LOS ANGELES - Rexford Industrial Realty, Inc. (NYSE: REXR), a real estate investment trust specializing in industrial properties in Southern California, has announced executive leadership changes, appointing Michael Fitzmaurice as Chief Financial Officer and promoting Laura Clark to Chief Operating Officer, starting November 18, 2024.
Michael Fitzmaurice joins Rexford Industrial with a 25-year track record in the public REIT sector, including a recent role as Executive Vice President, CFO of RPT Realty (NYSE:RPT). He played a key role in RPT Realty's merger with Kimco Realty (NYSE:KIM) earlier in January 2024. His career includes significant financial leadership positions with Retail Properties of America (NYSE:RPAI), General Growth Properties, and Equity Office Properties. Fitzmaurice is a University of Illinois at Chicago alumnus, holding a B.S. in finance.
Laura Clark, the current CFO, will transition to the role of COO after her four-year tenure as CFO. The Co-Chief Executive Officers of Rexford Industrial, Michael Frankel and Howard Schwimmer, expressed confidence in Clark's ability to drive value creation in her new role, citing her substantial contributions to the company's growth.
The executive search for these appointments was conducted by Russell Reynolds Associates, a prominent leadership advisory firm, with Deb Barbanel and Nick Roberts leading the recruitment process.
Rexford Industrial focuses on investing in, operating, and redeveloping industrial properties in infill Southern California. The company's portfolio includes 424 properties with around 50.3 million rentable square feet. As a member of the S&P MidCap 400 Index, Rexford Industrial operates as a REIT and is known for its proprietary value creation and asset management capabilities.
The information is based on a press release statement and is reflective of the company's current expectations. It should be noted that forward-looking statements involve risks and uncertainties that may cause actual results to differ materially. Rexford Industrial has not updated or revised any forward-looking statements to reflect changes in assumptions, new information, or future events.
"In other recent news, Rexford Industrial Realty reported a 5.4% year-over-year increase in funds from operations (FFO) for the third quarter, reaching $0.59 per share, and raised its full-year 2023 FFO guidance to between $2.33 and $2.35 per share, indicating a 7% year-over-year growth. The company made $130 million in investments during and after Q3, maintaining a portfolio occupancy of 97.6%. Despite a 7.5% year-over-year drop in market rents, Rexford projects $222 million in internal cash NOI growth over the next three years. BofA Securities, however, downgraded Rexford's stock from Buy to Neutral and reduced the price target to $49.00, citing a slower-than-expected demand recovery in the Los Angeles market. In contrast, Evercore ISI maintained an Outperform rating for Rexford, albeit with a reduced price target of $55.00, expressing confidence in the company's future performance. These recent developments highlight the differing perspectives of analysts from BofA Securities and Evercore ISI on Rexford's recovery prospects and future performance."
InvestingPro Insights
As Rexford Industrial Realty (NYSE: REXR) announces key leadership changes, it's worth examining some financial metrics that underscore the company's performance and outlook. According to InvestingPro data, Rexford Industrial boasts a market capitalization of $10.19 billion, reflecting its significant presence in the Southern California industrial real estate market.
The company's revenue growth is noteworthy, with a 18.01% increase over the last twelve months as of Q3 2024, reaching $903.94 million. This growth aligns with an InvestingPro Tip indicating that analysts anticipate sales growth in the current year, suggesting continued momentum in Rexford's core business.
Another InvestingPro Tip highlights that Rexford Industrial has raised its dividend for 12 consecutive years. This consistent dividend growth, coupled with a current dividend yield of 3.63%, may appeal to income-focused investors and reflects the company's commitment to shareholder returns.
It's important to note that Rexford is trading at a relatively high P/E ratio of 36.68, which could indicate investor confidence in the company's future prospects or potential overvaluation. This metric aligns with another InvestingPro Tip suggesting that the company is trading at a high earnings multiple.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights, with 8 more tips available for Rexford Industrial Realty. These additional insights could provide valuable context for understanding the company's financial position and future potential as it undergoes this leadership transition.
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