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Table of Contents. | |
Section | Page |
Corporate Data: | |
Consolidated Financial Results: | |
Non-GAAPFFO, Core FFO and AFFO Reconciliations | 12 |
Statement of Operations Reconciliations | 15 |
Same Property Portfolio Performance | 16 |
Capitalization Summary | 17 |
Debt Summary | 18 |
Portfolio Data: | |
Operations | 20 |
Portfolio Overview | 21 |
Leasing Statistics and Trends | 22 |
Top Tenants and Lease Segmentation | 24 |
Capital Expenditure Summary | 25 |
Properties and Space Under Repositioning/Redevelopment | 26 |
Current Year Investments and Dispositions Summary | 29 |
Net Asset Value Components | 32 |
Notes and Definitions | 33 |
Disclosures: |
Forward-Looking Statements: This supplemental package contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management's beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission ("SEC") on February 12, 2024, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
First Quarter 2024 | Page 2 |
Supplemental Financial Reporting Package |
Investor Company Summary.
Executive Management Team | |||
Howard Schwimmer | Co-Chief Executive Officer, Director | ||
Michael S. Frankel | Co-Chief Executive Officer, Director | ||
Laura Clark | Chief Financial Officer | ||
David Lanzer | General Counsel and Corporate Secretary | ||
Board of Directors | |||
Richard Ziman | Chairman | ||
Tyler H. Rose | Lead Independent Director | ||
Howard Schwimmer | Co-Chief Executive Officer, Director | ||
Michael S. Frankel | Co-Chief Executive Officer, Director | ||
Robert L. Antin | Director | ||
Diana J. Ingram | Director | ||
Angela L. Kleiman | Director | ||
Debra L. Morris | Director | ||
Investor Relations Information | |||
investorrelations@rexfordindustrial.com | |||
Equity Research Coverage | |||
BofA Securities | Camille Bonnel | (646) | 855-5042 |
Barclays | Brendan Lynch | (212) | 526-9428 |
BMO Capital Markets | John Kim | (212) 885-4115 | |
BNP Paribas Exane | Nate Crossett | (646) | 342-1588 |
Citigroup Investment Research | Craig Mailman | (212) | 816-4471 |
Colliers Securities | Barry Oxford | (203) | 961-6573 |
Green Street Advisors | Vince Tibone | (949) | 640-8780 |
J.P. Morgan Securities | Michael Mueller | (212) | 622-6689 |
Jefferies LLC | Jonathan Petersen | (212) | 284-1705 |
Mizuho Securities USA | Vikram Malhotra | (212) | 282-3827 |
Robert W. Baird & Co. | Nicholas Thillman | (414) | 298-5053 |
Scotiabank | Greg McGinniss | (212) | 225-6906 |
Truist Securities | Anthony Hau | (212) | 303-4176 |
Wells Fargo Securities | Blaine Heck | (443) | 263-6529 |
Wolfe Research | Andrew Rosivach | (646) | 582-9250 |
Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts' reports on their own; we do not distribute these reports.
First Quarter 2024 | Page 3 |
Supplemental Financial Reporting Package |
Company Overview.
For the Quarter Ended March 31, 2024
First Quarter 2024 | Page 4 |
Supplemental Financial Reporting Package |
Highlights - Consolidated Financial Results.
Quarterly Results | (in millions) |
$180 $150 $120 $90 $60 $30 $0
Net Operating Income (NOI) | ||||
15% Year-over-Year Growth | ||||
$149.8 | $156.1 | $158.7 | $163.5 | |
$142.3 | ||||
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
$180 $150 $120 $90 $60 $30 $0
Adjusted EBITDA | ||||
20% Year-over-Year Growth | ||||
$152.1 | $167.2 | |||
$139.8 | $141.3 | $147.9 | ||
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
Company Share of Core FFO 20% Year-over-Year Growth
Adjusted Funds From Operations (AFFO)
22% Year-over-Year Growth
$125
$100 $75 $50 $25 $0
$102.7 $108.4
$115.0 $118.8
$123.5
$125
$100
$75 $50 $25 $0
$105.1 | ||
$86.0 | $86.6 | $95.0 |
$84.9 |
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 |
First Quarter 2024 | Page 5 |
Supplemental Financial Reporting Package |
Financial and Portfolio Highlights and Capitalization Data. (1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended | ||||||||||||
March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | ||||||||
Financial Results: | ||||||||||||
Total rental income | $ | 210,990 | $ | 207,909 | $ | 204,212 | $ | 194,098 | $ | 185,164 | ||
Net income | $ | 64,277 | $ | 67,321 | $ | 61,790 | $ | 56,910 | $ | 63,570 | ||
Net Operating Income (NOI) | $ | 163,508 | $ | 158,650 | $ | 156,127 | $ | 149,788 | $ | 142,339 | ||
Company share of Core FFO | $ | 123,547 | $ | 118,781 | $ | 114,969 | $ | 108,419 | $ | 102,660 | ||
Company share of Core FFO per common share - diluted | $ | 0.58 | $ | 0.56 | $ | 0.56 | $ | 0.54 | $ | 0.52 | ||
Adjusted EBITDA | $ | 167,207 | $ | 152,126 | $ | 147,925 | $ | 141,258 | $ | 139,755 | ||
Dividend declared per common share | $ | 0.4175 | $ | 0.380 | $ | 0.380 | $ | 0.380 | $ | 0.380 | ||
Portfolio Statistics: | ||||||||||||
Portfolio rentable square feet ("RSF") | 49,162,216 | 45,860,368 | 44,998,613 | 44,167,774 | 43,954,272 | |||||||
Ending occupancy | 92.8% | 94.1% | 94.1% | 94.0% | 93.8% | |||||||
Ending occupancy excluding repositioning/redevelopment(2) | 96.9% | 97.6% | 97.9% | 97.3% | 97.4% | |||||||
Rent Change - GAAP(3) | 53.0% | 63.1% | 64.8% | 96.8% | 80.2% | |||||||
Rent Change - Cash(3) | 33.6% | 45.6% | 51.4% | 74.8% | 59.7% | |||||||
Same Property Portfolio Performance: | ||||||||||||
Same Property Portfolio ending occupancy(4) | 96.4% | 97.0% | 97.3% | 97.2% | 97.0% | |||||||
Same Property Portfolio NOI growth(5) | 5.5% | |||||||||||
Same Property Portfolio Cash NOI growth(5) | 8.5% | |||||||||||
Capitalization: | ||||||||||||
Total shares and units issued and outstanding at period end(6) | 224,992,152 | 219,629,857 | 213,435,271 | 208,031,757 | 208,016,268 | |||||||
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units | $ | 241,031 | $ | 241,068 | $ | 241,068 | $ | 241,068 | $ | 241,068 | ||
Total equity market capitalization | $ | 11,558,136 | $ | 12,562,303 | $ | 10,774,099 | $ | 11,104,486 | $ | 12,649,238 | ||
Total consolidated debt | $ | 3,389,088 | $ | 2,243,025 | $ | 2,245,605 | $ | 2,245,972 | $ | 2,250,136 | ||
Total combined market capitalization (net debt plus equity) | $ | 14,610,264 | $ | 14,771,884 | $ | 12,936,436 | $ | 13,214,176 | $ | 14,645,756 | ||
Ratios: | ||||||||||||
Net debt to total combined market capitalization | 20.9% | 15.0% | 16.7% | 16.0% | 13.6% | |||||||
Net debt to Adjusted EBITDA (quarterly results annualized) | 4.6x | 3.6x | 3.7x | 3.7x | 3.6x |
- For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 33and page 12of this report, respectively.
- Ending occupancy excluding repositioning/redevelopment excludes "Other Repositioning" projects as well as those listed individually on pages 26-27.
- Rent Change for the three months ended March 31, 2024, excludes the 1.1 million SF lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement.This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods. See page 22for a summary of our leasing activity including and excluding this lease.
- Reflects the ending occupancy for the current 2024 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see "SPP Historical Information" on page 36.
- Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
-
Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 7,609,215 (Mar 31, 2024), 7,631,847 (Dec 31, 2023), 7,300,541 (Sep 30, 2023), 7,351,049 (Jun 30, 2023) and 7,597,554 (Mar 31,
2023). Excludes the following # of shares of unvested restricted stock: 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023), 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023) and 365,416 (Mar 31, 2023). Excludes unvested LTIP units and unvested performance units.
First Quarter 2024 | Page 6 |
Supplemental Financial Reporting Package |
Guidance.
As of March 31, 2024
2024 OUTLOOK*
METRIC
Net Income Attributable to Common Stockholders per diluted share (1)(2) Company share of Core FFO per diluted share (1)(2)
Same Property Portfolio NOI Growth - GAAP (3)
Same Property Portfolio NOI Growth - Cash (3)
Average Same Property Portfolio Occupancy (Full Year) (3) General and Administrative Expenses (4)
Net Interest Expense
Q1-2024
UPDATED GUIDANCE
$1.17 - $1.20 $2.31 - $2.34 4.25% - 5.25% 7.0% - 8.0% 96.5% - 97.0% +/- $83.0M +/- $99.0M
INITIAL 2024
GUIDANCE
$1.11 - $1.14 $2.27 - $2.30 4.0% - 5.0% 7.0% - 8.0% 96.5% - 97.0% +/- $83.0M $60.0M - $61.0M
YTD RESULTS AS OF
MARCH 31, 2024
$0.27
$0.58
5.5%
8.5%
96.8%
$20.0M $14.7M
- Our 2024 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
- See page 37for a reconciliation of the Company's 2024 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward- looking GAAP financial measure, to Company share of Core FFO per diluted share.
- Our 2024 Same Property Portfolio is a subset of our consolidated portfolio and includesproperties that were wholly owned by us for the period from January 1, 2023 through April 17, 2024, and excludesproperties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-27) and select buildings in "Other Repositioning." As of March 31, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37.1 million rentable square feet at 296 of our properties.
- Our 2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $35.5 million.
* A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
First Quarter 2024 | Page 7 |
Supplemental Financial Reporting Package |
Guidance (Continued).
As of March 31, 2024
2024 Guidance Rollforward (1)
Earnings Components
2024 Core FFO Per Diluted Share Guidance (Previous) Same Property Portfolio NOI Growth
1Q Investments (Includes Closed Subsequent to Quarter End)
Net G&A Expense
Net Interest Expense
Other
2024 Core FFO Per Diluted Share Guidance (Current) Core FFO Per Diluted Share Annual Growth
Range
($ per share)
$2.27 | $2.30 |
- | - |
0.23 0.23
- | - | |
(0.17) | (0.17) | |
(0.02) | (0.02) | |
$2.31 | $2.34 | |
5% | 7% |
Notes
Initial 2024 Guidance
FY 2024 SP NOI Growth (GAAP) Guidance range of 4.25% - 5.25%
Incremental 2024 NOI related to $1.0B of acquisitions closed since prior guidance
FY 2024 Guidance range of +/- $83.0M
FY 2024 Guidance range of +/- $99.0M
Incremental impact of equity issuance
- 2024 Guidance and Guidance Rollforward represent the in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.
First Quarter 2024 | Page 8 |
Supplemental Financial Reporting Package |
Consolidated Balance Sheets.
(unaudited and in thousands)
ASSETS | March 31, 2024 | December 31, 2023 | September 30, 2023 | June 30, 2023 | March 31, 2023 | |||||||||
Land | $ | 7,568,720 | $ | 6,815,622 | $ | 6,606,022 | $ | 6,400,698 | $ | 6,334,926 | ||||
Buildings and improvements | 4,260,512 | 3,933,379 | 3,869,303 | 3,723,837 | 3,671,384 | |||||||||
Tenant improvements | 172,707 | 167,251 | 160,108 | 155,182 | 153,019 | |||||||||
Furniture, fixtures, and equipment | 132 | 132 | 132 | 132 | 132 | |||||||||
Construction in progress | 258,413 | 240,010 | 188,079 | 127,416 | 102,633 | |||||||||
Total real estate held for investment | 12,260,484 | 11,156,394 | 10,823,644 | 10,407,265 | 10,262,094 | |||||||||
Accumulated depreciation | (827,576) | (782,461) | (739,369) | (695,129) | (652,722) | |||||||||
Investments in real estate, net | 11,432,908 | 10,373,933 | 10,084,275 | 9,712,136 | 9,609,372 | |||||||||
Cash and cash equivalents | 336,960 | 33,444 | 83,268 | 136,282 | 253,618 | |||||||||
Restricted cash | - | - | - | - | 16,239 | |||||||||
Loan receivable, net | 122,899 | 122,784 | - | - | - | |||||||||
Rents and other receivables, net | 17,896 | 17,494 | 18,973 | 14,126 | 13,845 | |||||||||
Deferred rent receivable, net | 130,694 | 123,325 | 114,927 | 103,192 | 94,980 | |||||||||
Deferred leasing costs, net | 61,017 | 59,351 | 56,735 | 54,848 | 47,739 | |||||||||
Deferred loan costs, net | 3,069 | 3,426 | 3,783 | 4,139 | 4,474 | |||||||||
Acquired lease intangible assets, net(1) | 223,698 | 153,670 | 154,036 | 147,990 | 161,339 | |||||||||
Acquired indefinite-lived intangible | 5,156 | 5,156 | 5,156 | 5,156 | 5,156 | |||||||||
Interest rate swap asset | 16,737 | 9,896 | 24,494 | 19,869 | 6,947 | |||||||||
Other assets | 22,114 | 25,225 | 31,817 | 19,055 | 21,811 | |||||||||
Acquisition related deposits | 7,975 | 2,125 | - | 8,700 | 3,625 | |||||||||
Total Assets | $ | 12,381,123 | $ | 10,929,829 | $ | 10,577,464 | $ | 10,225,493 | $ | 10,239,145 | ||||
LIABILITIES & EQUITY | ||||||||||||||
Liabilities | ||||||||||||||
Notes payable | $ | 3,349,120 | $ | 2,225,914 | $ | 2,227,637 | $ | 2,227,154 | $ | 2,230,687 | ||||
Interest rate swap liability | - | - | - | - | 835 | |||||||||
Accounts payable, accrued expenses and other liabilities | 148,920 | 128,842 | 155,103 | 109,881 | 110,272 | |||||||||
Dividends and distributions payable | 94,356 | 83,733 | 81,423 | 79,370 | 79,370 | |||||||||
Acquired lease intangible liabilities, net(2) | 171,687 | 147,561 | 155,582 | 130,511 | 138,339 | |||||||||
Tenant security deposits | 91,034 | 84,872 | 83,643 | 81,163 | 77,029 | |||||||||
Tenant prepaid rents(3) | 110,727 | 115,002 | 30,772 | 42,600 | 44,303 | |||||||||
Total Liabilities | 3,965,844 | 2,785,924 | 2,734,160 | 2,670,679 | 2,680,835 | |||||||||
Equity | ||||||||||||||
Series B preferred stock, net ($75,000 liquidation preference) | 72,443 | 72,443 | 72,443 | 72,443 | 72,443 | |||||||||
Series C preferred stock, net ($86,250 liquidation preference) | 83,233 | 83,233 | 83,233 | 83,233 | 83,233 | |||||||||
Preferred stock | 155,676 | 155,676 | 155,676 | 155,676 | 155,676 | |||||||||
Common stock | 2,178 | 2,123 | 2,065 | 2,010 | 2,008 | |||||||||
Additional paid in capital | 8,233,127 | 7,940,781 | 7,613,354 | 7,311,458 | 7,299,837 | |||||||||
Cumulative distributions in excess of earnings | (370,720) | (338,835) | (320,180) | (298,367) | (273,849) | |||||||||
Accumulated other comprehensive income (loss) | 13,922 | 7,172 | 21,142 | 16,525 | 3,117 | |||||||||
Total stockholders' equity | 8,034,183 | 7,766,917 | 7,472,057 | 7,187,302 | 7,186,789 | |||||||||
Noncontrolling interests | 381,096 | 376,988 | 371,247 | 367,512 | 371,521 | |||||||||
Total Equity | 8,415,279 | 8,143,905 | 7,843,304 | 7,554,814 | 7,558,310 | |||||||||
Total Liabilities and Equity | $ | 12,381,123 | $ | 10,929,829 | $ | 10,577,464 | $ | 10,225,493 | $ | 10,239,145 | ||||
- Includes net above-market tenant lease intangibles of $32,446 (Mar 31, 2024), $10,790 (Dec 31, 2023), $11,402 (Sep 30, 2023), $12,034 (Jun 30, 2023) and $13,587 (Mar 31, 2023). Balance also includes net below-market ground lease intangible of $12,641 (Mar 31, 2024), $12,682 (Dec 31, 2023), $12,724 (Sep 30, 2023), $12,765 (Jun 30, 2023) and $12,806 (Mar 31, 2023) related to the acquisition of 2970 East 50th Street.
- Represents net below-market tenant lease intangibles as of the balance sheet date.
- In Q4-2023, we acquired the property located at West 1st Street through a sale lease-back transaction and recorded tenant prepaid rent of $62.8 million (unamortized balance of $61.2 million as of Mar 31, 2024) which reflects the difference between the purchase price and fair value of the underlying assets and also relates to the below market leaseback payments.
First Quarter 2024 | Page 9 |
Supplemental Financial Reporting Package |
Consolidated Statements of Operations.
Quarterly Results | (unaudited and in thousands, except share and per share data) | ||||||||||||||
Three Months Ended | |||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | |||||||||||
Revenues | |||||||||||||||
Rental income(1) | $ | 210,990 | $ | 207,909 | $ | 204,212 | $ | 194,098 | $ | 185,164 | |||||
Management and leasing services | 132 | 163 | 158 | 171 | 190 | ||||||||||
Interest income | 2,974 | 2,353 | 1,029 | 1,497 | 882 | ||||||||||
Total Revenues | 214,096 | 210,425 | 205,399 | 195,766 | 186,236 | ||||||||||
Operating Expenses | |||||||||||||||
Property expenses | 47,482 | 49,259 | 48,085 | 44,310 | 42,825 | ||||||||||
General and administrative | 19,980 | 19,988 | 18,575 | 18,267 | 18,197 | ||||||||||
Depreciation and amortization | 66,278 | 65,839 | 60,449 | 58,793 | 59,429 | ||||||||||
Total Operating Expenses | 133,740 | 135,086 | 127,109 | 121,370 | 120,451 | ||||||||||
Other Expenses | |||||||||||||||
Other expenses | 1,408 | 316 | 551 | 306 | 647 | ||||||||||
Interest expense | 14,671 | 14,570 | 15,949 | 17,180 | 13,701 | ||||||||||
Total Expenses | 149,819 | 149,972 | 143,609 | 138,856 | 134,799 | ||||||||||
Gains on sale of real estate | - | 6,868 | - | - | 12,133 | ||||||||||
Net Income | 64,277 | 67,321 | 61,790 | 56,910 | 63,570 | ||||||||||
Less: net income attributable to noncontrolling interests | (2,906) | (2,970) | (2,824) | (2,717) | (3,064) | ||||||||||
Net income attributable to Rexford Industrial Realty, Inc. | 61,371 | 64,351 | 58,966 | 54,193 | 60,506 | ||||||||||
Less: preferred stock dividends | (2,314) | (2,315) | (2,314) | (2,315) | (2,314) | ||||||||||
Less: earnings allocated to participating securities | (418) | (357) | (314) | (318) | (320) | ||||||||||
Net income attributable to common stockholders | $ | 58,639 | $ | 61,679 | $ | 56,338 | $ | 51,560 | $ | 57,872 | |||||
Earnings per Common Share | |||||||||||||||
Net income attributable to common stockholders per share - basic | $ | 0.27 | $ | 0.29 | $ | 0.27 | $ | 0.26 | $ | 0.30 | |||||
Net income attributable to common stockholders per share - diluted | |||||||||||||||
$ | 0.27 | $ | 0.29 | $ | 0.27 | $ | 0.26 | $ | 0.30 | ||||||
Weighted average shares outstanding - basic | 214,401,661 | 210,089,164 | 205,279,681 | 200,610,890 | 195,366,969 | ||||||||||
Weighted average shares outstanding - diluted | 214,437,913 | 210,362,069 | 205,447,532 | 200,667,250 | 195,779,007 |
- We elected the "non-separation practical expedient" in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, "Rental income," in the consolidated statements of operations. Under the section "Rental Income" on page 36in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
First Quarter 2024 | Page 10 |
Supplemental Financial Reporting Package |
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Rexford Industrial Realty Inc. published this content on 17 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 April 2024 20:15:58 UTC.