Rexford Industrial Q3 net income falls to $14.6M
Rexford raised 2026 Core FFO guidance to $2.41–$2.44 per diluted share; net-loss guidance is now ($1.55)–($1.52) per diluted share.
Sentiment and the balance of points
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Form Type
8-K
Rhea-AI Filing Summary
Rexford Industrial Realty, Inc. reported third-quarter 2026 net income attributable to common stockholders of $14.6 million, versus $87.1 million a year earlier. Total revenue was $239.1 million, compared with $253.2 million; company share of Core FFO was $0.60 per diluted share, unchanged year over year. Same Property Portfolio NOI fell 2.6% and Cash NOI fell 1.1%; ending occupancy was 96.9%. Real estate impairment charges were $71.8 million, versus $0 in Q3 2025.
Rexford sold 25 properties for $1.3 billion in the quarter and repurchased 10.9 million shares for $408.7 million at a weighted average price of $37.59 per share, including $100.0 million of repurchases after quarter-end. It repaid $485.0 million of debt using cash on hand. Net Debt to Adjusted EBITDAre was 3.8x, compared with 4.5x at June 30, 2026.
Updated 2026 guidance raises company share of Core FFO to $2.41–$2.44 per diluted share, versus $2.38–$2.43 previously; net loss attributable to common stockholders is projected at ($1.55)–($1.52) per diluted share, compared with ($1.32)–($1.27).
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet debt leverage: Net Debt to Adjusted EBITDAre declined to 3.8x from 4.5x at June 30, 2026.
Negative
- Moderate pointQuarterly revenue: Total revenue was $239.1 million, versus $253.2 million in Q3 2025.
- Moderate pointCommon-stockholder earnings: Net income was $14.6 million, versus $87.1 million in Q3 2025.
Filing Explained
The board authorized a fourth-quarter common dividend of $0.435 per share, payable January 15, 2027, to holders of record December 31, 2026.
This 8-K furnishes Rexford Industrial’s third-quarter results and updated full-year plan; the revised disposition plan concerns future asset sales, not sales completed in this filing.
The 2026 disposition guidance range is now
At
As of
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total revenue: $239.1 million
Net income attributable to common stockholders: $14.6 million
Company share of Core FFO per diluted share: $0.60 per diluted share
+5 more
8 metrics
Total revenue
$239.1 million
Third quarter 2026; compared with $253.2 million in third quarter 2025
Net income attributable to common stockholders
$14.6 million
Third quarter 2026; compared with $87.1 million in third quarter 2025
Company share of Core FFO per diluted share
$0.60 per diluted share
Third quarter 2026; consistent with third quarter 2025
Same Property Portfolio NOI change
-2.6%
Third quarter 2026 compared with third quarter 2025
Same Property Portfolio Cash NOI change
-1.1%
Third quarter 2026 compared with third quarter 2025
Property disposition sales price
$1.3 billion
25 properties sold during third quarter 2026
Debt repaid
$485.0 million
Third quarter 2026; repaid using cash on hand
Net Debt to Adjusted EBITDAre
3.8x
At September 30, 2026; compared with 4.5x at June 30, 2026
Key Terms
Core FFO, Same Property Portfolio NOI, Cash NOI, Adjusted EBITDAre, +1 more
5 terms
Core FFO financial
"Company share of Core FFO per diluted share was $0.60"
Core FFO (Core Funds From Operations) is a real estate industry measure of a property owner's recurring cash earnings calculated by starting with net income and removing non-cash accounting items and one-time gains or losses so the number reflects ongoing operating performance. Investors use it like a trimmed-down paycheck: it helps compare cash-generating ability across periods and companies by focusing on the stable, repeatable income rather than temporary or accounting-driven swings.
Same Property Portfolio NOI financial
"Same Property Portfolio NOI decreased 2.6%"
Cash NOI financial
"Same Property Portfolio Cash NOI decreased 1.1%"
Cash NOI (cash net operating income) is the income a property or real-estate business actually produces from rents and operating expenses after removing accounting-only entries such as depreciation, straight‑line rent adjustments, and other non‑cash items. Investors use it as a clearer view of real, spendable cash flow — like checking a bank balance instead of a ledger — to judge a property’s ability to pay debt, fund distributions, and support valuation.
Adjusted EBITDAre financial
"Reduced Net Debt to Adjusted EBITDAre to 3.8x from 4.5x"
Adjusted EBITDA is a measure of a company's earnings that shows its profitability by focusing on core operations, excluding certain expenses or income that are unusual or not part of normal business activities. It provides investors with a clearer picture of how well the company is performing day-to-day, much like evaluating a restaurant's regular sales without counting special event or one-time expenses. This helps investors compare companies more fairly and assess their ongoing financial health.
unlevered stabilized return on cost financial
"weighted average unlevered stabilized return on cost of 13.8%"
Earnings Snapshot
Total revenues: $239.1 million · Guidance included
Third quarter 2026
Total revenues
$239.1 million
Compared with $253.2 million in third quarter 2025
Net income attributable to common stockholders
$14.6 million
Compared with $87.1 million in third quarter 2025
Company share of Core FFO per diluted share
$0.60
Consistent with third quarter 2025
Same Property Portfolio NOI
$144.2 million
Decreased 2.6% compared with third quarter 2025
Guidance
Updated 2026 company share of Core FFO per diluted share: $2.41–$2.44; net loss attributable to common stockholders per diluted share: ($1.55)–($1.52).
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were REXR's Q3 2026 earnings?
Rexford reported net income attributable to common stockholders of $14.6 million, or $0.07 per diluted share, for Q3 2026, compared with $87.1 million, or $0.37 per diluted share, in Q3 2025. Company share of Core FFO was $0.60 per diluted share, consistent with Q3 2025.
What is REXR's updated 2026 Core FFO guidance?
Rexford's updated guidance sets company share of Core FFO at $2.41–$2.44 per diluted share and net loss attributable to common stockholders at ($1.55)–($1.52) per diluted share. The prior ranges were $2.38–$2.43 and ($1.32)–($1.27), respectively.
What dividends did REXR authorize for Q4 2026?
Rexford authorized a $0.435-per-share common dividend, payable in cash January 15, 2027, to common stockholders and common unit holders of record December 31, 2026. Series B and Series C preferred dividends are $0.367188 and $0.351563 per share, payable December 31, 2026, to holders of record December 15, 2026.
What debt did REXR repay in Q3 2026?
Rexford repaid $485.0 million of debt using cash on hand, comprising $60.0 million of 2026 maturities and $425.0 million of 2027 maturities. The repaid instruments included term loans of $60.0 million at an effective rate of 5.06% and $300.0 million at 3.58%, plus a $125.0 million unsecured senior note at 3.93%.
How much liquidity did REXR report?
Rexford reported approximately $1.7 billion of total liquidity, including $423.6 million in unrestricted cash and $1.245 billion available under its unsecured revolving credit facility.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| | ||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (310 ) 966-1680
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On October 22, 2026, Rexford Industrial Realty, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended September 30, 2026, and distributed certain supplemental financial information. On October 22, 2026, the Company also posted the supplemental financial information on its website located at www.rexfordindustrial.com. Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively.
The information included in this Current Report on Form 8-K under this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) are being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE
As discussed in Item 2.02 above, the Company issued a press release announcing its earnings for the quarter ended September 30, 2026 and distributed certain supplemental information. On October 22, 2026, the Company also posted the supplemental financial information on its website located at www.rexfordindustrial.com.
The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | Press Release Dated October 22, 2026 | |||||||
| 99.2 | Third Quarter 2026 Supplemental Financial Report | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Rexford Industrial Realty, Inc. | |||||
| October 22, 2026 | /s/ Michael Fitzmaurice | ||||
| Michael Fitzmaurice Chief Financial Officer (Principal Financial and Accounting Officer) | |||||
Exhibit 99.1
Rexford Industrial Announces Third Quarter 2026 Financial Results
Raises 2026 Core FFO per share guidance
Advances portfolio realignment with $1.5 billion of dispositions year to date
Executes 3.7 million square feet of leasing, including 600,000 square feet of repositioning and developments
Los Angeles, California — October 22, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR) today announced financial and operating results for the third quarter of 2026.
Third Quarter 2026 Financial and Operational Highlights (all comparisons to Third Quarter 2025)
•Net income attributable to common stockholders of $14.6 million, or $0.07 per diluted share, as compared to net income of $87.1 million, or $0.37 per diluted share.
•Company share of Core FFO per diluted share of $0.60, consistent with the prior year quarter.
•Same Property Portfolio Cash NOI decreased 1.1% and Same Property Portfolio NOI decreased 2.6%.
•Same Property Portfolio ending occupancy of 96.9%, up 200 basis points from June 30, 2026.
•Executed 3.7 million square feet of new and renewal leases, including 599,369 square feet of repositioning and development leases. Comparable rental rates increased by 7.1%, compared to prior rents, on a net effective basis and decreased by 3.0% on a cash basis.
•Stabilized one repositioning project totaling 46,653 square feet.
•Sold 25 properties for a total sales price of $1.3 billion, including a 22-property portfolio transaction for a total sales price of $1.2 billion.
•Repurchased 10.9 million shares of common stock for $408.7 million at a weighted average price of $37.59 per share, including $100.0 million of repurchases completed subsequent to quarter end.
•Repaid $485.0 million of debt, including $60.0 million of 2026 maturities and $425.0 million of 2027 maturities.
•Reduced Net Debt to Adjusted EBITDAre to 3.8x from 4.5x as of June 30, 2026.
“Our third quarter performance reflects strong execution across our strategic priorities,” said Laura Clark, Chief Executive Officer. “Infill Southern California industrial market fundamentals continue to improve, with increasing tenant demand driving our strong leasing activity in the quarter. We’ve made significant progress on our portfolio realignment, sharpening our portfolio, strengthening our balance sheet and enhancing our financial flexibility. We remain focused on disciplined execution and capital allocation to drive sustainable cash flow growth and long-term shareholder value creation.”
Financial
The Company reported net income attributable to common stockholders for the third quarter of $14.6 million, or $0.07 per diluted share, compared to net income of $87.1 million, or $0.37 per diluted share, in the prior year quarter. Net income in the third quarter includes $71.8 million of impairments and $23.2 million of gains on sale of real estate, as compared to $0 and $28.6 million, respectively, for the prior year quarter. For the nine months ended September 30, 2026, net loss attributable to common stockholders was $404.4 million, or $1.80 per diluted share, compared to net income of $268.9 million, or $1.16 per diluted share, in the prior year period. Net loss in the nine months ended September 30, 2026 includes $703.4 million of impairments and $71.4 million of gains on sale of real estate, as compared to $0 and $86.1 million, respectively, for the prior year period.
The Company reported its share of Core FFO for the third quarter of $0.60 per diluted share, consistent with the prior year quarter, driven by the favorable impact of capital recycling activities and lower general and administrative expense,
offset by lower Same Property Portfolio NOI and lower interest income. For the nine months ended September 30, 2026, the Company reported Core FFO of $1.85 per diluted share, representing an increase of 1.6%, compared to $1.82 per diluted share for the prior year period.
In the third quarter of 2026, the Company’s Same Property Portfolio NOI and Cash NOI decreased 2.6% and 1.1%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression, lower average occupancy and higher bad debt expense. Same Property Portfolio Cash NOI decrease was primarily driven by higher rent abatement, lower average occupancy and higher bad debt expense, partially offset by annual contractual rent increases. For the nine months ended September 30, 2026, the Company’s Same Property Portfolio NOI and Cash NOI decreased 0.1% and increased 0.9%, respectively, compared to the prior year period.
Operations
Q3 2026 Leasing Activity | ||||||||||||||||||||||||||
Releasing Spreads(1) | ||||||||||||||||||||||||||
| # of Leases Executed | SF of Leasing | Net Effective | Cash | |||||||||||||||||||||||
| New Leases | 60 | 2,157,994 | 2.3% | (7.0)% | ||||||||||||||||||||||
| Renewal Leases | 56 | 1,580,384 | 10.8% | 0.1% | ||||||||||||||||||||||
| Total Leases | 116 | 3,738,378 | 7.1% | (3.0)% | ||||||||||||||||||||||
(1)Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company’s supplemental financial reporting package for additional detail related to leasing activity in Q3 2026.
As of September 30, 2026, the Company’s Same Property Portfolio ending occupancy was 96.9%. Average Same Property Portfolio occupancy for the third quarter was 95.6%. The Company’s total portfolio, excluding repositioning and development assets, was 96.1% occupied and 96.4% leased, and the Company’s total portfolio, including repositioning and development assets, was 91.3% occupied and 92.2% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 94.5% leased as of September 30, 2026.
Repositionings and Developments
During the third quarter of 2026, the Company executed 599,369 square feet of repositioning and development leases. Year to date, leasing activity across the Company’s repositioning and development projects totaled 783,643 square feet, representing $17.5 million of annualized Cash NOI.
During the third quarter of 2026, the Company stabilized one 46,653-square-foot repositioning project, representing a total investment of $14.5 million. This project achieved a weighted average unlevered stabilized return on cost of 13.8%.
Year to date, the Company stabilized five repositioning and development projects totaling 387,933 square feet, representing a total investment of $161.1 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.7%.
Dispositions
During the third quarter of 2026, the Company disposed of 25 properties totaling 5.5 million square feet for an aggregate sales price of $1.3 billion. This included the previously announced sale of a 22-property portfolio totaling 5.2 million square feet for an aggregate price of $1.2 billion. In addition, the Company sold three properties to owner-users totaling 251,280 square feet for an aggregate price of $86.0 million, including one previously completed vacant development property, 1500 Raymond Avenue, located in the North Orange County submarket.
Year to date, the Company disposed of 37 properties totaling 6.4 million square feet for an aggregate sales price of $1.5 billion.
Balance Sheet
The Company ended the third quarter of 2026 with approximately $1.7 billion of total liquidity, including $423.6 million in unrestricted cash on hand and $1.245 billion available under its unsecured revolving credit facility.
In the third quarter of 2026 and subsequent to quarter end, the Company repurchased 10.9 million shares of its common stock for $408.7 million at a weighted average price of $37.59 per share, bringing year-to-date repurchases as of October 22, 2026, to $708.7 million at a weighted average price of $36.90 per share. As of October 22, 2026, the Company has $591.3 million remaining available under its current stock repurchase program.
During the third quarter of 2026, the Company repaid $485.0 million of debt using cash on hand, including $60.0 million of 2026 maturities and $425.0 million of 2027 maturities. This includes a $60.0 million term loan facility bearing interest at an effective rate of 5.06%, a $300.0 million term loan facility bearing interest at an effective rate of 3.58% and a $125.0 million unsecured senior note bearing interest at an effective rate of 3.93%.
As of September 30, 2026, the Company had $2.8 billion of outstanding debt, with a weighted average interest rate of 3.70%, and no floating-rate debt exposure. The weighted average term-to-maturity of the Company’s outstanding debt is 2.9 years.
Dividends
On October 20, 2026, the Company’s Board of Directors authorized a dividend in the amount of $0.435 per share for the fourth quarter of 2026, payable in cash on January 15, 2027, to common stockholders and common unit holders of record as of December 31, 2026.
On October 20, 2026, the Company’s Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on December 31, 2026, to preferred stockholders of record as of December 15, 2026.
Guidance
The Company is updating its full year 2026 guidance as indicated below. Please refer to the Company’s supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.
| 2026 Outlook | Q3 2026 Updated Guidance | Q2 2026 Guidance | ||||||||||||
| Earnings | ||||||||||||||
Net Loss Attributable to Common Stockholders per diluted share(1) | ($1.55) - ($1.52) | ($1.32) - ($1.27) | ||||||||||||
Company share of Core FFO per diluted share(1) | $2.41 - $2.44 | $2.38 - $2.43 | ||||||||||||
Same Property Portfolio(2) | ||||||||||||||
| Same Property Portfolio NOI Growth - Net Effective | (0.25)% - 0.25% | (1.25)% - (0.25)% | ||||||||||||
| Same Property Portfolio NOI Growth - Cash | 0.25% - 0.75% | (0.75)% - 0.25% | ||||||||||||
Average Same Property Portfolio Occupancy (Full Year) | 95.8% - 96.0% | 95.3% - 95.7% | ||||||||||||
| Capital Allocation | ||||||||||||||
| Dispositions | $1.7B - $2.0B | $1.5B - $2.0B | ||||||||||||
Repositioning/Development Annualized Stabilized Cash NOI(3) | $16M - $18M | $16M - $18M | ||||||||||||
| Repositioning/Development Starts (SF) | 0.8M | 1.2M | ||||||||||||
Repositioning/Development Starts (Total Estimated Project Costs) | $125M - $130M | $160M - $170M | ||||||||||||
| Other Assumptions | ||||||||||||||
General and Administrative Expenses | +/-$57M | +/-$57M | ||||||||||||
Interest Expense(4) | +/-$105M | +/-$105M | ||||||||||||
(1) 2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity.
(2) 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 October 22, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance.
(3) Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including projects that stabilized in Q1 through Q3 2026.
(4) Interest Expense excludes the $2.9 million gain on the termination of interest rate swaps associated with the repayment of the $300 million term loan due May 2027 recognized in Q3 2026.
A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, 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.
Supplemental Information and Earnings Presentation
The Company’s supplemental information package as well as an earnings presentation are available on the Company’s investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on Friday, October 23, 2026, at 11:00 a.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Meeting ID 238 759 897.
1 (585) 542-9983 (Local)
1 (833) 461-5787 (Toll-Free)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial (NYSE: REXR) transforms industrial real estate that powers the world's goods, fueling businesses, communities and everyday life. Focused exclusively on infill Southern California, the Company's portfolio of highly functional industrial properties serves the local consumption base of one of the world's largest and most economically diverse industrial markets. Through its operational expertise and disciplined execution, the Company drives value creation and long-term shareholder value. Rexford Industrial is a real estate investment trust and a member of the S&P MidCap 400 Index. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and other filings with the Securities and Exchange Commission. Except as may otherwise be required by law, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales 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 amortization of above/below-market lease intangibles) 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, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, 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 or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Reconciliation of Net Income (Loss) to Funds From Operations and Core Funds From Operations” table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going 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 or loss 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.
Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance: The following is a reconciliation of the Company’s 2026 guidance range of net loss 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 Estimate | |||||||||||
| Low | High | ||||||||||
| Net loss attributable to common stockholders | $ | (1.55) | $ | (1.52) | |||||||
| Company share of depreciation and amortization | 1.24 | 1.24 | |||||||||
| Company share of impairment of real estate | 3.04 | 3.04 | |||||||||
Company share of gains on sale of real estate | (0.31) | (0.31) | |||||||||
| Company share of FFO | $ | 2.42 | $ | 2.45 | |||||||
Core FFO adjustments(1) | (0.01) | (0.01) | |||||||||
| Company share of Core FFO | $ | 2.41 | $ | 2.44 | |||||||
(1)Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses, (iv) write-offs of below-market lease intangibles related to unexercised renewal options, (v) debt extinguishment and modification expenses, (vi) gain on termination of interest rate swaps, and (vii) non-capitalizable demolition 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 rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, 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 a 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 or loss 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. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash 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 adjustments. 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. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2026 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through September 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through September 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in other repositioning, which we believe will significantly affect the properties’ results during the comparative periods. As of September 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 36.8 million rentable square feet at 316 of our properties.
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.
Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.
Net Debt to Enterprise Value: As of September 30, 2026, we had consolidated indebtedness of $2.8 billion, reflecting a net debt to enterprise value of approximately 22.2%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income or 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, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, gains (or losses) on debt extinguishment and debt modification expenses, acquisition expenses, non-capitalizable demolition costs and the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is 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 this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs’ Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
dbettisworth@rexfordindustrial.com
Financial Statements and Reconciliations
Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
| September 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Land | $ | 6,326,663 | $ | 7,689,921 | |||||||
| Buildings and improvements | 4,109,826 | 4,677,318 | |||||||||
| Tenant improvements | 211,910 | 198,161 | |||||||||
| Furniture, fixtures, and equipment | 132 | 132 | |||||||||
| Construction in progress | 312,737 | 451,109 | |||||||||
| Total real estate held for investment | 10,961,268 | 13,016,641 | |||||||||
| Accumulated depreciation | (1,197,110) | (1,165,792) | |||||||||
| Investments in real estate, net | 9,764,158 | 11,850,849 | |||||||||
| Cash and cash equivalents | 423,590 | 165,778 | |||||||||
Loan receivable, net | 124,049 | 123,704 | |||||||||
| Rents and other receivables, net | 15,540 | 13,958 | |||||||||
| Deferred rent receivable, net | 206,632 | 190,376 | |||||||||
| Deferred leasing costs, net | 98,587 | 87,745 | |||||||||
Deferred loan costs, net | 5,372 | 6,886 | |||||||||
| Acquired lease intangible assets, net | 94,937 | 140,627 | |||||||||
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | |||||||||
Interest rate swap assets | 16,985 | 2,025 | |||||||||
| Other assets | 31,841 | 25,609 | |||||||||
| Total Assets | $ | 10,786,847 | $ | 12,612,713 | |||||||
| LIABILITIES & EQUITY | |||||||||||
| Liabilities | |||||||||||
| Notes payable | $ | 2,767,195 | $ | 3,251,909 | |||||||
| Interest rate swap liability | — | 829 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 137,943 | 120,849 | |||||||||
| Dividends and distributions payable | 97,407 | 103,399 | |||||||||
| Acquired lease intangible liabilities, net | 101,565 | 116,487 | |||||||||
| Tenant security deposits | 89,204 | 92,444 | |||||||||
Tenant prepaid rents | 78,248 | 88,777 | |||||||||
| Total Liabilities | 3,271,562 | 3,774,694 | |||||||||
| Equity | |||||||||||
| Rexford Industrial Realty, Inc. stockholders’ equity | |||||||||||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized: | |||||||||||
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at September 30, 2026 and December 31, 2025 ($75,000 liquidation preference) | 72,443 | 72,443 | |||||||||
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at September 30, 2026 and December 31, 2025 ($86,250 liquidation preference) | 83,233 | 83,233 | |||||||||
Common Stock,$0.01 par value per share, 489,950,000 authorized and 214,864,041 and 231,580,135 shares outstanding at September 30, 2026 and December 31, 2025, respectively | 2,149 | 2,316 | |||||||||
| Additional paid in capital | 8,326,486 | 8,945,123 | |||||||||
| Cumulative distributions in excess of earnings | (1,333,548) | (642,130) | |||||||||
| Accumulated other comprehensive income (loss) | 14,978 | (422) | |||||||||
| Total stockholders’ equity | 7,165,741 | 8,460,563 | |||||||||
| Noncontrolling interests | 349,544 | 377,456 | |||||||||
| Total Equity | 7,515,285 | 8,838,019 | |||||||||
| Total Liabilities and Equity | $ | 10,786,847 | $ | 12,612,713 | |||||||
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Rental income | $ | 235,837 | $ | 246,757 | $ | 720,974 | $ | 737,146 | |||||||||||||||
| Management and leasing services | — | 118 | — | 392 | |||||||||||||||||||
| Interest income | 3,266 | 6,367 | 8,713 | 17,498 | |||||||||||||||||||
| TOTAL REVENUES | 239,103 | 253,242 | 729,687 | 755,036 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Property expenses | 56,996 | 57,879 | 169,973 | 168,438 | |||||||||||||||||||
| General and administrative | 13,431 | 20,037 | 42,049 | 59,657 | |||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | |||||||||||||||||||
| TOTAL OPERATING EXPENSES | 144,867 | 159,088 | 432,874 | 467,195 | |||||||||||||||||||
| OTHER (EXPENSES) INCOME | |||||||||||||||||||||||
| Other income | — | — | 4,850 | — | |||||||||||||||||||
| Other expenses, net | (2,561) | (4,218) | (662) | (6,701) | |||||||||||||||||||
| Interest expense | (24,785) | (25,463) | (79,956) | (79,452) | |||||||||||||||||||
Impairment of real estate | (71,834) | — | (703,412) | — | |||||||||||||||||||
Debt extinguishment and modification expenses | (194) | — | (194) | (291) | |||||||||||||||||||
| Gains on sale of real estate | 23,208 | 28,583 | 71,382 | 86,101 | |||||||||||||||||||
| TOTAL OTHER (EXPENSES) INCOME | (76,166) | (1,098) | (707,992) | (343) | |||||||||||||||||||
| NET INCOME (LOSS) | 18,070 | 93,056 | (411,179) | 287,498 | |||||||||||||||||||
| Less: net (income) loss attributable to noncontrolling interests | (685) | (3,137) | 15,605 | (10,046) | |||||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 17,385 | 89,919 | (395,574) | 277,452 | |||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
| Less: earnings attributable to participating securities | (430) | (519) | (1,879) | (1,650) | |||||||||||||||||||
| NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | 14,641 | $ | 87,086 | $ | (404,396) | $ | 268,859 | |||||||||||||||
Net income (loss) attributable to common stockholders per share – basic and diluted | $ | 0.07 | $ | 0.37 | $ | (1.80) | $ | 1.16 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic and diluted | 220,510 | 234,587 | 224,183 | 232,720 | |||||||||||||||||||
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
Same Property Portfolio Occupancy | |||||||||||||||||
| September 30, | |||||||||||||||||
| 2026 | 2025 | Change (basis points) | |||||||||||||||
Quarterly Weighted Average Occupancy:(1) | |||||||||||||||||
| Los Angeles County | 96.4% | 95.4% | 100 bps | ||||||||||||||
| Orange County | 96.3% | 97.5% | (120) bps | ||||||||||||||
| Riverside / San Bernardino County | 92.3% | 96.7% | (440) bps | ||||||||||||||
| San Diego County | 97.9% | 98.3% | (40) bps | ||||||||||||||
| Ventura County | 94.6% | 94.2% | 40 bps | ||||||||||||||
| Same Property Portfolio Weighted Average Occupancy | 95.6% | 96.0% | (40) bps | ||||||||||||||
| Ending Occupancy: | 96.9% | 97.1% | (20) bps | ||||||||||||||
(1)Calculated by averaging the occupancy rate at the end of each month in 3Q-2026 and June 2026 (for 3Q-2026) and the end of each month in 3Q-2025 and June 2025 (for 3Q-2025).
Same Property Portfolio NOI and Cash NOI | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Rental income(1) | $ | 186,367 | $ | 189,391 | $ | (3,024) | (1.6) | % | $ | 559,076 | $ | 556,112 | $ | 2,964 | 0.5 | % | |||||||||||||||||||||||||||||||
| Property expenses | 42,189 | 41,348 | 841 | 2.0 | % | 122,823 | 119,594 | 3,229 | 2.7 | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI | $ | 144,178 | $ | 148,043 | $ | (3,865) | (2.6) | % | $ | 436,253 | $ | 436,518 | $ | (265) | (0.1) | % | |||||||||||||||||||||||||||||||
| Straight line rental revenue adjustment | (3,976) | (5,462) | 1,486 | (27.2) | % | (17,476) | (18,834) | 1,358 | (7.2) | % | |||||||||||||||||||||||||||||||||||||
Above/(below) market lease revenue adjustments(1) | (3,607) | (4,440) | 833 | (18.8) | % | (11,586) | (14,266) | 2,680 | (18.8) | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 136,595 | $ | 138,141 | $ | (1,546) | (1.1) | % | $ | 407,191 | $ | 403,418 | $ | 3,773 | 0.9 | % | |||||||||||||||||||||||||||||||
(1)Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the nine months ended September 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangibles attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
Rexford Industrial Realty, Inc.
Reconciliation of Net Income (Loss) to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 18,070 | $ | 93,056 | $ | (411,179) | $ | 287,498 | |||||||||||||||
| General and administrative | 13,431 | 20,037 | 42,049 | 59,657 | |||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | |||||||||||||||||||
| Other expenses, net | 2,561 | 4,218 | 662 | 6,701 | |||||||||||||||||||
| Interest expense | 24,785 | 25,463 | 79,956 | 79,452 | |||||||||||||||||||
Debt extinguishment and modification expenses | 194 | — | 194 | 291 | |||||||||||||||||||
| Management and leasing services | — | (118) | — | (392) | |||||||||||||||||||
| Other income | — | — | (4,850) | — | |||||||||||||||||||
| Interest income | (3,266) | (6,367) | (8,713) | (17,498) | |||||||||||||||||||
Impairment of real estate | 71,834 | — | 703,412 | — | |||||||||||||||||||
| Gains on sale of real estate | (23,208) | (28,583) | (71,382) | (86,101) | |||||||||||||||||||
| Net operating income (NOI) | $ | 178,841 | $ | 188,878 | $ | 551,001 | $ | 568,708 | |||||||||||||||
| Straight line rental revenue adjustment | (6,000) | (8,164) | (31,103) | (20,599) | |||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,438) | (5,254) | (11,890) | (20,228) | |||||||||||||||||||
| Cash NOI | $ | 169,403 | $ | 175,460 | $ | 508,008 | $ | 527,881 | |||||||||||||||
| NOI | $ | 178,841 | $ | 188,878 | $ | 551,001 | $ | 568,708 | |||||||||||||||
| Non-Same Property Portfolio rental income | (49,470) | (57,366) | (161,898) | (181,034) | |||||||||||||||||||
| Non-Same Property Portfolio property expenses | 14,807 | 16,531 | 47,150 | 48,844 | |||||||||||||||||||
| Same Property Portfolio NOI | $ | 144,178 | $ | 148,043 | $ | 436,253 | $ | 436,518 | |||||||||||||||
| Straight line rental revenue adjustment | (3,976) | (5,462) | (17,476) | (18,834) | |||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,607) | (4,440) | (11,586) | (14,266) | |||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 136,595 | $ | 138,141 | $ | 407,191 | $ | 403,418 | |||||||||||||||
Rexford Industrial Realty, Inc.
Reconciliation of Net Income (Loss) to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 18,070 | $ | 93,056 | $ | (411,179) | $ | 287,498 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | |||||||||||||||||||
Impairment of real estate(1) | 71,834 | — | 703,412 | — | |||||||||||||||||||
| Gains on sale of real estate | (23,208) | (28,583) | (71,382) | (86,101) | |||||||||||||||||||
| Funds From Operations (FFO) | $ | 141,136 | $ | 145,645 | $ | 441,703 | $ | 440,497 | |||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
Less: FFO attributable to noncontrolling interests(2) | (5,358) | (4,906) | (16,366) | (15,262) | |||||||||||||||||||
Less: FFO attributable to participating securities(3) | (610) | (713) | (2,724) | (2,191) | |||||||||||||||||||
| Company share of FFO | $ | 132,854 | $ | 137,712 | $ | 415,670 | $ | 416,101 | |||||||||||||||
| Company Share of FFO per common share – basic | $ | 0.60 | $ | 0.59 | $ | 1.85 | $ | 1.79 | |||||||||||||||
| Company Share of FFO per common share – diluted | $ | 0.60 | $ | 0.59 | $ | 1.85 | $ | 1.79 | |||||||||||||||
| FFO | $ | 141,136 | $ | 145,645 | $ | 441,703 | $ | 440,497 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Acquisition expenses(4) | — | 161 | — | 263 | |||||||||||||||||||
| Debt extinguishment and modification expenses | 194 | — | 194 | 291 | |||||||||||||||||||
| Gain on termination of interest rate swaps | (2,874) | — | (2,874) | — | |||||||||||||||||||
Non-capitalizable demolition costs(4) | 1,309 | — | 1,309 | 365 | |||||||||||||||||||
Co-CEO transition costs(4)(5) | 528 | — | (1,802) | — | |||||||||||||||||||
Severance costs(4)(6) | 680 | 2,728 | 949 | 4,410 | |||||||||||||||||||
Other nonrecurring expenses(4)(7) | — | 1,259 | 107 | 1,259 | |||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(8) | — | — | (497) | — | |||||||||||||||||||
| Core FFO | $ | 140,973 | $ | 149,793 | $ | 439,089 | $ | 447,085 | |||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
Less: Core FFO attributable to noncontrolling interest(2) | (5,351) | (5,045) | (16,266) | (15,485) | |||||||||||||||||||
Less: Core FFO attributable to participating securities(3) | (610) | (734) | (2,022) | (2,225) | |||||||||||||||||||
| Company share of Core FFO | $ | 132,698 | $ | 141,700 | $ | 413,858 | $ | 422,432 | |||||||||||||||
| Company share of Core FFO per common share – basic and diluted | $ | 0.60 | $ | 0.60 | $ | 1.85 | $ | 1.82 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic and diluted | 220,510 | 234,587 | 224,183 | 232,720 | |||||||||||||||||||
(1)Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance.
(2)Noncontrolling interests relate to interests in the Company’s operating partnership (“OP”), represented by common & preferred units of partnership interests in the OP that are owned by unit holders other than the Company.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(4)Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations.
(5)For the three months and nine months ended September 30, 2026, reflects an increase and a decrease, respectively, in share-based compensation expenses related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs. The nine-month decrease was partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards.
(6)Includes costs associated with workforce reduction and workforce reorganization.
(7)Reflects nonrecurring advisory service costs.
(8)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
Rexford Industrial Realty, Inc.
Reconciliation of Net Income to Adjusted EBITDAre
(Unaudited and in thousands)
| Three Months Ended September 30, 2026 | |||||
| Net Income | $ | 18,070 | |||
| Interest expense | 24,785 | ||||
| Depreciation and amortization | 74,440 | ||||
Impairment of real estate | 71,834 | ||||
| Gains on sale of real estate | (23,208) | ||||
EBITDAre | $ | 165,921 | |||
| Stock-based compensation amortization | 4,106 | ||||
Debt extinguishment and modification expenses | 194 | ||||
| Co-CEO transition costs | 528 | ||||
| Non-capitalizable demolition costs | 1,309 | ||||
Pro forma effect of dispositions(1) | (15,234) | ||||
Adjusted EBITDAre | $ | 156,824 | |||
(1)Represents the impact on third quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on July 1, 2026.
Exhibit 99.2
Table of Contents. | ||||||||
| Section | Page | ||||
| Corporate Data: | |||||
Investor Company Summary | 3 | ||||
Company Overview | 4 | ||||
Financial and Portfolio Highlights and Capitalization Data | 5 | ||||
Guidance | 6 | ||||
| Consolidated Financial Results: | |||||
Consolidated Balance Sheets | 8 | ||||
Consolidated Statements of Operations | 9 | ||||
Non-GAAP FFO, Core FFO and AFFO Reconciliations | 11 | ||||
Statement of Operations Reconciliations | 14 | ||||
Same Property Portfolio Performance | 15 | ||||
Capitalization Summary | 16 | ||||
Debt Summary | 17 | ||||
| Portfolio Data: | |||||
Operations | 19 | ||||
Portfolio Overview | 20 | ||||
Executed Leasing Statistics and Trends | 21 | ||||
Top Tenants and Lease Segmentation | 23 | ||||
Capital Expenditure Summary | 24 | ||||
Properties and Space Under Repositioning/Development | 25 | ||||
Current Year Investments and Dispositions Summary | 30 | ||||
Net Asset Value Components | 31 | ||||
Notes and Definitions | 32 | ||||
Disclosures:
Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 10, 2026, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 2 |  | ||||||
Investor Company Summary. | ||||||||
| Executive Management Team | ||||||||
| Laura Clark | Chief Executive Officer, Director | |||||||
| John Nahas | Chief Operating Officer | |||||||
| Michael Fitzmaurice | Chief Financial Officer | |||||||
| David E. Lanzer | General Counsel and Corporate Secretary | |||||||
| Board of Directors | ||||||||
| Tyler H. Rose | Chairman | |||||||
| Laura Clark | Chief Executive Officer, Director | |||||||
| Robert L. Antin | Director | |||||||
| Diana J. Ingram | Director | |||||||
| Angela L. Kleiman | Director | |||||||
| Debra L. Morris | Director | |||||||
| David P. Stockert | Director | |||||||
| Investor Relations Information | ||||||||
| Doug Bettisworth | ||||||||
| SVP, Investor Relations and Capital Markets | ||||||||
| dbettisworth@rexfordindustrial.com | ||||||||
| Equity Research Coverage | ||||||||||||||||||||||||||||||||
| BofA Securities | Samir Khanal | (646) 855-1497 | J.P. Morgan Securities | Michael Mueller | (212) 622-6689 | |||||||||||||||||||||||||||
| Barclays | Brendan Lynch | (212) 526-9428 | Jefferies LLC | Jonathan Petersen | (212) 284-1705 | |||||||||||||||||||||||||||
| BMO Capital Markets | John Kim | (212) 885-4115 | Mizuho Securities USA | Vikram Malhotra | (212) 282-3827 | |||||||||||||||||||||||||||
| BNP Paribas Exane | Nate Crossett | (646) 342-1588 | Raymond James & Associates | David Rodgers | (727) 590-6578 | |||||||||||||||||||||||||||
| 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 | |||||||||||||||||||||||||||
| Green Street Advisors | Vince Tibone | (949) 640-8780 | ||||||||||||||||||||||||||||||
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.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 3 | | ||||||
Company Overview. | ||||||||
| For the Quarter Ended September 30, 2026 | ||||||||
Third Quarter 2026 Supplemental Financial Reporting Package | Page 4 | | ||||||
Financial and Portfolio Highlights and Capitalization Data.(1) | ||||||||
| (in thousands except share and per share data and portfolio statistics) | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Financial Results: | |||||||||||||||||||||||||||||
| Total rental income | $ | 235,837 | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | |||||||||||||||||||
| Net income (loss) | $ | 18,070 | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | |||||||||||||||||||
| Net Operating Income (NOI) | $ | 178,841 | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | |||||||||||||||||||
| Company share of Core FFO | $ | 132,698 | $ | 141,402 | $ | 139,758 | $ | 136,182 | $ | 141,700 | |||||||||||||||||||
| Company share of Core FFO per common share - diluted | $ | 0.60 | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | |||||||||||||||||||
Adjusted EBITDAre | $ | 156,824 | $ | 182,052 | $ | 178,557 | $ | 177,808 | $ | 182,624 | |||||||||||||||||||
| Dividend declared per common share | $ | 0.435 | $ | 0.435 | $ | 0.435 | $ | 0.430 | $ | 0.430 | |||||||||||||||||||
| Portfolio Statistics: | |||||||||||||||||||||||||||||
| Portfolio rentable square feet (“RSF”) | 44,469,043 | 49,934,203 | 50,445,312 | 51,161,188 | 50,850,824 | ||||||||||||||||||||||||
| Ending occupancy | 91.3% | 90.0% | 90.7% | 90.2% | 91.8% | ||||||||||||||||||||||||
| Ending occupancy excluding repositioning/development | 96.1% | 94.8% | 95.2% | 96.0% | 97.3% | ||||||||||||||||||||||||
| Net Effective Rent Change | 7.1% | (2.8)% | (10.0)% | 22.0% | 26.1% | ||||||||||||||||||||||||
| Cash Rent Change | (3.0)% | (11.3)% | (15.4)% | 9.0% | 10.3% | ||||||||||||||||||||||||
| Same Property Portfolio Performance: | |||||||||||||||||||||||||||||
Same Property Portfolio ending occupancy(2)(3) | 96.9% | 94.9% | 95.7% | 96.6% | 97.1% | ||||||||||||||||||||||||
Same Property Portfolio NOI growth(3)(4) | (2.6)% | (0.1)% | 2.6% | ||||||||||||||||||||||||||
Same Property Portfolio Cash NOI growth(3)(4) | (1.1)% | 1.1% | 3.0% | ||||||||||||||||||||||||||
| Capitalization: | |||||||||||||||||||||||||||||
Total shares and units issued and outstanding at period end(5) | 222,935,580 | 231,077,181 | 233,127,293 | 238,245,286 | 240,452,878 | ||||||||||||||||||||||||
| Series B and C Preferred Stock and Series 3 CPOP Units | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 173,250 | |||||||||||||||||||
| Total equity market capitalization | $ | 8,259,123 | $ | 7,914,336 | $ | 7,803,506 | $ | 9,398,107 | $ | 10,058,268 | |||||||||||||||||||
| Total consolidated debt | $ | 2,786,284 | $ | 3,285,503 | $ | 3,271,720 | $ | 3,278,649 | $ | 3,278,896 | |||||||||||||||||||
| Total combined market capitalization (net debt plus equity) | $ | 10,621,817 | $ | 11,167,613 | $ | 11,023,512 | $ | 12,510,978 | $ | 13,088,208 | |||||||||||||||||||
| Ratios: | |||||||||||||||||||||||||||||
| Net debt to total combined market capitalization | 22.2% | 29.1% | 29.2% | 24.9% | 23.2% | ||||||||||||||||||||||||
Net debt to Adjusted EBITDAre (quarterly results annualized) | 3.8x | 4.5x | 4.5x | 4.4x | 4.1x | ||||||||||||||||||||||||
(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 32 and page 11 of this report, respectively.
(2)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 35.
(3)For comparability, Same Property Portfolio ending occupancy, NOI growth and Cash NOI growth for all comparable periods have been restated to remove the results of properties sold during Q3-2026. See page 30 for details related to dispositions.
(4)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(5)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,674,743 (Sep 30, 2026), 8,716,332 (Jun 30, 2026), 8,605,741 (Mar 31, 2026), 8,288,228 (Dec 31, 2025) and 8,155,706 (Sep 30, 2025). Excludes the following # of shares of unvested restricted stock: 603,204 (Sep 30, 2026), 628,208 (Jun 30, 2026), 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025) and 513,234 (Sep 30, 2025). Excludes unvested LTIP units and unvested performance units.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 5 | | ||||||
Guidance. | ||||||||
| As of September 30, 2026 | ||||||||
2026 OUTLOOK*
Q3 2026 Updated Guidance | Q2 2026 Guidance | YTD Results as of September 30, 2026 | |||||||||||||||||||||
| Earnings | |||||||||||||||||||||||
Net Loss Attributable to Common Stockholders per diluted share(1)(2) | ($1.55) - ($1.52) | ($1.32) - ($1.27) | $(1.80) | ||||||||||||||||||||
Company share of Core FFO per diluted share(1)(2) | $2.41 - $2.44 | $2.38 - $2.43 | $1.85 | ||||||||||||||||||||
Same Property Portfolio(3) | |||||||||||||||||||||||
| Same Property Portfolio NOI Growth - Net Effective | (0.25)% - 0.25% | (1.25)% - (0.25)% | (0.1)% | ||||||||||||||||||||
| Same Property Portfolio NOI Growth - Cash | 0.25% - 0.75% | (0.75)% - 0.25% | 0.9% | ||||||||||||||||||||
| Average Same Property Portfolio Occupancy (Full Year) | 95.8% - 96.0% | 95.3% - 95.7% | 95.9% | ||||||||||||||||||||
| Capital Allocation | |||||||||||||||||||||||
| Dispositions | $1.7B - $2.0B | $1.5B - $2.0B | $1.5B | ||||||||||||||||||||
Repositioning/Development Annualized Stabilized Cash NOI(4) | $16M - $18M | $16M - $18M | $5M | ||||||||||||||||||||
| Repositioning/Development Starts (SF) | 0.8M | 1.2M | 0.3M | ||||||||||||||||||||
| Repositioning/Development Starts (Total Estimated Project Costs) | $125M - $130M | $160M - $170M | $40M | ||||||||||||||||||||
| Other Assumptions | |||||||||||||||||||||||
| General and Administrative Expenses | +/-$57M | +/-$57M | $42.0M | ||||||||||||||||||||
Interest Expense(5) | +/-$105M | +/-$105M | $82.8M | ||||||||||||||||||||
(1)2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity.
(2)See page 36 for a reconciliation of the Company’s 2026 guidance range of net loss 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.
(3)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 October 22, 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 25-29) and select buildings in other repositioning and properties included in the 2026 disposition guidance.
(4)Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including projects that stabilized in Q1 through Q3 2026.
(5)Interest Expense excludes the $2.9 million gain on the termination of interest rate swaps associated with the repayment of the $300 million term loan due May 2027 recognized in Q3 2026.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 6 | | ||||||
Guidance (Continued). | ||||||||
| As of September 30, 2026 | ||||||||
2026 Guidance Rollforward(1)
| Earnings Components | Range ($ per share) | Notes | ||||||||||||||||||
Q2 2026 Core FFO Per Diluted Share Guidance | $2.38 | $2.43 | ||||||||||||||||||
Same Property Portfolio NOI Growth - Net Effective | 0.03 | 0.01 | Projected higher average occupancy driven by better-than-expected leasing; lower projected bad debt expense | |||||||||||||||||
Current 2026 Core FFO Per Diluted Share Guidance | $2.41 | $2.44 | ||||||||||||||||||
| Core FFO Per Diluted Share Annual Growth | 0.4% | 1.7% | ||||||||||||||||||
(1)2026 Guidance and Guidance Rollforward represent the in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 7 | | ||||||
Consolidated Balance Sheets. | ||||||||
| (unaudited and in thousands) | ||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Land | $ | 6,326,663 | $ | 7,104,413 | $ | 7,562,694 | $ | 7,689,921 | $ | 7,774,737 | |||||||||||||||||||
| Buildings and improvements | 4,109,826 | 4,541,066 | 4,821,492 | 4,677,318 | 4,607,202 | ||||||||||||||||||||||||
| Tenant improvements | 211,910 | 206,540 | 205,656 | 198,161 | 194,405 | ||||||||||||||||||||||||
| Furniture, fixtures, and equipment | 132 | 132 | 132 | 132 | 132 | ||||||||||||||||||||||||
| Construction in progress | 312,737 | 324,365 | 327,029 | 451,109 | 475,072 | ||||||||||||||||||||||||
| Total real estate held for investment | 10,961,268 | 12,176,516 | 12,917,003 | 13,016,641 | 13,051,548 | ||||||||||||||||||||||||
| Accumulated depreciation | (1,197,110) | (1,163,226) | (1,219,932) | (1,165,792) | (1,119,746) | ||||||||||||||||||||||||
| Investments in real estate, net | 9,764,158 | 11,013,290 | 11,697,071 | 11,850,849 | 11,931,802 | ||||||||||||||||||||||||
| Cash and cash equivalents | 423,590 | 32,226 | 51,714 | 165,778 | 248,956 | ||||||||||||||||||||||||
| Restricted cash | — | — | — | — | 65,464 | ||||||||||||||||||||||||
| Loan receivable, net | 124,049 | 123,934 | 123,819 | 123,704 | 123,589 | ||||||||||||||||||||||||
| Rents and other receivables, net | 15,540 | 12,132 | 11,962 | 13,958 | 15,727 | ||||||||||||||||||||||||
| Deferred rent receivable, net | 206,632 | 210,474 | 205,398 | 190,376 | 181,439 | ||||||||||||||||||||||||
| Deferred leasing costs, net | 98,587 | 90,864 | 92,022 | 87,745 | 82,227 | ||||||||||||||||||||||||
| Deferred loan costs, net | 5,372 | 5,877 | 6,382 | 6,886 | 7,391 | ||||||||||||||||||||||||
Acquired lease intangible assets, net(1) | 94,937 | 114,489 | 130,045 | 140,627 | 154,931 | ||||||||||||||||||||||||
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | 5,156 | 5,156 | 5,156 | ||||||||||||||||||||||||
Interest rate swap assets | 16,985 | 9,247 | 4,562 | 2,025 | 2,804 | ||||||||||||||||||||||||
| Other assets | 31,841 | 16,987 | 20,500 | 25,609 | 31,522 | ||||||||||||||||||||||||
| Assets associated with real estate held for sale, net | — | — | 48,761 | — | — | ||||||||||||||||||||||||
| Total Assets | $ | 10,786,847 | $ | 11,634,676 | $ | 12,397,392 | $ | 12,612,713 | $ | 12,851,008 | |||||||||||||||||||
| LIABILITIES & EQUITY | |||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Notes payable | $ | 2,767,195 | $ | 3,263,724 | $ | 3,247,451 | $ | 3,251,909 | $ | 3,249,733 | |||||||||||||||||||
| Interest rate swap liability | — | 3 | 9 | 829 | 1,626 | ||||||||||||||||||||||||
| Accounts payable, accrued expenses and other liabilities | 137,943 | 99,101 | 125,007 | 120,849 | 153,558 | ||||||||||||||||||||||||
| Dividends and distributions payable | 97,407 | 100,960 | 102,418 | 103,399 | 103,913 | ||||||||||||||||||||||||
Acquired lease intangible liabilities, net(2) | 101,565 | 105,856 | 110,914 | 116,487 | 122,870 | ||||||||||||||||||||||||
| Tenant security deposits | 89,204 | 92,386 | 95,219 | 92,444 | 91,835 | ||||||||||||||||||||||||
Tenant prepaid rents | 78,248 | 79,518 | 82,186 | 88,777 | 85,114 | ||||||||||||||||||||||||
| Liabilities associated with real estate held for sale | — | — | 482 | — | — | ||||||||||||||||||||||||
| Total Liabilities | 3,271,562 | 3,741,548 | 3,763,686 | 3,774,694 | 3,808,649 | ||||||||||||||||||||||||
| Equity | |||||||||||||||||||||||||||||
| Series B preferred stock, net ($75,000 liquidation preference) | 72,443 | 72,443 | 72,443 | 72,443 | 72,443 | ||||||||||||||||||||||||
| Series C preferred stock, net ($86,250 liquidation preference) | 83,233 | 83,233 | 83,233 | 83,233 | 83,233 | ||||||||||||||||||||||||
| Preferred stock | 155,676 | 155,676 | 155,676 | 155,676 | 155,676 | ||||||||||||||||||||||||
| Common stock | 2,149 | 2,230 | 2,263 | 2,316 | 2,328 | ||||||||||||||||||||||||
| Additional paid in capital | 8,326,486 | 8,631,341 | 8,745,875 | 8,945,123 | 8,993,439 | ||||||||||||||||||||||||
| Cumulative distributions in excess of earnings | (1,333,548) | (1,255,153) | (651,692) | (642,130) | (474,813) | ||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | 14,978 | 7,473 | 2,887 | (422) | (515) | ||||||||||||||||||||||||
| Total stockholders’ equity | 7,165,741 | 7,541,567 | 8,255,009 | 8,460,563 | 8,676,115 | ||||||||||||||||||||||||
| Noncontrolling interests | 349,544 | 351,561 | 378,697 | 377,456 | 366,244 | ||||||||||||||||||||||||
| Total Equity | 7,515,285 | 7,893,128 | 8,633,706 | 8,838,019 | 9,042,359 | ||||||||||||||||||||||||
| Total Liabilities and Equity | $ | 10,786,847 | $ | 11,634,676 | $ | 12,397,392 | $ | 12,612,713 | $ | 12,851,008 | |||||||||||||||||||
(1)Includes net above-market tenant lease intangibles of $10,478 (Sep 30, 2026), $14,559 (Jun 30, 2026), $17,674 (Mar 31, 2026), $19,460 (Dec 31, 2025) and $22,574 (Sep 30, 2025), and a net below-market ground lease intangible of $12,230 (Sep 30, 2026), $12,271 (Jun 30, 2026), $12,312 (Mar 31, 2026), $12,354 (Dec 31, 2025) and $12,395 (Sep 30, 2025).
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 8 | | ||||||
Consolidated Statements of Operations. | ||||||||
| Quarterly Results | (unaudited and in thousands, except share and per share data) | |||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
Rental income(1) | $ | 235,837 | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | |||||||||||||||||||
| Management and leasing services | — | — | — | 197 | 118 | ||||||||||||||||||||||||
| Interest income | 3,266 | 2,510 | 2,937 | 4,670 | 6,367 | ||||||||||||||||||||||||
| Total Revenues | 239,103 | 245,506 | 245,078 | 248,097 | 253,242 | ||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Property expenses | 56,996 | 56,214 | 56,763 | 59,287 | 57,879 | ||||||||||||||||||||||||
| General and administrative | 13,431 | 13,693 | 14,925 | 19,199 | 20,037 | ||||||||||||||||||||||||
| Depreciation and amortization | 74,440 | 73,479 | 72,933 | 76,819 | 81,172 | ||||||||||||||||||||||||
| Total Operating Expenses | 144,867 | 143,386 | 144,621 | 155,305 | 159,088 | ||||||||||||||||||||||||
| Other (Expenses) Income | |||||||||||||||||||||||||||||
Other income | — | 3,500 | 1,350 | — | — | ||||||||||||||||||||||||
| Other expenses, net | (2,561) | 2,001 | (102) | (65,910) | (4,218) | ||||||||||||||||||||||||
Interest expense(2) | (24,785) | (28,571) | (26,600) | (25,451) | (25,463) | ||||||||||||||||||||||||
| Impairment of real estate | (71,834) | (624,754) | (6,824) | (89,097) | — | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | (194) | — | — | — | — | ||||||||||||||||||||||||
| Gains on sale of real estate | 23,208 | 21,893 | 26,281 | 19,931 | 28,583 | ||||||||||||||||||||||||
| Total Other (Expenses) Income | (76,166) | (625,931) | (5,895) | (160,527) | (1,098) | ||||||||||||||||||||||||
| Net Income (Loss) | 18,070 | (523,811) | 94,562 | (67,735) | 93,056 | ||||||||||||||||||||||||
| Less: net (income) loss attributable to noncontrolling interests | (685) | 19,665 | (3,375) | 2,312 | (3,137) | ||||||||||||||||||||||||
| Net income (loss) attributable to Rexford Industrial Realty, Inc. | 17,385 | (504,146) | 91,187 | (65,423) | 89,919 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,315) | (2,314) | (2,315) | (2,314) | ||||||||||||||||||||||||
| Less: earnings allocated to participating securities | (430) | (441) | (1,008) | (952) | (519) | ||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 14,641 | $ | (506,902) | $ | 87,865 | $ | (68,690) | $ | 87,086 | |||||||||||||||||||
| Earnings per Common Share | |||||||||||||||||||||||||||||
| Net income (loss) attributable to common stockholders per share - basic | $ | 0.07 | $ | (2.26) | $ | 0.38 | $ | (0.30) | $ | 0.37 | |||||||||||||||||||
| Net income (loss) attributable to common stockholders per share - diluted | $ | 0.07 | $ | (2.26) | $ | 0.38 | $ | (0.30) | $ | 0.37 | |||||||||||||||||||
| Weighted average shares outstanding - basic | 220,509,521 | 223,812,383 | 228,312,419 | 231,758,110 | 234,586,980 | ||||||||||||||||||||||||
| Weighted average shares outstanding - diluted | 220,509,521 | 223,812,383 | 228,312,419 | 232,050,966 | 234,586,980 | ||||||||||||||||||||||||
(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 35 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.
(2)Interest expense for the three months ended September 30, 2026 includes a $2.9 million gain on the termination of interest rate swaps associated with the repayment of the $300 million term loan due May 2027.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 9 | | ||||||
Consolidated Statements of Operations. | ||||||||
| Quarterly Results (continued) | (unaudited and in thousands, except share and per share data) | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Rental income | $ | 235,837 | $ | 246,757 | $ | 720,974 | $ | 737,146 | |||||||||||||||
| Management and leasing services | — | 118 | — | 392 | |||||||||||||||||||
| Interest income | 3,266 | 6,367 | 8,713 | 17,498 | |||||||||||||||||||
| Total Revenues | 239,103 | 253,242 | 729,687 | 755,036 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Property expenses | 56,996 | 57,879 | 169,973 | 168,438 | |||||||||||||||||||
| General and administrative | 13,431 | 20,037 | 42,049 | 59,657 | |||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | |||||||||||||||||||
| Total Operating Expenses | 144,867 | 159,088 | 432,874 | 467,195 | |||||||||||||||||||
| Other (Expenses) Income | |||||||||||||||||||||||
| Other income | — | — | 4,850 | — | |||||||||||||||||||
| Other expenses, net | (2,561) | (4,218) | (662) | (6,701) | |||||||||||||||||||
| Interest expense | (24,785) | (25,463) | (79,956) | (79,452) | |||||||||||||||||||
Impairment of real estate | (71,834) | — | (703,412) | — | |||||||||||||||||||
Debt extinguishment and modification expenses | (194) | — | (194) | (291) | |||||||||||||||||||
| Gains on sale of real estate | 23,208 | 28,583 | 71,382 | 86,101 | |||||||||||||||||||
| Total Other (Expenses) Income | (76,166) | (1,098) | (707,992) | (343) | |||||||||||||||||||
| Net Income (Loss) | 18,070 | 93,056 | (411,179) | 287,498 | |||||||||||||||||||
| Less: net (income) loss attributable to noncontrolling interests | (685) | (3,137) | 15,605 | (10,046) | |||||||||||||||||||
| Net income (loss) attributable to Rexford Industrial Realty, Inc. | 17,385 | 89,919 | (395,574) | 277,452 | |||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | |||||||||||||||||||
| Less: earnings allocated to participating securities | (430) | (519) | (1,879) | (1,650) | |||||||||||||||||||
| Net income (loss) attributable to common stockholders | $ | 14,641 | $ | 87,086 | $ | (404,396) | $ | 268,859 | |||||||||||||||
| Net income (loss) attributable to common stockholders per share – basic and diluted | $ | 0.07 | $ | 0.37 | $ | (1.80) | $ | 1.16 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic and diluted | 220,509,521 | 234,586,980 | 224,182,859 | 232,720,272 | |||||||||||||||||||
Third Quarter 2026 Supplemental Financial Reporting Package | Page 10 | | ||||||
Non-GAAP FFO and Core FFO Reconciliations.(1) | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
| Net Income (Loss) | $ | 18,070 | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 74,440 | 73,479 | 72,933 | 76,819 | 81,172 | ||||||||||||||||||||||||
Impairment of real estate(2) | 71,834 | 624,754 | 6,824 | 89,097 | — | ||||||||||||||||||||||||
| Gains on sale of real estate | (23,208) | (21,893) | (26,281) | (19,931) | (28,583) | ||||||||||||||||||||||||
| NAREIT Defined Funds From Operations (FFO) | 141,136 | 152,529 | 148,038 | 78,250 | 145,645 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,315) | (2,314) | (2,315) | (2,314) | ||||||||||||||||||||||||
Less: FFO attributable to noncontrolling interests(3) | (5,358) | (5,726) | (5,282) | (2,688) | (4,906) | ||||||||||||||||||||||||
Less: FFO attributable to participating securities(4) | (610) | (680) | (1,434) | (953) | (713) | ||||||||||||||||||||||||
| Company share of FFO | $ | 132,854 | $ | 143,808 | $ | 139,008 | $ | 72,294 | $ | 137,712 | |||||||||||||||||||
| Company share of FFO per common share‐basic | $ | 0.60 | $ | 0.64 | $ | 0.61 | $ | 0.31 | $ | 0.59 | |||||||||||||||||||
| Company share of FFO per common share‐diluted | $ | 0.60 | $ | 0.64 | $ | 0.61 | $ | 0.31 | $ | 0.59 | |||||||||||||||||||
| FFO | $ | 141,136 | $ | 152,529 | $ | 148,038 | $ | 78,250 | $ | 145,645 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Acquisition expenses(5) | — | — | — | 10 | 161 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | 194 | — | — | — | — | ||||||||||||||||||||||||
| Gain on termination of interest rate swaps | (2,874) | — | — | — | — | ||||||||||||||||||||||||
Non-capitalizable demolition costs(5) | 1,309 | — | — | — | — | ||||||||||||||||||||||||
Co-CEO transition costs(5)(6) | 528 | (2,330) | — | 60,223 | — | ||||||||||||||||||||||||
Severance costs(5)(7) | 680 | 269 | — | — | 2,728 | ||||||||||||||||||||||||
Other nonrecurring expenses(5)(8) | — | 45 | 62 | 5,605 | 1,259 | ||||||||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(9) | — | (497) | — | — | — | ||||||||||||||||||||||||
| Core FFO | 140,973 | 150,016 | 148,100 | 144,088 | 149,793 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,315) | (2,314) | (2,315) | (2,314) | ||||||||||||||||||||||||
Less: Core FFO attributable to noncontrolling interests(3) | (5,351) | (5,631) | (5,284) | (4,943) | (5,045) | ||||||||||||||||||||||||
Less: Core FFO attributable to participating securities(4)(10) | (610) | (668) | (744) | (648) | (734) | ||||||||||||||||||||||||
| Company share of Core FFO | $ | 132,698 | $ | 141,402 | $ | 139,758 | $ | 136,182 | $ | 141,700 | |||||||||||||||||||
| Company share of Core FFO per common share‐basic | $ | 0.60 | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | |||||||||||||||||||
| Company share of Core FFO per common share‐diluted | $ | 0.60 | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | |||||||||||||||||||
| Weighted-average shares outstanding-basic | 220,509,521 | 223,812,383 | 228,312,419 | 231,758,110 | 234,586,980 | ||||||||||||||||||||||||
| Weighted-average shares outstanding-diluted | 220,509,521 | 223,812,383 | 228,312,419 | 232,050,966 | 234,586,980 | ||||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance.
(3)Noncontrolling interests relate to interests in the Company’s operating partnership (“OP”), represented by common & preferred units of partnership interests in the OP that are owned by unit holders other than the Company.
(4)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(5)Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations.
(6)For the three months ended December 31, 2025, reflects accelerated share-based compensation expense associated with the 2025 Co-CEO transition, including transition-related restricted stock and pre-existing awards. For the three months ended September 30, 2026 and June 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs, with the decrease for the three months ended June 30, 2026 partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards.
(7)Includes costs associated with workforce reduction and workforce reorganization.
(8)Reflects nonrecurring advisory service costs.
(9)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
(10)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.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 11 | | ||||||
Non-GAAP FFO and Core FFO Reconciliations.(1) | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net Income (Loss) | $ | 18,070 | $ | 93,056 | $ | (411,179) | $ | 287,498 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | ||||||||||||||||||||||
Impairment of real estate(2) | 71,834 | — | 703,412 | — | ||||||||||||||||||||||
| Gains on sale of real estate | (23,208) | (28,583) | (71,382) | (86,101) | ||||||||||||||||||||||
| Funds From Operations (FFO) | 141,136 | 145,645 | 441,703 | 440,497 | ||||||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | ||||||||||||||||||||||
| Less: FFO attributable to noncontrolling interests | (5,358) | (4,906) | (16,366) | (15,262) | ||||||||||||||||||||||
| Less: FFO attributable to participating securities | (610) | (713) | (2,724) | (2,191) | ||||||||||||||||||||||
| Company share of FFO | $ | 132,854 | $ | 137,712 | $ | 415,670 | $ | 416,101 | ||||||||||||||||||
| Company share of FFO per common share‐basic and diluted | $ | 0.60 | $ | 0.59 | $ | 1.85 | $ | 1.79 | ||||||||||||||||||
| FFO | $ | 141,136 | $ | 145,645 | $ | 441,703 | $ | 440,497 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
Acquisition expenses(3) | — | 161 | — | 263 | ||||||||||||||||||||||
| Debt extinguishment and modification expenses | 194 | — | 194 | 291 | ||||||||||||||||||||||
| Gain on termination of interest rate swaps | (2,874) | — | (2,874) | — | ||||||||||||||||||||||
Non-capitalizable demolition costs(3) | 1,309 | — | 1,309 | 365 | ||||||||||||||||||||||
Co-CEO transition costs(3)(4) | 528 | — | (1,802) | — | ||||||||||||||||||||||
Severance costs(3)(5) | 680 | 2,728 | 949 | 4,410 | ||||||||||||||||||||||
Other nonrecurring expenses(3)(6) | — | 1,259 | 107 | 1,259 | ||||||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(7) | — | — | (497) | — | ||||||||||||||||||||||
| Core FFO | 140,973 | 149,793 | 439,089 | 447,085 | ||||||||||||||||||||||
| Less: preferred stock dividends | (2,314) | (2,314) | (6,943) | (6,943) | ||||||||||||||||||||||
| Less: Core FFO attributable to noncontrolling interests | (5,351) | (5,045) | (16,266) | (15,485) | ||||||||||||||||||||||
| Less: Core FFO attributable to participating securities | (610) | (734) | (2,022) | (2,225) | ||||||||||||||||||||||
| Company share of Core FFO | $ | 132,698 | $ | 141,700 | $ | 413,858 | $ | 422,432 | ||||||||||||||||||
| Company share of Core FFO per common share‐basic and diluted | $ | 0.60 | $ | 0.60 | $ | 1.85 | $ | 1.82 | ||||||||||||||||||
| Weighted-average shares outstanding-basic and diluted | 220,509,521 | 234,586,980 | 224,182,859 | 232,720,272 | ||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance.
(3)Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations.
(4)For the three & nine months ended September 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs. The nine-month decrease was partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards.
(5)Includes costs associated with workforce reduction and workforce reorganization.
(6)Reflects nonrecurring advisory service costs.
(7)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 12 | | ||||||
Non-GAAP AFFO Reconciliation.(1) | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||||||||||||
Funds From Operations(2) | $ | 141,136 | $ | 152,529 | $ | 148,038 | $ | 78,250 | $ | 145,645 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Amortization of deferred financing costs | 1,319 | 1,333 | 1,334 | 1,333 | 1,340 | ||||||||||||||||||||||||
| Non-cash stock compensation | 4,106 | 3,666 | 4,063 | 8,537 | 10,485 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | 194 | — | — | — | — | ||||||||||||||||||||||||
| Gain on termination of interest rate swaps | (2,874) | — | — | — | — | ||||||||||||||||||||||||
| Amortization related to settlement of treasury rate lock agreements | 78 | 77 | 77 | 78 | 78 | ||||||||||||||||||||||||
| Note payable (discount) premium amortization, net | 1,681 | 1,662 | 1,641 | 1,616 | 1,597 | ||||||||||||||||||||||||
| Non-capitalizable demolition costs | 1,309 | — | — | — | — | ||||||||||||||||||||||||
Co-CEO transition costs(3) | 528 | (2,330) | — | 60,223 | — | ||||||||||||||||||||||||
| Severance costs | 680 | 269 | — | — | 2,728 | ||||||||||||||||||||||||
| Other nonrecurring expenses | — | 45 | 62 | 5,605 | 1,259 | ||||||||||||||||||||||||
| Deduct: | |||||||||||||||||||||||||||||
| Preferred stock dividends | (2,314) | (2,315) | (2,314) | (2,315) | (2,314) | ||||||||||||||||||||||||
Straight line rental revenue adjustment(4) | (6,000) | (9,967) | (15,136) | (9,073) | (8,164) | ||||||||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,438) | (3,805) | (4,647) | (4,129) | (5,254) | ||||||||||||||||||||||||
Capitalized payments(5) | (11,563) | (10,612) | (13,203) | (14,814) | (15,756) | ||||||||||||||||||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||||||||||||||||||
Recurring capital expenditures(6) | (4,685) | (4,750) | (2,314) | (2,566) | (3,563) | ||||||||||||||||||||||||
2nd generation tenant improvements(7) | (574) | (242) | (185) | (179) | (460) | ||||||||||||||||||||||||
2nd generation leasing commissions(8) | (10,468) | (4,942) | (8,193) | (6,324) | (8,007) | ||||||||||||||||||||||||
| Adjusted Funds From Operations (AFFO) | $ | 109,000 | $ | 120,503 | $ | 109,108 | $ | 116,127 | $ | 119,499 | |||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)A quarterly reconciliation of net income or loss to Funds From Operations is set forth on page 11 of this report.
(3)For the three months ended December 31, 2025, reflects accelerated share-based compensation expense associated with the 2025 Co-CEO transition, including transition-related restricted stock and pre-existing awards. For the three months ended September 30, 2026 and June 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs, with the decrease for the three months ended June 30, 2026 partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards.
(4)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 September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the adjustment reflects the impact of base rent concessions granted during those periods totaling $10,951, $12,795, $18,027, $11,244 and $7,433, respectively.
(5)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(6)Excludes nonrecurring capital expenditures of $33,676, $32,307, $39,867, $57,730 and $62,309 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
(7)Excludes 1st generation tenant improvements of $207, $0, $148, $67 and $328 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
(8)Excludes 1st generation leasing commissions of $8,724, $2,214, $2,174, $5,057 and $7,984 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 13 | | ||||||
Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre.(1) | ||||||||
| (unaudited and in thousands) | ||||||||
| NOI and Cash NOI | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
Rental income(2)(3)(4)(5) | $ | 235,837 | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | |||||||||||||||||||
| Less: Property expenses | 56,996 | 56,214 | 56,763 | 59,287 | 57,879 | ||||||||||||||||||||||||
| Net Operating Income (NOI) | $ | 178,841 | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | |||||||||||||||||||
Above/(below) market lease revenue adjustments(3) | (3,438) | (3,805) | (4,647) | (4,129) | (5,254) | ||||||||||||||||||||||||
| Straight line rental revenue adjustment | (6,000) | (9,967) | (15,136) | (9,073) | (8,164) | ||||||||||||||||||||||||
| Cash NOI | $ | 169,403 | $ | 173,010 | $ | 165,595 | $ | 170,741 | $ | 175,460 | |||||||||||||||||||
EBITDAre and Adjusted EBITDAre | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
| Net income (loss) | $ | 18,070 | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | |||||||||||||||||||
| Interest expense | 24,785 | 28,571 | 26,600 | 25,451 | 25,463 | ||||||||||||||||||||||||
| Depreciation and amortization | 74,440 | 73,479 | 72,933 | 76,819 | 81,172 | ||||||||||||||||||||||||
Impairment of real estate | 71,834 | 624,754 | 6,824 | 89,097 | — | ||||||||||||||||||||||||
| Gains on sale of real estate | (23,208) | (21,893) | (26,281) | (19,931) | (28,583) | ||||||||||||||||||||||||
EBITDAre | $ | 165,921 | $ | 181,100 | $ | 174,638 | $ | 103,701 | $ | 171,108 | |||||||||||||||||||
| Stock-based compensation amortization | 4,106 | 3,666 | 4,063 | 8,537 | 10,485 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | 194 | — | — | — | — | ||||||||||||||||||||||||
| Acquisition expenses | — | — | — | 10 | 161 | ||||||||||||||||||||||||
| Non-capitalizable demolition costs | 1,309 | — | — | — | — | ||||||||||||||||||||||||
| Co-CEO transition costs | 528 | (2,330) | — | 60,223 | — | ||||||||||||||||||||||||
Other nonrecurring expenses | — | 45 | 62 | 5,605 | 1,259 | ||||||||||||||||||||||||
| Write-offs of below-market lease intangibles related to unexercised renewal options | — | (497) | — | — | — | ||||||||||||||||||||||||
Pro forma effect of dispositions(6) | (15,234) | 68 | (206) | (268) | (389) | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 156,824 | $ | 182,052 | $ | 178,557 | $ | 177,808 | $ | 182,624 | |||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See footnote (1) on page 9 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 include $497 of income recognized from the write-off of a below-market lease intangible attributable to below-market fixed-rate renewal options that were not exercised upon expiration of the initial lease term. This amount has been excluded from Same Property Portfolio NOI and above/(below) market lease revenue adjustments on the following page.
(4)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(1,113), $(1,414), $(2,731), $(2,615) and $13 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively.
(5)Rental income includes net lease termination income (in thousands) of $259, $18, $24, $0 and $458 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. Amounts include lease termination fees and write-offs of straight-line rent and above/(below) market lease intangibles associated with lease terminations.
(6)Reflects EBITDAre generated by properties sold during the respective period prior to their disposition.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 14 | | ||||||
Same Property Portfolio Performance.(1) | ||||||||
| (unaudited and dollars in thousands) | ||||||||
| Same Property Portfolio: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of properties | 316 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Square Feet | 36,809,603 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI and Cash NOI: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Rental income(2)(3)(4)(5) | $ | 186,367 | $ | 189,391 | $ | (3,024) | (1.6)% | $ | 559,076 | $ | 556,112 | $ | 2,964 | 0.5% | ||||||||||||||||||||||||||||||||||||
| Property expenses | 42,189 | 41,348 | 841 | 2.0% | 122,823 | 119,594 | 3,229 | 2.7% | ||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI | $ | 144,178 | $ | 148,043 | $ | (3,865) | (2.6)% | (4) | $ | 436,253 | $ | 436,518 | $ | (265) | (0.1)% | (4) | ||||||||||||||||||||||||||||||||||
Straight-line rental revenue adjustment | (3,976) | (5,462) | 1,486 | (27.2)% | (17,476) | (18,834) | 1,358 | (7.2)% | ||||||||||||||||||||||||||||||||||||||||||
Above/(below) market lease revenue adjustments(5) | (3,607) | (4,440) | 833 | (18.8)% | (11,586) | (14,266) | 2,680 | (18.8)% | ||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 136,595 | $ | 138,141 | $ | (1,546) | (1.1)% | (4) | $ | 407,191 | $ | 403,418 | $ | 3,773 | 0.9% | (4) | ||||||||||||||||||||||||||||||||||
| Same Property Portfolio Occupancy: | |||||||||||||||||||||||||||||
| Three Months Ended September 30, | Year-over-Year Change (basis points) | Three Months Ended June 30, 2026 | Sequential Change (basis points) | ||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
Quarterly Weighted Average Occupancy:(6) | |||||||||||||||||||||||||||||
| Los Angeles County | 96.4% | 95.4% | 100 bps | 96.6% | (20) bps | ||||||||||||||||||||||||
| Orange County | 96.3% | 97.5% | (120) bps | 95.8% | 50 bps | ||||||||||||||||||||||||
| Riverside / San Bernardino County | 92.3% | 96.7% | (440) bps | 90.7% | 160 bps | ||||||||||||||||||||||||
| San Diego County | 97.9% | 98.3% | (40) bps | 97.5% | 40 bps | ||||||||||||||||||||||||
| Ventura County | 94.6% | 94.2% | 40 bps | 94.9% | (30) bps | ||||||||||||||||||||||||
| Quarterly Weighted Average Occupancy | 95.6% | 96.0% | (40) bps | 95.5% | 10 bps | ||||||||||||||||||||||||
| Ending Occupancy: | 96.9% | 97.1% | (20) bps | 94.9% | 200 bps | ||||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See “Same Property Portfolio Rental Income” on page 35 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three and nine months ended September 30, 2026 and 2025.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(731) and $358 for the three months ended September 30, 2026 and 2025, respectively, and $(2,968) and $(1,848) for the nine months ended September 30, 2026 and 2025, respectively.
(4)Rental income includes lease termination fees of $1,306 and $1,019 for the three months ended September 30, 2026 and 2025, respectively, and $1,511 and $1,039 for the nine months ended September 30, 2026 and 2025, respectively. Excluding these lease termination fees, Same Property Portfolio NOI decreased by 2.8% and 0.2% for the three and nine months ended September 30, 2026, respectively, compared to the corresponding prior-year periods, while Same Property Portfolio Cash NOI decreased by 1.3% and increased by 0.8%, for the same respective periods.
(5)Same Property rental income and above/(below) market lease revenue adjustments for the nine months ended September 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term, as described on the preceding page.
(6)Calculated by averaging the occupancy rate at the end of each month in 3Q-2026 and June 2026 (for 3Q-2026), the end of each month in 3Q-2025 and June 2025 (for 3Q-2025) and the end of each month in 2Q-2026 and March 2026 (for 2Q-2026).
Third Quarter 2026 Supplemental Financial Reporting Package | Page 15 | | ||||||
Capitalization Summary. | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Capitalization as of September 30, 2026 | ||||||||
| Description | September 30, 2026 | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | ||||||||||||||||||||||||
Common shares outstanding(1) | 214,260,837 | 222,360,849 | 224,521,552 | 229,957,058 | 232,297,172 | ||||||||||||||||||||||||
Operating partnership units outstanding(2) | 8,674,743 | 8,716,332 | 8,605,741 | 8,288,228 | 8,155,706 | ||||||||||||||||||||||||
| Total shares and units outstanding at period end | 222,935,580 | 231,077,181 | 233,127,293 | 238,245,286 | 240,452,878 | ||||||||||||||||||||||||
| Share price at end of quarter | $ | 36.27 | $ | 33.50 | $ | 32.73 | $ | 38.72 | $ | 41.11 | |||||||||||||||||||
| Common Stock and Operating Partnership Units - Capitalization | $ | 8,085,873 | $ | 7,741,086 | $ | 7,630,256 | $ | 9,224,857 | $ | 9,885,018 | |||||||||||||||||||
Series B and C Cumulative Redeemable Preferred Stock(3) | $ | 161,250 | $ | 161,250 | $ | 161,250 | $ | 161,250 | $ | 161,250 | |||||||||||||||||||
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4) | 12,000 | 12,000 | 12,000 | 12,000 | 12,000 | ||||||||||||||||||||||||
| Preferred Equity | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 173,250 | |||||||||||||||||||
| Total Equity Market Capitalization | $ | 8,259,123 | $ | 7,914,336 | $ | 7,803,506 | $ | 9,398,107 | $ | 10,058,268 | |||||||||||||||||||
| Total Debt | $ | 2,786,284 | $ | 3,285,503 | $ | 3,271,720 | $ | 3,278,649 | $ | 3,278,896 | |||||||||||||||||||
| Less: Cash and cash equivalents | (423,590) | (32,226) | (51,714) | (165,778) | (248,956) | ||||||||||||||||||||||||
| Net Debt | $ | 2,362,694 | $ | 3,253,277 | $ | 3,220,006 | $ | 3,112,871 | $ | 3,029,940 | |||||||||||||||||||
| Total Combined Market Capitalization (Net Debt plus Equity) | $ | 10,621,817 | $ | 11,167,613 | $ | 11,023,512 | $ | 12,510,978 | $ | 13,088,208 | |||||||||||||||||||
Net debt to Adjusted EBITDAre (quarterly results annualized)(5) | 3.8x | 4.5x | 4.5x | 4.4x | 4.1x | ||||||||||||||||||||||||
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5) | 4.0x | 4.7x | 4.8x | 4.6x | 4.4x | ||||||||||||||||||||||||
(1)Excludes the following number of shares of unvested restricted stock: 603,204 (September 30, 2026), 628,208 (Jun 30, 2026), 1,764,934 (March 31, 2026), 1,623,077 (December 31, 2025) and 513,234 (September 30, 2025). During the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the Company repurchased 8,143,611, 2,801,307, 5,534,357, 2,443,438 and 3,883,845 shares of common stock under its stock repurchase programs at a weighted average price of $37.91, $35.70, $36.14, $40.93 and $38.62 per share for a total of $308.9 million, $100.1 million, $200.1 million, $100.0 million and $150.1 million, respectively.
(2)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 September 30, 2026, includes 1,723,841 vested LTIP Units and 1,325,969 vested performance units and excludes 185,285 unvested LTIP Units and 2,011,382 unvested performance units.
(3)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).
(4)Value based on 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit.
(5)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 32 and page 11 of this report, respectively.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 16 | | ||||||
Debt Summary. | ||||||||
| (unaudited and dollars in thousands) | ||||||||
| Debt Detail: | ||||||||||||||||||||||||||
| As of September 30, 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) | 4.585% | $ | — | |||||||||||||||||||||
$575M Exchangeable 2027 Senior Notes(6) | 3/15/2027 | 4.375% | 4.375% | 575,000 | ||||||||||||||||||||||
| $300M Senior Notes | 6/15/2028 | 5.000% | 5.000% | 300,000 | ||||||||||||||||||||||
$575M Exchangeable 2029 Senior Notes(6) | 3/15/2029 | 4.125% | 4.125% | 575,000 | ||||||||||||||||||||||
| $25M Series 2019A Senior Notes | 7/16/2029 | 3.880% | 3.880% | 25,000 | ||||||||||||||||||||||
| $400M Term Loan Facility | 5/30/2030 | SOFR+0.76%(5) | 4.174%(7) | 400,000 | ||||||||||||||||||||||
| $400M Senior Notes | 12/1/2030 | 2.125% | 2.125% | 400,000 | ||||||||||||||||||||||
| $400M Senior Notes - Green Bond | 9/1/2031 | 2.150% | 2.150% | 400,000 | ||||||||||||||||||||||
| $75M Series 2019B Senior Notes | 7/16/2034 | 4.030% | 4.030% | 75,000 | ||||||||||||||||||||||
| Secured Debt: | ||||||||||||||||||||||||||
| 13943-13955 Balboa Boulevard | 7/1/2027 | 3.930% | 3.930% | 13,504 | ||||||||||||||||||||||
| 2205 126th Street | 12/1/2027 | 3.910% | 3.910% | 5,200 | ||||||||||||||||||||||
| 2410-2420 Santa Fe Avenue | 1/1/2028 | 3.700% | 3.700% | 10,300 | ||||||||||||||||||||||
| 11832-11954 La Cienega Boulevard | 7/1/2028 | 4.260% | 4.260% | 3,624 | ||||||||||||||||||||||
| 1100-1170 Gilbert Street (Gilbert/La Palma) | 3/1/2031 | 5.125% | 5.125% | 1,156 | ||||||||||||||||||||||
| 7817 Woodley Avenue | 8/1/2039 | 4.140% | 4.140% | 2,500 | ||||||||||||||||||||||
| Total Debt | 3.700% | $ | 2,786,284 | |||||||||||||||||||||||
Debt Composition: | ||||||||||||||||||||||||||||||||
| Category | Weighted Average Term Remaining (yrs) | Stated Interest Rate | Effective Interest Rate | Balance | % of Total | |||||||||||||||||||||||||||
| Fixed | 2.9 | 3.700% (See Table Above) | 3.700% | $ | 2,786,284 | 100.0% | ||||||||||||||||||||||||||
| Variable | — | — | —% | $ | — | 0.0% | ||||||||||||||||||||||||||
| Secured | 2.0 | 3.947% | $ | 36,284 | 1.0% | |||||||||||||||||||||||||||
| Unsecured | 2.9 | 3.697% | $ | 2,750,000 | 99.0% | |||||||||||||||||||||||||||
*See footnotes on the following page*
Third Quarter 2026 Supplemental Financial Reporting Package | Page 17 | | ||||||
Debt Summary (Continued). | ||||||||
| (unaudited and dollars in thousands) | ||||||||
Debt Maturity Schedule(8): | ||||||||||||||||||||||||||||||||
| Year | Secured | Unsecured | Total | % Total | Effective Interest Rate(1) | |||||||||||||||||||||||||||
| 2026 | $ | — | $ | — | $ | — | — | % | — | % | ||||||||||||||||||||||
| 2027 | 18,704 | 575,000 | 593,704 | 21 | % | 4.361 | % | |||||||||||||||||||||||||
| 2028 | 13,924 | 300,000 | 313,924 | 11 | % | 4.949 | % | |||||||||||||||||||||||||
| 2029 | — | 600,000 | 600,000 | 22 | % | 4.115 | % | |||||||||||||||||||||||||
| 2030 | — | 800,000 | 800,000 | 29 | % | 3.149 | % | |||||||||||||||||||||||||
| 2031 | 1,156 | 400,000 | 401,156 | 14 | % | 2.159 | % | |||||||||||||||||||||||||
| 2032 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| 2033 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| 2034 | — | 75,000 | 75,000 | 3 | % | 4.030 | % | |||||||||||||||||||||||||
| 2035 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| Thereafter | 2,500 | — | 2,500 | — | % | 4.140 | % | |||||||||||||||||||||||||
| Total | $ | 36,284 | $ | 2,750,000 | $ | 2,786,284 | 100 | % | 3.700 | % | ||||||||||||||||||||||
(1)Includes the effect of interest rate swaps effective as of September 30, 2026. See note (7). Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $19.1 million as of September 30, 2026.
(3)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 had been met.
(4)The Revolver has two six-month extensions, subject to certain terms and conditions.
(5)The interest rates on these loans are based on Daily SOFR for the Revolver and $400M term loan facility (“TL”), plus an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $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 $400M TL after certifying that our sustainability performance targets for 2025 had been met.
(6)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.
(7)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.
(8)Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 18 | | ||||||
Operations. | ||||||||
| Quarterly Results | ||||||||
*Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 19 | | ||||||
Portfolio Overview. | ||||||||
| At September 30, 2026 | (unaudited results) | |||||||
| Consolidated Portfolio: | ||||||||
| Rentable Square Feet | Ending Occupancy % | In-Place ABR(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Market | # of Properties | Same Property Portfolio | Non-Same Property Portfolio | Total Portfolio | Same Property Portfolio | Non-Same Property Portfolio | Total Portfolio(1) | Total Portfolio Excluding Repo/Redev(2) | Total (in 000’s) | Per Square Foot | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Central LA | 20 | 2,834,219 | 384,764 | 3,218,983 | 100.0 | % | 93.5 | % | 99.2 | % | 100.0 | % | $ | 44,715 | $14.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Greater San Fernando Valley | 73 | 5,486,406 | 1,541,810 | 7,028,216 | 96.8 | % | 54.7 | % | 87.6 | % | 91.5 | % | 112,815 | $18.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mid-Counties | 28 | 1,848,173 | 525,807 | 2,373,980 | 99.3 | % | 61.7 | % | 91.0 | % | 99.4 | % | 42,692 | $19.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| San Gabriel Valley | 39 | 4,608,828 | 1,225,634 | 5,834,462 | 94.5 | % | 50.1 | % | 85.2 | % | 95.1 | % | 66,233 | $13.33 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Bay | 76 | 6,210,502 | 1,167,574 | 7,378,076 | 96.3 | % | 61.8 | % | 90.8 | % | 96.3 | % | 155,224 | $23.17 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles County | 236 | 20,988,128 | 4,845,589 | 25,833,717 | 96.8 | % | 59.1 | % | 89.7 | % | 95.5 | % | 421,679 | $18.19 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North Orange County | 21 | 1,812,309 | 505,751 | 2,318,060 | 97.5 | % | 76.0 | % | 92.8 | % | 98.0 | % | 40,876 | $18.99 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| OC Airport | 8 | 958,510 | — | 958,510 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 20,429 | $21.31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Orange County | 9 | 482,919 | 46,642 | 529,561 | 99.0 | % | 100.0 | % | 99.1 | % | 99.1 | % | 9,355 | $17.83 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| West Orange County | 10 | 1,288,838 | — | 1,288,838 | 93.9 | % | — | % | 93.9 | % | 93.9 | % | 21,607 | $17.85 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Orange County | 48 | 4,542,576 | 552,393 | 5,094,969 | 97.2 | % | 78.0 | % | 95.1 | % | 97.4 | % | 92,267 | $19.04 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Inland Empire West | 49 | 6,360,169 | 726,308 | 7,086,477 | 97.4 | % | 42.0 | % | 91.7 | % | 96.8 | % | 98,702 | $15.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Riverside / San Bernardino County | 49 | 6,360,169 | 726,308 | 7,086,477 | 97.4 | % | 42.0 | % | 91.7 | % | 96.8 | % | 98,702 | $15.18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Central San Diego | 21 | 1,417,150 | 511,105 | 1,928,255 | 97.6 | % | 65.4 | % | 89.1 | % | 98.1 | % | 42,525 | $24.76 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North County San Diego | 12 | 1,019,475 | 282,231 | 1,301,706 | 97.7 | % | 92.4 | % | 96.6 | % | 98.2 | % | 19,479 | $15.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| San Diego County | 33 | 2,436,625 | 793,336 | 3,229,961 | 97.7 | % | 75.0 | % | 92.1 | % | 98.1 | % | 62,004 | $20.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ventura | 18 | 2,482,105 | 741,814 | 3,223,919 | 94.8 | % | 98.6 | % | 95.7 | % | 95.9 | % | 44,692 | $14.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ventura County | 18 | 2,482,105 | 741,814 | 3,223,919 | 94.8 | % | 98.6 | % | 95.7 | % | 95.9 | % | 44,692 | $14.48 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED TOTAL / WTD AVG | 384 | 36,809,603 | 7,659,440 | 44,469,043 | 96.9 | % | 64.3 | % | 91.3 | % | 96.1 | % | $ | 719,344 | $17.72 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)See page 36 for historical occupancy by County.
(2)Excludes space aggregating 2,258,942 square feet at our properties that were in various stages of repositioning, development or lease-up as of September 30, 2026.
(3)See page 32 for definitions and details on how these amounts are calculated.
(4)Excluding in-place ABR associated with Land/IOS properties ($43.0M ABR) and cellular tower, solar and parking lot leases ($3.0M ABR), in-place building ABR per building SF was $16.67.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 20 | | ||||||
Executed Leasing Statistics and Trends. | ||||||||
| (unaudited results) | ||||||||
| Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads: | ||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||||||
| Leasing Spreads: | ||||||||||||||||||||||||||||||||
| Net Effective Rent Change | 7.1 | % | (2.8) | % | (10.0) | % | 22.0 | % | 26.1 | % | ||||||||||||||||||||||
| Cash Rent Change | (3.0) | % | (11.3) | % | (15.4) | % | 9.0 | % | 10.3 | % | ||||||||||||||||||||||
Leasing Activity (Building SF):(1) | ||||||||||||||||||||||||||||||||
| New leases | 2,157,994 | 840,344 | 1,296,230 | 1,574,816 | 2,361,131 | |||||||||||||||||||||||||||
| Renewal leases | 1,580,384 | 1,261,446 | 2,829,822 | 1,464,751 | 904,014 | |||||||||||||||||||||||||||
| Total leasing activity | 3,738,378 | 2,101,790 | 4,126,052 | 3,039,567 | 3,265,145 | |||||||||||||||||||||||||||
| Total expiring leases | (2,456,080) | (2,788,275) | (4,638,894) | (3,551,170) | (1,734,790) | |||||||||||||||||||||||||||
Expiring leases - placed into repositioning/development | 85,000 | 599,680 | 152,417 | 957,493 | 418,878 | |||||||||||||||||||||||||||
Net absorption(2) | 1,367,298 | (86,805) | (360,425) | 445,890 | 1,949,233 | |||||||||||||||||||||||||||
Retention rate(3) | 75 | % | 60 | % | 64 | % | 61 | % | 72 | % | ||||||||||||||||||||||
Retention + Backfill rate(4) | 87 | % | 69 | % | 79 | % | 70 | % | 77 | % | ||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Third 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 | 60 | 2,157,994 | 6.5 | $14.40 | $14.07 | 2.3% | $14.31 | $15.39 | (7.0)% | 5.6 | $1.94 | $5.04 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewal | 56 | 1,580,384 | 4.6 | $14.80 | $13.35 | 10.8% | $14.49 | $14.47 | 0.1% | 2.7 | $2.92 | $2.07 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Wtd. Average | 116 | 3,738,378 | 5.7 | $14.63 | $13.65 | 7.1% | $14.41 | $14.86 | (3.0)% | 3.9 | $2.51 | $3.32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Represents all executed leases, excluding leases with terms less than 12 months and month-to-month tenant leases.
(2)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into repositioning/development.
(3)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.
(4)Retention + Backfill rate represents SF retained (per Retention rate definition in footnote (3)) 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.
(5)Net effective and cash rent statistics and turnover costs exclude 27 leases aggregating 1,097,862 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.
(6)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 21 | | ||||||
Leasing Statistics (Continued). | ||||||||
| (unaudited results) | ||||||||
| Lease Expiration Schedule as of September 30, 2026: | ||||||||
| Year of Lease Expiration | # of Leases Expiring | Total Rentable Square Feet | In-Place + Uncommenced ABR (in thousands) | In-Place + Uncommenced ABR per SF | ||||||||||||||||||||||
| Available | — | 1,526,893 | $ | — | $— | |||||||||||||||||||||
Repositioning/Development(1) | — | 1,951,698 | — | $— | ||||||||||||||||||||||
| MTM Tenants | 10 | 95,555 | 2,033 | $21.28 | ||||||||||||||||||||||
| 2026 | 73 | 729,865 | 20,681 | $28.33(2) | ||||||||||||||||||||||
| 2027 | 361 | 5,609,890 | 94,577 | $16.86 | ||||||||||||||||||||||
| 2028 | 308 | 6,011,385 | 114,330 | $19.02 | ||||||||||||||||||||||
| 2029 | 321 | 6,320,388 | 119,431 | $18.90 | ||||||||||||||||||||||
| 2030 | 144 | 5,399,947 | 93,154 | $17.25 | ||||||||||||||||||||||
| 2031 | 141 | 8,054,463 | 124,329 | $15.44 | ||||||||||||||||||||||
| 2032 | 63 | 3,675,501 | 60,245 | $16.39 | ||||||||||||||||||||||
| 2033 | 19 | 1,175,905 | 19,780 | $16.82 | ||||||||||||||||||||||
| 2034 | 11 | 812,845 | 12,151 | $14.95 | ||||||||||||||||||||||
| 2035 | 8 | 462,072 | 9,666 | $20.92 | ||||||||||||||||||||||
| Thereafter | 39 | 2,642,636 | 63,145 | $23.89 | ||||||||||||||||||||||
| Total Portfolio | 1,498 | 44,469,043 | $ | 733,522 | $17.89(3) | |||||||||||||||||||||
(1)Represents vacant space at properties that were classified as repositioning, development or lease-up as of September 30, 2026.
(2)Includes an 18.4-acre land lease with Hertz with in-place + uncommenced ABR of $8.9 million. Excluding this land lease, in-place + uncommenced ABR per building SF is $17.01.
(3)Excluding in-place + uncommenced ABR associated with Land/IOS properties ($43.28M ABR) and cellular tower, solar and parking lot leases ($2.96M ABR), in-place + uncommenced building ABR per building SF was $16.85.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 22 | | ||||||
Top Tenants and Lease Segmentation. | ||||||||
| (unaudited results) | ||||||||
Top 20 Tenants as of September 30, 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 | ||||||||||||||||||||||||||||||||
| Zenith Energy West Coast Terminals LLC | South Bay | —(2) | $12,147 | 1.7% | $3.48(2) | 9/29/2041 | ||||||||||||||||||||||||||||||||
| Cubic Corporation | Central San Diego | 315,227 | $11,786 | 1.6% | $37.39 | 3/31/2038 | ||||||||||||||||||||||||||||||||
| IBY, LLC | San Gabriel Valley | 1,178,021 | $11,694 | 1.6% | $9.93 | 4/5/2031(3) | ||||||||||||||||||||||||||||||||
| Federal Express Corporation | Multiple Submarkets(4) | 527,861 | $11,038 | 1.5% | $20.91 | 11/30/2032(4) | ||||||||||||||||||||||||||||||||
| L3 Technologies, Inc. | South Bay | 461,431 | $9,537 | 1.3% | $20.67 | 9/30/2031 | ||||||||||||||||||||||||||||||||
| The Hertz Corporation | South Bay | 38,680(5) | $8,922 | 1.2% | $11.14(5) | 10/31/2026 | ||||||||||||||||||||||||||||||||
| Orora Packaging Solutions | Multiple Submarkets(6) | 476,065 | $8,175 | 1.1% | $17.17 | 9/30/2028(6) | ||||||||||||||||||||||||||||||||
| Forward Air, LLC | South Bay | 300,217 | $7,209 | 1.0% | $24.01 | 8/31/2031 | ||||||||||||||||||||||||||||||||
| Vie Logistics, Incorporated | South Bay | 696,584 | $6,645 | 0.9% | $9.54 | 5/31/2031 | ||||||||||||||||||||||||||||||||
| Unified Grocers, Inc. | Central Los Angeles | 695,120 | $5,686 | 0.8% | $8.18 | 5/8/2038 | ||||||||||||||||||||||||||||||||
| Top 10 Tenants | 4,689,206 | $92,839 | 12.7% | |||||||||||||||||||||||||||||||||||
| Top 11 - 20 Tenants | 2,003,939 | $41,910 | 5.7% | |||||||||||||||||||||||||||||||||||
| Total Top 20 Tenants | 6,693,145 | $134,749 | 18.4% | |||||||||||||||||||||||||||||||||||
(1)See page 32 for further details on how these amounts are calculated.
(2)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $12.1 million or $3.48 per land square foot.
(3)Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.
(4)Includes (i) 30,160 RSF in Ventura expiring Sep 30, 2027, (ii) two land leases in LA-Mid-Counties expiring Jun 30, 2029, (iii) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (iv) 311,995 RSF in North County San Diego expiring Feb 28, 2031, (v) one land lease in North Orange County expiring Oct 31, 2031 and (vi) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.
(5)The tenant is leasing 18.4 acres of land with ABR of $8.9 million or $11.14 per land square foot.
(6)Includes (i) 100,500 RSF in LA-Greater SF Valley expiring Sep 30, 2027, (ii) 48,997 RSF in North County San Diego expiring Sep 30, 2028 and (iii) 326,568 RSF in North Orange County expiring Sep 30, 2028.
| Lease Segmentation by Size: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Square Feet | Number of Leases | Leased Building/Land Rentable SF | Building/Land Rentable SF | Leased % | Leased % Excl. Repo/Redev | In-Place + Uncommenced ABR (in 000’s)(1) | % of In-Place + Uncommenced ABR(1) | In-Place + Uncommenced ABR per SF(1) | |||||||||||||||||||||||||||||||||||||||||||||
| Building: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| <4,999 | 506 | 1,253,578 | 1,407,386 | 89.1% | 89.1% | $ | 25,433 | 3.5% | $20.29 | ||||||||||||||||||||||||||||||||||||||||||||
| 5,000 - 9,999 | 222 | 1,582,202 | 1,746,113 | 90.6% | 91.3% | 31,046 | 4.2% | $19.62 | |||||||||||||||||||||||||||||||||||||||||||||
| 10,000 - 24,999 | 311 | 5,105,574 | 5,610,724 | 91.0% | 92.4% | 96,979 | 13.2% | $18.99 | |||||||||||||||||||||||||||||||||||||||||||||
| 25,000 - 49,999 | 174 | 6,301,310 | 6,797,508 | 92.7% | 96.2% | 116,009 | 15.8% | $18.41 | |||||||||||||||||||||||||||||||||||||||||||||
| 50,000 - 99,999 | 109 | 7,866,941 | 8,603,406 | 91.4% | 96.2% | 138,471 | 18.9% | $17.60 | |||||||||||||||||||||||||||||||||||||||||||||
| >100,000 | 109 | 18,681,537 | 20,089,853 | 93.0% | 98.7% | 279,347 | 38.1% | $14.95 | |||||||||||||||||||||||||||||||||||||||||||||
| Building Subtotal / Wtd. Avg. | 1,431 | 40,791,142 | (2) | 44,254,990 | (2) | 92.2% | (2) | 96.4% | (2) | $ | 687,285 | 93.7% | $16.85 | ||||||||||||||||||||||||||||||||||||||||
Land/IOS(3) | 23 | 7,812,614 | (4) | 8,263,593 | (4) | 94.5% | (4) | 43,279 | 5.9% | $5.54 | (4) | ||||||||||||||||||||||||||||||||||||||||||
Other(3) | 44 | 2,958 | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 1,498 | $ | 733,522 | 100.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)See page 32 for further details on how these amounts are calculated.
(2)Excludes 199,311 leased building RSF and 214,053 building RSF that are associated with “Land/IOS.”
(3)“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.
(4)Represents leased land square feet, available land square feet, land leased percentage and ABR per land square foot associated with Land/IOS leases.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 23 | | ||||||
Capital Expenditure Summary. | ||||||||
| (unaudited results, in thousands, except square feet and per square foot data) | ||||||||
| Nine months ended September 30, 2026 | ||||||||
| Year to Date | ||||||||||||||||||||||||||||||||||||||
| Q3-2026 | Q2-2026 | Q1-2026 | Total | SF(1) | PSF | |||||||||||||||||||||||||||||||||
| Tenant Improvements: | ||||||||||||||||||||||||||||||||||||||
| New Leases – 1st Generation | $ | 207 | $ | — | $ | 148 | $ | 355 | 108,059 | $ | 3.29 | |||||||||||||||||||||||||||
| New Leases – 2nd Generation | 222 | 127 | 50 | 399 | 396,564 | $ | 1.01 | |||||||||||||||||||||||||||||||
| Renewals | 352 | 115 | 135 | 602 | 712,346 | $ | 0.85 | |||||||||||||||||||||||||||||||
| Total Tenant Improvements | $ | 781 | $ | 242 | $ | 333 | $ | 1,356 | ||||||||||||||||||||||||||||||
| Leasing Commissions & Lease Costs: | ||||||||||||||||||||||||||||||||||||||
| New Leases – 1st Generation | $ | 8,724 | $ | 2,214 | $ | 2,174 | $ | 13,112 | 1,758,035 | $ | 7.46 | |||||||||||||||||||||||||||
| New Leases – 2nd Generation | 7,159 | 1,679 | 3,931 | 12,769 | 2,987,036 | $ | 4.27 | |||||||||||||||||||||||||||||||
| Renewals | 3,309 | 3,263 | 4,262 | 10,834 | 5,582,853 | $ | 1.94 | |||||||||||||||||||||||||||||||
| Total Leasing Commissions & Lease Costs | $ | 19,192 | $ | 7,156 | $ | 10,367 | $ | 36,715 | ||||||||||||||||||||||||||||||
| Total Recurring Capex | $ | 4,685 | $ | 4,750 | $ | 2,314 | $ | 11,749 | 44,722,784 | $ | 0.26 | |||||||||||||||||||||||||||
| Recurring Capex % of NOI | 2.6 | % | 2.5 | % | 1.2 | % | 2.1 | % | ||||||||||||||||||||||||||||||
| Recurring Capex % of Rental Income | 2.0 | % | 2.0 | % | 1.0 | % | 1.6 | % | ||||||||||||||||||||||||||||||
| Nonrecurring Capex: | ||||||||||||||||||||||||||||||||||||||
Repositioning and Development in Process(2) | $ | 23,133 | $ | 19,597 | $ | 29,483 | $ | 72,213 | ||||||||||||||||||||||||||||||
Unit Renovation(3) | 6,389 | 7,914 | 7,933 | 22,236 | ||||||||||||||||||||||||||||||||||
Other(4) | 4,154 | 4,796 | 2,451 | 11,401 | ||||||||||||||||||||||||||||||||||
| Total Nonrecurring Capex | $ | 33,676 | $ | 32,307 | $ | 39,867 | $ | 105,850 | 37,490,941 | $ | 2.82 | |||||||||||||||||||||||||||
Other Capitalized Costs(5) | $ | 11,945 | $ | 11,090 | $ | 13,858 | $ | 36,893 | ||||||||||||||||||||||||||||||
(1)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.
(2)Includes capital expenditures related to repositioning or development properties.
(3)Includes non-tenant-specific capital expenditures.
(4)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.
(5)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.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 24 | | ||||||
Properties and Space Under Repositioning/Development.(1) | ||||||||
| As of September 30, 2026 | (unaudited results, $ in millions) | |||||||
3Q 2026 Stabilizations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property | Submarket | Repositioning/ Development | RSF(2) | Purch. Price | Est. Project Costs | Est. Total Invest. | Est. Remaining Costs | Construction Period | Property Leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Start | Complete | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 14955 Salt Lake Avenue | San Gabriel Valley | Repositioning | 46,653 | $ | 10.9 | $ | 3.6 | $ | 14.5 | $ | 0.1 | 4Q-24 | 3Q-25 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||
| Total Stabilized | 46,653 | $ | 10.9 | $ | 3.6 | $ | 14.5 | $ | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning | Development | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Cash NOI: 3Q 2026 ($M) | $0.3 | $— | $0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annualized Stabilized Cash NOI ($M) | $2.0 | $— | $2.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Stabilized Return on Cost | 13.8% | N/A | 13.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 29 —
Third Quarter 2026 Supplemental Financial Reporting Package | Page 25 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of September 30, 2026 | (unaudited results, $ in millions) | |||||||
| Completed & In Lease-Up | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repositioning/ Development | RSF(2) | Purch. Price | Est. Project Costs | Est. Total Invest. | Est. Remaining Costs | Construction Period | Property Leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Submarket | Start | Complete | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4416 Azusa Canyon Road(3) | 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 | 2.5 | 1Q-23 | 4Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19301 Santa Fe Avenue(4) | South Bay | Repositioning | LAND | 14.7 | 5.7 | 20.4 | 0.4 | 2Q-24 | 3Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8985 Crestmar Point(4) | Central San Diego | Repositioning | 53,395 | 8.1 | 5.7 | 13.8 | 0.5 | 4Q-24 | 3Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 14940 Proctor Road | San Gabriel Valley | Development | 160,094 | 28.8 | 26.5 | 55.3 | 1.7 | 4Q-24 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11234 Rush Street | San Gabriel Valley | Development | 101,728 | 12.6 | 21.6 | 34.2 | 0.6 | 4Q-24 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5235 Hunter Avenue | North Orange County | Development | 121,364 | 11.4 | 20.0 | 31.4 | 2.1 | 1Q-25 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9455 Cabot Drive | Central San Diego | Repositioning | 81,670 | 12.2 | 8.3 | 20.5 | 1.1 | 2Q-25 | 4Q-25 | 60% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1175 Aviation Place | Greater San Fernando Valley | Repositioning | 93,202 | 17.9 | 3.9 | 21.8 | 0.7 | 3Q-25 | 4Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Completed & In Lease-Up | 960,973 | $ | 140.9 | $ | 150.7 | $ | 291.6 | $ | 11.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leased, Not Yet Stabilized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning/ Development | RSF(2) | Purch. Price | Est. Project Costs | Est. Total Invest. | Est. Remaining Costs | Construction Period | Property Leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property(5) | Submarket | Start | Complete | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9615 Norwalk Boulevard | Mid-Counties | Development | 201,571 | $ | 9.6 | $ | 51.5 | $ | 61.1 | $ | 1.0 | 3Q-21 | 4Q-25 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 3680-3880 Voyager Street | South Bay | Development | 67,734 | 21.1 | 19.0 | 40.1 | 1.1 | 1Q-25 | 3Q-26 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 24935-24955 Avenue Kearny | Greater San Fernando Valley | Repositioning | 66,130 | 5.8 | 4.1 | 9.9 | 0.1 | 4Q-25 | 2Q-26 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Leased, Not Yet Stabilized | 335,435 | $ | 36.5 | $ | 74.6 | $ | 111.1 | $ | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 29 —
Third Quarter 2026 Supplemental Financial Reporting Package | Page 26 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of September 30, 2026 | (unaudited results, $ in millions) | |||||||
Under Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repositioning/Development | RSF(2) | Purch. Price | Est. Project Costs | Est. Total Invest. | Est. Remaining Costs | Construction Period | Property Leased | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Submarket | Start | Complete | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7815 Van Nuys Boulevard | Greater San Fernando Valley | Development | 78,904 | $ | 25.6 | $ | 16.0 | $ | 41.6 | $ | 1.0 | 2Q-25 | 4Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||
| 14400 Figueroa Street | South Bay | Repositioning | 56,771 | 61.4 | 16.9 | 78.3 | 13.3 | 3Q-25 | 2Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
950 West 190th Street(6) | South Bay | Development | 214,894 | 41.5 | 43.1 | 84.6 | 32.4 | 4Q-25 | 3Q-27 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9323 Balboa Avenue | Central San Diego | Development | 177,551 | 27.1 | 26.3 | 53.4 | 13.8 | 4Q-25 | 2Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 16425 Gale Avenue | San Gabriel Valley | Development | 290,830 | 26.3 | 39.9 | 66.2 | 36.5 | 2Q-26 | 4Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Under Construction | 818,950 | $ | 181.9 | $ | 142.2 | $ | 324.1 | $ | 97.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Completed & In Lease-Up/Leased, Not Yet Stabilized/Under Construction | 2,115,358 | $ | 359.3 | $ | 367.5 | $ | 726.8 | $ | 110.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Completed & In Lease-Up/Leased, Not Yet Stabilized/Under Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning | Development | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Cash NOI: 3Q 2026 ($M) | $(0.1) | $(0.4) | $(0.5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annualized Stabilized Cash NOI ($M) | $7 - $8 | $32 - $35 | $39 - $43 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Stabilized Return on Cost | 4.3% - 4.8% | 5.8% - 6.3% | 5.5% - 6.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 29 —
Third Quarter 2026 Supplemental Financial Reporting Package | Page 27 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of September 30, 2026 | (unaudited results, $ in millions) | |||||||
Near-Term Potential Future Repositioning and Development | |||||||||||||||||||||||
| Property | Submarket | Repositioning/ Development | Projected RSF(2) | Estimated Construction Start | Purchase Price ($M) | Lease Expiration Date | Project Description | ||||||||||||||||
| 3100 Fujita Street | South Bay | Repositioning | 81,832 | 4Q-26 | $14.2 | Vacant | Repositioning of an existing 1970s vintage, functionally-limited industrial building acquired in 2018 through a sale leaseback. | ||||||||||||||||
9000 Airport Boulevard | South Bay | Development | 400,602 | 4Q-26 | $144.3 | 10/31/26 | 18 acres of industrially-zoned land acquired through a sale leaseback for planned development. Following lease expiration, the project will deliver a rare, Class-A industrial campus. | ||||||||||||||||
4181 Ruffin Road | Central San Diego | Development | 220,153 | 1Q-27 | $36.0 | 10/31/26 | Development of a modern Class A industrial building with highly competitive functionality in a premier location. | ||||||||||||||||
| 3550 Tyburn Street | Greater San Fernando Valley | Repositioning | 85,537 | 1Q-27 | $10.5 | 01/31/27 | Repositioning to reduce office space and upgrade warehouse infrastructure to convert from manufacturing to more modern distribution use. | ||||||||||||||||
| Total Future Repositioning/Development | 788,124 | $205.0 | |||||||||||||||||||||
| Repositioning | Development | Total | |||||||||||||||||||||
| Projected RSF | 167,369 | 620,755 | 788,124 | ||||||||||||||||||||
Projected Project Costs ($M) | $15 - $20 | $100 - $110 | $115 - $130 | ||||||||||||||||||||
Actual Cash NOI: 3Q 2026 ($M) | $2.3 | $2.3 | $4.6 | ||||||||||||||||||||
— See numbered footnotes on page 29 —
Third Quarter 2026 Supplemental Financial Reporting Package | Page 28 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | |||||||||||
| As of September 30, 2026 | (unaudited results) | ||||||||||
| Current Year Stabilized Repositioning/Development | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property (Submarket) | RSF(2) | Stabilized Period | Stabilized Return on Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 12118 Bloomfield Avenue | 107,045 | 1Q-26 | 5.2% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1315 Storm Parkway | 37,844 | 1Q-26 | 5.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
3211-3233 Mission Oaks Blvd.(7) | 116,852 | 2Q-26 | 9.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 19900 Plummer Street | 79,539 | 2Q-26 | 4.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| 14955 Salt Lake Avenue | 46,653 | 3Q-26 | 13.8% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)For definitions of “Properties and Space Under Repositioning/Development,” “Estimated Construction Period,” “Purchase Price,” “Estimated Project Costs,” “Estimated Total Investment,” “Estimated Remaining Costs,” “Annualized Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Stabilized Return on Cost” and other definitions related to our repositioning/development portfolio, see pages 34-35 in the Notes and Definitions section of this report.
(2)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.
(3)As of 2Q-26, 4416 Azusa Canyon Road is considered stabilized, as one year had passed since construction completion. However, this project is presented in Completed & In Lease-Up because it has not yet reached 90% occupancy.
(4)As of 3Q-26, 19301 Santa Fe Avenue and 8985 Crestmar Point are considered stabilized, as one year had passed since construction completion. However, these properties are presented in Completed & In Lease-Up because they have not yet reached 90% occupancy.
(5)During 3Q-26, leases were executed at 9615 Norwalk Blvd, 3680-3880 Voyager Street, and 24935-24955 Avenue Kearny bringing these properties to 100% leased. The leases are expected to commence in 4Q-26.
(6)During 3Q-26, a 214,894 RSF lease was executed at 950 West 190th, bringing the property to 100% leased. The lease is expected to commence in 1Q-28.
(7)The 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 was not redeveloped. Site improvements were completed across the entire project. RSF shown reflects only 3211 Mission Oaks Blvd., while the stabilized return on cost reflects the entire project.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 29 | | ||||||
Current Year Investments and Dispositions Summary. | ||||||||||||||||||||||||||||||||||||||
| As of September 30, 2026 | (unaudited results) | |||||||||||||||||||||||||||||||||||||
| 2026 Current Period Dispositions | ||||||||||||||||||||||||||||||||||||||
| Disposition Date | Property Address | Submarket | Asset Type | Rentable Square Feet | Gross Proceeds ($M) | Realized NOI Contribution in 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 Fernando Valley | Operating | 100,157 | $ | 31.00 | $ | 0.2 | ||||||||||||||||||||||||||||||
| 3/18/2026 | 13700-13738 Slover Avenue | San Bernardino - Inland Empire West | Operating | 17,862 | $ | 14.48 | $ | (0.1) | ||||||||||||||||||||||||||||||
| 3/25/2026 | 600-708 Vermont Avenue | North Orange County | Development | 133,836 | $ | 40.70 | $ | — | ||||||||||||||||||||||||||||||
| 4/16/2026 | 423-424 Berry Way | North Orange County | Development | 101,380 | $ | 16.51 | $ | — | ||||||||||||||||||||||||||||||
| 5/1/2026 | 18455 Figueroa Street | Los Angeles - South Bay | Development | 146,765 | $ | 34.90 | $ | (0.1) | ||||||||||||||||||||||||||||||
| 5/4/2026 | 17031-17037 Green Drive | Los Angeles - San Gabriel Valley | Operating | 51,000 | $ | 16.65 | $ | — | ||||||||||||||||||||||||||||||
| 5/7/2026 | 19100 Susana Road | Los Angeles - South Bay | Operating | 52,714 | $ | 16.10 | $ | (0.1) | ||||||||||||||||||||||||||||||
| 5/11/2026 | 13711 Freeway Drive | Los Angeles - Mid-Counties | Development | 82,180 | $ | 15.78 | $ | — | ||||||||||||||||||||||||||||||
| 5/11/2026 | 3901 Via Oro Avenue | Los Angeles - South Bay | Development | 53,817 | $ | 10.28 | $ | — | ||||||||||||||||||||||||||||||
| 6/2/2026 | 2610 S. Birch Street | Orange County Airport | Operating | 83,852 | $ | 27.68 | $ | 0.2 | ||||||||||||||||||||||||||||||
| 7/23/2026 | 1340 Rocky Point | San Diego - North County | Operating | 22,667 | $ | 7.61 | $ | — | ||||||||||||||||||||||||||||||
| 9/2/2026 | 6635 Caballero Blvd | Los Angeles - Mid-Counties | Operating | 92,395 | $ | 28.18 | $ | (0.5) | ||||||||||||||||||||||||||||||
| 9/8/2026 | 1500 Raymond Avenue | Orange County - North | Operating | 136,218 | $ | 50.22 | $ | — | ||||||||||||||||||||||||||||||
| 9/16/2026 | Portfolio Transaction(1) | Various | Operating | 5,217,227 | $ | 1,179.15 | $ | 15.7 | ||||||||||||||||||||||||||||||
Total 2026 Dispositions through September 30, 2026 | 6,354,908 | $ | 1,530.45 | |||||||||||||||||||||||||||||||||||
(1)Represents the sale of 22 industrial properties in a single portfolio transaction with an affiliate of EQT Real Estate.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 30 | | ||||||
Net Asset Value Components. | ||||||||
| As of September 30, 2026 | (unaudited and in thousands, except share data) | |||||||
| Net Operating Income | ||||||||
Pro Forma Net Operating Income (NOI)(1) | Three Months Ended Sep 30, 2026 | |||||||
| Total operating rental income | $235,837 | |||||||
| Property operating expenses | (56,996) | |||||||
Pro forma effect of uncommenced leases(2) | 368 | |||||||
Pro forma effect of dispositions(3) | (15,234) | |||||||
Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and development(4) | 9,625 | |||||||
| Pro Forma NOI | 173,600 | |||||||
Above/(below) market lease revenue adjustments | (3,438) | |||||||
| Straight line rental revenue adjustment | (6,000) | |||||||
| Pro Forma Cash NOI | $164,162 | |||||||
| Balance Sheet Items | ||||||||
| Other assets and liabilities | September 30, 2026 | |||||||
| Cash and cash equivalents | $423,590 | |||||||
| Loan receivable, net | 124,049 | |||||||
| Rents and other receivables, net | 15,540 | |||||||
| Other assets | 31,841 | |||||||
| Accounts payable, accrued expenses and other liabilities | (137,943) | |||||||
| Dividends payable | (97,407) | |||||||
| Tenant security deposits | (89,204) | |||||||
| Prepaid rents | (78,248) | |||||||
Estimated remaining cost to complete repositioning/development projects(5) | (110,600) | |||||||
| Total other assets and liabilities | $81,618 | |||||||
| Debt and Shares Outstanding | ||||||||
Total consolidated debt(6) | $2,786,284 | |||||||
| Preferred stock/units - liquidation preference | $173,250 | |||||||
Common shares outstanding(7) | 214,260,837 | |||||||
Operating partnership units outstanding(8) | 8,674,743 | |||||||
| Total common shares and operating partnership units outstanding | 222,935,580 | |||||||
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 32 and page 11 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of July 1, 2026.
(3)Represents the deduction of actual 3Q'26 NOI for the properties that we sold during the current quarter. See page 30 for a detail of current year disposition properties.
(4)Represents the estimated incremental NOI from the properties that were classified as repositioning, development, lease-up or stabilized during the three months ended September 30, 2026, assuming that all repositioning/development work had been completed and all of the properties were fully stabilized as of July 1, 2026. Includes all properties that are separately listed on pages 25-27. 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 July 1, 2026.
(5)Reflects the estimated remaining costs for all repositioning, development, lease-up and stabilized properties that are listed on pages 25-27.
(6)Excludes unamortized loan discount and debt issuance costs totaling $19.1 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 603,204 shares of unvested restricted stock.
(8)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 1,723,841 vested LTIP Units and 1,325,969 vested performance units and excludes 185,285 unvested LTIP Units and 2,011,382 unvested performance units.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 31 | | ||||||
Notes and Definitions. | ||||||||
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 or loss (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 September 30, 2026, multiplied by 12. Includes leases that had commenced as of September 30, 2026 or leases where tenant had taken early possession of space as of September 30, 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 September 30, 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 September 30, 2026, or adjustments for future known non-renewals.
•ABR Under Uncommenced Leases: Calculated by adding the following:
(i) 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.
(ii) 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 September 30, 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 September 30, 2026.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of September 30, 2026.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of September 30, 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 11-12. 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 or loss 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).
Third Quarter 2026 Supplemental Financial Reporting Package | Page 32 | | ||||||
Notes and Definitions. | ||||||||
Debt Covenants ($ in thousands)
| September 30, 2026 | |||||||||||||||||
| Current Period Covenant | Revolver & $400M Term Loan Facility | Senior Notes ($25M & $75M) | |||||||||||||||
| Maximum Leverage Ratio | less than 60% | 19.3% | 25.4% | ||||||||||||||
| Maximum Secured Leverage Ratio | less than 45% | 0.2% | N/A | ||||||||||||||
| Maximum Secured Leverage Ratio | less than 40% | N/A | 0.3% | ||||||||||||||
| Maximum Secured Recourse Debt | less than 15% | N/A | —% | ||||||||||||||
| Minimum Tangible Net Worth | $7,266,909 | N/A | $8,713,867 | ||||||||||||||
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.40 to 1.00 | 5.34 to 1.00 | ||||||||||||||
| Unencumbered Leverage Ratio | less than 60% | 20.1% | 27.5% | ||||||||||||||
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 6.15 to 1.00 | 6.15 to 1.00 | ||||||||||||||
| September 30, 2026 | |||||||||||
| Current Period Covenant | Senior Notes ($400M due 2030 & $400M due 2031) | ||||||||||
| Maximum Debt to Total Asset Ratio | less than 60% | 23.3% | |||||||||
| Maximum Secured Debt to Total Asset Ratio | less than 40% | 0.3% | |||||||||
| Minimum Debt Service Coverage Ratio | at least 1.50 to 1.00 | 5.23 to 1.00 | |||||||||
| Minimum Unencumbered Assets to Unsecured Debt Ratio | at least 1.50 to 1.00 | 4.30 to 1.00 | |||||||||
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) write-offs of below market lease intangibles related to unexercised renewal option, (iii) gain (loss) on debt extinguishment and debt modification expenses, (iv) acquisition expenses, (v) non-capitalizable demolition costs (vi) the pro forma effects of acquisitions and dispositions and (vii) 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 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. EBITDAre and Adjusted EBITDAre should be considered only as supplements to net income or loss (as computed in accordance with GAAP) as a measure of our performance.
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:
Three Months Ended | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
EBITDAre | $ | 165,921 | $ | 181,100 | $ | 174,638 | $ | 103,701 | $ | 171,108 | |||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,438) | (3,805) | (4,647) | (4,129) | (5,254) | ||||||||||||||||||||||||
Non-cash stock compensation | 4,106 | 3,666 | 4,063 | 8,537 | 10,485 | ||||||||||||||||||||||||
Co-CEO transition costs | 528 | (2,330) | — | 60,223 | — | ||||||||||||||||||||||||
Debt extinguishment and modification expenses | 194 | — | — | — | — | ||||||||||||||||||||||||
Straight line rental revenue adj. | (6,000) | (9,967) | (15,136) | (9,073) | (8,164) | ||||||||||||||||||||||||
Capitalized payments | (5,279) | (4,586) | (5,851) | (6,013) | (6,516) | ||||||||||||||||||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||||||||||||||||||
Recurring capital expenditures | (4,685) | (4,750) | (2,314) | (2,566) | (3,563) | ||||||||||||||||||||||||
| 2nd gen. tenant improvements | (574) | (242) | (185) | (179) | (460) | ||||||||||||||||||||||||
| 2nd gen. leasing commissions | (10,468) | (4,942) | (8,193) | (6,324) | (8,007) | ||||||||||||||||||||||||
| Cash flow for fixed charge coverage calculation | $ | 140,190 | $ | 154,029 | $ | 142,260 | $ | 144,062 | $ | 149,514 | |||||||||||||||||||
| Cash interest expense calculation detail: | |||||||||||||||||||||||||||||
| Interest expense | 24,785 | 28,571 | 26,600 | 25,451 | 25,463 | ||||||||||||||||||||||||
| Capitalized interest | 6,284 | 6,026 | 7,352 | 8,801 | 9,240 | ||||||||||||||||||||||||
| Note payable premium amort. | (1,681) | (1,662) | (1,641) | (1,616) | (1,597) | ||||||||||||||||||||||||
| Amort. of deferred financing costs | (1,319) | (1,333) | (1,334) | (1,333) | (1,340) | ||||||||||||||||||||||||
| Amort. of swap term fees & t-locks | (78) | (77) | (77) | (78) | (78) | ||||||||||||||||||||||||
| Cash interest expense | 27,991 | 31,525 | 30,900 | 31,225 | 31,688 | ||||||||||||||||||||||||
| Scheduled principal payments | 219 | 217 | 215 | 247 | 244 | ||||||||||||||||||||||||
| Preferred stock/unit dividends | 2,404 | 2,405 | 2,404 | 2,405 | 2,404 | ||||||||||||||||||||||||
| Fixed charges | $ | 30,614 | $ | 34,147 | $ | 33,519 | $ | 33,877 | $ | 34,336 | |||||||||||||||||||
| Fixed Charge Coverage Ratio | 4.6 | x | 4.5 | x | 4.2 | x | 4.3 | x | 4.4 | x | |||||||||||||||||||
Third Quarter 2026 Supplemental Financial Reporting Package | Page 33 | | ||||||
Notes and Definitions. | ||||||||
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 or loss 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 or loss 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.
Pro forma NOI: Pro forma NOI is calculated by adjusting NOI for the following: (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 elimination of actual NOI generated by properties sold during the current period prior to their disposition 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.
•Construction Period: The “Start” of the Construction Period is our current estimate of the period in which we will start physical construction on a property. The “Complete” of the 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.
•Estimated Remaining Costs: Calculated as the Estimated Total Investment less related 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.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 34 | | ||||||
Notes and Definitions. | ||||||||
•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 32) 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 | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
| Rental revenue (before collectability adjustment) | $ | 194,995 | $ | 200,258 | $ | 202,658 | $ | 201,454 | $ | 203,217 | |||||||||||||||||||
| Tenant reimbursements | 41,107 | 42,856 | 41,728 | 43,793 | 42,612 | ||||||||||||||||||||||||
| Other income | 848 | 1,296 | 486 | 598 | 915 | ||||||||||||||||||||||||
| Increase (reduction) in revenue due to change in collectability assessment | (1,113) | (1,414) | (2,731) | (2,615) | 13 | ||||||||||||||||||||||||
| Rental income | $ | 235,837 | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | |||||||||||||||||||
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.
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 September 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through September 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were or will be classified as repositioning/development (current and future) or lease-up during 2025 and 2026, which we believe will significantly affect the properties’ results during the comparative periods.
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 | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
| # of Properties | 316 | 341 | 342 | 287 | 288 | ||||||||||||||||||||||||
| Square Feet | 36,809,603 | 41,633,904 | 41,727,325 | 37,466,856 | 37,916,326 | ||||||||||||||||||||||||
| Ending Occupancy | 96.9 | % | 95.1 | % | 96.1 | % | 96.5 | % | 96.8 | % | |||||||||||||||||||
| SPP NOI growth | (2.6) | % | (0.5) | % | 0.9 | % | 0.4 | % | 1.9 | % | |||||||||||||||||||
| SPP Cash NOI growth | (1.1) | % | 1.5 | % | (0.4) | % | 2.8 | % | 5.5 | % | |||||||||||||||||||
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, securities analysts and other interested parties to evaluate our performance.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| Rental revenue | $ | 155,527 | $ | 158,395 | $ | (2,868) | (1.8)% | $ | 466,378 | $ | 465,758 | $ | 620 | 0.1% | |||||||||||||||||||||||||||||||||
| Tenant reimbursements | 30,168 | 30,614 | (446) | (1.5)% | 90,712 | 88,872 | 1,840 | 2.1% | |||||||||||||||||||||||||||||||||||||||
| Other income | 672 | 382 | 290 | 75.9% | 1,986 | 1,482 | 504 | 34.0% | |||||||||||||||||||||||||||||||||||||||
| Rental income | $ | 186,367 | $ | 189,391 | $ | (3,024) | (1.6)% | $ | 559,076 | $ | 556,112 | $ | 2,964 | 0.5% | |||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to NOI and Cash NOI (in thousands):
| Three Months Ended | |||||||||||||||||||||||||||||
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | |||||||||||||||||||||||||
| Net Income (Loss) | $ | 18,070 | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | |||||||||||||||||||
| General and administrative | 13,431 | 13,693 | 14,925 | 19,199 | 20,037 | ||||||||||||||||||||||||
| Depreciation & amortization | 74,440 | 73,479 | 72,933 | 76,819 | 81,172 | ||||||||||||||||||||||||
| Other expenses, net | 2,561 | (2,001) | 102 | 65,910 | 4,218 | ||||||||||||||||||||||||
| Interest expense | 24,785 | 28,571 | 26,600 | 25,451 | 25,463 | ||||||||||||||||||||||||
Debt extinguishment and modification expenses | 194 | — | — | — | — | ||||||||||||||||||||||||
| Management & leasing services | — | — | — | (197) | (118) | ||||||||||||||||||||||||
| Other income | — | (3,500) | (1,350) | — | — | ||||||||||||||||||||||||
| Interest income | (3,266) | (2,510) | (2,937) | (4,670) | (6,367) | ||||||||||||||||||||||||
Impairment of real estate | 71,834 | 624,754 | 6,824 | 89,097 | — | ||||||||||||||||||||||||
| Gains on sale of real estate | (23,208) | (21,893) | (26,281) | (19,931) | (28,583) | ||||||||||||||||||||||||
| NOI | $ | 178,841 | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | |||||||||||||||||||
| S/L rental revenue adj. | (6,000) | (9,967) | (15,136) | (9,073) | (8,164) | ||||||||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,438) | (3,805) | (4,647) | (4,129) | (5,254) | ||||||||||||||||||||||||
| Cash NOI | $ | 169,403 | $ | 173,010 | $ | 165,595 | $ | 170,741 | $ | 175,460 | |||||||||||||||||||
Third Quarter 2026 Supplemental Financial Reporting Package | Page 35 | | ||||||
Notes and Definitions. | ||||||||
Reconciliation of Net Income (Loss) to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net income (loss) | $ | 18,070 | $ | 93,056 | $ | (411,179) | $ | 287,498 | |||||||||||||||
| General and administrative | 13,431 | 20,037 | 42,049 | 59,657 | |||||||||||||||||||
| Depreciation and amortization | 74,440 | 81,172 | 220,852 | 239,100 | |||||||||||||||||||
| Other expenses, net | 2,561 | 4,218 | 662 | 6,701 | |||||||||||||||||||
| Interest expense | 24,785 | 25,463 | 79,956 | 79,452 | |||||||||||||||||||
Debt extinguishment and modification expenses | 194 | — | 194 | 291 | |||||||||||||||||||
| Management and leasing services | — | (118) | — | (392) | |||||||||||||||||||
| Other income | — | — | (4,850) | — | |||||||||||||||||||
| Interest income | (3,266) | (6,367) | (8,713) | (17,498) | |||||||||||||||||||
Impairment of real estate | 71,834 | — | 703,412 | — | |||||||||||||||||||
| Gains on sale of real estate | (23,208) | (28,583) | (71,382) | (86,101) | |||||||||||||||||||
| NOI | $ | 178,841 | $ | 188,878 | $ | 551,001 | $ | 568,708 | |||||||||||||||
| Non-Same Property Portfolio rental income | (49,470) | (57,366) | (161,898) | (181,034) | |||||||||||||||||||
| Non-Same Property Portfolio property exp. | 14,807 | 16,531 | 47,150 | 48,844 | |||||||||||||||||||
| Same Property Portfolio NOI | $ | 144,178 | $ | 148,043 | $ | 436,253 | $ | 436,518 | |||||||||||||||
| Straight line rental revenue adjustment | (3,976) | (5,462) | (17,476) | (18,834) | |||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,607) | (4,440) | (11,586) | (14,266) | |||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 136,595 | $ | 138,141 | $ | 407,191 | $ | 403,418 | |||||||||||||||
Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2026 Estimate | |||||||||||
| Low | High | ||||||||||
| Net loss attributable to common stockholders | $ | (1.55) | $ | (1.52) | |||||||
| Company share of depreciation and amortization | 1.24 | 1.24 | |||||||||
Company share of impairment of real estate | 3.04 | 3.04 | |||||||||
Company share of gains on sale of real estate(1) | (0.31) | (0.31) | |||||||||
| Company share of FFO | $ | 2.42 | $ | 2.45 | |||||||
Core FFO adjustments(2) | (0.01) | (0.01) | |||||||||
| Company share of Core FFO | $ | 2.41 | $ | 2.44 | |||||||
(1)Reflects dispositions through September 30, 2026. See details on page 30.
(2)Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses, (iv) write-offs of below-market lease intangibles related to unexercised renewal options, (v) debt extinguishment and modification expenses, (vi) gain on termination of interest rate swaps, and (vii) non-capitalizable demolition costs.
Occupancy by County:
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | ||||||||||||||||||||||||||||
| Ending Occupancy: | ||||||||||||||||||||||||||||||||
| Los Angeles County | 89.7% | 90.1% | 89.8% | 88.3% | 90.9% | |||||||||||||||||||||||||||
| Orange County | 95.1% | 91.8% | 92.2% | 93.6% | 93.7% | |||||||||||||||||||||||||||
| Riverside / San Bernardino County | 91.7% | 86.9% | 91.2% | 95.3% | 94.4% | |||||||||||||||||||||||||||
| San Diego County | 92.1% | 90.4% | 90.7% | 85.9% | 91.3% | |||||||||||||||||||||||||||
| Ventura County | 95.7% | 95.3% | 94.5% | 91.8% | 89.8% | |||||||||||||||||||||||||||
| Total/Weighted Average | 91.3% | 90.0% | 90.7% | 90.2% | 91.8% | |||||||||||||||||||||||||||
| Total Portfolio RSF | 44,469,043 | 49,934,203 | 50,445,312 | 51,161,188 | 50,850,824 | |||||||||||||||||||||||||||
Uncommenced Lease Data:
| Total/Weighted Average | ||||||||
| Occupied SF | 40,584,026 | |||||||
Uncommenced Renewal Leases - Leased SF(1) | 624,502 | |||||||
Uncommenced New Leases - Leased SF(1) | 406,427 | |||||||
| Leased SF | 40,990,453 | |||||||
| Percent Leased | 92.2 | % | ||||||
In-Place ABR(2) | $ | 719,344 | ||||||
ABR Under Uncommenced Leases (in thousands)(2)(3) | 14,178 | |||||||
In-Place + Uncommenced ABR (in thousands)(2) | $ | 733,522 | ||||||
In-Place + Uncommenced ABR per SF(2) | $ | 17.89 | ||||||
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of September 30, 2026.
(2)See page 32 for further details on how these amounts are calculated.
(3)Includes $14.1 million of annualized base rent under Uncommenced New Leases and $36 thousand of annualized base rent under Uncommenced Renewal Leases.
Third Quarter 2026 Supplemental Financial Reporting Package | Page 36 | | ||||||