Rexford Industrial Announces Operating Activity Update
Rexford Industrial (NYSE: REXR) has released an operating activity update for Q4 2024. The company executed 657,000 square feet of leases, comprising 422,000 square feet of renewals and 235,000 square feet of new leases, with an average size of 16,000 square feet. Rental rates increased significantly, showing an 80% increase on a net effective basis and 60% on a cash basis compared to prior rents. The average annual rent steps were 3.9%. As of October 31, 2024, the Same Property Portfolio maintained strong occupancy with 96.8% year-to-date average and 95.9% ending occupancy.
Rexford Industrial (NYSE: REXR) ha pubblicato un aggiornamento sulle attività operative per il quarto trimestre del 2024. L'azienda ha concluso 657.000 piedi quadrati di contratti di locazione, comprendenti 422.000 piedi quadrati di rinnovi e 235.000 piedi quadrati di nuovi contratti, con una dimensione media di 16.000 piedi quadrati. I tassi di affitto sono aumentati notevolmente, mostrando un aumento dell'80% su base netta efficace e 60% su base di cassa rispetto ai precedenti affitti. I passaggi medi annuali degli affitti sono stati 3,9%. Al 31 ottobre 2024, il portafoglio delle stesse proprietà ha mantenuto un'occupazione forte con una media dell'96,8% dall'inizio dell'anno e 95,9% di occupazione finale.
Rexford Industrial (NYSE: REXR) ha publicado una actualización de actividades operativas para el cuarto trimestre de 2024. La compañía ejecutó 657,000 pies cuadrados de arrendamientos, que comprenden 422,000 pies cuadrados de renovaciones y 235,000 pies cuadrados de nuevos arrendamientos, con un tamaño promedio de 16,000 pies cuadrados. Las tarifas de alquiler aumentaron significativamente, mostrando un incremento del 80% en términos netos efectivos y 60% en efectivo en comparación con los alquileres anteriores. Los incrementos anuales promedio de renta fueron de 3.9%. A partir del 31 de octubre de 2024, el portafolio de propiedades iguales mantuvo una sólida ocupación con un promedio del 96.8% en lo que va del año y 95.9% de ocupación final.
렉스포드 인더스트리(뉴욕증권거래소: REXR)는 2024년 4분기 운영 활동 업데이트를 발표했습니다. 이 회사는 657,000 평방피트의 임대 계약을 체결했으며, 이에는 422,000 평방피트의 갱신과 235,000 평방피트의 신규 임대가 포함되며, 평균 크기는 16,000 평방피트입니다. 임대료는 크게 증가하여 순 실효 기준으로 80% 증가했으며, 현금 기준으로는 60% 증가했습니다. 평균 연간 임대 증가율은 3.9%였습니다. 2024년 10월 31일 현재, 동일 물건 포트폴리오는 96.8%의 연중 평균 점유율과 95.9%의 최종 점유율을 유지하며 강한 점유율을 나타냈습니다.
Rexford Industrial (NYSE: REXR) a publié une mise à jour sur les activités opérationnelles pour le quatrième trimestre de 2024. L'entreprise a réalisé 657 000 pieds carrés de baux, comprenant 422 000 pieds carrés de renouvellements et 235 000 pieds carrés de nouveaux baux, avec une taille moyenne de 16 000 pieds carrés. Les taux de location ont considérablement augmenté, affichant une augmentation de 80% sur une base nette effective et 60% sur une base de trésorerie par rapport aux loyers précédents. Les augmentations annuelles moyennes de loyer ont été de 3,9%. Au 31 octobre 2024, le portefeuille de propriétés similaires a maintenu un taux d'occupation solide avec une moyenne de 96,8% depuis le début de l'année et une occupation finale de 95,9%.
Rexford Industrial (NYSE: REXR) hat ein Update zu den Betriebsaktivitäten für das 4. Quartal 2024 veröffentlicht. Das Unternehmen hat 657.000 Quadratfuß an Mietverträgen abgeschlossen, darunter 422.000 Quadratfuß an Verlängerungen und 235.000 Quadratfuß an neuen Verträgen, mit einer durchschnittlichen Größe von 16.000 Quadratfuß. Die Mietpreise sind erheblich gestiegen und zeigen einen 80% Anstieg auf netto effektiver Basis und 60% auf barem Basis im Vergleich zu den vorherigen Mieten. Die durchschnittlichen jährlichen Mietsteigerungen betrugen 3,9%. Zum 31. Oktober 2024 wies das Same Property Portfolio eine starke Belegung von 96,8% im Jahresdurchschnitt und eine Endbelegung von 95,9% auf.
- 80% increase in rental rates on a net effective basis
- 60% increase in rental rates on a cash basis
- High occupancy rate of 96.8% year-to-date average
- Strong leasing activity with 657,000 square feet executed
- 3.9% average annual rent steps on new leases
- None.
Insights
The latest leasing activity data from Rexford Industrial reveals impressive operational performance in Southern California's infill industrial market. The
The portfolio's high occupancy rate of
The company's focus on infill Southern California, a supply-constrained market with high barriers to entry, continues to drive premium rental rate growth above market averages, supporting sustained NOI growth and value creation for shareholders.
In the fourth quarter of 2024 to date, Rexford Industrial executed approximately 657,000 square feet of new and renewal leases, with an average size of 16,000 square feet, including approximately 422,000 square feet of renewal leases and 235,000 square feet of new leases. Comparable rental rates on new and renewal leases increased by
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the
Definitions
Rent Change – Cash: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Rent Change – Net Effective: Compares GAAP rent, which straightlines rental rate increases and abatements, on new/renewal leases to GAAP rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in predevelopment/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Same Property Portfolio: Our 2024 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through November 13, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through November 13, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of November 13, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 36,961,884 rentable square feet at 293 of our properties.
Contact:
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.
FAQ
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