Rexford Industrial Realty announced a definitive agreement on August 18 to sell a $1.2 billion industrial portfolio to an affiliate of EQT Real Estate, a deal expected to close by the end of the third quarter. The sale is the single largest piece of a $2 billion plan to shed non-core assets, and it pushes the company's year-to-date dispositions closed or under contract to roughly $1.5 billion. CEO Laura Clark said the assets being sold carry limited long-term value creation potential, elevated competitive supply, shorter remaining lease durations, or above-market in-place rents, and that the proceeds will fund debt coming due in 2027, opportunistic buybacks under a new $1.0 billion repurchase program, and reinvestment into repositioning and development projects. Rexford Industrial posted a net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, in the second quarter of 2026, compared with net income of $113.4 million a year earlier, driven by $624.8 million in non-cash impairments tied to shortened expected holding periods. The portfolio being sold to EQT Real Estate carries an estimated 2027 cash NOI yield of just 5.5%, and full-year guidance now points to a net loss of $1.32 to $1.27 per diluted share, a reversal from the $1.22 to $1.27 per share of net income guided a quarter earlier.
Rexford Industrial Realty IncEQT Real Estate agreed to acquire a $1.2 billion industrial portfolio from Rexford, expanding its real estate holdings.
