Rexford Industrial Realty posts Q4 net loss on impairments

Overview

• REIT's Q4 net loss due to impairments and transition costs

• Core FFO for Q4 rose 5.9% yr/yr

• Company repurchased $100 mln in shares during Q4

Outlook

• Rexford Industrial expects 2026 net income per share between $1.15 and $1.20

• Company forecasts 2026 Core FFO per share between $2.35 and $2.40

• Rexford Industrial plans 2026 dispositions between $400 mln and $500 mln

Result Drivers

• IMPAIRMENTS AND TRANSITION COSTS - Q4 net loss driven by $89.1 mln in impairments and $60.2 mln in Co-CEO transition costs

• LEASING ACTIVITY - Executed 2.1 mln sq ft of leases related to repositioning and development projects, contributing to annualized NOI

• PROPERTY DISPOSITIONS - Sold seven properties for $217.5 mln, generating a weighted average unlevered IRR of 12.4%

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 11 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the commercial reits peer group is "buy."

• Wall Street's median 12-month price target for Rexford Industrial Realty Inc is $45.00, about 10.9% above its February 3 closing price of $40.56

• The stock recently traded at 36 times the next 12-month earnings vs. a P/E of 35 three months ago

Press Release: ID:nPn2BSVrSa

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