Rexford Industrial Realty (NYSE: REXR) reported Q1 EPS of $0.19, $0.10 better than the analyst estimate of $0.09. Revenue for the quarter came in at $99.76 million versus the consensus estimate of $95.44 million.

First Quarter 2021 Financial and Operational Highlights:

• Net income attributable to common stockholders of $24.9 million, or $0.19 per diluted share, as compared to $10.8 million, or $0.09 per diluted share, for the first quarter of 2020.
• Company share of Core FFO of $48.4 million, an increase of 28.9% as compared to the first quarter 2020.
• Company share of Core FFO per diluted share of $0.37, an increase of 12.1% as compared to the first quarter 2020.
• Consolidated Portfolio Net Operating Income (NOI) of $76.1 million, an increase of 28.1% as compared to the first quarter of 2020.
• Stabilized Same Property Portfolio GAAP NOI increased 6.8% and Stabilized Same Property Portfolio Cash NOI increased 8.2% as compared to the first quarter 2020.
• Stabilized Same Property Portfolio occupancy at quarter end of 98.6%.
• Comparable rental rates on 2.0 million rentable square feet of new and renewal leases were 47.1% higher than prior rents on a GAAP basis and 32.7% higher on a cash basis.
• Acquired 11 properties for an aggregate purchase price of $163.5 million and sold two properties for an aggregate sales price of $20.8 million.
• Executed at-the-market equity program ("ATM program"), selling approximately $196.9 million in common stock, of which $77.1 million was sold on a forward basis.
• Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.0%.

"Our first quarter results demonstrate the strength of Rexford's operating platform and exceptional market fundamentals within the infill Southern California industrial market. Rexford achieved Core FFO growth of 29% for the first quarter, driven by robust leasing activity of nearly 2 million square feet at GAAP and cash releasing spreads of 47% and 33%, respectively," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. "Our irreplaceable portfolio combined with our tenants' need for well-located industrial space close to the end consumer drove same property NOI growth of 6.8% on a GAAP basis and 8.2% on a cash basis. We continue to maintain a best-in-class, low leverage balance sheet profile, completing the quarter with 13% net debt-to-enterprise value. Looking forward, we are excited at our favorable prospects to create shareholder value through the execution of our internal and external growth capabilities."

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