Recurring capital expenditures of $63.0 million in 2026Q1 continue to weigh on cash conversion, resulting in an AFFO that currently fails to fully cover the $105.8 million dividend payout.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Cash from Operations | 530.7M | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M | 182.99M | 139.51M | 102.78M | 76.65M | 56.43M | 40.51M | 24.5M | 13.51M | 1.08M | -3.35M |
| Operating CF Growth % | 32.31% | 13.19% | 12.01% | 30.47% | 41.58% | 26.49% | 31.17% | 35.75% | 34.08% | 35.83% | 39.31% | 65.31% | 81.44% | 1150.46% | 132.25% | - |
| Operating CF / Revenue % | 53.69% | 54.04% | 51.14% | 53.59% | 51.92% | 51.18% | 55.43% | 52.21% | 48.37% | 47.5% | 44.72% | 43.14% | 36.8% | 30.44% | 3.17% | -12.07% |
| Net Income | 232.02M | 209.43M | 285.93M | 249.59M | 177.16M | 136.25M | 80.89M | 64M | 47.08M | 41.7M | 25.88M | 1.95M | 976K | -4.89M | -8.96M | -6.34M |
| Depreciation & Amortization | 286.42M | 315.92M | 247.59M | 214.63M | 165.59M | 135.83M | 104.74M | 90.98M | 74.06M | 62.58M | 51.33M | 42.04M | 29.03M | 16.15M | 13.4M | 9.51M |
| Stock-Based Compensation | 26.08M | 0 | 41.6M | 33.64M | 28.43M | 19.51M | 12.87M | 10.76M | 10.15M | 5.4M | 3.83M | 1.75M | 1.04M | 1.38M | 0 | 0 |
| Other Non-Cash Items | 6.26M | 51.32M | -46.78M | -50.56M | -35.91M | -23M | -11.11M | -6.2M | -5.14M | -3.83M | -3.96M | 621K | 475K | 3.88M | -990K | -4.96M |
| Working Capital Changes | -26.33M | -34.58M | -49.42M | -19.75M | -7.56M | -6.96M | 9.12M | -3.73M | -7.24M | -657K | -3.1M | -5.18M | -4.82M | -3.01M | -2.38M | -1.55M |
| Cash from Investing | -36.31M | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B | -987.52M | -972.74M | -507.21M | -606.9M | -361.21M | -236.77M | -380.58M | -128.34M | -23.78M | -42.3M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 2.31B | 1.8B | 904.69M | -14.53M | -25K | -2.48M | 0 | 2.11M | -705K | -937K | -2.81M | -24K |
| Purchase of Investments | 0 | 0 | 0 | 0 | -2.33B | -1.86B | -928.69M | -943.38M | -494.2M | -664.36M | -373.32M | -230.6M | 0 | 0 | 0 | 0 |
| Sale of Investments | 151M | 208.36M | 0 | 0 | 15.31M | 56.57M | 24M | 32.34M | 44.97M | 101.99M | 38.51M | 13.9M | 0 | 0 | 0 | 0 |
| Other Investing | 130.01M | 0 | -1.46B | -1.41B | -2.31B | -1.81B | -908.76M | 0 | -449.24M | -562.11M | -329.29M | -216.7M | -365.92M | -124.17M | -16.34M | -40.96M |
| Cash from Financing | -997.36M | -307.22M | 1.38B | 1.25B | 2.11B | 1.55B | 903.2M | 731.48M | 578.17M | 521.6M | 315.11M | 192.86M | 355.69M | 80.33M | 45.27M | 51.57M |
| Dividends Paid | -422.87M | -422.52M | -379.56M | -314.65M | -222.87M | -151.61M | -119.71M | -89.49M | -65.47M | -46.81M | -36.04M | -27.14M | -18.37M | -2.1M | -2.84M | -816K |
| Common Dividends | -415.66M | -412.62M | -9.26M | -302.19M | -210.48M | -136.21M | -102.62M | -88.62M | -55.19M | -41.52M | -34.05M | -27.14M | -18.37M | -2.1M | -2.84M | -816K |
| Debt Issuance (Net) | -2.49M | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Share Repurchases | -450.77M | -251.96M | -2.15M | -1.91M | -2.16M | -1.43M | -1.28M | -854K | -594K | -1.69M | -747K | -327K | -98K | 208.6M | 0 | 0 |
| Other Financing | 320.81M | -9.36M | -4.6M | -3.04M | 1.8B | -4.55M | -6.08M | -143K | -1.75M | 400.98M | -1.93M | 174.9M | -1.88M | 212.48M | 40.61M | 31.06M |
| Net Change in Cash | -502.97M | 109.81M | 22.53M | -3.34M | -7.21M | -133.53M | 98.67M | -101.74M | 173.73M | -8.65M | 10.32M | -3.4M | -391K | -34.5M | 22.57M | 5.92M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 165.78M | 55.97M | 33.44M | 36.79M | 44M | 177.52M | 78.86M | 180.6M | 6.87M | 15.53M | 5.2M | 8.61M | 9M | 43.5M | 20.93M | 15.01M |
| Cash at End | 51.71M | 165.78M | 55.97M | 33.44M | 36.79M | 44M | 177.52M | 78.86M | 180.6M | 6.87M | 15.53M | 5.2M | 8.61M | 9M | 43.5M | 20.93M |
| Free Cash Flow | 213.38M | 208.66M | 105.53M | 160.98M | 192.6M | 128.99M | 104.23M | 92.34M | 44.82M | 34.34M | 24.5M | 18.33M | 10.54M | 10.28M | -3.54M | -4.67M |
| FCF Growth % | 70.61% | 97.74% | -34.45% | -16.42% | 49.32% | 23.75% | 12.87% | 106.02% | 30.54% | 40.13% | 33.7% | 73.8% | 2.56% | 390.45% | 24.2% | - |
| FCF / Revenue % | 21.59% | 20.8% | 11.27% | 20.18% | 30.51% | 28.52% | 31.57% | 34.56% | 21.09% | 21.28% | 19.42% | 19.52% | 15.84% | 23.18% | -10.39% | -16.84% |
Southern California geographic concentration
According to the most recent quarterly data, Rexford Industrial Realty reported an AFFO of $101.1 million against dividend payments of $105.8 million, indicating that the current distribution payout ratio exceeds 100% of recurring cash flow, which warrants close monitoring of future dividend sustainability.
The persistent gap between AFFO and dividend distributions suggests that the company is currently relying on external capital or balance sheet liquidity to maintain its payout. Investors should interpret this as a potential constraint on future dividend growth, as the current cash flow generation does not provide a sufficient buffer for recurring capital requirements.
As reported in the company's financial statements, recurring capital expenditures, including tenant improvements and leasing commissions, consistently consume a significant portion of FFO, with $63.0 million in capex recorded in 2026Q1 alone, highlighting the high maintenance cost of the infill portfolio.
The substantial level of recurring capex relative to FFO suggests that the portfolio requires constant reinvestment to maintain its competitive positioning within the high-barrier Southern California market. This high capital intensity effectively lowers the quality of earnings, as a large portion of headline FFO is effectively trapped in the properties to sustain current occupancy levels.
Based on the provided financial data, the discrepancy between Net Income and FFO is significant, with FFO reaching $164.1 million in 2026Q1 compared to $91.2 million in Net Income, illustrating how non-cash depreciation charges heavily distort the GAAP earnings profile of the REIT.
The wide variance between GAAP Net Income and FFO confirms that traditional accounting metrics are insufficient for evaluating this entity's performance. Analysts should focus on the FFO-to-Net Income spread as an indicator of the non-cash burden, though they must remain cautious as FFO itself fails to account for the necessary capital reinvestment captured in AFFO.
As evidenced by the 2026Q1 FFO-to-Net Income ratio of 1.55, the company's ability to convert accounting earnings into cash-based metrics remains inconsistent, with historical data showing extreme swings such as the -1.71 ratio observed during the 2025Q4 period.
The volatility in the FFO-to-Net Income ratio suggests that non-recurring items or timing differences in property transactions frequently disrupt the predictability of cash earnings. This inconsistency makes it difficult to rely on short-term FFO trends as a stable proxy for the underlying operational health of the industrial portfolio.
Quick answers to the most common questions about buying REXR stock.
Rexford Industrial Realty, Inc. (REXR) generated $542.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rexford Industrial Realty, Inc. (REXR) generated $208.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Rexford Industrial Realty, Inc. (REXR) spent $333.4M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Rexford Industrial Realty, Inc. (REXR) returned $422.5M to shareholders via cash dividends and spent $252.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.