Record Q1 leasing lifts Rexford — raises full‑year guidance and signals share buybacks

Rexford Industrial Realty raised its 2026 outlook after a record leasing quarter and added a new $500 million share repurchase program on April 23. (rexfordindustrial.com) The Southern California industrial landlord said it executed 4.1 million square feet of new and renewal leases in the first quarter, with average same-property occupancy at 96.3%. Core funds from operations were $0.61 a share, down from $0.62 a year earlier. (rexfordindustrial.com) Rexford also said it repurchased 5.53 million shares for $200 million at a weighted average price of $36.14, and sold five properties for $127.4 million. After quarter-end, its board authorized a fresh $500 million buyback plan. (rexfordindustrial.com) The guidance increase was modest but specific. Management raised the midpoint of full-year core funds from operations guidance by $0.02 and lifted the midpoint of same-property net operating income growth guidance by 50 basis points, while average same-property occupancy is now expected at 95.1% to 95.6%. (fool.com) (quartr.com) The quarter still showed the pressure in Southern California warehouses. Comparable rental rates on signed leases fell 10.0% on a net effective basis and 15.4% on a cash basis from prior rents. (rexfordindustrial.com) One lease skewed those spreads: a previously disclosed 1.1 million-square-foot Tireco extension. Excluding Tireco, first-quarter comparable rents rose 5.5% on a net effective basis and fell 1.8% on a cash basis. (rexfordindustrial.com) (finance.yahoo.com) Chief Executive Officer Laura Clark, who took over on April 1, said the company was "beginning to see early signs of market improvement" after prioritizing occupancy and capital recycling. John Nahas became chief operating officer the same day under Rexford’s succession plan. (rexfordindustrial.com) On the earnings call, management said leasing interest for vacant space had climbed to 90% from 75% last quarter and a year earlier. The company also said it is targeting $400 million to $500 million of property dispositions in 2026 to fund higher-return uses of capital, including buybacks and repositioning projects. (fool.com) Rexford ended the quarter with net debt to adjusted EBITDAre of 4.5 times and about $1.3 billion of liquidity, with no significant debt maturities until 2027, according to management’s call remarks. That balance sheet gives the company room to keep selling assets and buying back stock while it waits for leasing spreads to recover. (fool.com) For now, Rexford’s message is that Southern California infill industrial is still leasing at scale, but landlords are using asset sales and buybacks to bridge a market where pricing has not fully turned back up. (rexfordindustrial.com) (fool.com)