REXR

Track your investments for FREE with Simply Wall St, the portfolio command center trusted by over 7 million individual investors worldwide. Rexford Industrial Realty stock has delivered a decline of 25.3% over the past five years, yet at around US$39 per share the market is still pricing it at levels where the Discounted Cash Flow (DCF) estimate points to roughly fair value, while the broader valuation checks lean toward the shares not looking especially cheap. The 25.3% share price decline over five years leaves long term holders with a negative return, which can make the current valuation more sensitive to how future cash flows unfold. Recent earnings strength and a sizeable portfolio reshaping program may support confidence in Rexford Industrial Realty's cash flow outlook, but execution risk around asset sales, capital allocation and the stock repurchase program can affect how much value ultimately reaches shareholders. The company scores 1 out of 6 on the value checks, which suggests Rexford Industrial Realty screens as relatively expensive rather than a clear bargain on the broader set of metrics. The stock's next move may depend on whether investors conclude that paying close to the DCF based intrinsic value for Rexford Industrial Realty still leaves enough room for a margin of safety after a difficult five year stretch. Find out why Rexford Industrial Realty's 8.7% return over the last year is lagging behind its peers. The Discounted Cash Flow (DCF) model here uses adjusted funds from operations to estimate what Rexford Industrial Realty might be worth based on its future cash generation. On the latest figures, the company produced around $518.7 million in free cash flow over the last twelve months, and the model assumes cash flows that broadly grow from this base rather than fall away. On these inputs, the DCF model points to an estimated intrinsic value of about $36 per share, which sits below the recent share price around $39, implying the stock screens as roughly 7.7% overvalued. Rexford Industrial Realty’s recently reported Q2 earnings and new $1.0b stock repurchase authorization help explain why the market is willing to price the shares a little above what the cash flow model suggests is a middle ground value. On balance, the Discounted Cash Flow output indicates Rexford Industrial Realty currently looks about fairly valued, with the share price sitting only modestly above the model’s intrinsic value estimate. Rexford Industrial Realty is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Rexford Industrial Realty. P/S is often a useful cross check for a REIT such as Rexford Industrial Realty because it compares what you pay for each dollar of revenue with what similar companies trade for. It also sidesteps the accounting quirks that can distort P/E for real estate businesses. Rexford Industrial Realty trades at a P/S of about 8.8x, which sits very close to the Industrial REITs industry average of roughly 8.8x. Against its peer group, which sits nearer 12.9x, the stock changes hands at a discount. This suggests investors are not paying as rich a revenue multiple as for some competitors. The tailored fair P/S ratio for Rexford Industrial Realty is estimated at around 6.5x, taking into account factors such as its growth profile, margins, scale and risk. That is meaningfully lower than the current 8.8x multiple. This indicates the shares may be pricing in a fuller outlook than this framework would support. On the P/S multiple, Rexford Industrial Realty stock appears overvalued relative to the fair ratio implied by its fundamentals. See what the numbers say about this price — find out in our valuation breakdown. Simply Wall St Narratives for Rexford Industrial Realty pick up where this valuation puzzle leaves off by spelling out the specific assumptions on growth, margins and earnings that would need to hold for the stock to be worth materially more or less than its current price, and they sit on the company's Community page. Rather than relying on a single multiple or model output, each narrative lays out the key inputs behind its view of fair value so you can compare those assumptions with Rexford Industrial Realty's actual results over time. Add your voice to the Simply Wall St community by sharing a Narrative on Rexford Industrial Realty that sets out your number driven view on whether its recent stock repurchase program and portfolio realignment deliver for shareholders over time. This is a chance to put a clear thesis on record and then see how it holds up as new results and updates on Rexford Industrial Realty's plans emerge. Do you think there's more to the story for Rexford Industrial Realty? Head over to our Community to see what others are saying! For Rexford Industrial Realty, the Discounted Cash Flow (DCF) estimate sits close to the current share price, so the intrinsic value view points to a stock that is not obviously cheap. The market multiples, however, suggest Rexford Industrial Realty screens as overvalued relative to a tailored fair P/S ratio, and the broader valuation checks are not especially supportive. The tension between these frameworks comes down to how confidently you view the company’s future cash flows versus the growth and sentiment embedded in its current P/S. The key question now is whether execution on asset sales, capital allocation and buybacks can justify the richer multiple over time. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include REXR. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management is executing a comprehensive $2 billion non-core asset disposition plan to exit properties with limited value creation potential and elevated supply risk. The realignment targets assets with shorter lease durations and in-place rents approximately 20% above market to eliminate future rent roll-down headwinds. Second quarter core FFO performance was driven by accretive share buybacks, settlement income, and lower G&A, while leasing volume increased by 2 million square feet compared to the first half of last year. Strategic positioning focuses on 43 million square feet of core assets in infill Southern California, a market characterized by multi-decade lows in supply under construction. Operational rigor remains a priority, with management identifying $3 million in quarterly G&A savings, totaling $22 million in reductions since 2025. The company is leveraging a valuation gap between public and private markets to recycle capital into higher risk-adjusted return opportunities like share buybacks. Management expects the vast majority of the $2 billion in planned dispositions to be completed by the end of 2026. Proceeds are earmarked to repay $1 billion in debt maturing in 2027, aiming to reduce net debt to adjusted EBITDA to 3.5x from the current 4.5x. Guidance assumes that capital recycling will be neutral to accretive to 2027 FFO per share by avoiding high-rate refinancing and eliminating negative rent marks. The company authorized a new $1 billion share repurchase program to opportunistically buy back stock at a discount to intrinsic value. Management anticipates market inflection as positive net absorption continues, though they expect leasing spreads to remain under pressure in the near term due to peak-market lease expirations. A $625 million non-cash impairment charge was recognized due to the shortened holding period for assets identified in the new disposition plan. Full-year core FFO guidance was raised by $0.01 at the midpoint, reflecting better same-property NOI and lower G&A, despite modest dilution from recycling timing. Same-property NOI growth outlook was increased by 75 basis points, primarily due to the removal of lower-growth assets from the pool. Management noted a $3 million G&A savings this quarter as part of an ongoing structural cost review. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management clarified that the 4.1% interest savings from debt repayment, combined with eliminating 20% rent roll-down risks, makes the plan neutral to accretive. The dividend is considered safe as the realignment strengthens cash flow durability and the overall balance sheet. Positive net absorption in Greater LA and Inland Empire West is seen as a precursor to market inflection. Demand is strongest for spaces under 50,000 square feet, while Class A product in Orange County remains under pressure due to previous supply spikes. Rexford is in advanced negotiations for a substantial portion of the assets via a portfolio sale to institutional buyers. Management expressed high confidence in closing the majority of sales by year-end due to increased institutional demand for infill Southern California assets. The charge was triggered specifically by the intent to sell assets bought at the market peak and does not indicate broader portfolio risk. The sales are expected to result in tax losses that will offset gains, eliminating the need for a special dividend.

Interested in Rexford Industrial Realty, Inc.? Here are five stocks we like better. Rexford plans a major portfolio reset, targeting the sale of about $1.5 billion to $2 billion of non-core industrial assets. The company says most of the proceeds will go toward debt reduction, share repurchases, and higher-return investments. Balance sheet improvement is a major priority: Rexford expects to use roughly $1 billion of sale proceeds to pay down 2027 debt, which should cut net debt to adjusted EBITDA to about 3.5x from 4.5x. The board also approved a new $1 billion buyback program after the company repurchased $100 million of stock in Q2. Second-quarter results were steady, with guidance moving higher. Core FFO came in at $0.63 per share, occupancy improved to 95.1%, and management lifted full-year Core FFO and same-property NOI outlooks while lowering G&A guidance. Three Oversold REITs With Strong Fundamentals 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. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Hunting for High-Yield Bargains? 2 REITs to Consider 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. 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. → GE Vernova Just Sent a Mixed AI Signal to Investors 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. → D-Wave Quantum or a Quantum ETF: Which Is the Better Bet? 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 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. 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. 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. 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]. The article "Rexford Industrial Realty Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Leasing Volume: Up 50% year-to-date compared to last year. Core FFO per Share: $0.63 for the second quarter, $0.02 above the first quarter. Same-Property NOI Growth: 1.5% on a cash basis and negative 0.5% on a net effective basis. Same-Property Ending Occupancy: 95.1%, up 30 basis points year over year. Net Debt to Adjusted EBITDA: 4.5 times, with plans to reduce to 3.5 times. Total Liquidity: Approximately $1.3 billion. Share Buybacks: $100 million in the quarter, approximately 3 million shares at an average price of $36. New Share Repurchase Program: Authorized $1 billion. Interest Expense Guidance: Reduced to $105 million for 2026. G&A Savings: Additional $3 million this quarter, totaling $22 million since 2025. Cash Re-Leasing Spreads: Negative 11.3% for the quarter. Impairment Charge: $625 million recognized this quarter, excluded from core FFO. Warning! GuruFocus has detected 6 Warning Signs with REXR. Is REXR fairly valued? Test your thesis with our free DCF calculator. Release Date: July 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Leasing volume increased by 50% year-to-date compared to the previous year. Rexford Industrial Realty Inc (NYSE:REXR) raised its core FFO per share guidance for the second consecutive quarter. The company announced a comprehensive portfolio realignment, planning to dispose of approximately $2 billion of non-core assets to enhance portfolio quality. Operational rigor led to an additional $3 million in G&A savings this quarter, totaling $22 million since 2025. The infill Southern California industrial market is experiencing positive net absorption and lower market vacancy, indicating improving fundamentals. Cash re-leasing spreads for the quarter were negative 11.3%, primarily due to rent roll downs from leases signed at the market peak. Orange County experienced negative net absorption, with market rents declining over 1% sequentially. The company recognized a $625 million impairment charge this quarter due to the shortened holding period on non-core assets. Rexford Industrial Realty Inc (NYSE:REXR) expects continued pressure on re-leasing spreads due to leases signed at peak market rates rolling over the next few years. The company's average occupancy declined by 60 basis points quarter-over-quarter, driven by larger move-outs, including one due to bankruptcy. Q: How should we think about the dilution from the planned dispositions impacting 2027 earnings, and how are you managing the proceeds? A: Laura Clark, CEO, mentioned that while they are in advanced negotiations for the dispositions, disclosing cap rates now could impact execution. They expect pricing that allows for neutral to accretive redeployment of proceeds for 2027 FFO per share. Michael Fitzmaurice, CFO, added that they plan to use proceeds to repay debt maturing in 2027 and will be opportunistic with share repurchases, aiming for neutral to accretive outcomes. Q: Can you expand on the positive signs in the Southern California market and where you see improvements or weaknesses? A: John Nahas, COO, noted strength in spaces under 50,000 square feet across submarkets. Larger spaces over 100,000 square feet show varied performance. Positive net absorption was seen in Greater LA, while Orange County faced challenges due to elevated supply. They are optimistic about continued improvement as net absorption trends positively. Q: How do you justify the potential accretion of the portfolio realignment given the roll-down risk and cap rates? A: Michael Fitzmaurice, CFO, explained that the interest savings from debt repayment and the potential for accretive share buybacks contribute to accretion. The roll-down risk is mitigated by selling assets with steep resets, and the transaction is expected to be neutral to accretive for 2027. Q: Can you clarify the impairment charge and its impact on the planned dispositions? A: Michael Fitzmaurice, CFO, clarified that the impairment charge was triggered by the intent to sell assets bought at market peaks. It does not indicate broader portfolio impairment risk. The tax losses from these sales will offset any gains, negating the need for a special dividend. Q: How do you view the intrinsic value of Rexford and the gap between public and private valuations? A: Michael Fitzmaurice, CFO, emphasized that share price is a key factor in assessing buybacks, alongside balance sheet leverage and capital use. The buybacks have been accretive to FFO and NAV per share, with yields between 6% and 7%, and they remain committed to this strategy. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Raises 2026 Core FFO per share guidance Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion LOS ANGELES, July 23, 2026 /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 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. 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. 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 BettisworthSVP, Investor Relations and Capital Markets(310) [email protected] View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-second-quarter-2026-financial-results-302833689.html

LOS ANGELES, June 29, 2026 /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. ContactDoug BettisworthSVP, Investor Relations and Capital Markets(310) [email protected] View original content:https://www.prnewswire.com/news-releases/rexford-industrial-announces-dates-for-second-quarter-2026-earnings-release-and-conference-call-302813590.html

The S&P 500 Index ($SPX) (SPY) today is down -0.15%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.23%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up +0.30%.  June E-mini S&P futures (ESM26) are down -0.17%, and June E-mini Nasdaq futures (NQM26) are up +0.24%. Stock indexes are mixed today, with the Dow Jones Industrials posting a new all-time high.  Strength in chipmakers is leading the overall market higher.  Stocks also garnered support on better-than-expected US economic reports on US May retail sales, a sign of resilient consumer demand, and May pending home sales.  Weakness in telecommunication and trucking stocks is limiting gains in the overall market. Rocket Lab vs. Redwire: 1 Stock Has the Stronger Growth Story for the Next Decade Dear SpaceX Stock Fans, Mark Your Calendars for June 16 Dear Western Digital Stock Fans, Mark Your Calendars for June 22 Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Subscribe today! Stocks also have carryover support from Monday after the US and Iran agreed to end their war and reopen the Strait of Hormuz, knocking crude oil prices down to a 3.5-month low and stoking risk-on sentiment in asset markets. The market’s focus will be on the conclusion of today’s 2-day FOMC meeting, the first under the leadership of new Fed Chair Kevin Warsh. While the Fed is expected to keep interest rates unchanged, the spotlight will be on how Mr. Warsh navigates the post-meeting press conference and the outlook for inflation. US MBA mortgage applications fell -3.8% in the week ended June 12, with the purchase mortgage sub-index down -3.4% and the refinancing mortgage sub-index down -4.5%.  The average 30-year fixed rate mortgage was unchanged from last week at 6.60%. US May retail sales rose +0.9% m/m, stronger than expectations of +0.6% m/m.  Also, May retail sales ex-autos rose +0.8% m/m, stronger than expectations of +0.6% m/m. US May pending home sales rose +3.8% m/m, stronger than expectations of +0.9% m/m and the biggest increase in 20 months. WTI crude oil prices (CLN26) recovered from a 3.5-month low today and are moving higher as prices consolidate following this week’s plunge.  The eventual resumption of vessel traffic through the Strait of Hormuz could lead to the release of more than 100 laden ships carrying oil from Middle Eastern countries other than Iran that are stuck in the Persian Gulf, effectively releasing stockpiles into the market.  Goldman Sachs on Tuesday cut its price forecast on Brent crude to $80 a barrel in Q4 of this year, down from $90 a barrel, and said it expects Persian Gulf crude exports to return to pre-war levels by the end of July, one month earlier than previously expected. The markets are discounting a 5% chance of a +25 bp rate hike at the conclusion of today’s FOMC meeting. Overseas stock markets are higher today.  The Euro Stoxx 50 rallied to a new record high and is up +0.62%.  China's Shanghai Composite rose to a 2.5-week high and closed up +0.40%.  Japan’s Nikkei-225 Stock Average climbed to a new all-time high and closed up +0.72%. Interest Rates September 10-year T-notes (ZNU6) today are down -3 ticks, and the 10-year T-note yield is up +1.2 bp to 4.434%.  Sep T-notes are moving lower today after US reports showed May retail sales and May pending home sales rose more than expected, a hawkish factor for Fed policy.  Also, today’s stock strength has reduced safe-haven demand for T-notes.  Losses in T-notes are limited in hopes for a less hawkish FOMC meeting today, given that oil prices should decline over time if the Strait of Hormuz reopens as expected. European government bond yields are moving lower today.  The 10-year German bund yield fell to a 1.75-month low of 2.914% and is down -0.3 bp to 2.927%.  The 10-year UK gilt yield fell to a 2-month low of 4.734% and is down -3.3 bp to 4.755%. Eurozone May core CPI was revised upward to 2.6% y/y from the previously reported 2.5% y/y, the strongest pace of increase in 13 months. ECB Governing Council member Gediminas Simkus said that the "pass-through of the increase in energy and other raw material prices to the market has already occurred," and "at least one more rate increase is certainly more likely than not." UK May CPI rose 2.8% y/y, weaker than expectations of 3.0% y/y. May core CPI rose 2.6% y/y, weaker than expectations of 2.7% y/y. Swaps are discounting a 15% chance of a +25 bp ECB rate hike at its next policy meeting on July 23. US Stock Movers Chipmakers are rebounding today, recovering some of Tuesday’s sharp losses.  Applied Materials (AMAT) is up more than +8% to lead gainers in the S&P 500 and Nasdaq 100, and ASML Holding NV (ASML), ARM Holdings Plc (ARM), and Lam Research (LRCX) are up more than +5%.  Also, Broadcom (AVGO) and Marvell Technology (MRVL) are up more than +4%, and KLA Corp (KLAC) and (INTC) are up more than +3%.  In addition, Advanced Micro Devices (AMD) is up more than +2%, and Analog Devices (ADI), Micron Technology (MU), NXP Semiconductors NV (NXPI), and Qualcomm (QCOM) are up more than +1%. The Magnificent Seven technology stocks are moving lower today, weighing on the broader market.  Meta Platforms (META) is down more than -3% to lead losers in the Nasdaq 100, and Alphabet (GOOGL) and Amazon.com (AMZN) are down more than-2%.  Also, Microsoft (MSFT) and Tesla (TSLA) are down more than -1%.  In addition, Apple (AAPL) is down -0.64% and Nvidia (NVDA) is down -0.50%. Telecommunication stocks are under pressure today, a negative factor for the overall market.  Charter Communications (CHTR), Verizon Communications (VZ), and AT&T (T) are down more than -2%.  Also, Comcast Corp (CMCSA) is down more than -1%. Trucking stocks are sliding today for a third day after Citigroup on Monday warned that the recent rally in trucking and logistics stocks had been overdone.  RXO Inc (RXO) is down more than -4%, and Old Dominion Freight Line (ODFL), ArcBest (ARCB), and XPO Inc (XPO) are down more than -3%.  Also, Knight-Swift Transportation Holdings (KNX) and FedEx Freight Holdings (FDXF) are down more than -2%. UniQure NV (QURE) is up more than +77% after saying the FDA allowed 3-year data from its Phase I/II study of AMT-130 for Huntington’s disease to be acceptable as the primary basis for an application for accelerated approval. Wabash National Corp (WNC) is up more than +21% after D.A. Davidson upgraded the stock to buy from neutral with a price target of $20. La-Z-Boy (LZB) is up more than +15% after reporting Q4 adjusted EPS of $1.26, stronger than the consensus of 83 cents. Aehr Test Systems (AEHR) is up more than +11% after saying it received a follow-on production order for a fully automated FOX-XP wafer-level burn-in (WLBI) system. Credicorp Ltd (BAP) is up more than +7% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $480. Figma Inc (FIG) is up more than +5% after Citigroup initiated coverage on the stock with a recommendation of buy and a price target of $36. Jabil (JBL) is up more than +4% after reporting Q3 net revenue of $8.80 billion, better than the consensus of $8.54 billion, and raised its full-year net revenue forecast to $35 billion from $34 billion, stronger than the consensus of $34.24 billion. Charles River Laboratories International (CRL) is up more than +2% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $220. Ormat Technologies (ORA) is down more than -4% after Bernstein initiated coverage on the stock with a recommendation of underperform and a price target of $115. CME Group (CME) is down more than -3% after announcing that CEO Terry Duffy is stepping down and CFO Lynne Fitzpatrick will replace him on March 1, 2027. Rexford Industrial Realty (REXR) is down more than -2% after JPMorgan Chase downgraded the stock to underweight from neutral with a price target of $25. Leidos Holdings (LDOS) is down more than -2% after Bank of America Global Research downgraded the stock to neutral from buy. ResMed (RMD) is down more than -2% after Morgan Stanley downgraded the stock to equal weight from overweight. Earnings Reports(6/17/2026) CarMax Inc (KMX), Jabil Inc (JBL), Safe Bulkers Inc (SB), Smith & Wesson Brands Inc (SWBI). On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

Leasing momentum despite soft market: Rexford reported a record 4.1 million square feet of leasing (over 70% higher year‑over‑year) and vacancy interest rose to ~90%, but Southern California fundamentals remain pressured with negative net absorption and quarter‑over‑quarter rent declines. Capital recycling and buybacks central to strategy: Management closed $144 million of dispositions (with ~$170 million under contract), sold five assets in the quarter, and repurchased $200 million of shares in Q1 ( $450 million cumulative), using sale proceeds to buy back stock at a discount to intrinsic value. Outlook and balance‑sheet position improved: Core FFO was $0.61, the company raised its 2026 core FFO and same‑property NOI midpoints and boosted expected average occupancy to ~95.1–95.6%, while ending the quarter at 4.5x net debt/adjusted EBITDA with $1.3 billion of liquidity and no significant maturities until 2027. Interested in Rexford Industrial Realty, Inc.? Here are five stocks we like better. Three Oversold REITs With Strong Fundamentals Rexford Industrial Realty (NYSE:REXR) reported first-quarter 2026 results highlighted by record leasing volume, continued capital recycling through asset sales and share repurchases, and an increase to full-year guidance as the company emphasized a strategy focused on occupancy and balance sheet flexibility amid still-pressured Southern California industrial fundamentals. CEO Laura Clark said the company “delivered a strong quarter,” pointing to a record 4.1 million square feet of leasing activity. Clark said leasing activity in the Rexford portfolio was “over 70% higher year-over-year,” and added that interest in the company’s vacant spaces increased to “approximately 90%” compared with 75% last quarter and a year ago. She noted that leasing momentum built through the quarter, with “the majority of our leases executed in the second half of the quarter.” → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price Hunting for High-Yield Bargains? 2 REITs to Consider COO John Nahas said the 4.1 million square feet of leasing was comprised of 144 deals averaging 29,000 square feet, with approximately 70% from renewals. He highlighted the renewal of Tireco at a 1.1 million-square-foot building on Production Avenue in Inland Empire West. Cash re-leasing spreads in the quarter were negative 15.4% including Tireco, and negative 1.8% excluding the Tireco renewal, which Nahas said was in line with expectations. He characterized the Tireco renewal as strategic, citing visibility into a nearby potential vacancy that could have provided a relocation option for the tenant, as well as the cost and downtime risk associated with a potential vacancy next year. Nahas also said Rexford limited the extension term to three years and converted the lease to gross, enabling the company to collect “a material reduction in property tax assessments anticipated to occur over the term.” → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank While the Tireco renewal produced an approximately 30% negative spread, Nahas said the impact was magnified by “the above market in-place rent” from the prior extension and “is not indicative of future leasing spreads in the portfolio.” Clark said the first quarter reflected “a shift across the market” with increased tenant activity and higher leasing volumes, while acknowledging that “demand in certain submarkets and product types remains soft and market fundamentals are still under pressure.” She said the company views the improvement as “a necessary precursor to broader stabilization,” with the potential for eventual tightening in availability and lower vacancy. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report Nahas said demand continued to come from consumption-related sectors including construction-related uses, food and beverage, and automotive businesses. He added that the company has “not seen a negative impact on demand related to the current geopolitical conflict.” He described a bifurcated demand environment by size and location: Demand for spaces under 50,000 square feet “remains healthy and well diversified,” according to Nahas. For spaces over 50,000 square feet, tenant activity is “more submarket dependent,” with tenants generally seeking functional space “that can be leased at value rates.” Nahas said Class A product in certain submarkets—San Fernando Valley, Orange County, and San Gabriel Valley—continued to see slower activity, which has contributed to delayed rent commencement on development projects delivered in those markets. He cited increased activity from 3PLs in Inland Empire West and from advanced manufacturers in parts of the San Fernando Valley and South Bay, referencing the stabilization of a repositioning project at 1315 Storm Parkway, a 38,000-square-foot South Bay building leased to an advanced manufacturer. Despite improved activity, Nahas said the overall infill Southern California market continued to experience negative net absorption, with vacancy up 20 basis points and rents declining approximately 70 basis points versus the prior quarter. He added that deal terms aside from rate remained stable, including concessions and annual escalations. Clark said Rexford’s programmatic disposition strategy is intended to strengthen future cash flows and reduce development exposure. She reported $144 million of dispositions closed to date and another $170 million under contract or accepted offer, which she said kept the company on track to meet its annual target. Clark said dispositions are intended to “de-risk cash flows,” capture premium valuations, and “avoid future dilutive capital spend,” while funding capital recycling. Nahas said five assets were sold during the quarter: two development projects that no longer met return requirements and three operating assets sold to users at premium valuations. He added that the company closed on one additional property sale after quarter-end and still had $170 million of additional dispositions under contract or accepted offer, subject to customary conditions. In response to an analyst question about buyers and cap rates, Nahas said development-site buyers tend to be merchant developers and those deals are generally underwritten on land basis, rather than cap rates. For the operating assets sold to users, Nahas said pricing reflected “pretty strong cap rates,” with a blended rate below 4% on the three user sales. He said users often evaluate purchases on a price-per-square-foot basis and may also consider depreciation-related benefits, including for equipment and fixturization. On capital redeployment, Clark said share repurchases were compelling given “the dislocation between Rexford’s public market valuation and the intrinsic value of our platform.” She said Rexford executed $200 million of share repurchases in the first quarter. CFO Michael Fitzmaurice said the company repurchased $200 million of shares at a weighted average price of $36, bringing cumulative repurchases since mid-2025 to $450 million. Fitzmaurice said selling assets and redeploying into shares at a discount to intrinsic value was “meaningfully accretive” and was a key factor supporting the guidance increase. He added the company had $500 million remaining under its repurchase program and said buybacks are tied to disposition activity and evaluated opportunistically, balancing share price with the company’s leverage and other capital needs. Nahas said Rexford continues to evaluate each asset in its repositioning and development pipeline to maximize risk-adjusted returns, resulting in two projects being removed from the prior near-term pipeline. At Green Drive in the City of Industry, the company pivoted to a sale to meet user interest at a premium valuation, and at Mulberry Avenue in Inland Empire West, Rexford is forgoing a previously planned repositioning and offering the property for sale and for lease as-is. He also said Ruffin Road in San Diego was added to the future development pipeline and is forecast to achieve a 200-basis-point development spread. Fitzmaurice said the company expects to stabilize and commence rent on approximately 1.1 million square feet of value-add projects, generating $17 million of annualized NOI, with most coming online in the second half of the year. He said this was “down slightly” from earlier expectations due to rent commencement delays. He also said approximately $12 million of annualized in-place NOI is expected to come offline tied to 2026 construction starts, with the weighted average timing late in the third quarter. Fitzmaurice reported first-quarter core FFO per share of $0.61, which he said was $0.01 above the company’s internal forecast and up $0.02 sequentially from the fourth quarter of last year. He attributed the beat largely to stronger NOI growth and accretive share buybacks, while the sequential increase was driven primarily by lower G&A along with buybacks and stronger NOI growth. Same-property NOI growth was 90 basis points on a net effective basis and negative 40 basis points on cash. Fitzmaurice said the year-over-year comparison benefited from average occupancy gains, but the quarter also saw higher concessions. He added that bad debt expense was elevated as expected, concentrated in a few tenants and “not broad-based,” and said the company’s tenant watch list “continues to trend low.” On the balance sheet, Fitzmaurice said Rexford ended the quarter with net debt to adjusted EBITDA of 4.5x and $1.3 billion of total liquidity, with no significant maturities until 2027. He also noted that based on approximately $300 million of remaining dispositions expected by year-end, the company expects continued liquidity to deploy across “share buybacks, repositionings, and select developments.” For full-year 2026, Fitzmaurice said the company raised its core FFO per share midpoint by $0.02, driven primarily by first-quarter outperformance from strong leasing activity and capital recycling. Rexford also raised its same-property NOI growth outlook by 50 basis points at the midpoint on both net effective and cash bases, and increased expected average same-property occupancy to 95.1% to 95.6%, up 30 basis points at the midpoint. He said the company’s bad debt assumption of 75 basis points of revenue and its net effective re-leasing spread assumption of 5% to 10% remained unchanged, as did assumptions for G&A of approximately $60 million and interest expense of approximately $112 million. Fitzmaurice acknowledged “near-term pressure from re-leasing spreads” given market rent declines over the past three years, while reiterating the company’s focus on “control the controllables,” including occupancy and a pipeline representing roughly $50 million of NOI expected to come online over the next two-plus years. 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. The article "Rexford Industrial Realty Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Leasing Activity: 4.1 million square feet of leases executed, 70% higher year-over-year. Dispositions: $144 million closed, $170 million under contract or accepted offer. Share Repurchases: $200 million executed in the first quarter. Core FFO per Share: $0.61, $0.01 above internal forecast. Same Property NOI Growth: 90 basis points net effective, negative 40 basis points cash. Net Debt to Adjusted EBITDA: 4.5 times. Total Liquidity: $1.3 billion. 2026 Guidance Increase: Core FFO per share midpoint raised by $0.02. Same-Property Occupancy: Expected 95.1% to 95.6%. Repositioning and Development: 1.1 million square feet expected to stabilize, generating $17 million annualized NOI. Warning! GuruFocus has detected 5 Warning Signs with REXR. Is REXR fairly valued? Test your thesis with our free DCF calculator. Release Date: April 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rexford Industrial Realty Inc (NYSE:REXR) set a record for leasing activity, executing 4.1 million square feet of leases, reflecting increased tenant activity and demand. The company made significant progress in its strategic focus areas, including opportunistic dispositions and accretive capital recycling, with $144 million of dispositions closed and another $170 million under contract. Rexford Industrial Realty Inc (NYSE:REXR) executed $200 million of share repurchases in the first quarter, contributing to FFO and NAV per share accretion. The company reported a strong financial performance with Core FFO per share of $0.61, which was above internal forecasts. Rexford Industrial Realty Inc (NYSE:REXR) raised its full-year guidance, reflecting strong leasing activity and accretive capital recycling. Cash re-leasing spreads for the quarter were negative 15.4%, impacted by the Tireco renewal, which had a 30% negative spread. The overall infill Southern California market experienced negative net absorption, resulting in a 20-basis point increase in vacancy. Market fundamentals remain under pressure with negative net absorption and increased vacancy rates. The company experienced higher concessions and elevated bad debt expenses, although these were concentrated in a few tenants. Development leasing is taking longer than expected, with some rent commencement delays noted in certain submarkets. Q: Laura, you mentioned seeing improvement in tenant activity. Can you elaborate on which submarkets or tenant types are showing strength? A: John Nahas, COO, explained that consistent themes include construction-related uses, advanced manufacturing, and food and beverage sectors. Demand for spaces under 50,000 square feet remains healthy, while larger spaces are more submarket-dependent. Activity has increased compared to last year, with more deals forming in submarkets like the South Bay and San Fernando Valley. Q: How do you reconcile the improvement in market activity with the longer leasing times for development projects? A: Laura Clark, CEO, noted that while there are early signs of improvement and increased tenant decision-making, market fundamentals remain under pressure with negative net absorption and rising vacancy. The company expects incremental demand improvement to eventually lead to positive net absorption and firmer rates. Q: Who are the buyers for your dispositions, and what cap rates are you achieving? A: John Nahas, COO, stated that buyers for development sites are typically merchant developers, while operating assets are sold to users. The cap rates for user sales are strong, below 4%, as users focus on dollar per square foot rather than cap rates. Q: Can you provide more context on market rents and expectations for re-leasing spreads? A: John Nahas, COO, confirmed that expectations for re-leasing spreads remain unchanged, with net effective spreads between 5% and 10% and cash spreads flat to negative 5%. The Tireco renewal impacted spreads this quarter, but re-leasing spreads are expected to improve in the latter half of the year. Q: If you continue stock buybacks, will it be coupled with increased disposition activity? A: John Nahas, COO, affirmed that buybacks are tied to disposition activity, with expectations of $400 million to $500 million in dispositions this year. The company views buybacks as opportunistic, balancing share price sensitivity with maintaining low leverage and other capital uses. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Image source: The Motley Fool. Friday, Apr. 24, 2026 at 11 a.m. ET Chief Executive Officer — Laura Clark Chief Operating Officer — John Nahas Chief Financial Officer — Michael P. Fitzmaurice Vice President, Investor Relations — Mikaela Lynch Laura Clark: Thank you, Mikaela, and thank you all for joining us today. The Rexford Industrial Realty, Inc. team delivered a strong quarter. We set a record for leasing activity, executing 4.1 million square feet of leases, reflecting increased tenant activity and demand for our higher-quality portfolio. The decisive actions we are taking to advance our strategic priorities are driving top- and bottom-line growth, supporting our outperformance and higher expectations for the full year. Today, I will provide an update on our strategic focus areas and the broader environment. John will then discuss our operating performance and share a deeper view on market trends. Finally, Fitz will walk through our financial results and increased full year outlook. We entered the year with clearly defined goals to drive long-term shareholder value. In the first quarter, we made meaningful progress against our three strategic areas of focus: opportunistic dispositions, accretive capital recycling, and operational rigor. I will start with our programmatic disposition strategy, which is focused on strengthening future cash flows and reducing development exposure. To date, we have closed on $144 million of dispositions with another $170 million under contract or accepted offer, keeping us firmly on track to achieve our target for the year. Through these strategic dispositions, we are de-risking cash flows, capturing premium valuations, and avoiding future dilutive capital spend, all while directly supporting our next priority: accretive capital recycling. As we redeploy capital from dispositions, our investment decisions remain anchored in our commitment to delivering superior risk-adjusted returns. Given the dislocation between Rexford Industrial Realty, Inc.'s public market valuation and the intrinsic value of our platform, share repurchases remain a compelling driver of FFO and NAV per share accretion. In the first quarter, we executed $200 million of share repurchases. Looking ahead, we will continue to evaluate opportunities across our portfolio to increase the quality and durability of our future cash flow growth and unlock meaningful value through accretive capital recycling. We also made material progress against our commitment to enhanced operational rigor. Last quarter, we shared our focus on prioritizing occupancy amid softer market fundamentals. Our team's strength of execution—proactively engaging tenants, addressing end-market requirements, and driving demand for our assets—translated into stronger leasing and shorter downtime. Our first quarter results and increased full-year guidance expectations directly reflect our efforts to preserve cash flows and reduce capital costs, a continued focus moving forward. Regarding operational efficiency, our actions to date have positioned us to achieve meaningful G&A savings, bringing G&A as a percentage of revenue below the peer average, and we expect to continue reducing this level over time. Turning to the infill Southern California industrial market, where Rexford Industrial Realty, Inc.'s unique positioning provides unparalleled visibility into conditions on the ground. Infill Southern California is home to more than 24 million people, represents the twelfth largest economy in the world, and includes the fourth largest industrial market globally. A diverse set of macro and microeconomic drivers shapes demand and supply across the segment and market, meaning that no submarket, building size, or quality tier performs the same. Importantly, this diversity underpins strong long-term supply and demand fundamentals. Against that backdrop, the first quarter reflected a shift across the market. Increased tenant activity translated into higher leasing volumes. Specifically, first quarter leasing activity for the Rexford Industrial Realty, Inc. portfolio was over 70% higher year over year. In addition, current leasing interest on our vacant spaces increased to approximately 90% compared to 75% last quarter and a year ago. Notably, momentum accelerated through the quarter, with the majority of our leases executed in the second half of the quarter. While demand in certain submarkets and product types remained soft and market fundamentals are still under pressure, we are encouraged by the early positive signs we are seeing within our portfolio and the market. We view this incremental improvement as a necessary precursor to broader stabilization, setting the stage for an eventual tightening in availability and lower vacancy across the market. Importantly, our high-quality, functional assets and supply-constrained locations reinforce our confidence in Rexford Industrial Realty, Inc.'s ability to deliver outsized growth. Supply under construction remains near historic lows, and the structural barriers to new supply that have emerged in recent years, including significantly increased regulatory restrictions, have fundamentally altered the market's ability to add supply. We believe these long-term constraints will deepen Rexford Industrial Realty, Inc.'s competitive moat and reinforce the value of our irreplaceable portfolio. These favorable dynamics are amplified for buildings under 50 thousand square feet and align with Rexford Industrial Realty, Inc.'s core focus on smaller-format, consumption-driven industrial. Supply under construction in this size range is immaterial, and approximately 80% of the existing inventory was built over 50 years ago, reflecting the longstanding difficulty of adding smaller-format product and positioning our value-creation platform to deliver outsized per-share growth over time. In closing, we are encouraged by the incremental improvement we are seeing in the market. We are confident Rexford Industrial Realty, Inc. will continue to capitalize as the market approaches a trough and demand conditions improve. We remain well positioned to deliver meaningful, sustainable value creation for our shareholders. Before turning the call over to John, I would like to congratulate him on his well-deserved promotion to COO, recognizing his exceptional leadership and substantial contributions across Rexford Industrial Realty, Inc.'s operations. John? John Nahas: Thank you, Laura, and good morning, everyone. Before I begin, I would like to express my gratitude for the opportunity to step into the COO role. I am proud to be a part of a tremendous Rexford Industrial Realty, Inc. team, and I am excited to help lead Rexford Industrial Realty, Inc. as we execute upon our strategy to drive performance. Overall, we delivered a solid first quarter, with results tracking ahead of our expectations and reinforcing the durability of our platform. Leasing activity gained momentum throughout the quarter. Our focus on prioritizing occupancy has resulted in over 4.1 million square feet of lease transactions. The volume is comprised of 144 deals averaging 29 thousand square feet, with approximately 70% coming from renewals, including the renewal of Tireco at our 1.1 million square foot building on Production Avenue in the Inland Empire West. Cash releasing spreads for the quarter were negative 15.4% inclusive of the Tireco renewal and negative 1.8% excluding the Tireco renewal, in line with our expectations. I would like to take a moment to further describe the Tireco renewal given its relative size and impact. The renewal was strategic for a number of factors. First, at the time of negotiation, we had visibility to the upcoming vacancy of an immediately adjacent building similar in size and functionality that would have represented an efficient, low-cost relocation option for the tenant. Second, considering the significant capital investment and downtime associated with the potential vacancy next year, it was financially advantageous to preserve the occupancy. Finally, we opportunistically chose to limit the extended term to three years and to convert the lease structure to gross, thereby allowing us to collect a material reduction in property tax assessments anticipated to occur over the term. While this renewal generated an approximately 30% negative spread, it was amplified by the above-market in-place rent that was established during the last lease extension and is not indicative of future leasing spreads in the portfolio. Turning to the market, as Laura noted, we are seeing higher levels of leasing activity. Demand drivers continue to emanate from consumption-related sectors such as construction-related uses, food and beverage, and automotive businesses, and notably, we have not seen a negative impact on demand related to the current geopolitical conflict. Importantly, the level of activity and conversion rate to leases continues to be dependent on product size, class, and submarket. Demand for spaces under 50 thousand square feet remains healthy and well diversified. Tenants seeking larger spaces over 50 thousand square feet are generally focused on functional space that can be leased at value rates. As a result, Class A product in certain submarkets, such as San Fernando Valley, Orange County, and San Gabriel Valley, continues to see slow activity, as evidenced by delayed rent commencement on development projects that we have delivered in those markets. Focusing further on submarket-specific demand, we continue to see notable increased activity from 3PLs in the Inland Empire West and from advanced manufacturers which are seeking both larger and smaller-format spaces in specific portions of the San Fernando Valley and South Bay markets. One such example is the stabilization of our completed repositioning project at 1315 Storm Parkway, which is a 38 thousand square foot building in the South Bay that we leased to an advanced manufacturer. Overall, we are encouraged by these trends and the general increase in activity. However, we continue to closely monitor net absorption across our markets. The overall infill SoCal market continues to experience negative net absorption, resulting in a 20 basis point increase in vacancy with rents declining approximately 70 basis points compared to last quarter. Deal terms aside from rate continue to be stable, including concessions and annual escalations. Moving on to capital allocation, we remain focused on our disposition strategy and disciplined capital deployment. During the quarter, we disposed of five assets comprised of two development projects that did not meet our current return requirements and three operating assets that were sold to users at premium valuations. Subsequent to quarter end, we closed on one additional property that was formerly in our near-term development pipeline, and we have $170 million of additional dispositions under contract or accepted offer which are subject to customary closing conditions. In regard to repositioning and development, we continue to rigorously evaluate the strategy for each asset in our pipeline with a focus on maximizing risk-adjusted returns. As a result, two projects were removed from our prior near-term pipeline to pursue more accretive outcomes. At Green Drive in the City of Industry, we were able to meet an active user-sale requirement and have pivoted to executing a sale and capitalizing on a premium valuation. At Mulberry Avenue in the Inland Empire West, we are foregoing a previously planned repositioning project that no longer meets our return requirements, and the property is now being offered both for sale and for lease as-is. At the same time, we continue to move forward with value-creation opportunities that meet our underwriting targets. Ruffin Road in San Diego was added to our future development pipeline, as it will ultimately deliver a highly competitive building in a desirable location and is forecasted to achieve a 200 basis point development spread. With that, I will turn it over to Fitz. Michael P. Fitzmaurice: Thanks, Laura and John, and good morning, everyone. We are pleased with our first quarter financial results, which reflect our continued focus on what we can control: driving occupancy, recycling capital accretively, and preserving balance sheet flexibility and strength. Starting with financial results, first quarter core FFO per share of $0.61 was $0.01 above our internal forecast and up $0.02 sequentially from the fourth quarter last year. The $0.01 beat was largely driven by stronger NOI growth and accretive share buybacks. The $0.02 sequential improvement was driven primarily by lower G&A, and also accretive share buybacks and stronger NOI growth. Same-property NOI growth was 90 basis points on a net effective basis and negative 40 basis points on cash. While the year-over-year change benefited from average occupancy gains, we did experience higher concessions. Regarding bad debt, as expected, expense was elevated this quarter. It was concentrated in a few tenants and not broad based. Our tenant watch list continues to trend low, underscoring the strong credit quality and stability inherent in our diverse tenant base. Turning to capital recycling and the balance sheet, disposition proceeds were redeployed into share buybacks. We bought back $200 million of shares at a weighted average price of $36, bringing our cumulative total since mid-2025 to $450 million. This capital rotation was meaningfully accretive. Selling assets and redeploying into shares at a significant discount to intrinsic value was a key factor in our ability to raise full-year guidance. We view share buybacks at these price levels as a superior use of capital, providing a direct and meaningful increase to shareholder returns. We ended the quarter with net debt to adjusted EBITDA of 4.5x and $1.3 billion of total liquidity, with no significant maturities until 2027—a balance sheet that gives us strength and flexibility. Based on approximately $300 million of remaining dispositions expected to be completed by the end of the year, we have significant liquidity and opportunity to deploy capital towards the highest risk-adjusted returns across our suite of opportunities: share buybacks, repositionings, and select developments. Turning to our 2026 guidance increase, we are raising our full-year core FFO per share midpoint by $0.02, primarily driven by outperformance in the first quarter due to strong leasing activity as we continue to prioritize occupancy and accretive capital recycling. We have also raised our same-property NOI growth outlook by 50 basis points at the midpoint, both on a net effective and cash basis. Average same-property occupancy is now expected to be 95.1% to 95.6%, up 30 basis points at the midpoint. Our bad debt assumption of 75 basis points of revenue remains unchanged, as does our net effective releasing spreads of 5% to 10%. All other assumptions—G&A of approximately $60 million and interest expense of approximately $112 million—remain intact. On the repositioning and development front, we expect to stabilize and commence rent on approximately 1.1 million square feet of value-added projects, generating $17 million of annualized NOI, with the majority expected to come online in the second half of this year. This is down slightly from our earlier expectations due to rent commencement delays that John noted. Conversely, approximately $12 million of annualized in-place NOI will come offline related to 2026 construction starts, in line with last quarter. The weighted average timing of the annualized NOI coming offline is late in the third quarter. Before we open up the call for questions, we acknowledge the near-term pressure from releasing spreads given the market rent decline over the past three years. However, our focus is clear: control the controllables. We are navigating the current phase of the cycle with a clear, disciplined strategy centered on execution. Our primary bridge to growth is a rigorous focus on driving occupancy in our overall portfolio. And we have a robust repositioning and development pipeline representing roughly $50 million of NOI poised to come online over the next two-plus years, which serves as a powerful offset to current market rent resets. Furthermore, we are aggressively optimizing our capital allocation by selling non-core assets and redeploying those proceeds into accretive share buybacks at attractive valuations. By pairing these actions with a lean approach to G&A, we are strengthening our cash flows while positioning us for outsized growth as the broader environment improves. In closing, a big congrats to John on his promotion. John, I truly appreciate your leadership and our continued partnership. Finally, on behalf of Laura, John, and myself, I want to extend our gratitude to the entire Rexford Industrial Realty, Inc. team for their ongoing dedication and consistent execution of our strategic goals. I will now turn the call back to the operator and open the line for questions. Operator: Thank you. And at this time, I would like to remind everyone, in order to ask a question, simply press star then 1 on your telephone keypad. We will now open the call for questions. I will now hand the call back to Mikaela Lynch to begin the Q&A session. Mikaela Lynch: Thank you, and good morning. Our first question comes from Craig Mailman from Citigroup. Craig, please go ahead. Craig Mailman: Hey, good morning, guys and girls. Laura, you had mentioned that you are seeing some improvement that accelerated through the back end of the quarter. Can you talk about where you are seeing those pockets of strength in terms of your submarkets? I have heard John's comments on 3PLs and the IE West, but any other verticals or tenant types to call out as you are seeing some kind of continuing bottoming in the process in L.A.? John Nahas: Yeah. Hey, Craig, this is John Nahas. I will jump in and take that. So overall, we have continued to see some consistent themes—construction-related uses, advanced manufacturing in certain submarkets as I mentioned in the prepared remarks, food and beverage. Those are themes that we saw active last quarter, and those continue this quarter across all markets. And then from there, there is really a bifurcation, whether we are talking about below 50 thousand square feet—where we continue to see a broad base of demand, just based on consumption in the infill markets—and then above 50 thousand square feet, it gets a little bit more submarket dependent. So while 3PL activity remains increased in the Inland Empire, it is not the only tenant activity we are seeing out there. It does go beyond a bit more, but it is really mixed and micro-market dependent. I think it is maybe helpful to talk a little bit about where we are today with activity compared to where we were last year. We saw the back half of 2025 show increased activity as compared to the first half of the year, where there was a bit more turmoil from tariffs and other macroeconomic impacts, and that produced some good volumes in the market. When we got to the fourth quarter, there were deals that were being executed, but what we did not see at the time was the early formation of the leasing pipeline. So there was slower touring activity, and as a result, this quarter we saw less conversion into executed deals, particularly around some of the Class A product. And I mentioned this in the prepared remarks as well. That is a pocket in a number of submarkets where we still do not see the same levels of demand recovery. There are exceptions to that. The South Bay market, in particular, is one to point out where Class A really fits the advanced manufacturing demand. I mentioned San Fernando Valley. There are certain pockets, particularly Santa Clarita Valley, where we see that tenant demand forming, as well as in San Diego. And then there have been some recent deals that hit the market in the Long Beach area where demand is forming as well. So it is really kind of across the board—feeling better. There is better sentiment in the market this quarter. We are seeing more signs of that early leasing pipeline starting to form, but we are watching it very closely in terms of how that is going to convert into executed deals, which we would expect to see happen over the next two to three months. Operator: Thanks, Craig. Mikaela Lynch: Our next question comes from Samir Khanal from Bank of America. Samir, please go ahead. Samir Khanal: Thank you. Good morning, everybody. I guess, Laura, on the one hand, it looks like you are starting to see improvements in the market. You talked about tenant activity. But when I look at the development leasing side, it is still taking a bit longer. I guess maybe just reconcile the two items. Thanks. Laura Clark: John just touched on what we are seeing from a development perspective in terms of some of the drivers there, but just overall, Samir, what I would say is we are encouraged by the early signs of improvement—a pickup in activity. We are seeing increased tenant decision making and an increased level of lease executions, and that certainly varies by size, submarket, and product type. All that said, market fundamentals are under pressure. Net absorption is negative and vacancy ticked up. So we take all these different dynamics into account. We do see the bottom forming of the cycle, and these are good early signs. As we look ahead, we expect and hope to continue to see quarters of improved incremental demand, and that is what is really going to be critical to net absorption turning positive in the market, vacancy moving down, and rates firming. Operator: Thanks, Samir. Mikaela Lynch: Our next question comes from Greg McGinniss from Scotiabank. Greg, please go ahead. Greg McGinniss: Hey. Good morning. I am curious who you are finding as buyers for the dispositions, whether those are in-place assets or ones that are coming from the redevelopment pipeline, and what types of cap rates are being achieved on those. John Nahas: Yeah. Hi, Greg. This is John. So if you look at what we sold in the first quarter as an example, there are really two buckets. There are the development sites that we sold, and the buyer profile for that tends to be merchant developers that are well known in the region and good groups that develop product here. Those deals do not really trade on a cap rate basis. It is more about land basis that supports their underwriting targets. And then the other half of the sales that completed were operating assets that were sold to users, and so that pricing there represents pretty strong cap rates. On a blended basis, we were below 4% this quarter with the three assets that we sold to users. The reason for that is the users do not really look at it from a cap rate basis; they are looking at it from a dollar-per-square-foot standpoint. There are other considerations that drive that demand, such as some of the accelerated depreciation benefits that they now have, not only from the real estate but investments that they are making into fixturization and equipment. Right now in the market overall, we are still seeing low transaction volume, and it presents this opportunity for users to continue to be active, and so we are capitalizing on that where it generates these low cap rates that allow us to accretively recycle capital. We actually had a couple of repositioning projects that I mentioned in my prepared remarks where we have shifted gears on strategy to take advantage of interest in the market. So we are going to continue to do that where we see low cap rate opportunities that will allow us to collect those proceeds and put them to work at higher yields. Mikaela Lynch: Thank you, Greg. Our next question comes from Michael Griffin from Evercore. Michael, please go ahead. Michael Griffin: Just wondering if you can give us some more color on where market rents are. I realize it can be submarket by submarket, but maybe for the portfolio broadly. Rents signed in the quarter were, call it, in the mid-$15 range, but you have $18 rents expiring for the rest of the year. If you kept your net effective and cash mark-to-market guidance the same—which I believe on a cash basis is 0% to down 5%—does that imply the rents you are signing on those expiring leases are going to come in the mid-$16 range? Is it $17? Just help us contextualize where market rents are and the expectations for the rest of the year. Thank you. Michael P. Fitzmaurice: Yeah. Our expectations for releasing spreads have not changed since last quarter. On a net effective basis, they are going to be between 5% and 10%, and on a cash basis, flat to negative 5%. As we disclosed last night, Tireco did have a disproportionate impact on releasing spreads this quarter. As we move throughout the remaining part of the year, we do expect releasing spreads to reaccelerate into the back half of this year. Mikaela Lynch: Thanks, Michael. Our next question comes from Michael Mueller from JPMorgan. Michael, please go ahead. Michael Mueller: Yeah, hi. If you continue to buy stock back like you did in the first quarter, would it likely be coupled with an increase in disposition activity? Michael P. Fitzmaurice: Hi, Michael. Good morning. Yeah, look, buybacks are tied to disposition activity. Our expectations for this year are between $400 million and $500 million. To date, we have about $145 million already closed and another $170 million under contract. We view buybacks through an opportunistic lens. When we see a disconnect between our intrinsic value and the current market price, we are going to lean in. We demonstrated this approach over the last six months. We have $500 million remaining on the program. In terms of appetite, it is obviously share-price sensitive, balanced with ensuring we maintain our low leverage of 4.5x and other competing uses of capital. Mikaela Lynch: Thanks, Michael. Our next question comes from John Kim from BMO. John, please go ahead. John Kim: Thanks, Mikaela. Just on the buybacks, you certainly make a compelling case to continue it. But looking at the market's reaction today and year to date, it does not seem like you are really being rewarded for it. So I am wondering, if this thing continues, would you consider pausing buyback activity? Laura Clark: Hey, John. Thanks so much for the question. At the foundation of how we are allocating capital is directing capital to the highest risk-adjusted returns and where we can drive FFO per share, NAV per share, and shareholder value and growth. We are going to continue to assess where those opportunities are. As Fitz mentioned, when you look at the disconnect between our intrinsic value and where the stock is trading, that has been a compelling use of capital to date. So we will continue to assess that, as well as opportunities to invest within our value-creation platform through our repositionings and select developments as we move through the year. Michael P. Fitzmaurice: Thanks, John. Mikaela Lynch: Our next question comes from Vince Tibone from Green Street. Vince, please go ahead. Vince Tibone: Hi, good morning. I wanted to dive into the leasing activity you mentioned was at a record high. Looking at the stuff, it looks like it is mostly driven by renewals and then the Tireco lease being a part of that. Outside of Tireco, are you generally trying to do more early renewals than in the past? Spreads have held up a little better there. Just trying to get a sense of your strategy on the renewal side in a softer market. Are you going after more renewals as a way to help retention or hold up better on the rent side of things? Curious about your approach. John Nahas: Yeah. Hi, Vince. This is John. As you noted, the Tireco transaction did help lift the overall leasing volumes. Beyond that, there are a number of deals that were made across various unit sizes across our portfolio. When it comes to renewals and retention, we are prioritizing that where we can. It is part of our overall strategy to prioritize occupancy. I will say that tenants in today's market—depending on the size range and depending on the submarket—might have more options that work for them. Part of the activity levels we are seeing with tenant touring is being driven by tenants evaluating what is available in the market relative to the space they currently have. When we see that happening, we are proactive in engagement and, in some cases, trying to preempt that exercise. That was part of the strategy with the Tireco renewal, as I mentioned. Our numbers show that. Our retention is up a bit, and renewals are making up a slightly higher component of our overall leasing activity in the quarter, which is a result of that approach. Mikaela Lynch: Thanks, Vince. Our next question comes from Vikram Malhotra from Mizuho. Vikram, please go ahead. Vikram Malhotra: Good morning. Thanks for taking the questions. I had one clarification and then a broader question. First, you mentioned sort of the leasing dollar ramp up. I am wondering if you can give us a square footage target you have to put to keep the core portfolio occupancy, and then how much you need to lease square footage-wise for the development portfolio to meet your goals? And then a bigger picture question: clearly you are selling attractively and buying back stock, but is there a thought to take a deep dive into the portfolio, maybe identify markets or submarkets you do not want to be in long term, and take advantage right now by doing a bigger sale, a $1 billion sale, or a mini-portfolio sale where you position this portfolio for the long run? Thanks. Michael P. Fitzmaurice: Sure. Good morning, Vikram. In terms of square footage that we expect to commence as it relates to our guidance, between 8 million and 8.5 million square feet this year, which includes about 1 million square feet from our repositioning and development. Laura Clark: In regards to your question on additional dispositions, we do continually assess the portfolio. We are looking to identify additional opportunities to build a more resilient and higher-growth platform and portfolio going forward. We are assessing risk, we are assessing capital needs, and we are assessing product that aligns with our ability to drive true value creation and differentiated growth. Importantly, as is contemplated in our current disposition guidance for the year, we are focused on recycling capital on an accretive basis that enables us to drive FFO and NAV per share growth. Mikaela Lynch: Thanks, Vikram. Our next question comes from Richard Anderson from Cantor Fitzgerald. Richard, please go ahead. Richard Anderson: Thanks. Good morning. I wanted to ask a broad question around some of the tangential demand factors around advanced manufacturing and data centers and even, in your case, aerospace and defense being a potential lightning rod of demand in Southern California, and how that manifests itself in your smaller-format consumption-oriented platform. Is there a dotted line, a straight line, a dark line to your business from these outside demand factors, or do you feel it directly in your leasing process? Thanks. John Nahas: Yeah. Hi, Richard. Data centers are not really a core component of our business. There are a lot of power demands that come with that, and so that one is not something that makes up a material opportunity for our portfolio. When it comes to advanced manufacturing, the answer is yes—it is a very bold, connected line. We see that demand being applied to spaces both large and small. The property I mentioned in the prepared remarks, Storm Parkway—pretty close to our average unit size—represents the typical unit in the Rexford Industrial Realty, Inc. portfolio, and we leased that to an advanced manufacturer. It is important to note there are different facets and layers to this sector. Some of them are the biggest household names that everyone recognizes, and then there are all the vendors and service providers that come with that industry. We see a lot of demand, especially in the South Bay markets, specifically the coastal portions of that market, where there is demand across all those ranges. We have executed deals with the household names, and we have been very happy with the level of demand that ranges from some of our smallest units in that market—going down to 5 thousand square feet that are a little bit more incubator type—up to things like Storm and beyond. Even Western, which we stabilized last year, which is a Class A development we delivered in Torrance, fits into that category. So it is a very relevant and active sector. As I mentioned, we see this demand in other pockets of San Fernando Valley, San Diego, and now a little bit in Long Beach and a little bit in Orange County. We spend a lot of time focused on the demand that comes from that sector in the market and have had some success to date. We are pretty pleased by it. Operator: Thanks, Richard. Mikaela Lynch: Our next question comes from Brendan Lynch from Barclays. Brendan, please go ahead. Brendan Lynch: Great. Good morning. Thanks for taking the question. Maybe talk about the long-term plan for the Tireco asset. I would imagine getting the lease renewal makes it easier to dispose of if you so choose, and it does not really fit in with the rest of your portfolio. How should we think about that going forward? Laura Clark: Hi, Brendan. John Nahas: Our focus was on addressing the lease roll for next year as we thought about structuring that renewal, so it is not really a read-through to any longer-term strategic plan for that asset. Michael P. Fitzmaurice: Thanks, Brendan. Mikaela Lynch: Our next question comes from Baird. Please go ahead. Analyst: Hey, good morning out there. I was hoping to unpack the decline in lease term signings during the quarter—if there is anything specific to call out there. You would think if tenants were seeing an inflection point or a bottoming-out phase, they would be seeking a little bit more term and lock in favorable terms. Is this a strategy that Rexford Industrial Realty, Inc. is pursuing to weather the near term and kick out for a cycle in, say, 2029 and beyond? Is there anything worth highlighting within the lease term, or are we just reading through one print and there is some hodgepodge numbers in there? John Nahas: Yeah. Hi. It really depends. There are tenants in the market who are trying to capitalize on current market rate levels and lock them up for longer periods of time, and in some cases, that might be the best decision to meet that requirement and do that deal. In others, we may proactively try to shorten terms strategically so that we can get to a reset moment if we believe that is going to come in the next few years. Tireco is a good example of that. We chose to limit that term on the extension to three years. It really depends on competitive supply and how much leverage there is on each side of the table for each situation. In terms of the overall statistics for the activity that we converted in the first quarter, it also comes down to size. The mix of units that falls into our volume can have an impact. Generally speaking, the smaller units in our portfolio on average tend to have shorter terms anyway, so that is impacting the number as well. Mikaela Lynch: Thanks. Our final question comes from Wells Fargo. Please go ahead. Analyst: Yes. Thank you. Good morning out there. I wanted to go back to rent a little bit. It looks like the pro forma targeted rent in your redevelopment portfolio seems to be a little bit higher than current market rent. Is that part of a mix issue, or is there some type of rent growth that is baked into that pro forma? Michael P. Fitzmaurice: No. That has to do with the mix issue. Operator: Thank you. Mikaela Lynch: That concludes the Q&A portion of our earnings call. I would now like to turn the call over to Laura Clark for closing remarks. Laura Clark: Thank you all for joining us today. We look forward to spending time with you throughout the quarter, and I hope everyone has a wonderful weekend. Operator: Thank you. Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Before you buy stock in Rexford Industrial Realty, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Rexford Industrial Realty wasn’t one of them. 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