Rexford Industrial Realty Inc Stock Research

Market Summary

USD63.18+1.17

Market Closed

1.89%

REXR Stock Price

REXR RSI Chart

REXR Valuation

Market Cap

11.5B

Price/Earnings (Trailing)

71.41

Price/Sales (Trailing)

19.71

Price/Free Cashflow

36.92

REXR Price/Sales (Trailing)

REXR Profitability

Return on Equity

2.61%

Return on Assets

1.82%

Free Cashflow Yield

2.71%

REXR Fundamentals

REXR Revenue

Revenue (TTM)

585.3M

Revenue Y/Y

41.02%

Revenue Q/Q

9.14%

REXR Earnings

Earnings (TTM)

161.5M

Earnings Y/Y

3.33%

Earnings Q/Q

1.73%

Price Action

52 Week Range

48.7483.72

(Low)(High)

Last 7 days

4.9%

Last 30 days

19.3%

Last 90 days

14.1%

Trailing 12 Months

-7.1%

REXR Financial Health

Debt/Equity

0.31

Debt/Cashflow

0.16

REXR Investor Care

Dividend Yield

1.88%

Dividend/Share (TTM)

1.19

Shares Dilution (1Y)

31.58%

Diluted EPS (TTM)

0.93

Peers (Alternatives to Rexford Industrial Realty)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
PSA	52.5B	4.0B	7.67%	-8.93%	11.52	13.06	24.01%	170.44%
SPG	36.1B	4.0B	11.78%	-8.09%	14.04	7.05	-3.96%	-2.35%
DLR	32.0B	4.6B	11.98%	-21.93%	22.2	7	4.35%	106.20%
ARE	23.9B	2.5B	12.96%	-11.45%	44.1	9.58	24.01%	-42.18%
EQR	23.8B	2.7B	8.93%	-25.05%	20.82	8.78	11.91%	8.14%
KIM	13.1B	1.7B	-4.07%	-13.87%	50.83	7.71	40.37%	-73.28%
MID-CAP
FRT	9.0B	1.0B	11.82%	-6.19%	23.51	8.63	14.39%	59.45%
KRG	4.7B	760.3M	4.25%	8.52%	-42.67	6.22	172.75%	-1146.68%
VNO	4.5B	-	12.49%	-36.11%	28.41	13.26	-77.01%	441.99%
MAC	2.9B	828.2M	23.71%	-12.14%	-34.67	3.55	9.54%	46.68%
SLG	2.6B	-	20.65%	-40.24%	-39.69	2.65	-9.84%	-109.68%
SMALL-CAP
SKT	2.0B	-	9.49%	23.30%	23.66	4.36	4.67%	1705.32%
PGRE	1.4B	740.6M	12.63%	-22.19%	528.1	1.92	2.16%	107.41%
AIV	1.1B	195.1M	8.56%	15.83%	3.83	5.82	20.60%	1640.65%

Financials for Rexford Industrial Realty

Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	8.8%	585	538	493	452	408
S&GA Expenses	5.6%	60	56	52	49	43
Interest Expenses	11.2%	45	41	40	40	38
Net Income	0.8%	162	160	146	128	109
Net Income Margin	-7.4%	0.28*	0.30*	0.30*	0.28*	-
Free Cahsflow	6.8%	312	293	287	231	-

* denotes actual numbers (not divided by Millions)

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	12.9%	8,899	7,879	7,264	6,781	6,224
Cash Equivalents	8.2%	37	34	49	44	60
Liabilities	16.0%	2,352	2,027	1,876	1,713	1,696
Long Term Debt	16.5%	1,934	1,661	1,524	1,400	1,387
Shareholder's Equity	5.7%	6,184	5,852	5,388	4,785	4,528
Additional Paid-In Capital	12.6%	6,255	5,557	5,134	4,828	4,284
Shares Outstanding	6.7%	183	171	165	161	139
Minority Interest	1.4%	362	357	299	283	288

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	6.8%	312	293	287	231	216
Share Based Compensation	7.8%	25	23	21	20	16
Cashflow From Investing	-4.1%	-2,615.87	-2,513.84	-2,211.99	-1,912.77	-2,118.15
Cashflow From Financing	4.1%	2,280	2,191	1,850	1,548	1,676
Dividend Payments	13.0%	181	160	140	130	120

Risks for REXR

What is the probability of a big loss on REXR?

33.9%

Probability that Rexford Industrial Realty stock will be more than 20% underwater in next one year

26.1%

Probability that Rexford Industrial Realty stock will be more than 30% underwater in next one year.

Probability that Rexford Industrial Realty stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does REXR drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Rexford Industrial Realty was unfortunately bought at previous high price.

Drawdowns

Returns for REXR

Cumulative Returns on REXR

23.8%

7-Year Cumulative Returns

18.6%

5-Year Cumulative Returns

11.2%

3-Year Cumulative Returns

What are the long-term rolling returns for REXR?

FIve years rolling returns for Rexford Industrial Realty.

Annualized Returns

Which funds bought or sold REXR recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-01-26	OREGON PUBLIC EMPLOYEES RETIREMENT FUND	added	5.81	289,921	2,885,920	0.04%
2023-01-26	Sumitomo Mitsui DS Asset Management Company, Ltd	added	15.84	250,297	1,401,300	0.03%
2023-01-26	Manning & Napier Group, LLC	added	0.03	501,728	10,297,700	0.13%
2023-01-26	DUPONT CAPITAL MANAGEMENT CORP	reduced	-6.88	-17,621	786,379	0.04%
2023-01-26	Inspire Investing, LLC	added	8.56	28,864	236,864	0.03%
2023-01-26	Riverview Trust Co	new	-	13,000	13,000	0.01%
2023-01-26	STRS OHIO	added	139.01	18,861,000	31,339,000	0.14%
2023-01-26	Accel Wealth Management	unchanged	-	21	12,021	0.01%
2023-01-26	COMERICA BANK	reduced	-0.84	819,000	6,029,000	0.05%
2023-01-26	State of Tennessee, Treasury Department	added	7.78	-112,000	4,078,000	0.02%

Latest Funds Activity

Are funds buying REXR calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own REXR

No. of Funds

Rexford Industrial Realty News

Schedule 13G FIlings of Rexford Industrial Realty

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Jan 23, 2023	blackrock inc.	12.3%	23,960,942	SC 13G/A
Feb 15, 2022	principal real estate investors llc	5.5%	8,338,119	SC 13G
Feb 04, 2022	wellington management group llp	4.78%	7,239,736	SC 13G/A
Jan 27, 2022	blackrock inc.	13.1%	19,810,848	SC 13G/A
Jan 26, 2022	blackrock inc.	13.1%	19,810,848	SC 13G/A
Oct 12, 2021	pggm investments	4.94%	7	SC 13G
Aug 26, 2021	tishman capital partners managed income fund llc	5.6%	193,098	SC 13G/A
Aug 23, 2021	tishman capital partners managed income fund llc	7.0%	243,098	SC 13G/A
Jun 16, 2021	tishman capital partners managed income fund llc	8.6%	298,098	SC 13G/A
May 04, 2021	tishman capital partners managed income fund llc	12.6%	433,098	SC 13G/A

REXR Fair Value

Recent SEC filings of Rexford Industrial Realty

View All Filings

Date Filed	Form Type	Document
Jan 23, 2023	SC 13G/A	Major Ownership Report
Jan 19, 2023	4	Insider Trading
Jan 19, 2023	4	Insider Trading
Jan 12, 2023	4	Insider Trading
Jan 12, 2023	4	Insider Trading
Jan 12, 2023	4	Insider Trading
Nov 15, 2022	8-K	Current Report
Nov 14, 2022	424B2	Prospectus Filed
Nov 10, 2022	4	Insider Trading
Nov 10, 2022	4	Insider Trading

Latest Insider Trading transactions for REXR

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2022-09-01	CLARK LAURA E	sold (taxes)	-33,101	62.22	-532	chief financial officer
2022-08-01	Schwimmer Howard	sold	-1,001,860	65.2675	-15,350	co-ceo, co-president
2022-07-25	Schwimmer Howard	sold	-1,019,360	62.1486	-16,402	co-ceo, co-president
2022-06-15	Schwimmer Howard	sold	-988,408	59.9035	-16,500	co-ceo, co-president
2022-06-13	ROSE TYLER H	acquired	-	-	2,387	-
2022-06-13	Ingram Diana J	acquired	-	-	2,387	-
2022-06-13	ZIMAN RICHARD S	acquired	-	-	2,387	-
2022-06-13	MORRIS DEBRA L	acquired	-	-	2,387	-
2022-06-13	ANTIN ROBERT L	acquired	-	-	2,387	-
2022-06-13	Kleiman Angela L.	acquired	-	-	2,387	-

About Rexford Industrial Realty

REXR Income Statement

2022-09-30

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
REVENUES
Rental income	$ 162,581	$ 115,260	$ 452,156	$ 319,140
Management and leasing services	163	136	456	350
Interest income	3	7	5	36
TOTAL REVENUES	162,747	115,403	452,617	319,526
OPERATING EXPENSES
Property expenses	39,614	27,501	108,448	75,631
General and administrative	14,951	11,806	44,531	33,981
Depreciation and amortization	51,146	38,676	140,226	110,048
TOTAL OPERATING EXPENSES	105,711	77,983	293,205	219,660
OTHER EXPENSES
Other expenses	413	4	746	35
Interest expense	14,975	10,427	34,826	29,772
TOTAL EXPENSES	121,099	88,414	328,777	249,467
Loss on extinguishment of debt	0	(505)	(877)	(505)
Gains on sale of real estate	0	13,702	8,486	27,312
NET INCOME	41,648	40,186	131,449	96,866
Less: net income attributable to noncontrolling interests	(2,368)	(2,173)	(7,142)	(5,852)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	39,280	38,013	124,307	91,014
Less: preferred stock dividends	(2,314)	(2,976)	(6,943)	(10,249)
Less: original issuance costs of redeemed preferred stock	0	(3,349)	0	(3,349)
Less: earnings allocated to participating securities	(201)	(143)	(605)	(423)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 36,765	$ 31,545	$ 116,759	$ 76,993
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.21	$ 0.23	$ 0.70	$ 0.57
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.21	$ 0.23	$ 0.70	$ 0.57
Weighted average shares of common stock outstanding - basic (in shares)	171,908,895	138,762,384	165,852,466	134,922,168
Weighted average shares of common stock outstanding - diluted (in shares)	172,831,173	139,630,475	166,401,434	135,429,176

REXR Balance Sheet

2022-09-30

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Land	$ 5,559,795	$ 4,143,021
Buildings and improvements	3,275,572	2,588,836
Tenant improvements	141,413	127,708
Furniture, fixtures and equipment	132	132
Construction in progress	88,545	71,375
Total real estate held for investment	9,065,457	6,931,072
Accumulated depreciation	(576,004)	(473,382)
Investments in real estate, net	8,489,453	6,457,690
Cash and cash equivalents	37,141	43,987
Restricted cash	0	11
Rents and other receivables, net	12,592	11,027
Deferred rent receivable, net	81,867	61,511
Deferred leasing costs, net	42,758	32,940
Deferred loan costs, net	5,184	1,961
Acquired lease intangible assets, net	175,913	132,158
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	12,565	0
Other assets	27,868	19,066
Acquisition related deposits	8,200	8,445
Assets associated with real estate held for sale	0	7,213
Total Assets	8,898,697	6,781,165
Liabilities
Notes payable	1,934,082	1,399,565
Interest rate swap liability	0	7,482
Accounts payable, accrued expenses and other liabilities	113,770	65,833
Dividends and distributions payable	59,926	40,143
Acquired lease intangible liabilities, net	154,851	127,017
Tenant security deposits	69,756	57,370
Prepaid rents	19,992	15,829
Liabilities associated with real estate held for sale	0	231
Total Liabilities	2,352,377	1,713,470
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 182,576,706 and 160,511,482 shares outstanding at September 30, 2022 and December 31, 2021, respectively	1,826	1,605
Additional paid-in capital	6,254,853	4,828,292
Cumulative distributions in excess of earnings	(237,135)	(191,120)
Accumulated other comprehensive loss	9,223	(9,874)
Total stockholders’ equity	6,184,443	4,784,579
Noncontrolling interests	361,877	283,116
Total Equity	6,546,320	5,067,695
Total Liabilities and Equity	8,898,697	6,781,165
5.875% Series B Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% Series C Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233