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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 (NYSE: REXR) reported strong Q1 2022 results with net income of $43.9 million, or $0.27 per diluted share, up from $24.9 million, or $0.19 per diluted share, year-over-year. Core FFO rose 58.4% to $76.6 million, with Core FFO per diluted share increasing 29.7% to $0.48. The company achieved a consolidated portfolio NOI of $107.2 million, up 40.9%. Average Same Property Portfolio occupancy reached 99.3%. The firm acquired 17 properties for $457.7 million and ended the quarter with a low-leverage balance sheet. An updated guidance indicates promising growth for 2022.
Rexford Industrial Realty has announced the acquisition of four industrial properties for a total of $82.7 million in infill Southern California submarkets. The acquisitions were funded through cash, partnership units, and a line of credit. In Q1 2022, the company made $458 million in investments, with over 85% from off-market transactions. The properties include multi-tenant parks and single-tenant buildings, all with potential for cash flow growth and redevelopment. Rexford also holds over $500 million in additional investments under contract.
Rexford Industrial Realty, Inc. (NYSE: REXR) will release its first quarter 2022 financial results after market close on April 19, 2022. Following this, a conference call with management is scheduled for April 20, 2022, at 1:00 PM ET. Participants can join the call by dialing 1-877-407-0789 domestically or 1-201-689-8562 internationally. The company's portfolio includes 308 properties with approximately 38.1 million rentable square feet in Southern California, a key industrial market.
Rexford Industrial Realty (REXR) announced the acquisition of eight industrial properties for $205.2 million, funded by cash reserves. The acquisitions enhance Rexford's footprint in Southern California, a top industrial market. The deals include plans for redevelopment of several sites, aiming for attractive cash yields of 3.6% to 6.6%. With over $500 million in additional investments under contract, the Company is positioned for growth supported by a strong balance sheet. The vacancy rates in the targeted submarkets remain low, indicating robust demand in the area.
Rexford Industrial Realty (REXR) announced strong Q4 2021 results, reporting net income of $34.8 million ($0.23/share), up from $13.2 million ($0.10/share) year-over-year. Core FFO increased 61.5% to $69.6 million ($0.45/share). For the full year, net income reached $111.8 million ($0.80/share), up from $61.3 million ($0.51/share). The company acquired 19 properties for $551.4 million and plans to increase its dividend by 31.3%. Despite these successes, 2022 guidance indicates slower same property NOI growth of 3.25%-4.25%. Rexford ended the year with a solid liquidity position and low leverage.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of five industrial properties for a total of $170 million and the sale of one property for $16.5 million. The transactions reinforce the company's strategy of leveraging Southern California's industrial market, which is characterized by low supply and high demand. Key acquisitions include properties in Los Angeles and Santa Clarita, with projected unlevered yields between 3.5% and 6.2%. The company has over $450 million in additional investments under contract, indicating strong growth potential amidst a robust real estate market.
Rexford Industrial Realty (REXR) announced the 2021 tax treatment for common and preferred stock dividend distributions. Common stock dividends totaled $1.175 per share with approximately 89.4% classified as taxable ordinary dividends. Preferred stock dividends amounted to $1.468752 per share in total, all considered taxable ordinary dividends. Key record and payable dates are outlined, including $0.240 per share payable for common stock on January 18, 2022. Shareholders are advised to consult tax advisors regarding the impact.
PS Business Parks (NYSE:PSB) announced the appointment of Stephen W. Wilson as interim President and CEO, and Maria R. Hawthorne as interim COO, effective January 17, 2022, following Dan "Mac" Chandler III's temporary leave for health reasons. Adeel Khan joined as CFO on January 10, 2022. The Board expresses confidence in the new interim leadership, highlighting their extensive experience. PS Business Parks operates 97 properties, serving 5,000 tenants across 28 million square feet, primarily in coastal markets.
Rexford Industrial Realty (REXR) reported strong operational results for Q4 and full year 2021, reflecting robust tenant demand in Southern California's industrial market. The company executed nearly 7 million sq. ft. in leases, achieving GAAP and cash releasing spreads of 43% and 29% respectively, with portfolio occupancy at 99.1%. Rexford completed $1.9 billion in investments with a projected 5.4% cash yield. The company maintained a fortress-like balance sheet with no debt maturities until 2022, and over $400 million in new investments under contract.
On January 5, 2022, Rexford Industrial Realty (NYSE: REXR) announced that it will release its fourth quarter and full year 2021 financial results after market close on February 9, 2022. A conference call with management is scheduled for February 10, 2022, at 1:00 PM ET. The company operates in Southern California's industrial real estate sector, owning 296 properties totaling approximately 37.0 million rentable square feet, with an additional 20 properties managed comprising around 1.0 million rentable square feet.
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