Rexford Industrial Realty, Inc (REXR) has reported 292.21 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $5.59 million, or $0.06 a share in the quarter, compared with $1.42 million, or $0.02 a share for the same period last year. Revenue during the quarter grew 28.54 percent to $35.35 million from $27.50 million in the previous year period.
Cost of revenue rose 22.26 percent or $1.68 million during the quarter to $9.22 million. Gross margin for the quarter expanded 134 basis points over the previous year period to 73.92 percent.
Total expenses were $25.24 million for the quarter, up 12.88 percent or $2.88 million from year-ago period. Operating margin for the quarter expanded 990 basis points over the previous year period to 28.61 percent.
Operating income for the quarter was $10.12 million, compared with $5.14 million in the previous year period.
Revenue from real estate activities during the quarter increased 27.88 percent or $7.63 million to $35 million.
Income from operating leases during the quarter rose 26.02 percent or $6.12 million to $29.61 million. Revenue from tenant reimbursements was $5.16 million for the quarter, up 44.88 percent or $1.60 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.23 million, down 25.88 percent or $0.08 million from year-ago period.
Other income during the quarter was $0.13 million, down 5.97 percent or $0.01 million from year-ago period.
“Our team’s excellent performance helped produce strong first quarter results, which included a 30.0% increase in Net Operating Income, a 360 basis point increase in Stabilized Same Property Portfolio occupancy and a 6.9% increase in Same Property NOI growth, all over the prior year period,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “During the quarter, we acquired approximately $17.1 million of value-add industrial property in our supply constrained infill Southern California market, and signed over 863 thousand square feet of new and renewal leases at a weighted average spread of 23.3% on a GAAP basis and 13.7% on a cash basis. Additionally, we further strengthened our balance sheet with the expansion of our senior unsecured credit facility, increasing its total capacity to $1 billion, providing us flexibility to capitalize upon internal and external growth opportunities. During the quarter, we also increased our dividend by 7.4% to $0.145 per common share. As we progress through 2017 and beyond, we believe we are well positioned to continue to drive cash flow growth and long term value-creation for shareholders.”
Receivables increase substantially
Net receivables were at $9.01 million as on Mar. 31, 2017, up 206.60 percent or $6.07 million from year-ago. Total assets jumped 30.08 percent or $353.81 million to $1,529.95 million on Mar. 31, 2017. On the other hand, total liabilities were at $567.81 million as on Mar. 31, 2017, up 15.97 percent or $78.17 million from year-ago.
Return on assets moved up 23 basis points to 0.64 percent in the quarter. At the same time, return on equity moved up 24 basis points to 0.43 percent in the quarter.
Debt moves up
Total debt was at $509.69 million as on Mar. 31, 2017, up 14.79 percent or $65.68 million from year-ago. Shareholders equity stood at $962.14 million as on Mar. 31, 2017, up 40.15 percent or $275.64 million from year-ago. As a result, debt to equity ratio went down 12 basis points to 0.53 percent in the quarter. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
