Rexford Industrial Realty (REXR) Q3 2026 earnings summary

Executive summary

• Q3 Core FFO per diluted share was $0.60, flat YoY; 2026 guidance rose to $2.41–$2.44 per share.

• Year-to-date dispositions reached $1.5B, advancing the $2.0B portfolio realignment; proceeds supported debt repayment and share repurchases.

• Q3 leasing totaled 3.74M square feet, while Infill Southern California recorded a second consecutive quarter of positive net absorption.

Financial highlights

• Q3 revenue was $239.1M, down 5.6% YoY; net income attributable to common stockholders was $14.6M, or $0.07 per diluted share, versus $87.1M, or $0.37.

• Q3 net income included $71.8M of real estate impairments; 9M net loss attributable to common stockholders was $404.4M, including $703.4M of impairments.

• Q3 Core FFO per diluted share was $0.60, flat YoY; 9M Core FFO per diluted share rose 1.6% to $1.85.

• Q3 Same Property NOI decreased 2.6% and Cash NOI decreased 1.1% YoY; 9M NOI decreased 0.1%, while Cash NOI increased 0.9%.

Outlook and guidance

• 2026 Core FFO guidance increased to $2.41–$2.44 per diluted share from $2.38–$2.43, reflecting higher occupancy expectations and lower projected bad debt.

• 2026 Same Property NOI growth guidance is -0.25% to 0.25% net effective and 0.25% to 0.75% cash; average occupancy guidance is 95.8%–96.0%.

• Disposition guidance is $1.5B–$2.0B; repositioning and development stabilization guidance is $16M–$18M of annualized Cash NOI.

• Cash leasing spreads are expected to average negative low-to-mid teens over the next couple of years, with assumptions holding market rents flat.