rexford industrial realty in (REXR) Key Developments
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.
Rexford Industrial Realty, Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 6 15
Rexford Industrial Realty, Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. Total revenues were $21.3 million against $13.7 million last year. Net income from continuing operations was $0.08 million against net loss from continuing operations of $0.7 million last year. Net income attributable to the common stockholders was $0.03 million against $1.3 million or $0.05 per basic and diluted share last year. FFO was $10 million against $5.5 million last year. Company share of FFO was $9.5 million or $0.19 per diluted share against $4.9 million last year. Recurring FFO was $10.6 million against $5.9 million last year. Company share of recurring FFO was $10.1 million or $0.20 per diluted share against $5.2 million or $0.21 per diluted share last year.
Rexford Industrial Realty, Inc. Declares Dividend for the Second Quarter of 2015, Payable in Cash on July 15, 2015
May 6 15
On May 4, 2015, the board of directors of Rexford Industrial Realty, Inc. declared a dividend of $0.12 per share for the second quarter of 2015, payable in cash on July 15, 2015, to stockholders and unit holders of record on June 30, 2015.
Rexford Industrial Realty, Inc. Announces Acquisitions of Two Industrial Properties for $15.4 Million
May 4 15
Rexford Industrial Realty, Inc. announced the acquisition of a single-tenant industrial building as well as a 10.26 acre paved storage facility for an aggregate purchase price of approximately $15.4 million. The funding of both acquisitions was completed with cash on hand. In May, 2015, Rexford Industrial acquired 16221 Arthur Street, a 61,372 square foot building on 2.83 acres, for $5.8 million, or $94 per square foot. The single-tenant industrial building is located in Cerritos, within the Los Angeles Mid-Counties submarket. Rexford Industrial acquired the property at what it believes is a significant discount to market value through execution of a tenant purchase option, effectively assigned to the Company by the tenant. At closing, the Company executed a lease with the existing tenant for 100% of the property through 2020. The property is centrally located within a master planned, institutionally owned business park. According to CBRE, the availability rate in the 108.7 million square foot Los Angeles Mid-Counties submarket stood at 1.4% as of the first quarter of 2015. In late-April, 2015, Rexford Industrial acquired 9615 Norwalk Boulevard, a 10.26 acre paved land storage facility in Santa Fe Springs, within the Los Angeles Mid-Counties submarket, for $9.6 million, or $22 per square foot of land. The 447,000 square foot storage facility also includes a 26,362 industrial building and a 12,000 square foot, two-story office building. The tenant will vacate the property upon lease expiration in June 2015, which allows Rexford to deliver highly-sought-after yard storage in a high-demand, supply constrained market.