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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.
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
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.
- The economy and the supply and demand of industrial real estate could impact the company's ability to deliver results.
- The availability and terms of financing to the Company or to potential acquirers of real estate.
- The timing and yields for divestment and investment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income