Rexford Industrial Q2 2021 Earnings Report
Key Takeaways
Rexford Industrial reported strong second quarter results with Core FFO growth of 36% and 22% on a per share basis, driven by consolidated NOI growth of 31% compared to the prior year quarter. The company executed 2.2 million square feet of leasing activity at GAAP and cash releasing spreads of 34% and 21%, respectively.
Net income attributable to common stockholders of $20.6 million, or $0.15 per diluted share, as compared to $11.4 million, or $0.10 per diluted share, for the second quarter of 2020.
Company share of Core FFO of $52.8 million, an increase of 35.9% as compared to the second quarter 2020.
Consolidated Portfolio Net Operating Income (NOI) of $79.7 million, an increase of 30.9% as compared to the second quarter of 2020.
Comparable rental rates on 2.2 million rentable square feet of new and renewal leases were 33.9% higher than prior rents on a GAAP basis and 21.3% higher on a cash basis.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Forward Guidance
The Company is revising its full year 2021 guidance as follows: Net Income Attributable to Common Stockholders per diluted share$0.53 - $0.56 Company share of Core FFO per diluted share$1.48 - $1.51 Stabilized Same Property Portfolio NOI Growth - GAAP5.75% - 6.75% Stabilized Same Property Portfolio NOI Growth - Cash9.00% - 10.00% Average 2021 Stabilized Same Property Portfolio Occupancy (Full Year)97.75% - 98.25% General and Administrative Expenses (2)$45.0M - $46.0M Net Interest Expense$36.0M - $36.5M
Revenue & Expenses
Visualization of income flow from segment revenue to net income