Rexford Industrial Realty, Inc.

Previous wording

As of March 31, 2026, our consolidated portfolio consisted of 414 properties with approximately 50.4 million rentable square feet.

Current wording

As of June 30, 2026, our consolidated portfolio consisted of 409 properties with approximately 49.9 million rentable square feet.

Previous wording

Effective 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 announced in November 2025. Howard Schwimmer and Michael Frankel ceased serving as Co‑Chief Executive Officers effective March 31, 2026. The Company continues to execute on operating and capital initiatives announced in connection with this transition, including changes to capital allocation priorities, a reduction in development exposure and enhanced operational rigor and synergies.

Current wording

Effective 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 announced in November 2025. Howard Schwimmer and Michael Frankel ceased serving as Co‑Chief Executive Officers effective March 31, 2026 and continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 2026. The Company continues to execute on operating and capital initiatives announced in connection with this transition, including changes to capital allocation priorities, a reduction in development exposure and enhanced operational rigor and synergies.

Previous wording

•Net income attributable to common stockholders increased by 28.6% to $87.9 million for the three months ended March 31, 2026, compared to the prior year.

Current wording

•Net loss attributable to common stockholders was $419.0 million for the six months ended June 30, 2026, compared to net income attributable to common stockholders of $181.8 million for the prior-year period.

Previous wording

•Core funds from operations (Core FFO)(1) attributable to common stockholders decreased by 0.9% to $139.8 million for the three months ended March 31, 2026, compared to the prior year.

Current wording

•Core funds from operations (Core FFO)(1) attributable to common stockholders increased by 0.2% to $281.2 million for the six months ended June 30, 2026, compared to the prior-year period.

Previous wording

•Net operating income (NOI)(1) decreased by 4.2% to $185.4 million for the three months ended March 31, 2026, compared to the prior year.

Current wording

•Net operating income (NOI)(1) decreased by 2.0% to $372.2 million for the six months ended June 30, 2026, compared to the prior-year period.

Previous wording

•Total portfolio occupancy at March 31, 2026 was 90.7%.

Current wording

•Total portfolio occupancy at June 30, 2026 was 90.0%.

Previous wording

•Same Property Portfolio(2) average occupancy for the three months ended March 31, 2026 was 96.3% and ending occupancy at March 31, 2026 was 96.1%.

Current wording

•Same Property Portfolio average occupancy for the six months ended June 30, 2026 was 96.0% and ending occupancy at June 30, 2026 was 95.1%.

Previous wording

•Executed a total of 144 new and renewal leases with a combined 4.1 million rentable square feet, with leasing spreads of (10.0)% on a net effective basis and (15.4)% on a cash basis. Excluding one lease extension covering 1.1 million rentable square feet, leasing spreads were 5.5% on a net effective basis and (1.8)% on a cash basis.

Current wording

•Executed a total of 261 new and renewal leases with a combined 6.2 million rentable square feet, with leasing spreads of (7.7)% on a net effective basis and (14.0)% on a cash basis. Excluding one lease extension covering 1.1 million rentable square feet, leasing spreads were 1.7% on a net effective basis and (6.1)% on a cash basis.

Previous wording

•During the first quarter of 2026, we sold five properties with a combined 314,693 rentable square feet for a total gross sale price of $127.4 million and recognized $26.3 million in gains on sale of real estate. Three of these properties were previously impaired, including additional impairments recorded during the quarter, and were sold without a gain or loss.

Current wording

•During the first quarter of 2026, we sold five properties with a combined 314,693 rentable square feet for a total gross sale price of $127.4 million and recognized $26.3 million in gains on sale of real estate. Three of the properties had been previously impaired and were sold without a gain or loss.

Previous wording

•Subsequent to the first quarter of 2026, we sold one property with 101,380 rentable square feet for a gross sale price $16.5 million.

Current wording

•Subsequent to the second quarter of 2026, we sold one property with 22,667 rentable square feet for a gross sale price of $7.6 million.

Previous wording

(1) See “Non-GAAP Supplemental Measures: Funds From Operations” and “Non-GAAP Supplemental Measures: NOI and Cash NOI” included under Item 2 of this Form 10-Q for a definition and reconciliation of Core FFO and NOI from net income and a discussion of why we believe Core FFO and NOI are useful supplemental measures of operating performance.

Current wording

(1) See “Non-GAAP Supplemental Measures: Funds From Operations” and “Non-GAAP Supplemental Measures: NOI and Cash NOI” included under Item 2 of this Form 10-Q for definitions of Core FFO, NOI, Same Property Portfolio NOI and Cash NOI, reconciliations to the most directly comparable GAAP measures, and a discussion of why we believe these measures are useful supplemental measures of operating performance.

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 development costs, increasing regulatory hurdles with restrictive development constraints and a dearth of developable land. That said, 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 22% from the peak levels reached in mid-2023. This decline follows an average increase of approximately 80% during the pandemic years of 2020 through 2022. Based on the same third-party market data, overall market rents remain approximately 40% above pre-pandemic levels.

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 development costs, increasing regulatory hurdles with restrictive development constraints and a dearth of developable land. That said, 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 24% from the peak levels reached in mid-2023. This decline follows an average increase of approximately 80% during the pandemic years of 2020 through 2022. Based on the same third-party market data, overall market rents remain approximately 40% above pre-pandemic levels.

Previous wording

Leasing activity across our portfolio was strong during the first quarter, however, market vacancy continues to increase and net absorption remains negative. We recognize that heightened macroeconomic and tariff uncertainty may continue to weigh on tenant decision-making and may influence tenant demand going forward.

Current wording

Leasing activity across our portfolio was healthy during the first half of 2026. In the second quarter, market vacancy decreased and net absorption was positive, however, performance across submarkets, size ranges and quality varies. We recognize that heightened macroeconomic and tariff uncertainty may continue 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 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 tenant 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, advanced manufacturing, 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 tenant demand over the long-term.

Previous wording

We believe our portfolio’s leasing performance during the first quarter of 2026 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 28,000 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 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. Additionally, supply under construction is far below recent historical levels, and coupled with the increasingly restrictive regulatory environment, the near and long term opportunity to create value through repositioning existing assets is robust.

Current wording

We believe our portfolio’s leasing performance during the second quarter of 2026 has generally outpaced that of the infill markets within which we operate. We believe this performance has been driven by our 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 28,000 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 approach demonstrated by our team of real estate professionals actively managing our properties and our tenants enables the potential to outcompete within our markets. Additionally, supply under construction is far below recent historical levels, and coupled with the increasingly restrictive regulatory environment, the near and long term opportunity to create value through repositioning existing assets is robust.

Previous wording

In Los Angeles County, vacancy increased quarter-over-quarter to 5.3% and average asking lease rates declined quarter-over-quarter.

Current wording

In Los Angeles County, vacancy decreased quarter-over-quarter to 5.0% and average asking lease rates declined quarter-over-quarter.

Previous wording

In Orange County, vacancy increased quarter-over-quarter to 5.4% and average asking lease rates declined quarter-over-quarter.

Current wording

In Orange County, vacancy increased quarter-over-quarter to 5.5% and average asking lease rates declined quarter-over-quarter.

Previous wording

In the Inland Empire West, which contains infill markets in which we operate, vacancy increased quarter-over-quarter to 6.4% and average taking lease rates increased quarter-over-quarter. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where there is excess land available for development.

Current wording

In the Inland Empire West, which contains infill markets in which we operate, vacancy decreased quarter-over-quarter to 5.9% and average taking lease rates decreased quarter-over-quarter. We generally do not focus on properties located within the non-infill Inland Empire East sub-market where there is excess land available for development.

Previous wording

In San Diego, vacancy increased quarter-over-quarter to 6.7% and average asking lease rates declined quarter-over-quarter.

Current wording

In San Diego, vacancy decreased quarter-over-quarter to 6.6% and average asking lease rates declined quarter-over-quarter.

Previous wording

In Ventura County, vacancy increased quarter-over-quarter to 4.4% and average asking lease rates declined quarter-over-quarter.

Current wording

In Ventura County, vacancy decreased quarter-over-quarter to 4.2% and average asking lease rates declined quarter-over-quarter.

Previous wording

The Company’s growth strategy remains centered on creating long‑term, per‑share FFO and net asset value through disciplined capital allocation, targeted industrial investment within infill Southern California, and the execution of value‑add initiatives across our industrial portfolio. While we did not complete any acquisitions during the prior year and current quarter, our long‑term strategy continues to prioritize opportunities that demonstrate the potential for accretion to Core FFO and net asset value per share that will be evaluated through rigorous underwriting criteria reflecting current market conditions and our cost of capital. We will continue to evaluate and execute upon the repositioning and improvement of properties already within our portfolio to enhance functionality, marketability, future cash‑flow growth and drive value creation that meet our strengthened risk-adjusted return thresholds.

Current wording

Our growth strategy remains centered on creating long‑term, per‑share FFO and net asset value through disciplined capital allocation, targeted industrial investment within infill Southern California, and the execution of value‑add initiatives across our industrial portfolio. While we did not complete any acquisitions during the prior year or first half of 2026, we continue to evaluate investment opportunities that we believe have the potential to be accretive to Core FFO and net asset value per share and satisfy our underwriting criteria, which reflect current market conditions and our cost of capital. We also continue to evaluate and execute repositioning and improvement initiatives within our existing portfolio to enhance property functionality, marketability, future cash flow growth and long-term value creation.

Previous wording

The Company’s historical investment strategy targets industrial property investments demonstrating the potential for accretion in Core FFO and net asset value, both on a per share basis, over the near- to longer-term. These target investments may comprise acquiring leased, stabilized properties as well as properties with value-add opportunities to improve functionality and to deploy our value-driven asset management programs in order to increase cash flow and value. Additionally, from time to time, we may acquire industrial outdoor storage sites, land parcels or properties with excess land for ground-up development projects. Acquisitions may comprise single property investments as well as the purchase of portfolios of properties, with transaction values ranging from approximately $10 million single property investments to portfolios potentially valued in the billions of dollars. The Company’s geographic focus remains infill Southern California. However, from time-to-time, portfolios could be acquired comprising a critical mass of infill Southern California industrial property that could include some assets located in markets outside of infill Southern California. In general, to the extent non-infill-Southern California assets were to be acquired as part of a larger portfolio, the Company may underwrite such investments with the potential to dispose such assets over a certain period of time in order to maximize its core focus on infill Southern California, while endeavoring to take appropriate steps to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws. Similarly, while our focus is owning and operating industrial properties in Southern California infill markets, occasionally an acquisition may include non-industrial properties, such as office and other uses, with the intent to reposition or develop the properties into industrial use or to dispose of the non-industrial assets in a manner intended to satisfy REIT safe harbor requirements to avoid prohibited transactions under REIT tax laws.

Current wording

The Company’s historical investment strategy targets industrial property investments demonstrating the potential for accretion in Core FFO and net asset value, both on a per share basis, over the near- to longer-term. These target investments may comprise acquiring leased, stabilized properties as well as properties with value-add opportunities to improve functionality and to deploy our value-driven asset management programs in order to increase cash flow and value. Acquisitions may comprise single property investments as well as the purchase of portfolios of properties. The Company’s geographic focus remains infill Southern California. However, from time-to-time, portfolios could be acquired comprising a critical mass of infill Southern California industrial property that could include some assets located in markets outside of infill Southern California. In general, to the extent non-infill-Southern California assets were to be acquired as part of a larger portfolio, the Company may underwrite such investments with the potential to dispose such assets over a certain period of time in order to maximize its core focus on infill Southern California. Similarly, while our focus is owning and operating industrial properties in Southern California infill markets, occasionally an acquisition may include non-industrial properties, such as office and other uses, with the intent to reposition or develop the properties into industrial use or to dispose of the non-industrial assets. In either case, we would endeavor to take appropriate steps to satisfy REIT safe harbor requirements and avoid prohibited transactions under REIT tax laws.

Previous wording

A development property is defined as a property where we plan to fully demolish an existing building(s) due to building obsolescence and/or construct a ground-up building on a property with excess or vacant land. At the end of 2025 we re-evaluated our near-term development pipeline to focus on opportunities that satisfy enhanced underwriting criteria. As part of this process, we evaluated alternatives including proceeding with development, postponing construction, or selling the site based on relative risk‑adjusted returns. Following this review, we determined not to proceed with six projects totaling approximately 850,000 square feet of planned development. During the first quarter of 2026, we sold three of these projects, and as of March 31, 2026, two of these projects were classified as held for sale.

Current wording

A development property is defined as a property where we plan to fully demolish an existing building(s) due to building obsolescence and/or construct a ground-up building on a property with excess or vacant land. Consistent with the capital allocation strategy announced in November 2025, we re-evaluated our near-term development pipeline at the end of 2025 to focus on opportunities that satisfy enhanced underwriting criteria. As part of this process, we evaluated alternatives including proceeding with development, postponing construction, or selling the site based on relative risk‑adjusted returns. Following this review, we determined not to proceed with six projects totaling approximately 850,000 square feet of planned development. During the first quarter of 2026, we sold three of these projects, and during the second quarter of 2026 we sold the other three projects.

Previous wording

As of March 31, 2026, nine of our repositioning or development properties were under construction and 12 of our properties were in the lease-up stage. In addition, following our re-evaluation of the development pipeline, we have five properties as near-term potential future repositioning and development opportunities. The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2026 and 2025, as the timing of these stabilizations have a direct impact on our current and comparative results of operations. We consider a repositioning/development 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, 2026, six of our repositioning or development properties were under construction and 14 of our properties were in the lease-up stage. In addition, we have identified five properties as near-term potential future repositioning and development opportunities. The tables below set forth a summary of these properties, as well as the properties that were most recently stabilized in 2026 and 2025, as the timing of these stabilizations have a direct impact on our current and comparative results of operations. We consider a repositioning/development 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

(6)9400-9500 Santa Fe Springs Road totals 595,304 rentable square feet and the proposed repositioning project pertains to work at only one of the units, totaling 184,270 rentable square feet.

Current wording

(7)9400-9500 Santa Fe Springs Road totals 595,304 rentable square feet and the proposed repositioning project pertains to work at only one of the units, totaling 184,270 rentable square feet.

Previous wording

(7)We consider a repositioning or development 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

(8)We consider a repositioning or development 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)As of March 31, 2026, the entire project includes 526,069 rentable square feet, comprised of: (i) 3211 Mission Oaks Boulevard, a newly constructed building totaling 116,852 rentable square feet, and (ii) 3233 Mission Oaks Boulevard, with 409,217 rentable square feet which were not redeveloped. Site improvements were completed across the entire project. The rentable square feet and property leased percentage apply only to 3211 Mission Oaks Boulevard.

Current wording

(9)As of June 30, 2026, the entire project includes 526,069 rentable square feet, comprised of: (i) 3211 Mission Oaks Boulevard, a newly constructed building totaling 116,852 rentable square feet, and (ii) 3233 Mission Oaks Boulevard, with 409,217 rentable square feet which were not redeveloped. Site improvements were completed across the entire project. The rentable square feet and property leased percentage apply only to 3211 Mission Oaks Boulevard.

Previous wording

Properties that are nonoperational as a result of repositioning or development activity may qualify for varying levels of interest, insurance and real estate tax capitalization during the development and construction period. An increase in our repositioning and development 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 $7.4 million of interest expense and $2.4 million of insurance and real estate tax expenses during the three months ended March 31, 2026, respectively, related to our repositioning and development projects.

Current wording

Properties that are nonoperational as a result of repositioning or development activity may qualify for varying levels of interest, insurance and real estate tax capitalization during the development and construction period. An increase in our repositioning and development 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 $13.4 million of interest expense and $4.3 million of insurance and real estate tax expenses during the six months ended June 30, 2026, respectively, related to our repositioning and development projects.

Previous wording

As of March 31, 2026, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 90.7% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 95.2% occupied. Additionally, our improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million land square feet or 189.7 acres, were 92.8% occupied at March 31, 2026. We believe the opportunity to increase occupancy at our properties will continue to be an important driver of future revenue growth, particularly as repositioning and development projects are completed and move through the lease-up phase.

Current wording

As of June 30, 2026, our consolidated portfolio, inclusive of space in repositioning as described in the subsequent paragraph, was approximately 90.0% occupied, while our stabilized consolidated portfolio exclusive of such space was approximately 94.8% occupied. Additionally, our improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million land square feet or 189.7 acres, were 92.8% occupied at June 30, 2026. We believe the opportunity to increase occupancy at our properties will continue to be an important driver of future revenue growth, particularly as repositioning and development projects are completed and move through the lease-up phase.

Previous wording

As summarized in the tables under “—Acquisitions, Dispositions and Value-Add Repositioning and Development of Properties” above, as of March 31, 2026, nine of our properties with a combined 1.0 million square feet of rentable area at completion are under current repositioning or development, 12 properties with a combined 1.3 million square feet of rentable area are in lease-up, and we have a near-term pipeline of five repositioning and development projects with a combined 1.2 million square feet of rentable area at completion. Additionally, we have 0.6 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County, San Bernardino and San Diego markets and represents 4.8% of our total consolidated portfolio square footage as of March 31, 2026. Including vacant space at these properties, our weighted average occupancy rate as of March 31, 2026 in our Los Angeles, Orange County, San Bernardino and San Diego markets was 89.8%, 92.2%, 91.2% and 90.7%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of March 31, 2026, in these markets was 95.4%, 96.8%, 93.8% and 95.9%, respectively. We believe that an important portion of our long-term future growth will come from the completion and lease-up of projects currently under or scheduled for repositioning/development, as well as from select opportunities that meet established return thresholds, whether within 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, Dispositions and Value-Add Repositioning and Development of Properties” above, as of June 30, 2026, six of our properties with a combined 0.9 million square feet of rentable area at completion are under current repositioning or development, 14 properties with a combined 1.6 million square feet of rentable area are in lease-up, and we have a near-term pipeline of five repositioning and development projects with a combined 1.0 million square feet of rentable area at completion. Additionally, we have 0.6 million rentable square feet of other repositioning projects. Vacant space at these properties is concentrated in our Los Angeles, Orange County, San Bernardino and San Diego markets and represents 5.0% of our total consolidated portfolio square footage as of June 30, 2026. Including vacant space at these properties, our weighted average occupancy rate as of June 30, 2026 in our Los Angeles, Orange County, San Bernardino and San Diego markets was 90.1%, 91.8%, 86.9% and 90.4%, respectively. Excluding vacant space at these properties, our weighted average occupancy rate as of June 30, 2026, in these markets was 95.0%, 96.5%, 91.7% and 98.2%, respectively. We believe that an important portion of our long-term future growth will come from the completion and lease-up of projects currently under or scheduled for repositioning/development, as well as from select opportunities that meet established return thresholds, whether within 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, 2026:

Current wording

The following tables set forth our leasing activity for new and renewal leases for the three and six months ended June 30, 2026:

Previous wording

(4)The net effective and cash re-leasing spreads for new leases executed during the three months ended March 31, 2026, exclude 23 leases aggregating 747,409 rentable square feet for which there was no comparable lease data. Of these 23 excluded leases, five leases aggregating 268,702 rentable square feet were recently repositioned/redeveloped space. 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) space with lease terms shorter than 12 months.

Current wording

(4)The net effective and cash re-leasing spreads for new leases executed during the six months ended June 30, 2026, exclude 42 leases aggregating 1,131,852 rentable square feet for which there was no comparable lease data. Of these 42 excluded leases, 11 leases aggregating 493,362 rentable square feet were recently repositioned or developed space. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned or developed 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 12 months.

Previous wording

(6)The net effective and cash re-leasing rent spreads for renewal leases executed during the three months ended March 31, 2026, exclude one lease with 119,898 rentable square feet for which there was no comparable lease data. Comparable leases generally exclude space with lease terms shorter than 12 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, 2026, exclude two leases with a combined 204,898 rentable square feet for which there was no comparable lease data. Comparable leases generally exclude space with lease terms shorter than 12 months or space in pre-development/entitlement process.

Previous wording

(7)Includes leases totaling 152,417 rentable square feet that expired during the three months ended March 31, 2026, for which the space has been or will be placed into repositioning (including “other repositioning projects”) or development.

Current wording

(7)Includes leases totaling 752,097 rentable square feet that expired during the six months ended June 30, 2026, for which the space has been or will be placed into repositioning (including “other repositioning projects”) or development.

Previous wording

(8)Reflects our renewal leasing activity, weighted average lease term, effective rent per square foot and leasing spreads excluding a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The current lease, which was originally set to expire in January 2027, was extended through April 2030, commencing February 1, 2027. The above-market prior lease rate was reset to market, representing net effective and cash leasing spreads of (31.0)% and (33.5)%, respectively. The lease includes annual contractual increases of 2.75% and three months of free rent in 2027, in addition to a conversion to a gross lease from a NNN lease, which enables us to capture the benefit from any potential reduction in real estate property taxes. This lease extension is not expected to be indicative of our future portfolio leasing spreads given the unique size of the premises, adjacent competitive supply, and deal structure.

Current wording

(8)Reflects our renewal leasing activity, weighted average lease term, effective rent per square foot and leasing spreads for the six months ended June 30, 2026, excluding a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The current lease, which was originally set to expire in January 2027, was extended through April 2030, commencing February 1, 2027. The above-market prior lease rate was reset to market, representing net effective and cash leasing spreads of (31.0)% and (33.5)%, respectively. The lease includes annual contractual increases of 2.75% and three months of free rent in 2027, in addition to a conversion to a gross lease from a NNN lease, which enables us to capture the benefit from any potential reduction in real estate property taxes. This lease extension is not expected to be indicative of our future portfolio leasing spreads given the unique size of the premises, adjacent competitive supply, and deal structure.

Previous wording

Our leasing activity is impacted both by our repositioning and development 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, 2026, we have nine projects under construction that are expected to become available for leasing beginning in the second quarter of 2026 through the fourth 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.

Current wording

Our leasing activity is impacted both by our repositioning and development 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, 2026, we have six projects under construction that are expected to become available for leasing beginning in the third quarter of 2026 through the fourth 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

(4)Calculated as ABR for such leases divided by the occupied building square feet for such leases as of March 31, 2026. Excluding ABR of $41.0 million associated with improved land and industrial outdoor storage (IOS) leases and $3.0 million associated with cellular tower, solar and parking lot leases, ABR per building square foot is $16.74.

Current wording

(4)Calculated as ABR for such leases divided by the occupied building square feet for such leases as of June 30, 2026. Excluding ABR of $41.6 million associated with improved land and industrial outdoor storage (IOS) leases and $3.0 million associated with cellular tower, solar and parking lot leases, ABR per building square foot is $16.69.

Previous wording

(5)Represents vacant space (not under repositioning/development) as of March 31, 2026. Includes leases aggregating 262,984 rentable square feet that had been signed but had not yet commenced as of March 31, 2026.

Current wording

(5)Represents vacant space (not under repositioning/development) as of June 30, 2026. Includes leases aggregating 86,248 rentable square feet that had been signed but had not yet commenced as of June 30, 2026.

Previous wording

(6)Represents vacant space at properties that were classified as repositioning (including “other repositioning projects”), development or lease-up as of March 31, 2026. Includes leases aggregating 59,052 rentable square feet that had been signed but had not yet commenced as of March 31, 2026.

Current wording

(6)Represents vacant space at properties classified as repositioning (including “other repositioning projects”), development or lease-up as of June 30, 2026. Includes leases aggregating 46,653 rentable square feet that had been signed but had not yet commenced as of June 30, 2026.

Previous wording

As of March 31, 2026, in addition to 2.3 million rentable square feet of currently available space in our portfolio and approximately 2.4 million rentable square feet of vacant space under current repositioning/development, leases representing 10.6% and 12.8% of the aggregate rentable square footage of our portfolio are scheduled to expire during the remainder of 2026 and 2027, respectively. During the three months ended March 31, 2026, we renewed 85 leases for 2.8 million rentable square feet, resulting in a retention rate of 64.5%. During the three months ended March 31, 2026, new and renewal leases had a weighted average term of 4.1 and 3.0, respectively.

Current wording

As of June 30, 2026, in addition to 2.5 million rentable square feet of currently available space in our portfolio and approximately 2.5 million rentable square feet of vacant space under current repositioning/development, leases representing 5.1% and 13.0% of the aggregate rentable square footage of our portfolio are scheduled to expire during the remainder of 2026 and 2027, respectively. During the six months ended June 30, 2026, we renewed 149 leases for 4.1 million rentable square feet, resulting in a retention rate of 63.1%. During the six months ended June 30, 2026, new and renewal leases had a weighted average term of 4.4 and 3.5, respectively.