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Sep 07, 2022, 16:05 ET
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– Acquires Seven Properties for $339 Million within Prime Infill Southern California Submarkets –
– Year-to-Date Investments Total $2.0 Billion –
LOS ANGELES, Sept. 7, 2022 /PRNewswire/ — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) ( NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located throughout infill Southern California, today announced the acquisition of seven industrial properties for an aggregate purchase price of $338.9 million. The purchases were funded using a combination of cash on hand and the Company’s line of credit.
“These investments demonstrate Rexford Industrial’s unique ability to create value and drive accretive cash flow growth by leveraging our value-add industrial property expertise and proprietary access to well-located, off-market investment opportunities within infill Southern California, the nation’s largest and most sought-after industrial market,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “Our deep market penetration enables a highly selective approach to capital allocation, demonstrated by our $2.0 billion of investments year-to-date and pipeline of over $200 million of additional investments under contract or accepted offer, which are projected to generate stabilized return on investment well in-excess of market yields. The Company is favorably positioned with a low-leverage balance sheet to deliver long-term value creation for our shareholders through the execution of our internal and external growth strategies.”
In July, August and September, through off-market transactions, the Company acquired:
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world’s fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 344 properties with approximately 41.6 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s most recent Form 10-Q. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Contact:
Investor Relations:
Stephen Swett
424 256 2153 ext. 401
[email protected]
SOURCE Rexford Industrial
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