Rexford Industrial Q1 Core FFO $0.48 (+29.7% YoY); raises 2022 guidance

Rexford Industrial Realty, Inc.

2022-Q1 EPS reported $0.27 revenue$140,752,000

Net income $43.9M ($0.27 diluted) vs $24.9M ($0.19) prior year; Core FFO $76.6M ($0.48/diluted), up 29.7% per share.
Same Property Portfolio Cash NOI up 11.7% YoY; occupancy 99.2%; releasing spreads 71.1% GAAP, 56.9% cash.
Acquired 17 properties for $457.7M; sold one for $16.5M; raised $305.9M equity via ATM at avg $71.32/share.
Raised 2022 Core FFO guidance to $1.84-$1.88 from $1.77-$1.81; Same Property NOI growth raised to 4.0%-5.0%.
Net debt-to-enterprise value 10.3%; no debt maturities until 2023; dividend $0.315/share declared for Q2 2022.

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