Rexford Industrial Buys Industrial Property In North Orange County, California

(RTTNews) - Rexford Industrial Realty Inc. (REXR), a real estate investment trust focused on owning and operating industrial properties located in Southern California infill markets, announced that it has acquired The Park, an industrial business park located in Anaheim, California, for $10.6 million.

Rexford Industrial said it funded the $10.6 million acquisition in part by assuming a $3.3 million first mortgage loan secured by the business park. The mortgage loan accrues interest at a fixed rate of 5.1% and matures in 2031. Rexford Industrial funded the remaining $7.3 million purchase price with proceeds from its existing line of credit.

In a separte press release, Rexford Industrial Realty announced its financial results for the third quarter ended September 30, 2013.

Financial results for the third quarter of 2013 include Rexford Industrial's predecessor entities' results for the period from July 1, 2013 through July 23, 2013, and the Company's results for the period from July 24, 2013 through September 30, 2013. Financial results for periods ending on or prior to June 30, 2013 reflect the results of Rexford Industrial's predecessor entities.

The company reported a net loss of $5.6 million for the three months ended September 30, 2013, compared to a net loss of $2.7 million for the three months ended September 30, 2012. The net loss in the three months ended September 30, 2013 included approximately $3.9 million of loss on extinguishment of debt associated with pay down of mortgage debt at the consummation of the IPO.