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-ad ...

LOS ANGELES, Sept. 5, 2024 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced that the Company will present at the Barclays 22nd Annual Global Financial Services Conference on September 9, 2024 at 9 a.m. EDT. The Company will also present at the Bank of America Securities 2024 Global Rea ...

ISerg Many REITs remain bargains despite the recent uptick in price in anticipation of a rate cut in September. That's likely because the market is still latched onto high-flying growth stocks that pay investors little to no yield for holding on to them. A better idea may be to get both meaningful income and growth at the same time. This brings me to Rexford Industrial (NYSE:REXR), which currently offers a 3.3% yield and growth prospects to boot. I last covered REXR in February, noting its strong track reco ...

These stocks have some qualities Buffett likes to see but are too small to be Berkshire investments. There are some characteristics Warren Buffett looks for when selecting stocks for Berkshire Hathaway's (BRK.A 0.74%) (BRK.B 0.86%) portfolio -- stable cash flows, competitive advantages, and good management are some examples. But he also needs a company to be large enough to make an impact on Berkshire's portfolio. In this video, Fool.com contributors Tyler Crowe and Matt Frankel discuss two stocks that coul ...

This REIT is down materially from its 2022 highs, but it continues to operate at a high level as it benefits from a unique regional focus. Rexford Industrial (REXR 1.60%) is offering a 3.3% dividend yield today, which is more than twice the yield of the S&P 500 index. It has increased its dividend annually for a decade and at a rapid pace of more than 10% a year. The stock is still 40% below the highs reached in 2022, despite continued strong operating performance. Here's why you might want to buy this real ...

Feverpitched/iStock via Getty Images Introduction Rexford Industrial (NYSE:REXR) is one of the favorite REITs here on Seeking Alpha. And while most authors focus on the potential capital gains and dividend yield of the common units, I discussed the REIT's preferred shares in an article last year. As the REIT has published financial results on four more quarters since my previous article was published, I thought it's about time to review the REIT's financial performance to see if the preferred shares still o ...

halbergman/E+ via Getty Images Introduction Close to 50% of my portfolio is invested in stocks from the industrial sector. This includes mainly wide-moat companies like anti-cyclical defense contractors, Class I railroads, machinery producers, suppliers of building materials, and others. As the S&P 500 has roughly 8.5% industrial exposure, my 50% exposure looks like a lot. However, less than half of these companies are cyclical, and all companies have business models that make them stand out in a way. That' ...

Of course, it's not realistic for the average investor to mimic the aforementioned strategy, and perhaps a more realistic one would be to adopt Buffett's strategy of picking individual stocks that have inherent strengths and are undervalued. While Buffett himself advocates for the average investor to just buy the S&P 500 Index (SPY). He himself doesn't adopt that strategy because he's not content with average returns. In this article, I discuss 2 dividend stocks with strong business models and are undervalu ...

In March 2024, we issued $575.0 million in aggregate principal amount of 4.375% exchangeable senior unsecured notes due 2027 (the "2027 Exchangeable Notes") and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029 (the "2029 Exchangeable Notes" and together with the 2027 Exchangeable Notes, the "Exchangeable Notes"). The net proceeds from the issuance, after deducting the initial purchasers' discounts, underwriting commissions and other offering expenses, were ...

Financial Data and Key Metrics Changes - The second quarter consolidated net operating income (NOI) increased by 21% year-over-year, and funds from operations (FFO) per share rose by 11% compared to the prior year quarter [31][72] - Net operating margins improved by 50 basis points to 77.7% compared to the prior year quarter, indicating enhanced operating leverage [32] - Cash NOI is projected to grow to $886 million over the next three years, representing a 35% internal growth, assuming today's market rents and no future acquisitions [22][75] Business Line Data and Key Metrics Changes - The company completed 2.3 million square feet of leasing activity in the second quarter, achieving leasing spreads of 68% on a net effective basis and 49% on a cash basis [30][57] - Same-property NOI growth was reported at 6% on a net effective basis and 9.1% on a cash basis, driven by strong leasing spreads executed over the trailing 12 months [57] - The average annual embedded rent steps for the total portfolio increased to 3.7%, contributing an estimated $47 million [42] Market Data and Key Metrics Changes - The infill Southern California industrial market continues to show resilience, with a same-property portfolio occupancy rate of 97.3%, up 70 basis points [31][50] - Year-over-year, rents for high-quality products comparable to the company's portfolio increased by about 4.5%, outperforming the overall infill market [51] - The market is experiencing nominal volatility in rents, with a 2% sequential decline for highly functional products comparable to the company's assets [68] Company Strategy and Development Direction - The company focuses on value-add modernization, repositioning, and redevelopment of vintage properties, which is the primary driver of growth [26][48] - The company has a substantial pipeline of value-add repositioning and redevelopment projects, with 4.2 million square feet in process or projected to start within the next 18 months [95] - The company aims to differentiate itself through high-quality, highly functional spaces, which are expected to outperform lower-quality assets in the market [30][131] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of the infill Southern California market, despite near-term volatility in occupancy and rents [35][181] - The company anticipates capturing an additional $82 million of NOI from mark-to-market adjustments over the next three years [99][111] - Management noted that the tenant base remains strong, with bad debt as a percentage of revenue at 30 basis points, indicating resilience [55][189] Other Important Information - The company disposed of four properties for an aggregate sales price of $37 million, generating a weighted average unlevered internal rate of return (IRR) of 12.9% [94] - The company has nearly $2 billion of total liquidity, with no near-term debt maturities until mid-2026 [73] - Full-year 2024 FFO per share guidance has been increased to a range of $2.32 to $2.34, reflecting 6% to 7% year-over-year earnings growth [100] Q&A Session Summary Question: What is the company's appetite for acquisitions today? - The company maintains a focus on quality acquisitions rather than volume, looking for appropriate yield profiles and investments that deliver cash flow growth [80][81] Question: Can you provide an update on the CFO search and the COO position? - The company is seeing strong candidates for the CFO position and views the COO role as an opportunity to drive further efficiencies and operating leverage [82][83] Question: What are the dynamics in the Inland Empire West submarket? - The company reports strong leasing activity in the Inland Empire West, indicating it is a strong performing market despite some nominal volatility [143][144] Question: How does the company view the competitive landscape? - The company believes it competes on a different playing field due to its focus on high-quality, highly functional spaces, which are scarce in the market [131][152]