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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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.
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.
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.
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.
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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