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Sep 30, 2023
Rexford Industrial Q3 2023 Earnings Report
Announced financial results for the third quarter of 2023, demonstrating strong growth in Core FFO, NOI, and leasing spreads.
Key Takeaways
Rexford Industrial reported a strong third quarter in 2023, with a net income of $56.3 million, Core FFO of $115.0 million, and a consolidated portfolio NOI of $156.1 million. The company completed six acquisitions for $314.8 million and saw significant increases in rental rates and occupancy.
Net income attributable to common stockholders was $56.3 million, or $0.27 per diluted share.
Company share of Core FFO reached $115.0 million, a 33.5% increase year-over-year.
Consolidated Portfolio Net Operating Income (NOI) increased by 27.0% to $156.1 million.
Comparable rental rates on new and renewal leases increased by 64.8% on a GAAP basis and 51.4% on a cash basis.
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 updating its full year 2023 guidance. The Core FFO guidance refers to the Company’s in-place portfolio as of October 18, 2023 and the imminent closing of $245.0 million of transactions in the LA — San Gabriel Valley 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: $1.06 - $1.08
- Company share of Core FFO per diluted share: $2.16 - $2.18
- Same Property Portfolio NOI Growth - GAAP: 8.00% - 8.25%
- Same Property Portfolio NOI Growth - Cash: 9.75% - 10.00%
- Average Same Property Portfolio Occupancy (Full Year): +/- 97.75%
Challenges Ahead
- General and Administrative Expenses: $76.0M - $76.5M
- Net Interest Expense: $62.0M - $62.5M
- Potential impacts related to interest rates.
- Potential impacts related to inflation.
- Potential impacts related to the economy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income