Revenue Analysis
Total and Operating Revenue: REXR showed a progressive increase in Total Revenue and Operating Revenue over the observed periods. From the first quarter of 2023, total revenue grew from $186,236,000 to $214,096,000 by the first quarter of 2024. This steady growth indicates a solid enhancement in the company’s operational performance.
Gross Profit Margins: Correspondingly, Gross Profit improved from $143,411,000 in March 2023 to $166,614,000 by March 2024. This growth in gross profits suggests efficient management practices and possibly improved sales volumes or pricing strategies.
Cost Management
Cost of Revenue: Cost of Revenue has seen fluctuations but generally reflects an upward trend, growing from $42,825,000 in March 2023 to $47,482,000 by March 2024, representing increasing costs associated with revenue enhancements.
Operating Expense: Operating Expenses have maintained a consistent range around $77,626,000 to $86,258,000 across the periods, suggesting stable operating cost management despite revenue growth.
Total Expenses: Total Expenses have escalated from $120,451,000 in March 2023 to $133,740,000 by March 2024, which aligns with the overall increase in revenue and cost of revenue.
Profitability Analysis
EBITDA: EBITDA increased from $124,567,000 in March 2023 up to a peak of $147,730,000 in December 2023, before slightly decreasing to $145,226,000 by March 2024.
Operating Income: Following a similar trend as EBITDA, Operating Income rose from $65,785,000 in March 2023 to $80,356,000 in March 2024, reflecting better operational efficiency.
Pretax Income and Net Income: Both Pretax Income and Net Income displayed growth over the year, with Pretax Income rising from $63,570,000 in March 2023 to $64,277,000 by March 2024, and Net Income from $60,506,000 to $64,277,000 over the same periods.
Cash Flow Indicators
Reconciled Depreciation: Reconciled Depreciation saw a gradual rise which signifies ongoing investments in assets, whereas its steadiness indicates a stable depreciation policy.
Interest Expense: Interest Expense was maintained nearly steady, suggesting stability in debt levels and cost of borrowing.
Taxation
Tax Rate: The tax rate was maintained at around 0.21 across the periods, indicative of consistent tax obligations relative to the earnings before tax.
Tax Provision and Tax Effect of Unusual Items: There is a noticeable provision for unusual items in some periods, which briefly impacted the tax calculations, but these were non-recurring.
Shareholder Metrics
Diluted and Basic EPS: Both Diluted and Basic EPS showed slight variability, mostly ranging around $0.27 to $0.30, mirroring the net income trends.
Average Shares: There was an increase in both Diluted and Basic Average Shares, indicating potential equity financing or stock-based compensation plans.
Net Income Available to Common Stockholders: This metric experienced growth, consistent with the net income enhancement, benefiting stockholders.
Conclusion
Overall, REXR has demonstrated robust financial health over the past three years, marked by steady revenue growth, controlled expense management, and increased profitability. The firm has maintained a steady dividend payout (reflected in Preferred Stock Dividends) and a consistent tax rate, providing predictability for investors. Considering the solid performance and strategic cost management, the outlook for REXR remains optimistic.
Appendices
Supporting data tables and calculations were used for this analysis but are not displayed here.