Rexford Industrial Realty Adds Two More Industrial Properties To Portfolio

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The real estate investment trust Rexford Industrial Realty REXR has announced the acquisition of two off-market industrial properties comprising 629,224 square feet of improvements across eight industrial buildings for an aggregate purchase price of $194.4 million. 

About Rexford Industrial Realty: The REIT invests in industrial properties located in Southern California infill markets and has a portfolio of 273 properties with approximately 33.8 million rentable square feet. 

The company’s recent focus has been on last-mile distribution facilities, which have been in growing demand due to expectations for faster delivery times and command a higher average rental rate per square foot. 

The REIT's Recent Acquisitions: The company acquired the following two properties through off-market acquisitions in August, according to a press release. 

• 8210-8240 Haskell Ave, located in Van Nuys within the Los Angeles-San Fernando Valley submarket, was bought 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.
• 3100 Lomita Blvd, located in Torrance, within the Los Angeles-South Bay submarket, was purchased for $182 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 two new properties bring the company’s completed acquisitions year-to-date to $779 million, plus an additional $600 million of new investments either already under contract or with an accepted offer. 

Rexford's Historical Performance: Rexford Industrial Realty has provided strong and consistent growth since it was founded in 2013. Revenue has increased at an average annual rate of 26.3% between 2015 and 2020, and the average net operating income has increased at a rate of 30% annually over the same period. 

Since its inception in 2013, Rexford Industrial Realty has provided a total return of 379% compared to 84% for the MSCI REIT Index over the same period. 

The company has also increased its dividends every year at an average annual rate of 12%. The current dividend yield sits at 1.56%. 

Photo: Hannes Egler on Unsplash.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.