earnings
confidence high
sentiment positive
materiality 0.75
Rexford Industrial Q1 Core FFO $0.52 (+8.3% YoY); raises 2023 guidance above initial range
Rexford Industrial Realty, Inc.
2023-Q1 EPS reported
$0.30
revenue$186,236,000
- Net income $57.9M ($0.30 diluted) vs $43.9M ($0.27) year ago; Core FFO $102.7M (+34% YoY).
- Same Property Portfolio NOI up 7.3% GAAP and 10.7% cash; average occupancy 98.0%.
- New and renewal leases on 1.8M sq ft with GAAP spreads of 80.2% and cash spreads of 59.7%.
- Closed $804.3M of acquisitions YTD (incl. post-quarter); net debt to enterprise value 13.6%.
- Updated 2023 Core FFO guidance to $2.11-$2.15 per diluted share ($2.08-$2.12 initial).