REXR - Earnings call transcript Q1 2019 | Rexford Industrial Realty, Inc.

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Operator

Greetings. Welcome to Rexford Industrial Realty's First Quarter 2019 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] Please note, this conference is being recorded. the to turn Relations. now would conference Investor over I Thank you.

You begin. may

Kara Smith

for for First you thank Rexford joining Call. We Conference us Industrial's Earnings Quarter XXXX

closed, Act remarks on as Private our the yesterday at forward-looking www.rexfordindustrial.com. package to statements release call, website of to the we management's Securities your today's market contain prepared in section addition the supplemental answers posted Litigation defined Relations In Investor XXXX. in On Reform a and press after distributed questions

risks to discussed subject uncertainties are that matters address to those statements cause may from results today. and actual Forward-looking that differ

For encourage statements other forward-looking more our obligation information SEC about to and any these update in risk the no factors, XX-k assumes to you we future. filings. Industrial Rexford review

non-GAAP In financial measures. addition, information call certain financial presented on represents this

and Co-Chief reconciliation of GAAP Frankel will release Officers, earnings remarks will Today's and measures useful make present and Industrial's package call some such prepared and why Schwimmer, Officer, call with we to supplemental Rexford Executive for They explanation conference by are open your Chief Khan. investors. financial then Financial non-GAAP together Adeel Michael the Howard question. hosted an is Our

will over call Michael. turn I the to Now,

Michael Frankel

start and first balance our will welcome follow results, more you, Rexford Thank investment Adeel I summary and our financial pipeline, recent XXXX cover details our sheet operating will then with a Industrial's to call. earnings will and and financial Howard on with of quarter guidance. results, transaction activity

We're to pleased XXXX. will the We your our with then open start strong for very call questions.

company's share $X.XX quarter. an of the FFO year market. California of and FFO and reflecting execution ongoing prior over our We share per strength by quarter per by Core industrial results the Core XX% first The to Southern of increased strategy XX% share that increased the continued infill the

we remains grew revenue, basis. increase a NOI expenses by remains and X.X% When cash the portfolio NOI repositioning, while by organic in same-property under rental XX.X% and growth in was GAAP flat. at a basis basis. This a essentially X% X.X% cash by X.X% a on same-property same-property our basis on same-store with driven Our on coming a exclude strong GAAP based impacts growth on

achieved also California, same-property Due our spreads favorable remain supply/demand portfolio. infill the to occupancy XX% within stabilized -- in fundamentals We leasing approximately property Southern strong.

first the million leases signed quarter, feet. we During XXX square for X.X

Our leasing GAAP On on a a a new XX.X% XX.X% basis our were were spreads respectively. basis, spreads XX.X% on cash cash and basis. leases, and XX.X% GAAP on and

square $XXX XX% first since first to another and acquisitions Our XX,XXX million in We completed dollars. retention year-to-date about investments rate the a during of quarter our end. Bringing was $XXX feet. absorption million the quarter's million was net $XXX plus quarter,

the are sub-market. Los includes excited that of the closing We activity recent in Angeles our downtown transaction UPREIT an investment

sheet we completed of pleased balance ratio end. our also which We another that with are quarter times, XX.X% X.X approximately exceptional a enterprise quarter yet value positions strength, debt-to-total with at to with debt-to-EBITDA net equates

Finally mentioning. two highlights exciting worth

and governance $X.XXX we share. social which now viewing our first First, report, quarter our on during our XX.X% the we per inaugural dividend for And, website. by is available second, issued to environmental increased

in We important and and many this work. which driven are as our to about to benefits particularly our broader value business model the unique excited report accrues communities environment we

landfills with structures the we For new and of instead to as benefits and report, associated them, destroying repositioning buildings constructing buildings. recycling quantify we then construction. recycle example, waste our value-add ESG building compared to In transporting new through environmental often our work, with demolishing them replacing

community. properties welfare doing into industrial a local improving and creation also location, health, enabling of of business the or benefits are We associated urban By we functional quality our local park. with the transforming dysfunctional work the document jobs in so, infill highly and blighted safety

a report ESG to to innovation reflects environment shared providing advancement highlights Rexford for opportunities respect the community in and by our like that, also in work resulted learning, commitment and and team a diversity yet their Industrial call turn our Rexford of dedication that hard Rexford defined over Our for thank the our to quarter. to in work now and I'd And, team ownership to the Howard. another mutual company. I'm pleased with that exceptional very

Howard Schwimmer

for and Thanks, exhibit Michael, performance Infill everyone trends. strong markets Southern California today. continue thank you joining to us industrial

quarter markets, performance in Eastern are market over rents industrial and at basis which five weighted California supply With rates. ended investment X.X% up completed on months. fundamental first strong asking we target X% Our with recent acquisitions totaling the Empire, quarter, Inland Superior to new demand vacancy average the first Southern exclude the and a XX million. $XXX resulting continued the our activity, in infill of approximately the regard renewal lease past during

XX% square in X.X to estimated XXX,XXX through expected these sourced and We off-market All to buildings Avenue yield through credit, Paine County January, distribution million is seller XXX,XXX Also, million. leased are industrial and buildings million. building. recently In buildings. or clear of Spectrum projected million feet range acquisitions San total acquired constructed foot and have Business transactions proprietary The ESFR dock square stabilization, Knott At fenced plan square the in County fire with The for and building modernize we is XX The $X.X Class and we've business to fire to a completed sale cost Conejo Street lightly tenants. sub-market will XX X.X%. were repositioned Which yield million. to the new XX construct complex square divisions. we acquired feet, our is of newly XX Park and located January, estimated located the transaction. West Ventura of Fernando for foot existing to XX in about in leaseback foot consists $XX.X their Drive nine into totaled XX The XX,XXX the $XXX.X broker marketed The to XX LA our contains yards? foot transitioning sub-market be clear relationships. X.X%. sprinklers building our ESFR Valley or our sprinklers an square A feet acquired be one-year totaling XXX,XXX foot and for We estimated stabilized Orange XX,XXX $XXX Year-to-date, foot Industry clearance, research addition. on sub-market e-commerce square

on maximize quarter in partnership in cost. five and Canyon on We XX,XXX plan Rye have the East expected units. current March, to feet building square San XXth $XXX cost vacancy total completed lease building foot fully X% leased the square foot single a At square aggregate yield long-term our and tenant square Road we activity estimated in foot for fully located Fernando Diego yield acquired XX,XXX a X%. end, foot Central of acquisitions vacant acquisition exchange In the into The lease. Ash provides the to under to XXX,XXX industrial approximately LA stabilization, sub-market seller order returns. units of County be an for Street, $X.X of yield property an clearance, XX,XXX for We stabilized is two building sub-market XX X%. total demise The leased acquired we Valley project XX,XXX The Street, a feet the in renovating million. vacant for a square sub-market $X.X is located the San we're foot operating on North Subsequent to a million. XX,XXX in to We million. initial and square acquired

the We are variety reviewing an stabilize return. options repositioning expect and approximately a of to asset X% at

portfolio located square generates a the buildings portfolio $X.X feet single leased million. Center, and are building in San property the X.X% return North return Diego total also industrial located initial sub-market for containing We Drive, acquired of is is foot in a XXX,XXX the San stabilized XX% We is yield XX,XXX total million. the industrial Business The $XX.X cost X.X%. for The XXX,XXX San on is acquired containing in The and acquired The portfolio San LA just fully and yield feet Fernando million. a to X.X%. the initial over Fernando projected We five yield initial Orange park projected and cost an Valley counties. Valley, a for on is square $XXX.X X.X% property leased three tenant square X%. San County Gabriel sub-market building Rancheros stabilized Diego located

acquired million. we located vacant square building a XXX,XXX $XX.X foot industrial Court, the for Finally, Waples in Diego sub-market San Central

total on return stabilized is projected X.X%. cost Our

in Turning to these stabilized four The our we stabilized and the quarter, properties of included San properties San Street aggregate activity, return stabilized Gabriel during Together, repositioning the square XXX,XXX in the Diego. Bay, Rocky in North South Figueroa properties Ventura, feet. X.X%. in Valley, an delivered Surveyor Nelson Point totaling

$XXX than to or to add pleased with million year our under and due this investments satisfaction we transaction very new deep customary of activity of have are so contract, pipeline. diligence our conditions. more closing Currently, to continue We and of subject completion LOI far we

as now more over call are to provide will transactions details I'll We turn completed. Adeel. the

Adeel Khan

you, results. Thank Beginning with our Howard. operating

per income first This share. $XX.X common For compares million or of to quarter the XXXX, diluted share to stockholders diluted $X.XX was the fully approximately XXXX. or attributable for fully per first $X million quarter net $X.XX of

million compared Core months increase year-over-year. share million On the $XX.X diluted which FFO first three a an was $X.XX XX, was share the XX% $XX.X quarter ended months X.X%. company fully company million quarter, in an XXXX, as for the for the ended per XX, $XX.X in same increase FFO of to Core For compares March three per share XXXX, share, representing was Same-property million NOI the basis, of of March XXXX. $XX.X

in Our X% basis, property same-property by expense. In flat year-over-year. NOI a increase same-property by same rental and was XX.X% driven revenue increased NOI same-property a operating essentially cash

and Turning sheet financing now balance our activity. to

our maintain capacity sheet, growth with a strong balance to fund us ample liquidity We continue providing and objective. flexible to

resulted million proceeds first availability Rexford the we $XXX common average our first million At we per $XX.XX stock $XXX facility approximately net the cash, approximately million the a $XXX for of shares million had the full ATM end at quarter, During share, approximately under program. quarter, on of $XXX and in million. of ATM $XXX our approximately million price which credit weighted X.X of available of issues to

to of of July on debt XXXX. and Board we declared the a We XXXX, until per of Directors position share a our payable our with liquidity for XXXX, on ratio dividend, have debt-to-EBITDA XXXX, common quarter and remain very net XXXX dividend on XX, XX, XX, stock April record in June X.Xx. no cash regard the unitholders maturities of a of to second $X.XXX With strong

in preferred per Additionally, June XX, stock XXXX. a XX, payable of stockholders of declared our $X.XX approximately Board the XXXX, second of June XXXX, cash as for Directors of quarter dividend preferred to share

share. guidance per of $X.XX range the our range FFO a full $X.XX for our to $X.XX $X.XX increasing we're per company previous year to to from Finally, XXXX Core of share share of

XX by remarks. not yet growth acquisition been supported does of is XXXX our With page detailed X.X%. Supplemental or range growth changed question. the following guidance completes calculating a X.X%, from previous Please NOI that That we'll our costs eliminate typically any of include activities other new metric. from up the X.X% from X% impact previous assumptions. transaction open X%, our note announced of not to range same-property of this to any and nor NOI of expect to prepared Package. of and Our or we our assumptions have capital Operator? X%, range X.X% Information up guidance market cost to take the Same-property to that to range guidance that, rest we our when in on XQ line that stabilized The aren't our range X.X%

Operator

Thank Instructions] you. [Operator

from first question America Bank with proceed. Lynch. Jamie Merrill Our is of Feldman Please

JamesFeldman

for UPREIT deals? and I the about you Great. similar Thank the talk could was looks what pipeline transaction more you. hoping

MichaelFrankel

structure it Thanks was terrific joining a think will the Howard Hey, a UPREIT and about for seller lot the Michael. many really there the the which it sort great straight planning solve and that's wealth unique downtown over their of way there transaction they convertible more a UPREIT the wasn't conversion little a and now frankly structured premium And with at a a the a took will and but flow for XXX,XXX the if in million. today. will, That based talk XX.X%. little of premium that UPREIT, who was we Jamie. closing a UPREIT family and value, priced, certain for par about -- is template. pipeline. company, generational bit for talk location It's a square sellers we transaction property way generational, you of, be we flow amount average little a was the bit bit what a had a conversion to LOI, trying preferred XX-day we're signed the I'll stock transfer about saw; $XX.XX. a was a tremendous the a feet future, is of the we time doing $XX interesting call the price cash about applied amount this on trailing was was we and transactions about that of And the seeking cash really UPREIT We in a

of the those the each and and seller of the par you a units are if -- economic great that, will, is to a of about full partnership value, So And thing unit is to that seller, the transaction. equivalent a for you share units seller limited is stock non-taxable stock. the $XX.XX that XXX,XXX number the per to needs And get increase of units share. the yielded

of So don't capital that they incur effectively the want typically Rexford and investing shares until by such sale on it into some redeploy their XXX% gains are units those any tax time and they do that proceeds they a they convert able they liquidity. wouldn't with naturally until exposure to

straight can't five put in that's with equity no if that and company essentially no so for transaction a direct years equity the the perspective, cross the to it We for associated Have without common equates issuance, a the we've fees feature straight where sense convertible a our are And or would received UPREIT least to and the some contributor. the X%. have have done which tremendous there associated done at you want fees selling way, guaranteed hovering in we cash UPREIT yield without yield. feature, they -- X.X% in the transaction XXX,XXX five dividend, the that a there. flow for they about is transaction years, By around would their they have to shares received

all transaction a for all, in tremendous really So, the company.

JamesFeldman

the was for good. detail. Thanks That right. All

HowardSchwimmer

LOI to Jamie. similar nine the past. value it's remaining of acquisitions I we've No, separate in seen mix actually want under just us million doing transactions four little plus of and bit from been on transactions done you've typical a comment the $XXX that's contract, add a that

JamesFeldman

increase? just And to to because that's appetite the about the for sellers UPREIT, use Okay. then more

MichaelFrankel

that Yes. have do Frankly, We a range have not discussions ongoing. of been those there. it's

We we The the we'll about some discussion given and six of comfort been tremendous. some the see the that's the we've company more that's have and of public so or for that these. likelihood that ongoing a proposition a and lot time for contributors contributors built think for for fact performance is there is now of years these potential value

see do we don't have to imminent we that disclose. So, are but we'll that we prepared anything think these, probably more of

JamesFeldman

year? expect rent And think you this we're Okay. across here, your your seeing to see What growth what on thoughts do average weighted then you do and markets?

HowardSchwimmer

growth. California, Angeles, to is stats, year-over-year a about Hi, X high growth the X.X% two that's and record Empire year-over-year a billion Jim. And growth. which projections rent Southern far forward, X.X%. It's is Howard for Greater at pretty you square here X.X% entirety the little rent year a look projection as San which another were you of then which higher if the markets feet, growth, again. actually Inland has year-over-year CBRE if half had at that for really had year-over-year just Los this Well, And with according the look really of the even going of interestingly Diego as a quarter, performing high market strongest over

X.X% area the and Empire projections. I a remainder for LA flatter is about at Inland think little X.X% the

pretty still. rent growth strong So

to we the in buy create we and internally. in rents obviously growth, really not Our is the those because growth want what driving the select value assets we higher are the have assets ability to surprisingly, achieving substantially

JamesFeldman

the your Thank there's you're just blockchain and the And to infrastructure maybe Okay. recent lot that The Street technological seeing to might warehouse about a be Journal of curious in some finally, you. specifically? then, a article innovations blockchain, and innovation talk about logistics on industry, been get of there's thoughts Wall applied

MichaelFrankel

currently folks Hi, associate a products. lot major the tremendous necessarily distribution with seeing some any transact a Michael. on -- see Lot and older a transact are And fact emerging. therefore of the of secure independent doesn't blockchain the think to doesn't of to warehouses, sellers the or But it of it's Journal innovation what And -- transaction. and that we article relevant, companies blockchain a wave each it distribute signing the company your because any innovation. allow we And to Wall question. yesterday and buyers secure I Jamie, interesting think, and the and referring That's infill attract the other great to Street to transaction and of the example has blockchain, enable and is -- your do especially standards innovation, enterprise goods I transaction require do both to potential is terribly security that deliver Jamie for environment really highlighting establish The and and to world that or is goods. manage around comfort using to was to

so, really instance by diminish warehouses Amazon need that dramatically the for enabled goods we -- free potential simplistic in reduce and ecosystem, has And the connect an first-mover and is which standardized that that had, do the to then can they because has really a a this of And if to overly secure effectively, to is goods people hold Amazon with blockchain give over time. Amazon one, you example, a diminished. advantage transaction has just what environment buyers the platform the potential expect maybe, the to from for sellers buyers the you

efficient -- can we printing a vehicles, warehouse, in smart value frankly from know we a material whether it's anytime systems, examples Other use printing, warehouse, to our to much example. racking a the capture one autonomous delivery XD that end-user. you XD more of imagine of raw chain just more that's through So see

because of hard and our think warehouses given doesn't our of a technological coming innovation that in utility increase turn see exciting really So that it's value to the location. for it's us, we

Operator

Manny Our Citi. Please is next with Korchman from question proceed.

EmmanuelKorchman

Hey, thank in single about multistory more you acquisition any you. looks that traditional on you a impact And the it a Can typically environment multi-tenant Howard, then multistory big XXth pretty guys in? talk there story? operate that's as how is being works Street property. from rents versus like

HowardSchwimmer

doesn't Sure, always Hi, it Manny. to multi-tenant. have be

have right quite a are of our are We that buying few plus single-tenant. single-tenant now. percent over properties We're XX that probably also

So to that had opportunity. thinking spaces. we didn't blocks it at that really of as at we look multiple-tenant really building We've large are There it demise into good being in a space available looked not marketplace. single-tenant

redevelopment that multiple-tenants on And it's do options, right we're keeping our floors more apparently. could be interest we that the we of So a single-tenant. also just down but pretty in which now optionality point, on well. strong the of site one interesting some involves surprisingly leasing we're other actually as move building potentially already side building the of potentially sort may We're actually that something building couple interest on at a this with we exploring -- some and redevelopment on have leasing even and site, a forward open, from have but even tearing

EmmanuelKorchman

Right.

that any anticipate the Opportunity increased for In senior the of New you're markets? otherwise terms has at acquisitions maybe competition change legislation, you trends or that Zone of the that seeing

HowardSchwimmer

did we're could be I a a perspective, joint That's the of that side venture not REIT, capital, if Opportunity able advantage raising those have interesting. take do down regulations. to to Zone the all, public Opportunity challenges question. road, tax us our to great of as in a Zone prove wanted From some we for of And, first

face but think difficult buy standpoint, develop more you're land them, we're from of still people an I know to product it; they Opportunity sellers anything in Zone, escalating seen cash to value an them asking creating appears and you of to reasonable industrial because really And demand, in Opportunity for be to Zone that overpay thinking have being is terms as a be an seeing haven't lot value, for deliver that brokers let's them cost, money more able with are they a and not able rather it's to blindly an rents and In what flow. construction more create industrial costs. we

take alternative So see development, I to for industrial already or of allow converting density. uses you're those going potentially other to out think alternative more and sites some really could supply uses more that that which

EmmanuelKorchman

And last one for me.

you've there that years, seen structure, last Given other lease that? length, any anything the been strong in bumps several changes like the rental over has

HowardSchwimmer

Well, we're other seeing X% starting on push the more market of in we becoming increases are some for from that us, overall the a to landlords. little projects, common

that have these in the So factor the market the I you'll than allows in property time over lack the see as owners, to because lot and vacancy I if think supply. markets, tremendous quoted implemented of do, more landlords, power the supply And of lower infill markets. X% more a us the of that even we is

Bay at the largest California the with South rate. market instance, to XXX million Southern feet X.X% square vacancy For close is about a in

can that you most unusual write we're much your happening. it's they're a the from there else great mean want. really of on side to obviously ticket nominal. that, concessions well. industrial, leasing own you than out as been removed nothing But have time and what push But other doing very I term over So pretty might already

really next growth. So rent is X% frontier the this

Operator

Our is Blaine Heck next from proceed. question Fargo. Wells Please with

BlaineHeck

leasing and XX% the out between Good leases versus It front the rent this Thanks. there. new this about quarter. gap thing was on quarter over the newly are Great curious results morning was consistently on spreads I higher. One was renewal. spreads

in that the out space where maybe demanding that grown what's and on new rents spread can Any just Is So bucket legacy talk and space you're the you have tenant? rents between higher that? renewal? it high pushing just color about or driving are redeveloped that too

HowardSchwimmer

to to really an Michael jump opportunity then Blaine. doing where terms The a Hi, to new sensitivity we occupancy wants to renewals, pushing It's as we of have to that. can rent where have push On as and maximize to and spaces hard some possibly leases in really sure market. Howard. we are start I'm we're the I'll prior have we're rents in. moving toward

so and of they're longevity the tenant And the with how in that of business market that through we weigh the quality view cycles. that really type terms of we

thought So we when different new. renewal really there's approach the process a versus

And some past actually them those and quarters you'll see spreads together see which widen, to you'll this others being happened be quarter. closer

MichaelFrankel

business Maybe color. average prior proactively just our I releasing time between more or Yes. mean is sustained a overall most at this the the new property eight and we tremendous. quarters, a that a plan. to delivered property our we're in have spreads we vacant our sometimes differentiation the opportunity, and a level it's spreads in to many into been functional near to years have The tremendous. I a leasing it's after last we little reflection space, is of mandate and think pretty renewal, an we sub-market. consistent and just what the able whether with which acquire space of that Then convert acquire have going to quarter, or also When get space on we're is product

are really of deep because position market. a market And rents ourselves basket large large to so These product. market outcompete rents consequently deep again what relative we reflect are, incredibly very

focused really a it's job so, type reflection I here. And just is a and that's great business team doing the and working think model and

BlaineHeck

movement to few in seen Makes market? large months any past cap sense. the have the pricing, or further rates on in bidders Howard, coming you any

HowardSchwimmer

to trying differentiator penetrate the we mentioning year plenty acquisitions a are year-to-date so to of on I even this and think there's yes, last out you acquisitions, number those them has call get transactions Well, -- off-market that actually in to capital XX% were I actually into our Rexford to gone hard to up, of acquisitions, market and machine is really think, of last the been XX% and XXXX have transact market have off-market. talked, the and, being able our that have there part able like the be there

get some and little product of So for transactions, marketed threshold to trading lot into and tightening because on while crossed a from on as you might to sub rates, difficult are standpoint, the X%. we've cap A the them in down already little of cap penetrate the pressure here, markets difficulty capital bit, very but have you're far to seeing as seeing maybe a want rate access, you those a of larger Class a move the that

So not same really on and ranging some unusual upper-X mid that other hovering A we're in Class that the the range of that's and necessarily forth. and range that the still to low-X not depending is product in age quality so

BlaineHeck

and helpful. advantage growth. this about that's we've taking great producing before, a talked have low guys And of a deal Okay, done cost of then still keeping your job you while but of equity, leverage low

give maybe the debt environment generally FFO record year? how during more You're forward, debt-to-EBITDA. about and you more just, or are remainder growth the you utilizing any today's thinking Does funding more rate comfort guess, once going again low at interest inducing a of you I

AdeelKhan

question. Hi, Blaine. Adeel. Thanks for the

-- last an We little our books. had we cash were was So I definitely in think lot of a aberration. bit of a quarter

shortly we So that have think sheet. thereafter. very got been But on deployed with a I that discipline very starts in much it strong maintaining focused a balance

we debt here prior other is total in in so of in quarter immediately the lenders times X total was thing that key terms about mid-teens on on value. got act terms enterprise pretty side, debt-to-EBITDA right. sponsor at great our of and So quickly, the X it we can to The it net

a fact a so have a taking pause I that's of place Things managed estate terms at little the certainly matter pause, of In for all really, think actually bit. There debt was things think calmed environment I giving us down the have it's all. of the any our not part fluctuation not think a groups latter for year. us out I last most there, in giving part -- favor of lot real

But I important. were to down continues as direction think discipline soon the very we with quickly. maintaining as the in a is think position acquisition the that consult go pretty I where you that

MichaelFrankel

point Blaine, quarter. we of cycle to like the comes the meaningful saw the this fairly overall to just down We was the at with particularly for respect strategically it timing last to leverage and be -- low some quarter. degree really we in transaction activity going as

we so in ATM. the were proactive And utilizing

it so, all worked And out.

it time this and your closing a perfectly of job team and timing, equity, the the year. think darn the can't far did transaction just pretty but fantastic raising Adeel good so of the with You we was

end year. look we So we're pleased of to profile through the and a very maintain low the leverage

Operator

question is Michael Morgan. from Our proceed. JP Mueller Please next with

HowardSchwimmer

Hello?

Operator

Michael, there? are you

MichaelMueller

yes, Okay. Oh hear can me? you

on Sorry question, looking to the about is year the maybe X XXXX that. XX looks guess stabilize at is to in that's anything color some gap. maybe and or looking it is just footage, later is longer of that's there, the where terms for when a and issue. in today, I'm just your in you're I you're square in you're that's for year to you supplemental, is XXXX in a targeted that the that's half. and months adding completion it line why that differentiator smaller Phone at stop pipeline it everything like repositioning and And point Quick closer -- on you're have so this a out year, it why bumping new leasing so taking coming

Just curious about that color.

HowardSchwimmer

lot process. with just Howard. Michael, are we it's where do to has in A the Hi, of it

add getting permits and than required square and working permits new a others, it's or an cities the through to building some with we're working -- some footage, of existing extraordinarily quicker slow. whether some move we're the For repositioning cities generally we're

you of adjust guys these projects. to picture on try happening a each really we of quarterly basis what's give with So to clear a

near term in are terms that are or still further the lease terms along at permitting in or of the close more probably entitlement of up construction are And of ones more ones progressing versus the that that this so, End to being Q&A point in phase. starting under

Operator

question-and-answer to call have over like session. end management We for the I of would to reached back remarks. turn the closing our

Michael Frankel

you in we the your for and months. thank three behalf On right. everybody forward All to reconnecting of we Thank us want joining today. about to company, look for just support,

Operator

conference. today's Thank you. concludes This

this at you thank lines your participation. your and disconnect time for may You

Kara Smith	Investor Relations
Howard Schwimmer	Co Chief Executive Officer and Director
Michael Frankel	Co Chief Executive Officer and Director
Adeel Khan	Chief Financial Officer
James Feldman	Bank of America Merrill Lynch
Emmanuel Korchman	Citigroup Investment Research
Blaine Heck	Wells Fargo Securities
Michael Mueller	JP Morgan

Rexford Industrial Realty (REXR) 4 May 192019 Q1 Earnings call transcript