Rexford Industrial Announces Third Quarter 2026 Financial Results
Debt repayments lowered leverage, while impairments accompanied a wider projected full-year net loss.
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Rhea-AI Summary
Rexford Industrial (NYSE: REXR) raised its 2026 Core FFO per-share guidance while reporting lower third-quarter net income and property operating income. Net income attributable to common stockholders fell to $14.6 million, or $0.07 per diluted share, from $87.1 million, or $0.37, a year earlier. Results included $71.8 million of impairments. Core FFO, an adjusted funds-from-operations measure, was unchanged at $0.60 per diluted share.
Same-property net operating income declined 2.6%; cash NOI fell 1.1%. Ending same-property occupancy reached 96.9%, up 200 basis points from June. Year-to-date property sales totaled $1.5 billion. Rexford repaid $485.0 million of debt during the quarter. The company now expects 2026 Core FFO of $2.41–$2.44 per diluted share, versus $2.38–$2.43 previously, while widening its projected net loss to $1.55–$1.52 per diluted share.
How this balance works
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Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.2026 Core FFO guidance raised to $2.41–$2.44 per diluted share from $2.38–$2.43.
- Major pointThird-quarter dispositions sold 25 properties for $1.3 billion. 16% of market cap
- Moderate pointNine-month Core FFO increased 1.6% to $1.85 per diluted share, versus $1.82 a year earlier.
- Moderate pointSame-property ending occupancy reached 96.9%, up 200 basis points from June 30, 2026.
- Moderate pointComparable net effective rental rates increased 7.1% over prior rents.
- Moderate pointShare repurchases totaled $408.7 million for 10.9 million shares, including $100.0 million after quarter-end, averaging $37.59 per share. 5% of market cap
- Moderate pointDebt repayments retired $485.0 million, covering $60.0 million of 2026 maturities and $425.0 million of 2027 maturities. 5.9% of market cap
- Moderate pointNet debt to adjusted EBITDAre declined to 3.8x from 4.5x at June 30, 2026.
- Moderate pointNine-month same-property cash NOI increased 0.9% from the prior-year period.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 same-property net effective NOI growth guidance improved to (0.25)%–0.25% from (1.25)%–(0.25)%.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 same-property cash NOI growth guidance rose to 0.25%–0.75% from (0.75)%–0.25%.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 average same-property occupancy guidance increased to 95.8%–96.0% from 95.3%–95.7%.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 disposition guidance increased to $1.7–$2.0 billion from $1.5–$2.0 billion.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Estimated 2026 project-start costs decreased to $125–$130 million from $160–$170 million.
4 minor points
- Minor pointThird-quarter leasing totaled 3,738,378 square feet across 116 new and renewal leases.
- Minor pointRemaining share repurchase authorization totaled $591.3 million as of October 22, 2026.
- Minor pointYear-to-date repositioning and development leasing totaled 783,643 square feet, representing $17.5 million of annualized cash NOI.
- Minor pointFive projects stabilized year to date achieved a 7.7% weighted average unlevered return on cost on $161.1 million invested.
Negative
- Major pointNine-month impairments reached $703.4 million, compared with none in the prior-year period. 8.6% of market cap
- Moderate pointThird-quarter net income fell to $14.6 million, or $0.07 per diluted share, from $87.1 million, or $0.37.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 projected net loss widened to $1.55–$1.52 per diluted share from $1.32–$1.27.
- Moderate pointThird-quarter same-property NOI decreased 2.6% year over year.
- Moderate pointComparable cash rental rates decreased 3.0% from prior rents.
- Moderate point. Forward-looking: it has not happened yet and may not happen.2026 repositioning and development starts guidance fell to 0.8 million square feet from 1.2 million.
4 minor points
- Minor pointNine-month results swung to a $404.4 million net loss from $268.9 million net income a year earlier.
- Minor pointThird-quarter same-property cash NOI decreased 1.1% year over year.
- Minor pointNine-month same-property NOI decreased 0.1% from the prior-year period.
- Minor pointNine-month real estate sale gains declined to $71.4 million from $86.1 million a year earlier.
News Explained
Rexford Industrial repurchased
Key Figures
- Net income
- $14.6 million
- Q3 2026; compared with $87.1 million in Q3 2025
- Core FFO per diluted share
- $0.60
- Q3 2026; consistent with Q3 2025
- Same Property Portfolio NOI
- decreased 2.6%
- Q3 2026 compared with Q3 2025
- Same Property Portfolio Cash NOI
- decreased 1.1%
- Q3 2026 compared with Q3 2025
- 2026 Core FFO guidance
- $2.41–$2.44 per diluted share
- Updated Q3 2026 guidance; prior guidance was $2.38–$2.43
- 2026 net loss guidance
- ($1.55)–($1.52) per diluted share
- Updated Q3 2026 guidance; prior guidance was ($1.32)–($1.27)
- Common stock repurchases
- 10.9 million shares for $408.7 million
- Q3 2026 and subsequent to quarter end
- Net Debt to Adjusted EBITDAre
- 3.8x
- At September 30, 2026; down from 4.5x at June 30, 2026
Previous Earnings Reports
-
Raised 2026 Core FFO/share guidance to $2.38–$2.43 despite an impairment-driven quarterly loss.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Raises 2026 Core FFO per share guidance
Advances portfolio realignment with
Executes 3.7 million square feet of leasing, including 600,000 square feet of repositioning and development
Third Quarter 2026 Financial and Operational Highlights (all comparisons to Third Quarter 2025)
- Net income attributable to common stockholders of
$14.6 million $0.07 $87.1 million $0.37 - Company share of Core FFO per diluted share of
$0.60 - Same Property Portfolio Cash NOI decreased
1.1% and Same Property Portfolio NOI decreased2.6% . - Same Property Portfolio ending occupancy of
96.9% , up 200 basis points from June 30, 2026. - Executed 3.7 million square feet of new and renewal leases, including 599,369 square feet of repositioning and development leases. Comparable rental rates increased by
7.1% , compared to prior rents, on a net effective basis and decreased by3.0% on a cash basis. - Stabilized one repositioning project totaling 46,653 square feet.
- Sold 25 properties for a total sales price of
$1 $1.2 billion - Repurchased 10.9 million shares of common stock for
$408.7 million $37.59 $100.0 million - Repaid
$485.0 million $60.0 million $425.0 million - Reduced Net Debt to Adjusted EBITDAre to 3.8x, down from 4.5x as of June 30, 2026.
"Our third quarter performance reflects strong execution across our strategic priorities," said Laura Clark, Chief Executive Officer. "Infill Southern California industrial market fundamentals continue to improve, with increasing tenant demand driving our strong leasing activity in the quarter. We've made significant progress on our portfolio realignment, sharpening our portfolio, strengthening our balance sheet and enhancing our financial flexibility. We remain focused on disciplined execution and capital allocation to drive sustainable cash flow growth and long-term shareholder value creation."
Financial
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 2026, the Company's Same Property Portfolio NOI and Cash NOI decreased
Operations
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Q3 2026 Leasing Activity |
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Releasing Spreads(1) |
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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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60 |
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2,157,994 |
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2.3 % |
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(7.0) % |
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Renewal Leases |
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56 |
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1,580,384 |
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10.8 % |
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0.1 % |
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Total Leases |
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116 |
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3,738,378 |
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7.1 % |
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(3.0) % |
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(1) |
Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to leasing activity in Q3 2026. |
As of September 30, 2026, the Company's Same Property Portfolio ending occupancy was
Repositionings and Developments
During the third quarter of 2026, the Company executed 599,369 square feet of repositioning and development leases. Year to date, leasing activity across the Company's repositioning and development projects totaled 783,643 square feet, representing
During the third quarter of 2026, the Company stabilized one 46,653-square-foot repositioning project, representing a total investment of
Year to date, the Company stabilized five repositioning and development projects totaling 387,933 square feet, representing a total investment of
Dispositions
During the third quarter of 2026, the Company disposed of 25 properties totaling 5.5 million square feet for an aggregate sales price of
Year to date, the Company disposed of 37 properties totaling 6.4 million square feet for an aggregate sales price of
Balance Sheet
The Company ended the third quarter of 2026 with approximately
In the third quarter of 2026 and subsequent to quarter end, the Company repurchased 10.9 million shares of its common stock for
During the third quarter of 2026, the Company repaid
As of September 30, 2026, the Company had
Dividends
On October 20, 2026, the Company's Board of Directors authorized a dividend in the amount of
On October 20, 2026, the Company's Board of Directors authorized a quarterly dividend of
Guidance
The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.
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2026 Outlook |
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Q3 2026 Updated Guidance |
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Q2 2026 Guidance |
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Earnings |
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Net Loss Attributable to Common Stockholders per diluted share(1) |
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( |
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( |
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Company share of Core FFO per diluted share(1) |
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Same Property Portfolio(2) |
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Same Property Portfolio NOI Growth - Net Effective |
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(0.25)% - |
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(1.25)% - (0.25)% |
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Same Property Portfolio NOI Growth - Cash |
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(0.75)% - |
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Average Same Property Portfolio Occupancy (Full Year) |
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Capital Allocation |
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Dispositions |
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Repositioning/Development Annualized Stabilized Cash NOI(3) |
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Repositioning/Development Starts (SF) |
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0.8M |
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1.2M |
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Repositioning/Development Starts (Total Estimated Project Costs) |
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Other Assumptions |
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General and Administrative Expenses |
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+/ |
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+/ |
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Interest Expense(4) |
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+/ |
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+/ |
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(1) |
2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity. |
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(2) |
2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through October 22, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance. |
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(3) |
Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including projects that stabilized in Q1 through Q3 2026. |
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(4) |
Interest Expense excludes the |
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, geopolitical risks including impacts from the war in the
Supplemental Information and Earnings Presentation
The Company's supplemental information 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 Friday, October 23, 2026, at 11:00 a.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 Meeting ID 238 759 897.
1 (585) 542-9983 (Local)
1 (833) 461-5787 (Toll-Free)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial (NYSE: REXR) transforms industrial real estate that powers the world's goods, fueling businesses, communities and everyday life. Focused exclusively on infill Southern California, the Company's portfolio of highly functional industrial properties serves the local consumption base of one of the world's largest and most economically diverse industrial markets. Through its operational expertise and disciplined execution, the Company drives value creation and long-term shareholder value. Rexford Industrial is a real estate investment trust and a member of the S&P MidCap 400 Index. For more information, please visit rexfordindustrial.com.
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 U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. Except as may otherwise be required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
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 or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, 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 (Loss) 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 or loss 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 Loss 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 2026 guidance range of net loss 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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2026 Estimate |
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Low |
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High |
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Net loss attributable to common stockholders |
$ (1.55) |
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$ (1.52) |
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Company share of depreciation and amortization |
1.24 |
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1.24 |
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Company share of impairment of real estate |
3.04 |
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3.04 |
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Company share of gains on sale of real estate |
(0.31) |
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(0.31) |
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Company share of FFO |
$ 2.42 |
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$ 2.45 |
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Core FFO adjustments(1) |
(0.01) |
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(0.01) |
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Company share of Core FFO |
$ 2.41 |
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$ 2.44 |
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(1) |
Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses, (iv) write-offs of below-market lease intangibles related to unexercised renewal options, (v) debt extinguishment and modification expenses, (vi) gain on termination of interest rate swaps, and (vii) non-capitalizable demolition costs. |
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, gains (or losses) from property dispositions, impairment losses of depreciable operating property and other non-operating items, 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 or loss 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 or loss 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 or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2026 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, 2025 through September 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through September 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in other repositioning, which we believe will significantly affect the properties' results during the comparative periods. As of September 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 36.8 million rentable square feet at 316 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.
Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.
Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development 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, 2026, 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 or loss (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, gains (or losses) on debt extinguishment and debt modification expenses, acquisition expenses, non-capitalizable demolition costs and the pro-forma effects of 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 or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
dbettisworth@rexfordindustrial.com
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Financial Statements and Reconciliations |
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Rexford Industrial Realty, Inc. Consolidated Balance Sheets (In thousands except share data) |
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September 30, 2026 |
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December 31, 2025 |
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(unaudited) |
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ASSETS |
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Land |
$ 6,326,663 |
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$ 7,689,921 |
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Buildings and improvements |
4,109,826 |
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4,677,318 |
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Tenant improvements |
211,910 |
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198,161 |
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Furniture, fixtures, and equipment |
132 |
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132 |
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Construction in progress |
312,737 |
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451,109 |
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Total real estate held for investment |
10,961,268 |
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13,016,641 |
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Accumulated depreciation |
(1,197,110) |
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(1,165,792) |
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Investments in real estate, net |
9,764,158 |
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11,850,849 |
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Cash and cash equivalents |
423,590 |
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165,778 |
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Loan receivable, net |
124,049 |
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123,704 |
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Rents and other receivables, net |
15,540 |
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13,958 |
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Deferred rent receivable, net |
206,632 |
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190,376 |
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Deferred leasing costs, net |
98,587 |
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87,745 |
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Deferred loan costs, net |
5,372 |
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6,886 |
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Acquired lease intangible assets, net |
94,937 |
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140,627 |
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Acquired indefinite-lived intangible asset |
5,156 |
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5,156 |
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Interest rate swap assets |
16,985 |
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2,025 |
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Other assets |
31,841 |
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25,609 |
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Total Assets |
$ 10,786,847 |
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$ 12,612,713 |
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LIABILITIES & EQUITY |
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Liabilities |
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Notes payable |
$ 2,767,195 |
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$ 3,251,909 |
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Interest rate swap liability |
— |
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829 |
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Accounts payable, accrued expenses and other liabilities |
137,943 |
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120,849 |
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Dividends and distributions payable |
97,407 |
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103,399 |
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Acquired lease intangible liabilities, net |
101,565 |
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116,487 |
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Tenant security deposits |
89,204 |
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92,444 |
|
Tenant prepaid rents |
78,248 |
|
88,777 |
|
Total Liabilities |
3,271,562 |
|
3,774,694 |
|
Equity |
|
|
|
|
Rexford Industrial Realty, Inc. stockholders' equity |
|
|
|
|
Preferred stock, |
|
|
|
|
|
72,443 |
|
72,443 |
|
|
83,233 |
|
83,233 |
|
Common Stock, |
2,149 |
|
2,316 |
|
Additional paid in capital |
8,326,486 |
|
8,945,123 |
|
Cumulative distributions in excess of earnings |
(1,333,548) |
|
(642,130) |
|
Accumulated other comprehensive income (loss) |
14,978 |
|
(422) |
|
Total stockholders' equity |
7,165,741 |
|
8,460,563 |
|
Noncontrolling interests |
349,544 |
|
377,456 |
|
Total Equity |
7,515,285 |
|
8,838,019 |
|
Total Liabilities and Equity |
$ 10,786,847 |
|
$ 12,612,713 |
|
Rexford Industrial Realty, Inc. Consolidated Statements of Operations (Unaudited and in thousands, except per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
REVENUES |
|
|
|
|
|
|
|
|
Rental income |
$ 235,837 |
|
$ 246,757 |
|
$ 720,974 |
|
$ 737,146 |
|
Management and leasing services |
— |
|
118 |
|
— |
|
392 |
|
Interest income |
3,266 |
|
6,367 |
|
8,713 |
|
17,498 |
|
TOTAL REVENUES |
239,103 |
|
253,242 |
|
729,687 |
|
755,036 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Property expenses |
56,996 |
|
57,879 |
|
169,973 |
|
168,438 |
|
General and administrative |
13,431 |
|
20,037 |
|
42,049 |
|
59,657 |
|
Depreciation and amortization |
74,440 |
|
81,172 |
|
220,852 |
|
239,100 |
|
TOTAL OPERATING EXPENSES |
144,867 |
|
159,088 |
|
432,874 |
|
467,195 |
|
OTHER (EXPENSES) INCOME |
|
|
|
|
|
|
|
|
Other income |
— |
|
— |
|
4,850 |
|
— |
|
Other expenses, net |
(2,561) |
|
(4,218) |
|
(662) |
|
(6,701) |
|
Interest expense |
(24,785) |
|
(25,463) |
|
(79,956) |
|
(79,452) |
|
Impairment of real estate |
(71,834) |
|
— |
|
(703,412) |
|
— |
|
Debt extinguishment and modification expenses |
(194) |
|
— |
|
(194) |
|
(291) |
|
Gains on sale of real estate |
23,208 |
|
28,583 |
|
71,382 |
|
86,101 |
|
TOTAL OTHER (EXPENSES) INCOME |
(76,166) |
|
(1,098) |
|
(707,992) |
|
(343) |
|
NET INCOME (LOSS) |
18,070 |
|
93,056 |
|
(411,179) |
|
287,498 |
|
Less: net (income) loss attributable to noncontrolling interests |
(685) |
|
(3,137) |
|
15,605 |
|
(10,046) |
|
NET INCOME (LOSS) ATTRIBUTABLE TO REXFORD INDUSTRIAL |
17,385 |
|
89,919 |
|
(395,574) |
|
277,452 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: earnings attributable to participating securities |
(430) |
|
(519) |
|
(1,879) |
|
(1,650) |
|
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ 14,641 |
|
$ 87,086 |
|
$ (404,396) |
|
$ 268,859 |
|
Net income (loss) attributable to common stockholders per share – |
$ 0.07 |
|
$ 0.37 |
|
$ (1.80) |
|
$ 1.16 |
|
Weighted-average shares of common stock outstanding – |
220,510 |
|
234,587 |
|
224,183 |
|
232,720 |
|
Rexford Industrial Realty, Inc. Same Property Portfolio Occupancy and NOI and Cash NOI (Unaudited, dollars in thousands) |
|||||
|
|
|||||
|
Same Property Portfolio Occupancy |
|||||
|
|
September 30, |
|
|
||
|
|
2026 |
|
2025 |
|
Change (basis points) |
|
Quarterly Weighted Average Occupancy:(1) |
|
|
|
|
|
|
|
96.4 % |
|
95.4 % |
|
100 bps |
|
|
96.3 % |
|
97.5 % |
|
(120) bps |
|
|
92.3 % |
|
96.7 % |
|
(440) bps |
|
|
97.9 % |
|
98.3 % |
|
(40) bps |
|
|
94.6 % |
|
94.2 % |
|
40 bps |
|
Same Property Portfolio Weighted Average Occupancy |
95.6 % |
|
96.0 % |
|
(40) bps |
|
|
|
|
|
|
|
|
Ending Occupancy: |
96.9 % |
|
97.1 % |
|
(20) bps |
|
(1) |
Calculated by averaging the occupancy rate at the end of each month in 3Q-2026 and June 2026 (for 3Q-2026) and the end of each month in 3Q-2025 and June 2025 (for 3Q-2025). |
|
Same Property Portfolio NOI and Cash NOI |
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||||||
|
|
2026 |
|
2025 |
|
$ Change |
|
% Change |
|
2026 |
|
2025 |
|
$ Change |
|
% Change |
|
Rental income(1) |
|
|
|
|
$ (3,024) |
|
(1.6) % |
|
|
|
|
|
$ 2,964 |
|
0.5 % |
|
Property expenses |
42,189 |
|
41,348 |
|
841 |
|
2.0 % |
|
122,823 |
|
119,594 |
|
3,229 |
|
2.7 % |
|
Same Property Portfolio NOI |
|
|
|
|
$ (3,865) |
|
(2.6) % |
|
|
|
|
|
$ (265) |
|
(0.1) % |
|
Straight line rental revenue adjustment |
(3,976) |
|
(5,462) |
|
1,486 |
|
(27.2) % |
|
(17,476) |
|
(18,834) |
|
1,358 |
|
(7.2) % |
|
Above/(below) market lease revenue adjustments(1) |
(3,607) |
|
(4,440) |
|
833 |
|
(18.8) % |
|
(11,586) |
|
(14,266) |
|
2,680 |
|
(18.8) % |
|
Same Property Portfolio Cash NOI |
|
|
|
|
$ (1,546) |
|
(1.1) % |
|
|
|
|
|
$ 3,773 |
|
0.9 % |
|
(1) |
Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the nine months ended September 30, 2026 exclude |
|
Rexford Industrial Realty, Inc. Reconciliation of Net Income (Loss) to NOI, Cash NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI (Unaudited and in thousands) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net income (loss) |
$ 18,070 |
|
$ 93,056 |
|
$ (411,179) |
|
$ 287,498 |
|
General and administrative |
13,431 |
|
20,037 |
|
42,049 |
|
59,657 |
|
Depreciation and amortization |
74,440 |
|
81,172 |
|
220,852 |
|
239,100 |
|
Other expenses, net |
2,561 |
|
4,218 |
|
662 |
|
6,701 |
|
Interest expense |
24,785 |
|
25,463 |
|
79,956 |
|
79,452 |
|
Debt extinguishment and modification expenses |
194 |
|
— |
|
194 |
|
291 |
|
Management and leasing services |
— |
|
(118) |
|
— |
|
(392) |
|
Other income |
— |
|
— |
|
(4,850) |
|
— |
|
Interest income |
(3,266) |
|
(6,367) |
|
(8,713) |
|
(17,498) |
|
Impairment of real estate |
71,834 |
|
— |
|
703,412 |
|
— |
|
Gains on sale of real estate |
(23,208) |
|
(28,583) |
|
(71,382) |
|
(86,101) |
|
Net operating income (NOI) |
$ 178,841 |
|
$ 188,878 |
|
$ 551,001 |
|
$ 568,708 |
|
Straight line rental revenue adjustment |
(6,000) |
|
(8,164) |
|
(31,103) |
|
(20,599) |
|
Above/(below) market lease revenue adjustments |
(3,438) |
|
(5,254) |
|
(11,890) |
|
(20,228) |
|
Cash NOI |
$ 169,403 |
|
$ 175,460 |
|
$ 508,008 |
|
$ 527,881 |
|
|
|
|
|
|
|
|
|
|
NOI |
$ 178,841 |
|
$ 188,878 |
|
$ 551,001 |
|
$ 568,708 |
|
Non-Same Property Portfolio rental income |
(49,470) |
|
(57,366) |
|
(161,898) |
|
(181,034) |
|
Non-Same Property Portfolio property expenses |
14,807 |
|
16,531 |
|
47,150 |
|
48,844 |
|
Same Property Portfolio NOI |
$ 144,178 |
|
$ 148,043 |
|
$ 436,253 |
|
$ 436,518 |
|
Straight line rental revenue adjustment |
(3,976) |
|
(5,462) |
|
(17,476) |
|
(18,834) |
|
Above/(below) market lease revenue adjustments |
(3,607) |
|
(4,440) |
|
(11,586) |
|
(14,266) |
|
Same Property Portfolio Cash NOI |
$ 136,595 |
|
$ 138,141 |
|
$ 407,191 |
|
$ 403,418 |
|
Rexford Industrial Realty, Inc. Reconciliation of Net Income (Loss) to Funds From Operations and Core Funds From Operations (Unaudited and in thousands, except per share data) |
|||||||
|
|
|||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net income (loss) |
$ 18,070 |
|
$ 93,056 |
|
$ (411,179) |
|
$ 287,498 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
74,440 |
|
81,172 |
|
220,852 |
|
239,100 |
|
Impairment of real estate(1) |
71,834 |
|
— |
|
703,412 |
|
— |
|
Gains on sale of real estate |
(23,208) |
|
(28,583) |
|
(71,382) |
|
(86,101) |
|
Funds From Operations (FFO) |
$ 141,136 |
|
$ 145,645 |
|
$ 441,703 |
|
$ 440,497 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: FFO attributable to noncontrolling interests(2) |
(5,358) |
|
(4,906) |
|
(16,366) |
|
(15,262) |
|
Less: FFO attributable to participating securities(3) |
(610) |
|
(713) |
|
(2,724) |
|
(2,191) |
|
Company share of FFO |
$ 132,854 |
|
$ 137,712 |
|
$ 415,670 |
|
$ 416,101 |
|
|
|
|
|
|
|
|
|
|
Company Share of FFO per common share – basic |
$ 0.60 |
|
$ 0.59 |
|
$ 1.85 |
|
$ 1.79 |
|
Company Share of FFO per common share – diluted |
$ 0.60 |
|
$ 0.59 |
|
$ 1.85 |
|
$ 1.79 |
|
|
|
|
|
|
|
|
|
|
FFO |
$ 141,136 |
|
$ 145,645 |
|
$ 441,703 |
|
$ 440,497 |
|
Adjustments: |
|
|
|
|
|
|
|
|
Acquisition expenses(4) |
— |
|
161 |
|
— |
|
263 |
|
Debt extinguishment and modification expenses |
194 |
|
— |
|
194 |
|
291 |
|
Gain on termination of interest rate swaps |
(2,874) |
|
— |
|
(2,874) |
|
— |
|
Non-capitalizable demolition costs(4) |
1,309 |
|
— |
|
1,309 |
|
365 |
|
Co-CEO transition costs(4)(5) |
528 |
|
— |
|
(1,802) |
|
— |
|
Severance costs(4)(6) |
680 |
|
2,728 |
|
949 |
|
4,410 |
|
Other nonrecurring expenses(4)(7) |
— |
|
1,259 |
|
107 |
|
1,259 |
|
Write-offs of below-market lease intangibles related to |
— |
|
— |
|
(497) |
|
— |
|
Core FFO |
$ 140,973 |
|
$ 149,793 |
|
$ 439,089 |
|
$ 447,085 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
(6,943) |
|
(6,943) |
|
Less: Core FFO attributable to noncontrolling interest(2) |
(5,351) |
|
(5,045) |
|
(16,266) |
|
(15,485) |
|
Less: Core FFO attributable to participating securities(3) |
(610) |
|
(734) |
|
(2,022) |
|
(2,225) |
|
Company share of Core FFO |
$ 132,698 |
|
$ 141,700 |
|
$ 413,858 |
|
$ 422,432 |
|
|
|
|
|
|
|
|
|
|
Company share of Core FFO per common share – basic and diluted |
$ 0.60 |
|
$ 0.60 |
|
$ 1.85 |
|
$ 1.82 |
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of common stock outstanding – basic and diluted |
220,510 |
|
234,587 |
|
224,183 |
|
232,720 |
|
(1) |
Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance. |
|
(2) |
Noncontrolling interests relate to interests in the Company's operating partnership ("OP"), represented by common & preferred units of partnership interests in the OP that are owned by unit holders other than the Company. |
|
(3) |
Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. |
|
(4) |
Amounts are included in the line item "Other expenses, net" in the consolidated statements of operations. |
|
(5) |
For the three months and nine months ended September 30, 2026, reflects an increase and a decrease, respectively, in share-based compensation expenses related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs. The nine-month decrease was partially offset by |
|
(6) |
Includes costs associated with workforce reduction and workforce reorganization. |
|
(7) |
Reflects nonrecurring advisory service costs. |
|
(8) |
Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term. |
|
Rexford Industrial Realty, Inc. Reconciliation of Net Income to Adjusted EBITDAre (Unaudited and in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Net Income |
$ 18,070 |
|
Interest expense |
24,785 |
|
Depreciation and amortization |
74,440 |
|
Impairment of real estate |
71,834 |
|
Gains on sale of real estate |
(23,208) |
|
EBITDAre |
$ 165,921 |
|
Stock-based compensation amortization |
4,106 |
|
Debt extinguishment and modification expenses |
194 |
|
Co-CEO transition costs |
528 |
|
Non-capitalizable demolition costs |
1,309 |
|
Pro forma effect of dispositions(1) |
(15,234) |
|
Adjusted EBITDAre |
$ 156,824 |
|
(1) |
Represents the impact on third quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on July 1, 2026. |
View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-third-quarter-2026-financial-results-302917398.html
SOURCE Rexford Industrial Realty, Inc.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Rexford Industrial's updated 2026 Core FFO guidance?
Rexford expects $2.41–$2.44 per diluted share of 2026 Core FFO, up from $2.38–$2.43 previously. Its projected net loss attributable to common stockholders widened to $1.55–$1.52 per diluted share, compared with $1.32–$1.27 previously.
How much did Rexford Industrial earn in the third quarter of 2026?
Rexford reported net income attributable to common stockholders of $14.6 million, or $0.07 per diluted share, compared with $87.1 million, or $0.37, a year earlier. Core FFO was unchanged at $0.60 per diluted share.
How much liquidity and debt did Rexford Industrial have at September 30, 2026?
Rexford ended the quarter with approximately $1.7 billion of liquidity and $2.8 billion of outstanding debt. Liquidity included $423.6 million of unrestricted cash and $1.245 billion available under its unsecured revolving credit facility. Debt carried a weighted average interest rate of 3.70% and a weighted average remaining term of 2.9 years, with no floating-rate exposure.
When will Rexford Industrial pay its fourth-quarter 2026 common dividend?
Rexford's $0.435 per-share fourth-quarter common dividend is payable January 15, 2027, to common stockholders and common unit holders of record December 31, 2026. The board authorized the dividend on October 20, 2026.