Rexford Industrial Realty Inc · Q4 2019 earnings

Briefing

Reported net income of $19.9 million and Core FFO growth of 31.4% for the fourth quarter of 2019.

Rexford Industrial Realty, Inc. announced strong fourth quarter and full year 2019 financial results, with net income attributable to common stockholders of $19.9 million, or $0.18 per diluted share, for the three months ended December 31, 2019. Company share of Core FFO increased 31.4% to $35.8 million year-over-year.

• Net income attributable to common stockholders of $0.18 per diluted share compared to $0.13 per diluted share for the fourth quarter of last year.
• Company share of Core FFO increased 31.4% to $35.8 million year-over-year.
• Company share of Core FFO per diluted share increased 10.3% to $0.32 per diluted share year-over-year.
• Comparable rental rates on 1,461,431 rentable square feet of new and renewal leases were 42.0% higher than prior rents on a GAAP basis and 27.1% higher on a cash basis.

Headline financials

Revenue & EPS history

The Company is introducing its full year 2020 guidance as follows: Net income attributable to common stockholders within a range of $0.37 to $0.39 per diluted share Company share of Core FFO within a range of $1.30 to $1.32 per diluted share Year-end Stabilized Same Property Portfolio occupancy within a range of 96.0% to 97.0% Stabilized Same Property Portfolio NOI growth for the year within a range of 3.7% to 4.2% General and administrative expenses within a range of $36.5 million to $37.0 million