Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Bank of America Global Real Estate Conference 2014
29 slides from Rexford Industrial Realty's conference presentation, Sep 9, 2014
Slide 1: Bank of America Global Real Estate Conference September 2014
Bank of America Global Real Estate Conference September 2014 Exhibit 99.1
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information c
Slide 3: Investment Highlights
“Pure-Play” Southern California Industrial Expert With High Quality Infill Properties Investment Highlights Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Industrial Market With Significant Consolidation Opportunity Significant External Growth Prospects Throu
Slide 4: Portfolio Occupancy, Releasing Spreads and Cash NOI
Portfolio Occupancy (2) GAAP Releasing Spreads (3) Cash NOI ($mm) (5) Note: Figures ‘At IPO’ represent 3Q13. Portfolio as of September 2, 2014. Represents the total occupancy of the consolidated portfolio. Compares GAAP rent, which straightlines rental rate increases and abatement, on new leases to
Slide 5: "Pure-Play" Southern California Expert
“Pure-Play” Southern California Expert Note: Properties in San Diego (1.1mm SF) are not depicted on the map but are included in percentage of SF in Southern California. Source: Public company filings. Note: All figures based on total portfolio as of 2Q14 except TRNO, which is as of 1Q14. Rexford is
Slide 6: High Quality, Infill Industrial Portfolio
High Quality, Infill Industrial Portfolio 88 properties comprising 8.5 million square feet Strategically situated in attractive locations within their submarkets 91.1% leased (consolidated properties) as of 6/30/14 Highly functional properties designed to appeal to a broad universe of tenants ~73% o
Slide 7: High Quality, Infill Industrial Portfolio Covering a Broad Range of Industries
High Quality, Infill Industrial Portfolio Covering a Broad Range of Industries (2) (3) High Demand, Diversified Product Type with Emphasis on Warehouse (1) (2) Percentage of total rentable square feet for the consolidated portfolio as of December 31, 2013. Excludes REXR’s only non-Southern Californi
Slide 8: Focused on the Leading Industrial Market
Philadelphia Northern New Jersey Focused on the Leading Industrial Market Total Market SF (mm) (1) Average Market Asking Rents per SF (1) Implied Market ABR ($bn) Southern California Chicago Dallas / Ft. Worth Atlanta Southern California is the largest base of manufacturing, distribution, consumer s
Slide 9: Focused on the Leading Industrial Market
Focused on the Leading Industrial Market Unless otherwise noted, all information is derived from market materials prepared by DAUM Real Estate Services as of 4Q13 citing CoStar Property Database, CBRE and other sources. Other top market average includes Chicago, Philadelphia, Northern New Jersey, Da
Slide 10: Proven Avenues Of Accretive Growth
Proven Avenues Of Accretive Growth Significant upside in multi-tenant rental rates which have lagged the broader market recovery Internal Growth External Growth Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Proprietary Deal Sourcing Select Redevelopment Driv
Slide 11: Substantial Rent Growth Opportunity
All information is derived from market materials prepared by DAUM Real Estate Services as of 4Q13 citing CoStar Property Database, CBRE and other sources. Substantial Rent Growth Opportunity Rexford’s portfolio is positioned to capitalize on improving rents (1) Southern California Industrial – Index
Slide 12: Opportunity to Increase Occupancy and Rents
Opportunity to Increase Occupancy and Rents Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Source: All data per DAUM Real Estate Services citing CBRE as of 2Q14. Market rents are triple-net (NNN), gross rates not provided. Represents the weighted average vaca
Slide 13: Internal Growth through Improved Occupancy
Internal Growth through Improved Occupancy Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Acquisitions that we consider “value-add” where we have demonstrated increases in occupancy. 100% leased as of 9/5/2014 with 100% occupancy projected for 9/29/2014. Incr
Slide 14: Rent Growth & Occupancy Gain: Case Studies
The Park 6 building, multi-tenant industrial complex North Orange County Rent Growth & Occupancy Gain: Case Studies Strong Rent Growth from New Leases Tarzana Two building, multi-tenant complex Greater San Fernando Valley Significant Increase in Occupancy Acquisition Price $8.4 million Acquisition D
Slide 15: Significant External Growth Potential
Significant External Growth Potential Source: DAUM Real Estate Services citing CoStar Industrial Report 1Q14. Source: Real Capital Analytics, “U.S. Capital Trends” (May 2014). Source: Public company filings. Public REITs include DCT, DRE, EGP, FR, LPT, PLD, PSB and TRNO. All figures based on total p
Slide 16: Unique Proprietary Acquisition Sourcing
Actively monitoring and pursuing approximately 40 million square feet of opportunities Over 50% of acquisitions since inception and approximately 64% post-IPO were off-market or lightly-marketed (1) Relationships developed over 30+ years Extensive broker marketing and incentives Superior alignment w
Slide 17: Growth by Proprietary Acquisition Sourcing
Growth by Proprietary Acquisition Sourcing Based on Rexford’s understanding of seller’s primary motivation. Reflects transactions since 2011. Broad Range of Transaction Catalysts (1) Consistent Deal Sourcing Capabilities Acquisitions since IPO: Our proprietary sourcing methods allow us to drive a si
Slide 18: External Growth Case Studies
External Growth Case Studies Significant Increase in Occupancy Birch Value-add opportunity at a single-tenant building Orange County Airport Avenue Kearny Two fully-occupied, single-tenant buildings Greater San Fernando Valley High Quality Off-Market Acquisition Off-Market Sale / Lease-Back Acquisit
Slide 19: External Growth Case Studies (Cont'd)
Westcore Nine industrial projects in “A” locations Irvine / City of Industry / Pomona / San Diego External Growth Case Studies (Cont’d) W. 240th St. Single-tenant warehouse / distribution building Southbay Los Angeles High Quality Portfolio With Value-Add Component Significant Redevelopment Opportun
Slide 20: Demonstrated Growth & Performance Since IPO
REXR has acquired over 3.2mm SF of high quality infill real estate for ~$313mm since its IPO Note: ‘At IPO’ represents the portfolio as of the IPO date. Includes the disposition of Kaiser in January 2014, the disposition of Madera Road in March 2014, and the disposition of Zenith in August 2014. As
Slide 21: Increased Occupancy, Leasing Spreads and Cash NOI Growth Since IPO
Increased Occupancy 250bps Since IPO (1) Trend of Strong Leasing Spreads 31% Growth in Cash NOI Since IPO ($mm) (2) Represents the total occupancy of the consolidated portfolio. Cash NOI and FFO are non-GAAP financial measures. For a reconciliation of Cash NOI and FFO to net income, see the Appendix
Slide 22: Balance Sheet Positioned for Growth
Source: Public Company filings as of August 11, 2014. Accordion feature on line of credit is subject to meeting certain circumstances, including the identification of lenders willing to make available such additional amounts. Stock price is the closing price as of September 3, 2014. Peer average rep
Slide 23: Experienced Management Team
Experienced Management Team Expert in key disciplines of industrial property investment and management Name Title Years of Real Estate Experience Richard Ziman Chairman 40 Howard Schwimmer Co-CEO 30 Michael Frankel Co-CEO 10 Adeel Khan CFO 11 Patrick Schlehuber Director of Acquisitions 9 Shannon Lew
Slide 24: Investment Highlights
“Pure-Play” Southern California Industrial Expert With High Quality Infill Properties Investment Highlights Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Industrial Market With Significant Consolidation Opportunity Significant External Growth Prospects Throu
Slide 25: Appendix
Appendix Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97
Slide 26: NOI and FFO Reconciliations
NOI and FFO Reconciliations Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 25 Cash Net Operating Income (NOI) Funds from Operations (FFO) Source: Company filings. Amount represents our 15% ownership of Mission Oaks unconsolidated joint venture for the three m
Slide 27: Acquisition Sourcing
Acquisition Sourcing Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Based on Rexford’s understanding of seller’s primary motivation. 26
Slide 28: Definitions / Discussion of Non-GAAP Financial Measures
Definitions / Discussion of Non-GAAP Financial Measures Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97 Annualized Base Rent: Calculated for each lease as the latest monthly contracted base rent per the terms of such lease multiplied by 12. Excludes billboard
Slide 29: Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97
Color Scheme 255 204 102 97 143 187 169 134 68 233 233 233 145 146 150 102 0 0 37 64 97
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