Scotiabank increased its price target on Rexford Industrial Realty to $40 from $38 while maintaining a Sector Outperform rating, following the REIT’s agreement to sell a $1.2 billion industrial portfolio to an affiliate of EQT Real Estate.
The transaction forms part of a broader asset realignment program that Rexford Industrial expects to total between $1.5 billion and $2 billion, including an additional $800 million in planned divestments. Proceeds will help fund the repayment of $1 billion in debt maturing in 2027, with refinancing estimated at 5.5% to 6.0% under current market conditions.
Rexford Industrial reported second-quarter 2026 revenue of $245.51 million, exceeding Wall Street expectations of $240.24 million. Earnings per share fell short of forecasts due to a $625 million non-cash write-down related to planned asset sales. The company also authorized a new $1 billion share buyback program, continuing a pattern of aggressive repurchases.
Cantor Fitzgerald raised its price target on the stock to $45 from $40, maintaining an Outperform rating. Jefferies, however, downgraded Rexford Industrial to Hold from Buy, citing concerns over lease renewals despite support for the asset sale and buyback strategy.
Rexford Industrial has increased its dividend for 13 consecutive years, with a current yield of 4.69%. The stock was trading at $37.13, below Scotiabank’s InvestingPro Fair Value estimate.
