Rexford Industrial Announces Third Quarter 2025 Financial Results
Rexford Industrial (NYSE: REXR) reported third quarter 2025 results on October 15, 2025 showing continued portfolio strength and capital activity.
Key metrics: Net income $87.1M ($0.37/diluted share); Company share of Core FFO $141.7M (+9.0% YoY) and Core FFO per diluted share $0.60 (+1.7% YoY); Total Portfolio NOI $188.9M (+2.9% YoY); Same Property Cash NOI +5.5% YoY; Executed 3.3M sq ft of leases with 26.1% net effective rent growth; repurchased $150.0M of common stock and raised 2025 Core FFO per share guidance to $2.39–$2.41.
Balance sheet: $1.6B liquidity, $3.3B debt at 3.7% avg rate, Net Debt/Enterprise Value 23.2% and Net Debt/Adjusted EBITDAre 4.1x.
Rexford Industrial (NYSE: REXR) ha riportato i risultati del terzo trimestre 2025 il 15 ottobre 2025, evidenziando una continua solidità del portafoglio e attività di capitale.
Metriche chiave: utile netto 87,1 milioni di dollari (0,37 $/azione diluita); parte dell’azienda sul Core FFO 141,7 milioni di dollari (+9,0% a/a) e FFO Core per azione diluita 0,60 $ (+1,7% a/a); NOI totale del portafoglio 188,9 milioni $ (+2,9% a/a); Cash NOI delle stesse proprietà +5,5% a/a; stipulati contratti per 3,3 milioni di piedi quadrati di lease con una crescita netta del canone effettivo del portafoglio del 26,1%; riacquisto di 150,0 milioni $ di azioni ordinarie e rialzo della guidance Core FFO 2025 a 2,39–2,41 $ per azione diluita.
Bilancio: liquidità di 1,6 miliardi di dollari, debito di 3,3 miliardi di dollari a reddito medio del 3,7%, Net Debt/Enterprise Value al 23,2% e Net Debt/Adjusted EBITDAre a 4,1x.
Rexford Industrial (NYSE: REXR) informó los resultados del tercer trimestre de 2025 el 15 de octubre de 2025, mostrando fortaleza continua de la cartera y actividad de capital.
Métricas clave: Ingreso neto 87,1 M$ (0,37 $/acción diluida); participación de la empresa en Core FFO 141,7 M$ (+9,0% interanual) y Core FFO por acción diluida 0,60 $ (+1,7% interanual); NOI total de la cartera 188,9 M$ (+2,9% interanual); Cash NOI de las mismas propiedades +5,5% interanual; 3,3 millones de pies cuadrados de leases ejecutados con un crecimiento neto del alquiler efectivo de la cartera del 26,1%; recompró 150,0 millones $ de acciones comunes y elevó la guía de Core FFO para 2025 a 2,39–2,41 $ por acción diluida.
Balance: liquidez de $1,6 mil millones, deuda de $3,3 mil millones a una tasa media del 3,7%, Net Debt/Enterprise Value del 23,2% y Net Debt/Adjusted EBITDAre de 4,1x.
렉스포드 인더스트리얼(Rexford Industrial, NYSE: REXR) 는 2025년 10월 15일 제3분기 2025년 실적을 발표하며 포트폴리오의 지속적인 강세와 자본 활동을 보였습니다.
주요 지표: 순이익 8,710만 달러(주당 희석 0.37달러); Core FFO에 대한 회사 몫 1억 4,170만 달러(+전년비 9.0% YoY) 및 주당 희석 Core FFO 0.60달러(+전년비 1.7% YoY); 포트폴리오 전체 NOI 1억 8,890만 달러(+전년비 2.9% YoY); 같은 속성의 부동산 Cash NOI 전년비 +5.5% YoY; 3.3백만 제곱피트의 임대계약 체결로 포트폴리오 순 효과적 임대료 증가율 26.1%; 주식 1억 5,000만 달러어치 자사주 매입 및 2025년 Core FFO 가이던스를 2.39–2.41달러의 주당 희석값으로 상향.
대차대조표: 유동성 16억 달러, 부채 33억 달러, 평균 금리 3.7%, Net Debt/Enterprise Value 23.2%, Net Debt/Adjusted EBITDAre 4.1배.
Rexford Industrial (NYSE: REXR) a publié ses résultats du troisième trimestre 2025 le 15 octobre 2025, montrant une solidité continue du portefeuille et une activité de capital.
Indicateurs clés: résultat net de 87,1 M$ (0,37 $/action diluée); part de l’entreprise dans le Core FFO 141,7 M$ (+9,0% sur un an) et Core FFO par action diluée 0,60 $ (+1,7% sur un an); NOI total du portefeuille 188,9 M$ (+2,9% sur un an); Cash NOI des mêmes propriétés +5,5% sur un an; 3,3 millions de pieds carrés de baux signés avec une croissance du loyer effectif net du portefeuille de 26,1%; rachat de 150,0 millions $ d’actions ordinaires et révision à la hausse de l’objectif Core FFO 2025 à 2,39–2,41 $ par action diluée.
Santé: liquidités de 1,6 milliard de dollars, dette de 3,3 milliards de dollars à un taux moyen de 3,7%, Net Debt/Enterprise Value à 23,2% et Net Debt/Adjusted EBITDAre à 4,1x.
Rexford Industrial (NYSE: REXR) meldete am 15. Oktober 2025 die Ergebnisse des dritten Quartals 2025 und zeigte eine anhaltende Portfoliostärke sowie Kapitalaktivität.
Schlüsselkennzahlen: Nettoeinkommen 87,1 Mio. USD (0,37 USD/dilutierte Aktie); Unternehmensanteil am Core FFO 141,7 Mio. USD (+9,0% YoY) und Core FFO pro diluitierter Aktie 0,60 USD (+1,7% YoY); NOI des Gesamtportfolios 188,9 Mio. USD (+2,9% YoY); Cash NOI derselben Immobilien +5,5% YoY; 3,3 Mio. sq ft an gemanagten Mietverträgen abgeschlossen mit einem Nettomieterwachstum von 26,1% des effektiven Mietzinses des Portfolios; Rückkauf von 150,0 Mio. USD an Stammaktien und Anhebung der Core FFO-Guidance für 2025 auf 2,39–2,41 USD pro diluierter Aktie.
Bilanz: Liquidität 1,6 Mrd. USD, Verschuldung 3,3 Mrd. USD bei einem Durchschnittszinssatz von 3,7%, Net Debt/Enterprise Value 23,2% und Net Debt/Adjusted EBITDAre 4,1x.
Rexford Industrial (NYSE: REXR) أصدرت نتائج الربع الثالث من 2025 في 15 أكتوبر 2025، مع استمرار قوة المحفظة ونشاط رأس المال.
المقاييس الأساسية: صافي الدخل 87.1 مليون دولار (0.37 دولار للسهم المخفف); حصة الشركة من Core FFO 141.7 مليون دولار (+9.0% على أساس سنوي) و Core FFO للسهم المخفف 0.60 دولار (+1.7% على أساس سنوي); NOI المحفظة الكلية 188.9 مليون دولار (+2.9% على أساس سنوي); Cash NOI من نفس الملكيات +5.5% على أساس سنوي; تم تنفيذ 3.3 مليون قدم مربعة من عقود الإيجار بنمو صافي في الإيجار الفعلي للمحفظة قدره 26.1%; أعادت شراء 150.0 مليون دولار من الأسهم العادية ورفعت توجيهات Core FFO للسنة 2025 إلى 2.39–2.41 دولار للسهم المخفف.
الميزانية: سيولة 1.6 مليار دولار، الدين 3.3 مليار دولار بمعدل فائدة متوسط 3.7%، صافي الدين/قيمة المؤسسة 23.2% وصافي الدين/Adjusted EBITDAre 4.1x.
Rexford Industrial (NYSE: REXR) 于 2025 年 10 月 15 日发布了 2025 年第三季度业绩，显示组合的持续强势与资本活动。
关键指标：净利润 8,710 万美元（摊薄后每股 0.37 美元）；公司对 Core FFO 的份额 1.417 亿美元（同比增 9.0%），摊薄后 Core FFO 每股 0.60 美元（同比增 1.7%）；总投资资产 NOI 1.889 亿美元（同比增 2.9%）；同一物业 Cash NOI 同比增 5.5%；签约面积 330 万平方英尺 的租约，组合净有效租金增幅 26.1%；回购 1.50 亿美元 的普通股并将 2025 年 Core FFO 每股指引上调至 2.39–2.41 美元。
资产负债表：流动性 16 亿美元，负债 33 亿美元，平均利率 3.7%，净债务/企业价值 23.2%，净债务/调整后 EBITDAre 4.1x。
- Core FFO +9.0% YoY to $141.7M
- Core FFO per share increased to $0.60 (+1.7%)
- Executed leasing 3.3M sq ft with 26.1% net effective rent growth
- Repurchased $150.0M of common stock
- Updated 2025 Core FFO guidance to $2.39–$2.41
- Same Property NOI growth modest at 1.9% QoQ
- Stabilized repositioning yield of 4.4% on $270.6M Q3 investment
- 2025 net interest expense guidance of approximately $105M
- $160M of dispositions under contract are subject to due diligence
Insights
Strong quarter: rising earnings, FFO, occupancy, and buybacks, with modest guidance uplift and ample liquidity.
Net income rose to
The balance sheet shows flexibility:
Key dependencies and watch items: realization of the
Third Quarter 2025 Financial and Operational Highlights
- Net income attributable to common stockholders of
$87.1 million $0.37 $65.1 million $0.30 - Company share of Core FFO of
$141.7 million 9.0% as compared to the prior year quarter. - Company share of Core FFO per diluted share of
$0.60 1.7% as compared to the prior year quarter. - Total Portfolio NOI of
$188.9 million 2.9% as compared to the prior year quarter. - Same Property Portfolio NOI increased
1.9% and Same Property Portfolio Cash NOI increased5.5% as compared to the prior year quarter. - Same Property Portfolio ending occupancy of
96.8% , an increase of 60 basis points as compared to the prior quarter. - Average Same Property Portfolio occupancy of
96.5% . - Executed 3.3 million square feet of new and renewal leases. Comparable rental rates increased by
26.1% , compared to prior rents, on a net effective basis and by10.3% on a cash basis. - Executed 844,854 square feet of leases related to the Company's repositioning and redevelopment projects.
- Sold three properties for a total sales price of
$53.6 million 14.3% . - Repurchased 3,883,845 shares of common stock at a weighted average price of
$38.62 $150.0 million - Increased 2025 Core FFO per diluted share guidance to a range of
$2.39 -$2.41 $0.01 - Ended the quarter with a low-leverage, flexible balance sheet measured by a Net Debt to Enterprise Value ratio of
23.2% and Net Debt to Adjusted EBITDAre of 4.1x.
"Rexford Industrial's strong third quarter results demonstrate the Company's ability to drive value for shareholders," said Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "We executed 3.3 million square feet of leasing, including 845,000 square feet of recently repositioned or redeveloped properties. With 1.9 million square feet of positive net absorption, our team continues to execute at a high level, delivering upon our value creation initiatives and outperforming the broader infill market. Our strategic disposition program funded
Financial Results
The Company reported net income attributable to common stockholders for the third quarter of
The Company reported its share of Core FFO for the third quarter of
In the third quarter of 2025, the Company's Total Portfolio NOI and Cash NOI increased
In the third quarter of 2025, the Company's Same Property Portfolio NOI and Cash NOI increased
Operating Results
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Q3 2025 Leasing Activity |
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Releasing Spreads(1)(2) |
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# of Leases |
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SF of Leasing |
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Net Effective |
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Cash |
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New Leases |
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69 |
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2,361,131 |
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25.6 % |
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10.9 % |
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Renewal Leases |
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54 |
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904,014 |
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26.5 % |
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9.9 % |
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Total Leases |
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123 |
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3,265,145 |
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26.1 % |
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10.3 % |
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(1) |
Net effective and cash rent statistics only include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail. |
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(2) |
The net effective and cash releasing spreads for new leases include a 504,016-square-foot lease at 1601 Mission Boulevard with a net effective and cash releasing spread of |
As of September 30, 2025, the Company's Same Property Portfolio ending occupancy was
Transaction Activity
During the third quarter of 2025, the Company executed 11 leases totaling 844,854 square feet of repositioning and redevelopment projects. Year to date, the repositioning and redevelopment leasing totals 1,528,532 square feet across 20 leases.
During the third quarter of 2025, the Company stabilized seven repositioning and redevelopment projects, totaling 586,435 square feet, representing a total investment of
Year to date, the Company stabilized 14 repositioning and redevelopment projects, totaling 1,477,292 square feet, which represent a total investment of
During the third quarter of 2025, the Company disposed of three properties for an aggregate sales price of
- 15715 Arrow Highway,
Irwindale , in the Los Angeles–San Gabriel Valley submarket, for$21.6 million $264 17.1% .
Year to date, the Company disposed of six properties, totaling 488,145 square feet, for an aggregate sales price of
The Company has an additional
Balance Sheet
The Company ended the third quarter of 2025 with
During the third quarter of 2025, the Company repurchased 3,883,845 shares of its common stock under its stock repurchase programs at a weighted average price of
During the third quarter of 2025, the Company repaid its
As of September 30, 2025, the Company had
Dividends
On October 13, 2025, the Company's Board of Directors authorized a dividend in the amount of
On October 13, 2025, the Company's Board of Directors authorized a quarterly dividend of
Guidance
The Company is updating its full year 2025 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2025 Guidance Rollforward.
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2025 Outlook (1) |
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Q3 2025
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Q2 2025
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Net Income Attributable to Common Stockholders per diluted share |
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Company share of Core FFO per diluted share |
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Same Property Portfolio NOI Growth — Net Effective |
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Same Property Portfolio NOI Growth — Cash |
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Average Same Property Portfolio Occupancy (Full Year) (2) |
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+/- |
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General and Administrative Expenses (3) |
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+/- |
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+/- |
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Net Interest Expense |
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+/- |
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+/- |
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(1) |
2025 Guidance represents the in-place portfolio as of September 30, 2025, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed. |
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(2) |
As of September 30, 2025, our 2025 Same Property Portfolio consisted of 288 properties totaling 37.9 million rentable square feet, representing approximately |
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(3) |
2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of |
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Updated Earnings Presentation
The Company's supplemental financial reporting package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on Thursday, October 16, 2025, at 1:00 p.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Conference ID 5314484.
1 (800) 715-9871 (for domestic callers)
1 (646) 307-1963 (for international callers)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net Income to Funds From Operations and Core Funds From Operations" table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2025 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
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2025 Estimate |
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Low |
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High |
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Net income attributable to common stockholders |
$ 1.44 |
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$ 1.46 |
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Company share of depreciation and amortization |
1.28 |
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1.28 |
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Company share of gains on sale of real estate |
(0.36) |
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(0.36) |
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Company share of FFO |
$ 2.36 |
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$ 2.38 |
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Add: Core FFO adjustments(1) |
0.03 |
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0.03 |
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Company share of Core FFO |
$ 2.39 |
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$ 2.41 |
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(1) |
Core FFO adjustments consist of (i) acquisition expenses, (ii) debt extinguishment and modification expenses, (iii) amortization of the loss on termination of interest rate swaps, (iv) severance costs and (v) other nonrecurring expenses. |
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2025 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through September 30, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2024 through September 30, 2025, and (ii) properties acquired prior to January 1, 2024 that were classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of September 30, 2025, our 2025 Same Property Portfolio consisted of buildings aggregating 37.9 million rentable square feet at 288 of our properties.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
Stabilization Date — Repositioning/Redevelopment Properties: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving
Net Debt to Enterprise Value: As of September 30, 2025, we had consolidated indebtedness of
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, non-cash stock-based compensation expense, gain (loss) on debt extinguishment and debt modification expenses, acquisition expenses, impairments of right of use assets, the pro-forma effects of acquisitions and dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
mlynch@rexfordindustrial.com
Financial Statements and Reconciliations
|
Rexford Industrial Realty, Inc. |
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|
Consolidated Balance Sheets |
|||
|
(In thousands except share data) |
|||
|
|
|||
|
|
September 30, 2025 |
|
December 31, 2024 |
|
|
(unaudited) |
|
|
|
ASSETS |
|
|
|
|
Land |
$ 7,774,737 |
|
$ 7,822,290 |
|
Buildings and improvements |
4,607,202 |
|
4,611,987 |
|
Tenant improvements |
194,405 |
|
188,217 |
|
Furniture, fixtures, and equipment |
132 |
|
132 |
|
Construction in progress |
475,072 |
|
333,690 |
|
Total real estate held for investment |
13,051,548 |
|
12,956,316 |
|
Accumulated depreciation |
(1,119,746) |
|
(977,133) |
|
Investments in real estate, net |
11,931,802 |
|
11,979,183 |
|
Cash and cash equivalents |
248,956 |
|
55,971 |
|
Restricted cash |
65,464 |
|
— |
|
Loan receivable, net |
123,589 |
|
123,244 |
|
Rents and other receivables, net |
15,727 |
|
15,772 |
|
Deferred rent receivable, net |
181,439 |
|
161,693 |
|
Deferred leasing costs, net |
82,227 |
|
67,827 |
|
Deferred loan costs, net |
7,391 |
|
1,999 |
|
Acquired lease intangible assets, net |
154,931 |
|
201,467 |
|
Acquired indefinite-lived intangible asset |
5,156 |
|
5,156 |
|
Interest rate swap assets |
2,804 |
|
8,942 |
|
Other assets |
31,522 |
|
26,964 |
|
Total Assets |
$ 12,851,008 |
|
$ 12,648,218 |
|
LIABILITIES & EQUITY |
|
|
|
|
Liabilities |
|
|
|
|
Notes payable |
$ 3,249,733 |
|
$ 3,345,962 |
|
Interest rate swap liability |
1,626 |
|
— |
|
Accounts payable, accrued expenses and other liabilities |
153,558 |
|
149,707 |
|
Dividends and distributions payable |
103,913 |
|
97,823 |
|
Acquired lease intangible liabilities, net |
122,870 |
|
147,473 |
|
Tenant security deposits |
91,835 |
|
90,698 |
|
Tenant prepaid rents |
85,114 |
|
90,576 |
|
Total Liabilities |
3,808,649 |
|
3,922,239 |
|
Equity |
|
|
|
|
Rexford Industrial Realty, Inc. stockholders' equity |
|
|
|
|
Preferred stock, |
|
|
|
|
|
72,443 |
|
72,443 |
|
|
83,233 |
|
83,233 |
|
Common Stock, |
2,328 |
|
2,253 |
|
Additional paid in capital |
8,993,439 |
|
8,601,276 |
|
Cumulative distributions in excess of earnings |
(474,813) |
|
(441,881) |
|
Accumulated other comprehensive loss |
(515) |
|
6,746 |
|
Total stockholders' equity |
8,676,115 |
|
8,324,070 |
|
Noncontrolling interests |
366,244 |
|
401,909 |
|
Total Equity |
9,042,359 |
|
8,725,979 |
|
Total Liabilities and Equity |
$ 12,851,008 |
|
$ 12,648,218 |
|
Rexford Industrial Realty, Inc. |
|||||||
|
Consolidated Statements of Operations |
|||||||
|
(Unaudited and in thousands, except per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
REVENUES |
|
|
|
|
|
|
|
|
Rental income |
$ 246,757 |
|
$ 238,396 |
|
$ 737,146 |
|
$ 682,359 |
|
Management and leasing services |
118 |
|
156 |
|
392 |
|
444 |
|
Interest income |
6,367 |
|
3,291 |
|
17,498 |
|
10,709 |
|
TOTAL REVENUES |
253,242 |
|
241,843 |
|
755,036 |
|
693,512 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Property expenses |
57,879 |
|
54,867 |
|
168,438 |
|
154,254 |
|
General and administrative |
20,037 |
|
20,926 |
|
59,657 |
|
60,213 |
|
Depreciation and amortization |
81,172 |
|
69,241 |
|
239,100 |
|
203,415 |
|
TOTAL OPERATING EXPENSES |
159,088 |
|
145,034 |
|
467,195 |
|
417,882 |
|
OTHER EXPENSES |
|
|
|
|
|
|
|
|
Other expenses |
4,218 |
|
492 |
|
6,701 |
|
2,204 |
|
Interest expense |
25,463 |
|
27,340 |
|
79,452 |
|
70,423 |
|
TOTAL EXPENSES |
188,769 |
|
172,866 |
|
553,348 |
|
490,509 |
|
Debt extinguishment and modification expenses |
— |
|
— |
|
(291) |
|
— |
|
Gains on sale of real estate |
28,583 |
|
1,745 |
|
86,101 |
|
18,013 |
|
NET INCOME |
93,056 |
|
70,722 |
|
287,498 |
|
221,016 |
|
Less: net income attributable to noncontrolling interests |
(3,137) |
|
(2,952) |
|
(10,046) |
|
(9,399) |
|
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. |
89,919 |
|
67,770 |
|
277,452 |
|
211,617 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: earnings attributable to participating securities |
(519) |
|
(395) |
|
(1,650) |
|
(1,222) |
|
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ 87,086 |
|
$ 65,061 |
|
$ 268,859 |
|
$ 203,452 |
|
Net income attributable to common stockholders per share – basic |
$ 0.37 |
|
$ 0.30 |
|
$ 1.16 |
|
$ 0.94 |
|
Net income attributable to common stockholders per share – diluted |
$ 0.37 |
|
$ 0.30 |
|
$ 1.16 |
|
$ 0.94 |
|
Weighted-average shares of common stock outstanding – basic |
234,587 |
|
218,760 |
|
232,720 |
|
216,857 |
|
Weighted-average shares of common stock outstanding – diluted |
234,587 |
|
219,133 |
|
232,720 |
|
216,994 |
|
Rexford Industrial Realty, Inc. |
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|
Same Property Portfolio Occupancy and NOI and Cash NOI |
|||||
|
(Unaudited, dollars in thousands) |
|||||
|
|
|||||
|
Same Property Portfolio Occupancy |
|||||
|
|
September 30, |
|
|
||
|
|
2025 |
|
2024 |
|
Change (basis |
|
Quarterly Weighted Average Occupancy:(1) |
|
|
|
|
|
|
|
96.7 % |
|
97.5 % |
|
(80) bps |
|
|
98.7 % |
|
99.3 % |
|
(60) bps |
|
|
95.4 % |
|
97.2 % |
|
(180) bps |
|
|
98.3 % |
|
95.8 % |
|
250 bps |
|
|
94.3 % |
|
92.3 % |
|
200 bps |
|
Same Property Portfolio Weighted Average Occupancy |
96.5 % |
|
97.2 % |
|
(70) bps |
|
|
|
|
|
|
|
|
Ending Occupancy: |
96.8 % |
|
96.9 % |
|
(10) bps |
|
|
|
|
(1) |
Calculated by averaging the occupancy rate at the end of each month in 3Q-2025 and June 2025 (for 3Q-2025) and the end of each month in 3Q-2024 and June 2024 (for 3Q-2024). |
|
Same Property Portfolio NOI and Cash NOI |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2025 |
|
2024 |
|
$ |
|
% |
|
2025 |
|
2024 |
|
$ |
|
% |
|
Rental income |
|
|
|
|
$ 4,095 |
|
2.2 % |
|
|
|
|
|
|
|
1.8 % |
|
Property expenses |
43,998 |
|
42,668 |
|
1,330 |
|
3.1 % |
|
127,326 |
|
122,980 |
|
4,346 |
|
3.5 % |
|
Same Property Portfolio NOI |
|
|
|
|
$ 2,765 |
|
1.9 % |
|
|
|
|
|
$ 5,670 |
|
1.3 % |
|
Straight line rental revenue adjustment |
(3,776) |
|
(7,763) |
|
3,987 |
|
(51.4) % |
|
(11,709) |
|
(22,502) |
|
10,793 |
|
(48.0) % |
|
Above/(below) market lease revenue adjustments |
(5,081) |
|
(5,727) |
|
646 |
|
(11.3) % |
|
(15,082) |
|
(18,198) |
|
3,116 |
|
(17.1) % |
|
Same Property Portfolio Cash NOI |
|
|
|
|
$ 7,398 |
|
5.5 % |
|
|
|
|
|
|
|
4.9 % |
|
Rexford Industrial Realty, Inc. |
|||||||
|
Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and |
|||||||
|
Same Property Portfolio Cash NOI |
|||||||
|
(Unaudited and in thousands) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income |
$ 93,056 |
|
$ 70,722 |
|
$ 287,498 |
|
$ 221,016 |
|
General and administrative |
20,037 |
|
20,926 |
|
59,657 |
|
60,213 |
|
Depreciation and amortization |
81,172 |
|
69,241 |
|
239,100 |
|
203,415 |
|
Other expenses |
4,218 |
|
492 |
|
6,701 |
|
2,204 |
|
Interest expense |
25,463 |
|
27,340 |
|
79,452 |
|
70,423 |
|
Debt extinguishment and modification expenses |
— |
|
— |
|
291 |
|
— |
|
Management and leasing services |
(118) |
|
(156) |
|
(392) |
|
(444) |
|
Interest income |
(6,367) |
|
(3,291) |
|
(17,498) |
|
(10,709) |
|
Gains on sale of real estate |
(28,583) |
|
(1,745) |
|
(86,101) |
|
(18,013) |
|
Net operating income (NOI) |
$ 188,878 |
|
$ 183,529 |
|
$ 568,708 |
|
$ 528,105 |
|
Straight line rental revenue adjustment |
(8,164) |
|
(11,441) |
|
(20,599) |
|
(28,376) |
|
Above/(below) market lease revenue adjustments |
(5,254) |
|
(6,635) |
|
(20,228) |
|
(21,494) |
|
Cash NOI |
$ 175,460 |
|
$ 165,453 |
|
$ 527,881 |
|
$ 478,235 |
|
|
|
|
|
|
|
|
|
|
NOI |
$ 188,878 |
|
$ 183,529 |
|
$ 568,708 |
|
$ 528,105 |
|
Non-Same Property Portfolio rental income |
(52,555) |
|
(48,289) |
|
(163,435) |
|
(118,664) |
|
Non-Same Property Portfolio property expenses |
13,881 |
|
12,199 |
|
41,112 |
|
31,274 |
|
Same Property Portfolio NOI |
$ 150,204 |
|
$ 147,439 |
|
$ 446,385 |
|
$ 440,715 |
|
Straight line rental revenue adjustment |
(3,776) |
|
(7,763) |
|
(11,709) |
|
(22,502) |
|
Above/(below) market lease revenue adjustments |
(5,081) |
|
(5,727) |
|
(15,082) |
|
(18,198) |
|
Same Property Portfolio Cash NOI |
$ 141,347 |
|
$ 133,949 |
|
$ 419,594 |
|
$ 400,015 |
|
Rexford Industrial Realty, Inc. |
|||||||
|
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations |
|||||||
|
(Unaudited and in thousands, except per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Net income |
$ 93,056 |
|
$ 70,722 |
|
$ 287,498 |
|
$ 221,016 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
81,172 |
|
69,241 |
|
239,100 |
|
203,415 |
|
Gains on sale of real estate |
(28,583) |
|
(1,745) |
|
(86,101) |
|
(18,013) |
|
Funds From Operations (FFO) |
$ 145,645 |
|
$ 138,218 |
|
$ 440,497 |
|
$ 406,418 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: FFO attributable to noncontrolling interests(1) |
(4,906) |
|
(5,389) |
|
(15,262) |
|
(15,987) |
|
Less: FFO attributable to participating securities(2) |
(713) |
|
(566) |
|
(2,191) |
|
(1,718) |
|
Company share of FFO |
$ 137,712 |
|
$ 129,949 |
|
$ 416,101 |
|
$ 381,770 |
|
|
|
|
|
|
|
|
|
|
Company Share of FFO per common share – basic |
$ 0.59 |
|
$ 0.59 |
|
$ 1.79 |
|
$ 1.76 |
|
Company Share of FFO per common share – diluted |
$ 0.59 |
|
$ 0.59 |
|
$ 1.79 |
|
$ 1.76 |
|
|
|
|
|
|
|
|
|
|
FFO |
$ 145,645 |
|
$ 138,218 |
|
$ 440,497 |
|
$ 406,418 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquisition expenses |
161 |
|
6 |
|
263 |
|
114 |
|
Debt extinguishment and modification expenses |
— |
|
— |
|
291 |
|
— |
|
Amortization of loss on termination of interest rate swaps |
— |
|
59 |
|
— |
|
177 |
|
Non-capitalizable demolition costs |
— |
|
— |
|
365 |
|
1,127 |
|
Severance costs(3)(4) |
2,728 |
|
— |
|
4,410 |
|
— |
|
Other nonrecurring expenses(4) |
1,259 |
|
— |
|
1,259 |
|
— |
|
Core FFO |
$ 149,793 |
|
$ 138,283 |
|
$ 447,085 |
|
$ 407,836 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: Core FFO attributable to noncontrolling interest(1) |
(5,045) |
|
(5,391) |
|
(15,485) |
|
(16,035) |
|
Less: Core FFO attributable to participating securities(2) |
(734) |
|
(567) |
|
(2,225) |
|
(1,725) |
|
Company share of Core FFO |
$ 141,700 |
|
$ 130,011 |
|
$ 422,432 |
|
$ 383,133 |
|
|
|
|
|
|
|
|
|
|
Company share of Core FFO per common share – basic |
$ 0.60 |
|
$ 0.59 |
|
$ 1.82 |
|
$ 1.77 |
|
Company share of Core FFO per common share – diluted |
$ 0.60 |
|
$ 0.59 |
|
$ 1.82 |
|
$ 1.77 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding – basic |
234,587 |
|
218,760 |
|
232,720 |
|
216,857 |
|
Weighted-average shares of common stock outstanding – diluted |
234,587 |
|
219,133 |
|
232,720 |
|
216,994 |
|
|
|
|
(1) |
Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 1, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On April 10, 2024, we exercised our conversion right to convert all Series 1 CPOP units into OP units. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units. |
|
(2) |
Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. |
|
(3) |
Includes costs associated with workforce reduction and workforce reorganization. |
|
(4) |
Amounts are included in the line item "Other expenses" in the consolidated statements of operations. |
|
Rexford Industrial Realty, Inc. |
|
|
Reconciliation of Net Income to Adjusted EBITDAre |
|
|
(Unaudited and in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Net income |
$ 93,056 |
|
Interest expense |
25,463 |
|
Depreciation and amortization |
81,172 |
|
Gains on sale of real estate |
(28,583) |
|
EBITDAre |
$ 171,108 |
|
Stock-based compensation amortization |
10,485 |
|
Acquisition expenses |
161 |
|
Other nonrecurring expenses |
1,259 |
|
Pro forma effect of dispositions(1) |
(389) |
|
Adjusted EBITDAre |
$ 182,624 |
|
|
|
|
(1) |
Represents the estimated impact on third quarter 2025 EBITDAre of third quarter 2025 dispositions as if they had been sold as of July 1, 2025. |
View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-third-quarter-2025-financial-results-302585314.html
SOURCE Rexford Industrial Realty, Inc.
FAQ
What did Rexford Industrial (REXR) report for Q3 2025 net income and EPS?
How much Core FFO did Rexford Industrial (REXR) generate in Q3 2025 and how did it change year-over-year?
How much leasing did Rexford (REXR) execute in Q3 2025 and what were rent trends?
What stock repurchase activity did Rexford (REXR) complete in Q3 2025?
Did Rexford (REXR) change its 2025 guidance after Q3 2025 results?
What is Rexford Industrial's liquidity and debt position at September 30, 2025?
