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Sep 30, 2022
Rexford Industrial Q3 2022 Earnings Report
Announced financial results for the third quarter of 2022.
Key Takeaways
Rexford Industrial reported strong third quarter results, driven by growth in Core FFO and leasing activity. The company grew Core FFO per share by 16% compared to the prior year, executed 1.7 million square feet of leasing activity, and completed $977 million of investments.
Net income attributable to common stockholders was $36.8 million, or $0.21 per diluted share.
Company share of Core FFO was $86.1 million, an increase of 44.5% as compared to the prior year quarter.
Company share of Core FFO per diluted share was $0.50, an increase of 16.3% as compared to the prior year quarter.
Consolidated Portfolio Net Operating Income (NOI) was $123.0 million, an increase of 40.1% as compared to the prior year quarter.
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 2022 guidance. The Core FFO guidance refers only to the Company’s in-place portfolio as of October 19, 2022, and does not include any assumptions for other acquisitions, dispositions or related balance sheet activities that have not closed.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share: $0.88 - $0.90
- Company share of Core FFO per diluted share: $1.93 - $1.95
- Same Property Portfolio NOI Growth: 7.00% - 7.25%
- Same Property Portfolio Cash NOI Growth: 9.75% - 10.00%
- Average Same Property Portfolio Occupancy (Full Year): 98.50% - 98.75%
Challenges Ahead
- General and Administrative Expenses: $62.5M - $63.5M
- Net Interest Expense: $50.5M - $51.0M
- The impact of the ongoing COVID-19 pandemic
- Interest rates and inflation
- The supply and demand of industrial real estate
Revenue & Expenses
Visualization of income flow from segment revenue to net income