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Rexford Industrial Realty, Inc. (NYSE: REXR) is a leading real estate investment trust (REIT) specializing in the acquisition, ownership, and operation of industrial properties in the high-demand infill markets of Southern California. The company focuses on leasing light manufacturing and distribution warehouse buildings located in urban areas with limited developable land, primarily in Los Angeles and San Diego. This strategic positioning benefits from robust tenant demand and a diverse tenant base spanning wholesale and retail, light manufacturing, industrial equipment, and food and beverage industries.
Portfolio
The company boasts a vast portfolio with ownership interests in 422 properties totaling approximately 49.2 million rentable square feet, and management of an additional 19 properties with around 1.2 million rentable square feet. Rexford's high-quality, irreplaceable properties are strategically situated in one of the world's largest industrial markets, characterized by high demand and low supply.
Recent Achievements
Rexford Industrial has shown remarkable financial and operational performance. In the first quarter of 2024, the company reported a net income attributable to common stockholders of $58.6 million, with Core FFO (Funds from Operations) of $123.5 million, a 20.3% increase from the prior year quarter. The company's strong leasing activity led to a 14.9% increase in consolidated portfolio NOI (Net Operating Income) and a 17.5% rise in Cash NOI.
Current Projects
As part of its growth strategy, the company has a near-term pipeline of over 4.0 million square feet of value-add repositioning and redevelopment projects, expected to deliver a 6.4% unlevered stabilized yield on total investment. Additionally, Rexford completed $1.5 billion in investments in 2023, acquiring properties that enhance its strategic market positioning and generate significant returns.
Financial Health
Rexford Industrial maintains a strong balance sheet with $337.0 million in cash on hand and $1.0 billion available under its unsecured revolving credit facility as of March 31, 2024. The company has no significant debt maturities until 2026, providing financial stability and flexibility for future investments.
Partnerships and Investor Relations
Rexford Industrial engages in strategic partnerships and maintains transparent investor relations, evidenced by regular updates and detailed financial reporting. The company is a member of the S&P MidCap 400 Index, underscoring its financial robustness and market influence.
With a commitment to creating value through strategic investments, superior asset management, and redevelopment initiatives, Rexford Industrial Realty, Inc. continues to lead the market, delivering substantial value to stakeholders.
Rexford Industrial (NYSE: REXR) has released an operating activity update for Q4 2024. The company executed 657,000 square feet of leases, comprising 422,000 square feet of renewals and 235,000 square feet of new leases, with an average size of 16,000 square feet. Rental rates increased significantly, showing an 80% increase on a net effective basis and 60% on a cash basis compared to prior rents. The average annual rent steps were 3.9%. As of October 31, 2024, the Same Property Portfolio maintained strong occupancy with 96.8% year-to-date average and 95.9% ending occupancy.
AccessHope announces expansion of its executive leadership team with key appointments amid rapid growth. Dr. Yousuf Zafar, a Duke University oncologist and former Optum executive, joins as Chief Medical Officer. Peter Bridges, a veteran digital health leader, becomes Chief Strategy and Growth Officer, while Debra Morris is promoted to President.
The company, which delivers leading-edge cancer expertise, recently completed a spinout from City of Hope and secured $33 million in Series B funding. AccessHope has experienced double-digit annual growth since its founding and expanded its network of partnerships with NCI-Designated Comprehensive Cancer Centers, including prestigious institutions like Dana-Farber Cancer Institute and Johns Hopkins Medicine.
Rexford Industrial Realty, Inc. (NYSE: REXR) has announced key leadership changes effective November 18, 2024. Michael Fitzmaurice has been appointed as the new Chief Financial Officer (CFO), while Laura Clark, the current CFO, has been promoted to the role of Chief Operating Officer (COO).
Mr. Fitzmaurice brings 25 years of experience in the public REIT sector, most recently serving as Executive Vice President and CFO of RPT Realty. He played a important role in the successful merger with Kimco Realty in January 2024. Laura Clark's promotion to COO comes after four years of substantial contributions as CFO.
The Co-CEOs, Michael Frankel and Howard Schwimmer, expressed enthusiasm about these changes, highlighting the potential for significant value creation and growth opportunities for Rexford Industrial.
Rexford Industrial Realty (NYSE: REXR) announced its Q3 2024 financial results, showing strong performance. Net income rose to $65.1 million, or $0.30 per share, from $56.3 million, or $0.27 per share, in Q3 2023. Core FFO increased by 13.1% to $130.0 million, or $0.59 per share. NOI for the consolidated portfolio grew by 17.6% to $183.5 million. Same Property Portfolio NOI and Cash NOI increased by 2.6% and 5.3%, respectively. The average Same Property Portfolio occupancy was 96.9%, with rental rates rising 39.2% on a GAAP basis and 26.7% on a cash basis for new and renewal leases.
Rexford completed two acquisitions for $60.5 million and sold one property for $7.3 million. It ended the quarter with a net debt-to-enterprise value ratio of 22.2%. The company updated its 2024 guidance, projecting a net income of $1.20-$1.22 per share and Core FFO of $2.33-$2.35 per share. The board declared dividends for common and preferred stockholders. A conference call will be held on October 17, 2024, to discuss these results.
Rexford Industrial Realty, Inc. (NYSE: REXR), a real estate investment trust specializing in industrial properties in infill Southern California, has announced the dates for its third quarter 2024 earnings release and conference call. The company will release its financial results on Wednesday, October 16, 2024, after market close. A conference call with senior management is scheduled for Thursday, October 17, 2024, at 1 p.m. EDT.
Investors can participate in the live telephone conference call using the following dial-in numbers: 1 (800) 715-9871 for domestic callers and 1 (646) 307-1963 for international callers, with Conference ID 9448082. Additionally, a webcast and replay of the conference call will be available in listen-only mode on the company's investor relations website.
Rexford Industrial Realty, Inc. (NYSE: REXR) has successfully leased up its 274,885 square-foot value-add-repositioned project at 500 Dupont Avenue in Ontario, California. The property, located in the Inland Empire – West submarket, has been leased to a third-party logistics (3PL) provider. The project underwent significant modernization, including expanded dock-high loading, upgraded ESFR fire sprinklers, new office construction, and a new secured container storage yard.
The lease is set to commence in October 2024, with the project expected to stabilize at an unlevered yield of 5.5%, aligning with the Company's previously published estimates. Rexford Industrial's Co-CEOs, Howard Schwimmer and Michael Frankel, emphasized the Company's strong execution and informational advantage in delivering high-quality, functional products within the infill Southern California market.
Rexford Industrial Realty (NYSE: REXR), a REIT specializing in industrial properties in Southern California, has announced its participation in two upcoming industry conferences. The company will present at the Barclays 22nd Annual Global Financial Services Conference on September 9, 2024, at 9 a.m. EDT, and at the Bank of America Securities 2024 Global Real Estate Conference on September 10, 2024, at 3:45 p.m. EDT.
These presentations offer investors and analysts an opportunity to gain insights into Rexford Industrial's strategies and performance. Live audio webcasts and replays of both events will be accessible through the company's investor relations website at ir.rexfordindustrial.com, providing wider access to the information shared during these conferences.
Rexford Industrial Realty (NYSE: REXR) reported strong financial results for Q2 2024. Net income attributable to common stockholders increased to $79.8 million ($0.37 per diluted share), up from $51.6 million in Q2 2023. Core FFO grew 19.5% to $129.6 million ($0.60 per diluted share). Consolidated Portfolio NOI rose 20.9% to $181.1 million.
The company demonstrated robust leasing activity with rental rate increases of 67.7% (GAAP) and 49.0% (cash) on 2.3 million sq ft of new and renewal leases. Rexford completed three acquisitions for $169.5 million and sold four properties for $37.0 million. The company maintains a strong balance sheet with a net debt-to-enterprise value ratio of 24.1%.
Rexford updated its 2024 guidance, projecting Core FFO per diluted share of $2.32-$2.34 and Same Property Portfolio NOI growth of 4.25%-5.25% (GAAP) and 7.0%-8.0% (cash).
Rexford Industrial Realty (NYSE: REXR), a real estate investment trust specializing in industrial properties in Southern California, will release its second quarter 2024 financial results on July 17, 2024, after the market closes. A conference call with senior management is scheduled for July 18, 2024, at 1:00 p.m. Eastern Time. Domestic callers can dial 1 (800) 715-9871, and international callers can dial 1 (646) 307-1963 using Conference ID 9448082. The event will also be webcast live and available for replay at ir.rexfordindustrial.com.
Rexford Industrial Realty (NYSE: REXR) announced plans to recruit a new Chief Financial Officer (CFO). Upon successful recruitment, current CFO Laura Clark will be promoted to the newly established role of Chief Operating Officer (COO). The executive search will be conducted by Russell Reynolds Associates. Co-CEOs Michael Frankel and Howard Schwimmer praised Clark's contributions and highlighted the potential growth opportunities this transition will unlock. As COO, Clark will oversee various operational and growth segments including asset management, investments, development, leasing, property management, and marketing. This move aims to optimize and align the company's value-creation initiatives.
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