Los Angeles-based Rexford Industrial Realty, Inc., a real estate investment trust, focuses on creating value by investing in and operating industrial properties throughout Southern California infill markets. The company owns 234 properties with approximately 28 million rentable square feet and manages an additional 20 properties with approximately 1 million rentable square feet.
Rexford Industrial’s previous leasing pipeline system required the company to complete abstracts and side-by-side comparisons manually, a time-consuming process. It was easy to overlook details or fail to communicate in a timely fashion, and there was no connection between the leasing pipeline and revenue forecasts. “Anybody wanting to understand our leasing risk for the next year had to request a report and wait,” recalled Adeel Khan, chief financial officer for Rexford Industrial.
Yardi Deal Manager
Rexford Industrial adopted Yardi Deal Manager, an element of the Yardi Elevate suite of products. Yardi Deal Manager transforms real-time data from the Yardi Voyager property management and accounting platform into complete deal pipeline visibility. It also enables full deal oversight and approval functionality. Yardi Deal Manager makes revenue assumptions more accurate by seamlessly adding deals to Yardi Forecast Manager, another part of the suite.
Yardi Deal Manager automatically feeds deal progression in to Rexford Industrial’s forecasts. The appropriate people are automatically notified, allowing everybody to see each step’s significance to the forecast in real time rather than days later. “The opportunity might have moved on by then, and you miss the opportunity,” said Khan. “With Deal Manager, anybody who needs to see expiring deals and evaluate risk can go into the system and do that. By seeing every vacant space and every space coming available in the next year, we have a vibrant conversation on what needs to be done. With 4 to 5 million square feet of leasing executed annually, Deal Manager is critical to our company’s core operations.”
Yardi Deal Manager also compares proposals against the approved budget, saving back-and-forth emails and phone calls, an important consideration for a company with about 1,400 active leases and more coming every day. The workflow system moves the deal up the chain, with the deal automatically becoming part of the live environment upon approval. No deal advances beyond the proposal stage or above a square-foot threshold without the required authorizations. And as a mobile system, Yardi Deal Manager allows Rexford Industrial’s executive team to approve deals from anywhere.
“We sought a solution that can help us grow our portfolio from 20 million square feet up to 200 million square feet. Deal Manager and the rest of the Yardi Elevate suite have that capability,” Khan said.