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Mar 31, 2023
Rexford Industrial Q1 2023 Earnings Report
Announced financial results for the first quarter of 2023, demonstrating strong performance and strategic growth.
Key Takeaways
Rexford Industrial reported a strong first quarter in 2023, marked by a 34% increase in Core FFO and strategic acquisitions totaling $804.3 million. The company benefited from high tenant demand and a supply-demand imbalance in Southern California's industrial market, achieving significant leasing spreads and maintaining high occupancy rates.
Net income attributable to common stockholders increased to $57.9 million, or $0.30 per diluted share.
Core FFO increased by 34.0% to $102.7 million, with Core FFO per diluted share rising by 8.3% to $0.52.
Consolidated Portfolio Net Operating Income (NOI) increased by 32.8% to $142.3 million.
Completed acquisitions for an aggregate purchase price of $804.3 million, including properties closed subsequent to quarter end.
Revenue by Segment
Forward Guidance
Rexford Industrial updated its full year 2023 guidance, projecting net income attributable to common stockholders per diluted share between $1.01 and $1.05 and company share of Core FFO per diluted share between $2.11 and $2.15. The company anticipates Same Property Portfolio NOI Growth - GAAP to be 7.75% - 8.50% and Same Property Portfolio NOI Growth - Cash to be 9.50% - 10.25%.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share is projected between $1.01 - $1.05.
- Company share of Core FFO per diluted share is projected between $2.11 - $2.15.
- Same Property Portfolio NOI Growth - GAAP is expected to be 7.75% - 8.50%.
- Same Property Portfolio NOI Growth - Cash is expected to be 9.50% - 10.25%.
- Average Same Property Portfolio Occupancy (Full Year) is projected to be 97.5% - 98.0%.
Challenges Ahead
- Guidance does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed.
- Potential impacts related to interest rates and inflation.
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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