Activist Investor Elliott Becomes One Of Rexford’s Five Largest Shareholders: Report

Elliott Investment Management has reportedly built an activist stake in Rexford Industrial Realty (REXR), a Los Angeles-based real estate investment trust.

According to a Bloomberg report, citing people familiar with the matter, Elliott is now one of Rexford’s five largest shareholders. However, it noted that Elliott’s specific plans for the company were not disclosed.

Rexford’s stock was up more than 5% in morning trade, with retail sentiment on Stocktwits edging higher within ‘neutral’ territory over the past day. The stock has gained 8.3% this year but is down more than 18% over the past 12 months. The company’s current market value stands at $9.47 billion, according to Stocktwits data.

The report noted that Rexford has frequently been cited as a potential takeover target, citing that Deutsche Bank, in January, said that a bid for its portfolio would not be surprising, given the strong demand for warehouse exposure in Southern California from both public and private investors.

Elliott, one of the world’s most prominent activist investors, has a history of pushing for strategic changes at listed companies. This year, it participated in a deal to take Vancouver-based City Office REIT private and bought debt tied to a San Francisco office tower, according to local reports. 

Rexford, led by co-Chief Executive Officers Howard Schwimmer and Michael Frankel, went public in 2013 and has grown its footprint through acquisitions. In 2024, it purchased a $1 billion portfolio from Blackstone Real Estate. The company’s second quarter (Q2) results in July were mixed, with earnings per share (EPS) at $0.48, ahead of Wall Street’s estimate of $0.25, according to Stocktwits. However, revenue came in weaker at $241.57 million, missing the consensus forecast of $245.12 million.

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