U.S. Markets open in 6 hrs 43 mins

Wired News - Rexford Industrial Acquires Property

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:


Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Rexford Industrial Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:


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.


Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.


The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.


A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.


This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://active-investors.com/legal-disclaimer/.


For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors