Rexford Industrial Realty, Inc.

Previous wording

As of March 31, 2025, our consolidated portfolio consisted of 424 properties with approximately 51.0 million rentable square feet.

Current wording

As of June 30, 2025, our consolidated portfolio consisted of 422 properties with approximately 51.0 million rentable square feet.

Previous wording

•Net income attributable to common stockholders increased by 16.6% to $68.3 million for the three months ended March 31, 2025, compared to the prior year.

Current wording

•Net income attributable to common stockholders increased by 31.3% to $181.8 million for the six months ended June 30, 2025, compared to the prior year.

Previous wording

•Core funds from operations (Core FFO)(1) attributable to common stockholders increased by 14.1% to $141.0 million for the three months ended March 31, 2025, compared to the prior year.

Current wording

•Core funds from operations (Core FFO)(1) attributable to common stockholders increased by 10.9% to $280.7 million for the six months ended June 30, 2025, compared to the prior year.

Previous wording

•Net operating income (NOI)(1) increased by 18.4% to $193.6 million for the three months ended March 31, 2025, compared to the prior year.

Current wording

•Net operating income (NOI)(1) increased by 10.2% to $379.8 million for the six months ended June 30, 2025, compared to the prior year.

Previous wording

•Total portfolio occupancy at March 31, 2025 was 89.6%.

Current wording

•Total portfolio occupancy at June 30, 2025 was 89.2%.

Previous wording

•Same Property Portfolio(2) average occupancy for the three months ended March 31, 2025 was 95.9% and ending occupancy at March 31, 2025 was 95.7%.

Current wording

•Same Property Portfolio(2) average occupancy for the six months ended June 30, 2025 was 95.9% and ending occupancy at June 30, 2025 was 96.1%.

Previous wording

•Executed a total of 138 new and renewal leases with a combined 2.4 million rentable square feet, with leasing spreads of 23.8% on a GAAP basis and 14.7% on a cash basis.

Current wording

•Executed a total of 237 new and renewal leases with a combined 4.1 million rentable square feet, with leasing spreads of 22.6% on a GAAP basis and 11.9% on a cash basis.

Previous wording

•Subsequent to the first quarter of 2025, we sold one property with 102,299 rentable square feet for a gross sale price of $50.9 million.

Current wording

•Subsequent to the second quarter of 2025, we sold one property with 51,081 rentable square feet for a gross sale price of $14.7 million.

Previous wording

•During the first quarter of 2025, we stabilized five of our repositioning projects located at 4039 Calle Platino, 29120 Commerce Center Drive, East 27th Street, 122-125 North Vinedo Avenue and 29125 Avenue Paine, which have a combined 560,255 square feet. We also leased our 139,449 square foot redevelopment property located at 1901Via Burton which will stabilize in the second quarter of 2025 upon lease commencement.

Current wording

•During the first quarter of 2025, we stabilized five of our repositioning projects located at 4039 Calle Platino, 29120 Commerce Center Drive, East 27th Street, 122-125 North Vinedo Avenue and 29125 Avenue Paine, which have a combined 560,255 rentable square feet.

Previous wording

•During the first quarter of 2025, we also completed construction of nine of our repositioning/redevelopment properties with a combined 911,139 square feet that are now classified in the lease-up stage.

Current wording

•During the first quarter of 2025, we completed construction at nine of our repositioning/redevelopment properties with a combined 907,966 square feet. During the second quarter of 2025, we completed construction at two additional redevelopment properties with a combined 206,298 square feet. As of June 30, 2025 these 11 properties were in the lease-up stage.

Previous wording

The infill Southern California industrial real estate sector continues to exhibit favorable long-term supply-demand fundamentals. These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and redevelopment costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered. While we believe that our infill Southern California industrial property markets have demonstrated resiliency related to occupancy and rental rates in the context of key market drivers over the last several years, we expect some ongoing volatility within our markets through the near term, principally driven by general macroeconomic and political uncertainty including recent changes in trade policy and the introduction of new tariffs, an uncertain interest rate environment, persistent inflation and global geopolitical unrest. According to third-party market data, market rent growth within our infill Southern California markets has decreased approximately 18% since market rents peaked in mid-2023, after an increase of approximately 80%, on average, through the pandemic years of 2020 through 2022. In comparison, market rent growth for the Company’s portfolio has decreased approximately 14% since market rents peaked in mid-2023.

Current wording

The infill Southern California industrial real estate sector continues to exhibit favorable long-term supply-demand fundamentals. These high-barrier infill markets are characterized by a relative scarcity of highly functional product, coupled with the limited ability to introduce new supply over the long-term due to high land and redevelopment costs, regulatory hurdles with restrictive development constraints and a dearth of developable land in markets experiencing a net reduction in supply as, over time, more industrial property is converted to non-industrial uses than can be delivered. While we believe that our infill Southern California industrial property markets have demonstrated resiliency related to occupancy and rental rates in the context of key market drivers over the last several years, we expect some ongoing volatility within our markets through the near term, principally driven by general macroeconomic and political uncertainty including recent changes in trade and tariff policy, an uncertain interest rate environment, persistent inflation and global geopolitical unrest. According to third-party market data, market rent growth within our infill Southern California markets has decreased approximately 20.0% since market rents peaked in mid-2023, after an increase of approximately 80%, on average, through the pandemic years of 2020 through 2022. In comparison, market rent growth for the Company’s portfolio has decreased approximately 17.5% since market rents peaked in mid-2023.

Previous wording

The quality of tenant demand through the first quarter of 2025 is demonstrated through the Company’s leasing spreads and leasing volume (see “—Leasing Activity and Rental Rates” below). Renewal activity remained healthy and overall absorption was positive, reflecting the continued stability and demand across our tenant base. While activity levels remained healthy through the first quarter of 2025 relative to the second half of 2024, we recognize that the substantial escalation in international tariffs driving increased market volatility occurring subsequent to the end of the quarter may influence tenant demand going forward.

Current wording

Renewal leasing activity remained healthy and overall absorption was positive, reflecting the continued stability and demand across our tenant base. While activity levels remained healthy through the first half of 2025 relative to the second half of 2024, we recognize that heightened macroeconomic and tariff uncertainty continues to weigh on tenant decision-making and may influence tenant demand going forward.

Previous wording

Tenant demand has been driven by a wide range of sectors, from consumer products, healthcare and medical products to aerospace, food and beverage, construction and logistics, e-commerce, among other sectors. Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.

Current wording

Tenant demand has been driven by a wide range of sectors, from consumer products, healthcare and medical products to aerospace and defense, food and beverage, construction and logistics, e-commerce, among other sectors. Our portfolio, which we believe represents prime locations with superior functionality within the largest last-mile logistics distribution market in the nation, is well-positioned to continue to serve our diverse tenant base and attract incremental ecommerce-oriented and traditional distribution demand over the long-term.

Previous wording

We believe our portfolio’s leasing performance during the first quarter of 2025 has generally outpaced that of the infill markets within which we operate. We believe this performance has been driven by our highly entrepreneurial business model focused on acquiring and improving industrial property in superior locations so that our portfolio reflects a higher level of quality and functionality, on average, as compared to typical available product within the markets within which we operate. We believe that our portfolio, comprised of smaller space sizes averaging 26,000 square feet located entirely within last-mile, infill Southern California locations is well positioned to serve regional consumption and may be less susceptible to changes in global trade flows as compared to large warehouses located within non-infill submarkets. We also believe the quality and entrepreneurial approach demonstrated by our vertically-integrated team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets where we believe competing properties are generally otherwise owned by more passive, less-focused real estate owners.

Current wording

We believe our portfolio’s leasing performance during the second quarter of 2025 has generally outpaced that of the infill markets within which we operate. We believe this performance has been driven by our highly entrepreneurial business model focused on acquiring and improving industrial property in superior locations so that our portfolio reflects a higher level of quality and functionality, on average, as compared to typical available product within the markets within which we operate. We believe that our portfolio, comprised of smaller space sizes averaging 26,000 square feet located entirely within last-mile, infill Southern California locations is well positioned to serve regional consumption and may be less susceptible to changes in global trade flows as compared to large warehouses located within non-infill submarkets. We also believe the quality and entrepreneurial approach demonstrated by our vertically-integrated team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets where we believe competing properties are generally otherwise owned by more passive, less-focused real estate owners.

Previous wording

In Los Angeles County, vacancy increased quarter-over-quarter to 4.6% and average asking lease rates declined quarter-over-quarter. New development is limited by a lack of land availability and an increase in land and development costs.

Current wording

In Los Angeles County, vacancy increased quarter-over-quarter to 4.7% and average asking lease rates declined quarter-over-quarter. New development is limited by a lack of land availability and an increase in land and development costs.

Previous wording

In Orange County, average asking lease rates decreased quarter-over-quarter and vacancy increased quarter-over-quarter to 3.9%. Market conditions are expected to be favorable over the long-term due to steady demand and the continued low availability of industrial product in this region.

Current wording

In Orange County, average asking lease rates decreased quarter-over-quarter and vacancy increased quarter-over-quarter to 4.1%. Market conditions are expected to be favorable over the long-term due to steady demand and the continued low availability of industrial product in this region.

Previous wording

In the Inland Empire West, which contains infill markets in which we operate, vacancy decreased quarter-over-quarter to 4.7% and average taking lease rates in the market decreased slightly quarter-over-quarter. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial.

Current wording

In the Inland Empire West, which contains infill markets in which we operate, vacancy increased quarter-over-quarter to 4.8% and average taking lease rates in the market decreased quarter-over-quarter. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where available land and the development and construction pipeline for new supply is substantial.

Previous wording

In San Diego, vacancy increased quarter-over-quarter and average asking lease rates declined quarter-over-quarter.

Current wording

In San Diego, vacancy decreased quarter-over-quarter and average asking lease rates increased quarter-over-quarter.

Previous wording

In Ventura County, vacancy increased quarter-over-quarter and average asking lease rates declined quarter-over-quarter.

Current wording

In Ventura County, vacancy was flat quarter-over-quarter and average asking lease rates declined quarter-over-quarter.

Previous wording

As of March 31, 2025, 14 of our properties were under current repositioning or redevelopment and 17 of our properties were in the lease-up stage. In addition, we have a pipeline of 19 additional properties for which we anticipate beginning repositioning/redevelopment construction work over the near term. The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2025 and 2024, as the timing of these stabilizations have a direct impact on our current and comparative results of operations. We consider a repositioning/redevelopment property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.

Current wording

As of June 30, 2025, 14 of our properties were under current repositioning or redevelopment and 18 of our properties were in the lease-up stage. In addition, we have a pipeline of 15 additional properties for which we anticipate beginning repositioning/redevelopment construction work over the near term. The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2025 and 2024, as the timing of these stabilizations have a direct impact on our current and comparative results of operations. We consider a repositioning/redevelopment property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.

Previous wording

(3)Harcourt & Susana is a low coverage site with 33,461 rentable square feet of buildings on 239,364 square feet, or 5.5 acres, of land.

Current wording

(3)Harcourt & Susana is a low coverage site with 34,000 rentable square feet of buildings on 239,364 square feet, or 5.5 acres, of land.

Previous wording

(5)14434-14527 San Pedro Street is a low coverage site with 61,398 rentable square feet of buildings on 335,905 square feet, or 7.7 acres, of land.

Current wording

(5)14434-14527 San Pedro Street is a low coverage site with 58,225 rentable square feet of buildings on 335,905 square feet, or 7.7 acres, of land.

Previous wording

(6)Represents the estimated rentable square footage of the project upon completion of redevelopment.

Current wording

(7)Represents the estimated rentable square footage of the project upon completion of redevelopment.

Previous wording

(9)As of March 31, 2025, 3071 Coronado Street is considered stabilized, as it reached one year from the date of completion of construction work, but remains in Lease-Up (Redevelopment) for presentation purposes, as the property has not yet achieved 90% occupancy.

Current wording

(10)As of June 30, 2025, 3071 Coronado Street is considered stabilized, as it reached one year from the date of completion of construction work, but remains in Lease-Up (Redevelopment) for presentation purposes, as the property has not yet achieved 90% occupancy. Subsequent to June 30, 2025, we leased the property to a single tenant with the lease expected to commence in the fourth quarter of 2025.

Previous wording

(10)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and comprises one building totaling 51,594 rentable square feet, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 rentable square feet. We demolished the existing building and constructed a new building comprising approximately 76,553 rentable square feet in its place.

Current wording

(11)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and comprises one building totaling 51,594 rentable square feet, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 rentable square feet. We demolished the existing building and constructed a new building comprising approximately 76,553 rentable square feet in its place.

Previous wording

(11)1500 Raymond Avenue contains one acre of excess paved land.

Current wording

(12)1500 Raymond Avenue contains one acre of excess paved land.

Previous wording

(12)We consider a repositioning property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.

Current wording

(13)We consider a repositioning property to be stabilized upon the earlier of (i) reaching 90% occupancy or (ii) one year from the date construction work is completed.

Previous wording

Properties that are nonoperational as a result of repositioning or redevelopment activity may qualify for varying levels of interest, insurance and real estate tax capitalization during the redevelopment and construction period. An increase in our repositioning and redevelopment activities resulting from value-add acquisitions could cause an increase in the asset balances qualifying for interest, insurance and tax capitalization in future periods. We capitalized $8.2 million of interest expense and $1.9 million of insurance and real estate tax expenses during the three months ended March 31, 2025, respectively, related to our repositioning and redevelopment projects.

Current wording

Properties that are nonoperational as a result of repositioning or redevelopment activity may qualify for varying levels of interest, insurance and real estate tax capitalization during the redevelopment and construction period. An increase in our repositioning and redevelopment activities resulting from value-add acquisitions could cause an increase in the asset balances qualifying for interest, insurance and tax capitalization in future periods. We capitalized $17.3 million of interest expense and $4.0 million of insurance and real estate tax expenses during thesix months ended June 30, 2025, respectively, related to our repositioning and redevelopment projects.

Previous wording

As of March 31, 2025, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 89.6% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 95.1% occupied. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth. An opportunity to drive this growth will derive from the completion and lease-up of repositioning and redevelopment projects that are currently under construction.

Current wording

As of June 30, 2025, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 89.2% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 95.0% occupied. Additionally, our improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.5 million land square feet or 196.2 acres, were 97.9% leased at June 30, 2025. We believe the opportunity to increase occupancy at our properties will be an important driver of future revenue growth. An opportunity to drive this growth will derive from the completion and lease-up of repositioning and redevelopment projects that are currently under construction.

Previous wording

As summarized in the tables under “—Acquisitions and Value-Add Repositioning and Redevelopment of Properties” above, as of March 31, 2025, 14 of our properties with a combined 1.5 million of estimated rentable square feet at completion are under current repositioning or redevelopment, 17 properties with a combined 1.7 million of rentable square feet are in lease-up, and we have a near-term pipeline of 19 repositioning and redevelopment projects with a combined 3.3 million of estimated rentable square feet at completion. Additionally, we have 0.7 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County and San Bernardino markets and represents 5.8% of our total consolidated portfolio square footage as of March 31, 2025. Including vacant space at these properties, our weighted average occupancy rate as of March 31, 2025 in our Los Angeles, Orange County and San Bernardino markets was 88.0%, 88.4% and 95.9%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of March 31, 2025, in these markets was 94.1%, 98.5% and 97.5%, respectively. We believe that an important portion of our long-term future growth will come from the completion of these projects currently under or scheduled for repositioning/redevelopment, as well as through the identification or acquisition of new opportunities for repositioning and redevelopment, whether in our existing portfolio or through new investments, which may vary from period to period subject to market conditions.

Current wording

As summarized in the tables under “—Acquisitions and Value-Add Repositioning and Redevelopment of Properties” above, as of June 30, 2025, 14 of our properties with a combined 1.3 million of estimated rentable square feet at completion are under current repositioning or redevelopment, 18 properties with a combined 1.8 million of rentable square feet are in lease-up, and we have a near-term pipeline of 15 repositioning and redevelopment projects with a combined 3.0 million of estimated rentable square feet at completion. Additionally, we have 1.2 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County and San Bernardino markets and represents 6.1% of our total consolidated portfolio square footage as of June 30, 2025. Including vacant space at these properties, our weighted average occupancy rate as of June 30, 2025 in our Los Angeles, Orange County and San Bernardino markets was 87.9%, 90.7% and 93.9%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of June 30, 2025, in these markets was 95.2%, 96.1% and 96.0%, respectively. We believe that an important portion of our long-term future growth will come from the completion of these projects currently under or scheduled for repositioning/redevelopment, as well as through the identification or acquisition of new opportunities for repositioning and redevelopment, whether in our existing portfolio or through new investments, which may vary from period to period subject to market conditions.

Previous wording

The following tables set forth our leasing activity for new and renewal leases for the three months ended March 31, 2025:

Current wording

The following tables set forth our leasing activity for new and renewal leases for the three and six months ended June 30, 2025:

Previous wording

(4)The net effective and cash re-leasing spreads for new leases executed during the three months ended March 31, 2025, exclude 23 leases aggregating 602,962 rentable square feet for which there was no comparable lease data. Of these 23 excluded leases, 10 leases aggregating 508,109 rentable square feet were recently repositioned/redeveloped space. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) space with lease terms shorter than six months.

Current wording

(4)The net effective and cash re-leasing spreads for new leases executed during the six months ended June 30, 2025, exclude 43 leases aggregating 1,085,259 rentable square feet for which there was no comparable lease data. Of these 43 excluded leases, 17 leases aggregating 856,040 rentable square feet were recently repositioned/redeveloped space. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) space with lease terms shorter than six months. Because leasing spreads are based on building square footage, land lease activity is not captured in these calculations. However, during the second quarter of 2025 we executed the following land lease transactions: (i) one new lease with 14,370 land square feet and (ii) three renewal leases totaling 292,870 land square feet. For the renewal land lease transactions, the net effective and cash leasing spreads were 110.3% and 25.6%, respectively. The new land lease transaction did not have any prior comparable lease data, and therefore no spread calculation is applicable.

Previous wording

(5)The net effective and cash re-leasing rent spreads for renewal leases executed during the three months ended March 31, 2025, exclude one lease for which there was no comparable lease data. Comparable leases generally exclude space with lease terms shorter than six months or space in pre-development/entitlement process.

Current wording

(6)The net effective and cash re-leasing rent spreads for renewal leases executed during the six months ended June 30, 2025, exclude four leases for which there was no comparable lease data. Comparable leases generally exclude space with lease terms shorter than six months or space in pre-development/entitlement process.

Previous wording

(6)Includes leases totaling 833,218 rentable square feet that expired during the three months ended March 31, 2025, for which the space has been or will be placed into repositioning (including “other repositioning projects”) or redevelopment.

Current wording

(7)Includes leases totaling 1,137,994 rentable square feet that expired during the six months ended June 30, 2025, for which the space has been or will be placed into repositioning (including “other repositioning projects”) or redevelopment.

Previous wording

(7)Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning (including “other repositioning projects”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants.

Current wording

(8)Retention is calculated as renewal lease square footage plus relocation/expansion square footage, divided by the square footage of leases expiring during the period. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning (including “other repositioning projects”) after the tenant vacates, (ii) early terminations with pre-negotiated replacement leases and (iii) move outs where space is directly leased by subtenants.

Previous wording

Our leasing activity is impacted both by our repositioning and redevelopment efforts, as well as by market conditions. While we reposition a property, its space may become unavailable for leasing until completion of our repositioning efforts. As of March 31, 2025, we have 14 current repositioning/redevelopment projects with estimated construction completion periods ranging from the second quarter of 2025 through the fourth quarter of 2026. We expect these properties to have positive impacts on our leasing activity and revenue generation as we complete our value-add plans and place these properties in service.

Current wording

Our leasing activity is impacted both by our repositioning and redevelopment efforts, as well as by market conditions. While we reposition a property, its space may become unavailable for leasing until completion of our repositioning efforts. As of June 30, 2025, we have 14 current repositioning/redevelopment projects with estimated construction completion periods ranging from the third quarter of 2025 through the second quarter of 2027. We expect these properties to have positive impacts on our leasing activity and revenue generation as we complete our value-add plans and place these properties in service.

Previous wording

(1)Represents the contracted square footage upon expiration.

Current wording

(1)Represents the contracted building square footage upon expiration.

Previous wording

(2)Calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of March 31, 2025, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.

Current wording

(2)Annualized base rent (“ABR”) is calculated as monthly contracted base rent (before rent abatements) per the terms of such lease, as of June 30, 2025, multiplied by 12, and then aggregated by year of lease expiration. Excludes tenant reimbursements. Amounts in thousands.

Previous wording

(3)Calculated as annualized base rent set forth in this table divided by annualized base rent for the total portfolio as of March 31, 2025.

Current wording

(3)Calculated as ABR set forth in this table divided by ABR for the total portfolio as of June 30, 2025.

Previous wording

(4)Calculated as annualized base rent for such leases divided by the occupied square feet for such leases as of March 31, 2025.

Current wording

(4)Calculated as ABR for such leases divided by the occupied building square feet for such leases as of June 30, 2025. Excluding ABR of $45.35 million associated with improved land and industrial outdoor storage (IOS) leases and $2.7 million associated with cellular tower, solar and parking lot leases, ABR per building square foot is $16.14.