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Sep 30, 2021
Rexford Industrial Q3 2021 Earnings Report
Announced financial results for the third quarter of 2021.
Key Takeaways
Rexford Industrial Realty reported strong financial results for Q3 2021, with a net income of $31.5 million, a 46.9% increase in Core FFO, and a 39.4% increase in consolidated NOI compared to the prior year quarter. The company also completed significant acquisition and financing activities, positioning itself for sustained cash flow growth and long-term shareholder value.
Net income attributable to common stockholders was $31.5 million, or $0.23 per diluted share.
Company share of Core FFO was $59.6 million, a 46.9% increase compared to Q3 2020.
Consolidated Portfolio Net Operating Income (NOI) increased by 39.4% to $87.8 million.
Thirteen properties were acquired for an aggregate purchase price of $880.5 million.
Revenue by Segment
Forward Guidance
The Company is revising its full year 2021 guidance.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share revised from $0.53 - $0.56 to $0.70 - $0.71
- Company share of Core FFO per diluted share revised from $1.48 - $1.51 to $1.60 - $1.61
- Same Property Portfolio NOI Growth revised from 5.75% - 6.75% to 8.25% - 8.75%
- Same Property Portfolio Cash NOI Growth revised from 9.00% - 10.00% to 11.50% - 12.00%
- Average 2021 Same Property Portfolio Occupancy (Full Year) revised from 97.75% - 98.25% to 98.0% - 98.5%
Challenges Ahead
- General and Administrative Expenses revised from $45.0M - $46.0M to $46.0M - $47.0M
- Net Interest Expense revised from $36.0M - $36.5M to $39.5M - $40.0M
- Guidance represents the in-place portfolio as of October 20, 2021, and does not include any assumptions for prospective acquisitions, dispositions or balance sheet activities that have not closed.
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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