Rexford Industrial Realty (NYSE: REXR) reported Q1 EPS of $0.08, $0.05 better than the analyst estimate of $0.03. Revenue for the quarter came in at $60.36 million versus the consensus estimate of $60.04 million.

First Quarter 2019 Financial and Operational Highlights:

• Net income attributable to common stockholders of $0.08 per diluted share for the quarter ended March 31, 2019, compared to $0.15 per diluted share for the first quarter of last year.
• Company share of Core FFO increased 37.2% year-over-year to $29.4 million for the quarter ended March 31, 2019.
• Company share of Core FFO per diluted share increased 11.1% year-over-year to $0.30 per diluted share for the quarter ended March 31, 2019.
• Total first quarter rental revenues of $59.6 million, which represents an increase of 23.1% year-over-year.
• Consolidated first quarter Portfolio Net Operating Income (NOI) of $45.8 million, which represents an increase of 25.6% year-over-year.
• Same Property Portfolio NOI increased 7.8% in the first quarter of 2019 compared to the first quarter of 2018, driven by a 6.0% increase in Same Property Portfolio total rental revenue and a 0.5% increase in Same Property Portfolio operating expenses. Same Property Portfolio Cash NOI increased 10.1% compared to the first quarter of 2018.
• Stabilized Same Property Portfolio NOI increased 4.5% in the first quarter of 2019 compared to the first quarter of 2018.
• Stabilized Same Property Portfolio Cash NOI increased 7.6% in the first quarter of 2019 compared to the first quarter of 2018.
• Signed new and renewal leases totaling 1,131,883 rentable square feet. Rental rates on new and renewal leases were 26.2% higher than prior rents on a GAAP basis and 17.3% higher on a cash basis.
• At March 31, 2019, the Stabilized Same Property Portfolio occupancy was 97.9% and the Same Property Portfolio occupancy, inclusive of assets in value-add repositioning, was 96.8%.
• At March 31, 2019, the consolidated portfolio, including repositioning assets, was 94.8% leased and 94.6% occupied and the consolidated portfolio, excluding repositioning assets aggregating approximately 0.7 million rentable square feet, was 98.0% leased and 97.8% occupied.
• During the first quarter, the Company increased its quarterly dividend by 15.6% to $0.185 per Share.
• The Company ended the quarter with low leverage measured by a debt-to-enterprise value ratio of 10.9%.
• During the first quarter of 2019, the Company acquired five industrial properties for an aggregate purchase price of $146.0 million, with 16 industrial properties acquired year-to-date for an aggregate purchase price of $398.0 million.

"Our strong first quarter 2019 results demonstrate the Rexford team's ability to consistently execute on our unique growth and value creation opportunity within the infill Southern California industrial market, with Core FFO growth of 37.2%, and 11.1% on a per share basis," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "The attractive supply and demand characteristics in our region, combined with our first-class leasing platform, allow us to drive attractive portfolio NOI growth, which was 25.6% for the first quarter. Our stabilized consolidated portfolio occupancy reached 97.8%, with Same Property NOI growth of 7.8% on a GAAP basis and 10.1% on a cash basis. We completed $146 million of acquisitions during the quarter, plus an additional $252.0 million of acquisitions completed since the end of the first quarter. With 100% of our investments located in prime, high-demand infill Southern California locations, we are pleased at their quality and potential for further value creation. We closed the quarter with a low-leverage balance sheet measured by Company debt-to-enterprise value of about 10.9%, providing us plenty of dry powder as we continue to grow both externally through acquisitions and internally as we capitalize upon the value creation opportunities within our existing portfolio. Finally, during the quarter, we increased our dividend by 15.6%, reflecting the accretive nature of our historical and ongoing growth opportunities."

GUIDANCE:

Rexford Industrial Realty sees FY2019 EPS of $0.30-$0.32, versus the consensus of $0.23.

For earnings history and earnings-related data on Rexford Industrial Realty (REXR) click here.