Rexford Industrial Realty (NYSE: REXR) reported Q4 EPS of $0.18, $0.11 better than the analyst estimate of $0.07. Revenue for the quarter came in at $74.4 million versus the consensus estimate of $65.34 million.

Fourth Quarter 2019 Financial and Operational Highlights:

• Net income attributable to common stockholders of $0.18 per diluted share compared to $0.13 per diluted share for the fourth quarter of last year.
• Company share of Core FFO increased 31.4% to $35.8 million year-over-year.
• Company share of Core FFO per diluted share increased 10.3% to $0.32 per diluted share year-over-year.
• Consolidated Portfolio Net Operating Income (NOI) of $55.9 million, an increase of 31.5% year-over-year.
• Consolidated Portfolio Cash NOI of $51.5 million, representing an increase of 30.7% year-over-year.
• Same Property Portfolio GAAP and Cash NOI increased 5.5% and 7.2%, respectively, year-over-year.
• Stabilized Same Property Portfolio GAAP and Cash NOI increased 4.1% and 5.1%, respectively, year-over-year.
• Comparable rental rates on 1,461,431 rentable square feet of new and renewal leases were 42.0% higher than prior rents on a GAAP basis and 27.1% higher on a cash basis.
• Acquired ten industrial properties for an aggregate purchase price of $258.1 million.

"We'd like to thank the entire Rexford Industrial team for their extraordinary focus and dedication resulting in our exceptional fourth quarter and full year 2019 results. We achieved Core FFO growth of 31.4% for the fourth quarter 2019 and 34.3% for the full year 2019, driven by, among other factors: a) robust tenant demand enabling fourth quarter GAAP and cash re-leasing spreads of 42.0% and 27.1%, respectively, b) completion of 876,131 square feet of repositioning projects generating an aggregate 8.1% stabilized unlevered yield on cost, and c) the completion of 34 investments for an aggregate purchase price of $970.7 million, representing a 24.7% increase in portfolio square footage," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "We generated an increase in Core FFO per share of 10.3% and 9.8%, respectively, for the quarter and full year, while maintaining a fortress-like, low-leverage balance sheet that ended the year at a debt-to-enterprise value ratio of 12.3%. Our sustained growth enabled us to increase our quarterly dividend by 16.2%, representing a total increase in our dividend of 79.2% since our 2013 initial public offering. Looking forward, we couldn't be more excited at the quality of internal and external growth opportunities before us as we remain focused on creating value for shareholders by investing in and improving industrial property throughout infill Southern California's highly-sought-after industrial property markets."

GUIDANCE:

Rexford Industrial Realty sees FY2020 EPS of $0.37-$0.39, versus the consensus of $0.36.

The Company is introducing its full year 2020 guidance as follows:

• Net income attributable to common stockholders within a range of $0.37 to $0.39 per diluted share
• Company share of Core FFO within a range of $1.30 to $1.32 per diluted share
• Year-end Stabilized Same Property Portfolio occupancy within a range of 96.0% to 97.0%
• Stabilized Same Property Portfolio NOI growth for the year within a range of 3.7% to 4.2%
• General and administrative expenses within a range of $36.5 million to $37.0 million

The Core FFO guidance refers only to the Company's in-place portfolio as of February 11, 2020, and the pending acquisition of a portfolio of 11 properties (the "Pending Portfolio") that is expected to close no later than April 21, 2020 (for additional details, refer to the Company's Form 8-K that was filed with Securities and Exchange Commission on December 23, 2019). Our guidance does not include any assumptions for other acquisitions, dispositions or balance sheet activities that may or may not occur through the end of the year. A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, interest rates, the economy, the supply and demand of industrial real estate, failure to satisfy the closing conditions for the Pending Portfolio, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

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