Rexford Industrial Realty (REXR) Tops Q2 EPS by 2c, Revenues Beat; Offers FY18 EPS Guidance

Rexford Industrial Realty (NYSE: REXR) reported Q2 EPS of $0.06, $0.02 better than the analyst estimate of $0.04. Revenue for the quarter came in at $51.62 million versus the consensus estimate of $50.19 million.

"We are very pleased with our team\'s strong second quarter results. We grew our Core FFO by 44% in the second quarter, and by 17.4% on a per share basis, which was partially driven by a 10.5% increase in Same Property NOI. Our GAAP and cash releasing spreads remain extremely strong at 35.5% and 23.9%, respectively, as we continue to benefit from growing tenant demand driven by a robust regional economy, by the dramatic growth in e-commerce and by the need for shorter last-mile delivery time-frames," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "We also grew our consolidated portfolio with $327 million of high quality industrial property acquisitions completed year-to-date as we continue to execute our unique, value-driven business model as a local sharp-shooter consolidating a premier industrial property portfolio in infill Southern California, the nation\'s largest and highest-demand industrial market."

Guidance

The Company is reiterating and increasing its full year 2018 guidance as follows:

• Net income attributable to common stockholders within a range of $0.29 to $0.31 per diluted share
• Company share of Core FFO within a range of $1.05 to $1.07 per diluted share
• Year-end Same Property Portfolio occupancy within a range of 95.5% to 97.0%
• Year-end Stabilized Same Property Portfolio occupancy within a range of 96.5% to 98.0%
• Same Property Portfolio NOI growth for the year of 8.0% to 9.5%
• Stabilized Same Property Portfolio NOI growth for the year of 5.5% to 7.0%
• General and administrative expenses of $24.5 million to $25.0 million

GUIDANCE:

Rexford Industrial Realty sees FY2018 EPS of $0.29-$0.31.

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

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