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Mar 31, 2022
Rexford Industrial Q1 2022 Earnings Report
Announced financial results for the first quarter of 2022.
Key Takeaways
Rexford Industrial Realty reported a strong first quarter of 2022, with net income attributable to common stockholders of $43.9 million, or $0.27 per diluted share. Company share of Core FFO increased by 58.4% to $76.6 million, and consolidated Portfolio Net Operating Income (NOI) increased by 40.9% to $107.2 million.
Net income attributable to common stockholders was $43.9 million, or $0.27 per diluted share.
Company share of Core FFO was $76.6 million, an increase of 58.4%.
Consolidated Portfolio Net Operating Income (NOI) was $107.2 million, an increase of 40.9%.
Acquired 17 properties for an aggregate purchase price of $457.7 million and sold one property for $16.5 million.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comMgmt & Leasing Services Revenue
CapyFin.comInterest Income Revenue
CapyFin.com Forward Guidance
The Company is revising its full year 2022 guidance. Core FFO guidance refers only to the Company’s in-place portfolio as of April 19, 2022, and does not include any assumptions for other acquisitions, dispositions or related balance sheet activities that have not closed.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share: $0.79 - $0.83
- Company share of Core FFO per diluted share: $1.84 - $1.88
- Same Property Portfolio NOI Growth: 4.0% - 5.0%
- Same Property Portfolio Cash NOI Growth: 6.75% - 7.75%
- Average 2022 Same Property Portfolio Occupancy (Full Year): 98.25% - 98.75%
Challenges Ahead
- General and Administrative Expenses: $59.0M - $60.0M
- Net Interest Expense: $39.0M - $40.0M
- The impact of the ongoing COVID-19 pandemic.
- Interest rates and the economy.
- The supply and demand of industrial real estate.
Revenue & Expenses
Visualization of income flow from segment revenue to net income