Rexford Industrial Realty Inc (NYSE:REXR) Q4 2018 Earnings Conference Call Transcript
Feb 13, 2019 • 01:00 pm ET
Greetings, and welcome to Rexford Industrial Realty, Inc. Fourth Quarter 2018 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.
I would now like to turn the conference over to your host, Steve Swett with ICR.
We'd would like to thank you for joining us for Rexford Industrial's fourth quarter 2018 earnings conference call. In addition to the press release distributed yesterday after market close, we have posted a quarterly supplemental package with additional details on our results in the Investor Relations section on our website at www.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 are usually identified by the use of words, such as anticipates, believes, estimates, expects, intends, may, plans, projects, seeks, should, will, potential, predicts and variations of such words or similar expressions. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.
Examples of forward-looking statements, include those related to revenue, operating income or financial guidance. As a reminder, forward-looking statements represent Management's current estimates, Rexford Industrial assumes no obligation to update any forward-looking statements in the future. We encourage listeners to review the more detailed discussion related to these forward-looking statements contained in the Company's filings with the SEC.
In addition, certain of the financial information presented on this call represents non-GAAP financial measures. The Company's earnings release and supplemental information package, which were released yesterday afternoon and are available on the Company's website, present reconciliations to the appropriate GAAP measure and an explanation of why the Company believes 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, Adeel Khan. 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 S. Frankel
Thank you and welcome to Rexford Industrial's fourth quarter 2018 earnings call. I will start with a summary of our operating results and some perspective on our go-forward market opportunity. Howard will then cover our recent acquisition activity and investment pipeline. Adeel will follow with more details on our financial results and will introduce our guidance for 2019. We will then open the call for your questions.
We are very pleased with our exceptional fourth quarter and full year 2018 results, as we continue to drive accretive growth and to create shareholder value through the successful execution of our highly focused business plan.
Beginning with our fourth quarter results, we achieved Company share of core FFO of $27.2 million, which is a 35.9% increase over the prior year quarter. Core FFO per share was $0.29, which represents an 11.5% increase year-over-year. On a Same Property basis, NOI