Rexford Industrial Realty (NYSE:REXR) said it is pursuing a broad portfolio realignment, planning to sell approximately $2 billion of non-core industrial assets while using a substantial portion of the proceeds to reduce debt, repurchase shares and selectively fund higher-return investments.
Chief Executive Officer Laura Clark said the planned dispositions encompass roughly 8 million square feet of properties identified through a first-half asset-by-asset review. The assets generally have more limited value-creation potential, elevated competitive supply, shorter remaining lease terms and in-place rents substantially above current market levels, according to the company.
Rexford expects the vast majority of the sales to close this year and said it is already in advanced discussions involving a substantial portion of the planned dispositions. Clark said the company’s retained core portfolio will comprise approximately 43 million square feet of assets that it believes have stronger long-term growth, cash-flow durability and embedded value-creation potential.
Debt Reduction and Repurchase Capacity Chief Financial Officer Michael Fitzmaurice said Rexford updated its full-year disposition outlook to $1.5 billion to $2 billion. The company expects to use about $1 billion of projected proceeds to repay debt maturing in 2027 rather than refinancing it at higher interest rates.
Rexford expects the debt repayment to reduce net debt to adjusted EBITDA to approximately 3.5 times from 4.5 times at the end of the second quarter. Fitzmaurice said the company intends to pay off all but $575 million of its 2027 maturities during 2026, with the remaining amount repaid when it matures in March 2027. The company reduced its 2026 interest-expense guidance to $105 million.
The board also authorized a new $1 billion share-repurchase program. During the second quarter, Rexford spent $100 million to repurchase approximately 3 million shares at a weighted average price of $36 per share. Over the past year, the company has bought back about 15 million shares for $550 million, representing approximately 6% of shares outstanding, Fitzmaurice said.
Management did not disclose expected cap rates or pricing for the asset sales while negotiations remain underway. Clark said the company expects proceeds to be redeployed in a manner that is neutral to accretive to 2027 funds from operations per share. Fitzmaurice said the company sees debt savings, share repurchases and the removal of future rent roll-down risk as contributors to that outcome.
Second-Quarter Results and Updated Outlook Second-quarter Core FFO was $0.63 per share, up $0.02 from the first quarter. Fitzmaurice attributed the increase to accretive share repurchases, settlement income and lower general and administrative expense.
Cash same-property net operating income growth was 1.5%. Net effective same-property NOI growth was negative 0.5%. Same-property ending occupancy was 95.1%, up 30 basis points from a year earlier. Total liquidity at quarter-end was approximately $1.3 billion. Rexford raised the midpoint of its full-year Core FFO-per-share outlook by $0.01, citing better-than-expected same-property NOI growth, lower G&A expense and second-quarter settlement proceeds. The company said the increase is partly offset by projected dilution from the timing of capital recycling activity.
It also increased its same-property NOI growth outlook by 75 basis points at the midpoint on both a cash and net effective basis. Average same-property occupancy guidance was raised to a range of 95.3% to 95.7%, a 15-basis-point increase at the midpoint. Cash re-leasing spreads are now expected to range from negative 15% to negative 10% for the year.
Rexford lowered G&A guidance to $57 million from its original $60 million target. Clark said the company identified an additional $3 million in G&A savings during the quarter, bringing total identified savings since 2025 to $22 million.
The company recorded a $625 million impairment charge during the quarter related to its shortened holding period for non-core assets targeted for sale. Fitzmaurice said the non-cash charge is excluded from Core FFO and does not indicate impairment risk across the broader portfolio. He also said tax losses associated with the sales are expected to offset tax gains, eliminating the need for a special dividend.
Southern California Leasing Conditions Chief Operating Officer John Nahas said the broader infill Southern California industrial market recorded positive net absorption in the second quarter, while overall vacancy declined 30 basis points. Market rents, however, declined by slightly more than 1% sequentially as landlords continued to compete for leases amid elevated supply in certain areas.
Positive absorption occurred in the Inland Empire West and San Diego markets, while Greater Los Angeles posted its second consecutive positive quarter. Orange County continued to record negative absorption, though Nahas said touring activity has recently increased there. He described demand for spaces below 50,000 square feet as healthy and said activity in spaces exceeding 100,000 square feet was also improving, partly due to corporate demand for Class A properties.
Rexford executed 2.1 million square feet of leases during the second quarter, bringing year-to-date leasing volume to 6.2 million square feet, up 2 million square feet from the first half of 2025. Quarterly cash re-leasing spreads were negative 11.3%, primarily reflecting rent roll-downs from leases signed at the peak of the market.
The company’s average occupancy declined about 60 basis points sequentially due largely to several larger move-outs in Inland Empire West, including one related to a tenant bankruptcy. Nahas said that space was re-leased after quarter-end, with occupancy scheduled to begin in September. Fitzmaurice said occupancy is expected to decline by 15 to 100 basis points in the third quarter before accelerating in the fourth quarter.
Development Pipeline Rexford started one new development project during the quarter, 16425 Gale in the City of Industry. Nahas said the cross-dock project will feature a demisable layout and is expected to be completed in late 2027.
Management said no assets from its repositioning and development pipeline, which is expected to generate approximately $50 million of annualized NOI once fully leased, are included in the planned sales. The company said it remains focused on projects expected to produce returns above stabilized market cap rates.
About Rexford Industrial Realty (NYSE:REXR) Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.
Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.
Three Oversold REITs With Strong FundamentalsRexford Industrial Realty NYSE: REXR said it is pursuing a broad portfolio realignment, planning to sell approximately $2 billion of non-core industrial assets while using a substantial portion of the proceeds to reduce debt, repurchase shares and selectively fund higher-return investments.
Chief Executive Officer Laura Clark said the planned dispositions encompass roughly 8 million square feet of properties identified through a first-half asset-by-asset review. The assets generally have more limited value-creation potential, elevated competitive supply, shorter remaining lease terms and in-place rents substantially above current market levels, according to the company.
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Hunting for High-Yield Bargains? 2 REITs to ConsiderRexford expects the vast majority of the sales to close this year and said it is already in advanced discussions involving a substantial portion of the planned dispositions. Clark said the company’s retained core portfolio will comprise approximately 43 million square feet of assets that it believes have stronger long-term growth, cash-flow durability and embedded value-creation potential.
Debt Reduction and Repurchase Capacity Chief Financial Officer Michael Fitzmaurice said Rexford updated its full-year disposition outlook to $1.5 billion to $2 billion. The company expects to use about $1 billion of projected proceeds to repay debt maturing in 2027 rather than refinancing it at higher interest rates.
Rexford expects the debt repayment to reduce net debt to adjusted EBITDA to approximately 3.5 times from 4.5 times at the end of the second quarter. Fitzmaurice said the company intends to pay off all but $575 million of its 2027 maturities during 2026, with the remaining amount repaid when it matures in March 2027. The company reduced its 2026 interest-expense guidance to $105 million.
The board also authorized a new $1 billion share-repurchase program. During the second quarter, Rexford spent $100 million to repurchase approximately 3 million shares at a weighted average price of $36 per share. Over the past year, the company has bought back about 15 million shares for $550 million, representing approximately 6% of shares outstanding, Fitzmaurice said.
Management did not disclose expected cap rates or pricing for the asset sales while negotiations remain underway. Clark said the company expects proceeds to be redeployed in a manner that is neutral to accretive to 2027 funds from operations per share. Fitzmaurice said the company sees debt savings, share repurchases and the removal of future rent roll-down risk as contributors to that outcome.
Second-Quarter Results and Updated Outlook Second-quarter Core FFO was $0.63 per share, up $0.02 from the first quarter. Fitzmaurice attributed the increase to accretive share repurchases, settlement income and lower general and administrative expense.
Cash same-property net operating income growth was 1.5%. Net effective same-property NOI growth was negative 0.5%. Same-property ending occupancy was 95.1%, up 30 basis points from a year earlier. Total liquidity at quarter-end was approximately $1.3 billion. Rexford raised the midpoint of its full-year Core FFO-per-share outlook by $0.01, citing better-than-expected same-property NOI growth, lower G&A expense and second-quarter settlement proceeds. The company said the increase is partly offset by projected dilution from the timing of capital recycling activity.
It also increased its same-property NOI growth outlook by 75 basis points at the midpoint on both a cash and net effective basis. Average same-property occupancy guidance was raised to a range of 95.3% to 95.7%, a 15-basis-point increase at the midpoint. Cash re-leasing spreads are now expected to range from negative 15% to negative 10% for the year.
Rexford lowered G&A guidance to $57 million from its original $60 million target. Clark said the company identified an additional $3 million in G&A savings during the quarter, bringing total identified savings since 2025 to $22 million.
The company recorded a $625 million impairment charge during the quarter related to its shortened holding period for non-core assets targeted for sale. Fitzmaurice said the non-cash charge is excluded from Core FFO and does not indicate impairment risk across the broader portfolio. He also said tax losses associated with the sales are expected to offset tax gains, eliminating the need for a special dividend.
Southern California Leasing Conditions Chief Operating Officer John Nahas said the broader infill Southern California industrial market recorded positive net absorption in the second quarter, while overall vacancy declined 30 basis points. Market rents, however, declined by slightly more than 1% sequentially as landlords continued to compete for leases amid elevated supply in certain areas.
Positive absorption occurred in the Inland Empire West and San Diego markets, while Greater Los Angeles posted its second consecutive positive quarter. Orange County continued to record negative absorption, though Nahas said touring activity has recently increased there. He described demand for spaces below 50,000 square feet as healthy and said activity in spaces exceeding 100,000 square feet was also improving, partly due to corporate demand for Class A properties.
Rexford executed 2.1 million square feet of leases during the second quarter, bringing year-to-date leasing volume to 6.2 million square feet, up 2 million square feet from the first half of 2025. Quarterly cash re-leasing spreads were negative 11.3%, primarily reflecting rent roll-downs from leases signed at the peak of the market.
The company’s average occupancy declined about 60 basis points sequentially due largely to several larger move-outs in Inland Empire West, including one related to a tenant bankruptcy. Nahas said that space was re-leased after quarter-end, with occupancy scheduled to begin in September. Fitzmaurice said occupancy is expected to decline by 15 to 100 basis points in the third quarter before accelerating in the fourth quarter.
Development Pipeline Rexford started one new development project during the quarter, 16425 Gale in the City of Industry. Nahas said the cross-dock project will feature a demisable layout and is expected to be completed in late 2027.
Management said no assets from its repositioning and development pipeline, which is expected to generate approximately $50 million of annualized NOI once fully leased, are included in the planned sales. The company said it remains focused on projects expected to produce returns above stabilized market cap rates.
About Rexford Industrial Realty (NYSE:REXR)Rexford Industrial Realty, Inc NYSE: REXR is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company's portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford's strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.
Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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SummaryRexford Industrial Realty is undervalued at 14.9x forward P/FFO, well below its historical average, offering patient investors an attractive entry point.REXR’s Q2 2026 results showed 6.8% YoY Core FFO/share growth, driven by operating efficiencies and disciplined cost control, despite modest rental rate declines.Portfolio realignment of $1.5–$2 billion may create near-term FFO/share volatility, but supports share repurchases and strategic asset recycling at favorable cap rate spreads.Strong balance sheet, 4.8% yield, and constrained SoCal supply position REXR for medium-term FFO/share growth as market fundamentals recover.Looking for a portfolio of ideas like this one? Members of iREIT®+HOYA Capital get exclusive access to our subscriber-only portfolios. Learn More » halbergman/iStock via Getty Images
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Rexford Industrial (REXR - Free Report) came out with quarterly funds from operations (FFO) of $0.63 per share, beating the Zacks Consensus Estimate of $0.6 per share. This compares to FFO of $0.59 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +5.00%. A quarter ago, it was expected that this industrial real estate investment trust would post FFO of $0.6 per share when it actually produced FFO of $0.61, delivering a surprise of +1.67%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Rexford Industrial, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $245.51 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.23%. This compares to year-ago revenues of $249.51 million. The company has topped consensus revenue estimates just once over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Rexford Industrial shares have lost about 5% since the beginning of the year versus the S&P 500's gain of 9.6%.
What's Next for Rexford Industrial?While Rexford Industrial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Rexford Industrial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.59 on $245.99 million in revenues for the coming quarter and $2.40 on $986.38 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, American Tower (AMT - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 28.
This wireless communications infrastructure company is expected to post quarterly earnings of $2.71 per share in its upcoming report, which represents a year-over-year change of +4.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
American Tower's revenues are expected to be $2.71 billion, up 3.1% from the year-ago quarter.
Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion
, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2026.
Second Quarter 2026 Financial and Operational Highlights (all comparisons to Second Quarter 2025)
Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share. Company share of Core FFO of $141.4 million, an increase of 1.2%. Company share of Core FFO per diluted share of $0.63, an increase of 6.8%. Total Portfolio NOI of $186.8 million, an increase of 0.3%. Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%. Average Same Property Portfolio occupancy of 95.7%. Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis. Stabilized two development projects totaling 196,391 square feet. Sold seven properties for a total sales price of $137.9 million. Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment. Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share. Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program. Net Debt to Adjusted EBITDAre of 4.5x. "This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities," said Laura Clark, Chief Executive Officer. "The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward."
Financial
The Company reported net loss attributable to common stockholders for the second quarter of $506.9 million, or $2.26 per diluted share, compared to net income of $113.4 million, or $0.48 per diluted share, in the prior year quarter. Net loss in the second quarter includes $624.8 million of impairments and $21.9 million of gains on sale of real estate, as compared to $0 and $44.4 million, respectively, for the prior year quarter. The non-cash impairments primarily reflect certain assets designated for disposition whose expected holding periods were shortened in connection with the Company's increased disposition guidance. For the six months ended June 30, 2026, net loss attributable to common stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.
The Company reported its share of Core FFO for the second quarter of $141.4 million, representing a 1.2% increase, compared to $139.7 million for the prior year quarter. The Company reported Core FFO of $0.63 per diluted share, representing an increase of 6.8%, compared to $0.59 per diluted share for the prior year quarter. Company share of Core FFO increased by $1.7 million, or $0.04 per diluted share year-over-year, driven by lower general and administrative expense related to the CEO leadership transition and the benefit of share repurchases, partially offset by lower NOI from dispositions executed in the first half of 2026. For the six months ended June 30, 2026, the Company's share of Core FFO was $281.2 million, representing a 0.2% increase, compared to $280.7 million for the prior year period. For the six months ended June 30, 2026, the Company reported Core FFO of $1.24 per diluted share, representing an increase of 2.5%, compared to $1.21 per diluted share for the prior year period.
In the second quarter of 2026, the Company's Same Property Portfolio NOI and Cash NOI decreased 0.5% and increased 1.5%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression and higher bad debt, partially offset by higher average occupancy. Same Property Portfolio Cash NOI growth was positively driven by annual contractual rent increases and higher average occupancy, partially offset by higher bad debt. For the six months ended June 30, 2026, the Company's Same Property Portfolio NOI and Cash NOI increased 0.3% and 0.6%, respectively, compared to the prior year period.
Operations
Q2 2026 Leasing Activity
Releasing Spreads(1)
# of Leases
Executed
SF of
Leasing
Net
Effective
Cash
New Leases
53
840,344
(13.8) %
(19.5) %
Renewal Leases
64
1,261,446
1.4 %
(8.1) %
Total Leases
117
2,101,790
(2.8) %
(11.3) %
(1)
Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to leasing activity in Q2 2026.
As of June 30, 2026, the Company's Same Property Portfolio occupancy was 95.1%. Average Same Property Portfolio occupancy for the second quarter was 95.7%. The Company's total portfolio, excluding repositioning and development assets, was 94.8% occupied and 95.0% leased, and the Company's total portfolio, including repositioning and development assets, was 90.0% occupied and 90.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of June 30, 2026.
Repositionings and Developments
During the second quarter of 2026, the Company executed three development and repositioning leases totaling 146,430 square feet. Subsequent to quarter end, the Company executed two leases totaling 102,025 square feet at a development project located at 3680-3880 Voyager Street and a repositioning project located at 24935-24955 Avenue Kearny. Year to date through July 23, 2026, leasing activity across the Company's repositioning and development pipeline totals 286,299 square feet.
During the second quarter of 2026, the Company stabilized two development projects totaling 196,391 square feet, representing a total investment of $98.0 million. These projects achieved a weighted average unlevered stabilized return on cost of 8.0%.
Year to date, the Company stabilized four repositioning and development projects totaling 341,280 square feet, representing a total investment of $146.6 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.1%.
Dispositions
During the second quarter of 2026, the Company disposed of seven properties, totaling 571,708 square feet, for an aggregate sales price of $137.9 million, including four sites previously in the near-term development pipeline.
Year to date, the Company disposed of twelve properties totaling 886,401 square feet for an aggregate sales price of $265.3 million, including six sites previously in the near-term development pipeline.
Balance Sheet
The Company ended the second quarter of 2026 with approximately $1.3 billion of total liquidity, including $32.2 million in unrestricted cash on hand and $1.2 billion available under its unsecured revolving credit facility.
During the second quarter of 2026, the Company repurchased 2,801,307 shares of its common stock for $100 million, at a weighted average price of $35.70 per share, bringing year-to-date repurchases to $300 million. Subsequent to quarter end, the Company's Board of Directors authorized a new $1.0 billion stock repurchase program, which superseded and replaced the prior program and is authorized through July 2028. The Company has full availability under the current program.
As of June 30, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%. Floating-rate debt exposure was limited to $14.0 million outstanding under the Company's revolving credit facility. The weighted average term-to-maturity of the Company's outstanding debt is 2.8 years with no material debt maturities until 2027.
Dividends
On July 20, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.
On July 20, 2026, the Company's Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on September 30, 2026, to preferred stockholders of record as of September 15, 2026.
Leadership Transition and Board of Directors
On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeded Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 2026.
Guidance
The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.
The Company is announcing a disposition initiative to realign its portfolio through the planned sale of approximately $2 billion of identified non-core assets. The Company intends to recycle proceeds to increase its financial flexibility through the strengthening of its balance sheet as well as deployment toward the highest risk-adjusted return opportunities, including accretive share repurchases. Accordingly, the Company has increased its full year 2026 disposition guidance to $1.5 to $2.0 billion from $400 to $500 million.
2026 Outlook
Q2 2026
Updated Guidance
Q1 2026
Guidance
Earnings
Net (Loss) Income Attributable to Common Stockholders per diluted share(1)
($1.32) - ($1.27)
$1.22 - $1.27
Company share of Core FFO per diluted share(1)
$2.38 - $2.43
$2.37 - $2.42
Same Property Portfolio(2)
Same Property Portfolio NOI Growth - Net Effective
(1.25)% - (0.25)%
(2.0)% - (1.0)%
Same Property Portfolio NOI Growth - Cash
(0.75)% - 0.25%
(1.5)% - (0.5)%
Average Same Property Portfolio Occupancy (Full Year)
2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 2026, as well as guidance expectations related to investment activity.
(2)
2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance.
(3)
Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Boulevard and 19900 Plummer Street, which stabilized in the second quarter.
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Earnings Presentation
The Company's supplemental information package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on Friday, July 24, 2026, at 11:00 a.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Meeting ID 401 760 274.
1 (585) 542-9983 (Local)
1 (833) 461-5787 (Toll-Free)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of June 30, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 409 properties with approximately 49.9 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 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 the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities 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.
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations" table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income or loss computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2026 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
2026 Estimate
Low
High
Net loss attributable to common stockholders
$ (1.32)
$ (1.27)
Company share of depreciation and amortization
1.21
1.21
Company share of impairment of real estate
2.71
2.71
Company share of gains on sale of real estate
(0.21)
(0.21)
Company share of FFO
$ 2.39
$ 2.44
Add: Core FFO adjustments(1)
(0.01)
(0.01)
Company share of Core FFO
$ 2.38
$ 2.43
(1)
Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, impairment losses of depreciable operating property and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income or loss as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2026 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of June 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.6 million rentable square feet at 341 of our properties.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.
Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.
Net Debt to Enterprise Value: As of June 30, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.1%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income or loss (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, acquisition expenses, the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
[email protected]
Financial Statements and Reconciliations
Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
June 30, 2026
December 31, 2025
(unaudited)
ASSETS
Land
$ 7,104,413
$ 7,689,921
Buildings and improvements
4,541,066
4,677,318
Tenant improvements
206,540
198,161
Furniture, fixtures, and equipment
132
132
Construction in progress
324,365
451,109
Total real estate held for investment
12,176,516
13,016,641
Accumulated depreciation
(1,163,226)
(1,165,792)
Investments in real estate, net
11,013,290
11,850,849
Cash and cash equivalents
32,226
165,778
Loan receivable, net
123,934
123,704
Rents and other receivables, net
12,132
13,958
Deferred rent receivable, net
210,474
190,376
Deferred leasing costs, net
90,864
87,745
Deferred loan costs, net
5,877
6,886
Acquired lease intangible assets, net
114,489
140,627
Acquired indefinite-lived intangible asset
5,156
5,156
Interest rate swap assets
9,247
2,025
Other assets
16,987
25,609
Total Assets
$ 11,634,676
$ 12,612,713
LIABILITIES & EQUITY
Liabilities
Notes payable
$ 3,263,724
$ 3,251,909
Interest rate swap liability
3
829
Accounts payable, accrued expenses and other liabilities
99,101
120,849
Dividends and distributions payable
100,960
103,399
Acquired lease intangible liabilities, net
105,856
116,487
Tenant security deposits
92,386
92,444
Tenant prepaid rents
79,518
88,777
Total Liabilities
3,741,548
3,774,694
Equity
Rexford Industrial Realty, Inc. stockholders' equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2026
and December 31, 2025 ($75,000 liquidation preference)
72,443
72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2026
and December 31, 2025 ($86,250 liquidation preference)
83,233
83,233
Common Stock,$0.01 par value per share, 489,950,000 authorized and 222,989,057 and 231,580,135
shares outstanding at June 30, 2026 and December 31, 2025, respectively
2,230
2,316
Additional paid in capital
8,631,341
8,945,123
Cumulative distributions in excess of earnings
(1,255,153)
(642,130)
Accumulated other comprehensive income (loss)
7,473
(422)
Total stockholders' equity
7,541,567
8,460,563
Noncontrolling interests
351,561
377,456
Total Equity
7,893,128
8,838,019
Total Liabilities and Equity
$ 11,634,676
$ 12,612,713
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
REVENUES
Rental income
$ 242,996
$ 241,568
$ 485,137
$ 490,389
Management and leasing services
—
132
—
274
Interest income
2,510
7,807
5,447
11,131
TOTAL REVENUES
245,506
249,507
490,584
501,794
OPERATING EXPENSES
Property expenses
56,214
55,298
112,977
110,559
General and administrative
13,693
19,752
28,618
39,620
Depreciation and amortization
73,479
71,188
146,412
157,928
TOTAL OPERATING EXPENSES
143,386
146,238
288,007
308,107
OTHER (EXPENSES) INCOME
Other income
3,500
—
4,850
—
Other expenses, net
2,001
(244)
1,899
(2,483)
Interest expense
(28,571)
(26,701)
(55,171)
(53,989)
Impairment of real estate
(624,754)
—
(631,578)
—
Debt extinguishment and modification expenses
—
(291)
—
(291)
Gains on sale of real estate
21,893
44,361
48,174
57,518
TOTAL OTHER (EXPENSES) INCOME
(625,931)
17,125
(631,826)
755
NET (LOSS) INCOME
(523,811)
120,394
(429,249)
194,442
Less: net loss (income) attributable to noncontrolling interests
19,665
(4,060)
16,290
(6,909)
NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
(504,146)
116,334
(412,959)
187,533
Less: preferred stock dividends
(2,315)
(2,315)
(4,629)
(4,629)
Less: earnings attributable to participating securities
(441)
(592)
(1,449)
(1,131)
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ (506,902)
$ 113,427
$ (419,037)
$ 181,773
Net (loss) income attributable to common stockholders per share – basic
$ (2.26)
$ 0.48
$ (1.85)
$ 0.78
Net (loss) income attributable to common stockholders per share – diluted
$ (2.26)
$ 0.48
$ (1.86)
$ 0.78
Weighted-average shares of common stock outstanding – basic
223,812
236,099
226,050
231,771
Weighted-average shares of common stock outstanding – diluted
223,812
236,099
234,636
231,771
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
Same Property Portfolio Occupancy
June 30,
2026
2025
Change
(basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County
96.5 %
93.2 %
330 bps
Orange County
95.9 %
97.6 %
(170) bps
Riverside / San Bernardino County
93.3 %
97.0 %
(370) bps
San Diego County
97.5 %
98.0 %
(50) bps
Ventura County
94.6 %
91.4 %
320 bps
Same Property Portfolio Weighted Average Occupancy
95.7 %
94.7 %
100 bps
Ending Occupancy:
95.1 %
94.8 %
30 bps
(1)
Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).
Same Property Portfolio NOI and Cash NOI
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
$ Change
% Change
2026
2025
$ Change
% Change
Rental income(1)
$ 210,974
$ 210,887
$ 87
0.0 %
$ 422,543
$ 418,561
$ 3,982
1.0 %
Property expenses
46,811
45,893
918
2.0 %
94,045
91,171
2,874
3.2 %
Same Property Portfolio NOI
$ 164,163
$ 164,994
$ (831)
(0.5) %
$ 328,498
$ 327,390
$ 1,108
0.3 %
Straight line rental revenue adjustment
(4,938)
(6,328)
1,390
(22.0) %
(15,235)
(13,835)
(1,400)
10.1 %
Above/(below) market lease revenue adjustments(1)
(3,093)
(4,829)
1,736
(35.9) %
(7,263)
(9,401)
2,138
(22.7) %
Same Property Portfolio Cash NOI
$ 156,132
$ 153,837
$ 2,295
1.5 %
$ 306,000
$ 304,154
$ 1,846
0.6 %
(1)
Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangibles attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
Rexford Industrial Realty, Inc.
Reconciliation of Net (Loss) Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net (loss) income
$ (523,811)
$ 120,394
$ (429,249)
$ 194,442
General and administrative
13,693
19,752
28,618
39,620
Depreciation and amortization
73,479
71,188
146,412
157,928
Other expenses, net
(2,001)
244
(1,899)
2,483
Interest expense
28,571
26,701
55,171
53,989
Debt extinguishment and modification expenses
—
291
—
291
Management and leasing services
—
(132)
—
(274)
Other income
(3,500)
—
(4,850)
—
Interest income
(2,510)
(7,807)
(5,447)
(11,131)
Impairment of real estate
624,754
—
631,578
—
Gains on sale of real estate
(21,893)
(44,361)
(48,174)
(57,518)
Net operating income (NOI)
$ 186,782
$ 186,270
$ 372,160
$ 379,830
Straight line rental revenue adjustment
(9,967)
(6,918)
(25,103)
(12,435)
Above/(below) market lease revenue adjustments
(3,805)
(5,788)
(8,452)
(14,974)
Cash NOI
$ 173,010
$ 173,564
$ 338,605
$ 352,421
NOI
$ 186,782
$ 186,270
$ 372,160
$ 379,830
Non-Same Property Portfolio rental income
(32,022)
(30,681)
(62,594)
(71,828)
Non-Same Property Portfolio property expenses
9,403
9,405
18,932
19,388
Same Property Portfolio NOI
$ 164,163
$ 164,994
$ 328,498
$ 327,390
Straight line rental revenue adjustment
(4,938)
(6,328)
(15,235)
(13,835)
Above/(below) market lease revenue adjustments
(3,093)
(4,829)
(7,263)
(9,401)
Same Property Portfolio Cash NOI
$ 156,132
$ 153,837
$ 306,000
$ 304,154
Rexford Industrial Realty, Inc.
Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net (loss) income
$ (523,811)
$ 120,394
$ (429,249)
$ 194,442
Adjustments:
Depreciation and amortization
73,479
71,188
146,412
157,928
Impairment of real estate
624,754
—
631,578
—
Gains on sale of real estate
(21,893)
(44,361)
(48,174)
(57,518)
Funds From Operations (FFO)
$ 152,529
$ 147,221
$ 300,567
$ 294,852
Less: preferred stock dividends
(2,315)
(2,315)
(4,629)
(4,629)
Less: FFO attributable to noncontrolling interests(1)
(5,726)
(4,962)
(11,008)
(10,356)
Less: FFO attributable to participating securities(2)
(680)
(728)
(2,114)
(1,478)
Company share of FFO
$ 143,808
$ 139,216
$ 282,816
$ 278,389
Company Share of FFO per common share – basic
$ 0.64
$ 0.59
$ 1.25
$ 1.20
Company Share of FFO per common share – diluted
$ 0.64
$ 0.59
$ 1.25
$ 1.20
FFO
$ 152,529
$ 147,221
$ 300,567
$ 294,852
Adjustments:
Acquisition expenses(3)
—
23
—
102
Debt extinguishment and modification expenses
—
291
—
291
Non-capitalizable demolition costs(3)
—
—
—
365
Co-CEO transition costs(3)(4)
(2,330)
—
(2,330)
—
Severance costs(3)(5)
269
199
269
1,682
Other nonrecurring expenses(3)(6)
45
—
107
—
Write-offs of below-market lease intangibles related to unexercised renewal options(7)
(497)
—
(497)
—
Core FFO
$ 150,016
$ 147,734
$ 298,116
$ 297,292
Less: preferred stock dividends
(2,315)
(2,315)
(4,629)
(4,629)
Less: Core FFO attributable to noncontrolling interest(1)
(5,631)
(4,979)
(10,915)
(10,440)
Less: Core FFO attributable to participating securities(2)
(668)
(731)
(1,412)
(1,491)
Company share of Core FFO
$ 141,402
$ 139,709
$ 281,160
$ 280,732
Company share of Core FFO per common share – basic
$ 0.63
$ 0.59
$ 1.24
$ 1.21
Company share of Core FFO per common share – diluted
$ 0.63
$ 0.59
$ 1.24
$ 1.21
Weighted-average shares of common stock outstanding – basic
223,812
236,099
226,050
231,771
Weighted-average shares of common stock outstanding – diluted
223,812
236,099
226,050
231,771
(1)
Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(2)
Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(3)
Amounts are included in the line item "Other expenses, net" in the consolidated statements of operations.
(4)
Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(5)
Includes costs associated with workforce reduction and workforce reorganization.
(6)
Reflects nonrecurring advisory service costs.
(7)
Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
Rexford Industrial Realty, Inc.
Reconciliation of Net Loss to Adjusted EBITDAre
(Unaudited and in thousands)
Three Months Ended
June 30, 2026
Net loss
$ (523,811)
Interest expense
28,571
Depreciation and amortization
73,479
Impairment of real estate
624,754
Gains on sale of real estate
(21,893)
EBITDAre
$ 181,100
Stock-based compensation amortization
3,666
Write-offs of below-market lease intangibles related to unexercised renewal options(1)
(497)
Co-CEO transition costs(2)
(2,330)
Other nonrecurring expenses
45
Pro forma effect of dispositions(3)
68
Adjusted EBITDAre
$ 182,052
(1)
Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
(2)
Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(3)
Represents the impact on second quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on April 1, 2026.
Fifth Third Bancorp lifted its position in shares of Rexford Industrial Realty, Inc. (NYSE:REXR – Free Report) by 3,211.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 67,547 shares of the real estate investment trust’s stock after acquiring an additional 65,507 shares during the period. Fifth Third Bancorp’s holdings in Rexford Industrial Realty were worth $2,211,000 as of its most recent filing with the SEC.
A number of other large investors have also modified their holdings of the company. Lazard Asset Management LLC boosted its stake in Rexford Industrial Realty by 1.0% during the 2nd quarter. Lazard Asset Management LLC now owns 35,475 shares of the real estate investment trust’s stock valued at $1,261,000 after purchasing an additional 362 shares during the period. IFM Investors Pty Ltd boosted its position in shares of Rexford Industrial Realty by 1.0% during the first quarter. IFM Investors Pty Ltd now owns 38,360 shares of the real estate investment trust’s stock worth $1,256,000 after buying an additional 370 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Rexford Industrial Realty by 8.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 4,878 shares of the real estate investment trust’s stock worth $189,000 after buying an additional 387 shares in the last quarter. Koa Wealth Management LLC grew its holdings in Rexford Industrial Realty by 0.9% in the 1st quarter. Koa Wealth Management LLC now owns 46,268 shares of the real estate investment trust’s stock worth $1,514,000 after buying an additional 408 shares in the last quarter. Finally, Brookwood Investment Group LLC increased its position in Rexford Industrial Realty by 4.4% in the 4th quarter. Brookwood Investment Group LLC now owns 10,672 shares of the real estate investment trust’s stock valued at $413,000 after acquiring an additional 445 shares during the period. Institutional investors and hedge funds own 99.52% of the company’s stock.
Insiders Place Their Bets In related news, General Counsel David E. Lanzer sold 33,299 shares of the firm’s stock in a transaction dated Tuesday, April 28th. The stock was sold at an average price of $35.47, for a total transaction of $1,181,115.53. Following the completion of the transaction, the general counsel owned 33,299 shares of the company’s stock, valued at $1,181,115.53. This trade represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 1.80% of the stock is owned by corporate insiders.
Rexford Industrial Realty Price Performance Shares of NYSE:REXR opened at $37.16 on Wednesday. The stock has a market cap of $8.39 billion, a price-to-earnings ratio of 39.96, a PEG ratio of 1.54 and a beta of 1.21. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 1.50. Rexford Industrial Realty, Inc. has a 12 month low of $32.14 and a 12 month high of $44.38. The stock’s 50 day moving average price is $34.81 and its 200 day moving average price is $36.15.
Rexford Industrial Realty (NYSE:REXR – Get Free Report) last issued its quarterly earnings results on Thursday, April 23rd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.11. Rexford Industrial Realty had a return on equity of 2.64% and a net margin of 23.25%.The firm had revenue of $242.14 million during the quarter, compared to analyst estimates of $243.78 million. During the same period last year, the company posted $0.62 EPS. The firm’s quarterly revenue was down 2.9% on a year-over-year basis. Rexford Industrial Realty has set its FY 2026 guidance at 2.370-2.42 EPS. Equities research analysts anticipate that Rexford Industrial Realty, Inc. will post 2.4 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In Several brokerages have weighed in on REXR. Scotiabank raised Rexford Industrial Realty from a “sector perform” rating to a “sector outperform” rating and cut their target price for the company from $38.00 to $36.00 in a research note on Thursday, June 18th. Wall Street Zen cut Rexford Industrial Realty from a “hold” rating to a “sell” rating in a research note on Monday. Barclays lowered their price target on Rexford Industrial Realty from $40.00 to $36.00 and set an “underweight” rating on the stock in a report on Thursday, July 16th. Evercore raised shares of Rexford Industrial Realty from an “in-line” rating to an “outperform” rating and set a $40.00 price objective for the company in a report on Monday, April 13th. Finally, Weiss Ratings upgraded shares of Rexford Industrial Realty from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, July 15th. Five equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $40.38.
View Our Latest Research Report on Rexford Industrial Realty
Rexford Industrial Realty Company Profile (Free Report)
Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.
Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.
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Rexford Industrial (REXR) witnessed a jump in share price last session on above-average trading volume. The latest trend in FFO estimate revisions for the stock doesn't suggest further strength down the road.
SummaryThese are the first REITs I would buy today.Near-term headwinds have created rare discounts.AI could turn today’s laggards into future winners.High Yield Landlord members get exclusive access to our real-world portfolio. See all our investments here » mattjeacock/iStock via Getty Images
A question I often get asked is:
If you had to start from scratch, what REITs would you buy first today?
And it makes sense. A lot of you have not held any REITs in recent
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, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced that the Company will release second quarter 2026 financial results after the market closes on Thursday, July 23, 2026. A conference call with senior management will be held on Friday, July 24, 2026 at 11 a.m. ET.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Meeting ID 401 760 274.
1 (585) 542-9983 (Local) 1 (833) 461-5787 (Toll-Free) A webcast and replay of the conference call will also be available in listen-only mode at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of March 31, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 414 properties with approximately 50.4 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 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 the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities 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.
Contact
Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
[email protected]
Industrial real estate has shifted from boring warehouses to critical logistics hubs. Investors choosing between Lineage (LINE +4.05%) and Rexford Industrial Realty (REXR 0.47%) are weighing global scale against regional dominance.
Lineage focuses on the specialized niche of cold storage, managing complex food supply chains across multiple continents. Rexford Industrial Realty takes a different approach by concentrating exclusively on the high-demand infill markets of Southern California. Both provide essential infrastructure, but their geographic footprints and operational complexities create distinct investment profiles for those looking at the sector.
The case for LineageLineage operates a massive network of temperature-controlled warehouses, serving as a vital link for food producers and retailers. By managing over 500 facilities across North America, Europe, and Asia-Pacific, the company provides a global solution for the food and beverage industry. Its 25 largest customers account for nearly 33% of total revenue, which adds a layer of risk to the business.
In FY 2025, revenue reached approximately $5.4 billion, representing a modest growth rate of roughly 0.3% compared to the prior year. Despite this revenue base, the company reported a net loss of nearly $98.0 million for the year. This resulted in a net margin of negative 1.8%, which measures how much profit a company keeps for every dollar of sales.
According to its December 2025 balance sheet, the debt-to-equity ratio is roughly 1.0x. This ratio compares total debt to shareholder equity, suggesting a balanced mix of borrowing and ownership. The current ratio, which measures the ability to pay short-term debts with short-term assets, was approximately 0.8x. In FY 2025, Lineage generated free cash flow of close to $196.0 million, representing the cash remaining after paying for property and equipment.
Rexford Industrial Realty focuses its entire portfolio on the infill Southern California market, targeting areas with high barriers to new construction. The company owns and operates over 400 properties, catering to diverse tenants in manufacturing, wholesale trade, and transportation. This concentration enables the company to capitalize on the unique supply-and-demand dynamics of one of the world’s busiest real estate investment hubs.
For FY 2025, revenue climbed to approximately $1.0 billion, reflecting year-over-year growth of close to 7.1%. The company reported net income of approximately $212.0 million during this period. This performance translated to a net margin of approximately 21.1%, indicating a significant portion of revenue is retained as profit after all expenses.
As of its December 2025 balance sheet, the company maintained a debt-to-equity ratio of nearly 0.4x. Its current ratio was approximately 7.2x, indicating very high liquidity to meet immediate financial obligations. Rexford Industrial Realty generated free cash flow of about $208.7 million in FY 2025, providing capital for dividends or additional property acquisitions.
Risk profile comparisonLineage faces significant geographic concentration risks, with nearly 26% of its holdings located in California, Washington, and the Netherlands. Its aggressive acquisition strategy, involving over 120 deals since 2008, creates potential challenges for integrating diverse operations and achieving expected cost savings. Additionally, the company must manage rising power and labor costs that may be difficult to pass on to customers under fixed contracts.
Rexford Industrial Realty is uniquely exposed to the Southern California economy, meaning a local downturn or a major earthquake could severely impact its operations. The company competes with large national players like Prologis for tenants and faces regulatory hurdles, such as local transfer taxes. Furthermore, it depends on its ability to raise external capital to fund growth, making it sensitive to interest-rate fluctuations.
Valuation comparisonRexford Industrial Realty appears more reasonably priced relative to its future earnings estimates, though Lineage maintains a much lower valuation relative to its total annual sales.
MetricLineageRexford Industrial RealtySector BenchmarkEV/EBITDA15.8x16.6x33.3xP/S ratio1.9x8.1xn/aSector benchmark uses the SPDR XLRE sector ETF.
Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.
Which stock would I buy in 2026?First things first, if you are a long-term real estate investor, I don’t think you can go wrong buying either of these REITs at today’s fairly discounted valuations. Rexford has compounded its total returns by 9.9% annually since 2013 and dominates its niche as an infill leader in southern California. This unique business strategy gives the REIT a wide moat and helps provide steady returns over the long haul.
Meanwhile, Lineage is new to the public markets, but is the far-and-away leader of the cold-storage industry. Down 45% since its 2024 IPO, LINE hasn’t lived up to its once-lofty valuation, but it’s now much more reasonably priced. As the leader in a critical industry, Lineage also has a wide moat around its operations, making it an intriguing post-IPO-hype buying candidate, in my opinion.
While I like both stocks, I would lean toward buying Lineage for a couple of reasons. First, its operations are essential. Dealing with refrigerated food items is a must, and simply cannot be disrupted. Rexford isn’t quite as well protected. Second, Lineage is diversified globally, whereas Rexford has achieved success by targeting a specific niche in Southern California. Though this has been successful, it is highly reliant on the area, leaving it fairly vulnerable to issues. Given these risks, I would be more likely to buy LINE stock and add it to my shortlist at today’s attractive valuation.
Rexford Industrial Realty remains a high-quality, pure-play industrial REIT focused on infill Southern California, benefiting from structural land scarcity. 2026 guidance points to flat-to-declining Core FFO, negative same-store NOI growth, and slightly lower occupancy, reflecting ongoing market headwinds. The dividend yield is 5.1% but offers no near-term growth; the payout ratio is elevated as AFFO trends downward, with sustainability but limited upside.
Rexford Industrial Realty (NYSE:REXR – Get Free Report) is expected to announce its Q1 2026 results after the market closes on Thursday, April 23rd. Analysts expect Rexford Industrial Realty to post earnings of $0.2687 per share and revenue of $243.7850 million for the quarter. Rexford Industrial Realty has set its FY 2026 guidance at 2.350-2.400 EPS. Investors can check the company’s upcoming Q1 2026 earning summary page for the latest details on the call scheduled for Friday, April 24, 2026 at 11:00 AM ET.
Rexford Industrial Realty (NYSE:REXR – Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The real estate investment trust reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.01. Rexford Industrial Realty had a net margin of 21.03% and a return on equity of 2.37%. The company had revenue of $243.43 million during the quarter, compared to analyst estimates of $249.05 million. During the same quarter last year, the business posted $0.58 EPS. Rexford Industrial Realty’s quarterly revenue was up 2.1% compared to the same quarter last year. On average, analysts expect Rexford Industrial Realty to post $2 EPS for the current fiscal year and $3 EPS for the next fiscal year.
Rexford Industrial Realty Price Performance NYSE REXR opened at $35.67 on Thursday. The company has a market cap of $8.01 billion, a PE ratio of 41.96, a price-to-earnings-growth ratio of 2.55 and a beta of 1.26. The company has a quick ratio of 2.51, a current ratio of 2.51 and a debt-to-equity ratio of 0.37. The firm’s 50-day simple moving average is $35.59 and its two-hundred day simple moving average is $39.04. Rexford Industrial Realty has a 52 week low of $31.08 and a 52 week high of $44.38.
Rexford Industrial Realty Increases Dividend The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a $0.435 dividend. The ex-dividend date of this dividend was Tuesday, March 31st. This is an increase from Rexford Industrial Realty’s previous quarterly dividend of $0.43. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.9%. Rexford Industrial Realty’s dividend payout ratio is 204.71%.
Insider Buying and Selling at Rexford Industrial Realty In other Rexford Industrial Realty news, CFO Michael Fitzmaurice purchased 2,650 shares of the business’s stock in a transaction on Friday, February 27th. The stock was acquired at an average cost of $37.55 per share, for a total transaction of $99,507.50. Following the completion of the transaction, the chief financial officer directly owned 14,133 shares in the company, valued at approximately $530,694.15. This represents a 23.08% increase in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Laura E. Clark acquired 5,310 shares of Rexford Industrial Realty stock in a transaction dated Friday, February 27th. The shares were bought at an average cost of $37.73 per share, for a total transaction of $200,346.30. Following the completion of the purchase, the chief operating officer directly owned 5,310 shares of the company’s stock, valued at approximately $200,346.30. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last quarter, insiders have bought 12,960 shares of company stock valued at $486,804. Insiders own 1.20% of the company’s stock.
Institutional Trading of Rexford Industrial Realty A number of institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its stake in shares of Rexford Industrial Realty by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 28,336,003 shares of the real estate investment trust’s stock valued at $1,097,172,000 after acquiring an additional 667,594 shares during the last quarter. State Street Corp increased its holdings in Rexford Industrial Realty by 4.9% during the 2nd quarter. State Street Corp now owns 11,906,613 shares of the real estate investment trust’s stock valued at $428,509,000 after purchasing an additional 556,810 shares during the period. Soroban Capital Partners LP increased its holdings in Rexford Industrial Realty by 57.2% during the 2nd quarter. Soroban Capital Partners LP now owns 9,191,038 shares of the real estate investment trust’s stock valued at $326,925,000 after purchasing an additional 3,344,677 shares during the period. Northern Trust Corp raised its position in Rexford Industrial Realty by 0.6% during the 3rd quarter. Northern Trust Corp now owns 3,518,818 shares of the real estate investment trust’s stock valued at $144,659,000 after purchasing an additional 20,096 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Rexford Industrial Realty by 2.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,496,852 shares of the real estate investment trust’s stock valued at $135,406,000 after purchasing an additional 70,587 shares during the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.
Analysts Set New Price Targets A number of equities analysts have recently commented on REXR shares. iA Financial set a $45.00 price target on shares of Rexford Industrial Realty in a report on Friday, February 6th. Barclays restated an “underweight” rating on shares of Rexford Industrial Realty in a research report on Tuesday, January 13th. Truist Financial lowered their price target on Rexford Industrial Realty from $44.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, February 18th. Cantor Fitzgerald dropped their price target on Rexford Industrial Realty from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, February 6th. Finally, Scotiabank cut their price objective on Rexford Industrial Realty from $44.00 to $39.00 and set a “sector perform” rating for the company in a report on Monday, March 2nd. Four research analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rexford Industrial Realty has an average rating of “Hold” and an average price target of $41.92.
Check Out Our Latest Analysis on REXR
About Rexford Industrial Realty (Get Free Report)
Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.
Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.
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Rexford Industrial Realty stands out among industrial REITs with investment-grade credit ratings and low leverage, supporting portfolio stability. REXR's preferred stocks (REXR.PR.B, REXR.PR.C) yield over 6.7%, trade below par, and offer superior risk-adjusted returns versus common shares' modest AFFO yield. Key credit metrics include a 5x Net Debt/EBITDA, 5.8x EBITDA coverage, and 99.25% unencumbered assets, reflecting strong financial flexibility.
, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust ("REIT") focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the first quarter of 2026.
First Quarter 2026 Financial and Operational Highlights (all comparisons to First Quarter 2025)
Net income attributable to common stockholders of $87.9 million, or $0.38 per diluted share, as compared to $68.3 million, or $0.30 per diluted share. Company share of Core FFO of $139.8 million, a decrease of 0.9%. Company share of Core FFO per diluted share of $0.61, a decrease of 1.6%. Total Portfolio NOI of $185.4 million, a decrease of 4.2%. Same Property Portfolio NOI increased 0.9% and Same Property Portfolio Cash NOI decreased 0.4%. Average Same Property Portfolio occupancy of 96.3%. Executed 4.1 million square feet of new and renewal leases. Comparable rental rates decreased by 10.0%, compared to prior rents, on a net effective basis and decreased by 15.4% on a cash basis. Excluding the previously disclosed 1.1 million-square-foot Tireco, Inc. lease extension executed in the first quarter, comparable rental rates increased by 5.5% on a net effective basis and decreased by 1.8% on a cash basis. Stabilized two repositioning and development projects totaling 144,889 square feet. Sold five properties for a total sales price of $127.4 million, including two sites previously in the near-term development pipeline. Repurchased 5,534,357 shares of common stock for $200 million at a weighted average price of $36.14 per share. Subsequent to quarter end, the Board of Directors authorized a new $500 million stock repurchase program. Net Debt to Enterprise Value ratio of 29.2% and Net Debt to Adjusted EBITDAre of 4.5x. On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's previously announced leadership succession plan. On January 1, 2026, David Stockert was appointed as an independent member of the Board. "Rexford delivered strong first quarter results driven by record leasing activity and continued execution of our strategic priorities," said Laura Clark, Chief Executive Officer. "Our focus on prioritizing occupancy and accretive capital recycling drove outperformance and an increase to our full‑year outlook. We are beginning to see early signs of market improvement and remain confident that our disciplined capital allocation, differentiated portfolio and favorable long-term supply‑demand dynamics will enable sustained value creation for our shareholders."
Financial
The Company reported net income attributable to common stockholders for the first quarter of $87.9 million, or $0.38 per diluted share, compared to $68.3 million, or $0.30 per diluted share, for the prior year quarter. Net income in the first quarter includes $26.3 million of gains on sale of real estate and $6.8 million of impairments, as compared to $13.2 million and $0, respectively, for the prior year quarter.
The Company reported its share of Core FFO for the first quarter of $139.8 million, representing a 0.9% decrease compared to $141.0 million for the prior year quarter. Core FFO of $0.61 per diluted share represents a decrease of 1.6% compared to $0.62 per diluted share for the prior year quarter. Company share of Core FFO decreased by $1.2 million, or $0.01 per diluted share year-over-year, primarily driven by higher NOI contributions from repositioning and development and Same Property Portfolio NOI, in addition to lower general and administrative expense related to the Co-CEO transition, offset by termination fee income recognized in the first quarter of 2025.
In the first quarter of 2026, Same Property Portfolio NOI and Cash NOI increased 0.9% and decreased 0.4%, respectively, compared to the prior year quarter. Same Property Portfolio NOI growth was primarily driven by higher average occupancy gains, partially offset by higher tenant reimbursement abatement. Same Property Cash NOI growth was primarily driven by contributions from average occupancy gains and annual contractual rent increases, offset by higher bad debt, lower releasing spreads and higher rent and tenant reimbursement abatement.
Operations
Q1 2026 Leasing Activity
Releasing Spreads(1)
Releasing Spreads Excluding
Tireco, Inc. Lease Extension(2)
# of Leases
Executed
SF of
Leasing
Net Effective
Cash
Net Effective
Cash
New Leases
59
1,296,230
(8.7) %
(12.8) %
(8.7) %
(12.8) %
Renewal Leases
85
2,829,822
(10.3) %
(15.9) %
11.8 %
3.0 %
Total Leases
144
4,126,052
(10.0) %
(15.4) %
5.5 %
(1.8) %
(1)
Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company's supplemental financial reporting package for additional detail related to leasing activity in Q1 2026.
(2)
Excludes the previously disclosed 1.1 million-square-foot lease extension with Tireco, Inc. at 10545 Production Avenue executed in Q1 2026. The lease, which was originally set to expire in January 2027, was extended through April 2030 commencing on February 1, 2027. The above-market, in-place lease rate resulted in a net effective and cash releasing spread of (31.0)% and (33.5)% for the executed lease extension, respectively. This lease extension is not indicative of the Company's projected portfolio releasing spreads given the unique size, adjacent competitive supply and lease structure. The lease includes annual contractual rental rate increases of 2.75% and three months of rent abatement in 2027, in addition to a conversion to a gross lease from a triple net lease, which enables the Company to capture the benefit from any potential reduction in real estate property taxes.
As of March 31, 2026, the Company's Same Property Portfolio ending occupancy was 96.1%. Average Same Property Portfolio occupancy for the first quarter was 96.3%. The Company's total portfolio, excluding repositioning and development assets, was 95.2% occupied and 95.8% leased. The Company's total portfolio, including repositioning and development assets, was 90.7% occupied and 91.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of March 31, 2026.
Repositionings and Developments
During the first quarter of 2026, the Company leased one 37,844-square-foot repositioning project at 1315 Storm Parkway.
During the first quarter, the Company stabilized two repositioning and development projects, totaling 144,889 square feet, representing a total investment of $48.6 million. The projects achieved a weighted average stabilized return on cost of 5.3%.
Dispositions
During the first quarter of 2026, as previously disclosed, the Company disposed of five properties, totaling 314,693 square feet, for an aggregate sales price of $127.4 million, including two sites previously in the near-term development pipeline.
Subsequent to quarter end, the Company disposed of one property previously in the near-term development pipeline:
423-424 Berry Way, Brea, in the Orange County–North submarket for $16.5 million, or $56 per land square foot. The 6.8-acre site was sold vacant to a merchant builder. Through this disposition, the Company expects to preserve approximately $31 million of capital spend that was associated with the development. The Company has approximately $170 million in dispositions under contract or accepted offer, including three properties that were in the near-term development pipeline. These transactions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions.
Balance Sheet
The Company ended the first quarter of 2026 with $1.3 billion of total liquidity, including $51.7 million in unrestricted cash on hand and $1.245 billion available under its unsecured revolving credit facility.
During the first quarter of 2026, the Company repurchased 5,534,357 shares of its common stock for $200 million, at a weighted average price of $36.14 per share. Subsequent to quarter end, the Company's Board of Directors authorized a new $500 million stock repurchase program, which superseded and replaced the prior program and is authorized through April 2028. The Company has full availability under the current program.
As of March 31, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%, and no floating rate debt exposure. The weighted average term-to-maturity of the Company's outstanding debt is 3.0 years with no material debt maturities until 2027.
Dividends
On April 21, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share for the second quarter of 2026, payable in cash on July 15, 2026, to common stockholders and common unit holders of record as of June 30, 2026.
On April 21, 2026, the Company's Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on June 30, 2026, to preferred stockholders of record as of June 15, 2026.
Leadership Transition and Board of Directors
On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeds Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continue to serve as directors on the Board until their terms expire at the 2026 Annual Meeting of Shareholders on May 19, 2026.
On January 1, 2026, David Stockert joined the Company's Board of Directors as an independent member and serves on Board's Audit Committee.
Guidance
The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company's supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.
2026 Outlook
Q1 2026
Updated Guidance
Initial
2026 Guidance
Earnings
Net Income Attributable to Common Stockholders per diluted share(1)
$1.22 - $1.27
$1.15 - $1.20
Company share of Core FFO per diluted share(1)
$2.37 - $2.42
$2.35 - $2.40
Same Property Portfolio(2)
Same Property Portfolio NOI Growth - Net Effective
(2.0)% - (1.0)%
(2.5)% - (1.5)%
Same Property Portfolio NOI Growth - Cash
(1.5)% - (0.5)%
(2.0)% - (1.0)%
Average Same Property Portfolio Occupancy (Full Year)
2026 Net Income and Core FFO Guidance reflects the Company's in-place portfolio as of April 23, 2026, as well as guidance expectations related to investment activity.
(2)
2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through April 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted) and select buildings in "Other Repositioning."
(3)
Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue which stabilized in the first quarter.
A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Supplemental Information and Earnings Presentation
The Company's supplemental financial reporting package as well as an earnings presentation are available on the Company's investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on Friday, April 24, 2026, at 11:00 a.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Conference ID 5314484.
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of March 31, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 414 properties with approximately 50.4 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 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 the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities 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.
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Reconciliation of Net Income to Funds From Operations and Core Funds From Operations" table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company's 2026 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
2026 Estimate
Low
High
Net income attributable to common stockholders
$ 1.22
$ 1.27
Company share of depreciation and amortization
1.24
1.24
Company share of impairment of real estate
0.03
0.03
Company share of gains on sale of real estate
(0.12)
(0.12)
Company share of Core FFO
$ 2.37
$ 2.42
Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, impairment losses of depreciable operating property and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.
NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2026 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through March 31, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through March 31, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of March 31, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.7 million rentable square feet at 342 of our properties.
Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.
Net Debt to Enterprise Value: As of March 31, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.2%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, acquisition expenses, the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs' Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
[email protected]
Financial Statements and Reconciliations
Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
March 31, 2026
December 31, 2025
(unaudited)
ASSETS
Land
$ 7,562,694
$ 7,689,921
Buildings and improvements
4,821,492
4,677,318
Tenant improvements
205,656
198,161
Furniture, fixtures, and equipment
132
132
Construction in progress
327,029
451,109
Total real estate held for investment
12,917,003
13,016,641
Accumulated depreciation
(1,219,932)
(1,165,792)
Investments in real estate, net
11,697,071
11,850,849
Cash and cash equivalents
51,714
165,778
Loan receivable, net
123,819
123,704
Rents and other receivables, net
11,962
13,958
Deferred rent receivable, net
205,398
190,376
Deferred leasing costs, net
92,022
87,745
Deferred loan costs, net
6,382
6,886
Acquired lease intangible assets, net
130,045
140,627
Acquired indefinite-lived intangible asset
5,156
5,156
Interest rate swap assets
4,562
2,025
Other assets
20,500
25,609
Assets associated with real estate held for sale, net
48,761
—
Total Assets
$ 12,397,392
$ 12,612,713
LIABILITIES & EQUITY
Liabilities
Notes payable
$ 3,247,451
$ 3,251,909
Interest rate swap liability
9
829
Accounts payable, accrued expenses and other liabilities
125,007
120,849
Dividends and distributions payable
102,418
103,399
Acquired lease intangible liabilities, net
110,914
116,487
Tenant security deposits
95,219
92,444
Tenant prepaid rents
82,186
88,777
Liabilities associated with real estate held for sale
482
—
Total Liabilities
3,763,686
3,774,694
Equity
Rexford Industrial Realty, Inc. stockholders' equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares
outstanding at March 31, 2026 and December 31, 2025 ($75,000 liquidation
preference)
72,443
72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares
outstanding at March 31, 2026 and December 31, 2025 ($86,250 liquidation
preference)
83,233
83,233
Common Stock,$0.01 par value per share, 489,950,000 authorized and
226,286,486 and 231,580,135 shares outstanding at March 31, 2026 and
December 31, 2025, respectively
2,263
2,316
Additional paid in capital
8,745,875
8,945,123
Cumulative distributions in excess of earnings
(651,692)
(642,130)
Accumulated other comprehensive loss
2,887
(422)
Total stockholders' equity
8,255,009
8,460,563
Noncontrolling interests
378,697
377,456
Total Equity
8,633,706
8,838,019
Total Liabilities and Equity
$ 12,397,392
$ 12,612,713
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
Three Months Ended March 31,
2026
2025
REVENUES
Rental income
$ 242,141
$ 248,821
Management and leasing services
—
142
Interest income
2,937
3,324
TOTAL REVENUES
245,078
252,287
OPERATING EXPENSES
Property expenses
56,763
55,261
General and administrative
14,925
19,868
Depreciation and amortization
72,933
86,740
TOTAL OPERATING EXPENSES
144,621
161,869
OTHER (EXPENSES) INCOME
Other income
1,350
—
Other expenses
(102)
(2,239)
Interest expense
(26,600)
(27,288)
Impairment of real estate
(6,824)
—
Gains on sale of real estate
26,281
13,157
TOTAL OTHER EXPENSES
(5,895)
(16,370)
NET INCOME
94,562
74,048
Less: net income attributable to noncontrolling interests
(3,375)
(2,849)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY,
INC.
91,187
71,199
Less: preferred stock dividends
(2,314)
(2,314)
Less: earnings attributable to participating securities
(1,008)
(539)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
$ 87,865
$ 68,346
Net income attributable to common stockholders per share – basic
$ 0.38
$ 0.30
Net income attributable to common stockholders per share – diluted
$ 0.38
$ 0.30
Weighted-average shares of common stock outstanding – basic
228,312
227,396
Weighted-average shares of common stock outstanding – diluted
228,312
227,396
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
Same Property Portfolio Occupancy
March 31,
2026
2025
Change (basis
points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County
96.9 %
93.2 %
370 bps
Orange County
96.4 %
97.4 %
(100) bps
Riverside / San Bernardino County
95.1 %
97.3 %
(220) bps
San Diego County
97.7 %
97.9 %
(20) bps
Ventura County
94.6 %
91.3 %
330 bps
Same Property Portfolio Weighted Average Occupancy
96.3 %
94.7 %
160 bps
Ending Occupancy:
96.1 %
94.5 %
160 bps
(1)
Calculated by averaging the occupancy rate at the end of each month in 1Q-2026 and December 2025 (for 1Q-2026) and the end of each month in 1Q-2025 and December 2024 (for 1Q-2025).
Same Property Portfolio NOI and Cash NOI
Three Months Ended March 31,
2026
2025
$ Change
% Change
Rental income
$ 211,391
$ 207,919
$ 3,472
1.7 %
Property expenses
47,304
45,350
1,954
4.3 %
Same Property Portfolio NOI
$ 164,087
$ 162,569
$ 1,518
0.9 %
Straight line rental revenue adjustment
(9,971)
(7,454)
(2,517)
33.8 %
Above/(below) market lease revenue adjustments
(4,171)
(4,572)
401
(8.8) %
Same Property Portfolio Cash NOI
$ 149,945
$ 150,543
$ (598)
(0.4) %
Rexford Industrial Realty, Inc.
Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
Three Months Ended March 31,
2026
2025
Net income
$ 94,562
$ 74,048
General and administrative
14,925
19,868
Depreciation and amortization
72,933
86,740
Other expenses
102
2,239
Interest expense
26,600
27,288
Management and leasing services
—
(142)
Other income
(1,350)
—
Interest income
(2,937)
(3,324)
Impairment of real estate
6,824
—
Gains on sale of real estate
(26,281)
(13,157)
Net operating income (NOI)
$ 185,378
$ 193,560
Straight line rental revenue adjustment
(15,136)
(5,517)
Above/(below) market lease revenue adjustments
(4,647)
(9,186)
Cash NOI
$ 165,595
$ 178,857
NOI
$ 185,378
$ 193,560
Non-Same Property Portfolio rental income
(30,750)
(40,902)
Non-Same Property Portfolio property expenses
9,459
9,911
Same Property Portfolio NOI
$ 164,087
$ 162,569
Straight line rental revenue adjustment
(9,971)
(7,454)
Above/(below) market lease revenue adjustments
(4,171)
(4,572)
Same Property Portfolio Cash NOI
$ 149,945
$ 150,543
Rexford Industrial Realty, Inc.
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
Three Months Ended March 31,
2026
2025
Net income
$ 94,562
$ 74,048
Adjustments:
Depreciation and amortization
72,933
86,740
Impairment of real estate
6,824
—
Gains on sale of real estate
(26,281)
(13,157)
Funds From Operations (FFO)
$ 148,038
$ 147,631
Less: preferred stock dividends
(2,314)
(2,314)
Less: FFO attributable to noncontrolling interests(1)
(5,282)
(5,394)
Less: FFO attributable to participating securities(2)
(1,434)
(750)
Company share of FFO
$ 139,008
$ 139,173
Company Share of FFO per common share – basic
$ 0.61
$ 0.61
Company Share of FFO per common share – diluted
$ 0.61
$ 0.61
FFO
$ 148,038
$ 147,631
Adjustments:
Acquisition expenses(3)
—
79
Non-capitalizable demolition costs(3)
—
365
Severance costs(3)(4)
—
1,483
Other nonrecurring expenses(3)(5)
62
—
Core FFO
$ 148,100
$ 149,558
Less: preferred stock dividends
(2,314)
(2,314)
Less: Core FFO attributable to noncontrolling interest(1)
(5,284)
(5,461)
Less: Core FFO attributable to participating securities(2)
(744)
(760)
Company share of Core FFO
$ 139,758
$ 141,023
Company share of Core FFO per common share – basic
$ 0.61
$ 0.62
Company share of Core FFO per common share – diluted
$ 0.61
$ 0.62
Weighted-average shares of common stock outstanding – basic
228,312
227,396
Weighted-average shares of common stock outstanding – diluted
228,312
227,396
(1)
Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(2)
Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. For the three months ended March 31, 2026, Core FFO attributable to participating securities was adjusted to exclude $691 thousand of otherwise allocable Core FFO related solely to transition‑related restricted stock awards that were outstanding as of March 31, 2026.
(3)
Amounts are included in the line item "Other expenses" in the consolidated statements of operations.
(4)
Includes costs associated with workforce reduction and workforce reorganization.
(5)
Reflects nonrecurring advisory service costs.
Rexford Industrial Realty, Inc.
Reconciliation of Net Income to Adjusted EBITDAre
(Unaudited and in thousands)
Three Months Ended
March 31, 2026
Net income
$ 94,562
Interest expense
26,600
Depreciation and amortization
72,933
Impairment of real estate
6,824
Gains on sale of real estate
(26,281)
EBITDAre
$ 174,638
Stock-based compensation amortization
4,063
Other nonrecurring expenses
62
Pro forma effect of dispositions(1)
(206)
Adjusted EBITDAre
$ 178,557
(1)
Represents the estimated impact on first quarter 2026 EBITDAre of first quarter 2026 dispositions as if they had been sold as of January 1, 2026.
Rexford Industrial (REXR - Free Report) came out with quarterly funds from operations (FFO) of $0.61 per share, beating the Zacks Consensus Estimate of $0.6 per share. This compares to FFO of $0.62 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an FFO surprise of +1.46%. A quarter ago, it was expected that this industrial real estate investment trust would post FFO of $0.58 per share when it actually produced FFO of $0.59, delivering a surprise of +1.72%.
Over the last four quarters, the company has surpassed consensus FFO estimates four times.
Rexford Industrial, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $245.08 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 0.04%. This compares to year-ago revenues of $252.29 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.
Rexford Industrial shares have lost about 6.4% since the beginning of the year versus the S&P 500's gain of 4.3%.
What's Next for Rexford Industrial?While Rexford Industrial has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Rexford Industrial was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $0.60 on $244.55 million in revenues for the coming quarter and $2.40 on $998.57 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the same industry, Extra Space Storage (EXR - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on April 28.
This self-storage facility real estate investment trust is expected to post quarterly earnings of $2.01 per share in its upcoming report, which represents a year-over-year change of +0.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Extra Space Storage's revenues are expected to be $850.37 million, up 3.7% from the year-ago quarter.
Rexford Industrial Realty (NYSE:REXR – Get Free Report) and Community Healthcare Trust (NYSE:CHCT – Get Free Report) are both finance companies, but which is the better stock? We will contrast the two businesses based on the strength of their profitability, valuation, risk, dividends, analyst recommendations, institutional ownership and earnings.
Analyst Recommendations This is a breakdown of current ratings and target prices for Rexford Industrial Realty and Community Healthcare Trust, as reported by MarketBeat.com.
Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Rexford Industrial Realty 2 7 4 0 2.15 Community Healthcare Trust 0 3 1 0 2.25 Rexford Industrial Realty presently has a consensus target price of $41.92, suggesting a potential upside of 15.48%. Community Healthcare Trust has a consensus target price of $18.00, suggesting a potential upside of 5.66%. Given Rexford Industrial Realty’s higher probable upside, equities research analysts plainly believe Rexford Industrial Realty is more favorable than Community Healthcare Trust.
Earnings and Valuation This table compares Rexford Industrial Realty and Community Healthcare Trust”s top-line revenue, earnings per share and valuation.
Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Rexford Industrial Realty $1.00 billion 8.13 $212.03 million $0.85 42.71 Community Healthcare Trust $121.19 million 4.02 $5.10 million $0.07 243.37 Rexford Industrial Realty has higher revenue and earnings than Community Healthcare Trust. Rexford Industrial Realty is trading at a lower price-to-earnings ratio than Community Healthcare Trust, indicating that it is currently the more affordable of the two stocks.
Profitability This table compares Rexford Industrial Realty and Community Healthcare Trust’s net margins, return on equity and return on assets.
Net Margins Return on Equity Return on Assets Rexford Industrial Realty 21.03% 2.37% 1.63% Community Healthcare Trust 4.21% 1.16% 0.52% Risk and Volatility Rexford Industrial Realty has a beta of 1.26, indicating that its share price is 26% more volatile than the S&P 500. Comparatively, Community Healthcare Trust has a beta of 0.74, indicating that its share price is 26% less volatile than the S&P 500.
Insider and Institutional Ownership 99.5% of Rexford Industrial Realty shares are held by institutional investors. Comparatively, 87.8% of Community Healthcare Trust shares are held by institutional investors. 1.2% of Rexford Industrial Realty shares are held by insiders. Comparatively, 5.3% of Community Healthcare Trust shares are held by insiders. Strong institutional ownership is an indication that large money managers, hedge funds and endowments believe a company is poised for long-term growth.
Dividends Rexford Industrial Realty pays an annual dividend of $1.74 per share and has a dividend yield of 4.8%. Community Healthcare Trust pays an annual dividend of $1.91 per share and has a dividend yield of 11.2%. Rexford Industrial Realty pays out 204.7% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Community Healthcare Trust pays out 2,728.6% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future. Rexford Industrial Realty has raised its dividend for 4 consecutive years and Community Healthcare Trust has raised its dividend for 3 consecutive years.
Summary Rexford Industrial Realty beats Community Healthcare Trust on 13 of the 17 factors compared between the two stocks.
About Rexford Industrial Realty (Get Free Report)
Rexford Industrial Realty, Inc. is a self-administered and self-managed real estate investment trust, which engages in owning and operating industrial properties in infill markets. The company was founded by Richard S. Ziman on January 18, 2013 and is headquartered in Los Angeles, CA.
About Community Healthcare Trust (Get Free Report)
Community Healthcare Trust Incorporated (the Company”, we”, our”) was organized in the State of Maryland on March 28, 2014. The Company is a fully-integrated healthcare real estate company that owns and acquires real estate properties that are leased to hospitals, doctors, healthcare systems or other healthcare service providers. As of March 31, 2024, the Company had investments of approximately $1.1 billion in 197 real estate properties (including a portion of one property accounted for as a sales-type lease with a gross amount totaling approximately $3.0 million and two properties classified as an asset held for sale with an aggregate amount totaling approximately $7.5 million. The properties are located in 35 states, totaling approximately 4.4 million square feet in the aggregate and were approximately 92.3% leased, excluding real estate assets held for sale, at March 31, 2024 with a weighted average remaining lease term of approximately 6.9 years.
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Rexford Industrial Realty, Inc. (NYSE:REXR – Get Free Report) has earned an average recommendation of “Hold” from the thirteen ratings firms that are covering the stock, MarketBeat.com reports. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $41.9231.
Several analysts have issued reports on REXR shares. Barclays reissued an “underweight” rating on shares of Rexford Industrial Realty in a research note on Tuesday, January 13th. Wall Street Zen raised shares of Rexford Industrial Realty from a “strong sell” rating to a “sell” rating in a research note on Sunday. Weiss Ratings reissued a “hold (c)” rating on shares of Rexford Industrial Realty in a research note on Thursday, January 22nd. Cantor Fitzgerald reduced their target price on shares of Rexford Industrial Realty from $50.00 to $45.00 and set an “overweight” rating on the stock in a research report on Friday, February 6th. Finally, Citigroup reduced their target price on shares of Rexford Industrial Realty from $46.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, February 13th.
Check Out Our Latest Stock Report on REXR
Rexford Industrial Realty Stock Up 0.0% Shares of NYSE REXR opened at $35.48 on Monday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.50 and a quick ratio of 2.51. The company has a market cap of $7.97 billion, a P/E ratio of 38.15, a PEG ratio of 2.58 and a beta of 1.26. Rexford Industrial Realty has a 1 year low of $32.14 and a 1 year high of $44.38. The firm has a 50-day simple moving average of $35.37 and a two-hundred day simple moving average of $38.77.
Rexford Industrial Realty (NYSE:REXR – Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The real estate investment trust reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.11. The business had revenue of $242.14 million during the quarter, compared to the consensus estimate of $243.79 million. Rexford Industrial Realty had a net margin of 23.25% and a return on equity of 2.64%. The firm’s quarterly revenue was down 2.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. Rexford Industrial Realty has set its FY 2026 guidance at 2.370-2.42 EPS. Research analysts anticipate that Rexford Industrial Realty will post 2.39 earnings per share for the current year.
Rexford Industrial Realty Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.435 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.9%. Rexford Industrial Realty’s dividend payout ratio (DPR) is 187.10%.
Rexford Industrial Realty News Roundup Here are the key news stories impacting Rexford Industrial Realty this week:
Positive Sentiment: Quarterly EPS and net income beat consensus — Rexford reported net income of $87.9M, or $0.38 per diluted share, topping consensus and showing year‑over‑year improvement in net income. Rexford Industrial Announces First Quarter 2026 Financial Results Positive Sentiment: FFO slightly beat estimates — Q1 funds from operations were $0.61/sh versus the Zacks consensus $0.60, a modest positive for REIT valuation metrics. Rexford Industrial (REXR) Q1 FFO Beat Estimates Positive Sentiment: Dividend increased/declared — Rexford declared a quarterly dividend of $0.435 per share (annualized yield ~4.8%), which supports income‑oriented holders and may attract dividend investors. REXR Stock Page Neutral Sentiment: Relative peer comparison published — A financial survey comparing REXR to Community Healthcare Trust provides a refreshed view of valuation, dividends and institutional ownership but contains no new company‑specific catalysts. Financial Survey: Rexford Industrial Realty (NYSE:REXR) versus Community Healthcare Trust (NYSE:CHCT) Negative Sentiment: Revenue miss and y/y revenue decline — Q1 revenue was $242.14M, slightly below consensus (~$243.8M) and down ~2.9% y/y, raising questions about near‑term demand in its Southern California industrial portfolio. Rexford Industrial Announces First Quarter 2026 Financial Results Negative Sentiment: FY‑2026 EPS guidance is conservative relative to consensus — Management set full‑year EPS guidance at 2.370–2.42, roughly in line with but slightly under consensus (2.40), which may temper upside expectations. Press Release / Slide Deck Insider Activity at Rexford Industrial Realty In related news, Director David P. Stockert bought 5,000 shares of Rexford Industrial Realty stock in a transaction dated Friday, February 27th. The shares were acquired at an average cost of $37.39 per share, with a total value of $186,950.00. Following the completion of the transaction, the director owned 6,829 shares in the company, valued at $255,336.31. The trade was a 273.37% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Michael Fitzmaurice bought 2,650 shares of Rexford Industrial Realty stock in a transaction dated Friday, February 27th. The shares were bought at an average cost of $37.55 per share, for a total transaction of $99,507.50. Following the completion of the transaction, the chief financial officer owned 14,133 shares of the company’s stock, valued at approximately $530,694.15. This trade represents a 23.08% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders acquired 12,960 shares of company stock valued at $486,804. 1.80% of the stock is owned by insiders.
Hedge Funds Weigh In On Rexford Industrial Realty A number of institutional investors have recently modified their holdings of the stock. EverSource Wealth Advisors LLC increased its position in shares of Rexford Industrial Realty by 7.4% during the third quarter. EverSource Wealth Advisors LLC now owns 3,493 shares of the real estate investment trust’s stock worth $144,000 after acquiring an additional 241 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Rexford Industrial Realty by 6.0% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,185 shares of the real estate investment trust’s stock worth $213,000 after acquiring an additional 293 shares during the period. Covestor Ltd increased its position in shares of Rexford Industrial Realty by 6.2% during the third quarter. Covestor Ltd now owns 6,161 shares of the real estate investment trust’s stock worth $253,000 after acquiring an additional 359 shares during the period. Lazard Asset Management LLC increased its position in shares of Rexford Industrial Realty by 1.0% during the second quarter. Lazard Asset Management LLC now owns 35,475 shares of the real estate investment trust’s stock worth $1,261,000 after acquiring an additional 362 shares during the period. Finally, IFM Investors Pty Ltd increased its position in shares of Rexford Industrial Realty by 1.0% during the first quarter. IFM Investors Pty Ltd now owns 38,360 shares of the real estate investment trust’s stock worth $1,256,000 after acquiring an additional 370 shares during the period. 99.52% of the stock is owned by hedge funds and other institutional investors.
About Rexford Industrial Realty (Get Free Report)
Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.
Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.
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Rexford Industrial Realty offers a rare pure play on Southern California infill industrial real estate, benefiting from lasting supply-demand imbalances. REXR trades at a 14% discount to fair value (P/FFO 15.5 vs. 18), reflecting slower near-term earnings growth but consistent long-term fundamentals. Despite rental resets and occupancy pressures, REXR projects 5%–10% re-leasing spreads and maintains a stable BBB+ balance sheet, supporting 4% annual core FFO/share growth.
, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced that the Company will present at Nareit's REITweek: 2026 Investor Conference on June 3, 2026 at 2:45 p.m. ET.
A live webcast and replay of the presentation will be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of March 31, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 414 properties with approximately 50.4 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 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 the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities 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.
Contact
Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
[email protected]
, /PRNewswire/ -- Rexford Industrial Realty, Inc. (the "Company" or "Rexford Industrial") (NYSE: REXR), a real estate investment trust focused on creating value by investing in and operating industrial properties throughout infill Southern California, today published its 2025 Environmental, Social and Governance Impact (ESGi) Report.
"Our ESGi Report reflects continued progress integrating sustainability across our strategy and operations — from reducing emissions to strengthening our commitment to our team and communities," said Laura Clark, Chief Executive Officer. "We remain focused on building a resilient and efficient industrial platform that drives durable value creation for our shareholders."
Rexford Industrial's sustainability efforts continue to earn recognition from leading global institutions. The Company was named an S&P Global Sustainability Yearbook Member, a designation for the top 15% of real estate investment trusts. Rexford Industrial also earned GRESB Sector Leader status and holds the Platinum Green Lease Leader designation.
To access our 2025 ESGi Report and associated ESGi Data Book, as well as learn more about our ESG goals, please visit rexfordindustrial.com/ESG.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company's highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of March 31, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 414 properties with approximately 50.4 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker "REXR," Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "predicts," or "potential" or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. 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 the U.S. Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities 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.
Contact
Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
[email protected]
Rexford Industrial Realty is downgraded to hold due to persistent softness in leasing spreads, occupancy, and net absorption in infill markets. REXR's current valuation offers no margin of safety, with shares trading at an 8.74% discount to invested capital, closely matching the justified discount. Management has shifted to a defensive posture, prioritizing occupancy, asset dispositions, and share repurchases over acquisitions amid a negative investment spread.
Rental properties are far less passive than gurus suggest. One bad tenant can quickly ruin the math. Public REITs offer similar benefits with far less effort.
On June 09, 2026, Rexford Industrial Realty Inc REXR shares rose 3.0%, bringing the current price to $34.99. Despite today's gain, the stock has experienced a decline of 8.4% year-to-date and is trading within a 52-week range of $32.14 to $44.38.
GF Value™ verdict: The current price of $34.99 is 18.6% below the GF Value™ estimate of $42.98.GF Score™: 89/100, indicating a strong potential for long-term returns.Notable signal: Insider activity shows that insiders sold $2.0M worth of shares in the last 3 months, with no purchases recorded. Is REXR Overvalued or Undervalued? Rexford Industrial Realty Inc's current price of $34.99 is significantly lower than the estimated GF Value™ of $42.98, indicating that the stock is undervalued by approximately 18.6%. This margin of safety suggests an opportunity for investors, as the stock may have room to appreciate towards its intrinsic value. The GF Valuation label classifies REXR as "Modestly Undervalued," which implies that while there is potential for price recovery, investors should remain cautious of market volatility and economic factors that could impact the stock's performance.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current pricing dynamics, REXR presents an interesting case for examination, particularly in light of its strong GF Score™ and favorable profitability and growth rankings.
How Does REXR's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 37.6x 48.3x Forward P/E 29.7x N/A The current P/E (TTM) of 37.6x is notably below its 5-year median P/E of 48.3x, indicating that REXR is trading at a lower valuation compared to its historical performance. Furthermore, the forward P/E of 29.7x reflects a potentially attractive valuation moving forward. This P/E analysis aligns with the GF Value™ verdict of being undervalued, reinforcing the notion that REXR may offer an attractive opportunity in a recovering market.
What Does REXR's GF Score™ Tell Us? Metric Rating GF Score™ 89 Financial Strength 5/10 Profitability 9/10 Growth 9/10 Valuation 8/10 Momentum 5/10 The GF Score™ of 89/100 indicates a strong investment profile, particularly in the areas of profitability and growth, both rated at 9/10. However, the financial strength rating of 5/10 suggests some areas of concern, potentially related to leverage or liquidity. The valuation score of 8/10 further supports the notion that the stock is undervalued, while the momentum score of 5/10 indicates mixed signals regarding recent price movements.
What Are Insiders Doing with REXR Stock? Recent insider activity regarding Rexford Industrial Realty Inc has shown a concerning trend, with insiders selling $2.0 million worth of shares over the past three months, without any reported purchases. This pattern may suggest a lack of confidence among insiders about the stock's short-term performance. While insider selling can sometimes indicate potential issues within the company, it is essential to consider broader market conditions and company fundamentals before drawing conclusions.
What This Means for Investors Based on the analysis of GF Value™, REXR appears to be undervalued at its current price of $34.99, presenting a potential opportunity for investors. However, the recent insider selling and mixed momentum signals warrant caution. Investors should weigh these factors carefully when considering their investment strategies.
For the complete analysis, visit the Rexford Industrial Realty Inc REXR stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is REXR's GF Score™?
REXR's GF Score™ is 89/100, indicating a strong potential for long-term returns based on key financial metrics.
Is REXR overvalued or undervalued?
REXR is currently undervalued, with a GF Value™ estimate of $42.98 compared to its current price of $34.99.
What is REXR's P/E ratio?
REXR's P/E (TTM) is 37.6x, which is below its 5-year median P/E of 48.3x, suggesting the stock is trading at a lower valuation historically.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
