Rexford Industrial Q4 2022 Earnings Report
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
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