Rexford Industrial Realty Inc Pref Series B (NYSE:REXR_pb) reported Q1 FFO of $0.48, versus $0.36 reported last year. Revenue for the quarter came in at $140.8 million versus the consensus estimate of $141.95 million.
Guidance
The Company is revising its full year 2022 guidance as indicated below. The Core FFO guidance refers only to the Company's in-place portfolio as of April 19, 2022, and does not include any assumptions for other acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete list of guidance and 2022 Guidance Rollforward.
2022 Outlook (1) | 2022 Updated Guidance | Initial Guidance | ||
Net Income Attributable to Common Stockholders per diluted share | $0.79 - $0.83 | $0.77 - $0.81 | ||
Company share of Core FFO per diluted share | $1.84 - $1.88 | $1.77 - $1.81 | ||
Same Property Portfolio NOI Growth | 4.0% - 5.0% | 3.25% - 4.25% | ||
Same Property Portfolio Cash NOI Growth | 6.75% - 7.75% | 6.0% - 7.0% | ||
Average 2022 Same Property Portfolio Occupancy (Full Year) | 98.25% - 98.75% | 98.0% - 98.5% | ||
General and Administrative Expenses (2) | $59.0M - $60.0M | $58.0M - $59.0M | ||
Net Interest Expense | $39.0M - $40.0M | $38.0M - $39.0M |
(1) | 2022 Guidance represents the in-place portfolio as of April 19, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed. No acquisitions have occurred subsequent to March 31, 2022. |
(2) | 2022 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $24.0 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company's overall performance and may or may not be realized based on actual results. |
For earnings history and earnings-related data on Rexford Industrial Realty click here