Stock to watch: Rexford Industrial Realty Inc (NYSE: REXR)

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Rexford Industrial Realty Inc (NYSE: REXR) stock rose over 0.2% in the pre-market session of 12th Feb, 2020 (Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. During the fourth quarter, the company raised approximately $139.0 million and net proceeds of approximately $136.9 million from the issue of 2,972,129 shares of common stock under its at-the-market equity offering program (ATM program). At the end of December 2019, the Company had $861 million of outstanding debt, with an average interest rate of 3.54% and an average term-to-maturity of 5.5 years.  Meanwhile, In the fourth quarter 2019, the Company acquired 10 properties, for an aggregate purchase price of $258.1 million.  Additionally, the Company sold two properties for an aggregate sale price of $20.8 million. Moreover, during the fourth quarter of 2019, the Company had signed 115 new and renewal leases totaling 1,461,431 rentable square feet.  The average rental rates on comparable new and renewal leases were up 42% on a GAAP basis and up 27.1% on a cash basis. At December 31, 2019, the Stabilized Same Property Portfolio occupancy was 97.6% and the Same Property Portfolio occupancy, including value-add repositioning assets, was 97.4%. Overall, the Company has reported net income attributable to common stockholders of $19.9 million for the three months ended December 31, 2019, as compared to net income attributable to common stockholders of $12.4 million for the three months ended December 31, 2018.

REXR in the fourth quarter of FY 19 has reported the adjusted funds from operations per share of 32 cents, beating the analysts’ estimates for the adjusted funds from operations per share of 31 cents, according to Zacks Investment Research. The company had reported the adjusted revenue growth of 35.9 percent to $74.4 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue of $71.3 million.

For full year 2020, the company expects net income attributable to common stockholders to be in a range of $0.37 to $0.39 per diluted share, company share of Core FFO to be in a range of $1.30 to $1.32 per diluted share, Year-end Stabilized Same Property Portfolio occupancy to be a range of 96.0% to 97.0%, Stabilized Same Property Portfolio NOI growth for the year to be in a range of 3.7% to 4.2% and general and administrative expenses to be in a range of $36.5 million to $37.0 million.

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