On October 18, 2023, Rexford Industrial Realty Inc (REXR, Financial) announced its financial and operating results for the third quarter of 2023. The company reported a significant increase in net income attributable to common stockholders, reaching $56.3 million, or $0.27 per diluted share, compared to $36.8 million, or $0.21 per diluted share, for the prior year quarter.
Financial Highlights
The company's share of Core FFO rose by 33.5% compared to the prior year quarter, reaching $115.0 million. The Core FFO per diluted share also increased by 12.0%, amounting to $0.56. The Consolidated Portfolio Net Operating Income (NOI) saw a 27.0% increase compared to the prior year quarter, reaching $156.1 million.
Rexford Industrial's Same Property Portfolio NOI increased by 8.9%, and the Same Property Portfolio Cash NOI increased by 9.5% compared to the prior year quarter. The average Same Property Portfolio occupancy was reported to be 97.8%.
Operational Highlights
The company completed six acquisitions for an aggregate purchase price of $314.8 million. The company ended the quarter with a low-leverage balance sheet, measured by a net debt-to-enterprise value ratio of 16.7%.
Co-Chief Executive Officers of the Company, Michael Frankel and Howard Schwimmer, stated,
Rexford Industrial’s third quarter results continue to demonstrate the strength of our value creation driven business model, our entrepreneurial team and the favorable long-term tenant demand fundamentals associated with our infill Southern California industrial markets."
Outlook
The company updated its full year 2023 guidance, with the Company share of Core FFO per diluted share expected to be between $2.16 and $2.18. The Same Property Portfolio NOI Growth - GAAP is projected to be between 8.00% and 8.25%, and the Same Property Portfolio NOI Growth - Cash is expected to be between 9.75% and 10.00%.
For more detailed information, please refer to the full earnings report and the company's supplemental financial reporting package available on the Company’s investor relations website.
