67 WALL STREET, New York - June 23, 2014 - The Wall Street Transcript has just published its REITs Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Apartment, Lodging, Self-Storage and Office REITs - Consolidation Activity - REIT Access to Capital - Residential and Commercial REITs - Correlation Between Macroeconomy and Real Estate - Agency Mortgage REITs - Supply and Demand Dynamics - Favorable REIT Fundamentals
Companies include: Rexford Industrial Realty, Inc. (REXR) and many more.
In the following excerpt from the REITs Report, the Co-CEOs of Rexford Industrial Realty, Inc. (REXR) discuss company strategy and the outlook for this vital industry:
TWST: What is the size of your portfolio today? How much have you been growing, and how much do you anticipate or plan to grow?
Mr. Frankel: We are just over 8 million square feet today in terms of properties owned, and we've grown over 30% in square footage since our public offering last July 24. We anticipate growing by acquiring $200 million or more of assets a year, and we expect that acquisition pace to accelerate as we move forward.
TWST: Tell us a little bit more about your investment criteria. What in particular are you looking for in properties? Any recent acquisitions you could describe as an example?
Mr. Schwimmer: We buy a blend of stabilized core investments, as well as value-add opportunities. Our mandate is to overall deliver better-than-core returns to our investors. We are very active in terms of transaction volume; we bought 17 transactions over the past year, over 1.7 million square feet. A recent transaction we acquired was a two-tenant industrial complex in the San Gabriel Valley, about 365,000 square feet. In May, we acquired a single-tenant building in Seal Beach of 170,000 square feet and a multitenant project in Ontario that's about 120,000 square feet. The list goes on and on. Today we have four noncontingent escrows and many more transactions nearing escrow. We see a clear path to meeting and most likely exceeding our acquisition goals for the year.
TWST: What's your financing strategy, how do you typically fund new acquisitions and any redevelopment costs for the value-added opportunities?
For more of this interview and many others visit the Wall Street Transcript - a unique service for investors and industry researchers - providing fresh commentary and insight through verbatim interviews with CEOs, portfolio managers and research analysts. This special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.