Rexford Industrial Q4 Core FFO +61.5% YoY; dividend raised 31.3%; 2022 guidance initiated

Rexford Industrial Realty, Inc.

2021-FY EPS reported $0.80 revenue$452,238,000

Q4 net income $34.8M ($0.23/diluted) vs $13.2M ($0.10) prior year; Core FFO $69.6M ($0.45/diluted), up 32.4% per share.
Same Property NOI +10.0%, Cash NOI +6.8%; Q4 comparable rent spreads +34.2% GAAP, +21.5% cash; 99.0% avg occupancy.
Full-year 2021 acquisitions: 53 properties for $1.9B; post-quarter-end acquired 5 properties for $169.8M.
Quarterly dividend raised to $0.315/share from $0.24 (31.3% increase); payable April 15, 2022.
2022 Core FFO guidance $1.77–$1.81/diluted; Same Property NOI growth 3.25–4.25%; Cash NOI growth 6.0–7.0%.

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