Q3 2024 Rexford Industrial Realty Inc Earnings Call Transcript
Key Points
- Rexford Industrial Realty Inc (REXR) reported a 5.4% increase in FFO per share compared to the prior year quarter, with a 9.3% growth for the first nine months of the year.
- The company achieved a consolidated stabilized portfolio occupancy of 97.6% at quarter end, indicating strong tenant demand.
- Leasing spreads showed continued strength at 39% and 27% on a net effective and cash basis, respectively.
- Rexford completed $60 million of investments during the quarter and an additional $70 million investment post-quarter, with a projected unlevered stabilized yield of 5.9%.
- The company has a liquidity of approximately $1.7 billion, with no near-term debt maturities until mid-2026, providing financial stability.
- Increased levels of global unrest and economic uncertainty are causing tenants to take longer to make leasing decisions.
- Market rents for highly functional products comparable to Rexford's portfolio have decreased approximately 2.5% sequentially and 7.5% year-over-year.
- The company reduced its 2024 same-property NOI growth guidance midpoint by 25 basis points due to expected occupancy impacts.
- The vacate of LL Flooring, occupying 504,000 square feet, will impact portfolio occupancy, although the NOI impact is nominal.
- Rexford has decided to focus on annual guidance going forward, citing challenges in forecasting long-term market conditions.
Ladies and gentlemen, thank you for standing by. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty Incorporated third-quarter 2024 earnings conference call. (Operator Instructions)
Thank you. And I would now like to turn the conference over to David Lanzer, General Counsel. You may begin.
We thank you for joining Rexford Industrial's third-quarter 2024 earnings conference call. In addition to the press release distributed yesterday after market close, we posted a supplemental package and an investor presentation in the Investor Relations section on our website at rexfordindustrial.com.
On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined by federal securities laws. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information
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