Rexford Industrial Reports Increased Income, High Rent Collection
The company collected 98 percent of first-quarter rent
By Greg Cornfield April 21, 2021 10:55 pm
reprints
Rexford Industrial Realty, the West Los Angeles-based real estate investment trust (REIT) focused on industrial investment, is experiencing the pandemic boost that’s being seen across the e-commerce and warehousing sector in Southern California.
After finishing 2020 on a buying spree, the firm announced today that it continued its growth through the first quarter of 2021 in its earnings results. Through April 19, Rexford said it collected 98.2 percent of first-quarter rent, including COVID-19 deferral billings. Additionally, the firm acquired 11 properties totaling 741,952 square feet for a combined $163.5 million during the first three months of the year.
As of March 31, Rexford’s consolidated portfolio, including value-add repositioning assets, was 96.1 percent leased.
Demand for Southern California’s industrial market, bolstered by the ever-growing e-commerce sector, has been unrelenting. The U.S. saw a record number of industrial leases of at least 1 million square feet in 2020, and the Inland Empire tied for second for largest transactions by market, and it’s set to have more than 104 deliveries this year.
Rexford’s consolidated portfolio net operating income of $76.1 million is an increase of 28.1 percent compared to the first quarter of 2020. The company has no debt maturities until 2023.
“Our first quarter results demonstrate the strength of Rexford’s operating platform and exceptional market fundamentals within the infill Southern California industrial market,” said Michael Frankel and Howard Schwimmer, co-CEOs of Rexford, in a statement.
Rexford’s first-quarter earnings call is at 1 p.m. on April 22.
