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LOS ANGELES - Rexford Industrial Realty (NYSE:REXR) saw its shares surge 12.2% after the real estate investment trust reported first quarter earnings that exceeded analyst expectations and raised its full-year outlook.
The industrial property-focused REIT posted adjusted earnings per share of $0.30 for Q1 2025, surpassing the analyst consensus of $0.27. Revenue came in at $252.29 million, topping estimates of $244.36 million and marking a 18.4% increase YoY.
Rexford also boosted its 2025 earnings guidance, now projecting EPS of $1.31-$1.35, up from its previous forecast of $1.21-$1.25 and above the $1.16 analyst estimate.
The company’s core funds from operations, a key profitability metric for REITs, rose 14.1% YoY to $141 million, or $0.62 per share. Same-property portfolio net operating income edged up 0.7% compared to the prior year quarter.
"Rexford Industrial delivered solid first quarter performance, underscoring the strength of our platform and the discipline of our execution," said Howard Schwimmer and Michael Frankel, Co-CEOs, in a statement.
During Q1, Rexford executed 2.4 million square feet of new and renewal leases, with comparable rental rates increasing 23.8% on a net effective basis. The company’s same-property portfolio occupancy averaged 95.9% for the quarter.
Rexford ended Q1 with $504.6 million in unrestricted cash and maintained a low leverage ratio of 22.8% net debt to enterprise value.
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