Rexford Industrial Realty (NYSE:REXR) shares climbed more than 5% on Wednesday following a Bloomberg report indicating that activist investor Elliott Investment Management has acquired a significant stake in the Los Angeles-based real estate investment trust.
Sources familiar with the situation said that Elliott’s holding positions it among Rexford’s top five shareholders, although the hedge fund’s plans for the investment remain unclear. Representatives from Elliott declined to comment, and Rexford did not immediately respond to inquiries.
The industrial REIT has lagged behind the broader market over the past year, with shares declining roughly 17.4%, contrasting sharply with the US REITs index, which fell only 2.4% over the same period.
Rexford Industrial Realty stock price
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.