rexford industrial realty in (REXR) Key Developments
Rexford Industrial Realty, Inc. Enters into First Amendment to Amended and Restated Credit Agreement
Jul 20 15
On July 15, 2015, Rexford Industrial Realty, Inc. and the Operating Partnership entered into a First Amendment to Amended and Restated Credit Agreement with the Lenders party thereto and Bank of America, N.A., as administrative agent, swing line lender and letter of credit issuer. The Amendment provides for, among other things, the following changes to the Amended and Restated Credit Agreement: A maximum secured recourse debt covenant was added, which replaced the maximum recourse debt covenant in the Credit Agreement; The cross default threshold for defaults in other material indebtedness was increased from $20 million to $80 million with respect to recourse debt and from $50 million to $150 million with respect to non-recourse debt; and The default threshold for judgments was increased from $20 million to $40 million.
Rexford Industrial Realty, Inc. Announces Acquisition of Industrial Property for $14.5 Million
Jul 6 15
Rexford Industrial Realty, Inc. announced that it has acquired a 78,280 square foot industrial building in Huntington Park, California, for $14.5 million, or approximately $185 per square foot. The acquisition was funded with cash on hand and borrowings under the company's credit facility. This 78,280 square foot cold storage facility is located at 6700 S. Alameda Street, in Huntington Park. It is a modern, high-efficiency cooler /freezer building constructed in 2008 with 43' clear heights, providing significantly more cubic feet of storage than competitive facilities typically offering 24' to 36' clear heights. The seller transferred the existing client warehousing contracts to the new tenant, which is operating the facility under a new, 10-year triple net lease. The property is just south of the City of Vernon and offers easy access to the 110, 710, 10 and 105 Freeways. According to CBRE, the vacancy rate in the 285 million square foot LA-Central submarket stood at 2.0% at the end of the first quarter of 2015.
Rexford Industrial Realty, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015
May 21 15
Rexford Industrial Realty, Inc. Presents at REITWEEK 2015: NAREIT's Investor Forum, Jun-09-2015 . Venue: New York Hilton Midtown, 1335 Avenue of the Americas, New York, NY 10019, United States.
Rexford Industrial Realty Inc. Acquires 100% Leased Industrial Buildings for USD 29.0 Million in May 2015, in the Los Angeles - South Bay Sub-Market
May 19 15
Rexford Industrial Realty Inc. acquired three 100% leased industrial buildings for USD 29.0 million total in May 2015, in the Los Angeles - South Bay sub-market. Both the buildings' acquisitions were completed with funds available under the company's credit facility. The properties offer access to the I-105 free way that provides entry to the major industrial thoroughfares of the southern California region to access the ports of Los Angeles and Long Beach. The company acquired the first two-building industrial portfolio at 2588 and 2605 Industry Way, in Lynwood, with a total of 164,662 square feet on 9.34 acres, for USD 22.0 million or USD 134 per square foot. It worked with the primary tenant, which had exercised their purchase right of first refusal, to acquire the properties in a long-term sale-leaseback secured by a credit tenant. Also, 2588 Industry Way includes about 60,000 square feet of excess paved land that can be separately leased or developed through construction of a new building. Also, the acquired 425 S Hacienda Boulevard is a 51,823 sq ft industrial facility in City of Industry, in the San Gabriel Valley sub market, for USD 7.0 million or USD 135 per square foot. At closing, this property was leased-back to the seller under a new 10-year lease. The property has a 28 square foot clear height warehouse that headquarters quality office build-out and over 50,000 square feet of excess land on a corner lot in a high-image location, besides, it can access to the I-605, I-10 and CA-60 thoroughfares.
Rexford Industrial Realty, Inc. Reaffirms Earnings Guidance for 2015
May 6 15
Rexford Industrial Realty, Inc. reaffirmed earnings guidance for 2015. For the 2015 same property portfolio, the company expects year-end occupancies within the range of 93% to 94% and same property NOI growth for the year of 5% to 7%. Full year acquisition target remains $250 million or more.