NYSE:REXR

Stock Analysis Report

Rexford Industrial Realty

Executive Summary

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets.

Snowflake

Fundamentals

Acceptable track record second-rate dividend payer.


Similar Companies

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


Market Performance


7 Day Return

1.9%

REXR

1.5%

US REITs

0.5%

US Market


1 Year Return

50.4%

REXR

20.3%

US REITs

6.8%

US Market

Return vs Industry: REXR exceeded the US REITs industry which returned 20.3% over the past year.

Return vs Market: REXR exceeded the US Market which returned 6.8% over the past year.


Shareholder returns

REXRIndustryMarket
7 Day1.9%1.5%0.5%
30 Day5.3%1.7%-0.8%
90 Day10.8%7.6%-0.9%
1 Year53.4%50.4%25.7%20.3%9.2%6.8%
3 Year125.4%111.6%35.8%18.5%45.6%36.2%
5 Year250.7%209.6%64.6%29.8%63.2%45.4%

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?

114.46x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: REXR ($46.44) is trading above our estimate of fair value ($37.8)

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 (114.5x) compared to the REITs industry average (36.2x).

PE vs Market: REXR is poor value based on its PE Ratio (114.5x) compared to the US market (17.7x).


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 (2.4x) compared to the US REITs industry average (2x).


Next Steps

Future Growth

How is Rexford Industrial Realty forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-56.2%

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 (-56.2% per year).

Earnings vs Market: REXR's earnings are forecast to decline over the next 3 years (-56.2% per year).

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

Revenue vs Market: REXR's revenue (17.4% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: REXR's revenue (17.4% per year) is forecast to grow slower 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 (0.4%).


Next Steps

Past Performance

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

51.9%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: REXR has become profitable over the past 5 years, growing earnings by 51.9% per year.

Accelerating Growth: REXR's earnings growth over the past year (32.6%) is below its 5-year average (51.9% per year).

Earnings vs Industry: REXR earnings growth over the past year (32.6%) exceeded the REITs industry 17.6%.


Return on Equity

High ROE: REXR's Return on Equity (2.2%) is considered low.


Return on Assets

ROA vs Industry: REXR's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: REXR has significantly improved its Return on Capital Employed over the past 3 years.


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 0.3x 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?

1.59%

Current Dividend Yield


Dividend Yield vs Market

company1.6%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years1.8%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: REXR's dividend (1.59%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: REXR's dividend (1.59%) is low compared to the top 25% of dividend payers in the US market (3.73%).

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 (59.4%), 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 (0.6% payout ratio).


Next Steps

Management

What is the CEO of Rexford Industrial Realty's salary, the management and board of directors tenure and is there insider trading?

6.3yrs

Average management tenure


CEO

Howard Schwimmer (58yo)

6.8yrs

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 ($USD4.66M) is about average for companies of similar size in the US market ($USD6.81M).

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


Management Age and Tenure

6.3yrs

Average Tenure

51yo

Average Age

Experienced Management: REXR's management team is seasoned and experienced (6.3 years average tenure).


Board Age and Tenure

6.3yrs

Average Tenure

65yo

Average Age

Experienced Board: REXR's board of directors are considered experienced (6.3 years average tenure).


Insider Trading

Insider Buying: REXR insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellUS$984,21203 Aug 19
Howard Schwimmer
EntityIndividual
Role
Co-Chief Executive Officer
Co-CEO & Director
Shares23,600
Max PriceUS$41.76
SellUS$194,19606 May 19
David Lanzer
EntityIndividual
Role
Chief Legal Officer
General Counsel & Secretary
Shares5,085
Max PriceUS$38.19
BuyUS$3,98406 Mar 19
Diana Ingram
EntityIndividual
Role
Member of the Board of Directors
Director
Shares125
Max PriceUS$31.87

Ownership Breakdown


Management Team

  • Trina Schnapp

    Senior Vice President of Human Resources

    • Tenure: 0.8yrs
  • Adeel Khan (45yo)

    Chief Financial officer

    • Tenure: 6.3yrs
    • Compensation: US$2.20m
  • Howard Schwimmer (58yo)

    Co-CEO & Director

    • Tenure: 6.8yrs
    • Compensation: US$4.66m
  • Michael Frankel (56yo)

    Co-CEO & Director

    • Tenure: 6.8yrs
    • Compensation: US$4.66m
  • Patrick Schlehuber

    Executive Vice President of Investments

    • Tenure: 0yrs
  • Bruce Herbkersman

    Senior VP

    • Tenure: 0yrs
  • David Lanzer (46yo)

    General Counsel & Secretary

    • Tenure: 3.6yrs
    • Compensation: US$1.38m
  • Víctor Ramírez

    Controller

    • Tenure: 0yrs
  • Stephen Swett

    Investor Relations

    • Tenure: 6.8yrs
  • Carlos Serra

    Executive Vice President of Development & Construction

    • Tenure: 0.2yrs

Board Members

  • Bob Antin (69yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: US$150.99k
  • Richard Ziman (76yo)

    Chairman of the Board

    • Tenure: 6.8yrs
    • Compensation: US$319.99k
  • Steve Good (77yo)

    Independent Director

    • Tenure: 6.3yrs
    • Compensation: US$158.22k
  • Tyler Rose (58yo)

    Director

    • Tenure: 4.7yrs
    • Compensation: US$151.99k
  • Pete Schwab (76yo)

    Director

    • Tenure: 5.7yrs
    • Compensation: US$145.99k
  • Howard Schwimmer (58yo)

    Co-CEO & Director

    • Tenure: 6.8yrs
    • Compensation: US$4.66m
  • Michael Frankel (56yo)

    Co-CEO & Director

    • Tenure: 6.8yrs
    • Compensation: US$4.66m
  • Diana Ingram (61yo)

    Director

    • Tenure: 1.5yrs
    • Compensation: US$121.32k

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$5.199b
  • Market Cap: US$5.087b
  • Shares outstanding: 111.95m
  • 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 is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 196 properties with approximately 23.9 mil ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/21 00:36
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.