LONDON, UK / ACCESSWIRE / July 5, 2018 / If you want access to our free research report on Rexford Industrial Realty, Inc. (NYSE: REXR) ("Rexford Industrial"), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=REXR as the Company's latest news hit the wire. On July 02, 2018, the Company announced that it has acquired a single-tenant industrial property for approximately $22.5 million. The acquisition was funded by cash on hand. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Details of the Acquired Property
The Company acquired the industrial property located at 12154 Montague Street, in Pacoima, within the Los Angeles-San Fernando Valley submarket, through an off-market transaction for $183 per square foot. The 100% leased divisible building contains 122,868 square feet on 4.89 acres of land. The property underwent a full renovation in 2015, including interior and exterior modernization and construction of state-of-the-art creative office space. At the expiration of the current market lease, Rexford Industrial will either renew the current tenant at a market rent, to re-tenant with another single tenant or demise into four spaces allowing for further rental growth. According to CBRE, the vacancy rate in the 174 million square foot Los Angeles-San Fernando Valley submarket was 1.5% at the end of Q1 2018.
Co-Chief Executive Officers' Opinion
Commenting on the acquisition, Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers (CEOs) of Rexford Industrial, stated that the Company continues to leverage its proprietary originations platform to uncover attractive off-market opportunities in the highly sought-after infill Southern California industrial markets. They added that this recently renovated, like-new, warehouse property was acquired with a leaseback to an entrenched occupant serving the growing entertainment and content-related industry centered in Burbank, Hollywood, and West Los Angeles.
Rexford Industrial's Update on Recent ATM Activity
On July 02, 2018, Rexford Industrial also announced that under its ‘At the Market' stock offering program (ATM), it issued an aggregate of 10,174,245 shares of common stock during the quarter ended June 30, 2018. The shares were issued at a weighted average offering price of $31.17 per share, receiving gross proceeds of approximately $317.1 million and net proceeds of approximately $312.4 million. The Company used the net proceeds of the ATM to fund acquisitions, repay indebtedness, and for working capital and other general corporate purposes.
Rexford Industrial's Recent Acquisition Deal
On June 13, 2018, the Company acquired two single-tenant industrial properties for $42 million. The acquisition was funded through a combination of cash on hand and draws on the Company's line of credit. Rexford Industrial acquired 1420 N. McKinley Avenue, located in Compton within the LA-South Bay submarket, through an off-market transaction for $30 million, or $219 per square foot. The newly constructed, high-image property contained 136,685 square feet on 6.70 acres of land and was recently leased to a single tenant providing logistics and freight-forwarding services. Other acquired property was located in Irwindale within the LA-San Gabriel Valley submarket, through an off-market transaction for $12 million, or $170 per square foot. The site contained 70,510 square feet on 5.89 acres, including excess land.
About Rexford Industrial Realty, Inc.
Founded in 2001 and headquartered in Los Angeles, California, Rexford Industrial is a real estate investment trust (REIT) focused on owning and operating industrial properties in Southern California in-fill markets. The Company owns 156 properties with approximately 19.0 million rentable square feet, and manages an additional 20 properties with approximately 1.2 million rentable square feet.
Stock Performance Snapshot
July 02, 2018 - At Monday's closing bell, Rexford Industrial Realty's stock slightly climbed 0.73%, ending the trading session at $31.55.
Volume traded for the day: 305.35 thousand shares.
Stock performance in the last three-month – up 9.74%; previous six-month period – up 8.72%; past twelve-month period – up 14.06%; and year-to-date - up 8.20%
After last Monday's close, Rexford Industrial Realty's market cap was at $2.55 billion.
Price to Earnings (P/E) ratio was at 54.87.
The stock has a dividend yield of 2.03%.
The stock is part of the Financial sector, categorized under the REIT - Industrial industry.
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