On October 15, 2025, Rexford Industrial Realty announced its third‑quarter 2025 financial results, reporting net income attributable to common stockholders of $87.1 million, or $0.37 per diluted share, up from $65.1 million ($0.30 EPS) in the same quarter a year earlier. Core FFO for the quarter reached $141.7 million, or $0.60 per diluted share, a 9.0 % increase over the prior year quarter. Total portfolio NOI rose 2.9 % and cash NOI increased 6.0 % sequentially, while same‑property portfolio NOI grew 1.9 % and cash NOI 5.5 %.
The company executed 3.3 million square feet of leasing activity, including 845,000 sq ft of repositioned or redeveloped space, and achieved 1.9 million square feet of positive net absorption. Three properties were disposed of for $53.6 million, generating a weighted average unlevered IRR of 14.3 %. In the third quarter, Rexford repurchased 3.88 million shares for $150 million and authorized a new $500 million stock‑repurchase program, underscoring its commitment to shareholder returns. The board also approved a $0.43 per share dividend for the fourth quarter, payable January 15, 2026.
Rexford updated its 2025 guidance, projecting net income per diluted share of $1.44–$1.46 and core FFO per diluted share of $2.39–$2.41 for the year. Same‑property portfolio NOI growth is now expected to be 0.75 %–1.25 % net effective and 3.75 %–4.25 % cash, with full‑year occupancy projected at 96.0 %. General and administrative expenses are forecast at $82 million, and net interest expense at $105 million. These revisions reflect the company’s confidence in continued leasing momentum and disciplined capital allocation.
The earnings release highlights Rexford’s ability to generate robust cash flow and maintain high occupancy in a supply‑constrained Southern California market. Strong leasing activity, coupled with a disciplined disposition strategy, supports the company’s value‑creation model and positions it to fund future repositioning and redevelopment projects. The updated guidance and share‑repurchase program signal management’s confidence in the company’s long‑term growth prospects and its commitment to delivering shareholder value.
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