Q1 2025 Rexford Industrial Realty Inc Earnings Call

and many more. Marcusctoral Studio in Beverly Hills,Benedictine.edu

Good morning and welcome to the Rexford Industrial's first quarter 2025 earnings conference call.

All participants are in a listen-only mode. After the speakers remarks, we will conduct a question-and-answer session. To ask a question, at this time, you'll need to press star followed by the number one on your telephone keypad. As a reminder, this conference call is being recorded. Thank you very much.

Speaker Change: I would now like to turn the call over to Michaela Lynch, director, investor relations and capital markets. Please go ahead

Speaker Change: As a reminder, management remarks and responsive to your questions may contain forward-looking statements as defined by federal securities laws which are based on certain assumptions and subject to risks and uncertainties outlined in our 10K and other SEC filing

Speaker Change: As such, actual results may differ, and we assume no obligation to update any further-looking statements in the future. We'll also discuss non-GAAP financial measures on today's call. Our earnings presentation and supplemental package provide gap reconciliation, as well as an explanation of why these measures are useful to investors.

Speaker Change: Joining me today are a Chief Operating Officer, Laura Clark, and Chief Financial Officer, Mike Fitzmaurice. Our co-CEOs, Michael Frankel, and Howard Schwimmer will join us for the Q&A session following prepared remarks. It's my pleasure to now introduce Laura Clark. Laura?

Laura Clark: Thank you, Michaela, and thank you all for joining us today [inaudible]

I'd like to begin by recognizing the Rexford team.

Laura Clark: Your dedication and strong execution for a first quarter performance and position us well to navigate today's heightened macroeconomic uncertainty.

Rexford delivered solid first quarter performance, in line with expectations

Embedded rent steps in our executed leases averaged 3.6%

Laura Clark: Notably, 400,000 square feet of newly seen activity in the quarter was from five repositioning and redevelopment projects.

Laura Clark: Overall, the disruption in the quarter was a positive 125,000 square feet and renewal activity remained strong [inaudible]

Laura Clark: We achieved 82% tenant retention, the highest level over the past year.

Laura Clark: Market rents across our portfolio to find 2.8% sequentially and 9.4% year-over-year

Laura Clark: Despite continued softness and market rent, Rexford portfolio outperformed the overall market, which experienced a decline of 4.7% sequentially and 12.1% year over year, according to CBRE

Laura Clark: The decline of Rexford portfolio market rent was largely concentrated in spaces above 100,000 square feet, which are experiencing some excess supply in the submarkets of Mid Counties, North Orange County and the Elan Empire West.

Laura Clark: In contrast, Margaret Rentz, for Rexford's smaller format spaces, under 50,000 square feet, continue to show relative resilience, supported by limited supply comparable to our superior, highly functional products.

Laura Clark: At the time of our last earnings call, we had activity on approximately 90% of our vacant spaces, representing a material pickup when compared to 2024.

Laura Clark: We currently have leasing activity on approximately 80% of our vacant spaces, and while overall engagement remains healthy, it is difficult to predict the near-term impact surrounding materials and overall levels of uncertainty.

Laura Clark: As this will discuss in more detail, our guidance anticipates the potential for increased lease up timing.

Turning to capital allocation.

Laura Clark: By stabilizing assets at above market yields and selling properties at low cap rates, we are driving a creative cash flow growth and long-term value creation.

Laura Clark: By way of example, in the quarter, we fatalized five repositioning projects totaling 560,000 square feet at a 7.6% unlover yield and completed two disposition totaling $103 million at exit cap rates in the low 4% area.

Laura Clark: Our value-add repositioning redevelopment are a key driver of a creative growth, with $70 million of incremental NOI expected in the near term from the 3.2 million square feet of projects under construction or in lease-up.

Laura Clark: Regarding dispositions, we currently have approximately $30 million of dispositions under contract or accepted offer, subject to customary closing conditions.

We have no acquisitions under contractor accepted offer [inaudible]

Laura Clark: In closing, we're facing a heightened level of uncertainty related to the introduction of new tariffs. However, our portfolio continues to be well positioned over the medium to longer term. [inaudible]

Laura Clark: We are in a high quality portfolio located in Enfield, Southern California, where the long-term supply, demand and balance will continue to persist, making our portfolio even more valuable into the future.

Laura Clark: Our tenants serve the nation's largest regional population base and one of the largest economies in the world where leasing demand is driven by consumption. This is in contrast to larger format industrial products, where demand is more closely linked to global trade flows. [inaudible]

Laura Clark: The health and diversity of our tenant base is strong, and we are seeing demand from a wide range of industries including manufacturing, construction, defense and aerospace, and the warehousing and distribution of consumer staples, household goods and food and beverage to name of you.

Our value at focus drives the creative cash flow growth.

Laura Clark: We currently have over $230 million of projected incremental NOI embedded within our portfolio, positioning us to grow shareholder values over the long term.

Laura Clark: We appreciate your continued support and look forward to sharing more progress in the quarters ahead. Now I'll turn the caller to fifth.

Fitz: Thanks Laura and thank you everyone for joining. First I'd like to thank our team for their commitment to excellence and teamwork as we continue to focus on driving long-term value.

First quarter results were in line with our expectations

Fitz: Cora Fuffa, with 62 cents per share, representing 7% growth, both sequentially and year over year. We recognize 4 cents as expected termination of a new that was tied to a couple of known tenant moveouts.

Fitz: We are maintaining our full year 2025 core fiscal outlook of $2.37 to $2.41 per share, so we are closely monitoring market dynamics and will assess our outlook to the extent conditions may evolve.

Fitz: Overall, our underlying 2025 guidance assumptions remain intact, including the projected 15 million net NLI contributions from repositioning and redevelopment.

Fitz: Although our projected lease of timing has increased to nine months, from our prior expectations of eight months to tear description, this was positively offset by some short term lease extensions for properties otherwise planned for future repositioning or redevelopment.

Fitz: Reflecting recent changes in market rents, we've revised our leasing spread assumption.

Fitz: We now expect net effective and cash leasing spreads of approximately 25 and 15% respectively.

Fitz: This chain will not have a material impact on our guidance as only 11% of our ADR's sets expire through year-end, with most two months of expiration, waited towards the second half of 2025.

Fitz: Our low leverage, investment grade balance sheet positions us to be opportunistic while navigating market uncertainties.

Fitz: Today, we have more than 1.6 billion of liquidity, including 608 million of cash and nearly full of availability on our 1 billion dollar unsecured line of credit.

Fitz: In the last quarter, we have further bolster balance sheet reducing net debt to even to buy over a half turn to 3.9 times due to the settlement of 400 million of Ford equity that was raised at $49 per share in March 2024.

Fitz: During the quarter, we proactively initiate the recap of our credit facility, extend duration, lower interest expense, increased liquidity, enhanced flexibility

Fitz: This includes the refinancing of our $400 million term loan, positioning us with no significant maturities until 2027. We expect to close on our recast in May, subject to customer closing conditions.

Fitz: We will continue to remain opportunistic with our debt materities, focusing on duration and further lowering our cost of debt. And with that, I'll turn the call back to the operator and open the line for questions.

Fitz: Thank you. If you would like to ask a question, please press star, followed by the number one on your telephone keypad. In the interest of time, we ask that you please limit yourself to one question. Thank you. Our first question comes from Blaine Heck from Wells Fargo. Please go ahead, your line is open. Please go ahead, your line is open. Thank you.

Blaine Heck: So as you mentioned, market rents accelerated downward during the quarter, down 2.8 from 1.5% and Q4. I guess maybe putting aside the potential impact of tariffs on leasing demand for a moment, you know, do you have any better sense of how much further you'd expect rents to decline, just based on how much excess they could see is on the market and how aggressive some of your competitors have been on pricing. Thank you very much.

Fitz: And then, you know, I guess if you've worked in factoring the terrorists, how much of an accelerant to rent moderation do you think a drawn out trade disagreement could potentially present in your markets?

Laura Clark: Keep Blaine, and Laura, thanks for joining us today. You know, as you mentioned, we are seeing some nominal pressure on market rents, but we're certainly not giving away space in the market and demand continues as represented by as I mentioned in our prepared remarks at current level. We've got activity on about 80% of our vacant spaces.

Laura Clark: And we actually have leasing of that leasing activity, we're actually trading paper on about 2.7 million square feet today alone.

So while it's challenging to predict future ring growth [inaudible]

Laura Clark: In the near term, as Vince indicated, we only have about 11% of our portfolio rolling through your end.

Laura Clark: given the uncertainty in the market. I also think it's important to know that, you know, we, that demand is represented by a diverse

That activity has made up those. [inaudible]

Laura Clark: Some of the larger drivers are the construction industries and trades

3PLs, also including technology, manufacturing, entertainment, and apparel.

We're pleased with it at this point in time.

Laura Clark: One more note, I think this is important is our business model. [inaudible]

Our Business Model has...

Many lovers of growth and better growth.

Laura Clark: that in a current environment, when there could be pressure and continued pressure on rent, allowed us to continue to grow cashflow. We've got about $230 million dollars in incremental NLI embedded in the portfolio today, about 60 million of that's the market market, about 70 million from our Re-physician and redevelopment that are in process in the pipeline.

Laura Clark: And then another hundred million from the annual embedded room steps in our leases is that 3.7 percent.

Laura Clark: And Blaine, it's Michael. I'll just add a little bit to your question related to the impacts of potential impacts from the tariffs.

Laura Clark: And I'll start with reminding everyone about, you know, before the terrorist, the backdrop is actually looking real to be favorable and we had increase in 10 activity and the 10th up demand that we felt might be coming back to the market felt tangible.

Laura Clark: You know, our tenant base is relatively insulated, nobody's perfectly insulated, but as you know, our tenants are disproportionately serving regional consumption.

Laura Clark: and this is the largest zone of consumption in the country. And so, weirdly, that does mitigate the impacts associated with changing or shifting trade flows.

Laura Clark: to the extent that terrorists drive a reduction in overall consumer demand.

Speaker Change: Clearly, that's something that our tenants are a little more worried about. And I think that our tenant base in terms of their behaviors is very sentiment driven right now in terms of expectations about the future because what they told us earlier this year is they're feeling pretty good about their underlying business actually. [inaudible]

Speaker Change: And to the extent there is a drop-off in consumer demand, I think we look back to prior cycles.

Speaker Change: Again, we found that our infill Southern California tenant base has proven to be relatively resilient.

Speaker Change: Certainly more resilient, for example, than your big box non-info markets, where that space is more fungible, it's more of a commodity, and our attempts can be far more sticky through downturns because the extreme long-term scarcity of our space

Speaker Change: You're a placeable nature of our space, and the fact that it's very difficult for tenants to move and find the same, you know, they need to be near their endpoints of distribution, they need to be near skilled labor, they need to be within the ecosystem and services that support their products and components. Thanks for your time, and I'll see you next time.

Speaker Change: So a lot of factors that drive the wealth of stubborn about intel, tenon base, even three cycles associated with reduced consumer demand.

Speaker Change: Our next question comes from Samir Khanal from Bank of America. Please go ahead, your line is open.

Unknown Speaker

Speaker Change: Yeah, good morning, everybody. I guess Mike, I know you talked about the lease up. I think you're, you know, you talked about nine months, a set of eight months, but maybe, maybe help us understand a little bit more about the low end of guidance here. I think given the uncertainty. Thank you.

Speaker Change: Everybody's trying to figure out maybe how much room or cushion there is for sort of rents to fall, occupancy to fall as we think about, you know, kind of what PLD did, they sort of stressed test their guidance. So, you know, walk us through that, please, thanks.

Mike Fitzmaurice: Sure, Samir, I appreciate the question and again, congrats on the new role. Like any quarter, we're always

Speaker Change: our earnings to the top end and to the bottom end of the range obviously this quarter took out a bit of a heightened focus for obvious reasons.

Speaker Change: But the way we look at it is we, you know, we really subsidize our expectations to the historical downturns, whether it be.

The pandemic, recent market trend changes, and Southern California, the GFC

Speaker Change: and the variables that we focused on were projectively sub-time for our repositionary development.

Speaker Change: also market rent decline, bad debt expense, and same property occupancy. And we track those down to the historic downturns, the lows of the market, and we feel really, really good about.

Speaker Change: where that gets us to embodiment of our range for two hours and 37 cents. And to your point, embedded in our guidance is longer projected down time of nine months, which is a full quarter beyond what historical norms are of six months.

Speaker Change: and also bad debt. Bad debt is at 75 base points, which is about double of what this portfolio has generated over the last six, seven years since 2018, 2019. We feel really really good about the range of possibilities on the downside. Good.

Speaker Change: Our next question comes from John Kim from BMO Capital Market. Please go ahead, your line is open.

John Kim: Thank you, and good morning. I was wondering if you could provide...

John Kim: Some more insight on the cash mark to market or start the cash leasing spreads this quarter which went negative

Speaker Change: And just looking at the leases that you signed this quarter, the average amount was $16.50 And comparing that versus your in place ABR, it would suggest a negative mark to market, but I want to just provide some more color on that.

John Kim: Yeah, John , I'll take that question. In terms of our new leasing spreads, I think it's important to note that this quarterly included about 280,000 square feet of comparable leases.

John Kim: So, a very small sample set. Most of the new leasing activity we did this quarter was in our repositioning and redevelopment where you don't have comparable leasing spreads. So, drilling into that negative 5% cash leasing spread for the quarter, it was primarily attributed to one leasing. [inaudible]

John Kim: That lease had an above market rent that was related to some specialized improvements that were in that space and then release that building assets. So it's, so it's really a unique circumstance with that lease, but again, a small sample size.

Speaker Change: Our next question comes from Mike Mueller from JP Morgan. Please go ahead, your line is open.

Mike Mueller: Yeah, hi, I guess he talked about the pace of redevelopment, repositioning starts for the next 12 months or so based on what you're seeing and expecting today and maybe how it compares to the past year or two.

Mike Mueller: Chair Michael, I'll take that question. Any important?

Mike Mueller: So in terms of what's coming online this year, we've about 30 million of incremental NOI relative to 24. In the first quarter, we experience about 9 million.

Mike Mueller: of that of that 30 as we look through the remain part of the year and second through the 4th quarter of the year.

Mike Mueller: It's going to be more back half-weighted, the additional 21 million or so. In terms of what's coming offline, that cadence has changed a bit from last quarter, will we expect it to come offline predominantly in the first quarter, first part of the second quarter?

Speaker Change: Our next question comes from Omotayo Okusanja from Deutsche Bank. Please go ahead, your line is open.

Omotayo Okusanya: Yes, good afternoon, guys. Could you talk a little bit about the least sermonations in one queue, like the nature of those tenants, and how you're just kind of thinking about your watch list today if there is one of potential tenants?

Speaker Change: Sherry, we did experience as you just alluded to, and I mentioned the call about nine-known or so of termination, rather than that much tied to two tenants and that was expected in line with our expectations, Laura, do you want to talk a bit about the color?

Laura Clark: Yeah, I think it's important that the majority of that termination income was tied actually to an office property that we acquired as part of a redevelopment plan.

Laura Clark: that property is owned industrial. So the tenant that was occupying that space as an office user, not your traditional industrial user, we were able to negotiate a favorable term fee there, and now have the ability to move forward with the redevelopment plan in the future.

and then in terms of that depth.

Laura Clark: about 3.4 million, which is about 20 basis points. So if we look through the remaining part of the year, we between 1535 basis points, which lines up with our 75 basis points expectation. [inaudible]

Craig Mailman: Our next question comes from Craig Mailman from City. Please go ahead. Your line is open.

Hey everyone, this question maybe a bit, [inaudible]

Craig Mailman: 600 million. Were these more reverse inquiries that users wanted to buy these buildings or what's driving the uptick in and disposition activity when acquisitions look a little bit less likely in the near term?

Craig Mailman: Mike Craig, it's Howard, thanks for the question. We've always looked into the portfolio and considered dispositions.

Craig Mailman: But we in the past had such tremendous upside in rank growth that it was hard to justify a great majority of sales and today yes those those two dispositions we completed were unsolicited offers

Craig Mailman: And what was unique about those is that there were some owner-oct users that came to us.

Craig Mailman: and they've paid an extraordinary premium for the two assets we sold, those traded for an aggregate in the range of about a 4% cap rate.

Craig Mailman: which is really interesting when you consider in today's market that deals are trading in the, you know...

mid fours, 5% range.

Speaker Change: Our next question comes from Greg McKinnis from Scotia Bank. Please go ahead, your line is open.

Greg McInnis: Hey, good morning. Just looking at the average rent escalator signed during Q1, it was down to 3.6% as compared to 4% last year. Are you starting to see tenants push back on the 4% escalators that you've been able to achieve for the last couple of years?

Laura Clark: Hey, Greg, it's Laura. Yeah, given some of the market dynamics and pressures on rent, we're certainly seeing some other components of the leases where there is pressure, but it's really concentrated by sub-market and insurance by strangers.

Laura Clark: So looking into that 3.6% embedded run steps that was really...

Laura Clark: We're really focused around the spaces of our 100,000 square feet where we sell rent steps averaging about 3.4%. Looking at our smaller formats, those rent steps are holding closer to 4%.

Speaker Change: Our next question comes from Anthony Hau from Truest Securities, please go ahead, your line is open.

Anthony Howe: Hi guys, thanks for taking my question. Howard, I think you have highlighted that in the locations tend to be more resilient in downturns. Can you help us like, you know, better quantify that, whether through occupancy, rent growth, or leads in velocity compared to the not until assets?

Anthony Howe: Sure, yeah, thanks for the question. It's really more of a scarcity for space, so the Southern California.

Speaker Change: is a fully built out market. There's, while we do have some construction that occurs in our tight info markets, it's generally just to replace older dysfunctional product.

Speaker Change: So we're really not introducing any more supply, whereas you look at many other markets around the country that have land.

Speaker Change: and you don't have any limits on growth in terms of construction. Land values tend to drop quickly in tougher times and

competing product in the inner market.

Speaker Change: Lower at lower prices than even existing products, so we don't have that [inaudible]

Dynamic in Southern California, .

Speaker Change: And as we've sort of mentioned earlier in the call, we're really a consumption driven market with upwards of 24 million people here.

Speaker Change: It's a really a different dynamic than you find in through cycles. We really generally haven't had a huge drop-off in occupancy. It's really more just timing of leasing and so forth.

Speaker Change: Our next question comes from Brendan Lynch from Barclays. Please go ahead, your line is open.

Brendan Lynch: Great, thanks for taking my question. I wanted to dig in a little bit on your philosophy on the pace of redevelopment and repositioning. If we're entering a period of market weakness, would you be leaning into more redevelopment now because there's a lower opportunity cost of taking assets offline?

Hey Brendan, thanks for joining us today. Thanks for joining us today.

Brendan Lynch: When we think about capital allocation, I mean, taking it back to capital allocation strategy, we're focused on driving accretion and then long-term value . . .

Brendan Lynch: So when we're considering repositions and redevelopments, we're doing just that. On our repositions, we're achieving high above market incremental return.

Brendan Lynch: You know, somewhere in the 15% area, on an incremental return from an incremental capital that we're investing into those assets [inaudible]

Brendan Lynch: So not only is that driving a creative cashflow growth, but we're also enhancing the value of these assets over time.

Brendan Lynch: So to the extent that there's repositioning and redevelopment opportunities that we have in the pipeline allow us to do that, we think that it's prudent for us to continue to move forward and that's significant, you know, part of how we will continue to drive outsized cashflow per share growth.

Brendan Lynch: And in one item I would note there, just by way of example, what we experienced and how cordially we didn't [inaudible]

Speaker Change: Our next question comes from Michael Griffin from Evercore ISI. Please go ahead, your line is open.

Michael Griffin: Great, thanks. I'm wondering if you could give just a little more commentary on occupancy expectations. If I look at your kind of same store quarter-hand occupancy versus the total portfolio, it's a delta of about...

Michael Griffin: 600 basis points versus, you know, 400 basis points on average, the four quarters before.

Michael Griffin: So it seems like, you know, you're going to get toward that midpoint of the same store average occupancy guidance But you know, should we see that spread narrow? Should we see it widen as we get throughout the year? Like if there's any numbers you can kind of put around that that would be helpful Thank you

Yeah, thanks, thanks for the question, Griff, I appreciate it [inaudible]

Speaker Change: Our next question comes from Vikram Malhotra from Mizuhau. Please go ahead, your line is open.

Speaker Change: but also to the private market kind of being five or sub five. So I'm just wondering, like, as you sell assets, like how, how much could you sell? And then what about using proceeds for buybacks, given kind of where the stock is relative to what you just said, the private markets trading

Speaker Change: Hi Vikram, good morning, this is Mike. First, as you know, we're capital intensive business, we have many, many new slip capital. The highest risk adjusted returns that we're achieving today, we just noted on a previous question is repositioning developments.

Speaker Change: Like I said, we have five projects, earn a return on an incremental basis, about 20%, we have 15 million of net NLI contribution in 20, 20, and 20, 25, just really positions.

Speaker Change: Rexford for our outside growth over the medium and long-term. As we think about it, the 600 million cash that we have hit on the balance sheet, we're offensive. We're an offensive position. We have an opportunity to be very patient. [inaudible]

Speaker Change: and it goes back to our core tenants of how we think about our capitalization.

Speaker Change: and reinvesting inside our assets and improving the functionality is the best return that we're getting today. Now in terms of dispositions, today we have about 30 million or so that is...

Speaker Change: under contract, and beyond that, I think it's too early to give you a guidance on what we could sell later in the year.

Speaker Change: But it is attractive, you could capitalize at how it points out earlier where we were able to sell in the local 4% area.

Speaker Change: Our last question today will come from Blaine Heck from Wells Fargo. Please go ahead, your line is open.

Blaine Heck: Great, thanks for taking the follow up. Mike, it's helpful to hear you all went through a stress test on operating results and still feel good about the low end of FFO guidance but I'm wondering if you can talk about some of the specific assumptions in that stress test as it relates to occupancy rents and bad debts and I guess how you think that scenario would likely impact same store numbers as well. Thank you very much.

Yeah, I can, I can [inaudible]

Speaker Change: Provide you with a little more insight there and I appreciate the follow-up question, Blaine.

Speaker Change: Like I mentioned earlier, the four variables that we look at are projected in lease of time in relation to re-positionary development, market run change, bad doubt, and

Speaker Change: and same property occupancy. Now it was released as a core of a foe. We, if you project another month of

Speaker Change: , David Lanzer , Howard Schwimmer , Laura Clark , David Lanzer , Howard Schwimmer .

Speaker Change: for four bad deaths. That's another founding and I'm saying property occupancy, if we went down to where we were more towards a GFC, about 50 basis points at the one or a half point to a penny, but I guess it's the bottom end of the range of a core of a thought.

Omotayo Okusanya: And we'll take one last question from Otayo Akusanya from Deutsche Bank. Please go ahead, your line is open.

Omotayo Okusanya: Yes, thanks for squeezing me in. Could you guys talk a little bit about 3PL exposure within the portfolio just kind of given your markets generally a big Asian 3PL market?

Omotayo Okusanya: Sure, I thought it was towered. Well, first of all, we have very limited 3PL exposure in our portfolio, and today we look at 3PLs in the market, and they're turning out to be a great solution for a lot of the uncertainty that tenants have, meaning that they're able to take tenants short-term, they can expand, contract, their needs. [inaudible]

very quickly, [inaudible]

Omotayo Okusanya: And then to the other part of your question, some of the Asian 3PLs that are in the marketplace.

Omotayo Okusanya: We've done a great job of really being selective on any tenant coming into our portfolio, whether it's a 3PL . . . . . . . .

Manufacturer, distributor [inaudible]

Omotayo Okusanya: And to be honest with you, we turned down many, many tenants that we don't actually want to bring into portfolio, you know, that said, we do, we do have some Asian through PL companies, but they're very well established in the market. They've been around for a long time. They have solid businesses.

Omotayo Okusanya: And, you know, we may expand them or we may, you know, we're actually negotiating a deal right now on a 190,000 foot building with a Chinese 3PL that's been in the market a long time and has a good credit profile. What you hear in the marketplace. So, please.

Omotayo Okusanya: are some of these three fields coming to the market that have no credit and people because they have vacancy and are in dire need for occupancy or are taking some of those, and those are highly risky and are not the type of uses that we're going to ever put into the right for portfolio.

and David Lanzer. Thank you. Thank you.

Omotayo Okusanya: This will conclude today's Q&A session. I would like to turn the call back over to Laura Clark for closing remarks.

Omotayo Okusanya: Rexford delivered strong first quarter performance that underscores the power of our platform and the rigor of our execution and the face of ongoing uncertainty today are high performing and full portfolio and significant embedded growth positions us to navigate through these near term headwinds and to deliver long term value. We thank you all for your time with Rexford today.

Omotayo Okusanya: This concludes today's conference call. Thank you for your participation. You may now disconnect.

[music]

Speaker Change: John Kim, Richard Anderson, David Lanzerice, David Lanzerice, David Lanzerice

and David Lanzer. http://www.youtube.com or www.facebook.com