Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Rexford Industrial Realty, Inc. | d692959d8k.htm |
| EX-99.1 - EX-99.1 - Rexford Industrial Realty, Inc. | d692959dex991.htm |
Exhibit 99.2
REXFORD INDUSTRIAL ANNOUNCES FOURTH QUARTER 2013 FINANCIAL RESULTS
– Reports FFO of $0.17 Per Diluted Share –
– Same Store Cash NOI Increases 15% –
– Completes Acquisitions of $186.4 Million Since the Start of 2013 –
Los Angeles, California – March 13, 2014 – Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) that specializes in acquiring, owning and operating industrial properties located in Southern California infill markets, today announced financial results for the fourth quarter and full year 2013.
Fourth Quarter and Full Year 2013 Financial and Operational Highlights:
| • | Reported Funds From Operations (FFO) of $0.17 per share for the 3 months ended December 31, 2013. |
| • | As previously reported, same property portfolio occupancy increased 3.0 percentage points to 89.3% compared to the fourth quarter of 2012. |
| • | Achieved same store NOI growth of 7% in the fourth quarter 2013 compared to the prior year period, driven by a 10% increase in same store revenue, more than offsetting a 17% increase in same store expenses. Same store cash NOI increased 15% compared to the fourth quarter 2012. |
| • | As previously reported, signed new and renewal leases totaling approximately 386,000 square feet, resulting in approximately 77,000 square feet of positive net absorption and increased GAAP leasing spreads of 12.9% and cash leasing spreads of 3.5% during the fourth quarter of 2013. |
| • | In the fourth quarter, acquired six properties totaling approximately 832,000 square feet for an aggregate cost of $69.7 million. Subsequent to year end, acquired four properties totaling approximately 352,000 square feet for an aggregate cost of $29.1 million. |
“Our fourth quarter 2013 financial results reflect the strong operating and leasing metrics which we pre-released in February. The execution of our operating and leasing strategies combined with the steady improvement in our core Southern California infill industrial markets drive these positive results,” stated Michael Frankel and Howard Schwimmer, Rexford Industrial’s Co-Chief Executive Officers. “In addition, with our initial public offering completed last July, we were well-positioned to accelerate our investment pace, acquiring six properties in the fourth quarter for $69.7 million. This activity has continued into early 2014, with another 4 acquisitions closed, for a total cost of $29.1 million. In the eight months since our initial public offering, we have acquired 1.3 million square feet of industrial property, representing a 24.6% increase in our owned portfolio and we continue to review and pursue a substantial pipeline of potential investment opportunities from a variety of sources.”
Financial Results:
The Company reported a net loss of $0.88 million (or a net loss of $1.0 million before noncontrolling interests), or negative $0.04 per diluted share, for the three months ended December 31, 2013. In comparison, Rexford Industrial’s predecessor entities reported a net loss of $1.53 million (or a net loss of $1.68 million before noncontrolling interests) for the three months ended December 31, 2012
For the twelve months ending December 31, 2013, the Company reported a net loss of $4.9 million (or a net loss of $5.0 million before noncontrolling interests), compared to a net loss of $4.9 million (or a net loss of $9.0 million before noncontrolling interests) for the twelve months ended December 31, 2012. The net loss in 2013 included approximately $4.0 million of loss on extinguishment of debt associated with pay down of mortgage debt at the consummation of the IPO, $5.0 million of gains related to the disposition of five of the Company’s properties, and $1.4 million of gains associated with early repayment of a note receivable. Financial results for periods ending on or prior to July 24, 2013 reflect the results of Rexford Industrial’s predecessor entities.
The Company reported funds from operations (FFO) of $4.3 million, or $0.17 per diluted share, for the three months ended December 31, 2013. The Company’s share of Funds from Operations (FFO) for the period from July 24, 2013 through December 31, 2013 was $7.3 million, or $0.29 per diluted share.
Operating Results:
For the three months ended December 31, 2013, the Company’s same property portfolio produced a 7.1% increase in NOI compared to the fourth quarter of 2012, driven by a 9.7% increase in same property portfolio revenue, more than offsetting a 16.7% increase in same property portfolio expenses. Cash NOI on the Company’s same property portfolio was up 14.5% compared to the fourth quarter of 2012.
For the full year 2013, NOI on the Company’s same property portfolio increased 12.6%, driven by a 10.6% increase in same property portfolio revenue offsetting a 5.8% increase in same property portfolio expenses, compared to 2012. Cash NOI on the Company’s same property portfolio was up 15.8% in 2013, compared to 2012.
In the fourth quarter, the Company signed 91 new and renewal leases in its consolidated portfolio, totaling approximately 386,000 square feet. Average rental rates on comparable new and renewal leases were up 12.9% on a GAAP basis, and up 3.5% on a cash basis. The Company signed 38 new leases for approximately 142,000 square feet, with GAAP rents up 15.2%, compared to the prior in place leases. The Company signed 53 renewal leases for approximately 244,000 square feet, with GAAP rents up 12.4% compared to the prior in place leases. For the 38 new leases, cash rents were up 4.5%, and for the 53 renewal leases, cash rents were up 3.3%, compared to the ending cash rents for the prior leases.
The Company has included in a supplemental information package the results and operating statistics that reflect the activities of the Company for the three months ended December 31, 2013. See below for information regarding the supplemental information package.
Transaction Activity:
In November, the Company acquired Yorba Linda Business Park, a four-building Orange County, multi-tenant industrial park totaling 115,760 square feet, in Yorba Linda, California. The property was acquired for $12.7 million, or $109.71 per square foot, and was 79% occupied at the time of purchase.
In November, the Company acquired The Park, an Orange County industrial business park located in Anaheim, California, for $10.6 million, or $88.10 per square foot. The Park is located adjacent to the Interstate 5 Freeway in Anaheim, California, and consists of six multi-tenant buildings totaling 120,313 square feet. The buildings are situated on 6.9 acres of land, and were 85% occupied at the time of acquisition.
In December, the Company acquired Bonita Thompson, an industrial property in Pomona, California, for $27.2 million, or $74.34 per square foot. Located in the San Gabriel Valley sub-market, Bonita Thompson is in close proximity to three major highways, and consists of two 24’ clear single-tenant, rail-served distribution buildings, with 52 dock-high loading positions, totaling 365,859 square feet. The divisible buildings are situated on 16.3 acres of land, and are currently 100% occupied.
In December, the Company acquired a 199,370 square foot industrial and office property located in Simi Valley, California, for $15.8 million, or $79 per square foot. The project consists of a 30’ clear, ESFR single-tenant industrial building with 136,065 square feet and a two-story 63,305 square foot Class A office building, situated on 16.3 acres of land. The industrial building is 100% leased to Kingsbridge International, Inc. for ten years. The office building, which is situated on a separate parcel, is currently vacant and is currently in escrow for sale.
In December, the Company acquired Vanowen, a 31,037 square foot industrial building located in the San Fernando Valley, for $3.4 million, or $109.55 per square foot, adjacent to the Burbank (Bob Hope) Airport. The property is 100% leased to four tenants.
Subsequent to year-end and through February 24, the Company acquired four additional properties totaling approximately 352,000 square feet for an aggregate cost of $29.1 million, detailed below.
In January, the Company acquired Rosecrans, a 72,000 square foot industrial building located in Paramount, California, for $5.0 million, or $69.44 per square foot. The seller is consolidating into half of the building under a five year lease-back, enabling the Company to execute its value-add improvement and leasing plan for the remainder of the property.
In January, the Company acquired Oxnard Street, located in Van Nuys, California, for $8.9 million, or $114 per square foot. The property consists of a six-building multi-tenant business park totaling 78,000 square feet. The buildings are situated on 3.25 acres of land and are currently 98% occupied. The Company plans to upgrade the property through overall aesthetic improvements and operational enhancements to facilitate accelerated rent growth.
In February, the Company acquired Ontario Airport Business Park, an industrial property located in Ontario, California, for $8.6 million, or $75.69 per square foot. The project consists of a five-building multi-tenant business park totaling 113,612 square feet and is currently 95.4% occupied.
In February, the Company acquired an 88,330 square foot, six-building industrial complex located at 1500-1510 W. 228th Street, Los Angeles, California, for $6.6 million, or $74.72 per square foot. The complex is located within the South Bay submarket, and is currently 98.0% occupied.
Also, in January, the Company sold Kaiser, a 124,997 square foot industrial property in San Diego, California, for $10.1 million. Proceeds from the sale of Kaiser were reinvested into Ontario Airport Business Park and 1500-1510 W. 228th Street acquisitions in a tax-deferred 1031 exchange.
Subsequent Events:
In March, the Company announced that Peter Schwab was elected as an independent director to the Company’s Board of Directors.
On March 12, 2014, the Board of Directors declared a dividend of $0.12 per share for the first quarter 2014, payable in cash on April 15, 2014 to stockholders and unitholders of record on March 31, 2014.
Earnings Release, Investor Conference Webcast and Conference Call:
The company will release its fourth quarter and full year 2013 results after the market closes on Thursday, March 13, 2014. The Company will host a webcast and conference call that same day at 5:00 p.m. Eastern time to review fourth quarter results and discuss recent events. The live webcast will be available on the Company’s investor relations website at www.ir.rexfordindustrial.com. To participate in the call, please dial 877-407-0789 (domestic) or 201-689-8562 (international). A replay of the conference call will be available through March 27, 2014, by dialing 877-870-5176 (domestic) or 858-384-5517 (international) and entering the pass code 13576279.
About Rexford Industrial:
Rexford Industrial is a real estate investment trust that specializes in acquiring, owning and operating industrial properties in Southern California infill markets. The Company owns interests in 70 properties with approximately 7.7 million rentable square feet and manages an additional 20 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 section entitled “Cautionary Note Regarding Forward-Looking Statements” in the Company’s prospectus for its July 2013 IPO and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission (in particular under the caption “Risk Factors” in our periodic filings). 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.
Contact:
Investor Relations:
Stephen Swett or Rodny Nacier
424 256 2153 ext 401
investorrelations@rexfordindustrial.com
REXFORD INDUSTRIAL REALTY, INC. AND
REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR
CONSOLIDATED AND COMBINED BALANCE SHEETS
| Rexford Industrial Realty, Inc. |
Rexford Industrial Realty, Inc. Predecessor |
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| December 31, 2013 (Unaudited) |
December 31, 2012 | |||||||
| ASSETS |
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| Land |
$ | 219,301,000 | $ | 151,057,000 | ||||
| Buildings and improvements |
314,064,000 | 205,473,000 | ||||||
| Tenant improvements |
13,267,000 | 12,260,000 | ||||||
| Furniture, fixtures, and equipment |
188,000 | 188,000 | ||||||
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| Total real estate held for investment |
546,820,000 | 368,978,000 | ||||||
| Accumulated depreciation |
(58,978,000 | ) | (55,370,000 | ) | ||||
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| Investments in real estate, net |
487,842,000 | 313,608,000 | ||||||
| Cash and cash equivalents |
8,997,000 | 43,499,000 | ||||||
| Restricted cash |
325,000 | 1,882,000 | ||||||
| Notes receivable |
13,139,000 | 11,911,000 | ||||||
| Rents and other receivables, net |
929,000 | 559,000 | ||||||
| Deferred rent receivable |
3,642,000 | 3,727,000 | ||||||
| Deferred leasing costs and in-place lease intangibles, net |
14,189,000 | 5,003,000 | ||||||
| Deferred loan costs, net |
1,597,000 | 1,382,000 | ||||||
| Acquired above-market leases, net |
1,597,000 | 179,000 | ||||||
| Acquired indefinite-lived intangible |
5,271,000 | — | ||||||
| Other assets |
2,334,000 | 1,868,000 | ||||||
| Acquisition related deposits |
1,510,000 | 260,000 | ||||||
| Investment in unconsolidated real estate entities |
5,687,000 | 12,697,000 | ||||||
| Assets associated with real estate held for sale |
7,616,000 | 23,921,000 | ||||||
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| Total Assets |
$ | 554,675,000 | $ | 420,496,000 | ||||
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| LIABILITIES & EQUITY |
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| Liabilities |
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| Notes payable |
$ | 192,491,000 | $ | 295,419,000 | ||||
| Accounts payable, accrued expenses and other liabilities |
6,024,000 | 2,575,000 | ||||||
| Due to members |
— | 1,221,000 | ||||||
| Interest rate contracts |
— | 49,000 | ||||||
| Dividends payable |
5,368,000 | — | ||||||
| Acquired lease intangible liabilities, net |
1,160,000 | 39,000 | ||||||
| Tenant security deposits |
6,155,000 | 3,738,000 | ||||||
| Prepaid rents |
1,448,000 | 335,000 | ||||||
| Liabilities associated with real estate held for sale |
260,000 | 20,872,000 | ||||||
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| Total Liabilities |
212,906,000 | 324,248,000 | ||||||
| Equity |
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| Rexford Industrial Realty, Inc. stockholders’ equity and Predecessor equity Common Stock, $0.01 par value 490,000,000 authorized and 25,559,886 outstanding at December 31, 2013 |
255,000 | — | ||||||
| Additional paid in capital |
311,936,000 | — | ||||||
| Accumulated deficit |
(5,993,000 | ) | — | |||||
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| Total stockholders’ equity |
306,198,000 | — | ||||||
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| Predecessor equity |
— | (12,691,000 | ) | |||||
| Noncontrolling interests |
35,571,000 | 108,939,000 | ||||||
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| Total Equity |
341,769,000 | 96,248,000 | ||||||
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| Total Liabilities and Equity |
$ | 554,675,000 | $ | 420,496,000 | ||||
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REXFORD INDUSTRIAL REALTY, INC. AND
REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATION (Unaudited)
| Rexford Industrial Realty, Inc. |
Rexford Industrial Realty, Inc. Predecessor | |||||||||||||||
| Period from July 24, 2013 to December 31, 2013 |
Period from January 1, 2013 to July 23, 2013 |
Year Ended December 31, 2012 |
Year Ended December 31, 2011 |
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| RENTAL REVENUES |
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| Rental revenues |
$ | 18,449,000 | $ | 19,206,000 | $ | 27,842,000 | $ | 23,311,000 | ||||||||
| Tenant reimbursements |
2,161,000 | 2,212,000 | 2,952,000 | 2,387,000 | ||||||||||||
| Management, leasing and development services |
534,000 | 444,000 | 518,000 | 316,000 | ||||||||||||
| Other income |
93,000 | 187,000 | 105,000 | 147,000 | ||||||||||||
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| TOTAL RENTAL REVENUES |
21,237,000 | 22,049,000 | 31,417,000 | 26,161,000 | ||||||||||||
| Interest income |
381,000 | 698,000 | 1,577,000 | 1,577,000 | ||||||||||||
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| TOTAL REVENUES |
21,618,000 | 22,747,000 | 32,994,000 | 27,738,000 | ||||||||||||
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| OPERATING EXPENSES |
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| Property expenses |
5,237,000 | 5,039,000 | 7,950,000 | 6,643,000 | ||||||||||||
| General and administrative |
5,327,000 | 4,420,000 | 5,146,000 | 3,729,000 | ||||||||||||
| Depreciation and amortization |
8,686,000 | 7,022,000 | 11,921,000 | 9,667,000 | ||||||||||||
| Other property expenses |
1,167,000 | 885,000 | 1,300,000 | 1,015,000 | ||||||||||||
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| TOTAL OPERATING EXPENSES |
20,417,000 | 17,366,000 | 26,317,000 | 21,054,000 | ||||||||||||
| OTHER (INCOME) EXPENSE |
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| Acquisition expenses |
540,000 | 724,000 | 599,000 | 1,022,000 | ||||||||||||
| Interest expense |
1,763,000 | 9,395,000 | 16,875,000 | 17,466,000 | ||||||||||||
| Gain on mark-to-market of interest rate swaps |
— | (49,000 | ) | (2,361,000 | ) | (4,185,000 | ) | |||||||||
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| TOTAL OTHER EXPENSE |
2,303,000 | 10,070,000 | 15,113,000 | 14,303,000 | ||||||||||||
| TOTAL EXPENSES |
22,720,000 | 27,436,000 | 41,430,000 | 35,357,000 | ||||||||||||
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| Equity in income (loss) from unconsolidated real estate entities |
92,000 | (915,000 | ) | 122,000 | 185,000 | |||||||||||
| Gain from early repayment of note receivable |
— | 1,365,000 | — | — | ||||||||||||
| Loss on extinguishment of debt |
— | (3,955,000 | ) | — | — | |||||||||||
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| NET LOSS FROM CONTINUING OPERATIONS |
(1,010,000 | ) | (8,194,000 | ) | (8,314,000 | ) | (7,434,000 | ) | ||||||||
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| DISCONTINUED OPERATIONS |
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| Income (loss) from discontinued operations before gain (loss) on sale of real estate and extinguishment of debt |
299,000 | (809,000 | ) | (698,000 | ) | (1,406,000 | ) | |||||||||
| Loss on extinguishment of debt |
— | (267,000 | ) | — | — | |||||||||||
| Gain on sale of real estate |
— | 4,989,000 | 55,000 | 2,503,000 | ||||||||||||
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| INCOME (LOSS) FROM DISCONTINUED OPERATIONS |
299,000 | 3,913,000 | (643,000 | ) | 1,097,000 | |||||||||||
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| NET LOSS |
(711,000 | ) | (4,281,000 | ) | (8,957,000 | ) | (6,337,000 | ) | ||||||||
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| Net loss attributable to noncontrolling interests |
86,000 | 15,000 | 4,066,000 | 2,585,000 | ||||||||||||
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| NET LOSS ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. |
$ | (625,000 | ) | $ | (4,266,000 | ) | $ | (4,891,000 | ) | $ | (3,752,000 | ) | ||||
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| Net loss available to common stockholders per share - basic and diluted |
$ | (0.03 | ) | |||||||||||||
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REXFORD INDUSTRIAL REALTY, INC. AND
REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR
Same Property Portfolio Statement of Operations and NOI Reconciliation (unaudited)
Same Property Portfolio Statement of Operations:
| Three Months Ending | Year Ending | |||||||||||||||||||||||
| December 31 | December 31 | |||||||||||||||||||||||
| 2013(1) | 2012 | Change | 2013(1) | 2012 | Change | |||||||||||||||||||
| Rental Revenues |
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| Rental revenues |
$ | 7,901 | $ | 7,263 | 9 | % | $ | 29,896 | $ | 27,268 | 10 | % | ||||||||||||
| Tenant reimbursements |
881 | 771 | 14 | % | 3,275 | 2,843 | 15 | % | ||||||||||||||||
| Other operating revenues |
33 | 3 | 1000 | % | 231 | 79 | 192 | % | ||||||||||||||||
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| Total rental revenues |
8,815 | 8,037 | 10 | % | 33,402 | 30,190 | 11 | % | ||||||||||||||||
| Interest income |
190 | 252 | 25 | % | 1,016 | 1,004 | 1 | % | ||||||||||||||||
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| Total Revenues |
9,005 | 8,289 | 9 | % | 34,418 | 31,194 | 10 | % | ||||||||||||||||
| Operating Expenses |
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| Property expenses |
$ | 2,532 | $ | 2,170 | 17 | % | $ | 9,283 | $ | 8,777 | 6 | % | ||||||||||||
| Depreciation and amortization |
3,695 | 2,967 | 25 | % | 11,313 | 12,129 | (7 | %) | ||||||||||||||||
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| Total Operating Expenses |
6,227 | 5,137 | 21 | % | 20,596 | 20,906 | (2 | %) | ||||||||||||||||
| Other (Income) Expense |
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| Interest expense |
60 | 4,299 | (99 | %) | 9,075 | 17,339 | (48 | %) | ||||||||||||||||
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| Total Other Expense |
60 | 4,299 | (99 | %) | 9,075 | 17,339 | (48 | %) | ||||||||||||||||
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| Total Expenses |
6,287 | 9,436 | (33 | %) | 29,671 | 38,245 | (22 | %) | ||||||||||||||||
| Loss on extinguishment of debt |
— | — | (3,382 | ) | — | |||||||||||||||||||
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| Net Income (Loss) |
$ | 2,718 | $ | (1,147 | ) | 337 | % | $ | 1,365 | $ | (7,051 | ) | 119 | % | ||||||||||
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| Same Property Portfolio NOI Reconciliation: |
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| Three Months Ending | Year Ending | |||||||||||||||||||||||
| December 31 | December 31 | |||||||||||||||||||||||
| 2013(1) | 2012 | Change | 2013(1) | 2012 | Change | |||||||||||||||||||
| NOI |
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| Net Income (Loss) |
$ | 2,718 | $ | (1,147 | ) | $ | 1,365 | $ | (7,051 | ) | ||||||||||||||
| Add: |
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| Interest expense |
60 | 4,299 | 9,075 | 17,339 | ||||||||||||||||||||
| Depreciation and amortization |
3,695 | 2,967 | 11,313 | 12,129 | ||||||||||||||||||||
| Deduct: |
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| Loss on extinguishment of debt |
— | — | (3,382 | ) | — | |||||||||||||||||||
| Interest income |
190 | 252 | 1,016 | 1,004 | ||||||||||||||||||||
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| NOI |
$ | 6,283 | $ | 5,867 | 7 | % | $ | 24,119 | $ | 21,413 | 13 | % | ||||||||||||
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| Straight-line rents |
(209 | ) | (579 | ) | (158 | ) | (802 | ) | ||||||||||||||||
| Amort. above/below market leases |
24 | 36 | 77 | 142 | ||||||||||||||||||||
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| Cash NOI |
$ | 6,098 | $ | 5,324 | 15 | % | $ | 24,038 | $ | 20,753 | 16 | % | ||||||||||||
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| (1) | Includes Predecessor and Rexford Industrial Realty, Inc. results. |
REXFORD INDUSTRIAL REALTY, INC. AND
REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR
NOI Reconciliation, Portfolio Detail, and Occupancy (unaudited)
Same Property Portfolio NOI Reconciliation Continued:
| Three Months Ending | Year Ending | |||||||||||||||||||||||
| December 31 | December 31 | |||||||||||||||||||||||
| 2013 (1) | 2012 | Change | 2013 (1) | 2012 | Change | |||||||||||||||||||
| Rental revenues |
$ | 7,901 | $ | 7,263 | 9 | % | $ | 29,896 | $ | 27,268 | 10 | % | ||||||||||||
| Tenant reimbursements |
881 | 771 | 14 | % | 3,275 | 2,843 | 15 | % | ||||||||||||||||
| Other operating revenues |
33 | 3 | 1000 | % | 231 | 79 | 192 | % | ||||||||||||||||
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| Total rental revenue |
8,815 | 8,037 | 10 | % | 33,402 | 30,190 | 11 | % | ||||||||||||||||
| Property expenses |
2,085 | 1,853 | 13 | % | 7,884 | 7,664 | 3 | % | ||||||||||||||||
| Other property expenses |
447 | 317 | 41 | % | 1,399 | 1,113 | 26 | % | ||||||||||||||||
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| Total property expense |
2,532 | 2,170 | 17 | % | 9,283 | 8,777 | 6 | % | ||||||||||||||||
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| NOI |
$ | 6,283 | $ | 5,867 | 7 | % | $ | 24,119 | $ | 21,413 | 13 | % | ||||||||||||
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| Straight-line rents |
(209 | ) | (579 | ) | (64 | %) | (158 | ) | (802 | ) | (80 | %) | ||||||||||||
| Amort. above/below market leases |
24 | 36 | (34 | %) | 77 | 142 | (46 | %) | ||||||||||||||||
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| Cash NOI |
$ | 6,098 | $ | 5,324 | 15 | % | $ | 24,038 | $ | 20,573 | 16 | % | ||||||||||||
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| Quarterly Same Property Portfolio Detail | Annual Same Property Portfolio Detail | |||||||||||||||||||||||||||||||
| # of Properties |
Square Feet |
Wtd Avg. Occupancy |
# of Properties |
Square Feet |
Wtd Avg. Occupancy |
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| 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
| Period ended Sept. 30, 2013 and 2012 |
49 | 4,320,532 | 87.3 | % | 81.6 | % | 47 | 4,174,679 | 87.1 | % | 81.2 | % | ||||||||||||||||||||
| Additions (deductions) |
(1 | ) | (124,944 | ) | 100.0 | % | 5.1 | % | (1 | ) | (124,944 | ) | 100.0 | % | 5.1 | % | ||||||||||||||||
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| Period ended Dec. 31, 2013 and 2012 |
48 | 4,195,588 | 89.3 | % | 86.3 | % | 46 | 4,049,735 | 89.1 | % | 86.1 | % | ||||||||||||||||||||
Same Property Portfolio Occupancy:
| December 31, 2013 | December 31, 2012 | Change (ppt) | ||||||||||
| Occupancy: |
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| Los Angeles County |
89.3% | 89.5% | -0.2% | |||||||||
| Orange County |
95.7% | 87.6% | 8.1% | |||||||||
| San Bernardino County |
88.4% | 84.5% | 3.9% | |||||||||
| Ventura County |
100.0% | 100.0% | 0.0% | |||||||||
| San Diego County |
81.6% | 72.2% | 9.4% | |||||||||
| Other |
80.6% | 74.9% | 5.7% | |||||||||
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| Total/Weighted Average |
89.3% | 86.3% | 3.0% | |||||||||
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| (1) | Includes Predecessor and Rexford Industrial Realty, Inc. results |