Rexford Industrial Realty Q3 results hit by drop in rental rates
REXR•Rexford Industrial Realty reported Q3 revenue of $239.1 million and net income of $14.6 million, while Core FFO per share was flat year over year at $0.60. The company raised its 2026 Core FFO per-share outlook to $2.41-$2.44 from $2.38-$2.43.
1. Q3 performance
Rexford Industrial Realty said Q3 revenue and net income declined, while Core FFO per share was flat year over year at $0.60. Revenue was $239.1 million, net income was $14.6 million and Core FFO was $132.7 million.
2. Portfolio pressures
Same Property Portfolio net operating income fell as lower rental rates, reduced occupancy and higher bad debt expense weighed on results. Strong leasing activity included repositioning and development leases; net effective rents rose, while cash rents fell.
3. 2026 outlook
The company raised its 2026 Core FFO per-share guidance to $2.41-$2.44 from $2.38-$2.43. It expects a net loss per diluted share of $1.55-$1.52 and Same Property Portfolio NOI growth, on a net effective basis, of (0.25)% to 0.25%. Rexford sold $1.3 billion in properties and repurchased $408.7 million in shares.
