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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.
On April 14, 2023, Rexford Industrial Realty (NYSE: REXR) declared a quarterly cash dividend of $0.38 per share for the second quarter of 2023. This dividend is payable on July 17, 2023, to common stockholders of record as of June 30, 2023. Additionally, dividends of $0.367188 per share for Series B Cumulative Redeemable Preferred Stock and $0.351563 per share for Series C Cumulative Redeemable Preferred Stock will be paid on June 30, 2023, to preferred stockholders of record by June 15, 2023. Rexford Industrial operates within Southern California's highly competitive industrial market, possessing a portfolio of 362 properties with approximately 44.0 million rentable square feet.
Rexford Industrial Realty, Inc. (NYSE: REXR) has announced three industrial property acquisitions totaling $357.2 million in prime Southern California locations, alongside the sale of a property for $17.0 million. With year-to-date investments reaching $762 million, the company's strategy focuses on leveraging high-demand infill markets. Key acquisitions include an R&D office building in Torrance, an industrial site near LAX, and a potential distribution hub in San Diego. The company maintains a strong balance sheet and continues to pursue additional investments, with a pipeline exceeding $125 million.
Rexford Industrial Realty has announced a public offering of $300 million in senior notes due June 15, 2028, with a 5.000% interest rate, priced at 98.975%. The offering will close on March 30, 2023, contingent on standard conditions. Proceeds will support general management activities, including acquisitions and debt repayment. The Company, which operates in Southern California's industrial real estate market, manages 358 properties totaling 43.6 million rentable square feet. Rexford Industrial is a member of the S&P MidCap 400 Index and trades under the ticker REXR.
Rexford Industrial Realty (NYSE: REXR) has announced its schedule for the release of first quarter 2023 financial results, set for April 19, 2023. The company will hold a conference call on April 20, 2023, at 1:00 PM ET, allowing investors to participate via designated dial-in numbers. Rexford Industrial focuses on investing in and operating industrial properties in Southern California, known for high demand and low supply. The company's portfolio consists of 358 properties, amounting to approximately 43.6 million rentable square feet, underlining its strong market position. Visit their website for more details.
Rexford Industrial Realty, a real estate investment trust (REIT) listed on NYSE under the symbol REXR, announced its participation in the Citi 2023 Global Property CEO Conference on March 6, 2023, at 9:15 am ET. The live presentation will be accessible via a webcast, with a replay available on their investor relations website. Focusing on Southern California's industrial real estate market, Rexford boasts a portfolio of 358 properties totaling approximately 43.6 million rentable square feet. The company aims for continued growth through innovative asset management and value creation strategies.
Rexford Industrial Realty (REXR) announced impressive fourth quarter and full year 2022 results, highlighting a net income of $40.7 million (or $0.22/share) for Q4, up from $34.8 million ($0.23/share) in Q4 2021. Core FFO surged by 29.8% to $90.3 million, with a 45.3% annual increase to $334.7 million. The firm achieved a consolidated NOI of $136.4 million for Q4, marking a 35.7% rise. Additionally, it maintained a robust occupancy rate of 98.0%. Rexford's growth was driven by acquiring 11 properties for $357.9 million and issuing shares totaling $388 million. Looking ahead, 2023 guidance projects Core FFO per diluted share between $2.08 and $2.12.
Rexford Industrial Realty (NYSE: REXR) has announced the 2022 tax treatment for its dividend distributions on common and preferred stocks. For common stock, a total of $1.500000 was distributed per share, with taxable ordinary dividends totaling $1.203386, of which $1.203386 are qualified dividends. The Series B Preferred Stock had a total distribution of $1.468752, all classified as ordinary dividends. The Series C Preferred Stock saw a total of $1.406252 distributed, equally classified as ordinary dividends. Shareholders are advised to consult tax advisors regarding the implications of their dividends.
Rexford Industrial Realty (REXR) reported strong operating results for Q4 and full year 2022, highlighting leasing activity of 1.3 million square feet with cash leasing spreads of 52%. The company completed $2.4 billion in acquisitions, focusing on off-market transactions. The Same Property Portfolio occupancy rate was 98.1%. The firm has a substantial pipeline, with $400 million in new investments under contract. Financially, they raised $660.3 million from equity offerings and have a solid cash position of $36.8 million as of December 31, 2022.
Rexford Industrial Realty has announced the acquisition of ten industrial properties in Southern California for $336.2 million, enhancing its portfolio by 15% to 42.4 million square feet. The acquisitions were funded with cash and forward equity settlements. The company reported $2.4 billion in acquisitions for 2022, highlighting its capacity for creating above-market value. The acquired properties are located in high-demand submarkets, with projected unlevered cash yields ranging from 2.2% to 5.6%. Rexford plans further investments worth $400 million.
Rexford Industrial Realty, Inc. (NYSE: REXR) will release its fourth quarter and full year 2022 financial results on February 8, 2023, after market close. A conference call with management is scheduled for February 9, 2023, at 1:00 p.m. Eastern Time. Investors can join the call via dedicated dial-in numbers or listen online at ir.rexfordindustrial.com. The Company operates in Southern California’s industrial market, managing 346 properties totaling approximately 41.8 million rentable square feet.
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