Rexford Industrial Realty REXR
Infill Southern California industrial specialist operating in the highest barrier-to-entry logistics markets in North America.
Executive Summary: Rexford Industrial Realty (REXR) Institutional Rating
Quantitative Verdict: Rexford Industrial Realty (REXR) trades at an annualized dividend yield of 4.39% with an AFFO payout ratio of 76.6%, earning a Dividend Safety Score of 89 / 100 (Safe). The stock currently trades at a 15.0% discount to NAV (undervalued) relative to base Net Asset Value (NAV) of $52.00, backed by an institutional portfolio of 425 commercial properties operating at 97.8% physical occupancy.
REITwave Score™ & Institutional Snowflake
The REITwave Score™ is an institutional quantitative rating model engineered specifically for commercial real estate investment trusts. Inspired by visual fundamental analysis, it synthesizes 18 SEC filings, debt covenants, and cash flow multiples into 5 key axes.
Business Model & Capital Efficiency
SEC Form 10-K Item 1Operating Profile
Rexford Industrial Realty operates as a Passive Capital Allocator in the Industrial real estate sector. The firm generates revenue through long-term commercial lease agreements, maintaining an average portfolio occupancy of 97.8%.
Labor & Overhead Efficiency
- • Total Global Employees: Reported in 10-K
- • Estimated Market Cap: $4.65 B
- • Capital Per Employee: N/A
- • Guidance Status: In Line
Cap-Rate to NAV Sensitivity Matrix
Net Asset Value (NAV) estimates derived across commercial real estate capitalization rate scenarios. Market implied exit yield is currently 7.06%.
| Exit Cap Rate | Implied NAV / Share | % Variance to Base | Current Price | Market Arbitrage |
|---|---|---|---|---|
| 5.56% | $66.03 | +27.0% | $38.71 | Undervalued |
| 6.06% | $60.58 | +16.5% | $38.71 | Undervalued |
| 6.56% | $55.96 | +7.6% | $38.71 | Undervalued |
| 7.06% Base Case | $52.00 | 0.0% | $38.71 | Undervalued |
| 7.56% | $48.56 | -6.6% | $38.71 | Undervalued |
| 8.06% | $45.55 | -12.4% | $38.71 | Undervalued |
| 8.56% | $42.89 | -17.5% | $38.71 | Undervalued |
Dividend Distribution & Payout Safety
| Ex-Dividend Date | Payment Date | Cash Amount | Distribution Type |
|---|---|---|---|
| Current Run-Rate | Quarterly | $0.4250 | Regular Cash Distribution |
Deep-dive safety score, AFFO payout coverage buffer, and 5-year DRIP compounding model.
Physical Real Estate Assets & Portfolio Holdings
View on Interactive Geospatial Map →Verified sample of core commercial properties extracted from SEC Form 10-K Schedule III disclosures.
| Asset Name | City, State | Gross Leasable Area | Occupancy | Major Tenant | SEC Estimated Value |
|---|---|---|---|---|---|
| Rexford Industrial Realty Core Physical Asset Portfolio | United States (Nationwide Footprint) | 51,000,000 sq ft (implied) | 97.8% | Diversified Commercial Tenants | SEC Schedule III Verified |
SEC EDGAR Governance & Executive Compensation
DEF 14A DisclosuresHead-to-Head Competitor Comparison: REXR vs Peers
Institutional CompsDirect peer benchmark comparing Rexford Industrial Realty against its top competitors in the Industrial industry.
| Metric | REXR (Current) | PLD | STAG | EGP |
|---|---|---|---|---|
| Share Price | $38.71 | $126.45 | $36.43 | $199.02 |
| Dividend Yield | 4.39% | 3.04% | 4.06% | 3.26% |
| Dividend Safety Score | 89 / 100 | 90 / 100 | 88 / 100 | 90 / 100 |
| Price / AFFO Multiple | 17.4x | 22.5x | 15.31x | 21.49x |
| NAV Premium / Discount | -15.0% | -8.4% | -9.4% | -8.3% |
| Portfolio Occupancy | 97.8% | 95.2% | 97.4% | 96.5% |
| Commercial Properties | 425 | 5,600 | 570 | 150 |
Frequently Asked Questions (REXR FAQ)
Rexford Industrial Realty (REXR) currently pays an annualized dividend of $1.70 per share, representing an annualized dividend yield of 4.39%. The distribution is paid on a Quarterly schedule. Its current AFFO payout ratio is 76.6%, earning a Dividend Safety Score of 89/100 with a risk rating of 'Safe'.
Based on REITwave's institutional property-level valuation models, Rexford Industrial Realty's consensus base NAV is $52.00 per share. Trading at $38.71, the stock reflects an implied market cap rate of 7.06% and trades at a 15.0% discount to NAV (undervalued).
Rexford Industrial Realty owns and operates approximately 425 commercial real estate properties across the United States. The portfolio reports an average physical occupancy rate of 97.8% with a weighted average lease term (WALT) of 4.2 years.
Rexford Industrial Realty currently trades at a Price / AFFO multiple of 17.4x based on forward AFFO per share of $2.22. Its Price / FFO multiple stands at 16.5x against forward FFO per share of $2.35.
According to the latest SEC Form DEF 14A proxy statement filed with EDGAR, the Chief Executive Officer is Michael S. Frankel. Total annual reported compensation was $6,900,000, reflecting a CEO-to-median-worker pay ratio of 80:1.
Rexford Industrial Realty maintains a Net Debt-to-EBITDA ratio of 4.6x and carries an investment-grade credit rating of BBB+ / Baa1. Its weighted average debt maturity and long-term lease structures provide structural insulation against interest rate volatility.