Rexford Industrial Realty, Inc. (REXR) Q3 2022 Results - Earnings Call Transcript

For the period ending September 30, 2022

October 20, 2022 1:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings. And welcome to the Rexford Industrial Realty Inc. Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder this conference is being recorded.

It is now my pleasure to introduce your host, Mr. Aric Chang, Senior Vice President of Investor Relations and Capital Markets. Thank you. You may begin.

Aric Chang

We thank you for joining Rexford Industrial's third quarter 2022 earnings conference call. In addition to the press release distributed yesterday after market close, we posted a supplemental package and investor presentation in the Investor Relations section on our website at rexfordindustrial.com.

On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

For more information about these risk factors, we encourage you to review our 10-K and other SEC filings. Rexford Industrial assumes no obligation to update any forward-looking statements in the future.

In addition, certain financial information presented on this call represents non-GAAP financial measures. Our earnings release and supplemental package present GAAP reconciliations and an explanation of why such non-GAAP financial measures are useful to investors.

Today's conference call is hosted by Rexford Industrial's Co-Chief Executive Officers, Michael Frankel and Howard Schwimmer, together with Chief Financial Officer, Laura Clark. They will make some prepared remarks, and then we will open the call for your questions.

Now, I will turn the call over to Michael.

Michael Frankel

Thank you, Eric, and thank you, everyone, for joining our Rexford Industrial third quarter 2022 earnings call. We hope you are well. Following my remarks Howard will discuss our transaction activity, and then Laura will provide an update on our financial performance and guidance.

I'd like to begin by acknowledging the Rexford team. From an operational perspective our team contributed towards enabling one of our strongest quarterly and year-to-date performances on record.

Compared to the prior year quarter, we grew core FFO by 45% and increased FFO per share by 16%. Year-to-date, we increased core FFO by 52% and grew FFO per share by over 23% continuing a sustained level of sector leading performance.