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Rexford Industrial Realty, Inc. (REXR)

Company Dividend Discount ModelIndustry: REIT - IndustrialSector: Real Estate

Valuation Snapshot

Stable Growth$34.00 - $90.18$51.98
Multi-Stage$25.06 - $27.28$26.15
Blended Fair Value$39.06
Current Price$41.11
Upside-4.98%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-36.35%-6.62%0.041.310.910.590.450.380.240.180.150.12
YoY Growth---96.94%43.57%54.53%32.73%15.79%60.59%32.92%21.93%25.49%47.71%
Dividend Yield--0.10%2.69%1.53%0.79%0.88%0.94%0.66%0.63%0.66%0.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)333.67
(-) Cash Dividends Paid (M)300.76
(=) Cash Retained (M)32.91
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)66.7341.7125.03
Cash Retained (M)32.9132.9132.91
(-) Cash Required (M)-66.73-41.71-25.03
(=) Excess Retained (M)-33.83-8.807.88
(/) Shares Outstanding (M)230.23230.23230.23
(=) Excess Retained per Share-0.15-0.040.03
LTM Dividend per Share1.311.311.31
(+) Excess Retained per Share-0.15-0.040.03
(=) Adjusted Dividend1.161.271.34
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Fair Value$34.00$51.98$90.18
Upside / Downside-17.31%26.45%119.37%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)333.67355.36378.45403.05429.25457.15470.87
Payout Ratio90.14%90.11%90.08%90.06%90.03%90.00%92.50%
Projected Dividends (M)300.76320.21340.92362.97386.44411.44435.55

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.10%9.10%9.10%
Growth Rate5.50%6.50%7.50%
Year 1 PV (M)290.75293.51296.26
Year 2 PV (M)281.08286.43291.84
Year 3 PV (M)271.72279.52287.47
Year 4 PV (M)262.68272.78283.18
Year 5 PV (M)253.94266.21278.94
PV of Terminal Value (M)4,408.424,621.354,842.43
Equity Value (M)5,768.606,019.816,280.12
Shares Outstanding (M)230.23230.23230.23
Fair Value$25.06$26.15$27.28
Upside / Downside-39.05%-36.40%-33.65%

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