06/24/2021 | Press release | Distributed by Public on 06/24/2021 15:22
LOS ANGELES, June 24, 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, announced the acquisition of five industrial properties comprising 660,254 square feet of improvements on 28.8 acres of land for an aggregate purchase price of $188.9 million. The acquisitions were funded using a combination of cash-on-hand and proceeds from the Company's previously executed forward equity offerings.
'Rexford Industrial continues to leverage our proprietary access to the nation's most highly sought-after industrial property market within infill Southern California. Unprecedented tenant demand continues to intensify, driven by the post-pandemic economic resurgence and e-commerce related impacts that disproportionately benefit our last-mile, Southern California industrial market. With infill Southern California occupancy near full capacity amidst a deep, incurable supply-demand imbalance, we believe these investments are well-positioned to drive favorable cash flow growth as we execute our value-creation strategies,' stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. 'Year-to-date, we have completed $420 million of acquisitions with over $600 million of additional investments under contract or LOI. We are well-positioned with a low-leverage balance sheet and substantial liquidity to drive shareholder value through accretive internal and external growth.'
During June, 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 266 properties with approximately 33.0 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:
Kosta Karmaniolas
310-691-5475
[email protected]
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SOURCE Rexford Industrial Realty, Inc.