第99.1展示文本
瑞斯福德工業宣佈2024年第三季度財務業績
加利福尼亞州洛杉磯-2024年10月16日- Rexford Industrial Realty, Inc.（以下簡稱「公司」或「雷克斯福德工業」）（紐交所：REXR），一家專注於通過投資和經營南加州填充區工業物業創造價值的股權房地產投資信託（REIT），今日宣佈了2024年第三季度的財務和運營結果。
2024年第三季度財務和運營亮點：
•淨利潤歸屬於普通股股東爲6510萬美元，每股稀釋後盈利爲0.30美元，而去年同期每股稀釋後盈利爲5630萬美元，0.27美元。
•公司核心FFO的股份爲1.3億美元，比上年同期增長13.1%。
•公司每股核心FFO diluted股份爲0.59美元，比去年同期增長了5.4%。
•整合投資組合淨營業收入達到18350萬美元，較上一年同期增長17.6%。
•與上一年同期相比，相同物業組合淨營業收入增長了2.6％，相同物業組合現金淨收入增長了5.3％。
•平均同屬性組合佔用率爲96.9％。
•與以往租金相比，在GAAP基礎上，可比租金率增長了39.2％，現金基礎上增長了26.7％，涉及160萬可租用平方英尺的新租賃和續約租約。
•完成了兩項收購，累計購買價格爲6050萬美元，並出售一處房產，售價爲730萬美元。
•以淨債務佔企業價值比22.2%衡量，本季度結束時的資產負債表保持低槓桿。
Rexford Industrial持續交出強勁的運營業績，突顯了我們基於價值的業務模式和充滿活力的團隊的優勢，公司的聯席首席執行官Michael Frankel和Howard Schwimmer表示。在展望未來時，我們相信我們在南加州細分目標市場內的廣泛的價值創造機會和有利的供需動態將持續爲我們的利益相關方提供重要的增長空間，從而實現高質量、增值的現金流增長。
財務業績：
公司報道，截至2023年第三季度，歸屬於普通股股東的淨利潤爲6510萬美元，每股攤薄股利爲0.30美元，相比上一年同期的5630萬美元，每股攤薄股利爲0.27美元。截至2024年9月30日的九個月中，歸屬於普通股股東的淨利潤爲20350萬美元，每股攤薄股利爲0.94美元，相比上一年的16580萬美元，每股攤薄股利爲0.83美元。2024年9月30日結束的前九個月中，淨利潤中包括從房地產業出售中獲得的1800萬美元收益，相比上一年同期的1210萬美元。
公司報告了其第三季度核心FFO的份額爲13000萬美元，比去年同期的11500萬美元增長了13.1%。公司報告了每股0.59美元的稀釋股本核心FFO，相對於去年同期的每股0.56美元，增長了5.4%。截至2024年9月30日的九個月，核心FFO爲38310萬美元，相比去年同期的32600萬美元增長了17.5%。截至2024年9月30日的九個月，公司報告的每股1.77美元的稀釋股本核心FFO，相對於去年同期的每股1.62美元，增長了9.3%。
在第三季度，公司的綜合資產賣價淨收入（NOI）和現金淨收入（Cash NOI）分別比去年同期增長了17.6%和20.7%。截至2024年9月30日的九個月期間，公司的綜合資產賣價淨收入（NOI）和現金淨收入（Cash NOI）分別比去年同期增長了17.8%和20.0%。
在第三季度，公司同物業組合的淨經營收入（NOI）和現金淨經營收入分別比去年同期增長了2.6%和5.3%。截至2024年9月30日的九個月內，公司同物業組合的淨經營收入（NOI）和現金淨經營收入分別比去年同期增長了4.7%和7.7%。
經營業績:
2024年第三季度的活動顯示出Rexford Industrial在目標填充的南加州市場內具有強勁的租賃基本面:
Q3-2024 租賃活動 | ||||||||||||||||||||||||||
發佈點差 | ||||||||||||||||||||||||||
已執行的租約數量 | 的科幻小說 租賃 | GAAP | 現金 | |||||||||||||||||||||||
新租約 | 56 | 994,566 | 35.8% | 25.7% | ||||||||||||||||||||||
續訂租約 | 52 | 599,529 | 41.4% | 27.3% | ||||||||||||||||||||||
租賃總數 | 108 | 1,594,095 | 39.2% | 26.7% | ||||||||||||||||||||||
截至2024年9月30日，公司的同店資產出租率爲96.7%。第三季度平均同店資產出租率爲96.9%。公司的綜合投資組合，不包括新增重新定位資產，出租率爲97.6%，出租率爲97.8%，公司的綜合投資組合，包括新增重新定位資產，出租率爲93.0%，出租率爲94.0%。
交易活動:
2024年第三季度，公司完成了兩筆收購，總價值6050萬美元，包括佔地12英畝的271,205平方英尺建築，其中包括：
•位於洛杉磯南灣區域託蘭斯190街950號，售價4130萬美元，每平方英尺103美元。這塊佔地9.2英畝的土地位於I-405和I-110高速公路的交匯處，便利通往洛杉磯港和長灘港，以及洛杉磯國際機場的貨運航站。短期出售租賃後，公司計劃將該地重新開發爲一個佔地195,000平方英尺的A級工業設施，設有1英畝的鋪裝存儲場地。該投資產生的初始無槓桿現金收益率爲7.3%，預計總投資將穩定在6.7%的無槓桿現金收益率。根據CBRE的數據顯示，洛杉磯南灣區域總面積1.98億平方英尺，2024年第三季度末該區域的空置率爲4.2%。
•12900 Alondra Boulevard, Cerritos，位於洛杉磯-中央縣區域，售價爲1920萬美元或每平方英尺232美元。該座佔地3.0英畝的82660平方英尺獨立租戶建築，租金估計低於市場價35%。該投資初始未負債現金收益率爲4.8%，預計第三年穩定後的未負債現金收益率爲6.5%。根據CBRE的數據，在2024年第三季結束時，LA-中央縣區域共計1.03億平方英尺，空置率爲5.2%。
2024年第三季度之後，公司通過場外交易收購：
•13201 Dahlia Street, Fontana，位於西內陸帝國地區，出售價格爲7010萬美元，每平方英尺價格爲251美元。這座佔地12.9英畝的278,650平方英尺交叉碼頭工業建築物新租給一位投資級信用承租人。該投資項目初始產生5.2%的無負債現金收益。根據CBRE的數據，2024年第三季度末IE - 西區域的354億平方英尺中，空置率爲5.6%。
截至目前，該公司已完成總投資額達140億美元，包括佔地206英畝的430萬平方英尺建築物，預計將產生5.0％的加權平均未槓桿化初始收益率，以及總投資的5.7％的預期未槓桿穩定收益率。
公司目前擁有一個近期收購項目管道，涵蓋了位於南加州主要填充工業市場約20000萬美元的新投資，這些收購項目正在進行合同或接受要約。這些收購項目受到
根據慣例的盡職調查和交割條件；因此，公司不保證會完成這些交易。
2024年第三季度，公司完成了位於洛杉磯中心次市場的商業地產2553 Garfield Avenue的處置，售價爲730萬美元或每平方英尺284美元。這棟單租戶工業建築總面積爲25,615平方英尺，以12.6%的非槓桿IRR賣給了一名用戶。
截至目前，公司已經出售了五處房產，總銷售價格爲4430萬美元，產生了12.8%的加權平均未負債投資內部收益率。
在2024年第三季度，公司起租並穩定了三個重置和重新開發項目，總面積達到327,458平方英尺，總投資爲9870萬美元。這些項目實現了總投資的加權平均無負債穩定收益率爲7.6%。
Year to date, the Company stabilized seven repositioning and redevelopment projects totaling 450,477 square feet, which represent a total investment of $165.1 million. The projects achieved a weighted average unlevered stabilized yield on total investment of 8.4%.
Balance Sheet:
The Company ended the third quarter with $61.8 million in cash on hand and $995.0 million available under its unsecured revolving credit facility. As of September 30, 2024, the Company had $3.4 billion of outstanding debt, with an average interest rate of 3.8%, an average term-to-maturity of 3.8 years and no floating rate debt exposure. Including extension options available at the Company’s option, the Company has no significant debt maturities until 2026.
During the third quarter of 2024, the Company partially settled the outstanding forward equity sale agreement related to its March 2024 public offering by issuing 1,650,916 shares of common stock for net proceeds of $80.0 million.
Subsequent to the third quarter of 2024, the Company partially settled the outstanding forward equity sale agreement related to its March 2024 public offering by issuing 2,884,380 shares of common stock for net proceeds of $140.0 million.
As of October 16, 2024, the Company had approximately $614.0 million of net forward proceeds remain for settlement.
During the third quarter of 2024, the Company did not execute on its ATM Program. As of September 30, 2024, the Company’s ATM Program had approximately $927.4 million of remaining capacity.
Dividends:
On October 14, 2024, the Company’s Board of Directors authorized a dividend in the amount of $0.4175 per share for the fourth quarter of 2024, payable in cash on January 15, 2025, to common stockholders and common unit holders of record as of December 31, 2024.
On October 14, 2024, the Company’s Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on December 31, 2024, to preferred stockholders of record as of December 16, 2024.
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 October 16, 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) | Q3 2024 Updated Guidance | Q2 2024 Guidance | ||||||||||||
| Net Income Attributable to Common Stockholders per diluted share | $1.20 - $1.22 | $1.19 - $1.21 | ||||||||||||
| Company share of Core FFO per diluted share | $2.33 - $2.35 | $2.32 - $2.34 | ||||||||||||
| Same Property Portfolio NOI Growth - GAAP | 4.25% - 4.75% | 4.25% - 5.25% | ||||||||||||
| Same Property Portfolio NOI Growth - Cash | 7.0% - 7.5% | 7.0% - 8.0% | ||||||||||||
Average Same Property Portfolio Occupancy (Full Year) (2) | 96.5% - 96.75% | 96.5% - 97.0% | ||||||||||||
General and Administrative Expenses (3) | +/- $83.0M | +/- $83.0M | ||||||||||||
| Net Interest Expense | +/- $99.0M | +/- $99.0M | ||||||||||||
(1)2024 Guidance represents the in-place portfolio as of October 16, 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 September 30, 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). Our 2024 Same Property Portfolio represents approximately 73% of total 3Q 2024 NOI.
(3)2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $38.8 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company’s overall performance and may or may not be realized based on actual results.
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, October 17, 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 Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 424 properties with approximately 50.3 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please 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. 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 U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, 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 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 | $ | 1.20 | $ | 1.22 | |||||||
| Company share of depreciation and amortization | 1.21 | 1.21 | |||||||||
Company share of gains on sale of real estate(1) | (0.08) | (0.08) | |||||||||
| Company share of Core FFO | $ | 2.33 | $ | 2.35 | |||||||
(1)Reflects the sale of five properties during the nine months ended September 30, 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 September 30, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through September 30, 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 September 30, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 36,961,821 rentable square feet at 293 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.
Stabilization Date - Repositioning/Redevelopment Properties: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/redevelopment construction work.
Net Debt to Enterprise Value: As of September 30, 2024, we had consolidated indebtedness of $3.4 billion, reflecting a net debt to enterprise value of approximately 22.2%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.
Contact:
investorrelations@rexfordindustrial.com
Financial Statements and Reconciliations:
Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
| September 30, 2024 | December 31, 2023 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Land | $ | 7,703,232 | $ | 6,815,622 | |||||||
| Buildings and improvements | 4,416,032 | 3,933,379 | |||||||||
| Tenant improvements | 181,785 | 167,251 | |||||||||
| Furniture, fixtures, and equipment | 132 | 132 | |||||||||
| Construction in progress | 370,431 | 240,010 | |||||||||
| Total real estate held for investment | 12,671,612 | 11,156,394 | |||||||||
| Accumulated depreciation | (925,373) | (782,461) | |||||||||
| Investments in real estate, net | 11,746,239 | 10,373,933 | |||||||||
| Cash and cash equivalents | 61,836 | 33,444 | |||||||||
Loan receivable, net | 123,129 | 122,784 | |||||||||
| Rents and other receivables, net | 17,315 | 17,494 | |||||||||
| Deferred rent receivable, net | 151,637 | 123,325 | |||||||||
| Deferred leasing costs, net | 69,152 | 59,351 | |||||||||
| Deferred loan costs, net | 2,356 | 3,426 | |||||||||
| Acquired lease intangible assets, net | 205,510 | 153,670 | |||||||||
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | |||||||||
Interest rate swap assets | 3,880 | 9,896 | |||||||||
| Other assets | 34,092 | 25,225 | |||||||||
| Acquisition related deposits | — | 2,125 | |||||||||
| Total Assets | $ | 12,420,302 | $ | 10,929,829 | |||||||
| LIABILITIES & EQUITY | |||||||||||
| Liabilities | |||||||||||
| Notes payable | $ | 3,350,190 | $ | 2,225,914 | |||||||
| Interest rate swap liability | 295 | — | |||||||||
| Accounts payable, accrued expenses and other liabilities | 169,084 | 128,842 | |||||||||
| Dividends and distributions payable | 95,288 | 83,733 | |||||||||
| Acquired lease intangible liabilities, net | 155,328 | 147,561 | |||||||||
| Tenant security deposits | 91,983 | 84,872 | |||||||||
Tenant prepaid rents | 93,218 | 115,002 | |||||||||
| Total Liabilities | 3,955,386 | 2,785,924 | |||||||||
| Equity | |||||||||||
| Rexford Industrial Realty, Inc. stockholders’ equity | |||||||||||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized: | |||||||||||
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at September 30, 2024 and December 31, 2023 ($75,000 liquidation preference) | 72,443 | 72,443 | |||||||||
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at September 30, 2024 and December 31, 2023 ($86,250 liquidation preference) | 83,233 | 83,233 | |||||||||
Common Stock,$ 0.01 par value per share, 489,950,000 authorized and 219,507,345 and 212,346,450 shares outstanding at September 30, 2024 and December 31, 2023, respectively | 2,195 | 2,123 | |||||||||
| Additional paid in capital | 8,318,979 | 7,940,781 | |||||||||
| Cumulative distributions in excess of earnings | (407,695) | (338,835) | |||||||||
| Accumulated other comprehensive loss | 1,474 | 7,172 | |||||||||
| Total stockholders’ equity | 8,070,629 | 7,766,917 | |||||||||
| Noncontrolling interests | 394,287 | 376,988 | |||||||||
| Total Equity | 8,464,916 | 8,143,905 | |||||||||
| Total Liabilities and Equity | $ | 12,420,302 | $ | 10,929,829 | |||||||
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Rental income | $ | 238,396 | $ | 204,212 | $ | 682,359 | $ | 583,474 | |||||||||||||||
| Management and leasing services | 156 | 158 | 444 | 519 | |||||||||||||||||||
| Interest income | 3,291 | 1,029 | 10,709 | 3,408 | |||||||||||||||||||
| TOTAL REVENUES | 241,843 | 205,399 | 693,512 | 587,401 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Property expenses | 54,867 | 48,085 | 154,254 | 135,220 | |||||||||||||||||||
| General and administrative | 20,926 | 18,575 | 60,213 | 55,039 | |||||||||||||||||||
| Depreciation and amortization | 69,241 | 60,449 | 203,415 | 178,671 | |||||||||||||||||||
| TOTAL OPERATING EXPENSES | 145,034 | 127,109 | 417,882 | 368,930 | |||||||||||||||||||
| OTHER EXPENSES | |||||||||||||||||||||||
| Other expenses | 492 | 551 | 2,204 | 1,504 | |||||||||||||||||||
| Interest expense | 27,340 | 15,949 | 70,423 | 46,830 | |||||||||||||||||||
| TOTAL EXPENSES | 172,866 | 143,609 | 490,509 | 417,264 | |||||||||||||||||||
| Gains on sale of real estate | 1,745 | — | 18,013 | 12,133 | |||||||||||||||||||
| NET INCOME | 70,722 | 61,790 | 221,016 | 182,270 | |||||||||||||||||||
| Less: net income attributable to noncontrolling interests | (2,952) | (2,824) | (9,399) | (8,605) | |||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 67,770 | 58,966 | 211,617 | 173,665 | |||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
| Less: earnings attributable to participating securities | (395) | (314) | (1,222) | (952) | |||||||||||||||||||
| NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 65,061 | $ | 56,338 | $ | 203,452 | $ | 165,770 | |||||||||||||||
Net income attributable to common stockholders per share – basic | $ | 0.30 | $ | 0.27 | $ | 0.94 | $ | 0.83 | |||||||||||||||
Net income attributable to common stockholders per share – diluted | $ | 0.30 | $ | 0.27 | $ | 0.94 | $ | 0.83 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic | 218,760 | 205,280 | 216,857 | 200,455 | |||||||||||||||||||
| Weighted-average shares of common stock outstanding – diluted | 219,133 | 205,448 | 216,994 | 200,668 | |||||||||||||||||||
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
| Same Property Portfolio Occupancy: | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2024 | 2023 | Change (basis points) | |||||||||||||||
Quarterly Weighted Average Occupancy:(1) | |||||||||||||||||
| Los Angeles County | 97.3% | 97.4% | (10) bps | ||||||||||||||
| Orange County | 99.4% | 98.5% | 90 bps | ||||||||||||||
| Riverside / San Bernardino County | 96.9% | 95.2% | 170 bps | ||||||||||||||
| San Diego County | 94.4% | 97.8% | (340) bps | ||||||||||||||
| Ventura County | 92.9% | 98.8% | (590) bps | ||||||||||||||
| Same Property Portfolio Weighted Average Occupancy | 96.9% | 97.2% | (30) bps | ||||||||||||||
| Ending Occupancy: | 96.7% | 97.4% | (70) bps | ||||||||||||||
(1)Calculated by averaging the occupancy rate at the end of each month in 3Q-2024 and June 2024 (for 3Q-2024) and the end of each month in 3Q-2023 and June 2023 (for 3Q-2023).
| Same Property Portfolio NOI and Cash NOI: | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | $ Change | % Change | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| Rental income | $ | 175,334 | $ | 170,392 | $ | 4,942 | 2.9 | % | $ | 520,131 | $ | 496,393 | $ | 23,738 | 4.8 | % | |||||||||||||||||||||||||||||||
| Property expenses | 41,207 | 39,620 | 1,587 | 4.0 | % | 118,803 | 113,261 | 5,542 | 4.9 | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI | $ | 134,127 | $ | 130,772 | $ | 3,355 | 2.6 | % | $ | 401,328 | $ | 383,132 | $ | 18,196 | 4.7 | % | |||||||||||||||||||||||||||||||
| Straight line rental revenue adjustment | (5,946) | (7,720) | 1,774 | (23.0) | % | (15,813) | (21,666) | 5,853 | (27.0) | % | |||||||||||||||||||||||||||||||||||||
| Above/(below) market lease revenue adjustments | (4,905) | (5,977) | 1,072 | (17.9) | % | (15,778) | (18,210) | 2,432 | (13.4) | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 123,276 | $ | 117,075 | $ | 6,201 | 5.3 | % | $ | 369,737 | $ | 343,256 | $ | 26,481 | 7.7 | % | |||||||||||||||||||||||||||||||
Rexford Industrial Realty, Inc.
Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net income | $ | 70,722 | $ | 61,790 | $ | 221,016 | $ | 182,270 | |||||||||||||||
| General and administrative | 20,926 | 18,575 | 60,213 | 55,039 | |||||||||||||||||||
| Depreciation and amortization | 69,241 | 60,449 | 203,415 | 178,671 | |||||||||||||||||||
| Other expenses | 492 | 551 | 2,204 | 1,504 | |||||||||||||||||||
| Interest expense | 27,340 | 15,949 | 70,423 | 46,830 | |||||||||||||||||||
| Management and leasing services | (156) | (158) | (444) | (519) | |||||||||||||||||||
| Interest income | (3,291) | (1,029) | (10,709) | (3,408) | |||||||||||||||||||
| Gains on sale of real estate | (1,745) | — | (18,013) | (12,133) | |||||||||||||||||||
| Net operating income (NOI) | $ | 183,529 | $ | 156,127 | $ | 528,105 | $ | 448,254 | |||||||||||||||
| Straight line rental revenue adjustment | (11,441) | (11,792) | (28,376) | (28,073) | |||||||||||||||||||
Above/(below) market lease revenue adjustments(1) | (6,635) | (7,241) | (21,494) | (21,763) | |||||||||||||||||||
| Cash NOI | $ | 165,453 | $ | 137,094 | $ | 478,235 | $ | 398,418 | |||||||||||||||
| NOI | $ | 183,529 | $ | 156,127 | $ | 528,105 | $ | 448,254 | |||||||||||||||
| Non-Same Property Portfolio rental income | (63,062) | (33,820) | (162,228) | (87,081) | |||||||||||||||||||
| Non-Same Property Portfolio property expenses | 13,660 | 8,465 | 35,451 | 21,959 | |||||||||||||||||||
| Same Property Portfolio NOI | $ | 134,127 | $ | 130,772 | $ | 401,328 | $ | 383,132 | |||||||||||||||
| Straight line rental revenue adjustment | (5,946) | (7,720) | (15,813) | (21,666) | |||||||||||||||||||
| Above/(below) market lease revenue adjustments | (4,905) | (5,977) | (15,778) | (18,210) | |||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 123,276 | $ | 117,075 | $ | 369,737 | $ | 343,256 | |||||||||||||||
(1)Above/(below) market lease revenue adjustments include the write-off of $0 and $1,318 for the three and nine months ended June 30, 2023, respectively, that is 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. There were no comparable write-offs for the three and nine months ended September 30, 2024.
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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Net income | $ | 70,722 | $ | 61,790 | $ | 221,016 | $ | 182,270 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 69,241 | 60,449 | 203,415 | 178,671 | |||||||||||||||||||
| Gains on sale of real estate | (1,745) | — | (18,013) | (12,133) | |||||||||||||||||||
| Funds From Operations (FFO) | $ | 138,218 | $ | 122,239 | $ | 406,418 | $ | 348,808 | |||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
Less: FFO attributable to noncontrolling interests(1) | (5,389) | (4,909) | (15,987) | (14,554) | |||||||||||||||||||
Less: FFO attributable to participating securities(2) | (566) | (461) | (1,718) | (1,339) | |||||||||||||||||||
| Company share of FFO | $ | 129,949 | $ | 114,555 | $ | 381,770 | $ | 325,972 | |||||||||||||||
| Company Share of FFO per common share – basic | $ | 0.59 | $ | 0.56 | $ | 1.76 | $ | 1.63 | |||||||||||||||
| Company Share of FFO per common share – diluted | $ | 0.59 | $ | 0.56 | $ | 1.76 | $ | 1.62 | |||||||||||||||
| FFO | $ | 138,218 | $ | 122,239 | $ | 406,418 | $ | 348,808 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Acquisition expenses | 6 | 10 | 114 | 330 | |||||||||||||||||||
| Impairment of right-of-use asset | — | — | — | 188 | |||||||||||||||||||
| Amortization of loss on termination of interest rate swaps | 59 | 59 | 177 | 177 | |||||||||||||||||||
| Non-capitalizable demolition costs | — | 361 | 1,127 | 701 | |||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(3) | — | — | — | (1,318) | |||||||||||||||||||
| Core FFO | $ | 138,283 | $ | 122,669 | $ | 407,836 | $ | 348,886 | |||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
Less: Core FFO attributable to noncontrolling interest(1) | (5,391) | (4,924) | (16,035) | (14,556) | |||||||||||||||||||
Less: Core FFO attributable to participating securities(2) | (567) | (462) | (1,725) | (1,339) | |||||||||||||||||||
| Company share of Core FFO | $ | 130,011 | $ | 114,969 | $ | 383,133 | $ | 326,048 | |||||||||||||||
| Company share of Core FFO per common share – basic | $ | 0.59 | $ | 0.56 | $ | 1.77 | $ | 1.63 | |||||||||||||||
| Company share of Core FFO per common share – diluted | $ | 0.59 | $ | 0.56 | $ | 1.77 | $ | 1.62 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic | 218,760 | 205,280 | 216,857 | 200,455 | |||||||||||||||||||
| Weighted-average shares of common stock outstanding – diluted | 219,133 | 205,448 | 216,994 | 200,668 | |||||||||||||||||||
(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. On April 10, 2024, we exercised our conversion right to convert all Series 1 CPOP units into common units of the Company’s operating partnership.
(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.