Rexford Industrial Q1 2021 Earnings Report
Key Takeaways
Rexford Industrial Realty reported a strong first quarter in 2021, marked by a 29% increase in Core FFO and significant leasing activity. The company's portfolio saw growth in same-property NOI and maintained high occupancy rates, driven by robust demand in the Southern California industrial market.
Net income attributable to common stockholders was $24.9 million, or $0.19 per diluted share.
Company share of Core FFO reached $48.4 million, a 28.9% increase year-over-year.
Consolidated Portfolio Net Operating Income (NOI) increased by 28.1% to $76.1 million.
Comparable rental rates on new and renewal leases were 47.1% higher on a GAAP basis and 32.7% higher on a cash basis.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Forward Guidance
The Company is revising its full year 2021 guidance as follows:Net Income Attributable to Common Stockholders per diluted share$0.48 - $0.51Company share of Core FFO per diluted share$1.41 - $1.44Stabilized Same Property Portfolio NOI Growth - GAAP3.75% - 4.75%Stabilized Same Property Portfolio NOI Growth - Cash6.75% - 7.75%Average 2021 Stabilized Same Property Portfolio Occupancy (Full Year)97.25% - 97.75%General and Administrative Expenses (2)$44.5M - $45.5MNet Interest Expense$36.0M - $36.5M
Revenue & Expenses
Visualization of income flow from segment revenue to net income