LOS ANGELES—Locally based Rexford Industrial Realty recently released its Q1 report, reporting that net income attributable to common stockholders for the first quarter of $58.6 million, or $0.27 per diluted share, compared to $57.9 million, or $0.30 per diluted share, for the prior year quarter. Net income in the prior year quarter included $12.1 million of gains on sale of real estate for which there was no comparable amount during the first quarter of 2024, the REIT stated.
According to Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the company, "Rexford continues to deliver exceptional value and accretive cash flow growth generated by our entrepreneurial team and value-driven strategy."
Looking forward, they said that the REIT is "well-positioned with extensive embedded and external growth opportunities, positioning the company to create significant value for our stakeholders for years to come."
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The quarterly earnings call reported that in the first quarter, the company's consolidated portfolio NOI and Cash NOI increased 14.9% and 17.5%, respectively, compared to the prior year quarter. In terms fo operating results, first quarter 2024 leasing activity also demonstrated strong tenant demand fundamentals within Rexford Industrial's target Southern California infill markets.
As of March 31, 2024, the company's same property portfolio occupancy was 96.4%.
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