Rexford Industrial Realty (REXR) will raise its quarterly dividend by 11.6 percent to 24 cents per share in 2021. This follows a dividend hike of 16.2 percent to $0.215 per share in the first quarter of 2020 and marks 7 consecutive years of dividend increases by the REIT.

The next dividend is payable in cash on April 15, 2021, to common stockholders and common unit holders of record as of March 31, 2021. The new annual divided rate fo 96 cents per share yields 1.9% at a stock price of $51.50.

"Our outstanding fourth quarter and full year 2020 results reflect the strength of our infill Southern California industrial markets and the exceptional focus and dedication of Rexford's entrepreneurial team. While 2020 brought unpredictable challenges due to the pandemic, Rexford achieved Core FFO growth of 22% for the full year, driven by, among other factors, resilient tenant demand enabling full year GAAP and cash re-leasing spreads of 32% and 20%, respectively, on 6.3 million square feet of leasing activity, as well as the completion of 20 investments for an aggregate purchase price of $1.2 billion," stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company in the press release announcing q4 and full year 2020 results. "Our strong growth and financial results allowed us to increase our quarterly dividend by approximately 12% while continuing to maintain our low-leverage, investment grade balance sheet. Looking ahead, we believe Rexford is well positioned to create value for shareholders by capitalizing upon our significant internal and external growth opportunities through 2021 and beyond."

Rexford Industrial Realty, Inc. is a real estate investment trust (REIT) focused on owning and operating industrial properties throughout Southern California infill markets.  Through its controlling interest in operating partnership and its subsidiaries, the company owns, manages, leases, acquires and develops industrial real estate located in Southern California infill markets, and from time to time, acquires or provides mortgage debt secured by industrial property. Rexford Industrial became a public company in 2013.