Rexford Industrial lifts Core FFO outlook after $1.3 billion in property sales

Rexford Industrial Realty is shrinking its portfolio and buying back its own stock, and the Southern California warehouse landlord raised its full-year cash-flow outlook as a result.

Core funds from operations held flat at $0.60 per share in the third quarter, according to its earnings release filed with an 8-K on Thursday. Net income fell to $14.6 million, or $0.07 a share, from $87.1 million, or $0.37, reflecting $71.8 million of impairment charges.

The REIT raised its 2026 Core FFO guidance to $2.41 to $2.44 a share from $2.38 to $2.43.

Selling assets, buying stock

Rexford sold 25 properties for $1.3 billion, including a 22-property portfolio for $1.2 billion, bringing year-to-date dispositions to $1.5 billion. It now expects full-year dispositions of $1.7 billion to $2.0 billion.

The company repurchased 10.9 million shares for $408.7 million at an average of $37.59, including $100 million after quarter-end, and repaid $485 million of debt. Net debt to EBITDA improved to 3.8 times from 4.5 times.

Operations were mixed. Same-property cash net operating income fell 1.1%, but occupancy rose 200 basis points from June 30 to 96.9%, and the company signed 3.7 million square feet of leases.

By the numbers

• Core FFO: $0.60 a share, flat
• Net income: $0.07 a share, vs. $0.37
• Q3 dispositions: $1.3 billion
• Buybacks: $408.7 million
• 2026 Core FFO guidance: $2.41 to $2.44

Sources

1. Rexford Industrial Realty, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release dated Oct. 22, 2026, accession 0001571283-26-000058

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