Rexford Industrial Realty (REXR) Reports Q4 EPS of $0.15, Beats on Revenues

Note: EPS may not be comparable

Rexford Industrial Realty (NYSE: REXR) reported Q4 EPS of $0.15, versus $0.04 reported last year. Revenue for the quarter came in at $45.77 million versus the consensus estimate of $38.99 million.

Fourth Quarter 2017 and Full Year 2017 Financial and Operational Highlights:

• Net income attributable to common stockholders of $0.15 per diluted share for the quarter ended December 31, 2017, compared to $0.10 per diluted share last year.
• Company share of Core FFO of $0.26 per diluted share for the quarter ended December 31, 2017, compared to $0.23 per diluted share last year, which represents an increase of 13.0% year-over-year.
• Total fourth quarter rental revenues of $45.8 million, which represents an increase of 32.9% year-over-year. Property Net Operating Income (NOI) of $33.6 million, which represents an increase of 32.8% year-over-year.
• Same Property Portfolio NOI increased 9.0% in the fourth quarter of 2017 compared to the fourth quarter of 2016, driven by an 8.9% increase in Same Property Portfolio total rental revenue and an 8.7% increase in Same Property Portfolio operating expenses. Same Property Portfolio Cash NOI increased 8.7% compared to the fourth quarter of 2016.
• Signed new and renewal leases totaling 1,081,103 rentable square feet. Rental rates on new and renewal leases were 27.7% higher than prior rents on a GAAP basis and 18.9% higher on a cash basis.
• Stabilized Same Property Portfolio occupancy was 98.1%, which represents an increase of 120 basis points year-over-year. Same Property Portfolio occupancy, inclusive of assets in value-add repositioning, was 98.0%, which represents an increase of 180 basis points year-over-year.
• At December 31, 2017, the consolidated portfolio including repositioning assets was 95.8% leased and 95.5% occupied, which represents an increase in occupancy of 380 basis points year-over-year. At December 31, 2017, the consolidated portfolio, excluding repositioning assets aggregating approximately 0.5 million rentable square feet, was 98.3% leased and 98.2% occupied.
• During the fourth quarter of 2017, the Company acquired eight industrial properties for a total purchase price of $132.3 million. For the full year, the Company acquired 21 properties for an aggregate purchase price of $666.7 million.
• During the fourth quarter of 2017, the Company sold three industrial properties for an aggregate sales price of $33.0 million. For the full year, the Company sold six industrial properties for an aggregate sales price of $98.7 million.

For earnings history and earnings-related data on Rexford Industrial Realty (REXR) click here.

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