Rexford Industrial Realty has bought 3 million square feet of industrial properties in Southern California from Blackstone in a whopping $1 billion deal.
Rexford used proceeds from corporate debt sales and cash on hand for the acquisition, rather than any sort of mortgage collateralized by the properties.
The REIT has spent the last several years in buy mode. The firm spent $1.5 billion to acquire property in 2023, down from $2.4 billion in 2022.
At the end of 2023, Rexford reported $797 million in total revenues, up 26 percent from the year prior, and $249 million in net income up 41 percent from the end of 2022, according to financial reports.
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