6M
Interest Coverage	6.39x	4.96x	4.81x	5.32x	6.46x	6.92x	7.36x	8.59x	8.77x	6.53x
Non-Operating Income	41.84M	51.41M	64.85M	80.04M	99.06M	115.39M	151.57M	198.35M	246.14M	277.49M
Pretax Income+	1.95M	25.88M	41.7M	47.08M	64M	80.89M	136.25M	177.16M	249.59M	285.93M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	0	0	0	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	1.87M	25.13M	40.71M	46.21M	61.98M	76.4M	128.24M	167.58M	238.02M	273.8M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.09%	12.41%	0.62%	0.14%	0.34%	0.23%	0.68%	0.31%	0.42%	0.15%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.47%	0.74%	0.35%	0.16%	0.27%	0.18%	0.46%	0.26%	0.36%	0.15%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.03	0.36	0.48	0.41	0.47	0.51	0.80	0.92	1.12	1.20
EPS Growth %	1.71%	11%	0.33%	-0.15%	0.15%	0.09%	0.57%	0.15%	0.22%	0.07%
EPS (Basic)	0.03	0.36	0.48	0.42	0.47	0.51	0.80	0.92	1.12	1.20
Diluted Shares Outstanding	54.02M	62.97M	71.6M	87.34M	106.8M	121.18M	140.08M	170.98M	203.11M	218.47M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.15B	1.52B	2.11B	2.79B	3.64B	4.95B	6.78B	9.26B	10.93B	12.65B
Asset Growth %	0.24%	0.31%	0.39%	0.32%	0.31%	0.36%	0.37%	0.37%	0.18%	0.16%
Real Estate & Other Assets+	1.1B	1.44B	2.02B	2.52B	3.43B	4.61B	6.51B	8.94B	10.47B	12.08B
PP&E (Net)	0	0	0	0	0	0	0	0	0	0
Investment Securities	1000K	0	0	0	0	0	0	0	0	0
Total Current Assets+	16.07M	36.08M	41.27M	208.7M	128.94M	241.54M	132.19M	141.78M	299.17M	356.68M
Cash & Equivalents	5.2M	15.53M	6.62M	180.6M	78.86M	176.29M	43.99M	36.79M	33.44M	55.97M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	12.69M	0	0	10.07M	7.22M	0	0	0
Intangible Assets	35.65M	41.53M	54.4M	60.84M	78.25M	97.33M	137.31M	175.14M	158.83M	206.62M
Total Liabilities	459.51M	552.87M	746.12M	879.26M	1.02B	1.42B	1.71B	2.34B	2.79B	3.92B
Total Debt+	424.93M	518.44M	705.08M	862.83M	976.52M	1.28B	1.4B	1.94B	2.23B	3.35B
Net Debt	419.73M	502.92M	698.46M	682.22M	897.66M	1.11B	1.36B	1.9B	2.19B	3.29B
Long-Term Debt	418.15M	500.18M	668.94M	757.37M	857.84M	1.22B	1.4B	1.94B	2.23B	3.35B
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	3.39M	9.13M	18.07M	52.73M	59.34M	67.26M	127.02M	147.38M	147.56M	0
Total Current Liabilities+	34.82M	41.51M	58.89M	66.81M	90.5M	119.59M	179.41M	252.18M	412.45M	428.8M
Accounts Payable	12.63M	13.59M	21.13M	21.07M	31.11M	45.38M	65.83M	97.5M	128.84M	149.71M
Deferred Revenue	14.38M	18.64M	25.79M	29.8M	37.77M	44.26M	73.2M	92.65M	199.87M	181.27M
Other Liabilities	298K	-1.41M	-6.05M	-4.19M	-500K	4.92M	134.5M	147.38M	147.56M	147.47M
Total Equity+	693.74M	962.14M	1.37B	1.91B	2.62B	3.53B	5.07B	6.92B	8.14B	8.73B
Equity Growth %	0.27%	0.39%	0.42%	0.4%	0.37%	0.35%	0.44%	0.37%	0.18%	0.07%
Shareholders Equity	672.14M	939.32M	1.34B	1.88B	2.56B	3.25B	4.78B	6.56B	7.77B	8.32B
Minority Interest	21.61M	22.82M	25.21M	32.33M	66.27M	285.45M	283.12M	366.4M	376.99M	401.91M
Common Stock	553K	662K	782K	966K	1.14M	1.31M	1.6M	1.89M	2.12M	2.25M
Additional Paid-in Capital	722.72M	907.83M	1.24B	1.8B	2.44B	3.18B	4.83B	6.65B	7.94B	8.6B
Retained Earnings	-48.1M	-59.28M	-67.06M	-88.34M	-118.75M	-163.39M	-191.12M	-255.74M	-338.83M	-441.88M
Preferred Stock	0	86.65M	159.71M	159.09M	242.33M	242.33M	155.68M	155.68M	155.68M	155.68M
Return on Assets (ROA)	0%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%
Return on Equity (ROE)	0%	0.03%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%
Debt / Assets	0.37%	0.34%	0.33%	0.31%	0.27%	0.26%	0.21%	0.21%	0.2%	0.26%
Debt / Equity	0.61x	0.54x	0.52x	0.45x	0.37x	0.36x	0.28x	0.28x	0.27x	0.38x
Net Debt / EBITDA	4.37x	4.02x	4.37x	3.26x	3.39x	3.48x	3.14x	3.26x	2.91x	3.69x
Book Value per Share	12.84	15.28	19.07	21.85	24.55	29.14	36.18	40.49	40.10	39.94

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	40.51M	56.43M	76.65M	102.78M	139.51M	182.99M	231.46M	327.69M	427.55M	478.92M
Operating CF Growth %	0.65%	0.39%	0.36%	0.34%	0.36%	0.31%	0.26%	0.42%	0.3%	0.12%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	1.95M	25.88M	41.7M	47.08M	64M	80.89M	136.25M	177.16M	249.59M	285.93M
Depreciation & Amortization	42.04M	51.33M	62.58M	74.06M	90.98M	104.74M	135.83M	165.59M	214.63M	247.59M
Stock-Based Compensation	1.75M	3.83M	5.4M	10.15M	10.76M	12.87M	19.51M	28.43M	33.64M	41.6M
Other Non-Cash Items	621K	-3.96M	-3.83M	-5.14M	-6.2M	-11.11M	-23M	-35.91M	-50.56M	-46.78M
Working Capital Changes	-5.18M	-3.1M	-657K	-7.24M	-3.73M	9.12M	-6.96M	-7.56M	-19.75M	-49.42M
Cash from Investing+	-236.77M	-361.21M	-606.9M	-507.21M	-972.74M	-987.52M	-1.91B	-2.45B	-1.68B	-1.84B
Acquisitions (Net)	2.11M	0	-2.48M	-25K	-14.53M	904.69M	1.8B	2.31B	0	0
Purchase of Investments	-230.6M	-373.32M	-664.36M	-494.2M	-943.38M	-928.69M	-1.86B	-2.33B	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0	0
Other Investing	-216.7M	-329.29M	-562.11M	-449.24M	0	-908.76M	-1.81B	-2.31B	-1.41B	-1.46B
Cash from Financing+	192.86M	315.11M	521.6M	578.17M	731.48M	903.2M	1.55B	2.11B	1.25B	1.38B
Dividends Paid	-27.14M	-36.04M	-46.81M	-65.47M	-89.49M	-119.71M	-151.61M	-222.87M	-314.65M	-379.56M
Common Dividends	-27.14M	-34.05M	-41.52M	-55.19M	-88.62M	-102.62M	-136.21M	-210.48M	-302.19M	-9.26M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Share Repurchases	-327K	-747K	-1.69M	-594K	-854K	-1.28M	-1.43M	-2.16M	-1.91M	-2.15M
Other Financing	174.9M	-1.93M	400.98M	-1.75M	-143K	-6.08M	-4.55M	1.8B	-3.04M	-4.6M
Net Change in Cash+	-3.4M	10.32M	-8.65M	173.73M	-101.74M	98.67M	-133.53M	-7.21M	-3.34M	22.53M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	8.61M	5.2M	15.53M	6.87M	180.6M	78.86M	177.52M	44M	36.79M	33.44M
Cash at End	5.2M	15.53M	6.87M	180.6M	78.86M	177.52M	44M	36.79M	33.44M	55.97M
Free Cash Flow+	18.33M	24.5M	34.34M	44.82M	92.34M	104.23M	128.99M	192.6M	160.98M	105.53M
FCF Growth %	0.74%	0.34%	0.4%	0.31%	1.06%	0.13%	0.24%	0.49%	-0.16%	-0.34%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	0.81	1.21	1.44	1.38	1.43	1.49	1.89	1.95	2.23	2.39
FFO Payout Ratio	61.8%	44.54%	40.2%	45.89%	57.94%	56.65%	51.58%	63.18%	66.76%	1.78%
NOI Margin	73.38%	73.36%	73.88%	75.68%	76.32%	75.85%	76.18%	76.16%	76.88%	77.55%
Net Debt / EBITDA	4.37x	4.02x	4.37x	3.26x	3.39x	3.48x	3.14x	3.26x	2.91x	3.69x
Debt / Assets	36.85%	34.22%	33.39%	30.95%	26.84%	25.92%	20.64%	20.91%	20.37%	26.45%
Interest Coverage	6.39x	4.96x	4.81x	5.32x	6.46x	6.92x	7.36x	8.59x	8.77x	6.53x
Book Value / Share	12.84	15.28	19.07	21.85	24.55	29.14	36.18	40.49	40.1	39.94
Revenue Growth	41.03%	34.39%	27.86%	31.69%	25.75%	23.55%	36.99%	39.57%	26.4%	17.37%

Frequently Asked Questions

Valuation & Price

Rexford Industrial Realty, Inc. (REXR) has a price-to-earnings (P/E) ratio of 34.2x. This suggests investors expect higher future growth.

Growth & Financials

Rexford Industrial Realty, Inc. (REXR) reported $997.9M in revenue for fiscal year 2024. This represents a 3498% increase from $27.7M in 2011.

Rexford Industrial Realty, Inc. (REXR) grew revenue by 17.4% over the past year. This is strong growth.

Yes, Rexford Industrial Realty, Inc. (REXR) is profitable, generating $333.7M in net income for fiscal year 2024 (29.2% net margin).

Dividend & Returns

Yes, Rexford Industrial Realty, Inc. (REXR) pays a dividend with a yield of 0.10%. This makes it attractive for income-focused investors.

Rexford Industrial Realty, Inc. (REXR) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.

Industry Metrics

Rexford Industrial Realty, Inc. (REXR) generated Funds From Operations (FFO) of $623.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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