Rexford Industrial Realty, Inc. creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative (score 0.65), providing refinancing flexibility.
Key risks
Portfolio Quality ConcernsPortfolio quality is concerning (occupancy stability 0.13).
Volatile Occupancy/NOINOI volatility is high (stability 0.13), raising occupancy concerns.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Rexford Industrial Realty, Inc. ranks #12 of 18
scored companies in REIT - Industrial by moat score — the top 67%.
The widest moat in the group is Terreno Realty Corporation (TRNO)
at 81/100.
Moat scores for companies ranked near REXR in REIT - Industrial
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 35
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 56
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 36
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 46
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 24
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is Rexford Industrial Realty, Inc.'s moat score?
Rexford Industrial Realty, Inc. (REXR) scores 38 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #12 of 18 scored companies in REIT - Industrial, the top 67%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is Balance Sheet & Cost of Capital (56/100) and its weakest is Portfolio Quality & Diversification (24/100).
How does Rexford Industrial Realty, Inc. compare with other REIT - Industrial companies?
Rexford Industrial Realty, Inc. ranks #12 of 18 scored companies in REIT - Industrial by moat score. The widest moat in REIT - Industrial is Terreno Realty Corporation (TRNO) at 81/100. The companies ranked closest are CubeSmart (CUBE) at 48 just above it and National Storage Affiliates Tru (NSA) at 35 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.
Why is Rexford Industrial Realty, Inc. scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Rexford Industrial Realty, Inc.?
The REIT Specialized template measures 6 defenses, and REXR scores: Rent Pricing Power (32), AFFO Strength (35), Balance Sheet & Cost of Capital (56), Capital Recycling & Growth (36), Operational Efficiency (46), Portfolio Quality & Diversification (24). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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