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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) has announced the acquisition of five industrial properties for $125.9 million and the sale of one property for $11.7 million. The acquisitions funded by 1031 proceeds and cash on hand aim to leverage their value-add expertise in Southern California's industrial markets. With $1.4 billion in investments this year, Rexford also has over $300 million in additional acquisitions under contract. The company emphasizes its strong cash yields and low-leverage balance sheet as key to sustaining growth and value for stakeholders.
Rexford Industrial Realty reported a robust financial performance for Q3 2021, with net income reaching $31.5 million, or $0.23 per diluted share, up from $25.9 million in Q3 2020. Core FFO surged by 46.9% to $59.6 million, translating to $0.43 per diluted share. The company's consolidated NOI increased by 39.4%, with a Same Property Portfolio NOI growth of 9.7%. Rexford executed 1.8 million square feet of leasing activity, achieving a 54.3% increase in rental rates. The company ended the quarter with a low net debt-to-enterprise value ratio of 12.7%. Guidance for full-year metrics was revised upward, reflecting a positive outlook.
PS Business Parks, Inc. (NYSE:PSB) announces the appointment of Adeel Khan as Executive Vice President, Chief Financial Officer, and Corporate Secretary, effective January 10, 2022. Khan, a Certified Public Accountant, previously served as CFO for Rexford Industrial Realty, Inc. (NYSE:REXR). Jeffrey D. Hedges will transition out of the CFO role by November 12, 2021, continuing as a consultant until February 11, 2022. CEO Mac Chandler expressed enthusiasm about Khan's expertise in real estate and finance.
PS Business Parks operates 97 properties, serving approximately 5,100 tenants across 28 million square feet.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of two industrial properties totaling 421,824 square feet and an 80.2-acre industrial storage site for $285.6 million. The company also sold a 71,600 square foot property for $18.6 million, funded by 1031 proceeds, cash, and previous equity offerings. Key acquisitions include properties in Ontario and Rancho Dominguez, offering favorable cash flow and future value-add opportunities. With over $1.3 billion invested year-to-date and additional investments under contract, Rexford aims for long-term cash flow growth.
Rexford Industrial Realty, Inc. (NYSE: REXR) has announced the release of its third quarter financial results on October 20, 2021, after market close. A conference call with senior management is scheduled for October 21, 2021, at 1:00 p.m. Eastern Time. Interested participants can join the call by dialing 1-877-407-0789 (domestic) or 1-201-689-8562 (international). A webcast of the call will be available on the company's investor relations website. Rexford Industrial is focused on industrial properties in Southern California, owning 277 properties with approximately 34.9 million rentable square feet.
Rexford Industrial Realty has priced a public offering of 9,600,000 shares of common stock, aiming for approximately $565.9 million in gross proceeds. The offering includes 3,100,000 shares directly from the Company and 6,500,000 shares from forward purchasers. The proceeds will fund the acquisition of an 83-acre industrial property in Los Angeles County and support future acquisitions and corporate purposes. Underwriters BofA Securities and J.P. Morgan lead the offering, which includes a 30-day option for additional shares.
Rexford Industrial Realty, Inc. (NYSE: REXR) announced a public offering of 9,600,000 shares, with 3,100,000 shares offered directly by the Company and the remainder through forward purchasers. BofA Securities and J.P. Morgan are the joint lead managers. Proceeds from the initial sale will fund the acquisition of an 83-acre industrial property in Los Angeles County, with future proceeds intended for further acquisitions and corporate purposes. The offering is under an effective shelf registration statement, with a 30-day option for underwriters to purchase an additional 1,440,000 shares.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of four industrial properties in Southern California for $250.5 million, funded by cash and forward equity settlements. These properties total 837,500 square feet and are strategically located in infill markets with low vacancy rates. The investments highlight Rexford's access to high-demand areas and align with their strategy to enhance value through redevelopment. Year-to-date, the company has completed over $1 billion in acquisitions and has an additional $375 million under contract, reinforcing its strong balance sheet.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of two industrial properties for $194.4 million, enhancing its footprint in Southern California's competitive market. The acquisitions, funded by cash on hand, include a 53,248 square foot property in Van Nuys for $12.4 million and a 575,976 square foot campus in Torrance for $182 million. With $779 million in acquisitions year-to-date and plans for further investments, the company aims to create shareholder value through strategic positioning in a market with low vacancy rates.
Rexford Industrial Realty announces the acquisition of three industrial properties in Southern California for a total of $115.2 million. The purchases include a 5.8-acre redevelopment site, a 107,023 SF industrial building, and a 22.3-acre outdoor storage site, funded with cash on hand. Year-to-date, Rexford has completed $585 million in acquisitions, with over $700 million in new investments under contract. The properties are expected to generate stabilized unlevered cash yields ranging from 3.6% to 6.0%.
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