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Rexford Industrial Realty Inc
🇺🇸 REXR · NYSE/NASDAQ · US76169C1009
Real Estate
USD 36.60 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
N/A
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.
TTM period through: 2026-06-30
Why N/A?
EPS (TTM) = -1.76 (negative or zero)
Cannot calculate P/E with negative earnings.
Forward P/E (estimated): 18.8
Based on analyst estimates
Reference: Provider P/E (Forward): 18.8
Net Debt/EBITDA (TTM)
1593.8x
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: 2026-06-30
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
-4.7%
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
1757.0x
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)
4.74% TTM
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.
Trailing Yield (TTM, last 12 months): 4.74%
Payout Ratio (Fwd)
199.3% TTM
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 (TTM): 199.3%
Cash Flow Payout (TTM): 82.4%
FCF Coverage (TTM): 0.54x
Growth Streak
8 yrs
Consec. increases
Div. Growth (5Y)
14.9%
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 30 Jun 2027 | — | USD | 0.435 |
| Forecast* | Quarterly | — | 31 Mar 2027 | — | USD | 0.435 |
| Forecast* | Quarterly | — | 31 Dec 2026 | — | USD | 0.43 |
| Declared | Quarterly | 20 Jul 2026 | 30 Sep 2026 | 15 Oct 2026 | USD | 0.435 |
| Paid | Quarterly | 21 Apr 2026 | 30 Jun 2026 | 15 Jul 2026 | USD | 0.435 |
| 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 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
📊 What Changed From Last Analysis?
Moved from WATCH to OPTIMAL: Valuation has improved significantly, with P/FFO compressing from over 22x in previous assessments to an attractive 15.4x, and the price now sitting near the lower end of the fair value range, presenting a compelling entry point.
Summary
Rexford Industrial Realty is a dominant industrial REIT focused exclusively on the severely supply-constrained Southern California market, where strict regulations create a massive structural moat. Recent GAAP net losses driven by non-cash impairment charges have created a compelling temporary buying opportunity, masking the company's strong underlying cash flows and a secure 4.7% dividend yield well-covered by a 52% AFFO payout. Trading at $36.62, near the lower end of our fair value estimate of $33-47 and at an attractive 15.4x P/FFO, this premium asset is worth considering for new positions.
Sector Context
Rexford Industrial Realty is a real estate investment trust (REIT) that owns, manages, and redevelops industrial properties exclusively in high-barrier Southern California markets. For dividend investors, REITs are legally required to distribute at least 90% of their taxable income, making them prime income vehicles; however, GAAP earnings are heavily distorted by non-cash depreciation and impairments, making Funds From Operations (FFO) and Adjusted FFO (AFFO) the most accurate measures of dividend sustainability and operational health.
Temporary Opportunity Identified
Recent GAAP net losses are driven by massive non-cash property impairment charges related to portfolio realignment and development assets, masking growing Core FFO and solid underlying cash flows.
📊 Strategy Analysis
- • Trading at $36.62, well within the fair value range of $33.19-$47.42, with an attractive P/FFO of 15.4x representing strong value for a premium, moat-protected asset.
- • The 4.7% dividend yield is highly secure, boasting a 9-year growth streak at a 14.6% CAGR and an exceptionally conservative AFFO payout ratio of 51.7%, providing ample room for future increases.
- • California's strict environmental and zoning regulations (like AB 98) act as a massive structural moat, severely restricting new warehouse supply and granting Rexford significant long-term pricing power.
- • Recent GAAP net losses are entirely driven by one-time, non-cash property impairment charges, masking the company's underlying operational strength and growing Core FFO.
⚠ What to Watch
- • 100% geographic concentration in Southern California exposes the portfolio to localized economic shocks, Measure ULA transfer taxes, and specific state environmental liabilities.
- • Net Debt/EBITDA of 5.2x requires monitoring, although it remains manageable for an investment-grade REIT and is stable relative to its historical averages.
- • Broader cyclical cooling in the industrial real estate sector, marked by decelerating rent growth and negative net absorption, continues to weigh on near-term market sentiment.
📊 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: 2026-08-08
Disclaimer: This information is for educational purposes only. Not financial advice.