LOS ANGELES - Shareholders of Rexford Industrial Realty, Inc., a real estate investment trust, cast their votes on several key proposals during the company's Annual Meeting held on Monday. The voting results, detailed in a recent SEC 8-K filing, indicate broad support for the management's agenda, including the election of directors and ratification of the company's independent auditor.
The election of directors saw seven nominees receive overwhelming approval to serve until the 2025 Annual Meeting of Stockholders, with Robert L. Antin securing the least votes for at 197,071,967 and Richard S. Ziman receiving the highest number of votes against at 19,457,218. The eighth nominee, Howard Schwimmer, was also elected with substantial support.
In addition, the appointment of KPMG LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified with more than 203 million votes in favor, compared to approximately 1.7 million votes against.
The advisory resolution to approve the company's named executive officer compensation for 2023 was more contentious, with roughly 125.7 million votes for and 76.4 million votes against.
Stockholders also approved the Third Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan, with nearly 192 million votes for and 10.3 million votes against.
The results from the meeting, which reflect shareholder sentiment on the company's governance and executive compensation, were filed with the SEC on Thursday and are based on a press release statement. Rexford Industrial Realty, Inc. is headquartered in Los Angeles, California, and trades on the New York Stock Exchange under the ticker NYSE:REXR.
In other recent news, Rexford Industrial Realty has been the focus of several analyst adjustments. Mizuho Securities lowered its price target for Rexford from $52 to $50, maintaining a neutral rating. This decision was influenced by a forecasted decrease in net operating income for 2025 and a longer timeframe for the lease-up of redevelopment assets. Still, Mizuho acknowledged that recent deals executed by Rexford have partially offset these impacts.
Meanwhile, Baird also adjusted its outlook on Rexford, reducing the price target from $57 to $49 while maintaining a neutral rating. This revision is part of a broader reassessment of the industrial real estate sector, which is currently experiencing shifts in growth expectations.
Similarly, JPMorgan (NYSE:JPM) reduced its stock price target for Rexford from $55 to $47, keeping a neutral rating on the shares. This adjustment was made following an update to JPMorgan's financial model for Rexford after the company reported its first-quarter earnings for 2024.
In terms of company news, Rexford reported significant leasing and transaction activities for the second quarter. The company executed leases totaling 1.125 million square feet, with a 68% increase in comparable rental rates on a net effective basis. On the transaction front, Rexford completed the purchase of two industrial properties for a combined $143 million and disposed of three properties for a total of $27 million.
Furthermore, Rexford announced a solid start to the year in its First Quarter 2024 Earnings Call. The company reported a 12% increase in core Funds From Operations per share to $0.58 and an 8.5% growth in same-property Net Operating Income on a cash basis.
Rexford expects to increase cash NOI by $282 million over the next three years and has updated its 2024 core FFO per share guidance to $2.31-$2.34. These are recent developments in the company's performance and outlook.
InvestingPro Insights
Rexford Industrial Realty's recent shareholder meeting underscored the confidence investors place in the company's governance and strategic direction. Complementing this sentiment, InvestingPro data highlights the company's robust financial health and market performance.
With a market capitalization of $9.8 billion, Rexford is positioned as a significant player in the industrial real estate sector. The company's revenue has seen a healthy growth of 22.02% over the last twelve months as of Q1 2024, signaling strong operational performance.
Investors might also take note of Rexford's consistent dividend payouts, which have increased for 11 consecutive years, reflecting a commitment to shareholder returns. This is complemented by a dividend yield of 3.71% as of the latest data, which is a key consideration for income-focused investors. Additionally, the company's gross profit margin stands at an impressive 77.09%, indicating efficiency in managing its cost of sales and operations.
Two InvestingPro Tips that investors may find particularly informative are the anticipation of sales growth in the current year and the company's profitability over the last twelve months. These insights suggest that Rexford is not only growing but also maintaining profitability, a reassuring sign for investors looking for sustainable performance.
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