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Rexford Industrial Realty

REXR on NYSE. Rexford Industrial Realty rents industrial space to businesses in Southern California. Market value $8.2bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Real estate stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
2.8%low

For every $100 of what the whole company costs, it produced $2.78 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
annual report to December 2025
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 80 of 100. Price score: 32 of 100. Our list needs 70 on quality and 60 on price.

$36.69 a share, 14% above its 1-year low

Over the past year the price has ranged from $32.14 to $44.38.

Dividend: 4.9% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Monday’s close (5 October).

Five years of cash, in billions

0.1
0.2
0.2
0.1
0.2
0.2
2021202220232024202512 monthsto Jun '26
Revenue
$452m$631m$798m$936m$1.0bn
Operating margin
n/an/an/an/an/a
Debt to equity
0.290.300.290.400.38
Shares outstanding
0.18bn0.21bn0.22bn0.23bn0.22bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.38× equity
  • Revenue growth, five yearsStrong, 24.9% a year
  • Buying back its own sharesNo, 22% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $246 million last quarter, down 2% on a year ago.
  • A loss of $504 million, after a profit of $116 million a year ago.
  • Spare cash over the past 12 months: $227 million, up from $153 million.
  • 5% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $3.2 billion more than cash, up from $2.9 billion a year ago.
  • Sales grew on a year ago in 2 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$242m
December 2024$243m
March 2025$252m
June 2025$250m
September 2025$253m
December 2025$248m
March 2026$245m
June 2026$246m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$68m
December 2024$62m
March 2025$71m
June 2025$116m
September 2025$90m
December 2025-$65m
March 2026$91m
June 2026-$504m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
11 February 2026
Next quarterly (estimated, 10-Q)
27 October 2026

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 422 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 3 insiders bought $486,804 of shares on the open market. 2 sold $4m.

  • Lanzer David E.
    General Counsel & Secretary
    Sold
    Date
    28 April 2026
    Shares
    33,299
    Price
    $35.47
    Value
    $1m
  • Frankel Michael S.
    Co-CEO, Co-President, Director
    Sold
    Date
    17 March 2026
    Shares
    23,132
    Price
    $35.29
    Value
    $816,328
  • CLARK LAURA E
    Chief Operating Officer
    Bought
    Date
    27 February 2026
    Shares
    5,310
    Price
    $37.73
    Value
    $200,346
  • Fitzmaurice Michael
    Chief Financial Officer
    Bought
    Date
    27 February 2026
    Shares
    2,650
    Price
    $37.55
    Value
    $99,508
  • STOCKERT DAVID P
    Director
    Bought
    Date
    27 February 2026
    Shares
    5,000
    Price
    $37.39
    Value
    $186,950
  • Frankel Michael S.
    Co-CEO, Co-President, Director
    Sold
    Date
    8 December 2025
    Shares
    18,750
    Price
    $40.06
    Value
    $751,125
  • Frankel Michael S.
    Co-CEO, Co-President, Director
    Sold
    Date
    4 December 2025
    Shares
    20,318
    Price
    $41.61
    Value
    $845,432
  • Frankel Michael S.
    Co-CEO, Co-President, Director
    Sold
    Date
    3 December 2025
    Shares
    7,400
    Price
    $41.51
    Value
    $307,174
  • Frankel Michael S.
    Co-CEO, Co-President, Director
    Sold
    Date
    2 December 2025
    Shares
    10,650
    Price
    $41.50
    Value
    $441,975

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 28 Jul 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.