| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 21 | — | 17.8x | Bottom tier | |
Growth | 23 | 0.5% | 7.1% | Bottom tier | |
Quality | 54 | 2.0% | 4.5% | Around median | |
Safety | 48 | 6.5x | 2.6x | Around median | |
Capital Return | 84 | 4.55% | 2.12% | Top tier | |
Momentum | 46 | -9.1% | 2.9% | Around median | |
Sentiment | 70 | 4 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Rexford Industrial Realty focuses on owning, operating, repositioning, and developing industrial properties within supply-constrained Southern California markets, and generates its revenue primarily by leasing these spaces. Its portfolio under review totaled approximately 51 million square feet; it intends to sell 8 million square feet of non-core assets, leaving a core portfolio of 43 million square feet. Operating demand was diversified across advanced manufacturing, logistics, food and beverage, automotive, and construction, with particular strength in spaces smaller than 50 thousand square feet.
In Q2 fiscal year 2026, the company reported revenue of $245.5 million and a net loss of $504.1 million, equivalent to a loss of $2.26 per share. The results included a $625 million non-cash asset impairment charge resulting from shortening the holding period of assets designated for sale; this charge was excluded from core funds from operations. Core funds from operations were $0.63 per share, and same-property net operating income achieved cash growth of 1.5% and contracted by 0.5% on a net effective basis, while period-end occupancy reached 95.1%.
Leasing volume totaled 2.1 million square feet in Q2 fiscal year 2026, bringing the first-half total to 6.2 million square feet, an increase of 2 million square feet from the first half of fiscal year 2025. However, cash re-leasing spreads were negative 11.3% due to the renewal of leases signed at the market peak, while market rents declined by slightly more than 1% from the previous quarter. At the market level, IE West and San Diego shifted to positive net absorption, and Greater Los Angeles recorded its second consecutive positive quarter, while Orange County remained under pressure from negative absorption and competitive supply.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average target of $37.6 and a relatively narrow target range of $36 to $40; the average is within the 52-week range of $32.14–$44.38 and approximately 15% below the upper end of the range. There is no positive price-to-earnings multiple due to the $388.5 million net loss for the 12 months ended in 2026, making the stock's valuation more dependent on funds from operations, asset value, and the outcome of the $1.5–$2.0 billion asset sale plan.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Rexford Industrial Realty reported a net loss of $504.1 million and a loss of $2.26 per share in Q2 fiscal year 2026. The period included a $625 million non-cash asset impairment charge after shortening the holding period of assets designated for sale. This charge was excluded from core funds from operations, which were $0.63 per share and increased by $0.02 from Q1 fiscal year 2026. Therefore, net income reflects the impact of the portfolio accounting decision to a greater extent than the period's underlying operating cash flow.
The company aims to sell between $1.5 billion and $2.0 billion of non-core assets during fiscal year 2026, totaling approximately 8 million square feet. These assets generally feature in-place rents more than 20% above market, shorter lease terms, fewer value-add opportunities, and greater competitive supply. As of July 24, 2026, the company was in advanced negotiations regarding a substantial portion of the sales and expected to complete the majority by the end of fiscal year 2026. After execution, the continuing core portfolio is expected to consist of approximately 43 million square feet.
The company plans to direct $1 billion toward repaying debt maturing in 2027 instead of refinancing it at higher rates. It expects this to reduce net debt to adjusted earnings before interest, taxes, depreciation, and amortization from 4.5 times in Q2 fiscal year 2026 to 3.5 times. It also intends to use the remaining proceeds selectively for share repurchases and repositioning and development projects, and the board of directors has authorized a new $1 billion repurchase program. Management expects the redeployment to be at least neutral and potentially accretive to funds from operations per share in 2027, depending on market conditions.
The Southern California infill industrial market recorded positive net absorption in Q2 fiscal year 2026, and vacancy declined by 30 basis points. IE West and San Diego shifted to positive absorption, and Greater Los Angeles recorded its second consecutive positive quarter, while Orange County remained negative. Within the company's portfolio, first-half leasing totaled 6.2 million square feet, an increase of 2 million square feet from the first half of fiscal year 2025. However, market rents declined by slightly more than 1% quarter over quarter, indicating that the recovery remained uneven across regions and space types.
Cash re-leasing spreads were negative 11.3% in Q2 fiscal year 2026 due to the renewal of leases signed at the market peak. The company expects these spreads to range between negative 15% and negative 10% during fiscal year 2026, with pressure continuing through 2027. The sales target assets with in-place rents more than 20% above market to reduce future downside risk. However, management acknowledged that the retained portfolio will also face pressure during the 2 years following the July 24, 2026 call, although it described this as a known and diminishing headwind.
The company estimates that the existing repositioning and development pipeline can add $50 million of annual net operating income after lease-up is completed, and it confirmed that this opportunity will not be sold as part of the restructuring plan. In Q2 fiscal year 2026, it commenced the 16.4 thousand Gale project in City of Industry, which is expected to be completed in late 2027 at a yield more than 200 basis points above the stabilized capitalization rate. It also leased 2 buildings under construction in South Bay before their completion and signed leases at the Plummer and Avenue Kearny projects. This is supplemented by the $1 billion share repurchase program and the reduction in targeted general and administrative expenses from $60 million to $57 million in fiscal year 2026.
