Revenue growth has shifted from double-digit gains to a 2.9% contraction in 2026Q1, though property-level efficiency remains high with a 76.8% NOI margin.
| 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 |
|---|
| Revenue | 988.48M | 1B | 936.41M | 797.83M | 631.2M | 452.24M | 330.13M | 267.21M | 212.49M | 161.35M | 126.19M | 93.9M | 66.58M | 44.37M | 34.07M | 27.74M |
| Revenue Growth % | 1.42% | 7.13% | 17.37% | 26.4% | 39.57% | 36.99% | 23.55% | 25.75% | 31.69% | 27.86% | 34.39% | 41.03% | 50.08% | 30.22% | 22.82% | - |
| Property Operating Expenses | 382.82M | 227.72M | 210.26M | 184.48M | 150.5M | 107.72M | 79.72M | 63.27M | 51.67M | 42.14M | 33.62M | 25M | 18.38M | 12.33M | 9.63M | 7.66M |
| Net Operating Income (NOI) | 605.66M | 775.41M | 726.15M | 613.35M | 480.7M | 344.52M | 250.42M | 203.94M | 160.82M | 119.22M | 92.57M | 68.9M | 48.2M | 32.04M | 24.44M | 20.08M |
| NOI Margin % | 61.27% | 77.3% | 77.55% | 76.88% | 76.16% | 76.18% | 75.85% | 76.32% | 75.68% | 73.88% | 73.36% | 73.38% | 72.39% | 72.21% | 71.73% | 72.39% |
| Operating Expenses | 143.8M | 394.77M | 82.15M | 75.03M | 64.26M | 48.99M | 36.8M | 30.3M | 25.19M | 21.61M | 18.41M | 15.02M | 12.14M | 9.75M | 17.07M | 13.4M |
| G&A Expenses | 54.71M | 78.86M | 82.15M | 75.03M | 64.26M | 48.99M | 36.8M | 30.3M | 25.19M | 21.61M | 17.41M | 15.02M | 12.14M | 9.75M | 5.15M | 3.73M |
| EBITDA | 758.18M | 696.55M | 891.59M | 752.95M | 582.02M | 431.35M | 318.36M | 264.63M | 209.37M | 159.73M | 125.04M | 96.02M | 65.05M | 38.42M | 18.31M | 14.61M |
| EBITDA Margin % | 76.7% | 69.44% | 95.21% | 94.37% | 92.21% | 95.38% | 96.43% | 99.03% | 98.53% | 99% | 99.09% | 102.25% | 97.71% | 86.61% | 53.74% | 52.67% |
| Depreciation & Amortization | 296.32M | 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 | 12.11M | 9.51M |
| D&A / Revenue % | 29.98% | 31.49% | 26.44% | 26.9% | 26.23% | 30.03% | 31.73% | 34.05% | 34.85% | 38.79% | 40.68% | 44.77% | 43.6% | 36.4% | 35.54% | 34.27% |
| Operating Income | 461.86M | 380.63M | 643.99M | 538.32M | 416.44M | 295.53M | 213.62M | 173.64M | 135.31M | 97.15M | 73.71M | 53.98M | 36.03M | 22.27M | 6.2M | 5.11M |
| Operating Margin % | 46.72% | 37.94% | 68.77% | 67.47% | 65.98% | 65.35% | 64.71% | 64.98% | 63.68% | 60.21% | 58.41% | 57.48% | 54.11% | 50.21% | 18.2% | 18.41% |
| Interest Expense | 4M | 104.9M | 98.6M | 61.4M | 48.5M | 40.14M | 30.85M | 26.88M | 25.42M | 20.21M | 14.85M | 8.45M | 6.4M | 11.16M | 17.45M | 17.47M |
| Interest Coverage | - | 3.09x | 3.72x | 4.76x | 4.50x | 3.59x | 3.18x | 2.78x | 2.17x | 1.60x | 1.50x | 1.44x | 1.16x | 0.59x | 0.36x | 0.57x |
| Non-Operating Income | 165.71M | 55.97M | 277.49M | 246.14M | 198.35M | 151.57M | 115.39M | 99.06M | 80.04M | 64.85M | 51.41M | 41.84M | 28.61M | 15.71M | 0 | -3.35M |
| Pretax Income | 240.28M | 219.76M | 285.93M | 249.59M | 177.16M | 136.25M | 80.89M | 64M | 47.08M | 41.7M | 25.88M | 1.95M | -1.17M | -9.2M | -9M | -7.43M |
| Pretax Margin % | 24.31% | 21.91% | 30.53% | 31.28% | 28.07% | 30.13% | 24.5% | 23.95% | 22.15% | 25.84% | 20.51% | 2.08% | -1.76% | -20.75% | -26.43% | -26.8% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.13M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -190.1% |
| Net Income | 232.02M | 212.03M | 273.8M | 238.02M | 167.58M | 128.24M | 76.4M | 61.98M | 46.21M | 40.71M | 25.13M | 1.87M | 896K | -4.89M | -4.25M | -3.75M |
| Net Margin % | 23.47% | 21.14% | 29.24% | 29.83% | 26.55% | 28.36% | 23.14% | 23.19% | 21.75% | 25.23% | 19.91% | 2% | 1.35% | -11.02% | -12.47% | -13.53% |
| Net Income Growth % | -18.2% | -22.56% | 15.04% | 42.03% | 30.68% | 67.85% | 23.27% | 34.12% | 13.5% | 62.03% | 1240.77% | 109.15% | 118.32% | -15.14% | -13.22% | - |
| Funds From Operations (FFO) | 528.34M | 527.95M | 521.4M | 452.64M | 333.17M | 264.07M | 181.14M | 152.96M | 120.27M | 103.29M | 76.45M | 43.91M | 29.92M | 11.26M | 7.86M | 5.75M |
| FFO Margin % | 53.45% | 52.63% | 55.68% | 56.73% | 52.78% | 58.39% | 54.87% | 57.24% | 56.6% | 64.02% | 60.59% | 46.77% | 44.94% | 25.38% | 23.07% | 20.74% |
| FFO Growth % | -22.53% | 1.26% | 15.19% | 35.86% | 26.17% | 45.78% | 18.42% | 27.18% | 16.44% | 35.1% | 74.11% | 46.75% | 165.8% | 43.21% | 36.64% | - |
| FFO per Share | 2.31 | 2.27 | 2.39 | 2.23 | 1.95 | 1.89 | 1.49 | 1.43 | 1.38 | 1.44 | 1.21 | 0.81 | 0.94 | 0.44 | 0.31 | 0.23 |
| FFO Payout Ratio % | 78.67% | 78.15% | 1.78% | 66.76% | 63.18% | 51.58% | 56.65% | 57.94% | 45.89% | 40.2% | 44.54% | 61.8% | 61.4% | 18.62% | 36.15% | 14.18% |
| EPS (Diluted) | 1.02 | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 | 0.51 | 0.47 | 0.41 | 0.48 | 0.36 | 0.03 | -0.04 | -0.19 | 0.00 | -0.15 |
| EPS Growth % | -26.02% | -28.33% | 7.14% | 21.74% | 15% | 56.86% | 8.51% | 14.63% | -14.58% | 33.33% | 1100% | 170.92% | 77.74% | - | 100% | - |
| EPS (Basic) | - | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 | 0.51 | 0.47 | 0.42 | 0.48 | 0.36 | 0.03 | -0.04 | -0.19 | 0.00 | -0.15 |
| Diluted Shares Outstanding | 228.31M | 232.55M | 218.47M | 203.11M | 170.98M | 140.08M | 121.18M | 106.8M | 87.34M | 71.6M | 62.97M | 54.02M | 31.95M | 25.56M | 25.23M | 25.23M |
Southern California geographic concentration
As reported in the most recent quarterly filings, Rexford Industrial Realty experienced a revenue contraction of 2.9% in 2026Q1, marking a notable shift from the double-digit growth rates observed throughout 2024, which suggests that the portfolio's organic expansion may be encountering significant regional demand resistance.
The transition from consistent double-digit top-line growth to a contraction warrants close scrutiny of the company's reliance on mark-to-market rent spreads. If the Southern California infill market is reaching a saturation point, the historical reliance on aggressive rent escalations may no longer be sufficient to offset potential leasing velocity slowdowns.
Based on the provided financial data, the company maintained a robust NOI margin of 76.8% in 2026Q1, demonstrating that despite top-line volatility, the underlying property-level cost structure remains highly efficient and well-protected by the triple-net lease agreements characteristic of the industrial warehouse sector.
The stability of these margins suggests that the company has successfully insulated its operating income from inflationary pressures in property taxes and maintenance. Investors should monitor whether this efficiency persists if occupancy rates begin to drift, as fixed costs will inevitably exert more pressure on the bottom line.
According to historical financial statements, FFO per share reached $0.72 in 2026Q1, yet the significant quarterly fluctuations, including the 91.1% decline observed in 2025Q4, indicate that headline FFO figures may be heavily influenced by non-recurring items or timing differences in portfolio acquisition and disposition activities.
The erratic nature of FFO growth suggests that analysts should prioritize normalized FFO metrics to gauge true operational health. The sharp dip in late 2025 appears to be an outlier that warrants further investigation into whether it reflects structural issues or merely the accounting impact of specific capital allocation events.
As evidenced by the wide variance between FFO and AFFO, with AFFO reaching only $101.1M against $164.1M in FFO for 2026Q1, there is a clear indication that recurring capital expenditures and leasing costs are significantly eroding the cash available for distribution to shareholders.
This persistent gap between FFO and AFFO suggests that the company's portfolio may require higher-than-anticipated maintenance capital to remain competitive in the infill market. Investors should be cautious, as this implies that the dividend coverage may be tighter than headline FFO multiples would otherwise suggest.
Quick answers to the most common questions about buying REXR stock.
For fiscal year 2025, Rexford Industrial Realty, Inc. (REXR) reported total revenue of $1.00B. This represents a 3516.3% increase compared to $27.7M in 2011.
Rexford Industrial Realty, Inc. (REXR) is profitable, generating $212.0M in net income for the fiscal year ending 2025 with a net profit margin of 21.1%.
Rexford Industrial Realty, Inc. (REXR) reported an operating income of $380.6M, resulting in an operating profit margin of 37.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Rexford Industrial Realty, Inc. (REXR) generated $775.4M in gross profit for the year, representing a gross profit margin of 77.3%. This demonstrates the company's core pricing power and production efficiency.