Welcome to our dedicated page for Rexford Indl Rlty news (Ticker: REXR), a resource for investors and traders seeking the latest updates and insights on Rexford Indl Rlty stock.
Rexford Industrial Realty, Inc. (NYSE: REXR) is a real estate investment trust focused on industrial properties in infill Southern California, and its news flow reflects this specialized strategy. Company updates often highlight leasing activity across millions of square feet, Same Property Portfolio performance, and trends in net effective and cash rental rate changes on new and renewal leases. Investors following REXR news can see how leasing volumes, occupancy and rent spreads evolve across key Southern California industrial submarkets.
Rexford Industrial regularly issues quarterly earnings releases that detail net income attributable to common stockholders, Core Funds From Operations (Core FFO), Core FFO per diluted share, Total Portfolio NOI and Same Property Portfolio NOI. These releases also describe repositioning and redevelopment leasing, stabilization of value-add projects, and property dispositions, often accompanied by information on unlevered internal rates of return and stabilized yields.
Beyond earnings, REXR news includes operating and capital markets updates covering leasing progress, occupancy levels, share repurchase activity, debt repayment, credit facility amendments and interest rate hedging actions. The company also reports on board and leadership developments, such as its CEO succession plan and the appointment of new independent directors, as well as executive compensation program decisions disclosed through SEC filings and related press releases.
Rexford Industrial additionally publishes news on its ESG and climate-related initiatives, including the release of its Environmental, Social and Governance Impact (ESGi) Report and Task Force on Climate-Related Financial Disclosures (TCFD) Report. These communications outline environmental, societal and governance priorities, such as solar investments, building certifications, community engagement and shareholder outreach. For investors and analysts, the REXR news stream provides ongoing insight into operational performance, capital allocation, governance and sustainability efforts within the infill Southern California industrial real estate market.
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Rexford Industrial Realty reported robust first quarter 2023 results, showcasing a net income of $57.9 million, or $0.30 per diluted share, up from $43.9 million and $0.27 in the prior year period. The Company's share of Core FFO reached $102.7 million, a significant 34.0% increase year-over-year, with Core FFO per diluted share rising 8.3% to $0.52. Consolidated Portfolio NOI saw a 32.8% increase to $142.3 million, while Same Property Portfolio NOI grew by 7.3%. The Company maintained a strong portfolio occupancy rate of 98.0%.
Additionally, Rexford Industrial completed acquisitions totaling $804.3 million year-to-date, primarily through off-market transactions. The updated 2023 guidance for Core FFO per diluted share is now $2.11 - $2.15, reflecting confidence in continued growth.
On April 14, 2023, Rexford Industrial Realty (NYSE: REXR) declared a quarterly cash dividend of $0.38 per share for the second quarter of 2023. This dividend is payable on July 17, 2023, to common stockholders of record as of June 30, 2023. Additionally, dividends of $0.367188 per share for Series B Cumulative Redeemable Preferred Stock and $0.351563 per share for Series C Cumulative Redeemable Preferred Stock will be paid on June 30, 2023, to preferred stockholders of record by June 15, 2023. Rexford Industrial operates within Southern California's highly competitive industrial market, possessing a portfolio of 362 properties with approximately 44.0 million rentable square feet.
Rexford Industrial Realty, Inc. (NYSE: REXR) has announced three industrial property acquisitions totaling $357.2 million in prime Southern California locations, alongside the sale of a property for $17.0 million. With year-to-date investments reaching $762 million, the company's strategy focuses on leveraging high-demand infill markets. Key acquisitions include an R&D office building in Torrance, an industrial site near LAX, and a potential distribution hub in San Diego. The company maintains a strong balance sheet and continues to pursue additional investments, with a pipeline exceeding $125 million.
Rexford Industrial Realty has announced a public offering of $300 million in senior notes due June 15, 2028, with a 5.000% interest rate, priced at 98.975%. The offering will close on March 30, 2023, contingent on standard conditions. Proceeds will support general management activities, including acquisitions and debt repayment. The Company, which operates in Southern California's industrial real estate market, manages 358 properties totaling 43.6 million rentable square feet. Rexford Industrial is a member of the S&P MidCap 400 Index and trades under the ticker REXR.
Rexford Industrial Realty (NYSE: REXR) has announced its schedule for the release of first quarter 2023 financial results, set for April 19, 2023. The company will hold a conference call on April 20, 2023, at 1:00 PM ET, allowing investors to participate via designated dial-in numbers. Rexford Industrial focuses on investing in and operating industrial properties in Southern California, known for high demand and low supply. The company's portfolio consists of 358 properties, amounting to approximately 43.6 million rentable square feet, underlining its strong market position. Visit their website for more details.