Rexford Indl Rlty Inc Stock Price, News & Analysis

Rexford Industrial Realty has priced a public offering of 6,000,000 shares at gross proceeds of approximately $284.4 million. The offering, set to close by December 4, 2020, includes a 30-day option for underwriters to purchase an additional 900,000 shares. Proceeds will support acquisitions, development activities, and general corporate purposes. J.P. Morgan and Goldman Sachs are the joint managing underwriters. This initiative follows the company's strategy of investing in Southern California's industrial properties, where it owns interests in 235 properties with approximately 29.5 million rentable square feet.

Rexford Industrial Realty has launched a public offering of 6,000,000 shares of its common stock, aiming to raise funds for acquisitions, development, and general corporate purposes. The underwriters will also receive an option to purchase an additional 900,000 shares. J.P. Morgan and Goldman Sachs are managing the offering, which is under an effective registration statement with the SEC. The company owns and manages various industrial properties in Southern California, totaling approximately 30.5 million rentable square feet.

Rexford Industrial Realty, Inc. (NYSE: REXR) announced the acquisition of two industrial properties in Southern California for a total of $339.2 million. The first is the Gateway Pointe Industrial Campus, a four-building complex purchased for $296.6 million, featuring nearly one million square feet of Class A space, fully leased at rents 21% below market. The second is a three-tenant property on Balboa Boulevard acquired for $42.6 million, also fully leased, with rents 19% below market. These transactions are expected to enhance Rexford's portfolio and cash flow.

Rexford Industrial Realty announced its participation in Nareit's REITworld: 2020 Annual Conference scheduled from November 17-19, 2020. The company provides a real estate investment trust focused on investing and operating industrial properties in Southern California infill markets. As of now, Rexford owns interests in 233 properties encompassing approximately 28.0 million rentable square feet and manages an additional 20 properties with about 1.0 million rentable square feet. An updated investor presentation will be available on their investor relations website on November 16, 2020.

Rexford Industrial Realty has priced a public offering of $400 million in 2.125% senior notes due December 1, 2030, at 99.211% of their principal amount. The offering, expected to settle on November 16, 2020, is fully guaranteed by the company. Proceeds will fund acquisitions and development activities, as well as general corporate purposes. Rexford operates in Southern California's industrial property market, managing 233 properties with approximately 27.9 million rentable square feet.

Rexford Industrial Realty has received investment grade ratings from Moody's and S&P, adding to its existing rating from Fitch. Moody's assigned a Baa3 rating with a Stable outlook, while S&P assigned a BBB rating, also with a Stable outlook. These ratings reflect the strength of Rexford's industrial property portfolio in Southern California, which is characterized by high demand and low vacancy. The company aims to leverage these ratings to expand its capital access and support growth opportunities, thereby creating lasting shareholder value.

Rexford Industrial Realty (NYSE: REXR) has acquired an industrial property at 15505 & 15601 South Avalon Boulevard in Los Angeles for $15.5 million. This acquisition, funded by cash on hand, allows the company to redevelop the site by demolishing an obsolete building to construct a new 84,700 square foot facility. The low overall vacancy rate of 1.6% in the LA – South Bay submarket highlights the demand for such properties. Year-to-date, Rexford has completed $390 million in acquisitions while maintaining a low leverage balance sheet.

Rexford Industrial Realty announced its third-quarter 2020 results, reporting net income of $25.9 million, or $0.21 per diluted share, a notable increase from $9.7 million, or $0.09 per share, year-over-year. The Core FFO surged by 19.8% to $40.6 million, translating to $0.33 per share. The company's NOI rose 23.8% to $62.9 million, with portfolio occupancy reaching 98.4%. Rexford completed acquisitions of $68.7 million and raised its 2020 Core FFO guidance to $1.29 to $1.31 per diluted share, reflecting strong demand despite COVID-19 challenges.

On October 15, 2020, Rexford Industrial Realty (NYSE: REXR) announced the acquisition of two industrial properties for $27.6 million and the sale of three properties for $44.2 million, funded by cash on hand. The acquired properties include a fully leased container storage facility and a partially leased development site in Southern California. With a strong emphasis on repositioning and redevelopment, the company aims to enhance the value of these properties. Rexford maintains a low-leverage balance sheet, providing a solid foundation for future growth and shareholder value creation.