LOS
ANGELES, Nov. 14, 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 an operating activity update in
advance of upcoming investor meetings.
In the fourth quarter of 2024 to date,
Rexford Industrial executed approximately 657,000 square
feet of new and renewal leases, with an average size of
16,000 square feet, including approximately
422,000 square feet of renewal leases and 235,000 square feet
of new leases. Comparable rental rates on new and renewal
leases increased by 80% compared to prior rents on a net effective
basis and by 60% on a cash basis. Average annual rent steps
were 3.9% for leases executed quarter to date.
As of October 31, 2024, year-to-date Same Property
Portfolio average occupancy was 96.8% and ending occupancy was
95.9%, in line with the Company's third quarter 2024 guidance
outlook.
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,
lowest supply 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 424 properties with
approximately 50.3 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 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.
Definitions
Rent Change – Cash: Compares the first month cash rent
excluding any abatement on new/renewal leases to the last month
rent for the most recent expiring lease. Data included for
comparable leases only. Comparable leases generally exclude: (i)
space that has never been occupied under our ownership, (ii)
repositioned/redeveloped space, including space in
pre-development/entitlement process, (iii) space that has been
vacant for over one year or (iv) lease terms shorter than twelve
months.
Rent Change – Net Effective: Compares GAAP rent, which
straightlines rental rate increases and abatements, on new/renewal
leases to GAAP rent for the most recent expiring lease. Data
included for comparable leases only. Comparable leases generally
exclude: (i) space that has never been occupied under our
ownership, (ii) repositioned/redeveloped space, including space in
predevelopment/entitlement process, (iii) space that has been
vacant for over one year or (iv) lease terms shorter than twelve
months.
Same Property Portfolio: Our 2024 Same Property
Portfolio is a subset of our consolidated portfolio and includes
properties that were wholly owned by us for the period
from January 1, 2023 through November 13, 2024,
and excludes (i) properties that were acquired or sold during the
period from January 1,
2023 through November 13, 2024, and (ii) properties
acquired prior to January 1, 2023 that were or will be
classified as repositioning/redevelopment (current and future) or
lease-up during 2023 and 2024 and select buildings in "Other
Repositioning," which we believe will significantly affect the
properties' results during the comparative periods. As
of November 13, 2024, our 2024 Same Property Portfolio
consisted of buildings aggregating 36,961,884 rentable square feet
at 293 of our properties.
Contact:
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.