Rexford Industrial Realty, Inc. Reports Third Quarter 2024 Financial Results
Rexford Industrial Realty, Inc. (NYSE: REXR), a REIT specializing in industrial properties in Southern California, announced its financial results for the third quarter of 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change |
|---|---|---|---|
| Net Income (attributable to common) | $65.1 million | $56.3 million | +15.6% |
| Earnings Per Share (EPS) | $0.30 | $0.27 | +11.1% |
| Core FFO | $130 million | $115 million | +13.1% |
| Core FFO per share | $0.59 | $0.56 | +5.4% |
Interpretation: Rexford Industrial Realty experienced robust growth, evidenced by a 15.6% increase in net income and a 13.1% rise in Core FFO over the prior year’s quarter. These results underline the company's strong performance and effective strategic investments.
Revenue Performance by Segment
| Segment | Revenue Q3 2024 |
|---|---|
| Consolidated Portfolio NOI | $183.5 million |
| Same Property Portfolio NOI | Increased 2.6% |
| Same Property Portfolio Cash NOI | Increased 5.3% |
Interpretation: The company’s consolidated portfolio saw notable growth in NOI, reflecting strong leasing fundamentals and strategic property management. The stable occupancy rate and increased rental rates bolster these performance metrics.
Key Developments and Operational Highlights
- Acquired two properties for $60.5 million and sold one for $7.3 million.
- Maintained high average occupancy of 96.9% in the same property portfolio.
- Executed successful leasing activities with rental rate increases of 39.2% on a GAAP basis.
- Completed three repositioning projects totaling 327,458 square feet with strong yield performance.
Officer Comments
Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers, stated their confidence in the company's dynamic operating strategy and the promising supply-demand conditions in Southern California. They anticipate sustained growth driven by the firm’s value-driven business model.
Dividends
- Authorized a dividend of $0.4175 per share for Q4 2024, payable on January 15, 2025.
- Authorized dividends for Series B and Series C Cumulative Redeemable Preferred Stock, payable on December 31, 2024.
Forward Guidance
Rexford Industrial updated its full-year guidance, though specific metrics were not disclosed. The guidance reflects the current portfolio and excludes potential future acquisitions or dispositions.
Stock Price Reaction
Following the earnings release, Rexford Industrial's stock increased by 3.48%, reflecting positive investor reception to the company’s performance and outlook.
Rexford Industrial Realty continues to demonstrate strong financial health and strategic execution, underscoring its position as a leading industrial property REIT in a competitive market.
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