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Rexford Industrial Realty Inc
🇺🇸 REXR · NYSE/NASDAQ · US76169C1009
Real Estate
USD 33.92 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
34.1
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Calculation: 33.92 ÷ 0.99 = 34.1
TTM period through: 2026-03-31
Forward P/E (estimated): 18.8
Based on analyst estimates
Reference: Provider P/E (Trailing): 35.6
Net Debt/EBITDA (TTM)
5.4x
Latest quarter: 16.5x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2026-03-31
Latest quarter (2026-03-31): 16.5x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
2.7%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
16.9x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
5.10%
TTM: 5.12%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Forward Yield (estimated): 5.10%
Trailing Yield (TTM, last 12 months): 5.12%
Payout Ratio (Fwd)
174.2%
TTM: 182.3%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Payout (Fwd): 174.2%
Payout (TTM): 182.3%
Cash Flow Payout (TTM): 79.7%
FCF Coverage (TTM): 0.50x
Growth Streak
9 yrs
Consec. increases
Div. Growth (5Y)
13.0%
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 31 Mar 2027 | — | USD | 0.435 |
| Forecast* | Quarterly | — | 31 Dec 2026 | — | USD | 0.43 |
| Forecast* | Quarterly | — | 30 Sep 2026 | — | USD | 0.43 |
| Declared | Quarterly | 21 Apr 2026 | 30 Jun 2026 | 15 Jul 2026 | USD | 0.44 |
| Paid | Quarterly | 02 Feb 2026 | 31 Mar 2026 | 15 Apr 2026 | USD | 0.435 |
| Paid | Quarterly | 13 Oct 2025 | 31 Dec 2025 | 15 Jan 2026 | USD | 0.43 |
| Paid | Quarterly | 14 Jul 2025 | 30 Sep 2025 | 15 Oct 2025 | USD | 0.43 |
| Paid | Quarterly | 16 Apr 2025 | 30 Jun 2025 | 15 Jul 2025 | USD | 0.43 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
Rexford Industrial Realty is a dominant industrial REIT focused on Southern California, benefiting from severe local supply restrictions that act as a massive structural moat. Trading at $33.92, near the lower end of our P/FFO fair value range of $32.17-$45.96 and a 10% discount to NAV, it presents an attractive entry point for dividend investors seeking premium logistics exposure. The recent headline net loss driven by a temporary non-cash impairment creates an excellent opportunity, making this worth considering for new positions to lock in a highly secure 5.1% yield.
Sector Context
Rexford Industrial Realty is a Real Estate Investment Trust (REIT) that owns, manages, and redevelops industrial and logistics properties exclusively across Southern California. Because REITs are legally required to distribute over 90% of their taxable income as dividends, GAAP P/E ratios and standard payout ratios are heavily distorted by massive non-cash depreciation. Therefore, Price-to-Funds From Operations (P/FFO) and Adjusted FFO (AFFO) payout ratios are the critical metrics for assessing true valuation and dividend sustainability.
Temporary Opportunity Identified
Q4 2025 net loss of $68.7M was heavily driven by a one-time, non-cash real estate impairment charge of $89.1 million and a cyclical dip in industrial demand, creating a discrepancy between GAAP EPS and true cash generation.
📊 Strategy Analysis
- • Trading at an attractive P/FFO of 14.76x and a 10.3% discount to its NAV of $37.82, well within the fair value P/FFO range of $32.17-$45.96.
- • Exceptional dividend safety and growth: offers a 5.1% yield with a conservative 50.2% AFFO payout ratio, supported by a 10-year growth streak at a 13.7% CAGR.
- • Massive structural regulatory moat: strict California supply-side regulations (AB 98, CEQA) restrict new warehouse construction, artificially inflating the scarcity and value of Rexford's existing 50-million-square-foot infill portfolio.
- • Recent GAAP net loss was driven by a one-time $89.1M non-cash impairment charge, masking a stable core underlying business with +23% 10-year revenue CAGR.
⚠ What to Watch
- • Total geographic concentration in Southern California exposes the company to localized economic downturns and strict state environmental liabilities.
- • Net Debt/EBITDA of 5.39x is slightly elevated, though generally manageable for a specialized REIT with predictable, structurally protected cash flows.
- • Cyclical slowdowns in industrial demand and decelerated rent growth are currently impacting the broader logistics real estate sector.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-06-27
Disclaimer: This information is for educational purposes only. Not financial advice.