NYSE : REXR
Rexford Industrial Realty, Inc. — Financial statements
Real Estate · REIT - Industrial · United States
Last price 38.35 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 8.47B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 964.20M | 980.38M | 922.10M | 791.38M | 630.58M | 451.73M |
| Property Management Fees | 197.00K | 589.00K | 611.00K | 682.00K | 616.00K | 468.00K |
| Total Revenue | 977.78M | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
| Property Expenses | 229.26M | 227.72M | 210.26M | 184.48M | 150.50M | 107.72M |
| Selling, General & Administrative | 61.25M | 78.86M | 82.15M | 75.03M | 64.26M | 48.99M |
| Depreciation & Amortization | 297.67M | 315.92M | 275.25M | 244.51M | 196.79M | 151.27M |
| Other Operating Expenses | 130.00K | 841.00K | 2.12M | 1.26M | 1.56M | 305.00K |
| Total Operating Expenses | 588.31M | 623.34M | 569.77M | 505.28M | 413.12M | 308.29M |
| Operating Income | 389.48M | 379.79M | 366.63M | 292.55M | 218.08M | 143.95M |
| Interest Expense | -105.41M | -104.90M | -98.60M | -61.40M | -48.50M | -40.14M |
| EBT Excluding Unusual Items | 284.07M | 274.89M | 268.04M | 231.15M | 169.59M | 103.81M |
| Merger & Restructuring Charges | -10.00K | -273.00K | -123.00K | -369.00K | ||
| Gain (Loss) on Sale of Assets | 91.31M | 106.03M | 18.01M | 19.00M | 8.49M | 33.93M |
| Asset Writedown | -792.51M | -89.10M | -188.00K | -992.00K | ||
| Other Unusual Items | -60.83M | -67.38M | -915.00K | -505.00K | ||
| Pretax Income | -478.91M | 219.76M | 285.93M | 249.59M | 177.16M | 136.25M |
| Earnings From Continuing Operations | -478.91M | 219.76M | 285.93M | 249.59M | 177.16M | 136.25M |
| Minority Interest in Earnings | 17.92M | -7.73M | -12.12M | -11.57M | -9.57M | -8.01M |
| Net Income | -461.00M | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
| Preferred Dividends & Other Adjustments | 12.09M | 11.86M | 10.94M | 10.57M | 10.10M | 16.48M |
| Net Income to Common | -473.09M | 200.17M | 262.87M | 227.45M | 157.48M | 111.76M |
| Basic Shares Outstanding | 226.07M | 232.48M | 218.28M | 202.88M | 170.47M | 139.29M |
| Diluted Shares Outstanding | 226.07M | 232.55M | 218.47M | 203.11M | 170.98M | 140.08M |
| EPS (Basic) | -2.09 | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 |
| EPS (Diluted) | -2.09 | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 |
| Dividend Per Share | 1.74 | 1.72 | 1.67 | 1.52 | 1.26 | 0.96 |
| Operating Margin | 39.83% | 37.86% | 39.15% | 36.67% | 34.55% | 31.83% |
| Profit Margin | -48.38% | 19.95% | 28.07% | 28.51% | 24.95% | 24.71% |
| EBITDA | 671.13M | 671.35M | 614.23M | 507.18M | 383.67M | 279.78M |
| EBITDA Margin | 68.64% | 66.93% | 65.59% | 63.57% | 60.78% | 61.87% |
| D&A For Ebitda | 281.65M | 291.56M | 247.59M | 214.63M | 165.59M | 135.83M |
| EBIT | 389.48M | 379.79M | 366.63M | 292.55M | 218.08M | 143.95M |
| EBIT Margin | 39.83% | 37.86% | 39.15% | 36.67% | 34.55% | 31.83% |
| Funds From Operations (FFO) | 519.95M | 518.75M | 543.16M | 475.10M | 365.46M | 253.59M |
| FFO Per Share | 2.23 | 2.49 | 2.34 | |||
| Adjusted Funds From Operations (AFFO) | 518.75M | 543.16M | 475.10M | 365.46M | 253.59M | |
| AFFO Per Share | 2.23 | 2.49 | 2.34 | |||
| FFO Payout Ratio | 78.99% | 79.54% | 67.74% | 63.61% | 57.59% | 51.18% |
| Revenue as Reported | 977.78M | 1.00B | 936.41M | 797.83M | 631.20M | 452.24M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 9.77B | 11.86B | 11.99B | 10.38B | 8.86B | 6.46B |
| Cash & Equivalents | 423.59M | 165.78M | 55.97M | 33.44M | 36.79M | 43.99M |
| Accounts Receivable | 222.17M | 204.33M | 177.47M | 140.82M | 103.37M | 72.54M |
| Other Intangible Assets | 100.09M | 145.78M | 206.62M | 158.83M | 175.14M | 137.31M |
| Loans Receivable Current | 124.05M | 123.70M | 123.24M | 122.78M | ||
| Restricted Cash | 11.00K | |||||
| Other Current Assets | 2.12M | 1.62M | 15.66M | |||
| Trading Asset Securities | 16.98M | 2.02M | 8.94M | 9.90M | 11.42M | |
| Deferred Long-Term Charges | 103.96M | 94.63M | 69.83M | 62.78M | 49.91M | 34.90M |
| Other Long-Term Assets | 22.74M | 18.81M | 19.06M | 18.23M | 16.47M | 15.57M |
| Total Assets | 10.79B | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Current Portion of Long-Term Debt | 575.00M | 67.54M | 166.85M | 12.47M | ||
| Current Portion of Leases | 400.00K | 1.62M | ||||
| Long-Term Debt | 2.19B | 3.19B | 3.18B | 2.21B | 1.94B | 1.41B |
| Long-Term Leases | 11.60M | 6.66M | 9.70M | 8.90M | 10.90M | 5.00M |
| Accounts Payable | 125.94M | 112.57M | 140.01M | 119.94M | 86.60M | 60.83M |
| Other Current Liabilities | 97.41M | 103.40M | 97.82M | 83.73M | 62.03M | 40.37M |
| Long-Term Unearned Revenue | 78.25M | 88.78M | 90.58M | 115.00M | 20.71M | 15.83M |
| Other Long-Term Liabilities | 190.77M | 208.93M | 238.17M | 232.43M | 219.32M | 184.39M |
| Total Liabilities | 3.27B | 3.77B | 3.92B | 2.79B | 2.34B | 1.71B |
| Preferred Stock, Convertible | 155.68M | 155.68M | 155.68M | 155.68M | 155.68M | 155.68M |
| Common Stock | 2.15M | 2.32M | 2.25M | 2.12M | 1.89M | 1.60M |
| Additional Paid-In Capital | 8.33B | 8.95B | 8.60B | 7.94B | 6.65B | 4.83B |
| Distributions in Excess of Earnings | -1.33B | -642.13M | -441.88M | -338.83M | -255.74M | -191.12M |
| Comprehensive Income & Other | 14.98M | -422.00K | 6.75M | 7.17M | 8.25M | -9.87M |
| Total Common Equity | 7.01B | 8.30B | 8.17B | 7.61B | 6.40B | 4.63B |
| Minority Interest | 349.54M | 377.46M | 401.91M | 376.99M | 366.40M | 283.12M |
| Shareholders' Equity | 7.52B | 8.84B | 8.73B | 8.14B | 6.92B | 5.07B |
| Total Liabilities & Equity | 10.79B | 12.61B | 12.65B | 10.93B | 9.26B | 6.78B |
| Total Debt | 2.78B | 3.26B | 3.36B | 2.23B | 1.95B | 1.41B |
| Net Cash (Debt) | -2.34B | -3.09B | -3.29B | -2.19B | -1.90B | -1.37B |
| Net Cash Per Share | -10.34 | -13.30 | -15.06 | -10.79 | -11.11 | -9.77 |
| Filing Date Shares Outstanding | 212.14M | 230.22M | 227.55M | 214.74M | 196.46M | 160.29M |
| Total Common Shares Outstanding | 214.86M | 229.96M | 224.87M | 212.00M | 188.84M | 160.26M |
| Book Value Per Share | 32.63 | 36.11 | 36.33 | 35.90 | 33.90 | 28.88 |
| Tangible Book Value | 6.91B | 8.16B | 7.96B | 7.45B | 6.23B | 4.49B |
| Tangible Book Value Per Share | 32.16 | 35.48 | 35.41 | 35.15 | 32.97 | 28.03 |
| Land | 6.33B | 7.69B | 7.82B | 6.82B | 5.84B | 4.14B |
| Buildings | 4.11B | 4.68B | 4.61B | 3.93B | 3.37B | 2.59B |
| Construction In Progress | 312.74M | 451.11M | 333.69M | 240.01M | 110.93M | 71.38M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -461.00M | 212.03M | 273.80M | 238.02M | 167.58M | 128.24M |
| Depreciation & Amortization | 281.65M | 291.56M | 247.59M | 214.63M | 165.59M | 135.83M |
| Other Amortization | 5.32M | 5.06M | 4.78M | 3.86M | 2.69M | 1.92M |
| Gain (Loss) on Sale of Assets | -91.31M | -106.03M | -18.01M | -19.00M | -8.49M | -33.93M |
| Asset Writedown | 792.51M | 89.10M | 188.00K | 992.00K | ||
| Stock-Based Compensation | 78.24M | 100.48M | 41.60M | 33.64M | 28.43M | 19.51M |
| Change in Accounts Receivable | 880.00K | 1.92M | 2.26M | -2.23M | -2.86M | -745.00K |
| Change in Accounts Payable | -7.90M | -7.62M | 8.89M | 4.66M | 9.30M | 11.89M |
| Change in Other Net Operating Assets | -36.92M | -31.02M | -31.21M | -23.45M | -12.06M | -17.05M |
| Other Operating Activities | -51.45M | -15.54M | -21.42M | -24.03M | -20.54M | -14.13M |
| Operating Cash Flow | 511.45M | 542.09M | 478.92M | 427.55M | 327.69M | 231.46M |
| Acquisition of Real Estate Assets | -249.04M | -333.42M | -1.88B | -1.58B | -2.46B | -1.97B |
| Sale of Real Estate Assets | 1.49B | 208.36M | 41.29M | 27.03M | 15.31M | 56.57M |
| Net Sale / Acq. of Real Estate Assets | 1.24B | -125.06M | -1.84B | -1.55B | -2.45B | -1.91B |
| Other Investing Activities | 2.12M | |||||
| Investing Cash Flow | 1.24B | -125.06M | -1.84B | -1.68B | -2.45B | -1.91B |
| Long-Term Debt Issued | 1.13B | 646.92M | 2.71B | 1.26B | ||
| Long-Term Debt Repaid | -100.97M | -13.40M | -357.49M | -2.18B | -1.10B | |
| Net Debt Issued (Repaid) | -492.61M | -100.97M | 1.12B | 289.43M | 537.39M | 169.28M |
| Issuance of Common Stock | 974.00K | 478.57M | 653.44M | 1.28B | 1.83B | 1.64B |
| Repurchase of Common Stock | -730.70M | -251.96M | -2.15M | -1.91M | -2.16M | -1.43M |
| Preferred Share Repurchases | -122.00K | -90.00M | ||||
| Common Dividends Paid | -410.69M | -412.62M | -367.95M | -302.19M | -210.48M | -129.79M |
| Preferred Dividends Paid | -9.26M | -9.26M | -9.26M | -9.26M | -9.26M | -12.56M |
| Total Dividends Paid | -419.95M | -421.87M | -377.21M | -311.45M | -219.74M | -142.36M |
| Other Financing Activities | -1.35M | -10.99M | -10.85M | -12.51M | -32.97M | -32.41M |
| Net Cash Flow | 109.17M | 109.81M | 22.53M | -3.34M | -7.21M | -133.53M |
| Levered Free Cash Flow | 306.43M | 186.29M | 87.28M | 24.34M | 198.23M | 128.98M |
| Unlevered Free Cash Flow | 366.99M | 246.79M | 144.12M | 58.86M | 225.85M | 152.15M |
| Cash Interest Paid | 97.13M | 95.06M | 74.19M | 54.62M | 44.81M | 32.98M |
| Change in Working Capital | -42.51M | -34.58M | -49.42M | -19.75M | -7.56M | -6.96M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 8.56B | 8.99B | 8.58B | 11.82B | 10.01B | 12.27B |
| Enterprise Value | 10.90B | 12.52B | 12.43B | 14.48B | 12.42B | 14.05B |
| Last Close Price | 38.22 | 37.28 | 35.61 | 49.79 | 47.14 | 68.48 |
| Price/FFO Ratio | 16.71 | 14.32 | 21.29 | |||
| Price/AFFO Ratio | 16.71 | 14.32 | 21.29 | |||
| PE Ratio | 44.94 | 32.65 | 51.98 | 63.57 | 109.77 | |
| PS Ratio | 8.75 | 8.97 | 9.16 | 14.82 | 15.86 | 27.13 |
| PB Ratio | 1.17 | 1.02 | 0.98 | 1.45 | 1.45 | 2.42 |
| P/OCF Ratio | 16.73 | 16.59 | 17.92 | 27.65 | 30.55 | 53.00 |
| EV/Sales Ratio | 11.14 | 12.49 | 13.27 | 18.15 | 19.68 | 31.07 |
| EV/EBITDA Ratio | 16.23 | 18.66 | 20.23 | 28.55 | 32.38 | 50.23 |
| EV/EBIT Ratio | 27.97 | 32.98 | 33.90 | 49.49 | 56.97 | 97.62 |
| Debt / Equity Ratio | 0.37 | 0.37 | 0.39 | 0.27 | 0.28 | 0.28 |
| Debt / EBITDA Ratio | 4.13 | 4.85 | 5.45 | 4.39 | 5.05 | 5.02 |
| Net Debt / Equity Ratio | 0.31 | 0.35 | 0.38 | 0.27 | 0.27 | 0.27 |
| Net Debt / EBITDA Ratio | 3.48 | 4.61 | 5.36 | 4.32 | 4.95 | 4.89 |
| Asset Turnover | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 |
| Quick Ratio | 0.83 | 1.30 | 0.60 | 0.85 | 1.02 | 1.15 |
| Current Ratio | 0.98 | 1.74 | 0.90 | 1.43 | 1.03 | 1.31 |
| Return on Equity (ROE) | -5.79% | 2.50% | 3.39% | 3.31% | 2.96% | 3.17% |
| Return on Assets (ROA) | 2.06% | 1.88% | 1.94% | 1.81% | 1.70% | 1.53% |
| Earnings Yield | -5.40% | 2.36% | 3.19% | 2.01% | 1.67% | 1.04% |
| Dividend Yield | 4.49% | 4.40% | 4.38% | 2.73% | 2.38% | 1.25% |
| Payout Ratio | 198.97% | 137.77% | 130.85% | 131.12% | 111.01% | |
| Buyback Yield / Dilution | 1.82% | -6.45% | -7.56% | -18.79% | -22.06% | -15.60% |
| Total Shareholder Return | 6.31% | -2.05% | -3.18% | -16.07% | -19.68% | -14.34% |