Rexford Industrial Realty Reports 5% Revenue Growth and 42% Increase in Net Income for Q2 2025

Rexford Industrial Realty, Inc. reported significant financial performance for the second quarter of 2025, with total revenues reaching $249.5 million, a 5.0% increase from $237.6 million in the same period last year. The company’s net income attributable to common stockholders was $113.4 million, or $0.48 per share, compared to $79.8 million, or $0.37 per share, in the prior year, marking a 42.4% increase in profitability. For the first half of 2025, total revenues were $501.8 million, up 11.1% from $451.7 million in the first half of 2024, while net income attributable to common stockholders increased to $181.8 million from $138.4 million.

The company experienced notable operational developments, including the execution of 237 new and renewal leases totaling 4.1 million rentable square feet, achieving leasing spreads of 22.6% on a GAAP basis and 11.9% on a cash basis. As of June 30, 2025, Rexford's total portfolio occupancy was reported at 89.2%, with a same-property portfolio occupancy of 96.1%. The company also stabilized several repositioning projects, contributing to its overall growth strategy focused on enhancing property functionality and value.

In terms of strategic developments, Rexford completed the sale of three properties during the first half of 2025 for a total gross sales price of $134 million, realizing gains of $57.5 million. The company also amended its senior unsecured credit agreement, increasing its revolving credit facility from $1 billion to $1.25 billion and extending the maturity date to May 30, 2029. Additionally, Rexford executed three interest rate swaps with a notional value of $400 million to manage interest rate exposure, fixing the rate at 3.41375%.

Rexford's financial position remains strong, with cash and cash equivalents of $431.1 million as of June 30, 2025, and no outstanding borrowings under its unsecured revolving credit facility, leaving $1.245 billion available for future borrowings. The company reported a total consolidated debt of $3.4 billion, with a weighted average interest rate of 3.757%. Looking ahead, Rexford anticipates continued growth driven by its strategic focus on acquisitions, repositioning, and redevelopment of industrial properties in Southern California's high-demand markets.