Rexford Industrial Announces Second Quarter 2025 Financial Results

Core Viewpoint - Rexford Industrial Realty, Inc. reported strong financial and operational performance in Q2 2025, highlighting the resilience of its business model in a dynamic market environment, driven by favorable supply and demand dynamics in infill Southern California [3][4]. Financial Results - The company reported net income attributable to common stockholders of $113.4 million, or $0.48 per diluted share, compared to $79.8 million, or $0.37 per diluted share, for the same quarter last year [4][9]. - For the first half of 2025, net income attributable to common stockholders was $181.8 million, or $0.78 per diluted share, up from $138.4 million, or $0.64 per diluted share, in the prior year [4][9]. - Core FFO for Q2 2025 was $139.7 million, a 7.8% increase from $129.6 million in the prior year quarter, while Core FFO per diluted share decreased by 1.7% to $0.59 [5][9]. - Total portfolio NOI increased by 2.9% to $186.3 million, and Same Property Portfolio NOI increased by 1.1% [6][9]. Operational Highlights - The company executed 99 leases totaling 1.7 million rentable square feet in Q2 2025, with new leases showing a net effective cash releasing spread of 20.9% [8][9]. - The Same Property Portfolio occupancy rate was 96.1%, reflecting a 0.4% increase from the previous quarter [9][10]. Transaction Activity - In Q2 2025, the company sold two properties for a total of $81.6 million, generating a 12.8% unlevered IRR [14][15]. - Year-to-date, the company has disposed of three properties totaling 336,385 square feet for $134.0 million, achieving an 11.9% unlevered IRR [15]. Balance Sheet - As of June 30, 2025, the company had total liquidity of $1.8 billion, including $431.1 million in unrestricted cash [17]. - The company ended the quarter with a low-leverage balance sheet, with a Net Debt to Enterprise Value ratio of 25.0% and Net Debt to Adjusted EBITDAre of 4.0x [9][21]. Dividends - The Board of Directors authorized a dividend of $0.43 per share for Q3 2025, payable on October 15, 2025 [23]. Guidance - The company updated its full-year 2025 guidance, projecting net income attributable to common stockholders per diluted share between $1.38 and $1.42, and Core FFO per diluted share between $2.37 and $2.41 [26].