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Dec 31, 2022
Rexford Industrial Q4 2022 Earnings Report
Delivered exceptional results driven by a differentiated strategy focused on value creation within infill Southern California.
Key Takeaways
Rexford Industrial Realty reported strong Q4 2022 results, with net income of $40.7 million, or $0.22 per diluted share. Company share of Core FFO increased by 29.8% to $90.3 million, or $0.49 per diluted share, an increase of 8.9%. Consolidated Portfolio NOI increased by 35.7% to $136.4 million, while Same Property Portfolio NOI increased by 7.3%.
Net income attributable to common stockholders of $40.7 million, or $0.22 per diluted share.
Company share of Core FFO of $90.3 million, an increase of 29.8%.
Consolidated Portfolio Net Operating Income (NOI) of $136.4 million, an increase of 35.7%.
Comparable rental rates on 1.1 million rentable square feet of new and renewal leases increased by 77.0% compared to prior rents on a GAAP basis and by 52.4% 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 initiating its full year 2023 guidance. The Core FFO guidance refers only to the Company’s in-place portfolio as of February 8, 2023, 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 $0.94 - $0.98
- Company share of Core FFO per diluted share $2.08 - $2.12
- Same Property Portfolio NOI Growth - GAAP 7.50% - 8.50%
- Same Property Portfolio NOI Growth - Cash 9.25% - 10.25%
- Average Same Property Portfolio Occupancy (Full Year) 97.5% - 98.0%
Challenges Ahead
- General and Administrative Expenses $75.0M - $76.0M
- Net Interest Expense $64.0M - $66.0M
- potential impacts related to the COVID-19 pandemic
- interest rates
- inflation, the economy, the supply and demand of industrial real estate
Revenue & Expenses
Visualization of income flow from segment revenue to net income