LOS
ANGELES, Feb. 5, 2024 /PRNewswire/ -- Rexford
Industrial Realty, Inc. (the "Company" or "Rexford
Industrial") (NYSE: REXR), a real estate investment trust focused
on creating value by investing in and operating industrial
properties located throughout infill Southern California, today announced the Board
of Directors has approved a 10% increase in the Company's
quarterly common stock dividend to $0.4175 per share.
On February 5, 2024, the Company's
Board of Directors declared a regular cash dividend for the first
quarter of 2024 on the following securities:
- A dividend of $0.4175 per share
payable in cash on April 15, 2024, to
common stockholders and common unit holders of record as of
March 28, 2024; and
- A dividend of $0.367188 per share
of its Series B Cumulative Redeemable Preferred Stock and
$0.351563 per share of its Series C
Cumulative Redeemable Preferred Stock, payable in cash on
March 28, 2024, to preferred
stockholders of record as of March 15,
2024.
"Our commitment to driving long-term shareholder value is
evidenced by our strong dividend growth, which has averaged 23%
annually, since our initial public offering ten years ago," stated
Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of
the Company. "Looking forward, the Rexford Industrial team remains
focused on executing on our proven value creation strategies to
fuel long-term value for our shareholders."
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and
redeveloping industrial properties throughout infill Southern California, the world's fourth
largest industrial market and consistently the highest-demand,
lowest supply market in the nation. The Company's highly
differentiated strategy enables internal and external growth
opportunities through its proprietary value creation and asset
management capabilities. Rexford Industrial's high-quality,
irreplaceable portfolio comprises 373 properties with
approximately 45.8 million rentable square feet occupied
by a stable and diverse tenant base. Structured as a real estate
investment trust (REIT) listed on the New York Stock Exchange under
the ticker "REXR," Rexford Industrial is an S&P MidCap 400
Index member. For more information, please visit
www.rexfordindustrial.com.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws, which are based on
current expectations, forecasts and assumptions that involve risks
and uncertainties that could cause actual outcomes and results to
differ materially. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as "may," "will," "should," "expects," "intends,"
"plans," "anticipates," "believes," "estimates," "predicts," or
"potential" or the negative of these words and phrases or similar
words or phrases which are predictions of or indicate future events
or trends and which do not relate solely to historical matters.
While forward-looking statements reflect the Company's good faith
beliefs, assumptions and expectations, they are not guarantees of
future performance. For a further discussion of these and other
factors that could cause the Company's future results to differ
materially from any forward-looking statements, see the reports and
other filings by the Company with the U.S. Securities and Exchange
Commission, including the Company's Annual Report on Form 10-K for
the year ended December 31, 2022. The
Company disclaims any obligation to publicly update or revise any
forward-looking statement to reflect changes in underlying
assumptions or factors, of new information, data or methods, future
events or other changes.
Contact:
investorrelations@rexfordindustrial.com
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SOURCE Rexford Industrial Realty, Inc.