Rexford Industrial Realty, Inc. (REXR) has reported a 405.56 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $3 million, or $0.03 a share in the quarter, compared with $0.59 million, or $0.01 a share for the same period last year.
Revenue during the quarter surged 40.67 percent to $33.30 million from $23.67 million in the previous year period.
Cost of revenue surged 43.95 percent or $2.74 million during the quarter to $8.98 million. Gross margin for the quarter contracted 61 basis points over the previous year period to 73.04 percent.
Total expenses were $27.39 million for the quarter, up 32.57 percent or $6.73 million from year-ago period. Operating margin for the quarter expanded 502 basis points over the previous year period to 17.77 percent.
Operating income for the quarter was $5.92 million, compared with $3.02 million in the previous year period.
Revenue from real estate activities during the quarter surged 41.18 percent or $9.61 million to $32.94 million.
Income from operating leases during the quarter surged 37.19 percent or $7.67 million to $28.28 million. Revenue from tenant reimbursements was $4.47 million for the quarter, up 87.93 percent or $2.09 million from year-ago period.
Revenue from other real estate activities during the quarter was $0.19 million, down 43.70 percent or $0.15 million from year-ago period.
Other income during the quarter was $0.36 million, up 5.90 percent or $0.02 million from year-ago period.
"We are pleased with our third quarter operating and financial performance, which included a 40.2% increase in consolidated NOI and an 8.2% increase in Same Property Portfolio NOI over the prior year period," stated Michael Frankel and Howard Schwimmer, co-chief executive officers of the Company. "We continue to realize robust organic growth through strong re-leasing spreads, occupancy gains and increased cash flow from the completion and lease-up of value-add repositioned properties. Strong, accretive external growth has also contributed to a 41.2% increase in total revenue and a 10% increase in Core FFO per share. Year to date, we have acquired in excess of $311 million of high-quality industrial assets within our supply constrained target in-fill submarkets, with $80.8 million of property acquired during the quarter. Additionally, with our recent preferred equity offering, we have accessed a new source of capital and added additional capacity to our strong balance sheet."
Receivables increase substantially
Net receivables were at $8.45 million as on Sep. 30, 2016, up 280.46 percent or $6.23 million from year-ago.
Total assets jumped 39.89 percent or $428.94 million to $1,504.18 million on Sep. 30, 2016. On the other hand, total liabilities were at $558.63 million as on Sep. 30, 2016, up 48.44 percent or $182.30 million from year-ago.
Return on assets moved up 30 basis points to 0.46 percent in the quarter. At the same time, return on equity moved up 16 basis points to 0.24 percent in the quarter.
Debt increases substantially
Total debt was at $500.43 million as on Sep. 30, 2016, up 49.36 percent or $165.37 million from year-ago. Shareholders equity stood at $945.56 million as on Sep. 30, 2016, up 35.29 percent or $246.64 million from year-ago. As a result, debt to equity ratio went up 5 basis points to 0.53 percent in the quarter.
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