Rexford Industrial Delivers Strong Q1 2025 Results, Lifts Full-Year Earnings Outlook

Rexford Industrial Realty, Inc. (NYSE: REXR) posted robust financial and operational results for the first quarter of 2025, reporting a year-over-year increase in net income, leasing activity, and core performance metrics. Net income attributable to common stockholders reached $68.3 million ($0.30 per diluted share), up from $58.6 million ($0.27) in the same period last year. Core FFO rose 14.1% to $141.0 million ($0.62 per diluted share), while consolidated NOI increased 18.4% to $193.6 million.

Same Property Portfolio cash NOI grew 5.0%, with occupancy averaging 95.9%. The REIT executed 2.4 million square feet in leasing, achieving rent growth of 23.8% on a net effective basis.

During the quarter, Rexford completed two property sales totaling $103.4 million, achieving unlevered IRRs of 10.5% and 13.3%. No new acquisitions were under contract, but $30 million in dispositions are pending.

The company stabilized five repositioning projects totaling 560,255 square feet at a 7.6% yield and ended the quarter with $504.6 million in unrestricted cash and no floating rate debt. Net Debt to Adjusted EBITDAre was 3.9x.

Rexford raised its 2025 net income guidance to $1.31–$1.35 per diluted share and maintained its Core FFO forecast at $2.37–$2.41. A $0.43 common dividend and preferred dividends for Series B and C shares were declared.

Management highlighted the firm’s strategy, balance sheet strength, and portfolio positioning in the Southern California infill market as key factors driving long-term value creation.

Rexford Industrial Realty Chairman Richard Ziman to Retire After 2025 Annual Meeting

Board to Downsize to Seven Directors Upon Ziman’s Exit

Los Angeles, CA – April 14, 2025 – Rexford Industrial Realty, Inc. (NYSE: REXR) announced that Chairman Richard Ziman has informed the Board he will not seek reelection at the company’s 2025 Annual Meeting of Stockholders. His retirement will become effective at the end of his current term.

The Board confirmed Ziman’s decision on April 9, 2025, and stated that his departure is not related to any disagreement with the company’s operations, policies, or practices. Following his retirement, the Board will be reduced from eight to seven members.

Rexford Industrial Realty is a real estate investment trust focused on owning and operating industrial properties across infill Southern California, one of the nation’s most supply-constrained and highly sought-after industrial property markets. The company’s shares are listed on the New York Stock Exchange under the ticker REXR, including its Series B and Series C preferred stock.

This leadership change was disclosed in a regulatory filing with the U.S. Securities and Exchange Commission, signed by Co-Chief Executive Officers Michael S. Frankel and Howard Schwimmer.