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Rexford Industrial
🇺🇸 NYSE:REXR
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OverviewEarningsDividends
•
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.

Total Revenue
$210M
Previous year: $178M
+17.9%
EPS
$0.56
Previous year: $0.49
+14.3%
Avg. occupancy
97.5%
Previous year: 98%
-0.5%
Gross Profit
$161M
Previous year: $137M
+18.0%
Cash and Equivalents
$33.4M
Previous year: $36.8M
-9.1%
Total Assets
$10.9B
Previous year: $9.26B
+18.0%

Rexford Industrial

Rexford Industrial

Rexford Industrial Revenue by Segment

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

Company Overview

Full financial data and analysis

View Rexford Industrial