Rexford Industrial Q3 2024 Earnings Report
Key Takeaways
Rexford Industrial announced its Q3 2024 financial results, featuring a net income of $65.1 million, or $0.30 per diluted share, and a Company share of Core FFO of $130.0 million, or $0.59 per diluted share. The company's Consolidated Portfolio NOI increased by 17.6% compared to the prior year quarter. The company completed two acquisitions for $60.5 million and sold one property for $7.3 million.
Net income attributable to common stockholders was $65.1 million, or $0.30 per diluted share.
Company share of Core FFO was $130.0 million, or $0.59 per diluted share.
Consolidated Portfolio NOI increased by 17.6% compared to the prior year quarter.
Same Property Portfolio NOI increased 2.6% and Same Property Portfolio Cash NOI increased 5.3%.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Forward Guidance
The Company is updating its full year 2024 guidance. Core FFO guidance refers to the Company’s in-place portfolio as of October 16, 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: $1.20 - $1.22
- Company share of Core FFO per diluted share: $2.33 - $2.35
- Same Property Portfolio NOI Growth - GAAP: 4.25% - 4.75%
- Same Property Portfolio NOI Growth - Cash: 7.0% - 7.5%
- Average Same Property Portfolio Occupancy (Full Year): 96.5% - 96.75%
Challenges Ahead
- General and Administrative Expenses: +/- $83.0M
- Net Interest Expense: +/- $99.0M
- 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