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REITs · Real Estate · Fiscal year ends Dec 31
Rexford Industrial Realty reported revenue of $589,000 in the fiscal year ended Dec 2025, down 3.6% from the year before. Operating income was −$622M, an operating margin of −105587.6%, and net income was $212M. Operating cash flow of $542M less capital expenditure of $333M left free cash flow of $209M. Net debt was $3.1B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 0.5 | 0.6 | 0.7 | 0.6 | 0.6 |
| Operating incomederived: revenue − total costs | −308 | −411 | −503 | −567 | −622 |
| Interest expense | 40.1 | 48.5 | 61.4 | 98.6 | 105 |
| Net income | 128 | 168 | 238 | 274 | 212 |
| Diluted EPS | 0.80 | 0.92 | 1.12 | 1.20 | 0.86 |
| Diluted shares | 140 | 171 | 203 | 218 | 233 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 44.0 | 36.8 | 33.4 | 56.0 | 166 |
| Total assets | 6,781 | 9,259 | 10,930 | 12,648 | 12,613 |
| Long-term debt | 1,400 | 1,936 | 2,226 | 3,346 | 3,252 |
| Total liabilities | 1,713 | 2,336 | 2,786 | 3,922 | 3,775 |
| Shareholders' equity | 4,785 | 6,557 | 7,767 | 8,324 | 8,461 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 231 | 328 | 428 | 479 | 542 |
| Capital expenditure | 102 | 135 | 267 | 373 | 333 |
| Free cash flow | 129 | 193 | 161 | 106 | 209 |
| Depreciation & amortisation | 151 | 197 | 245 | 275 | 316 |
| Stock-based compensation | 19.5 | 28.4 | 33.6 | 41.6 | 100 |
| Share buybacks | – | – | 0.0 | 0.0 | 250 |
| Dividends paid | 130 | 202 | 291 | 354 | 397 |
| Dividend per share | 0.96 | 1.26 | 1.52 | 1.67 | 1.72 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.6% | 10.7% | −10.4% | −3.6% |
| EPS growth (YoY) | – | 15.0% | 21.7% | 7.1% | −28.3% |
| Operating margin | −65707.7% | −66711.9% | −73802.6% | −92806.7% | −105587.6% |
| Net margin | 27401.9% | 27205.2% | 34899.7% | 44812.1% | 35998.1% |
| Return on equityBlank when equity is negative | 2.7% | 2.6% | 3.1% | 3.3% | 2.5% |
| Free cash flow margin | 27561.5% | 31266.2% | 23604.7% | 17270.9% | 35426.3% |
| Cash conversion (CFO ÷ net income) | 1.80x | 1.96x | 1.80x | 1.75x | 2.56x |
| Interest cover | −7.66x | −8.47x | −8.20x | −5.75x | −5.93x |
| Debt ÷ equity | 0.29x | 0.30x | 0.29x | 0.40x | 0.38x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,356 | 1,900 | 2,192 | 3,290 | 3,086 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.