Q1 2025 Rexford Industrial Realty Inc Earnings Call Transcript
Key Points
- Rexford Industrial Realty Inc (REXR) executed 2.4 million square feet of leases with strong net effective and cash rent spreads of 24% and 15%, respectively.
- The company achieved an 82% tenant retention rate, the highest level over the past year.
- Rexford's portfolio outperformed the overall market in terms of rent declines, with smaller format spaces showing resilience.
- The company stabilized five repositioning projects totaling 560,000 square feet at a 7.6% unlevered yield.
- Rexford has over $230 million of projected incremental NOI embedded within its portfolio, positioning it for long-term growth.
- Market rents across Rexford's portfolio declined 2.8% sequentially and 9.4% year-over-year.
- The company is experiencing some excess supply in spaces above 100,000 square feet in certain submarkets.
- Leasing activity on vacant spaces decreased from 90% to 80% due to economic uncertainty and recent tariff announcements.
- Projected lease-up timing has increased to nine months from prior expectations of eight months due to tariff disruptions.
- Cash leasing spreads for the quarter were negatively impacted, primarily due to one lease with an above-market rent related to specialized improvements.
Good morning, and welcome to the Rexford Industrial's first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Mikayla Lynch, Director, Investor Relations and Capital Markets. Please go ahead.
Thank you, and welcome to Rexford Industrial's first quarter 2025 earnings conference call. In addition to yesterday's earnings release, we posted a supplemental package and earnings presentation in the Investor Relations section on our website to support today's remarks.
As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by federal securities laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings.
As such, actual results may differ, and we assume no obligation to update any forward-looking statements in the
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