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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 announces the appointment of Angela Kleiman as an independent director effective December 31, 2021. Kleiman, currently COO of Essex Property Trust, brings extensive experience in operations and finance to the board. Her leadership roles include Executive Vice President and CFO at Essex and positions in investment management and banking. The board also noted the retirement of Peter Schwab, who served since 2014, to enhance board diversity. Rexford Industrial operates 288 properties in Southern California, focusing on industrial market growth.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of five industrial properties for a total of $141.4 million, funded with cash on hand. The strategic acquisitions exemplify Rexford's expertise in the Southern California market, characterized as the nation's strongest industrial market. Year-to-date investments total $1.6 billion, with an additional $350 million in acquisitions under contract or accepted. The company aims to enhance cash flow through value-add initiatives and is well-positioned for future growth with a strong balance sheet.
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.