Table of Contents. | |
Section | Page |
Corporate Data: | |
Financial and Portfolio Highlights and Capitalization Data | 6 |
Guidance | 7 |
Consolidated Financial Results: | |
Consolidated Balance Sheets | 9 |
Consolidated Statements of Operations | 10 |
Non-GAAPFFO, Core FFO and AFFO Reconciliations | 12 |
Statement of Operations Reconciliations | 15 |
Same Property Portfolio Performance | 16 |
Capitalization Summary | 17 |
Debt Summary | 18 |
Portfolio Data: | |
Operations | 20 |
Portfolio Overview | 21 |
Leasing Statistics and Trends | 22 |
Top Tenants and Lease Segmentation | 24 |
Capital Expenditure Summary | 25 |
Properties and Space Under Repositioning/Redevelopment | 26 |
Acquisitions and Dispositions Summary | 29 |
Net Asset Value Components | 30 |
Notes and Definitions | 31 |
Disclosures: |
Forward-Looking Statements: This supplemental package 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, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2022 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission ("SEC") on February 13, 2023, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
First Quarter 2023 | Page 2 |
Supplemental Financial Reporting Package |
Investor Company Summary.
Executive Management Team | |||
Howard Schwimmer | Co-Chief Executive Officer, Director | ||
Michael S. Frankel | Co-Chief Executive Officer, Director | ||
Laura Clark | Chief Financial Officer | ||
David Lanzer | General Counsel and Corporate Secretary | ||
Board of Directors | |||
Richard Ziman | Chairman | ||
Tyler H. Rose | Lead Independent Director | ||
Howard Schwimmer | Co-Chief Executive Officer, Director | ||
Michael S. Frankel | Co-Chief Executive Officer, Director | ||
Robert L. Antin | Director | ||
Diana J. Ingram | Director | ||
Angela L. Kleiman | Director | ||
Debra L. Morris | Director | ||
Investor Relations Information | |||
investorrelations@rexfordindustrial.com | |||
Equity Research Coverage | |||
BofA Securities | Camille Bonnel | (646) | 855-5042 |
BMO Capital Markets | John Kim | (212) 885-4115 | |
BNP Paribas Exane | Nate Crossett | (646) | 725-3716 |
Citigroup Investment Research | Craig Mailman | (212) | 816-4471 |
Green Street Advisors | Vince Tibone | (949) | 640-8780 |
J.P. Morgan Securities | Michael Mueller | (212) | 622-6689 |
Jefferies LLC | Jonathan Petersen | (212) | 284-1705 |
Robert W. Baird & Co. | Nicholas Thillman | (414) | 298-5053 |
Stifel | Stephen Manaker | (212) | 271-3716 |
Wells Fargo Securities | Blaine Heck | (443) | 263-6529 |
Wolfe Research | Andrew Rosivach | (646) | 582-9250 |
Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts' reports on their own; we do not distribute these reports.
First Quarter 2023 | Page 3 |
Supplemental Financial Reporting Package |
Company Overview.
For the Quarter Ended March 31, 2023
First Quarter 2023 | Page 4 |
Supplemental Financial Reporting Package |
Highlights - Consolidated Financial Results.
Quarterly Results | (in millions) |
$150
$120
$90 $60 $30 $0
Net Operating Income (NOI) | ||||
(33% Year-over-Year Growth) | ||||
$136.4 | $142.3 | |||
$123.0 | ||||
$113.6 | ||||
$107.2 | ||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 |
$150
$120
$90 $60 $30 $0
Adjusted EBITDA | ||||
(38% Year-over-Year Growth) | ||||
$129.5 | $139.8 | |||
$117.5 | ||||
$108.3 | ||||
$101.5 | ||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 |
$120 $100 $80
$60 $40 $20 $0
Company Share of Core FFO | ||||
(34% Year-over-Year Growth) | ||||
$102.7 | ||||
$81.7 | $86.1 | $90.3 | ||
$76.6 | ||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 |
$100
$80
$60
$40
$20
$0
Adjusted Funds From Operations (AFFO)
(28% Year-over-Year Growth)
$86.0 | ||||
$67.1 | $66.8 | $68.4 | $75.2 | |
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | Q1 2023 |
First Quarter 2023 | Page 5 |
Supplemental Financial Reporting Package |
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Rexford Industrial Realty Inc. published this content on 19 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 20:21:28 UTC.