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Rexford Industrial Realty (REXR)
NYSE:REXR
Earnings Data
Report Date
Feb 04, 2026After Close (Confirmed)
Period Ending
2025 (Q4)Consensus EPS Forecast
0.25Last Year’s EPS
0.27Same Quarter Last Year
Based on 12 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a broadly positive operational quarter driven by record leasing, strong occupancy gains, accretive capital recycling and modest upward guidance adjustments, supported by solid liquidity and disciplined capital allocation. However, meaningful near-term headwinds remain: sequential rent declines and cash mark-to-market pressure, some stabilized yields below underwriting expectations, projected temporary NOI offline for redevelopment projects, and macro/tariff uncertainty. Overall, the operational momentum (leasing, occupancy, FFO guidance, buybacks and balance sheet strength) outweighs the near-term re-leasing and yield challenges.Company Guidance
Record Leasing and Net Absorption
Executed 3.3 million square feet of leasing in Q3 (the highest leasing quarter in company history), nearly double the prior quarter, and delivered positive net absorption of 1.9 million sq ft in Rexford's portfolio versus 400k sq ft in the overall infill SoCal market (Rexford outperformance ~380 bps).
Strong Occupancy Gains
Same-property ending occupancy rose to 96.8%, up 60 basis points sequentially; total portfolio occupancy (including repositioning/redevelopment) increased ~260 basis points quarter-over-quarter.
Healthy Leasing Spreads and Low Bad Debt
Leasing spreads for comparable leases were 26% net effective and 10% on a cash basis. Bad debt levels are below historical averages at ~30 basis points of revenue year-to-date, with negligible bad debt recorded in the most recent quarters.
FFO and Guidance Up
Third-quarter Core FFO was $0.60 per share, up $0.01 sequentially. Company raised full-year 2025 Core FFO per share midpoint to $2.40 (up $0.01) and increased same-property cash NOI midpoint to 4%, up 150 basis points from last quarter.
Accretive Capital Recycling and Share Repurchases
Sold 3 properties for $54 million in the quarter (YTD dispositions $188 million at a weighted avg exit cap rate of 4.2%), executed $150 million of share repurchases funded by disposition proceeds, and received Board authorization for a new $500 million repurchase program. Company reported capturing a ~200 bps spread between weighted average exit cap rate and implied FFO yield on repurchases.
Repositioning/Redevelopment Progress
Executed 845k sq ft of repositioning/redevelopment leases in the quarter; YTD lease-up of reposition/redev is 1.5 million sq ft representing ~$27 million of annualized incremental NOI. Projected reposition/redev annualized NOI is ~$65 million, with ~$41 million tied to projects stabilized or in lease-up and ~$24 million under construction.
Strong Liquidity and Balance Sheet Position
Maintained liquidity of $1.6 billion at quarter end and reported a net debt to EBITDA of 4.1x, reflecting a low-levered, flexible balance sheet.
Operating Discipline and Cost Management
Company emphasized operating leverage initiatives and cost controls: reported ~17% NOI growth year-over-year with 0% G&A growth for the year-to-date and ongoing efforts to drive operating margin and efficiency.
REXR Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
REXR Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Oct 15, 2025 | $42.17 | $43.12 | +2.25% |
Jul 16, 2025 | $35.94 | $35.06 | -2.45% |
Apr 16, 2025 | $31.98 | $31.85 | -0.41% |
Feb 05, 2025 | $39.43 | $39.23 | -0.51% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Rexford Industrial Realty (REXR) report earnings?
Rexford Industrial Realty (REXR) is schdueled to report earning on Feb 04, 2026, After Close (Confirmed).
What is Rexford Industrial Realty (REXR) earnings time?
Rexford Industrial Realty (REXR) earnings time is at Feb 04, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is REXR EPS forecast?
REXR EPS forecast for the fiscal quarter 2025 (Q4) is 0.25.