Item 8.01 OTHER EVENTS
The following discussion provides information with respect to certain recent developments ofRexford Industrial Realty, Inc. (the "Company"). Unless otherwise expressly stated or the context otherwise requires, "we," "us" and "our" refer collectively to the Company,Rexford Industrial Realty, L.P. and the Company's other subsidiaries.
Operating Results
The following table summarizes our third quarter leasing activity throughAugust 31, 2021 : Leasing Activity (July 1 ,
2021 through
Releasing Spreads # of Leases Executed Square Feet Leased GAAP Cash New Leases 45 553,177 41.7 % 28.0 % Renewal Leases 45 475,936 47.7 % 32.1 % Total Leases 90 1,029,113 44.9 % 30.2 % AtAugust 31, 2021 , our Stabilized Same Property Portfolio occupancy was 98.5%, up 10 basis points fromJune 30, 2021 . AtAugust 31, 2021 , our consolidated portfolio occupancy was 96.0%, up 60 basis points fromJune 30, 2021 , primarily due to the lease-up and occupancy of certain units under repositioning. For the two months endedAugust 31, 2021 , average occupancy of our Stabilized Same Property Portfolio was 98.5% and average occupancy of our consolidated portfolio was 95.9%.
Property Acquisitions and Dispositions
As of the date of this Current Report on Form 8-K, during the third quarter of 2021, we have acquired 12 properties with an aggregate of approximately 2.1 million rentable square feet of buildings and 59.5 acres of low coverage storage sites and land for future redevelopment for an aggregate purchase price of approximately$663.5 million . During the same period we also completed the disposition of one 71,602 square foot industrial property for a sales price of$18.6 million . Year-to-date throughSeptember 20, 2021 , we have acquired 33 properties with approximately 3.6 million rentable square feet of buildings and 94.0 acres of low coverage storage sites and land for future redevelopment for an aggregate purchase price of approximately$1.1 billion .
At
Financing Developments
Subsequent to
As of the date of this Current Report on Form 8-K, during the third quarter of 2021, we have directly sold a total of 786,174 shares of our common stock at a weighted average price of$60.42 per share, for gross proceeds of approximately$47.5 million , and net proceeds of approximately$46.9 million , after deducting the sales agent's fee through our ATM program. In addition, we entered into a forward equity sale agreement with a financial institution acting as a forward purchaser under our ATM program with respect to 2,611,784 shares of our common stock at an initial forward sale price of approximately$60.94 per share. We did not initially receive any proceeds from the sale of shares of common stock by the forward purchaser (or its affiliate). InSeptember 2021 , we provided notice to the forward purchaser of our election to physically settle the 2,611,784 shares outstanding under this forward equity sale agreement for total estimated net proceeds of$159.1 million with a settlement date ofSeptember 27, 2021 . -------------------------------------------------------------------------------- InSeptember 2021 , we partially settled forward equity sale agreements entered into in connection with our underwritten public offering inMay 2021 by issuing 2,690,474 shares of common stock for net proceeds of$147.8 million . Also inSeptember 2021 , we provided notice to the forward purchasers of our election to physically settle the remaining 4,500,000 shares outstanding under theMay 2021 forward equity sale agreements for total estimated net proceeds of$247.2 million with a settlement date ofSeptember 27, 2021 . At the date of this Current Report on Form 8-K, we had borrowings of$387.5 million outstanding under the unsecured revolving credit facility leaving$312.5 million available to us. We intend to use the proceeds from the settlement of the forward equity sale agreements described above to fully repay amounts outstanding under the unsecured revolving credit facility onSeptember 27, 2021 , which will provide us with availability of the full$700 million of borrowing capacity under our unsecured revolving credit facility.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains certain "forward-looking" statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as "believes", "anticipates", "expects", "may", "will", "would", "should", "estimates", "could", "intends", "plans" or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: timing and consummation of any proposed transactions; risks and uncertainties related to market conditions and satisfaction of any conditions related to any proposed transactions; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which we operate, as detailed from time to time in each of our reports filed with theU.S. Securities and Exchange Commission . There can be no assurance that any proposed transactions described herein will be consummated on the terms described herein or at all. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company's future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with theU.S. Securities and Exchange Commission , including the Company's Annual Report on Form 10-K for the year endedDecember 31, 2020 and other filings with theSecurities and Exchange Commission . The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
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