Rexford Industrial Realty announced its third quarter 2024 financial results, reporting net income attributable to common stockholders of $65.1 million, or $0.30 per diluted share. This represents an increase from $56.3 million, or $0.27 per diluted share, in the prior year quarter. The company's share of Core FFO for the quarter rose by 13.1% to $130.0 million, or $0.59 per diluted share, compared to $115.0 million, or $0.56 per diluted share, in the same period last year.
Operational highlights included a 17.6% increase in consolidated portfolio Net Operating Income (NOI) and a 20.7% increase in Cash NOI compared to the prior year quarter. Same Property Portfolio NOI increased by 2.6%, with Cash NOI growing by 5.3%. The company maintained a strong Same Property Portfolio occupancy of 96.7% as of September 30, 2024, and executed comparable leases with rental rate increases of 39.2% net effective and 26.7% cash.
Rexford Industrial also updated its full-year 2024 Core FFO outlook to $2.33-$2.35 per diluted share, a slight increase from the previous guidance of $2.32-$2.34. The company completed two acquisitions totaling $60.5 million, comprising 271,205 square feet, and disposed of one property for $7.3 million, generating an unlevered IRR of 12.6%. Additionally, three repositioning and redevelopment projects totaling 327,458 square feet were stabilized, achieving a weighted average unlevered stabilized yield of 7.6% on a total investment of $98.7 million.
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