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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 (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.
Rexford Industrial Realty, Inc. (NYSE: REXR) announced it will release its third quarter 2020 financial results on October 20, 2020, after market close. A conference call is scheduled for October 21, 2020, at 1:00 p.m. ET to discuss the results and provide a Q&A session. The company operates 233 properties totaling approximately 27.9 million rentable square feet in Southern California's infill markets, with an additional 20 properties under management, equating to 1.0 million rentable square feet.
Rexford Industrial Realty, focused on Southern California's industrial properties, announced its participation in the Bank of America Merrill Lynch 2020 Global Real Estate Conference on September 15-16, 2020. They will present on September 16 at 12:00 PM ET, with a live webcast available. As of September 12, 2020, the company reported a portfolio occupancy of 97.2%, up from 96.0%. Year-to-date acquisitions total $352.6 million, with an additional $200 million in potential investments. Recent rent collections are tracking at pre-pandemic levels, indicating strong recovery signs.
Rexford Industrial Realty (REXR) reported Q2 2020 results, revealing a net income of $0.10 per diluted share, down from $0.12 in Q2 2019. Core FFO grew 21.1% year-over-year to $38.8 million, with $0.32 per share, reflecting strong leasing activity despite COVID-19 challenges. NOI rose 25.6% to $60.9 million. The company completed acquisitions worth $76.5 million and maintained a low debt-to-enterprise value ratio of 10.5%. Guidance for 2020 remains stable, with projected net income of $0.28 to $0.31 per share.
Rexford Industrial Realty (NYSE: REXR) announced the acquisition of five industrial properties in Southern California for $73.2 million, funded through cash on hand. The total area purchased is 434,000 square feet, featuring properties in Sun Valley, Los Angeles, and Fontana. These acquisitions aim to enhance cash flow by repositioning below-market rents and tapping into the region's low vacancy rates, which include 1.8% in San Fernando Valley and 0.8% in South Bay. Year-to-date, Rexford has completed over $342 million in investments, maintaining a strong, low-leverage balance sheet.
Rexford Industrial Realty (REXR) announced the acquisition of two industrial properties in Southern California for $14.7 million. Funded through cash and debt assumption, the properties include Eastpark Drive in Yorba Linda, purchased for $6.8 million, and Production Avenue in San Diego, acquired for $7.9 million. The transaction enhances REXR's portfolio in high-demand areas. With nearly $270 million in acquisitions this year, the company aims to leverage value-add opportunities for further growth and shareholder value.