LOS
ANGELES, Sept. 9, 2024 /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 the lease-up of 500 Dupont
Avenue, located in Ontario in the
Inland Empire – West submarket.
The newly repositioned 274,885 square-foot building
was leased to a third-party logistics (3PL) provider. The
value-add-repositioned project included overall building
modernization, expansion of dock-high loading, upgraded ESFR fire
sprinklers, new office construction and a
new, secured container storage yard. The lease
commences in October 2024, and the project is expected to
stabilize at an unlevered stabilized yield of 5.5%, in line with
the estimated stabilized yield that was published in the
Company's second quarter Supplemental Financial Reporting
Package.
"Rexford Industrial's strong execution and
informational advantage across our vertically integrated,
entrepreneurial team continue to deliver differentiated product
providing the highest quality and functionality available
within the infill Southern
California market," stated Howard
Schwimmer and Michael Frankel, Co-Chief Executive
Officers of the Company. "Looking forward, our strategic focus on
value-creation will continue to favorably differentiate the
Rexford Industrial portfolio and 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 422 properties with approximately
49.7 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. In addition, projections, assumptions and
estimates of our future performance and the future performance of
the industry in which we operate are necessarily subject to a high
degree of uncertainty and risk due to a variety of factors,
including those described above. These and other factors could
cause results to differ materially from those expressed in our
estimates and beliefs and in the estimates prepared by independent
parties. 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, 2023. 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.