v3.26.1
Stockholders’ Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Preferred Stock
At June 30, 2026 and December 31, 2025, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):
June 30, 2026December 31, 2025
SeriesEarliest Redemption DateDividend RateShares OutstandingLiquidation PreferenceShares OutstandingLiquidation Preference
Series BNovember 13, 20225.875 %3,000,000 $75,000 3,000,000 $75,000 
Series CSeptember 20, 20245.625 %3,450,000 86,250 3,450,000 86,250 
Total Preferred Shares6,450,000 $161,250 6,450,000 $161,250 
Common Stock
Stock Repurchase Programs
On April 21, 2026, the Board authorized a stock repurchase program pursuant to which we may repurchase up to a maximum of $500.0 million of our outstanding common stock (the “April 2026 Repurchase Program”). The April 2026 Repurchase Program replaced and superseded, in all respects, our previously authorized February 2026 repurchase program and expires on April 30, 2028, unless modified, extended or terminated earlier at the Board’s discretion.
Under our stock repurchase programs, we may repurchase our shares from time to time in the open market, in privately negotiated transactions or in other transactions as permitted by federal securities laws. The amount and timing of repurchases depend on a number of factors, including the price and availability of our shares, trading volume and general market conditions.
During the six months ended June 30, 2026, we repurchased 8,335,664 shares of common stock for an aggregate cost of $300.2 million, including commissions, at a weighted average price of $35.99 per share. Of this amount, $200.1 million was repurchased under the February 2026 stock repurchase program prior to its termination and $100.1 million was repurchased under the April 2026 Repurchase Program. All repurchased shares were retired on the respective settlement dates. As of June 30, 2026, $399.9 million remained available for repurchase under the April 2026 Repurchase Program. Subsequent to June 30, 2026, the Board terminated the April 2026 Repurchase Program and authorized a new $1.0 billion stock repurchase program. See “Note 16 – Subsequent Events” for additional information.
ATM Program
On February 17, 2023, we established an at-the-market equity offering program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion (the “Current ATM Program”).
In connection with the ATM program, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under the ATM program. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.
During the six months ended June 30, 2026, we did not sell any shares of common stock directly through sales agents or enter into forward equity sale agreements under the Current ATM Program.
As of June 30, 2026, approximately $927.4 million of common stock remained available to be sold under the Current ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.
Changes in Accumulated Other Comprehensive Income (Loss)
The following table summarizes the changes in our AOCI balance for the three and six months ended June 30, 2026 and 2025, which consists solely of adjustments related to our cash flow hedges (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Accumulated other comprehensive income (loss) - beginning balance$2,887 $3,582 $(422)$6,746 
Other comprehensive income (loss) before reclassifications
5,515 (1,077)9,770 (2,846)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense(746)(1,507)(1,567)(3,023)
Net current period other comprehensive income (loss)
4,769 (2,584)8,203 (5,869)
Less: other comprehensive (income) loss attributable to noncontrolling interests
(183)94 (308)215 
Other comprehensive income (loss) attributable to common stockholders
4,586 (2,490)7,895 (5,654)
Accumulated other comprehensive income - ending balance
$7,473 $1,092 $7,473 $1,092 
Noncontrolling Interests
Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units and 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “CPOP Units”).
Operating Partnership Units
As of June 30, 2026, noncontrolling interests included 5,624,933 OP Units, 1,765,430 fully-vested LTIP units and 1,325,969 fully-vested performance units, and represented approximately 3.8% of our Operating Partnership (excluding CPOP Units). OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 13 – Incentive Award Plan” for a description of LTIP units and Performance Units.
During the six months ended June 30, 2026, 60,009 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $2.5 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.