Welcome to our dedicated page for REXFORD INDUSTRIAL REALTY news (Ticker: REXR), a resource for investors and traders seeking the latest updates and insights on REXFORD INDUSTRIAL REALTY stock.
Rexford Industrial Realty, Inc. operates as a real estate investment trust focused on owning, operating and acquiring industrial properties in infill Southern California. The company generates revenue primarily from rental income on its industrial property portfolio and reports developments tied to property operations, leasing, investment activity and financial results.
Recurring company updates also cover REIT dividend tax treatment for common and preferred stock, capital-structure disclosures, executive succession, board composition, compensation matters and governance policies. News about REXR is centered on the performance and management of its Southern California industrial real estate platform.
Rexford Industrial Realty has acquired six industrial properties in prime Southern California for $153 million. These acquisitions were funded through cash and a line of credit, totaling $610 million in year-to-date investments. The properties, bought through off-market transactions, target superior returns compared to market averages. Key locations include Panorama City and Ontario, with projected cash yields ranging from 1.3% to 4.7% upon stabilization. The company plans further investments exceeding $500 million, indicating strong growth potential.
Rexford Industrial Realty (NYSE: REXR) unveiled its 2021 Environmental, Social and Governance (ESG) Report, highlighting significant strides made in enhancing sustainability and community welfare. Key achievements include a 10% reduction in energy use across repositioning projects, expansion of its LEED program to 52 certified buildings, and over 4MW in solar energy investments. Furthermore, the company has fostered a strong community engagement initiative with over 75% employee volunteer participation.
Looking ahead, Rexford aims to set science-based targets and continue its renewable energy expansion.
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.