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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 (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.
Rexford Industrial Realty (NYSE: REXR) announced the pricing of an underwritten public offering of 11,500,000 shares at $56.00 each. The offering, set to close on November 15, 2022, involves forward sale agreements with major financial institutions including Goldman Sachs and BofA Securities. The proceeds will be used for acquisitions, debt repayment, and general corporate purposes. The underwriters also hold a 30-day option to purchase up to 1,725,000 additional shares. The Company does not receive proceeds from the forward purchasers as they are selling borrowed shares.
Rexford Industrial Realty, Inc. (NYSE: REXR) has initiated a public offering of 11,500,000 shares of its common stock, led by Goldman Sachs, BofA Securities, J.P. Morgan, and Mizuho. The offering is structured through forward sale agreements, allowing Rexford to settle cash proceeds without receiving immediate funds from share sales. The company plans to utilize the proceeds for acquisitions, debt repayment, and general corporate purposes. Additionally, the underwriters have a 30-day option to purchase up to 1,725,000 additional shares.
Rexford Industrial Realty has published an updated investor presentation ahead of upcoming investor meetings. The Company focuses on industrial properties in Southern California, which is a high-demand, low-supply market. Rexford owns 346 properties with around 41.8 million rentable square feet and a diverse tenant base. The Company is a member of the S&P MidCap 400 Index and trades under the ticker REXR. Investors can access the presentation via the Company's investor relations website for insights into their growth strategies and market conditions.
Rexford Industrial Realty reported strong Q3 2022 results, with net income of $36.8 million ($0.21/share) up from $31.5 million ($0.23/share) YoY. Core FFO surged 44.5% to $86.1 million, with a 16.3% rise in per share metrics. NOI increased 40.1% to $123 million. The company maintained a 98.6% average occupancy rate and executed 1.7 million square feet of leasing at impressive spreads of 88.6% (GAAP). Acquisitions reached $977.5 million, bolstering its balance sheet with a net debt-to-enterprise value ratio of 15.9%. The firm upgraded its guidance for net income and Core FFO for 2022.
Rexford Industrial Realty, Inc. (NYSE: REXR) will release its third quarter 2022 financial results after the market closes on October 19, 2022. A conference call is scheduled for October 20, 2022, at 1:00 PM ET. The company focuses on investing in and operating industrial properties in Southern California's infill markets, boasting a portfolio of 344 properties and approximately 41.6 million rentable square feet. Rexford is a member of the S&P MidCap 400 Index.
Rexford Industrial Realty, a real estate investment trust listed on NYSE under the ticker REXR, announced its participation in the Bank of America Securities 2022 Global Real Estate Conference on September 14, 2022, at 2:10 PM ET. The Company will provide a live webcast of the event, with a replay available until December 14, 2022. An updated investor presentation featuring quarter-to-date operating results is now accessible on Rexford Industrial's investor relations website.
Rexford Industrial Realty announced the acquisition of seven industrial properties in Southern California for approximately $339 million. This investment is part of the company's strategy to leverage its expertise in value-add industrial properties and capitalize on off-market opportunities. Year-to-date, Rexford has made investments totaling $2 billion, with a pipeline of an additional $200 million. The properties, located in prime submarkets, are expected to generate stabilized cash yields between 2.4% and 5.5%. The acquisitions enhance Rexford's portfolio of 344 properties totaling 41.6 million square feet.
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