Rexford Industrial Realty, Inc. reported a significant increase in financial performance for the first quarter of 2025, with total revenues reaching $252.3 million, up 17.8% from $214.1 million in the same period last year. The company's net income attributable to common stockholders also rose by 16.6% to $68.3 million, compared to $58.6 million in the prior year. This growth was driven by a combination of higher rental income, which increased to $248.8 million from $211.0 million, and gains on the sale of real estate amounting to $13.2 million from a property sold during the quarter.
In terms of operational metrics, Rexford's total portfolio occupancy stood at 89.6% as of March 31, 2025, while the same property portfolio occupancy was slightly higher at 95.7%. The company executed 138 new and renewal leases totaling 2.4 million rentable square feet, achieving leasing spreads of 23.8% on a GAAP basis and 14.7% on a cash basis. The company’s strategic focus on Southern California infill markets continues to yield positive results, with a total of 424 properties comprising approximately 51.0 million rentable square feet in its consolidated portfolio.
Rexford also made notable strides in its capital structure, settling a forward equity sale agreement that resulted in the issuance of 9.8 million shares for net proceeds of $478 million. This capital infusion is expected to support ongoing repositioning and redevelopment projects, which are critical to the company’s growth strategy. As of March 31, 2025, the company had cash and cash equivalents of $504.6 million and no outstanding borrowings under its $1 billion unsecured revolving credit facility, leaving $995 million available for future financing needs.
The company’s financial outlook remains positive, with management expressing confidence in the resilience of the Southern California industrial real estate market despite potential macroeconomic challenges. Rexford anticipates continued demand for its properties, driven by a diverse tenant base across various sectors, including e-commerce and logistics. The company is also focused on maintaining its investment-grade credit ratings, which are currently Baa2 from Moody’s and BBB+ from both S&P and Fitch, as it navigates the evolving market landscape.
About Rexford Industrial Realty, Inc.
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