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- **Record Leasing**: 3.3M sq ft leased (highest ever), 96.8% occupancy, 26% net leasing spreads
- **Strong Financials**: Core FFO $0.60, +$0.01 Q/Q; $150M share buybacks at 200 bps spread
- **Capital Recycling**: $188M dispositions YTD at 4.2% cap rate; $160M pipeline
- **Balance Sheet**: $1.6B liquidity, 4.1x net debt/EBITDA
- **Growth Drivers**: 5.5% of portfolio in R&D, $65M NOI pipeline
- **Risk Management**: 30 bps bad debt (2025), 40-50 bps expected in 2026

**【CEO Summary Section】**
- **Record Leasing Activity**: 3.3 million square feet leased in Q3, highest in company history, with 1.9 million sq ft net absorption. Same-property occupancy rose to 96.8%, up 60 bps Q/Q.
- **Portfolio Outperformance**: Rexford's infill Southern California portfolio outperformed the broader market, with sequential rent decline of 1% vs. 2% for the market. Leasing spreads were 26% (net) and 10% (cash), in line with expectations.
- **Strategic Asset Management**: 845,000 sq ft of repositioning/redevelopment leased, generating $27M annualized NOI. $160M in dispositions under contract, recycling capital at 3.7% exit cap rate.
- **Tenant Health**: Bad debt at 30 bps of revenue (year-to-date), with negligible defaults in Q3.

**【CFO Financial Commentary】**
- **Core FFO**: $0.60 per share (up $0.01 Q/Q), driven by higher occupancy and $150M share buybacks (200 bps spread vs. exit cap rate).
- **Guidance Updates**: Full-year Core FFO midpoint raised to $2.40 (up $0.01), same-property NOI growth midpoint increased to 4% (up 150 bps). 
- **Balance Sheet**: $1.6B liquidity, net debt/EBITDA of 4.1x. Authorized $500M share repurchase program.
- **R&D Pipeline**: $65M projected NOI from repositioning/redevelopment, with $41M tied to stabilized assets and $24M in construction.

**【Q&A Highlights】**
- **Leasing Momentum**: 80% of vacant spaces under lease consideration, but macro uncertainty may limit 2026 growth. 
- **Capital Allocation**: Focused on accretive dispositions (4.2% cap rate year-to-date) and share buybacks. No acquisitions in 2025.
- **Bad Debt Outlook**: Expect 40-50 bps bad debt in 2026, down from 2025's 30 bps. 
- **Rental Growth**: Long-term supply-demand dynamics support industrial fundamentals, but near-term rent inflection point uncertain.
- **G&A Efficiency**: 17% NOI growth Y/Y with flat G&A, targeting operating leverage as scale grows.

Rexford Industrial Realty, Inc. (REXR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

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REXR

REXR fundamentals

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