v3.26.3
Stockholders’ Equity
 9 Months Ended
Sep. 30, 2026
Equity [Abstract]  
Stockholders’ Equity Stockholders’ Equity
Preferred Stock
At September 30, 2026 and December 31, 2025, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):
September 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 July 20, 2026, the Board authorized a new stock repurchase program pursuant to which we may repurchase up to a maximum of $1.0 billion of our outstanding common stock (the “July 2026 Repurchase Program”), which expires on July 31, 2028, unless modified, extended or terminated earlier at the Board’s discretion. The July 2026 Repurchase Program replaced and superseded our previously authorized April 2026 stock repurchase program, which had replaced and superseded our February 2026 stock repurchase program.
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 nine months ended September 30, 2026, we repurchased 16,479,275 shares of common stock for an aggregate cost of $609.1 million, including commissions, at a weighted average price of $36.94 per share. Of this amount, $300.2 million was repurchased under our previously authorized stock repurchase programs prior to their termination and $308.9 million was repurchased under the July 2026 Repurchase Program. All repurchased shares were retired on the respective settlement dates. As of September 30, 2026, $691.1 million remained available for repurchase under the July 2026 Repurchase Program. Subsequent to September 30, 2026, we repurchased an additional $100.0 million of common stock under the July 2026 Repurchase Program, resulting in $591.1 million remaining available for future repurchases. 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 nine months ended September 30, 2026, we did not sell any shares of common stock directly through sales agents or enter into any forward equity sale agreements under the Current ATM Program.
As of September 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 nine months ended September 30, 2026 and 2025, which consists solely of adjustments related to our cash flow hedges (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Accumulated other comprehensive income (loss) - beginning balance$7,473 $1,092 $(422)$6,746 
Other comprehensive income (loss) before reclassifications
11,419 464 21,189 (2,382)
Amounts reclassified from accumulated other comprehensive income to interest expense(3,600)(2,127)(5,167)(5,150)
Net current period other comprehensive income (loss)
7,819 (1,663)16,022 (7,532)
Less: other comprehensive (income) loss attributable to noncontrolling interests
(314)56 (622)271 
Other comprehensive income (loss) attributable to common stockholders
7,505 (1,607)15,400 (7,261)
Accumulated other comprehensive income (loss) - ending balance$14,978 $(515)$14,978 $(515)
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 September 30, 2026, noncontrolling interests included 5,624,933 OP Units, 1,723,841 fully vested LTIP units and 1,325,969 fully-vested performance units, and represented approximately 3.9% 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 nine months ended September 30, 2026, 101,598 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $4.2 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.