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# Rexford Spent Sale Proceeds On Debt And Buybacks, Putting Repurchase Yield In The Mid-6% Range
- URL: https://www.bullished.co/rexford-spent-sale-proceeds-on-debt-and-buybacks-putting-repurchase-yield-in-the-mid-6-1cfbddbf/
- Published: 2026-10-23T16:01:16.000Z
- Updated: 2026-10-23T16:01:15.000Z
- Description: CFO Mike Fitzmaurice said the stock buybacks yield more than the roughly 5.5% on the assets Rexford sold.
- Author: Matteo Parrino
- Tags: Earnings, REXR, Industry: Real Estate

[Rexford Industrial Realty](https://www.bullished.co/tag/rexr/), which owns industrial buildings in Southern California, used cash from its property sales to pay down debt and buy back stock, CFO Mike Fitzmaurice said on the company's third-quarter earnings call. Buybacks during and after the quarter, [$409 million](https://www.sec.gov/Archives/edgar/data/1571283/000157128326000058/rexrex991q3-2026.htm?ref=bullished.co) in all, carry an implied yield in the mid-6% range, he said.

## Buybacks versus the assets sold

Fitzmaurice said that yield "compares favorably with a roughly 5.5% yield on the assets we sold." COO John Nahas put the same figure on the $1.2 billion portfolio sale: an [estimated 2027 cash yield](https://www.sec.gov/Archives/edgar/data/1571283/000157128326000058/rexrex991q3-2026.htm?ref=bullished.co) of about 5.5%.

Since the second quarter of last year, Rexford has bought back nearly $1 billion of stock, about 10% of shares outstanding, while also cutting leverage, Fitzmaurice said. The purchases came "at prices well below what we believe Rexford is worth," he said, and add to both core FFO (a REIT's recurring cash earnings) and net asset value per share.

Leverage, measured as net debt to EBITDA, fell three quarters of a turn to 3.8 times. Management is aiming for about 3.5 times by year end, and the company ended the quarter with $1.7 billion of liquidity.

## Paying off the 2027 maturities

The sales closed ahead of the recent rise in Treasury rates, Fitzmaurice said. Rexford has already repaid $425 million of $1 billion in 2027 maturities and expects to repay the remaining $575 million at maturity in March, avoiding a refinancing at rates he put at roughly 6.25%. Its next meaningful maturity is June 2028.

The $1.2 billion deal covered 22 properties totaling 5.2 million square feet. Asked whether Rexford had to throw in core assets to sweeten it, CEO Laura Clark said "these were real estate decisions" made at the asset level. Including that sale, Rexford has completed $1.5 billion of dispositions this year under a $2 billion realignment plan.

## Guidance and what comes next

Core FFO was [60 cents](https://wtop.com/national/2026/10/rexford-industrial-q3-earnings-snapshot/?ref=bullished.co) per share, flat with a year earlier and down 3 cents from the prior quarter. Rexford raised the midpoint of its full-year core FFO guidance by 2 cents, to a range of $2.41 to $2.44, citing better leasing and lower bad debt.

It also lifted its same-property occupancy outlook by 40 basis points at the midpoint to 95.9%. Same-property occupancy rose 200 basis points from the prior quarter, which Fitzmaurice attributed to leasing, not the sales.

Rexford shares traded at $37.75, up about 4% from the prior close, at the time of the report on Friday, giving the company a market value of about $8.1 billion.

Clark said $500 million of dispositions remain under the plan, and Rexford will give its 2027 outlook when it reports next quarter.

### Sources

- [Rexford Industrial reports Q3 revenue below estimates; 2026 earnings guidance revised higher (REXR:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4656285-rexford-industrial-reports-q3-revenue-below-estimates-2026-earnings-guidance-revised-higher?ref=bullished.co) — seekingalpha.com
- [Rexford Industrial Realty (REXR) Stock May Be Near Fair Value On Q3 Results](https://uk.finance.yahoo.com/news/rexford-industrial-realty-rexr-stock-101834941.html?ref=bullished.co) — Yahoo Finance
- [Rexford Industrial: Q3 Earnings Snapshot – WTOP News](https://wtop.com/national/2026/10/rexford-industrial-q3-earnings-snapshot/?ref=bullished.co) — wtop.com
- [Document](https://www.sec.gov/Archives/edgar/data/1571283/000157128326000058/rexrex991q3-2026.htm?ref=bullished.co) — sec.gov
- [Rexford Industrial (REXR) Meets Q3 FFO Estimates](https://finance.yahoo.com/real-estate/articles/rexford-industrial-rexr-meets-q3-202502789.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance

### More on Rexford Industrial Realty

- [Rexford Lifts 2026 Core FFO Outlook To $2.41-$2.44 A Share As Debt Falls And Buybacks Reach $708.7 Million](https://www.bullished.co/rexford-lifts-2026-core-ffo-outlook-to-2-41-2-44-a-share-as-debt-falls-and-buybacks-reach-1a56d03c/)

[All Rexford Industrial Realty (REXR) coverage →](https://www.bullished.co/tag/rexr/)