Rexford plans up to $2 billion in 2026 asset sales to cut leverage and authorizes $1 billion buyback

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โดย Seeking Alpha·Read original
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Rexford Industrial Realty announced a comprehensive portfolio realignment that includes $1.5 billion to $2 billion in non-core asset dispositions this year, aiming to reduce net debt to adjusted EBITDA from 4.5 times to 3.5 times and authorizing a new $1 billion share repurchase program. CEO Laura Clark said the review identified approximately $2 billion of non-core assets spanning roughly 8 million square feet, with the vast majority expected to close in 2026. CFO Michael Fitzmaurice stated that about $1 billion of the proceeds will be used to repay 2027 debt maturities rather than refinancing into a higher rate environment, lowering 2026 interest expense guidance to $105 million. The company also raised its full-year core FFO per share midpoint by a penny, lifted same-property net operating income growth outlook by 75 basis points at the midpoint, and increased average same-property occupancy guidance to a range of 95.3% to 95.7%. During the second quarter, Rexford repurchased approximately 3 million shares for $100 million at a weighted average price of $36, and the board authorized the new $1 billion buyback program.

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