Rexford Industrial Announces Fourth Quarter And Full Year 2020 Financial Results
Rexford Industrial Realty (REXR) reported its Q4 and full-year 2020 results, showing a net income of $13.2 million ($0.10/share) in Q4, down from $19.9 million ($0.18/share) in Q4 2019. However, Core FFO increased by 20.5% to $43.1 million, achieving Core FFO/share of $0.34, up 6.3%. The Stabilized Same Property Portfolio occupancy was 98.2%, with rental rates on new leases averaging 29.9% higher. The company acquired 17 properties for $874.9 million and increased its dividend by 11.6%. For 2021, the Core FFO guidance is projected at $1.40 - $1.43/share.
- Core FFO increased 22.1% YoY to $160.0 million.
- Stabilized Same Property Portfolio Cash NOI grew 4.5% YoY.
- Occupancy rate remains high at 98.2%.
- Acquired 17 properties for $874.9 million in Q4.
- Dividend increased by 11.6% to $0.24 per share.
- Q4 net income was down to $13.2 million, compared to $19.9 million in Q4 2019.
- 2021 net income guidance decreased to $0.40 - $0.43/share from $0.51 in 2020.
LOS ANGELES, Feb. 10, 2021 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties in Southern California infill markets, today announced financial and operating results for the fourth quarter and full year of 2020.
Fourth Quarter 2020 Financial and Operational Highlights:
- Net income attributable to common stockholders of
$13.2 million , or$0.10 per diluted share, as compared to$19.9 million , or$0.18 per diluted share, for the fourth quarter of 2019. - Company share of Core FFO of
$43.1 million , an increase of20.5% as compared to the fourth quarter 2019. - Company share of Core FFO per diluted share of
$0.34 , an increase of6.3% as compared to the fourth quarter 2019. - Stabilized Same Property Portfolio GAAP NOI increased
2.5% and Stabilized Same Property Portfolio Cash NOI increased7.1% as compared to the fourth quarter 2019. - Stabilized Same Property Portfolio occupancy at quarter end of
98.2% . - Comparable rental rates on 1.8 million rentable square feet of new and renewal leases were
29.9% higher than prior rents on a GAAP basis and18.1% higher on a cash basis. - Acquired 17 properties for an aggregate purchase price of
$874.9 million and sold one property for a sales price of$1.3 million . - Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of
12.9% .
Full Year 2020 Financial and Operational Highlights:
- Net income attributable to common stockholders of
$61.3 million , or$0.51 per diluted share for the full year 2020, as compared to$50.5 million , or$0.47 per diluted share, for the full year 2019. - Company share of Core FFO of
$160.0 million , an increase of22.1% year-over-year. - Company share of Core FFO per diluted share of
$1.32 , an increase of7.3% as compared to the full year 2019. - Stabilized Same Property Portfolio GAAP NOI increased
3.7% and Stabilized Same Property Portfolio Cash NOI increased4.5% as compared to the full year 2019. - Acquired 38 properties for an aggregate purchase price of
$1.2 billion and sold four properties for an aggregate sales price of$45.5 million . - The Company increased its quarterly dividend by
11.6% to$0.24 per share.
"Our outstanding fourth quarter and full year 2020 results reflect the strength of our infill Southern California industrial markets and the exceptional focus and dedication of Rexford's entrepreneurial team. While 2020 brought unpredictable challenges due to the pandemic, Rexford achieved Core FFO growth of
Financial Results:
The Company reported net income attributable to common stockholders of
The Company reported net income attributable to common stockholders of
The Company reported Company share of Core FFO of
The Company reported Company share of Core FFO of
For the three months ended December 31, 2020, the Company's consolidated portfolio NOI increased
For the year ended December 31, 2020, the Company's consolidated portfolio NOI increased
For the three months ended December 31, 2020, the Company's Stabilized Same Property Portfolio NOI increased
For the year ended December 31, 2020, the Company's Stabilized Same Property Portfolio NOI increased
Operating Results:
Fourth quarter and full year 2020 leasing activity demonstrate strong tenant demand fundamentals within Rexford's target Southern California infill markets.
Q4-2020 Leasing Activity | ||||||||
Releasing Spreads | ||||||||
# of Leases Executed | SF of Leasing | GAAP | Cash | |||||
New Leases | 57 | 672,134 | ||||||
Renewal Leases | 51 | 1,132,687 | ||||||
Total Leases | 108 | 1,804,821 | ||||||
Full Year 2020 Leasing Activity | ||||||||
Releasing Spreads | ||||||||
# of Leases Executed | SF of Leasing | GAAP | Cash | |||||
New Leases | 205 | 2,634,722 | ||||||
Renewal Leases | 234 | 3,696,142 | ||||||
Total Leases | 439 | 6,330,864 | ||||||
At December 31, 2020, the Company's Stabilized Same Property Portfolio occupancy was
Transaction Activity:
During the fourth quarter of 2020, the Company completed 10 acquisitions representing 17 properties and totaling 3.4 million square feet for an aggregate purchase price of
During the full year of 2020, the Company completed 20 acquisitions representing 38 properties and 5.0 million square feet for an aggregate purchase price of
Additionally, the Company sold four properties for an aggregate sales price of
Subsequent to the fourth quarter of 2020, the Company acquired three industrial properties representing 176,670 square feet of improvements, a 2.5 acre industrial outdoor storage site, and two redevelopment sites totaling 16.57 acres for an aggregate purchase price of
Balance Sheet:
The Company ended the fourth quarter with
In November, the Company completed its inaugural public bond offering of
In conjunction with the repayment of the
In December, the Company completed a common stock offering issuing 6,900,000 shares of its common stock, including 900,000 shares sold pursuant to the exercise in full of the underwriters' option to purchase additional shares at a net price of
During the fourth quarter, the Company issued an aggregate of 709,891 shares of common stock through its at-the-market equity offering program ("ATM program") at an average price of
Dividends:
On February 8, 2021, the Company's Board of Directors declared a dividend in the amount of
On February 8, 2021, the Company's Board of Directors declared a quarterly dividend of
COVID-19 Collections Update (As of February 8, 2021)
As of December 31, 2020, the Company had a total of 1,533 leases representing in-place annualized base rent ("ABR") of
The following table sets forth the following information regarding the second, third and fourth quarters of 2020 contractual rent: (i) amount billed, (ii) percentage collected prior to the impact of consummated rent relief agreements, (iii) the amount of rent relief provided to tenants by the (a) application of security deposits, (b) acceleration of future existing contractual rent concessions and (c) deferral of contractual base rent and (iv) percentage collected after adjusting for rent relief provided by rent relief agreements.
Rent Relief | ||||||||||||||||||||||||||
Period | Contractual | % of | Security | Acceleration | Deferral | Total | % of | |||||||||||||||||||
Total Q2-2020 | $ | 77,061 | 87.9 | % | $ | 4,206 | $ | 825 | $ | 3,635 | $ | 8,666 | 99.1 | % | ||||||||||||
Total Q3-2020 | $ | 78,345 | 97.3 | % | $ | 372 | $ | — | $ | 686 | $ | 1,058 | 98.6 | % | ||||||||||||
Total Q4-2020 | $ | 86,624 | 97.7 | % | $ | — | $ | — | $ | 250 | $ | 250 | 98.0 | % | ||||||||||||
***Reflects collections through February 8, 2021 for all periods noted above*** | ||||||||||||||||||||||||||
(1) | Contractual Billings include contractual base rent and tenant reimbursements (including prior year recoverable expense reconciliation adjustments) charged to in-place tenants before the impact of COVID-19 related rent relief agreements. |
(2) | Represents the cash collection percentage of Contractual Billings. |
(3) | The typical deferral period is approximately 1.5 months with repayment generally scheduled to begin in the third or fourth quarter of 2020. |
(4) | Represents the cash collection percentage of Contractual Billings after adjusting for rent relief provided by executed rent relief agreements. |
The following table provides a breakdown of third and fourth quarter 2020 Contractual Billings between regular billings and Covid-19 deferral billings and percentage collected through February 8, 2021:
Q3-2020 | Q4-2020 | ||||||||||||
Contractual | % of Contractual | Contractual | % of Contractual | ||||||||||
Regular Billings | $ | 78,185 | 97.3 | % | $ | 83,272 | 97.8 | % | |||||
Covid-19 Deferral Billings | 160 | 100.0 | % | 3,352 | 96.2 | % | |||||||
Total | $ | 78,345 | $ | 86,624 | |||||||||
Guidance:
The Company is initiating its full year 2021 guidance as indicated below. The Core FFO guidance refers only to the Company's in-place portfolio as of February 10, 2021, and does not include any assumptions for other acquisitions, dispositions or balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete list of guidance and 2021 Guidance Rollforward.
2021 Outlook (1) | 2020 Actual | 2021 Guidance | ||
Net Income Attributable to Common Stockholders per diluted share | ||||
Company share of Core FFO per diluted share | ||||
Stabilized Same Property Portfolio NOI Growth - GAAP | ||||
Stabilized Same Property Portfolio NOI Growth - Cash | ||||
Average 2021 Stabilized Same Property Portfolio Occupancy (Full Year) | ||||
General and Administrative Expenses (2) | ||||
Net Interest Expense |
(1) | 2021 Guidance represents the in-place portfolio as of February 10, 2021, and does not include any assumptions for prospective acquisitions, dispositions or balance sheet activities that have not closed. |
(2) | 2021 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 number of tenants requesting rent relief or failing to pay rent in future periods, the duration and severity of the impact of the COVID-19 pandemic, interest rates, 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:
Details regarding these results can be found in the Company's supplemental information package available on the Company's investor relations website at www.ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call:
The Company will host a webcast and conference call on Thursday, February 11, 2021, at 1:00 p.m. Eastern Time to review fourth quarter results, discuss recent events and conduct a question-and-answer period. The live webcast will be available on the Company's investor relations website at ir.rexfordindustrial.com.
To Participate in the Telephone Conference Call:
Dial in at least 5 minutes prior to start time:
Domestic: 1-877-407-0789
International: 1-201-689-8562
Conference Call Playback:
Domestic: 1-844-512-2921
International: 1-412-317-6671
Pass code: 13714732
The playback can be accessed through March 11, 2021.
About Rexford Industrial:
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 254 properties with approximately 31.9 million rentable square feet and manages an additional 20 properties with approximately 1.0 million rentable square feet.
For additional information, visit www.rexfordindustrial.com.
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. 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 U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2019, the Company's Quarterly Report on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020, and September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
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 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.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO to exclude the impact of certain items that we do not consider reflective of our core revenue or expense streams. These adjustments consist of (i) acquisition expenses, (ii) loss on extinguishment of debt, (iii) the amortization of the loss on termination of interest rate swap and (iv) other amounts as they may occur. Management believes that Core FFO is a useful supplemental measure as it provides a more meaningful and consistent comparison of operating performance and allows investors to more easily compare the Company's operating results. Because certain of 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. A reconciliation of FFO to Core FFO is set forth below.
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 2021 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.
2021 Estimate | |||||||
Low | High | ||||||
Net income attributable to common stockholders | $ | 0.40 | $ | 0.43 | |||
Company share of depreciation and amortization | 1.00 | 1.00 | |||||
Company share of Core FFO | $ | 1.40 | $ | 1.43 | |||
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 Stabilized Same Property Portfolio. A calculation of NOI for our Stabilized Same Property Portfolio, as well as a reconciliation of net income to NOI for our Stabilized Same Property Portfolio, is set forth below.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) fair value lease revenue 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 Stabilized Same Property Portfolio. A calculation of Cash NOI for our Stabilized Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Stabilized Same Property Portfolio, is set forth below.
Stabilized Same Property Portfolio:
Our 2020 Stabilized 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, 2019 through December 31, 2020, and that were stabilized as of January 1, 2019. Therefore, our Stabilized Same Property Portfolio excludes any properties that were acquired or sold during the period from January 1, 2019 through December 31, 2020, and properties acquired prior to January 1, 2019, that were classified as current or future repositioning, redevelopment or lease-up during 2019 or 2020, which we believe significantly affected the properties' results during the comparative periods. As of December 31, 2020, our 2020 Stabilized Same Property Portfolio consists of 159 properties aggregating 19,688,025 rentable square feet.
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 considered complete once the investment is fully or nearly fully deployed and the property is marketable for leasing. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching
Net Debt to Enterprise Value: At December 31, 2020, we had consolidated indebtedness of
Contact:
Investor Relations:
Stephen Swett
424-256-2153 ext 401
investorrelations@rexfordindustrial.com
Rexford Industrial Realty, Inc. | |||||||
Consolidated Balance Sheets | |||||||
(In thousands except share data) | |||||||
December 31, 2020 | December 31, 2019 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Land | $ | 2,636,816 | $ | 1,927,098 | |||
Buildings and improvements | 2,201,187 | 1,680,178 | |||||
Tenant improvements | 84,462 | 72,179 | |||||
Furniture, fixtures, and equipment | 132 | 141 | |||||
Construction in progress | 25,358 | 18,794 | |||||
Total real estate held for investment | 4,947,955 | 3,698,390 | |||||
Accumulated depreciation | (375,423) | (296,777) | |||||
Investments in real estate, net | 4,572,532 | 3,401,613 | |||||
Cash and cash equivalents | 176,293 | 78,857 | |||||
Restricted cash | 1,230 | — | |||||
Rents and other receivables, net | 10,208 | 5,889 | |||||
Deferred rent receivable, net | 40,893 | 29,671 | |||||
Deferred leasing costs, net | 23,148 | 18,688 | |||||
Deferred loan costs, net | 2,240 | 695 | |||||
Acquired lease intangible assets, net | 92,172 | 73,090 | |||||
Acquired indefinite-lived intangible | 5,156 | 5,156 | |||||
Interest rate swap asset | — | 766 | |||||
Other assets | 14,390 | 9,671 | |||||
Acquisition related deposits | 4,067 | 14,526 | |||||
Assets associated with real estate held for sale, net | 8,845 | — | |||||
Total Assets | $ | 4,951,174 | $ | 3,638,622 | |||
LIABILITIES & EQUITY | |||||||
Liabilities | |||||||
Notes payable | $ | 1,216,160 | $ | 857,842 | |||
Interest rate swap liability | 17,580 | 8,488 | |||||
Accounts payable, accrued expenses and other liabilities | 45,384 | 31,112 | |||||
Dividends payable | 29,747 | 21,624 | |||||
Acquired lease intangible liabilities, net | 67,256 | 59,340 | |||||
Tenant security deposits | 31,602 | 28,779 | |||||
Prepaid rents | 12,660 | 8,988 | |||||
Liabilities associated with real estate held for sale | 193 | — | |||||
Total Liabilities | 1,420,582 | 1,016,173 | |||||
Equity | |||||||
Rexford Industrial Realty, Inc. stockholders' equity | |||||||
Preferred stock, | |||||||
86,651 | 86,651 | ||||||
72,443 | 72,443 | ||||||
83,233 | 83,233 | ||||||
Common Stock, | 1,313 | 1,136 | |||||
Additional paid in capital | 3,182,599 | 2,439,007 | |||||
Cumulative distributions in excess of earnings | (163,389) | (118,751) | |||||
Accumulated other comprehensive income | (17,709) | (7,542) | |||||
Total stockholders' equity | 3,245,141 | 2,556,177 | |||||
Noncontrolling interests | 285,451 | 66,272 | |||||
Total Equity | 3,530,592 | 2,622,449 | |||||
Total Liabilities and Equity | $ | 4,951,174 | $ | 3,638,622 | |||
Rexford Industrial Realty, Inc. | |||||||||||||||
Consolidated Statements of Operations | |||||||||||||||
(Unaudited and in thousands, except per share data) | |||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
REVENUES | |||||||||||||||
Rental income | $ | 88,495 | $ | 74,015 | $ | 329,377 | $ | 264,252 | |||||||
Management, leasing and development services | 95 | 105 | 420 | 406 | |||||||||||
Interest income | 59 | 279 | 338 | 2,555 | |||||||||||
TOTAL REVENUES | 88,649 | 74,399 | 330,135 | 267,213 | |||||||||||
OPERATING EXPENSES | |||||||||||||||
Property expenses | 22,034 | 18,156 | 79,716 | 63,272 | |||||||||||
General and administrative | 9,042 | 8,215 | 36,795 | 30,300 | |||||||||||
Depreciation and amortization | 30,554 | 26,877 | 115,269 | 98,891 | |||||||||||
TOTAL OPERATING EXPENSES | 61,630 | 53,248 | 231,780 | 192,463 | |||||||||||
OTHER EXPENSES | |||||||||||||||
Acquisition expenses | 35 | (3) | 124 | 171 | |||||||||||
Interest expense | 8,673 | 7,364 | 30,849 | 26,875 | |||||||||||
TOTAL EXPENSES | 70,338 | 60,609 | 262,753 | 219,509 | |||||||||||
Loss on extinguishment of debt | (104) | — | (104) | — | |||||||||||
(Loss) gain on sale of real estate | (52) | 10,592 | 13,617 | 16,297 | |||||||||||
NET INCOME | 18,155 | 24,382 | 80,895 | 64,001 | |||||||||||
Less: net income attributable to noncontrolling interest | (1,160) | (734) | (4,492) | (2,022) | |||||||||||
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 16,995 | 23,648 | 76,403 | 61,979 | |||||||||||
Less: preferred stock dividends | (3,636) | (3,636) | (14,545) | (11,055) | |||||||||||
Less: earnings attributable to participating securities | (120) | (108) | (509) | (447) | |||||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 13,239 | $ | 19,904 | $ | 61,349 | $ | 50,477 | |||||||
Net income attributable to common stockholders per share – basic | $ | 0.11 | $ | 0.18 | $ | 0.51 | $ | 0.47 | |||||||
Net income attributable to common stockholders per share – diluted | $ | 0.10 | $ | 0.18 | $ | 0.51 | $ | 0.47 | |||||||
Weighted-average shares of common stock outstanding – basic | 125,995 | 111,612 | 120,874 | 106,407 | |||||||||||
Weighted-average shares of common stock outstanding – diluted | 126,401 | 112,097 | 121,178 | 106,799 | |||||||||||
Rexford Industrial Realty, Inc. | |||||
Stabilized Same Property Portfolio Occupancy and NOI and Cash NOI | |||||
(Unaudited, dollars in thousands) | |||||
Stabilized Same Property Portfolio Occupancy: | |||||
December 31, | |||||
2020 | 2019 | Change (basis | |||
Occupancy: | |||||
Los Angeles County | 0 bps | ||||
Orange County | (20) bps | ||||
San Bernardino County | 140 bps | ||||
San Diego County | 50 bps | ||||
Ventura County | (650) bps | ||||
Total/Weighted Average | (10) bps | ||||
Stabilized Same Property Portfolio NOI and Cash NOI: | |||||||||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||
2020 | 2019 | $ | % | 2020 | 2019 | $ | % | ||||||||||||||||||||
Rental income | $ | 58,763 | $ | 57,185 | $ | 1,578 | $ | 232,477 | $ | 223,985 | $ | 8,492 | |||||||||||||||
Property expenses | 14,232 | 13,757 | 475 | 54,434 | 52,228 | 2,206 | |||||||||||||||||||||
Stabilized Same Property Portfolio NOI | $ | 44,531 | $ | 43,428 | $ | 1,103 | $ | 178,043 | $ | 171,757 | $ | 6,286 | |||||||||||||||
Straight line rental revenue adjustment | 530 | (885) | 1,415 | (159.9)% | (4,629) | (4,268) | (361) | ||||||||||||||||||||
Amortization of above/below market lease intangibles | (1,148) | (1,537) | 389 | (25.3)% | (5,411) | (6,790) | 1,379 | (20.3)% | |||||||||||||||||||
Stabilized Same Property Portfolio Cash NOI | $ | 43,913 | $ | 41,006 | $ | 2,907 | $ | 168,003 | $ | 160,699 | $ | 7,304 | |||||||||||||||
Rexford Industrial Realty, Inc. | |||||||||||||||
Reconciliation of Net Income to NOI, Stabilized Same Property Portfolio NOI and | |||||||||||||||
Stabilized Same Property Portfolio Cash NOI | |||||||||||||||
(Unaudited and in thousands) | |||||||||||||||
Three Months Ended | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income | $ | 18,155 | $ | 24,382 | $ | 80,895 | $ | 64,001 | |||||||
Add: | |||||||||||||||
General and administrative | 9,042 | 8,215 | 36,795 | 30,300 | |||||||||||
Depreciation and amortization | 30,554 | 26,877 | 115,269 | 98,891 | |||||||||||
Acquisition expenses | 35 | (3) | 124 | 171 | |||||||||||
Interest expense | 8,673 | 7,364 | 30,849 | 26,875 | |||||||||||
Deduct: | |||||||||||||||
Management, leasing and development services | 95 | 105 | 420 | 406 | |||||||||||
Interest income | 59 | 279 | 338 | 2,555 | |||||||||||
Loss on extinguishment of debt | (104) | — | (104) | — | |||||||||||
(Loss) gain on sale of real estate | (52) | 10,592 | 13,617 | 16,297 | |||||||||||
Net operating income (NOI) | $ | 66,461 | $ | 55,859 | $ | 249,661 | $ | 200,980 | |||||||
Non-Stabilized Same Property Portfolio rental income | (29,732) | (16,830) | (96,900) | (40,267) | |||||||||||
Non-Stabilized Same Property Portfolio property expenses | 7,802 | 4,399 | 25,282 | 11,044 | |||||||||||
Stabilized Same Property Portfolio NOI | $ | 44,531 | $ | 43,428 | $ | 178,043 | $ | 171,757 | |||||||
Straight line rental revenue adjustment | 530 | (885) | (4,629) | (4,268) | |||||||||||
Amortization of above/below market lease intangibles | (1,148) | (1,537) | (5,411) | (6,790) | |||||||||||
Stabilized Same Property Portfolio Cash NOI | $ | 43,913 | $ | 41,006 | $ | 168,003 | $ | 160,699 | |||||||
Rexford Industrial Realty, Inc. | |||||||||||||||
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations | |||||||||||||||
(Unaudited and in thousands, except per share data) | |||||||||||||||
Three Months Ended | Year Ended December 31, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Net income | $ | 18,155 | $ | 24,382 | $ | 80,895 | $ | 64,001 | |||||||
Add: | |||||||||||||||
Depreciation and amortization | 30,554 | 26,877 | 115,269 | 98,891 | |||||||||||
Deduct: | |||||||||||||||
(Loss) gain on sale of real estate | (52) | 10,592 | 13,617 | 16,297 | |||||||||||
Funds From Operations (FFO) | $ | 48,761 | $ | 40,667 | $ | 182,547 | $ | 146,595 | |||||||
Less: preferred stock dividends | (3,636) | (3,636) | (14,545) | (11,055) | |||||||||||
Less: FFO attributable to noncontrolling interest(1) | (2,182) | (1,087) | (7,654) | (3,897) | |||||||||||
Less: FFO attributable to participating securities(2) | (188) | (188) | (772) | (733) | |||||||||||
Company share of FFO | $ | 42,755 | $ | 35,756 | $ | 159,576 | $ | 130,910 | |||||||
Company Share of FFO per common share – basic | $ | 0.34 | $ | 0.32 | $ | 1.32 | $ | 1.23 | |||||||
Company Share of FFO per common share – diluted | $ | 0.34 | $ | 0.32 | $ | 1.32 | $ | 1.23 | |||||||
FFO | $ | 48,761 | $ | 40,667 | $ | 182,547 | $ | 146,595 | |||||||
Adjust: | |||||||||||||||
Acquisition expenses | 35 | (3) | 124 | 171 | |||||||||||
Loss on extinguishment of debt | 104 | — | 104 | — | |||||||||||
Amortization of loss on termination of interest rate swap | 218 | — | 218 | — | |||||||||||
Core FFO | $ | 49,118 | $ | 40,664 | $ | 182,993 | $ | 146,766 | |||||||
Less: preferred stock dividends | (3,636) | (3,636) | (14,545) | (11,055) | |||||||||||
Less: Core FFO attributable to noncontrolling interest(1) | (2,193) | (1,086) | (7,667) | (3,899) | |||||||||||
Less: Core FFO attributable to participating securities(2) | (190) | (188) | (774) | (733) | |||||||||||
Company share of Core FFO | $ | 43,099 | $ | 35,754 | $ | 160,007 | $ | 131,079 | |||||||
Company share of Core FFO per common share – basic | $ | 0.34 | $ | 0.32 | $ | 1.32 | $ | 1.23 | |||||||
Company share of Core FFO per common share – diluted | $ | 0.34 | $ | 0.32 | $ | 1.32 | $ | 1.23 | |||||||
Weighted-average shares of common stock outstanding – basic | 125,995 | 111,612 | 120,874 | 106,407 | |||||||||||
Weighted-average shares of common stock outstanding – diluted | 126,401 | 112,097 | 121,178 | 106,799 | |||||||||||
(1) | Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 1 & 2 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. |
View original content:http://www.prnewswire.com/news-releases/rexford-industrial-announces-fourth-quarter-and-full-year-2020-financial-results-301226309.html
SOURCE Rexford Industrial Realty, Inc.
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