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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 Realty has announced a public offering of $400 million in 2.150% senior notes due in 2031. Priced at 99.014% of the principal, the offering is set to settle on August 9, 2021. Proceeds will fund investments in green building projects and repay existing term loans and preferred stock. The company manages 269 properties with approximately 33.1 million rentable square feet, enhancing its position in the Southern California industrial real estate market. The offering is subject to customary closing conditions.
Rexford Industrial Realty, Inc. (REXR) reported strong Q2 2021 results, with net income of $20.6 million ($0.15/share), up from $11.4 million ($0.10/share) in Q2 2020. Core FFO grew 35.9% to $52.8 million, or $0.39/share, while consolidated NOI increased 30.9% to $79.7 million. The company achieved leasing activity of 2.2 million square feet with average rental rates up 33.9%. They completed $470 million in investments year-to-date, maintaining a low net debt-to-enterprise value ratio of 12%. The company revised its 2021 guidance upward for net income and Core FFO.
Rexford Industrial Realty announced on July 12, 2021, intentions to redeem 3,600,000 outstanding shares of its 5.875% Series A Cumulative Redeemable Preferred Stock (REXR.PRA). The redemption will occur on August 16, 2021, at $25.00 per share, plus accrued dividends of $0.183594, totaling $25.183594 per share. After redemption, the preferred stock will cease to trade on the NYSE. Notifications will be sent to holders as of July 12, 2021, with payments made upon surrender of stock certificates to the redemption agent. Rexford Industrial specializes in operating industrial properties in Southern California.
Rexford Industrial Realty (NYSE: REXR) announced it will release its second-quarter 2021 financial results after the market closes on July 21, 2021. A conference call with senior management is scheduled for July 22, 2021, at 1:00 PM ET. Rexford Industrial specializes in investing and operating industrial properties within Southern California's infill markets, boasting 266 owned properties totaling approximately 33.0 million rentable square feet and managing an additional 20 properties with about 1.0 million rentable square feet.
Rexford Industrial Realty has successfully expanded its unsecured revolving credit facility, increasing its borrowing capacity by $200 million to $700 million. The company also announced a 60 basis point reduction in the pricing of its $150 million unsecured term loan, now priced at LIBOR plus 95 basis points. These measures enhance liquidity and support growth in Southern California's industrial market, providing Rexford with a strong financial position to maximize shareholder value.
Rexford Industrial Realty, Inc. (NYSE: REXR) announced the acquisition of five industrial properties totaling 660,254 square feet for $188.9 million. The acquisitions were funded through cash-on-hand and equity offerings. Key properties include a $93.6 million campus in Los Angeles, a $27.4 million Torrance headquarters, and others in Rancho Dominguez and Valencia. The company has completed $420 million in acquisitions in 2021 and has an additional $600 million under contract. The acquisitions are expected to generate favorable cash flow growth amidst high tenant demand in Southern California.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of five industrial properties totaling 79,305 square feet for $68.1 million and the sale of one property for $8.2 million. The acquisitions, funded by cash and 1031 proceeds, reflect the company's strategy in Southern California's strong industrial market. The firm highlighted robust internal growth and $525 million in additional investments under contract. The acquisitions are expected to enhance cash flow and yield, with initial yields ranging from 4.5% to 6.1%. Overall, REXR aims to create significant shareholder value.
Rexford Industrial Realty, a real estate investment trust specializing in Southern California's industrial properties, announced participation in Nareit's REITWeek: 2021 Virtual Investor Conference. Co-CEOs Michael Frankel and Howard Schwimmer, along with CFO Laura Clark, will present on June 8, 2021, from 2:15 p.m. to 2:45 p.m. ET. An updated investor presentation is available on their website. Rexford currently owns 261 properties totaling approximately 32.3 million rentable square feet and manages an additional 20 properties with 1.0 million square feet.
Rexford Industrial Realty (NYSE: REXR) has announced the pricing of a public offering of 9,000,000 shares of its common stock, expected to generate approximately $500.4 million in gross proceeds. The offering involves forward sale agreements with J.P. Morgan and BofA Securities, allowing the company to use proceeds for future acquisitions and general corporate purposes. While Rexford will not initially receive the funds from the sale, they plan to contribute any cash proceeds from the eventual settlement of the agreements to their operating partnership.
Rexford Industrial Realty has initiated a public offering of 9,000,000 shares of its common stock. This offering is backed by forward sale agreements with J.P. Morgan and BofA Securities. The shares will be sold at market prices through various transaction methods. The company will not receive immediate proceeds from this offering; however, it plans to use future cash proceeds for acquisitions, redevelopment, and other corporate purposes. Currently, Rexford manages 259 properties in Southern California, totaling approximately 32.2 million rentable square feet.
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