Rexford Q4 Loss Vs. Core FFO — Which Number Tells The Real Story

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Feb 10

Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble. But Core FFO came in at $0.59 per ...

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Core FFO — Which Number Tells The Real Story","media":"Benzinga_recent_news","content":"<div>\n<p>Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.\nBut Core FFO came in at $0.59 per ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50487344/rexford-q4-loss-vs-core-ffo-says-which-number-tells-the-real-story\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Rexford Q4 Loss Vs. Core FFO — Which Number Tells The Real Story</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRexford Q4 Loss Vs. Core FFO — Which Number Tells The Real Story\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-10 01:10 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/Opinion/26/02/50487344/rexford-q4-loss-vs-core-ffo-says-which-number-tells-the-real-story><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.\nBut Core FFO came in at $0.59 per ...</p>\n\n<a href=\"https://www.benzinga.com/Opinion/26/02/50487344/rexford-q4-loss-vs-core-ffo-says-which-number-tells-the-real-story\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4224","symbol_name":"工业房地产信托","start_time":0,"source_url":"https://www.benzinga.com/Opinion/26/02/50487344/rexford-q4-loss-vs-core-ffo-says-which-number-tells-the-real-story","article_id":"2610565036","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/02/09/reit_0.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/Opinion/26/02/50487344/rexford-q4-loss-vs-core-ffo-says-which-number-tells-the-real-story","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2610565036","pubTimestamp":1770657000,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Rexford Industrial  posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.But Core FFO came in at $0.59 per share for the quarter and $2.40 for the full year — right at the high end of guidance. So either the business is falling apart or the GAAP figure is telling a different story than the operating one. I think the answer matters, but not for the reason most coverage suggests.For investors reacting to the headline loss, the better question is whether Rexford’s Southern California engine is structurally slowing — and how that shapes 2026 cash flows.Takeaway: Strip out the impairments and transition costs, and you get a quarter that landed where the company guided. The loss is real on paper, but the operating engine did not break.Source: Q4 2025 Earnings Call ; CBRE market data cited by management.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4224":"工业房地产信托","BK4171":"工业房地产投资信托","REXR":"Rexford Industrial Realty Inc"},"translate_title":"Rexford第四季度亏损与核心FFO——哪个数字讲述了真实的故事","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"REXR":1},"content_text":"Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.\nBut Core FFO came in at $0.59 per share for the quarter and $2.40 for the full year — right at the high end of guidance. So either the business is falling apart or the GAAP figure is telling a different story than the operating one. I think the answer matters, but not for the reason most coverage suggests.\nFor investors reacting to the headline loss, the better question is whether Rexford’s Southern California engine is structurally slowing — and how that shapes 2026 cash flows.\nWhat Broke GAAP — And What Didn’t\nQ4 included $89.1 million of real estate impairments tied to six development projects the company decided not to pursue. Those sites, roughly 850,000 square feet, no longer met return hurdles and are all under contract or accepted offers. On top of that, $60.2 million in co-CEO transition severance hit the same quarter. That is roughly $149 million of one-time charges in a single period.\nSource: Rexford Industrial Q4 2025 Earnings Release (February 4, 2026); Q4 2025 Earnings Call (February 5, 2026).\nTakeaway: Strip out the impairments and transition costs, and you get a quarter that landed where the company guided. The loss is real on paper, but the operating engine did not break.\nFull-year Core FFO totaled $558.6 million, a 9.2% increase year-over-year. On a per-share basis, growth slowed to 2.6%, reflecting dilution rather than operating stress. Portfolio NOI still rose 5.7% to $752.7 million. None of these numbers suggest distress. What they suggest is a company whose growth rate is decelerating, and whose management knows it.\nTakeaway: Top-line growth is intact. Per-share growth is compressing.\nRexford made zero acquisitions in 2025. That is a first for this company. Instead, it sold seven properties for $217.5 million at a 12.4% unlevered IRR and put $250 million into share buybacks. The board authorized an additional $500 million buyback program.\nSource: Q4 2025 Earnings Call (February 5, 2026).\nTakeaway: Capital allocation flipped from offense to defense. Whether that is caution or conviction depends on what happens next.\nWhen Southern California Rents Start Biting\nThis is where the story gets harder to dismiss. Market rents across Rexford’s Southern California portfolio have fallen approximately 20% since early 2023. In Q4, rents declined another 10 basis points sequentially and 9% year-over-year, per CBRE data cited on the call. Vacancy rose 30 basis points. Net absorption was negative.\nPortfolio occupancy ended Q4 at 90.2%, down 160 basis points from Q3. Management attributed most of the drop to repositioning activity, but also flagged tenant difficulties and consolidation-driven move-outs. Bad debt ran about 50 basis points in 2025; 2026 guidance assumes 75 basis points.\nSource: Q4 2025 Earnings Call (February 5, 2026); CBRE market data cited by management.\nTakeaway: The impairments were a choice. The rent declines are not. Southern California’s industrial market is repricing, and Rexford’s 2026 numbers will reflect that.\nWhat Could Change This\nThe disposition pipeline. Rexford is targeting $400 million to $500 million in asset sales for 2026, with $230 million already under contract. If execution stays on pace and proceeds flow into buybacks or higher-yielding redevelopment, the recycling story holds. If dispositions stall or pricing compresses, the strategy loses its anchor.\nSame Property NOI trajectory. Management guided for a decline of 1.5% to 2.5% on a net effective basis — the first negative same-property guide I have seen from this company. The Tireco early renewal, 1.1 million square feet at roughly a 30% cash roll-down, is already embedded. If occupancy stabilizes near 95% and re-leasing spreads land in the 5% to 10% range, the downside may be priced in. If either slips, Core FFO at $2.35 becomes the base case.\nThe CEO transition. Laura Clark takes over on April 1, 2026. Her priorities — cash flow quality, operating efficiency, G&A reduction to 6% of revenue — are clearly stated. Execution will determine whether those are structural changes or transition-year language.\nWhat I’m Watching\nRexford’s 2026 Core FFO guidance of $2.35 to $2.40 implies flat to slightly negative growth. For a company that grew Core FFO 9.2% in the year it stopped buying, that deceleration says something about where the external tailwinds went. The balance sheet is clean — $1.4 billion in liquidity, $3.3 billion of debt at 3.7%, zero floating-rate exposure. That is not a leverage problem. It is a demand problem in a market that has not found a floor.\nI am not calling this a turnaround or a breakdown. The impairments cleared the books. The CEO costs will not repeat. What remains is a portfolio exposed to a market where rents are still falling and a management team that chose to stop growing and start recycling. That is either discipline or admission. The next two quarters should make it clearer.\nThe numbers tell a story. Whether it changes anything — that part is yours.\nDisclosure: This article is for informational purposes only and does not constitute investment advice. The author holds no position in REXR at the time of writing.\nBenzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}