NYSE$REXR
Rexford Industrial Realty Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported strong financial and operating results, driven by robust leasing activity and strategic investments.
Rexford Industrial Realty reported a net income attributable to common stockholders of $61.7 million, or $0.29 per diluted share, for Q4 2023. The Company's share of Core FFO was $118.8 million, or $0.56 per diluted share, representing an increase of 31.5% and 14.3% respectively, compared to the prior year quarter. Consolidated portfolio NOI and Cash NOI increased 16.3% and 22.5%, respectively. Same Property Portfolio occupancy was 97.5%.
- Net income attributable to common stockholders was $61.7 million, or $0.29 per diluted share.
- Company share of Core FFO was $118.8 million, or $0.56 per diluted share.
- Consolidated portfolio NOI and Cash NOI increased 16.3% and 22.5%, respectively.
- Completed four investments totaling $314.5 million.
Headline financials
Revenue & EPS history
Rexford Industrial · Revenue · Quarterly
$210M
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 initiating its full year 2024 guidance. Core FFO guidance refers to the Company’s in-place portfolio as of February 6, 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: $1.11 - $1.14
- Company share of Core FFO per diluted share: $2.27 - $2.30
- Same Property Portfolio NOI Growth - GAAP: 4.0% - 5.0%
- Same Property Portfolio NOI Growth - Cash: 7.0% - 8.0%
- Average Same Property Portfolio Occupancy (Full Year): 96.5% - 97.0%
Headwinds
- Guidance does not include any assumptions for additional acquisitions.
- Guidance does not include any assumptions for dispositions.
- Guidance does not include any assumptions for related balance sheet activities that have not closed.
- A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates.
- A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to inflation.
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 Q4 2023
+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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