At a glance
Rexford Industrial Realty Inc is worth $7.88B, about 43 times its fiscal 2025 earnings. Revenue grew 7.1% to $1.00B in fiscal 2025, with 21.1% kept as profit; over 5 years it has grown 24.9% a year. It pays a 4.71% dividend yield, raised every year for at least 9 years, and returned $1.62B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −8.2% over the past year with dividends reinvested and −8.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 38.9% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Rexford Industrial Realty is a real estate investment trust (REIT). A REIT is a company that owns property and generally avoids federal income tax by paying out its taxable income to shareholders. Rexford owns industrial buildings, the kind of space businesses use to store, move and handle goods. All of them are in Southern California "infill" markets: built-up areas with many people and jobs but little vacant land. As of December 31, 2025, it owned 419 properties with about 51.2 million rentable square feet.
It makes money mainly by renting that space to businesses in many industries. As of December 31, 2025, it had 1,558 leases, and no single tenant accounted for more than 2.4% of annualized base rent (the yearly contract rent). Revenue was about $1.0 billion in fiscal 2025, up 7.1% from the year before. To push rents higher, Rexford renovates older buildings and splits some large buildings into smaller units that rent for more per square foot. It also builds new ones selectively. It buys and sells properties and occasionally makes mortgage loans backed by industrial property.
Its properties are spread across five Southern California submarkets: Los Angeles 57.3%, San Bernardino 18.7%, Orange County 10.9%, San Diego 6.8% and Ventura 6.3%. That tight focus is the heart of the strategy. It is also the company's biggest concentration risk.
Price history
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REXR -8.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $239.1M, down 5.6% from a year earlier, and net income was $17.4M (-80.7%).
- For fiscal 2025, revenue was $1.00B (+7.1% year over year; +24.9% a year from FY2020 to FY2025) with a 21.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +24.9% good |
|---|---|
| Free cash flow margin | 20.8% good |
| Return on equity (FY2025) | 2.5% weak |
| Return on assets (FY2025) | 1.7% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $330.1M | $76.4M | $104.2M |
| FY2021 | $452.2M | $128.2M | $129.0M |
| FY2022 | $631.2M | $167.6M | $192.6M |
| FY2023 | $797.8M | $238.0M | $161.0M |
| FY2024 | $936.4M | $273.8M | $105.5M |
| FY2025 | $1.00B | $212.0M | $208.7M |
Valuation snapshot
| Market value | $7.88B |
|---|---|
| P/E ratio | 43.2 |
| Dividend yield | 4.71% |
Rank among 1514 US companies
Market value at each year end
Rexford Industrial Realty’s market value went from $1.53B at the end of 2016 to $7.88B on Oct 28, 2026, about 5.1 times as much; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $7.88B | -12.6% |
| 2025 | $9.01B | +4.8% |
| 2024 | $8.60B | -27.4% |
| 2023 | $11.84B | +18.1% |
| 2022 | $10.03B | -18.4% |
| 2021 | $12.29B | +102.1% |
| 2020 | $6.08B | +20.0% |
| 2019 | $5.07B | +85.2% |
| 2018 | $2.73B | +20.4% |
| 2017 | $2.27B | +48.3% |
| 2016 | $1.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| REXR price data to Oct 28, 2026 | -0.3% | -8.2% | +0.2% | -8.3% | +9.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.3% |
| 2025 | +4.7% |
| 2024 | -28.5% |
| 2023 | +5.6% |
| 2022 | -31.1% |
| 2021 | +67.8% |
| 2020 | +9.7% |
| 2019 | +57.9% |
| 2018 | +3.2% |
| 2017 | +30.3% |
| 2016 | +45.6% |
| 2015 | +7.8% |
| 2014 | +23.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 33.4% over that stretch · deepest drop along the way 36.4%, back to its old high 12.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.8% over that stretch · deepest drop along the way 38.9%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($487K) and 3 sales ($2.7M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 28, 2026 | David E. Lanzer General Counsel & Secretary | sell | $1.2M |
| Mar 17, 2026 | Michael S. Frankel Co-CEO, Co-President, Director | sell | $816K |
| Dec 8, 2025 | Michael S. Frankel Co-CEO, Co-President, Director | sell | $751K |
| Feb 27, 2026 | Laura E Clark Chief Operating Officer | buy | $200K |
| Feb 27, 2026 | David P Stockert Director | buy | $187K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 12.6% | Mar 31, 2026 |
| BlackRock, Inc. | 11.7% | Mar 31, 2025 |
| Vanguard Portfolio Management | 8.57% | Mar 31, 2026 |
| BlackRock Portfolio Management LLC | 6.8% | Sep 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| Capital International Investors | 5.2% | Jun 30, 2026 |
| STATE STREET CORPORATION | 4.9% | Dec 31, 2025 |
ETFs with the most weight in REXR
| INDS Pacer Industrial Real Estate ETF | 3.96% |
| BYRE Principal Real Estate Active Opportunities ETF | 3.76% |
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 3.72% |
| PSR Invesco Active U.S. Real Estate Fund | 3.45% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 3.3% |
| IVRA Invesco Real Assets ESG ETF | 2.39% |
| WTRE WisdomTree New Economy Real Estate Fund | 2.28% |
| RDOG ALPS REIT Dividend Dogs ETF | 2.08% |
What could go wrong
- All its properties are in Southern California. A downturn in the regional economy, heavier regulation, higher taxes, or local problems like crime and homelessness could hurt tenants and rents, with no properties elsewhere to offset the damage.
- Less trade through local ports. If imports through the Ports of Los Angeles and Long Beach drop because of tariffs, trade policy or labor trouble, tenants may need less storage space, raising vacancies and lowering rents.
- Earthquake losses may exceed insurance. Most properties sit in seismically active areas. Earthquake coverage carries large deductibles and may not fully cover a major loss, and Rexford may be unable to rebuild damaged buildings.
- California taxes and ballot measures. Los Angeles's Measure ULA charges 4% to 5.5% on property sales of $5 million or more, and about 12% of Rexford's space is in the city. Ending Proposition 13 protections could sharply raise property taxes.
- Most tenants are below investment grade. A large majority of tenants lack investment-grade credit ratings. That makes them more likely than financially stronger companies to fall behind on rent or default, especially in a downturn.
- Debt costs and refinancing. Total debt was about $2.79 billion as of September 30, 2026. Higher interest rates raise borrowing costs, make it harder to refinance loans with large lump-sum (balloon) payments, and slow growth.
Recent events
- Quarterly results released; Investor presentation or announcement
- Acquisition or sale of assets completed; Investor presentation or announcement
- Major agreement signed; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Code of ethics changed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Rexford's dividend per share rose every year from fiscal 2016 to fiscal 2025, at least nine straight increases. It doubled from $0.86 in fiscal 2020 to $1.72 in fiscal 2025, and the yield was 4.71% as of October 28, 2026. Fiscal 2025 dividends equaled about 188% of earnings and 191% of free cash flow. Depreciation, a non-cash cost, lowers REIT earnings, so payouts above 100% of earnings are common. The free cash flow shortfall is the bigger caution. Rexford bought back $250 million of stock in 2025, but it also sells new shares, and the share count rose 32% from February 2022 to October 2026.
In the 2020 COVID crash, the shares fell about 36% and took roughly 12.5 months to recover. In the 2022 bear market, they fell about 39% from an April 2022 peak and had not regained it as of October 28, 2026. As a single stock, Rexford carries more risk than a diversified fund.
Questions investors ask
How does Rexford Industrial make money?
Mostly by collecting rent. Rexford owns industrial buildings, the space businesses use to store and move goods, in built-up parts of Southern California and leases them out. As of December 31, 2025, it had 419 properties, about 51.2 million rentable square feet and 1,558 leases, with no tenant above 2.4% of annualized base rent. Revenue was about $1.0 billion in fiscal 2025. It also upgrades buildings to charge higher rents, sells some properties and occasionally makes loans backed by industrial property.
Does Rexford Industrial raise its dividend every year?
Yes, so far. Its dividend per share rose every year from fiscal 2016 to fiscal 2025, at least nine straight increases, and the record may go back further. The annual payout doubled from $0.86 per share in fiscal 2020 to $1.72 in fiscal 2025. Future raises are not guaranteed. Fiscal 2025 dividends equaled about 188% of reported earnings, and net income fell 22.6% that year. REIT earnings are reduced by depreciation, a non-cash cost, which partly explains the high ratio.
What is Rexford Industrial's dividend yield?
The dividend yield was 4.71% as of October 28, 2026, based on that day's closing price. Fiscal 2025 dividends totaled $1.72 per share. REIT dividends generally don't qualify for the lower tax rates that apply to many company dividends. In a taxable account they are usually taxed like ordinary income. That difference matters less inside a tax-deferred account such as a traditional IRA.
How has Rexford Industrial stock performed?
It has lost money over five years but gained over ten. As of October 28, 2026, the stock had lost 35% over five years (about 8.3% a year) and 8.2% over one year. Over ten years it had gained 136% (about 9% a year). It fell 31% in 2022 and 28.5% in 2024 before gaining 4.7% in 2025. In the quarter ended September 30, 2026, revenue fell 5.6% and net income fell 80.7% from a year earlier.
How much debt does Rexford Industrial have?
About $2.79 billion in total debt as of September 30, 2026, against total assets of $10.79 billion and equity of $7.17 billion. As of December 31, 2025, net debt was 24.9% of total market capitalization, meaning debt plus the market value of its stock. As of February 11, 2026, $1.245 billion of its $1.25 billion credit line was unused. Some loans have large balloon payments due at maturity, and higher interest rates would raise borrowing costs.