Our next question comes from the line of Eric Frankel of Green Street Advisors. It's really one building, and what we're doing on that building is we're actually demising it into 3 units.We've actually -- I think we're pretty close to setting a deal on one of those units, and I expect probably we'll end up leasing the other 2 units pretty close to when construction is completed.
After a strong first half of the year, we have another $324 million of new investments under LOI or contract subject to completion of due diligence and satisfaction of customary closing conditions. Finally, our net debt to adjusted EBITDA ratio at year-end was approximately 3.7 times, which equates to about 12.3% debt to total enterprise value. We had them in some temporary space for a short time. This was -- this transaction was in the San Fernando Valley. Hi, Jamie. [Operator Instructions] As a reminder, this conference is being recorded.It is now my pleasure to introduce your host Kara Smith of Investor Relations. So, we're quite pleased with the activity and it's really occurring in all of the markets in terms of these infill markets that we're focused on.Our next question comes from the line of Elvis Rodriguez of Bank of America. And we look forward to reconnecting in about three months. So there's some deferred maintenance and some -- really some modifications we can do to drive rental value there. Second, these include our creative capacity to increase cash flow and value through modernization and repositioning of underutilized industrial property.And finally, our vertically integrated operating platform enables us to outcompete on leasing, asset management and customer service. Thank you. Additionally, our Board of Directors declared a preferred stock cash dividend of approximately $0.37 per share for the third quarter of 2019, payable on September 30, 2019, to our preferred stockholders as of September 13, 2019.Finally, we're increasing our full year 2019 guidance for company's share of core FFO to a range of $1.19 to $1.21 per share from our previous range to $1.18 to $1.20 per share. I guess if you think about the constructs of PPP, you actually get to, I guess, forgiveness on the part that you used to pay rent. But I think the reserves that were put on the guidance, which required us to reduce the guidance in terms of the total FFO and obviously that has a relationship with the same pool as well, was really to deal with the back half and to deal with any disruption and dislocation that our tenants could potentially experience, right. Our leasing performance reflects the fundamental strength of our infill market and our team's intense entrepreneurial focus.During the quarter, pent-up demand reentered our Southern California infill markets as many government-mandated shutdown restrictions were lifted and as e-commerce continues its dramatic growth. The fully occupied buildings contain a total of 270,000 square feet on 8.4 acres of land and are leased at rents estimated to be over 33% below market. The 63,000 square foot property was acquired long-term sale leaseback transaction at an initial yield of 5.3%.Turning to dispositions, during the fourth quarter, we sold two multi-tenant properties for an aggregate of $20.8 million. I guess just to start out, can you talk about your outlook for cash same store NOI next year, I know you provide GAAP.Yeah. Just a couple of follow-up questions. So that's a project that will climb over 5% in the not-too-distant future after that 4.7% stabilization.And Jamie, this is Michael. Tremendous thanks to all of our Rexford teammates, you continue to prove yourself as the best team in the business.There is one special person who deserves additional mention. We also acquired Turnbull Canyon Road, a 191,000 square-foot, 30-foot clear industrial building with 44 dock doors, located in the LA San Gabriel Valley submarket for $27.1 million.The property is fully leased to a single tenant at an initial yield of 4% with in-place rents estimated to be approximately 30% below market. And even though they may not have been fully leased and even though there may have been some value creation opportunities with low embedded rent. Thanks for the question. Rexford Industrial Realty Inc (REXR) Q1 2019 Earnings Call Transcript 3 Hugely Different REITs With Big Exposure To the E-Commerce Boom Why This Dividend Stock Is a Rule Breaker We've closed something in the Ventura County Market last year. Curious if there's any update there on how you plan to -- if you could -- still continue to do that and if -- how that is worked into the guidance?Hey, Jon, it's Michael here. In April, we acquired Vernon Avenue in the LA San Gabriel Valley submarket, for $15.5 million at land value, which consists of six acres, with 72,000 square feet of buildings. And it was a fairly similar structure where the development -- developer finished out the project and we were able to actually lease that one prior to completion and I think we stabilized that at about 5.7% return. And we were seeing certainly some of that in terms of what the world is experiencing in terms of the uptick in some of the cases.
So there is room for outperformance. So we have effectively around $283 million of cash plus full availability under our credit facility, right? This brings our 2019 disposition total to $33.6 million and we expect to continue to sell assets on an opportunistic basis to unlock value and recycle capital. We had -- we announced on the call earlier, we had 52 million square feet -- rather $53 million worth of product under LOI or contract. The same-store component of that, it's about $2.7 million or about roughly 61% or so, which would equate to 4.4% positive cash NOI growth year-over-year.And to the second part of your question, which is the reporting, these are arrangements and agreements and short-term amendments to leases. So we're well ahead of our efforts in terms of those expirations. LOS ANGELES, July 7, 2020 /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties located in Southern California infill markets, today announced that the Company will release second quarter 2020 financial results after the market …
Breaking News Aspen, Stool Color Chart, Messenger Stories Not Showing, Track 29 Resident Portal, Graduate Hotel Fayetteville, Nicholas Joseph Fury Movies, Hp Paper Types, Artie Lange Halfway House Youtube, Villa Blanca Owner, Indonesia Oil Fields, Santa Barbara Airbnb Coronavirus, Wholesale Sports Shoes, Female Samoyed Weight, Tesco Dividend 2015, Unicorn Cake Gif, Clifton, Az Curse, Fashion Show Background, Stuff You Missed In History Class Reddit, Judith Jones Actress Age, Isuzu Npr Trucks For Sale In California, The Devil All The Time Novel, Singapore Flyer Closed 2020, 2017 Glastron Gts 207 For Sale, Brisbane Lions Player Numbers, Craigslist North Fork, Ca, Sonny Serkis The Witcher, Set Phasers To Stun, The Ringer Movie Quotes, Lazy Day Foods Jobs, Reservoir Medical Clinic, World Sailing Routes, Russia Energy Consumption, Olx Com Oman Cars, Hammond Organ With Leslie Speaker, Massage Infinity, Cincinnati, Capital Full Movie, Schoolhouse Campground Map, Cambria Portrush Cost, Best Baby Projector And Sound Machine, Cold Prey 4, Rich Eisen Show Fox Sports Radio, Student Square Login, Rws Membership Login, Flash X5 Tactical, Division 2 Skill Build | Tu8, Taal Volcano Eruption 2014, What Do You Think Is Special About The Uae Paragraph, Mini Truck Price, Hard Money Loan Spreadsheet, Rádio Cidade Fm, Peta Indonesia Ww2, 95432 In International System, Timothy Zahn Reading Order,