Rexford Industrial Realty : Investor Presentation June 2022
June 02, 2022 at 09:12 am
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Rexford
Industrial
Realty
NYSE: REXR
www.rexfordindustrial.com
Supplemental Investor Update
June 2022
2
REXFORD
INDUSTRIAL SUPPLEMENTAL INVESTOR UPDATE
Forward Looking Statements
This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management's beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code
of 1986, as amended; possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination. 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. The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K, for the year ended December 31, 2021, and subsequent filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise.
2Q QTD Update
Operations Highlights
Continued Strong Portfolio Fundamentals1
3
REXFORD
INDUSTRIAL SUPPLEMENTAL INVESTOR UPDATE
77 new and renewal leases executed representing
99.1% QTD Same Property Portfolio average
996,000 SF
occupancy
86% GAAP and 63% Cash leasing spreads on new
3.2M SF of expirations remaining in 2022
and renewal leases
representing 8% of total portfolio ABR
4.2% average annual contractual rent steps on
executed new and renewal leases
Quarterly Leasing Spreads1
(Combined New and Renewal)
86%
71%
63%
54%
57%
34%
39%
34%
21%
22%
2Q21
3Q21
4Q21
1Q22
2Q22 QTD
(April/May)
GAAP
Cash
1. QTD as of 5/31/2022 unless otherwise noted
2Q QTD Update
Acquisitions and Capital Markets Highlights
2022 Acquisitions and Pipeline1
~$1.4B+
4
$600M+
Pipeline
REXFORD
INDUSTRIAL
SUPPLEMENTAL
INVESTOR
UPDATE
$316M
$774M Closed YTD
2Q QTD
85% Off/Lightly
marketed
$458M
4.7% Projected stabilized
1Q
unlevered yield on total
investment
2022 Closed Acquisitions
Pipeline - Under Contract/LOI
2Q QTD Capital Markets Activities1
Upsized $1B revolving credit facility
Enhanced terms including reduced borrowing costs and sustainability-linked pricing
New $300M 5-year term loan
Proceeds repaid 2025 $150M term loan and revolving credit facility
Renewed ATM program - $1B Total Capacity
$983M ATM capacity remains
Equity Issuance through ATM
Sold 4.4M shares at $69.01 average price
on a forward basis for gross proceeds of $305M
$533M forward equity proceeds remaining for settlement
1. As of 6/1/2022
www.rexfordindustrial.com
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Rexford Industrial Realty Inc. published this content on 02 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 June 2022 13:11:02 UTC.
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. It acquires, owns, improves, redevelops, leases, and manages industrial real estate principally located in Southern California infill markets, through Rexford Industrial Realty, L.P. (Operating Partnership) and its subsidiaries. It also acquires or provides mortgage debt secured by industrial property. It provides property management services and leasing services to related parties and third-party property owners. Its property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. The Company's portfolio consists of over 422 properties with approximately 49.1 million rentable square feet.