Rexford Industrial Realty, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report (Form 8-K) was filed on December 3, 2014, by Rexford Industrial Realty, Inc. (the "Company"). The report details the completion of a partial asset acquisition previously announced on November 4, 2014. The Company operates as a real estate investment trust focused on industrial properties.
Key Financial Metrics and Transaction Details
The Company completed the acquisition of two industrial properties for an aggregate purchase price of $16.7 million. The transaction was funded through borrowings on the Company's revolving credit facility and available cash on hand.
| Property Address | City | Square Feet | Occupancy | Annualized Base Rent |
|---|---|---|---|---|
| 10509 Business Dr. | Fontana | 130,788 | 100% | $601,762 |
| 13231 Slover Ave. | Fontana | 109,463 | 100% | $489,972 |
| Total Acquired | - | 240,251 | 100% | $1,091,734 |
The filing does not provide consolidated revenue, profit, cash flow, or margin data for the reporting period, as this is a current report regarding a specific transaction rather than a periodic financial statement.
Material Changes and Pending Items
The original agreement covered a portfolio of three properties totaling 344,425 square feet. Only two properties were acquired in this closing. The third property, located at 12907 Imperial Hwy, Santa Fe Springs, remains pending. Its acquisition is subject to:
- Lender approval for the assumption of approximately $5.4 million in existing mortgage debt.
- Satisfaction of customary closing conditions.
Outlook, Risks, and Management Commentary
Management issued a press release on December 8, 2014, to announce the acquisition (furnished as Exhibit 99.1). The acquired assets are fully occupied warehouse/distribution facilities built in 1989 and 1990. Lease expirations for the acquired portfolio are concentrated in 2016 (3 leases) and 2017 (1 lease), with a weighted average annualized base rent per square foot of $4.54.
Investor Verification Checklist
- Verify the status of the third property acquisition (12907 Imperial Hwy) and the lender's approval of the $5.4 million loan assumption.
- Review the specific terms of the revolving credit facility used to fund the $16.7 million purchase.
- Confirm the lease expiration schedule and renewal options for the 240,251 square feet acquired.
- Check subsequent filings for the final closing of the remaining portfolio asset.