Rexford Industrial Realty, Inc. filed its 10-Q with the SEC, and its figures are now in our data. Today’s growth rate sits near the bottom of the company’s own record. Revenue over the twelve months to Q3 2026 was $977.8 million, which fell 2.0% on the year before. That growth rate was down 2.6 percentage points on the rate a quarter earlier.

Profitability

The company is still loss-making. The trailing net margin was negative, at −47.1%. The company made a net loss of $461.0 million over the twelve months.

Where the cash went

On a cash basis, the picture improves. Operating cash flow over the twelve months was $511.5 million, down 6.4% on the year before. Capital spending was $249.0 million, or 25.5% of revenue. Free cash flow, operating cash flow less capital spending, was $262.4 million, up 26.9% on the year before. Free cash flow was 26.8% of revenue (the free-cash-flow margin), up 6.1 percentage points from a year earlier.

Share count

The average diluted share count fell 1.8% over the year.

In context

Measured against its own history: today’s free-cash-flow margin of 26.8% is higher than 65% of the company’s own past quarterly readings, which have ranged from 10.4% to 36.5%. Today’s twelve-month revenue growth rate of −2.0% is below every past reading (0.5% to 47.6%).

Guidance

The company gave its full year 2026 guidance for net loss attributable to common stockholders per diluted share of $-1.55 to $-1.52, for same property portfolio NOI growth - net effective for Same Property Portfolio of -0.25% to 0.25%, for dispositions of $1.7 billion to $2.0 billion, and for repositioning/development annualized stabilized cash NOI for Repositioning/Development of $16.0 million to $18.0 million.

What it means for value

For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 47.8%, and 5 percentage points higher would raise it by 62.8%. A free-cash-flow margin 1 percentage point lower would lower it by 5.4%.

What comes next

The next filing will show whether the trends above continue, slow or reverse.