- Rexford Industrial (REXR, Financial) reported Q1 2025 net income of $68.3 million, a 16.6% increase year-over-year.
- Core Funds from Operations (FFO) grew by 14.1% to $141.0 million.
- Achieved a 23.8% increase in rental rates on new leases.
Rexford Industrial Realty, Inc. (REXR), a real estate investment trust focusing on industrial properties in Southern California, announced robust financial performance for Q1 2025. The company's net income increased to $68.3 million, or $0.30 per diluted share, compared to $58.6 million, or $0.27 per diluted share, from the same period last year. Core FFO also saw significant growth of 14.1%, amounting to $141.0 million or $0.62 per diluted share.
The company reported a notable increase in its consolidated portfolio Net Operating Income (NOI), which rose by 18.4% to $193.6 million. Additionally, rental rates for new and renewed leases showed a substantial increase of 23.8% on a net effective basis. Despite a slight dip in the Same Property Portfolio NOI growth to 0.7%, the company maintained a strong average occupancy rate of 95.9% across its properties.
Rexford Industrial executed leases covering 2.4 million rentable square feet, demonstrating its capacity to adapt and capitalize on market demands. The company successfully sold two properties for a combined total of $103.4 million, generating an unlevered internal rate of return (IRR) of 11.9%.
The company's balance sheet remains strong, with $504.6 million in unrestricted cash and a low net debt to enterprise value ratio of 22.8%. Rexford Industrial has updated its 2025 guidance, projecting net income per share of $1.31 to $1.35 while maintaining its Core FFO guidance of $2.37 to $2.41 per share.
