Rexford closes a $1.2 billion industrial-property sale

Rexford Industrial ($REXR) completed the sale of 22 properties totaling approximately 5.2 million square feet to an affiliate of EQT Real Estate for around $1.2 billion. The transaction brings completed disposals this year to roughly $1.5 billion as the company progresses a $2 billion program focused on non-core assets.

Rexford reported approximately $485 million of debt repayments and $205 million of share repurchases during the current quarter. Remaining sale proceeds are intended to support further debt reduction, buybacks and development. The company maintained its annual guidance and continued to target year-end net debt of around 3.5 times adjusted EBITDAre. The update confirms a completed asset sale; it does not mean the full disposal proceeds become accounting profit.

Sources:

• Rexford Industrial — completed portfolio sale, PR Newswire