Mon, Jul 22, 10:05 AM (47 days ago)
Rexford Industrial Realty, Inc. reported strong financial performance for the quarter ended June 30, 2024. Key highlights include a 20% increase in total rental income to $232.97 million, driven by new acquisitions and higher rental rates. The company's Same Property Portfolio saw a 5.8% rise in rental income, attributed to increased average rental rates on new and renewal leases. Property expenses rose by 17.1%, influenced by acquisitions and higher insurance premiums. General and administrative expenses increased by 5.7%, primarily due to higher equity compensation and payroll costs. Interest expense surged by 65.4% due to new exchangeable notes. Gains on sale of real estate reached $16.27 million from four property sales. Overall, net income attributable to common stockholders grew by 26.5% to $138.39 million for the six months ended June 30, 2024. The company continues to focus on acquisitions and value-add repositioning to drive future growth.