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Mar 31
Rexford Industrial Q1 2025 Earnings Report
Rexford Industrial posted solid results in Q1 2025, with higher net income and continued leasing strength.
Key Takeaways
The company delivered strong Core FFO growth and maintained high occupancy levels, while boosting rental income and executing nearly 2.4 million square feet of leasing activity.
Net income attributable to common stockholders reached $68.3 million.
Core FFO rose to $141 million, with diluted per-share Core FFO at $0.62.
Average Same Property Portfolio occupancy was 95.9%.
Executed leases for 2.4 million square feet with a 23.8% net effective rent increase.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comMgmt & Leasing Services Revenue
CapyFin.comInterest Income Revenue
CapyFin.com Forward Guidance
The company raised its net income guidance while maintaining Core FFO and occupancy targets for FY 2025.
Positive Outlook
- Increased net income guidance to $1.31–$1.35 per diluted share.
- Maintained Core FFO guidance at $2.37–$2.41 per share.
- Same Property Portfolio NOI expected to grow 0.75%–1.25%.
- Cash NOI projected to rise 2.25%–2.75%.
- Full-year average Same Property occupancy to remain high at 95.5%–96.0%.
Challenges Ahead
- No acquisitions under contract as of the report date.
- Limited NOI growth in Same Property Portfolio on a net effective basis.
- Reduction in occupancy across some regional markets like Ventura County.
- Increased interest expense forecasted at ~$109.5M.
- Guidance excludes any benefit from potential future acquisitions.