Discounted Cash Flow (DCF) Analysis Levered

Rexford Industrial Realty, Inc. (REXR)

$52.61

-0.37 (-0.70%)

All numbers are in Millions, Currency in USD

Stock DCF: 64.56 | 52.61 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	211.12	264.66	329.80	452.20	631.20	831.10	1,094.29	1,440.84	1,897.13	2,497.92
Revenue (%)
Operating Cash Flow	102.77	139.51	182.99	231.46	327.70	432.15	569	749.19	986.45	1,298.84
Operating Cash Flow (%)
Capital Expenditure	-57.95	-47.17	-78.76	-102.48	-135.10	-188.19	-247.79	-326.26	-429.58	-565.63
Capital Expenditure (%)
Free Cash Flow	44.82	92.34	104.23	128.99	192.60	243.95	321.21	422.93	556.87	733.22

Weighted Average Cost Of Capital

Share price	$ 52.61
Beta	0.856
Diluted Shares Outstanding	170.98
Cost of Debt
Tax Rate	0.00
After-tax Cost of Debt	2.33%
Risk-Free Rate
Market Risk Premium
Cost of Equity	7.813
Total Debt	2,083.76
Total Equity	8,995.15
Total Capital	11,078.92
Debt Weighting	18.81
Equity Weighting	81.19
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	211.12	264.66	329.80	452.20	631.20	831.10	1,094.29	1,440.84	1,897.13	2,497.92
Operating Cash Flow	102.77	139.51	182.99	231.46	327.70	432.15	569	749.19	986.45	1,298.84
Capital Expenditure	-57.95	-47.17	-78.76	-102.48	-135.10	-188.19	-247.79	-326.26	-429.58	-565.63
Free Cash Flow	44.82	92.34	104.23	128.99	192.60	243.95	321.21	422.93	556.87	733.22
WACC
PV LFCF						213.96	263.83	325.32	401.15	494.64
SUM PV LFCF										1,814.08

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	6.78
Free cash flow (t + 1)	747.88
Terminal Value	15,646.06
Present Value of Terminal Value	11,270.81

Intrinsic Value

Enterprise Value	13,084.89
Net Debt	2,046.98
Equity Value	11,037.91
Shares Outstanding	170.98
Equity Value Per Share	64.56