Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q4 2024 Earnings Presentation
19 slides from Rexford Industrial Realty's earnings presentation, Feb 6, 2025
Slide 1: Rexford Industrial Realty Earnings Presentation 4Q 2024
NYSE: REXR Rexford Industrial Realty Earnings Presentation 4Q 2024 www.rexfordindustrial.com 20851 CURRIER ROAD, WALNUT
Slide 2: Forward Looking Statements
2 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information
Slide 3: REXR Proven Performance
3 REXR Proven Performance NYSE FFO Dividend 51M Per Share Growth Per Share Growth 100% Square Feet (5-Year CAGR)3 (5-Year CAGR)4 425 18% Industrial Properties 16% Prime Infill $13B Southern 11% Entity Value1 California 10% BBB+ S&P 2 BBB+ Fitch 2 Baa2 Moody’s 2 REXR Peer Average REXR Peer Average
Slide 4: Key Messages
4 Key Messages 1 Substantial Embedded NOI Growth Projected incremental NOI of $280 million, equal to 40% growth, embedded within in-place portfolio. 2 Low-Leverage Balance Sheet, Disciplined Capital Allocation 4.6x Net Debt/EBITDA with $1.5 billion in liquidity enables judicious capital allocation t
Slide 5: Substantial Embedded Cash NOI Growth
5 Substantial Embedded Cash NOI Growth 1 +$75M rnal Growth Repositioning and Inte Redevelopment +$100M $280M ment lop Portfolio Total Incremental ve e Mark-to-Market NOI Growth Le ed as &R ing +40% ositioning +$105M Value Annual Embedded Rent Steps Growth Creation Rep $670M O pe c e rati le n 4Q Ann
Slide 6: Disciplined Approach to Capital Allocation
6 Disciplined Approach to Capital Allocation Projected 2025 Sources and Uses ($M) (as of 2/5/2025 unless otherwise indicated) Sources Uses Capital Allocation Principles 2025 Repositioning and Cash on hand (as of 12/31/2024) $56 $275 Redevelopment Spend Earnings Accretive Forward equity proceeds to b
Slide 7: 2025 Outlook
7 2025 Outlook 1 2025 Guidance 2024 Results 2025 Guidance Net Income Attributable to Common Stockholders per diluted share $1.20 $1.21 – $1.25 Company share of Core FFO per Diluted Share $2.34 $2.37 – $2.41 Same Property Portfolio NOI Growth - Net Effective 4.1% 0.75% – 1.25% Same Property Portfolio
Slide 8: 2025 Guidance Rollforward
8 2025 Guidance Rollforward 1 Earnings Components Range ($ per share) Notes 2024 Core FFO per Diluted Share $2.34 $2.34 Same Property Portfolio NOI Growth 0.02 0.03 FY 2025 SP NOI Growth (Net Effective) Guidance range of 0.75%–1.25% Repositioning/Redevelopment NOI 0.06 0.08 Incremental NOI impacted
Slide 9: 4Q and Full Year 2024 Highlights
9 4Q and Full Year 2024 Highlights
Slide 10: Financial Highlights
10 Financial Highlights 1 4Q 2024 Full Year 2024 15.8% 18.0% 17.3% 19.5% Consolidated Consolidated Portfolio Consolidated Consolidated Portfolio Portfolio NOI Growth Cash NOI Growth Portfolio NOI Growth Cash NOI Growth 2.2% 5.3% 4.1% 7.1% Same Property Same Property Same Property Same Property GAAP
Slide 11: Operational Highlights
11 Operational Highlights 4Q 2024 Full Year 2024 1.0M SF 8.1M SF Leasing Volume Leasing Volume 41% 39% Cash Leasing Spreads Cash Leasing Spreads1 55% 55% Net Effective Leasing Spreads Net Effective Leasing Spreads1 3.9% 4.0% Average Embedded Rent Steps Average Embedded Rent Steps 95.7% 96.6% Avg Sam
Slide 12: Strategic Capital Allocation: Repositioning & Redevelopment Stabilizations
12 Strategic Capital Allocation 4Q 2024 3 376,000 Stabilized Projects1 Square Feet Repositioning & Redevelopment Stabilizations $123.5M 6.2% Total Investment Achieved Unlevered Stabilized Yield2 Full Year 10 826,000 2024 Stabilized Projects1 Square Feet $288.6M 7.5% Total Investment Achieved Unlever
Slide 13: Strategic Capital Allocation: Acquisitions & Dispositions
13 Strategic Capital 4Q 2024 2 579,000 Allocation Properties Square Feet Acquisitions $207.3M 4.9% Total Purchase Price Unlevered Initial Yield Acquisitions & Dispositions Full Year 56 4.6M 2024 Properties Square Feet Acquisitions $1.5B 5.0% Total Purchase Price Unlevered Initial Yield $0 of acquisi
Slide 14: Market Rent Growth & Mark-to-Market Reconciliation
14 Market Rent Growth & Mark-to-Market Reconciliation 1 Market Rent Growth Mark-to-Market for Rexford Portfolio2 Reconciliation Quarter-over-Quarter Year-over-Year Net Effective 3Q 2024 to 4Q 2024 4Q 2023 to 4Q 2024 Portfolio Mark-to-Market 3Q 2024 31% Greater L.A. -1.5% -8.0% Impact of Market Rent
Slide 15: Appendix
15 Appendix Endnotes Non-GAAP Reconciliations Definitions
Slide 16: Endnotes
16 Endnotes SLIDE 3 SLIDE 8 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, Operating Partnership units, 1. The Company’s 2025 guidance reflects management’s view of current and future market conditions, including current expectations with unves
Slide 17: Non-GAAP Reconciliations: Net Operating Income
17 Non-GAAP Reconciliations Net Operating Income ($ in '000s) Qtr ended 12/31/24 Qtr ended 12/31/23 Net Income (Loss) $ 64,910 $ 67,321 Add: General and administrative 21,940 19,988 Depreciation & amortization 71,832 65,839 Other expenses 34 316 Interest expense 28,173 14,570 Loss on extinguishment
Slide 18: Funds from Operations and EBITDAre
18 Funds from Operations Qtr ended 12/31/24 Qtr ended 12/31/23 Net Income (Loss) $ 64,910 $ 67,321 Add: D&A, including amounts in discontinued operations 71,832 65,839 Subtract: Gain on sale of real estate – 6,868 Funds from Operations $ 136,742 $ 126,292 Less: preferred stock dividends (2,315) (2,3
Slide 19: Definitions
19 Definitions Achieved Unlevered Stabilized Yield: Calculated by dividing annual stabilized Cash NOI by total investment in the case of acquisitions or NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents costs in the
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