Rexford Industrial Realty announced its financial and operating results for the fourth quarter and full year 2024. For the full year, net income attributable to common stockholders was $262.9 million, or $1.20 per diluted share, an increase from $227.4 million, or $1.12 per diluted share, in the prior year. The company's share of Core FFO for the full year increased by 15.0% to $511.7 million, or $2.34 per diluted share, compared to $444.8 million, or $2.19 per diluted share, in 2023.
Operational performance remained strong, with full-year consolidated portfolio NOI increasing by 17.3% and Cash NOI by 19.5%. Same Property Portfolio NOI grew by 4.1% and Cash NOI by 7.1%. The average Same Property Portfolio occupancy for the full year was 96.6%. Leasing activity for the full year saw comparable rental rates increase by 38.9% net effective and 28.6% cash, excluding a specific lease extension, these spreads were 55.3% net effective and 38.7% cash.
The company was active in capital allocation, completing $1.5 billion in acquisitions totaling 4.6 million square feet in 2024, and disposing of five properties for $44.3 million, generating a 12.8% unlevered IRR. Ten repositioning and redevelopment projects were stabilized, contributing 826,442 square feet and achieving a weighted average unlevered stabilized yield of 7.5%.
Rexford Industrial's Board of Directors authorized a $300 million common stock repurchase program over the next 24 months, demonstrating a commitment to shareholder value. Additionally, the Board authorized a first-quarter 2025 common stock dividend of $0.43 per share, representing a 3.0% increase from the prior quarter.
For 2025, the company initiated its full-year Core FFO guidance at $2.37-$2.41 per diluted share. Same Property Portfolio NOI Growth is projected between 0.75%-1.25% net effective and 2.25%-2.75% cash, with average Same Property Portfolio Occupancy expected to be 95.5%-96.0%. Net interest expense is guided to be approximately $110.5M-$111.5M.
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