Rexford Industrial Realty (REXR) Q1 2026 earnings summary

Executive summary

• Achieved record leasing activity with 4.1 million sq ft executed in Q1 2026, driven by increased tenant demand and operational rigor.

• Increased 2026 Core FFO per share guidance by $0.02 at the midpoint, reflecting strong leasing and capital recycling.

• Net income attributable to common stockholders rose to $87.9 million ($0.38 per diluted share), up from $68.3 million ($0.30 per diluted share) year-over-year.

• Disposed of $144 million in assets year-to-date, with $170 million under contract or accepted offer.

• Leadership transition completed with Laura Clark as CEO and John Nahas as COO effective April 1, 2026.

Financial highlights

• Core FFO per diluted share was $0.61, down 1.6% year-over-year but up $0.02 sequentially and $0.01 above internal forecast.

• Same Property Portfolio NOI grew 0.9% year-over-year; Cash NOI declined 0.4%.

• Net income for Q1 2026 was $87.9 million, up from $68.3 million in Q1 2025.

• Total revenues for Q1 2026 were $245.1 million, down 2.9% from Q1 2025.

• Net debt to adjusted EBITDAre at 4.5x; $1.3 billion in liquidity, no major maturities until 2027.

Outlook and guidance

• 2026 Core FFO per diluted share guidance increased to $2.37–$2.42 (from $2.35–$2.40), and net income guidance raised to $1.22–$1.27 per diluted share.

• Same Property Portfolio NOI growth (net effective) expected at (2.0)% to (1.0)% for 2026.

• Average Same Property Portfolio occupancy guidance raised to 95.1%–95.6%.

• Dispositions guidance increased to $400M–$500M for the year.

• Bad debt assumption remains at 75 bps of revenue; net effective re-leasing spreads 5%-10%, cash spreads flat to -5%.