Rexford Industrial
Owns and repositions infill Southern California warehouses leased to logistics, wholesale, and manufacturing tenants.
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Profile
Owns and operates warehouse, light-manufacturing, and outdoor-storage buildings across roughly 50M square feet in Southern California's infill submarkets. Thousands of logistics, wholesale, and manufacturing tenants lease that space, so no single company drives rental income.
Owns, operates, and acquires industrial buildings across roughly 50M square feet in Southern California's infill submarkets, leasing warehouse, light-manufacturing, and outdoor-storage space to thousands of logistics, wholesale, and manufacturing tenants, none dominant.
The portfolio sits entirely within Los Angeles, Orange, San Diego, and Ventura counties and the Inland Empire, submarkets constrained by scarce land and strict zoning. The company buys functionally obsolete buildings from private owners and repositions them — new clearance heights, loading doors, reconfigured yards — before re-leasing at market rents.
Founded in 2001 and listed on the NYSE in 2013, the company funded over a decade of acquisitions through equity and debt issuance, tying its cost of capital to REIT-market conditions.
A 2025 stake by activist investor Elliott Investment Management pushed a shift toward property sales and share buybacks, alongside a founder-to-successor chief-executive transition in 2026.
Company facts
Key statistics
Year to date −4.8% · Average volume (30d) 2.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Mizuho Securities | Target | $35 | $38 | ||
| Aug 6, 2026 | Jefferies | Downgrade | Cautious | Hold | $40 | |
| Jun 18, 2026 | Scotiabank | Upgrade | Sector Perform | Sector Outperform | $38 | $36 |
| Jun 17, 2026 | Industrial Alliance Securities | Target | $45 | $36 | ||
| Jun 17, 2026 | JP Morgan | Downgrade | Neutral | Underweight |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 23, 2026Q2 FY26 | $0.29 | −$2.26 | −866.9% | $240.2M | $243.0M | +1.1% | +8.39% |
| Apr 23, 2026Q1 FY26 | $0.27 | $0.61 | +128.6% | $242.4M | $242.1M | −0.1% | −2.37% |
| Feb 4, 2026Q4 FY25 | $0.27 | $0.59 | +119.4% | $247.9M | $243.2M | −1.9% | −6.45% |
| Oct 15, 2025Q3 FY25 | $0.59 | $0.60 | +1.7% | $249.0M | $253.2M | +1.7% | +2.25% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $252.3M | $249.5M | $253.2M | $240.7M | $245.1M | $245.5M | |
| Gross profit | $197.0M | $194.2M | $195.4M | $27.8M | $188.3M | $189.3M | |
| Operating income | $177.2M | $174.5M | $94.2M | $92.8M | $100.5M | $102.1M | |
| Net income | $71.2M | $116.3M | $89.9M | −$65.4M | $91.2M | −$506.9M | |
| Diluted EPS | $0.30 | $0.48 | $0.35 | −$0.30 | $0.38 | −$2.26 | |
| Gross margin | 78.1% | 77.8% | 77.1% | 11.5% | 76.8% | 77.1% | |
| Operating margin | 70.2% | 69.9% | 37.2% | 38.6% | 41.0% | 41.6% |
Fiscal years (4-quarter sums)FY21 $452.2M · FY22 $631.2M · FY23 $797.8M · FY24 $936.4M · FY25 $995.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $32.2M · Total debt $3.37B · Total assets $11.63B · Shareholders' equity $7.54B
Dividends
Raised for 11 straight years — most recently to $0.435 from $0.43 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.435 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.435 | raised from $0.43 |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.43 | |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.43 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.43 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.43 | raised from $0.4175 |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.4175 | |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.4175 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 228.64M · Float 222.16M · 97.2% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 38.60M | 16.88% | 13F | Aug 7, 2026 |
| T. Rowe Price Associates, Inc. | 29.22M | 12.60% | 13G | May 15, 2026 |
| Price T Rowe Associates Inc /MD/ | 28.11M | 12.30% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 19.59M | 8.57% | 13F | Aug 13, 2026 |
| Capital International Investors | 11.69M | 5.11% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 28, 2026 | David E. Lanzer | officer: General Counsel & Secretary | −33,299 | $35.47 |
| Mar 17, 2026 | Michael S. Frankel | director, officer: Co-CEO, Co-President | −23,132 | $35.29 |
| Feb 27, 2026 | Michael Fitzmaurice | officer: Chief Financial Officer | +2,650 | $37.55 |
| Feb 27, 2026 | David P. Stockert | director | +5,000 | $37.39 |
| Feb 27, 2026 | Laura E. Clark | officer: Chief Operating Officer | +5,310 | $37.73 |
Peers
- Prologis
Dominant scale rival for Southern California warehouse leasing and infill deals
- Terreno Realty
Closest strategic mirror: pure-play coastal infill industrial specialist
- First Industrial Realty Trust
National industrial REIT with meaningful Inland Empire overlap
- EastGroup Properties
Sunbelt multi-tenant industrial peer with limited California overlap
- STAG Industrial
Diversified secondary-market industrial REIT; public capital-markets peer
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rexford Industrial | $37.00 | −0.39% | $8.49B | — | 33.1 | 8.6 | −2.6% |
| Prologis | $140.35 | −0.29% | $131.32B | 31.3 | 40.4 | 14.3 | −0.3% |
| Terreno Realty | $66.59 | +0.02% | $7.08B | 17.9 | 36.8 | 14.1 | +11.1% |
| First Industrial Realty Trust | $61.94 | 0.00% | $8.21B | 22.6 | 35.3 | 10.8 | +8.2% |
| EastGroup Properties | $200.00 | −0.01% | $10.75B | 35.1 | 36.2 | 14.3 | +9.1% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| Median | 28.6 | 36.8 | 14.1 | +8.2% |