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Rexford Industrial Realty, Inc. (REXR-0.74%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net income attributable to common stockholders of $262.9 million, reflecting a 15.6% increase compared to the previous year. Core funds from operations (Core FFO) rose by 15.0% to $511.7 million, while net operating income (NOI) increased by 17.3% to $711.8 million.
The company's portfolio occupancy was 91.3% at year-end, with the Same Property Portfolio average occupancy at 96.6% for the year and 94.1% at year-end. Rexford executed 436 new and renewal leases covering 8.1 million rentable square feet, with leasing spreads of 38.9% on a GAAP basis and 28.6% on a cash basis.
Rexford completed $1.5 billion in total investments during 2024, acquiring 56 properties with a combined 4.6 million rentable square feet on 218.3 acres of land. The company also sold five properties totaling 170,293 rentable square feet for $44.3 million, recognizing $18.0 million in gains on sales.
The company stabilized 10 repositioning and redevelopment properties during 2024, adding a combined 826,442 rentable square feet to its portfolio.
Rexford's consolidated portfolio consists of 425 properties with approximately 50.8 million rentable square feet, primarily located in Southern California infill markets.
The filing details Rexford's business strategy, focusing on acquiring, owning, and managing industrial properties in high-barrier Southern California markets, and highlights its vertically integrated operating platform.
Rexford Industrial Realty, Inc. continues to operate as a self-administered and self-managed full-service REIT, maintaining its qualification as a REIT under the Internal Revenue Code.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rexford Industrial Realty, Inc. annual 10-K report dated February 10, 2025. To report an error, please email earnings@qz.com.