Rexford Industrial Realty (REXR) Q2 2026 earnings summary

Executive summary

• Leasing volume increased 50% year-to-date, with 6.2 million sq ft leased, reflecting strong execution and operational rigor.

• Announced a comprehensive portfolio realignment with $1.5–$2.0 billion in planned non-core asset dispositions, with $265.3 million sold year-to-date.

• Net loss for the first half of 2026 was $429.2 million, driven by $631.6 million in impairment charges on assets identified for disposition.

• Core FFO per share rose 6.8% year-over-year to $0.63, supported by lower G&A and share repurchases.

• Leadership transition completed with new CEO and COO effective April 1, 2026.

Financial highlights

• Q2 2026 Core FFO per share was $0.63, up 6.8% year-over-year; YTD Core FFO per share was $1.24, up 2.5%.

• Same property NOI growth was 1.5% on a cash basis and -0.5% net effective for Q2; YTD cash NOI up 0.6%.

• Net loss for Q2 2026 was $506.9 million, primarily due to $624.8 million in non-cash impairments.

• Sold 12 properties for $265.3 million YTD; Q2 dispositions totaled $137.9 million.

• Net Debt to Adjusted EBITDAre was 4.5x; total liquidity at quarter end was $1.3 billion.

Outlook and guidance

• 2026 Core FFO per share guidance raised to $2.38–$2.43, reflecting improved NOI growth and lower G&A.

• Full-year disposition guidance increased to $1.5–$2.0 billion, with proceeds for debt repayment and share buybacks.

• Same property NOI growth outlook improved to -1.25% to -0.25% (net effective); occupancy guidance increased to 95.3%–95.7%.

• G&A expense guidance reduced to ~$57 million for 2026.

• Net loss per diluted share guidance for 2026 is ($1.32)–($1.27), reflecting planned impairments.