Rexford Industrial Sells Five Properties for $127.4M, Repurchases $200M Stock
Rexford Industrial disposed of five Southern California properties for $127.4 million year to date and holds $170 million in additional dispositions under contract. The company repurchased 5.53 million shares for $200 million at a weighted average price of $36.14 per share, with $300 million remaining in its buyback program.
1. Disposition Update
Year to date through March 31, Rexford sold five Southern California industrial and office properties for a total of $127.4 million, including a 100,157-sqft Valencia building at $31.0 million ($310 per sqft), a 4.2-acre Fontana site at $14.5 million ($79 per land sqft) and a 133,836-sqft Anaheim office campus at $40.7 million ($77 per land sqft). The company holds approximately $170 million of additional dispositions under contract or accepted offer, covering four near-term development sites and four operating assets.
2. Share Repurchase Activity
Through March 31, Rexford repurchased 5,534,357 shares for $200 million at a weighted average of $36.14 per share and retains $300 million of capacity under its $500 million buyback authorization.