# Rexford Industrial (REXR) on NYSE: Second Quarter 2025 Financial Results
Rexford Industrial Realty, Inc. (NYSE: REXR) announced its financial and operating results for the second quarter of 2025 on July 16, 2025. The following summary outlines key highlights, performance metrics, and other significant information from the report.
## Financial and Operational Highlights
– **Net Income:**
– **$113.4 million** or **$0.48 per diluted share**, compared to **$79.8 million** or **$0.37 per diluted share** in Q2 2024.
– Represents an **increase of 42.2%** in overall net income and a **29.7%** increase per diluted share year-over-year.
– **Core FFO (Funds From Operations):**
– Total: **$139.7 million**, **up 7.8%** from **$129.6 million** in Q2 2024.
– Per Diluted Share: **$0.59**, a **decrease of 1.7%** compared to **$0.60** in Q2 2024.
– **Total Portfolio Net Operating Income (NOI):**
– Achieved **$186.3 million**, reflecting a **2.9% increase** from **$181.1 million** in Q2 2024.
– **Same Property Metrics:**
– Same Property Portfolio NOI: **Increased by 1.1%** year-over-year.
– Same Property Cash NOI: **Increased by 3.9%** year-over-year.
– Ending occupancy: **96.1%**, up **0.4%** from the prior quarter.
– **Leasing Activity:**
– Executed **1.7 million** rentable square feet in new and renewal leases, with rental rates increasing **20.9%** on a net effective basis and **8.1%** on a cash basis, compared to prior rents.
– **Sales Transaction:**
– Sold two properties for **$81.6 million**, generating a **12.8% unlevered IRR**.
– **Balance Sheet:**
– Maintained a low-leverage balance sheet with a **Net Debt to Enterprise Value ratio of 25.0%** and **Net Debt to Adjusted EBITDA ratio of 4.0x**.
– Reported **$1.8 billion** in total liquidity, including **$431.1 million** in unrestricted cash.
– **Credit Rating:**
– Moody’s reaffirmed a **Baa2 rating with a stable outlook**.
## Dividends
– The Board of Directors authorized a quarterly dividend of **$0.43 per share** for Q3 2025, payable on **October 15, 2025**, to common stockholders of record as of **September 30, 2025**.
– Additionally, dividends were set for Series B and C Preferred Stock at **$0.367188** and **$0.351563 per share**, respectively.
## Guidance for 2025
– Updated guidance for 2025 includes:
– **Net Income Attributable to Common Stockholders per diluted share:** Expected in the range of **$1.38 – $1.42**.
– **Core FFO per diluted share:** Projected at **$2.37 – $2.41**.
– **Same Property Portfolio NOI Growth – Net Effective:** Ranging from **0.75% to 1.25%**.
– **Same Property Portfolio NOI Growth – Cash:** Ranging from **2.25% to 2.75%**.
– **Average Same Property Portfolio Occupancy:** Expected between **95.5% and 96.0%** for the full year.
## Conclusion
Rexford Industrial indicated robust growth and execution in Q2 2025, demonstrating a strong financial position and operational capability amidst a competitive market. The increase in net income and overall portfolio performance illustrates the company’s effective management strategies and growth opportunities within the Southern California industrial real estate sector.
Here are the extracted tables from the press release:
### Consolidated Statements of Operations
*Amount in thousands*
| Three Months Ended June | Six Months Ended June 30 | |||
|---|---|---|---|---|
| REVENUES | 2025 | 2024 | 2025 | 2024 |
| Rental income | $241,568 | $232,973 | $490,389 | $443,963 |
| Management and leasing services | 132 | 156 | 274 | 288 |
| Interest income | 7,807 | 4,444 | 11,131 | 7,418 |
| TOTAL REVENUES | 249,507 | 237,573 | 501,794 | 451,669 |
| OPERATING EXPENSES | ||||
| Property expenses | 55,298 | 51,905 | 110,559 | 99,387 |
| General and administrative | 19,752 | 19,307 | 39,620 | 39,287 |
| Depreciation and amortization | 71,188 | 67,896 | 157,928 | 134,174 |
| TOTAL OPERATING EXPENSES | 146,238 | 139,108 | 308,107 | 272,848 |
| OTHER EXPENSES | ||||
| Other expenses | 244 | 304 | 2,483 | 1,712 |
| Interest expense | 26,701 | 28,412 | 53,989 | 43,083 |
| TOTAL EXPENSES | 173,183 | 167,824 | 364,579 | 317,643 |
| Debt extinguishment and modification | -291 | — | -291 | — |
| expenses | ||||
| Gains on sale of real estate | 44,361 | 16,268 | 57,518 | 16,268 |
| NET INCOME | 120,394 | 86,017 | 194,442 | 150,294 |
| Less: net income attributable to | -4,060 | -3,541 | -6,909 | -6,447 |
| noncontrolling interests | ||||
| NET INCOME ATTRIBUTABLE TO REXFORD | 116,334 | 82,476 | 187,533 | 143,847 |
| INDUSTRIAL REALTY, INC. | ||||
| Less: preferred stock dividends | -2,315 | -2,315 | -4,629 | -4,629 |
| Less: earnings attributable to | -592 | -409 | -1,131 | -827 |
| participating securities | ||||
| NET INCOME ATTRIBUTABLE TO COMMON | $113,427 | $79,752 | $181,773 | $138,391 |
| STOCKHOLDERS | ||||
| Net income attributable to common | $0.48 | $0.37 | $0.78 | $0.64 |
| stockholders per share–basic | ||||
| Net income attributable to common | $0.48 | $0.37 | $0.78 | $0.64 |
| stockholders per share–diluted | ||||
| Weighted-average shares of common | ||||
| stock outstanding – basic | 236,099 | 217,389 | 231,771 | 215,895 |
| Weighted-average shares of common | ||||
| stock outstanding – diluted | 236,099 | 217,389 | 231,771 | 215,913 |
### Consolidated Balance Sheets
*Amount in thousands*
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| ASSETS | ||
| Land | $7,787,021 | $7,822,290 |
| Buildings and improvements | 4,594,494 | 4,611,987 |
| Tenant improvements | 186,429 | 188,217 |
| Furniture, fixtures, and equipment | 132 | 132 |
| Construction in progress | 431,807 | 333,690 |
| Total real estate held for investment | 12,999,883 | 12,956,316 |
| Accumulated depreciation | -1,070,684 | -977,133 |
| Investments in real estate, net | 11,929,199 | 11,979,183 |
| Cash and cash equivalents | 431,117 | 55,971 |
| Restricted cash | 130,071 | — |
| Loan receivable, net | 123,474 | 123,244 |
| Rents and other receivables, net | 12,861 | 15,772 |
| Deferred rent receivable, net | 173,691 | 161,693 |
| Deferred leasing costs, net | 71,482 | 67,827 |
| Deferred loan costs, net | 7,892 | 1,999 |
| Acquired lease intangible assets, net | 169,036 | 201,467 |
| Acquired indefinite-lived intangible asset | 5,156 | 5,156 |
| Interest rate swap assets | 3,586 | 8,942 |
| Other assets | 15,765 | 26,964 |
| Assets associated with real estate held for sale, net | 6,282 | — |
| Total Assets | $13,079,612 | $12,648,218 |
| LIABILITIES & EQUITY | ||
| Liabilities | ||
| Notes payable | $3,347,575 | $3,345,962 |
| Interest rate swap liability | 667 | — |
| Accounts payable, accrued expenses and other liabilities | 124,814 | 149,707 |
| Dividends and distributions payable | 105,594 | 97,823 |
| Acquired lease intangible liabilities, net | 129,683 | 147,473 |
| Tenant security deposits | 90,757 | 90,698 |
| Tenant prepaid rents | 85,494 | 90,576 |
| Liabilities associated with real estate held for sale | 4 | — |
| Total Liabilities | 3,884,588 | 3,922,239 |
| Equity | ||
| Rexford Industrial Realty, Inc. stockholders’ equity | ||
| Preferred stock, $0.01 par value per share, 10,050,000 shares authorized: | ||
| 5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2025 and December 31, 2024 | 72,443 | 72,443 |
| ($75,000 liquidation preference) | ||
| 5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2025 and December 31, 2024 | 83,233 | 83,233 |
| ($86,250 liquidation preference) | ||
| Common Stock, $0.01 par value per share, 489,950,000 authorized and 236,694,751 and 225,285,011 shares outstanding at June 30, 2025 and December 31, 2024, respectively | 2,367 | 2,253 |
| Additional paid in capital | 9,140,264 | 8,601,276 |
| Cumulative distributions in excess of earnings | -462,309 | -441,881 |
| Accumulated other comprehensive loss | 1,092 | 6,746 |
| Total stockholders’ equity | 8,837,090 | 8,324,070 |
| Noncontrolling interests | 357,934 | 401,909 |
| Total Equity | 9,195,024 | 8,725,979 |
| Total Liabilities and Equity | $13,079,612 | $12,648,218 |
