Press Release Details

LOS ANGELES--(BUSINESS WIRE)-- Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE:REXR), a real estate investment trust (“REIT”) focused on owning and operating industrial properties located in Southern California infill markets, today announced the closing of the acquisition of a portfolio of nine industrial properties for a total purchase price of approximately $191.0 million, or approximately $125 per square foot, exclusive of closing costs. The Company funded the acquisition with proceeds from its recent public equity issuance and the exercise of a $100.0 million accordion on its $125.0 million unsecured term loan.

“We are pleased to complete the acquisition of this well-located, high-quality portfolio, which increases our owned square footage by over 12%,” stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. “The portfolio, which is 100% leased to twelve tenants, brings greater scale and operating efficiency in key infill submarkets and is expected to be accretive to our 2016 FFO/share operating metrics. We also look forward to executing on value-add opportunities to further enhance the portfolio’s cash flow over time to maximize value for our shareholders.”

The portfolio consists of nine properties totaling 1,530,814 net rentable square feet, located in four of the Company’s core infill Southern California markets, including Orange County, Inland Empire West, Central San Diego and Los Angeles-San Gabriel Valley.

About Rexford Industrial

Rexford Industrial is a real estate investment trust focused on owning and operating industrial properties in Southern California infill markets. The Company owns interests in 131 properties with approximately 13.7 million rentable square feet and manages an additional 19 properties with approximately 1.2 million rentable square feet.

For additional information, 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 (“SEC”), including the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 and the Current Report on Form 8-K filed with the SEC on April 11, 2016. 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.

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Rexford Industrial Realty, Inc.
Investor Relations:
Stephen Swett, 424-256-2153 ext. 401
investorrelations@rexfordindustrial.com

Source: Rexford Industrial Realty, Inc.