Rexford Industrial Q2 2023 Earnings Report
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.
Rexford Industrial
Rexford Industrial
Rexford Industrial 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