Rexford Industrial Realty(REXR)

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Rexford Industrial Realty(REXR) - 2023 Q2 - Earnings Call Presentation
2023-07-20 18:21
$21 million Acquisition Price 76,032 SF Size Highlights • Opportunity to drive cash flow growth through renewal of existing tenant or performing repositioning and re-leasing at market rents MARKET SIZE 206M SF VACANCY 1.6% San Diego County Catalina Island IE West Robust, Diverse Tenant Demand Highly Diversified and Stable Tenant Base Strong Tenant Credit REXFORD INDUSTRIAL INVESTOR PRESENTATION Market Fundamentals and Quality Demonstrate Superior, Entrepreneurial Rexford Execution and High-Quality Portfolio ...
Rexford Industrial Realty(REXR) - 2023 Q1 - Quarterly Report
2023-04-24 10:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) Maryland 46-2024407 (State or othe ...
Rexford Industrial Realty(REXR) - 2022 Q4 - Annual Report
2023-02-11 02:53
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________________ .._______________________________________________________________________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 F ...
Rexford Industrial Realty(REXR) - 2022 Q4 - Earnings Call Transcript
2023-02-10 00:00
Rexford Industrial Realty, Inc. (NYSE:REXR) Q4 2022 Earnings Conference Call February 9, 2023 1:00 PM ET Company Participants Aric Chang – Senior Vice President of Investor Relations and Capital Markets Michael Frankel – Co-Chief Executive Officer Howard Schwimmer – Co-Chief Executive Officer Laura Clark – Chief Financial Officer Conference Call Participants Craig Mailman – Citigroup John Kim – BMO Capital Markets Nate Crossett – BNP Paribas Camille Bonnel – Bank of America Jason Belcher – Wells Fargo Dave ...
Rexford Industrial Realty(REXR) - 2022 Q3 - Quarterly Report
2022-10-22 01:48
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction o ...
Rexford Industrial Realty(REXR) - 2022 Q3 - Earnings Call Transcript
2022-10-20 22:25
Rexford Industrial Realty, Inc. (NYSE:REXR) Q3 2022 Earnings Conference Call October 20, 2022 1:00 PM ET Company Participants Aric Chang - SVP of Investor Relations and Capital Markets Laura Clark - Chief Financial Officer Michael Frankel - Co-Chief Executive Officer and Director Howard Schwimmer - Co-Chief Executive Officer and Director Conference Call Participants Blaine Heck - Wells Fargo Camille Bonnel - Bank of America Dave Rodgers - Baird Craig Mailman - Citi Mike Mueller - JPMorgan Chris Lucas - Capi ...
Rexford Industrial Realty(REXR) - 2022 Q2 - Quarterly Report
2022-07-26 01:41
Financial Performance - Net income attributable to common stockholders increased by 76.0% to $80.0 million for the six months ended June 30, 2022, compared to the prior year[194]. - Core funds from operations (Core FFO) attributable to common stockholders increased by 56.5% to $158.3 million for the six months ended June 30, 2022, compared to the prior year[194]. - Net operating income (NOI) increased by 41.7% to $220.7 million for the six months ended June 30, 2022, compared to the prior year[194]. - Net income for the six months ended June 30, 2022, was $89.8 million, an increase of $33.1 million, or 58.4%, compared to the same period in 2021[261]. - Net income for Q2 2022 was $40.9 million, a 57% increase from $26.0 million in Q2 2021[288]. - Total Portfolio rental revenue increased by $36.3 million, or 41.8%, during the three months ended June 30, 2022, compared to the same period in 2021[248]. - Total Portfolio revenues increased by $85.7 million, or 42.0% for the six months ended June 30, 2022, compared to the same period in 2021[265]. - Funds From Operations (FFO) attributable to common stockholders was $170.395 million for the six months ended June 30, 2022, compared to $114.442 million for the same period in 2021[282]. Leasing Activity - Executed a total of 195 new and renewal leases with a combined 2.3 million rentable square feet, with leasing spreads of 77.7% on a GAAP basis and 59.5% on a cash basis[194]. - The average effective rent per square foot for new leases in Q2 2022 was $22.98, with a GAAP leasing spread of 107.6%[226]. - The average effective rent per square foot for renewal leases in Q2 2022 was $19.48, with a GAAP leasing spread of 73.0%[226]. - The company renewed 124 leases for 1.3 million rentable square feet during the six months ended June 30, 2022, resulting in a retention rate of 71.0%[232]. - Scheduled lease expirations represent approximately 6.6% and 14.6% of the total rentable square footage for the remainder of 2022 and 2023, respectively[232]. Property Acquisitions and Dispositions - Completed 14 acquisitions representing 17 properties with 1.5 million rentable square feet for an aggregate purchase price of $457.7 million in Q1 2022[199]. - Completed the acquisition of 18 properties with 1.4 million rentable square feet for an aggregate purchase price of $598.9 million in Q2 2022[199]. - Year to date, the company acquired 41 properties totaling 4.4 million rentable square feet for an aggregate purchase price of $1.7 billion, with over $500 million of acquisitions under contract or letter of intent[318]. - The company completed the disposition of one property for a sales price of $16.5 million during the first half of 2022[307]. Occupancy Rates - Total portfolio occupancy at June 30, 2022 was 95.2%[194]. - As of June 30, 2022, the consolidated portfolio occupancy rate was approximately 95.2%, while the stabilized portfolio occupancy rate was approximately 98.2%[222]. - Same Property Portfolio occupancy was approximately 98.9% as of June 30, 2022, compared to 98.4% in 2021[243]. - The weighted average occupancy for the Same Property Portfolio was approximately 99.1% for the three months ended June 30, 2022, compared to 98.1% in 2021[243]. Property Expenses and Income - Property expenses for the Same Property Portfolio increased by $2.4 million, or 11.0%, during the three months ended June 30, 2022[245]. - Same Property Portfolio property expenses increased by $5.0 million, or 11.6%, while Total Portfolio property expenses increased by $20.7 million, or 43.0%, during the six months ended June 30, 2022, compared to the same period in 2021[270]. - Total Portfolio property expenses increased by $10.9 million, or 44.2%, during the three months ended June 30, 2022, compared to the same period in 2021[254]. - Total Portfolio tenant reimbursements revenue increased by $16.2 million, or 48.0% during the six months ended June 30, 2022, compared to the same period in 2021[266]. Debt and Financing - The company has outstanding fixed-rate and variable-rate debt totaling $1.7 billion, with $6.0 million due within 12 months[299]. - Total consolidated debt as of June 30, 2022, was $1.674 billion, with an effective interest rate of 2.742%[326]. - The company amended its credit agreement on May 26, 2022, establishing a $700 million unsecured revolving credit facility and a $300 million senior unsecured term loan facility, with maturity dates of February 13, 2024, and May 26, 2027, respectively[311]. - The company anticipates continuing to selectively dispose of properties based on market conditions and capital needs[308]. - The company expects to fund acquisitions through available cash, cash flows from operations, and borrowings under the Revolver[318]. Capital Expenditures - The company estimates approximately $384.7 million in capital expenditures will be required over the next three years for property repositioning and redevelopment[319]. - Non-recurring capital expenditures for the six months ended June 30, 2022, totaled $41.459 million, while recurring capital expenditures amounted to $3.314 million[320]. Economic Conditions - Recent inflation and supply chain pressures have led to increased construction costs and delays, potentially impacting future earnings[219]. - Inflation has not materially impacted the company, but a prolonged period of high inflation could increase operating expenses and capital expenditures[340]. - If LIBOR and SOFR increase by 50 basis points, the increase in interest expense on variable-rate debt would decrease future earnings and cash flows by approximately $2.4 million annually[343].
Rexford Industrial Realty(REXR) - 2022 Q2 - Earnings Call Transcript
2022-07-21 22:49
Rexford Industrial Realty, Inc. (NYSE:REXR) Q2 2022 Earnings Conference Call June 21, 2022 1:00 PM ET Company Participants David Lanzer - General Counsel and Corporate Secretary Laura Clark - CFO Michael Frankel - Co-CEO Officer and Director Howard Schwimmer - Co-CEO Executive Officer and Director Conference Call Participants Jamie Feldman - Bank of America Craig Mailman - Citi Blaine Heck - Wells Fargo Connor Siversky - Berenberg Vince Tibone - Green Street Dave Rodgers - Robert W. Baird Mike Mueller - JPM ...
Rexford Industrial Realty(REXR) - 2022 Q2 - Earnings Call Presentation
2022-07-21 17:16
Rexford Industrial Realty NYSE: REXR www.rexfordindustrial.com Investor Presentation July 2022 2 Forward Looking Statements REXFORD INDUSTRIAL INVESTOR PRESENTATION This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management's beliefs and assumptions and information currently available to management. Such statements are subject to risks, un ...
Rexford Industrial Realty(REXR) - 2022 Q1 - Quarterly Report
2022-04-26 01:28
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) Maryland 46-2024407 (State or othe ...