Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q1 2020 Earnings Presentation
29 slides from Rexford Industrial Realty's earnings presentation, May 8, 2020
Slide 1: Supplemental Financial Reporting Package First Quarter 2020
Exhibit 99.2 L] Rexford Industrial as Supplemental Financial Reporting Package = First Quarter | 2020 2205 W. 126™ Street Rexford Industrial Realty, Inc. NYSE: REXR 11620 Wilshire Blvd, Suite 1000 Los Angeles, CA 90025 310-966-1680 www.Rexfordindustrial.com
Slide 2: Table of Contents
Table of Contents. Section Page Corporate Data: Investor Company Summary .................................................................................................................................................................................................... 3 Financial and Portfolio High
Slide 3: Investor Company Summary
Investor Company Summary. Executive Management Team Howard Schwimmer Co-Chief Executive Officer, Director Michael S. Frankel Co-Chief Executive Officer, Director Adeel Khan Chief Financial Officer David Lanzer General Counsel and Corporate Secretary Board of Directors Richard Ziman Chairman Howard S
Slide 4: Financial and Portfolio Highlights and Common Stock Data
Financial and Portfolio Highlights and Common Stock Data. (1) (in thousands except share and per share data and portfolio statistics) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Financial Results: Total rental income $ 77,490 $ 74,015 $ 67,020
Slide 5: Consolidated Balance Sheets
Consolidated Balance Sheets. (unaudited and in thousands) March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 ASSETS Land $ 2,068,460 $ 1,927,098 $ 1,728,490 $ 1,590,321 $ 1,364,738 Buildings and improvements 1,748,675 1,680,178 1,611,060 1,528,750 1,422,684 Tenant impro
Slide 6: Consolidated Statements of Operations
Consolidated Statements of Operations. Quarterly Results (unaudited and in thousands, except share and per share data) Three Months Ended Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Revenues Rental income(1) $ 77,490 $ 74,015 $ 67,020 $ 63,613 $ 59,604 Management, leasing, and d
Slide 7: Consolidated Statements of Operations
Consolidated Statements of Operations. Quarterly Results (unaudited and in thousands) Three Months Ended March 31, 2020 2019 Revenues Rental income(1) $ 77,490 $ 59,604 Management, leasing, and development services 93 102 Interest income 97 657 Total Revenues 77,680 60,363 Operating Expenses Propert
Slide 8: Non-GAAP FFO and Core FFO Reconciliations
Non-GAAP FFO and Core FFO Reconciliations. (1) (unaudited and in thousands, except share and per share data) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Net Income $ 15,272 $ 24,382 $ 12,948 $ 15,954 $ 10,717 Add: Depreciation and amortization
Slide 9: Non-GAAP AFFO Reconciliation
Non-GAAP AFFO Reconciliation. (1) (unaudited and in thousands, except share and per share data) Three Months Ended March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 (2) Funds From Operations $ 42,795 $ 40,667 $ 37,549 $ 35,666 $ 32,713 Add: Amortization of deferred fin
Slide 10: Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA
Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA. (1) (unaudited and in thousands) NOI and Cash NOI Three Months Ended Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 (2) Rental income $ 77,490 $ 74,015 $ 67,020 $ 63,613 $ 59,604 Property expense
Slide 11: Stabilized Same Property Portfolio Performance
Stabilized Same Property Portfolio Performance. (1) (unaudited and dollars in thousands) Stabilized Same Property Portfolio: Number of properties 161 Square Feet 19,831,139 Stabilized Same Property Portfolio NOI and Cash NOI: Three Months Ended March 31, 2020 2019 $ Change % Change (2)(3) Rental inc
Slide 12: Capitalization Summary
Capitalization Summary. (unaudited and in thousands, except share and per share data) Capitalization as of March 31, 2020 Description March 31, 2020 December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Common shares outstanding(1) 116,087,092 113,580,755 110,669,277 109,519,791 103,804,
Slide 13: Debt Summary
Debt Summary. (unaudited and dollars in thousands) Debt Detail: As of March 31, 2020 Effective Expiration Date of Debt Description Maturity Date Stated Interest Rate Interest Rate(1) Principal Balance(2) Effective Swaps Secured Debt: $60M Term Loan 8/1/2023(3) LIBOR + 1.70% 2.693% $ 58,499 1100-1170
Slide 14: Debt Summary (Continued)
Debt Summary (Continued). (unaudited and dollars in thousands) Debt Detail: As of March 31, 2020 Debt Maturity Schedule: Effective Interest Year Secured(8) Unsecured Total % Total Rate 2020 - 2021 $ — $ — $ — —% —% 2022 — 100,000 100,000 11% 2.964% 2023 65,197 225,000 290,197 32% 2.641% 2024 11,329
Slide 15: Portfolio Overview
Portfolio Overview. At March 31, 2020 (unaudited results) Consolidated Portfolio: Rentable Square Feet Occupancy % In-Place ABR(2) Non- Non- Stabilized Stabilized Stabilized Stabilized Same Same Same Same Total Portfolio # Properties Properties Total Properties Properties Total Excluding Total Per S
Slide 16: Occupancy and Leasing Trends
Occupancy and Leasing Trends. (unaudited results, data represents consolidated portfolio only) Occupancy by County: Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Occupancy:(1) Los Angeles County 96.7% 96.9% 96.3% 96.0% 96.0% Orange County 91.2% 96.3% 92.6% 90.9% 91.4% San Bernardi
Slide 17: Leasing Statistics
Leasing Statistics. (unaudited results, data represents consolidated portfolio only) Leasing Activity: Weighted Average Lease # Leases Signed SF of Leasing Term (Years) First Quarter 2020: New 47 424,435 4.3 Renewal 60 1,169,923 4.3 Total/Weighted Average 107 1,594,358 4.3 Change in Annual Rental Ra
Slide 18: Leasing Statistics (Continued)
Leasing Statistics (Continued). (unaudited results, data represents consolidated portfolio only) Lease Expiration Schedule as of March 31, 2020: In-Place + In-Place + Total Rentable Square Uncommenced ABR Uncommenced Year of Lease Expiration # of Leases Expiring Feet (in thousands) ABR per SF Availa
Slide 19: Top Tenants and Lease Segmentation
Top Tenants and Lease Segmentation. (unaudited results, data represents consolidated portfolio only) Top 10 Tenants: In-Place + Leased % of In-Place + Uncommenced ABR Tenant Submarket Rentable SF Uncommenced ABR per SF Lease Expiration (1) Federal Express Corporation North County San Diego / South B
Slide 20: Capital Expenditure Summary
Capital Expenditure Summary. (unaudited results, in thousands, except square feet and per square foot data) Three Months Ended March 31, 2020 Year to Date Total SF(1) PSF Tenant Improvements: $ 355 478,307 $ 0.74 27 50,592 $ 0.53 Renewals 4 115,600 $ 0.03 Total Tenant Improvements and Space Preparat
Slide 21: Properties and Space Under Repositioning/Development
Properties and Space Under Repositioning/Development.(1) As of March 31, 2020 (unaudited results, in thousands, except square feet) Development Est. Construction Period(1) Est. Period Property until Projected Projected Cumulative Est. Annual Estimated Projected Leased % Target Stabilized Purchase De
Slide 22: Properties and Space Under Repositioning/Development Continued
Properties and Space Under Repositioning/Development Continued.(1) As of March 31, 2020 (unaudited results, in thousands, except square feet) Repositioning Space Estimated Construction Period(1) Estimated Repositioning Total Estimated Total Space Under Period until Projected Costs Incurred Property
Slide 23: Current Year Acquisitions and Dispositions Summary
Current Year Acquisitions and Dispositions Summary. As of March 31, 2020 (unaudited results, data represents consolidated portfolio only) 2020 Current Period Acquisitions Acquisition Rentable Acquisition Occ. % at Occ.% at Date Property Address County Submarket Square Feet Price ($ in MM) Acquisitio
Slide 24: Guidance: 2020 Outlook
Guidance. As of March 31, 2020 2020 OUTLOOK* 2020 GUIDANCE / ASSUMPTIONS Q1’20 UPDATED RESULTS AS OF METRIC INITIAL GUIDANCE GUIDANCE MARCH 31, 2020 Net Income Attributable to Common Stockholders per diluted share (1) $0.37 - $0.39 (2) $0.28 - $0.31 $0.09 (1) (2) Company share of Core FFO per dilute
Slide 25: Net Asset Value Components
Net Asset Value Components. As of March 31, 2020 (unaudited and in thousands, except share data) Net Operating Income Pro Forma Net Operating Income (NOI)(1) Three Months Ended March 31, 2020 Total operating rental income $77,490 Property operating expenses (18,114) Pro forma effect of uncommenced l
Slide 26: Notes and Definitions
Notes and Definitions. Adjusted Funds from Operations (“AFFO”): We calculate adjusted funds from operations, or AFFO, Capital Expenditures, Non-recurring: Expenditures made with respect to a property for improvement by adding to or subtracting from FFO, as defined below, the following items: (i) cer
Slide 27: Notes and Definitions
Notes and Definitions. Debt Covenants ($ in thousands) Fixed Charge Coverage Ratio: For the Three Months Ended Mar 31, 2020 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, Credit Facility, 2020 2019 2019 2019 2019 $225M Term Senior Notes Current Period Loan and $150M ($100M, $125M, EBITDAre $ 50,244 $ 48,03
Slide 28: Notes and Definitions
Notes and Definitions. FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for • Estimated Construction Period: The Start of the Estimated Construction Period is the period we our cash needs, including our ability to pay dividends. FFO should be consid
Slide 29: Notes and Definitions
Notes and Definitions. Rent Change - Cash: Compares the first month cash rent excluding any abatement on new/renewal Reconciliation of Net Income to NOI and Cash NOI (in thousands): leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable
Rexford Industrial Realty — Q1 2020 Earnings Presentation on 6ix