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.