Rexford Industrial Realty Inc (NYSE:REXR) Q3 2020 Earnings Conference Call - Final Transcript
Oct 21, 2020 • 01:00 pm ET
Greetings. Welcome to Rexford Industrial Realty's Third Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.
At this time, I'll turn the conference over to Steve Swett, Investor Relations. You may now begin.
We thank you for joining us for Rexford Industrial's third quarter 2020 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package in the Investor Relations section on our website at www.rexfordindustrial.com.
On today's call, management's remarks and answers to your questions 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, and our General Counsel, David Lanzer.
They will make some prepared remarks and then we will open the call for your questions.
Now, I'll turn the call over to Michael.
Michael S. Frankel
Thank you, and welcome to Rexford Industrial's third quarter 2020 earnings call. We hope this call finds you and your families well and healthy. Today, I'll begin with a brief summary of our third quarter operating results, and Howard will then cover our market activity.
We are also very pleased to welcome Laura Clark, who joined Rexford on September 1st as our new Chief Financial Officer. Laura will provide more details on our financial results, balance sheet and outlook. We will then open the call for your questions.
We are very pleased with our strong third quarter results, to which we credit the hard work of our entire Rexford team and the extraordinary resilience and overall quality of our tenant base within infill Southern California.
Highlights from the quarter include the following: We increased company share of core FFO by 20% to $40.6 million and generated a 6.5% increase in core FFO per share to $0.33. Consolidated NOI grew by 23.8% on a GAAP basis and by 22.2% on a cash basis. Our stabilized same-property NOI grew by 4.4% on a GAAP basis and our stabilized same property cash NOI grew by 5%. We signed 101 leases for 1.6 million square feet during the third quarter and achieved leasing spreads of 26.8% on a GAAP basis and 17.4% on a cash basis, and we achieved 98.4% occupancy in our stabilized same-property portfolio.
During the quarter, we also acquired five properties for approximately $69 million; and subsequent to quarter-end, we acquired one additional property for $22 million, bringing