LOS
ANGELES, June 13, 2023 /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 a
leasing activity update for the second quarter-to-date.
Second Quarter-To-Date Leasing
Activity:
- Executed 1.5 million square feet of new and renewal leases,
including approximately 700,000 square feet of new leases and
800,000 square feet of renewal leases.
- Comparable rental rates on new and renewal leases increased by
94% compared to prior rents on a net effective basis and by 73% on
a cash basis, an acceleration when compared to the first quarter of
2023 and to the full year 2022.
- Average annual rent steps of 4.0% for the 1.5 million square
feet of leases executed.
- Lease-up of 375,000 square feet of repositioning and
redevelopment projects, achieving a weighted average unlevered
stabilized yield of 6.7%, an increase of 50 basis
points compared to the estimated stabilized
yields previously published in the Company's first quarter
Supplemental Financial Reporting Package.
-
- 12821 Knott Street, located in Garden Grove in the Orange County – West submarket. The 165,171
square foot Class-A building was leased to a commercial electric
vehicle platform provider. The seven-year lease commences in
July 2023 and includes 4.25% embedded
annual rental rate increases. The value-add repositioning
project included the modernization of an existing
120,000 square foot building and the addition of 45,171
square feet of improvements.
- 14100 Vine Place, located in Cerritos in the LA –
Mid-Counties submarket. The 122,514 square foot building was leased
to an existing Rexford Industrial tenant, a third-party logistics
(3PL) provider with an immediate need for expansion. The five-year
lease commences in July 2023 and
includes 4.0% embedded annual rental rate increases. The value-add
repositioning project included the expansion of dock-high loading,
upgraded ESFR fire sprinklers and office modernization.
- 15601 Avalon Boulevard, located in Gardena in the LA –
South Bay submarket. The Company executed a 15-year lease at the
newly redeveloped 86,879 square foot Class-A warehouse/distribution
building with a leading global bakery and sweet goods ingredient
company. The lease commences in July 2023 and includes
4.0% embedded annual rental rate increases.
"The Company's strong quarter-to-date leasing activity
demonstrates healthy tenant demand for Rexford Industrial's
superior quality industrial product within infill
Southern California, the nation's largest, highest
demand and lowest supply industrial
market," stated Howard
Schwimmer and Michael
Frankel, Co-Chief Executive Officers of the Company. "Our
value-add leasing and repositioning
strategies delivered by our fully
integrated, entrepreneurial
team, favorably positions Rexford Industrial's
portfolio relative to the market, the majority of which is
comprised of lower-quality,
lower-functionality product, with over one billion
square feet of in-place industrial stock built prior to 1980.
We thank the entire Rexford team for your continued excellence,
executing on the Company's value-creation
opportunities to drive long-term shareholder value."
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 with
lowest-supply major 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 365 properties with approximately
44.2 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 example, the fact that the offering
described above has priced may imply that the offering will close,
but the closing is subject to conditions customary in transactions
of this type and the closing may be delayed or may not occur at
all. 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, 2022. 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:
Investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.