Rexford Industrial Realty announced its second quarter 2025 financial results, reporting net income attributable to common stockholders of $113.4 million, or $0.48 per diluted share. This marks an increase from $79.8 million, or $0.37 per diluted share, in the prior year quarter. The company's share of Core FFO for the quarter increased by 7.8% to $139.7 million, though Core FFO per diluted share decreased by 1.7% to $0.59 compared to $0.60 in the prior year quarter.
Operational highlights included a 2.9% increase in total portfolio NOI and a 5.7% increase in Cash NOI. Same Property Portfolio NOI increased by 1.1%, with Cash NOI growing by 3.9%. The Same Property Portfolio occupancy stood at 96.1% as of June 30, 2025. The company executed 1.7 million rentable square feet of new and renewal leases, with comparable rental rates increasing by 20.9% net effective and 8.1% cash. New lease cash spreads were negative at (22.9%), significantly impacted by one large lease, but renewal leases achieved 16.3% cash spreads.
Rexford Industrial actively managed its portfolio through dispositions, selling two properties for $81.6 million, generating an unlevered IRR of 12.8%. Year-to-date dispositions totaled $134.0 million with an unlevered IRR of 11.9%. The company stabilized two repositioning and redevelopment projects totaling 330,602 square feet, achieving a weighted average unlevered stabilized yield of 7.3% on a total investment of $76.0 million.
The company significantly enhanced its liquidity and debt profile by amending its senior unsecured credit agreement on May 30, 2025. This increased the revolving credit facility to $1.25 billion, extended its maturity to May 2029, and extended the $400 million unsecured term loan maturity to May 2030, while also lowering interest rates. As of June 30, 2025, Rexford had $1.8 billion in total liquidity, including $431.1 million in unrestricted cash.
To manage interest rate exposure, Rexford executed three interest rate swap agreements on June 30, 2025, fixing Daily SOFR at a weighted average rate of 3.41375% for $400 million of variable-rate debt until May 30, 2030. Moody's Ratings affirmed the company's senior unsecured rating of Baa2 with a stable outlook. The company reaffirmed its full-year 2025 Core FFO outlook at $2.37-$2.41 per diluted share, updating net income guidance to $1.38-$1.42 per diluted share due to disposition gains.
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