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Jun 30, 2020
Rexford Industrial Q2 2020 Earnings Report
Rexford Industrial reported financial results for the second quarter of 2020.
Key Takeaways
Rexford Industrial Realty reported a net income attributable to common stockholders of $11.4 million, or $0.10 per diluted share, for the three months ended June 30, 2020. The Company share of Core FFO was $38.8 million, or $0.32 per diluted share of common stock, for the same period. The company acquired six industrial properties and one small land parcel for an aggregate purchase price of $76.5 million.
Net income attributable to common stockholders of $0.10 per diluted share.
Company share of Core FFO of $38.8 million, an increase of 21.1% year-over-year.
Consolidated Portfolio Net Operating Income (NOI) of $60.9 million, an increase of 25.6% year-over-year.
Comparable rental rates on 1,369,506 rentable square feet of new and renewal leases were 32.3% higher on a GAAP basis and 18.2% higher on a cash basis.
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 reiterating its full year 2020 guidance. Company share of Core FFO within a range of $1.26 to $1.29 per diluted share.
Positive Outlook
- Net income attributable to common stockholders within a range of $0.28 to $0.31 per diluted share
- Company share of Core FFO within a range of $1.26 to $1.29 per diluted share
- Year-end Stabilized Same Property Portfolio occupancy within a range of 95.0% to 96.0%
- Stabilized Same Property Portfolio NOI growth for the year within a range of 1.3% to 1.8%
- General and administrative expenses within a range of $36.5 million to $37.0 million
Challenges Ahead
- The number of tenants requesting rent relief or failing to pay rent in future periods
- The duration and severity of the impact of the COVID-19 pandemic
- Interest rates
- The economy
- The supply and demand of industrial real estate
Revenue & Expenses
Visualization of income flow from segment revenue to net income