The following is a summary of the Rexford Industrial Realty, Inc. (REXR) Q1 2024 Earnings Call Transcript:
Financial Performance:
Rexford Industrial's Q1 core FFO per share had a notable increase of 12% YoY to $0.58.
It registered same-property NOI growth of 8.5% and 5.5% on a cash and net-effective basis, respectively.
Leasing spreads were carried out over the trailing 12-month period, amounting to 71% on a net-effective basis and 52% on a cash basis.
The company anticipates a reduction in leverage within the 4x to 4.5x target range in the near term.
The company projects a full year 2024 core FFO per share guidance between $2.31 and $2.34.
Registry of $2.1 billion in liquidity, including a $1 billion revolver, $837 million of forward equity, and $185 million of cash was noted.
Business Progress:
Rexford Industrial completed substantial leasing activity, covered around 3.2 million sq. ft. of space with favourable spreads.
It concluded $1 billion of acquisitions mostly via off-market transactions.
A pipeline of approximately $275 million acquisitions under contract, expected to generate an initial yield of 5%, was reported.
A large off-market portfolio from a combination of Blackstone-affiliated entities was procured valued near $1 billion.
The company disposed of a property for $10 million and documented $50 million of dispositions under contract currently.
An estimated 4.6 million sq. ft. of value-add repositioning and redevelopment within the next 18 months have been outlined.
A future growth of 11% to 13% three-year average annual core FFO per share growth through 2026 has been forecasted.
A new lease extension with Tireco until 2027 has been agreed upon that would ensure improved asset performance.
The company's cash same-property guidance for the year is set at 50%, with net effective guidance positioned at 60%.
Rexford Industrial's market rents have been outperforming the underwriting estimates.
The company plans to target around 20% to 25% of lease expirations for repositioning or redevelopment over the next 12 to 18 months.
More details: Rexford Industrial Realty Inc IR
Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.