Earning Stock to Watch: Rexford Industrial Realty Inc (NYSE: REXR)

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Rexford Industrial Realty Inc (NYSE: REXR) posted better than expected results for the third quarter of FY 20. The Company reported net income attributable to common stockholders of $25.9 million for the three months ended September 30, 2020, as compared to net income attributable to common stockholders of $9.7 million, for the three months ended September 30, 2019. During the third quarter of 2020, the Company had signed 101 new and renewal leases of aggregate 1,562,179 rentable square feet.  Average rental rates on comparable new and renewal leases were up 26.8% on a GAAP basis and up 17.4% on a cash basis. The Company has signed 52 new leases for 987,176 rentable square feet, with GAAP rents up 38.9% and cash rents up 25.5% compared to the prior in-place leases. The Company has signed 49 renewal leases for 575,003 rentable square feet, with GAAP rents up 16.7% and cash rents up 10.5% compared to the prior in-place leases. During the third quarter of 2020, the Company acquired five properties for the total purchase price of $68.7 million. The Company sold three properties for an aggregate sales price of $44.2 million.

Moreover, the Company ended the third quarter with $786 million in liquidity, including $286 million in cash and restricted cash and $500 million available under its unsecured revolving credit facility. As of September 30, 2020, the Company had $908.0 million of outstanding debt, with an average interest rate of 3.47% and an average term-to-maturity of 4.8 years. The Company has no debt maturities until 2022. During the third quarter, the Company did not issue any shares of common stock under its at-the-market equity offering program (ATM program).

REXR in the third quarter of FY 20 has reported the adjusted funds from operations (FFO) per share of 33 cents, beating the analysts’ estimates for the adjusted earnings per share of 32 cents. For the three months ended September 30, 2020, the Company’s consolidated portfolio NOI grew 23.8% compared to the three months ended September 30, 2019, and the Company’s consolidated portfolio Cash NOI increased 22.2% compared to the three months ended September 30, 2019.The company had reported the adjusted revenue of $83.86 million in the third quarter of FY 20, beating the analysts’ estimates for revenue by 0.42%.

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