Rexford Industrial Q2 2024 Earnings Report
Key Takeaways
Rexford Industrial Realty, Inc. announced its second quarter 2024 financial results, featuring a net income of $79.8 million, or $0.37 per diluted share, and a Company share of Core FFO of $129.6 million, or $0.60 per diluted share. The company experienced growth in Consolidated Portfolio NOI and Same Property Portfolio NOI, alongside significant leasing activity and strategic acquisitions.
Net income attributable to common stockholders was $79.8 million, or $0.37 per diluted share.
Company share of Core FFO reached $129.6 million, a 19.5% increase year-over-year.
Consolidated Portfolio NOI increased by 20.9% compared to the prior year quarter.
Same Property Portfolio NOI increased by 6.0% and Same Property Portfolio Cash NOI increased 9.1%.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Forward Guidance
Rexford Industrial is updating its full year 2024 guidance. Core FFO guidance refers to the Company’s in-place portfolio as of July 17, 2024, 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: $1.19 - $1.21
- Company share of Core FFO per diluted share: $2.32 - $2.34
- Same Property Portfolio NOI Growth - GAAP: 4.25% - 5.25%
- Same Property Portfolio NOI Growth - Cash: 7.0% - 8.0%
- Average Same Property Portfolio Occupancy (Full Year): 96.5% - 97.0%
Challenges Ahead
- General and Administrative Expenses: +/- $83.0M
- Net Interest Expense: +/- $99.0M
- Potential impacts related to interest rates, inflation, the economy
- The supply and demand of industrial real estate
- The availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment.
Revenue & Expenses
Visualization of income flow from segment revenue to net income