Rexford Industrial Realty : 2Q 2025 Earnings Supplemental PDF (REXR Q2 2025 Supplemental FINAL)

Published: 2025-07-16 16:06:05 ET REXR

Published on 07/16/2025 at 16:06

SECOND QUARTER 2025

Financial

Industrial

Rexford

Rexford Industrial Realty, Inc.

11620 Wilshire Boulevard, Suite 1000

8888 BALBOA AVENUE | CENTRAL SAN DIEGO

310.966.1680

Los Angeles, CA 90025

Executive Management Team

Howard Schwimmer Michael S. Frankel Laura Clark

Michael Fitzmaurice David E. Lanzer

Co-Chief Executive Officer, Director Co-Chief Executive Officer, Director Chief Operating Officer

Chief Financial Officer

General Counsel and Corporate Secretary

Board of Directors

Tyler H. Rose Howard Schwimmer Michael S. Frankel Robert L. Antin Diana J. Ingram Angela L. Kleiman Debra L. Morris

Chairman

Co-Chief Executive Officer, Director Co-Chief Executive Officer, Director Director

Director Director Director

Investor Relations Information

Mikayla Lynch

Director, Investor Relations and Capital Markets [email protected]

Equity Research Coverage

BofA Securities

Samir Khanal

(646) 855-1497

J.P. Morgan Securities

Michael Mueller

(212) 622-6689

Barclays

Brendan Lynch

(212) 526-9428

Jefferies LLC

Jonathan Petersen

(212) 284-1705

BMO Capital Markets

John Kim

(212) 885-4115

Mizuho Securities USA

Vikram Malhotra

(212) 282-3827

BNP Paribas Exane

Nate Crossett

(646) 342-1588

Robert W. Baird & Co.

Nicholas Thillman

(414) 298-5053

Citigroup Investment Research

Craig Mailman

(212) 816-4471

Scotiabank

Greg McGinniss

(212) 225-6906

Colliers Securities

Barry Oxford

(203) 961-6573

Truist Securities

Anthony Hau

(212) 303-4176

Deutsche Bank

Omotayo Okusanya

(212) 250-9284

Wedbush Securities

Richard Anderson

(212) 931-7001

Evercore ISI

Steve Sakwa

(212) 446-9462

Wells Fargo Securities

Blaine Heck

(443) 263-6529

Green Street Advisors

Vince Tibone

(949) 640-8780

Wolfe Research

Andrew Rosivach

(646) 582-9250

Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts' reports on their own; we do not distribute these reports.

Net Operating Income (NOI) 3% Year-over-Year Growth

$250

$200

$181.1

$183.5

$183.7

$193.6

$186.3

$150

$100

$50

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Adjusted EBITDAre 3% Year-over-Year Growth

$250

$200

$178.1

$175.9

$179.3

$184.9

$184.1

$150

$100

$50

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

$150

Company Share of Core FFO 8% Year-over-Year Growth

$141.0

$139.7

$129.6 $130.0 $128.6

$120

$90

$60

$30

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Adjusted Funds From Operations (AFFO) 10% Year-over-Year Growth

$150

$125.1

$120.5

$120

$109.1

$108.7

$90

$60

$30

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

(in thousands except share and per share data and portfolio statistics)

Three Months Ended

June 30, 2025

March 31, 2025

December 31, 2024

September 30, 2024

June 30, 2024

Financial Results:

Total rental income

$ 241,568

$ 248,821

$ 239,737

$ 238,396

$ 232,973

Net income

$ 120,394

$ 74,048

$ 64,910

$ 70,722

$ 86,017

Net Operating Income (NOI)

$ 186,270

$ 193,560

$ 183,731

$ 183,529

$ 181,068

Company share of Core FFO

$ 139,709

$ 141,023

$ 128,562

$ 130,011

$ 129,575

Company share of Core FFO per common share - diluted

$ 0.59

$ 0.62

$ 0.58

$ 0.59

$ 0.60

Adjusted EBITDAre

$ 184,111

$ 184,859

$ 179,347

$ 175,929

$ 178,106

Dividend declared per common share

$ 0.4300

$ 0.4175

Portfolio Statistics:

Portfolio rentable square feet ("RSF")

51,021,897

50,952,137

50,788,225

50,067,981

49,710,628

Ending occupancy

89.2%

89.6%

91.3%

93.0%

93.7%

Ending occupancy excluding repositioning/redevelopment(2)

95.0%

95.1%

96.0%

97.6%

97.9%

Net Effective Rent Change

20.9%

23.8%

55.4%

39.2%

67.7%

Cash Rent Change

8.1%

14.7%

41.0%

26.7%

49.0%

Same Property Portfolio Performance:

Same Property Portfolio ending occupancy(3)(4)

96.1%

95.7%

96.2%

96.8%

97.4%

Same Property Portfolio NOI growth(4)(5)

1.1%

0.7%

Same Property Portfolio Cash NOI growth(4)(5)

3.9%

5.0%

Capitalization:

Total shares and units issued and outstanding at period end(6)

244,334,274

244,310,773

233,295,793

227,278,210

225,623,274

Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units

$ 173,250

$ 213,956

$ 214,000

Total equity market capitalization

$ 8,864,220

$ 9,738,017

$ 9,233,171

$ 11,648,323

$ 10,274,542

Total consolidated debt

$ 3,379,141

$ 3,379,383

$ 3,379,622

$ 3,386,273

$ 3,386,559

Total combined market capitalization (net debt plus equity)

$ 11,812,244

$ 12,612,821

$ 12,556,822

$ 14,972,760

$ 13,535,391

Ratios:

Net debt to total combined market capitalization

25.0%

22.8%

26.5%

22.2%

24.1%

Net debt to Adjusted EBITDAre (quarterly results annualized)

4.0x

3.9x

4.6x

4.7x

4.6x

For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 34and page 12of this report, respectively.

Ending occupancy excluding repositioning/redevelopment excludes "Other Repositioning" projects as well as those listed individually on pages 26-31.

Reflects the ending occupancy for the 2025 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see "SPP Historical Information" on page 37.

For comparability, Same Property Portfolio ending occupancy, NOI growth and Cash NOI growth for all comparable periods have been restated to remove the results of two properties that were sold during Q2'25 and two buildings that were moved to Other Repositioning. See page 32for details related to dispositions.

Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.

Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,182,445 (Jun 30, 2025), 8,700,301 (Mar 31, 2025), 8,426,905 (Dec 31, 2024), 8,175,868 (Sep 30, 2024) and 8,218,426

(Jun 30, 2024). Excludes the following # of shares of unvested restricted stock: 542,922 (Jun 30, 2025), 560,382 (Mar 31, 2025), 416,123 (Dec 31, 2024), 405,003 (Sep 30, 2024) and 435,225 (Jun 30, 2024). Excludes unvested LTIP units and unvested performance units.

Disclaimer

Rexford Industrial Realty Inc. published this content on July 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 16, 2025 at 20:05 UTC.