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REXFORD INDUSTRIAL REALTY, INC.

(REXR)
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Real-time Estimate Quote. Real-time Estimate Cboe BZX - 10/18 11:04:01 am
61.515 USD   +0.88%
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Rexford Industrial Realty, Inc. Announces Acquisition of Two Industrial Properties

08/23/2021 | 04:05pm EDT

Rexford Industrial Realty, Inc. announced the acquisition of two industrial properties comprising 629,224 square feet of improvements across eight industrial buildings for an aggregate purchase price of $194.4 million. The acquisitions were funded using cash on hand. In August, the company acquired the following properties through off-market transactions: 8210-8240 Haskell Ave, located in Van Nuys, within the LA – San Fernando Valley submarket for $12.4 million or $233 per square foot. The property comprises three vacant industrial buildings containing 53,248 square feet of improvements on 2.3 acres of land located adjacent to the I-405 freeway with immediate access to US-101 and Van Nuys Airport. The company intends to execute a value-add repositioning program to modernize and increase functionality of the buildings. The stabilized unlevered cash yield on total investment is projected to start at 5.0% upon lease-up with growth expected thereafter. According to CBRE, the vacancy rate in the 182 million square-foot LA San Fernando Valley submarket was 1.4% at the end of the second quarter 2021. 3100 Lomita Blvd, located in Torrance, within the LA South Bay submarket for $182.0 million or $316 per square foot. The 91% leased, 575,976 square foot, five-building light industrial and manufacturing campus is located in Western Torrance on 26.6 acres of land within a premier infill South Bay location. The property, currently leased to three credit tenants on long term leases, is positioned to generate an initial yield of 5.3%, growing over time with approximately 3.0% annual contractual rent escalations. Upon expiration of the leases, the company intends to either renew the entrenched tenants or construct new Class A industrial buildings on the site. In connection with the transaction, the Company prepaid an existing loan on the property and incurred a $20.4 million prepayment fee in addition to the purchase price at closing. According to CBRE, the vacancy rate in the 218 million square-foot LA South Bay submarket was 0.6% at the end of the second quarter 2021.


© S&P Capital IQ 2021
All news about REXFORD INDUSTRIAL REALTY, INC.
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Financials (USD)
Sales 2021 437 M - -
Net income 2021 73,2 M - -
Net Debt 2021 84,3 M - -
P/E ratio 2021 102x
Yield 2021 1,57%
Capitalization 8 786 M 8 786 M -
EV / Sales 2021 20,3x
EV / Sales 2022 16,1x
Nbr of Employees 147
Free-Float 96,9%
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Rexford Industrial Realty, Inc. Technical Analysis Chart | REXR | US76169C1009 | MarketScreener
Technical analysis trends REXFORD INDUSTRIAL REALTY, INC.
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TrendsNeutralNeutralBullish
Income Statement Evolution
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Mean consensus BUY
Number of Analysts 8
Last Close Price 60,98 $
Average target price 67,69 $
Spread / Average Target 11,0%
EPS Revisions
Managers and Directors
Howard Schwimmer Co-Chief Executive Officer & Director
Michael S. Frankel Co-Chief Executive Officer & Director
Laura J Clark Chief Financial Officer
Richard S. Ziman Chairman
Patrick Schlehuber Executive Vice President-Investment
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