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EX - 99.1 2 rexrex991q1-2021.htm EX - 99.1 Rexford Industrial Exhibit 99.1 REXFORD INDUSTRIAL ANNOUNCES FIRST QUARTER 2021 FINANCIAL RESULTS Los Angeles , California - April 21 , 2021 - Rexford Industrial Realty , Inc. ( the “ Company ” or “ Rexford Industrial " ) ( NYSE : REXR ) , a real estate investment trust ( " REIT ” ) focused on creating value by investing in and operating industrial properties in Southern California infill markets , today announced financial and operating results for the first quarter of 2021 . • First Quarter 2021 Financial and Operational Highlights : Net income attributable to common stockholders of $ 24.9 million , or $ 0.19 per diluted share , as compared to $ 10.8 million , or $ 0.09 per diluted share , for the first quarter of 2020 . • Company share of Core FFO of $ 48.4 million , an increase of 28.9 % as compared to the first quarter 2020 . • • • • • • Company share of Core FFO per diluted share of $ 0.37 , an increase of 12.1 % as compared to the first quarter 2020 . Consolidated Portfolio Net Operating Income ( NOI ) of $ 76.1 million , an increase of 28.1 % as compared to the first quarter of 2020 . Stabilized Same Property Portfolio GAAP NOI increased 6.8 % and Stabilized Same Property Portfolio Cash NOI increased 8.2 % as compared to the first quarter 2020 . Stabilized Same Property Portfolio occupancy at quarter end of 98.6 % . Comparable rental rates on 2.0 million rentable square feet of new and renewal leases were 47.1 % higher than prior rents on a GAAP basis and 32.7 % higher on a cash basis . Acquired 11 properties for an aggregate purchase price of $ 163.5 million and sold two properties for an aggregate sales price of $ 20.8 million . Executed at - the - market equity program ( " ATM program ” ) , selling approximately $ 196.9 million in common stock , of which $ 77.1 million was sold on a forward basis . Ended the quarter with a low - leverage balance sheet measured by a net debt - to - enterprise value ratio of 13.0 % . " Our first quarter results demonstrate the strength of Rexford's operating platform and exceptional market fundamentals within the infill Southern California industrial market . Rexford achieved Core FFO growth of 29 % for the first quarter , driven by robust leasing activity of nearly 2 million square feet at GAAP and cash releasing spreads of 47 % and 33 % , respectively , " stated Michael Frankel and Howard Schwimmer , Co - Chief Executive Officers of the Company . " Our irreplaceable portfolio combined with our tenants ' need for well - located industrial space close to the end consumer drove same property NOI growth of 6.8 % on a GAAP basis and 8.2 % on a cash basis . We continue to maintain a best - in - class , low leverage balance sheet profile , completing the quarter with 13 % net debt - to - enterprise value . Looking forward , we are excited at our favorable prospects to create shareholder value through the execution of our internal and external growth capabilities . " Financial Results : The Company reported net income attributable to common stockholders of $ 24.9 million , or $ 0.19 per diluted share , for the three months ended March 31 , 2021 , as compared to net income attributable to common stockholders of $ 10.8 million , or $ 0.09 per diluted share , for the three months ended March 31 , 2020. Net income for the three months ended March 31 , 2021 includes $ 10.9 million of gains on sale of real estate . There was no comparable gain on sale of real estate for the three months ended March 31 , 2020 . For the three months ended March 31 , 2021 , Company share of Core FFO increased 28.9 % year - over - year to $ 48.4 million , or $ 0.37 per diluted share of common stock , equal to a 12.1 % increase , as compared to Company share of Core