PLD vs REXR Stock Comparison: AI Score, Valuation, Performance and Upside
Prologis and Rexford are both industrial REITs benefiting from e-commerce logistics demand, but at very different scales and with different strategies. Prologis is the global logistics REIT giant with operations across 20 countries. Rexford is a Southern California specialist with the most supply-constrained industrial market in the US. Both have exceptional rent growth dynamics from embedded below-market in-place rents.
PLD vs REXR is global industrial logistics scale (Prologis) versus infill Southern California supply-constrained industrial specialization (Rexford) — Prologis offers geographic diversification and global tenant relationships; Rexford offers the deepest US market rent growth from structural supply constraints.
PLD holds the edge across 4 of 5 key metrics in this comparison. PLD has delivered stronger 1-year price return (+5.94% vs -5.08%), though REXR has the better forward P/E setup (37.09x vs 39.92x for PLD). PLD leads on both revenue growth (10.20%) and operating margin (42.95%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for PLD (+19.92%) than for REXR (+10.05%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- prefer global industrial REIT leadership with 1.2B+ sq ft across 20 countries providing geographic and tenant diversification
- value Prologis's development pipeline at above-market yields as a value creation engine beyond cap rate compression
- want the largest industrial REIT dividend as a core income holding in a global logistics and e-commerce growth theme
- are comfortable with Amazon tenant concentration risk and industrial market normalization from pandemic-era development surge
- prefer a Southern California industrial specialist with the highest US industrial market rents and supply constraints
- value infill repositioning as a value-add strategy acquiring and upgrading older industrial assets to modern specifications
- want concentrated exposure to the most supply-constrained US industrial market with structural barriers to new competition
- are comfortable with California-only geographic concentration without the global diversification of Prologis
| Metric | PLD | REXR |
|---|---|---|
| AI scorei | 50.2 | 37.1 |
| AI ranki | #537 | #1499 |
| Latest closei | $131.36 | $39.25 |
| 1M returni | +2.56% | +6.98% |
| 3M returni | -6.68% | +5.97% |
| 6M returni | -8.08% | +8.34% |
| 1Y returni | +5.94% | -5.08% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | PLD | REXR |
|---|---|---|
| 1Y ago | $10.61K (+6.1%) started 2025-11-05 | $9.5K (-5.0%) started 2025-11-05 |
| 5Y ago | $10.84K (+8.4%) started 2021-11-08 | $5.77K (-42.3%) started 2021-11-05 |
| 10Y ago | $42.45K (+324.5%) started 2016-11-07 | $18.67K (+86.7%) started 2016-11-07 |
Hypothetical — past performance does not guarantee future results.
| Metric | PLD | REXR |
|---|---|---|
| Market capi | $122.92B | $8.37B |
| Trailing P/Ei | 28.10 | N/A |
| Forward P/Ei | 39.92 | 37.09 |
| Price/Salesi | 11.56 | N/A |
| EV/Revenuei | 16.09 | 12.07 |
| Analyst targeti | $151.64 | $40.31 |
| Target upsidei | +19.92% | +10.05% |
| Metric | PLD | REXR |
|---|---|---|
| Revenue growthi | 10.20% | -1.60% |
| Earnings growthi | 3.10% | N/A |
| EPS growthi | +3.10% | N/A |
| FCF margini | +54.65% | +34.46% |
| Operating margini | 42.95% | 41.59% |
| Profit margini | 43.07% | -39.16% |
| ROIC proxyi | 7.71% | -4.73% |
| Return on equityi | 7.71% | -4.73% |
| Dividend yieldi | 3.38% | 4.70% |
| Payout ratioi | 92.95% | 185.48% |
| Dividend growth streaki | No increase yet | N/A |
| Betai | 1.32 | 1.21 |
| Debt/equityi | 61.04 | 41.45 |
| Current ratioi | 0.36 | 0.34 |
| Quick ratioi | 0.29 | 0.23 |
Over the past year, PLD and REXR have moved moderately in the same direction (correlation of 0.62), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | PLD | REXR |
|---|---|---|---|
| 1Y | Growthi | +6.09% | -5.01% |
| CAGRi | +6.10% | -5.02% | |
| Volatilityi | 20.88% | 26.47% | |
| Sharpe ratioi | 0.18 | -0.24 | |
| Sortino ratioi | 0.25 | -0.36 | |
| Max drawdowni | 17.31% | 23.09% | |
| Current drawdowni | 12.46% | 7.03% | |
| Avg drawdowni | 4.63% | 11.81% | |
| Ulcer Indexi | 6.39% | 13.13% | |
| Max daily dropi | 3.55% | 6.45% | |
| Max wkly dropi | 6.73% | 9.40% | |
| 5Y | Growthi | -2.15% | -42.29% |
| CAGRi | -0.43% | -10.41% | |
| Volatilityi | 27.30% | 27.95% | |
| Sharpe ratioi | -0.04 | -0.42 | |
| Sortino ratioi | -0.06 | -0.58 | |
| Max drawdowni | 43.30% | 62.35% | |
| Current drawdowni | 17.01% | 53.20% | |
| Avg drawdowni | 23.39% | 40.54% | |
| Ulcer Indexi | 25.29% | 43.37% | |
| Max daily dropi | 9.57% | 9.07% | |
| Max wkly dropi | 19.46% | 19.34% | |
| 10Y | Growthi | +226.65% | +86.73% |
| CAGRi | +12.58% | +6.45% | |
| Volatilityi | 27.07% | 27.32% | |
| Sharpe ratioi | 0.41 | 0.20 | |
| Sortino ratioi | 0.57 | 0.28 | |
| Max drawdowni | 43.30% | 62.35% | |
| Current drawdowni | 17.01% | 53.20% | |
| Avg drawdowni | 13.51% | 23.08% | |
| Ulcer Indexi | 18.32% | 31.26% | |
| Max daily dropi | 17.27% | 20.34% | |
| Max wkly dropi | 21.91% | 22.33% |
| Category | PLD | REXR |
|---|---|---|
| Company | Prologis, Inc. | Rexford Industrial Realty, Inc. |
| Sector | Real Estate | Real Estate |
| Industry | REIT - Industrial | REIT - Industrial |
| Core business | Prologis is the world's largest industrial real estate company, owning and operating 1.2B+ square feet of logistics warehouses globally across the US, Europe, Asia, and Latin America. Its tenants include Amazon (largest single tenant), FedEx, UPS, and thousands of e-commerce and 3PL customers. Prologis benefits from strong same-store NOI growth as in-place rents mark to market (embedded rent growth) and new development pre-leased to major logistics customers. | Rexford Industrial focuses exclusively on infill industrial real estate in Southern California — Los Angeles, Orange County, the Inland Empire, and San Diego. Southern California is the most supply-constrained major industrial market in the US due to zoning restrictions, geography (ocean, mountains, desert), and intense existing development. Rexford benefits from the highest market rents in the US for industrial property, outsized rent growth, and very low construction competition. |
| Investor focus | Investors track same-store NOI growth, in-place rent vs market rent spread (embedded rent growth), development pipeline completions and yields, occupancy rates, and dividend growth from expanding NOI. | Investors track Southern California market vacancy (often below 2%), same-store NOI growth, repositioning project yields, in-place vs market rent spread, and dividend growth from above-market rent compounding. |
- Global scale in industrial logistics real estate creates unmatched development pipeline and tenant relationship advantages
- Embedded rent growth from below-market in-place rents converting to market rates at lease renewals provides multi-year NOI growth visibility
- Development capability allows Prologis to build new facilities at yields exceeding cap rates on stabilized assets, creating value for shareholders
- Southern California is the most supply-constrained industrial market in the US — land scarcity and zoning create structural barriers to competitive new supply
- Rexford's infill repositioning strategy acquires older industrial assets, upgrades them to modern specifications, and re-leases at significantly higher market rents
- In-place to market rent spreads in Southern California are among the highest in the country, providing exceptional NOI growth runway at renewals
- Industrial market has seen vacancy rates rise from historic lows as a wave of pandemic-era supply chain development came online in 2023–2024
- Amazon (largest tenant) has been rationalizing warehouse space — renewed growth in Amazon leasing is needed for stable demand
- Interest rate sensitivity affects REIT valuation multiples — rising rates compress cap rate-sensitive real estate valuations
- Southern California market concentration means Rexford has no geographic diversification — any regional economic slowdown disproportionately impacts performance
- Near-term supply additions in the Inland Empire have raised vacancy from historic lows and moderated rent growth temporarily
- Smaller market cap and California-only focus can limit institutional investor appeal relative to Prologis's global scale
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