Rexford Industrial chairman Richard Ziman to retire in June

LOS ANGELES - Rexford Industrial Realty, Inc. (NYSE: REXR), a real estate investment trust (REIT) specializing in industrial properties in Southern California, announced today that its Chairman of the Board of Directors, Richard Ziman, will retire following the company’s Annual Meeting of Stockholders on June 3, 2025. The announcement comes as the company’s stock trades near $32.82, having declined approximately 30% over the past six months, according to InvestingPro data.

Ziman expressed pride in Rexford Industrial’s growth during his tenure and confidence in the company’s future success. Co-Chief Executive Officers Michael Frankel and Howard Schwimmer acknowledged Ziman’s significant contributions and emphasized the firm’s strong positioning to continue enhancing shareholder value through its embedded net operating income (NOI) growth opportunities. The company has maintained a strong track record of dividend payments, having raised its dividend for 12 consecutive years, with a current yield of 5.29% and recent dividend growth of 13.16%.

The Board of Directors has approved Tyler Rose, the current lead independent director, to succeed Ziman as Chairman, contingent on the results of the Annual Meeting and director elections. The company will provide updates regarding Rose’s appointment as they become available.

Rexford Industrial’s focus is on acquiring, operating, and redeveloping industrial real estate within the highly sought-after infill Southern California market. As of December 31, 2024, the company owned 425 properties, totaling approximately 50.8 million rentable square feet, serving a diverse tenant base. Listed on the New York Stock Exchange, Rexford Industrial is a component of the S&P MidCap 400 Index.

This transition comes as part of the company’s governance process and is based on information from a press release statement.

In other recent news, Rexford Industrial Realty has faced adjustments in its stock price targets and analyst ratings. Baird analyst David Radgers has revised Rexford’s price target to $47.00 from $48.00, maintaining a Neutral rating. Radgers emphasized the potential for growth through redevelopment and repositioning lease-ups, despite soft near-term demand in Southern California. Meanwhile, Deutsche Bank has initiated coverage on Rexford with a Hold rating and a price target of $40.00. The firm expressed concerns over the slowdown in demand and supply in the Inland Empire, alongside risks related to interest rates and tenant concentration. Deutsche Bank’s forecast for 2025 funds from operations per share stands at $2.50, slightly below the consensus estimate. Rexford’s valuation, trading at 15.1 times price to FFO, is noted to be below the group average, suggesting investor concerns might be reflected in the current price. Both analysts indicate that Rexford’s future performance could hinge on its ability to enhance leasing activities within its redevelopment projects.

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