Fubotv earnings beat by $0.10, revenue topped estimates
Investing.com - Truist Securities has maintained its Buy rating and $37.00 price target on Rexford Industrial Realty (NYSE:REXR) following the company’s quarterly results that exceeded expectations despite challenging market conditions. The company, currently trading at $36.32, has demonstrated consistent dividend performance, having maintained payments for 13 consecutive years, according to InvestingPro data.
The industrial real estate investment trust reported funds from operations (FFO) of $0.59 per share, surpassing both the Street consensus of $0.58 and Truist’s estimate of $0.57. The outperformance was primarily driven by higher interest income and lower expenses, according to Truist analyst commentary. With an impressive revenue growth of 18% over the last twelve months and a GOOD Financial Health rating from InvestingPro, the company continues to demonstrate operational strength.
Rexford maintained its full-year guidance, with lower interest expense helping to offset delays in rent commencement across its redevelopment and repositioning pipeline. The company executed approximately 520,000 square feet of leasing in that pipeline during and after the quarter, though tenant commitment remains slow.
Same-store occupancy ended at 96.1%, marking a 40 basis point increase quarter-over-quarter—the first sequential growth in a year. Blended cash spreads were 8.1% (20.9% GAAP), below the full-year guidance of 15% cash and 25% GAAP, weighed down by older leases signed in 2019-2021.
GAAP market rents declined 3.5% quarter-over-quarter and 12.8% year-over-year, compared to previous declines of 2.8% and 9.4%, respectively. New disclosure shows cash mark-to-market is down to approximately $20 million versus $60 million in the previous quarter. For deeper insights into Rexford’s valuation and performance metrics, including exclusive ProTips and comprehensive analysis, explore the detailed Research Report available on InvestingPro.
In other recent news, Rexford Industrial Realty reported second-quarter earnings that significantly exceeded analyst expectations, largely due to strong leasing activity and rising rental rates in its Southern California portfolio. The company posted net income attributable to common stockholders of $0.48 per diluted share, which was notably higher than the analyst estimate of $0.25. Revenue also surpassed expectations, coming in at $249.51 million compared to the consensus estimate of $245.12 million. Rexford executed 1.7 million square feet of new and renewal leases during the quarter, with rental rates increasing by 20.9% on a net effective basis. The company’s Same Property Portfolio NOI increased 1.1% year-over-year, while occupancy rose to 96.1%. Additionally, Rexford sold two properties for $81.6 million, achieving a 12.8% unlevered internal rate of return. The firm maintained a conservative financial position with a Net Debt to Enterprise Value ratio of 25.0%. Rexford also reaffirmed its full-year 2025 guidance for Core FFO per diluted share, while updating its net income guidance to a range of $1.38 to $1.42 per diluted share.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.