Rexford Industrial Realty — Oct 16, 2024 release

Year to date, the Company has completed $1.4 billion in total investments, comprising 4.3 million square feet of buildings on 206 acres of land, which are projected to generate a weighted average unlevered initial yield of 5.0% and a projected unlevered stabilized yield of 5.7% on total investment. The Company currently has a near-term acquisition pipeline comprising approximately $200 million of new investments within prime infill Southern California industrial markets under contract or accepted offer. These acquisitions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions. During the third quarter of 2024, the Company completed the disposition of 2553 Garfield Avenue, Commerce, located in the Los Angeles — Central submarket, for $7.3 million or $284 per square foot. The single tenant industrial building, totaling 25,615 square feet, was sold to a user for an unlevered IRR to the Company of 12.6%. Year to date, the Company has sold five properties for an aggregate sales price of $44.3 million, which generated a weighted average unlevered IRR on investment of 12.8%. During the third quarter of 2024, the Company rent commenced and stabilized three repositioning and redevelopment projects equal to 327,458 square feet, representing a total investment of $98.7 million. The projects achieved a weighted average unlevered stabilized yield on total investment of 7.6%. Year to date, the Company stabilized seven repositioning and redevelopment projects totaling 450,477 square feet, which represe