Rexford Industrial Realty, Inc.
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Range $36 – $40
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About the company
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.
- CEO
- Laura E. Clark
- IPO
- 2013
- Employees
- 256
- HQ
- Los Angeles, CA, US
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Similar companies
Peers in the same neighborhood.
- Market Cap
- $8.53B
- P/E
- -20.38
- Fwd P/E
- 26.42
- PEG
- 0.09
- P/S
- 8.66
- P/B
- 1.11
- EV/EBITDA
- 5665.86
- Div Yield
- 4.64%
- Gross Margin
- 61.02%
- Op Margin
- 39.57%
- Net Margin
- -39.74%
- ROE
- -4.75%
- ROIC
- 3.56%
Latest fiscal year · YoY change
- Revenue
- $1.00B+7.1%
- Gross Profit
- $775.41M+6.8%
- Op Income
- $380.63M
- Net Income
- $212.03M-22.6%
- EPS
- $0.86-28.3%
- OCF Growth
- +13.2%
- FCF Growth
- +97.7%
- 52W High
- $44.38
- 52W Low
- $32.14
- 50D MA
- $35.69
- 200D MA
- $37.24
- Beta
- 1.21
- RSI (14)
- 56
- Avg Volume
- 2.69M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Rexford reported another solid quarter, raised full-year FFO and NOI guidance, and launched a $2 billion portfolio realignment that management says should strengthen the balance sheet and support long-term accretion.· July 24, 2026
- Core FFO per share was $0.63, up $0.02 sequentially, helped by share buybacks, settlement income, and lower G&A.
- Same-property NOI growth was 1.5% cash and -0.5% net effective, both ahead of expectations; same-property occupancy was 95.1%, up 30 bps year over year.
- Management raised full-year core FFO per share guidance, same-property NOI growth by 75 bps at the midpoint, occupancy guidance, and cut 2026 interest expense guidance to $105 million.
- Rexford announced $2 billion of planned non-core asset dispositions, representing 8 million square feet, and said the vast majority should close this year.
- The board authorized a new $1 billion share repurchase program as the company expects to use proceeds for debt repayment and opportunistic buybacks.
Second-quarter core FFO per share was $0.63, $0.02 above the first quarter. Same-property NOI growth was 1.5% on a cash basis and -0.5% on a net effective basis, both ahead of expectations. Same-property ending occupancy was 95.1%, up 30 basis points year over year. Net debt to adjusted EBITDA was 4.5x at quarter-end, and total liquidity was $1.3 billion. Management raised full-year core FFO per share midpoint guidance by $0.01, increased same-property NOI growth guidance by 75 basis points at the midpoint, raised average same-property occupancy guidance to 95.3% to 95.7%, lowered 2026 interest expense guidance to $105 million, and reduced G&A guidance to $57 million from an original $60 million target. The company expects to dispose of $1.5 billion to $2 billion of assets in 2026, use $1 billion of proceeds to repay 2027 debt, and end up at about 3.5x net debt to adjusted EBITDA versus 4.5x today.
Laura Elizabeth Clark framed the quarter as one of strong execution and said Rexford is acting decisively on a comprehensive portfolio realignment to improve cash flow durability and portfolio quality. She emphasized that the $2 billion of non-core assets identified for sale have shorter leases, more supply exposure, and rents more than 20% above market, while the retained core portfolio should drive outsized FFO and NAV per share growth. Her tone was confident and strategic, stressing that the company is taking advantage of a valuation gap between private and public markets and is acting with discipline, conviction, and speed.
Michael Fitzmaurice focused on capital allocation, leverage, and the mechanics of the disposition plan. He said the company expects $1.5 billion to $2 billion of dispositions, plans to use $1 billion to pay down 2027 maturities, and believes net debt to adjusted EBITDA can fall to about 3.5x from 4.5x today. He also highlighted $0.63 core FFO per share, $1.3 billion of liquidity, $105 million of 2026 interest expense guidance, $57 million of G&A guidance, and $100 million of share repurchases year to date, bringing 12-month buybacks to about 15 million shares for $550 million, or about 6% of shares outstanding.
Analysts pressed management on whether the planned dispositions would be dilutive or accretive in 2027, what cap rates they expect, and whether a special dividend could be needed. Management said the transaction should be neutral to accretive, that pricing would likely be disclosed when deals close, and that no special dividend is needed because tax losses should offset gains. Analysts also asked about the mismatch between improving market vacancy and Rexford’s occupancy decline; management said the decline was driven by a few larger move-outs, including one bankruptcy-related move-out, and expects occupancy to rebound later in the year.
Management is seeing improving Southern California industrial fundamentals, including positive net absorption, lower vacancy, stronger touring, and supply at multi-decade lows. The company also has concrete actions to improve returns: it is selling non-core assets, paying down expensive debt, and buying back stock at what it views as a discount to intrinsic value.
Releasing spreads remain under pressure, with cash releasing spreads in the quarter at -11.3% and management warning that 2027 will still face spread pressure. The disposition plan also comes with a $625 million impairment charge tied to assets bought at the market peak, and management acknowledged some occupancy weakness from large move-outs and that Orange County remains under pressure from elevated supply.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 97.2%
- Shares Outstanding
- 228.64M
- Float Shares
- 222.16M
of shares held by institutions
439 13F filers
Buy/sell ratio 1.50. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Congressional trading
Senate and House stock disclosures for REXR, newest first.
| Member | Type | Traded | |
|---|---|---|---|
| Daniel WebsterHouse · FL11 | Sell | Feb 26, 25 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Apr 17, 23 | Filing → |
| Ro KhannaHouse · CA17 | Buy | Dec 6, 22 | Filing → |
| Ro KhannaHouse · CA17 | Sell | Jun 16, 22 | Filing → |
| Ro KhannaHouse · CA17 | Buy | May 23, 22 | Filing → |
| Donna ShalalaHouse · FL27 | Buy | Apr 30, 19 | Filing → |
| Donna ShalalaHouse · FL27 | Sell | Jun 24, 19 | Filing → |
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 38.60M | ▼ 16.89K |
| Vanguard Group Inc | 31.93M | ▼ 393.59K |
| Price T Rowe Associates Inc | 28.11M | ▼ 1.07M |
| Capital International Investors | 11.69M | ▼ 2.78M |
| Principal Financial Group Inc | 11.00M | ▼ 465.80K |
| State Street Corp | 10.89M | ▼ 390.68K |
| Vanguard Capital Management LLC | 10.19M | ▼ 152.37K |
| Massachusetts Financial Services Co | 6.42M | ▲ 1.19M |
| Geode Capital Management, LLC | 4.80M | ▼ 88.89K |
| Jpmorgan Chase & Co | 4.61M | ▲ 1.79M |
| Sixth Street Partners Management Company, L.P. | 3.57M | ▲ 3.57M |
| Charles Schwab Investment Management Inc | 3.57M | ▲ 103.08K |
Held by 511 ETFs
Biggest fund positions in REXR by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Jun 13, 26 | Nahas John | other | 127 |
| May 19, 26 | Kleiman Angela L. | other | 4,855 |
| May 19, 26 | Ingram Diana J | other | 4,855 |
| May 19, 26 | ROSE TYLER H | other | 4,855 |
| May 19, 26 | MORRIS DEBRA L | other | 4,855 |
| May 19, 26 | STOCKERT DAVID P | other | 4,855 |
| May 19, 26 | ANTIN ROBERT L | other | 4,855 |
| Apr 24, 26 | Lanzer David E. | other | 2,301 |
| Apr 24, 26 | Lanzer David E. | other | 33,299 |
| Apr 24, 26 | Lanzer David E. | other | 2,301 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our REXR coverage
Recent articles, reports, and earnings notes.
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Generate REXR report →Rexford Industrial Enters Into Agreement to Sell a $1.2 Billion Industrial Portfolio
prnewswire.com · Aug 18
Handelsbanken Fonder AB Decreases Holdings in Rexford Industrial Realty, Inc. $REXR
defenseworld.net · Aug 16
Invest Like The Grave Dancer: 4 REITs Sam Zell Might Buy Today
seekingalpha.com · Aug 9
Rexford Industrial Realty Q2: Stable Balance Sheet And Credit Metrics, We Prefer Preferred Shares
seekingalpha.com · Aug 6
Amundi Boosts Stock Holdings in Rexford Industrial Realty, Inc. $REXR
defenseworld.net · Aug 6
3 Retirement Stocks I Want To Own For The Next 20 Years
seekingalpha.com · Jul 31
Dimensional Fund Advisors LP Raises Stock Position in Rexford Industrial Realty, Inc. $REXR
defenseworld.net · Jul 29
Rexford Industrial Realty Q2 Earnings Call Highlights
defenseworld.net · Jul 26
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