Rexford Industrial Announces Fourth Quarter and Full Year 2025 Financial Results (Form 8-K)

Rexford Industrial Announces Fourth Quarter and Full Year 2025 Financial Results

Los Angeles, California - February 4, 2026 - Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2025.

Full Year 2025 Financial and Operational Highlights (all comparisons to Full Year 2024)

•Net income attributable to common stockholders of $200.2 million, or $0.86 per diluted share, as compared to $262.9 million, or $1.20 per diluted share.

•Company share of Core FFO of $558.6 million, an increase of 9.2%.

•Company share of Core FFO per diluted share of $2.40, an increase of 2.6%.

•Total Portfolio NOI of $752.7 million, an increase of 5.7%.

•Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 4.3%.

•Average Same Property Portfolio occupancy of 96.4%.

•Executed 10.4 million square feet of new and renewal leases. Comparable rental rates increased by 23.4%, compared to prior rents, on a net effective basis and by 10.7% on a cash basis.

•Executed 2.1 million square feet of leases related to the Company's repositioning and development projects.

•Sold seven properties for a total sales price of $217.5 million, generating a weighted average unlevered IRR to the Company of 12.4%.

•Repurchased 6,327,283 shares of common stock at a weighted average price of $39.51 per share for a total of $250.0 million.

•Net Debt to Enterprise Value ratio of 24.9% and Net Debt to Adjusted EBITDAre of 4.4x.

•Subsequent to year end, declared a quarterly common stock dividend of $0.435 per share, an increase of 1.2%.

•Laura Clark, Chief Operating Officer, to assume Chief Executive Officer role effective April 1, 2026, as part of the Company's previously announced leadership succession plan.

•Appointed David Stockert as an independent member to the Board of Directors, effective January 1, 2026.

"We closed 2025 with solid performance and made meaningful progress against the immediate strategic priorities we outlined in November," said Laura Clark, Chief Operating Officer and incoming Chief Executive Officer. "As we advance this next chapter at Rexford, we remain confident in the long-term fundamentals of infill Southern California and are committed to disciplined capital allocation, enhancing operational efficiency and delivering sustained value for our shareholders in 2026 and beyond."

Financial Results

The Company reported net loss attributable to common stockholders for the fourth quarter of $68.7 million, or $0.30 per diluted share, compared to net income of $59.4 million, or $0.27 per diluted share, in the prior year quarter. The net loss for the fourth quarter includes $19.9 million of gains on sale of real estate, $89.1 million of impairments and $60.2 million of Co-CEO transition costs, compared to none in the prior year quarter.

For the year ended December 31, 2025, net income attributable to common stockholders was $200.2 million, or $0.86 per diluted share, compared to $262.9 million, or $1.20 per diluted share, in the prior year period. Net income for the year ended December 31, 2025 includes $106.0 million of gains on sale of real estate as compared to $18.0 million, in the prior year period. Net income for the year ended December 31, 2025 also includes $89.1 million of impairments and $60.2 million of Co-CEO transition costs, as compared to none in the prior year period. The impairments for the quarter

and year ended December 31, 2025 are related to properties in the near-term development pipeline that the Company expects to sell in 2026.

The Company reported its share of Core FFO for the fourth quarter of $136.2 million, representing a 5.9% increase, compared to $128.6 million for the prior year quarter. The Company reported Core FFO of $0.59 per diluted share, representing an increase of 1.7%, compared to $0.58 per diluted share for the prior year quarter. Core FFO for the fourth quarter excludes nonrecurring costs totaling $65.8 million attributable to Co-CEO transition costs and other nonrecurring costs. The Co-CEO transition costs were fully recognized in the fourth quarter and will not impact 2026 Core FFO results.

For the year ended December 31, 2025, Company share of Core FFO was $558.6 million, representing a 9.2% increase, compared to $511.7 million for the prior year period. For the year ended December 31, 2025, the Company reported Core FFO of $2.40 per diluted share, representing an increase of 2.6%, compared to $2.34 per diluted share for the prior year period. Core FFO for the year ended December 31, 2025 excludes nonrecurring costs totaling $71.5 million attributable to Co-CEO transition costs, other nonrecurring and severance costs.

In the fourth quarter of 2025, the Company's Same Property Portfolio NOI and Cash NOI increased 0.4% and 2.8%, respectively, compared to the prior year quarter. For the year ended December 31, 2025, the Company's Same Property Portfolio NOI and Cash NOI increased 1.1% and 4.3%, respectively, compared to the prior year period.

Operating Results

						Q4 2025 Leasing Activity
																		Releasing Spreads(1)
						# of Leases Executed						SF of Leasing						Net Effective						Cash
New Leases						57						1,574,816						7.1%						0.9%
Renewal Leases						61						1,464,751						26.0%						11.0%
Total Leases						118						3,039,567						22.0%						9.0%
						Full Year 2025 Leasing Activity
																		Releasing Spreads(1)
						# of Leases Executed						SF of Leasing						Net Effective						Cash
New Leases						221						5,497,077						10.0%						0.1%
Renewal Leases						257						4,900,977						28.3%						14.7%
Total Leases						478						10,398,054						23.4%						10.7%

(1)Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to quarter-to-date leasing activity.

As of December 31, 2025, the Company's Same Property Portfolio ending occupancy was 96.5%. Average Same Property Portfolio occupancy for the fourth quarter was 96.8%. The Company's total portfolio, excluding value-add repositioning and development assets, was 96.0% occupied and 96.6% leased. The Company's total portfolio, including value-add repositioning and development assets, was 90.2% occupied and 90.9% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.4 million square feet or 191.9 acres, were 97.8% leased as of December 31, 2025.

Subsequent to year end, the Company executed a three-year lease extension with its largest tenant, Tireco, Inc., which occupies 1.1 million square feet at 10545 Production Avenue in the Inland Empire - West submarket. The lease amendment extended the lease term to April 30, 2030.

Repositioning and Development Leasing Activity

During the fourth quarter of 2025, the Company executed seven leases totaling 545,902 square feet of repositioning and development projects. For the full year 2025, the repositioning and development leasing totaled 2,074,434 square feet across 27 leases, representing $39.5 million of annualized NOI.

During the fourth quarter of 2025, the Company stabilized seven repositioning and development projects, totaling 748,573 square feet, representing a total investment of $306.0 million. The projects achieved a weighted average unlevered stabilized yield of 5.0% on total investment.

For the full year 2025, the Company stabilized 21 repositioning and development projects, totaling 2,225,865 square feet, which represent a total investment of $798.0 million. The projects achieved a weighted average unlevered stabilized yield of 5.5% on total investment.

Disposition Activity

During the fourth quarter of 2025, the Company disposed of 600-650 S. Grand Avenue, Santa Ana, in the Orange County - South submarket for $29.9 million, or $295 per square foot. The 101,389-square-foot, multi-tenant industrial building on 6.7 acres was 91.5% occupied at the time of sale. The transaction generated an unlevered IRR to the Company of 11.7%.

For the full year 2025, the Company disposed of seven properties, totaling 589,534 square feet, for an aggregate sales price of $217.5 million, generating a weighted average unlevered IRR to the Company of 12.4%.

The Company has an additional $230 million of dispositions under contract or accepted offer, inclusive of six properties that were in the near-term development pipeline. These transactions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions. The Company currently has no acquisitions under contract or accepted offer.

Balance Sheet

The Company ended the fourth quarter of 2025 with $1.4 billion of total liquidity, including $165.8 million in unrestricted cash on hand and $1.245 billion available under its unsecured revolving credit facility.

During the fourth quarter, the Company repurchased 2,443,438 shares of its common stock under its common stock repurchase program at a weighted average price of $40.93 for a total cost of $100.0 million. For the full year 2025, the Company repurchased 6,327,283 shares of its common stock under its stock repurchase program at a weighted average price of $39.51 per share for a total cost of $250.0 million. Subsequent to year end, the Company's Board of Directors authorized a new $500 million stock repurchase program, which superseded and replaced the prior program. The Company has full availability under the current program.

As of December 31, 2025, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%, and no floating rate debt exposure. The weighted average term-to-maturity of the Company's outstanding debt is 3.3 years with no material debt maturities until 2027.

Dividends

On February 2, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share, an increase of 1.2%, for the first quarter of 2026, payable in cash on April 15, 2026, to common stockholders and common unit holders of record as of March 31, 2026.

On February 2, 2026, the Company's Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on March 31, 2026, to preferred stockholders of record as of March 16, 2026.

Leadership Transition and Board of Directors Updates

In November 2025, the Company announced that Laura Clark, Chief Operating Officer, will assume the role of Chief Executive Officer effective April 1, 2026, as part of the Company's leadership succession plan. Ms. Clark was appointed to the Board on November 17, 2025, and succeeds Co-Chief Executive Officers, Howard Schwimmer and Michael Frankel, who will depart from their roles on March 31, 2026. Mr. Schwimmer and Mr. Frankel will continue to serve as directors on the Board until their terms expire at the 2026 Annual Meeting of Shareholders.

In November 2025, the Company also announced the appointment of David Stockert to its Board of Directors and as a member of the Board's Audit Committee, effective January 1, 2026.

Guidance

The Company is initiating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.

2026 Outlook

Low

High

Earnings

Net Income Attributable to Common Stockholders per diluted share(1)

$1.15

$1.20

Company share of Core FFO per diluted share(1)

$2.35

$2.40

Same Property Portfolio(2)

Same Property Portfolio NOI Growth - Net Effective

(2.5)%

(1.5)%

Same Property Portfolio NOI Growth - Cash

(2.0)%

(1.0)%

Average Same Property Portfolio Occupancy (Full Year)

94.8%

95.3%

Capital Allocation

Dispositions

$400M

$500M

Repositioning/Development Annualized Stabilized Cash NOI(3)

$19M

$21M

Repositioning/Development Starts (SF)

1.1M

1.1M

Repositioning/Development Starts (Total Estimated Project Costs)

$130M

$140M

Other Assumptions

General and Administrative Expenses

+/-$60M

Interest Expense

+/- $112M

(1) 2026 Net Income and Core FFO Guidance refers to the Company's in-place portfolio as of February 4, 2026, as well as guidance expectations related to investment activity.

(2)2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through February 4, 2026, and excludes properties that were or will be classified as repositioning/development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted). As of January 1, 2026, our 2026 Same Property Portfolio consisted of 342 properties aggregating 42.0 million rentable square feet. For the full year 2025, Average Same Property Portfolio occupancy was 95.6% for the 2026 Same Property Portfolio.

(3)Represents estimated annualized Cash NOI for repositioning/development projects expected to stabilize in 2026.

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 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 Thursday, February 5, 2026, at 1:00 p.m. Eastern Time.

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

Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial's high-quality, irreplaceable portfolio comprised 419 properties with approximately 51.2 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.