NYSE$REXR
Rexford Industrial Realty Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Rexford Industrial reported strong financial results for Q3 2024, driven by solid leasing fundamentals and strategic acquisitions.
Rexford Industrial announced its Q3 2024 financial results, featuring a net income of $65.1 million, or $0.30 per diluted share, and a Company share of Core FFO of $130.0 million, or $0.59 per diluted share. The company's Consolidated Portfolio NOI increased by 17.6% compared to the prior year quarter. The company completed two acquisitions for $60.5 million and sold one property for $7.3 million.
- Net income attributable to common stockholders was $65.1 million, or $0.30 per diluted share.
- Company share of Core FFO was $130.0 million, or $0.59 per diluted share.
- Consolidated Portfolio NOI increased by 17.6% compared to the prior year quarter.
- Same Property Portfolio NOI increased 2.6% and Same Property Portfolio Cash NOI increased 5.3%.
Headline financials
Revenue & EPS history
Rexford Industrial · Revenue · Quarterly
$242M
Revenue by segment
Rexford Industrial · $205M total across 3 segments · Q3 2023
- Rental Income$204M+25.6%99.4%
- Interest Income$1.03M+34200.0%0.5%
- Management and Leasing Services$158K-3.1%0.1%
Forward guidance
The Company is updating its full year 2024 guidance. Core FFO guidance refers to the Company’s in-place portfolio as of October 16, 2024, and does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed.
Tailwinds
- Net Income Attributable to Common Stockholders per diluted share: $1.20 - $1.22
- Company share of Core FFO per diluted share: $2.33 - $2.35
- Same Property Portfolio NOI Growth - GAAP: 4.25% - 4.75%
- Same Property Portfolio NOI Growth - Cash: 7.0% - 7.5%
- Average Same Property Portfolio Occupancy (Full Year): 96.5% - 96.75%
Headwinds
- General and Administrative Expenses: +/- $83.0M
- Net Interest Expense: +/- $99.0M
- Potential impacts related to interest rates
- Potential impacts related to inflation
- Potential impacts related to the economy
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2024
+0.2%
Avg return
Earnings day
+0.5%
Avg return
5 days after
+1.0%
Avg return
30 days after
56%
29 / 52 earnings
Positive
+9.5%
Q1 2022
Best reaction
-8.0%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.7% | -2.3% | -0.5% | |
| Q4 2025 | -6.5% | -7.6% | -12.9% | |
| Q3 2025 | +2.3% | +2.9% | -2.8% | |
| Q2 2025 | +0.8% | +4.1% | +14.7% | |
| Q1 2025 | -0.4% | -1.5% | +9.2% | |
| Q4 2024 | -0.5% | +1.1% | -0.8% | |
| Q3 2024 | -5.9% | -6.4% | -12.0% | |
| Q2 2024 | -1.7% | -0.0% | +1.2% | |
| Q1 2024 | -3.3% | -3.7% | +3.8% | |
| Q4 2023 | -1.5% | +0.7% | +0.1% | |
| Q3 2023 | -8.0% | -11.8% | -3.0% | |
| Q2 2023 | +1.8% | +6.0% | -3.4% | |
| Q1 2023 | +2.3% | +2.1% | -1.5% | |
| Q4 2022 | -2.2% | -2.0% | -12.2% | |
| Q3 2022 | -4.7% | -5.2% | +5.2% | |
| Q2 2022 | +1.2% | +1.8% | +9.1% | |
| Q1 2022 | +9.5% | +5.9% | -17.6% | |
| Q4 2021 | -2.2% | -3.0% | -4.4% | |
| Q3 2021 | +4.8% | +6.3% | +14.2% | |
| Q2 2021 | -0.0% | +0.6% | +2.2% | |
| Q1 2021 | -2.4% | -1.6% | -2.9% | |
| Q4 2020 | +1.6% | +3.1% | -1.4% | |
| Q3 2020 | -1.0% | -0.7% | -0.2% | |
| Q2 2020 | +0.9% | +2.9% | +16.2% | |
| Q1 2020 | -1.3% | +2.8% | +5.3% | |
| Q4 2019 | +1.4% | +5.3% | -21.1% | |
| Q3 2019 | +0.3% | -1.0% | +0.1% | |
| Q2 2019 | -0.3% | +0.5% | +6.0% | |
| Q1 2019 | +2.9% | +3.5% | +1.2% | |
| Q4 2018 | +0.0% | +0.3% | +1.0% | |
| Q3 2018 | +1.2% | +2.2% | +4.9% | |
| Q2 2018 | +4.1% | +5.1% | +7.6% | |
| Q1 2018 | +2.6% | +4.2% | +2.4% | |
| Q4 2017 | +0.8% | +1.7% | +2.6% | |
| Q3 2017 | +1.5% | +2.2% | +6.3% | |
| Q2 2017 | +1.2% | -1.5% | +5.4% | |
| Q1 2017 | +1.1% | +1.6% | +12.3% | |
| Q4 2016 | +2.0% | +3.6% | -1.6% | |
| Q3 2016 | -0.5% | +1.6% | +5.1% | |
| Q2 2016 | -1.1% | -2.0% | +1.6% | |
| Q1 2016 | +2.2% | — | — | |
| Q4 2015 | +3.0% | — | — | |
| Q3 2015 | -1.0% | — | — | |
| Q2 2015 | -2.1% | — | — | |
| Q1 2015 | -0.1% | — | — | |
| Q4 2014 | +3.0% | — | — | |
| Q3 2014 | +0.6% | — | — | |
| Q2 2014 | +0.2% | — | — | |
| Q1 2014 | -0.6% | — | — | |
| Q4 2013 | -0.9% | — | — | |
| Q3 2013 | +0.3% | — | — | |
| Q2 2013 | +2.7% | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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