Rexford Industrial Announces First Quarter 2025 Financial Results
Rexford Industrial (NYSE: REXR) reported strong Q1 2025 financial results, with net income reaching $68.3 million ($0.30 per diluted share), up from $58.6 million in the prior year. Core FFO increased 14.1% to $141.0 million ($0.62 per diluted share).
Key highlights include:
- Consolidated Portfolio NOI grew 18.4% to $193.6 million
- Same Property Portfolio NOI increased 0.7%, with Cash NOI up 5.0%
- Executed 2.4 million square feet of leases with 23.8% higher rental rates
- Maintained strong occupancy at 95.9% for Same Property Portfolio
The company sold two properties for a combined $103.4 million, generating an 11.9% unlevered IRR. The balance sheet remains robust with $504.6 million in unrestricted cash and a low Net Debt to Enterprise Value ratio of 22.8%. The company updated its 2025 guidance with net income per share of $1.31-$1.35 and maintained Core FFO guidance of $2.37-$2.41 per share.
Rexford Industrial (NYSE: REXR) ha riportato risultati finanziari solidi nel primo trimestre del 2025, con un utile netto di 68,3 milioni di dollari (0,30 dollari per azione diluita), in aumento rispetto ai 58,6 milioni dell'anno precedente. Il Core FFO è cresciuto del 14,1%, raggiungendo 141,0 milioni di dollari (0,62 dollari per azione diluita).
I punti salienti includono:
- Il NOI del portafoglio consolidato è aumentato del 18,4% raggiungendo 193,6 milioni di dollari
- Il NOI del portafoglio Same Property è cresciuto dello 0,7%, con un aumento del Cash NOI del 5,0%
- Sono stati stipulati contratti di locazione per 2,4 milioni di piedi quadrati con canoni di affitto più alti del 23,8%
- Occupazione solida al 95,9% per il portafoglio Same Property
L'azienda ha venduto due proprietà per un totale di 103,4 milioni di dollari, generando un IRR non leva dell'11,9%. Il bilancio rimane solido con 504,6 milioni di dollari in liquidità non vincolata e un basso rapporto Debito Netto/Enterprise Value del 22,8%. La società ha aggiornato le previsioni per il 2025 con un utile netto per azione tra 1,31 e 1,35 dollari e ha confermato la guida sul Core FFO tra 2,37 e 2,41 dollari per azione.
Rexford Industrial (NYSE: REXR) reportó resultados financieros sólidos en el primer trimestre de 2025, con un ingreso neto de 68.3 millones de dólares (0.30 dólares por acción diluida), aumentando desde 58.6 millones el año anterior. El Core FFO creció un 14.1%, alcanzando 141.0 millones de dólares (0.62 dólares por acción diluida).
Los puntos destacados incluyen:
- El NOI del portafolio consolidado creció un 18.4% hasta 193.6 millones de dólares
- El NOI del portafolio Same Property aumentó un 0.7%, con un incremento del Cash NOI del 5.0%
- Se ejecutaron contratos de arrendamiento por 2.4 millones de pies cuadrados con tarifas de renta un 23.8% más altas
- Mantuvieron una sólida ocupación del 95.9% en el portafolio Same Property
La compañía vendió dos propiedades por un total de 103.4 millones de dólares, generando un IRR sin apalancamiento del 11.9%. El balance sigue siendo sólido con 504.6 millones de dólares en efectivo no restringido y una baja relación Deuda Neta/Valor Empresarial del 22.8%. La empresa actualizó su guía para 2025 con un ingreso neto por acción de 1.31 a 1.35 dólares y mantuvo la guía del Core FFO entre 2.37 y 2.41 dólares por acción.
렉스포드 인더스트리얼(NYSE: REXR)은 2025년 1분기 강력한 재무 실적을 보고했으며, 순이익은 6830만 달러(희석 주당 0.30달러)로 전년 5860만 달러에서 증가했습니다. 핵심 FFO는 14.1% 상승한 1억 4100만 달러(희석 주당 0.62달러)를 기록했습니다.
주요 내용은 다음과 같습니다:
- 통합 포트폴리오 NOI가 18.4% 증가하여 1억 9360만 달러 달성
- 동일 자산 포트폴리오 NOI는 0.7% 증가, 현금 NOI는 5.0% 상승
- 2.4백만 평방피트 임대 계약 체결, 임대료는 23.8% 인상
- 동일 자산 포트폴리오 점유율 95.9%로 견고한 유지
회사는 두 개의 부동산을 총 1억 340만 달러에 매각하여 11.9% 비레버리지 IRR을 창출했습니다. 대차대조표는 5억 460만 달러의 제한 없는 현금과 낮은 순부채 대비 기업가치 비율 22.8%로 견고합니다. 회사는 2025년 가이던스를 업데이트하여 주당 순이익을 1.31~1.35달러로 조정하고, 핵심 FFO 가이던스는 주당 2.37~2.41달러로 유지했습니다.
Rexford Industrial (NYSE : REXR) a annoncé de solides résultats financiers pour le premier trimestre 2025, avec un bénéfice net atteignant 68,3 millions de dollars (0,30 dollar par action diluée), en hausse par rapport à 58,6 millions l'année précédente. Le Core FFO a augmenté de 14,1 % pour atteindre 141,0 millions de dollars (0,62 dollar par action diluée).
Les points clés incluent :
- Le NOI du portefeuille consolidé a augmenté de 18,4 % pour atteindre 193,6 millions de dollars
- Le NOI du portefeuille Same Property a progressé de 0,7 %, avec une augmentation du Cash NOI de 5,0 %
- 2,4 millions de pieds carrés de baux ont été signés avec des loyers supérieurs de 23,8 %
- Un taux d'occupation solide de 95,9 % pour le portefeuille Same Property
L'entreprise a vendu deux propriétés pour un total de 103,4 millions de dollars, générant un TRI non levier de 11,9 %. Le bilan reste solide avec 504,6 millions de dollars de liquidités non restreintes et un faible ratio dette nette/valeur d'entreprise de 22,8 %. La société a mis à jour ses prévisions 2025 avec un bénéfice net par action compris entre 1,31 et 1,35 dollar et a maintenu ses prévisions de Core FFO entre 2,37 et 2,41 dollars par action.
Rexford Industrial (NYSE: REXR) meldete starke Finanzergebnisse für das erste Quartal 2025 mit einem Nettogewinn von 68,3 Millionen US-Dollar (0,30 US-Dollar je verwässerter Aktie), gegenüber 58,6 Millionen im Vorjahr. Das Core FFO stieg um 14,1 % auf 141,0 Millionen US-Dollar (0,62 US-Dollar je verwässerter Aktie).
Wichtige Highlights umfassen:
- Das konsolidierte Portfolio-NOI wuchs um 18,4 % auf 193,6 Millionen US-Dollar
- Das Same Property Portfolio-NOI stieg um 0,7 %, der Cash NOI um 5,0 %
- Es wurden Mietverträge über 2,4 Millionen Quadratfuß mit um 23,8 % höheren Mietpreisen abgeschlossen
- Starke Belegung von 95,9 % im Same Property Portfolio beibehalten
Das Unternehmen verkaufte zwei Immobilien für insgesamt 103,4 Millionen US-Dollar und erzielte eine unverschuldete IRR von 11,9 %. Die Bilanz bleibt mit 504,6 Millionen US-Dollar an uneingeschränkten liquiden Mitteln und einem niedrigen Netto-Schulden-zu-Unternehmenswert-Verhältnis von 22,8 % robust. Das Unternehmen aktualisierte seine Prognose für 2025 mit einem Nettogewinn je Aktie von 1,31 bis 1,35 US-Dollar und bestätigte die Core FFO-Prognose von 2,37 bis 2,41 US-Dollar je Aktie.
- Net income increased 16.6% YoY to $68.3 million
- Core FFO grew 14.1% to $141.0 million
- Consolidated Portfolio NOI rose 18.4%
- Achieved 23.8% higher rental rates on new leases
- Strong balance sheet with $504.6 million in unrestricted cash
- Low leverage with Net Debt to Enterprise Value of 22.8%
- Successfully disposed of properties with 11.9% unlevered IRR
- Same Property Portfolio NOI growth slowed to 0.7%
- New lease cash spreads declined by 5.4%
- Average portfolio occupancy slightly decreased to 95.9%
Insights
Rexford delivers solid Q1 with 14.1% Core FFO growth and strong leasing spreads, maintaining a conservative balance sheet despite slowing same-property NOI growth.
Rexford Industrial's Q1 2025 results demonstrate resilience in Southern California's infill industrial market, with Core FFO reaching $141.0 million (
The company's consolidated portfolio NOI grew impressively at
Leasing activity shows market strength with 2.4 million square feet executed and impressive net effective releasing spreads of
Rexford maintains excellent financial positioning with a Net Debt to EBITDAre ratio of 3.9x and Net Debt to Enterprise Value of
The
Rexford's strategic property sales at premium pricing and 7.6% yields on redevelopment projects demonstrate value creation despite slowing organic growth in core portfolio.
Rexford's Q1 results highlight their differentiated approach to value creation in Southern California's supply-constrained industrial market. The company's dual-track strategy is evident: optimizing the existing portfolio while selectively recycling capital from mature assets.
The property dispositions are particularly noteworthy. Rexford sold two properties for a combined
The redevelopment pipeline continues showing strong results with five newly stabilized repositioning projects totaling 560,255 square feet and delivering a
What's particularly telling is the current acquisition pipeline - or lack thereof. Rexford reports no acquisitions under contract, signaling disciplined capital allocation in a market where pricing may not align with their return thresholds. Meanwhile, an additional
The
Rexford's decision to maintain their quarterly dividend at
First Quarter 2025 Financial and Operational Highlights
- Net income attributable to common stockholders of
$68.3 million $0.30 $58.6 million $0.27 - Company share of Core FFO of
$141.0 million 14.1% as compared to the prior year. - Company share of Core FFO per diluted share of
$0.62 6.9% as compared to the prior year. - Consolidated Portfolio NOI of
$193.6 million 18.4% as compared to the prior year. - Same Property Portfolio NOI increased
0.7% and Same Property Portfolio Cash NOI increased5.0% as compared to the prior year. - Average Same Property Portfolio occupancy of
95.9% . - Executed 2.4 million rentable square feet of new and renewal leases. Comparable rental rates increased by
23.8% , compared to prior rents, on a net effective basis and by14.7% on a cash basis. - Sold one property for a sales price of
$52.5 million $50.9 million 11.9% unlevered IRR to the Company. - Ended the quarter with a low-leverage balance sheet measured by a Net Debt to Enterprise Value ratio of
22.8% and Net Debt to Adjusted EBITDAre of 3.9x.
"Rexford Industrial delivered solid first quarter performance, underscoring the strength of our platform and the discipline of our execution," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Our differentiated business model and investment-grade balance sheet will continue to afford us the ability to unlock substantial embedded growth and drive long-term shareholder value, while navigating current macroeconomic uncertainty."
Financial Results
The Company reported net income attributable to common stockholders for the first quarter of
The Company reported Core FFO for the first quarter of
In the first quarter, the Company's consolidated portfolio NOI and Cash NOI increased
In the first quarter, the Company's Same Property Portfolio NOI increased
Operating Results
Q1 2025 Leasing Activity | ||||||||
Releasing Spreads(1) | ||||||||
# of Leases | SF of Leasing | Net Effective | Cash | |||||
New Leases | 54 | 882,403 | 3.2 % | (5.4) % | ||||
Renewal Leases | 84 | 1,511,946 | 29.4 % | 20.2 % | ||||
Total Leases | 138 | 2,394,349 | 23.8 % | 14.7 % | ||||
(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. |
As of March 31, 2025, the Company's Same Property Portfolio occupancy was
Transaction Activity
During the first quarter of 2025, the Company disposed of 1055 Sandhill Avenue,
Subsequent to the first quarter of 2025, the Company disposed of 20 Icon,
The Company currently has no acquisitions under contract or accepted offer. Separately, the Company has
During the first quarter of 2025, the Company stabilized five repositioning projects, totaling 560,255 square feet, representing a total investment of
Balance Sheet
The Company ended the first quarter of 2025 with
On March 14, 2025, Fitch Ratings, Inc. affirmed the Company's Long-Term Issuer Default Rating of BBB+ with a Stable Outlook.
During the first quarter of 2025, the Company settled the outstanding forward equity sale agreement related to its March 2024 public offering by issuing 9,776,768 shares of common stock for net proceeds of
During the first quarter of 2025, the Company did not execute on its ATM Program. As of March 31, 2025, the Company's ATM Program had approximately
During the first quarter of 2025, the Company did not execute on its
Dividends
On April 14, 2025, the Company's Board of Directors authorized a dividend in the amount of
On April 14, 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.
2025 Outlook (1) | Q1 2025 | Initial Guidance | ||
Net Income Attributable to Common Stockholders per diluted share | ||||
Company share of Core FFO per diluted share | ||||
Same Property Portfolio NOI Growth — Net Effective | ||||
Same Property Portfolio NOI Growth — Cash | ||||
Average Same Property Portfolio Occupancy (Full Year) (2) | ||||
General and Administrative Expenses (3) | +/- | +/- | ||
Net Interest Expense | +/- |
(1) | 2025 Guidance represents the in-place portfolio as of April 16, 2025, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed. |
(2) | As of April 16, 2025, our 2025 Same Property Portfolio consisted of 291 properties totaling 38.3 million rentable square feet representing approximately |
(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, April 17, 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.
2025 Estimate | |||
Low | High | ||
Net income attributable to common stockholders | $ 1.31 | $ 1.35 | |
Company share of depreciation and amortization | 1.25 | 1.25 | |
Company share of gains on sale of real estate(1) | (0.19) | (0.19) | |
Company share of Core FFO | $ 2.37 | $ 2.41 | |
(1) | Reflects the sale of 1055 Sandhill Avenue on March 28, 2025, and the sale of 20 Icon on April 3, 2025. |
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 consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through March 31, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through March 31, 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 March 31, 2025, our 2025 Same Property Portfolio consisted of buildings aggregating 38.4 million rentable square feet at 292 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 March 31, 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 extinguishment of debt, acquisition expenses, impairments of right of use assets and the pro-forma effects of acquisitions and dispositions. 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. Consolidated Balance Sheets (In thousands except share data) | |||
March 31, 2025 | December 31, 2024 | ||
(unaudited) | |||
ASSETS | |||
Land | $ 7,797,744 | $ 7,822,290 | |
Buildings and improvements | 4,573,881 | 4,611,987 | |
Tenant improvements | 181,632 | 188,217 | |
Furniture, fixtures, and equipment | 132 | 132 | |
Construction in progress | 386,719 | 333,690 | |
Total real estate held for investment | 12,940,108 | 12,956,316 | |
Accumulated depreciation | (1,021,151) | (977,133) | |
Investments in real estate, net | 11,918,957 | 11,979,183 | |
Cash and cash equivalents | 504,579 | 55,971 | |
Restricted cash | 50,105 | — | |
Loan receivable, net | 123,359 | 123,244 | |
Rents and other receivables, net | 17,622 | 15,772 | |
Deferred rent receivable, net | 166,893 | 161,693 | |
Deferred leasing costs, net | 70,404 | 67,827 | |
Deferred loan costs, net | 1,642 | 1,999 | |
Acquired lease intangible assets, net | 182,444 | 201,467 | |
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | |
Interest rate swap assets | 5,580 | 8,942 | |
Other assets | 20,730 | 26,964 | |
Assets associated with real estate held for sale, net | 18,386 | — | |
Total Assets | $ 13,085,857 | $ 12,648,218 | |
LIABILITIES & EQUITY | |||
Liabilities | |||
Notes payable | $ 3,348,060 | $ 3,345,962 | |
Accounts payable, accrued expenses and other liabilities | 141,999 | 149,707 | |
Dividends and distributions payable | 105,285 | 97,823 | |
Acquired lease intangible liabilities, net | 136,661 | 147,473 | |
Tenant security deposits | 90,050 | 90,698 | |
Tenant prepaid rents | 88,822 | 90,576 | |
Liabilities associated with real estate held for sale | 234 | — | |
Total Liabilities | 3,911,111 | 3,922,239 | |
Equity | |||
Rexford Industrial Realty, Inc. stockholders' equity | |||
Preferred stock, | |||
| 72,443 | 72,443 | |
| 83,233 | 83,233 | |
Common Stock, | 2,362 | 2,253 | |
Additional paid in capital | 9,116,069 | 8,601,276 | |
Cumulative distributions in excess of earnings | (474,550) | (441,881) | |
Accumulated other comprehensive loss | 3,582 | 6,746 | |
Total stockholders' equity | 8,803,139 | 8,324,070 | |
Noncontrolling interests | 371,607 | 401,909 | |
Total Equity | 9,174,746 | 8,725,979 | |
Total Liabilities and Equity | $ 13,085,857 | $ 12,648,218 | |
Rexford Industrial Realty, Inc. Consolidated Statements of Operations (Unaudited and in thousands, except per share data) | |||
Three Months Ended March 31, | |||
2025 | 2024 | ||
REVENUES | |||
Rental income | $ 248,821 | $ 210,990 | |
Management and leasing services | 142 | 132 | |
Interest income | 3,324 | 2,974 | |
TOTAL REVENUES | 252,287 | 214,096 | |
OPERATING EXPENSES | |||
Property expenses | 55,261 | 47,482 | |
General and administrative | 19,868 | 19,980 | |
Depreciation and amortization | 86,740 | 66,278 | |
TOTAL OPERATING EXPENSES | 161,869 | 133,740 | |
OTHER EXPENSES | |||
Other expenses | 2,239 | 1,408 | |
Interest expense | 27,288 | 14,671 | |
TOTAL EXPENSES | 191,396 | 149,819 | |
Gains on sale of real estate | 13,157 | — | |
NET INCOME | 74,048 | 64,277 | |
Less: net income attributable to noncontrolling interests | (2,849) | (2,906) | |
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 71,199 | 61,371 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: earnings attributable to participating securities | (539) | (418) | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 68,346 | $ 58,639 | |
Net income attributable to common stockholders per share – basic | $ 0.30 | $ 0.27 | |
Net income attributable to common stockholders per share – diluted | $ 0.30 | $ 0.27 | |
Weighted-average shares of common stock outstanding – basic | 227,396 | 214,402 | |
Weighted-average shares of common stock outstanding – diluted | 227,396 | 214,438 | |
Rexford Industrial Realty, Inc. Same Property Portfolio Occupancy and NOI and Cash NOI (Unaudited, dollars in thousands) | |||||
Same Property Portfolio Occupancy | |||||
March 31, | |||||
2025 | 2024 | Change (basis | |||
Quarterly Weighted Average Occupancy:(1) | |||||
95.6 % | 97.2 % | (160) bps | |||
99.1 % | 99.6 % | (50) bps | |||
96.7 % | 94.8 % | 190 bps | |||
96.0 % | 98.2 % | (220) bps | |||
91.4 % | 96.2 % | (480) bps | |||
Same Property Portfolio Weighted Average Occupancy | 95.9 % | 96.9 % | (100) bps | ||
Ending Occupancy: | 95.7 % | 96.6 % | (90) bps | ||
(1) | Calculated by averaging the occupancy rate at the end of each month in 1Q-2025 and December 2024 (for 1Q-2025) and the end of each month in 1Q-2024 and December 2023 (for 1Q-2024). |
Same Property Portfolio NOI and Cash NOI | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | $ Change | % Change | ||||
Rental income | $ 190,259 | $ 188,059 | $ 2,200 | 1.2 % | |||
Property expenses | 41,822 | 40,597 | 1,225 | 3.0 % | |||
Same Property Portfolio NOI | $ 148,437 | $ 147,462 | $ 975 | 0.7 % | |||
Straight line rental revenue adjustment | (3,001) | (7,155) | 4,154 | (58.1) % | |||
Above/(below) market lease revenue adjustments | (4,872) | (6,437) | 1,565 | (24.3) % | |||
Same Property Portfolio Cash NOI | $ 140,564 | $ 133,870 | $ 6,694 | 5.0 % | |||
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 March 31, | |||
2025 | 2024 | ||
Net income | $ 74,048 | $ 64,277 | |
General and administrative | 19,868 | 19,980 | |
Depreciation and amortization | 86,740 | 66,278 | |
Other expenses | 2,239 | 1,408 | |
Interest expense | 27,288 | 14,671 | |
Management and leasing services | (142) | (132) | |
Interest income | (3,324) | (2,974) | |
Gains on sale of real estate | (13,157) | — | |
Net operating income (NOI) | $ 193,560 | $ 163,508 | |
Straight line rental revenue adjustment | (5,517) | (7,368) | |
Above/(below) market lease revenue adjustments | (9,186) | (7,591) | |
Cash NOI | $ 178,857 | $ 148,549 | |
NOI | $ 193,560 | $ 163,508 | |
Non-Same Property Portfolio rental income | (58,562) | (22,931) | |
Non-Same Property Portfolio property expenses | 13,439 | 6,885 | |
Same Property Portfolio NOI | $ 148,437 | $ 147,462 | |
Straight line rental revenue adjustment | (3,001) | (7,155) | |
Above/(below) market lease revenue adjustments | (4,872) | (6,437) | |
Same Property Portfolio Cash NOI | $ 140,564 | $ 133,870 | |
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 March 31, | |||
2025 | 2024 | ||
Net income | $ 74,048 | $ 64,277 | |
Adjustments: | |||
Depreciation and amortization | 86,740 | 66,278 | |
Gains on sale of real estate | (13,157) | — | |
Funds From Operations (FFO) | $ 147,631 | $ 130,555 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: FFO attributable to noncontrolling interests(1) | (5,394) | (5,188) | |
Less: FFO attributable to participating securities(2) | (750) | (570) | |
Company share of FFO | $ 139,173 | $ 122,483 | |
Company Share of FFO per common share – basic | $ 0.61 | $ 0.57 | |
Company Share of FFO per common share – diluted | $ 0.61 | $ 0.57 | |
FFO | $ 147,631 | $ 130,555 | |
Adjustments: | |||
Acquisition expenses | 79 | 50 | |
Amortization of loss on termination of interest rate swaps | — | 59 | |
Non-capitalizable demolition costs | 365 | 998 | |
Severance costs associated with workforce reduction(3) | 1,483 | — | |
Core FFO | $ 149,558 | $ 131,662 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: Core FFO attributable to noncontrolling interest(1) | (5,461) | (5,226) | |
Less: Core FFO attributable to participating securities(2) | (760) | (575) | |
Company share of Core FFO | $ 141,023 | $ 123,547 | |
Company share of Core FFO per common share – basic | $ 0.62 | $ 0.58 | |
Company share of Core FFO per common share – diluted | $ 0.62 | $ 0.58 | |
Weighted-average shares of common stock outstanding – basic | 227,396 | 214,402 | |
Weighted-average shares of common stock outstanding – diluted | 227,396 | 214,438 | |
(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) | 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 | $ 74,048 |
Interest expense | 27,288 |
Depreciation and amortization | 86,740 |
Gains on sale of real estate | (13,157) |
Stock-based compensation amortization | 9,699 |
Acquisition expenses | 79 |
Pro forma effect of dispositions(1) | 162 |
Adjusted EBITDAre | $ 184,859 |
(1) | Represents the estimated impact on first quarter 2025 EBITDAre of first quarter 2025 dispositions as if they had been sold as of January 1, 2025. |
View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-first-quarter-2025-financial-results-302430837.html
SOURCE Rexford Industrial Realty, Inc.
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