Rexford Industrial Realty : 1Q 2026 Earnings Supplemental

Published: 2026-04-23 17:28:53 ET REXR

Published on 04/23/2026 at 05:28 pm EDT

iQ 2026 Supplemental Financial Reporting Pacliage

21515 S. Western Avenue I South Bay

Industrial

Rexford

NYSE: REXR

Executive Management Team

Laura Clark John Nahas

Michael Fitzmaurice David E. Lanzer

Chief Executive Officer, Director Chief Operating Officer Chief Financial Officer

General Counsel and Corporate Secretary

Board of Directors

Tyler H. Rose Laura Clark Robert L. Antin Michael S. Frankel Diana J. Ingram Angela L. Kleiman Debra L. Morris David P. Stockert

Howard Schwimmer

Chairman

Chief Executive Officer, Director Director

Director Director Director Director Director Director

Investor Relations Information

Mikayla Lynch

Director, Investor Relations and Capital Markets [email protected]

Equity Research Coverage

BofA Securities

Samir Khanal

(646) 855-1497

Green Street Advisors

Vince Tibone

(949) 640-8780

Barclays

Brendan Lynch

(212) 526-9428

J.P. Morgan Securities

Michael Mueller

(212) 622-6689

BMO Capital Markets

John Kim

(212) 885-4115

Jefferies LLC

Jonathan Petersen

(212) 284-1705

BNP Paribas Exane

Nate Crossett

(646) 342-1588

Mizuho Securities USA

Vikram Malhotra

(212) 282-3827

Cantor Fitzgerald

Richard Anderson

(929) 441-6927

Robert W. Baird & Co.

Nicholas Thillman

(414) 298-5053

Citigroup Investment Research

Craig Mailman

(212) 816-4471

Scotiabank

Greg McGinniss

(212) 225-6906

Colliers Securities

Barry Oxford

(203) 961-6573

Truist Securities

Anthony Hau

(212) 303-4176

Deutsche Bank

Omotayo Okusanya

(212) 250-9284

Wells Fargo Securities

Blaine Heck

(443) 263-6529

Evercore ISI

Michael Griffin

(212) 446-9462

Wolfe Research

Andrew Rosivach

(646) 582-9250

Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts' reports on their own; we do not distribute these reports.

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$150

$100

$50

$185.4

$183.9

$188.9

$186.3

$193.6

$250

$200

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$150

$100

$50

$178.6

$177.8

$182.6

$184.1

$184.9

$250

$200

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$120

$80

$40

$139.8

$136.2

$141.7

$139.7

$141.0

$200

$160

Q1 2026

Q4 2025

Q3 2025

Q2 2025

Q1 2025

$80

$40

$109.1

$116.1

$119.5

$120.5

$120

$125.1

$200

$160

(in thousands except share and per share data and portfolio statistics)

Three Months Ended

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

Financial Results:

Total rental income

$ 242,141

$ 243,230

$ 246,757

$ 241,568

$ 248,821

Net income (loss)

$ 94,562

$ (67,735)

$ 93,056

$ 120,394

$ 74,048

Net Operating Income (NOI)

$ 185,378

$ 183,943

$ 188,878

$ 186,270

$ 193,560

Company share of Core FFO

$ 139,758

$ 136,182

$ 141,700

$ 139,709

$ 141,023

Company share of Core FFO per common share - diluted

$ 0.61

$ 0.59

$ 0.60

$ 0.59

$ 0.62

Adjusted EBITDAre

$ 178,557

$ 177,808

$ 182,624

$ 184,111

$ 184,859

Dividend declared per common share

$ 0.4350

$ 0.4300

Portfolio Statistics:

Portfolio rentable square feet ("RSF")

50,445,312

51,161,188

50,850,824

51,021,897

50,952,137

Ending occupancy

90.7%

90.2%

91.8%

89.2%

89.6%

Ending occupancy excluding repositioning/development

95.2%

96.0%

97.3%

95.0%

95.1%

Net Effective Rent Change(2)

(10.0)%

22.0%

26.1%

20.9%

23.8%

Cash Rent Change(2)

(15.4)%

9.0%

10.3%

8.1%

14.7%

Same Property Portfolio Performance:

Same Property Portfolio ending occupancy(3)

96.1%

96.5%

97.0%

94.8%

94.5%

Same Property Portfolio NOI growth(4)

0.9%

Same Property Portfolio Cash NOI growth(4)

-0.4%

Capitalization:

Total shares and units issued and outstanding at period end(5)

233,127,293

238,245,286

240,452,878

244,334,274

244,310,773

Series B and C Preferred Stock and Series 3 CPOP Units

$ 173,250

Total equity market capitalization

$ 7,803,506

$ 9,398,107

$ 10,058,268

$ 8,864,220

$ 9,738,017

Total consolidated debt

$ 3,271,720

$ 3,278,649

$ 3,278,896

$ 3,379,141

$ 3,379,383

Total combined market capitalization (net debt plus equity)

$ 11,023,512

$ 12,510,978

$ 13,088,208

$ 11,812,244

$ 12,612,821

Ratios:

Net debt to total combined market capitalization

29.2%

24.9%

23.2%

25.0%

22.8%

Net debt to Adjusted EBITDAre (quarterly results annualized)

4.5x

4.4x

4.1x

4.0x

3.9x

For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.

Rent Change for three months ended March 31, 2026, includes 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. Excluding this lease, the Net Effective Rent Change for Q1-2026 is 5.5% and the Cash Rent Change for Q1-2026 is (1.8)%. See page 22 for additional details related to this lease and a summary of our leasing activity including and excluding this lease.

Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see "SPP Historical Information" on page 36.

Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.

Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,605,741 (Mar 31, 2026), 8,288,228 (Dec 31, 2025), 8,155,706 (Sep 30, 2025), 8,182,445

(Jun 30, 2025) and 8,700,301 (Mar 31, 2025). Excludes the following # of shares of unvested restricted stock: 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025), 513,234 (Sep 30,

2025), 542,922 (Jun 30, 2025) and 560,382 (Mar 31, 2025). Excludes unvested LTIP units and unvested performance units.

Q1 2026

Updated Guidance

Initial 2026 Guidance

YTD Results as of March 31, 2026

Earnings

Net Income Attributable to Common Stockholders per diluted share(1)(2)

$1.22 - $1.27

$1.15 - $1.20

$0.38

Company share of Core FFO per diluted share(1)(2)

$2.37 - $2.42

$2.35 - $2.40

$0.61

Same Property Portfolio(3)

Same Property Portfolio NOI Growth - Net Effective

(2.0)% - (1.0)%

(2.5)% - (1.5)%

0.9%

Same Property Portfolio NOI Growth - Cash

(1.5)% - (0.5)%

(2.0)% - (1.0)%

(0.4)%

Average Same Property Portfolio Occupancy (Full Year)

95.1% - 95.6%

94.8% - 95.3%

96.3%

Capital Allocation

Dispositions

$400M - $500M

$127M

Repositioning/Development Annualized Stabilized Cash NOI(4)

$16M - $18M

$19M - $21M

$3M

Repositioning/Development Starts (SF)

1.2M

1.1M

-M

Repositioning/Development Starts (Total Estimated Project Costs)

$160M - $170M

$140M - $150M

$-M

Other Assumptions

General and Administrative Expenses

+/-$60M

$14.9M

Interest Expense

+/-$112M

$26.6M

2026 Net Income and Core FFO Guidance reflects the Company's in-place portfolio as of April 23, 2026, as well as guidance expectations related to investment activity.

See page 37 for a reconciliation of the Company's 2026 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.

2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through April 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (as separately listed on pages 26-30) and select buildings in "Other Repositioning."

Represents estimated annualized Cash NOI for repositioning/development projects expected to stabilize in 2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue which stabilized in the first quarter.

* A number of factors could impact the Company's ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Earnings Components

Range

($ per share)

Notes

Initial 2026 Core FFO Per Diluted Share Guidance

$2.35

$2.40

Same Property Portfolio NOI Growth - Net Effective

0.01

Increased 50 bps at the midpoint to (2.0)% - (1.0)%, driven by stronger 1Q leasing activity

Repositioning/Development NOI, Net

(0.01)

Projected rent commencement timing extended

Dispositions, Net of Capital Recycling of Proceeds

0.02

Higher than projected accretion from share repurchases

Net General & Administrative Expenses

Guidance unchanged at +/-$60M

Net Interest Expense

Guidance unchanged at +/-$112M

Current 2026 Core FFO Per Diluted Share Guidance

$2.37

$2.42

Core FFO Per Diluted Share Annual Growth

(1.3)%

0.8%

(1) 2026 Guidance and Guidance Rollforward represent the in-place portfolio as of April 23, 2026, as well as guidance expectations related to investment activity.

(unaudited and in thousands)

March 31, 2026

December 31, 2025

September 30, 2025

June 30, 2025

March 31, 2025

ASSETS

Land

$ 7,562,694

$ 7,689,921

$ 7,774,737

$ 7,787,021

$ 7,797,744

Buildings and improvements

4,821,492

4,677,318

4,607,202

4,594,494

4,573,881

Tenant improvements

205,656

198,161

194,405

186,429

181,632

Furniture, fixtures, and equipment

132

Construction in progress

327,029

451,109

475,072

431,807

386,719

Total real estate held for investment

12,917,003

13,016,641

13,051,548

12,999,883

12,940,108

Accumulated depreciation

(1,219,932)

(1,165,792)

(1,119,746)

(1,070,684)

(1,021,151)

Investments in real estate, net

11,697,071

11,850,849

11,931,802

11,929,199

11,918,957

Cash and cash equivalents

51,714

165,778

248,956

431,117

504,579

Restricted cash

65,464

130,071

50,105

Loan receivable, net

123,819

123,704

123,589

123,474

123,359

Rents and other receivables, net

11,962

13,958

15,727

12,861

17,622

Deferred rent receivable, net

205,398

190,376

181,439

173,691

166,893

Deferred leasing costs, net

92,022

87,745

82,227

71,482

70,404

Deferred loan costs, net

6,382

6,886

7,391

7,892

1,642

Acquired lease intangible assets, net(1)

130,045

140,627

154,931

169,036

182,444

Acquired indefinite-lived intangible asset

5,156

Interest rate swap assets

4,562

2,025

2,804

3,586

5,580

Other assets

20,500

25,609

31,522

15,765

20,730

Assets associated with real estate held for sale, net(2)

48,761

6,282

18,386

Total Assets

$ 12,397,392

$ 12,612,713

$ 12,851,008

$ 13,079,612

$ 13,085,857

LIABILITIES & EQUITY

Liabilities

Notes payable

$ 3,247,451

$ 3,251,909

$ 3,249,733

$ 3,347,575

$ 3,348,060

Interest rate swap liability

829

1,626

667

Accounts payable, accrued expenses and other liabilities

125,007

120,849

153,558

124,814

141,999

Dividends and distributions payable

102,418

103,399

103,913

105,594

105,285

Acquired lease intangible liabilities, net(3)

110,914

116,487

122,870

129,683

136,661

Tenant security deposits

95,219

92,444

91,835

90,757

90,050

Tenant prepaid rents

82,186

88,777

85,114

85,494

88,822

Liabilities associated with real estate held for sale(2)

482

234

Total Liabilities

3,763,686

3,774,694

3,808,649

3,884,588

3,911,111

Equity

Series B preferred stock, net ($75,000 liquidation preference)

72,443

Series C preferred stock, net ($86,250 liquidation preference)

83,233

Preferred stock

155,676

Common stock

2,263

2,316

2,328

2,367

2,362

Additional paid in capital

8,745,875

8,945,123

8,993,439

9,140,264

9,116,069

Cumulative distributions in excess of earnings

(651,692)

(642,130)

(474,813)

(462,309)

(474,550)

Accumulated other comprehensive income (loss)

2,887

(422)

(515)

1,092

3,582

Total stockholders' equity

8,255,009

8,460,563

8,676,115

8,837,090

8,803,139

Noncontrolling interests

378,697

377,456

366,244

357,934

371,607

Total Equity

8,633,706

8,838,019

9,042,359

9,195,024

9,174,746

Total Liabilities and Equity

$ 12,397,392

$ 12,612,713

$ 12,851,008

$ 13,079,612

$ 13,085,857

Includes net above-market tenant lease intangibles of $17,674 (Mar 31, 2026), $19,460 (Dec 31, 2025), $22,574 (Sep 30, 2025), $24,994 (Jun 30, 2025) and $27,043 (Mar 31, 2025), and a net below-market

ground lease intangible of $12,312 (Mar 31, 2026), $12,354 (Dec 31, 2025), $12,395 (Sep 30, 2025), $12,436 (Jun 30, 2025) and $12,477 (Mar 31, 2025).

As of March 31, 2026, our properties located at 423-424 Berry Way and 18455 Figueroa Street were classified as held for sale.

Represents net below-market tenant lease intangibles as of the balance sheet date.

Three Months Ended

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Revenues

Rental income(1)

$ 242,141

$ 243,230

$ 246,757

$ 241,568

$ 248,821

Management and leasing services

197

118

132

142

Interest income

2,937

4,670

6,367

7,807

3,324

Total Revenues

245,078

248,097

253,242

249,507

252,287

Operating Expenses

Property expenses

56,763

59,287

57,879

55,298

55,261

General and administrative

14,925

19,199

20,037

19,752

19,868

Depreciation and amortization

72,933

76,819

81,172

71,188

86,740

Total Operating Expenses

144,621

155,305

159,088

146,238

161,869

Other (Expenses) Income

Other income

1,350

Other expenses

(102)

(65,910)

(4,218)

(244)

(2,239)

Interest expense

(26,600)

(25,451)

(25,463)

(26,701)

(27,288)

Impairment of real estate

(6,824)

(89,097)

Debt extinguishment and modification expenses

(291)

Gains on sale of real estate

26,281

19,931

28,583

44,361

13,157

Total Other (Expenses) Income

(5,895)

(160,527)

(1,098)

17,125

(16,370)

Net Income (Loss)

94,562

(67,735)

93,056

120,394

74,048

Less: net (income) loss attributable to noncontrolling interests

(3,375)

2,312

(3,137)

(4,060)

(2,849)

Net income (loss) attributable to Rexford Industrial Realty, Inc.

91,187

(65,423)

89,919

116,334

71,199

Less: preferred stock dividends

(2,314)

(2,315)

(2,314)

(2,315)

(2,314)

Less: earnings allocated to participating securities

(1,008)

(952)

(519)

(592)

(539)

Net income (loss) attributable to common stockholders

$ 87,865

$ (68,690)

$ 87,086

$ 113,427

$ 68,346

Earnings per Common Share

Net income (loss) attributable to common stockholders per share - basic $ 0.38

$ (0.30)

$ 0.37

$ 0.48

0.30

Net income (loss) attributable to common stockholders per share - diluted $ 0.38

$ (0.30)

$ 0.37

$ 0.48

0.30

Weighted average shares outstanding - basic

228,312,419

231,758,110

234,586,980

236,098,831

227,395,984

Weighted average shares outstanding - diluted

228,312,419

232,050,966

234,586,980

236,098,831

227,395,984

‌(1) We elected the "non-separation practical expedient" in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, "Rental income," in the consolidated statements of operations. Under the section "Rental Income" on page 36 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.

Three Months Ended March 31,

2026

2025

Revenues

Rental income

242,141

248,821

Management and leasing services

142

Interest income

2,937

3,324

Total Revenues

245,078

252,287

Operating Expenses

Property expenses

56,763

55,261

General and administrative

14,925

19,868

Depreciation and amortization

72,933

86,740

Total Operating Expenses

144,621

161,869

Other (Expenses) Income

Other income

1,350

Other expenses

(102)

(2,239)

Interest expense

(26,600)

(27,288)

Impairment of real estate

(6,824)

Gains on sale of real estate

26,281

13,157

Total Other (Expenses) Income

(5,895)

(16,370)

Net Income

94,562

74,048

Less: net income attributable to noncontrolling interests

(3,375)

(2,849)

Net income attributable to Rexford Industrial Realty, Inc.

91,187

71,199

Less: preferred stock dividends

(2,314)

Less: earnings allocated to participating securities

(1,008)

(539)

Net income attributable to common stockholders

87,865

68,346

Net income attributable to common stockholders per share - basic $

0.38

0.30

Net income attributable to common stockholders per share - diluted $

0.38

0.30

Weighted-average shares of common stock outstanding - basic

228,312,419

227,395,984

Weighted-average shares of common stock outstanding - diluted

228,312,419

227,395,984

‌Three Months Ended

March 31, 2026 December 31, 2025 September 30, 2025 June 30, 2025 March 31, 2025

Net Income (Loss)

94,562

(67,735)

93,056

120,394

74,048

Adjustments:

Depreciation and amortization

72,933

76,819

81,172

71,188

86,740

Impairment of real estate(2)

6,824

89,097

Gains on sale of real estate

(26,281)

(19,931)

(28,583)

(44,361)

(13,157)

NAREIT Defined Funds From Operations (FFO)

148,038

78,250

145,645

147,221

147,631

Less: preferred stock dividends

(2,314)

(2,315)

(2,314)

(2,315)

(2,314)

Less: FFO attributable to noncontrolling interests(3)

(5,282)

(2,688)

(4,906)

(4,962)

(5,394)

Less: FFO attributable to participating securities(4)

(1,434)

(953)

(713)

(728)

(750)

Company share of FFO

$ 139,008

$ 72,294

$ 137,712

$ 139,216

$ 139,173

Company share of FFO per common share-basic

$ 0.61

$ 0.31

$ 0.59

$ 0.61

Company share of FFO per common share-diluted

$ 0.61

$ 0.31

$ 0.59

$ 0.61

FFO

148,038

78,250

145,645

147,221

147,631

Adjustments:

Acquisition expenses(5)

161

Debt extinguishment and modification expenses

291

Non-capitalizable demolition costs(5)

365

Co-CEO transition costs(5)(6)

60,223

Severance costs(5)(7)

2,728

199

1,483

Other nonrecurring expenses(5)(8)

5,605

1,259

Core FFO

148,100

144,088

149,793

147,734

149,558

Less: preferred stock dividends

(2,314)

(2,315)

(2,314)

(2,315)

(2,314)

Less: Core FFO attributable to noncontrolling interests(3)

(5,284)

(4,943)

(5,045)

(4,979)

(5,461)

Less: Core FFO attributable to participating securities(4)(9)

(744)

(648)

(734)

(731)

(760)

Company share of Core FFO

$ 139,758

$ 136,182

$ 141,700

$ 139,709

$ 141,023

Company share of Core FFO per common share-basic

$ 0.61

$ 0.59

$ 0.60

$ 0.59

$ 0.62

Company share of Core FFO per common share-diluted

$ 0.61

$ 0.59

$ 0.60

$ 0.59

$ 0.62

Weighted-average shares outstanding-basic

228,312,419

231,758,110

234,586,980

236,098,831

227,395,984

Weighted-average shares outstanding-diluted

228,312,419

232,050,966

234,586,980

236,098,831

227,395,984

For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

Impairment charges relate to properties originally planned for development and reflect the write-down to estimated fair value due to a plan to pursue their sale rather than continue with development.

Noncontrolling interests relate to interests in the Company's operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.

Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

Amounts are included in the line item "Other expenses" in the consolidated statements of operations.

Reflects accelerated share-based compensation expense in connection with the Co-CEO transition, including transition-related restricted stock awards (granted on Nov 17, 2025) and pre-existing awards.

Includes costs associated with workforce reduction and workforce reorganization.

Reflects nonrecurring advisory service costs.

For the three months ended March 31, 2026 and December 31, 2025, Core FFO attributable to participating securities was adjusted to exclude $691 and $569, respectively, of otherwise allocable Core FFO related solely to the transition-related restricted stock awards noted above, consistent with the exclusion of the related accelerated share-based compensation from Core FFO.

‌Three Months Ended March 31,

2026

2025

Net Income

94,562

74,048

Adjustments:

Depreciation and amortization

72,933

86,740

Impairment of real estate(2)

6,824

Gains on sale of real estate

(26,281)

(13,157)

Funds From Operations (FFO)

148,038

147,631

Less: preferred stock dividends

(2,314)

Less: FFO attributable to noncontrolling interests

(5,282)

(5,394)

Less: FFO attributable to participating securities

(1,434)

(750)

Company share of FFO

139,008

139,173

Company share of FFO per common share-basic

0.61

Company share of FFO per common share-diluted

0.61

FFO

148,038

147,631

Adjustments:

Acquisition expenses(3)

Non-capitalizable demolition costs(3)

365

Severance costs(3)(4)

1,483

Other nonrecurring expenses(3)(5)

Core FFO

148,100

149,558

Less: preferred stock dividends

(2,314)

Less: Core FFO attributable to noncontrolling interests

(5,284)

(5,461)

Less: Core FFO attributable to participating securities

(744)

(760)

Company share of Core FFO

139,758

141,023

Company share of Core FFO per common share-basic

0.61

0.62

Company share of Core FFO per common share-diluted

0.61

0.62

Weighted-average shares outstanding-basic

228,312,419

227,395,984

Weighted-average shares outstanding-diluted

228,312,419

227,395,984

For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

Impairment charges relate to properties originally planned for development and reflect the write-down to estimated fair value due to a plan to pursue their sale rather than continue with development.

Amounts are included in the line item "Other expenses" in the consolidated statements of operations.

Includes costs associated with workforce reduction and workforce reorganization.

Reflects nonrecurring advisory service costs.

Three Months Ended

March 31,

December 31,

September 30,

June 30,

March 31,

2026

2025

Funds From Operations(2)

$ 148,038

$ 78,250

$ 145,645

$ 147,221

$ 147,631

Adjustments:

Amortization of deferred financing costs

1,334

1,333

1,340

1,255

1,134

Non-cash stock compensation

4,063

8,537

10,485

10,091

9,699

Debt extinguishment and modification expenses

291

Amortization related to termination/settlement of interest rate derivatives

Note payable (discount) premium amortization, net

1,641

1,616

1,597

1,579

1,560

Non-capitalizable demolition costs

365

Co-CEO transition costs

60,223

Severance costs

2,728

199

1,483

Other nonrecurring expenses

5,605

1,259

Deduct:

Preferred stock dividends

(2,314)

(2,315)

(2,314)

(2,315)

(2,314)

Straight line rental revenue adjustment(3)

(15,136)

(9,073)

(8,164)

(6,918)

(5,517)

Above/(below) market lease revenue adjustments

(4,647)

(4,129)

(5,254)

(5,788)

(9,186)

Capitalized payments(4)

(13,203)

(14,814)

(15,756)

(14,368)

(13,321)

Accretion of net loan origination fees

(115)

Recurring capital expenditures(5)

(2,314)

(2,566)

(3,563)

(5,887)

(1,311)

2nd generation tenant improvements(6)

(185)

(179)

(460)

(663)

(162)

2nd generation leasing commissions(7)

(8,193)

(6,324)

(8,007)

(4,162)

(4,879)

Adjusted Funds From Operations (AFFO)

$ 109,108

$ 116,127

$ 119,499

$ 120,496

$ 125,144

For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.

Changes in straight line rental revenue adjustments from quarter to quarter are largely influenced by tenant base rent concessions recognized during each respective quarter, which increase the non-cash component of rental revenue. For the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, the adjustment reflects the impact of base rent concessions granted during those periods totaling $18,027 (including $3,337 related to the current Tireco, Inc. lease), $11,244, $7,433, $5,844 and $7,035, respectively.

Includes capitalized interest, taxes, insurance and construction-related compensation costs.

Excludes nonrecurring capital expenditures of $39,867, $57,730, $62,309, $65,376 and $43,361 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Excludes 1st generation tenant improvements of $148, $67, $328, $292 and $798 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Excludes 1st generation leasing commissions of $2,174, $5,057, $7,984, $1,879 and $3,058 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

NOI and Cash NOI

Three Months Ended

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Rental income(2)(3)(4)

$ 242,141

$ 243,230

$ 246,757

$ 241,568

$ 248,821

Less: Property expenses

56,763

59,287

57,879

55,298

55,261

Net Operating Income (NOI)

$ 185,378

$ 183,943

$ 188,878

$ 186,270

$ 193,560

Above/(below) market lease revenue adjustments

(4,647)

(4,129)

(5,254)

(5,788)

(9,186)

Straight line rental revenue adjustment

(15,136)

(9,073)

(8,164)

(6,918)

(5,517)

Cash NOI

$ 165,595

$ 170,741

$ 175,460

$ 173,564

$ 178,857

EBITDAre and Adjusted EBITDAre

Three Months Ended

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Net income (loss)

$ 94,562

$ (67,735)

$ 93,056

$ 120,394

$ 74,048

Interest expense

26,600

25,451

25,463

26,701

27,288

Depreciation and amortization

72,933

76,819

81,172

71,188

86,740

Impairment of real estate

6,824

89,097

Gains on sale of real estate

(26,281)

(19,931)

(28,583)

(44,361)

(13,157)

EBITDAre

$ 174,638

$ 103,701

$ 171,108

$ 173,922

$ 174,919

Stock-based compensation amortization

4,063

8,537

10,485

10,091

9,699

Debt extinguishment and modification expenses

291

Acquisition expenses

161

Co-CEO transition costs

60,223

Other nonrecurring expenses

5,605

1,259

Pro forma effect of dispositions(5)

(206)

(268)

(389)

(216)

162

Adjusted EBITDAre

$ 178,557

$ 177,808

$ 182,624

$ 184,111

$ 184,859

For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

See footnote (1) on page 10 for details related to our presentation of "Rental income" in the consolidated statements of operations for all periods presented.

Reflects (decrease) increase to rental income due to changes in the Company's assessment of lease payment collectability as follows (in thousands): $(2,731), $(2,615), $13, $(141) and

$(2,303) for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively.

Rental income includes net lease termination income (in thousands) of $24, $0, $458, $0 and $8,935 for the three months ended March 31, 2026, December 31, 2025, September 30, 2025, June 30, 2025 and March 31, 2025, respectively. Amounts include lease termination fees and write-offs of straight-line rent and above/(below) market lease intangibles associated with lease terminations.

Represents the estimated impact on 1Q'26 EBITDAre of 1Q'26 dispositions as if they had been sold as of January 1, 2026, the impact on 4Q'25 EBITDAre of 4Q'25 dispositions as if they had been sold as of October 1, 2025, the impact on 3Q'25 EBITDAre of 3Q'25 dispositions as if they had been sold as of July 1, 2025, the impact on 2Q'25 EBITDAre of 2Q'25 dispositions as if they had been sold as of April 1, 2025 and the impact on 1Q'25 EBITDAre of 1Q'25 dispositions as if they had been sold as of January 1, 2025.

Same Property Portfolio:

Number of properties 342

Square Feet 41,727,325

Same Property Portfolio NOI and Cash NOI:

Three Months Ended March 31,

2026 2025 $ Change % Change

Rental income(2)(3)(4) $ 211,391 $ 207,919 $ 3,472 1.7%

Property expenses 47,304 45,350 1,954 4.3%

Same Property Portfolio NOI

164,087 $

162,569 $

1,518

0.9%

(4)

Straight-line rental revenue adjustment (9,971) (7,454) (2,517) 33.8%

Above/(below) market lease revenue adjustments (4,171) (4,572) 401 (8.8)%

Same Property Portfolio Cash NOI $ 149,945 $ 150,543 $ (598) (0.4)% (4)

Same Property Portfolio Occupancy:

Three Months Ended March 31,

Year-over-Year Change

Three Months Ended

Sequential Change

2026

2025

(basis points)

December 31, 2025(5)

(basis points)

Quarterly Weighted Average Occupancy:(5)

Los Angeles County

96.9%

93.2%

370 bps

96.7%

20 bps

Orange County

96.4%

97.4%

(100) bps

98.0%

(160) bps

Riverside / San Bernardino County

95.1%

97.3%

(220) bps

96.7%

(160) bps

San Diego County

97.7%

97.9%

(20) bps

98.1%

(40) bps

Ventura County

94.6%

91.3%

330 bps

94.6%

- bps

Quarterly Weighted Average Occupancy

96.3%

94.7%

160 bps

96.8%

(50) bps

Ending Occupancy:

96.1%

94.5%

160 bps

96.5%

(40) bps

For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

See "Same Property Portfolio Rental Income" on page 36 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months and year ended March 31, 2026 and 2025.

Reflects (decrease) increase to rental income due to changes in the Company's assessment of lease payment collectability as follows: $(2,322) thousand and $(2,181) thousand for the three months ended March 31, 2026 and 2025, respectively.

Rental income includes lease termination fees of $187 thousand and $20 thousand for the three months ended March 31, 2026 and 2025, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 0.8% and Same Property Portfolio Cash NOI decreased by approximately (0.5)% during the three months ended March 31, 2026.

Calculated by averaging the occupancy rate at the end of each month in 1Q-2026 and December 2025 (for 1Q-2026), the end of each month in 1Q-2025 and December 2024 (for 1Q-2025) and the end of each month in 4Q-2025 and September 2025 (for 4Q-2025).

(unaudited and in thousands, except share and per share data)

Capitalization as of March 31, 2026

Net Debt: 29.1%

Preferred Stock/Units: 1.9% Operating Partnership Units: 2.6%

Common Stock: 66.4%

September 30,

Description

March 31, 2026

December 31, 2025

2025

June 30, 2025

March 31, 2025

Common shares outstanding(1)

224,521,552

229,957,058

232,297,172

236,151,829

235,610,472

Operating partnership units outstanding(2)

8,605,741

8,288,228

8,155,706

8,182,445

8,700,301

Total shares and units outstanding at period end

233,127,293

238,245,286

240,452,878

244,334,274

244,310,773

Share price at end of quarter

$ 32.73

$ 38.72

$ 41.11

$ 35.57

$ 39.15

Common Stock and Operating Partnership Units - Capitalization

$ 7,630,256

$ 9,224,857

$ 9,885,018

$ 8,690,970

$ 9,564,767

Series B and C Cumulative Redeemable Preferred Stock(3)

$ 161,250

3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)

12,000

Preferred Equity

$ 173,250

Total Equity Market Capitalization

$ 7,803,506

$ 9,398,107

$ 10,058,268

$ 8,864,220

$ 9,738,017

Total Debt

$ 3,271,720

$ 3,278,649

$ 3,278,896

$ 3,379,141

$ 3,379,383

Less: Cash and cash equivalents

(51,714)

(165,778)

(248,956)

(431,117)

(504,579)

Net Debt

$ 3,220,006

$ 3,112,871

$ 3,029,940

$ 2,948,024

$ 2,874,804

Total Combined Market Capitalization (Net Debt plus Equity)

$ 11,023,512

$ 12,510,978

$ 13,088,208

$ 11,812,244

$ 12,612,821

Net debt to total combined market capitalization

29.2%

24.9%

23.2%

25.0%

22.8%

Net debt to Adjusted EBITDAre (quarterly results annualized)(5)

4.5x

4.4x

4.1x

4.0x

3.9x

Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5)

4.8x

4.6x

4.4x

4.2x

4.1x

Excludes the following number of shares of unvested restricted stock: 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025), 513,234 (Sep 30, 2025), 542,922 (Jun 30, 2025) and 560,382

(Mar 31, 2025). During the three months ended March 31, 2026, December 31, 2025 and September 30, 2025, the Company repurchased 5,534,357, 2,443,438 and 3,883,845 shares common stock under its stock repurchase programs at a weighted average price of $36.14, $40.93 and $38.62 per share for a total of $200.1 million, $100.0 million and $150.1 million, respectively.

Represents outstanding common units of the Company's operating partnership ("OP"), Rexford Industrial Realty, LP, that are owned by unitholders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our OP. As of March 31, 2026, includes 1,602,431 vested LTIP Units and 1,356,967 vested performance units and excludes 350,585 unvested LTIP Units and 2,011,382 unvested performance units.

Values based on liquidation preference of $25 per share and the following number of outstanding shares of preferred stock: 5.875% Series B (3,000,000); 5.625% Series C (3,450,000).

Value based on 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit.

For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.

Debt Detail:

As of March 31, 2026

Debt Description

Maturity Date

Stated Interest Rate

Effective Interest Rate(1)

Principal Balance(2)

Unsecured Debt:

$1.25 Billion Revolving Credit Facility(3)

5/30/2029(4)

SOFR+0.685%(5)

4.365%

$ -

$575M Exchangeable 2027 Senior Notes(6)

3/15/2027

4.375%

575,000

$300M Term Loan Facility

5/26/2027

SOFR+0.76%(5)

3.577%(7)

300,000

$125M Senior Notes

7/13/2027

3.930%

125,000

$300M Senior Notes

6/15/2028

5.000%

300,000

$575M Exchangeable 2029 Senior Notes(6)

3/15/2029

4.125%

575,000

$25M Series 2019A Senior Notes

7/16/2029

3.880%

25,000

$400M Senior Notes

12/1/2030

2.125%

400,000

$400M Term Loan Facility

5/30/2030

SOFR+0.76%(5)

4.174%(8)

400,000

$400M Senior Notes - Green Bond

9/1/2031

2.150%

400,000

$75M Series 2019B Senior Notes

7/16/2034

4.030%

75,000

Secured Debt:

$60M Term Loan Facility

10/27/2026(9)

SOFR+1.250%(9)

5.060%(10)

60,000

13943-13955 Balboa Boulevard

7/1/2027

3.930%

13,712

2205 126th Street

12/1/2027

3.910%

5,200

2410-2420 Santa Fe Avenue

1/1/2028

3.700%

10,300

11832-11954 La Cienega Boulevard

7/1/2028

4.260%

3,667

1100-1170 Gilbert Street (Gilbert/La Palma)

3/1/2031

5.125%

1,268

7817 Woodley Avenue

8/1/2039

4.140%

2,573

Total Debt

3.723%

$ 3,271,720

Debt Composition:

Category

Weighted Average Term Remaining (yrs)

Stated Interest Rate

Effective Interest Rate

Balance

% of Total

Fixed

3.0

3.723% (See Table Above)

3.723%

$ 3,271,720

100%

Variable

$ -

Secured

1.3

4.639%

$ 96,720

Unsecured

3.1

3.695%

$ 3,175,000

97%

*See footnotes on the following page*

2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter

$2,573

$75,000

$60,000

$401,268

$313,967

$600,000

$800,000

$1,018,912

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

Debt Maturity Schedule

Unsecured Secured

Debt Maturity Schedule(11):

Year

Secured

Unsecured

Total

% Total

Effective Interest Rate(1)

2026

$ 60,000

$ -

$ 60,000

5.060%

2027

18,912

1,000,000

1,018,912

31%

4.077%

2028

13,967

300,000

313,967

10%

4.949%

2029

600,000

18%

4.115%

2030

800,000

25%

3.149%

2031

1,268

400,000

401,268

12%

2.159%

2032

2033

2034

75,000

4.030%

2035

Thereafter

2,573

4.140%

Total

$ 96,720

$ 3,175,000

$ 3,271,720

100%

3.723%

Includes the effect of interest rate swaps effective as of Mar 31, 2026. See notes (7), (8) and (10). Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.

Excludes unamortized debt issuance costs, premiums and discounts aggregating $24.3 million as of March 31, 2026.

The $1.25B revolving credit facility ("Revolver") is subject to a facility fee which is calculated as a percentage of the total commitment amount, regardless of usage. The facility fee ranges from 0.125% to 0.300% depending on our credit ratings. There are also two sustainability-linked pricing components that can periodically change the facility fee by -/+ 0.01% (or zero) depending on our achievement of the annual sustainability performance metrics. In January 2026, the facility fee decreased by 0.01% to 0.115% after certifying that our sustainability performance targets for 2025 were met.

The Revolver has two six-month extensions, subject to certain terms and conditions.

The interest rates on these loans are comprised of Daily SOFR for the Revolver and $400M term loan facility ("TL") and 1-month SOFR for the $300M TL and an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $300M TL and $400M TL depending on our credit ratings and leverage ratio. There is also a sustainability-linked pricing component that can periodically change the margin by -/+ 0.04% (or zero) depending on our achievement of the annual sustainability performance metric. In January 2026, the applicable margin decreased by 0.04% to 0.685% for the Revolver and to 0.76% for the $300M TL and $400M TL after certifying that our sustainability performance targets were met for 2025.

Noteholders have the right to exchange their notes upon the occurrence of certain events. Exchanges will be settled in cash or in a combination of cash and shares of our common stock, at our option.

Interest rate swaps effectively fix 1M SOFR on the $300M TL at 2.81725% from July 27, 2022 through May 26, 2027, resulting in an all-in fixed rate of 3.577% after applicable margin and sustainability-related adjustments.

Interest rate swaps effectively fix Daily SOFR on the $400M TL at 3.41375% from July 1, 2025 through May 30, 2030, resulting in an all-in fixed rate of 4.174% after applicable margin and sustainability-related adjustments.

The $60M TL has interest-only payment terms (1M SOFR + 0.10% SOFR adjustment + margin of 1.250%) and three one-year extensions remaining, subject to certain terms and conditions.

Interest rate swaps effectively fix 1M SOFR on the $60M TL at 3.710% from April 3, 2023 through July 30, 2026, resulting in an all-in fixed rate of 5.060% after applicable margin and SOFR adjustments.

Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

4.1

3.3

3.0

2.4

1.7

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

90.2%

89.2%

90.7%

89.6%

91.8%

95.2%

96.0%

95.1% 95.0%

97.3%

100.0%

98.0%

96.0%

94.0%

92.0%

90.0%

88.0%

86.0%

Occupancy

Occupancy Excluding Repositioning/Development

Net Effective Cash

32%

24%

16%

-8%

-16%

-24%

24%

26%

21%

22%

15%

10%

-10%

Q1 2025 Q2 2025 Q3 2025 Q4 2025

-15%

Q1 2026

Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026

94.0%

92.0%

90.0%

94.8%

94.5%

96.0%

96.1%

96.5%

97.0%

100.0%

98.0%

*Leasing Activity - Rent Change for Q1-2026 includes a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. Excluding this lease, the Net Effective Rent Change for Q1-2026 is 5.5% and the Cash Rent Change is (1.8)%. See page 22 for additional details related to this lease and a summary of our leasing activity including and excluding this lease.

**Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented.

Consolidated Portfolio:

Rentable Square Feet Ending Occupancy % In-Place ABR(3) Total

# of

Property

Total

Property

Total

Repo/

Total

Per Square

Properties

Portfolio

Portfolio(1)

Redev(2)

(in 000's)

Foot

Portfolio

Market

Same

Non-Same

Same

Non-Same

Excluding

Central LA

2,834,219

384,729

3,218,948

97.7 %

83.1 %

95.9 %

97.9 %

$ 42,773

$13.85

Greater San Fernando Valley

5,694,646

1,336,692

7,031,338

97.4 %

54.0 %

89.2 %

93.1 %

110,791

$17.67

Mid-Counties

3,106,841

1,749,456

4,856,297

96.1 %

84.0 %

91.7 %

95.7 %

78,100

$17.53

San Gabriel Valley

4,790,522

1,339,164

6,129,686

93.7 %

33.8 %

80.6 %

92.9 %

67,143

$13.59

South Bay

6,555,953

1,216,128

7,772,081

97.9 %

71.3 %

93.7 %

97.9 %

174,059

$23.89

Los Angeles County

258

22,982,181

6,026,169

29,008,350

96.6 %

63.6 %

89.8 %

95.4 %

472,866

$18.16

North Orange County

1,919,265

621,985

2,541,250

92.5 %

61.8 %

85.0 %

93.7 %

40,841

$18.92

OC Airport

1,042,362

100.0 %

- %

100.0 %

21,138

$20.28

South Orange County

482,919

46,642

529,561

100.0 %

56.6 %

96.2 %

100.0 %

8,979

$17.63

West Orange County

1,288,838

98.4 %

- %

98.4 %

22,013

$17.35

Orange County

4,733,384

668,627

5,402,011

96.5 %

61.4 %

92.2 %

96.8 %

92,971

$18.67

Inland Empire East

33,258

100.0 %

- %

100.0 %

682

$20.52

Inland Empire West

9,034,990

489,396

9,524,386

94.2 %

35.7 %

91.2 %

93.8 %

135,489

$15.60

Riverside / San Bernardino County

9,068,248

489,396

9,557,644

94.2 %

35.7 %

91.2 %

93.8 %

136,171

$15.62

Central San Diego

1,417,060

511,105

1,928,165

97.5 %

53.3 %

85.8 %

93.7 %

40,468

$24.47

North County San Diego

1,042,142

280,876

1,323,018

97.4 %

100.0 %

97.9 %

98.7 %

20,238

$15.62

San Diego County

2,459,202

791,981

3,251,183

97.5 %

69.8 %

90.7 %

95.9 %

60,706

$20.58

Ventura

2,484,310

741,814

3,226,124

95.5 %

91.1 %

94.5 %

95.3 %

43,416

$14.24

Ventura County

2,484,310

741,814

3,226,124

95.5 %

91.1 %

94.5 %

95.3 %

43,416

$14.24

CONSOLIDATED TOTAL / WTD AVG

414

41,727,325

8,717,987

50,445,312

96.1 %

64.8 %

90.7 %

95.2 %

$ 806,130

$17.63

(4)

See page 37 for historical occupancy by County.

Excludes space aggregating 2,426,715 square feet at our properties that were in various stages of repositioning, development or lease-up as of March 31, 2026.

See page 33 for definitions and details on how these amounts are calculated.

Excluding in-place ABR associated with Land/IOS properties ($41.0M ABR) and cellular tower, solar and parking lot leases ($3.0M ABR), in-place building ABR per building SF was

$16.74.

‌Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads:

Three Months Ended

Mar 31, 2026

Dec 31, 2025

Sep 30, 2025

Jun 30, 2025

Mar 31, 2025

Leasing Spreads:

Net Effective Rent Change

(10.0)%

22.0 %

26.1 %

20.9%

23.8%

Cash Rent Change

(15.4)%

9.0 %

10.3 %

8.1%

14.7%

Leasing Activity (Building SF):(1)

New leases

1,296,230

1,574,816

2,361,131

678,727

882,403

Renewal leases

2,829,822

1,464,751

904,014

1,020,266

1,511,946

Total leasing activity

4,126,052

3,039,567

3,265,145

1,698,993

2,394,349

Total expiring leases

(4,638,894)

(3,551,170)

(1,734,790)

(1,786,814)

(3,102,514)

Expiring leases - placed into repositioning/development

152,417

957,493

418,878

304,776

833,218

Net absorption(2)

(360,425)

445,890

1,949,233

216,955

125,053

Retention rate(3)

64 %

61 %

72 %

69%

68%

Retention + Backfill rate(4)

79 %

70 %

77 %

74%

82%

Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(5)

Net Effective Rent Cash Rent Turnover Costs(6)

First Quarter 2026

# Leases Signed

SF of Leasing

Wtd. Avg. Lease Term (Years)

Current Lease

Prior Lease

Rent Change

Current Lease

Prior Lease

Rent Change

Wtd. Avg. Abatement (Months)

Tenant Improvements per SF

Leasing Commissions per SF

New

1,296,230

4.1

$16.16

$17.70

(8.7)%

$16.46

$18.88

(12.8)%

3.5

$3.24

$3.40

Renewal

2,829,822

3.0

$15.13

$16.87

(10.3)%

$15.30

$18.20

(15.9)%

2.0

$0.37

$1.90

Total / Wtd. Average

144

4,126,052

3.4

$15.30

$17.01

(10.0)%

$15.49

$18.31

(15.4)%

2.2

$0.86

$2.15

Excluding Tireco, Inc. Lease Extension:

Renewal(7)

1,727,982

2.9

$15.38

$13.76

11.8%

$15.18

$14.73

3.0%

1.3

$0.63

$1.46

Total / Wtd. Average(7)

143

3,024,212

3.4

$15.58

$14.76

5.5%

$15.50

$15.78

(1.8)%

1.8

$1.30

$1.95

Represents all executed leases, excluding leases with terms less than 12 months and month-to-month tenant leases.

Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into repositioning/development.

Retention rate is calculated as renewal lease SF plus relocation/expansion SF, divided by expiring lease SF. Retention excludes SF related to the following: (i) expiring leases associated with space that is placed into repositioning/development after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.

Retention + Backfill rate represents SF retained (per Retention rate definition in footnote (4)) plus the SF of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease SF.

Net effective and cash rent statistics and turnover costs exclude 23 new leases aggregating 867,307 RSF for which there was no comparable lease data. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/developed space, including space in pre-development/entitlement process, (iii) space that has been vacant for greater than 1 year or (iv) lease terms less than 12 months.

Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.

Excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue executed in Q1 2026. The lease, which was originally set to expire in January 2027, was extended through April 2030 commencing on February 1, 2027. The above-market, in-place lease rate resulted in a net effective and cash releasing spread of (31.0)% and (33.5)% for the executed lease extension, respectively. This lease extension is not indicative of the Company's projected portfolio releasing spreads given the unique size, adjacent competitive supply and lease structure. The lease includes annual contractual rental rate increases of 2.75% and three months of rent abatement in 2027, in addition to a conversion to a gross lease from a triple net lease, which enables the Company to capture the benefit from any potential reduction in real estate property taxes.

Lease Expiration Schedule as of March 31, 2026:

Lease Expirations

18%

16%

14%

12%

10%

16.9%

14.6%

13.5%

14.1%

11.9%

5.9%

4.3%

1.7%

0.4%

0.9%

1.2%

MTM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter

Year of Lease Expiration

# of Leases Expiring

Total Rentable Square Feet

In-Place + Uncommenced ABR (in thousands)

In-Place + Uncommenced ABR per SF

Available

2,018,812

$ -

Repositioning/Development(1)

2,367,663

MTM Tenants

177,759

3,081

$17.33

2026

275

5,325,060

96,674

$18.15

2027

360

6,455,107

109,436

$16.95

2028

297

7,116,599

137,161

$19.27

2029

251

6,560,423

118,418

$18.05

2030

141

7,032,333

118,134

$16.80

2031

117

7,801,768

114,570

$14.69

2032

1,772,969

35,270

$19.89

2033

785,478

14,124

$17.98

2034

355,445

6,992

$19.67

2035

462,072

9,634

$20.85

Thereafter

2,213,824

47,687

$21.54

Total Portfolio

1,551

50,445,312

$ 811,181

$17.61(2)

Represents vacant space at properties that were classified as repositioning, development or lease-up as of March 31, 2026.

Excluding in-place + uncommenced ABR associated with Land/IOS properties ($41.37M ABR) and cellular tower, solar and parking lot leases ($2.97M ABR), in-place + uncommenced building ABR per building SF was $16.72.

Top 20 Tenants as of March 31, 2026

Tenant

Submarket

Leased Rentable SF

In-Place + Uncommenced ABR (in 000's)(1)

% of In-Place + Uncommenced ABR(1)

In-Place + Uncommenced ABR per SF(1)

Lease Expiration

Tireco, Inc.(2)

Inland Empire West

1,101,840

$20,021

2.5%

$18.17

4/30/2030(2)

Zenith Energy West Coast Terminals LLC

South Bay

-(3)

$11,909

1.5%

$3.41(3)

9/29/2041

IBY, LLC

San Gabriel Valley

1,178,021

$11,531

1.4%

$9.79

4/5/2031(4)

Cubic Corporation

Central San Diego

315,227

$11,443

1.4%

$36.30

3/31/2038

Federal Express Corporation

Multiple Submarkets(5)

527,861

$10,986

1.3%

$20.81

11/30/2032(5)

L3 Technologies, Inc.

South Bay

461,431

$9,537

1.2%

$20.67

9/30/2031

GXO Logistics Supply Chain, Inc.

Mid-Counties

411,034

$9,076

1.1%

$22.08

11/30/2028

The Hertz Corporation

South Bay

38,680(6)

$8,922

1.1%

$11.14(6)

10/31/2026

Best Buy Stores, L.P.

Inland Empire West

501,649

$8,871

1.1%

$17.68

6/30/2029

Orora Packaging Solutions

Multiple Submarkets(7)

476,065

$8,150

1.0%

$17.12

9/30/2028(7)

Top 10 Tenants

5,011,808

$110,446

13.6%

Top 11 - 20 Tenants

3,804,158

$52,162

6.4%

Total Top 20 Tenants

8,815,966

$162,608

20.0%

See page 33 for further details on how these amounts are calculated.

Represents current in-place ABR. In Jan 2026, we executed an amendment with Tireco, Inc. to extend the lease term to Apr 30, 2030, with annualized base rent of approximately $17.0 million commencing Feb 1, 2027.

The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.9 million or $3.41 per land square foot.

Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.

Includes (i) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (ii) one land lease in North Orange County expiring Oct 31, 2031, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) an additional land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.

The tenant is leasing 18.4 acres of land with ABR of $8.9 million or $11.14 per land square foot.

Includes (i) 48,997 RSF in North County San Diego expiring Sep 30, 2026, (ii) 100,500 RSF in LA-Greater SF Valley expiring Sep 30, 2027 and (ii) 326,568 RSF in North Orange County expiring Sep 30, 2028.

Lease Segmentation by Size:

Number of

Leased Building/Land

Building/Land

Leased % Excl.

In-Place + Uncommenced ABR

% of In-Place + Uncommenced

In-Place + Uncommenced

Square Feet

Leases

Rentable SF

Leased %

Repo/Redev

(in 000's)(1)

ABR(1)

ABR per SF(1)

Building:

<4,999

528

1,317,282

1,423,356

92.5%

92.8%

26,537

3.3%

$20.15

5,000 - 9,999

214

1,526,542

1,706,427

89.5%

91.0%

30,018

3.7%

$19.66

10,000 - 24,999

319

5,208,997

5,730,610

90.9%

93.7%

99,532

12.3%

$19.11

25,000 - 49,999

180

6,541,759

7,260,587

90.1%

94.2%

118,436

14.6%

$18.10

50,000 - 99,999

118

8,482,118

9,714,581

87.3%

96.4%

150,593

18.5%

$17.75

>100,000

120

22,783,920

24,396,789

93.4%

97.1%

341,724

42.1%

$15.00

Building Subtotal / Wtd. Avg.

1,479

45,860,618

(2)

50,232,350

(2)

91.3%

(2)

95.8%

(2)

766,840

94.5%

$16.72

Land/IOS(3)

7,664,817

(4)

8,263,593

(4)

92.8%

(4)

41,368

5.1%

$5.40

(4)

Other(3)

2,973

0.4%

Total

1,551

811,181

100.0%

See page 33 for further details on how these amounts are calculated.

Excludes 198,220 leased building RSF and 212,962 building RSF that are associated with "Land/IOS." Including this RSF, total portfolio is 91.3% leased and 95.8% occupied.

"Land/IOS" includes leases for improved land sites and industrial outdoor storage (IOS) sites. "Other" includes amounts related to cellular tower, solar and parking lot leases.

Represents leased land square feet, available land square feet, land leased percentage and ABR per land square foot associated with Land/IOS leases.

(unaudited results, in thousands, except square feet and per square foot data)

Three months ended March 31, 2026

Year to Date

Total

SF(1)

PSF

Tenant Improvements:

New Leases - 1st Generation

$ 148

44,052

3.36

New Leases - 2nd Generation

136,065

0.37

Renewals

135

365,392

0.37

Total Tenant Improvements

$ 333

Leasing Commissions & Lease Costs:

New Leases - 1st Generation

$ 2,174

526,129

4.13

New Leases - 2nd Generation

3,931

758,090

5.19

Renewals

4,262

2,236,364

1.91

Total Leasing Commissions & Lease Costs

$ 10,367

Total Recurring Capex

$ 2,314

50,708,486

0.05

Recurring Capex % of NOI

1.2%

Recurring Capex % of Rental Income

1.0%

Nonrecurring Capex:

Repositioning and Development in Process(2)

$ 29,483

Unit Renovation(3)

7,933

Other(4)

2,451

Total Nonrecurring Capex

$ 39,867

30,061,253

1.33

Other Capitalized Costs(5)

$ 13,858

For tenant improvements and leasing commissions, reflects the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions. For recurring capex, reflects the weighted average square footage of our consolidated portfolio for the period (including properties that were sold during the period). For nonrecurring capex, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.

Includes capital expenditures related to repositioning or development properties.

Includes non-tenant-specific capital expenditures.

Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, solar installation, ADA related construction and capital expenditures for deferred maintenance existing at the time such property was acquired.

Includes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on development, renovation and rehabilitation activity and

(ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or development projects.

‌1Q 2026 Stabilizations

Property

Submarket

Repositioning/ Development

RSF(2)

Purch. Price(1)

Proj. Project Costs(1)

Proj. Total Invest.(1)

Proj.

Remaining Costs

Construction Period(1)

Start Complete

Property Leased

1Q 2026 Stabilizations

12118 Bloomfield Avenue

Mid-Counties

Development

107,045

$ 16.7

$ 20.0

$ 36.7

$ -

4Q-22 1Q-25

100%

1315 Storm Parkway(3)

South Bay

Repositioning

37,844

8.5

3.4

11.9

0.3

2Q-24 4Q-24

100%

Total/Weighted Average Stabilized

144,889

$ 25.2

$ 23.4

$ 48.6

$ 0.3

Stabilized

Repositioning

Development

Total

Actual Cash NOI: 1Q 2026 ($M)

$(0.1)

Annualized Stabilized Cash NOI ($M)

$0.7

$1.9

$2.6

Estimated Stabilized Return on Cost

5.9%

5.2%

5.3%

- See numbered footnotes on page 30 -

Lease-Up

Repositioning/

Purch.

Est. Project

Est. Total

Est.

Remaining

Construction Period

Property

Submarket

Development

RSF(2)

Price(1)

Costs(1)

Invest.(1)

Costs

Start

Complete

Leased

Lease-Up

9615 Norwalk Boulevard

Mid-Counties

Development

201,571

9.6

49.9

59.5

1.8

3Q-21

4Q-25

3211-3233 Mission Oaks Blvd.(4)

Ventura

Development

116,852

40.7

26.2

66.9

0.2

2Q-22

1Q-25

83%

4416 Azusa Canyon Road

San Gabriel Valley

Development

129,830

12.3

21.4

33.7

1.7

4Q-22

2Q-25

15010 Don Julian Road

San Gabriel Valley

Development

219,690

22.9

37.6

60.5

2.9

1Q-23

4Q-25

12772 San Fernando Road(5)

Greater San Fernando Valley

Development

143,529

22.1

22.6

44.7

1.3

3Q-23

1Q-25

19900 Plummer Street(5)

Greater San Fernando Valley

Development

79,539

15.5

15.6

31.1

1.3

3Q-23

1Q-25

1500 Raymond Avenue(5)

North Orange County

Development

136,218

46.1

22.4

68.5

1.1

4Q-23

1Q-25

19301 Santa Fe Avenue

South Bay

Repositioning

LAND

14.7

5.7

20.4

0.4

2Q-24

3Q-25

14955 Salt Lake Avenue

San Gabriel Valley

Repositioning

45,205

10.9

3.7

14.6

0.5

4Q-24

3Q-25

8985 Crestmar Point

Central San Diego

Repositioning

53,395

8.1

5.7

13.8

0.7

4Q-24

3Q-25

9455 Cabot Drive

Central San Diego

Repositioning

97,510

12.2

8.2

20.4

1.2

2Q-25

4Q-25

1175 Aviation Place

Greater San Fernando Valley

Repositioning

93,202

17.9

3.9

21.8

0.8

3Q-25

4Q-25

Total/Weighted Average Lease-Up

1,316,541

233.0

222.9

455.9

13.9

- See numbered footnotes on page 30 -

‌Under Construction

Property

Submarket

Repositioning/ Development

RSF(2)

Purch. Price(1)

Est. Project Costs(1)

Est. Total Invest.(1)

Est.

Remaining Costs

Construction Period Start Complete

Property Leased

Under Construction

14940 Proctor Road

San Gabriel Valley

Development

160,094

$ 28.8

$ 26.1

$ 54.9

$ 2.6

4Q-24 2Q-26

11234 Rush Street

San Gabriel Valley

Development

101,728

12.6

21.6

34.2

3.0

4Q-24 3Q-26

3680-3880 Voyager Street

(3547-3555 Voyager Street)

South Bay

Development

67,734

21.1

18.9

40.0

7.3

1Q-25 3Q-26

5235 Hunter Avenue

North Orange County

Development

121,288

11.4

20.2

31.6

4.3

1Q-25 2Q-26

7815 Van Nuys Boulevard

Greater San Fernando Valley

Development

78,904

25.6

16.0

41.6

7.2

2Q-25 4Q-26

14400 Figueroa Street (Figueroa & Rosecrans)

South Bay

Repositioning

56,771

61.4

16.8

78.2

13.4

3Q-25 1Q-27

950 West 190th Street

South Bay

Development

196,900

41.5

31.3

72.8

29.4

4Q-25 4Q-27

9323 Balboa Avenue

Central San Diego

Development

177,551

27.1

26.3

53.4

23.9

4Q-25 2Q-27

24935-24955 Avenue Kearny

Greater San Fernando Valley

Repositioning

66,130

5.8

3.8

9.6

1.4

4Q-25 2Q-26

Total/Weighted Average Under

Construction

1,027,100

$ 235.3

$ 181.0

$ 416.3

$ 92.5

Repositioning

Development

Total

Actual Cash NOI: 1Q 2026 ($M) $0.3

$1.2

$1.5

Annualized Stabilized Cash NOI $9 - $10

$38 - $42

$47 - $51

Estimated Stabilized Return on 5.0% - 5.5%

5.5% - 6.0%

Total/Weighted Average Lease-Up/Under Construction 2,343,641 $ 468.3 $ 403.9 $ 872.2 $ 106.4 Lease-Up/Under Construction

($M)

Cost

- See numbered footnotes on page 30 -

Near-Term Potential Future Repositioning and Development

Property Submarket

Repositioning/ Development

Projected RSF(7)

Estimated Construction Start

Purchase Price ($M)

Lease Expiration Date

Actual Cash NOI

1Q 2026

($M) Project Description

Development of an existing 1970s vintage

Avenue

16425 Gale SG Valley

Development

325,800

2Q-26

$26.3

Vacant

$- industrial building acquired in 2016. The project

will deliver a modern, Class A demisable cross-

dock industrial building.

9400-9500

Santa Fe Mid-Counties Springs Road(6)

Repositioning

184,270

2Q-26

$210.0

05/31/26

Functionality and quality upgrades including new

$0.6 office, additional power capacity and sprinkler upgrade.

3100 Fujita South Bay

Repositioning

91,516

3Q-26

$14.2

Vacant

Repositioning of an existing 1970s vintage,

$- functionally-limited industrial building acquired in 2018 through a sale leaseback.

18 acres of industrially-zoned land acquired

9000 Airport South Bay Development

418,000

4Q-26

$144.3

10/31/26

through a sale leaseback for planned

$2.2 development. Following lease expiration, the project will deliver a rare, Class-A industrial campus.

4181 Ruffin Central San Development

220,943

4Q-26

$36.0

10/31/26

Development of a modern Class A industrial

$0.0 building with highly competitive functionality in a premier location.

Total Future Repositioning/Development 1,240,529 $430.8 $2.8

Repositioning

Development

Total

Projected RSF

275,786

964,743

1,240,529

Projected Project Costs ($M)

$20 - $22

$140 - $148

$160 - $170

Actual Cash NOI: 1Q 2026(7) ($M)

$0.6

$2.2

$2.8

Street

Boulevard

Road Diego

- See numbered footnotes on page 30 -

Current Year Stabilized Repositioning/Development

Stabilized Return on

Property (Submarket) RSF Stabilized Period Cost

12118 Bloomfield Avenue 107,045 1Q-26 5.2%

1315 Storm Parkway(3) 37,844 1Q-26 5.9%

For definitions of "Properties and Space Under Repositioning/Development," "Estimated Construction Period," "Purchase Price," "Projected Repositioning/Development Costs," "Projected Total Investment," "Annualized Stabilized Cash NOI," "Actual Cash NOI," "Estimated Stabilized Return on Cost" and other definitions related to our repositioning/development portfolio, see pages 35-36 in the Notes and Definitions section of this report.

RSF is the actual rentable square footage that is subject to repositioning at the property/building, and may be less than the total RSF of the entire property or particular building(s) under repositioning. For developments, RSF represents the estimated rentable square footage of the project upon completion of the development.

1315 Storm Parkway was considered stabilized in 4Q-25, as one year had passed since completion of construction work, but remained in Lease-Up due to leasing progress. In 1Q-26 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 1Q-26.

As of March 31, 2026, the entire project includes 526,069 RSF, comprised of: (i) 3211 Mission Oaks Blvd., a newly constructed building totaling 116,852 RSF, and (ii) 3233 Mission Oaks Blvd., with 409,217 RSF that were not redeveloped. Site improvements were completed across the entire project. Costs and yield shown reflect the entire project, while RSF and property leased percentage apply only to 3211 Mission Oaks Blvd. As of 1Q-26, 3211 Mission Oaks Blvd is considered stabilized, as one year has passed since the completion of construction work. However, it is presented in Lease-Up because the property has not yet reached 90% occupancy.

As of 1Q-26 12772 San Fernando Road, 19900 Plummer Street and 1500 Raymond Avenue are considered stabilized, as one year has passed since the completion of construction work. However, these properties are presented in Lease-Up because the they have not yet reached 90% occupancy.

9400-9500 Santa Fe Springs Road totals 595,304 RSF and the proposed repositioning project pertains to work at only one of the units, totaling 184,270 RSF. The purchase price shown in the table is for the entire property. The Actual Cash NOI referenced in aggregate is only for the one repositioning unit.

The weighted average timing of the annualized NOI coming offline is late in the third quarter.

2026 Current Period Dispositions

Realized NOI Contribution in

Disposition

Date Property Address Submarket Asset Type

Rentable Square Feet

Gross Proceeds ($M)

the Quarter of Sale ($M)

2/6/2026 14005 Live Oak Avenue Los Angeles - San Gabriel Valley

Development

$ 14.50

$ -

2/24/2026 18250 Euclid Street Orange County Airport

Operating

62,838

$ 26.71

$ 0.1

3/17/2026 29010 Avenue Paine Los Angeles - Greater San

Operating

100,157

$ 31.00

$ 0.2

3/18/2026 13700-13738 Slover Avenue San Bernardino - Inland Empire

Operating

17,862

$ 14.48

$ (0.1)

3/25/2026 600-708 Vermont Avenue North Orange County

Development

133,836

$ 40.70

$ -

Total 2026 Dispositions through March 31, 2026

314,693

$ 127.39

Fernando Valley West

4/16/2026 423-424 Berry Way North Orange County Development 101,380 $ 16.51 N/A

2026 Subsequent Period Dispositions

Total Year To Date 2026 Dispositions 416,073 $ 143.90

As of March 31, 2026

(unaudited and in thousands, except share data)

Net Operating Income

Pro Forma Net Operating Income (NOI)(1)

Three Months Ended Mar 31, 2026

Total operating rental income

$242,141

Property operating expenses

(56,763)

Pro forma effect of uncommenced leases(2)

1,076

Pro forma effect of dispositions(3)

(206)

Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and development(4)

11,547

Pro Forma NOI

197,795

Above/(below) market lease revenue adjustments

(4,647)

Straight line rental revenue adjustment

(15,136)

Pro Forma Cash NOI

$178,012

Balance Sheet Items

Other assets and liabilities

March 31, 2026

Cash and cash equivalents

$51,714

Loan receivable, net

123,819

Rents and other receivables, net

11,962

Other assets

20,500

Accounts payable, accrued expenses and other liabilities

(125,007)

Dividends payable

(102,418)

Tenant security deposits

(95,219)

Prepaid rents

(82,186)

Estimated remaining cost to complete repositioning/development projects(5)

(106,813)

Total other assets and liabilities

$(303,648)

Debt and Shares Outstanding

Total consolidated debt(6)

$3,271,720

Preferred stock/units - liquidation preference

$173,250

Common shares outstanding(7)

224,521,552

Operating partnership units outstanding(8)

8,605,741

Total common shares and operating partnership units outstanding

233,127,293

For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 33 and page 12 of this report, respectively.

Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of January 1, 2026.

Represents the deduction of actual 1Q'26 NOI for the properties that we sold during the current quarter. See page 31 for a detail of current year disposition properties.

Represents the estimated incremental NOI from the properties that were classified as repositioning, development, lease-up or stabilized during the three months ended March 31, 2026, assuming that all repositioning/development work had been completed and all of the properties were fully stabilized as of January 1, 2026. Includes all properties that are separately listed on pages 26-28. We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of January 1, 2026.

Reflects the estimated remaining costs for all repositioning, development and lease-up properties that are listed on pages 26-28.

Excludes unamortized loan discount and debt issuance costs totaling $24.3 million.

Represents outstanding shares of common stock of the Company, which excludes 1,764,934 shares of unvested restricted stock.

Represents outstanding common units of the Company's operating partnership, Rexford Industrial Realty, L.P., that are owned by unit holders other than Rexford Industrial Realty, Inc. Includes 1,602,431 vested LTIP Units and 1,356,967 vested performance units and excludes 350,585 unvested LTIP Units and 2,011,382 unvested performance units.

‌Adjusted Funds from Operations ("AFFO"): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO, as defined below, the following items: (i) certain non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as construction payroll, (iii) recurring capital expenditures required to maintain and re-tenant our properties, (iv) capitalized interest costs resulting from the repositioning/development of certain of our properties and

(v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental performance measure because it provides a performance measure that, when compared year over year, captures trends in portfolio operating results. We also believe that, as a widely recognized measure of the performance of REITs, AFFO will be used by investors as a basis to assess our performance in comparison to other REITs. However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our performance is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs' AFFO. AFFO should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance.

‌In-Place Annualized Base Rent and Uncommenced Annualized Base Rent:

In-Place Annualized Base Rent ("In-Place ABR"): Calculated as the monthly contractual base rent (before rent abatements) per the terms of the lease, as of March 31, 2026, multiplied by 12. Includes leases that had commenced as of March 31, 2026 or leases where tenant had taken early possession of space as of March 31, 2026. Excludes tenant reimbursements.

In-Place ABR per Square Foot: Calculated by dividing In-Place ABR for the lease by the occupied square feet of the lease, as of March 31, 2026.

Combined In-Place and Uncommenced Annualized Base Rent ("In-Place + Uncommenced ABR"): Calculated by adding (i) In-Place ABR and (ii) ABR Under Uncommenced Leases (see definition below). Does not include adjustments for leases that expired and were not renewed subsequent to March 31, 2026, or adjustments for future known non-renewals.

ABR Under Uncommenced Leases: Calculated by adding the following:

ABR under Uncommenced New Leases = first full month of contractual base rents (before rent abatements) to be received under Uncommenced New Leases, multiplied by 12.

Incremental ABR under Uncommenced Renewal Leases = difference between: (a) the first full month of contractual base rents (before rent abatements) to be received under Uncommenced Renewal Leases and (b) the monthly In-Place ABR for the same space as of March 31, 2026, multiplied by 12.

In-Place + Uncommenced ABR per Square Foot: Calculated by dividing (i) In-Place + Uncommenced ABR for the leases by (ii) the square footage under commenced and uncommenced leases (net of renewal space) as of March 31, 2026.

Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of March 31, 2026.

Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of March 31, 2026.

Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, development, major property or unit upgrade or renovation, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements and capital expenditures for deferred maintenance existing at the time such property was acquired.

Capital Expenditures, Recurring: Expenditures made with respect to a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired; or (d) replacements of either roof or parking lots.

Capital Expenditures, First Generation: Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use.

Cash NOI: Cash basis NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.

Core Funds from Operations ("Core FFO"): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the "Non-GAAP FFO and Core FFO Reconciliations" on pages 12-13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our ongoing operating performance, provides a more meaningful and consistent comparison of the Company's operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of Core FFO" reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams).

Debt Covenants ($ in thousands)

March 31, 2026

to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDAre and Adjusted EBITDAre differently than we do; accordingly, our EBITDAre and Adjusted EBITDAre may not be comparable to such other Equity REITs' EBITDAre and Adjusted EBITDAre.

Maximum Leverage Ratio less than 60% 24.2% 27.7%

Maximum Secured Leverage Ratio

less than 45%

0.7%

N/A

Maximum Secured Leverage Ratio

less than 40%

N/A

0.8%

Current Period Covenant

Revolver, $300M & $400M Term Loan Facilities

Senior Notes ($125M, $25M,

$75M)

EBITDAre and Adjusted EBITDAre should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.

Maximum Secured Recourse Debt less than 15% N/A -%

Ending occupancy excluding repositioning/development: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with repositioning and development projects.

Fixed Charge Coverage Ratio:

Minimum Tangible Net Worth $7,266,909 N/A $9,829,351

For the Three Months Ended

Minimum Fixed Charge Coverage Ratio at least 1.50 to 1.00 5.34 to 1.0 5.30 to 1.00

Unencumbered Leverage Ratio less than 60% 25.0% 28.9%

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

Unencumbered Interest Coverage Ratio

at least 1.75 to 1.00

5.97 to 1.00

EBITDAre

$174,638

$103,701

$171,108

$173,922

$174,919

Above/(below) market lease revenue adjustments

(4,647)

(4,129)

(5,254)

(5,788)

(9,186)

March 31, 2026

Non-cash stock compensation

4,063

8,537

10,485

10,091

9,699

Senior Notes Co-CEO transition costs - 60,223 - - -

Current Period ($400M due 2030

Covenant & $400M due 2031) Debt extinguishment and

Maximum Debt to Total Asset Ratio

less than 60%

24.1%

modification expenses

291

Maximum Secured Debt to Total Asset Ratio

less than 40%

0.7%

Straight line rental revenue adj.

(15,136)

(9,073)

(8,164)

(6,918)

(5,517)

Minimum Debt Service Coverage Ratio

at least 1.50 to 1.00

5.21 to 1.00

Capitalized payments

(5,851)

(6,013)

(6,516)

(5,304)

(5,091)

Minimum Unencumbered Assets to Unsecured Debt Ratio

at least 1.50 to 1.00

4.21 to 1.00

Accretion of net loan origination

Our actual performance for each covenant is calculated based on the definitions set forth in each loan

fees

(115)

agreement/indenture.

Recurring capital expenditures

(2,314)

(2,566)

(3,563)

(5,887)

(1,311)

EBITDAre and Adjusted EBITDAre: We calculate EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts ("NAREIT"). EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDAre by adding or subtracting from EBITDAre the following items: (i) non-cash stock based compensation expense,

(ii) gain (loss) on debt extinguishment and debt modification expenses, (iii) acquisition expenses, (iv) the pro-forma effects of acquisitions and dispositions and (vi) other nonrecurring expenses. We believe that EBITDAre and Adjusted EBITDAre are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre and Adjusted EBITDAre are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDAre are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDAre and Adjusted EBITDAre should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDAre and Adjusted EBITDAre should not be considered as alternatives

2nd gen. tenant improvements (185) (179) (460) (663) (162)

2nd gen. leasing commissions (8,193) (6,324) (8,007) (4,162) (4,879)

Cash flow for fixed charge

coverage calculation $142,260 $144,062 $149,514 $155,467 $158,357

Cash interest expense calculation detail:

Interest expense 26,600 25,451 25,463 26,701 27,288

Capitalized interest 7,352 8,801 9,240 9,064 8,230

Note payable premium amort.

(1,641)

(1,616)

(1,597)

(1,579)

(1,560)

Amort. of deferred financing costs (1,334) (1,333) (1,340) (1,255) (1,134)

Amort. of swap term fees & t-locks

(77)

(78)

(76)

(77)

Cash interest expense 30,900 31,225 31,688 32,855 32,747

Scheduled principal payments 215 247 244 242 230

Preferred stock/unit dividends 2,404 2,405 2,404 2,405 2,695

Fixed charges $ 33,519 $ 33,877 $ 34,336 $ 35,502 $ 35,672

Fixed Charge Coverage Ratio 4.2 x 4.3 x 4.4 x 4.4 x 4.4 x

‌NAREIT Defined Funds from Operations ("FFO"): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) on sale of real estate assets, gains (or losses) on sale of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs' FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. "Company Share of FFO" reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends and any preferred stock redemption charges related to the write-off of original issuance costs).

Net Operating Income ("NOI"): NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from real estate operations including i) rental revenue, ii) tenant reimbursements, and iii) other income less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, interest income, gains (or losses) on sale of real estate, impairment losses of depreciable operating property, and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs' NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.

Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning, development and lease-up as of the end of the reporting period, assuming that all repositioning/development work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operating results would have been had the transactions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.

Definitions Related to Properties and Space Under Repositioning/Development:

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.

Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.

Estimated Construction Period: The "Start" of the Estimated Construction Period is our current estimate of the period in which we will start physical construction on a property. The Target Completion of the Estimated Construction Period is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis. For projects stabilized or in lease-up, represents the actual construction completion period.

Purchase Price: Represents the contractual purchase price of the property plus closing costs.

Estimated Project Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/development project. Estimated costs include (i) nonrecurring capital expenditures, (ii) estimated tenant improvement allowances/costs and (iii) estimated leasing commissions. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs including capitalized interest, property taxes, insurance and compensation.

Estimated Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Development Costs.

Cumulative Investment to Date: Includes the Purchase Price and nonrecurring capital expenditures, tenant improvement costs and leasing commission costs incurred as of the reporting date.

Annualized Stabilized Cash NOI: Represents management's estimate of each project's annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. Actual results may vary materially from our estimates.

‌Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 33) for the repositioning/development property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.

Estimated Stabilized Return on Cost: Calculated by dividing each project's Annualized Stabilized Cash NOI by its Projected Total Investment.

‌Stabilization Date - Properties and Space Under Repositioning/Development: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning/ development construction work.

‌Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.‌

Three Months Ended

SPP Historical Information: The table below reflects selected information related to our SPP as initially reported in each quarter's respective supplemental package. Within a given year, the SPP may reflect changes in repositioning/development properties or removal of sold properties.

Three Months Ended

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

# of Properties

342

287

288

289

292

Square Feet

41,727,325

37,466,856

37,916,326

37,991,248

38,380,256

Ending Occupancy

96.1 %

96.5 %

96.8 %

96.1 %

95.7 %

SPP NOI growth

0.9 %

0.4 %

1.9 %

1.1 %

0.7 %

SPP Cash NOI growth

(0.4)%

2.8 %

5.5 %

3.9 %

5.0 %

Same Property Portfolio Rental Income: See below for a breakdown of 2026 and 2025 rental income for our SPP. We believe this information is frequently used by management, investors,

Mar 31,

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

securities analysts and other interested parties to evaluate our performance.

Rental revenue (before

hree Months E

nded March 31

collectability adjustment)

$ 202,658 $ 201,454 $ 203,217 $ 199,839 $ 208,394

2026

2025

$ Change

% Change

Tenant reimbursements

41,728 43,793 42,612 41,403 41,856

Rental revenue

$ 175,232

$ 171,506

$ 3,726

2.2%

Other income

486 598 915 467 874

Tenant reimbursements

35,740

35,709

0.1%

Increase (reduction) in revenue due to change in

Other income

419

704

(285)

(40.5)%

collectability assessment

(2,731) (2,615) 13 (141) (2,303)

Rental income

$ 211,391

$ 207,919

$ 3,472

1.7%

Rental income

$ 242,141 $ 243,230 $ 246,757 $ 241,568 $ 248,821

Cash Rent Change: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/developed space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.

Net Effective Rent Change: Compares net effective rent, which straightlines rental rate increases and abatements, on new/renewal leases to net effective rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/developed space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.

1, 2025 through March 31, 2026, and (ii) properties acquired prior to January 1, 2025 that were or will

NOI

$ 185,378

$ 183,943

$ 188,878

$ 186,270

$ 193,560

be classified as repositioning/development (current and future) or lease-up during 2025 and 2026,

S/L rental revenue adj.

(15,136)

(9,073)

(8,164)

(6,918)

(5,517)

Same Property Portfolio ("SPP"): Our 2026 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through March 31, 2026, and excludes (i) properties that were acquired or sold during the period from January

Reconciliation of Net Income (Loss) to NOI and Cash NOI (in thousands):

Three Months Ended

Mar 31,

Dec 31,

Sep 30,

Jun 30,

Mar 31,

2026

2025

Net Income (Loss)

$ 94,562

$ (67,735)

$ 93,056

$ 120,394

$ 74,048

General and administrative

14,925

19,199

20,037

19,752

19,868

Depreciation & amortization

72,933

76,819

81,172

71,188

86,740

Other expenses

102

65,910

4,218

244

2,239

Interest expense

26,600

25,451

25,463

26,701

27,288

Debt extinguishment and modification expenses

291

Management & leasing services

(197)

(118)

(132)

(142)

Other income

(1,350)

Interest income

(2,937)

(4,670)

(6,367)

(7,807)

(3,324)

Impairment of real estate

6,824

89,097

Gains on sale of real estate

(26,281)

(19,931)

(28,583)

(44,361)

(13,157)

which we believe will significantly affect the properties' results during the comparative periods.

Above/(below) market lease

revenue adjustments (4,647) (4,129) (5,254) (5,788) (9,186)

Cash NOI $ 165,595 $ 170,741 $ 175,460 $ 173,564 $ 178,857

‌Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:

Three Months Ended March 31,

Occupancy by County:

Mar 31,

Ending Occupancy:

2026

Dec 31,

2025

Sep 30,

2025

Jun 30,

2025

Mar 31,

2025

2026 2025

Net income $ 94,562 $ 74,048

General and administrative 14,925 19,868

Depreciation and amortization 72,933 86,740

Interest expense 26,600 27,288

Other expenses 102 2,239

Los Angeles County 89.8% 88.3% 90.9% 87.9% 88.0%

Orange County 92.2% 93.6% 93.7% 90.7% 88.4%

Riverside / San Bernardino County 91.2% 95.3% 94.4% 93.9% 95.9%

San Diego County 90.7% 85.9% 91.3% 86.7% 89.6%

Ventura County 94.5% 91.8% 89.8% 87.5% 87.7%

Total/Weighted Average 90.7% 90.2% 91.8% 89.2% 89.6%

Total Portfolio RSF 50,445,312 51,161,188 50,850,824 51,021,897 50,952,137

Management and leasing services - (142)

Other income (1,350) -

Interest income (2,937) (3,324)

Impairment of real estate 6,824 -

Gains on sale of real estate (26,281) (13,157)

Uncommenced Lease Data:

Total/Weighted Average

Occupied SF 45,736,802

NOI

$ 185,378

$ 193,560

Non-Same Property Portfolio rental income

(30,750)

(40,902)

Non-Same Property Portfolio property exp.

9,459

9,911

Same Property Portfolio NOI

$ 164,087

$ 162,569

Uncommenced New Leases - Leased SF(1)

322,036

Straight line rental revenue adjustment

(9,971)

(7,454)

Leased SF

46,058,838

Above/(below) market lease revenue adjustments

(4,171)

(4,572)

Percent Leased

91.3 %

Uncommenced Renewal Leases - Leased SF(1) 826,795

Same Property Portfolio Cash NOI $ 149,945 $ 150,543

‌In-Place ABR(2)

806,130

Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share

Guidance to Company share of Core FFO per Diluted Share Guidance:

ABR Under Uncommenced Leases (in thousands)(2)(3)

5,051

In-Place + Uncommenced ABR (in thousands)(2)

811,181

2026 Estimate

In-Place + Uncommenced ABR per SF(2)

17.61

Company share of Core FFO $ 2.37 $ 2.42

Low

High

Net income attributable to common stockholders

1.22

1.27

Company share of depreciation and amortization

1.24

Company share of impairment of real estate

0.03

Company share of gains on sale of real estate (0.12) (0.12)

Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of March 31, 2026.

See page 33 for further details on how these amounts are calculated.

Includes $5.1 million of annualized base rent under Uncommenced New Leases and $(0.1) million of annualized base rent under Uncommenced Renewal Leases.

Disclaimer

Rexford Industrial Realty Inc. published this content on April 23, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 23, 2026 at 21:20 UTC.