Rexford Industrial Realty, Inc. (NYSE:REXR) Q3 2023 Earnings Conference Call October 19, 2023 1:00 PM ET
Company Participants
David Lanzer - General Counsel
Michael Frankel - Co-Chief Executive Officer
Howard Schwimmer - Co-Chief Executive Officer
Laura Clark - Chief Financial Officer
Conference Call Participants
Camille Bonnel - Bank of America
John Kim - BMO Capital Markets
Blaine Heck - Wells Fargo
Nicholas Joseph - Citigroup
Craig Mailman - Citigroup
Greg McGinniss - Scotiabank
Nick Thillman - Robert W. Baird
Vince Tibone - Green Street Advisors
Michael Mueller - JPMorgan
Vikram Malhotra - Mizuho Securities
Nathan Crossett - BNP Paribas Exane
Operator
Greetings and welcome to Rexford Industrial Realty, Inc. Third Quarter 2023 Earnings 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 David Lanzer, General Counsel. Thank you. You may begin.
David Lanzer
We thank you for joining Rexford Industrial's third quarter 2023 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 by federal securities laws. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information about these risk factors, please review our 10-K and other SEC filings. Rexford Industrial assumes no obligation to update any forward-looking statements in the future. Additionally, certain financial information presented on this call represents non-GAAP financial measures. Our earnings release and supplemental package present GAAP reconciliations and explanations 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 turn the call over to Michael.
Michael Frankel
Thank you, David, and welcome, everyone, to Rexford Industrial's third quarter earnings call. I'll begin with a few remarks, followed by Howard, who will provide some additional market operational color, then Laura will provide more detail related to our performance and financial results.
To begin with, I'd like to thank our Rexford team for delivering a strong quarter across all of our value creation initiatives. Compared to the prior year quarter, our team grew FFO by 33% and grew FFO per share by 12%, driven by strong same property pool average occupancy of 97.8%, exceptional leasing spreads of 65% on a GAAP basis and 51% on a cash basis as well as the substantial cash flow per share growth generated from our investments completed over the prior year.