10-Q · July 28, 2026
Rexford delivered modest Q2 rental-income growth of 0.6% to $243.0 million and a slight increase in Core FFO, with same-property cash NOI and occupancy improving. However, GAAP results were dominated by a $624.8 million…
Earnings analysis · 10-Q
REXR earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
Rexford reported $235.837 million of revenue and $0.60 diluted EPS for the quarter; revenue declined versus both 2026 Q2 ($243 million) and 2025 Q3 ($247 million), while EPS improved substantially from $(2.26) and…
Read full summary
Rexford reported $235.837 million of revenue and $0.60 diluted EPS for the quarter; revenue declined versus both 2026 Q2 ($243 million) and 2025 Q3 ($247 million), while EPS improved substantially from $(2.26) and $0.37, respectively. The filing does not provide current gross margin, operating margin, free cash flow, segment results, or new quantitative guidance. Balance-sheet risk is moderated by $2.79 billion of debt being 100.0% fixed-rate, but refinancing exposure remains, and the company repurchased 8,143,611 shares during the quarter.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.6
What stood out
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EPS recovered despite lower revenue
Revenue was $235.837 million, down from $243 million in 2026 Q2 and $247 million in 2025 Q3. Diluted EPS was $0.60 versus $(2.26) in 2026 Q2 and $0.37 in 2025 Q3.
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Debt exposure is fully fixed-rate
The company reported $2.79 billion of consolidated indebtedness as of September 30, 2026, with 100.0% fixed-rate debt through debt terms or interest-rate swaps.
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Material share repurchase activity
The company repurchased 8,143,611 shares under its announced program during the quarter, and $691.090 million remained available under the program at September 30, 2026.
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Disclosure controls remained effective
Management concluded that disclosure controls were effective as of September 30, 2026, and reported no changes in internal control over financial reporting that materially affected or were reasonably likely to materially affect controls.
What to watch
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Future refinancing rate exposure
The company remains exposed to refinancing risk because $2.79 billion of consolidated indebtedness must ultimately be refinanced at prevailing rates as existing debt matures, despite 100.0% being fixed-rate currently.
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Interest-rate swap risk
Interest-rate swaps can create risk if rates fall; the filing specifically notes potential swap risk even though 100.0% of consolidated indebtedness was fixed-rate at September 30, 2026.
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Capital allocation and liquidity risk
The company repurchased 8,143,611 shares during the quarter, reducing the remaining authorization to $691.090 million; this represents a significant use of capital while revenue declined to $235.837 million.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance; numeric outlook was disclosed in the prior 8-K/earnings release rather than this filing.
Earlier filings 4
10-Q · April 28, 2026
Rexford reported a mixed quarter: net income attributable to common stockholders rose 28.6% to $87.9 million while Core FFO declined 0.9% to $139.8 million and NOI fell 4.2% to $185.4 million for the quarter ended March…
10-K · February 11, 2026
Rexford Industrial remains a focused Southern California infill industrial REIT with a 419-property portfolio totaling approximately 51.2 million rentable square feet and a stated strategy of intensive value‑add asset…
10-Q · October 20, 2025
Rexford reported quarterly total revenues of $253.242 million (three months ended Sept. 30, 2025), up from $241.843 million a year ago, and net income of $93.056 million (net income attributable to common stockholders…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.