First Industrial Realty Trust Inc (FR) is overvalued and Rexford Industrial Realty Inc (REXR) is overvalued.
Both trade above our estimate of their intrinsic value. REXR is the closer of the two: -61%, against -85% for FR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $33.50; the price of $61.89 is 85% above that value, and 76% of that value comes from beyond year five.
Leak Score 14/100 on 3 of 12 signals
Discounting its cash flows at 9.0% (average of 2 methods) values the shares at $23.75; the price of $38.23 is 61% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | FR | REXR |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $61.89 | $38.23 |
| Intrinsic value | $33.50 | $23.75 |
| Margin of safety | -85% | -61% |
| Leak Score | 14/100 (3/12) | 0/100 (2/12) |
| Market cap | $8.5B | $8.5B |
| Revenue growth, 5 years | 10.1% | 24.4% |
| Operating margin | 41.6% | 39.4% |
| Net margin | 47.9% | -40.5% |
| Return on equity | 13.4% | -4.8% |
| Debt to equity | 0.93 | 0.45 |
| P/E | 22.5x | — |
| Forward P/E | 31.7x | 25.1x |
| P/B | 3.0x | 1.1x |
| Dividend yield | 3.2% | 4.6% |