Overview

* Rexford Industrial's Q2 net income rises to $113.4 mln from $79.8 mln

* Core FFO increases 7.8% to $139.7 mln, but per share declines 1.7%

* Company executed 1.7 mln rentable square feet of new and renewal leases

Outlook

* Company raises full-year net income guidance to $1.38-$1.42 per share

* Rexford Industrial maintains Core FFO guidance at $2.37-$2.41 per share

* Company projects Same Property NOI growth of 0.75%-1.25% net effective

* Rexford Industrial cites interest rates and inflation as potential impacts

Result Drivers

* RENTAL RATE INCREASE - Rexford achieved a 20.9% increase in comparable rental rates on a net effective basis, and 8.1% on a cash basis, driven by strong leasing activity

* PROPERTY SALES - Sold two properties for $81.6 million, generating a 12.8% unlevered IRR, contributing to net income growth

* CORE FFO DECLINE - Core FFO per share decreased by 1.7% despite overall Core FFO growth, indicating potential dilution or increased share count

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 EPS $0.48

Q2 Net $113.40

Income mln

Q2 Core $139.70

FFO mln

Q2 Core $0.59

FFO Per

Share

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 8 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the commercial reits peer group is "buy"

* Wall Street's median 12-month price target for Rexford Industrial Realty Inc ( REXR ) is $39.00, about 7.2% above its July 15 closing price of $36.20

* The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 31 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)