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Dec 31, 2024
Rexford Industrial Q4 2024 Earnings Report
Rexford Industrial reported its financial and operational results for the fourth quarter and full year 2024, highlighting strong performance in net income, Core FFO, and portfolio NOI.
Key Takeaways
Rexford Industrial delivered solid fourth quarter and full year operating results, with net income attributable to common stockholders of $59.4 million, Core FFO of $128.6 million, and total revenues of $242.895 million for Q4 2024. The company also reported significant increases in comparable rental rates and completed substantial acquisitions.
Net income attributable to common stockholders for Q4 2024 was $59.4 million, compared to $61.7 million in the prior year quarter.
Company share of Core FFO for Q4 2024 was $128.6 million, an 8.2% increase compared to $118.8 million for the prior year quarter.
Comparable rental rates increased by 38.9% on a net effective basis and by 28.6% on a cash basis for new and renewal leases.
The company completed two acquisitions in Q4 2024 for an aggregate purchase price of $207.3 million, and nine acquisitions for the full year totaling $1.5 billion.
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
Rexford Industrial is initiating its full year 2025 guidance, projecting continued growth in net income, Core FFO, and Same Property Portfolio NOI, while maintaining stable occupancy.
Positive Outlook
- Projected Net Income Attributable to Common Stockholders per diluted share of $1.21 - $1.25 for FY 2025.
- Projected Company share of Core FFO per diluted share of $2.37 - $2.41 for FY 2025.
- Anticipated Same Property Portfolio NOI Growth (Net Effective) of 0.75% - 1.25% for FY 2025.
- Anticipated Same Property Portfolio NOI Growth (Cash) of 2.25% - 2.75% for FY 2025.
- Expected Average Same Property Portfolio Occupancy (Full Year) of 95.5% - 96.0% for FY 2025.
Challenges Ahead
- Guidance does not include assumptions for additional prospective acquisitions, dispositions, or related balance sheet activities that have not closed.
- Potential impacts related to interest rates could affect results.
- Inflation could impact the Company's ability to deliver results in line with guidance.
- The economy and supply/demand of industrial real estate could influence performance.
- Availability and terms of financing for the Company or potential acquirers, and timing/yields of divestment/investment, could affect results.