Rexford Industrial Chairman Ziman to retire, board to shrink

LOS ANGELES – Rexford Industrial Realty, Inc. (NYSE:REXR), a real estate investment trust with a market capitalization of $7.7 billion, announced today that its Chairman, Richard Ziman, will not seek reelection and is set to retire at the upcoming annual meeting of stockholders. Following his departure, the company’s Board of Directors will reduce its size from eight to seven members. According to InvestingPro data, the company has maintained consistent dividend payments for 13 consecutive years, demonstrating strong corporate governance and financial stability.

The decision, effective after the annual meeting, was made by the Board on April 9, 2025. Ziman’s retirement is not due to any disagreements with the company regarding its operations, policies, or practices, according to the statement.

The adjustment in the board’s composition marks a significant transition for Rexford Industrial Realty, which specializes in acquiring, managing, and developing industrial properties in Southern California. The company, incorporated in Maryland and headquartered in Los Angeles, operates under the leadership of Co-Chief Executive Officers Michael S. Frankel and Howard Schwimmer.

The news comes as the company continues to navigate the competitive landscape of the real estate investment trust industry. Rexford Industrial has been known for its strategic focus on Southern California’s infill markets, aiming to capitalize on the region’s robust demand for industrial space driven by e-commerce and logistics. The company has demonstrated solid operational performance with a 17.4% revenue growth in the last twelve months and maintains a healthy gross profit margin of 77.6%. For deeper insights into Rexford’s financial health and growth prospects, InvestingPro subscribers have access to over 30 additional key metrics and analysis tools.

As the company prepares for its annual meeting, the forthcoming reduction in board size is expected to streamline decision-making processes. Rexford Industrial Realty has not yet announced any additional changes to its leadership structure or potential candidates to fill future vacancies on the board.

Investors and stakeholders of Rexford Industrial Realty will be watching closely as the company transitions to a smaller board and continues to execute its strategic initiatives in the dynamic Southern California market.

This announcement is based on a recent SEC filing and reflects the company’s commitment to maintaining transparency with its investors and the public.

In other recent news, Rexford Industrial Realty announced that its Chairman of the Board, Richard Ziman, will retire in June 2025. Tyler Rose, the current lead independent director, is set to succeed Ziman as Chairman following the company’s Annual Meeting of Stockholders. Additionally, Baird analyst David Radgers adjusted the price target for Rexford Industrial Realty to $47.00 from $48.00, maintaining a Neutral rating. Radgers noted potential opportunities for Rexford through redevelopment and lease-up activities, although he highlighted the current soft demand in Southern California.

Deutsche Bank (ETR:DBKGn) began coverage of Rexford Industrial Realty with a Hold rating and a price target of $40.00. The bank expressed concerns about a slowdown in Southern California’s market and risks related to interest rates and tenant concentration. Deutsche Bank’s forecast for 2025 funds from operations per share is slightly below consensus estimates. Despite these concerns, Rexford’s stock is trading at a discount compared to its peers, which Deutsche Bank suggests may already reflect investor apprehensions.

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