Rexford Industrial Announces 10 Percent Increase in Quarterly Common Stock Dividend
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.
