REXR · Rexford Industrial Realty, Inc.

Rexford Industrial Realty reported a solid first quarter of 2026, characterized by record leasing activity and strategic capital allocation. While GAAP net income attributable to common stockholders rose to $87.9 million ($0.38 per share) from $68.3 million ($0.30 per share) in the prior year quarter—aided by $26.3 million in gains on real estate sales—operational metrics showed modest compression. Company share of Core FFO declined 1.6% year-over-year to $0.61 per diluted share, and Total Portfolio NOI decreased 4.2%. However, Same Property Portfolio NOI grew 0.9%, driven by occupancy gains, and the portfolio maintained high occupancy levels at 96.3% for same-property assets. A notable highlight was the execution of 4.1 million square feet of leases; excluding a significant below-market lease extension with Tireco, Inc., comparable rental rates increased 5.5% on a net effective basis. The company actively recycled capital, selling five properties for $127.4 million and repurchasing 5.5 million shares for $200 million. Subsequently, the Board authorized a new $500 million repurchase program, signaling confidence in valuation. Management raised full-year 2026 Core FFO guidance to $2.37-$2.42 per share, reflecting stronger leasing activity and accretion from share repurchases. The leadership transition was completed as Laura Clark assumed the CEO role on April 1, 2026.