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, Inc. (NYSE: REXR) has successfully leased up its 274,885 square-foot value-add-repositioned project at 500 Dupont Avenue in Ontario, California. The property, located in the Inland Empire – West submarket, has been leased to a third-party logistics (3PL) provider. The project underwent significant modernization, including expanded dock-high loading, upgraded ESFR fire sprinklers, new office construction, and a new secured container storage yard.
The lease is set to commence in October 2024, with the project expected to stabilize at an unlevered yield of 5.5%, aligning with the Company's previously published estimates. Rexford Industrial's Co-CEOs, Howard Schwimmer and Michael Frankel, emphasized the Company's strong execution and informational advantage in delivering high-quality, functional products within the infill Southern California market.
Rexford Industrial Realty (NYSE: REXR), a REIT specializing in industrial properties in Southern California, has announced its participation in two upcoming industry conferences. The company will present at the Barclays 22nd Annual Global Financial Services Conference on September 9, 2024, at 9 a.m. EDT, and at the Bank of America Securities 2024 Global Real Estate Conference on September 10, 2024, at 3:45 p.m. EDT.
These presentations offer investors and analysts an opportunity to gain insights into Rexford Industrial's strategies and performance. Live audio webcasts and replays of both events will be accessible through the company's investor relations website at ir.rexfordindustrial.com, providing wider access to the information shared during these conferences.
Rexford Industrial Realty (NYSE: REXR) reported strong financial results for Q2 2024. Net income attributable to common stockholders increased to $79.8 million ($0.37 per diluted share), up from $51.6 million in Q2 2023. Core FFO grew 19.5% to $129.6 million ($0.60 per diluted share). Consolidated Portfolio NOI rose 20.9% to $181.1 million.
The company demonstrated robust leasing activity with rental rate increases of 67.7% (GAAP) and 49.0% (cash) on 2.3 million sq ft of new and renewal leases. Rexford completed three acquisitions for $169.5 million and sold four properties for $37.0 million. The company maintains a strong balance sheet with a net debt-to-enterprise value ratio of 24.1%.
Rexford updated its 2024 guidance, projecting Core FFO per diluted share of $2.32-$2.34 and Same Property Portfolio NOI growth of 4.25%-5.25% (GAAP) and 7.0%-8.0% (cash).
Rexford Industrial Realty (NYSE: REXR), a real estate investment trust specializing in industrial properties in Southern California, will release its second quarter 2024 financial results on July 17, 2024, after the market closes. A conference call with senior management is scheduled for July 18, 2024, at 1:00 p.m. Eastern Time. Domestic callers can dial 1 (800) 715-9871, and international callers can dial 1 (646) 307-1963 using Conference ID 9448082. The event will also be webcast live and available for replay at ir.rexfordindustrial.com.
Rexford Industrial Realty (NYSE: REXR) announced plans to recruit a new Chief Financial Officer (CFO). Upon successful recruitment, current CFO Laura Clark will be promoted to the newly established role of Chief Operating Officer (COO). The executive search will be conducted by Russell Reynolds Associates. Co-CEOs Michael Frankel and Howard Schwimmer praised Clark's contributions and highlighted the potential growth opportunities this transition will unlock. As COO, Clark will oversee various operational and growth segments including asset management, investments, development, leasing, property management, and marketing. This move aims to optimize and align the company's value-creation initiatives.
Rexford Industrial Realty (NYSE: REXR), a REIT specializing in industrial properties in Southern California, has released its annual Environmental, Social, and Governance Impact (ESGi) report. The report emphasizes Rexford's achievements in 2023, including preventing 40,456 tons of carbon emissions, generating $1.4 billion in societal impact, and maintaining strong governance practices. Key milestones include committing to net zero greenhouse gas emissions by 2045, achieving LEED certifications for projects, and expanding solar energy installations. Rexford also earned several accolades in green leasing and community engagement, including the Gold Green Lease Leader designation and over 3,034 volunteer hours.
Rexford Industrial Realty (NYSE: REXR), a real estate investment trust, updated its second quarter operating and transaction activities. The company executed 1.125 million square feet of new and renewal leases, averaging 16,000 square feet per lease. Rental rates increased 68% net and 51% on a cash basis. Occupancy in the Same Property Portfolio rose to 96.5%.
Rexford completed $143 million in property acquisitions and $27 million in property dispositions. The new acquisitions are projected to yield initial unlevered cash returns of 5.6% and 6.2% respectively. The company also outlined a near-term acquisition pipeline worth $40 million.
Summary not available.
Summary not available.
Summary not available.