Rexford Industrial Realty (NYSE: REXR) reported Q2 EPS of $0.10, $0.02 better than the analyst estimate of $0.08.

Second Quarter 2020 Financial and Operational Highlights:

• Net income attributable to common stockholders of $0.10 per diluted share compared to $0.12 per diluted share for the second quarter of last year.
• Company share of Core FFO of $38.8 million, an increase of 21.1% year-over-year.
• Company share of Core FFO per diluted share of $0.32, an increase of 6.7% year-over-year.
• Consolidated Portfolio Net Operating Income (NOI) of $60.9 million, an increase of 25.6% year-over-year.
• Consolidated Portfolio Cash NOI of $52.0 million, an increase of 14.7% year-over-year.
• Stabilized Same Property Portfolio GAAP NOI increased 3.1% and Stabilized Same Property Portfolio Cash NOI decreased 2.3% year-over-year.
• Comparable rental rates on 1,369,506 rentable square feet of new and renewal leases were 32.3% higher than prior rents on a GAAP basis and 18.2% higher on a cash basis.
• Acquired six industrial properties and one small land parcel for an aggregate purchase price of $76.5 million.
• Completed approximately $295 million of total equity issuance, ending the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 10.5%.

"Our second quarter results demonstrate our ability to continue to execute our strategy at superior levels, driving long-term growth and value creation by investing and operating within the infill Southern California industrial market, despite the recent unfortunate impacts of the COVID-19 pandemic. We achieved Core FFO growth of 21.1%, or 6.7% on a per share basis, for the second quarter of 2020, which was driven by continued internal and external growth, while maintaining an exceptionally low-leverage, fortress-like balance sheet," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "We reported second quarter Stabilized Same Property NOI growth of 3.1% and (2.3)% on a GAAP and cash basis, respectively. Cash collections reflected the impact of local California municipalities' mandates permitting tenants indicating impacts from COVID-19 to unilaterally defer their rent. Despite these challenges, supply demand dynamics within our submarkets remain firmly in our favor, and our entrepreneurial team has again proven their ability to drive best-in-class results, which included re-leasing spreads of 32.3% on a GAAP basis and 18.2% on a cash basis on nearly 1.4 million rentable square feet of leasing activity. Our team's performance is strikingly positive in light of the fact that we entered the quarter facing a near total government-mandated commercial shutdown, the lingering effects of which still persist. We also completed the acquisition of six properties, for a total of $76 million, plus three additional acquisitions totaling $69 million which closed subsequent to quarter end, bringing our year to date total investment volume to $353 million. Finally, we successfully maintained our low-leverage, fortress-like balance sheet to protect against ongoing COVID uncertainty as well as to enable us to opportunistically capitalize upon emerging accretive internal and external growth opportunities. To this end, we raised approximately $295 million in total equity issuance, ending the quarter with a net debt-to-enterprise value ratio of 10.5%. We also ended the quarter in a very favorable liquidity position with access to upwards of $1 billion of liquidity. We believe our Company is well positioned to optimize our performance during what we hope are temporary market disruptions created by the COVID-19 pandemic, and to pursue internal and external growth opportunities designed to create long term cash flow and value growth for our shareholders."

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