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Rexford Industrial Realty
Rexford Industrial Realty (REXR) investor relations material
Rexford Industrial Realty Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Delivered a solid quarter and full-year 2025, leasing 3 million sq ft in Q4 and 10.4 million sq ft for the year, meeting or exceeding guidance.
Outgoing co-CEOs highlighted transformation and future value creation; Laura Clark appointed CEO effective April 1, 2026.
Strategic priorities include reducing development exposure, programmatic dispositions, and operational efficiencies, with G&A targeted at 6% of revenue.
$218 million from 2025 dispositions recycled into share repurchases; $450 million in 2026 dispositions expected.
Maintained strong balance sheet with 4.4x Net Debt/Adjusted EBITDAre and $1.4 billion in liquidity.
Financial highlights
Q4 2025 Core FFO per share was $0.59, up 1.7% year-over-year; full-year Core FFO per share was $2.40, up 2.6%.
Net income attributable to common stockholders for 2025 was $200.2 million ($0.86 per diluted share), down from $262.9 million ($1.20 per diluted share) year-over-year.
$89 million of real estate impairments and $60.2 million in transition costs recognized in Q4.
Same property cash NOI grew 4.3% for the year; net effective NOI grew 1.1%.
Portfolio occupancy ended Q4 at 90.2%, but average same property occupancy was 96.4% for the year.
Outlook and guidance
2026 Core FFO per share guidance set at $2.35–$2.40, representing (2.1%) to 0% annual growth.
Same property NOI growth expected to decline (net effective: -2.5% to -1.5%; cash: -2.0% to -1.0%).
Average same property occupancy projected at 94.8%–95.3% for 2026.
Dispositions targeted at $400–$500 million in 2026, with $230 million already under contract or accepted offer.
$19–$21 million in annualized stabilized cash NOI from repositioning/development expected.
Impact of 2025 impairments on 2026 dispositions?
Drivers of negative 2026 Same Property NOI growth?
Rationale for no acquisitions amid large dispositions?
Expected yield on redeployed capital?
What tenant behaviors are driving occupancy changes?
What drives the cash vs. net effective spread gap?
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Next Rexford Industrial Realty earnings date
Q1 202616 Apr, 2026
Rexford Industrial Realty
Next Rexford Industrial Realty earnings date
Q1 202616 Apr, 2026
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Frequently asked questions
Rexford Industrial Realty Inc is a real estate investment trust focused on the ownership, operation, and redevelopment of industrial properties. Its portfolio includes warehouses and logistics facilities located in Southern California, one of the largest industrial markets in the U.S. The company generates revenue primarily through rental income. Rexford Industrial Realty Inc is headquartered in Los Angeles, California, and its shares are listed on the NYSE.
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