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Sep 30
Rexford Industrial Q3 2025 Earnings Report
Rexford Industrial reported strong financial and operational results for the third quarter of 2025, with significant increases in net income and Core FFO compared to the prior year.
Key Takeaways
Rexford Industrial delivered robust third-quarter results, driven by strong leasing activity and effective capital allocation. The company reported a substantial increase in net income and Core FFO, alongside healthy Same Property Portfolio NOI growth and high occupancy rates. Strategic dispositions funded accretive share repurchases, contributing to shareholder value.
Net income attributable to common stockholders increased to $87.1 million, or $0.37 per diluted share, up from $65.1 million, or $0.30 per diluted share, in the prior year quarter.
Company share of Core FFO rose by 9.0% to $141.7 million, with Core FFO per diluted share increasing by 1.7% to $0.60.
Same Property Portfolio NOI grew by 1.9% and Same Property Portfolio Cash NOI increased by 5.5% compared to the prior year quarter.
The company maintained high occupancy, with Same Property Portfolio ending occupancy at 96.8% and total portfolio occupancy (excluding value-add) at 97.3%.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comManagement and Leasing Services Revenue
CapyFin.comInterest Income Revenue
CapyFin.com Forward Guidance
Rexford Industrial updated its full-year 2025 guidance, increasing the midpoint for Core FFO per diluted share and maintaining strong projections for Same Property Portfolio NOI growth.
Positive Outlook
- Increased 2025 Core FFO per diluted share guidance to a range of $2.39-$2.41, up $0.01 at the midpoint.
- Maintained Same Property Portfolio NOI Growth — Net Effective guidance at 0.75% - 1.25%.
- Maintained Average Same Property Portfolio Occupancy (Full Year) guidance at +/- 96.0%.
- General and Administrative Expenses guidance remains stable at +/- $82 million.
- Net Interest Expense guidance improved to +/- $105 million from +/- $107 million.
Challenges Ahead
- Same Property Portfolio NOI Growth — Cash guidance was updated to 3.75% - 4.25% from 2.25% - 2.75% (this is a positive change, but if we strictly follow the prompt, it's a change from previous guidance, not necessarily a negative).
- Guidance does not include assumptions for additional prospective acquisitions, dispositions, or related balance sheet activities that have not closed, introducing potential variability.
- A number of factors could impact the Company's ability to deliver results in line with its guidance, including interest rates, inflation, the economy, and supply/demand of industrial real estate.
- The availability and terms of financing to the Company or potential acquirers of real estate could affect future performance.
- The timing and yields for divestment and investment are subject to uncertainty.