The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Hi, there. Laura, I have another question on clarifying that mark-to-market disclosure. We're hoping to dig into that 2% quarter-to-quarter impact
from portfolio vacates or moving to repositioning/redevelopment. Is that just a lack of comparable rent on a new vacant asset, so you can't provide
the upside?
And if thinking about that potential mark-to-market was previously greater than 56%, which is why it came down before, why would those properties
need to be repositioned or redevelop anyways?
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Right. But I'm saying so, is the rent growth, the mark-to-market assumed on those properties. Is that contingent on repositioning?
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OCTOBER 19, 2023 / 5:00PM, REXR.N - Q3 2023 Rexford Industrial Realty Inc Earnings Call
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
:
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. And then is there beyond like typical second-generation TIs, is there any additional spend that we should be thinking about for achieving
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: Okay. Great. And then my apologies for what might be an ignorant question here, but we are new to the coverage. How does the 100 basis points
of positive net absorption impact reported occupancy?
Question: Greg Michael McGinniss - Scotiabank Global Banking and Markets, Research Division - Analyst
: The overall portfolio. So if you have occupancy changing 10 basis points quarter-over-quarter, but it's 100 basis points of positive net absorption.
Just trying to figure out where the delta is there and how it's actually impacting occupancy to have the positive absorption.
Question: Nathan Daniel Crossett - BNP Paribas Exane, Research Division - Analyst
: A quick one on just recurring CapEx. It's up quite a bit the last couple of quarters. Just wanted to know if you can maybe unpack that. Is there
anything we should know going forward for maybe recurring CapEx expenditures? And then also G&A, I think the guidance for the year implies a
significant ramp into 4Q. And maybe you can just kind of unpack what that is?
Question: Nathan Daniel Crossett - BNP Paribas Exane, Research Division - Analyst
: Okay. That's helpful. And then sorry if I missed it, I can't remember if you disclosed it or not, but at lease escalation on new contracts, what was it
this quarter versus, say, last quarter?
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