Rexford Industrial Realty, Inc. has completed the sale of a portfolio of 22 industrial properties to an affiliate of EQT Real Estate for an aggregate purchase price of approximately $1.2 billion. The transaction, which closed on September 16, 2026, was previously disclosed in an August 18, 2026, filing.
The portfolio consists of 5.2 million rentable square feet, with properties averaging 237,000 square feet each. At the time of closing, the properties had a weighted average remaining lease term of 2.7 years and in-place rents that were 28% above current market rates. The estimated 2027 cash net operating income (NOI) yield for the portfolio is approximately 5.5%.
The sale is part of Rexford Industrial's broader $2.0 billion initiative to realign its portfolio by disposing of non-core assets. As of the announcement, the company has completed $1.5 billion in dispositions year-to-date, including this transaction and $86 million of sales closed during the third quarter.
The company intends to use the net proceeds from this sale for general corporate purposes. Specifically, the company has already deployed a portion of the proceeds to repay $485 million of debt and repurchase $205 million of common stock during the third quarter. Year-to-date, the company has repaid $492 million of debt and repurchased $505 million of common stock. The remaining proceeds are expected to be used to address 2027 debt maturities, fund opportunistic share repurchases under a $1.0 billion program, and support internal repositioning and development projects.
Rexford Industrial reaffirmed its 2026 guidance, which includes a full-year disposition range of $1.5 billion to $2.0 billion. The company also stated its estimated year-end 2026 Net Debt to Adjusted EBITDA ratio is 3.5x. CBRE National Partners West served as the advisor for the transaction.
