Rexford Industrial Realty (NYSE: REXR) reported Q4 EPS of $0.10, versus $0.00 reported last year. Revenue for the quarter came in at $88.65 million versus the consensus estimate of $87.37 million.

Fourth Quarter 2020 Financial and Operational Highlights:

• Net income attributable to common stockholders of $13.2 million, or $0.10 per diluted share, as compared to $19.9 million, or $0.18 per diluted share, for the fourth quarter of 2019.
• Company share of Core FFO of $43.1 million, an increase of 20.5% as compared to the fourth quarter 2019.
• Company share of Core FFO per diluted share of $0.34, an increase of 6.3% as compared to the fourth quarter 2019.
• Stabilized Same Property Portfolio GAAP NOI increased 2.5% and Stabilized Same Property Portfolio Cash NOI increased 7.1% as compared to the fourth quarter 2019.
• Stabilized Same Property Portfolio occupancy at quarter end of 98.2%.
• Comparable rental rates on 1.8 million rentable square feet of new and renewal leases were 29.9% higher than prior rents on a GAAP basis and 18.1% higher on a cash basis.
• Acquired 17 properties for an aggregate purchase price of $874.9 million and sold one property for a sales price of $1.3 million.
• Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 12.9%.

"Our outstanding fourth quarter and full year 2020 results reflect the strength of our infill Southern California industrial markets and the exceptional focus and dedication of Rexford's entrepreneurial team. While 2020 brought unpredictable challenges due to the pandemic, Rexford achieved Core FFO growth of 22% for the full year, driven by, among other factors, resilient tenant demand enabling full year GAAP and cash re-leasing spreads of 32% and 20%, respectively, on 6.3 million square feet of leasing activity, as well as the completion of 20 investments for an aggregate purchase price of $1.2 billion," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "Our strong growth and financial results allowed us to increase our quarterly dividend by approximately 12% while continuing to maintain our low-leverage, investment grade balance sheet. Looking ahead, we believe Rexford is well positioned to create value for shareholders by capitalizing upon our significant internal and external growth opportunities through 2021 and beyond."

GUIDANCE:

Rexford Industrial Realty sees FY2021 EPS of $0.40-$0.43, versus the consensus of $0.32.

• The Company is initiating its full year 2021 guidance as indicated below. The Core FFO guidance refers only to the Company's in-place portfolio as of February 10, 2021, and does not include any assumptions for other acquisitions, dispositions or balance sheet activities that have not closed. Please refer to the Company's supplemental information package for a complete list of guidance and 2021 Guidance Rollforward.
• A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the number of tenants requesting rent relief or failing to pay rent in future periods, the duration and severity of the impact of the COVID-19 pandemic, interest rates, the economy, the supply and demand of industrial real estate, 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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