Rexford Industrial Realty (NYSE: REXR) reported Q3 EPS of $0.07, $0.04 better than the analyst estimate of $0.03. Revenue for the quarter came in at $55.19 million versus the consensus estimate of $54.55 million.

"We are very pleased with the continued strong performance of our portfolio, having grown our Core FFO by 44.3% this quarter, and by 12.0% on a per share basis, making the third quarter 2018 our fifth consecutive quarter of double-digit growth in Core FFO per share. Our growth was driven by a 12.6% increase in Same Property NOI and $504 million of investments made over the prior twelve months, among other factors. Further, we continue to capture attractive leasing spreads on both a GAAP and cash basis, which were 32.2% and 21.1%, respectively," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "Additionally, we completed the quarter with a low leverage balance sheet as measured by a 3.8 times debt-to-EBITDA ratio, positioning the Company to capitalize on opportunities as they may arise. Our target infill Southern California industrial markets continue to operate with historic levels of high tenant demand and low market vacancy, a supply-demand imbalance that we see continuing into the foreseeable future given the difficulty to introduce net new supply within our target markets. Finally, we continue to originate a favorable volume of accretive investment opportunities leveraging our extensive research and market relationships in the nation's largest and highest-demand industrial market."

The Company is reiterating and increasing its full year 2018 guidance as follows:

• Net income attributable to common stockholders within a range of $0.32 to $0.34 per diluted share
• Company share of Core FFO within a range of $1.08 to $1.10 per diluted share
• Year-end Same Property Portfolio occupancy within a range of 96.0% to 97.0%
• Year-end Stabilized Same Property Portfolio occupancy within a range of 97.0% to 98.0%
• Same Property Portfolio NOI growth for the year of 9.5% to 10.5%
• Stabilized Same Property Portfolio NOI growth for the year of 7.0% to 8.0%
• General and administrative expenses of $24.8 million to $25.0 million

GUIDANCE:

Rexford Industrial Realty sees FY2018 EPS of $0.32-$0.34, versus the consensus of $0.28.

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