Stock Monitor: First Industrial Realty Trust Post Earnings Reporting
LONDON, UK / ACCESSWIRE / March 21, 2018 / Active-Investors.com has just released a free earnings report on Rexford Industrial Realty, Inc. (NYSE: REXR) ("Rexford"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=REXR. The Company reported its fourth quarter fiscal 2017 operating and financial results on February 13, 2018. The industrial real estate investment trust outperformed top- and bottom-line expectations, and also provided guidance for FY18. Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is currently working on the research report for First Industrial Realty Trust, Inc. (NYSE: FR), which also belongs to the Financial sector as the Company Rexford Industrial Realty. Do not miss out and become a member today for free to access this upcoming report at:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Rexford Industrial Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
www.active-investors.com/registration-sg/?symbol=REXR
Earnings Highlights and Summary
For Q4 2017, Rexford recorded total revenues of $45.9 million, up 32% compared to $34.8 million in Q4 2016. The Company's total rental revenues surged 32.9% to $45.8 million in the reported quarter versus $34.5 million in the prior year's comparable quarter. Rexford's revenue numbers beat analysts' estimates of $45.3 million.
For Q4 2017, Rexford's property net operating income (NOI) totaled $33.6 million, reflecting an increase of 32.8% on a y-o-y basis. The Company's same property portfolio NOI grew 9.0% on a y-o-y basis, driven by an increase in same property portfolio total rental revenues of 8.9% and an increase in same property portfolio operating expenses of 8.7%. Rexford's same property portfolio cash NOI gained 8.7% compared to Q4 2016.
Rexford reported a net income attributable to common stockholders of $11.8 million, or $0.15 per diluted share, in Q4 2017 compared to $6.9 million, or $0.10 per diluted share, in Q4 2016. The Company's net income included gains on sale of real estate of $10.3 million in the reported quarter compared to $5.8 million in the year ago same period.
Rexford reported core funds from operations (FFO) of $20.0 million, or $0.26 per diluted share, in Q4 2017 compared to $15.0 million, or $0.23 per diluted share, in Q4 2016. Rexford's FFO numbers beat Wall Street's estimates of $0.25 per share.
Annual Results
For the full fiscal year ended December 31, 2017, Rexford generated total revenues of $160.4 million compared to $125.3 million in FY16.
For FY17, Rexford recorded a net income attributable to common stockholders of $34.4 million, or $0.48 per diluted share, compared to $22.8 million, or $0.36 per diluted share, in FY16.
Rexford posted a core FFO of $69.1 million, or $0.96 per diluted share, in FY17 compared to $55.2 million, or $0.88 per diluted share, in FY16.
Operating Results
As of December 31, 2017, Rexford's stabilized same property portfolio occupancy was 98.1%, which represented an increase of 120 basis points y-o-y. At December 31, 2017, Rexford's consolidated portfolio, including repositioning assets, was 95.8% leased and 95.5% occupied, which represented an increase in occupancy of 380 basis points y-o-y.
During Q4 2017, Rexford signed 119 new and renewal leases totaling 1,081,103 rentable square feet. The Company's average rental rates on comparable new and renewal leases were up 27.7% on a GAAP basis, and up 18.9% on a cash basis. Rexford signed 50 new leases for 506,581 rentable square feet, with GAAP rents up 40.1% compared to the prior in-place leases. The Company signed 69 renewal leases for 574,522 rentable square feet, with GAAP rents up 23.9% compared to the prior in-place leases.
During Q4 2017, Rexford acquired 8 industrial properties for a total purchase price of $132.3 million. During FY17, the Company acquired 21 properties for an aggregate purchase price of $666.7 million.
In Q4 2017, Rexford sold 3 industrial properties for an aggregate sales price of $33.0 million. During FY17, the Company sold 6 industrial properties for an aggregate sales price of $98.7 million.
Balance Sheet
As of December 31, 2017, Rexford had $671.7 million of outstanding debt, with an average interest rate of 3.45% and an average term-to-maturity of 5.7 years.
In September 2017, Rexford launched a new at-the-market (ATM) program with a total capacity of $300 million, having exhausted the previous $125 million and $150 million ATM programs earlier in 2017. The Company issued an aggregate of 596,448 shares of common stock during Q4 2017, at a weighted average price of $30.44 per share, providing net proceeds of approximately $17.9 million. As of December 31, 2017, the new program had approximately $229.0 million of remaining capacity.
Guidance
For FY18, Rexford is forecasting a net income per diluted share attributable to common stockholders to be within a range of $0.20 to $0.23. Rexford is estimating its share of core FFO per diluted share to be within a range of $1.01 to $1.04.
Rexford is projecting year-end same property portfolio occupancy to be within a range of 95.0% to 97.0%, and year-end stabilized same property portfolio occupancy to be within a band of 96.5% to 98.0%. Rexford is anticipating same property portfolio NOI growth of 6.0% to 8.0%, and stabilized same property portfolio NOI growth of 4.0% to 5.5% for FY18.
Stock Performance Snapshot
March 20, 2018 - At Tuesday's closing bell, Rexford Industrial Realty's stock slightly advanced 0.49%, ending the trading session at $28.54.
Volume traded for the day: 516.01 thousand shares, which was above the 3-month average volume of 507.02 thousand shares.
Stock performance in the last month – up 2.15%; and past twelve-month period – up 29.61%
After yesterday's close, Rexford Industrial Realty's market cap was at $2.21 billion.
Price to Earnings (P/E) ratio was at 59.09.
The stock has a dividend yield of 2.24%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry. This sector was up 0.2% at the end of the session.
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