Rexford Industrial Realty Inc
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Penke I guess you are interested in Rexford Industrial Realty Inc. Buy, hold or sell? I don't know! However, I do recommend doing research before doing anything. I will help you with that.

I'm going to help you getting a better view of Rexford Industrial Realty Inc. At the end you don't have to ask anyone for trading advice. You can make your own decision, with more confidence, the odds in your favor, backed by data.

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Quick analysis of Rexford Industrial Realty Inc (30 sec.)

What can you expect buying and holding a share of Rexford Industrial Realty Inc? (30 sec.)

How much money do you get?

$1.39

When do you have the money?

1 year

How often do you get paid?

100.0%

What is your share worth?

Current worth

$37.15

Expected worth in 1 year

$43.30

How sure are you?

90.0%

+ What do you gain per year?

Total Gains per Share

$7.53

Return On Investment

14.5%

For what price can you sell your share?

Current Price per Share

$51.89

Expected price per share

$44.05 - $53.50

How sure are you?

50%

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1. Valuation of Rexford Industrial Realty Inc (5 min.)

Live pricePrice per Share (EOD)

$51.89

Book Value per Share

$37.15

Intrinsic Value Per Share

$-1.01 - $8.86

Total Value Per Share

$36.15 - $46.01

My calculation of the intrinsic value of Rexford Industrial Realty Inc is based how much money is coming from the company's main activities (Free Cash Flow).

The following numbers are based on moving averages and per share and per quarter.
I use a 6% discount rate for the low estimation and 3% for the high estimation.
The current Free Cash Flow Per Share is 10Y: ($0.09) 3Y: ($0.19) TTM: ($0.20)
The change per quarter (trend) of the Free Cash Flow Per Share is 10Y: ($0.00) 3Y: ($-0.01) TTM: ($-0.03)

Years	Total Low est.	Total High est.	Added Free Cash Flow
1	$0.30	$0.78	$0.27 - $0.81
2	$0.48	$1.59	$0.16 - $0.87
3	$0.56	$2.42	$0.05 - $0.92
4	$0.54	$3.28	$-0.06 - $0.98
5	$0.44	$4.17	$-0.17 - $1.03
6	$0.27	$5.07	$-0.28 - $1.09
7	$0.03	$5.99	$-0.39 - $1.14
8	$-0.27	$6.93	$-0.50 - $1.20
9	$-0.62	$7.89	$-0.61 - $1.25
10	$-1.01	$8.86	$-0.73 - $1.31

2. Growth of Rexford Industrial Realty Inc (5 min.)

Is Rexford Industrial Realty Inc growing?

	Current year	Previous year	Grow	Grow %
How rich?	$7.8b	$5.7b	$1.7b	23.5%

How much money is Rexford Industrial Realty Inc making?

	Current year	Previous year	Grow	Grow %
Making money	$57.2m	$35.2m	$21.9m	38.4%
Net Profit Margin	29.8%	24.5%	-	-

How much money comes from the company's main activities?

Quarterly Yearly

3. Financial Health of Rexford Industrial Realty Inc (5 min.)

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What can you expect buying and holding a share of Rexford Industrial Realty Inc? (5 min.)

Welcome investor! Rexford Industrial Realty Inc's management wants to use your money to grow the business. In return you get a share of Rexford Industrial Realty Inc.

What can you expect buying and holding a share of Rexford Industrial Realty Inc?

First you should know what it really means to hold a share of Rexford Industrial Realty Inc. And how you can make/lose money.

Speculation

The Price per Share of Rexford Industrial Realty Inc is $51.89. The market price reflects what other people think it is worth; not what it's really worth. Your job is to find out if the market price is fair, overpriced, or underpriced. I will help you with that.

If you buy blind, there is a 50% chance of making or losing money by selling the stock in the future. However, we can look at a few things to determine the odds in our favor:

The fundamentals: the financial health trends of Rexford Industrial Realty Inc.
The technials: based on market psychology, we can make a calculated estimate of what the price will do in the future. We can do this through technical analysis. We can calculate the probabilities and the expected value (millionaire math). That's called speculation.
The book value: what is the market price compared to it's book value.

Investing

If you really want to invest in Rexford Industrial Realty Inc, you will have to let go of the thought of selling in the future. If you have to sell the share for less than you bought it, it can still be a good investment. Focus on what it means to hold the stock forever:

You own a part of the company. The equity of this part can grow or shrink. The current Book Value per Share is $37.15. Based on the TTM, the Book Value Change Per Share is $1.54 per quarter. Based on the YOY, the Book Value Change Per Share is $2.39 per quarter.
You may receive quarterly/yearly dividend in the form of additional shares.
You may receive quarterly/yearly dividend in the form of cash. Based on the TTM the Dividend per Share is $0.35 per quarter.

Based on historical numbers we can estimate the returns while holding a share of Rexford Industrial Realty Inc.

How much money are you going to get?

	MRQ		TTM		YOY		5Y		10Y
	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share	$	% of Price per Share
Usd Eps	0.28	0.5%	0.25	0.5%	0.18	0.3%	0.13	0.3%	0.08	0.1%
Usd Book Value Change Per Share	1.37	2.6%	1.54	3.0%	2.39	4.6%	1.43	2.8%	0.89	1.7%
Usd Dividend Per Share	0.39	0.8%	0.35	0.7%	0.24	0.5%	0.20	0.4%	0.12	0.2%
Usd Total Gains Per Share	1.76	3.4%	1.88	3.6%	2.63	5.1%	1.63	3.1%	1.01	1.9%
Usd Price Per Share	49.35	-	53.97	-	66.32	-	50.90	-	35.87	-
Price to Earnings Ratio	44.17	-	55.71	-	92.91	-	125.55	-	1,526.96	-
Price-to-Total Gains Ratio	28.08	-	52.96	-	27.68	-	52.88	-	73.26	-
Price to Book Ratio	1.33	-	1.53	-	2.51	-	2.74	-	4.06	-
Price-to-Total Gains Ratio	28.08	-	52.96	-	27.68	-	52.88	-	73.26	-

When do you get the money?

Usd Investment	$.00
Usd Price Per Share	51.89
Number of shares	19

Gains per Quarter	Trailing 12 Months	5 Year
Usd Dividend Per Share	0.35	0.20
Usd Book Value Change Per Share	1.54	1.43
Usd Total Gains Per Share	1.88	1.63
Gains per Quarter (19 shares)	35.78	31.00
Gains per Year (19 shares)	143.12	124.02

Years	Return on Investment (TTM)			Return on Investment (5Y)
	Dividend	Book Value gain	Total gains	Dividend	Book Value gain	Total gains
Broker costs	-	-	-10	-	-	-10
1	26	117	133	15	109	114
2	53	233	276	30	218	238
3	79	350	419	45	327	362
4	106	467	562	60	436	486
5	132	584	705	75	545	610
6	158	700	848	90	654	734
7	185	817	991	105	763	858
8	211	934	1134	120	872	982
9	237	1051	1277	135	981	1106
10	264	1167	1420	150	1090	1230

How sure are you?

Based on the past periods, how sure are you to get value out of your investment.

Linear %

	Trailing 12 Months				3Y				5 Year				10 Year				ALLTIME
				%				%				%				%				%
Earnings Per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	38.0	2.0	0.0	95.0%	39.0	8.0	0.0	83.0%
Book Value Change Per Share	3.0	1.0	0.0	75.0%	11.0	1.0	0.0	91.7%	19.0	1.0	0.0	95.0%	31.0	9.0	0.0	77.5%	33.0	11.0	3.0	70.2%
Dividend per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	40.0	0.0	0.0	100.0%	46.0	0.0	1.0	97.9%
Total Gains per Share	4.0	0.0	0.0	100.0%	12.0	0.0	0.0	100.0%	20.0	0.0	0.0	100.0%	36.0	4.0	0.0	90.0%	42.0	5.0	0.0	89.4%

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Fundamentals of Rexford Industrial Realty Inc

About Rexford Industrial Realty Inc

https://www.rexfordindustrial.com
223
11620 Wilshire Boulevard, Los Angeles, CA, United States, 90025
Google Maps Bing Maps

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprises 371 properties with approximately 45.0 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker REXR, Rexford Industrial is an S&P MidCap 400 Index member.

Fundamental data was last updated by Penke on 2023-11-26 01:18:03.

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge profit.
Using its assets, the company is inefficient in making profit.
Using its investors money, the company is inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very efficient.
The company is efficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is just not able to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is very able to pay all its debts by selling its assets.
The company is very able to pay all its debts with equity.

Valuation

Valuation Details

	Compared to previous year	Compared to industry
Based on the equity, the company is underpriced.
Based on the earnings, the company is expensive.
Based on how much money comes from the company's main activities, the company is overpriced.

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1.1. Profitability of Rexford Industrial Realty Inc.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Rexford Industrial Realty Inc earns for each $1 of revenue.

Above 10% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
A Net Profit Margin of 28.7% means that $0.29 for each $1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Rexford Industrial Realty Inc:

The MRQ is 28.7%. The company is making a huge profit. +2
The TTM is 29.8%. The company is making a huge profit. +2

Trends

Current period		Compared to		+/-
MRQ	28.7%	TTM	29.8%	-1.1%
TTM	29.8%	YOY	24.5%	+5.3%
TTM	29.8%	5Y	25.6%	+4.2%
5Y	25.6%	10Y	19.1%	+6.5%

Measures how much net profit Rexford Industrial Realty Inc earns for each $1 of revenue.

Revenue is the amount of profit Rexford Industrial Realty Inc generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you $3. The company does not earn $3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is $1.5.

The $3 you pay for a cup of coffee is called revenue.
The $1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Rexford Industrial Realty Inc earns for each $1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be used to compare companies within the REIT - Industrial industry.

You typically want a high profit margin. This means that for each $1 in sales, Rexford Industrial Realty Inc makes more profit. This shows the investor how efficiently Rexford Industrial Realty Inc is operating in general and compared to other companies in the same industry. Rexford Industrial Realty Inc operates in the REIT - Industrial industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Rexford Industrial Realty Inc. If profit margins remain low (compared to the REIT - Industrial industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Rexford Industrial Realty Inc is 0.29. This means that Rexford Industrial Realty Inc earned $0.29 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Rexford Industrial Realty Inc with other companies in the same industry (REIT - Industrial).
Net profit margin should rise over the years.
Can be influenced when Rexford Industrial Realty Inc sells assets (profit will increase while costs remain the same).
It won’t show what part of Rexford Industrial Realty Inc is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Rexford Industrial Realty Inc

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Rexford Industrial Realty Inc = 58,966
Total revenue MRQ Rexford Industrial Realty Inc = 205,399
$58,966 / $205,399 = 0.29 or 28.7%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Rexford Industrial Realty Inc is using its assets to generate profit.

Above 5% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
0.6% Return on Assets means that Rexford Industrial Realty Inc generated $0.01 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Rexford Industrial Realty Inc:

The MRQ is 0.6%. Using its assets, the company is inefficient in making profit. -1
The TTM is 0.6%. Using its assets, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.6%	TTM	0.6%	0.0%
TTM	0.6%	YOY	0.5%	+0.1%
TTM	0.6%	5Y	0.5%	+0.1%
5Y	0.5%	10Y	0.4%	+0.1%

Shows how efficient Rexford Industrial Realty Inc is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Rexford Industrial Realty Inc is using its resources to generate profit. If the return on assets (0.6%) from Rexford Industrial Realty Inc are higher than the REIT - Industrial mean () that means Rexford Industrial Realty Inc is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Rexford Industrial Realty Inc is 0.6%. This means the company generated $0.01 for each $1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Rexford Industrial Realty Inc

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Rexford Industrial Realty Inc = 58,966
Total assets MRQ (balance sheet) from Rexford Industrial Realty Inc = 10,577,464
58,966 / 10,577,464 = 0.01 or 0.6%

ROA is an important ratio as it will tell you how effectively Rexford Industrial Realty Inc is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Rexford Industrial Realty Inc is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
0.8% Return on Equity means Rexford Industrial Realty Inc generated $0.01 for each $1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Rexford Industrial Realty Inc:

The MRQ is 0.8%. Using its investors money, the company is inefficient in making profit. -1
The TTM is 0.8%. Using its investors money, the company is inefficient in making profit. -1

Trends

Current period		Compared to		+/-
MRQ	0.8%	TTM	0.8%	0.0%
TTM	0.8%	YOY	0.7%	+0.1%
TTM	0.8%	5Y	0.7%	+0.1%
5Y	0.7%	10Y	0.6%	+0.1%

Shows how efficient Rexford Industrial Realty Inc is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the REIT - Industrial industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Rexford Industrial Realty Inc is 0.8%. This means Rexford Industrial Realty Inc generated $0.01 for each $1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if Rexford Industrial Realty Inc existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Rexford Industrial Realty Inc

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Rexford Industrial Realty Inc = 58,966
Shareholders equity (balance sheet) MRQ Rexford Industrial Realty Inc = 7,472,057
58,966 / 7,472,057 = 0.01 or 0.8%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

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1.2. Operating Efficiency of Rexford Industrial Realty Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Rexford Industrial Realty Inc is operating .

Measures how much profit Rexford Industrial Realty Inc makes for each $1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
An Operating Margin of 41.4% means the company generated $0.41 for each $1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Rexford Industrial Realty Inc:

The MRQ is 41.4%. The company is operating very efficient. +2
The TTM is 36.9%. The company is operating very efficient. +2

Trends

Current period		Compared to		+/-
MRQ	41.4%	TTM	36.9%	+4.5%
TTM	36.9%	YOY	34.5%	+2.4%
TTM	36.9%	5Y	31.9%	+4.9%
5Y	31.9%	10Y	24.3%	+7.6%

Measures how efficient Rexford Industrial Realty Inc is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Rexford Industrial Realty Inc is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Rexford Industrial Realty Inc is 41.4%. This means that Rexford Industrial Realty Inc earned $0.41 for each $1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Rexford Industrial Realty Inc

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Rexford Industrial Realty Inc = 78,290
Total revenue MRQ Rexford Industrial Realty Inc = 205,399
$78,290 / $205,399 = 0.41 or 41.4%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Rexford Industrial Realty Inc is keeping operating costs low.

Below 1 is considered healthy (always compare to REIT - Industrial industry mean).
An Operation Ratio of 0.62 means that the operating costs are $0.62 for each $1 in net sales.

Let's take a look of the Operating Ratio trends of Rexford Industrial Realty Inc:

The MRQ is 0.619. The company is efficient in keeping operating costs low. +1
The TTM is 0.637. The company is efficient in keeping operating costs low. +1

Trends

Current period		Compared to		+/-
MRQ	0.619	TTM	0.637	-0.018
TTM	0.637	YOY	0.652	-0.015
TTM	0.637	5Y	0.681	-0.044
5Y	0.681	10Y	0.758	-0.077

Measures how efficient Rexford Industrial Realty Inc is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Rexford Industrial Realty Inc is 61.9%. This means that Rexford Industrial Realty Inc earned $0.62 for each $1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Rexford Industrial Realty Inc

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(48,085 +79,024) \ 205,399 = 0.62

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

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1.3. Liquidity of Rexford Industrial Realty Inc.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Rexford Industrial Realty Inc is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to REIT - Industrial industry mean).
A Current Ratio of 0.62 means the company has $0.62 in assets for each $1 in short-term debts.

Let's take a look of the Current Ratio trends of Rexford Industrial Realty Inc:

The MRQ is 0.619. The company is unable to pay all its short-term debts. -2
The TTM is 0.969. The company is just not able to pay all its short-term debts. -1

Trends

Current period		Compared to		+/-
MRQ	0.619	TTM	0.969	-0.351
TTM	0.969	YOY	0.828	+0.141
TTM	0.969	5Y	1.717	-0.747
5Y	1.717	10Y	1.578	+0.139

Measures if Rexford Industrial Realty Inc is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to REIT - Industrial industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Rexford Industrial Realty Inc if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Rexford Industrial Realty Inc is 0.62. This means Rexford Industrial Realty Inc has $0.62 in assets for each $1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Rexford Industrial Realty Inc

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
217,168 \ 350,941) = 0.62

The current ratio measures if Rexford Industrial Realty Inc is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Rexford Industrial Realty Inc is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Rexford Industrial Realty Inc does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Rexford Industrial Realty Inc is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Rexford Industrial Realty Inc is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
A Quick Ratio of 0.62 means the company can pay off $0.62 for each $1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Rexford Industrial Realty Inc:

The MRQ is 0.619. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.939. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.619	TTM	0.939	-0.320
TTM	0.939	YOY	22.430	-21.491
TTM	0.939	5Y	7.617	-6.678
5Y	7.617	10Y	4.491	+3.126

Measures if Rexford Industrial Realty Inc is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Rexford Industrial Realty Inc can pay off its short term debts. This shows if Rexford Industrial Realty Inc can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Rexford Industrial Realty Inc is 0.62. This means that Rexford Industrial Realty Inc can pay off $0.62 for each $1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Rexford Industrial Realty Inc

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Rexford Industrial Realty Inc: (83,268 + 0 +133,900) / 350,941 = 0.62

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

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1.4. Solvency of Rexford Industrial Realty Inc.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Rexford Industrial Realty Inc assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Rexford Industrial Realty Inc to REIT - Industrial industry mean.
A Debt to Asset Ratio of 0.26 means that Rexford Industrial Realty Inc assets are financed with 25.8% credit (debt) and the remaining percentage (100% - 25.8%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Rexford Industrial Realty Inc:

The MRQ is 0.258. The company is very able to pay all its debts by selling its assets. +2
The TTM is 0.258. The company is very able to pay all its debts by selling its assets. +2

Trends

Current period		Compared to		+/-
MRQ	0.258	TTM	0.258	+0.000
TTM	0.258	YOY	0.258	+0.000
TTM	0.258	5Y	0.272	-0.014
5Y	0.272	10Y	0.323	-0.050

Measures how much % of Rexford Industrial Realty Inc assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Rexford Industrial Realty Inc than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Rexford Industrial Realty Inc to REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Rexford Industrial Realty Inc is 0.26. This means means that Rexford Industrial Realty Inc is financed with 25.8% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Rexford Industrial Realty Inc has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Rexford Industrial Realty Inc

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
2,734,160 \ 10,577,464 = 25.8% or 0.26.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Rexford Industrial Realty Inc is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
A Debt to Equity ratio of 36.6% means that company has $0.37 debt for each $1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Rexford Industrial Realty Inc:

The MRQ is 0.366. The company is very able to pay all its debts with equity. +2
The TTM is 0.367. The company is very able to pay all its debts with equity. +2

Trends

Current period		Compared to		+/-
MRQ	0.366	TTM	0.367	-0.001
TTM	0.367	YOY	0.369	-0.002
TTM	0.367	5Y	0.394	-0.028
5Y	0.394	10Y	0.515	-0.120

Measures if Rexford Industrial Realty Inc is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Rexford Industrial Realty Inc is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Rexford Industrial Realty Inc is 0.37. This means that Rexford Industrial Realty Inc can pay off $0.37 for each $1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Rexford Industrial Realty Inc

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
2,734,160 \ 7,472,057 = 0.37 or 36.6%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

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2. Market Valuation of Rexford Industrial Realty Inc

2.1. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every $1 in earnings Rexford Industrial Realty Inc generates.

Above 15 is considered overpriced but always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
A PE ratio of 44.17 means the investor is paying $44.17 for every $1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Rexford Industrial Realty Inc:

The EOD is 46.441. Based on the earnings, the company is overpriced. -1
The MRQ is 44.168. Based on the earnings, the company is overpriced. -1
The TTM is 55.706. Based on the earnings, the company is expensive. -2

Trends

Current period		Compared to		+/-
EOD	46.441	MRQ	44.168	+2.273
MRQ	44.168	TTM	55.706	-11.538
TTM	55.706	YOY	92.908	-37.202
TTM	55.706	5Y	125.548	-69.842
5Y	125.548	10Y	1,526.955	-1,401.407

Measures how much money you pay for each share for every $1 in earnings Rexford Industrial Realty Inc generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Rexford Industrial Realty Inc to the REIT - Industrial industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Rexford Industrial Realty Inc is 44.17. This means the investor is paying $44.17 for every $1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the REIT - Industrial industry is .
What is the trend?
The trend is important because it shows you how Rexford Industrial Realty Inc is performing over time. The most recent quarter might be important if Rexford Industrial Realty Inc released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Rexford Industrial Realty Inc up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Rexford Industrial Realty Inc

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
0 \ 205,448 = EPS
PE ratio MRQ = 44.17

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price To Free Cash Flow Ratio

Let's take a look of the Price To Free Cash Flow Ratio trends of Rexford Industrial Realty Inc:

The EOD is 81.228. Based on how much money comes from the company's main activities, the company is overpriced. -1
The MRQ is 77.252. Based on how much money comes from the company's main activities, the company is overpriced. -1
The TTM is 82.161. Based on how much money comes from the company's main activities, the company is overpriced. -1

Trends

Current period		Compared to		+/-
EOD	81.228	MRQ	77.252	+3.976
MRQ	77.252	TTM	82.161	-4.908
TTM	82.161	YOY	95.575	-13.414
TTM	82.161	5Y	118.730	-36.570
5Y	118.730	10Y	205.281	-86.551

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2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Rexford Industrial Realty Inc is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to REIT - Industrial industry mean).
A PB ratio of 1.33 means the investor is paying $1.33 for each $1 in book value.

Let's take a look of the Price to Book Ratio trends of Rexford Industrial Realty Inc:

The EOD is 1.397. Based on the equity, the company is underpriced. +1
The MRQ is 1.328. Based on the equity, the company is underpriced. +1
The TTM is 1.530. Based on the equity, the company is underpriced. +1

Trends

Current period		Compared to		+/-
EOD	1.397	MRQ	1.328	+0.068
MRQ	1.328	TTM	1.530	-0.202
TTM	1.530	YOY	2.514	-0.984
TTM	1.530	5Y	2.737	-1.207
5Y	2.737	10Y	4.063	-1.326

2. Total Gains per Share

3. Holders & Insider Transactions

Let's take a look at which institutions, funds and insiders are holding shares of Rexford Industrial Realty Inc.

3.1. Institutions holding Rexford Industrial Realty Inc

Institutions are holding 100.738% of the shares of Rexford Industrial Realty Inc.

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-09-30	Vanguard Group Inc	13.1437	0.0336	27745960	33239	0.1199
2023-06-30	BlackRock Inc	12.048	0.0366	25433049	1059123	4.3453
2023-09-30	T. Rowe Price Associates, Inc.	6.8069	0.1039	14369173	1116236	8.4226
2023-09-30	Principal Financial Group Inc	6.4327	0.4815	13579313	46811	0.3459
2023-09-30	State Street Corporation	5.2894	0.0308	11165785	290618	2.6723
2023-06-30	Amvescap Plc.	3.0144	0.0871	6363421	836636	15.1378
2023-06-30	Nuveen Asset Management, LLC	2.2051	0.0846	4654820	729043	18.5707
2023-09-30	CenterSquare Investment Management LLC	1.7673	2.3186	3730804	6096	0.1637
2023-06-30	JPMorgan Chase & Co	1.6818	0.0202	3550250	337096	10.4911
2023-06-30	Geode Capital Management, LLC	1.5738	0.0204	3322170	273073	8.9559
2023-09-30	Dimensional Fund Advisors, Inc.	1.4231	0.0486	3004115	132877	4.6279
2023-09-30	CBRE Investment Management Listed Real Assets LLC	1.3193	2.763	2784931	163248	6.2268
2023-09-30	Schroder Investment Management Group	1.2234	0.1896	2582529	12327	0.4796
2023-09-30	Wellington Management Company LLP	1.1899	0.0249	2511935	-1069008	-29.8527
2023-09-30	T. Rowe Price Investment Management,Inc.	1.1396	0.0839	2405701	5118	0.2132
2023-09-30	NFJ Investment Group, LLC	1.1193	3.3969	2362839	1393240	143.6924
2023-09-30	PGGM Investments	1.109	1.993	2341014	0	0
2023-06-30	Morgan Stanley - Brokerage Accounts	1.0996	0.012	2321146	-169428	-6.8028
2023-06-30	Charles Schwab Investment Management Inc	1.0781	0.0339	2275905	147512	6.9307
2023-09-30	Long Pond Capital, LP	1.0621	6.3172	2242123	850794	61.1497
Total		65.7265	18.0803	138746983	+6194651	+4.5%

3.2. Funds holding Rexford Industrial Realty Inc

Date	Name	Total Shares	Total Assets	Current Shares	Change	%
2023-10-31	Vanguard Real Estate Index Investor	3.9229	0.6605	8281059	-58234	-0.6983
2023-10-31	iShares Core S&P Mid-Cap ETF	3.021	0.4181	6377198	2282	0.0358
2023-10-31	Vanguard Total Stock Mkt Idx Inv	2.8165	0.0202	5945602	10115	0.1704
2023-10-31	Vanguard Small Cap Index	2.3182	0.1888	4893554	10384	0.2126
2023-10-31	Principal Real Estate Securities R5	1.7145	3.0375	3619276	0	0
2023-10-31	Vanguard Institutional Extnd Mkt Idx Tr	1.3892	0.1578	2932528	49414	1.7139
2023-09-30	T. Rowe Price US Mid-Cap Value Equity	1.3385	1.1103	2825518	-96000	-3.286
2023-09-30	T. Rowe Price Mid-Cap Value	1.3385	1.1114	2825518	-96000	-3.286
2023-10-31	Vanguard Small Cap Growth Index Inv	1.2954	0.4393	2734492	4873	0.1785
2023-09-30	T. Rowe Price US Dividend Growth Eq Comp	1.0516	0.5158	2219901	0	0
2023-09-30	T. Rowe Price Dividend Growth	1.0516	0.5161	2219901	0	0
2023-03-17	Daiwa US-REIT Open Mother Fund	1.0387	2.4731	2192737	506747	30.0563
2023-03-06	AMOne Shinko US-REIT Open	1.0337	4.0773	2182122	151801	7.4767
2023-09-30	T. Rowe Price Real Assets Tr I-Z	0.941	0.9658	1986389	604308	43.7245
2023-09-30	TIAA-CREF Real Estate Sec Instl	0.9001	3.5141	1900000	0	0
2023-09-30	T. Rowe Price Real Assets	0.8113	0.9674	1712551	497467	40.941
2023-09-30	SPDR® S&P MIDCAP 400 ETF Trust	0.8013	0.451	1691613	7936	0.4713
2023-07-31	UWS Schroder Global Prpty Sec B	0.7858	5.1435	1658898	31169	1.9149
2023-09-30	Vanguard Explorer Inv	0.7275	0.3915	1535730	123853	8.7722
2023-09-30	T. Rowe Price U.S. Mid-Cap Val Eq Tr-Z	0.6564	1.1112	1385672	5400	0.3912
Total		28.9537	27.2707	61120259	+1755515	+2.9%

3.3. Insider Transactions

Insiders are holding 0.286% of the shares of Rexford Industrial Realty Inc.

Date	Owner	Type	Amount	Price
2023-07-28	Laura E Clark	SELL	7410	54.48
2023-04-28	Howard Schwimmer	SELL	35505	55.94
2023-03-14	David E. Lanzer	SELL	16778	58.16

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4. Summary

4.1. Key Performance Indicators

The key performance indicators of Rexford Industrial Realty Inc compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	1.367	1.536	-11%	2.391	-43%	1.435	-5%	0.887	+54%
Book Value Per Share	-	-	37.155	35.386	+5%	27.065	+37%	21.011	+77%	12.639	+194%
Current Ratio	-	-	0.619	0.969	-36%	0.828	-25%	1.717	-64%	1.578	-61%
Debt To Asset Ratio	-	-	0.258	0.258	+0%	0.258	+0%	0.272	-5%	0.323	-20%
Debt To Equity Ratio	-	-	0.366	0.367	0%	0.369	-1%	0.394	-7%	0.515	-29%
Dividend Per Share	-	-	0.391	0.347	+13%	0.238	+64%	0.197	+98%	0.120	+226%
Eps	-	-	0.279	0.248	+13%	0.179	+56%	0.133	+110%	0.076	+266%
Free Cash Flow Per Share	-	-	0.160	0.197	-19%	0.227	-30%	0.158	+1%	0.095	+69%
Free Cash Flow To Equity Per Share	-	-	1.179	1.777	-34%	2.927	-60%	1.678	-30%	1.082	+9%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	1.000	0%
Intrinsic Value_10Y_max	-	-	8.857	-	-	-	-	-	-	-	-
Intrinsic Value_10Y_min	-	-	-1.007	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_max	-	-	0.779	-	-	-	-	-	-	-	-
Intrinsic Value_1Y_min	-	-	0.299	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_max	-	-	2.424	-	-	-	-	-	-	-	-
Intrinsic Value_3Y_min	-	-	0.558	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_max	-	-	4.168	-	-	-	-	-	-	-	-
Intrinsic Value_5Y_min	-	-	0.440	-	-	-	-	-	-	-	-
Market Cap	10953822914.880	+5%	10417636555.200	11391849173.280	-9%	14000480251.920	-26%	10743781407.840	-3%	7572154651.536	+38%
Net Profit Margin	-	-	0.287	0.298	-4%	0.245	+17%	0.256	+12%	0.191	+51%
Operating Margin	-	-	0.414	0.369	+12%	0.345	+20%	0.319	+30%	0.243	+70%
Operating Ratio	-	-	0.619	0.637	-3%	0.652	-5%	0.681	-9%	0.758	-18%
Pb Ratio	1.397	+5%	1.328	1.530	-13%	2.514	-47%	2.737	-51%	4.063	-67%
Pe Ratio	46.441	+5%	44.168	55.706	-21%	92.908	-52%	125.548	-65%	1526.955	-97%
Price Per Share	51.890	+5%	49.350	53.965	-9%	66.323	-26%	50.895	-3%	35.871	+38%
Price To Free Cash Flow Ratio	81.228	+5%	77.252	82.161	-6%	95.575	-19%	118.730	-35%	205.281	-62%
Price To Total Gains Ratio	29.527	+5%	28.082	52.958	-47%	27.675	+1%	52.878	-47%	73.260	-62%
Quick Ratio	-	-	0.619	0.939	-34%	22.430	-97%	7.617	-92%	4.491	-86%
Return On Assets	-	-	0.006	0.006	-1%	0.005	+19%	0.005	+12%	0.004	+45%
Return On Equity	-	-	0.008	0.008	-1%	0.007	+18%	0.007	+10%	0.006	+36%
Total Gains Per Share	-	-	1.757	1.883	-7%	2.628	-33%	1.632	+8%	1.007	+75%
Usd Book Value	-	-	7843304000.000	7469942500.000	+5%	5713368250.000	+37%	4435349900.000	+77%	2668035475.000	+194%
Usd Book Value Change Per Share	-	-	1.367	1.536	-11%	2.391	-43%	1.435	-5%	0.887	+54%
Usd Book Value Per Share	-	-	37.155	35.386	+5%	27.065	+37%	21.011	+77%	12.639	+194%
Usd Dividend Per Share	-	-	0.391	0.347	+13%	0.238	+64%	0.197	+98%	0.120	+226%
Usd Eps	-	-	0.279	0.248	+13%	0.179	+56%	0.133	+110%	0.076	+266%
Usd Free Cash Flow	-	-	33713000.000	41558250.000	-19%	47829000.000	-30%	33381750.000	+1%	19982875.000	+69%
Usd Free Cash Flow Per Share	-	-	0.160	0.197	-19%	0.227	-30%	0.158	+1%	0.095	+69%
Usd Free Cash Flow To Equity Per Share	-	-	1.179	1.777	-34%	2.927	-60%	1.678	-30%	1.082	+9%
Usd Market Cap	10953822914.880	+5%	10417636555.200	11391849173.280	-9%	14000480251.920	-26%	10743781407.840	-3%	7572154651.536	+38%
Usd Price Per Share	51.890	+5%	49.350	53.965	-9%	66.323	-26%	50.895	-3%	35.871	+38%
Usd Profit	-	-	58966000.000	57225750.000	+3%	35262250.000	+67%	30713900.000	+92%	17832125.000	+231%
Usd Revenue	-	-	205399000.000	191497000.000	+7%	146332250.000	+40%	116259950.000	+77%	73533775.000	+179%
Usd Total Gains Per Share	-	-	1.757	1.883	-7%	2.628	-33%	1.632	+8%	1.007	+75%
	EOD	+4 -4	MRQ	TTM	+16 -19	YOY	+20 -15	5Y	+25 -10	10Y	+31 -4

4.2. Fundamental Score

Let's check the fundamental score of Rexford Industrial Realty Inc based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	46.441
Price to Book Ratio (EOD)	Between	0-1	1.397
Net Profit Margin (MRQ)	Greater than	0	0.287
Operating Margin (MRQ)	Greater than	0	0.414
Quick Ratio (MRQ)	Greater than	1	0.619
Current Ratio (MRQ)	Greater than	1	0.619
Debt to Asset Ratio (MRQ)	Less than	1	0.258
Debt to Equity Ratio (MRQ)	Less than	1	0.366
Return on Equity (MRQ)	Greater than	0.15	0.008
Return on Assets (MRQ)	Greater than	0.05	0.006
Total			4/10 (40.0%)

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4.3. Technical Score

Let's check the technical score of Rexford Industrial Realty Inc based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	69.536
Ma 20	Greater than	Ma 50	47.925
Ma 50	Greater than	Ma 100	46.951
Ma 100	Greater than	Ma 200	49.955
Open	Greater than	Close	52.040
Total			3/5 (60.0%)

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Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2022-09-30		2022-12-31		2023-03-31		2023-06-30		2023-09-30
Other Assets		8,224,151	353,429	8,577,580	1,132,627	9,710,207	-253,816	9,456,391	-9,673,559	-217,168

Latest Balance Sheet

Balance Sheet of 2023-09-30. Currency in USD. All numbers in thousands.

Summary

Total Assets	10,577,464
Total Liabilities	2,734,160
Total Stockholder Equity	7,472,057

	As reported
Total Liabilities	2,734,160
Total Stockholder Equity	+ 7,472,057
Total Assets	= 10,577,464

Assets

Total Assets	10,577,464
Total Current Assets	217,168
Long-term Assets	217,168

Total Current Assets

Total Current Assets (as reported)	217,168
Cash And Cash Equivalents	83,268
Net Receivables	133,900
Total Current Assets (calculated)	217,168
+/-	0

Long-term Assets

Long-term Assets (as reported)	10,360,296
Property Plant Equipment	188
Intangible Assets	159,192
Long-term Assets Other	10,200,916
Long-term Assets (calculated)	10,360,296
+/-	0

Liabilities & Shareholders' Equity

Total Current Liabilities	350,941
Long-term Liabilities	2,383,219
Total Stockholder Equity	7,472,057

Total Current Liabilities

Total Current Liabilities (as reported)	350,941
Short-term Debt	2,383,219
Accounts payable	155,103
Other Current Liabilities	-2,301,796
Total Current Liabilities (calculated)	236,526
+/-	114,415

Long-term Liabilities

Long-term Liabilities (as reported)	2,383,219
Long term Debt	2,227,637
Long-term Liabilities Other	155,582
Long-term Liabilities (calculated)	2,383,219
+/-	0

Total Stockholder Equity

Total Stockholder Equity (as reported)	7,472,057
Common Stock	2,065
Retained Earnings	293,652
Accumulated Other Comprehensive Income	21,142
Other Stockholders Equity	6,999,522
Total Stockholder Equity (calculated)	7,316,381
+/-	155,676

Other

Capital Stock	157,741
Cash and Short Term Investments	83,268
Common Stock Shares Outstanding	205,448
Current Deferred Revenue	114,415
Liabilities and Stockholders Equity	10,577,464
Net Debt	2,144,369
Net Invested Capital	9,544,018
Net Working Capital	-133,773
Short Long Term Debt Total	2,227,637

Balance Sheet

Currency in USD. All numbers in thousands.

Trend

2023-09-30

2023-06-30

2023-03-31

2022-12-31

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-09-30

2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

> Total Assets

0
0
0
420,496
420,390
452,391
489,062
554,675
571,615
725,822
848,228
932,778
1,018,046
1,037,528
1,075,242
1,153,251
1,176,140
1,412,514
1,504,184
1,515,008
1,529,953
1,705,252
2,003,001
2,111,373
2,165,864
2,612,379
2,668,838
2,787,685
3,037,116
3,265,341
3,502,394
3,638,622
3,872,431
4,155,034
4,170,242
4,951,174
5,069,899
5,265,726
6,223,757
6,781,165
7,264,072
7,878,938
8,898,697
9,259,283
10,239,145
10,225,493
10,577,464

10,577,464

10,225,493

10,239,145

9,259,283

8,898,697

7,878,938

7,264,072

6,781,165

6,223,757

5,265,726

5,069,899

4,951,174

4,170,242

4,155,034

3,872,431

3,638,622

3,502,394

3,265,341

3,037,116

2,787,685

2,668,838

2,612,379

2,165,864

2,111,373

2,003,001

1,705,252

1,529,953

1,515,008

1,504,184

1,412,514

1,176,140

1,153,251

1,075,242

1,037,528

1,018,046

932,778

848,228

725,822

571,615

554,675

489,062

452,391

420,390

420,496

> Total Current Assets

0
0
0
72,930
73,915
39,717
23,900
36,158
26,452
29,917
80,144
30,679
68,338
32,802
15,563
16,068
18,411
60,151
75,026
36,081
40,517
31,640
31,962
41,271
53,755
187,656
211,041
208,698
316,288
216,955
242,383
128,943
155,572
360,394
335,942
241,536
186,885
136,946
135,403
132,194
146,081
138,198
139,800
141,782
382,307
262,300
217,168

217,168

262,300

382,307

141,782

139,800

138,198

146,081

132,194

135,403

136,946

186,885

241,536

335,942

360,394

155,572

128,943

242,383

216,955

316,288

208,698

211,041

187,656

53,755

41,271

31,962

31,640

40,517

36,081

75,026

60,151

18,411

16,068

15,563

32,802

68,338

30,679

80,144

29,917

26,452

36,158

23,900

39,717

73,915

72,930

Cash And Cash Equivalents

0
0
0
43,499
47,446
24,951
4,399
8,997
6,344
9,272
60,541
8,606
47,541
9,988
5,083
5,201
6,402
29,177
55,263
15,525
11,676
13,118
12,918
6,620
15,625
162,704
183,904
180,601
276,575
172,209
197,508
78,857
112,432
254,373
243,619
176,293
123,933
64,219
60,154
43,987
48,844
34,317
37,141
36,786
253,618
136,282
83,268

83,268

136,282

253,618

36,786

37,141

34,317

48,844

43,987

60,154

64,219

123,933

176,293

243,619

254,373

112,432

78,857

197,508

172,209

276,575

180,601

183,904

162,704

15,625

6,620

12,918

13,118

11,676

15,525

55,263

29,177

6,402

5,201

5,083

9,988

47,541

8,606

60,541

9,272

6,344

8,997

4,399

24,951

47,446

43,499

Short-term Investments

0
0
0
1,882
2,086
2,026
298
325
352
379
307
0
0
0
0
0
0
17,979
0
0
6,537
0
0
250
4,211
0
0
0
0
0
0
0
0
0
0
0
0
0
6,355,584
6,931,072
7,406,263
0
0
0
0
0
0

7,406,263

6,931,072

6,355,584

4,211

250

6,537

17,979

307

379

352

325

298

2,026

2,086

1,882

Net Receivables

0
0
0
16,264
12,376
12,530
17,768
17,710
18,206
18,816
19,296
19,963
20,547
21,414
9,230
10,867
11,609
12,595
19,363
20,556
21,804
16,272
17,969
19,490
21,094
23,352
25,812
27,172
28,838
29,076
31,878
35,560
37,198
42,342
46,311
51,101
52,830
58,161
65,589
72,538
78,962
85,406
94,459
103,371
108,825
117,318
133,900

133,900

117,318

108,825

103,371

94,459

85,406

78,962

72,538

65,589

58,161

52,830

51,101

46,311

42,342

37,198

35,560

31,878

29,076

28,838

27,172

25,812

23,352

21,094

19,490

17,969

16,272

21,804

20,556

19,363

12,595

11,609

10,867

9,230

21,414

20,547

19,963

19,296

18,816

18,206

17,710

17,768

12,530

12,376

16,264

Other Current Assets

0
0
0
12,907
11,610
2,026
298
7,941
352
379
307
2,110
0
0
0
0
0
17,979
0
0
6,537
2,250
1,075
12,686
12,511
1,600
1,325
925
10,875
11,055
4,582
14,526
46
63,679
46,012
14,142
10,122
14,566
9,660
15,669
18,275
18,475
20,765
0
0
0
0

20,765

18,475

18,275

15,669

9,660

14,566

10,122

14,142

46,012

63,679

14,526

4,582

11,055

10,875

925

1,325

1,600

12,511

12,686

1,075

2,250

6,537

17,979

2,110

307

379

352

7,941

298

2,026

11,610

12,907

> Long-term Assets

0
0
0
347,566
346,475
412,674
465,162
518,517
545,163
695,905
768,084
902,099
949,708
1,004,726
1,059,679
1,137,183
1,157,729
1,352,363
1,429,158
1,478,927
1,489,436
1,673,612
1,971,039
2,070,102
2,112,109
2,424,723
2,457,797
2,578,987
2,720,828
3,048,386
3,260,011
3,509,679
3,716,859
3,794,640
3,834,300
4,709,638
4,883,014
5,128,780
6,088,354
6,648,971
7,117,991
7,740,740
8,758,897
9,117,501
9,856,838
9,963,193
10,360,296

10,360,296

9,963,193

9,856,838

9,117,501

8,758,897

7,740,740

7,117,991

6,648,971

6,088,354

5,128,780

4,883,014

4,709,638

3,834,300

3,794,640

3,716,859

3,509,679

3,260,011

3,048,386

2,720,828

2,578,987

2,457,797

2,424,723

2,112,109

2,070,102

1,971,039

1,673,612

1,489,436

1,478,927

1,429,158

1,352,363

1,157,729

1,137,183

1,059,679

1,004,726

949,708

902,099

768,084

695,905

545,163

518,517

465,162

412,674

346,475

347,566

Property Plant Equipment

0
0
0
0
0
385,691
438,761
487,842
512,573
653,794
722,689
853,578
902,747
0
1,010,384
1,085,143
1,106,635
1,291,834
1,371,268
1,416,989
1,427,998
1,603,895
1,892,000
1,988,424
2,029,950
2,327,040
2,362,967
2,487,341
2,625,777
2,948,222
3,158,183
3,401,613
3,602,596
3,678,447
3,723,597
4,572,532
4,734,900
4,986,395
5,903,565
6,457,690
6,901,067
7,508,432
8,489,453
8,856,055
9,609,372
9,712,136
188

188

9,712,136

9,609,372

8,856,055

8,489,453

7,508,432

6,901,067

6,457,690

5,903,565

4,986,395

4,734,900

4,572,532

3,723,597

3,678,447

3,602,596

3,401,613

3,158,183

2,948,222

2,625,777

2,487,341

2,362,967

2,327,040

2,029,950

1,988,424

1,892,000

1,603,895

1,427,998

1,416,989

1,371,268

1,291,834

1,106,635

1,085,143

1,010,384

902,747

853,578

722,689

653,794

512,573

487,842

438,761

385,691

Long Term Investments

0
0
0
0
0
11,486
8,982
13,303
5,778
5,758
5,744
4,018
4,013
0
4,056
4,087
4,144
4,203
0
5,594
5,657
4,399
4,752
7,193
11,294
13,036
13,851
8,770
5,896
1,414
374
766
0
0
0
0
0
0
0
0
0
0
12,565
11,422
6,947
19,869
0

19,869

6,947

11,422

12,565

766

374

1,414

5,896

8,770

13,851

13,036

11,294

7,193

4,752

4,399

5,657

5,594

4,203

4,144

4,087

4,056

4,013

4,018

5,744

5,758

5,778

13,303

8,982

11,486

Intangible Assets

0
0
0
249
186
1,614
1,888
6,868
18,445
27,923
28,829
33,407
31,775
33,851
33,109
35,654
34,073
43,060
43,308
41,535
38,206
46,243
54,303
54,395
51,032
62,210
58,558
60,839
61,278
66,820
72,266
78,246
81,294
76,669
72,460
97,328
92,743
94,716
130,853
137,314
158,821
169,920
181,069
175,142
166,495
153,146
159,192

159,192

153,146

166,495

175,142

181,069

169,920

158,821

137,314

130,853

94,716

92,743

97,328

72,460

76,669

81,294

78,246

72,266

66,820

61,278

60,839

58,558

62,210

51,032

54,395

54,303

46,243

38,206

41,535

43,308

43,060

34,073

35,654

33,109

33,851

31,775

33,407

28,829

27,923

18,445

6,868

1,888

1,614

186

249

Other Assets

0
0
0
358,851
358,482
412,884
466,597
527,643
546,713
697,355
768,084
904,209
949,958
1,006,126
1,060,929
1,137,183
1,158,129
1,352,763
1,429,558
1,478,927
1,489,936
1,675,862
1,972,114
2,085,013
19,833
22,437
22,421
22,037
21,377
12,059
25,488
25,554
28,669
35,124
34,143
4,672,501
50,071
5,193,279
6,153,740
53,967
6,977,445
7,232,241
8,224,151
8,577,580
9,710,207
9,456,391
-217,168

-217,168

9,456,391

9,710,207

8,577,580

8,224,151

7,232,241

6,977,445

53,967

6,153,740

5,193,279

50,071

4,672,501

34,143

35,124

28,669

25,554

25,488

12,059

21,377

22,037

22,421

22,437

19,833

2,085,013

1,972,114

1,675,862

1,489,936

1,478,927

1,429,558

1,352,763

1,158,129

1,137,183

1,060,929

1,006,126

949,958

904,209

768,084

697,355

546,713

527,643

466,597

412,884

358,482

358,851

> Total Liabilities

0
0
0
324,248
325,483
358,996
133,460
212,906
231,620
389,621
295,799
386,901
304,184
330,012
376,322
459,507
489,639
549,730
558,626
552,868
567,811
620,274
741,798
746,119
737,543
872,546
883,444
879,262
899,280
900,732
1,015,851
1,016,173
1,093,753
1,089,295
1,100,022
1,420,582
1,421,681
1,432,954
1,696,081
1,713,470
1,876,312
2,027,240
2,352,377
2,335,941
2,680,835
2,670,679
2,734,160

2,734,160

2,670,679

2,680,835

2,335,941

2,352,377

2,027,240

1,876,312

1,713,470

1,696,081

1,432,954

1,421,681

1,420,582

1,100,022

1,089,295

1,093,753

1,016,173

1,015,851

900,732

899,280

879,262

883,444

872,546

737,543

746,119

741,798

620,274

567,811

552,868

558,626

549,730

489,639

459,507

376,322

330,012

304,184

386,901

295,799

389,621

231,620

212,906

133,460

358,996

325,483

324,248

> Total Current Liabilities

0
0
0
11,440
8,173
3,186
5,661
19,255
17,149
17,771
24,067
18,011
28,461
28,140
33,848
34,822
37,373
37,225
46,538
41,509
48,109
46,865
58,657
58,892
60,343
61,543
73,937
66,813
84,726
79,300
91,285
90,503
103,347
98,584
111,397
119,586
121,292
135,593
187,783
179,406
153,845
152,703
193,688
180,241
233,945
313,014
350,941

350,941

313,014

233,945

180,241

193,688

152,703

153,845

179,406

187,783

135,593

121,292

119,586

111,397

98,584

103,347

90,503

91,285

79,300

84,726

66,813

73,937

61,543

60,343

58,892

58,657

46,865

48,109

41,509

46,538

37,225

37,373

34,822

33,848

28,140

28,461

18,011

24,067

17,771

17,149

19,255

5,661

3,186

8,173

11,440

Short-term Debt

0
0
0
39
32
65
535
1,160
1,553
1,977
1,921
3,016
2,903
2,579
2,700
3,387
3,307
4,346
5,722
9,130
8,653
10,785
18,147
18,067
17,783
53,939
52,289
52,727
52,426
55,084
56,151
59,340
63,914
61,108
61,148
1,283,416
1,286,308
1,284,667
1,498,093
1,526,582
1,659,554
1,810,101
2,088,933
2,083,765
2,369,026
2,357,665
2,383,219

2,383,219

2,357,665

2,369,026

2,083,765

2,088,933

1,810,101

1,659,554

1,526,582

1,498,093

1,284,667

1,286,308

1,283,416

61,148

61,108

63,914

59,340

56,151

55,084

52,426

52,727

52,289

53,939

17,783

18,067

18,147

10,785

8,653

9,130

5,722

4,346

3,307

3,387

2,700

2,579

2,903

3,016

1,921

1,977

1,553

1,160

535

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
357,764
0
0
0
421,298
0
17,136
18,891
502,229
20,096
21,925
664,994
669,160
659,417
757,064
0
0
772
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0

772

757,064

659,417

669,160

664,994

21,925

20,096

502,229

18,891

17,136

421,298

357,764

Accounts payable

0
0
0
2,627
3,066
2,518
4,602
6,024
6,345
6,281
9,620
11,304
11,566
9,257
13,886
12,631
14,897
10,877
18,433
13,585
18,005
14,298
22,190
21,134
21,441
19,683
30,411
21,074
33,728
26,065
34,669
31,112
39,000
33,731
45,212
45,384
41,871
49,699
77,968
65,833
85,465
81,742
113,770
97,496
110,272
109,881
155,103

155,103

109,881

110,272

97,496

113,770

81,742

85,465

65,833

77,968

49,699

41,871

45,384

45,212

33,731

39,000

31,112

34,669

26,065

33,728

21,074

30,411

19,683

21,441

21,134

22,190

14,298

18,005

13,585

18,433

10,877

14,897

12,631

13,886

9,257

11,566

11,304

9,620

6,281

6,345

6,024

4,602

2,518

3,066

2,627

Other Current Liabilities

0
0
0
8,419
4,667
65
535
4,468
1,513
1,098
3,270
2,228
3,736
4,076
4,804
4,419
4,507
4,866
3,492
152
1,355
-143
-6,567
-6,097
-4,357
-38,987
-37,075
-36,789
-32,652
-34,261
-34,982
-37,716
-37,983
-33,576
-33,616
-1,253,476
-1,252,495
-1,249,986
-1,460,123
-1,486,208
-1,605,439
-1,753,801
-2,029,007
-2,021,732
-2,289,656
-2,278,295
-2,301,796

-2,301,796

-2,278,295

-2,289,656

-2,021,732

-2,029,007

-1,753,801

-1,605,439

-1,486,208

-1,460,123

-1,249,986

-1,252,495

-1,253,476

-33,616

-33,576

-37,983

-37,716

-34,982

-34,261

-32,652

-36,789

-37,075

-38,987

-4,357

-6,097

-6,567

-143

1,355

152

3,492

4,866

4,507

4,419

4,804

4,076

3,736

2,228

3,270

1,098

1,513

4,468

535

4,667

8,419

> Long-term Liabilities

0
0
0
312,808
317,310
355,810
127,799
193,651
214,471
371,850
271,732
368,890
275,723
301,872
342,474
424,685
452,266
512,505
512,088
511,359
519,702
573,409
683,141
687,227
677,200
811,003
809,507
812,449
814,554
821,432
924,566
925,670
990,406
990,711
988,625
1,300,996
1,300,389
1,297,361
1,508,298
1,534,064
1,722,467
1,874,537
2,158,689
2,155,700
2,446,890
2,357,665
2,383,219

2,383,219

2,357,665

2,446,890

2,155,700

2,158,689

1,874,537

1,722,467

1,534,064

1,508,298

1,297,361

1,300,389

1,300,996

988,625

990,711

990,406

925,670

924,566

821,432

814,554

812,449

809,507

811,003

677,200

687,227

683,141

573,409

519,702

511,359

512,088

512,505

452,266

424,685

342,474

301,872

275,723

368,890

271,732

371,850

214,471

193,651

127,799

355,810

317,310

312,808

Long term Debt Total

0
0
0
0
0
351,187
122,857
192,491
212,918
369,873
269,811
357,106
272,820
0
339,774
421,298
448,959
508,159
506,366
502,229
511,049
562,624
664,994
669,160
659,417
757,064
757,218
759,722
762,128
766,348
868,415
866,330
926,492
929,603
927,477
1,233,740
1,233,506
1,231,715
1,396,854
1,407,047
1,525,491
1,660,521
1,934,082
1,936,381
2,231,522
2,227,154
0

2,227,154

2,231,522

1,936,381

1,934,082

1,660,521

1,525,491

1,407,047

1,396,854

1,231,715

1,233,506

1,233,740

927,477

929,603

926,492

866,330

868,415

766,348

762,128

759,722

757,218

757,064

659,417

669,160

664,994

562,624

511,049

502,229

506,366

508,159

448,959

421,298

339,774

272,820

357,106

269,811

369,873

212,918

192,491

122,857

351,187

Other Liabilities

0
0
0
12,630
9,299
5,291
6,001
9,023
9,291
10,392
11,177
13,247
16,438
17,767
19,874
20,916
22,918
29,033
30,551
29,817
30,105
33,804
43,819
44,317
23,323
60,313
58,713
59,266
59,254
87,496
91,598
97,107
102,330
98,429
99,801
111,518
112,491
116,859
183,289
200,216
211,241
228,677
244,599
0
0
0
0

244,599

228,677

211,241

200,216

183,289

116,859

112,491

111,518

99,801

98,429

102,330

97,107

91,598

87,496

59,254

59,266

58,713

60,313

23,323

44,317

43,819

33,804

30,105

29,817

30,551

29,033

22,918

20,916

19,874

17,767

16,438

13,247

11,177

10,392

9,291

9,023

6,001

5,291

9,299

12,630

Deferred Long Term Liability

0
0
0
0
0
0
0
0
0
0
0
5,653
0
0
0
6,776
0
0
0
9,519
0
0
0
13,944
13,872
14,221
14,913
15,314
15,297
17,726
18,410
19,383
22,252
22,868
24,261
25,388
28,099
33,728
35,723
34,901
35,432
42,875
47,942
0
0
0
0

47,942

42,875

35,432

34,901

35,723

33,728

28,099

25,388

24,261

22,868

22,252

19,383

18,410

17,726

15,297

15,314

14,913

14,221

13,872

13,944

9,519

6,776

5,653

> Total Stockholder Equity

0
0
0
-12,691
-13,303
-15,624
309,450
306,198
304,873
301,512
522,263
519,748
688,366
683,584
676,495
672,139
664,708
840,587
923,261
939,315
938,856
1,060,865
1,236,839
1,340,046
1,400,681
1,710,479
1,754,557
1,876,094
2,103,896
2,301,881
2,422,074
2,556,177
2,612,970
2,893,658
2,895,967
3,245,141
3,359,515
3,548,157
4,240,046
4,784,579
5,088,528
5,494,644
6,184,443
6,556,938
7,186,789
7,187,302
7,472,057

7,472,057

7,187,302

7,186,789

6,556,938

6,184,443

5,494,644

5,088,528

4,784,579

4,240,046

3,548,157

3,359,515

3,245,141

2,895,967

2,893,658

2,612,970

2,556,177

2,422,074

2,301,881

2,103,896

1,876,094

1,754,557

1,710,479

1,400,681

1,340,046

1,236,839

1,060,865

938,856

939,315

923,261

840,587

664,708

672,139

676,495

683,584

688,366

519,748

522,263

301,512

304,873

306,198

309,450

-15,624

-13,303

-12,691

Common Stock

0
0
0
11,962
11,968
11,968
257
255
255
255
431
434
549
550
552
553
554
657
658
662
664
708
773
782
804
908
924
966
1,038
1,095
1,106
1,136
1,162
1,236
1,236
1,313
1,338
1,377
1,514
1,605
1,650
1,711
1,826
1,891
2,008
2,010
2,065

2,065

2,010

2,008

1,891

1,826

1,711

1,650

1,605

1,514

1,377

1,338

1,313

1,236

1,162

1,136

1,106

1,095

1,038

966

924

908

804

782

773

708

664

662

658

657

554

553

552

550

549

434

431

255

257

11,968

11,962

Retained Earnings Total Equity

0
0
0
0
0
0
256
-5,993
-7,782
-10,784
-16,574
-21,673
-28,235
707,516
-41,613
-48,103
-54,192
-50,733
-56,651
-59,277
-64,682
-56,992
-67,578
-67,058
-67,622
-76,926
-85,358
-88,341
-99,715
-107,056
-117,711
-118,751
-132,843
-147,907
-148,492
-163,389
-170,487
-182,851
-187,510
-191,120
-198,999
-216,588
-237,135
-255,743
-273,849
-298,367
0

-298,367

-273,849

-255,743

-237,135

-216,588

-198,999

-191,120

-187,510

-182,851

-170,487

-163,389

-148,492

-147,907

-132,843

-118,751

-117,711

-107,056

-99,715

-88,341

-85,358

-76,926

-67,622

-67,058

-67,578

-56,992

-64,682

-59,277

-56,651

-50,733

-54,192

-48,103

-41,613

707,516

-28,235

-21,673

-16,574

-10,784

-7,782

-5,993

256

Accumulated Other Comprehensive Income

0
0
0
0
0
0
355,602
341,769
269
-410
158
-1,331
-3,147
-2,847
-4,546
-3,033
-4,728
-7,328
-5,764
3,445
4,176
3,216
3,870
6,799
11,014
12,753
13,558
6,262
1,261
-7,101
-10,132
-7,542
-21,950
-22,214
-20,231
-17,709
-13,996
-12,319
-13,234
-9,874
-3,674
-2,974
9,223
8,247
3,117
16,525
21,142

21,142

16,525

3,117

8,247

9,223

-2,974

-3,674

-9,874

-13,234

-12,319

-13,996

-17,709

-20,231

-22,214

-21,950

-7,542

-10,132

-7,101

1,261

6,262

13,558

12,753

11,014

6,799

3,870

3,216

4,176

3,445

-5,764

-7,328

-4,728

-3,033

-4,546

-2,847

-3,147

-1,331

158

-410

269

341,769

355,602

Capital Surplus

0
0
0
0
0
0
308,937
311,936
312,131
312,451
538,248
542,318
719,199
0
722,102
722,722
723,074
897,991
898,354
907,834
912,047
1,027,282
1,213,123
1,239,810
1,297,391
1,614,650
1,666,339
1,798,113
2,042,218
2,255,849
2,306,282
2,439,007
2,524,274
2,820,216
2,821,127
3,182,599
3,300,333
3,499,623
4,283,600
4,828,292
5,133,875
5,556,819
6,254,853
6,646,867
7,299,837
7,311,458
0

7,311,458

7,299,837

6,646,867

6,254,853

5,556,819

5,133,875

4,828,292

4,283,600

3,499,623

3,300,333

3,182,599

2,821,127

2,820,216

2,524,274

2,439,007

2,306,282

2,255,849

2,042,218

1,798,113

1,666,339

1,614,650

1,297,391

1,239,810

1,213,123

1,027,282

912,047

907,834

898,354

897,991

723,074

722,722

722,102

719,199

542,318

538,248

312,451

312,131

311,936

308,937

Treasury Stock

-698,920

-707,516

-713,862

-545,877

-552,429

-336,201

-339,995

-341,769

-355,602

Other Stockholders Equity

0
0
0
0
0
93,395
308,937
311,936
312,400
312,041
521,674
520,645
690,964
685,881
680,489
674,619
668,882
847,258
841,939
849,002
847,541
970,506
1,145,415
1,172,551
1,218,755
1,537,477
1,580,539
1,710,034
1,942,764
2,148,692
2,188,439
2,320,714
2,391,481
2,672,309
2,672,635
3,019,210
3,129,846
3,316,772
4,096,090
4,637,172
4,845,280
5,304,138
5,944,860
6,233,643
6,810,635
7,085,534
6,999,522

6,999,522

7,085,534

6,810,635

6,233,643

5,944,860

5,304,138

4,845,280

4,637,172

4,096,090

3,316,772

3,129,846

3,019,210

2,672,635

2,672,309

2,391,481

2,320,714

2,188,439

2,148,692

1,942,764

1,710,034

1,580,539

1,537,477

1,218,755

1,172,551

1,145,415

970,506

847,541

849,002

841,939

847,258

668,882

674,619

680,489

685,881

690,964

520,645

521,674

312,041

312,400

311,936

308,937

93,395

Balance Sheet

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Accounts Payable	97,496	65,833	45,384	31,112	21,074	21,134	13,585	12,631	11,304	6,024	2,627	1,756
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	8,247	-9,874	-17,709	-7,542	6,262	6,799	3,445	-3,033	-1,331	341,769	0	0
Additional Paid In Capital	0	0	0	0	0	1,239,810	907,834	0	545,877	341,769	0	0
Capital Lease Obligations	0	127,017	67,256	59,340	52,727	18,067	9,130	0	0	0	0	0
Capital Stock	157,567	157,281	243,640	243,463	160,060	0	0	0	0	0	0	0
Capital Surpluse	6,646,867	4,828,292	3,182,599	2,439,007	1,798,113	1,239,810	907,834	722,722	542,318	311,936	0	0
Cash	36,786	43,987	176,293	78,857	180,601	6,620	15,525	5,201	8,606	8,997	43,499	20,928
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	36,786	43,987	176,293	78,857	180,601	6,620	15,525	5,201	8,606	8,997	43,499	20,928
Common Stock	1,891	1,605	1,313	1,136	966	782	662	553	434	255	11,962	10,941
Common Stock Shares Outstanding	170,978	140,076	121,178	106,799	87,336	71,599	62,966	54,025	31,954	25,560	25,230	25,230
Common Stock Total Equity	1,891	1,605	1,313	1,136	966	782	662	553	434	255	11,962	10,941
Current Deferred Revenue	20,712	73,199	44,262	37,767	29,801	25,788	18,642	14,385	10,231	7,603	355	399
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	34,901	25,388	19,383	15,314	13,944	9,519	6,776	5,653	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	175,142	137,314	97,328	78,246	60,839	54,395	41,535	35,654	33,407	6,868	249	495
Inventory	0	0	0	0	0	2,475	0	0	0	1,510	260	0
Liabilities And Stockholders Equity	9,259,283	6,781,165	4,951,174	3,638,622	2,787,685	2,111,373	1,515,008	1,153,251	932,778	554,675	420,496	383,215
Long Term Debt	1,936,381	1,399,565	1,233,740	866,330	759,722	669,160	502,229	421,298	357,106	192,491	308,991	0
Long Term Debt Total	1,936,381	1,407,047	1,233,740	866,330	759,722	669,160	502,229	421,298	357,106	192,491	0	0
Long Term Investments	11,422	0	0	766	8,770	7,193	5,594	4,087	4,018	13,303	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	1,899,595	1,355,578	1,039,867	778,985	576,770	662,321	484,659	412,953	348,500	183,494	265,531	276,178
Net Invested Capital	8,337,643	6,028,468	4,218,974	3,171,692	2,474,371	1,849,274	0	0	0	0	0	0
Net Receivables	103,371	72,538	51,101	35,560	27,172	19,490	20,556	10,867	19,963	17,710	16,264	15,280
Net Tangible Assets	6,226,120	4,491,589	2,905,486	2,235,604	1,656,161	1,125,938	811,129	636,485	486,341	286,738	0	0
Net Working Capital	-38,459	10,158	162,145	61,681	170,761	5,692	-5,428	-18,754	3,900	16,903	61,490	39,947
Non Current Assets Total	9,117,501	6,648,971	4,709,638	3,509,679	2,578,987	2,070,102	1,478,927	1,137,183	902,099	518,517	347,566	330,276
Non Current Liabilities Other	147,384	57,370	67,449	59,340	52,727	18,310	9,130	3,387	3,016	1,160	0	0
Non Current Liabilities Total	2,155,700	1,534,064	1,300,996	925,670	812,449	687,227	511,359	424,685	360,122	193,651	312,808	302,543
Non Currrent Assets Other	8,942,359	6,511,657	4,612,310	3,431,433	2,518,148	2,015,707	1,437,392	1,097,442	864,674	505,962	334,620	319,590
Noncontrolling Interest In Consolidated Entity	366,404	283,116	285,451	66,272	32,329	25,208	22,825	21,605	26,129	35,571	0	0
Other Assets	8,577,580	53,967	4,672,501	3,480,786	22,037	20,090	14,809	1,445	13,206	13,057	14,572	0
Other Current Assets	0	15,669	14,142	14,526	925	12,686	0	0	2,110	7,941	12,907	16,731
Other Current Liab	-2,021,732	231	193	-37,716	-36,789	-6,097	152	4,419	2,228	4,468	8,419	10,731
Other Liab	0	200,216	111,518	97,107	82,528	24,334	12,585	6,233	13,247	9,023	12,630	0
Other Stockholder Equity	6,233,643	4,637,172	3,019,210	2,320,256	1,710,034	1,172,551	849,002	674,619	520,645	311,936	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	155,676	155,676	242,327	242,327	159,094	159,713	86,651	0	545,877	341,769	0	0
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	8,856,055	6,457,690	4,572,532	3,401,613	2,487,341	1,988,424	1,416,989	1,085,143	853,578	487,842	0	0
Retained Earnings	157,481	279,847	-163,389	-118,751	-262	201	-445	-48,103	-21,673	-5,993	-24,653	-19,455
Retained Earnings Total Equity	-255,743	-191,120	-163,389	-118,751	-88,341	-67,058	-59,277	-48,103	-21,673	-5,993	0	0
Short Long Term Debt	0	0	0	0	0	669,160	502,229	421,298	357,764	0	0	0
Short Long Term Debt Total	1,936,381	1,399,565	1,216,160	857,842	757,371	668,941	500,184	418,154	357,106	192,491	309,030	297,106
Short Term Debt	2,083,765	40,143	29,747	59,340	52,727	18,067	9,130	3,387	3,016	1,160	39	106
Short Term Investments	0	6,931,072	0	0	0	250	0	0	0	325	1,882	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	545,877	341,769	0	0
Total Assets	9,259,283	6,781,165	4,951,174	3,638,622	2,787,685	2,111,373	1,515,008	1,153,251	932,778	554,675	420,496	383,215
Total Current Assets	141,782	132,194	241,536	128,943	208,698	41,271	36,081	16,068	30,679	36,158	72,930	52,939
Total Current Liabilities	180,241	179,406	119,586	90,503	66,813	58,892	41,509	34,822	26,779	19,255	11,440	12,992
Total Liab	2,335,941	1,713,470	1,420,582	1,016,173	879,262	746,119	552,868	459,507	386,901	212,906	324,248	315,535
Total Permanent Equity	0	0	0	0	0	1,365,254	962,140	0	545,877	341,769	0	0
Total Stockholder Equity	6,556,938	4,784,579	3,245,141	2,556,177	1,876,094	1,340,046	939,315	672,139	519,748	306,198	-12,691	-8,514
Treasury Stock	0	0	0	0	0	0	0	0	-545,877	-341,769	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0

	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31
Accounts Payable	155,103	109,881	110,272	97,496	113,770	81,742	85,465	65,833	77,968	49,699	41,871	45,384	45,212	33,731	39,000	31,112	34,669	26,065	33,728	21,074	30,411	19,683	21,441	21,134	22,190	14,298	18,005	13,585	18,433	10,877	14,897	12,631	13,886	9,257	11,566	11,304	9,620	6,281	6,345	6,024	4,602	2,518	3,066	2,627	0	0	0
Accumulated Amortization	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	21,142	16,525	3,117	8,247	9,223	-2,974	-3,674	-9,874	-13,234	-12,319	-13,996	-17,709	-20,231	-22,214	-21,950	-7,542	-10,132	-7,101	1,261	6,262	13,558	12,753	11,014	6,799	3,870	3,216	4,176	3,445	-5,764	-7,328	-4,728	-3,033	-4,546	-2,847	-3,147	-1,331	158	-410	269	341,769	355,602	0	0	0	0	0	0
Additional Paid In Capital	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,666,339	1,614,650	1,297,391	1,239,810	1,213,123	1,027,282	912,047	907,834	898,354	897,991	0	0	698,920	707,516	713,862	545,877	552,429	336,201	339,995	341,769	355,602	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	127,017	111,444	65,646	66,883	67,256	61,148	61,108	63,914	59,340	56,151	55,084	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Stock	157,741	157,686	157,684	157,567	157,502	157,387	157,326	157,281	157,190	243,704	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Capital Surpluse	0	7,311,458	7,299,837	6,646,867	6,254,853	5,556,819	5,133,875	4,828,292	4,283,600	3,499,623	3,300,333	3,182,599	2,821,127	2,820,216	2,524,274	2,439,007	2,306,282	2,255,849	2,042,218	1,798,113	1,666,339	1,614,650	1,297,391	1,239,810	1,213,123	1,027,282	912,047	907,834	898,354	897,991	723,074	722,722	722,102	0	719,199	542,318	538,248	312,451	312,131	311,936	308,937	0	0	0	0	0	0
Cash	83,268	136,282	253,618	36,786	37,141	34,317	48,844	43,987	60,154	64,219	123,933	176,293	243,619	254,373	112,432	78,857	197,508	172,209	276,575	180,601	183,904	162,704	15,625	6,620	12,918	13,118	11,676	15,525	55,263	29,177	6,402	5,201	5,083	9,988	47,541	8,606	60,541	9,272	6,344	8,997	4,399	24,951	47,446	43,499	0	0	0
Cash And Equivalents	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash And Short Term Investments	83,268	136,282	253,618	36,786	37,141	34,317	48,844	43,987	60,154	64,219	123,933	176,293	243,619	254,373	112,432	78,857	197,508	172,209	276,575	180,601	183,904	162,704	15,625	6,620	12,918	13,118	11,676	15,525	55,263	29,177	6,402	5,201	5,083	9,988	47,541	8,606	60,541	9,272	6,344	8,997	4,399	24,951	47,446	43,499	0	0	0
Common Stock	2,065	2,010	2,008	1,891	1,826	1,711	1,650	1,605	1,514	1,377	1,338	1,313	1,236	1,236	1,162	1,136	1,106	1,095	1,038	966	924	908	804	782	773	708	664	662	658	657	554	553	552	550	549	434	431	255	255	255	257	11,968	11,968	11,962	0	0	0
Common Stock Shares Outstanding	205,448	200,667	195,779	184,558	172,831	165,201	161,049	153,873	139,630	134,820	131,759	126,401	123,844	120,068	114,314	112,097	110,074	106,236	98,608	94,488	91,945	83,495	79,196	78,228	73,068	68,331	66,626	66,080	67,985	64,305	55,417	55,245	55,146	54,963	50,684	50,684	33,527	25,420	25,419	25,192	24,570	25,230	25,230	25,230	25,230	25,230	25,230
Common Stock Total Equity	0	2,010	2,008	1,891	1,826	1,711	1,650	1,605	1,514	1,377	1,338	1,313	1,236	1,236	1,162	1,136	1,106	1,095	1,038	966	924	908	804	782	773	708	664	662	658	657	554	553	552	550	549	434	431	255	255	255	257	11,968	11,968	11,962	0	0	0
Current Deferred Revenue	114,415	123,763	44,303	20,712	19,992	14,661	14,265	73,199	71,845	51,213	45,608	44,262	38,653	37,321	38,416	37,767	35,447	32,412	31,224	29,801	28,312	26,908	25,476	25,788	24,887	21,925	20,096	18,642	18,891	17,136	14,662	14,385	12,458	12,228	10,256	1,463	9,256	8,415	7,738	7,603	524	603	408	355	0	0	0
Deferred Long Term Asset Charges	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Deferred Long Term Liab	0	0	0	0	47,942	42,875	35,432	34,901	35,723	33,728	28,099	25,388	24,261	22,868	22,252	19,383	18,410	17,726	15,297	15,314	14,913	14,221	13,872	13,944	0	0	0	9,519	0	0	0	6,776	0	0	0	5,653	0	0	0	0	0	0	0	0	0	0	0
Earning Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Good Will	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	159,192	153,146	166,495	175,142	181,069	169,920	158,821	137,314	130,853	94,716	92,743	97,328	72,460	76,669	81,294	78,246	72,266	66,820	61,278	60,839	58,558	62,210	51,032	54,395	54,303	46,243	38,206	41,535	43,308	43,060	34,073	35,654	33,109	33,851	31,775	33,407	28,829	27,923	18,445	6,868	1,888	1,614	186	249	0	0	0
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	5,896	0	8,415	4,615	0	0	0	0	4,525	2,475	0	0	500	0	0	400	0	0	0	0	0	0	0	1,450	1,550	1,510	1,435	210	2,483	260	0	0	0
Liabilities And Stockholders Equity	10,577,464	10,225,493	10,239,145	9,259,283	8,898,697	7,878,938	7,264,072	6,781,165	6,223,757	5,265,726	5,069,899	4,951,174	4,170,242	4,155,034	3,872,431	3,638,622	3,502,394	3,265,341	3,037,116	2,787,685	2,668,838	2,612,379	2,165,864	2,111,373	2,003,001	1,705,252	1,529,953	1,515,008	1,504,184	1,412,514	1,176,140	1,153,251	1,075,242	1,037,528	1,018,046	932,778	848,228	725,822	571,615	554,675	489,062	452,391	420,390	420,496	0	0	0
Long Term Debt	2,227,637	2,227,154	2,230,687	1,936,381	1,934,082	1,660,521	1,524,279	1,399,565	1,386,649	1,219,021	1,233,506	1,233,740	927,477	929,603	926,492	866,330	868,415	757,677	762,128	759,722	757,218	757,064	659,417	669,160	664,994	562,624	511,049	502,229	506,366	508,159	448,959	421,298	339,774	296,333	272,820	357,106	269,811	369,873	212,918	192,491	122,857	351,187	313,118	308,991	0	0	0
Long Term Debt Total	0	2,227,154	2,231,522	1,936,381	1,934,082	1,660,521	1,525,491	1,407,047	1,396,854	1,231,715	1,233,506	1,233,740	927,477	929,603	926,492	866,330	868,415	766,348	762,128	759,722	757,218	757,064	659,417	669,160	664,994	562,624	511,049	502,229	506,366	508,159	448,959	421,298	339,774	0	272,820	357,106	269,811	369,873	212,918	192,491	122,857	351,187	0	0	0	0	0
Long Term Investments	0	19,869	6,947	11,422	12,565	0	0	0	0	0	0	0	0	0	0	766	374	1,414	5,896	8,770	13,851	13,036	11,294	7,193	4,752	4,399	5,657	5,594	0	4,203	4,144	4,087	4,056	0	4,013	4,018	5,744	5,758	5,778	13,303	8,982	11,486	0	0	0	0	0
Negative Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Debt	2,144,369	2,090,872	1,977,069	1,899,595	1,896,941	1,626,204	1,475,435	1,355,578	1,326,495	1,154,802	1,095,492	1,039,867	662,989	652,314	791,370	778,985	660,180	585,468	480,949	576,770	573,314	594,360	643,792	662,321	651,291	548,412	498,017	484,659	445,165	471,431	437,608	412,953	329,975	286,345	222,000	348,500	209,270	360,601	206,574	183,494	118,993	326,301	265,704	265,531	0	0	0
Net Invested Capital	9,544,018	9,258,780	9,261,800	8,337,643	7,962,849	6,999,489	6,457,131	6,028,468	5,471,019	4,524,851	4,336,613	4,218,974	3,560,248	3,558,018	3,274,445	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	133,900	117,318	108,825	103,371	94,459	85,406	78,962	72,538	65,589	58,161	52,830	51,101	46,311	42,342	37,198	35,560	31,878	29,076	28,838	27,172	25,812	23,352	21,094	19,490	17,969	16,272	21,804	20,556	19,363	12,595	11,609	10,867	9,230	21,414	20,547	19,963	19,296	18,816	18,206	17,710	17,768	12,530	12,376	16,264	0	0	0
Net Tangible Assets	0	6,878,480	6,864,618	6,226,120	5,847,698	5,169,048	4,774,031	4,491,589	3,953,517	3,211,114	3,024,445	2,905,486	2,581,180	2,574,662	2,289,349	2,235,604	2,107,279	2,075,967	1,883,524	1,656,161	1,536,905	1,489,175	1,190,555	1,125,938	1,095,885	927,971	813,999	811,129	793,289	797,527	630,635	636,485	643,386	0	656,591	486,341	493,434	273,589	286,428	286,738	297,849	85,590	0	0	0	0	0
Net Working Capital	-133,773	-50,714	148,362	-38,459	-53,888	-14,505	-7,764	10,158	9,855	38,026	101,126	162,145	259,573	235,519	84,745	38,440	151,098	137,655	231,562	141,885	137,104	126,113	-6,588	-17,621	-26,695	-15,225	-7,592	-5,428	28,488	22,926	-18,962	-18,754	-18,285	4,662	39,877	12,668	56,077	12,146	9,303	16,903	18,239	36,531	65,742	61,490	0	0	0
Non Current Assets Total	10,360,296	9,963,193	9,856,838	9,117,501	8,758,897	7,740,740	7,117,991	6,648,971	6,088,354	5,128,780	4,883,014	4,709,638	3,834,300	3,794,640	3,716,859	3,509,679	3,260,011	3,048,386	2,720,828	2,578,987	2,457,797	2,424,723	2,112,109	2,070,102	1,971,039	1,673,612	1,489,436	1,478,927	1,429,158	1,352,363	1,157,729	1,137,183	1,059,679	1,004,726	949,708	902,099	768,084	695,905	545,163	518,517	465,162	412,674	346,475	347,566	0	0	0
Non Current Liabilities Other	155,582	130,511	215,368	147,384	224,607	214,016	196,976	57,370	166,931	104,135	66,883	67,449	61,148	61,108	63,914	59,340	56,286	26,123	52,426	52,727	52,289	53,939	17,915	18,310	18,147	10,785	8,653	9,130	5,722	4,346	3,307	3,387	2,700	0	2,903	3,016	1,921	1,977	1,553	1,160	535	65	0	0	0	0	0
Non Current Liabilities Total	2,383,219	2,357,665	2,446,890	2,155,700	2,158,689	1,874,537	1,722,467	1,534,064	1,508,298	1,297,361	1,300,389	1,300,996	988,625	990,711	990,406	925,670	924,566	821,432	814,554	812,449	809,507	811,003	677,200	687,227	683,141	573,409	519,702	511,359	512,088	512,505	452,266	424,685	342,474	301,872	275,723	368,890	271,732	371,850	214,471	193,651	127,799	355,810	317,310	312,808	0	0	0
Non Currrent Assets Other	10,200,916	9,810,047	9,690,343	8,942,359	8,577,828	7,570,820	6,959,170	6,511,657	5,957,501	5,034,064	4,790,271	4,612,310	3,761,840	3,717,971	3,635,565	3,431,433	3,187,745	2,981,566	2,659,550	2,518,148	2,399,239	2,362,513	2,061,077	2,015,707	1,916,736	1,627,369	1,451,230	1,437,392	1,385,850	1,305,100	1,119,512	1,097,442	1,022,514	966,857	913,920	864,674	733,511	662,224	520,940	505,962	454,292	399,574	333,928	334,620	0	0	0
Noncontrolling Interest In Consolidated Entity	0	367,512	371,521	366,404	361,877	357,054	299,232	283,116	287,630	284,615	288,703	285,451	174,253	172,081	165,708	66,272	64,469	62,728	33,940	32,329	30,837	29,354	27,640	25,208	24,364	24,113	23,286	22,825	22,297	22,197	21,793	21,605	22,425	707,516	25,496	26,129	30,166	34,689	35,122	35,571	46,152	0	0	0	0	0	0
Other Assets	-217,168	9,456,391	9,710,207	8,577,580	8,224,151	7,232,241	6,977,445	53,967	6,153,740	5,193,279	50,071	4,672,501	34,143	35,124	28,669	25,554	25,488	12,059	21,377	22,037	22,421	22,437	19,833	2,085,013	1,972,114	1,675,862	1,489,936	1,478,927	1,429,558	1,352,763	1,158,129	1,137,183	1,060,929	1,006,126	949,958	904,209	768,084	697,355	546,713	527,643	466,597	412,884	358,482	358,851	0	0	0
Other Current Assets	0	0	0	0	20,765	18,475	18,275	15,669	9,660	14,566	10,122	14,142	46,012	63,679	46	14,526	4,582	11,055	10,875	925	1,325	1,600	12,511	12,686	1,075	2,250	6,537	0	0	17,979	0	0	0	0	0	2,110	307	379	352	7,941	298	2,026	11,610	12,907	0	0	0
Other Current Liab	-2,301,796	-2,278,295	-2,289,656	-2,021,732	-2,029,007	-1,753,801	-1,605,439	-1,486,208	-1,460,123	-1,249,986	-1,252,495	-1,253,476	-33,616	-33,576	-37,983	-37,716	-34,982	-34,261	-32,652	-36,789	-37,075	-38,987	-4,357	-6,097	-6,567	-143	1,355	152	3,492	4,866	4,507	4,419	4,804	4,076	3,736	2,228	3,270	1,098	1,513	4,468	535	65	4,667	8,419	0	0	0
Other Liab	0	0	0	0	244,599	228,677	211,241	200,216	183,289	116,859	112,491	111,518	99,801	98,429	102,330	97,107	91,598	87,496	59,254	59,266	58,713	60,313	23,323	44,317	43,819	33,804	30,105	29,817	30,551	29,033	22,918	20,916	19,874	17,767	16,438	13,247	11,177	10,392	9,291	9,023	6,001	5,291	9,299	12,630	0	0	0
Other Stockholder Equity	6,999,522	7,085,534	6,810,635	6,233,643	5,944,860	5,304,138	4,845,280	4,637,172	4,096,090	3,316,772	3,129,846	3,019,210	2,672,635	2,672,309	2,391,481	2,320,714	2,188,439	2,148,692	1,942,764	1,710,034	1,580,539	1,537,477	1,218,755	1,172,551	1,145,415	970,506	847,541	849,002	841,939	847,258	668,882	674,619	680,489	685,881	690,964	520,645	521,674	312,041	312,400	311,936	308,937	93,395	0	0	0	0	0
Preferred Stock Redeemable	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Preferred Stock Total Equity	0	155,676	155,676	155,676	155,676	155,676	155,676	155,676	155,676	242,327	242,327	242,327	242,327	242,327	242,327	242,327	242,529	159,094	159,094	159,094	159,094	159,094	159,094	159,713	86,651	86,651	86,651	86,651	86,664	0	0	0	698,920	707,516	713,862	545,877	552,429	336,201	339,995	341,769	355,602	0	0	0	0	0	0
Property Plant And Equipment Gross	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant And Equipment Net	188	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property Plant Equipment	0	9,712,136	9,609,372	8,856,055	8,489,453	7,508,432	6,901,067	6,457,690	5,903,565	4,986,395	4,734,900	4,572,532	3,723,597	3,678,447	3,602,596	3,401,613	3,158,183	2,948,222	2,625,777	2,487,341	2,362,967	2,327,040	2,029,950	1,988,424	1,892,000	1,603,895	1,427,998	1,416,989	1,371,268	1,291,834	1,106,635	1,085,143	1,010,384	0	902,747	853,578	722,689	653,794	512,573	487,842	438,761	385,691	0	0	0	0	0
Retained Earnings	293,652	-72,443	215,353	157,481	72,858	36,093	89,596	279,847	-187,510	-182,851	-170,487	-163,389	-148,492	-147,907	-50	-458	132	101	-261	-262	442	247	11,014	201	130	-216	-176	-445	-236	-50,733	-54,192	-48,103	-41,613	0	-28,235	-21,673	-16,574	-10,784	-7,782	-5,993	256	-27,592	-25,271	-24,653	0	0	0
Retained Earnings Total Equity	0	-298,367	-273,849	-255,743	-237,135	-216,588	-198,999	-191,120	-187,510	-182,851	-170,487	-163,389	-148,492	-147,907	-132,843	-118,751	-117,711	-107,056	-99,715	-88,341	-85,358	-76,926	-67,622	-67,058	-67,578	-56,992	-64,682	-59,277	-56,651	-50,733	-54,192	-48,103	-41,613	707,516	-28,235	-21,673	-16,574	-10,784	-7,782	-5,993	256	0	0	0	0	0	0
Short Long Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	772	0	0	757,064	659,417	669,160	664,994	21,925	20,096	502,229	18,891	17,136	0	421,298	0	0	0	357,764	0	0	0	0	0	0	0	0	0	0	0
Short Long Term Debt Total	2,227,637	2,227,154	2,230,687	1,936,381	1,934,082	1,660,521	1,524,279	1,399,565	1,386,649	1,219,021	1,219,425	1,216,160	906,608	906,687	903,802	857,842	857,688	757,677	757,524	757,371	757,218	757,064	659,417	668,941	664,209	561,530	509,693	500,184	500,428	500,608	444,010	418,154	335,058	296,333	269,541	357,106	269,811	369,873	212,918	192,491	123,392	351,252	313,150	309,030	0	0	0
Short Term Debt	2,383,219	2,357,665	2,369,026	2,083,765	2,088,933	1,810,101	1,659,554	1,526,582	1,498,093	1,284,667	1,286,308	1,283,416	61,148	61,108	63,914	59,340	56,151	55,084	52,426	52,727	52,289	53,939	17,783	18,067	18,147	10,785	8,653	9,130	5,722	4,346	3,307	3,387	2,700	2,579	2,903	3,016	1,921	1,977	1,553	1,160	535	65	32	39	0	0	0
Short Term Investments	0	0	0	0	0	0	7,406,263	6,931,072	6,355,584	0	0	0	0	0	0	0	0	0	0	0	0	0	4,211	250	0	0	6,537	0	0	17,979	0	0	0	0	0	0	307	379	352	325	298	2,026	2,086	1,882	0	0	0
Temporary Equity Redeemable Noncontrolling Interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	698,920	707,516	713,862	545,877	552,429	336,201	339,995	341,769	355,602	0	0	0	0	0	0
Total Assets	10,577,464	10,225,493	10,239,145	9,259,283	8,898,697	7,878,938	7,264,072	6,781,165	6,223,757	5,265,726	5,069,899	4,951,174	4,170,242	4,155,034	3,872,431	3,638,622	3,502,394	3,265,341	3,037,116	2,787,685	2,668,838	2,612,379	2,165,864	2,111,373	2,003,001	1,705,252	1,529,953	1,515,008	1,504,184	1,412,514	1,176,140	1,153,251	1,075,242	1,037,528	1,018,046	932,778	848,228	725,822	571,615	554,675	489,062	452,391	420,390	420,496	0	0	0
Total Current Assets	217,168	262,300	382,307	141,782	139,800	138,198	146,081	132,194	135,403	136,946	186,885	241,536	335,942	360,394	155,572	128,943	242,383	216,955	316,288	208,698	211,041	187,656	53,755	41,271	31,962	31,640	40,517	36,081	75,026	60,151	18,411	16,068	15,563	32,802	68,338	30,679	80,144	29,917	26,452	36,158	23,900	39,717	73,915	72,930	0	0	0
Total Current Liabilities	350,941	313,014	233,945	180,241	193,688	152,703	153,845	179,406	187,783	135,593	121,292	119,586	111,397	98,584	103,347	90,503	91,285	79,300	84,726	66,813	73,937	61,543	60,343	58,892	58,657	46,865	48,109	41,509	46,538	37,225	37,373	34,822	33,848	28,140	28,461	18,011	24,067	17,771	17,149	19,255	5,661	3,186	8,173	11,440	0	0	0
Total Liab	2,734,160	2,670,679	2,680,835	2,335,941	2,352,377	2,027,240	1,876,312	1,713,470	1,696,081	1,432,954	1,421,681	1,420,582	1,100,022	1,089,295	1,093,753	1,016,173	1,015,851	900,732	899,280	879,262	883,444	872,546	737,543	746,119	741,798	620,274	567,811	552,868	558,626	549,730	489,639	459,507	376,322	330,012	304,184	386,901	295,799	389,621	231,620	212,906	133,460	358,996	325,483	324,248	0	0	0
Total Permanent Equity	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,785,394	1,739,833	1,428,321	1,365,254	1,261,203	1,084,978	962,142	962,140	945,558	862,784	0	0	698,920	707,516	713,862	545,877	552,429	336,201	339,995	341,769	355,602	0	0	0	0	0	0
Total Stockholder Equity	7,472,057	7,187,302	7,186,789	6,556,938	6,184,443	5,494,644	5,088,528	4,784,579	4,240,046	3,548,157	3,359,515	3,245,141	2,895,967	2,893,658	2,612,970	2,556,177	2,422,074	2,301,881	2,103,896	1,876,094	1,754,557	1,710,479	1,400,681	1,340,046	1,236,839	1,060,865	938,856	939,315	923,261	840,587	664,708	672,139	676,495	683,584	688,366	519,748	522,263	301,512	304,873	306,198	309,450	-15,624	-13,303	-12,691	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-698,920	-707,516	-713,862	-545,877	-552,429	-336,201	-339,995	-341,769	-355,602	0	0	0	0	0	0
Warrants	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0

Cash Flow

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Begin Period Cash Flow	43,998	177,523	78,857	180,601	6,870	15,525	5,201	8,606	8,997	43,500	20,928	15,011
Capital Expenditures	135,095	102,475	78,765	47,169	57,951	42,313	31,928	22,181	13,959	3,200	4,620	1,321
Cash And Cash Equivalents Changes	-7,212	-133,525	98,666	-101,744	173,731	-8,655	10,324	-3,405	-391	-1,707	0	0
Cash Flows Other Operating	-14,067	-18,883	-13,003	-4,429	-5,548	-2,769	-3,865	-2,736	-5,727	-1,400	0	0
Change In Cash	-7,212	-133,525	98,666	-101,744	173,731	-8,655	10,324	-3,405	-391	-34,500	22,571	5,917
Change In Working Capital	-7,563	-6,960	9,115	-3,731	-7,244	-657	-3,102	-5,184	-4,815	-38,589	-2,376	-1,554
Change Receivables	-2,858	-745	16,272	-875	-2,347	-2,007	-988	-1,228	-883	0	0	0
Change To Account Receivables	-2,858	-745	-4,030	-875	-2,347	-2,007	-988	-1,228	-883	-83,000	58	25
Change To Inventory	0	419	17,535	3,879	1,460	1,089	2,226	322	-108	-1,354,585	-754	373
Change To Liabilities	9,304	11,895	4,825	1,573	651	4,203	1,667	1,806	1,227	0	0	0
Change To Netincome	-10,365	-34,821	-12,048	-13,129	-12,454	-27,887	-18,213	-1,766	-329	0	0	0
Change To Operating Activities	0	-17,054	7,088	-4,438	-4,752	-4,604	-3,370	-3,099	-2,470	0	0	0
Depreciation	165,585	135,826	104,736	90,984	74,061	62,582	51,329	42,039	29,028	16,100	13,403	9,505
Dividends Paid	222,866	151,606	119,711	89,494	65,468	46,808	36,036	27,137	18,372	0	2,842	816
End Period Cash Flow	36,786	43,998	177,523	78,857	180,601	6,870	15,525	5,201	8,606	9,000	43,499	20,928
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	192,600	128,988	104,229	92,345	44,824	34,337	24,504	18,327	10,545	10,300	-3,540	-4,670
Investments	-1,000	-8,445	-4,067	-14,526	-25	3,536	-170	16,006	1,305	0	0	0
Issuance Of Capital Stock	1,809,231	1,626,091	734,096	722,133	556,520	0	0	0	0	0	0	0
Net Borrowings	530,094	164,722	290,088	99,699	87,711	166,721	81,852	44,492	152,383	0	0	0
Net Income	177,157	136,246	80,895	64,001	47,075	41,700	25,876	1,950	976	-4,891	-8,957	-6,337
Other Cashflows From Financing Activities	2,706,700	1,260,002	465,759	218,090	399,252	682,207	347,726	271,204	299,624	-128,300	52,590	77,142
Other Cashflows From Investing Activities	15,315	56,566	23,996	32,335	44,965	96,238	38,505	-214,593	15,735	0	0	0
Other Non Cash Items	-35,910	-23,003	-11,110	-6,199	-5,140	-3,825	-3,965	621	475	40,880	-990	-4,963
Sale Purchase Of Stock	-2,156	-91,428	-1,278	-854	-594	-1,693	-747	-327	-98	208,600	0	0
Stock Based Compensation	28,426	19,506	12,871	10,756	10,147	5,398	3,835	1,752	1,042	0	0	0
Total Cash From Financing Activities	2,114,303	1,547,779	903,195	731,484	578,169	521,595	315,106	192,861	355,686	80,300	45,269	51,569
Total Cash From Operating Activities	327,695	231,463	182,994	139,514	102,775	76,650	56,432	40,508	24,504	13,500	1,080	-3,349
Total Cashflows From Investing Activities	-2,449,210	-1,912,767	-987,523	-972,742	-507,213	-606,900	-361,214	-236,774	-380,581	-81,719	0	0

	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31
Begin Period Cash Flow	136,282	269,857	36,786	37,141	34,317	48,844	43,998	60,204	64,245	123,980	177,523	286,006	254,440	112,478	78,857	197,508	183,264	276,575	180,601	183,904	162,704	19,836	6,870	12,918	13,118	18,213	15,525	55,263	29,177	6,402	5,201	5,083	9,988	47,541	8,606	60,541	9,272	6,344	8,997	4,400	25,000	47,446	43,499	30,333	19,589	22,282	20,928
Capital Expenditures	75,159	47,851	44,235	44,835	35,043	27,940	27,277	30,887	22,074	26,367	23,147	21,234	24,278	17,646	15,607	12,581	12,344	12,532	9,712	16,673	14,807	11,610	14,861	13,131	12,299	10,790	6,093	8,241	8,382	9,026	6,279	6,250	6,358	5,086	4,487	5,183	4,555	2,627	1,594	1,100	900	710	495	405	1,060	1,977	1,178
Cash And Cash Equivalents Changes	0	-133,575	233,071	-355	2,824	-14,527	4,846	-16,206	-4,041	-59,735	-53,543	-108,483	31,566	141,962	33,621	-118,651	14,244	-93,311	95,974	-3,303	21,200	142,868	12,966	-6,048	-200	-5,095	2,688	0	26,086	22,775	1,201	0	0	0	38,935	0	51,269	2,928	-2,653	0	0	0	0	0	0	0	0
Cash Flows Other Operating	0	-9,548	-1,239	-7,378	-9,903	1,117	2,097	-6,075	-6,830	8,194	-14,172	-2,643	905	-9,403	-1,862	-527	177	-4,112	33	-364	238	-3,000	-2,422	-207	-158	-2,093	-311	0	-571	-767	-617	0	0	0	-1,779	0	-806	1,137	-5,002	0	0	0	0	0	0	0	0
Change In Cash	-53,014	-133,575	233,071	-355	2,824	-14,527	4,846	-16,206	-4,041	-59,735	-53,543	-108,483	31,566	141,962	33,621	-118,651	14,244	-93,311	95,974	-3,303	21,200	142,868	12,966	-6,048	-200	-5,095	2,688	-39,738	26,086	22,775	1,201	118	-4,905	-37,553	38,935	-51,935	51,269	2,928	-2,653	4,600	-20,600	-22,495	3,947	13,166	10,744	-2,693	1,354
Change In Working Capital	-3,843	-26,929	15,302	-25,884	13,412	-8,976	13,885	-18,960	20,009	8,720	-16,729	-11,204	31,560	-15,116	3,875	-6,707	9,294	-10,506	4,188	-8,219	6,696	-5,956	235	-3,215	7,244	-6,463	1,777	-4,589	3,832	-3,848	1,503	-3,597	2,209	-3,172	-624	-2,432	476	-312	-2,547	5,668	-19,596	-1,084	-1,195	-1,962	1,242	-1,888	232
Change Receivables	0	-281	1,393	-2,635	-2,210	748	1,239	-1,220	-1,584	-488	2,547	-4,367	19,270	1,069	300	-601	-1,147	654	219	-196	-1,515	-764	128	-853	-630	-49	-475	0	-728	-61	101	0	0	0	-80	0	-271	-213	-325	0	0	0	0	0	0	0	0
Change To Account Receivables	-4,847	-281	1,393	-2,635	-2,210	748	1,239	-1,220	-1,584	-488	2,547	-4,367	-1,032	1,069	300	-601	-1,147	654	219	-196	-1,515	-764	128	-853	-630	-49	-475	-300	-728	-61	101	-819	-11	-318	-80	-74	-271	-213	-325	-50,000	125	-202	77	253	-163	85	-117
Change To Inventory	0	2,539	0	0	0	0	0	-2,157	1,965	11,414	-10,803	2,227	24,146	-9,996	1,158	1,796	1,789	-992	1,286	1,496	1,744	-2,018	238	1,336	1,437	-1,071	-613	406	697	538	585	526	92	494	-790	-274	-149	1,838	-1,523	-727,328	-37,885	445	-1,018	-539	344	-443	-116
Change To Liabilities	0	-16,964	15,304	-15,743	25,654	-11,337	10,730	-9,869	26,075	2,458	-4,694	-5,215	11,385	-6,782	5,437	-5,579	10,264	-7,048	3,936	-7,659	7,973	-2,192	2,529	-2,024	7,995	-4,192	2,424	1,256	5,029	-3,079	1,960	2,568	0	0	1,508	-62	1,976	-876	835	0	0	0	0	0	0	0	0
Change To Netincome	0	-697	-11,583	2,287	-2,095	-1,222	-9,335	-6,340	-15,749	-1,035	-10,798	2,212	-13,655	-2,503	1,898	-10,841	76	-3,053	689	-4,548	1,293	-431	-8,768	-10,335	257	-15,845	-1,964	-17,935	-626	-11,594	-222	-1,010	0	0	-18	-2,014	111	-65	-57	0	0	0	0	0	0	0	0
Change To Operating Activities	0	0	0	0	-13,182	2,095	4,042	-6,482	-4,482	6,750	-12,840	-1,525	21,400	-12,125	-662	-882	-414	-3,015	-127	-222	246	-3,171	-1,605	-4,604	-106	-2,222	-172	-3,370	-469	-708	0	-3,099	0	0	0	-2,470	0	0	0	0	0	0	0	0	0	0	0
Depreciation	53,208	52,561	51,139	43,609	44,113	40,483	37,380	35,067	35,485	32,842	32,432	27,843	26,060	25,712	25,121	24,686	23,431	22,622	20,245	19,044	18,522	18,159	18,336	17,700	17,086	14,314	13,482	14,147	13,302	12,670	11,210	10,869	10,711	10,536	9,923	8,558	8,183	6,076	6,211	5,000	4,200	3,609	3,342	4,030	3,083	2,571	3,719
Dividends Paid	82,482	82,487	65,145	63,046	59,412	57,228	43,180	40,992	38,365	38,158	34,091	31,877	31,876	30,275	25,683	25,118	23,547	22,468	18,361	17,637	17,375	15,719	14,737	12,906	11,965	11,333	10,604	11,201	9,215	7,814	7,806	7,783	6,916	6,915	5,523	5,509	3,436	3,427	6,000	5,695	0	903	4,792	818	930	692	402
End Period Cash Flow	83,268	136,282	269,857	36,786	37,141	34,317	48,844	43,998	60,204	64,245	123,980	177,523	286,006	254,440	112,478	78,857	197,508	183,264	276,575	180,601	183,904	162,704	19,836	6,870	12,918	13,118	18,213	15,525	55,263	29,177	6,402	5,201	5,083	9,988	47,541	8,606	60,541	9,272	6,344	9,000	4,400	24,951	47,446	43,499	30,333	19,589	22,282
Exchange Rate Changes	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Free Cash Flow	33,713	35,332	75,271	21,917	62,993	43,375	64,315	20,633	56,192	38,934	13,229	15,112	51,191	7,040	30,886	19,288	33,753	12,832	26,472	5,157	21,014	8,314	10,339	5,390	14,550	1,413	12,984	4,181	11,273	1,199	7,851	2,698	7,378	2,963	5,288	1,420	3,971	3,592	1,562	4,300	4,800	320	877	-1,125	559	-3,387	413
Investments	-377,071	-5,075	-3,625	6,575	10,275	-3,200	-14,650	1,165	-903,563	-276,757	-10,075	-4,942	59,987	-58,084	-1,028	-6,111	-4,200	6,260	-10,475	-1,175	275	2,925	-2,050	-1,400	1,175	4,250	-489	5,530	-170	-170	-400	5,530	0	0	1,937	1,640	1,530	178	-63	0	0	0	0	0	0	0	0
Issuance Of Capital Stock	298,137	0	652,597	387,628	696,826	419,071	305,706	533,933	782,714	191,197	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Borrowings	0	-4,400	293,739	1,712	273,080	130,937	124,365	-596	170,526	-333	-319	292,760	-205	-192	-2,275	-41	99,818	-40	-38	-38	-37	97,468	-9,682	4,677	102,581	51,567	7,896	83,777	-233	56,426	25,960	45,290	0	0	-92,662	154,259	-99,984	144,560	20,430	0	0	0	0	0	0	0	0
Net Income	61,790	56,910	63,570	45,708	41,648	40,901	48,900	39,380	40,186	26,037	30,643	18,155	31,197	16,271	15,272	24,382	12,948	15,954	10,717	15,207	8,965	7,819	15,084	14,115	2,009	19,855	5,721	8,546	3,061	12,792	1,477	1,056	617	196	81	145	-679	81	1,429	-881	-2,050	-467	2,053	-1,682	-2,702	-2,473	-2,100
Other Cashflows From Financing Activities	-377,071	-235	644,118	59,587	1,400,626	854,487	392,000	281,002	964,975	14,025	-172,401	468,001	-11,781	-17	-2,225	-54	183,144	35,000	-165,440	-138,720	-48,311	340,702	58,550	132,473	286,844	129,830	133,060	7,994	86,894	110,790	-952	81,073	137,612	36,416	-7,464	-221,582,500	259,678	144,635	24,486	71,595	-198,222	46,809	6,304	29,956	11,579	5,599	5,456
Other Cashflows From Investing Activities	0	0	16,239	0	0	0	15,315	11,184	17,667	7,833	19,882	1,304	22,692	-177,064	-47,531	20,082	1,198	11,055	-155,728	9,788	275	10,281	24,896	31,832	0	57,869	6,537	-5,700	17,979	2,456	0	2,110	860	710	1,860	590	1,692	-27	13,763	0	0	0	0	0	0	0	0
Other Non Cash Items	-10,586	-7,451	-18,683	-6,397	-7,453	-7,435	-14,625	-5,422	-10,199	-4,011	-3,371	-1,094	-2,781	-5,890	-1,345	-1,851	-1,732	-894	-1,722	-1,146	-998	-1,340	-1,656	-1,222	-1,054	-654	-895	-1,006	-1,309	-717	-933	161	167	176	117	124	124	109	118	-3,402	22,246	653	534	-1,106	-4	380	-260
Sale Purchase Of Stock	-103	-40	-1,748	-18	-113	-10	-2,015	-25	-90,038	-10	-1,355	-24	-18	-29	-1,207	-23	-15	-25	-791	-21	-30	-125	-418	-895	-394	-127	-277	-246	-297	-89	-115	-179	-81	184,000	23,500	-98,000	221,675	0	-800	-800	208,200	0	0	0	0	0	0
Stock Based Compensation	8,166	7,956	8,178	9,716	6,316	6,342	6,052	6,276	4,506	4,463	4,261	2,490	3,102	3,709	3,570	2,800	2,668	2,709	2,579	2,281	2,243	2,660	2,963	1,328	1,330	1,394	1,346	956	992	953	934	494	443	467	348	251	340	279	172	-985	900	19	66	0	0	0	0
Total Cash From Financing Activities	215,185	-86,927	879,443	326,276	910,381	492,770	384,876	492,320	821,256	151,721	82,482	620,596	-32,122	264,455	50,266	106,592	209,395	190,267	225,230	113,587	33,690	398,358	32,534	90,383	275,736	154,721	755	-3,045	77,150	222,962	18,039	63,799	31,310	19,337	78,415	81,868	118,261	141,133	14,424	65,100	-11,100	30,405	-4,065	25,419	10,233	4,673	4,944
Total Cash From Operating Activities	108,872	83,183	119,506	66,752	98,036	71,315	91,592	51,520	78,266	65,301	36,376	36,346	75,469	24,686	46,493	31,869	46,097	25,364	36,184	21,830	35,821	19,924	25,200	18,521	26,849	12,203	19,077	12,422	19,655	10,225	14,130	8,948	13,736	8,049	9,775	6,603	8,526	6,219	3,156	5,400	5,700	1,030	1,372	-720	1,619	-1,410	1,591
Total Cashflows From Investing Activities	0	-129,831	-765,878	-393,383	-1,005,593	-578,612	-471,622	-560,046	-903,563	-276,757	-172,401	-765,425	-11,781	-147,179	-63,138	-257,112	-241,248	-308,942	-165,440	-138,720	-48,311	-275,414	-44,768	-114,952	-302,785	-172,019	-17,144	-361,214	-70,719	-210,412	-30,968	-236,774	-164,145	-114,194	-49,255	-380,581	-75,518	-144,424	-20,233	-81,719	-15,746	0	6,640	0	0	0	0

Income Statement

Currency in USD. All numbers in thousands.

	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31
Cost Of Revenue	150,503	107,721	79,716	63,272	51,671	42,139	33,619	25,000	18,382	12,328	9,630	7,658
Depreciation And Amortization	196,794	151,269	115,269	98,891	80,042	64,852	51,407	41,837	28,608	15,708	13,403	9,505
Discontinued Operations	0	0	0	0	0	0	0	0	2,146	0	0	0
Ebit	218,082	142,961	98,355	74,750	55,587	32,765	25,202	12,140	7,418	5,759	6,687	7,032
Ebitda	414,876	294,230	213,624	173,641	135,629	97,617	76,609	53,977	36,026	21,467	20,090	16,537
Effect Of Accounting Charges	0	0	0	0	0	0	0	0	0	0	0	0
Extraordinary Items	0	0	0	0	0	0	0	0	0	0	0	0
Gross Profit	480,701	344,517	250,419	203,941	160,823	119,216	92,573	68,900	48,199	32,037	24,438	20,081
Income Before Tax	177,157	136,246	80,895	64,001	47,075	41,700	25,876	1,950	-1,170	-9,204	-9,003	-7,434
Income Tax Expense	48,496	46,847	35,341	28,897	18,282	21,208	17,049	8,622	4,305	6,022	13,462	14,132
Interest Expense	48,496	40,139

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1.1. Profitability of Rexford Industrial Realty Inc.

1.1. Profitability

1.1.1. Net Profit Margin

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1.1.2. Return on Assets

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1.1.3. Return on Equity

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1.2. Operating Efficiency of Rexford Industrial Realty Inc.

1.2. Operating Efficiency

1.2.1. Operating Margin

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1.3.1. Current Ratio

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1.4.1. Debt to Asset Ratio

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1.4.2. Debt to Equity Ratio

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Rexford Industrial Realty Inc
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