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Rexford Industrial
🇺🇸 NYSE:REXR
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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.

Total Revenue
$185M
Previous year: $141M
+31.7%
EPS
$0.52
Previous year: $0.48
+8.3%
Avg. occupancy
98%
Previous year: 99.2%
-1.2%
Gross Profit
$143M
Previous year: $107M
+33.6%
Cash and Equivalents
$254M
Previous year: $48.8M
+419.2%
Total Assets
$10.2B
Previous year: $7.26B
+41.0%

Rexford Industrial

Rexford Industrial

Rexford Industrial 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.
  • 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

Company Overview

Full financial data and analysis

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