Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q1 2014 Earnings Presentation
26 slides from Rexford Industrial Realty's earnings presentation, May 12, 2014
Slide 1: Supplemental Financial Reporting Package First Quarter 2014
Rexford Industrial Real Estate Acquisition Development & Management Supplemental Financial Reporting Package First Quarter 2014 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 Highlights and Common Stock Data 4 Consolidated and Combined Financial Results: Consolidated and Combined Balance Sheet 5 Consolidated and Combined Statement of Operations 6 - 7 Non-GAAP FFO and AFFO Re
Slide 3: Investor Company Summary
Investor Company Summary Senior Management Team Howard Schwimmer Co-Chief Executive Officer, Director Michael S. Frankel Co-Chief Executive Officer, Director Adeel Khan Chief Financial Officer Jon Abrams General Counsel, Secretary Patrick Schlehuber Director of Acquisitions Bruce Herbkersman Directo
Slide 4: Financial and Portfolio Highlights and Common Stock Data
Financial and Portfolio Highlights and Common Stock Data (1) (in thousands except per share figures and portfolio statistics) Three Months Ended March 31, 2014 Three Months Ended December 31, 2013 Period From July 24, 2013 to Sep. 30, 2013 (2) Financial Results: Total rental revenues $13,415 $12,448
Slide 5: Consolidated and Combined Balance Sheet
Consolidated and Combined Balance Sheet (in thousands) Rexford Industrial Realty, Inc. Rexford Industrial Realty, Inc. Predecessor 3/31/14 12/31/13(1) 9/30/13(1) 6/30/13(1) 3/31/13(1) (unaudited) (unaudited) (unaudited) (unaudited) Assets Investments in real estate, net $512,573 $483,572 $432,024 $3
Slide 6: Consolidated and Combined Statement of Operations
Consolidated and Combined Statement of Operations Quarterly Results (unaudited and in thousands, except share count and per share figures) Rexford Industrial Realty, Inc.(1) Rexford Industrial Realty, Inc. Predecessor Three Months Ended March 31, 2014 Quarter Ended December 31, 2013 Period from July
Slide 7: Consolidated and Combined Statement of Operations
Consolidated and Combined Statement of Operations Quarterly Results (in thousands) Rexford Industrial Realty, Inc. Rexford Industrial Realty, Inc. Predecessor Three Months Ended March 31, 2014 2013 (unaudited) (unaudited) Rental Revenues Rental revenues $11,628 $7,760 Tenant reimbursements 1,511 847
Slide 8: Non-GAAP FFO
Non-GAAP FFO (1) (in thousands) (unaudited results) Rexford Industrial Realty, Inc. (2) Rexford Industrial Realty, Inc. Predecessor Three Months Ended March 31, 2014 December 31, 2013 July 24, 2013 to Sep. 30, 2013 July 1, 2013 to July 23, 2013 Three Months Ended June 30, 2013 Funds From Operations
Slide 9: Non-GAAP AFFO
Non-GAAP AFFO (1) (in thousands) (unaudited results) Rexford Industrial Realty, Inc. (2) Rexford Industrial Realty, Inc. Predecessor Three Months Ended Three Months March 31, 2014 December 31, 2013 July 24, 2013 to Sep. 30, 2013 July 1, 2013 to July 23, 2013 Ended June 30, 2013 Adjusted Funds From O
Slide 10: Statement of Operations Reconciliations
Statement of Operations Reconciliations (1) (in thousands) (unaudited results) Rexford Industrial Realty, Inc. Rexford Industrial Realty, Inc. Predecessor Three Months Ended March 31, 2014 December 31, 2013 Period from July 24, 2013 to Sep. 30, 2013 Period from July 1, 2013 to July 23, 2013 Three Mo
Slide 11: Statement of Operations Reconciliations
Statement of Operations Reconciliations (1) (in thousands) (unaudited results) Rexford Industrial Realty, Inc. Three Months Ended March 31, 2014 December 31, 2013 Period from July 24, 2013 to September Net income (loss) $1,429 $(1,006) $295 Interest expense 1,251 1,046 717 Proportionate share of int
Slide 12: Same Property Portfolio Performance
Same Property Portfolio Performance (1) (in thousands) Statement of Operations and NOI Reconciliation (unaudited results) Same Property Portfolio Statement of Operations: Three Months Ended March 31, 2014 2013(2) $ Change % Change Rental Revenues Rental revenues $8,032 $7,739 $293 3.8% Tenant reimbu
Slide 13: Same Property Portfolio Performance
Same Property Portfolio Performance (1) (in thousands) NOI Reconciliation, Portfolio Detail, and Occupancy (unaudited results) Same Property Portfolio NOI Reconciliation Continued: Three Months Ended March 31, 2014 2013(2) $ Change % Change Rental revenues $8,032 $7,739 $293 3.8% Tenant reimbursemen
Slide 14: Joint Venture Financial Summary - Balance Sheet
Joint Venture Financial Summary (in thousands) Balance Sheet (unaudited results) Mission Oaks (1) March 31, 2014 December 31, 2013 September 30, 2013 June 30, 2013 Assets: Investments in real estate, net $55,085 $54,074 $53,316 51,240 Cash and cash equivalents 853 811 781 1,758 Rents and other recei
Slide 15: Joint Venture Financial Summary - Statement of Operations
Joint Venture Financial Summary (1) (in thousands) Statement of Operations (unaudited results) Statement of Operations: Mission Oaks (2) Three Months Ended March 31, 2014 December 31, 2013 September 30, 2013 June 30, 2013 Income Statement Rental revenues $1,286 $1,419 $1,427 $1,272 Tenant reimbursem
Slide 16: Capitalization Summary
Capitalization Summary (unaudited results) Capitalization as of March 31, 2014 Description March 31, 2014 December 31, 2013 September 30, 2013 Common shares (1) 25,419,418 25,419,418 24,757,841 Operating partnership units 3,009,259 3,009,259 3,697,086 Total shares and units at period end (1) 28,428,
Slide 17: Debt Summary
Debt Summary (in thousands) (unaudited results) Debt Detail: As of March 31, 2014 Debt Description Initial Maturity Date Maturity Date w/ Extensions Stated Interest Rate Effective Interest Rate Balance Secured Debt: Glendale Commerce Center (1) 5/1/2016 5/1/2018 LIBOR + 2.00% 2.153% $42,750 10700 Je
Slide 18: Portfolio Overview at 3/31/14
Portfolio Overview at 3/31/14 (unaudited results) Consolidated Portfolio: Ann. Base Rent Market # Properties % Owned Pro-rata Sq. Ft. Occ. % Total (in thousands)(1) per SF Greater San Fernando Valley 17 100.0% 1,605,827 91.9% 14,464 $9.80 San Gabriel Valley 8 100.0% 978,356 96.9% 7,232 $7.63 Central
Slide 19: Occupancy and Leasing Trends
Occupancy and Leasing Trends (unaudited results, data represents consolidated portfolio only on a pro rata basis) Occupancy by County: Mar. 31, 2014 Dec. 31, 2013 Sep. 30, 2013 Jun. 30, 2013 Mar. 31, 2013 Occupancy: Los Angeles County (1) 91.6% 89.9% 88.1% 90.9% 90.9% Orange County 95.0% 91.7% 92.6%
Slide 20: Leasing Statistics
Leasing Statistics (unaudited results, data represents consolidated portfolio only on a pro rata basis) Leasing Activity: # Leases Signed SF of Leasing Wtd. Avg. Lease Term Rent Change - Cash Rent Change - GAAP First Quarter 2014: New 41 307,102 3.1 3.2% 15.1% Renewal (1) 53 351,995 1.8 3.9% 9.4% To
Slide 21: Top Tenants and Lease Segmentation
Top Tenants and Lease Segmentation (unaudited results, data represents consolidated portfolio only on a pro rata basis) Top 10 Tenants: Tenant Submarket Leased SF % of Total Ann. Base Rent Ann. Base Rent per SF Lease Expiration Warehouse Specialists LA - San Gabriel Valley 245,961 2.1% $4.32 11/30/2
Slide 22: Capital Expenditure Summary
Capital Expenditure Summary (unaudited results, data represents consolidated portfolio only on a pro rata basis) Quarter Ended March 31, 2014: Amount SF(1) PSF Tenant Improvements: New Leases - 1st Generation $9,000 7,032 $1.28 New Leases - 2nd Generation $43,000 68,830 $0.62 Renewals $44,000 190,11
Slide 23: Properties Under Repositioning
Properties Under Repositioning (unaudited results, all figures pro rata except SF) Acquisition and Investment Detail: As of March 31, 2014 Property Ownership % Total SF presented on a wholly owned basis Acquisition Date Occupancy % at March 31, 2014 Purchase Price ($ in MM) Inv.-to-date ($ in MM) Pr
Slide 24: Acquisitions and Dispositions Summary
Acquisitions and Dispositions Summary (unaudited results, data presented on a wholly owned basis) Acquisitions: Date Property Address Submarket SF Price ($ in MM) Occ. % at Acquisition Occ. % at Mar. 31, 2014 Mar-12 Campus 1400 S. Campus Ave. Inland Empire West 107,861 $4.8 100% 100% May-12 Zenith 5
Slide 25: Definitions / Discussion of Non-GAAP Financial Measures
Definitions / Discussion of Non-GAAP Financial Measures Adjusted Funds from Operations (AFFO): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as leasing payroll, (ii
Slide 26: Definitions / Discussion of Non-GAAP Financial Measures
Definitions / Discussion of Non-GAAP Financial Measures Properties Under Repositioning: Typically defined as properties where space is held vacant in order to implement capital improvements that improve the market rentability of that space. Considered completed once investment is fully or nearly ful
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