Los Angeles and New York – March 28, 2024 – Rexford Industrial Realty, Inc. (“Rexford Industrial”) (NYSE: REXR), a genuine estate financial investment trust targeted on generating price by investing in and working industrial properties located in the course of infill Southern California, and Blackstone (NYSE: BX), right now announced Rexford Industrial acquired roughly 3 million sq. ft of industrial houses pursuant to individual transactions with Blackstone Actual Estate, like the Blackstone House Partners tactic as perfectly as Blackstone Real Estate Partners and Blackstone Genuine Estate Revenue Have confidence in, for an combination order rate of $1. billion.
The merged portfolio contains 48 attributes, totaling 3,008,000 square ft, acquired for $1. billion or $332 for each square foot on typical. The blended portfolio is 98% leased, with 99% of the residence sq. footage found in main, infill submarkets in Los Angeles and Orange counties. In combination, the investments are expected to make a weighted regular preliminary unlevered cash yield of 4.7% and an anticipated stabilized unlevered hard cash yield of 5.6%. These investments ended up funded working with proceeds from Rexford Industrial’s new exchangeable senior notice choices and funds on hand.
“These strategic investments in extremely perfectly-located, large-high quality belongings within infill Southern California, the nation’s best-barrier and most affordable supply industrial industry, stand for a major prospect to drive accretive dollars move expansion, improved functioning margins and prolonged-phrase benefit creation,” stated Howard Schwimmer and Michael Frankel, Co-Main Govt Officers of Rexford Industrial. “With these transactions, we are happy to additional our Blackstone romantic relationship, and glance ahead to determining possibilities for long run collaboration. Searching ahead, our overall pipeline contains somewhere around $300 million of investments underneath deal or recognized offer, bringing the aggregate calendar year-to-date $1.4 billion of investments accomplished or in the pipeline, to a weighted typical 5.% predicted initial unlevered dollars produce and predicted 5.7% stabilized unlevered funds generate.”
David Levine, Co-Head of Americas Acquisitions for Blackstone Authentic Estate, reported, “These transactions stand for an great outcome for our buyers and show the strong institutional demand from customers for substantial-high-quality assets in attractive markets like Southern California, wherever we very own about 50 million square ft of warehouses. Logistics proceeds to experience in the vicinity of record small vacancy and continues to be a superior conviction topic for Blackstone Real Estate globally we are very pleased proprietors of $175 billion of warehouses close to the globe. Along with our portfolio business Website link Logistics, we are delighted to perform with Rexford on these transactions, who will be an excellent steward of these properties going ahead.”
About Rexford Industrial
Rexford Industrial creates price by investing in, operating and redeveloping industrial qualities throughout infill Southern California, the world’s fourth biggest industrial marketplace and continuously the optimum-demand, most affordable supply market in the country. Rexford Industrial’s extremely differentiated approach permits internal and external progress alternatives as a result of its proprietary value development and asset administration abilities. Rexford Industrial’s large-top quality, irreplaceable portfolio includes 422 homes with around 49.1 million rentable square toes occupied by a stable and varied tenant foundation. Structured as a genuine estate expense trust (REIT) mentioned on the New York Stock Trade beneath the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For far more information and facts, remember to check out www.rexfordindustrial.com.
About Blackstone Authentic Estate
Blackstone is a world-wide chief in actual estate investing. Blackstone’s real estate small business was launched in 1991 and has US $337 billion of trader funds underneath administration. Blackstone is the most significant operator of industrial real estate globally, owning and working assets throughout each significant geography and sector, including logistics, household, place of work, hospitality and retail. Our opportunistic cash seek to purchase undermanaged, very well-found belongings throughout the world. Blackstone’s Main+ enterprise invests in significantly stabilized genuine estate assets globally, by both of those institutional strategies and methods tailor-made for income-targeted personal traders like Blackstone Actual Estate Income Rely on, Inc. (BREIT), a U.S. non-detailed REIT, and Blackstone’s European yield-oriented tactic. Blackstone Authentic Estate also operates one particular of the major global actual estate personal debt businesses, offering comprehensive funding remedies throughout the cash structure and threat spectrum, which includes administration of Blackstone Property finance loan Believe in (NYSE: BXMT).
Ahead-Hunting Statements
This push launch incorporates forward-wanting statements inside of the that means of the federal securities rules and the Non-public Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-hunting terminology these types of as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “identified,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “confident,” “conviction,” or other comparable words and phrases or the negatives thereof. These might incorporate economical estimates and their fundamental assumptions, statements about options, objectives, intentions, and expectations with regard to positioning, which includes the influence of macroeconomic tendencies and sector forces, long run operations, repurchases, acquisitions, foreseeable future functionality and statements regarding identified but not however closed acquisitions. These types of ahead-on the lookout statements are inherently unsure and there are or may be vital variables that could lead to genuine results or effects to vary materially from these indicated in these kinds of statements. Rexford Industrial and BREIT believe these elements consist of but are not confined to people described underneath the section entitled “Risk Factors” in Rexford Industrial’s and BREIT’s respective prospectus and yearly report for the most the latest fiscal yr, and any this kind of up to date elements integrated in Rexford Industrial’s and BREIT’s periodic filings with the SEC, which are obtainable on the SEC’s website at www.sec.gov. These elements ought to not be construed as exhaustive and ought to be browse in conjunction with the other cautionary statements that are incorporated herein (or in Rexford Industrial’s and BREIT’s community filings). Except as usually required by federal securities legislation, each individual of Rexford Industrial and BREIT undertakes no obligation to publicly update or revise any ahead-wanting statements, whether as a consequence of new data, upcoming developments or if not.
Contacts:
Rexford Industrial
[email protected]
Blackstone
Jeffrey Kauth
[email protected]
