Rexford Industrial Reports $558.6M Core FFO, 9.2% Growth in Southern California Industrial Real Estate Market

Rexford Industrial Delivers Strong Core FFO Growth in 2025

Rexford Industrial, Inc. (NYSE: REXR) announced fourth quarter and full year 2025 financial results on February 4, 2026, reporting company share of Core Funds From Operations (FFO) of $558.6 million, an increase of 9.2% compared to 2024. The industrial real estate investment trust, which focuses on infill Southern California properties, reported Core FFO per diluted share of $2.40, up 2.6% year-over-year.

The company's net income attributable to common stockholders totaled $200.2 million, or $0.86 per diluted share, compared to $262.9 million, or $1.20 per diluted share in 2024.

"We closed 2025 with solid performance and made meaningful progress against the immediate strategic priorities we outlined in November," said Laura Clark, Chief Operating Officer and incoming Chief Executive Officer. "As we advance this next chapter at Rexford, we remain confident in the long-term fundamentals of infill Southern California and are committed to disciplined capital allocation, enhancing operational efficiency and delivering sustained value for our shareholders in 2026 and beyond."

Industrial Real Estate Leasing and Operational Performance

Rexford Industrial's operational metrics demonstrated performance in the Southern California industrial real estate market. The company's Total Portfolio Net Operating Income (NOI) reached $752.7 million, an increase of 5.7% over 2024. Same Property Portfolio NOI increased 1.1%, while Same Property Portfolio Cash NOI grew 4.3%.

The company maintained average Same Property Portfolio occupancy of 96.4% throughout 2025. Rexford Industrial executed 10.4 million square feet of new and renewal leases during the year, achieving comparable rental rate increases of 23.4% on a net effective basis and 10.7% on a cash basis compared to prior rents. Additionally, the company executed 2.1 million square feet of leases related to repositioning and development projects.

Capital Allocation and Property Dispositions

Rexford Industrial pursued a disciplined capital allocation strategy in 2025. The company sold seven properties for a total sales price of $217.5 million, generating a weighted average unlevered internal rate of return (IRR) of 12.4%.

The company repurchased 6,327,283 shares of common stock at a weighted average price of $39.51 per share for a total of $250.0 million during 2025. Subsequent to year-end, Rexford Industrial declared a quarterly common stock dividend of $0.435 per share, representing a 1.2% increase.

Rexford Industrial maintained a Net Debt to Enterprise Value ratio of 24.9% and Net Debt to Adjusted EBITDAre of 4.4x.

Leadership Transition and Board Appointment

The company announced that Laura Clark, currently Chief Operating Officer, will assume the Chief Executive Officer role effective April 1, 2026, as part of Rexford Industrial's previously announced leadership succession plan.

Rexford Industrial also appointed David Stockert as an independent member to the Board of Directors, effective January 1, 2026.

The company reported a net loss attributable to common stockholders for the fourth quarter of $68.7 million, or $0.30 per diluted share, compared to net income of $59.4 million in the prior year quarter.