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Rexford Industrial to sell $1.2B industrial portfolio to EQT affiliate
The sale is intended to help Rexford pay off $1B of debt maturing next year, with proceeds also earmarked for share buybacks and development.
Rexford Industrial Realty said it plans to sell an industrial portfolio valued at about $1.2 billion to an EQT Real Estate affiliate as part of a broader effort to increase asset dispositions. The company is aiming for total portfolio sales of at least $1.5 billion this year and expects the transaction to close by the end of the third quarter.
Rexford noted that it is selling the portfolio to help pay off $1 billion of debt slated to mature next year, which it said represents roughly 30% of its total debt. The REIT also plans to use proceeds for share buybacks and additional development projects, according to the company release.
The company estimated that the sold portfolio has an estimated 2027 cash net operating income yield of 5.5%, reflecting expected rent rolldowns and move-outs. Rexford said the deal supports its capital allocation approach, and it reaffirmed its disposition guidance.
Rexford previously increased its full-year 2026 disposition guidance to between $1.5 billion and $2.0 billion, up from $400 million to $500 million planned at the end of the first quarter. It also said it identified about 8 million square feet, or about $2 billion in assets, that did not fit its long-term strategy, and that 8 million square feet would represent about 16% of its rentable space.