Rexford Industrial Realty, Inc., a REIT specializing in Southern California infill industrial properties, reported net income attributable to common stockholders of $200.2 million for the fiscal year 2025, a decrease of 23.9% compared to $262.9 million in 2024. Core Funds From Operations (FFO) attributable to common stockholders increased by 9.2% to $558.6 million, while Net Operating Income (NOI) rose by 5.7% to $752.7 million. The company's consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet as of December 31, 2025.
The company's financial performance was influenced by several factors. Same Property Portfolio average occupancy for the year was 96.4%, with an ending occupancy of 96.5%. Rexford executed 478 new and renewal leases, covering 10.4 million rentable square feet, achieving leasing spreads of 23.4% on a GAAP basis and 10.7% on a cash basis. Disposition activity focused on opportunistic sales, with seven properties sold for $217.5 million, resulting in gains of $106.0 million.
Strategic developments included the stabilization of 21 repositioning and development properties, totaling 2.2 million rentable square feet. As of December 31, 2025, the company had $760.0 million of variable-rate debt, which was effectively fixed through interest rate swaps. The company also repurchased $250.1 million of its common stock during 2025.
Looking ahead, Laura Clark is set to assume the role of Chief Executive Officer on April 1, 2026, as part of a planned leadership transition. The company anticipates ongoing market volatility due to macroeconomic and political uncertainty. The company's strategy includes programmatic dispositions, recycling capital into higher-return opportunities, share repurchases, and selective acquisitions. As of the filing date of the 10-K, $486.6 million remained authorized for future repurchases.
About Rexford Industrial Realty, Inc.
Rexford Industrial Realty, Inc. is a Maryland-based REIT specializing in owning, operating, and acquiring industrial properties in Southern California infill markets. Its portfolio includes over 425 properties totaling approximately 50.8 million square feet. The company focuses on value-add asset management, redevelopment, and disciplined acquisitions to generate attractive risk-adjusted returns through dividends and capital appreciation in a high-demand, high-barrier industrial market.
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