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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 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%.
Rexford Industrial Realty has announced a public offering of $400 million in 2.150% senior notes due in 2031. Priced at 99.014% of the principal, the offering is set to settle on August 9, 2021. Proceeds will fund investments in green building projects and repay existing term loans and preferred stock. The company manages 269 properties with approximately 33.1 million rentable square feet, enhancing its position in the Southern California industrial real estate market. The offering is subject to customary closing conditions.
Rexford Industrial Realty, Inc. (REXR) reported strong Q2 2021 results, with net income of $20.6 million ($0.15/share), up from $11.4 million ($0.10/share) in Q2 2020. Core FFO grew 35.9% to $52.8 million, or $0.39/share, while consolidated NOI increased 30.9% to $79.7 million. The company achieved leasing activity of 2.2 million square feet with average rental rates up 33.9%. They completed $470 million in investments year-to-date, maintaining a low net debt-to-enterprise value ratio of 12%. The company revised its 2021 guidance upward for net income and Core FFO.
Rexford Industrial Realty announced on July 12, 2021, intentions to redeem 3,600,000 outstanding shares of its 5.875% Series A Cumulative Redeemable Preferred Stock (REXR.PRA). The redemption will occur on August 16, 2021, at $25.00 per share, plus accrued dividends of $0.183594, totaling $25.183594 per share. After redemption, the preferred stock will cease to trade on the NYSE. Notifications will be sent to holders as of July 12, 2021, with payments made upon surrender of stock certificates to the redemption agent. Rexford Industrial specializes in operating industrial properties in Southern California.
Rexford Industrial Realty (NYSE: REXR) announced it will release its second-quarter 2021 financial results after the market closes on July 21, 2021. A conference call with senior management is scheduled for July 22, 2021, at 1:00 PM ET. Rexford Industrial specializes in investing and operating industrial properties within Southern California's infill markets, boasting 266 owned properties totaling approximately 33.0 million rentable square feet and managing an additional 20 properties with about 1.0 million rentable square feet.
Rexford Industrial Realty has successfully expanded its unsecured revolving credit facility, increasing its borrowing capacity by $200 million to $700 million. The company also announced a 60 basis point reduction in the pricing of its $150 million unsecured term loan, now priced at LIBOR plus 95 basis points. These measures enhance liquidity and support growth in Southern California's industrial market, providing Rexford with a strong financial position to maximize shareholder value.