Los Angeles-based Rexford Industrial, 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.
Disconnected Leasing and Budgeting
Rexford Industrial’s previous leasing pipeline system was separate from the company’s Yardi Voyager real estate technology platform. Deal information had to be replicated and transferred into Voyager, a time- and labor-intensive process. Disconnection of the deal from deal management also meant more difficulty compiling timely and accurate revenue forecasts.
Yardi Forecast Manager
Rexford Industrial adopted Yardi Forecast Manager, an element of the Yardi Elevate suite of products that connects opportunities and deals into forecasts. The solution creates accurate revenue assumptions and seamlessly adds deals from Yardi Deal Manager, another part of the suite.
Better Collaboration, Improved Forecasting
With the forecasting and leasing pipeline systems able to communicate, Rexford Industrial saw immediate improvements in its forecasting efficiency and accuracy.
Leasing assumptions can be added immediately to the forecasting system, rather than a month or two later. The company doesn’t have to update its quarterly guidance with information it should have had earlier.
“Our forecasting is correct the first time and easy to see on a dashboard. I can add acquisitions and quickly get a snapshot of what the acquisition will do many quarters out. All this used to take days, and now it takes 15 minutes,” said Alex DeHaven, vice president of corporate finance for Rexford Industrial.
Yardi Forecast Manager also allows property managers and others to participate in the budgeting process, making the process more complete and therefore more accurate. They can do so without visiting the corporate office, allowing them to spend more time on mission-critical operations such as running their properties and interacting with tenants.
“Yardi Forecast Manager also provides a huge advantage when we start building guidance for the investment community for the next year. The revenue part, which comprises the biggest component, is essentially already done,” DeHaven said.