Rexford Industrial posts Q2 net loss on impairments; raises asset sale outlook

Rexford Industrial Realty

23/07/2026 21:34

    

    Overview
  
U.S. industrial REIT's Q2 revenue was flat yr/yr, Core FFO per share rose 6.8%
Company posted a net loss on $625 mln in non-cash impairments tied to planned asset sales
Rexford increased 2026 asset sale guidance to $1.5-$2.0 bln, authorized new $1.0 bln buyback

    

    Outlook
  
Rexford Industrial raises 2026 Core FFO per diluted share guidance to $2.38-$2.43
Company increases 2026 disposition guidance to $1.5-$2.0 bln from $400-$500 mln
Company expects full-year same property portfolio NOI growth between (1.25)% and (0.25)%

    

    Result Drivers
  
LOWER OPERATING INCOME - Core FFO growth was partially offset by lower NOI from property dispositions in the first half of 2026
RENTAL RATE COMPRESSION - Same property NOI decline was primarily driven by lower effective rental rates and higher bad debt, partially offset by higher average occupancy
NEGATIVE RELEASING SPREADS - Comparable rental rates on new and renewal leases decreased on both net effective and cash basis

    
Company press release: ID:nPn4BbMLYa

    

    Key Details
  

            Metric
          

            Beat/Miss
          

            Actual
          

            Consensus Estimate
          
Q2 Revenue
 
$245.51 mln
 
Q2 Loss Per Share
 
$2.26
 
Q2 Net Loss
 
$506.90 mln
 
Q2 Core FFO
 
$141.40 mln
 
Q2 Core FFO Per Share
 
$0.63
 

    

    Analyst Coverage
  
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 8 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "buy."
Wall Street's median 12-month price target for Rexford Industrial Realty Inc is $40.00, about 8.8% above its July 22 closing price of $36.77
The stock recently traded at 33 times the next 12-month earnings vs. a P/E of 29 three months ago

    

    Reuters Recommended Reads
  
July 22 - First Industrial Realty Q2 revenue slightly misses estimates
July 22 - EastGroup Properties raises 2026 FFO outlook on strong leasing
July 22 - United Rentals raises annual sales forecast on strong equipment rentals demand

    
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)