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Real estate industry

Rexford Industrial Realty Reports Strong Second Quarter 2025 Results

Strategic Insights

— 2 min read

Rexford Industrial Realty, Inc., a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, has announced financial and operating results for the second quarter of 2025. The Company maintained strong performance in the second quarter, with net income attributable to common stockholders of $113.4 million, or $0.48 per diluted share, and company share of Core FFO of $139.7 million, an increase of 7.8% as compared to the prior year quarter.

Key Takeaways:

  • Net income attributable to common stockholders for the second quarter of $113.4 million, or $0.48 per diluted share.
  • Company share of Core FFO of $139.7 million, an increase of 7.8% as compared to the prior year quarter.
  • Total Portfolio NOI of $186.3 million, an increase of 2.9% as compared to the prior year quarter.
  • Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 3.9% as compared to the prior year quarter.
  • Executed 1.7 million rentable square feet of new and renewal leases, with comparable rental rates increased by 20.9% and 8.1% on a net effective and cash basis, respectively.
  • Sold two properties for a total sales price of $81.6 million, generating a 12.8% unlevered IRR to the Company.
  • Ended the quarter with a low-leverage balance sheet, measured by a Net Debt to Enterprise Value ratio of 25.0% and Net Debt to Adjusted EBITDAre of 4.0x.
  • Moody's affirmed the Company's Baa2 rating with a stable outlook.
  • The Company's true value lies in its business model's resilience in a dynamic market environment.
  • The long-term, superior supply and demand drivers within infill Southern California, substantial embedded growth opportunity, fortress-like balance sheet, and best-in-class team continue to deliver growing value to stakeholders.

Statistics:

  • Net income attributable to common stockholders for the second quarter of $113.4 million, or $0.48 per diluted share.
  • Company share of Core FFO of $139.7 million, an increase of 7.8% as compared to the prior year quarter.
  • Total Portfolio NOI of $186.3 million, an increase of 2.9% as compared to the prior year quarter.
  • Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 3.9% as compared to the prior year quarter.
  • 1.7 million rentable square feet of new and renewal leases executed.
  • 20.9% increase in comparable rental rates on a net effective basis, and 8.1% increase on a cash basis.
  • $81.6 million in total sales price from the sale of two properties, generating a 12.8% unlevered IRR to the Company.
  • Net Debt to Enterprise Value ratio of 25.0%.
  • Net Debt to Adjusted EBITDAre of 4.0x.
  • Baa2 rating affirmed by Moody's with a stable outlook.

Sources:

  • REIT News: Rexford Industrial Realty, Inc. Reports Second Quarter 2025 Results (https://www.businesswire.com/news/home/20250831005578/en/Rexford-Industrial-Reports-Second-Quarter-2025-Financial)
  • SEC Filing: Rexford Industrial Realty, Inc. Form 10-Q, June 30, 2025 (https://www.sec.gov/Archives/edgar/data/1551501/000155150125000042/q22025.htm)

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