LOS ANGELES, April 18, 2019 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, today announced the acquisition of four industrial properties for a total of $84.5 million. The acquisitions were funded using cash on hand.
"We are pleased with our recent transaction activity as we continue to source attractive off-market and lightly-marketed investment opportunities in Southern California's infill markets, the most sought-after industrial market in the country," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "With this acquisition of over 500,000 square feet of buildings, we continue to build what we consider to be an irreplaceable, highly-functional industrial property portfolio. These investments also demonstrate our ability to capture attractive in-place cash flows while also leveraging Rexford's unique value-add capabilities to enable long-term cash flow growth and value creation. With $259 million of acquisitions completed year-to-date, we remain focused on executing our internal and external growth strategies to drive FFO per share growth for our shareholders."
The Company acquired a 456,000 square foot portfolio comprising three industrial buildings located in supply-constrained infill submarkets, as follows:
In a separate off-market transaction, the Company acquired 980 Rancheros Drive, located in San Marcos within the North San Diego submarket, for $7.9 million, or $173 per square foot. The property consists of a single-tenant industrial building containing 45,678 square feet on 2.84 acres of land and is 100% leased. The modern property features 24' clearance, 3 dock positions, heavy power and a private yard. According to CBRE, the vacancy rate in the 54 million square foot North San Diego submarket was 6.9% at the end of the first quarter 2019.
About Rexford Industrial
Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns 186 properties with approximately 22.9 million rentable square feet and manages an additional 20 properties with approximately 1.2 million rentable square feet.
For additional information, 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, 2017 and the Current Report on Form 8-K filed with the SEC on the date of this press release. 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 Realty, Inc.
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