Rexford Industrial Realty, Inc. (REXR)

Executive Summary

Rexford Industrial Realty at $35.01 per share is, in our view at T&T Capital Management, the cleanest pure-play on the Southern California infill industrial real estate cycle and one of the most distinctive REIT franchises in U.S. equities. The portfolio of approximately 50 million square feet is concentrated entirely in the Greater Los Angeles, Orange County, San Diego, Inland Empire West, and Ventura County infill submarkets — the densest, most supply-constrained industrial market in North America. Co-founded and co-led since 2001 by Howard Schwimmer and Michael Frankel, REXR has built a regional dominance position that no national peer (Prologis, Eastgroup, First Industrial) can replicate. The Q1 2026 print, reported April 23, 2026, was a transitional quarter.

What’s Inside The Full Report

• 15-year financial summary table — revenue, net income, GAAP & adjusted EPS
• Valuation framework — current multiples vs. 5-year historical range
• Peer comparison table — multiples, margins, balance-sheet metrics
• Base case, bull case, bear case price targets with explicit math
• Competitive position and economic moat analysis
• Management and capital allocation track record
• Balance sheet review — leverage, credit ratings, distribution coverage
• Insider activity — recent open-market buys / sells with interpretation
• Strategic acquisitions and divestitures history
• Sell-side consensus and where TTCM differs
• Detailed risk factors specific to the name
• Bull case and forward catalysts to watch
• TTCM rating with explicit ADD / TRIM price triggers