Rexford Industrial Sells $41.2M Assets, Executes $100M Buyback, Promotes New COO
Rexford Industrial sold two properties for $41.2M YTD (preserving ~$20M capital) and holds $185M of dispositions under contract, while repurchasing 2.67M shares for $100M at $37.45 average under $500M buyback plan. It promoted John Nahas to COO effective April 1, slashed executive compensation by ~50% and reaffirmed $60M G&A guidance.
1. Disposition and Capital Allocation Update
Year to date through February 25, Rexford Industrial sold two infill Southern California properties for a combined $41.2 million, including a 5.1-acre land site in Irwindale for $14.5 million and a 62,838 sq ft industrial building in Fountain Valley for $26.7 million. By exiting these projects, the company preserved approximately $20 million of projected development capital and currently has about $185 million of additional dispositions under contract or accepted offer.
2. Share Repurchase Program Progress
In February, Rexford Industrial repurchased 2,670,227 common shares for $100.0 million at a weighted average price of $37.45 per share under its newly authorized $500 million buyback program, leaving $400 million of capacity available. This accelerated repurchase reflects the company’s disciplined capital allocation strategy aimed at enhancing shareholder value.
3. Leadership Transition and Expense Guidance
Effective April 1, John Nahas will assume the role of Chief Operating Officer, overseeing operations, development, leasing and asset management functions. Concurrently, the company reduced aggregate executive compensation by approximately 50% and reaffirmed its previously disclosed 2026 general and administrative expense guidance of $60 million.