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Dec 31, 2023
Rexford Industrial Q4 2023 Earnings Report
Reported strong financial and operating results, driven by robust leasing activity and strategic investments.
Key Takeaways
Rexford Industrial Realty reported a net income attributable to common stockholders of $61.7 million, or $0.29 per diluted share, for Q4 2023. The Company's share of Core FFO was $118.8 million, or $0.56 per diluted share, representing an increase of 31.5% and 14.3% respectively, compared to the prior year quarter. Consolidated portfolio NOI and Cash NOI increased 16.3% and 22.5%, respectively. Same Property Portfolio occupancy was 97.5%.
Net income attributable to common stockholders was $61.7 million, or $0.29 per diluted share.
Company share of Core FFO was $118.8 million, or $0.56 per diluted share.
Consolidated portfolio NOI and Cash NOI increased 16.3% and 22.5%, respectively.
Completed four investments totaling $314.5 million.
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 2024 guidance. Core FFO guidance refers to the Company’s in-place portfolio as of February 6, 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: $1.11 - $1.14
- Company share of Core FFO per diluted share: $2.27 - $2.30
- Same Property Portfolio NOI Growth - GAAP: 4.0% - 5.0%
- Same Property Portfolio NOI Growth - Cash: 7.0% - 8.0%
- Average Same Property Portfolio Occupancy (Full Year): 96.5% - 97.0%
Challenges Ahead
- Guidance does not include any assumptions for additional acquisitions.
- Guidance does not include any assumptions for dispositions.
- Guidance does not include any assumptions for related balance sheet activities that have not closed.
- A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates.
- A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to inflation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income