Rexford Industrial (NYSE: REXR) takes $624M hit, plans $2B asset sales
Rhea-AI Filing Summary
Rexford Industrial Realty, Inc. reported Q2 2026 results featuring a large GAAP loss but stable cash earnings. Net loss attributable to common stockholders was $506.9 million, or $(2.26) per diluted share, versus net income of $113.4 million, or $0.48 per share, a year earlier, driven by $624.8 million of non-cash real estate impairments tied to assets designated for disposition. Company share of Core FFO was $141.4 million, up 1.2%, or $0.63 per diluted share, a 6.8% increase.
Same Property Portfolio Cash NOI grew 1.5% with average occupancy of 95.7%. The company executed 2.1 million square feet of leases, with net effective and cash rent spreads of (2.8)% and (11.3)%, respectively. Q2 dispositions totaled seven properties for $137.9 million, and year-to-date sales reached $265.3 million. Full-year 2026 disposition guidance was raised sharply to $1.5–$2.0 billion, and Core FFO per diluted share guidance was slightly increased to $2.38–$2.43.
Liquidity stood at about $1.3 billion, including $32.2 million in cash and $1.2 billion available on the revolver, against $3.3 billion of debt with a 3.7% weighted average rate and 4.5x Net Debt to Adjusted EBITDAre. The board authorized a new $1.0 billion stock repurchase program and declared a Q3 2026 common dividend of $0.435 per share, while progressing a leadership transition to new CEO Laura Clark and COO John Nahas as part of a broader portfolio realignment strategy targeting approximately $2 billion of identified non-core asset sales.
Positive
- Core FFO per diluted share grew 6.8% to $0.63, and 2026 company share of Core FFO per share guidance was nudged up to $2.38–$2.43, indicating resilient cash earnings despite significant portfolio repositioning.
- Capital allocation is aggressive and flexible, with 2026 disposition guidance raised to $1.5–$2.0 billion and a new $1.0 billion stock repurchase program authorized through July 2028, backed by roughly $1.3 billion of liquidity.
Negative
- Q2 2026 GAAP net loss reached $506.9 million, or $(2.26) per diluted share, driven by $624.8 million of non-cash real estate impairments associated with shortening expected holding periods for assets slated for sale.
Insights
Analyzing...
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, and exhibit attachments filed with this report.
Key Figures
Q2 2026 net loss attributable to common: $506.9 million
Q2 2026 impairment of real estate: $624.8 million
Company share of Core FFO, Q2 2026: $141.4 million
+5 more
8 metrics
Q2 2026 net loss attributable to common
$506.9 million
Three months ended June 30, 2026 net loss, versus $113.4 million net income in prior-year quarter
Q2 2026 impairment of real estate
$624.8 million
Non-cash impairments recorded in the quarter related to assets designated for disposition
Company share of Core FFO, Q2 2026
$141.4 million
Increased 1.2% year over year for the quarter ended June 30, 2026
Core FFO per diluted share, Q2 2026
$0.63
Up 6.8% from $0.59 per diluted share in the prior-year quarter
Same Property Portfolio Cash NOI growth, Q2 2026
1.5%
Year-over-year increase in Same Property Portfolio Cash NOI for second quarter 2026
2026 disposition guidance
$1.5B–$2.0B
Updated full-year 2026 disposition guidance, raised from $400M–$500M
New stock repurchase authorization
$1.0 billion
Board-authorized stock repurchase program effective through July 2028 with full availability
Net Debt to Adjusted EBITDAre
4.5x
Leverage ratio as of June 30, 2026 based on annualized Adjusted EBITDAre
Key Terms
Core FFO, Same Property Portfolio Cash NOI, industrial outdoor storage (IOS), Net Debt to Adjusted EBITDAre, +1 more
5 terms
Core FFO financial
"Company share of Core FFO per diluted share of $0.63, an increase of 6.8%."
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 Cash NOI financial
"Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%."
industrial outdoor storage (IOS) technical
"improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet"
Industrial outdoor storage (IOS) is the use of land or paved yards to park, stack, or stage heavy equipment, raw materials, shipping containers, or finished goods instead of storing them inside buildings. Think of it like a large parking lot or staging area for industrial items; it matters to investors because IOS can boost usable revenue-generating space, lower construction costs, and attract different tenants, but it also brings higher regulatory, environmental, and insurance risks that affect property value and operating expenses.
Net Debt to Adjusted EBITDAre financial
"Net Debt to Adjusted EBITDAre of 4.5x."
A leverage ratio that compares a company’s net debt (total borrowings minus cash and equivalents) to its adjusted EBITDAre, a version of annual core cash profit that removes one‑off items and non‑recurring effects. It tells investors how many years of that normalized operating cash flow would be needed to pay off the company’s net borrowings; lower numbers mean less risk and greater financial flexibility, like measuring how many paychecks it would take to clear a mortgage.
unlevered stabilized return on cost financial
"These projects achieved a weighted average unlevered stabilized return on cost of 8.0%."
Earnings Snapshot
Net loss attributable to common stockholders: $(506.9) million · Guidance included
Quarter ended June 30, 2026
Net loss attributable to common stockholders
$(506.9) million
compared to net income of $113.4 million in Q2 2025
Core FFO per diluted share
$0.63
increased 6.8% from $0.59 in Q2 2025
Company share of Core FFO
$141.4 million
rose 1.2% from $139.7 million in Q2 2025
Same Property Portfolio Cash NOI growth
1.5%
year-over-year increase for the second quarter of 2026
Average Same Property Portfolio occupancy
95.7%
up 100 basis points from 94.7% in Q2 2025
Guidance
For 2026, the company guides to net loss attributable to common stockholders per diluted share of $(1.32)–$(1.27) and company share of Core FFO per diluted share of $2.38–$2.43, with disposition volume of $1.5–$2.0 billion.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did Rexford Industrial (REXR) perform financially in Q2 2026?
Rexford reported a Q2 2026 net loss of $506.9 million, or $(2.26) per diluted share, mainly from non-cash impairments. However, company share of Core FFO was $141.4 million, or $0.63 per diluted share, up 6.8% year over year.
What caused Rexford Industrial (REXR)'s large net loss in Q2 2026?
The net loss was driven by $624.8 million of real estate impairments, partially offset by $21.9 million of gains on sale of real estate. These non-cash impairments relate primarily to assets designated for disposition as the company accelerates its portfolio realignment.
What 2026 earnings guidance did Rexford Industrial (REXR) provide?
For 2026, Rexford guides to net loss per diluted share of $(1.32)–$(1.27) and company share of Core FFO per diluted share of $2.38–$2.43. Guidance reflects the in-place portfolio as of July 23, 2026 and expected investment and disposition activity.
What portfolio realignment and dispositions has Rexford Industrial (REXR) planned?
Rexford launched a disposition initiative targeting approximately $2 billion of identified non-core assets. Full-year 2026 disposition guidance was raised to $1.5–$2.0 billion, up from $400–$500 million, with proceeds expected to bolster the balance sheet and fund high-return opportunities.
What were Rexford Industrial (REXR)'s Q2 2026 leasing and occupancy metrics?
Rexford executed 2.1 million square feet of new and renewal leases in Q2 2026. Average Same Property Portfolio occupancy was 95.7%, with ending occupancy of 95.1%, while total portfolio (including repositioning and development) was 90.0% occupied and 90.3% leased.
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): July 23, 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 July 23, 2026, Rexford Industrial Realty, Inc. (the “Company”) issued a press release announcing its earnings for the quarter ended June 30, 2026, and distributed certain supplemental financial information. On July 23, 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 June 30, 2026 and distributed certain supplemental information. On July 23, 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 July 23, 2026 | |||||||
| 99.2 | Second 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. | |||||
| July 23, 2026 | /s/ Michael Fitzmaurice | ||||
| Michael Fitzmaurice Chief Financial Officer (Principal Financial and Accounting Officer) | |||||
Exhibit 99.1
Rexford Industrial Announces Second Quarter 2026 Financial Results
Raises 2026 Core FFO per share guidance
Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion
Los Angeles, California — July 23, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2026.
Second Quarter 2026 Financial and Operational Highlights (all comparisons to Second Quarter 2025)
•Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share.
•Company share of Core FFO of $141.4 million, an increase of 1.2%.
•Company share of Core FFO per diluted share of $0.63, an increase of 6.8%.
•Total Portfolio NOI of $186.8 million, an increase of 0.3%.
•Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%.
•Average Same Property Portfolio occupancy of 95.7%.
•Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis.
•Stabilized two development projects totaling 196,391 square feet.
•Sold seven properties for a total sales price of $137.9 million.
•Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment.
•Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share.
•Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program.
•Net Debt to Adjusted EBITDAre of 4.5x.
"This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities,” said Laura Clark, Chief Executive Officer. “The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward.”
Financial
The Company reported net loss attributable to common stockholders for the second quarter of $506.9 million, or $2.26 per diluted share, compared to net income of $113.4 million, or $0.48 per diluted share, in the prior year quarter. Net loss in the second quarter includes $624.8 million of impairments and $21.9 million of gains on sale of real estate, as compared to $0 and $44.4 million, respectively, for the prior year quarter. The non-cash impairments primarily reflect certain assets designated for disposition whose expected holding periods were shortened in connection with the Company's increased disposition guidance. For the six months ended June 30, 2026, net loss attributable to common
stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.
The Company reported its share of Core FFO for the second quarter of $141.4 million, representing a 1.2% increase, compared to $139.7 million for the prior year quarter. The Company reported Core FFO of $0.63 per diluted share, representing an increase of 6.8%, compared to $0.59 per diluted share for the prior year quarter. Company share of Core FFO increased by $1.7 million, or $0.04 per diluted share year-over-year, driven by lower general and administrative expense related to the CEO leadership transition and the benefit of share repurchases, partially offset by lower NOI from dispositions executed in the first half of 2026. For the six months ended June 30, 2026, the Company’s share of Core FFO was $281.2 million, representing a 0.2% increase, compared to $280.7 million for the prior year period. For the six months ended June 30, 2026, the Company reported Core FFO of $1.24 per diluted share, representing an increase of 2.5%, compared to $1.21 per diluted share for the prior year period.
In the second quarter of 2026, the Company’s Same Property Portfolio NOI and Cash NOI decreased 0.5% and increased 1.5%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression and higher bad debt, partially offset by higher average occupancy. Same Property Portfolio Cash NOI growth was positively driven by annual contractual rent increases and higher average occupancy, partially offset by higher bad debt. For the six months ended June 30, 2026, the Company’s Same Property Portfolio NOI and Cash NOI increased 0.3% and 0.6%, respectively, compared to the prior year period.
Operations
Q2 2026 Leasing Activity | ||||||||||||||||||||||||||
Releasing Spreads(1) | ||||||||||||||||||||||||||
| # of Leases Executed | SF of Leasing | Net Effective | Cash | |||||||||||||||||||||||
| New Leases | 53 | 840,344 | (13.8)% | (19.5)% | ||||||||||||||||||||||
| Renewal Leases | 64 | 1,261,446 | 1.4% | (8.1)% | ||||||||||||||||||||||
| Total Leases | 117 | 2,101,790 | (2.8)% | (11.3)% | ||||||||||||||||||||||
(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 Q2 2026.
As of June 30, 2026, the Company’s Same Property Portfolio occupancy was 95.1%. Average Same Property Portfolio occupancy for the second quarter was 95.7%. The Company’s total portfolio, excluding repositioning and development assets, was 94.8% occupied and 95.0% leased, and the Company’s total portfolio, including repositioning and development assets, was 90.0% occupied and 90.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of June 30, 2026.
Repositionings and Developments
During the second quarter of 2026, the Company executed three development and repositioning leases totaling 146,430 square feet. Subsequent to quarter end, the Company executed two leases totaling 102,025 square feet at a development project located at 3680-3880 Voyager Street and a repositioning project located at 24935-24955 Avenue Kearny. Year to date through July 23, 2026, leasing activity across the Company’s repositioning and development pipeline totals 286,299 square feet.
During the second quarter of 2026, the Company stabilized two development projects totaling 196,391 square feet, representing a total investment of $98.0 million. These projects achieved a weighted average unlevered stabilized return on cost of 8.0%.
Year to date, the Company stabilized four repositioning and development projects totaling 341,280 square feet, representing a total investment of $146.6 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.1%.
Dispositions
During the second quarter of 2026, the Company disposed of seven properties, totaling 571,708 square feet, for an aggregate sales price of $137.9 million, including four sites previously in the near-term development pipeline.
Year to date, the Company disposed of twelve properties totaling 886,401 square feet for an aggregate sales price of $265.3 million, including six sites previously in the near-term development pipeline.
Balance Sheet
The Company ended the second quarter of 2026 with approximately $1.3 billion of total liquidity, including $32.2 million in unrestricted cash on hand and $1.2 billion available under its unsecured revolving credit facility.
During the second quarter of 2026, the Company repurchased 2,801,307 shares of its common stock for $100 million, at a weighted average price of $35.70 per share, bringing year-to-date repurchases to $300 million. Subsequent to quarter end, the Company's Board of Directors authorized a new $1.0 billion stock repurchase program, which superseded and replaced the prior program and is authorized through July 2028. The Company has full availability under the current program.
As of June 30, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%. Floating-rate debt exposure was limited to $14.0 million outstanding under the Company's revolving credit facility. The weighted average term-to-maturity of the Company’s outstanding debt is 2.8 years with no material debt maturities until 2027.
Dividends
On July 20, 2026, the Company’s Board of Directors authorized a dividend in the amount of $0.435 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.
On July 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 September 30, 2026, to preferred stockholders of record as of September 15, 2026.
Leadership Transition and Board of Directors
On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeded Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 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.
The Company is announcing a disposition initiative to realign its portfolio through the planned sale of approximately $2 billion of identified non-core assets. The Company intends to recycle proceeds to increase its financial flexibility through the strengthening of its balance sheet as well as deployment toward the highest risk-adjusted return opportunities, including accretive share repurchases. Accordingly, the Company has increased its full year 2026 disposition guidance to $1.5 to $2.0 billion from $400 to $500 million.
| 2026 Outlook | Q2 2026 Updated Guidance | Q1 2026 Guidance | ||||||||||||
| Earnings | ||||||||||||||
Net (Loss) Income Attributable to Common Stockholders per diluted share(1) | ($1.32) - ($1.27) | $1.22 - $1.27 | ||||||||||||
Company share of Core FFO per diluted share(1) | $2.38 - $2.43 | $2.37 - $2.42 | ||||||||||||
Same Property Portfolio(2) | ||||||||||||||
| Same Property Portfolio NOI Growth - Net Effective | (1.25)% - (0.25)% | (2.0)% - (1.0)% | ||||||||||||
| Same Property Portfolio NOI Growth - Cash | (0.75)% - 0.25% | (1.5)% - (0.5)% | ||||||||||||
Average Same Property Portfolio Occupancy (Full Year) | 95.3% - 95.7% | 95.1% - 95.6% | ||||||||||||
| Capital Allocation | ||||||||||||||
| Dispositions | $1.5B - $2.0B | $400M - $500M | ||||||||||||
Repositioning/Development Annualized Stabilized Cash NOI(3) | $16M - $18M | $16M - $18M | ||||||||||||
| Repositioning/Development Starts (SF) | 1.2M | 1.2M | ||||||||||||
Repositioning/Development Starts (Total Estimated Project Costs) | $160M - $170M | $160M - $170M | ||||||||||||
| Other Assumptions | ||||||||||||||
General and Administrative Expenses | +/-$57M | +/-$60M | ||||||||||||
| Interest Expense | +/-$105M | +/-$112M | ||||||||||||
(1) 2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 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 July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (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 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Boulevard and 19900 Plummer Street, which stabilized in the second quarter.
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, July 24, 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 401 760 274.
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 creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. As of June 30, 2026, Rexford Industrial’s high-quality, irreplaceable portfolio comprised 409 properties with approximately 49.9 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. 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. 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 (Loss) Income 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 income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
| 2026 Estimate | |||||||||||
| Low | High | ||||||||||
| Net loss attributable to common stockholders | $ | (1.32) | $ | (1.27) | |||||||
| Company share of depreciation and amortization | 1.21 | 1.21 | |||||||||
| Company share of impairment of real estate | 2.71 | 2.71 | |||||||||
Company share of gains on sale of real estate | (0.21) | (0.21) | |||||||||
| Company share of FFO | $ | 2.39 | $ | 2.44 | |||||||
Add: Core FFO adjustments(1) | (0.01) | (0.01) | |||||||||
| Company share of Core FFO | $ | 2.38 | $ | 2.43 | |||||||
(1)Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.
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 June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 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 June 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.6 million rentable square feet at 341 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 June 30, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.1%. 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, acquisition expenses, 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)
| June 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| ASSETS | |||||||||||
| Land | $ | 7,104,413 | $ | 7,689,921 | |||||||
| Buildings and improvements | 4,541,066 | 4,677,318 | |||||||||
| Tenant improvements | 206,540 | 198,161 | |||||||||
| Furniture, fixtures, and equipment | 132 | 132 | |||||||||
| Construction in progress | 324,365 | 451,109 | |||||||||
| Total real estate held for investment | 12,176,516 | 13,016,641 | |||||||||
| Accumulated depreciation | (1,163,226) | (1,165,792) | |||||||||
| Investments in real estate, net | 11,013,290 | 11,850,849 | |||||||||
| Cash and cash equivalents | 32,226 | 165,778 | |||||||||
Loan receivable, net | 123,934 | 123,704 | |||||||||
| Rents and other receivables, net | 12,132 | 13,958 | |||||||||
| Deferred rent receivable, net | 210,474 | 190,376 | |||||||||
| Deferred leasing costs, net | 90,864 | 87,745 | |||||||||
Deferred loan costs, net | 5,877 | 6,886 | |||||||||
| Acquired lease intangible assets, net | 114,489 | 140,627 | |||||||||
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | |||||||||
Interest rate swap assets | 9,247 | 2,025 | |||||||||
| Other assets | 16,987 | 25,609 | |||||||||
| Total Assets | $ | 11,634,676 | $ | 12,612,713 | |||||||
| LIABILITIES & EQUITY | |||||||||||
| Liabilities | |||||||||||
| Notes payable | $ | 3,263,724 | $ | 3,251,909 | |||||||
| Interest rate swap liability | 3 | 829 | |||||||||
| Accounts payable, accrued expenses and other liabilities | 99,101 | 120,849 | |||||||||
| Dividends and distributions payable | 100,960 | 103,399 | |||||||||
| Acquired lease intangible liabilities, net | 105,856 | 116,487 | |||||||||
| Tenant security deposits | 92,386 | 92,444 | |||||||||
Tenant prepaid rents | 79,518 | 88,777 | |||||||||
| Total Liabilities | 3,741,548 | 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 June 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 June 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 222,989,057 and 231,580,135 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 2,230 | 2,316 | |||||||||
| Additional paid in capital | 8,631,341 | 8,945,123 | |||||||||
| Cumulative distributions in excess of earnings | (1,255,153) | (642,130) | |||||||||
| Accumulated other comprehensive income (loss) | 7,473 | (422) | |||||||||
| Total stockholders’ equity | 7,541,567 | 8,460,563 | |||||||||
| Noncontrolling interests | 351,561 | 377,456 | |||||||||
| Total Equity | 7,893,128 | 8,838,019 | |||||||||
| Total Liabilities and Equity | $ | 11,634,676 | $ | 12,612,713 | |||||||
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| REVENUES | |||||||||||||||||||||||
| Rental income | $ | 242,996 | $ | 241,568 | $ | 485,137 | $ | 490,389 | |||||||||||||||
| Management and leasing services | — | 132 | — | 274 | |||||||||||||||||||
| Interest income | 2,510 | 7,807 | 5,447 | 11,131 | |||||||||||||||||||
| TOTAL REVENUES | 245,506 | 249,507 | 490,584 | 501,794 | |||||||||||||||||||
| OPERATING EXPENSES | |||||||||||||||||||||||
| Property expenses | 56,214 | 55,298 | 112,977 | 110,559 | |||||||||||||||||||
| General and administrative | 13,693 | 19,752 | 28,618 | 39,620 | |||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | |||||||||||||||||||
| TOTAL OPERATING EXPENSES | 143,386 | 146,238 | 288,007 | 308,107 | |||||||||||||||||||
| OTHER (EXPENSES) INCOME | |||||||||||||||||||||||
| Other income | 3,500 | — | 4,850 | — | |||||||||||||||||||
| Other expenses, net | 2,001 | (244) | 1,899 | (2,483) | |||||||||||||||||||
| Interest expense | (28,571) | (26,701) | (55,171) | (53,989) | |||||||||||||||||||
Impairment of real estate | (624,754) | — | (631,578) | — | |||||||||||||||||||
Debt extinguishment and modification expenses | — | (291) | — | (291) | |||||||||||||||||||
| Gains on sale of real estate | 21,893 | 44,361 | 48,174 | 57,518 | |||||||||||||||||||
| TOTAL OTHER (EXPENSES) INCOME | (625,931) | 17,125 | (631,826) | 755 | |||||||||||||||||||
| NET (LOSS) INCOME | (523,811) | 120,394 | (429,249) | 194,442 | |||||||||||||||||||
| Less: net loss (income) attributable to noncontrolling interests | 19,665 | (4,060) | 16,290 | (6,909) | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | (504,146) | 116,334 | (412,959) | 187,533 | |||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | |||||||||||||||||||
| Less: earnings attributable to participating securities | (441) | (592) | (1,449) | (1,131) | |||||||||||||||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (506,902) | $ | 113,427 | $ | (419,037) | $ | 181,773 | |||||||||||||||
Net (loss) income attributable to common stockholders per share – basic | $ | (2.26) | $ | 0.48 | $ | (1.85) | $ | 0.78 | |||||||||||||||
Net (loss) income attributable to common stockholders per share – diluted | $ | (2.26) | $ | 0.48 | $ | (1.86) | $ | 0.78 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic | 223,812 | 236,099 | 226,050 | 231,771 | |||||||||||||||||||
| Weighted-average shares of common stock outstanding – diluted | 223,812 | 236,099 | 234,636 | 231,771 | |||||||||||||||||||
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
Same Property Portfolio Occupancy | |||||||||||||||||
| June 30, | |||||||||||||||||
| 2026 | 2025 | Change (basis points) | |||||||||||||||
Quarterly Weighted Average Occupancy:(1) | |||||||||||||||||
| Los Angeles County | 96.5% | 93.2% | 330 bps | ||||||||||||||
| Orange County | 95.9% | 97.6% | (170) bps | ||||||||||||||
| Riverside / San Bernardino County | 93.3% | 97.0% | (370) bps | ||||||||||||||
| San Diego County | 97.5% | 98.0% | (50) bps | ||||||||||||||
| Ventura County | 94.6% | 91.4% | 320 bps | ||||||||||||||
| Same Property Portfolio Weighted Average Occupancy | 95.7% | 94.7% | 100 bps | ||||||||||||||
| Ending Occupancy: | 95.1% | 94.8% | 30 bps | ||||||||||||||
(1)Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).
Same Property Portfolio NOI and Cash NOI | |||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
Rental income(1) | $ | 210,974 | $ | 210,887 | $ | 87 | 0.0 | % | $ | 422,543 | $ | 418,561 | $ | 3,982 | 1.0 | % | |||||||||||||||||||||||||||||||
| Property expenses | 46,811 | 45,893 | 918 | 2.0 | % | 94,045 | 91,171 | 2,874 | 3.2 | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI | $ | 164,163 | $ | 164,994 | $ | (831) | (0.5) | % | $ | 328,498 | $ | 327,390 | $ | 1,108 | 0.3 | % | |||||||||||||||||||||||||||||||
| Straight line rental revenue adjustment | (4,938) | (6,328) | 1,390 | (22.0) | % | (15,235) | (13,835) | (1,400) | 10.1 | % | |||||||||||||||||||||||||||||||||||||
Above/(below) market lease revenue adjustments(1) | (3,093) | (4,829) | 1,736 | (35.9) | % | (7,263) | (9,401) | 2,138 | (22.7) | % | |||||||||||||||||||||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 156,132 | $ | 153,837 | $ | 2,295 | 1.5 | % | $ | 306,000 | $ | 304,154 | $ | 1,846 | 0.6 | % | |||||||||||||||||||||||||||||||
(1)Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the three months ended June 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 (Loss) Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (523,811) | $ | 120,394 | $ | (429,249) | $ | 194,442 | |||||||||||||||
| General and administrative | 13,693 | 19,752 | 28,618 | 39,620 | |||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | |||||||||||||||||||
| Other expenses, net | (2,001) | 244 | (1,899) | 2,483 | |||||||||||||||||||
| Interest expense | 28,571 | 26,701 | 55,171 | 53,989 | |||||||||||||||||||
Debt extinguishment and modification expenses | — | 291 | — | 291 | |||||||||||||||||||
| Management and leasing services | — | (132) | — | (274) | |||||||||||||||||||
| Other income | (3,500) | — | (4,850) | — | |||||||||||||||||||
| Interest income | (2,510) | (7,807) | (5,447) | (11,131) | |||||||||||||||||||
Impairment of real estate | 624,754 | — | 631,578 | — | |||||||||||||||||||
| Gains on sale of real estate | (21,893) | (44,361) | (48,174) | (57,518) | |||||||||||||||||||
| Net operating income (NOI) | $ | 186,782 | $ | 186,270 | $ | 372,160 | $ | 379,830 | |||||||||||||||
| Straight line rental revenue adjustment | (9,967) | (6,918) | (25,103) | (12,435) | |||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,805) | (5,788) | (8,452) | (14,974) | |||||||||||||||||||
| Cash NOI | $ | 173,010 | $ | 173,564 | $ | 338,605 | $ | 352,421 | |||||||||||||||
| NOI | $ | 186,782 | $ | 186,270 | $ | 372,160 | $ | 379,830 | |||||||||||||||
| Non-Same Property Portfolio rental income | (32,022) | (30,681) | (62,594) | (71,828) | |||||||||||||||||||
| Non-Same Property Portfolio property expenses | 9,403 | 9,405 | 18,932 | 19,388 | |||||||||||||||||||
| Same Property Portfolio NOI | $ | 164,163 | $ | 164,994 | $ | 328,498 | $ | 327,390 | |||||||||||||||
| Straight line rental revenue adjustment | (4,938) | (6,328) | (15,235) | (13,835) | |||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,093) | (4,829) | (7,263) | (9,401) | |||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 156,132 | $ | 153,837 | $ | 306,000 | $ | 304,154 | |||||||||||||||
Rexford Industrial Realty, Inc.
Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (523,811) | $ | 120,394 | $ | (429,249) | $ | 194,442 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | |||||||||||||||||||
Impairment of real estate | 624,754 | — | 631,578 | — | |||||||||||||||||||
| Gains on sale of real estate | (21,893) | (44,361) | (48,174) | (57,518) | |||||||||||||||||||
| Funds From Operations (FFO) | $ | 152,529 | $ | 147,221 | $ | 300,567 | $ | 294,852 | |||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | |||||||||||||||||||
Less: FFO attributable to noncontrolling interests(1) | (5,726) | (4,962) | (11,008) | (10,356) | |||||||||||||||||||
Less: FFO attributable to participating securities(2) | (680) | (728) | (2,114) | (1,478) | |||||||||||||||||||
| Company share of FFO | $ | 143,808 | $ | 139,216 | $ | 282,816 | $ | 278,389 | |||||||||||||||
| Company Share of FFO per common share – basic | $ | 0.64 | $ | 0.59 | $ | 1.25 | $ | 1.20 | |||||||||||||||
| Company Share of FFO per common share – diluted | $ | 0.64 | $ | 0.59 | $ | 1.25 | $ | 1.20 | |||||||||||||||
| FFO | $ | 152,529 | $ | 147,221 | $ | 300,567 | $ | 294,852 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Acquisition expenses(3) | — | 23 | — | 102 | |||||||||||||||||||
| Debt extinguishment and modification expenses | — | 291 | — | 291 | |||||||||||||||||||
Non-capitalizable demolition costs(3) | — | — | — | 365 | |||||||||||||||||||
Co-CEO transition costs(3)(4) | (2,330) | — | (2,330) | — | |||||||||||||||||||
Severance costs(3)(5) | 269 | 199 | 269 | 1,682 | |||||||||||||||||||
Other nonrecurring expenses(3)(6) | 45 | — | 107 | — | |||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(7) | (497) | — | (497) | — | |||||||||||||||||||
| Core FFO | $ | 150,016 | $ | 147,734 | $ | 298,116 | $ | 297,292 | |||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | |||||||||||||||||||
Less: Core FFO attributable to noncontrolling interest(1) | (5,631) | (4,979) | (10,915) | (10,440) | |||||||||||||||||||
Less: Core FFO attributable to participating securities(2) | (668) | (731) | (1,412) | (1,491) | |||||||||||||||||||
| Company share of Core FFO | $ | 141,402 | $ | 139,709 | $ | 281,160 | $ | 280,732 | |||||||||||||||
| Company share of Core FFO per common share – basic | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.21 | |||||||||||||||
| Company share of Core FFO per common share – diluted | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.21 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic | 223,812 | 236,099 | 226,050 | 231,771 | |||||||||||||||||||
| Weighted-average shares of common stock outstanding – diluted | 223,812 | 236,099 | 226,050 | 231,771 | |||||||||||||||||||
(1)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(2)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(3)Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations.
(4)Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(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.
Rexford Industrial Realty, Inc.
Reconciliation of Net Loss to Adjusted EBITDAre
(Unaudited and in thousands)
| Three Months Ended June 30, 2026 | |||||
| Net loss | $ | (523,811) | |||
| Interest expense | 28,571 | ||||
| Depreciation and amortization | 73,479 | ||||
Impairment of real estate | 624,754 | ||||
| Gains on sale of real estate | (21,893) | ||||
EBITDAre | $ | 181,100 | |||
| Stock-based compensation amortization | 3,666 | ||||
Write-offs of below-market lease intangibles related to unexercised renewal options(1) | (497) | ||||
Co-CEO transition costs(2) | (2,330) | ||||
| Other nonrecurring expenses | 45 | ||||
Pro forma effect of dispositions(3) | 68 | ||||
Adjusted EBITDAre | $ | 182,052 | |||
(1)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.
(2)Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(3)Represents the impact on second quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on April 1, 2026.
Exhibit 99.2
Table of Contents. | ||||||||
| Section | Page | ||||
| Corporate Data: | |||||
Investor Company Summary | 3 | ||||
Company Overview | 4 | ||||
Highlights - Consolidated Financial Results | 5 | ||||
Financial and Portfolio Highlights and Capitalization Data | 6 | ||||
Guidance | 7 | ||||
| Consolidated Financial Results: | |||||
Consolidated Balance Sheets | 9 | ||||
Consolidated Statements of Operations | 10 | ||||
Non-GAAP FFO, Core FFO and AFFO Reconciliations | 12 | ||||
Statement of Operations Reconciliations | 15 | ||||
Same Property Portfolio Performance | 16 | ||||
Capitalization Summary | 17 | ||||
Debt Summary | 18 | ||||
| Portfolio Data: | |||||
Operations | 20 | ||||
Portfolio Overview | 21 | ||||
Executed Leasing Statistics and Trends | 22 | ||||
Top Tenants and Lease Segmentation | 24 | ||||
Capital Expenditure Summary | 25 | ||||
Properties and Space Under Repositioning/Development | 26 | ||||
Current Year Investments and Dispositions Summary | 31 | ||||
Net Asset Value Components | 32 | ||||
Notes and Definitions | 33 | ||||
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.
Second 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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 3 | | ||||||
Company Overview. | ||||||||
| For the Quarter Ended June 30, 2026 | ||||||||
Second Quarter 2026 Supplemental Financial Reporting Package | Page 4 | | ||||||
Highlights - Consolidated Financial Results. | ||||||||
| Quarterly Results | (in millions) | |||||||
Second Quarter 2026 Supplemental Financial Reporting Package | Page 5 | | ||||||
Financial and Portfolio Highlights and Capitalization Data.(1) | ||||||||
| (in thousands except share and per share data and portfolio statistics) | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| Financial Results: | |||||||||||||||||||||||||||||
| Total rental income | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | $ | 241,568 | |||||||||||||||||||
Net (loss) income | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | $ | 120,394 | |||||||||||||||||||
| Net Operating Income (NOI) | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | $ | 186,270 | |||||||||||||||||||
| Company share of Core FFO | $ | 141,402 | $ | 139,758 | $ | 136,182 | $ | 141,700 | $ | 139,709 | |||||||||||||||||||
| Company share of Core FFO per common share - diluted | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | $ | 0.59 | |||||||||||||||||||
Adjusted EBITDAre | $ | 182,052 | $ | 178,557 | $ | 177,808 | $ | 182,624 | $ | 184,111 | |||||||||||||||||||
| Dividend declared per common share | $ | 0.435 | $ | 0.435 | $ | 0.430 | $ | 0.430 | $ | 0.430 | |||||||||||||||||||
| Portfolio Statistics: | |||||||||||||||||||||||||||||
| Portfolio rentable square feet (“RSF”) | 49,934,203 | 50,445,312 | 51,161,188 | 50,850,824 | 51,021,897 | ||||||||||||||||||||||||
| Ending occupancy | 90.0% | 90.7% | 90.2% | 91.8% | 89.2% | ||||||||||||||||||||||||
| Ending occupancy excluding repositioning/development | 94.8% | 95.2% | 96.0% | 97.3% | 95.0% | ||||||||||||||||||||||||
Net Effective Rent Change(2) | (2.8)% | (10.0)% | 22.0% | 26.1% | 20.9% | ||||||||||||||||||||||||
Cash Rent Change(2) | (11.3)% | (15.4)% | 9.0% | 10.3% | 8.1% | ||||||||||||||||||||||||
| Same Property Portfolio Performance: | |||||||||||||||||||||||||||||
Same Property Portfolio ending occupancy(3)(4) | 95.1% | 96.2% | 96.5% | 97.0% | 94.8% | ||||||||||||||||||||||||
Same Property Portfolio NOI growth(4)(5) | -0.5% | 1.2% | |||||||||||||||||||||||||||
Same Property Portfolio Cash NOI growth(4)(5) | 1.5% | -0.3% | |||||||||||||||||||||||||||
| Capitalization: | |||||||||||||||||||||||||||||
Total shares and units issued and outstanding at period end(6) | 231,077,181 | 233,127,293 | 238,245,286 | 240,452,878 | 244,334,274 | ||||||||||||||||||||||||
| 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 | $ | 7,914,336 | $ | 7,803,506 | $ | 9,398,107 | $ | 10,058,268 | $ | 8,864,220 | |||||||||||||||||||
| Total consolidated debt | $ | 3,285,503 | $ | 3,271,720 | $ | 3,278,649 | $ | 3,278,896 | $ | 3,379,141 | |||||||||||||||||||
| Total combined market capitalization (net debt plus equity) | $ | 11,167,613 | $ | 11,023,512 | $ | 12,510,978 | $ | 13,088,208 | $ | 11,812,244 | |||||||||||||||||||
| Ratios: | |||||||||||||||||||||||||||||
| Net debt to total combined market capitalization | 29.1% | 29.2% | 24.9% | 23.2% | 25.0% | ||||||||||||||||||||||||
Net debt to Adjusted EBITDAre (quarterly results annualized) | 4.5x | 4.5x | 4.4x | 4.1x | 4.0x | ||||||||||||||||||||||||
(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)Rent Change for three months ended March 31, 2026, includes 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. Excluding this lease, the Net Effective Rent Change for Q1-2026 was 5.5% and the Cash Rent Change for Q1-2026 was (1.8)%.
(3)Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 36.
(4)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 Q2-2026. See page 31 for details related to dispositions.
(5)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(6)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,716,332 (Jun 30, 2026), 8,605,741 (Mar 31, 2026), 8,288,228 (Dec 31, 2025), 8,155,706 (Sep 30, 2025) and 8,182,445 (Jun 30, 2025). Excludes the following # of shares of unvested restricted stock: 628,208 (Jun 30, 2026), 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025), 513,234 (Sep 30, 2025) and 542,922 (Jun 30, 2025). Excludes unvested LTIP units and unvested performance units.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 6 | | ||||||
Guidance. | ||||||||
| As of June 30, 2026 | ||||||||
2026 OUTLOOK*
Q2 2026 Updated Guidance | Q1 2026 Guidance | YTD Results as of June 30, 2026 | |||||||||||||||||||||
| Earnings | |||||||||||||||||||||||
Net (Loss) Income Attributable to Common Stockholders per diluted share(1)(2) | ($1.32) - ($1.27) | $1.22 - $1.27 | $(1.86) | ||||||||||||||||||||
Company share of Core FFO per diluted share(1)(2) | $2.38 - $2.43 | $2.37 - $2.42 | $1.24 | ||||||||||||||||||||
Same Property Portfolio(3) | |||||||||||||||||||||||
| Same Property Portfolio NOI Growth - Net Effective | (1.25)% - (0.25)% | (2.0)% - (1.0)% | 0.3% | ||||||||||||||||||||
| Same Property Portfolio NOI Growth - Cash | (0.75)% - 0.25% | (1.5)% - (0.5)% | 0.6% | ||||||||||||||||||||
| Average Same Property Portfolio Occupancy (Full Year) | 95.3% - 95.7% | 95.1% - 95.6% | 96.0% | ||||||||||||||||||||
| Capital Allocation | |||||||||||||||||||||||
| Dispositions | $1.5B - $2.0B | $400M - $500M | $265M | ||||||||||||||||||||
Repositioning/Development Annualized Stabilized Cash NOI(4) | $16M - $18M | $16M - $18M | $4M | ||||||||||||||||||||
| Repositioning/Development Starts (SF) | 1.2M | 1.2M | 0.3M | ||||||||||||||||||||
| Repositioning/Development Starts (Total Estimated Project Costs) | $160M - $170M | $160M - $170M | $40M | ||||||||||||||||||||
| Other Assumptions | |||||||||||||||||||||||
| General and Administrative Expenses | +/-$57M | +/-$60M | $28.6M | ||||||||||||||||||||
| Interest Expense | +/-$105M | +/-$112M | $55.2M | ||||||||||||||||||||
(1)2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 2026, as well as guidance expectations related to investment activity.
(2)See page 37 for a reconciliation of the Company’s 2026 guidance range of net loss attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
(3)2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (as separately listed on pages 26-30) and select buildings in other repositioning and properties included in the 2026 disposition guidance.
(4)Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Blvd and 19900 Plummer Street, which stabilized in the second quarter.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 7 | | ||||||
Guidance (Continued). | ||||||||
| As of June 30, 2026 | ||||||||
2026 Guidance Rollforward(1)
| Earnings Components | Range ($ per share) | Notes | ||||||||||||||||||
Q1 2026 Core FFO Per Diluted Share Guidance | $2.37 | $2.42 | ||||||||||||||||||
Same Property Portfolio NOI Growth - Net Effective | 0.01 | 0.01 | Increased 75 bps at the midpoint to (1.25%) - (0.25%), primarily reflecting the removal of lower-growth assets tied to our 2026 planned dispositions, along with continued leasing momentum driving higher occupancy | |||||||||||||||||
| General & Administrative Expenses | 0.01 | 0.01 | Guidance updated to +/-$57M due to corporate expense efficiencies | |||||||||||||||||
| Other Income | 0.02 | 0.02 | Settlement and other miscellaneous income recognized in the second quarter 2026 | |||||||||||||||||
| Dispositions, Net | (0.03) | (0.03) | 2H 2026 planned dispositions, with proceeds allocated to debt repayment, share repurchases and cash investment; temporary 2026 dilution reflects the timing lag in redeploying proceeds | |||||||||||||||||
Current 2026 Core FFO Per Diluted Share Guidance | $2.38 | $2.43 | ||||||||||||||||||
| Core FFO Per Diluted Share Annual Growth | (0.8)% | 1.3% | ||||||||||||||||||
(1)2026 Guidance and Guidance Rollforward represent the in-place portfolio as of July 23, 2026, as well as guidance expectations related to investment activity.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 8 | | ||||||
Consolidated Balance Sheets. | ||||||||
| (unaudited and in thousands) | ||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| ASSETS | |||||||||||||||||||||||||||||
| Land | $ | 7,104,413 | $ | 7,562,694 | $ | 7,689,921 | $ | 7,774,737 | $ | 7,787,021 | |||||||||||||||||||
| Buildings and improvements | 4,541,066 | 4,821,492 | 4,677,318 | 4,607,202 | 4,594,494 | ||||||||||||||||||||||||
| Tenant improvements | 206,540 | 205,656 | 198,161 | 194,405 | 186,429 | ||||||||||||||||||||||||
| Furniture, fixtures, and equipment | 132 | 132 | 132 | 132 | 132 | ||||||||||||||||||||||||
| Construction in progress | 324,365 | 327,029 | 451,109 | 475,072 | 431,807 | ||||||||||||||||||||||||
| Total real estate held for investment | 12,176,516 | 12,917,003 | 13,016,641 | 13,051,548 | 12,999,883 | ||||||||||||||||||||||||
| Accumulated depreciation | (1,163,226) | (1,219,932) | (1,165,792) | (1,119,746) | (1,070,684) | ||||||||||||||||||||||||
| Investments in real estate, net | 11,013,290 | 11,697,071 | 11,850,849 | 11,931,802 | 11,929,199 | ||||||||||||||||||||||||
| Cash and cash equivalents | 32,226 | 51,714 | 165,778 | 248,956 | 431,117 | ||||||||||||||||||||||||
| Restricted cash | — | — | — | 65,464 | 130,071 | ||||||||||||||||||||||||
| Loan receivable, net | 123,934 | 123,819 | 123,704 | 123,589 | 123,474 | ||||||||||||||||||||||||
| Rents and other receivables, net | 12,132 | 11,962 | 13,958 | 15,727 | 12,861 | ||||||||||||||||||||||||
| Deferred rent receivable, net | 210,474 | 205,398 | 190,376 | 181,439 | 173,691 | ||||||||||||||||||||||||
| Deferred leasing costs, net | 90,864 | 92,022 | 87,745 | 82,227 | 71,482 | ||||||||||||||||||||||||
| Deferred loan costs, net | 5,877 | 6,382 | 6,886 | 7,391 | 7,892 | ||||||||||||||||||||||||
Acquired lease intangible assets, net(1) | 114,489 | 130,045 | 140,627 | 154,931 | 169,036 | ||||||||||||||||||||||||
Acquired indefinite-lived intangible asset | 5,156 | 5,156 | 5,156 | 5,156 | 5,156 | ||||||||||||||||||||||||
Interest rate swap assets | 9,247 | 4,562 | 2,025 | 2,804 | 3,586 | ||||||||||||||||||||||||
| Other assets | 16,987 | 20,500 | 25,609 | 31,522 | 15,765 | ||||||||||||||||||||||||
| Assets associated with real estate held for sale, net | — | 48,761 | — | — | 6,282 | ||||||||||||||||||||||||
| Total Assets | $ | 11,634,676 | $ | 12,397,392 | $ | 12,612,713 | $ | 12,851,008 | $ | 13,079,612 | |||||||||||||||||||
| LIABILITIES & EQUITY | |||||||||||||||||||||||||||||
| Liabilities | |||||||||||||||||||||||||||||
| Notes payable | $ | 3,263,724 | $ | 3,247,451 | $ | 3,251,909 | $ | 3,249,733 | $ | 3,347,575 | |||||||||||||||||||
| Interest rate swap liability | 3 | 9 | 829 | 1,626 | 667 | ||||||||||||||||||||||||
| Accounts payable, accrued expenses and other liabilities | 99,101 | 125,007 | 120,849 | 153,558 | 124,814 | ||||||||||||||||||||||||
| Dividends and distributions payable | 100,960 | 102,418 | 103,399 | 103,913 | 105,594 | ||||||||||||||||||||||||
Acquired lease intangible liabilities, net(2) | 105,856 | 110,914 | 116,487 | 122,870 | 129,683 | ||||||||||||||||||||||||
| Tenant security deposits | 92,386 | 95,219 | 92,444 | 91,835 | 90,757 | ||||||||||||||||||||||||
Tenant prepaid rents | 79,518 | 82,186 | 88,777 | 85,114 | 85,494 | ||||||||||||||||||||||||
| Liabilities associated with real estate held for sale | — | 482 | — | — | 4 | ||||||||||||||||||||||||
| Total Liabilities | 3,741,548 | 3,763,686 | 3,774,694 | 3,808,649 | 3,884,588 | ||||||||||||||||||||||||
| 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 | 2,230 | 2,263 | 2,316 | 2,328 | 2,367 | ||||||||||||||||||||||||
| Additional paid in capital | 8,631,341 | 8,745,875 | 8,945,123 | 8,993,439 | 9,140,264 | ||||||||||||||||||||||||
| Cumulative distributions in excess of earnings | (1,255,153) | (651,692) | (642,130) | (474,813) | (462,309) | ||||||||||||||||||||||||
| Accumulated other comprehensive income (loss) | 7,473 | 2,887 | (422) | (515) | 1,092 | ||||||||||||||||||||||||
| Total stockholders’ equity | 7,541,567 | 8,255,009 | 8,460,563 | 8,676,115 | 8,837,090 | ||||||||||||||||||||||||
| Noncontrolling interests | 351,561 | 378,697 | 377,456 | 366,244 | 357,934 | ||||||||||||||||||||||||
| Total Equity | 7,893,128 | 8,633,706 | 8,838,019 | 9,042,359 | 9,195,024 | ||||||||||||||||||||||||
| Total Liabilities and Equity | $ | 11,634,676 | $ | 12,397,392 | $ | 12,612,713 | $ | 12,851,008 | $ | 13,079,612 | |||||||||||||||||||
(1)Includes net above-market tenant lease intangibles of $14,559 (Jun 30, 2026), $17,674 (Mar 31, 2026), $19,460 (Dec 31, 2025), $22,574 (Sep 30, 2025) and $24,994 (Jun 30, 2025), and a net below-market ground lease intangible of $12,271 (Jun 30, 2026), $12,312 (Mar 31, 2026), $12,354 (Dec 31, 2025), $12,395 (Sep 30, 2025) and $12,436 (Jun 30, 2025).
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 9 | | ||||||
Consolidated Statements of Operations. | ||||||||
| Quarterly Results | (unaudited and in thousands, except share and per share data) | |||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
| Revenues | |||||||||||||||||||||||||||||
Rental income(1) | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | $ | 241,568 | |||||||||||||||||||
| Management and leasing services | — | — | 197 | 118 | 132 | ||||||||||||||||||||||||
| Interest income | 2,510 | 2,937 | 4,670 | 6,367 | 7,807 | ||||||||||||||||||||||||
| Total Revenues | 245,506 | 245,078 | 248,097 | 253,242 | 249,507 | ||||||||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Property expenses | 56,214 | 56,763 | 59,287 | 57,879 | 55,298 | ||||||||||||||||||||||||
| General and administrative | 13,693 | 14,925 | 19,199 | 20,037 | 19,752 | ||||||||||||||||||||||||
| Depreciation and amortization | 73,479 | 72,933 | 76,819 | 81,172 | 71,188 | ||||||||||||||||||||||||
| Total Operating Expenses | 143,386 | 144,621 | 155,305 | 159,088 | 146,238 | ||||||||||||||||||||||||
| Other (Expenses) Income | |||||||||||||||||||||||||||||
Other income | 3,500 | 1,350 | — | — | — | ||||||||||||||||||||||||
| Other expenses, net | 2,001 | (102) | (65,910) | (4,218) | (244) | ||||||||||||||||||||||||
| Interest expense | (28,571) | (26,600) | (25,451) | (25,463) | (26,701) | ||||||||||||||||||||||||
| Impairment of real estate | (624,754) | (6,824) | (89,097) | — | — | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | — | — | — | — | (291) | ||||||||||||||||||||||||
| Gains on sale of real estate | 21,893 | 26,281 | 19,931 | 28,583 | 44,361 | ||||||||||||||||||||||||
| Total Other (Expenses) Income | (625,931) | (5,895) | (160,527) | (1,098) | 17,125 | ||||||||||||||||||||||||
| Net (Loss) Income | (523,811) | 94,562 | (67,735) | 93,056 | 120,394 | ||||||||||||||||||||||||
| Less: net loss (income) attributable to noncontrolling interests | 19,665 | (3,375) | 2,312 | (3,137) | (4,060) | ||||||||||||||||||||||||
| Net (loss) income attributable to Rexford Industrial Realty, Inc. | (504,146) | 91,187 | (65,423) | 89,919 | 116,334 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||||||||||||||||||
| Less: earnings allocated to participating securities | (441) | (1,008) | (952) | (519) | (592) | ||||||||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (506,902) | $ | 87,865 | $ | (68,690) | $ | 87,086 | $ | 113,427 | |||||||||||||||||||
| Earnings per Common Share | |||||||||||||||||||||||||||||
| Net (loss) income attributable to common stockholders per share - basic | $ | (2.26) | $ | 0.38 | $ | (0.30) | $ | 0.37 | $ | 0.48 | |||||||||||||||||||
| Net (loss) income attributable to common stockholders per share - diluted | $ | (2.26) | $ | 0.38 | $ | (0.30) | $ | 0.37 | $ | 0.48 | |||||||||||||||||||
| Weighted average shares outstanding - basic | 223,812,383 | 228,312,419 | 231,758,110 | 234,586,980 | 236,098,831 | ||||||||||||||||||||||||
| Weighted average shares outstanding - diluted | 223,812,383 | 228,312,419 | 232,050,966 | 234,586,980 | 236,098,831 | ||||||||||||||||||||||||
(1)We elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Under the section “Rental Income” on page 36 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 10 | | ||||||
Consolidated Statements of Operations. | ||||||||
| Quarterly Results (continued) | (unaudited and in thousands, except share and per share data) | |||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Rental income | $ | 242,996 | $ | 241,568 | $ | 485,137 | $ | 490,389 | |||||||||||||||
| Management and leasing services | — | 132 | — | 274 | |||||||||||||||||||
| Interest income | 2,510 | 7,807 | 5,447 | 11,131 | |||||||||||||||||||
| Total Revenues | 245,506 | 249,507 | 490,584 | 501,794 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Property expenses | 56,214 | 55,298 | 112,977 | 110,559 | |||||||||||||||||||
| General and administrative | 13,693 | 19,752 | 28,618 | 39,620 | |||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | |||||||||||||||||||
| Total Operating Expenses | 143,386 | 146,238 | 288,007 | 308,107 | |||||||||||||||||||
| Other (Expenses) Income | |||||||||||||||||||||||
| Other income | 3,500 | — | 4,850 | — | |||||||||||||||||||
| Other expenses, net | 2,001 | (244) | 1,899 | (2,483) | |||||||||||||||||||
| Interest expense | (28,571) | (26,701) | (55,171) | (53,989) | |||||||||||||||||||
Impairment of real estate | (624,754) | — | (631,578) | — | |||||||||||||||||||
Debt extinguishment and modification expenses | — | (291) | — | (291) | |||||||||||||||||||
| Gains on sale of real estate | 21,893 | 44,361 | 48,174 | 57,518 | |||||||||||||||||||
| Total Other (Expenses) Income | (625,931) | 17,125 | (631,826) | 755 | |||||||||||||||||||
| Net (Loss) Income | (523,811) | 120,394 | (429,249) | 194,442 | |||||||||||||||||||
| Less: net loss (income) attributable to noncontrolling interests | 19,665 | (4,060) | 16,290 | (6,909) | |||||||||||||||||||
| Net (loss) income attributable to Rexford Industrial Realty, Inc. | (504,146) | 116,334 | (412,959) | 187,533 | |||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | |||||||||||||||||||
| Less: earnings allocated to participating securities | (441) | (592) | (1,449) | (1,131) | |||||||||||||||||||
| Net (loss) income attributable to common stockholders | $ | (506,902) | $ | 113,427 | $ | (419,037) | $ | 181,773 | |||||||||||||||
| Net (loss) income attributable to common stockholders per share – basic | $ | (2.26) | $ | 0.48 | $ | (1.85) | $ | 0.78 | |||||||||||||||
| Net (loss) income attributable to common stockholders per share – diluted | $ | (2.26) | $ | 0.48 | $ | (1.86) | $ | 0.78 | |||||||||||||||
| Weighted-average shares of common stock outstanding – basic | 223,812,383 | 236,098,831 | 226,049,970 | 231,771,448 | |||||||||||||||||||
| Weighted-average shares of common stock outstanding – diluted | 223,812,383 | 236,098,831 | 234,635,603 | 231,771,448 | |||||||||||||||||||
Second 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 | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
| Net (Loss) Income | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | $ | 120,394 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Depreciation and amortization | 73,479 | 72,933 | 76,819 | 81,172 | 71,188 | ||||||||||||||||||||||||
Impairment of real estate(2) | 624,754 | 6,824 | 89,097 | — | — | ||||||||||||||||||||||||
| Deduct: | |||||||||||||||||||||||||||||
| Gains on sale of real estate | (21,893) | (26,281) | (19,931) | (28,583) | (44,361) | ||||||||||||||||||||||||
| NAREIT Defined Funds From Operations (FFO) | 152,529 | 148,038 | 78,250 | 145,645 | 147,221 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||||||||||||||||||
Less: FFO attributable to noncontrolling interests(3) | (5,726) | (5,282) | (2,688) | (4,906) | (4,962) | ||||||||||||||||||||||||
Less: FFO attributable to participating securities(4) | (680) | (1,434) | (953) | (713) | (728) | ||||||||||||||||||||||||
| Company share of FFO | $ | 143,808 | $ | 139,008 | $ | 72,294 | $ | 137,712 | $ | 139,216 | |||||||||||||||||||
| Company share of FFO per common share‐basic | $ | 0.64 | $ | 0.61 | $ | 0.31 | $ | 0.59 | $ | 0.59 | |||||||||||||||||||
| Company share of FFO per common share‐diluted | $ | 0.64 | $ | 0.61 | $ | 0.31 | $ | 0.59 | $ | 0.59 | |||||||||||||||||||
| FFO | $ | 152,529 | $ | 148,038 | $ | 78,250 | $ | 145,645 | $ | 147,221 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
Acquisition expenses(5) | — | — | 10 | 161 | 23 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | — | — | — | — | 291 | ||||||||||||||||||||||||
Co-CEO transition costs(5)(6) | (2,330) | — | 60,223 | — | — | ||||||||||||||||||||||||
Severance costs(5)(7) | 269 | — | — | 2,728 | 199 | ||||||||||||||||||||||||
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 | 150,016 | 148,100 | 144,088 | 149,793 | 147,734 | ||||||||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||||||||||||||||||
Less: Core FFO attributable to noncontrolling interests(3) | (5,631) | (5,284) | (4,943) | (5,045) | (4,979) | ||||||||||||||||||||||||
Less: Core FFO attributable to participating securities(4)(10) | (668) | (744) | (648) | (734) | (731) | ||||||||||||||||||||||||
| Company share of Core FFO | $ | 141,402 | $ | 139,758 | $ | 136,182 | $ | 141,700 | $ | 139,709 | |||||||||||||||||||
| Company share of Core FFO per common share‐basic | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | $ | 0.59 | |||||||||||||||||||
| Company share of Core FFO per common share‐diluted | $ | 0.63 | $ | 0.61 | $ | 0.59 | $ | 0.60 | $ | 0.59 | |||||||||||||||||||
| Weighted-average shares outstanding-basic | 223,812,383 | 228,312,419 | 231,758,110 | 234,586,980 | 236,098,831 | ||||||||||||||||||||||||
| Weighted-average shares outstanding-diluted | 223,812,383 | 228,312,419 | 232,050,966 | 234,586,980 | 236,098,831 | ||||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Primarily reflects non-cash impairment charges to reduce the carrying amount of certain properties designated for disposition to their estimated fair value resulting from shortened expected holding periods associated with our 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 in connection with the 2025 Co-CEO transition, including transition-related restricted stock granted on November 17, 2025 and pre-existing awards. For the three months ended June 30, 2026, reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 12 | | ||||||
Non-GAAP FFO and Core FFO Reconciliations.(1) | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Net (Loss) Income | $ | (523,811) | $ | 120,394 | $ | (429,249) | $ | 194,442 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | ||||||||||||||||||||||
Impairment of real estate(2) | 624,754 | — | 631,578 | — | ||||||||||||||||||||||
| Gains on sale of real estate | (21,893) | (44,361) | (48,174) | (57,518) | ||||||||||||||||||||||
| Funds From Operations (FFO) | 152,529 | 147,221 | 300,567 | 294,852 | ||||||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | ||||||||||||||||||||||
| Less: FFO attributable to noncontrolling interests | (5,726) | (4,962) | (11,008) | (10,356) | ||||||||||||||||||||||
| Less: FFO attributable to participating securities | (680) | (728) | (2,114) | (1,478) | ||||||||||||||||||||||
| Company share of FFO | $ | 143,808 | $ | 139,216 | $ | 282,816 | $ | 278,389 | ||||||||||||||||||
| Company share of FFO per common share‐basic | $ | 0.64 | $ | 0.59 | $ | 1.25 | $ | 1.20 | ||||||||||||||||||
| Company share of FFO per common share‐diluted | $ | 0.64 | $ | 0.59 | $ | 1.25 | $ | 1.20 | ||||||||||||||||||
| FFO | $ | 152,529 | $ | 147,221 | $ | 300,567 | $ | 294,852 | ||||||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
Acquisition expenses(3) | — | 23 | — | 102 | ||||||||||||||||||||||
| Debt extinguishment and modification expenses | — | 291 | — | 291 | ||||||||||||||||||||||
Non-capitalizable demolition costs(3) | — | — | — | 365 | ||||||||||||||||||||||
Co-CEO transition costs(3)(4) | (2,330) | — | (2,330) | — | ||||||||||||||||||||||
Severance costs(3)(5) | 269 | 199 | 269 | 1,682 | ||||||||||||||||||||||
Other nonrecurring expenses(3)(6) | 45 | — | 107 | — | ||||||||||||||||||||||
Write-offs of below-market lease intangibles related to unexercised renewal options(7) | (497) | — | (497) | — | ||||||||||||||||||||||
| Core FFO | 150,016 | 147,734 | 298,116 | 297,292 | ||||||||||||||||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (4,629) | (4,629) | ||||||||||||||||||||||
| Less: Core FFO attributable to noncontrolling interests | (5,631) | (4,979) | (10,915) | (10,440) | ||||||||||||||||||||||
| Less: Core FFO attributable to participating securities | (668) | (731) | (1,412) | (1,491) | ||||||||||||||||||||||
| Company share of Core FFO | $ | 141,402 | $ | 139,709 | $ | 281,160 | $ | 280,732 | ||||||||||||||||||
| Company share of Core FFO per common share‐basic | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.21 | ||||||||||||||||||
| Company share of Core FFO per common share‐diluted | $ | 0.63 | $ | 0.59 | $ | 1.24 | $ | 1.21 | ||||||||||||||||||
| Weighted-average shares outstanding-basic | 223,812,383 | 236,098,831 | 226,049,970 | 231,771,448 | ||||||||||||||||||||||
| Weighted-average shares outstanding-diluted | 223,812,383 | 236,098,831 | 226,049,970 | 231,771,448 | ||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Primarily reflects non-cash impairment charges to reduce the carrying amount of certain properties designated for disposition to their estimated fair value resulting from shortened expected holding periods associated with our increased disposition guidance.
(3)Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations.
(4)Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 13 | | ||||||
Non-GAAP AFFO Reconciliation.(1) | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||||||||||||
Funds From Operations(2) | $ | 152,529 | $ | 148,038 | $ | 78,250 | $ | 145,645 | $ | 147,221 | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||||||||
| Amortization of deferred financing costs | 1,333 | 1,334 | 1,333 | 1,340 | 1,255 | ||||||||||||||||||||||||
| Non-cash stock compensation | 3,666 | 4,063 | 8,537 | 10,485 | 10,091 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | — | — | — | — | 291 | ||||||||||||||||||||||||
| Amortization related to termination/settlement of interest rate derivatives | 77 | 77 | 78 | 78 | 76 | ||||||||||||||||||||||||
| Note payable (discount) premium amortization, net | 1,662 | 1,641 | 1,616 | 1,597 | 1,579 | ||||||||||||||||||||||||
Co-CEO transition costs(3) | (2,330) | — | 60,223 | — | — | ||||||||||||||||||||||||
| Severance costs | 269 | — | — | 2,728 | 199 | ||||||||||||||||||||||||
Other nonrecurring expenses | 45 | 62 | 5,605 | 1,259 | — | ||||||||||||||||||||||||
| Deduct: | |||||||||||||||||||||||||||||
| Preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||||||||||||||||||
Straight line rental revenue adjustment(4) | (9,967) | (15,136) | (9,073) | (8,164) | (6,918) | ||||||||||||||||||||||||
| Above/(below) market lease revenue adjustments | (3,805) | (4,647) | (4,129) | (5,254) | (5,788) | ||||||||||||||||||||||||
Capitalized payments(5) | (10,612) | (13,203) | (14,814) | (15,756) | (14,368) | ||||||||||||||||||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||||||||||||||||||
Recurring capital expenditures(6) | (4,750) | (2,314) | (2,566) | (3,563) | (5,887) | ||||||||||||||||||||||||
2nd generation tenant improvements(7) | (242) | (185) | (179) | (460) | (663) | ||||||||||||||||||||||||
2nd generation leasing commissions(8) | (4,942) | (8,193) | (6,324) | (8,007) | (4,162) | ||||||||||||||||||||||||
| Adjusted Funds From Operations (AFFO) | $ | 120,503 | $ | 109,108 | $ | 116,127 | $ | 119,499 | $ | 120,496 | |||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)A quarterly reconciliation of net income or loss to Funds From Operations is set forth on page 12 of this report.
(3)For the three months ended December 31, 2025, reflects accelerated share-based compensation expense in connection with the 2025 Co-CEO transition, including transition-related restricted stock granted on November 17, 2025 and pre-existing awards. For the three months ended June 30, 2026, reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.
(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 June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, the adjustment reflects the impact of base rent concessions granted during those periods totaling $12,795, $18,027 (including $3,337 related to the current Tireco, Inc. lease), $11,244, $7,433 and $5,844, respectively.
(5)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(6)Excludes nonrecurring capital expenditures of $32,307, $39,867, $57,730, $62,309 and $65,376 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
(7)Excludes 1st generation tenant improvements of $0, $148, $67, $328 and $292 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
(8)Excludes 1st generation leasing commissions of $2,214, $2,174, $5,057, $7,984 and $1,879 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 14 | | ||||||
Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre.(1) | ||||||||
| (unaudited and in thousands) | ||||||||
| NOI and Cash NOI | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
Rental income(2)(3)(4)(5) | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | $ | 241,568 | |||||||||||||||||||
| Less: Property expenses | 56,214 | 56,763 | 59,287 | 57,879 | 55,298 | ||||||||||||||||||||||||
| Net Operating Income (NOI) | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | $ | 186,270 | |||||||||||||||||||
Above/(below) market lease revenue adjustments(3) | (3,805) | (4,647) | (4,129) | (5,254) | (5,788) | ||||||||||||||||||||||||
| Straight line rental revenue adjustment | (9,967) | (15,136) | (9,073) | (8,164) | (6,918) | ||||||||||||||||||||||||
| Cash NOI | $ | 173,010 | $ | 165,595 | $ | 170,741 | $ | 175,460 | $ | 173,564 | |||||||||||||||||||
EBITDAre and Adjusted EBITDAre | |||||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
| Net (loss) income | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | $ | 120,394 | |||||||||||||||||||
| Interest expense | 28,571 | 26,600 | 25,451 | 25,463 | 26,701 | ||||||||||||||||||||||||
| Depreciation and amortization | 73,479 | 72,933 | 76,819 | 81,172 | 71,188 | ||||||||||||||||||||||||
Impairment of real estate | 624,754 | 6,824 | 89,097 | — | — | ||||||||||||||||||||||||
| Gains on sale of real estate | (21,893) | (26,281) | (19,931) | (28,583) | (44,361) | ||||||||||||||||||||||||
EBITDAre | $ | 181,100 | $ | 174,638 | $ | 103,701 | $ | 171,108 | $ | 173,922 | |||||||||||||||||||
| Stock-based compensation amortization | 3,666 | 4,063 | 8,537 | 10,485 | 10,091 | ||||||||||||||||||||||||
| Debt extinguishment and modification expenses | — | — | — | — | 291 | ||||||||||||||||||||||||
| Acquisition expenses | — | — | 10 | 161 | 23 | ||||||||||||||||||||||||
| Co-CEO transition costs | (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) | 68 | (206) | (268) | (389) | (216) | ||||||||||||||||||||||||
Adjusted EBITDAre | $ | 182,052 | $ | 178,557 | $ | 177,808 | $ | 182,624 | $ | 184,111 | |||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(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): $(1,414), $(2,731), $(2,615), $13 and $(141) for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 30, 2025, respectively.
(5)Rental income includes net lease termination income (in thousands) of $18, $24, $0, $458 and $0 for the three months ended June 30, 2026, March 31, 2026, December 31, 2025, September 30, 2025 and June 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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 15 | | ||||||
Same Property Portfolio Performance.(1) | ||||||||
| (unaudited and dollars in thousands) | ||||||||
| Same Property Portfolio: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Number of properties | 341 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Square Feet | 41,633,904 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI and Cash NOI: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||||||
Rental income(2)(3)(4)(5) | $ | 210,974 | $ | 210,887 | $ | 87 | 0.0% | $ | 422,543 | $ | 418,561 | $ | 3,982 | 1.0% | ||||||||||||||||||||||||||||||||||||
| Property expenses | 46,811 | 45,893 | 918 | 2.0% | 94,045 | 91,171 | 2,874 | 3.2% | ||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio NOI | $ | 164,163 | $ | 164,994 | $ | (831) | (0.5)% | (4) | $ | 328,498 | $ | 327,390 | $ | 1,108 | 0.3% | (4) | ||||||||||||||||||||||||||||||||||
Straight-line rental revenue adjustment | (4,938) | (6,328) | 1,390 | (22.0)% | (15,235) | (13,835) | (1,400) | 10.1% | ||||||||||||||||||||||||||||||||||||||||||
Above/(below) market lease revenue adjustments(5) | (3,093) | (4,829) | 1,736 | (35.9)% | (7,263) | (9,401) | 2,138 | (22.7)% | ||||||||||||||||||||||||||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 156,132 | $ | 153,837 | $ | 2,295 | 1.5% | (4) | $ | 306,000 | $ | 304,154 | $ | 1,846 | 0.6% | (4) | ||||||||||||||||||||||||||||||||||
| Same Property Portfolio Occupancy: | |||||||||||||||||||||||||||||
| Three Months Ended June 30, | Year-over-Year Change (basis points) | Sequential Change (basis points) | |||||||||||||||||||||||||||
| 2026 | 2025 | Three Months Ended March 31, 2026 | |||||||||||||||||||||||||||
Quarterly Weighted Average Occupancy:(6) | |||||||||||||||||||||||||||||
| Los Angeles County | 96.5% | 93.2% | 330 bps | 96.9% | (40) bps | ||||||||||||||||||||||||
| Orange County | 95.9% | 97.6% | (170) bps | 96.4% | (50) bps | ||||||||||||||||||||||||
| Riverside / San Bernardino County | 93.3% | 97.0% | (370) bps | 95.0% | (170) bps | ||||||||||||||||||||||||
| San Diego County | 97.5% | 98.0% | (50) bps | 97.7% | (20) bps | ||||||||||||||||||||||||
| Ventura County | 94.6% | 91.4% | 320 bps | 94.3% | 30 bps | ||||||||||||||||||||||||
| Quarterly Weighted Average Occupancy | 95.7% | 94.7% | 100 bps | 96.3% | (60) bps | ||||||||||||||||||||||||
| Ending Occupancy: | 95.1% | 94.8% | 30 bps | 96.2% | (110) bps | ||||||||||||||||||||||||
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)See “Same Property Portfolio Rental Income” on page 36 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months and year ended June 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: $(971) and $(30) for the three months ended June 30, 2026 and 2025, respectively, and $(3,503) and $(2,211) for the six months ended June 30, 2026 and 2025, respectively.
(4)Rental income includes lease termination fees of $18 and $0 for the three months ended June 30, 2026 and 2025, respectively, and $205 and $20 for the six months ended June 30, 2026 and 2025, respectively. Excluding these lease termination fees, Same Property Portfolio NOI decreased by 0.5% and increased by 0.3% and Same Property Portfolio Cash NOI increased by 1.5% and 0.5% during the three and six months ended June 30, 2026, compared to the three and six months ended June 30, 2025, respectively.
(5)Same Property rental income and above/(below) market lease revenue adjustments for the three months ended June 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, as described on the preceding page.
(6)Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026), the end of each month in 2Q-2025 and March 2025 (for 2Q-2025) and the end of each month in 1Q-2026 and December 2025 (for 1Q-2026).
Second Quarter 2026 Supplemental Financial Reporting Package | Page 16 | | ||||||
Capitalization Summary. | ||||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Capitalization as of June 30, 2026 | ||||||||
| Description | June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | ||||||||||||||||||||||||
Common shares outstanding(1) | 222,360,849 | 224,521,552 | 229,957,058 | 232,297,172 | 236,151,829 | ||||||||||||||||||||||||
Operating partnership units outstanding(2) | 8,716,332 | 8,605,741 | 8,288,228 | 8,155,706 | 8,182,445 | ||||||||||||||||||||||||
| Total shares and units outstanding at period end | 231,077,181 | 233,127,293 | 238,245,286 | 240,452,878 | 244,334,274 | ||||||||||||||||||||||||
| Share price at end of quarter | $ | 33.50 | $ | 32.73 | $ | 38.72 | $ | 41.11 | $ | 35.57 | |||||||||||||||||||
| Common Stock and Operating Partnership Units - Capitalization | $ | 7,741,086 | $ | 7,630,256 | $ | 9,224,857 | $ | 9,885,018 | $ | 8,690,970 | |||||||||||||||||||
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 | $ | 7,914,336 | $ | 7,803,506 | $ | 9,398,107 | $ | 10,058,268 | $ | 8,864,220 | |||||||||||||||||||
| Total Debt | $ | 3,285,503 | $ | 3,271,720 | $ | 3,278,649 | $ | 3,278,896 | $ | 3,379,141 | |||||||||||||||||||
| Less: Cash and cash equivalents | (32,226) | (51,714) | (165,778) | (248,956) | (431,117) | ||||||||||||||||||||||||
| Net Debt | $ | 3,253,277 | $ | 3,220,006 | $ | 3,112,871 | $ | 3,029,940 | $ | 2,948,024 | |||||||||||||||||||
| Total Combined Market Capitalization (Net Debt plus Equity) | $ | 11,167,613 | $ | 11,023,512 | $ | 12,510,978 | $ | 13,088,208 | $ | 11,812,244 | |||||||||||||||||||
Net debt to Adjusted EBITDAre (quarterly results annualized)(5) | 4.5x | 4.5x | 4.4x | 4.1x | 4.0x | ||||||||||||||||||||||||
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5) | 4.7x | 4.8x | 4.6x | 4.4x | 4.2x | ||||||||||||||||||||||||
(1)Excludes the following number of shares of unvested restricted stock: 628,208 (Jun 30, 2026), 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025), 513,234 (Sep 30, 2025) and 542,922 (Jun 30, 2025). During the three months ended June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the Company repurchased 2,801,307, 5,534,357, 2,443,438 and 3,883,845 shares common stock under its stock repurchase programs at a weighted average price of $35.70, $36.14, $40.93 and $38.62 per share for a total of $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 June 30, 2026, includes 1,765,430 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 33 and page 12 of this report, respectively.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 17 | | ||||||
Debt Summary. | ||||||||
| (unaudited and dollars in thousands) | ||||||||
| Debt Detail: | ||||||||||||||||||||||||||
| As of June 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) | 4.365% | $ | 14,000 | |||||||||||||||||||||
$575M Exchangeable 2027 Senior Notes(6) | 3/15/2027 | 4.375% | 4.375% | 575,000 | ||||||||||||||||||||||
| $300M Term Loan Facility | 5/26/2027 | SOFR+0.76%(5) | 3.577%(7) | 300,000 | ||||||||||||||||||||||
| $125M Senior Notes | 7/13/2027 | 3.930% | 3.930% | 125,000 | ||||||||||||||||||||||
| $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 Senior Notes | 12/1/2030 | 2.125% | 2.125% | 400,000 | ||||||||||||||||||||||
| $400M Term Loan Facility | 5/30/2030 | SOFR+0.76%(5) | 4.174%(8) | 400,000 | ||||||||||||||||||||||
| $400M Senior Notes - Green Bond | 9/1/2031 | 2.150% | 2.150% | 400,000 | ||||||||||||||||||||||
| $75M Series 2019B Senior Notes | 7/16/2034 | 4.030% | 4.030% | 75,000 | ||||||||||||||||||||||
| Secured Debt: | ||||||||||||||||||||||||||
| $60M Term Loan Facility | 10/27/2026(9) | SOFR+1.250%(9) | 5.060%(10) | 60,000 | ||||||||||||||||||||||
| 13943-13955 Balboa Boulevard | 7/1/2027 | 3.930% | 3.930% | 13,608 | ||||||||||||||||||||||
| 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% | 3,646 | ||||||||||||||||||||||
| 1100-1170 Gilbert Street (Gilbert/La Palma) | 3/1/2031 | 5.125% | 5.125% | 1,212 | ||||||||||||||||||||||
| 7817 Woodley Avenue | 8/1/2039 | 4.140% | 4.140% | 2,537 | ||||||||||||||||||||||
| Total Debt | 3.725% | $ | 3,285,503 | |||||||||||||||||||||||
Debt Composition: | ||||||||||||||||||||||||||||||||
| Category | Weighted Average Term Remaining (yrs) | Stated Interest Rate | Effective Interest Rate | Balance | % of Total | |||||||||||||||||||||||||||
| Fixed | 2.8 | 3.723% (See Table Above) | 3.723% | $ | 3,271,503 | 99.6% | ||||||||||||||||||||||||||
| Variable | 2.9 | SOFR + Margin (See Table Above) | 4.365% | $ | 14,000 | 0.4% | ||||||||||||||||||||||||||
| Secured | 1.1 | 4.640% | $ | 96,503 | 3.0% | |||||||||||||||||||||||||||
| Unsecured | 2.8 | 3.698% | $ | 3,189,000 | 97.0% | |||||||||||||||||||||||||||
*See footnotes on the following page*
Second Quarter 2026 Supplemental Financial Reporting Package | Page 18 | | ||||||
Debt Summary (Continued). | ||||||||
| (unaudited and dollars in thousands) | ||||||||
Debt Maturity Schedule(11): | ||||||||||||||||||||||||||||||||
| Year | Secured | Unsecured | Total | % Total | Effective Interest Rate(1) | |||||||||||||||||||||||||||
| 2026 | $ | 60,000 | $ | — | $ | 60,000 | 2 | % | 5.060 | % | ||||||||||||||||||||||
| 2027 | 18,808 | 1,000,000 | 1,018,808 | 31 | % | 4.077 | % | |||||||||||||||||||||||||
| 2028 | 13,946 | 300,000 | 313,946 | 10 | % | 4.949 | % | |||||||||||||||||||||||||
| 2029 | — | 614,000 | 614,000 | 19 | % | 4.120 | % | |||||||||||||||||||||||||
| 2030 | — | 800,000 | 800,000 | 24 | % | 3.149 | % | |||||||||||||||||||||||||
| 2031 | 1,212 | 400,000 | 401,212 | 12 | % | 2.159 | % | |||||||||||||||||||||||||
| 2032 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| 2033 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| 2034 | — | 75,000 | 75,000 | 2 | % | 4.030 | % | |||||||||||||||||||||||||
| 2035 | — | — | — | — | % | — | % | |||||||||||||||||||||||||
| Thereafter | 2,537 | — | 2,537 | — | % | 4.140 | % | |||||||||||||||||||||||||
| Total | $ | 96,503 | $ | 3,189,000 | $ | 3,285,503 | 100 | % | 3.725 | % | ||||||||||||||||||||||
(1)Includes the effect of interest rate swaps effective as of Jun 30, 2026. See notes (7), (8) and (10). Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $21.8 million as of June 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 were met.
(4)The Revolver has two six-month extensions, subject to certain terms and conditions.
(5)The interest rates on these loans are comprised of Daily SOFR for the Revolver and $400M term loan facility (“TL”) and 1-month SOFR for the $300M TL and an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $300M TL and $400M TL depending on our credit ratings and leverage ratio. There is also a sustainability-linked pricing component that can periodically change the margin by -/+ 0.04% (or zero) depending on our achievement of the annual sustainability performance metric. In January 2026, the applicable margin decreased by 0.04% to 0.685% for the Revolver and to 0.76% for the $300M TL and $400M TL after certifying that our sustainability performance targets were met for 2025.
(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 1M SOFR on the $300M TL at 2.81725% from July 27, 2022 through May 26, 2027, resulting in an all‑in fixed rate of 3.577% after applicable margin and sustainability‑related adjustments.
(8)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.
(9)The $60M TL has interest-only payment terms (1M SOFR + 0.10% SOFR adjustment + margin of 1.250%) and three one-year extensions remaining, subject to certain terms and conditions.
(10)Interest rate swaps effectively fix 1M SOFR on the $60M TL at 3.710% from April 3, 2023 through July 30, 2026, resulting in an all‑in fixed rate of 5.060% after applicable margin and SOFR adjustments.
(11)Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 19 | | ||||||
Operations. | ||||||||
| Quarterly Results | ||||||||
*Leasing Activity - Rent Change for Q1-2026 includes a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. Excluding this lease, the Net Effective Rent Change for Q1-2026 is 5.5% and the Cash Rent Change is (1.8)%. See page 22 for additional details related to this lease.
**Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 20 | | ||||||
Portfolio Overview. | ||||||||
| At June 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 | 98.8 | % | 85.7 | % | 97.2 | % | 98.9 | % | $ | 43,432 | $13.88 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Greater San Fernando Valley | 73 | 5,694,646 | 1,333,061 | 7,027,707 | 97.0 | % | 61.4 | % | 90.3 | % | 92.6 | % | 112,683 | $17.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Mid-Counties | 38 | 3,211,786 | 1,566,055 | 4,777,841 | 99.8 | % | 75.4 | % | 91.8 | % | 99.8 | % | 78,221 | $17.84 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| San Gabriel Valley | 44 | 4,939,663 | 1,140,872 | 6,080,535 | 92.7 | % | 36.7 | % | 82.2 | % | 93.2 | % | 67,827 | $13.57 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Bay | 78 | 6,503,318 | 951,268 | 7,454,586 | 94.1 | % | 78.9 | % | 92.2 | % | 94.1 | % | 158,062 | $23.01 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Los Angeles County | 253 | 23,183,632 | 5,376,020 | 28,559,652 | 95.9 | % | 65.1 | % | 90.1 | % | 95.0 | % | 460,225 | $17.89 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North Orange County | 24 | 1,919,265 | 641,893 | 2,561,158 | 92.9 | % | 59.9 | % | 84.6 | % | 94.1 | % | 41,423 | $19.12 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| OC Airport | 8 | 958,510 | — | 958,510 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 20,350 | $21.23 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| South Orange County | 9 | 482,919 | 46,642 | 529,561 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 9,410 | $17.77 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| West Orange County | 10 | 1,288,838 | — | 1,288,838 | 96.7 | % | — | % | 96.7 | % | 96.7 | % | 21,695 | $17.42 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Orange County | 51 | 4,649,532 | 688,535 | 5,338,067 | 96.1 | % | 62.6 | % | 91.8 | % | 96.5 | % | 92,878 | $18.95 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Inland Empire East | 1 | 33,258 | — | 33,258 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 682 | $20.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Inland Empire West | 52 | 8,798,078 | 726,308 | 9,524,386 | 92.0 | % | 24.0 | % | 86.8 | % | 91.7 | % | 132,464 | $16.02 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Riverside / San Bernardino County | 53 | 8,831,336 | 726,308 | 9,557,644 | 92.1 | % | 24.0 | % | 86.9 | % | 91.7 | % | 133,146 | $16.03 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Central San Diego | 21 | 1,417,150 | 511,105 | 1,928,255 | 98.0 | % | 53.3 | % | 86.2 | % | 98.4 | % | 41,130 | $24.75 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| North County San Diego | 13 | 1,042,142 | 282,231 | 1,324,373 | 97.6 | % | 92.4 | % | 96.5 | % | 98.1 | % | 19,826 | $15.52 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| San Diego County | 34 | 2,459,292 | 793,336 | 3,252,628 | 97.8 | % | 67.2 | % | 90.4 | % | 98.2 | % | 60,956 | $20.74 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ventura | 18 | 2,510,112 | 716,100 | 3,226,212 | 94.0 | % | 100.0 | % | 95.3 | % | 95.5 | % | 44,075 | $14.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ventura County | 18 | 2,510,112 | 716,100 | 3,226,212 | 94.0 | % | 100.0 | % | 95.3 | % | 95.5 | % | 44,075 | $14.34 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| CONSOLIDATED TOTAL / WTD AVG | 409 | 41,633,904 | 8,300,299 | 49,934,203 | 95.1 | % | 64.5 | % | 90.0 | % | 94.8 | % | $ | 791,280 | $17.61 | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)See page 37 for historical occupancy by County.
(2)Excludes space aggregating 2,520,758 square feet at our properties that were in various stages of repositioning, development or lease-up as of June 30, 2026.
(3)See page 33 for definitions and details on how these amounts are calculated.
(4)Excluding in-place ABR associated with Land/IOS properties ($41.6M ABR) and cellular tower, solar and parking lot leases ($3.0M ABR), in-place building ABR per building SF was $16.69.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 21 | | ||||||
Executed Leasing Statistics and Trends. | ||||||||
| (unaudited results) | ||||||||
| Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads: | ||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||||||||||||||
| Leasing Spreads: | ||||||||||||||||||||||||||||||||
Net Effective Rent Change(1) | (2.8) | % | (10.0) | % | 22.0 | % | 26.1 | % | 20.9 | % | ||||||||||||||||||||||
Cash Rent Change(1) | (11.3) | % | (15.4) | % | 9.0 | % | 10.3 | % | 8.1 | % | ||||||||||||||||||||||
Leasing Activity (Building SF):(2) | ||||||||||||||||||||||||||||||||
| New leases | 840,344 | 1,296,230 | 1,574,816 | 2,361,131 | 678,727 | |||||||||||||||||||||||||||
| Renewal leases | 1,261,446 | 2,829,822 | 1,464,751 | 904,014 | 1,020,266 | |||||||||||||||||||||||||||
| Total leasing activity | 2,101,790 | 4,126,052 | 3,039,567 | 3,265,145 | 1,698,993 | |||||||||||||||||||||||||||
| Total expiring leases | (2,788,275) | (4,638,894) | (3,551,170) | (1,734,790) | (1,786,814) | |||||||||||||||||||||||||||
Expiring leases - placed into repositioning/development | 599,680 | 152,417 | 957,493 | 418,878 | 304,776 | |||||||||||||||||||||||||||
Net absorption(3) | (86,805) | (360,425) | 445,890 | 1,949,233 | 216,955 | |||||||||||||||||||||||||||
Retention rate(4) | 60 | % | 64 | % | 61 | % | 72 | % | 69 | % | ||||||||||||||||||||||
Retention + Backfill rate(5) | 69 | % | 79 | % | 70 | % | 77 | % | 74 | % | ||||||||||||||||||||||
Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Effective Rent | Cash Rent | Turnover Costs(7) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Second 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 | 53 | 840,344 | 4.8 | $14.03 | $16.28 | (13.8)% | $14.19 | $17.62 | (19.5)% | 3.2 | $1.56 | $3.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Renewal | 64 | 1,261,446 | 4.6 | $16.65 | $16.41 | 1.4% | $16.50 | $17.96 | (8.1)% | 3.4 | $1.57 | $2.69 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total / Wtd. Average | 117 | 2,101,790 | 4.7 | $15.92 | $16.37 | (2.8)% | $15.86 | $17.87 | (11.3)% | 3.3 | $1.57 | $2.78 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1)Net Effective and Cash Rent Changes reported for Q1-26 include the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The lease, which was originally set to expire in January 2027, was extended through April 2030, commencing on February 1, 2027. The above-market in-place lease rate resulted in net effective and cash releasing spreads of (31.0)% and (33.5)%, respectively, for the executed lease extension. Excluding the Tireco, Inc. lease, Net Effective and Cash Rent Change for Q1-26 was 5.5% and (1.8)%, respectively. This lease extension is not indicative of the Company’s projected portfolio releasing spreads given the unique size, adjacent competitive supply and lease structure. The lease includes annual contractual rental rate increases of 2.75%, three months of rent abatement in 2027, and a conversion to a gross lease from a triple net lease, which enables the Company to capture the benefit from any potential reduction in real estate property taxes.
(2)Represents all executed leases, excluding leases with terms less than 12 months and month-to-month tenant leases.
(3)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into repositioning/development.
(4)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.
(5)Retention + Backfill rate represents SF retained (per Retention rate definition in footnote (4)) plus the SF of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease SF.
(6)Net effective and cash rent statistics and turnover costs exclude 19 new leases aggregating 469,443 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.
(7)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 22 | | ||||||
Leasing Statistics (Continued). | ||||||||
| (unaudited results) | ||||||||
| Lease Expiration Schedule as of June 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 | — | 2,384,291 | $ | — | $— | |||||||||||||||||||||
Repositioning/Development(1) | — | 2,474,105 | — | $— | ||||||||||||||||||||||
| MTM Tenants | 14 | 158,274 | 2,257 | $14.26 | ||||||||||||||||||||||
| 2026 | 169 | 2,556,164 | 49,811 | $19.49 | ||||||||||||||||||||||
| 2027 | 369 | 6,506,130 | 109,262 | $16.79 | ||||||||||||||||||||||
| 2028 | 307 | 7,092,998 | 135,763 | $19.14 | ||||||||||||||||||||||
| 2029 | 298 | 7,032,016 | 126,972 | $18.06 | ||||||||||||||||||||||
| 2030 | 144 | 7,089,774 | 120,416 | $16.98 | ||||||||||||||||||||||
| 2031 | 133 | 8,291,669 | 123,868 | $14.94 | ||||||||||||||||||||||
| 2032 | 41 | 2,314,372 | 42,911 | $18.54 | ||||||||||||||||||||||
| 2033 | 16 | 785,478 | 14,195 | $18.07 | ||||||||||||||||||||||
| 2034 | 10 | 493,497 | 8,828 | $17.89 | ||||||||||||||||||||||
| 2035 | 8 | 462,072 | 9,659 | $20.90 | ||||||||||||||||||||||
| Thereafter | 35 | 2,293,363 | 49,384 | $21.53 | ||||||||||||||||||||||
| Total Portfolio | 1,544 | 49,934,203 | $ | 793,326 | $17.60(2) | |||||||||||||||||||||
(1)Represents vacant space at properties that were classified as repositioning, development or lease-up as of June 30, 2026.
(2)Excluding in-place + uncommenced ABR associated with Land/IOS properties ($41.55M ABR) and cellular tower, solar and parking lot leases ($2.98M ABR), in-place + uncommenced building ABR per building SF was $16.69.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 23 | | ||||||
Top Tenants and Lease Segmentation. | ||||||||
| (unaudited results) | ||||||||
Top 20 Tenants as of June 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 | ||||||||||||||||||||||||||||||||
Tireco, Inc.(2) | Inland Empire West | 1,101,840 | $20,021 | 2.5% | $18.17 | 4/30/2030(2) | ||||||||||||||||||||||||||||||||
| Zenith Energy West Coast Terminals LLC | South Bay | —(3) | $11,909 | 1.5% | $3.41(3) | 9/29/2041 | ||||||||||||||||||||||||||||||||
| Cubic Corporation | Central San Diego | 315,227 | $11,786 | 1.5% | $37.39 | 3/31/2038 | ||||||||||||||||||||||||||||||||
| IBY, LLC | San Gabriel Valley | 1,178,021 | $11,694 | 1.5% | $9.93 | 4/5/2031(4) | ||||||||||||||||||||||||||||||||
| Federal Express Corporation | Multiple Submarkets(5) | 527,861 | $10,986 | 1.4% | $20.81 | 11/30/2032(5) | ||||||||||||||||||||||||||||||||
| L3 Technologies, Inc. | South Bay | 461,431 | $9,537 | 1.2% | $20.67 | 9/30/2031 | ||||||||||||||||||||||||||||||||
| GXO Logistics Supply Chain, Inc. | Mid-Counties | 411,034 | $9,421 | 1.2% | $22.92 | 11/30/2028 | ||||||||||||||||||||||||||||||||
| Best Buy Stores, L.P. | Inland Empire West | 501,649 | $9,225 | 1.2% | $18.39 | 6/30/2029 | ||||||||||||||||||||||||||||||||
| The Hertz Corporation | South Bay | 38,680(6) | $8,922 | 1.1% | $11.14(6) | 10/31/2026 | ||||||||||||||||||||||||||||||||
| Orora Packaging Solutions | Multiple Submarkets(7) | 476,065 | $8,175 | 1.0% | $17.17 | 9/30/2028(7) | ||||||||||||||||||||||||||||||||
| Top 10 Tenants | 5,011,808 | $111,676 | 14.1% | |||||||||||||||||||||||||||||||||||
| Top 11 - 20 Tenants | 3,804,158 | $52,453 | 6.6% | |||||||||||||||||||||||||||||||||||
| Total Top 20 Tenants | 8,815,966 | $164,129 | 20.7% | |||||||||||||||||||||||||||||||||||
(1)See page 33 for further details on how these amounts are calculated.
(2)Represents current in-place ABR. In Jan 2026, we executed an amendment with Tireco, Inc. to extend the lease term to Apr 30, 2030, with annualized base rent of approximately $17.0 million commencing Feb 1, 2027.
(3)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.9 million or $3.41 per land square foot.
(4)Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.
(5)Includes (i) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (ii) one land lease in North Orange County expiring Oct 31, 2031, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) an additional land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.
(6)The tenant is leasing 18.4 acres of land with ABR of $8.9 million or $11.14 per land square foot.
(7)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 (ii) 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 | 522 | 1,290,103 | 1,401,678 | 92.0% | 92.0% | $ | 26,079 | 3.3% | $20.21 | ||||||||||||||||||||||||||||||||||||||||||||
| 5,000 - 9,999 | 222 | 1,586,618 | 1,730,752 | 91.7% | 92.9% | 31,161 | 3.9% | $19.64 | |||||||||||||||||||||||||||||||||||||||||||||
| 10,000 - 24,999 | 316 | 5,178,278 | 5,736,201 | 90.3% | 92.3% | 98,076 | 12.4% | $18.94 | |||||||||||||||||||||||||||||||||||||||||||||
| 25,000 - 49,999 | 182 | 6,595,050 | 7,143,616 | 92.3% | 95.2% | 121,152 | 15.3% | $18.37 | |||||||||||||||||||||||||||||||||||||||||||||
| 50,000 - 99,999 | 115 | 8,219,885 | 9,198,452 | 89.4% | 96.0% | 145,549 | 18.3% | $17.71 | |||||||||||||||||||||||||||||||||||||||||||||
| >100,000 | 116 | 22,007,654 | 24,510,542 | 89.8% | 95.5% | 326,770 | 41.2% | $14.85 | |||||||||||||||||||||||||||||||||||||||||||||
| Building Subtotal / Wtd. Avg. | 1,473 | 44,877,588 | (2) | 49,721,241 | (2) | 90.3% | (2) | 95.0% | (2) | $ | 748,787 | 94.4% | $16.69 | ||||||||||||||||||||||||||||||||||||||||
Land/IOS(3) | 22 | 7,664,817 | (4) | 8,263,593 | (4) | 92.8% | (4) | 41,555 | 5.2% | $5.42 | (4) | ||||||||||||||||||||||||||||||||||||||||||
Other(3) | 49 | 2,984 | 0.4% | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | 1,544 | $ | 793,326 | 100.0% | |||||||||||||||||||||||||||||||||||||||||||||||||
(1)See page 33 for further details on how these amounts are calculated.
(2)Excludes 198,219 leased building RSF and 212,962 building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 90.3% leased and 95.0% occupied.
(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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 24 | | ||||||
Capital Expenditure Summary. | ||||||||
| (unaudited results, in thousands, except square feet and per square foot data) | ||||||||
| Six months ended June 30, 2026 | ||||||||
| Year to Date | ||||||||||||||||||||||||||||||||
| Q2-2026 | Q1-2026 | Total | SF(1) | PSF | ||||||||||||||||||||||||||||
| Tenant Improvements: | ||||||||||||||||||||||||||||||||
| New Leases – 1st Generation | $ | — | $ | 148 | $ | 148 | 44,052 | $ | 3.36 | |||||||||||||||||||||||
| New Leases – 2nd Generation | 127 | 50 | 177 | 342,432 | $ | 0.52 | ||||||||||||||||||||||||||
| Renewals | 115 | 135 | 250 | 483,116 | $ | 0.52 | ||||||||||||||||||||||||||
| Total Tenant Improvements | $ | 242 | $ | 333 | $ | 575 | ||||||||||||||||||||||||||
| Leasing Commissions & Lease Costs: | ||||||||||||||||||||||||||||||||
| New Leases – 1st Generation | $ | 2,214 | $ | 2,174 | $ | 4,388 | 950,924 | $ | 4.61 | |||||||||||||||||||||||
| New Leases – 2nd Generation | 1,679 | 3,931 | 5,610 | 1,433,954 | $ | 3.91 | ||||||||||||||||||||||||||
| Renewals | 3,263 | 4,262 | 7,525 | 4,232,953 | $ | 1.78 | ||||||||||||||||||||||||||
| Total Leasing Commissions & Lease Costs | $ | 7,156 | $ | 10,367 | $ | 17,523 | ||||||||||||||||||||||||||
| Total Recurring Capex | $ | 4,750 | $ | 2,314 | $ | 7,064 | 50,348,153 | $ | 0.14 | |||||||||||||||||||||||
| Recurring Capex % of NOI | 2.5 | % | 1.2 | % | 1.9 | % | ||||||||||||||||||||||||||
| Recurring Capex % of Rental Income | 2.0 | % | 1.0 | % | 1.5 | % | ||||||||||||||||||||||||||
| Nonrecurring Capex: | ||||||||||||||||||||||||||||||||
Repositioning and Development in Process(2) | $ | 19,597 | $ | 29,483 | $ | 49,080 | ||||||||||||||||||||||||||
Unit Renovation(3) | 7,914 | 7,933 | 15,847 | |||||||||||||||||||||||||||||
Other(4) | 4,796 | 2,451 | 7,247 | |||||||||||||||||||||||||||||
| Total Nonrecurring Capex | $ | 32,307 | $ | 39,867 | $ | 72,174 | 35,695,785 | $ | 2.02 | |||||||||||||||||||||||
Other Capitalized Costs(5) | $ | 11,090 | $ | 13,858 | $ | 24,948 | ||||||||||||||||||||||||||
(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.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 25 | | ||||||
Properties and Space Under Repositioning/Development.(1) | ||||||||
| As of June 30, 2026 | (unaudited results, $ in millions) | |||||||
2Q 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2Q 2026 Stabilizations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3211-3233 Mission Oaks Boulevard(3) | Ventura | Development | 116,852 | 40.7 | 26.1 | 66.8 | 0.1 | 2Q-22 | 1Q-25 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19900 Plummer Street(4) | Greater San Fernando Valley | Development | 79,539 | 15.5 | 15.7 | 31.2 | 0.4 | 3Q-23 | 1Q-25 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Stabilized | 196,391 | $ | 56.2 | $ | 41.8 | $ | 98.0 | $ | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning | Development | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Cash NOI: 2Q 2026 ($M) | $— | $1.2 | $1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annualized Stabilized Cash NOI ($M) | $0.0 | $7.8 | $7.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Stabilized Return on Cost | N/A | 8.0% | 8.0% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 30 —
Second Quarter 2026 Supplemental Financial Reporting Package | Page 26 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of June 30, 2026 | (unaudited results, $ in millions) | |||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease-Up | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
9615 Norwalk Boulevard | Mid-Counties | Development | 201,571 | $ | 9.6 | $ | 49.9 | $ | 59.5 | $ | 1.8 | 3Q-21 | 4Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||
4416 Azusa Canyon Road(5) | 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 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12772 San Fernando Road(6) | Greater San Fernando Valley | Development | 143,529 | 22.1 | 22.6 | 44.7 | 1.3 | 3Q-23 | 1Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
1500 Raymond Avenue(6) | North Orange County | Development | 136,218 | 46.1 | 22.3 | 68.4 | 1.0 | 4Q-23 | 1Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
19301 Santa Fe Avenue | South Bay | Repositioning | LAND | 14.7 | 5.7 | 20.4 | 0.4 | 2Q-24 | 3Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
8985 Crestmar Point | Central San Diego | Repositioning | 53,395 | 8.1 | 5.7 | 13.8 | 0.5 | 4Q-24 | 3Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
14955 Salt Lake Avenue(7) | San Gabriel Valley | Repositioning | 46,653 | 10.9 | 3.6 | 14.5 | 0.1 | 4Q-24 | 3Q-25 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 14940 Proctor Road | San Gabriel Valley | Development | 160,094 | 28.8 | 26.3 | 55.1 | 2.3 | 4Q-24 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 11234 Rush Street | San Gabriel Valley | Development | 101,728 | 12.6 | 21.6 | 34.2 | 1.8 | 4Q-24 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 5235 Hunter Avenue | North Orange County | Development | 121,364 | 11.4 | 20.0 | 31.4 | 2.2 | 1Q-25 | 2Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9455 Cabot Drive | Central San Diego | Repositioning | 81,670 | 12.2 | 8.2 | 20.4 | 1.4 | 2Q-25 | 4Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 1175 Aviation Place | Greater San Fernando Valley | Repositioning | 93,202 | 17.9 | 3.9 | 21.8 | 0.7 | 3Q-25 | 4Q-25 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
24935-24955 Avenue Kearny(8) | Greater San Fernando Valley | Repositioning | 66,130 | 5.8 | 4.1 | 9.9 | 0.7 | 4Q-25 | 2Q-26 | 100% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Lease-Up | 1,555,074 | $ | 235.4 | $ | 252.9 | $ | 488.3 | $ | 18.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 30 —
Second Quarter 2026 Supplemental Financial Reporting Package | Page 27 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of June 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Under Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3680-3880 Voyager Street(9) (3547-3555 Voyager Street) | South Bay | Development | 67,734 | 21.1 | 18.9 | 40.0 | 4.0 | 1Q-25 | 3Q-26 | 53% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 7815 Van Nuys Boulevard | Greater San Fernando Valley | Development | 78,904 | 25.6 | 16.0 | 41.6 | 3.7 | 2Q-25 | 4Q-26 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
14400 Figueroa Street (Figueroa & Rosecrans) | South Bay | Repositioning | 56,771 | 61.4 | 16.9 | 78.3 | 13.1 | 3Q-25 | 2Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 950 West 190th Street | South Bay | Development | 196,900 | 41.5 | 31.3 | 72.8 | 27.7 | 4Q-25 | 3Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9323 Balboa Avenue | Central San Diego | Development | 177,551 | 27.1 | 26.3 | 53.4 | 20.4 | 4Q-25 | 2Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 16425 Gale Avenue | San Gabriel Valley | Development | 290,830 | 26.3 | 39.9 | 66.2 | 37.9 | 2Q-26 | 4Q-27 | —% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Under Construction | 868,690 | $ | 203.0 | $ | 149.3 | $ | 352.3 | $ | 106.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Lease-Up/Under Construction | 2,423,764 | $ | 438.4 | $ | 402.2 | $ | 840.6 | $ | 125.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease-Up/Under Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repositioning | Development | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Cash NOI: 2Q 2026 ($M) | $0.3 | $(0.2) | $0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Annualized Stabilized Cash NOI ($M) | $9 - $10 | $33 - $36 | $42 - $46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Estimated Stabilized Return on Cost | 5.0% - 5.5% | 5.0% - 5.5% | 5.0% - 5.5% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— See numbered footnotes on page 30 —
Second Quarter 2026 Supplemental Financial Reporting Package | Page 28 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||
| As of June 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 | ||||||||||||||||
9400-9500 Santa Fe Springs Road(10) | Mid-Counties | Repositioning | 184,270 | 3Q-26 | $210.0 | Vacant | Functionality and quality upgrades including new office, additional power capacity and sprinkler upgrade. | ||||||||||||||||
| 3100 Fujita Street | South Bay | Repositioning | 91,516 | 3Q-26 | $14.2 | Vacant | Repositioning of an existing 1970s vintage, functionally-limited industrial building acquired in 2018 through a sale leaseback. | ||||||||||||||||
9000 Airport Boulevard | South Bay | Development | 395,684 | 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 | 220,943 | 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 | SF 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 | 977,950 | $415.0 | |||||||||||||||||||||
| Repositioning | Development | Total | |||||||||||||||||||||
| Projected RSF | 361,323 | 616,627 | 977,950 | ||||||||||||||||||||
Projected Project Costs ($M) | $24 - $26 | $96 - $104 | $120 - $130 | ||||||||||||||||||||
Actual Cash NOI: 2Q 2026 ($M) | $2.7 | $2.4 | $5.1 | ||||||||||||||||||||
— See numbered footnotes on page 30 —
Second Quarter 2026 Supplemental Financial Reporting Package | Page 29 | | ||||||
Properties and Space Under Repositioning/Development (Continued).(1) | |||||||||||
| As of June 30, 2026 | (unaudited results, in thousands, except square feet) | ||||||||||
| 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(11) | 37,844 | 1Q-26 | 5.9% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
3211-3233 Mission Oaks Blvd.(3) | 116,852 | 2Q-26 | 9.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
19900 Plummer Street(4) | 79,539 | 2Q-26 | 4.4% | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 35-36 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 June 30, 2026, the entire project includes 526,069 RSF, comprised of: (i) 3211 Mission Oaks Blvd., a newly constructed building totaling 116,852 RSF, and (ii) 3233 Mission Oaks Blvd., with 409,217 RSF that was not redeveloped. Site improvements were completed across the entire project. Costs and yield shown reflect the entire project, while RSF and property leased percentage apply only to 3211 Mission Oaks Blvd. 3211 Mission Oaks Blvd was considered stabilized in Q1-26, as one year had passed since construction completion. In 2Q-26 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 2Q-26.
(4)19900 Plummer Street was considered stabilized in 1Q-26, as one year had passed since construction completion. In 2Q-26 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 2Q-26.
(5)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 Lease-Up because it has not yet reached 90% occupancy.
(6)As of 1Q-26, 12772 San Fernando Road and 1500 Raymond Avenue are considered stabilized, as one year had passed since construction completion. However, these properties are presented in Lease-Up because they have not yet reached 90% occupancy.
(7)During 2Q-26, a 46,653 RSF lease was executed at 14955 Salt Lake Avenue, bringing the property to 100% leased. The lease is expected to commence in 3Q-26.
(8)Subsequent to quarter-end a 66,130 RSF lease was executed at 24935-24955 Avenue Kearny, bringing the property to 100% leased. The lease is expected to commence in 4Q-26.
(9)Subsequent to quarter-end a 35,895 RSF lease was executed at 3680-3880 Voyager Street, bringing the property to 53% leased. The lease is expected to commence in 4Q-26.
(10)9400-9500 Santa Fe Springs Road totals 595,304 RSF and the proposed repositioning pertains to work at only one of the units, totaling 184,270 RSF. The purchase price shown in the table is for the entire property. The Actual Cash NOI referenced in aggregate is only for the one repositioning unit.
(11)1315 Storm Parkway was considered stabilized in 4Q-25, as one year had passed since construction completion. In 1Q-26 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 1Q-26.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 30 | | ||||||
Current Year Investments and Dispositions Summary. | ||||||||||||||||||||||||||||||||||||||
| As of June 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 | ||||||||||||||||||||||||||||||
Total 2026 Dispositions through June 30, 2026 | 886,401 | $ | 265.29 | |||||||||||||||||||||||||||||||||||
Second Quarter 2026 Supplemental Financial Reporting Package | Page 31 | | ||||||
Net Asset Value Components. | ||||||||
| As of June 30, 2026 | (unaudited and in thousands, except share data) | |||||||
| Net Operating Income | ||||||||
Pro Forma Net Operating Income (NOI)(1) | Three Months Ended Jun 30, 2026 | |||||||
| Total operating rental income | $242,996 | |||||||
| Property operating expenses | (56,214) | |||||||
Pro forma effect of uncommenced leases(2) | 182 | |||||||
Pro forma effect of dispositions(3) | 68 | |||||||
Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and development(4) | 11,883 | |||||||
| Pro Forma NOI | 198,915 | |||||||
Above/(below) market lease revenue adjustments | (3,805) | |||||||
| Straight line rental revenue adjustment | (9,967) | |||||||
| Pro Forma Cash NOI | $185,143 | |||||||
| Balance Sheet Items | ||||||||
| Other assets and liabilities | June 30, 2026 | |||||||
| Cash and cash equivalents | $32,226 | |||||||
| Loan receivable, net | 123,934 | |||||||
| Rents and other receivables, net | 12,132 | |||||||
| Other assets | 16,987 | |||||||
| Accounts payable, accrued expenses and other liabilities | (99,101) | |||||||
| Dividends payable | (100,960) | |||||||
| Tenant security deposits | (92,386) | |||||||
| Prepaid rents | (79,518) | |||||||
Estimated remaining cost to complete repositioning/development projects(5) | (125,700) | |||||||
| Total other assets and liabilities | $(312,386) | |||||||
| Debt and Shares Outstanding | ||||||||
Total consolidated debt(6) | $3,285,503 | |||||||
| Preferred stock/units - liquidation preference | $173,250 | |||||||
Common shares outstanding(7) | 222,360,849 | |||||||
Operating partnership units outstanding(8) | 8,716,332 | |||||||
| Total common shares and operating partnership units outstanding | 231,077,181 | |||||||
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of April 1, 2026.
(3)Represents the deduction of actual 2Q'26 NOI for the properties that we sold during the current quarter. See page 31 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 June 30, 2026, assuming that all repositioning/development work had been completed and all of the properties were fully stabilized as of April 1, 2026. Includes all properties that are separately listed on pages 26-28. We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of April 1, 2026.
(5)Reflects the estimated remaining costs for all repositioning, development, lease-up and stabilized properties that are listed on pages 26-28.
(6)Excludes unamortized loan discount and debt issuance costs totaling $21.8 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 628,208 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 1,765,430 vested LTIP Units and 1,325,969 vested performance units and excludes 185,285 unvested LTIP Units and 2,011,382 unvested performance units.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 32 | | ||||||
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 June 30, 2026, multiplied by 12. Includes leases that had commenced as of June 30, 2026 or leases where tenant had taken early possession of space as of June 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 June 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 June 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 June 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 June 30, 2026.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of June 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 June 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 12-13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our ongoing operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income 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).
Second Quarter 2026 Supplemental Financial Reporting Package | Page 33 | | ||||||
Notes and Definitions. | ||||||||
Debt Covenants ($ in thousands)
| June 30, 2026 | |||||||||||||||||
| Current Period Covenant | Revolver, $300M & $400M Term Loan Facilities | Senior Notes ($125M, $25M, $75M) | |||||||||||||||
| Maximum Leverage Ratio | less than 60% | 24.4% | 27.8% | ||||||||||||||
| Maximum Secured Leverage Ratio | less than 45% | 0.7% | N/A | ||||||||||||||
| Maximum Secured Leverage Ratio | less than 40% | N/A | 0.8% | ||||||||||||||
| Maximum Secured Recourse Debt | less than 15% | N/A | —% | ||||||||||||||
| Minimum Tangible Net Worth | $7,266,909 | N/A | $9,136,517 | ||||||||||||||
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.44 to 1.0 | 5.38 to 1.00 | ||||||||||||||
| Unencumbered Leverage Ratio | less than 60% | 25.2% | 29.0% | ||||||||||||||
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 5.95 to 1.00 | 5.95 to 1.00 | ||||||||||||||
| June 30, 2026 | |||||||||||
| Current Period Covenant | Senior Notes ($400M due 2030 & $400M due 2031) | ||||||||||
| Maximum Debt to Total Asset Ratio | less than 60% | 25.6% | |||||||||
| Maximum Secured Debt to Total Asset Ratio | less than 40% | 0.8% | |||||||||
| Minimum Debt Service Coverage Ratio | at least 1.50 to 1.00 | 5.31 to 1.00 | |||||||||
| Minimum Unencumbered Assets to Unsecured Debt Ratio | at least 1.50 to 1.00 | 3.96 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) the pro-forma effects of acquisitions and dispositions and (vi) other nonrecurring expenses. We believe that EBITDAre and Adjusted EBITDAre are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre and Adjusted EBITDAre are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDAre are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDAre and Adjusted EBITDAre should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a
measure of our liquidity. EBITDAre and Adjusted EBITDAre should not be considered as alternatives 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:
For the Three Months Ended | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
EBITDAre | $ | 181,100 | $ | 174,638 | $ | 103,701 | $ | 171,108 | $ | 173,922 | |||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,805) | (4,647) | (4,129) | (5,254) | (5,788) | ||||||||||||||||||||||||
Non-cash stock compensation | 3,666 | 4,063 | 8,537 | 10,485 | 10,091 | ||||||||||||||||||||||||
Co-CEO transition costs | (2,330) | — | 60,223 | — | — | ||||||||||||||||||||||||
Debt extinguishment and modification expenses | — | — | — | — | 291 | ||||||||||||||||||||||||
Straight line rental revenue adj. | (9,967) | (15,136) | (9,073) | (8,164) | (6,918) | ||||||||||||||||||||||||
Capitalized payments | (4,586) | (5,851) | (6,013) | (6,516) | (5,304) | ||||||||||||||||||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||||||||||||||||||
Recurring capital expenditures | (4,750) | (2,314) | (2,566) | (3,563) | (5,887) | ||||||||||||||||||||||||
| 2nd gen. tenant improvements | (242) | (185) | (179) | (460) | (663) | ||||||||||||||||||||||||
| 2nd gen. leasing commissions | (4,942) | (8,193) | (6,324) | (8,007) | (4,162) | ||||||||||||||||||||||||
| Cash flow for fixed charge coverage calculation | $ | 154,029 | $ | 142,260 | $ | 144,062 | $ | 149,514 | $ | 155,467 | |||||||||||||||||||
| Cash interest expense calculation detail: | |||||||||||||||||||||||||||||
| Interest expense | 28,571 | 26,600 | 25,451 | 25,463 | 26,701 | ||||||||||||||||||||||||
| Capitalized interest | 6,026 | 7,352 | 8,801 | 9,240 | 9,064 | ||||||||||||||||||||||||
| Note payable premium amort. | (1,662) | (1,641) | (1,616) | (1,597) | (1,579) | ||||||||||||||||||||||||
| Amort. of deferred financing costs | (1,333) | (1,334) | (1,333) | (1,340) | (1,255) | ||||||||||||||||||||||||
| Amort. of swap term fees & t-locks | (77) | (77) | (78) | (78) | (76) | ||||||||||||||||||||||||
| Cash interest expense | 31,525 | 30,900 | 31,225 | 31,688 | 32,855 | ||||||||||||||||||||||||
| Scheduled principal payments | 217 | 215 | 247 | 244 | 242 | ||||||||||||||||||||||||
| Preferred stock/unit dividends | 2,405 | 2,404 | 2,405 | 2,404 | 2,405 | ||||||||||||||||||||||||
| Fixed charges | $ | 34,147 | $ | 33,519 | $ | 33,877 | $ | 34,336 | $ | 35,502 | |||||||||||||||||||
| Fixed Charge Coverage Ratio | 4.5 | x | 4.2 | x | 4.3 | x | 4.4 | x | 4.4 | x | |||||||||||||||||||
Second Quarter 2026 Supplemental Financial Reporting Package | Page 34 | | ||||||
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.
Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning, development and lease-up as of the end of the reporting period, assuming that all repositioning/development work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operating results would have been had the transactions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.
Definitions Related to Properties and Space Under Repositioning/Development:
•Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
•Properties Under Development: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.
•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.
•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 33) for the repositioning/development property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 35 | | ||||||
Notes and Definitions. | ||||||||
•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 | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
| Rental revenue (before collectability adjustment) | $ | 200,258 | $ | 202,658 | $ | 201,454 | $ | 203,217 | $ | 199,839 | |||||||||||||||||||
| Tenant reimbursements | 42,856 | 41,728 | 43,793 | 42,612 | 41,403 | ||||||||||||||||||||||||
| Other income | 1,296 | 486 | 598 | 915 | 467 | ||||||||||||||||||||||||
| Increase (reduction) in revenue due to change in collectability assessment | (1,414) | (2,731) | (2,615) | 13 | (141) | ||||||||||||||||||||||||
| Rental income | $ | 242,996 | $ | 242,141 | $ | 243,230 | $ | 246,757 | $ | 241,568 | |||||||||||||||||||
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 June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 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 | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
| # of Properties | 341 | 342 | 287 | 288 | 289 | ||||||||||||||||||||||||
| Square Feet | 41,633,904 | 41,727,325 | 37,466,856 | 37,916,326 | 37,991,248 | ||||||||||||||||||||||||
| Ending Occupancy | 95.1 | % | 96.1 | % | 96.5 | % | 96.8 | % | 96.1 | % | |||||||||||||||||||
| SPP NOI growth | (0.5) | % | 0.9 | % | 0.4 | % | 1.9 | % | 1.1 | % | |||||||||||||||||||
| SPP Cash NOI growth | 1.5 | % | (0.4) | % | 2.8 | % | 5.5 | % | 3.9 | % | |||||||||||||||||||
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 June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
| 2026 | 2025 | $ Change | % Change | 2026 | 2025 | $ Change | % Change | ||||||||||||||||||||||||||||||||||||||||
| Rental revenue | $ | 173,640 | $ | 174,948 | $ | (1,308) | (0.7)% | $ | 349,097 | $ | 346,204 | $ | 2,893 | 0.8% | |||||||||||||||||||||||||||||||||
| Tenant reimbursements | 36,320 | 35,481 | 839 | 2.4% | 72,020 | 71,158 | 862 | 1.2% | |||||||||||||||||||||||||||||||||||||||
| Other income | 1,014 | 458 | 556 | 121.4% | 1,426 | 1,199 | 227 | 18.9% | |||||||||||||||||||||||||||||||||||||||
| Rental income | $ | 210,974 | $ | 210,887 | $ | 87 | 0.0% | $ | 422,543 | $ | 418,561 | $ | 3,982 | 1.0% | |||||||||||||||||||||||||||||||||
Reconciliation of Net Income (Loss) to NOI and Cash NOI (in thousands):
| Three Months Ended | |||||||||||||||||||||||||||||
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | |||||||||||||||||||||||||
| Net (Loss) Income | $ | (523,811) | $ | 94,562 | $ | (67,735) | $ | 93,056 | $ | 120,394 | |||||||||||||||||||
| General and administrative | 13,693 | 14,925 | 19,199 | 20,037 | 19,752 | ||||||||||||||||||||||||
| Depreciation & amortization | 73,479 | 72,933 | 76,819 | 81,172 | 71,188 | ||||||||||||||||||||||||
| Other expenses, net | (2,001) | 102 | 65,910 | 4,218 | 244 | ||||||||||||||||||||||||
| Interest expense | 28,571 | 26,600 | 25,451 | 25,463 | 26,701 | ||||||||||||||||||||||||
Debt extinguishment and modification expenses | — | — | — | — | 291 | ||||||||||||||||||||||||
| Management & leasing services | — | — | (197) | (118) | (132) | ||||||||||||||||||||||||
| Other income | (3,500) | (1,350) | — | — | — | ||||||||||||||||||||||||
| Interest income | (2,510) | (2,937) | (4,670) | (6,367) | (7,807) | ||||||||||||||||||||||||
Impairment of real estate | 624,754 | 6,824 | 89,097 | — | — | ||||||||||||||||||||||||
| Gains on sale of real estate | (21,893) | (26,281) | (19,931) | (28,583) | (44,361) | ||||||||||||||||||||||||
| NOI | $ | 186,782 | $ | 185,378 | $ | 183,943 | $ | 188,878 | $ | 186,270 | |||||||||||||||||||
| S/L rental revenue adj. | (9,967) | (15,136) | (9,073) | (8,164) | (6,918) | ||||||||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,805) | (4,647) | (4,129) | (5,254) | (5,788) | ||||||||||||||||||||||||
| Cash NOI | $ | 173,010 | $ | 165,595 | $ | 170,741 | $ | 175,460 | $ | 173,564 | |||||||||||||||||||
Second Quarter 2026 Supplemental Financial Reporting Package | Page 36 | | ||||||
Notes and Definitions. | ||||||||
Reconciliation of Net (Loss) Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net (loss) income | $ | (523,811) | $ | 120,394 | $ | (429,249) | $ | 194,442 | |||||||||||||||
| General and administrative | 13,693 | 19,752 | 28,618 | 39,620 | |||||||||||||||||||
| Depreciation and amortization | 73,479 | 71,188 | 146,412 | 157,928 | |||||||||||||||||||
| Other expenses, net | (2,001) | 244 | (1,899) | 2,483 | |||||||||||||||||||
| Interest expense | 28,571 | 26,701 | 55,171 | 53,989 | |||||||||||||||||||
Debt extinguishment and modification expenses | — | 291 | — | 291 | |||||||||||||||||||
| Management and leasing services | — | (132) | — | (274) | |||||||||||||||||||
| Other income | (3,500) | — | (4,850) | — | |||||||||||||||||||
| Interest income | (2,510) | (7,807) | (5,447) | (11,131) | |||||||||||||||||||
Impairment of real estate | 624,754 | — | 631,578 | — | |||||||||||||||||||
| Gains on sale of real estate | (21,893) | (44,361) | (48,174) | (57,518) | |||||||||||||||||||
| NOI | $ | 186,782 | $ | 186,270 | $ | 372,160 | $ | 379,830 | |||||||||||||||
| Non-Same Property Portfolio rental income | (32,022) | (30,681) | (62,594) | (71,828) | |||||||||||||||||||
| Non-Same Property Portfolio property exp. | 9,403 | 9,405 | 18,932 | 19,388 | |||||||||||||||||||
| Same Property Portfolio NOI | $ | 164,163 | $ | 164,994 | $ | 328,498 | $ | 327,390 | |||||||||||||||
| Straight line rental revenue adjustment | (4,938) | (6,328) | (15,235) | (13,835) | |||||||||||||||||||
Above/(below) market lease revenue adjustments | (3,093) | (4,829) | (7,263) | (9,401) | |||||||||||||||||||
| Same Property Portfolio Cash NOI | $ | 156,132 | $ | 153,837 | $ | 306,000 | $ | 304,154 | |||||||||||||||
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 | $ | (1.32) | $ | (1.27) | |||||||
| Company share of depreciation and amortization | 1.21 | 1.21 | |||||||||
Company share of impairment of real estate | 2.71 | 2.71 | |||||||||
Company share of gains on sale of real estate(1) | (0.21) | (0.21) | |||||||||
| Company share of FFO | $ | 2.39 | $ | 2.44 | |||||||
Add: Core FFO adjustments(2) | (0.01) | (0.01) | |||||||||
| Company share of Core FFO | $ | 2.38 | $ | 2.43 | |||||||
(1)Reflects dispositions through June 30, 2026. See details on page 31.
(2)Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.
Occupancy by County:
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | ||||||||||||||||||||||||||||
| Ending Occupancy: | ||||||||||||||||||||||||||||||||
| Los Angeles County | 90.1% | 89.8% | 88.3% | 90.9% | 87.9% | |||||||||||||||||||||||||||
| Orange County | 91.8% | 92.2% | 93.6% | 93.7% | 90.7% | |||||||||||||||||||||||||||
| Riverside / San Bernardino County | 86.9% | 91.2% | 95.3% | 94.4% | 93.9% | |||||||||||||||||||||||||||
| San Diego County | 90.4% | 90.7% | 85.9% | 91.3% | 86.7% | |||||||||||||||||||||||||||
| Ventura County | 95.3% | 94.5% | 91.8% | 89.8% | 87.5% | |||||||||||||||||||||||||||
| Total/Weighted Average | 90.0% | 90.7% | 90.2% | 91.8% | 89.2% | |||||||||||||||||||||||||||
| Total Portfolio RSF | 49,934,203 | 50,445,312 | 51,161,188 | 50,850,824 | 51,021,897 | |||||||||||||||||||||||||||
Uncommenced Lease Data:
| Total/Weighted Average | ||||||||
| Occupied SF | 44,942,906 | |||||||
Uncommenced Renewal Leases - Leased SF(1) | 866,558 | |||||||
Uncommenced New Leases - Leased SF(1) | 132,901 | |||||||
| Leased SF | 45,075,807 | |||||||
| Percent Leased | 90.3 | % | ||||||
In-Place ABR(2) | $ | 791,280 | ||||||
ABR Under Uncommenced Leases (in thousands)(2)(3) | 2,046 | |||||||
In-Place + Uncommenced ABR (in thousands)(2) | $ | 793,326 | ||||||
In-Place + Uncommenced ABR per SF(2) | $ | 17.60 | ||||||
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of June 30, 2026.
(2)See page 33 for further details on how these amounts are calculated.
(3)Includes $2.3 million of annualized base rent under Uncommenced New Leases and $(0.2) million of annualized base rent under Uncommenced Renewal Leases.
Second Quarter 2026 Supplemental Financial Reporting Package | Page 37 | | ||||||