Rexford Industrial Realty Reports 17.7% Revenue Growth and 14.5% Net Income Increase in Q3 2024

Rexford Industrial Realty, Inc. reported significant growth in its financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter reached $241.8 million, a 17.7% increase from $205.4 million in the prior year. For the nine months, total revenues rose to $693.5 million, up 18.1% from $587.4 million. This growth was primarily driven by a substantial increase in rental income, which amounted to $238.4 million for the third quarter, compared to $204.2 million in 2023, and $682.4 million for the nine months, up from $583.5 million.

Net income for the third quarter was $70.7 million, reflecting a 14.5% increase from $61.8 million in the same quarter last year. For the nine-month period, net income rose to $221.0 million, a 21.3% increase from $182.3 million. The net income attributable to common stockholders for the third quarter was $65.1 million, up from $56.3 million in 2023, resulting in earnings per share of $0.30, compared to $0.27 in the prior year.

The company’s total assets increased to $12.4 billion as of September 30, 2024, from $10.9 billion at the end of 2023. Total liabilities also rose to $3.96 billion, up from $2.79 billion, largely due to an increase in notes payable, which reached $3.35 billion compared to $2.23 billion at the end of 2023. Total stockholders’ equity increased to $8.07 billion from $7.77 billion.

Rexford's investment strategy remains robust, with the company acquiring 55 properties for a total of $1.4 billion, adding approximately 4.3 million rentable square feet to its portfolio. The company also reported a total portfolio occupancy rate of 93.0% as of September 30, 2024, with a same-property portfolio occupancy of 96.9%. The leasing activity was strong, with 351 new and renewal leases executed, reflecting leasing spreads of 36.1% on a GAAP basis.

In terms of cash flow, net cash provided by operating activities for the nine months ended September 30, 2024, was $362.7 million, an increase from $311.6 million in the prior year. The company also reported net cash used in investing activities of $1.5 billion, up from $1.3 billion, primarily due to increased property acquisitions and construction costs.

Rexford continues to maintain a strong financial position, with an investment-grade credit rating and compliance with all required debt covenants as of September 30, 2024. The company’s focus on acquiring and repositioning industrial properties in Southern California remains a key component of its growth strategy.