NYSE:REXR

Stock Analysis Report

Rexford Industrial Realty

Executive Summary

Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 213 properties with approximately 26.6 million rentable square feet and manages an additional 19 properties with approximately 1.0 million rentable square feet.

Rewards

Earnings grew by 39.7% over the past year

Risk Analysis

Earnings are forecast to decline by an average of -76.5% per year for the next 3 years

Unstable dividend track record

Large one-off items impacting financial results

Shareholders have been diluted in the past year



Snowflake Analysis

Acceptable track record second-rate dividend payer.


Similar Companies

EastGroup Properties

NYSE:EGP

Share Price & News

How has Rexford Industrial Realty's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: REXR has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

5.3%

REXR

3.0%

US REITs

1.5%

US Market


1 Year Return

50.9%

REXR

16.2%

US REITs

20.1%

US Market

Return vs Industry: REXR exceeded the US REITs industry which returned 16.2% over the past year.

Return vs Market: REXR exceeded the US Market which returned 20.1% over the past year.


Shareholder returns

REXRIndustryMarket
7 Day5.3%3.0%1.5%
30 Day10.7%4.5%1.4%
90 Day12.9%6.1%8.7%
1 Year53.7%50.9%20.9%16.2%22.7%20.1%
3 Year145.2%130.6%40.7%23.1%50.1%40.5%
5 Year277.2%234.1%57.9%25.3%73.1%54.1%

Price Volatility Vs. Market

How volatile is Rexford Industrial Realty's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Rexford Industrial Realty undervalued compared to its fair value and its price relative to the market?

111.43x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: REXR ($52.86) is trading above our estimate of fair value ($41.1)

Significantly Below Fair Value: REXR is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: REXR is poor value based on its PE Ratio (111.4x) compared to the REITs industry average (37.3x).

PE vs Market: REXR is poor value based on its PE Ratio (111.4x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

PEG Ratio: REXR's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: REXR is overvalued based on its PB Ratio (2.6x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Rexford Industrial Realty forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-76.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: REXR's earnings are forecast to decline over the next 3 years (-76.5% per year).

Earnings vs Market: REXR's earnings are forecast to decline over the next 3 years (-76.5% per year).

High Growth Earnings: REXR's earnings are forecast to decline over the next 3 years.

Revenue vs Market: Insufficient data to determine if REXR's revenue is forecast to grow faster than the US market.

High Growth Revenue: Insufficient data to determine if REXR's revenue is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: REXR's Return on Equity is forecast to be low in 3 years time (0.5%).


Next Steps

Past Performance

How has Rexford Industrial Realty performed over the past 5 years?

43.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: REXR has a large one-off gain of $16.3M impacting its December 31 2019 financial results.

Growing Profit Margin: REXR's current net profit margins (18.9%) are higher than last year (17%).


Past Earnings Growth Analysis

Earnings Trend: REXR has become profitable over the past 5 years, growing earnings by 43.9% per year.

Accelerating Growth: REXR's earnings growth over the past year (39.7%) is below its 5-year average (43.9% per year).

Earnings vs Industry: REXR earnings growth over the past year (39.7%) exceeded the REITs industry 6.9%.


Return on Equity

High ROE: REXR's Return on Equity (2.4%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Rexford Industrial Realty's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: REXR has a high level of physical assets or inventory.

Debt Coverage by Assets: REXR's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: REXR's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if REXR has a sufficient allowance for bad loans.

Low Risk Liabilities: REXR reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if REXR has an acceptable proportion of non-loan assets held.

Low Risk Deposits: REXR has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if REXR has an appropriate level of bad loans.


Next Steps

Dividend

What is Rexford Industrial Realty's current dividend yield, its reliability and sustainability?

1.63%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Rexford Industrial Realty before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company1.6%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years2.0%

Current dividend yield vs market & industry

Notable Dividend: REXR's dividend (1.63%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: REXR's dividend (1.63%) is low compared to the top 25% of dividend payers in the US market (3.69%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, REXR has been paying a dividend for less than 10 years.

Growing Dividend: REXR's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (55.9%), REXR's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: REXR's dividends in 3 years are forecast to be thoroughly covered by earnings (0.7% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

6.6yrs

Average management tenure


CEO

Howard Schwimmer (58yo)

7.1yrs

Tenure

US$4,658,429

Compensation

Mr. Howard Schwimmer has been a Co-Chief Executive Officer of Rexford Industrial Realty, Inc. since January 18, 2013. Mr. Schwimmer has been a Co-Chief Executive Officer at Rexford Industrial Realty, L.P.  ...


CEO Compensation Analysis

Compensation vs Market: Howard's total compensation ($USD4.66M) is about average for companies of similar size in the US market ($USD6.26M).

Compensation vs Earnings: Howard's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Howard Schwimmer
Co-CEO & Director7.1yrsUS$4.66m0.055% $3.4m
Michael Frankel
Co-CEO & Director7.1yrsUS$4.66m0.0047% $287.7k
Adeel Khan
Chief Financial officer6.6yrsUS$2.20mno data
David Lanzer
General Counsel & Secretary3.9yrsUS$1.38m0.0050% $309.2k
Stephen Swett
Investor Relations7.1yrsno datano data
Trina Schnapp
Senior Vice President of Human Resources1.1yrsno datano data
Patrick Schlehuber
Executive Vice President of Investments0yrsno datano data
Bruce Herbkersman
Senior VP0yrsno datano data
Carlos Serra
Executive Vice President of Development & Construction0.5yrsno datano data
Víctor Ramírez
Controller0yrsno datano data

6.6yrs

Average Tenure

51yo

Average Age

Experienced Management: REXR's management team is seasoned and experienced (6.6 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Howard Schwimmer
Co-CEO & Director7.1yrsUS$4.66m0.055% $3.4m
Michael Frankel
Co-CEO & Director7.1yrsUS$4.66m0.0047% $287.7k
Robert Antin
Independent Director6.6yrsUS$150.99k0.030% $1.8m
Richard Ziman
Chairman of the Board7.1yrsUS$319.99k0.074% $4.6m
Steven Good
Independent Director6.6yrsUS$158.22k0.020% $1.3m
Tyler Rose
Independent Director5yrsUS$151.99k0.012% $741.4k
Peter Schwab
Independent Director6yrsUS$145.99k0.015% $933.9k
Diana Ingram
Independent Director1.8yrsUS$121.32k0.0043% $262.5k

6.6yrs

Average Tenure

65yo

Average Age

Experienced Board: REXR's board of directors are considered experienced (6.6 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 22.6%.


Top Shareholders

Company Information

Rexford Industrial Realty, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Rexford Industrial Realty, Inc.
  • Ticker: REXR
  • Exchange: NYSE
  • Founded: 2013
  • Industry: Industrial REITs
  • Sector: Real Estate
  • Implied Market Cap: US$6.148b
  • Market Cap: US$6.004b
  • Shares outstanding: 116.30m
  • Website: https://www.rexfordindustrial.com

Number of Employees


Location

  • Rexford Industrial Realty, Inc.
  • 11620 Wilshire Boulevard
  • 10th Floor
  • Los Angeles
  • California
  • 90025
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
REXRNYSE (New York Stock Exchange)YesCommon StockUSUSDJul 2013
3I0DB (Deutsche Boerse AG)YesCommon StockDEEURJul 2013
REXR.PRANYSE (New York Stock Exchange)RED PFD SER AUSUSDAug 2016
REXR.PRBNYSE (New York Stock Exchange)5.875% PFD SER BUSUSDNov 2017
REXR.PRCNYSE (New York Stock Exchange)5.625 PFD SER CUSUSDSep 2019

Biography

Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 213 properties with approximately 26.6 million rentable square feet and manages an additional 19 properties with approximately 1.0 million rentable square feet. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 01:12
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.