Rexford Industrial Q2 net income $79.8M ($0.37); Core FFO $0.60 (+11% YoY); raises full-year guidance

Rexford Industrial Realty, Inc.

2024-Q2 EPS reported $0.64 revenue$451,669,000

Net income $79.8M ($0.37 dil.) vs $51.6M ($0.26) in Q2 2023; Core FFO $129.6M, up 19.5% YoY.
Consolidated Portfolio NOI $181.1M (+20.9%); Same Property NOI +6.0% GAAP, +9.1% cash.
Occ. 96.9%; rental spreads +67.7% GAAP, +49.0% cash on 2.3M sf leased.
Bought three assets for $169.5M at 5.8% initial yield; sold four for $37.0M; net debt/EV 24.1%.
Full-year Core FFO guidance raised to $2.32-$2.34 (from $2.31-$2.34); Q3 common dividend $0.4175/share.

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