Rexford Industrial Realty : 1Q 2025 Earnings Supplemental
REXR
Investor Company Summary.
Executive Management Team
Howard Schwimmer
Co-Chief Executive Officer, Director
Michael S. Frankel
Co-Chief Executive Officer, Director
Laura Clark
Chief Operating Officer
Michael Fitzmaurice
Chief Financial Officer
David E. Lanzer
General Counsel and Corporate Secretary
Board of Directors
Richard Ziman
Chairman
Tyler H. Rose
Lead Independent Director
Howard Schwimmer
Co-Chief Executive Officer, Director
Michael S. Frankel
Co-Chief Executive Officer, Director
Robert L. Antin
Director
Diana J. Ingram
Director
Angela L. Kleiman
Director
Debra L. Morris
Director
Investor Relations Information
Mikayla Lynch
Director, Investor Relations and Capital Markets
Equity Research Coverage
BofA Securities
Jeffrey Spector
(646) 855-1363
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.
First Quarter 2025
Page 3
Supplemental Financial Reporting Package
Company Overview.
For the Quarter Ended March 31, 2025
First Quarter 2025
Page 4
Supplemental Financial Reporting Package
Highlights - Consolidated Financial Results.
Quarterly Results
(in millions)
$200
$150
$100
$50
$0
Net Operating Income (NOI)
18% Year-over-Year Growth
$181.1
$183.5
$183.7
$193.6
$163.5
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
$200
$150
$100
$50
$0
Adjusted EBITDAre
11% Year-over-Year Growth
$167.2
$178.1
$175.9
$179.3
$184.9
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
$150
$120 $90 $60 $30 $0
Company Share of Core FFO
14% Year-over-Year Growth
$129.6
$130.0
$128.6
$141.0
$123.5
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
$150
$120
$90 $60 $30 $0
Adjusted Funds From Operations (AFFO)
19% Year-over-Year Growth
$125.1
$105.1
$109.1
$108.7
$108.7
Q1 2024
Q2 2024
Q3 2024
Q4 2024
Q1 2025
First Quarter 2025
Page 5
Supplemental Financial Reporting Package
Financial and Portfolio Highlights and Capitalization Data.(1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Financial Results:
Total rental income
$
248,821
$
239,737
$
238,396
$
232,973
$
210,990
Net income
$
74,048
$
64,910
$
70,722
$
86,017
$
64,277
Net Operating Income (NOI)
$
193,560
$
183,731
$
183,529
$
181,068
$
163,508
Company share of Core FFO
$
141,023
$
128,562
$
130,011
$
129,575
$
123,547
Company share of Core FFO per common share - diluted
$
0.62
$
0.58
$
0.59
$
0.60
$
0.58
Adjusted EBITDAre
$
184,859
$
179,347
$
175,929
$
178,106
$
167,207
Dividend declared per common share
$
0.4300
$
0.4175
$
0.4175
$
0.4175
$
0.4175
Portfolio Statistics:
Portfolio rentable square feet ("RSF")
50,952,137
50,788,225
50,067,981
49,710,628
49,162,216
Ending occupancy
89.6%
91.3%
93.0%
93.7%
92.8%
Ending occupancy excluding repositioning/redevelopment(2)
95.1%
96.0%
97.6%
97.9%
96.9%
Net Effective Rent Change(3)
23.8%
55.4%
39.2%
67.7%
53.0%
Cash Rent Change(3)
14.7%
41.0%
26.7%
49.0%
33.6%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(4)
95.7%
96.3%
96.8%
97.4%
96.6%
Same Property Portfolio NOI growth(5)
0.7%
Same Property Portfolio Cash NOI growth(5)
5.0%
Capitalization:
Total shares and units issued and outstanding at period end(6)
244,310,773
233,295,793
227,278,210
225,623,274
224,992,152
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units
$
173,250
$
213,956
$
213,956
$
214,000
$
241,031
Total equity market capitalization
$
9,738,017
$
9,233,171
$
11,648,323
$
10,274,542
$
11,558,136
Total consolidated debt
$
3,379,383
$
3,379,622
$
3,386,273
$
3,386,559
$
3,389,088
Total combined market capitalization (net debt plus equity)
$
12,612,821
$
12,556,822
$
14,972,760
$
13,535,391
$
14,610,264
Ratios:
Net debt to total combined market capitalization
22.8%
26.5%
22.2%
24.1%
20.9%
Net debt to Adjusted EBITDAre (quarterly results annualized)
3.9x
4.6x
4.7x
4.6x
4.6x
First Quarter 2025
Page 6
Supplemental Financial Reporting Package
Guidance.
As of March 31, 2025
2025 OUTLOOK*
METRIC
Net Income Attributable to Common Stockholders per diluted share (1)(2)
Company share of Core FFO per diluted share (1)(2)
Same Property Portfolio NOI Growth - GAAP (3)
Same Property Portfolio NOI Growth - Cash (3)
Average Same Property Portfolio Occupancy (Full Year) (3)(4)
Net General and Administrative Expenses (5)
Net Interest Expense
Q1-2025 UPDATED
GUIDANCE
$1.31 - $1.35
$2.37 - $2.41
0.75% - 1.25%
2.25% - 2.75%
95.5% - 96.0%
+/- $82.0M
+/- $109.5M
INITIAL 2025
GUIDANCE
$1.21 - $1.25
$2.37 - $2.41
0.75% - 1.25%
2.25% - 2.75%
95.5% - 96.0%
+/- $82.0M
$110.5M - $111.5M
YTD RESULTS AS OF
MARCH 31, 2025
$0.30
$0.62
0.7%
5.0%
95.9%
$19.9M
$27.3M
First Quarter 2025
Page 7
Supplemental Financial Reporting Package
Guidance (Continued).
As of March 31, 2025
2025 Guidance Rollforward (1)
Earnings Components
2025 Core FFO Per Diluted Share Guidance (Previous) Same Property Portfolio NOI Growth
YTD Closed Dispositions
Net General & Administrative Expenses
Net Interest Expense
2025 Core FFO Per Diluted Share Guidance (Updated) Core FFO Per Diluted Share Annual Growth
Range
($ per share)
$2.37
$2.41
-
-
(0.01)
(0.01)
-
-
0.01 0.01
$2.37 $2.41
1%3%
Notes
Initial 2025 Guidance
FY 2025 SP NOI Growth (GAAP) Guidance range of 0.75% - 1.25% NOI related to $103M of dispositions closed since prior guidance FY 2025 Guidance range of +/- $82.0M
FY 2025 Guidance range of +/- $109.5M
First Quarter 2025
Page 8
Supplemental Financial Reporting Package
Consolidated Balance Sheets.
(unaudited and in thousands)
ASSETS
March 31, 2025
December 31, 2024
September 30, 2024
June 30, 2024
March 31, 2024
Land
$
7,797,744
$
7,822,290
$
7,703,232
$
7,650,740
$
7,568,720
Buildings and improvements
4,573,881
4,611,987
4,416,032
4,330,709
4,260,512
Tenant improvements
181,632
188,217
181,785
178,832
172,707
Furniture, fixtures, and equipment
132
132
132
132
132
Construction in progress
386,719
333,690
370,431
343,275
258,413
Total real estate held for investment
12,940,108
12,956,316
12,671,612
12,503,688
12,260,484
Accumulated depreciation
(1,021,151)
(977,133)
(925,373)
(874,413)
(827,576)
Investments in real estate, net
11,918,957
11,979,183
11,746,239
11,629,275
11,432,908
Cash and cash equivalents
504,579
55,971
61,836
125,710
336,960
Restricted cash
50,105
-
-
-
-
Loan receivable, net
123,359
123,244
123,129
123,014
122,899
Rents and other receivables, net
17,622
15,772
17,315
17,685
17,896
Deferred rent receivable, net
166,893
161,693
151,637
140,196
130,694
Deferred leasing costs, net
70,404
67,827
69,152
68,161
61,017
Deferred loan costs, net
1,642
1,999
2,356
2,713
3,069
Acquired lease intangible assets, net(1)
182,444
201,467
205,510
220,021
223,698
Acquired indefinite-lived intangible asset
5,156
5,156
5,156
5,156
5,156
Interest rate swap assets
5,580
8,942
3,880
16,510
16,737
Other assets
20,730
26,964
34,092
18,501
22,114
Acquisition related deposits
-
-
-
1,250
7,975
Assets associated with real estate held for sale, net(2)
18,386
-
-
-
-
Total Assets
$
13,085,857
$
12,648,218
$
12,420,302
$
12,368,192
$
12,381,123
LIABILITIES & EQUITY
Liabilities
Notes payable
$
3,348,060
$
3,345,962
$
3,350,190
$
3,348,697
$
3,349,120
Interest rate swap liability
-
-
295
-
-
Accounts payable, accrued expenses and other liabilities
141,999
149,707
169,084
153,993
148,920
Dividends and distributions payable
105,285
97,823
95,288
94,582
94,356
Acquired lease intangible liabilities, net(3)
136,661
147,473
155,328
163,109
171,687
Tenant security deposits
90,050
90,698
91,983
91,162
91,034
Tenant prepaid rents
88,822
90,576
93,218
101,473
110,727
Liabilities associated with real estate held for sale(2)
234
-
-
-
-
Total Liabilities
3,911,111
3,922,239
3,955,386
3,953,016
3,965,844
Equity
Series B preferred stock, net ($75,000 liquidation preference)
72,443
72,443
72,443
72,443
72,443
Series C preferred stock, net ($86,250 liquidation preference)
83,233
83,233
83,233
83,233
83,233
Preferred stock
155,676
155,676
155,676
155,676
155,676
Common stock
2,362
2,253
2,195
2,178
2,178
Additional paid in capital
9,116,069
8,601,276
8,318,979
8,235,484
8,233,127
Cumulative distributions in excess of earnings
(474,550)
(441,881)
(407,695)
(381,507)
(370,720)
Accumulated other comprehensive income (loss)
3,582
6,746
1,474
13,834
13,922
Total stockholders' equity
8,803,139
8,324,070
8,070,629
8,025,665
8,034,183
Noncontrolling interests
371,607
401,909
394,287
389,511
381,096
Total Equity
9,174,746
8,725,979
8,464,916
8,415,176
8,415,279
Total Liabilities and Equity
$
13,085,857
$
12,648,218
$
12,420,302
$
12,368,192
$
12,381,123
First Quarter 2025
Page 9
Supplemental Financial Reporting Package
Consolidated Statements of Operations.
Quarterly Results
(unaudited and in thousands, except share and per share data)
Three Months Ended
Mar 31, 2025
Dec 31, 2024
Sep 30, 2024
Jun 30, 2024
Mar 31, 2024
Revenues
Rental income(1)
$
248,821
$
239,737
$
238,396
$
232,973
$
210,990
Management and leasing services
142
167
156
156
132
Interest income
3,324
2,991
3,291
4,444
2,974
Total Revenues
252,287
242,895
241,843
237,573
214,096
Operating Expenses
Property expenses
55,261
56,006
54,867
51,905
47,482
General and administrative
19,868
21,940
20,926
19,307
19,980
Depreciation and amortization
86,740
71,832
69,241
67,896
66,278
Total Operating Expenses
161,869
149,778
145,034
139,108
133,740
Other Expenses
Other expenses
2,239
34
492
304
1,408
Interest expense
27,288
28,173
27,340
28,412
14,671
Total Expenses
191,396
177,985
172,866
167,824
149,819
Gains on sale of real estate
13,157
-
1,745
16,268
-
Net Income
74,048
64,910
70,722
86,017
64,277
Less: net income attributable to noncontrolling interests
(2,849)
(2,725)
(2,952)
(3,541)
(2,906)
Net income attributable to Rexford Industrial Realty, Inc.
71,199
62,185
67,770
82,476
61,371
Less: preferred stock dividends
(2,314)
(2,315)
(2,314)
(2,315)
(2,314)
Less: earnings allocated to participating securities
(539)
(457)
(395)
(409)
(418)
Net income attributable to common stockholders
$
68,346
$
59,413
$
65,061
$
79,752
$
58,639
Earnings per Common Share
Net income attributable to common stockholders per share - basic
$
0.30
$
0.27
$
0.30
$
0.37
$
0.27
Net income attributable to common stockholders per share - diluted
$
0.30
$
0.27
$
0.30
$
0.37
$
0.27
Weighted average shares outstanding - basic
227,395,984
222,516,006
218,759,979
217,388,908
214,401,661
Weighted average shares outstanding - diluted
227,395,984
222,856,120
219,133,037
217,388,908
214,437,913
First Quarter 2025
Page 10
Supplemental Financial Reporting Package
Disclaimer
Rexford Industrial Realty Inc. published this content on April 16, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 16, 2025 at 20:23 UTC.