Rexford closes a 22-property industrial sale to an EQT affiliate for about $1.2 billion

The portfolio is gone. On September 16, 2026, Rexford Industrial Realty, L.P., a subsidiary of Rexford Industrial Realty, Inc. (NYSE: REXR), and certain of its subsidiaries completed the sale of 22 industrial properties to an affiliate of EQT Real Estate. Item 2.01 puts the aggregate purchase price at about $1.2 billion before customary credits, prorations and closing adjustments. The buyer named in the purchase agreement is Exeter 10545 Production, LLC. (Form 8-K AccNo 0001571283-26-000051)

The round number and the contract price

Item 2.01 reports a completed disposition, not a signing. The contract is Exhibit 10.1: the Agreement of Purchase and Sale and Escrow Instructions dated August 13, 2026, amended on September 10 and again on September 16. Section 2.2(a) sets the purchase price at $1,179,150,000, subject to the adjustments, prorations and credits in the agreement. That is the figure the 8-K rounds to about $1.2 billion before those items. It is not a closing statement.

Section 10.5 gives the buyer a $25 million credit at closing for certain capital improvements, allocated across the properties on a schedule. Other adjustments stay in the category the 8-K calls customary credits and prorations. Because the closing statement is not in Item 2.01, the net cash Rexford received is not in the filed item.

The sellers are the entities on Schedule A, subsidiaries tied to the operating partnership. The buyer is a Delaware limited liability company. Item 2.01 calls that buyer an affiliate of EQT Real Estate. The contract uses the Exeter name. This report does not describe any ownership chain between Exeter and EQT beyond that affiliate line.

Rexford says the August 13 agreement was previously disclosed in a Form 8-K filed August 18, 2026. The closing terms here are from this September report and the agreement filed with it.

Proceeds are still an intention

Item 2.01 says Rexford intends to use the net proceeds for general corporate purposes, including debt repayment, repurchases of common stock, and internal repositioning and development projects. The 8-K marks that sentence as forward-looking. It does not assign a dollar amount to any of those uses.

What the furnished release adds

On September 17 the company issued a press release, furnished as Exhibit 99.1 and not deemed filed. It describes the same closing: 22 properties, about $1.2 billion, an affiliate of EQT Real Estate. It adds building-level facts Item 2.01 omits. The portfolio totals 5.2 million rentable square feet, averaging 237,000 square feet a property. At closing, the weighted average remaining lease term was 2.7 years, and in-place rents were 28% above current market rates. The release puts estimated 2027 cash NOI yield at about 5.5%, and says that yield assumes a roll-down of above-market rents and expected tenant move-outs.

The release also places the sale in a previously announced $2.0 billion disposition of non-core assets. It says year-to-date dispositions total $1.5 billion, counting this transaction, $265 million of earlier announced sales, and $86 million closed so far in the third quarter. That sum, the company says, sits inside full-year 2026 disposition guidance of $1.5 billion to $2.0 billion. The release reaffirms 2026 guidance from the July 23, 2026 earnings release, and says Laura Clark, the chief executive, sees the closing as progress on that realignment. CBRE National Partners West advised Rexford.

On cash already deployed, the release is wider than this one closing. Third quarter to date, it says Rexford has used a portion of disposition proceeds to repay $485 million of debt and repurchase $205 million of common stock, under a previously announced $1.0 billion share repurchase program. Those amounts are not Item 2.01’s allocation of this portfolio’s net proceeds. The completed sale, the count of 22, and the approximate price are the filed facts. The square footage, the lease term, the rent spread and the wider disposition totals are furnished.