Rexford Industrial Realty Inc (REXR)
Official siteREAL ESTATE • REIT - INDUSTRIAL • NYSE
Market Cap: $8.49B
Last updated: Sep 01, 2026 at 10:00 AM ET
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The LAND Framework: How I Find Assets The Market Can't Properly Value
GAAP hides value - Texas Pacific's ~800,000 acres sit on the balance sheet at a carrying value of zero, yet the trust is worth roughly $26 billion, illustrating persistent mispricing Proprietary LAND scorecard identifies priorities - Texas Pacific Land (TPL) 92, LandBridge (LB) 81, Rayonier (RYN) 76, Whirlpool (WHR) 11, use as initial sourcing signal LAND is a mispricing detector, not a quality test - screen for assets carried below market, then apply TOLL+M to determine whether the underlying business warrants ownership Locked Supply and Accounting Gap are decisive - replication must be mechanically impossible, and vintage matters because acquisitions reset fair-value accounting and close the gap Nominal Linkage determines real upside - prefer royalties on gross, commodity linkage, or market-rate rent resets; fixed low escalators often fail to protect cash flow from inflation
I Ranked 4 Of My Favorite REITs - The Results Shocked Me
TOLL+M is a 100-point quality screen assessing tangible assets, oligopoly power, low incremental capital intensity, long-duration cash flows and macro alignment; it scores structural quality, not valuation Essential Properties - net-lease operator to service-oriented middle-market tenants. AFFO/sh +11% YoY, dividend 4.1%, payout 65%, 5-year CAGR 5.2%. Watch 13% car-wash concentration, coverage ~68.5% at 2.0x Lamar Advertising - permit-driven scarcity plus a concentrated market with Outfront and Clear Channel, low incremental CapEx and durable cash flows. Rexford Industrial is the author's holding; he added 6% after the model ranked it third. Thesis: Southern California infill scarcity and attractive valuation. Risk: rate-related pressure on near-term fundamentals Use TOLL+M to isolate structural quality, then layer a valuation overlay. Score-price divergence can flag opportunistic buys; monitor AFFO growth and payout ratios to ensure cash-flow sustainability
Two Yielders, One Trap
Yield screens conflate VICI (6.4%) and SL Green (~5%) - VICI pays ~75% of AFFO and has raised dividends annually since 2018; SL Green covers only about one third of its interest bill and has cut payouts Use FFO/AFFO not GAAP earnings - Realty Income’s $3.25 distribution vs GAAP-implied payout >200% contrasts with 2026 AFFO guidance $4.41-4.44, implying a sustainable ~73% payout Benchmark REITs to forward FFO within sectors, not cross-sector P/Es - the listed group trades ~14-16x forward FFO, GNG uses 13x as a conservative fair-value baseline Rexford Industrial is a contrarian pick, rated Very Strong Buy, trading $34.81 vs GNG fair value $60.79, implying a 43% discount while quant and Street rate it Hold Grocery-anchored strip retail is the highest-quality sector - Kite Realty 95% leased, new deals +31% vs replaced rents, blended spreads ~13%, same-store income +3.6%, ~80% grocery rent, but trades ~19% rich
Rayonier: Why a Beaten Down Timber REIT May Be Worth Far More Than Its Stock Price Suggests
Price at $20.87 vs GNG fair value $33.22, implying a 37.2% discount, GNG rates Strong Buy while GNG quant scores 49.5/100 (Hold) and consensus street upside ~24% Jan 30, 2026 merger with PotlatchDeltic created a 4.1M acre platform with six sawmills, industrial plywood mill and 1.2B board foot lumber capacity, Rayonier holders ~54%, $40M annual synergy target Trailing DPS $1.42, yield ~6.8% is flattered by a $1.40 special; quarterly dividend reset to $0.26, payout Safety Score ~66.7%, AFFO coverage materially better than FCF - monitor AFFO metrics Higher-and-better-use optionality real and actionable - Q1 sale to solar developer exceeded $10,000/acre, 80k-acre solar option pipeline, plus 1.5M shares repurchased for $31.1M to capture NAV upside Q1 combined GAAP loss $12.4M (-$0.05) included $70.4M pre-tax merger costs, pro forma net income $17.4M ($0.07); key catalysts - lumber recovery, $40M synergies, further land monetizations and buybacks
My Portfolio Review: High Conviction, Low Yield, Massive Upside
I run a high-conviction, concentrated portfolio of 15 stocks built around wide-moat compounders and long-term capital appreciation over current income. The portfolio excels in quality, inflation resilience, and growth, but comes with elevated volatility due to sector concentration and cyclical exposure. Core themes include Permian landowners, logistics leaders, aerospace/defense, and “tollbooth” monopolies with strong pricing power and secular tailwinds. Going forward, I aim to improve diversification and income without selling core positions, strengthening long-term compounding while managing risk.
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Frequently Asked Questions About REXR
- What is REXR's current dividend yield?
- Rexford Industrial Realty Inc (REXR) has a current dividend yield of 4.67%.
- Does REXR pay dividends?
- Yes, Rexford Industrial Realty Inc pays dividends with a current yield of 4.67%.
- What is REXR's P/E ratio?
- Rexford Industrial Realty Inc has a price-to-earnings (P/E) ratio of 25.20.
- What is REXR's market cap?
- Rexford Industrial Realty Inc (REXR) has a market capitalization of $8.49B with a current stock price of $37.05.
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