Rexford Industrial reports Q3 core FFO 56c, consensus 56c

Reports Q3 revenue $204.21M, consensus $202.94M. Q4 consolidated portfolio NOI was $156.1M, up 27.0% vs. the prior year quarter. Q4 same property portfolio NOI increased 8.9% and same property portfolio cash NOI increased 9.5% vs. the prior year quarter. CEOs Michael Frankel and Howard Schwimmer stated, “In Q3, our team increased Core FFO by 33% and Core FFO per diluted share by 12% compared to the prior year quarter…As we look forward, the company remains well-positioned with an estimated 33% embedded cash NOI growth within our in-place portfolio realizable over the subsequent two years. The company’s unique positioning includes a near-term pipeline of over 4.0 million square feet of value-add repositioning and redevelopment projects projected to deliver an aggregate 6.4% unlevered stabilized yield on total investment…In addition, we have completed approximately $1.2B of accretive investments year-to-date with approximately $400M of additional investments under contract or accepted offer, which are subject to customary closing conditions. Looking forward, our investment grade, low-leverage balance sheet favorably positions the company to capitalize upon our value creation strategies and opportunities on behalf of our stakeholders.”