Rexford Industrial Q4 2020 Earnings Report
Key Takeaways
Rexford Industrial reported a net income of $13.2 million for Q4 2020, with Core FFO increasing by 20.5%. The company completed significant acquisitions and maintained a strong balance sheet.
Net income attributable to common stockholders was $13.2 million, or $0.10 per diluted share.
Company share of Core FFO increased by 20.5% to $43.1 million.
Stabilized Same Property Portfolio GAAP NOI increased 2.5%, and Cash NOI increased 7.1%.
Acquired 17 properties for $874.9 million and sold one property for $1.3 million.
Rexford Industrial
Rexford Industrial
Rexford Industrial Revenue by Segment
Forward Guidance
The Company is initiating its full year 2021 guidance. The Core FFO guidance refers only to the Company’s in-place portfolio as of February 10, 2021, and does not include any assumptions for other acquisitions, dispositions or balance sheet activities that have not closed.
Positive Outlook
- Net Income Attributable to Common Stockholders per diluted share $0.40 - $0.43
- Company share of Core FFO per diluted share $1.40 - $1.43
- Stabilized Same Property Portfolio NOI Growth - GAAP 3.0% - 4.0%
- Stabilized Same Property Portfolio NOI Growth - Cash 6.0% - 7.0%
- Average 2021 Stabilized Same Property Portfolio Occupancy (Full Year) 97.0% - 97.5%
Challenges Ahead
- number of tenants requesting rent relief or failing to pay rent in future periods
- 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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income