LOS ANGELES - Rexford Industrial Realty, Inc. (NYSE:REXR), a real estate investment trust (REIT) specializing in industrial properties in Southern California, has announced an increase in its quarterly common stock dividend. The Board of Directors has approved a 10% hike, bringing the dividend to $0.4175 per share.
Today, the company declared that the new dividend will be payable on April 15, 2024, to shareholders of record as of March 28, 2024. In addition to the common stock dividend, the company stated dividends for its preferred stocks. Holders of Series B Cumulative Redeemable Preferred Stock will receive $0.367188 per share, and Series C Cumulative Redeemable Preferred Stock will receive $0.351563 per share, both payable on March 28, 2024, to stockholders of record as of March 15, 2024.
The Co-Chief Executive Officers of Rexford Industrial, Michael Frankel and Howard Schwimmer, highlighted the company's consistent dividend growth since its initial public offering a decade ago, averaging 23% annually. They expressed the company's commitment to long-term shareholder value and a focus on executing value creation strategies.
Rexford Industrial's portfolio includes 373 properties with about 45.8 million rentable square feet, serving a diverse tenant base. The company's strategic focus on the high-demand, low-supply market of Southern California has been a cornerstone of its growth.
The information in this article is based on a press release.
InvestingPro Insights
In light of Rexford Industrial Realty's recent dividend hike, real-time data from InvestingPro provides a deeper dive into the company's financial health and market performance. The company's market capitalization stands at a robust $11.43 billion, reflecting its significant presence in the industrial real estate sector. Investors should note the company's Price/Earnings (P/E) ratio of 50.02, which is on the higher side, indicating a premium market valuation. This is further emphasized by the adjusted P/E ratio for the last twelve months as of Q3 2023, which is 56.35. Additionally, the company's revenue has seen a substantial growth of 30.86% over the same period, suggesting strong business performance.
Among the InvestingPro Tips, two particularly stand out in relation to the article. First, Rexford Industrial has raised its dividend for 11 consecutive years, which is consistent with the recent announcement and underscores the company's commitment to shareholder returns. Second, analysts predict the company will be profitable this year, aligning with the CEOs' focus on long-term shareholder value and successful execution of value creation strategies. For investors seeking detailed analysis and additional insights, InvestingPro offers a range of further tips on Rexford Industrial, all accessible through a subscription.
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