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

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