Rexford Industrial reported third quarter 2026 revenue of $239.1 million, exceeding analyst estimates, and Core FFO of $0.60 per share. The company successfully executed a massive $1.2 billion portfolio sale in September, part of a $1.5 billion year-to-date disposition program aimed at sharpening the Southern California infill portfolio and improving balance sheet flexibility. While cash rental spreads were slightly negative at -3.0%, the company saw a significant 200 basis point sequential increase in same-property occupancy to 96.9%.
Key Highlights
- Raised full-year 2026 Core FFO per share guidance to a range of $2.41 to $2.44, up from the previous midpoint of $2.405.
- Disposed of 25 properties in the third quarter for $1.3 billion, including the previously announced 22-property portfolio transaction.
- Executed 3.7 million square feet of leasing activity, achieving net effective rent spreads of 7.1%.
- Repurchased 10.9 million shares of common stock for $408.7 million at a weighted average price of $37.59 per share.
- Strengthened capital structure by reducing Net Debt to Adjusted EBITDAre to 3.8x from 4.5x in the previous quarter.