Rexford closes $1.2B sale of 22 industrial sites
Rexford Industrial sells a $1.2 billion non-core industrial portfolio, using proceeds to reduce debt, repurchase stock and reaffirm its 2026 outlook.
Rhea-AI Filing Summary
Rexford Industrial Realty, Inc. (REXR) completed the sale of a portfolio of 22 industrial properties to an affiliate of EQT Real Estate for approximately $1.2 billion, advancing its $2.0 billion non-core disposition initiative. The 5.2 million-square-foot portfolio had a weighted average remaining lease term of 2.7 years and in-place rents 28% above current market rates.
The company plans to use net proceeds for general corporate purposes, including debt repayment, common stock repurchases and internal repositioning and development projects. Year to date, Rexford Industrial has completed $1.5 billion of dispositions, repaid $492 million of debt, repurchased $505 million of common stock and estimates year-end 2026 Net Debt to Adjusted EBITDAre of 3.5x, while reaffirming its 2026 guidance.
Positive
- $1.2 billion sale of 22 non-core industrial properties advances Rexford’s $2.0 billion portfolio realignment, aimed at enhancing portfolio quality, cash flow durability and balance sheet strength.
- Year-to-date dispositions of $1.5 billion, including the portfolio sale, position the company within its full-year 2026 disposition guidance range of $1.5–$2.0 billion.
- Rexford has used disposition proceeds to repay $492 million of debt year to date and targets year-end 2026 Net Debt to Adjusted EBITDAre of 3.5x, indicating meaningful deleveraging.
- The company has repurchased $505 million of common stock year to date, with remaining proceeds expected to support further opportunistic buybacks under its $1.0 billion share repurchase program.
- Management reaffirmed full-year 2026 guidance, signaling that the large non-core disposition is consistent with its previously communicated financial outlook.
Negative
- None.
Filing Explained
The company says the completed sale enhances cash-flow durability, but the filing also discloses that the portfolio had a
8-K Event Classification
3 items: 2.01, 7.01, 9.01
3 items
Item 2.01
Completion of Acquisition or Disposition of Assets
Financial
The company completed a significant acquisition or sale of business assets.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Portfolio sale price: $1.2 billion
Properties sold: 22 properties
Rentable square feet sold: 5.2 million square feet
+6 more
9 metrics
Portfolio sale price
$1.2 billion
Aggregate purchase price for 22 industrial properties sold to an affiliate of EQT Real Estate
Properties sold
22 properties
Industrial properties included in the Portfolio Transaction
Rentable square feet sold
5.2 million square feet
Total rentable square footage in the 22-property portfolio
Estimated 2027 cash NOI yield
5.5%
Estimated 2027 cash NOI yield on the sold portfolio, reflecting rent roll-down and tenant moveouts
Non-core disposition initiative
$2.0 billion
Target size of Rexford’s portfolio realignment of non-core assets
Year-to-date dispositions 2026
$1.5 billion
Total dispositions completed year to date, including the $1.2 billion Portfolio Transaction
Debt repaid year to date 2026
$492 million
Total debt repayment funded in part by disposition proceeds
Common stock repurchased year to date 2026
$505 million
Aggregate value of common stock repurchased year to date
Net Debt to Adjusted EBITDAre
3.5x
Estimated year-end 2026 leverage metric after dispositions and capital actions
Key Terms
cash NOI yield, weighted average remaining lease term, Net Debt to Adjusted EBITDAre, non-core assets, +2 more
6 terms
cash NOI yield financial
"the portfolio's estimated 2027 cash NOI yield is approximately 5.5%"
Cash NOI yield is a real-estate income metric equal to the property’s cash net operating income (NOI) divided by its current price or market value, expressed as a percentage. Cash NOI is the rental and other operating cash receipts minus recurring operating expenses, excluding non‑cash accounting items like depreciation; the yield tells investors how much cash operating income the asset generates relative to the money paid for it, similar to a cash return rate on a savings investment.
weighted average remaining lease term financial
"the portfolio had a weighted average remaining lease term of 2.7 years"
Weighted average remaining lease term is the average length of time until current leases expire, where each lease’s remaining time is counted in proportion to its contribution to the property’s income (usually rent). Investors use it as a measure of how long rental income is likely to be stable and how soon properties will need new tenants or rent resets; think of it as the average remaining commitment in a group of contracts, weighted by their economic importance.
Net Debt to Adjusted EBITDAre financial
"The Company’s estimated year-end 2026 Net Debt to Adjusted EBITDAre is 3.5x"
A leverage ratio that compares a company’s net debt (total borrowings minus cash and equivalents) to its adjusted EBITDAre, a version of annual core cash profit that removes one‑off items and non‑recurring effects. It tells investors how many years of that normalized operating cash flow would be needed to pay off the company’s net borrowings; lower numbers mean less risk and greater financial flexibility, like measuring how many paychecks it would take to clear a mortgage.
non-core assets financial
"a $2.0 billion disposition initiative of non-core assets that enhances the Company's portfolio"
Adjusted EBITDAre financial
"We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP)"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What major transaction did Rexford Industrial (REXR) complete in September 2026?
Rexford Industrial completed the sale of a portfolio of 22 industrial properties to an affiliate of EQT Real Estate for approximately $1.2 billion on September 16, 2026, as part of its broader non-core portfolio realignment initiative.
How large was the industrial portfolio Rexford Industrial (REXR) sold?
The sold portfolio comprised 22 industrial properties totaling 5.2 million rentable square feet, averaging about 237,000 square feet per property, with a weighted average remaining lease term of 2.7 years at closing.
How will Rexford Industrial (REXR) use the proceeds from the $1.2 billion sale?
Rexford Industrial intends to use net proceeds for general corporate purposes, including debt repayment, repurchases of common stock and internal repositioning and development projects that the company views as offering attractive risk-adjusted returns.
What progress has Rexford Industrial (REXR) made on its $2.0 billion portfolio realignment?
The company’s non-core portfolio realignment targets $2.0 billion of dispositions. Year to date, Rexford Industrial has completed $1.5 billion of dispositions, including the $1.2 billion portfolio sale and $86 million of other third-quarter transactions.
How much debt has Rexford Industrial (REXR) repaid and stock repurchased in 2026?
Year to date, Rexford Industrial has repaid $492 million of debt and repurchased $505 million of common stock. In the third quarter to date, this includes $485 million of debt repayment and $205 million of common stock repurchases.
What is Rexford Industrial’s (REXR) leverage target after the portfolio sale?
Rexford Industrial estimates its year-end 2026 Net Debt to Adjusted EBITDAre at 3.5x, reflecting the impact of completed dispositions, debt repayment and capital allocation decisions made in connection with the portfolio realignment.
Did Rexford Industrial (REXR) change its 2026 guidance with this transaction?
No. Alongside announcing the completion of the $1.2 billion portfolio sale, Rexford Industrial reaffirmed its 2026 guidance previously provided in its second quarter 2026 earnings release dated July 23, 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 16, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| | ||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (310 ) 966-1680
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.01 Completion of Acquisition or Disposition of Assets
On September 16, 2026, Rexford Industrial Realty, L.P. (the “Operating Partnership”), a subsidiary of Rexford Industrial Realty, Inc. (the “Company”), and certain of the Operating Partnership's subsidiaries completed the disposition of a portfolio of 22 industrial properties (the “Portfolio”) to an affiliate of EQT Real Estate (the “Buyer”) pursuant to the Agreement of Purchase and Sale and Escrow Instructions, dated August 13, 2026, previously disclosed by the Company in a Current Report on Form 8-K filed on August 18, 2026. The aggregate purchase price for the Portfolio was approximately $1.2 billion, before giving effect to customary credits, prorations and closing adjustments. The Company intends to use the net proceeds from the disposition for general corporate purposes, including debt repayment, repurchases of common stock and internal repositioning and development projects.
Item 7.01 Regulation FD Disclosure
On September 17, 2026, the Company issued a press release announcing the completion of the disposition of the Portfolio. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
Forward Looking Statements
This Current Report on Form 8-K contains 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 the Company's intended use of proceeds from the disposition of the Portfolio and similar 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 and phrases. Actual outcomes and results could differ materially from those expressed in or implied by the forward-looking statements as a result of a number of risks and uncertainties. The Company undertakes no duty to update any forward-looking statements contained in this Current Report on Form 8-K except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 10.1 | Agreement of Purchase and Sale and Escrow Instructions, dated as of August 13, 2026, by and among the entities set forth on Schedule A thereto, as sellers, and Exeter 10545 Production, LLC, as buyer, as amended by Amendment No. 1 thereto, dated September 10, 2026, and Amendment No. 2 thereto, dated September 16, 2026. | |||||||
| 99.1 | Press Release Dated September 17, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| REXFORD INDUSTRIAL REALTY, INC. | ||||||||
| Date: September 17, 2026 | By: | /s/ Michael P. Fitzmaurice | ||||||
| Michael P. Fitzmaurice Chief Financial Officer | ||||||||
Exhibit 99.1
| September 17, 2026 |  | |||||||||||||
Rexford Industrial Completes a $1.2 Billion Industrial Portfolio Sale
Transaction Advances $2.0 Billion Non-Core Portfolio Realignment
$1.5 Billion Completed Year-to-Date Dispositions
Los Angeles — September 17, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR) today announced the closing of its previously announced sale of an industrial portfolio to an affiliate of EQT Real Estate for approximately $1.2 billion (the “Portfolio Transaction”). The Portfolio Transaction is part of Rexford Industrial's previously announced portfolio realignment, a $2.0 billion disposition initiative of non-core assets that enhances the Company's portfolio quality, cash flow durability and balance sheet strength.
The Portfolio Transaction includes 22 industrial properties totaling 5.2 million rentable square feet, averaging 237,000 square feet per property. At closing, the portfolio had a weighted average remaining lease term of 2.7 years and in-place rents 28% above current market rates. As previously announced, the portfolio's estimated 2027 cash NOI yield is approximately 5.5% and reflects the anticipated roll-down of above-market in-place rents and expected tenant moveouts.
“The closing of this transaction reflects the decisive actions we have taken to advance our $2.0 billion portfolio realignment and the strong execution of our team,” said Laura Clark, Chief Executive Officer. “With $1.5 billion of dispositions completed year to date, we have made significant progress in strengthening our portfolio, improving the growth and resilience of our cash flow and further enhancing our balance sheet. As we near the completion of our portfolio realignment, Rexford is emerging as a stronger company, better positioned to capitalize on its value creation business model and drive long-term shareholder value.”
Third quarter to date, the Company has deployed a portion of disposition proceeds to repay $485 million of debt and repurchase $205 million of common stock. Year to date, the Company has repaid $492 million of debt and repurchased $505 million of common stock. The remaining disposition proceeds are expected to be deployed toward 2027 debt maturities, opportunistic repurchases of common stock under the Company's previously announced $1.0 billion share repurchase program and internal repositioning and
development projects that offer attractive risk-adjusted returns. The Company’s estimated year-end 2026 Net Debt to Adjusted EBITDAre is 3.5x.
Rexford Industrial has completed $1.5 billion of dispositions year to date, including $265 million of previously announced dispositions, the $1.2 billion Portfolio Transaction and $86 million of dispositions closed during the third quarter to date. These transactions position the Company within its full-year 2026 disposition guidance range of $1.5 billion to $2.0 billion.
As part of this announcement, the Company reaffirms its 2026 guidance provided in the second quarter 2026 earnings release dated July 23, 2026.
CBRE National Partners West served as the Company’s advisor in connection with the Portfolio Transaction.
Additional information regarding the Portfolio Transaction is available in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission.
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, including the ability to realize
the anticipated benefits of the Portfolio Transaction, 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 U.S. Securities and Exchange Commission. Except as may otherwise be required by law, 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
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property, non-cash stock-based compensation expense, acquisition expenses, the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs’ Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. We do not provide a reconciliation for non-GAAP estimates of Net Debt or Adjusted EBITDAre on a forward-looking basis, as we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, other non-core items that have not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable
GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Contact
Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
dbettisworth@rexfordindustrial.com