Rexford Industrial Realty, Inc. (“Rexford Industrial”) (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties throughout the infill region of Southern California. and Blackstone (NYSE: BX) announced Rexford. Pursuant to separate transactions with Blackstone Real Estate (including Blackstone Property Partners Strategies, Blackstone Real Estate Partners and Blackstone Real Estate Income Trust), Industrial has approximately 300 Acquired 10,000 square feet of industrial real estate for a total of $1 billion.
The combined portfolio consists of 48 properties totaling 3,008,000 square feet, acquired for an average price of $1 billion, or $332 per square foot. The total portfolio is 98% leased and 99% of the real estate area is located within the core submarkets of Los Angeles County and Orange County. In total, these investments are expected to generate a weighted average initial unlevered cash yield of 4.7% and an expected stabilized unlevered cash yield of 5.6%. These investments were funded using proceeds from Rexford Industrial’s recently issued exchangeable senior notes and cash on hand.
“These strategic investments in highly located, high-quality assets within Infill Southern California, the nation’s highest-barrier, lowest-supply industrial market, are designed to deliver increased cash flow, improved operating margins, and long-term This represents a significant opportunity to drive value creation across the board,” said Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of Rexford Industrial. “With these transactions, we are pleased to further strengthen our relationship with Blackstone and look forward to identifying future collaboration opportunities. Consists of approximately $300 million of investments under accepted offers, bringing total year-to-date investments completed or in the pipeline to $1.4 billion, with an expected initial weighted-average unlevered cash yield of 5.0% , with an expected 5.7%.Unleveraged cash yield held steady at %.”
David Levine, Co-Head of Americas Acquisitions at Blackstone Real Estate, said: “These transactions are great results for our investors and are a great opportunity for us to move into an attractive region like Southern California, where we have more than 50 million assets. “This demonstrates strong demand from institutional investors for high-quality assets in a competitive market.” Warehouse square footage. Logistics remains a topic of strong conviction for Blackstone Real Estate around the world, with record low vacancy rates continuing. We are proud that he owns warehouses worth $175 billion all over the world. We are pleased to be working with Rexford on these transactions, who will be excellent stewards of these properties in the future, along with our portfolio company Link Logistics. ”
About Rexford Industrial
Rexford Industrial invests in, operates and redevelops industrial properties throughout the infill of Southern California, the world’s fourth largest industrial market and consistently the highest demand and lowest supply market in the country. We are creating value. Rexford Industrial’s highly differentiated strategy enables internal and external growth opportunities through unique value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio consists of 422 properties with approximately 49.1 million square feet of leasable area occupied by a stable and diverse tenant base. Rexford Industrial is organized as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR” and is a member of the S&P MidCap 400 Index. For more information, please visit www.rexfordindustrial.com.
About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and manages US$337 billion in investor capital. Blackstone is the world’s largest commercial real estate owner, owning and operating assets across every major region and sector, including logistics, residential, office, hospitality and retail. Our opportunistic funds seek to acquire poorly managed, well-located assets around the world. Blackstone’s Core+ businesses include institutional strategies and income-focused personal investments, including Blackstone Real Estate Income Trust, Inc. (BREIT), a U.S. private REIT, and Blackstone European Yield. Through both home-tailored strategies, we invest in substantially stable real estate assets globally. oriented strategy. Blackstone Real Estate also operates one of the world’s leading real estate debt businesses, providing comprehensive financing solutions across capital structures and risk spectrums, including management of Blackstone Mortgage Trust (NYSE:BXMT) doing.
Forward-looking statements
This press release contains forward-looking statements within the meaning of federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology such as “outlooks” and “indicators.” , “believe,” “expect,” “may,” “continue,” “identified,” “may,” “would,” “should.” “is”, “seeks”, “approximately”, “anticipates”, “intends”, “plans”, “estimates”, “anticipates”, “confidence”, “confidence”, or other words. Similar words or their negatives. These include financial estimates and underlying assumptions, statements regarding plans, objectives, intentions and expectations regarding positioning, including the impact of macroeconomic and market trends, future operations, repurchases, acquisitions, future performance and may contain statements about what it is not. The acquisition has not yet been completed. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual results or results to differ materially from those indicated in such statements. There is a possibility. Rexford Industrial and BREIT agree that these factors include, but are not limited to, the factors described in the sections entitled “Risk Factors” in Rexford Industrial’s and BREIT’s respective prospectuses and annual reports for the most recent fiscal year; and BREIT’s most recent fiscal year’s annual report, including, but not limited to, such current factors. BREIT’s periodic filings with the SEC are available on the SEC’s website at www.sec.gov. These elements should not be construed as exhaustive and should be read in conjunction with other notices contained herein (or in Rexford Industrial’s and BREIT’s public materials). Except as otherwise required by federal securities laws, each of Rexford Industrial and BREIT will not publicly update or update any forward-looking statements, whether as a result of new information, future developments or otherwise. We are not obligated to make any corrections.
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