Rexford Industrial closes $1.2B portfolio sale to EQT Real Estate

Rexford Industrial Realty (NYSE: REXR) has completed the sale of a 22-property industrial portfolio to an affiliate of EQT Real Estate for approximately $1.2 billion, according to a company statement.

The portfolio totals 5.2 million rentable square feet, averaging 237,000 square feet per property. At closing, it carried a weighted average remaining lease term of 2.7 years, with in-place rents 28% above current market rates. The portfolio's estimated 2027 cash net operating income yield is approximately 5.5%, reflecting anticipated rent roll-downs and expected tenant move-outs.

The transaction is part of Rexford Industrial's previously announced $2.0 billion non-core asset disposition initiative. The company said it has now completed $1.5 billion in dispositions year to date, including $265 million in previously announced sales, the $1.2 billion portfolio transaction, and $86 million in additional third-quarter closings. This places the company within its full-year 2026 disposition guidance range of $1.5 billion to $2.0 billion.

In the third quarter to date, Rexford Industrial used a portion of the proceeds to repay $485 million of debt and repurchase $205 million of common stock. Year to date, the company has repaid $492 million of debt and repurchased $505 million of common stock. Remaining proceeds are expected to be applied toward 2027 debt maturities, additional stock repurchases under the company's existing $1.0 billion share repurchase program, and internal development projects. The company's estimated year-end 2026 net debt to adjusted EBITDAre ratio is 3.5x.

Chief Executive Officer Laura Clark said the transaction reflects progress in strengthening the portfolio and balance sheet, adding that the company has made significant year-to-date advances toward completing its portfolio realignment.

Rexford Industrial reaffirmed its 2026 guidance as provided in its second-quarter earnings release dated July 23, 2026. CBRE National Partners West advised the company on the transaction.

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