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EX - 99.1 2 rexrex991q2-2021.htm EX - 99.1 Exhibit 99.1 Rexford Industrial REXFORD INDUSTRIAL ANNOUNCES SECOND QUARTER 2021 FINANCIAL RESULTS - Los Angeles , California - July 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 second quarter of 2021 . Second Quarter 2021 Financial and Operational Highlights : • Net income attributable to common stockholders of $ 20.6 million , or $ 0.15 per diluted share , as compared to $ 11.4 million , or $ 0.10 per diluted share , for the second quarter of 2020 . • Company share of Core FFO of $ 52.8 million , an increase of 35.9 % as compared to the second quarter 2020 . • • • • • • • Company share of Core FFO per diluted share of $ 0.39 , an increase of 21.9 % as compared to the second quarter 2020 . Consolidated Portfolio Net Operating Income ( NOI ) of $ 79.7 million , an increase of 30.9 % as compared to the second quarter of 2020 . Stabilized Same Property Portfolio GAAP NOI increased 10.1 % and Stabilized Same Property Portfolio Cash NOI increased 22.0 % as compared to the second quarter 2020 . Average Stabilized Same Property Portfolio occupancy was 98.5 % . Comparable rental rates on 2.2 million rentable square feet of new and renewal leases were 33.9 % higher than prior rents on a GAAP basis and 21.3 % higher on a cash basis . Acquired ten properties for an aggregate purchase price of $ 256.9 million and sold one property for a sales price of $ 8.2 million . Completed an equity offering in which 9,000,000 shares of common stock were sold through forward sale agreements at $ 55.60 per share . Ended the quarter with a low - leverage balance sheet measured by a net debt - to - enterprise value ratio of 12.0 % . " Rexford's second quarter results continued at exceptional levels , producing Core FFO growth of 36 % and 22 % on a per share basis , fueled by consolidated NOI growth of 31 % compared to the prior year quarter . Our team executed 2.2 million square feet of leasing activity at extraordinary GAAP and cash releasing spreads of 34 % and 21 % , respectively , " stated Michael Frankel and Howard Schwimmer , Co - Chief Executive Officers of the Company . " As we scale our Rexford operating platform and deepen our market penetration , we are harvesting the benefits of our value - add approach to consolidating a high - quality , irreplaceable industrial property portfolio within infill Southern California , the nation's strongest and most supply- constrained industrial market . With $ 470 million of investments completed year - to - date , plus over $ 650 million of new acquisitions under contract or accepted offer , the Company is well - positioned with substantial liquidity and a best - in - class , low leverage balance sheet to generate internally- and externally - driven cash flow growth and shareholder value . "