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Jun 30, 2021
Rexford Industrial Q2 2021 Earnings Report
Announced financial results for the second quarter of 2021.
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.
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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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