REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01
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Completion of Acquisition or Disposition of Assets.
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through a wholly-owned subsidiary of its operating partnership,
Rexford Industrial Realty, L.P., completed the acquisition of the
Safari Business Center. The Safari Business Center is an
industrial business park consisting of 16 buildings totaling
1,138,090 rentable square feet located in Ontario, California,
within the Company’s Inland Empire West submarket. As of May 24,
2017, the Safari Business Center had 75 tenants and was 97%
occupied with current annualized base rent of approximately $7.8
million, or $6.89 per rentable square foot.
million, exclusive of closing costs. The Company funded the
acquisition as follows: (i) $90.0 million cash from drawing on
the Company’s unsecured revolving credit facility, (ii) through
a tax-deferred like-kind exchange under Section 1031 of the
Internal Revenue Code by using $39.7 million of net cash proceeds
from the sale of one of the Company’s properties, and (iii)
available cash on hand.
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Item 2.03
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Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
by the Company with the Securities and Exchange Commission on
February 15, 2017, the Company entered into a Second Amended and
Restated Credit Agreement (the Credit Agreement) with Citibank,
N.A., as administrative agent, swing line lender and letter of
credit issuer, and the other lenders party thereto, providing for
(i) a $350.0 million unsecured revolving credit facility (the
Revolver) and (ii) a $100.0 million unsecured term loan facility.
On May 22, 2017, the Company borrowed $90.0 million under the
Revolver to partially fund the acquisition of the Safari Business
Center described in Item 2.01 of this Current Report. Following
such borrowing, the total amount of borrowings outstanding under
the Revolver was $138.0 million.
2.03 does not purport to be complete and is subject to and
qualified in its entirety by reference to the Credit Agreement,
which was filed as Exhibit 10.1 to the Current Report on Form 8-K
filed by the Company with the Securities and Exchange Commission
on February 15, 2017, and is incorporated herein by reference.
About REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR)
Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (REIT). The Company is focused on owning, operating and acquiring industrial properties in Southern California infill markets. The Company’s consolidated portfolio consisted of approximately 119 properties with over 12.0 million rentable square feet. The Company also owns interest in a joint venture (the JV) that indirectly owns one property with approximately 0.5 million square feet, which it also manages. The Company manages an additional 19 properties with approximately 1.2 million rentable square feet. The Company’s properties are concentrated in various industries, such as wholesale and retail, light manufacturing, industrial equipment and components, warehousing and storage, food and beverage, business services, construction, automotive, paper and printing, pharmaceuticals and healthcare. REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR) Recent Trading Information
REXFORD INDUSTRIAL REALTY, INC. (NYSE:REXR) closed its last trading session up +0.40 at 26.95 with 2,653,858 shares trading hands.
