Rexford Industrial Announces First Quarter 2025 Financial Results
First Quarter 2025 Financial and Operational Highlights
- Net income attributable to common stockholders of
$68.3 million , or$0.30 per diluted share, as compared to$58.6 million , or$0.27 per diluted share, for the prior year. - Company share of Core FFO of
$141.0 million , an increase of 14.1% as compared to the prior year. - Company share of Core FFO per diluted share of
$0.62 , an increase of 6.9% as compared to the prior year. - Consolidated Portfolio NOI of
$193.6 million , an increase of 18.4% as compared to the prior year. - Same Property Portfolio NOI increased 0.7% and Same Property Portfolio Cash NOI increased 5.0% as compared to the prior year.
- Average Same Property Portfolio occupancy of 95.9%.
- Executed 2.4 million rentable square feet of new and renewal leases. Comparable rental rates increased by 23.8%, compared to prior rents, on a net effective basis and by 14.7% on a cash basis.
- Sold one property for a sales price of
$52.5 million . Subsequent to quarter end, sold one property for a sales price of$50.9 million . In aggregate, these transactions generated an 11.9% unlevered IRR to the Company. - Ended the quarter with a low-leverage balance sheet measured by a Net Debt to Enterprise Value ratio of 22.8% and Net Debt to Adjusted EBITDAre of 3.9x.
"
Financial Results
The Company reported net income attributable to common stockholders for the first quarter of
The Company reported Core FFO for the first quarter of
In the first quarter, the Company's consolidated portfolio NOI and Cash NOI increased 18.4% and 20.4%, respectively, compared to the prior year quarter.
In the first quarter, the Company's Same Property Portfolio NOI increased 0.7% compared to the prior year quarter, driven by a 1.2% increase in Same Property Portfolio rental income. Same Property Portfolio Cash NOI increased 5.0% compared to the prior year quarter.
Operating Results
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Q1 2025 Leasing Activity |
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|
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Releasing Spreads(1) |
||
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|
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# of Leases |
|
SF of Leasing |
|
Net Effective |
|
Cash |
|
New Leases |
|
54 |
|
882,403 |
|
3.2 % |
|
(5.4) % |
|
Renewal Leases |
|
84 |
|
1,511,946 |
|
29.4 % |
|
20.2 % |
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Total Leases |
|
138 |
|
2,394,349 |
|
23.8 % |
|
14.7 % |
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|
|
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(1) |
Net effective and cash rent statistics only include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail. |
As of
Transaction Activity
During the first quarter of 2025, the Company disposed of 1055 Sandhill Avenue,
Subsequent to the first quarter of 2025, the Company disposed of 20 Icon,
The Company currently has no acquisitions under contract or accepted offer. Separately, the Company has
During the first quarter of 2025, the Company stabilized five repositioning projects, totaling 560,255 square feet, representing a total investment of
Balance Sheet
The Company ended the first quarter of 2025 with
On
During the first quarter of 2025, the Company settled the outstanding forward equity sale agreement related to its
During the first quarter of 2025, the Company did not execute on its ATM Program. As of
During the first quarter of 2025, the Company did not execute on its
Dividends
On
On
Guidance
The Company is updating its full year 2025 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2025 Guidance Rollforward.
|
2025 Outlook (1) |
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Q1 2025
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Initial Guidance |
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Net Income Attributable to Common Stockholders per diluted share |
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|
|
|
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Company share of Core FFO per diluted share |
|
|
|
|
|
Same Property Portfolio NOI Growth — Net Effective |
|
0.75% - 1.25% |
|
0.75% - 1.25% |
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Same Property Portfolio NOI Growth — Cash |
|
2.25% - 2.75% |
|
2.25% - 2.75% |
|
Average Same Property Portfolio Occupancy (Full Year) (2) |
|
95.5% - 96.0% |
|
95.5% - 96.0% |
|
General and Administrative Expenses (3) |
|
+/- |
|
+/- |
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Net Interest Expense |
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+/- |
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|
|
|
|
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(1) |
2025 Guidance represents the in-place portfolio as of |
|
(2) |
As of |
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(3) |
2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of |
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Updated Earnings Presentation
The Company's supplemental financial reporting package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Conference ID 5314484.
1 (800) 715-9871 (for domestic callers)
1 (646) 307-1963 (for international callers)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net Income to Funds From Operations and Core Funds From Operations" table which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2025 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
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2025 Estimate |
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Low |
|
High |
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Net income attributable to common stockholders |
$ 1.31 |
|
$ 1.35 |
|
Company share of depreciation and amortization |
1.25 |
|
1.25 |
|
Company share of gains on sale of real estate(1) |
(0.19) |
|
(0.19) |
|
Company share of Core FFO |
$ 2.37 |
|
$ 2.41 |
|
|
|
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(1) |
Reflects the sale of |
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2025 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
Stabilization Date —
Net Debt to Enterprise Value: As of
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, non-cash stock-based compensation expense, gain (loss) on extinguishment of debt, acquisition expenses, impairments of right of use assets and the pro-forma effects of acquisitions and dispositions. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Director, Investor Relations and Capital Markets
(424) 276-3454
mlynch@rexfordindustrial.com
Financial Statements and Reconciliations
|
Consolidated Balance Sheets (In thousands except share data) |
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(unaudited) |
|
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ASSETS |
|
|
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|
Land |
$ 7,797,744 |
|
$ 7,822,290 |
|
Buildings and improvements |
4,573,881 |
|
4,611,987 |
|
Tenant improvements |
181,632 |
|
188,217 |
|
Furniture, fixtures, and equipment |
132 |
|
132 |
|
Construction in progress |
386,719 |
|
333,690 |
|
Total real estate held for investment |
12,940,108 |
|
12,956,316 |
|
Accumulated depreciation |
(1,021,151) |
|
(977,133) |
|
Investments in real estate, net |
11,918,957 |
|
11,979,183 |
|
Cash and cash equivalents |
504,579 |
|
55,971 |
|
Restricted cash |
50,105 |
|
— |
|
Loan receivable, net |
123,359 |
|
123,244 |
|
Rents and other receivables, net |
17,622 |
|
15,772 |
|
Deferred rent receivable, net |
166,893 |
|
161,693 |
|
Deferred leasing costs, net |
70,404 |
|
67,827 |
|
Deferred loan costs, net |
1,642 |
|
1,999 |
|
Acquired lease intangible assets, net |
182,444 |
|
201,467 |
|
Acquired indefinite-lived intangible asset |
5,156 |
|
5,156 |
|
Interest rate swap assets |
5,580 |
|
8,942 |
|
Other assets |
20,730 |
|
26,964 |
|
Assets associated with real estate held for sale, net |
18,386 |
|
— |
|
Total Assets |
$ 13,085,857 |
|
$ 12,648,218 |
|
LIABILITIES & EQUITY |
|
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|
|
Liabilities |
|
|
|
|
Notes payable |
$ 3,348,060 |
|
$ 3,345,962 |
|
Accounts payable, accrued expenses and other liabilities |
141,999 |
|
149,707 |
|
Dividends and distributions payable |
105,285 |
|
97,823 |
|
Acquired lease intangible liabilities, net |
136,661 |
|
147,473 |
|
Tenant security deposits |
90,050 |
|
90,698 |
|
Tenant prepaid rents |
88,822 |
|
90,576 |
|
Liabilities associated with real estate held for sale |
234 |
|
— |
|
Total Liabilities |
3,911,111 |
|
3,922,239 |
|
Equity |
|
|
|
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Preferred stock, |
|
|
|
|
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares |
72,443 |
|
72,443 |
|
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares |
83,233 |
|
83,233 |
|
Common Stock, |
2,362 |
|
2,253 |
|
Additional paid in capital |
9,116,069 |
|
8,601,276 |
|
Cumulative distributions in excess of earnings |
(474,550) |
|
(441,881) |
|
Accumulated other comprehensive loss |
3,582 |
|
6,746 |
|
Total stockholders' equity |
8,803,139 |
|
8,324,070 |
|
Noncontrolling interests |
371,607 |
|
401,909 |
|
Total Equity |
9,174,746 |
|
8,725,979 |
|
Total Liabilities and Equity |
$ 13,085,857 |
|
$ 12,648,218 |
|
Consolidated Statements of Operations (Unaudited and in thousands, except per share data) |
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Three Months Ended |
||
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|
2025 |
|
2024 |
|
REVENUES |
|
|
|
|
Rental income |
$ 248,821 |
|
$ 210,990 |
|
Management and leasing services |
142 |
|
132 |
|
Interest income |
3,324 |
|
2,974 |
|
TOTAL REVENUES |
252,287 |
|
214,096 |
|
OPERATING EXPENSES |
|
|
|
|
Property expenses |
55,261 |
|
47,482 |
|
General and administrative |
19,868 |
|
19,980 |
|
Depreciation and amortization |
86,740 |
|
66,278 |
|
TOTAL OPERATING EXPENSES |
161,869 |
|
133,740 |
|
OTHER EXPENSES |
|
|
|
|
Other expenses |
2,239 |
|
1,408 |
|
Interest expense |
27,288 |
|
14,671 |
|
TOTAL EXPENSES |
191,396 |
|
149,819 |
|
Gains on sale of real estate |
13,157 |
|
— |
|
NET INCOME |
74,048 |
|
64,277 |
|
Less: net income attributable to noncontrolling interests |
(2,849) |
|
(2,906) |
|
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. |
71,199 |
|
61,371 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
Less: earnings attributable to participating securities |
(539) |
|
(418) |
|
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS |
$ 68,346 |
|
$ 58,639 |
|
Net income attributable to common stockholders per share – basic |
$ 0.30 |
|
$ 0.27 |
|
Net income attributable to common stockholders per share – diluted |
$ 0.30 |
|
$ 0.27 |
|
Weighted-average shares of common stock outstanding – basic |
227,396 |
|
214,402 |
|
Weighted-average shares of common stock outstanding – diluted |
227,396 |
|
214,438 |
|
Same Property Portfolio Occupancy and NOI and Cash NOI (Unaudited, dollars in thousands) |
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Same Property Portfolio Occupancy |
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|
2025 |
|
2024 |
|
Change (basis |
|
Quarterly Weighted Average Occupancy:(1) |
|
|
|
|
|
|
|
95.6 % |
|
97.2 % |
|
(160) bps |
|
|
99.1 % |
|
99.6 % |
|
(50) bps |
|
|
96.7 % |
|
94.8 % |
|
190 bps |
|
|
96.0 % |
|
98.2 % |
|
(220) bps |
|
|
91.4 % |
|
96.2 % |
|
(480) bps |
|
Same Property Portfolio Weighted Average Occupancy |
95.9 % |
|
96.9 % |
|
(100) bps |
|
|
|
|
|
|
|
|
Ending Occupancy: |
95.7 % |
|
96.6 % |
|
(90) bps |
|
|
|
|
(1) |
Calculated by averaging the occupancy rate at the end of each month in 1Q-2025 and |
|
Same Property Portfolio NOI and Cash NOI |
|
|
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|
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Three Months Ended |
||||||
|
|
2025 |
|
2024 |
|
$ Change |
|
% Change |
|
Rental income |
$ 190,259 |
|
$ 188,059 |
|
$ 2,200 |
|
1.2 % |
|
Property expenses |
41,822 |
|
40,597 |
|
1,225 |
|
3.0 % |
|
Same Property Portfolio NOI |
$ 148,437 |
|
$ 147,462 |
|
$ 975 |
|
0.7 % |
|
Straight line rental revenue adjustment |
(3,001) |
|
(7,155) |
|
4,154 |
|
(58.1) % |
|
Above/(below) market lease revenue adjustments |
(4,872) |
|
(6,437) |
|
1,565 |
|
(24.3) % |
|
Same Property Portfolio Cash NOI |
$ 140,564 |
|
$ 133,870 |
|
$ 6,694 |
|
5.0 % |
|
Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI (Unaudited and in thousands) |
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|
|
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|
Three Months Ended |
||
|
|
2025 |
|
2024 |
|
Net income |
$ 74,048 |
|
$ 64,277 |
|
General and administrative |
19,868 |
|
19,980 |
|
Depreciation and amortization |
86,740 |
|
66,278 |
|
Other expenses |
2,239 |
|
1,408 |
|
Interest expense |
27,288 |
|
14,671 |
|
Management and leasing services |
(142) |
|
(132) |
|
Interest income |
(3,324) |
|
(2,974) |
|
Gains on sale of real estate |
(13,157) |
|
— |
|
Net operating income (NOI) |
$ 193,560 |
|
$ 163,508 |
|
Straight line rental revenue adjustment |
(5,517) |
|
(7,368) |
|
Above/(below) market lease revenue adjustments |
(9,186) |
|
(7,591) |
|
Cash NOI |
$ 178,857 |
|
$ 148,549 |
|
|
|
|
|
|
NOI |
$ 193,560 |
|
$ 163,508 |
|
Non-Same Property Portfolio rental income |
(58,562) |
|
(22,931) |
|
Non-Same Property Portfolio property expenses |
13,439 |
|
6,885 |
|
Same Property Portfolio NOI |
$ 148,437 |
|
$ 147,462 |
|
Straight line rental revenue adjustment |
(3,001) |
|
(7,155) |
|
Above/(below) market lease revenue adjustments |
(4,872) |
|
(6,437) |
|
Same Property Portfolio Cash NOI |
$ 140,564 |
|
$ 133,870 |
|
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations (Unaudited and in thousands, except per share data) |
|||
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|
|||
|
|
Three Months Ended |
||
|
|
2025 |
|
2024 |
|
Net income |
$ 74,048 |
|
$ 64,277 |
|
Adjustments: |
|
|
|
|
Depreciation and amortization |
86,740 |
|
66,278 |
|
Gains on sale of real estate |
(13,157) |
|
— |
|
Funds From Operations (FFO) |
$ 147,631 |
|
$ 130,555 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
Less: FFO attributable to noncontrolling interests(1) |
(5,394) |
|
(5,188) |
|
Less: FFO attributable to participating securities(2) |
(750) |
|
(570) |
|
Company share of FFO |
$ 139,173 |
|
$ 122,483 |
|
|
|
|
|
|
Company Share of FFO per common share – basic |
$ 0.61 |
|
$ 0.57 |
|
Company Share of FFO per common share – diluted |
$ 0.61 |
|
$ 0.57 |
|
|
|
|
|
|
FFO |
$ 147,631 |
|
$ 130,555 |
|
Adjustments: |
|
|
|
|
Acquisition expenses |
79 |
|
50 |
|
Amortization of loss on termination of interest rate swaps |
— |
|
59 |
|
Non-capitalizable demolition costs |
365 |
|
998 |
|
Severance costs associated with workforce reduction(3) |
1,483 |
|
— |
|
Core FFO |
$ 149,558 |
|
$ 131,662 |
|
Less: preferred stock dividends |
(2,314) |
|
(2,314) |
|
Less: Core FFO attributable to noncontrolling interest(1) |
(5,461) |
|
(5,226) |
|
Less: Core FFO attributable to participating securities(2) |
(760) |
|
(575) |
|
Company share of Core FFO |
$ 141,023 |
|
$ 123,547 |
|
|
|
|
|
|
Company share of Core FFO per common share – basic |
$ 0.62 |
|
$ 0.58 |
|
Company share of Core FFO per common share – diluted |
$ 0.62 |
|
$ 0.58 |
|
|
|
|
|
|
Weighted-average shares of common stock outstanding – basic |
227,396 |
|
214,402 |
|
Weighted-average shares of common stock outstanding – diluted |
227,396 |
|
214,438 |
|
|
|
|
(1) |
Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 1, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On |
|
(2) |
Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. |
|
(3) |
Amounts are included in the line item "Other expenses" in the consolidated statements of operations. |
|
Reconciliation of Net Income to Adjusted EBITDAre (Unaudited and in thousands) |
|
|
|
|
|
|
Three Months Ended |
|
Net income |
$ 74,048 |
|
Interest expense |
27,288 |
|
Depreciation and amortization |
86,740 |
|
Gains on sale of real estate |
(13,157) |
|
Stock-based compensation amortization |
9,699 |
|
Acquisition expenses |
79 |
|
Pro forma effect of dispositions(1) |
162 |
|
Adjusted EBITDAre |
$ 184,859 |
|
|
|
|
(1) |
Represents the estimated impact on first quarter 2025 EBITDAre of first quarter 2025 dispositions as if they had been sold as of |
View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-first-quarter-2025-financial-results-302430837.html
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