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Jun 30, 2025
Rexford Industrial Q2 2025 Earnings Report
Rexford Industrial reported solid Q2 2025 results with revenue and net income growth.
Key Takeaways
Rexford Industrial delivered strong Q2 2025 results with higher revenue and net income, supported by robust leasing activity and a solid balance sheet.
Net income rose to $113.4M from $79.8M last year.
Core FFO reached $139.7M, slightly lower per share than last year.
Same Property Portfolio occupancy held at 96.1%.
The company ended the quarter with $1.8B in total liquidity.
Revenue by Segment
Forward Guidance
The company reaffirmed full-year 2025 guidance with modest growth expectations, maintaining strong occupancy and a stable financial position.
Positive Outlook
- Full-year net income guidance raised to $1.38-$1.42 per share.
- Core FFO guidance maintained at $2.37-$2.41 per diluted share.
- Same Property NOI Growth expected at 0.75%-1.25% (Net Effective).
- Same Property Cash NOI Growth expected at 2.25%-2.75%.
- Average occupancy forecasted at 95.5%-96.0%.
Challenges Ahead
- Core FFO per share slightly declined YoY in Q2.
- G&A expenses remain high at ~$82M for 2025.
- No new acquisitions under contract.
- Some dispositions under contract not guaranteed to close.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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