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Mar 31, 2020
Rexford Industrial Q1 2020 Earnings Report
Rexford Industrial's financial performance was announced for Q1 2020, demonstrating growth in Core FFO and NOI despite challenges from COVID-19.
Key Takeaways
Rexford Industrial Realty reported a strong first quarter in 2020 with a 27.6% increase in Company share of Core FFO and a 29.7% increase in Consolidated Portfolio NOI. The company acquired 10 properties for $203.2 million. However, the company revised its full-year guidance due to the impact of COVID-19.
Net income attributable to common stockholders was $10.8 million, or $0.09 per diluted share.
Company share of Core FFO increased 27.6% to $37.5 million year-over-year.
Consolidated Portfolio Net Operating Income (NOI) increased 29.7% year-over-year to $59.4 million.
The company acquired 10 industrial properties for an aggregate purchase price of $203.2 million.
Revenue by Segment
Forward Guidance
Due to the impact of COVID-19, the company is revising its full year 2020 guidance.
Positive Outlook
- Net income attributable to common stockholders within a range of $0.28 to $0.31 per diluted share
- Company share of Core FFO within a range of $1.26 to $1.29 per diluted share
- Year-end Stabilized Same Property Portfolio occupancy within a range of 95.0% to 96.0%
- Stabilized Same Property Portfolio NOI growth for the year within a range of 1.3% to 1.8%
- General and administrative expenses within a range of $36.5 million to $37.0 million
Challenges Ahead
- The number of tenants requesting rent relief or failing to pay rent in future periods
- The duration and severity of the impact of the COVID-19 pandemic
- Interest rates
- The economy
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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