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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.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Revenue by Segment
Rental Income Revenue
CapyFin.comMgmt & Leasing Services Revenue
CapyFin.comInterest Income Revenue
CapyFin.com 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.
- A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the duration and severity of the impact of the COVID-19 pandemic, interest rates, 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.
- There can be no assurance that the Company can achieve such results.
Revenue & Expenses
Visualization of income flow from segment revenue to net income