Rexford Industrial Realty announced its first quarter 2025 financial results, reporting net income attributable to common stockholders of $68.3 million, or $0.30 per diluted share. This compares to $58.6 million, or $0.27 per diluted share, in the prior year quarter. The company's share of Core FFO for the quarter increased by 14.1% to $141.0 million, or $0.62 per diluted share, compared to $123.5 million, or $0.58 per diluted share, in the same period last year.
Operational highlights included an 18.4% increase in consolidated portfolio Net Operating Income (NOI) and a 20.4% increase in Cash NOI compared to the prior year quarter. Same Property Portfolio NOI increased by 0.7%, with Cash NOI growing by 5.0%. The company's Same Property Portfolio occupancy was 95.7% as of March 31, 2025.
Leasing activity for the quarter involved 2.4 million rentable square feet of new and renewal leases. Comparable rental rates on these leases increased by 23.8% net effective and 14.7% cash. However, new leases alone showed a (5.4%) cash releasing spread, while renewal leases achieved a 20.2% cash spread. The company also settled its outstanding forward equity sale agreement from March 2024, issuing 9,776,768 shares for net proceeds of $478.0 million.
Rexford Industrial disposed of one property for $52.5 million, generating an unlevered IRR of 10.5%, and subsequently sold another for $50.9 million with an unlevered IRR of 13.3%. Five repositioning projects totaling 560,255 square feet were stabilized, representing a total investment of $145.4 million and achieving a weighted average unlevered stabilized yield of 7.6%.
The company reaffirmed its full-year 2025 Core FFO outlook at $2.37-$2.41 per diluted share. Net income attributable to common stockholders per diluted share guidance was updated to $1.31-$1.35, reflecting gains on dispositions. Fitch Ratings, Inc. affirmed the company's Long-Term Issuer Default Rating of BBB+ with a Stable Outlook.
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