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Dec 31, 2025
Rexford Industrial Q4 2025 Earnings Report
Rexford Industrial reported a net loss in Q4 2025, impacted by impairments and transition costs, despite increases in Core FFO and Same Property Portfolio Cash NOI.
Key Takeaways
Rexford Industrial experienced a net loss in the fourth quarter of 2025, primarily due to significant impairments and Co-CEO transition costs. However, the company demonstrated solid operational performance with an increase in Core FFO and positive growth in Same Property Portfolio Cash NOI. The company also maintained strong occupancy rates and liquidity.
Net loss attributable to common stockholders was $68.7 million, or $0.30 per diluted share, in Q4 2025, compared to net income of $59.4 million, or $0.27 per diluted share, in Q4 2024.
Company share of Core FFO increased by 5.9% to $136.2 million, or $0.59 per diluted share, in Q4 2025.
Same Property Portfolio NOI increased by 0.4% and Cash NOI increased by 2.8% in Q4 2025 compared to the prior year quarter.
The company ended Q4 2025 with $1.4 billion of total liquidity, including $165.8 million in unrestricted cash on hand.
Revenue by Segment
Forward Guidance
Rexford Industrial is initiating its full year 2026 guidance with expectations for net income per diluted share between $1.15 and $1.20, and Company share of Core FFO per diluted share between $2.35 and $2.40. The company anticipates a slight decline in Same Property Portfolio NOI Growth for both net effective and cash bases, with average occupancy projected between 94.8% and 95.3%.
Positive Outlook
- Projected Core FFO per diluted share of $2.35 - $2.40 for FY 2026, indicating continued strong operational performance.
- Anticipated dispositions of $400M - $500M in 2026, suggesting strategic portfolio management.
- Expected annualized stabilized cash NOI from repositioning/development projects of $19M - $21M in 2026, highlighting future growth from current investments.
- New $500 million stock repurchase program authorized, demonstrating confidence in company valuation and commitment to shareholder returns.
- Quarterly common stock dividend increased by 1.2% to $0.435 per share for Q1 2026.
Challenges Ahead
- Projected Net Income Attributable to Common Stockholders per diluted share of $1.15 - $1.20 for FY 2026, which is lower than the FY 2025 reported value of $0.86 (Note: FY 2025 was impacted by impairments and transition costs, making direct comparison complex without further context).
Historical Earnings Impact
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Avg. Return Before/After Earnings
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