Rexford Industrial Q4/FY2024 results: Core FFO up 6.8%, dividend raised 3%, $300M buyback authorized

Rexford Industrial Realty, Inc.

2024-FY EPS reported $1.20 revenue$936,407,000

Net income $262.9M ($1.20 diluted EPS) vs $227.4M prior year; Core FFO per share $2.34, up 6.8% YoY.
Same Property Portfolio NOI grew 4.1% net effective and 7.1% cash; average occupancy 96.6% for 2024.
Completed $1.5B acquisitions in 2024; quarterly dividend raised 3% to $0.43/share; board authorized $300M share repurchase.
2025 guidance: Core FFO $2.37-$2.41 per diluted share; Same Property NOI growth 0.75%-1.25% net effective.
Balance sheet: net debt/enterprise value 26.5%, net debt/Adjusted EBITDAre 4.6x, no floating-rate debt.

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