Rexford Industrial Realty, Inc. REXR
We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets.
We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the "Operating Partnership"), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, develop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. We also sell assets programmatically as part of our capital allocation strategy. As of December 31, 2025, our consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $589.0K | $611.0K | $682.0K | $616.0K | $468.0K | $420.0K | $406.0K | $473.0K | $493.0K | $473.0K |
| SG&A | $78.9M | $82.2M | $75.0M | $64.3M | $49.0M | $36.8M | $30.3M | $25.2M | $21.6M | $17.4M |
| Total operating expenses | $622.5M | $567.7M | $504.0M | $411.6M | $308.0M | $231.8M | $192.5M | $156.9M | $128.6M | $102.4M |
| Interest expense | $104.9M | $98.6M | $61.4M | $48.5M | $40.1M | $30.8M | $26.9M | $25.4M | $20.2M | $14.8M |
| Net income | $219.8M | $285.9M | $249.6M | $177.2M | $136.2M | $76.4M | $62.0M | $46.2M | $40.7M | $25.1M |
| EPS, basic | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 | 0.51 | 0.47 | 0.42 | 0.48 | 0.36 |
| EPS, diluted | 0.86 | 1.20 | 1.12 | 0.92 | 0.80 | 0.51 | 0.47 | 0.41 | 0.48 | 0.36 |
| Shares, diluted (wtd. avg.) | $232.6M | $218.5M | $203.1M | $171.0M | $140.1M | $121.2M | $106.8M | $87.3M | $71.6M | $63.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $165.8M | $56.0M | $33.4M | $36.8M | $44.0M | $177.5M | $78.9M | $180.6M | $6.9M | $15.5M |
| Other intangibles | $140.6M | $201.5M | $153.7M | $170.0M | $132.2M | $92.2M | $73.1M | $55.7M | $49.2M | $36.4M |
| Total assets | $12.61B | $12.65B | $10.93B | $9.26B | $6.78B | $4.95B | $3.64B | $2.79B | $2.11B | $1.52B |
| Long-term debt | $3.25B | $3.35B | $2.23B | $1.94B | $1.40B | $1.22B | $857.8M | $757.4M | $668.9M | $500.2M |
| Total liabilities | $3.77B | $3.92B | $2.79B | $2.34B | $1.71B | $1.42B | $1.02B | $879.3M | $746.1M | $552.9M |
| Total equity | $8.46B | $8.32B | $8.14B | $6.92B | $5.07B | $3.53B | $2.62B | $1.91B | $1.37B | $962.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $542.1M | $478.9M | $427.5M | $327.7M | $231.5M | $183.0M | $139.5M | $102.8M | $76.7M | $56.4M |
| Stock-based compensation | $100.5M | $41.6M | $33.6M | $28.4M | $19.5M | $12.9M | $10.8M | $10.1M | $5.4M | $3.8M |
| Capital expenditure | $333.4M | $373.4M | $266.6M | $135.1M | $102.5M | $78.8M | $47.2M | $58.0M | $42.3M | $31.9M |
| Investing cash flow | -$125.1M | -$1.84B | -$1.68B | -$2.45B | -$1.91B | -$987.5M | -$972.7M | -$507.2M | -$606.9M | -$361.2M |
| Financing cash flow | -$307.2M | $1.38B | $1.25B | $2.11B | $1.55B | $903.2M | $731.5M | $578.2M | $521.6M | $315.1M |
| Dividends paid | $397.5M | $354.2M | $290.7M | $201.9M | $129.8M | $99.3M | $75.5M | $53.7M | $40.2M | $32.9M |
| Buybacks | $250.1M | $0 | $0 | — | — | — | — | — | — | $747.0K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001571283-26-000012.
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