Rexford Industrial Announces Third Quarter 2020 Financial Results

LOS ANGELES, Oct. 20, 2020 /PRNewswire/ — Rexford Industrial Realty, Inc. (the “Firm” or “Rexford Industrial”) (NYSE: REXR), an actual property funding belief (“REIT”) centered on creating worth by investing in and working industrial properties in Southern California infill markets, at this time introduced monetary and working outcomes for the third quarter of 2020.

Third Quarter 2020 Monetary and Operational Highlights:

• Web earnings attributable to widespread stockholders of $25.9 million, or $zero.21 per diluted share, as in comparison with $9.7 million, or $zero.09 per diluted share, for the third quarter of final 12 months.
• Firm share of Core FFO of $40.6 million, a rise of 19.Eight% as in comparison with the third quarter 2019.
• Firm share of Core FFO per diluted share of $zero.33, a rise of 6.5% as in comparison with the third quarter 2019.
• Consolidated Portfolio Web Working Earnings (NOI) of $62.9 million, a rise of 23.Eight% as in comparison with the third quarter 2019.
• Consolidated Portfolio Money NOI of $57.1 million, a rise of 22.2% as in comparison with the third quarter 2019.
• Stabilized Similar Property Portfolio GAAP NOI elevated four.four% and Stabilized Similar Property Portfolio Money NOI elevated 5.zero% as in comparison with the third quarter 2019.
• Stabilized Similar Property Portfolio occupancy at quarter finish of 98.four%.
• Comparable rental charges on roughly 1.6 million rentable sq. ft of latest and renewal leases had been 26.Eight% greater than prior rents on a GAAP foundation and 17.four% greater on a money foundation.
• Acquired 5 properties for an mixture buy value of $68.7 million and, post-quarter finish, acquired one further property for a purchase order value of $22.1 million.
• Offered three industrial properties for an mixture gross sales value of $44.2 million.
• Ended the quarter with a low-leverage stability sheet measured by a web debt-to-enterprise worth ratio of 9.7%.
• Elevated Core FFO 2020 steering vary to $1.29 to $1.31 per diluted share.

“Our third quarter outcomes display the constant efficiency of Rexford’s centered technique and the steadiness of our infill Southern California tenant base inside the nation’s largest, lowest emptiness and highest demand industrial market,” acknowledged Michael Frankel and Howard Schwimmer, Co-Chief Govt Officers of the Firm. “The power of our third quarter lease collections, which carried out very close to sturdy pre-pandemic ranges, mirror our tenants’ superior mixture credit score high quality. Regardless of the continuing challenges offered by the COVID-19 pandemic and the distinctive California municipal orders permitting many tenants impacted by COVD-19 to defer their lease, we proceed to profit from scarce and diminishing provide driving an ongoing supply-demand imbalance fueled by rising tenant demand from a spread of trade sectors together with the dramatic development in ecommerce. Our portfolio occupancy is above pre-pandemic ranges, with leasing volumes and spreads additionally monitoring at peak, pre-pandemic ranges. We additionally proceed to drive accretive exterior development, with $374.6 million of acquisitions accomplished 12 months so far and a good pipeline of further acquisition alternatives presently in course of. Our fortress-like stability sheet and powerful liquidity place the corporate to capitalize on development alternatives and to guard in opposition to ongoing market uncertainty.  We’re excited on the prospects forward to proceed to create long run shareholder worth.”

Monetary Outcomes:

The Firm reported web earnings attributable to widespread stockholders of $25.9 million, or $zero.21 per diluted share, for the three months ended September 30, 2020, as in comparison with web earnings attributable to widespread stockholders of $9.7 million, or $zero.09 per diluted share, for the three months ended September 30, 2019. Web earnings for the three months ended September 30, 2020 consists of $13.7 million of features on sale of actual property, as in comparison with $zero.9 million for the three months ended September 30, 2019.

The Firm reported web earnings attributable to widespread stockholders of $48.1 million, or $zero.40 per diluted share, for the 9 months ended September 30, 2020, as in comparison with web earnings attributable to widespread stockholders of $30.6 million, or $zero.29 per diluted share, for the 9 months ended September 30, 2019. Web earnings for the 9 months ended September 30, 2020 consists of $13.7 million of features on sale of actual property, as in comparison with $5.7 million for the 9 months ended September 30, 2019.

The Firm reported Firm share of Core FFO of $40.6 million, or $zero.33 per diluted share of widespread inventory, for the three months ended September 30, 2020, as in comparison with Firm share of Core FFO of $33.9 million, or $zero.31 per diluted share of widespread inventory, for the three months ended September 30, 2019.  Quantities are adjusted for non-core bills of $zero.1 million for the three months ended September 30, 2020, and $zero.1 million for the three months ended September 30, 2019.

The Firm reported Firm share of Core FFO of $116.9 million, or $zero.98 per diluted share of widespread inventory, for the 9 months ended September 30, 2020, as in comparison with Firm share of Core FFO of $95.three million, or $zero.91 per diluted share of widespread inventory, for the 9 months ended September 30, 2019.  Quantities are adjusted for non-core bills of $zero.1 million for the 9 months ended September 30, 2020, and $zero.2 million for the 9 months ended September 30, 2019.

For the three months ended September 30, 2020, the Firm’s consolidated portfolio NOI elevated 23.Eight% in comparison with the three months ended September 30, 2019, and the Firm’s consolidated portfolio Money NOI elevated 22.2% in comparison with the three months ended September 30, 2019.

For the 9 months ended September 30, 2020, the Firm’s consolidated portfolio NOI elevated 26.2% in comparison with the 9 months ended September 30, 2019, and the Firm’s consolidated portfolio Money NOI elevated 22.7% in comparison with the 9 months ended September 30, 2019.

For the three months ended September 30, 2020, the Firm’s Stabilized Similar Property Portfolio NOI elevated four.four% in comparison with the third quarter of 2019, pushed by a 5.zero% improve in Stabilized Similar Property Portfolio rental earnings and a 6.9% improve in Stabilized Similar Property Portfolio bills. Stabilized Similar Property Portfolio Money NOI elevated 5.zero% in comparison with the third quarter of 2019.

For the 9 months ended September 30, 2020, the Firm’s Stabilized Similar Property Portfolio NOI elevated four.zero% in comparison with the 9 months ended September 30, 2019, pushed by a four.1% improve in Stabilized Similar Property Portfolio rental earnings and a four.5% improve in Stabilized Similar Property Portfolio bills. Stabilized Similar Property Portfolio Money NOI elevated three.6% in comparison with the 9 months ended September 30, 2019.

Working Outcomes:

In the course of the third quarter of 2020, the Firm signed 101 new and renewal leases totaling 1,562,179 rentable sq. ft.  Common rental charges on comparable new and renewal leases had been up 26.Eight% on a GAAP foundation and up 17.four% on a money foundation. The Firm signed 52 new leases for 987,176 rentable sq. ft, with GAAP rents up 38.9% and money rents up 25.5% in comparison with the prior in-place leases. The Firm signed 49 renewal leases for 575,003 rentable sq. ft, with GAAP rents up 16.7% and money rents up 10.5% in comparison with the prior in-place leases.

At September 30, 2020, the Firm’s Stabilized Similar Property Portfolio occupancy was 98.four%.  At September 30, 2020, the Firm’s consolidated portfolio, excluding value-add repositioning belongings, was 97.9% occupied and 97.9% leased, and the Firm’s consolidated portfolio, together with value-add repositioning belongings, was 97.2% occupied and 97.three% leased.

Transaction Exercise:

In the course of the third quarter of 2020, the Firm acquired 5 properties for an mixture buy value of $68.7 million, as detailed beneath.  Moreover, the Firm bought three properties for an mixture gross sales value of $44.2 million.

Acquisitions within the third quarter embrace:

• 15650-15700 South Avalon Boulevard, a 100% leased two-building industrial property containing 166,088 sq. ft on 7.2 acres of land, positioned within the Los Angeles – South Bay submarket, for $28.1 million or $169 per sq. foot. We intend to reposition the property after a short-term leaseback, eradicating one constructing to create a modern-feature, low protection logistics facility, with in depth dock loading and an outsized container yard. The projected stabilized yield on complete prices is 5.1%.
• A portfolio of three 100% leased industrial buildings which the Firm intends to reposition, Penrose, Fleetwood and Tuxford Streets, containing 207,374 sq. ft on Eight.four acres of land, positioned within the Los Angeles — San Fernando Valley submarket, for $35.1 million or $169 per sq. foot. The preliminary yield of three.1% is projected to extend to five.7% on complete prices following stabilization of the repositioning.
• 12133 Greenstone Avenue, a 100% leased single-tenant storage yard containing a 12,586 sq. foot truck terminal constructing on four.Eight acres of land, positioned within the Los Angeles – Mid Counties submarket, for $5.5 million or $26 per land sq. foot. The property is leased short-term and upon lease expiration the positioning will likely be absolutely upgraded and modernized. The projected stabilized yield on complete prices is 6.5%.

Inclinations within the third quarter embrace:

• 3927 Oceanic Drive, a vacant single-tenant constructing containing 54,740 sq. ft, positioned within the San Diego – North submarket, for $10.three million or $188 per sq. foot.
• 121 West 33rd Road, a 97% leased multi-tenant constructing containing 76,701 sq. ft, positioned within the San Diego – South submarket, for $13.5 million or $176 per sq. foot.
• 2700-2722 South Fairview, a 100% leased two-tenant constructing containing 116,575 sq. ft, positioned within the Orange County – Airport submarket, for $20.four million or $175 per sq. foot.

Subsequent to the third quarter of 2020, the Firm acquired 12744 San Fernando Highway, positioned within the Los Angeles – Better San Fernando Valley submarket, for $22.1 million or $157 per sq. foot. The property accommodates 140,840 sq. ft on 6.5 acres of land and is leased brief time period. At lease expiration the property will likely be redeveloped with a 144,00zero SF new warehouse/distribution facility. The projected stabilized yield on complete prices is four.7%.

Steadiness Sheet:

The Firm ended the third quarter with $786 million in liquidity, together with $286 million in money and restricted money and $500 million out there below its unsecured revolving credit score facility. As of September 30, 2020, the Firm had $908.zero million of excellent debt, with a median rate of interest of three.47% and a median term-to-maturity of four.Eight years. The Firm has no debt maturities till 2022.

In the course of the quarter ended September 30, 2020, the Firm didn’t problem any shares of widespread inventory below its at-the-market fairness providing program (ATM program). As of September 30, 2020, the present ATM program had roughly $259.Eight million of remaining capability.

Dividends:

On October 19, 2020, the Firm’s Board of Administrators declared a dividend within the quantity of $zero.215 per share for the fourth quarter of 2020, payable in money on January 15, 2021, to widespread stockholders and customary unit holders of report as of December 31, 2020.

On October 19, 2020, the Firm’s Board of Administrators declared a quarterly dividend of $zero.367188 per share of its Collection A Cumulative Redeemable Most popular Inventory, a quarterly dividend of $zero.367188 per share of its Collection B Cumulative Redeemable Most popular Inventory and a quarterly dividend of $zero.351563 per share of its Collection C Cumulative Redeemable Most popular Inventory, in every case, payable in money on December 31, 2020, to most popular stockholders of report as of December 15, 2020.

COVID-19 Influence on Operations (As of October 19, 2020)

In response to COVID-19, most California municipalities within the markets through which the Firm owns properties have applied eviction moratoriums and granted tenants impacted by COVID-19 the unilateral proper to defer lease whereas the emergency orders are in impact, with compensation usually mandated inside six months after the top of the native emergency.  Nearly all of these orders had been prolonged and stay in place.  Numerous the Firm’s tenants have utilized these native authorities mandates authorizing deferral of lease. Whereas the Firm is presently unable to utterly estimate the impression that COVID-19 and these emergency orders may have on its monetary situation and outcomes of operations for the rest of 2020, as of October 19, 2020, the Firm has proactively labored with its tenants and has seen the next impression on its portfolio (utilizing tenant counts and In-Place Annualized Base Hire (“ABR”) as of September 30, 2020):

• The Firm had 1,478 leases representing in-place annualized base lease (“ABR”) of $274.6 million. ABR is outlined/calculated because the month-to-month contractual base lease per the leases, excluding any lease abatements, as of September 30, 2020, multiplied by 12.
• In the course of the quarter, the Firm executed lease reduction agreements, which comprise utility of safety deposits, acceleration of deposits, and deferral of base lease with 27 tenants. Of the lease reduction agreements executed, 14 tenants acquired deferred base lease of $zero.7 million or zero.2% of ABR. Thus far, the Firm has executed lease reduction agreements with 270 tenants, together with 118 tenants receiving deferred base lease of $four.6 million or 1.7% of ABR. See the desk beneath for a abstract of lease reduction offered to tenants relevant to the second and third quarters of 2020 and October 2020.

The next desk units forth the next data concerning contractual lease: (i) quantity billed, (ii) proportion collected previous to the impression of consummated lease reduction agreements, (iii) the quantity of lease reduction offered to tenants by the (a) utility of safety deposits, (b) acceleration of future current contractual lease concessions and (c) deferral of contractual base lease and (iv) proportion collected after adjusting for lease reduction offered by lease reduction agreements.

Steerage:

Whereas the complete financial impression of the COVID-19 pandemic and efforts to comprise its unfold, in addition to the impression of

native California authorities mandates enabling some tenants impacted by COVID-19 to unilaterally defer lease, are tough to foretell or quantify, primarily based on latest tendencies the Firm has noticed, the Firm is growing its full 12 months 2020 steering as follows:

• Web earnings attributable to widespread stockholders inside a spread of $zero.46 to $zero.48 per diluted share
• Firm share of Core FFO inside a spread of $1.29 to $1.31 per diluted share
• Yr-end Stabilized Similar Property Portfolio occupancy inside a spread of 97.5% to 98.zero%
• Stabilized Similar Property Portfolio NOI development for the 12 months inside a spread of three.zero% to three.5%
• Basic and administrative bills inside a spread of $36.5 million to $37.zero million

The Core FFO steering refers solely to the Firm’s in-place portfolio as of October 20, 2020 and the pending acquisition of an industrial park with 4 buildings (the “Industrial Park”) that’s anticipated to shut through the fourth quarter of 2020 (for added particulars, consult with the Firm’s Type Eight-Okay that was filed with the SEC on October 9, 2020) and doesn’t embrace any assumptions for different acquisitions, inclinations or stability sheet actions that will or could not happen by the top of the 12 months. Numerous components might impression the Firm’s potential to ship outcomes consistent with its steering, together with, however not restricted to, the variety of tenants requesting lease reduction or failing to pay lease in future intervals, the period and severity of the impression of the COVID-19 pandemic, rates of interest, the financial system, the availability and demand of commercial actual property, failure to fulfill the closing circumstances for the Industrial Park, the supply and phrases of financing to the Firm or to potential acquirers of actual property and the timing and yields for divestment and funding. There could be no assurance that the Firm can obtain such outcomes.

Supplemental Data:

Particulars concerning these outcomes could be discovered within the Firm’s supplemental data package deal out there on the Firm’s investor relations web site at www.ir.rexfordindustrial.com.

Earnings Launch, Investor Convention Webcast and Convention Name:

The Firm will host a webcast and convention name on Wednesday, October 21, 2020, at 1:00 p.m. Japanese Time to evaluate third quarter outcomes and talk about latest occasions. The dwell webcast will likely be out there on the Firm’s investor relations web site at ir.rexfordindustrial.com. To take part within the name, please dial 877-407-0789 (home) or 201-689-8562 (worldwide). A replay of the convention name will likely be out there by November 21, 2020, by dialing 844-512-2921 (home) or 412-317-6671 (worldwide) and getting into the go code 13709051.

About Rexford Industrial:

Rexford Industrial, an actual property funding belief centered on proudly owning and working industrial properties all through Southern California infill markets, owns 232 properties with roughly 27.9 million rentable sq. ft and manages an extra 20 properties with roughly 1.zero million rentable sq. ft.

For added data, go to www.rexfordindustrial.com.

Ahead Wanting Statements:

This press launch could comprise forward-looking statements inside the that means of the federal securities legal guidelines, that are primarily based on present expectations, forecasts and assumptions that contain dangers and uncertainties that would trigger precise outcomes and outcomes to vary materially. Ahead-looking statements relate to expectations, beliefs, projections, future plans and techniques, anticipated occasions or tendencies and comparable expressions regarding issues that aren’t historic info. In some circumstances, you possibly can establish forward-looking statements by means of forward-looking terminology equivalent to “could,” “will,” “ought to,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the unfavourable of those phrases and phrases or comparable phrases or phrases that are predictions of or point out future occasions or tendencies and which don’t relate solely to historic issues. Whereas forward-looking statements mirror the Firm’s good religion beliefs, assumptions and expectations, they don’t seem to be ensures of future efficiency. For an additional dialogue of those and different components that would trigger the Firm’s future outcomes to vary materially from any forward-looking statements, see the stories and different filings by the Firm with the U.S. Securities and Trade Fee, together with the Firm’s Annual Report on Type 10-Okay for the 12 months ended December 31, 2019, the Firm’s Quarterly Report on Type 10-Q for the quarter ended June 30, 2020, and subsequent filings with the Securities and Trade Fee. The Firm disclaims any obligation to publicly replace or revise any forward-looking assertion to mirror modifications in underlying assumptions or components, of latest data, information or strategies, future occasions or different modifications.

Definitions / Dialogue of Non-GAAP Monetary Measures:

Funds from Operations (FFO): We calculate FFO in accordance with the requirements established by the Nationwide Affiliation of Actual Property Funding Trusts (“NAREIT”). FFO represents web earnings (loss) (computed in accordance with GAAP), excluding features (or losses) from gross sales of depreciable working property, impairment losses, actual property associated depreciation and amortization (excluding amortization of deferred financing prices) and after changes for unconsolidated partnerships and joint ventures. Administration makes use of FFO as a supplemental efficiency measure as a result of, in excluding actual property associated depreciation and amortization, features and losses from property inclinations, aside from momentary impairments of unconsolidated actual property entities, and impairment on our funding in actual property, it offers a efficiency measure that, when put next 12 months over 12 months, captures tendencies in occupancy charges, rental charges and working prices. We additionally imagine that, as a widely known measure of efficiency utilized by different REITs, FFO could also be utilized by traders as a foundation to check our working efficiency with that of different REITs. Nonetheless, as a result of FFO excludes depreciation and amortization and captures neither the modifications within the worth of our properties that outcome from use or market circumstances nor the extent of capital expenditures and leasing commissions essential to take care of the working efficiency of our properties, all of which have actual financial results and will materially impression our outcomes from operations, the utility of FFO as a measure of our efficiency is proscribed. Different fairness REITs could not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO might not be akin to such different REITs’ FFO. FFO shouldn’t be used as a measure of our liquidity and isn’t indicative of funds out there for our money wants, together with our potential to pay dividends.  FFO ought to be thought of solely as a complement to web earnings computed in accordance with GAAP as a measure of our efficiency. A reconciliation of web earnings, the closest GAAP equal, to FFO is ready forth beneath.

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO to exclude the impression of sure objects that we don’t take into account reflective of our core income or expense streams. These changes include acquisition bills.  Administration believes that Core FFO is a helpful supplemental measure because it offers a extra significant and constant comparability of working efficiency and permits traders to extra simply evaluate the Firm’s working outcomes.  As a result of sure of those changes have an actual financial impression on our monetary situation and outcomes from operations, the utility of Core FFO as a measure of our efficiency is proscribed. Different REITs could not calculate Core FFO in a constant method.  Accordingly, our Core FFO might not be akin to different REITs’ Core FFO. Core FFO ought to be thought of solely as a complement to web earnings computed in accordance with GAAP as a measure of our efficiency.  A reconciliation of FFO to Core FFO is ready forth beneath.

Reconciliation of Web Earnings Attributable to Frequent Stockholders per Diluted Share Steerage to Firm share of Core FFO per Diluted Share Steerage:  The next is a reconciliation of the Firm’s 2020 steering vary of web earnings attributable to widespread stockholders per diluted share, essentially the most instantly comparable forward-looking GAAP monetary measure, to Firm share of Core FFO per diluted share. 

Web Working Earnings (NOI): NOI is a non-GAAP measure, which incorporates the income and expense instantly attributable to our actual property properties. NOI is calculated as rental earnings from actual property operations much less property bills (earlier than curiosity expense, depreciation and amortization). We use NOI as a supplemental efficiency measure as a result of, in excluding actual property depreciation and amortization expense and features (or losses) from property inclinations, it offers a efficiency measure that, when put next 12 months over 12 months, captures tendencies in occupancy charges, rental charges and working prices. We additionally imagine that NOI will likely be helpful to traders as a foundation to check our working efficiency with that of different REITs. Nonetheless, as a result of NOI excludes depreciation and amortization expense and captures neither the modifications within the worth of our properties that outcome from use or market circumstances, nor the extent of capital expenditures and leasing commissions essential to take care of the working efficiency of our properties (all of which have an actual financial impact and will materially impression our outcomes from operations), the utility of NOI as a measure of our efficiency is proscribed. Different fairness REITs could not calculate NOI in the same method and, accordingly, our NOI might not be akin to such different REITs’ NOI. Accordingly, NOI ought to be thought of solely as a complement to web earnings as a measure of our efficiency. NOI shouldn’t be used as a measure of our liquidity, neither is it indicative of funds out there to fund our money wants.

NOI shouldn’t be used as an alternative to money circulate from working actions in accordance with GAAP. We use NOI to assist consider the efficiency of the Firm as a complete, in addition to the efficiency of our Stabilized Similar Property Portfolio. A calculation of NOI for our Stabilized Similar Property Portfolio, in addition to a reconciliation of web earnings to NOI for our Stabilized Similar Property Portfolio, is ready forth beneath.

Money NOI: Money NOI is a non-GAAP measure, which we calculate by including or subtracting from NOI i) honest worth lease income and ii) straight-line lease changes. We use Money NOI, along with NOI, as a supplemental efficiency measure. Money NOI shouldn’t be used as a measure of our liquidity, neither is it indicative of funds out there to fund our money wants. Money NOI shouldn’t be used as an alternative to money circulate from working actions computed in accordance with GAAP. We use Money NOI to assist consider the efficiency of the Firm as a complete, in addition to the efficiency of our Stabilized Similar Property Portfolio. A calculation of Money NOI for our Stabilized Similar Property Portfolio, in addition to a reconciliation of web earnings to Money NOI for our Stabilized Similar Property Portfolio, is ready forth beneath.

Stabilized Similar Property Portfolio: 

Our Stabilized Similar Property Portfolio is a subset of our consolidated portfolio and consists of properties that had been wholly owned by us for the interval from January 1, 2019 by September 30, 2020, and that had been stabilized as of January 1, 2019.  Due to this fact, our Stabilized Similar Property Portfolio excludes any properties that had been acquired or bought through the interval from January 1, 2019 by September 30, 2020, and properties acquired previous to January 1, 2019, that had been labeled as present or future repositioning, improvement or lease-up throughout 2019 or 2020 (listed beneath).  For 2020, our Stabilized Similar Property Portfolio consists of 159 properties aggregating 19,690,990 rentable sq. ft.

Properties and House Beneath Repositioning: Sometimes outlined as properties or models the place a major quantity of house is held vacant with a view to implement capital enhancements that enhance the performance (not together with primary refurbishments, i.e., paint and carpet), money circulate and worth of that house.  We outline a major quantity of house at a property because the decrease of (i) 40,00zero sq. ft of house or (ii) 50% of a property’s sq. footage.  Sometimes, we would come with properties or house the place the repositioning and lease-up timeframe is estimated to be higher than six months.  A repositioning is taken into account full as soon as the funding is absolutely or almost absolutely deployed and the property is marketable for leasing. We take into account a repositioning property to be stabilized on the earlier of the next: (i) upon reaching 90% occupancy or (ii) one 12 months from the date of completion of repositioning development work.  We glance to replace this definition on an annual foundation primarily based on the expansion and dimension of the Firm’s consolidated portfolio.

Web Debt to Enterprise Worth: At September 30, 2020, we had consolidated indebtedness of $908.zero million, reflecting a web debt to enterprise worth of roughly 9.7%. Our enterprise worth is outlined because the sum of the liquidation choice of our excellent most popular inventory and most popular models plus the market worth of our widespread inventory excluding shares of nonvested restricted inventory, plus the mixture worth of widespread models not owned by us, plus the worth of our web debt.  Our web debt is outlined as our consolidated indebtedness much less money and money equivalents. 

Contact:
Investor Relations:

Stephen Swett
424-256-2153 ext 401
[email protected]

SOURCE Rexford Industrial Realty, Inc.

Associated Hyperlinks

http://www.rexfordindustrial.com