Rexford Industrial reported a fourth quarter net loss attributable to common stockholders of $68.7 million, or $0.30 per diluted share, compared with net income of $59.4 million, or $0.27 per diluted share, in Q4 2024. The quarter included $19.9 million of gains on real estate sales, $89.1 million of property impairments and $60.2 million of one-time Co-CEO transition costs. For the full year, net income was $200.2 million, or $0.86 per diluted share, down from $262.9 million, or $1.20 per diluted share, in 2024. Company share of Core FFO increased 9.2% to $558.6 million, or $2.40 per diluted share, compared to $511.7 million, or $2.34 per share, in the prior year.

Total portfolio net operating income (NOI) for 2025 grew 5.7% to $752.7 million. Same Property Portfolio NOI rose 1.1%, while Same Property Cash NOI climbed 4.3%. Average occupancy on the stabilized portfolio was 96.4%. During the year, Rexford executed 10.4 million square feet of new and renewal leases, achieving net effective rent increases of 23.4% on new deals and 10.7% on renewals. Fourth quarter leasing contributed 3.04 million square feet across 118 transactions, with net effective rent growth of 22.0%.

In 2025 Rexford sold seven properties for $217.5 million, generating a weighted average unlevered internal rate of return of 12.4%. Fourth quarter dispositions included a 101,389 sq ft Orange County asset sold for $29.9 million at $295 per square foot and an 11.7% IRR. The company repurchased 6.33 million shares for $250 million at an average of $39.51 per share and, subsequent to year-end, authorized a new $500 million repurchase program. Total liquidity stood at $1.40 billion, including $165.8 million in cash and $1.245 billion available on its revolving facility. Outstanding debt was $3.3 billion at a 3.7% average interest rate with no material maturities until 2027.

Effective April 1, 2026, Laura Clark, currently Chief Operating Officer, will assume the Chief Executive Officer role under the company’s succession plan. The board also appointed David Stockert as an independent director starting January 1, 2026. Management reiterated confidence in Southern California infill fundamentals and emphasized priorities of disciplined capital allocation, operational efficiency and sustained shareholder value creation for 2026 and beyond.