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Jun 30, 2023
Rexford Industrial Q2 2023 Earnings Report
Reported financial and operating results for the second quarter of 2023.
Key Takeaways
Rexford Industrial Realty reported strong second-quarter results, driven by its value creation-focused business model and favorable demand in Southern California's industrial market. The company increased Core FFO by 33% and Core FFO per diluted share by 10% compared to the prior year quarter. Rexford Industrial completed five acquisitions for an aggregate purchase price of $142.7 million including properties closed subsequent to quarter end.
Net income attributable to common stockholders was $51.6 million, or $0.26 per diluted share, compared to $36.1 million, or $0.22 per diluted share, for the prior year quarter.
Company share of Core FFO was $108.4 million, a 32.8% increase compared to the prior year quarter.
Company share of Core FFO per diluted share was $0.54, a 10.2% increase compared to the prior year quarter.
Same Property Portfolio NOI increased 8.0% and Same Property Portfolio Cash NOI increased 10.0% compared to the prior year quarter.
Revenue by Segment
Forward Guidance
Rexford Industrial updated its full year 2023 guidance. The Core FFO guidance refers to the Company’s in-place portfolio as of July 19, 2023 including the imminent closing of a $210.0 million transaction in the LA — Mid-Counties market, and does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share: $1.03 - $1.06
- Company share of Core FFO per diluted share: $2.13 - $2.16
- Same Property Portfolio NOI Growth - GAAP: 7.75% - 8.50%
- Same Property Portfolio NOI Growth - Cash: 9.50% - 10.25%
- Average Same Property Portfolio Occupancy (Full Year): 97.5% - 98.0%
Challenges Ahead
- General and Administrative Expenses: $75.0M - $76.0M
- Net Interest Expense: $64.5M - $65.5M
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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