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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 reported robust first quarter 2023 results, showcasing a net income of $57.9 million, or $0.30 per diluted share, up from $43.9 million and $0.27 in the prior year period. The Company's share of Core FFO reached $102.7 million, a significant 34.0% increase year-over-year, with Core FFO per diluted share rising 8.3% to $0.52. Consolidated Portfolio NOI saw a 32.8% increase to $142.3 million, while Same Property Portfolio NOI grew by 7.3%. The Company maintained a strong portfolio occupancy rate of 98.0%.
Additionally, Rexford Industrial completed acquisitions totaling $804.3 million year-to-date, primarily through off-market transactions. The updated 2023 guidance for Core FFO per diluted share is now $2.11 - $2.15, reflecting confidence in continued growth.
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