Rexford Industrial Realty (REXR) Tops Q2 EPS by 6c

Rexford Industrial Realty (NYSE: REXR) reported Q2 EPS of $0.15, $0.06 better than the analyst estimate of $0.09.

• Company share of Core FFO of $52.8 million, an increase of 35.9% as compared to the second quarter 2020.
• Company share of Core FFO per diluted share of $0.39, an increase of 21.9% as compared to the second quarter 2020.
• Consolidated Portfolio Net Operating Income (NOI) of $79.7 million, an increase of 30.9% as compared to the second quarter of 2020.
• Stabilized Same Property Portfolio GAAP NOI increased 10.1% and Stabilized Same Property Portfolio Cash NOI increased 22.0% as compared to the second quarter 2020.
• Average Stabilized Same Property Portfolio occupancy was 98.5%.
• Comparable rental rates on 2.2 million rentable square feet of new and renewal leases were 33.9% higher than prior rents on a GAAP basis and 21.3% higher on a cash basis.
• Acquired ten properties for an aggregate purchase price of $256.9 million and sold one property for a sales price of $8.2 million.
• Completed an equity offering in which 9,000,000 shares of common stock were sold through forward sale agreements at $55.60 per share.
• Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 12.0%.

"Rexford's second quarter results continued at exceptional levels, producing Core FFO growth of 36% and 22% on a per share basis, fueled by consolidated NOI growth of 31% compared to the prior year quarter. Our team executed 2.2 million square feet of leasing activity at extraordinary GAAP and cash releasing spreads of 34% and 21%, respectively," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "As we scale our Rexford operating platform and deepen our market penetration, we are harvesting the benefits of our value-add approach to consolidating a high-quality, irreplaceable industrial property portfolio within infill Southern California, the nation\'s strongest and most supply-constrained industrial market. With $470 million of investments completed year-to-date, plus over $650 million of new acquisitions under contract or accepted offer, the Company is well-positioned with substantial liquidity and a best-in-class, low leverage balance sheet to generate internally- and externally-driven cash flow growth and shareholder value."

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

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