09/13/2021 | Press release | Distributed by Public on 09/13/2021 14:19
LOS ANGELES, Sept. 13, 2021 /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 in Southern California infill markets, today announced the acquisition of four industrial properties comprising 837,500 square feet of improvements, for an aggregate purchase price of $250.5 million. The acquisitions were funded using cash on hand and proceeds from forward equity settlements.
'These investments demonstrate Rexford's unique access to supply-constrained infill Southern California, the nation's most sought-after industrial market,' said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. 'Through our proprietary originations platform, we continue to leverage our deep local sharp-shooter advantage together with our value-add redevelopment expertise to enable superior return on investment and favorable cash flow growth. With over $1 billion of industrial property acquisitions completed within infill Southern California year-to-date and $375 million of additional investments under contract or accepted offer, the Company is well-positioned with a low-leverage, fortress-like balance sheet to create long-term shareholder value.'
In late August and early September, the Company acquired the following properties:
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on creating value by investing in and operating industrial properties throughout Southern California infill markets, owns 277 properties with approximately 34.6 million rentable square feet and manages an additional 20 properties with approximately 1.0 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, 2020, and the Company's most recent Form 10-Q. 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]
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SOURCE Rexford Industrial Realty, Inc.