Rexford Industrial Announces First Quarter 2024 Financial Results
- Net income attributable to common stockholders of $58.6 million, or $0.27 per diluted share, compared to $57.9 million, or $0.30 per diluted share, for the prior year quarter.
- Company share of Core FFO of $123.5 million, an increase of 20.3% compared to the prior year quarter.
- Consolidated Portfolio NOI of $163.5 million, an increase of 14.9% compared to the prior year quarter.
- Completed 3.2 million square feet of acquisitions totaling $1.1 billion.
- Maintained a low-leverage balance sheet with a net debt-to-enterprise value ratio of 20.9%.
- Strong leasing activity with comparable rental rates increasing by 17.3% on a GAAP basis and 13.2% on a cash basis.
- Same Property Portfolio NOI increased by 5.5% and Same Property Portfolio Cash NOI increased by 8.5% compared to the prior year quarter.
- Ended the quarter with $337.0 million in cash and $1.0 billion available under its unsecured revolving credit facility.
- Issued $575.0 million principal amount of 4.375% exchangeable senior notes due in 2027 and $575.0 million principal amount of 4.125% exchangeable senior notes due in 2029.
- Authorized a dividend of $0.4175 per share for the second quarter of 2024 for common stockholders.
- Updated full year 2024 guidance with Core FFO per diluted share expected to be between $2.31 and $2.34.
- None.
Insights
First Quarter 2024 Financial and Operational Highlights:
- Net income attributable to common stockholders of
$58.6 million $0.27 $57.9 million $0.30 - Company share of Core FFO of
$123.5 million 20.3% as compared to the prior year quarter. - Company share of Core FFO per diluted share of
$0.58 11.5% as compared to the prior year quarter. - Consolidated Portfolio NOI of
$163.5 million 14.9% as compared to the prior year quarter. - Same Property Portfolio NOI increased
5.5% and Same Property Portfolio Cash NOI increased8.5% as compared to the prior year quarter. - Average Same Property Portfolio occupancy of
96.8% . - Comparable rental rates increased by
17.3% compared to prior rents on a GAAP basis and by13.2% on a cash basis on 3.2 million rentable square feet of new and renewal leases. - Excluding the Tireco, Inc. lease extension, comparable rental rates increased by
53.0% compared to prior rents on a GAAP basis and by33.6% on a cash basis. - Completed 3.2 million square feet of acquisitions totaling
$1.1 billion - Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of
20.9% .
"Rexford continues to deliver exceptional value and accretive cash flow growth generated by our entrepreneurial team and value-driven strategy," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "Looking forward, Rexford is well-positioned with extensive embedded and external growth opportunities, positioning the Company to create significant value for our stakeholders for years to come."
Financial Results:
The Company reported net income attributable to common stockholders for the first quarter of
The Company reported Core FFO for the first quarter of
In the first quarter, the Company's consolidated portfolio NOI and Cash NOI increased
In the first quarter, the Company's Same Property Portfolio NOI increased
Operating Results:
First quarter 2024 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial's target
Q1-2024 Leasing Activity | ||||||||||||
Releasing Spreads | Releasing Spreads Excluding Tireco, Inc. Lease Extension(1) | |||||||||||
# of Leases | SF of | GAAP | Cash | GAAP | Cash | |||||||
New Leases | 50 | 830,941 | 41.3 % | 31.2 % | 41.3 % | 31.2 % | ||||||
Renewal Leases | 64 | 2,398,076 | 14.8 % | 11.3 % | 56.8 % | 34.4 % | ||||||
Total Leases | 114 | 3,229,017 | 17.3 % | 13.2 % | 53.0 % | 33.6 % | ||||||
(1) | Excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During the first quarter of 2024, the lease was extended through January 2027 at the current in-place rent and includes a |
As of March 31, 2024, the Company's Same Property Portfolio occupancy was
Transaction Activity:
During the first quarter of 2024, the Company completed
Subsequent to the first quarter of 2024, the Company acquired:
- 4422 Airport Drive,
Ontario , located in the Inland Empire - West submarket, for$26.7 million $303 100% leased to two tenants and is generating a5.5% initial unlevered stabilized yield. According to CBRE, the vacancy rate in the 347 million square foot IE - West submarket was5.1% at the end of the first quarter 2024.
In addition, the Company disposed of one property subsequent to the first quarter of 2024 for a sales price of
During the first quarter of 2024, the Company stabilized two repositioning projects, including two spaces totaling 38,021 square feet, representing a total investment of
Balance Sheet:
The Company ended the first quarter with
In the first quarter of 2024, the Company executed the following equity transactions:
- Completed a public offering of 17,179,318 shares of common stock to an existing long-only investor based on the West Coast, subject to forward equity sale agreements at a public offering price of
$48.95 $840.9 million - Settlement of the remaining forward equity sale agreements related to its May 2023 public offering by issuing 2,253,034 shares of common stock for net proceeds of
$125.7 million - Settlement of the outstanding forward equity sale agreements under its at-the-market equity offering program ("ATM Program") by issuing 3,010,568 shares of common stock for net proceeds of
$164.5 million
As of April 17, 2024, the Company had approximately
During the first quarter of 2024, the Company did not execute on its ATM Program. As of March 31, 2024, the Company's ATM Program had approximately
In March 2024, the Company issued
Dividends:
On April 15, 2024, the Company's Board of Directors authorized a dividend in the amount of
On April 15, 2024, the Company's Board of Directors authorized a quarterly dividend of
Guidance:
The Company is updating its full year 2024 guidance as indicated below. The Core FFO guidance refers to the Company's in-place portfolio as of April 17, 2024, and does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete detail of guidance and 2024 Guidance Rollforward.
2024 Outlook (1) | Q1 2024 Updated | Initial Guidance | ||
Net Income Attributable to Common Stockholders per diluted share | ||||
Company share of Core FFO per diluted share | ||||
Same Property Portfolio NOI Growth - GAAP | ||||
Same Property Portfolio NOI Growth - Cash | ||||
Average Same Property Portfolio Occupancy (Full Year) (2) | ||||
General and Administrative Expenses (3) | +/- | +/- | ||
Net Interest Expense | +/- |
(1) | 2024 Guidance represents the in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed. |
(2) | Our 2024 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through March 31, 2024 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (unless otherwise noted). |
(3) | 2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of |
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, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Updated Investor Presentation:
The Company's supplemental financial reporting package as well as an updated investor presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call:
A conference call with executive management will be held on Thursday, April 18, 2024, at 1:00 p.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Conference ID 9448082.
1 (800) 715-9871 (for domestic callers)
1 (646) 307-1963 (for international callers)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial:
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill
Forward Looking Statements:
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
Definitions / Discussion of Non-GAAP Financial Measures:
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net Income to Funds From Operations and Core Funds From Operations" table which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2024 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
2024 Estimate | |||
Low | High | ||
Net income attributable to common stockholders | $ 1.17 | $ 1.20 | |
Company share of depreciation and amortization | 1.17 | 1.17 | |
Company share of gains on sale of real estate(1) | (0.03) | (0.03) | |
Company share of Core FFO | $ 2.31 | $ 2.34 | |
(1) Reflects the sale of 2360-2364 East Sturgis Road on April 16, 2024. |
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2024 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through March 31, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through March 31, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of March 31, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37,109,867 rentable square feet at 296 of our properties.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching
Net Debt to Enterprise Value: As of March 31, 2024, we had consolidated indebtedness of
Contact:
investorrelations@rexfordindustrial.com
Financial Statements and Reconciliations:
Rexford Industrial Realty, Inc. | |||
March 31, 2024 | December 31, 2023 | ||
(unaudited) | |||
ASSETS | |||
Land | $ 7,568,720 | $ 6,815,622 | |
Buildings and improvements | 4,260,512 | 3,933,379 | |
Tenant improvements | 172,707 | 167,251 | |
Furniture, fixtures, and equipment | 132 | 132 | |
Construction in progress | 258,413 | 240,010 | |
Total real estate held for investment | 12,260,484 | 11,156,394 | |
Accumulated depreciation | (827,576) | (782,461) | |
Investments in real estate, net | 11,432,908 | 10,373,933 | |
Cash and cash equivalents | 336,960 | 33,444 | |
Loan receivable, net | 122,899 | 122,784 | |
Rents and other receivables, net | 17,896 | 17,494 | |
Deferred rent receivable, net | 130,694 | 123,325 | |
Deferred leasing costs, net | 61,017 | 59,351 | |
Deferred loan costs, net | 3,069 | 3,426 | |
Acquired lease intangible assets, net | 223,698 | 153,670 | |
Acquired indefinite-lived intangible | 5,156 | 5,156 | |
Interest rate swap asset | 16,737 | 9,896 | |
Other assets | 22,114 | 25,225 | |
Acquisition related deposits | 7,975 | 2,125 | |
Total Assets | $ 12,381,123 | $ 10,929,829 | |
LIABILITIES & EQUITY | |||
Liabilities | |||
Notes payable | $ 3,349,120 | $ 2,225,914 | |
Accounts payable, accrued expenses and other liabilities | 148,920 | 128,842 | |
Dividends and distributions payable | 94,356 | 83,733 | |
Acquired lease intangible liabilities, net | 171,687 | 147,561 | |
Tenant security deposits | 91,034 | 84,872 | |
Tenant prepaid rents | 110,727 | 115,002 | |
Total Liabilities | 3,965,844 | 2,785,924 | |
Equity | |||
Rexford Industrial Realty, Inc. stockholders' equity | |||
Preferred stock, | |||
| 72,443 | 72,443 | |
| 83,233 | 83,233 | |
Common Stock, | 2,178 | 2,123 | |
Additional paid in capital | 8,233,127 | 7,940,781 | |
Cumulative distributions in excess of earnings | (370,720) | (338,835) | |
Accumulated other comprehensive loss | 13,922 | 7,172 | |
Total stockholders' equity | 8,034,183 | 7,766,917 | |
Noncontrolling interests | 381,096 | 376,988 | |
Total Equity | 8,415,279 | 8,143,905 | |
Total Liabilities and Equity | $ 12,381,123 | $ 10,929,829 | |
Rexford Industrial Realty, Inc. | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
REVENUES | |||
Rental income | $ 210,990 | $ 185,164 | |
Management and leasing services | 132 | 190 | |
Interest income | 2,974 | 882 | |
TOTAL REVENUES | 214,096 | 186,236 | |
OPERATING EXPENSES | |||
Property expenses | 47,482 | 42,825 | |
General and administrative | 19,980 | 18,197 | |
Depreciation and amortization | 66,278 | 59,429 | |
TOTAL OPERATING EXPENSES | 133,740 | 120,451 | |
OTHER EXPENSES | |||
Other expenses | 1,408 | 647 | |
Interest expense | 14,671 | 13,701 | |
TOTAL EXPENSES | 149,819 | 134,799 | |
Gains on sale of real estate | — | 12,133 | |
NET INCOME | 64,277 | 63,570 | |
Less: net income attributable to noncontrolling interests | (2,906) | (3,064) | |
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 61,371 | 60,506 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: earnings attributable to participating securities | (418) | (320) | |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 58,639 | $ 57,872 | |
Net income attributable to common stockholders per share – basic | $ 0.27 | $ 0.30 | |
Net income attributable to common stockholders per share – diluted | $ 0.27 | $ 0.30 | |
Weighted-average shares of common stock outstanding – basic | 214,402 | 195,367 | |
Weighted-average shares of common stock outstanding – diluted | 214,438 | 195,779 | |
Rexford Industrial Realty, Inc. | |||||
Same Property Portfolio Occupancy: | |||||
March 31, | |||||
2024 | 2023 | Change (basis | |||
Quarterly Weighted Average Occupancy:(1) | |||||
96.9 % | 97.5 % | (60) bps | |||
99.6 % | 98.8 % | 80 bps | |||
94.8 % | 93.4 % | 140 bps | |||
98.4 % | 98.9 % | (50) bps | |||
96.4 % | 99.6 % | (320) bps | |||
Same Property Portfolio Weighted Average Occupancy | 96.8 % | 97.0 % | (20) bps | ||
Ending Occupancy: | 96.4 % | 97.0 % | (60) bps | ||
(1) | Calculated by averaging the occupancy rate at the end of each month in 1Q-2024 and December 2023 (for 1Q-2024) and the end of each month in 1Q-2023 and December 2022 (for 1Q-2023). |
Same Property Portfolio NOI and Cash NOI: | |||||||
Three Months Ended March 31, | |||||||
2024 | 2023 | $ Change | % Change | ||||
Rental income | $ 171,557 | $ 162,571 | $ 8,986 | 5.5 % | |||
Property expenses | 38,928 | 36,840 | 2,088 | 5.7 % | |||
Same Property Portfolio NOI | $ 132,629 | $ 125,731 | $ 6,898 | 5.5 % | |||
Straight line rental revenue adjustment | (4,753) | (6,924) | 2,171 | (31.4) % | |||
Above/(below) market lease revenue adjustments | (5,642) | (6,196) | 554 | (8.9) % | |||
Same Property Portfolio Cash NOI | $ 122,234 | $ 112,611 | $ 9,623 | 8.5 % | |||
Rexford Industrial Realty, Inc. | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Net income | $ 64,277 | $ 63,570 | |
General and administrative | 19,980 | 18,197 | |
Depreciation and amortization | 66,278 | 59,429 | |
Other expenses | 1,408 | 647 | |
Interest expense | 14,671 | 13,701 | |
Management and leasing services | (132) | (190) | |
Interest income | (2,974) | (882) | |
Gains on sale of real estate | — | (12,133) | |
Net operating income (NOI) | $ 163,508 | $ 142,339 | |
Straight line rental revenue adjustment | (7,368) | (7,628) | |
Above/(below) market lease revenue adjustments(1) | (7,591) | (8,290) | |
Cash NOI | $ 148,549 | $ 126,421 | |
NOI | $ 163,508 | $ 142,339 | |
Non-Same Property Portfolio rental income | (39,433) | (22,593) | |
Non-Same Property Portfolio property expenses | 8,554 | 5,985 | |
Same Property Portfolio NOI | $ 132,629 | $ 125,731 | |
Straight line rental revenue adjustment | (4,753) | (6,924) | |
Above/(below) market lease revenue adjustments | (5,642) | (6,196) | |
Same Property Portfolio Cash NOI | $ 122,234 | $ 112,611 | |
(1) | Above/(below) market lease revenue adjustments include the write-off of |
Rexford Industrial Realty, Inc. | |||
Three Months Ended March 31, | |||
2024 | 2023 | ||
Net income | $ 64,277 | $ 63,570 | |
Adjustments: | |||
Depreciation and amortization | 66,278 | 59,429 | |
Gains on sale of real estate | — | (12,133) | |
Funds From Operations (FFO) | $ 130,555 | $ 110,866 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: FFO attributable to noncontrolling interests(1) | (5,188) | (4,833) | |
Less: FFO attributable to participating securities(2) | (570) | (427) | |
Company share of FFO | $ 122,483 | $ 103,292 | |
Company Share of FFO per common share – basic | $ 0.57 | $ 0.53 | |
Company Share of FFO per common share – diluted | $ 0.57 | $ 0.53 | |
FFO | $ 130,555 | $ 110,866 | |
Adjustments: | |||
Acquisition expenses | 50 | 73 | |
Impairment of right-of-use asset | — | 188 | |
Amortization of loss on termination of interest rate swaps | 59 | 59 | |
Non-capitalizable demolition costs | 998 | 340 | |
Write-offs of below-market lease intangibles related to unexercised renewal | — | (1,318) | |
Core FFO | $ 131,662 | $ 110,208 | |
Less: preferred stock dividends | (2,314) | (2,314) | |
Less: Core FFO attributable to noncontrolling interest(1) | (5,226) | (4,809) | |
Less: Core FFO attributable to participating securities(2) | (575) | (425) | |
Company share of Core FFO | $ 123,547 | $ 102,660 | |
Company share of Core FFO per common share – basic | $ 0.58 | $ 0.53 | |
Company share of Core FFO per common share – diluted | $ 0.58 | $ 0.52 | |
Weighted-average shares of common stock outstanding – basic | 214,402 | 195,367 | |
Weighted-average shares of common stock outstanding – diluted | 214,438 | 195,779 | |
(1) | Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 1, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. |
(2) | Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. |
(3) | Reflects the write-off of the portion of a below-market lease intangible attributable to a below-market fixed rate renewal option that was not exercised due to the termination of the lease at the end of the initial lease term. |
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SOURCE Rexford Industrial Realty, Inc.
FAQ
What was Rexford Industrial's net income for the first quarter of 2024?
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What was the percentage increase in Consolidated Portfolio NOI for the first quarter of 2024?
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What was the Company's net debt-to-enterprise value ratio at the end of the quarter?
