Exhibit 99.2

Rexford Industrial Realty, Inc.

NYSE: REXR

11620 Wilshire Blvd

Suite 1000

Los Angeles, CA 90025

310-966-1680

www.RexfordIndustrial.com

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Table of Contents

Section	Page
Corporate Data:
Investor Company Summary	3
Financial and Portfolio Highlights and Common Stock Data	4
Consolidated Financial Results:
Consolidated Balance Sheets	5
Consolidated Statement of Operations	6-7
Non‐GAAP FFO and AFFO Reconciliations	8-9
Statement of Operations Reconciliations	10-11
Same Property Portfolio Performance	12-13
Joint Venture Financial Summary	14-15
Capitalization Summary	16
Debt Summary	17
Debt Covenants	18
Portfolio Data:
Portfolio Overview	19
Occupancy and Leasing Trends	20
Leasing Statistics	21
Top Tenants and Lease Segmentation	22
Capital Expenditure Summary	23
Properties and Space Under Repositioning	24
Current Year Acquisitions Summary	25
Net Asset Value Components	26
Fixed Charge Coverage Ratio	27
Definitions / Discussion of Non‐GAAP Financial Measures	28-29

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, 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; 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 2015 Annual Report on Form 10‐K, which was filed with the Securities and Exchange Commission (“SEC”) on February 25, 2016. 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.

First Quarter 2016		Page 2
Supplemental Financial Reporting Package

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Investor Company Summary

Senior Management Team
Howard Schwimmer		Co‐Chief Executive Officer, Director
Michael S. Frankel		Co‐Chief Executive Officer, Director
Adeel Khan		Chief Financial Officer
David Lanzer		General Counsel
Patrick Schlehuber		Senior Vice President, Acquisitions
Bruce Herbkersman		Senior Vice President, Development & Construction
Shannon Lewis		Senior Vice President, Leasing
Ashley Arthur		Vice President, Operations

Board of Directors
Richard Ziman		Chairman
Howard Schwimmer		Co‐Chief Executive Officer, Director
Michael S. Frankel		Co‐Chief Executive Officer, Director
Robert L. Antin		Director
Steven C. Good		Director
Peter Schwab		Director
Tyler H. Rose		Director

Company Contact Information
11620 Wilshire Blvd, Suite 1000
Los Angeles, CA 90025
310‐966‐1680
www.RexfordIndustrial.com

Investor Relations Information
ICR
Stephen Swett
www.icrinc.com
212-849-3882

Equity Research Coverage
Bank of America Merrill Lynch		Juan C. Sanabria
Capital One		Thomas J. Lesnick, CFA
Citigroup Investment Research		Emmanuel Korchman
D.A Davidson		Barry Oxford
J.P. Morgan		Michael W. Mueller, CFA
Jefferies LLC		Jonathan Petersen
Stifel Nicolaus & Co.		John W. Guinee
Wells Fargo Securities		Brendan Maiorana, CFA
Wunderlich Securities		Craig Kucera

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.

First Quarter 2016		Page 3
Supplemental Financial Reporting Package

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Financial and Portfolio Highlights and Common Stock Data (1)
	(in thousands except share and per share data and portfolio statistics)

	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Financial Results:
Total rental revenues	$	27,370			$	26,059			$	23,335			$	22,281			$	20,931
Net income	$	1,477			$	1,056			$	617			$	196			$	81
Net income per common share-basic and diluted	$	0.02			$	0.02			$	0.01			$	0.00			$	0.00
Company share of Recurring FFO	$	11,962			$	11,870			$	11,201			$	11,089			$	10,085
Recurring FFO per common share-basic and diluted	$	0.22			$	0.21			$	0.20			$	0.20			$	0.20
Company share of FFO	$	12,123			$	11,365			$	10,780			$	10,220			$	9,513
FFO per share-basic and diluted	$	0.22			$	0.21			$	0.20			$	0.19			$	0.19
Adjusted EBITDA	$	17,074			$	16,385			$	14,607			$	14,066			$	12,927
Dividend declared per common share	$	0.135			$	0.135			$	0.135			$	0.12			$	0.12
Portfolio Statistics:
Portfolio SF - consolidated	12,152,138				11,955,455				11,078,912				10,649,768				10,253,580
Ending occupancy - consolidated portfolio	88.1		%		89.2		%		88.8		%		88.4		%		89.5		%
Leased percentage - consolidated portfolio	88.4		%		89.3		%		90.5		%		90.0		%		90.8		%
Leasing spreads-cash	5.6		%		6.4		%		5.4		%		7.0		%		4.5		%
Leasing spreads-GAAP	13.6		%		12.9		%		16.3		%		15.4		%		11.6		%
Same Property Performance:
Same Property Portfolio SF	9,828,422				6,083,359				6,083,359				6,083,359				6,083,359
Total rental revenue growth	8.4		%		2.8		%		5.0		%		5.5		%		4.2		%
Total property expense growth	8.7		%		-2.2		%		-3.2		%		3.8		%		-3.4		%
NOI growth	8.3		%		4.8		%		8.4		%		6.2		%		7.4		%
Cash NOI growth	8.2		%		7.5		%		7.1		%		8.0		%		7.3		%
Same Property Portfolio ending occupancy	91.7		%		94.4		%		93.7		%		92.6		%		92.4		%
Stabilized Same Property Portfolio ending occupancy	95.1		%		95.6		%		94.8		%		94.0		%		94.9		%
Same Property Portfolio occupancy growth (ppt) (2)	1.0		%		1.6		%		2.4		%		2.3		%		2.1		%
Capitalization:
Common stock price at quarter end	$	18.16			$	16.36			$	13.79			$	14.58			$	15.81
Common shares issued and outstanding	55,276,567				55,265,243				55,198,780				55,051,832				54,909,083
Total shares and units issued and outstanding at period end (3)	57,303,209				57,291,885				57,265,484				57,229,405				57,205,769
Weighted average shares outstanding ‐ basic and diluted	55,269,598				55,244,664				55,145,963				54,963,093				50,683,528
Total equity market capitalization	$	1,040,626			$	937,295			$	789,691			$	834,405			$	904,423
Total consolidated debt	$	445,611			$	418,698			$	335,904			$	296,715			$	269,879
Total combined market capitalization (debt and equity)	$	1,479,835			$	1,350,792			$	1,120,512			$	1,121,132			$	1,126,761
Ratios:
Net debt (pro‐rata) to total combined market capitalization	29.7		%		30.6		%		29.5		%		25.6		%		19.7		%
Net debt (pro‐rata) to adjusted EBITDA (quarterly results annualized)	6.4x				6.3x				5.7x				5.1x				4.3x

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)

Represents the year over year percentage point change in ending occupancy of the Same Property Portfolio for the reported period. See page 13 for a summary of our current period Same Property Portfolio and page 19 for a definition of Same Property Portfolio. For prior periods ending in 2015, the Same Property Portfolio includes all properties that were wholly‐owned by us as of January 1, 2014 and still owned by us as of the reporting date.

(3)

Includes the following number of OP Units held by noncontrolling interests: 2,026,642 (Mar 31, 2016), 2,026,642 (Dec 31, 2015), 2,066,704 (Sep 30, 2015), 2,177,573 (Jun 30, 2015) and 2,296,686 (Mar 31, 2015). Excludes the following number of shares of unvested restricted stock: 380,861 (Mar 31, 2016), 333,441 (Dec 31, 2015), 389,123 (Sep 30, 2015), 407,463 (Jun 30, 2015) and 420,280 (Mar 31, 2015). Excludes 166,669 unvested LTIP Units and 315,998 unvested performance units granted during Q4-15.

First Quarter 2016		Page 4
Supplemental Financial Reporting Package

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Consolidated Balance Sheets
		(unaudited and in thousands)

	Rexford Industrial Realty, Inc.
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Assets
Land	$	501,972			$	492,704			$	445,454			$	420,349			$	392,594
Buildings and improvements	667,675				650,075				620,341				586,178				557,382
Tenant improvements	30,305				28,977				26,539				25,008				22,417
Furniture, fixtures, and equipment	188				188				188				188				188
Construction in progress	17,662				16,822				14,265				13,181				13,306
Total real estate held for investment	1,217,802				1,188,766				1,106,787				1,044,904				985,887
Accumulated depreciation	(111,167		)		(103,623		)		(96,403		)		(89,539		)		(83,140		)
Investments in real estate, net	1,106,635				1,085,143				1,010,384				955,365				902,747
Cash and cash equivalents	6,402				5,201				5,083				9,988				47,541
Notes receivable	—				—				—				13,137				13,135
Rents and other receivables, net	2,939				3,040				2,221				2,210				1,892
Deferred rent receivable	8,670				7,827				7,009				6,067				5,520
Deferred leasing costs, net	6,001				5,331				5,044				4,526				3,744
Deferred loan costs, net	1,296				1,445				1,595				1,745				1,895
Acquired lease intangible assets, net(1)	28,802				30,383				27,838				28,580				26,504
Indefinite‐lived intangible	5,271				5,271				5,271				5,271				5,271
Other assets	5,580				5,523				5,491				5,221				5,534
Acquisition related deposits	400				—				1,250				1,400				250
Investment in unconsolidated real estate entities	4,144				4,087				4,056				4,018				4,013
Total Assets	$	1,176,140			$	1,153,251			$	1,075,242			$	1,037,528			$	1,018,046
Liabilities
Notes payable	$	444,010			$	418,154			$	335,058			$	296,333			$	269,541
Interest rate swap liability	4,949				3,144				4,716				2,960				3,279
Accounts payable and accrued expenses	14,897				12,631				13,886				9,257				11,566
Dividends payable	7,814				7,806				7,504				6,655				6,639
Acquired lease intangible liabilities, net(2)	3,307				3,387				2,700				2,579				2,903
Tenant security deposits	11,995				11,539				10,523				9,711				9,112
Prepaid rents	2,667				2,846				1,935				2,517				1,144
Total Liabilities	489,639				459,507				376,322				330,012				304,184
Equity
Common stock	554				553				552				550				549
Additional paid in capital	723,074				722,722				722,102				720,583				719,199
Cumulative distributions in excess of earnings	(54,192		)		(48,103		)		(41,613		)		(34,702		)		(28,235		)
Accumulated other comprehensive loss	(4,728		)		(3,033		)		(4,546		)		(2,847		)		(3,147		)
Total stockholders' equity	664,708				672,139				676,495				683,584				688,366
Noncontrolling interests	21,793				21,605				22,425				23,932				25,496
Total Equity	686,501				693,744				698,920				707,516				713,862
Total Liabilities and Equity	$	1,176,140			$	1,153,251			$	1,075,242			$	1,037,528			$	1,018,046

(1)	Includes net above-market tenant lease intangibles of $5,818 (March 31, 2016), $6,225 (Dec. 31, 2015), $5,621 (Sept. 30, 2015), $5,725 (June 30, 2015) and $3,312 (March 31, 2015).

(2)	Includes net below-market tenant lease intangibles of $3,102 (March 31, 2016), $3,174 (Dec. 31, 2015), $2,479 (Sept. 30, 2015), $2,350 (June 30, 2015) and $2,666 (March 31, 2015).

First Quarter 2016		Page 5
Supplemental Financial Reporting Package

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Consolidated Statements of Operations
Quarterly Results		(unaudited and in thousands, except share and per share data)

	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Revenues
Rental income	$	23,499			$	22,665			$	20,617			$	19,275			$	18,557
Tenant reimbursements	3,558				3,074				2,377				2,844				2,184
Other income	313				320				341				162				190
Total Rental Revenues	27,370				26,059				23,335				22,281				20,931
Management, leasing, and development services	134				105				186				161				132
Interest income	—				—				153				280				277
Total Revenues	27,504				26,164				23,674				22,722				21,340
Operating Expenses
Property expenses	7,543				7,118				6,237				5,874				5,771
General and administrative	3,602				3,952				3,778				3,740				3,546
Depreciation and amortization	11,214				10,821				10,642				10,490				9,884
Total Operating Expenses	22,359				21,891				20,657				20,104				19,201
Other Expense
Acquisition expenses	475				528				528				847				233
Interest expense	3,254				2,724				2,245				1,658				1,826
Total Other Expense	3,729				3,252				2,773				2,505				2,059
Total Expenses	26,088				25,143				23,430				22,609				21,260
Equity in income from unconsolidated real estate entities	61				35				45				12				1
Gain from early repayment of note receivable	—				—				581				—				—
(Loss) gain on extinguishment of debt	—				—				(253		)		71				—
Net Income	1,477				1,056				617				196				81
Less: net income attributable to noncontrolling interest	(52		)		(40		)		(24		)		(8		)		(4		)
Net income attributable to Rexford Industrial Realty, Inc.	1,425				1,016				593				188				77
Less: earnings allocated to participating securities	(78		)		(71		)		(53		)		(49		)		(50		)
Net income attributable to common stockholders	$	1,347			$	945			$	540			$	139			$	27
Earnings per Common Share ‐ Basic and Diluted
Net income attributable to common stockholders	$	0.02			$	0.02			$	0.01			$	0.00			$	0.00
Weighted average shares outstanding ‐ basic and diluted	55,269,598				55,244,664				55,145,963				54,963,093				50,683,528

 

First Quarter 2016		Page 6
Supplemental Financial Reporting Package

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Consolidated Statements of Operations
Quarterly Results		(unaudited and in thousands)

	Three Months Ended March 31,
	2016				2015
Rental Revenues
Rental income	$	23,499			$	18,557
Tenant reimbursements	3,558				2,184
Other income	313				190
Total Rental Revenues	27,370				20,931
Management, leasing, and development services	134				132
Interest income	—				277
Total Revenues	27,504				21,340
Operating Expenses
Property expenses	7,543				5,771
General and administrative	3,602				3,546
Depreciation and amortization	11,214				9,884
Total Operating Expenses	22,359				19,201
Other Expense
Acquisition expenses	475				233
Interest expense	3,254				1,826
Total Other Expense	3,729				2,059
Total Expenses	26,088				21,260
Equity in income from unconsolidated real estate entities	61				1
Net Income	1,477				81
Less: net income attributable to noncontrolling interest	(52		)		(4		)
Net income attributable to Rexford Industrial Realty, Inc.	1,425				77
Less: earnings allocated to participating securities	(78		)		(50		)
Net income attributable to common stockholders	$	1,347			$	27

First Quarter 2016		Page 7
Supplemental Financial Reporting Package

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Non-GAAP FFO Reconciliation(1)
		(unaudited and in thousands, except share and per share data)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Funds From Operations (FFO)
Net Income	$	1,477			$	1,056			$	617			$	196			$	81
Add:
Depreciation and amortization	11,214				10,821				10,642				10,490				9,884
Depreciation and amortization from unconsolidated joint ventures	5				5				4				20				28
FFO (2)	12,696				11,882				11,263				10,706				9,993
Less: FFO attributable to noncontrolling interests(3)	(449		)		(418		)		(407		)		(410		)		(409		)
Less: FFO attributable to participating securities(4)	(124		)		(99		)		(76		)		(76		)		(71		)
Company share of FFO (3)(4)	$	12,123			$	11,365			$	10,780			$	10,220			$	9,513
FFO per share‐basic and diluted	$	0.22			$	0.21			$	0.20			$	0.19			$	0.19
FFO	$	12,696			$	11,882			$	11,263			$	10,706			$	9,993
Add:
Non‐recurring legal fees (reimbursements)(5)	(643		)		—				(88		)		64				369
Acquisition expenses	475				528				528				847				233
Recurring FFO (2)	12,528				12,410				11,703				11,617				10,595
Less: Recurring FFO attributable to noncontrolling interests(3)	(443		)		(437		)		(423		)		(446		)		(435		)
Less: Recurring FFO attributable to participating securities(4)	(123		)		(103		)		(79		)		(82		)		(75		)
Company share of Recurring FFO	$	11,962			$	11,870			$	11,201			$	11,089			$	10,085
Recurring FFO per share‐basic and diluted	$	0.22			$	0.21			$	0.20			$	0.20			$	0.20
Weighted‐average shares outstanding‐basic and diluted	55,269,598				55,244,664				55,145,963				54,963,093				50,683,528
Weighted-average diluted shares and units	57,296,240				57,289,069				57,257,186				57,220,536				52,989,102

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	FFO and Recurring FFO for the three months ended September 30, 2015, includes the following: (i) $581 gain from the early repayment of the Calle Perfecto note receivable and (ii) $253 loss on extinguishment of debt. FFO and Recurring FFO for the three months ended June 30, 2015, includes a $71 gain on extinguishment of debt.

(3)	Noncontrolling interests represent holders of outstanding common units of the Company's operating partnership that are owned by unit holders other than us.

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

(5)	Non-recurring legal fees (reimbursements) relate to prior litigation of the Company. For more information, see Item 3. Legal Proceedings in our 2014 Annual Report on Form 10-K.

First Quarter 2016		Page 8
Supplemental Financial Reporting Package

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Non-GAAP AFFO Reconciliation(1)
		(unaudited and in thousands, except share and per share data)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				March 31, 2015(2)				December 31, 2014(2)
Adjusted Funds From Operations (AFFO)
Funds From Operations	$	12,696			$	11,882			$	11,263			$	10,706			$	9,993
Add:
Amortization of deferred financing costs	221				194				200				209				209
Net fair value lease revenue (expense)	(4		)		48				69				46				39
Non‐cash stock compensation	934				494				443				467				348
Straight line corporate office rent expense adjustment	(1		)		(1		)		21				37				24
Loss (gain) on extinguishment of debt	—				—				253				(71		)		—
Deduct:
Straight line rental revenue adjustment(3)	1,095				1,409				1,039				612				365
Capitalized payments(4)	795				651				548				497				344
Note receivable discount amortization	—				—				38				71				69
Note payable premium amortization	59				33				33				33				92
Gain from early repayment of note receivable	—				—				581				—				—
Recurring capital expenditures(5)	586				1,346				921				871				392
2nd generation tenant improvements and leasing commissions(6)	461				762				701				893				706
Unconsolidated joint venture AFFO adjustments	3				4				5				(4		)		(9		)
AFFO	$	10,847			$	8,412			$	8,383			$	8,421			$	8,654

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	For comparability, prior period amounts have been reclassified to conform to current period presentation.

(3)

The straight line rental revenue adjustment includes concessions of $848, $727, $870, $485, and $358 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively. The straight line rental revenue adjustment includes $245 and $554 of free rent under a license agreement at one of our properties for the three months ended March 31, 2016 and December 31, 2015, respectively.

(4)	Includes capitalized interest, and leasing and construction development compensation.

(5)	Excludes nonrecurring capital expenditures of $4,238, $4,018, $4,222, $3,312, and $2,920 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

(6)	Excludes 1st generation tenant improvements and leasing commissions of $989, $418, $624, $996 and $236 for the three months ended March 31, 2016, December 31, 2015, September 30, 2015, June 30, 2015 and March 31, 2015, respectively.

First Quarter 2016		Page 9
Supplemental Financial Reporting Package

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Statement of Operations Reconciliations (1)
		(unaudited and in thousands)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Net Operating Income (NOI)
Rental income	$	23,499			$	22,665			$	20,617			$	19,275			$	18,557
Tenant reimbursements	3,558				3,074				2,377				2,844				2,184
Other income	313				320				341				162				190
Total Rental Revenues	27,370				26,059				23,335				22,281				20,931
Property Expenses	7,543				7,118				6,237				5,874				5,771
NOI	$	19,827			$	18,941			$	17,098			$	16,407			$	15,160
Net fair value lease revenue (expense)	(4		)		48				69				46				39
Straight line rental revenue adjustment	(1,095		)		(1,409		)		(1,039		)		(612		)		(365		)
Cash NOI	$	18,728			$	17,580			$	16,128			$	15,841			$	14,834
Net Income	$	1,477			$	1,056			$	617			$	196			$	81
Add:
General and administrative	3,602				3,952				3,778				3,740				3,546
Depreciation and amortization	11,214				10,821				10,642				10,490				9,884
Acquisition expenses	475				528				528				847				233
Interest expense	3,254				2,724				2,245				1,658				1,826
Loss (gain) on extinguishment of debt	—				—				253				(71		)		—
Subtract:
Management, leasing, and development services	134				105				186				161				132
Interest income	—				—				153				280				277
Equity in income from unconsolidated real estate entities	61				35				45				12				1
Gain from early repayment of note receivable	—				—				581				—				—
NOI	$	19,827			$	18,941			$	17,098			$	16,407			$	15,160
Net fair value lease revenue (expense)	(4		)		48				69				46				39
Straight line rental revenue adjustment	(1,095		)		(1,409		)		(1,039		)		(612		)		(365		)
Cash NOI	$	18,728			$	17,580			$	16,128			$	15,841			$	14,834

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 28 of this report.

First Quarter 2016		Page 10
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Statement of Operations Reconciliations (1)
		(unaudited and in thousands)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Net income	$	1,477			$	1,056			$	617			$	196			$	81
Interest expense	3,254				2,724				2,245				1,658				1,826
Depreciation and amortization	11,214				10,821				10,642				10,490				9,884
Proportionate share of real estate related depreciation and
amortization from unconsolidated joint ventures	5				5				4				20				28
EBITDA	$	15,950			$	14,606			$	13,508			$	12,364			$	11,819
Stock‐based compensation amortization	934				494				443				467				348
Loss (gain) on extinguishment of debt	—				—				253				(71		)		—
Gain from early repayment of note receivable	—				—				(581		)		—				—
Non‐recurring legal fees (reimbursements)(2)	(643		)		—				(88		)		64				369
Acquisition expenses	475				528				528				847				233
Pro forma effect of acquisitions(3)	358				757				544				395				158
Adjusted EBITDA	$	17,074			$	16,385			$	14,607			$	14,066			$	12,927

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	Non-recurring legal fees (reimbursements) relate to prior litigation of the Company. For more information, see Item 3. Legal Proceedings in our 2014 Annual Report on Form 10-K.

(3)

Represents the estimated impact on EBITDA of Q1'16 acquisitions as if they had been acquired January 1, 2016, Q4'15 acquisitions as if they had been acquired October 1, 2015, Q3'15 acquisitions as if they had been acquired July 1, 2015, Q2'15 acquisitions as if they had been acquired April 1, 2015 and Q1'15 acquisitions as if they had been acquired January 1, 2015. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities as of the beginning of each period.

First Quarter 2016		Page 11
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Same Property Portfolio Performance (1)
Statement of Operations and NOI Reconciliation		(unaudited and in thousands)

Same Property Portfolio Statement of Operations:
	Three Months Ended March 31,
	2016				2015				$ Change				% Change
Rental Revenues
Rental income	$	19,253			$	18,092			$	1,161			6.4%
Tenant reimbursements	2,652				2,214				438				19.8%
Other income	299				176				123				69.9%
Total Rental Revenues	22,204				20,482				1,722				8.4%
Interest income	—				—				—				0.0%
Total Revenues	22,204				20,482				1,722				8.4%
Operating Expenses
Property expenses	6,170				5,678				492				8.7%
Depreciation and amortization	8,841				9,457				(616		)		(6.5)%
Total Operating Expenses	15,011				15,135				(124		)		(0.8)%
Other Expense
Interest expense	(205		)		533				(738		)		(138.5)%
Total Other Expense	(205		)		533				(738		)		(138.5)%
Total Expenses	14,806				15,668				(862		)		(5.5)%
Net Income	$	7,398			$	4,814			$	2,584			53.7%
Same Property Portfolio NOI Reconciliation:
	Three Months Ended March 31,
NOI	2016				2015				$ Change				% Change
Net Income	$	7,398			$	4,814
Add:
Interest expense	(205		)		533
Depreciation and amortization	8,841				9,457
NOI	$	16,034			$	14,804			$	1,230			8.3%
Straight-line rents	(315		)		(337		)
Amort. above/below market leases	(14		)		46
Cash NOI	$	15,705			$	14,513			$	1,192			8.2%

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

First Quarter 2016		Page 12
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Same Property Portfolio Performance (1)
NOI Reconciliation, Portfolio Summary and Occupancy		(unaudited and dollars in thousands)

Same Property Portfolio NOI Reconciliation Continued:
	Three Months Ended March 31,
	2016				2015				$ Change				% Change
Rental income	$	19,253			$	18,092			$	1,161			6.4%
Tenant reimbursements	2,652				2,214				438				19.8%
Other income	299				176				123				69.9%
Total rental revenues	22,204				20,482				1,722				8.4%
Property expenses	6,170				5,678				492				8.7%
NOI	$	16,034			$	14,804			$	1,230			8.3%
Straight-line rents	(315		)		(337		)		22				(6.5)%
Amort. above/below market leases	(14		)		46				(60)				(130.4)%
Cash NOI	$	15,705			14,513				$	1,192			8.2%
Same Property Portfolio Summary:

	Same Property Portfolio		Stabilized Same Property Portfolio(2)
Number of properties	98		92
Square Feet	9,828,422		9,478,246

Same Property Portfolio Occupancy:
	March 31, 2016				March 31, 2015				Change (ppt)
	Same Property Portfolio		Stabilized Same Property Portfolio(2)		Same Property Portfolio		Stabilized Same Property Portfolio(2)		Same Property Portfolio		Stabilized Same Property Portfolio(2)
Occupancy:
Los Angeles County	90.9%		94.5%		89.4%		90.6%		1.5%		3.9%
Orange County	86.5%		98.4%		92.2%		97.7%		(5.7)%		0.7%
San Bernardino County	97.7%		97.7%		96.3%		96.3%		1.4%		1.4%
Ventura County	92.3%		92.3%		91.8%		91.8%		0.5%		0.5%
San Diego County	94.7%		94.7%		88.7%		88.7%		6.0%		6.0%
Total/Weighted Average	91.7%		95.1%		90.7%		91.9%		1.0%		3.2%

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	Reflects the square footage and occupancy of our Same Property Portfolio adjusted for space aggregating 350,176 rentable square feet at six of our properties that were classified as repositioning or lease-up as of March 31, 2016. For additional details, refer to page 24 of this report.

First Quarter 2016		Page 13
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Joint Venture Financial Summary
Balance Sheet		(unaudited and in thousands)

	Mission Oaks (1)
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Assets:
Investments in real estate, net	$	21,416			$	21,558			$	21,153			$	20,690			$	20,635
Cash and cash equivalents	2,837				2,474				2,631				2,891				2,573
Rents and other receivables, net	61				34				5				183				220
Deferred rent receivable	65				61				39				2				—
Deferred leasing costs and acquisition related intangible assets, net	177				140				152				74				164
Acquired above-market leases, net	—				—				—				—				44
Other assets	14				13				16				22				28
Total Assets	$	24,570			$	24,280			$	23,996			$	23,862			$	23,664
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	603			$	646			$	686			$	836			$	930
Deferred rent payable	—				—				—				—				4
Tenant security deposits	436				436				429				429				292
Prepaid rents	43				168				130				177				129
Total Liabilities	1,082				1,250				1,245				1,442				1,355
Equity:
Equity	8,202				8,202				8,202				8,202				8,202
Accumulated deficit and distributions	15,286				14,828				14,549				14,218				14,107
Total Equity	23,488				23,030				22,751				22,420				22,309
Total Liabilities and Equity	$	24,570			$	24,280			$	23,996			$	23,862			$	23,664
Rexford Industrial Realty, Inc. Ownership %:	15%				15%				15%				15%				15%

(1)	These financial statements represent amounts attributable to the joint venture entities and do not represent our 15% proportionate share.

First Quarter 2016		Page 14
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Joint Venture Financial Summary(1)
Statement of Operations		(unaudited and in thousands)
Statement of Operations

	Mission Oaks (2)
	Three Months Ended
	March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Income Statement
Rental revenues	$	549			$	526			$	502			$	373			$	348
Tenant reimbursements	80				106				191				312				315
Other operating revenues	3				(2		)		2				—				—
Total revenue	632				630				695				685				663
Total operating expense	121				288				334				423				425
NOI	$	511			$	342			$	361			$	262			$	238
General and administrative	19				36				3				13				12
Depreciation and amortization	34				27				27				138				185
Total expense	174				351				364				574				622
Net Income	$	458			$	279			$	331			$	111			$	41
EBITDA
Net income	$	458			$	279			$	331			$	111			$	41
Depreciation and amortization	34				27				27				138				185
EBITDA	$	492			$	306			$	358			$	249			$	226
Rexford Industrial Realty, Inc. Ownership %:	15%				15%				15%				15%				15%
Reconciliation - Equity Income in Joint Venture
Net income	$	458			$	279			$	331			$	111			$	41
Rexford Industrial Realty, Inc. Ownership %:	15		%		15		%		15		%		15		%		15		%
Company share	69				42				50				17				6
Intercompany eliminations/basis adjustments	(8		)		(7		)		(5		)		(5		)		(5		)
Equity in net income from unconsolidated real estate entities	$	61			$	35			$	45			$	12			$	1

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	These financial statements represent amounts attributable to the joint venture entities and do not represent our 15% proportionate share.

First Quarter 2016		Page 15
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Capitalization Summary
		(unaudited and in thousands, except share and per share data)
Capitalization as of March 31, 2016

Description		March 31, 2016				December 31, 2015				September 30, 2015				June 30, 2015				March 31, 2015
Common shares outstanding (1)		55,276,567				55,265,243				55,198,780				55,051,832				54,909,083
Operating partnership units outstanding(2)		2,026,642				2,026,642				2,066,704				2,177,573				2,296,686
Total shares and units outstanding at period end		57,303,209				57,291,885				57,265,484				57,229,405				57,205,769
Share price at end of quarter		$	18.16			$	16.36			$	13.79			$	14.58			$	15.81
Total Equity Market Capitalization		$	1,040,626			$	937,295			$	789,691			$	834,405			$	904,423
Total Debt		$	445,611			$	418,698			$	335,904			$	296,715			$	269,879
Less: Cash and cash equivalents		(6,402		)		(5,201		)		(5,083		)		(9,988		)		(47,541		)
Net Debt		$	439,209			$	413,497			$	330,821			$	286,727			$	222,338
Total Combined Market Capitalization (Debt and Equity)		$	1,479,835			$	1,350,792			$	1,120,512			$	1,121,132			$	1,126,761
Net debt to total combined market capitalization		29.7		%		30.6		%		29.5		%		25.6		%		19.7		%
Net debt to adjusted EBITDA (quarterly results annualized)(3)		6.4x				6.3x				5.7x				5.1x				4.3x

(1)	Excludes the following number of shares of unvested restricted stock: 380,861 (March 31, 2016), 333,441 (December 31, 2015), 389,123 (September 30, 2015), 407,463 (June 30, 2015) and 420,280 (March 31, 2015).

(2)	Represents outstanding common units of the Company' s operating partnership, Rexford Industrial Realty, LP, that are owned by unit holders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our operating partnership. Excludes 166,669 unvested LTIP Units and 315,998 unvested performance units which were granted during Q4-15.

(3)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 28 of this report.

First Quarter 2016		Page 16
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Debt Summary
		(unaudited and dollars in thousands)
Debt Detail:
As of March 31, 2016

Debt Description		Maturity Date		Stated Interest Rate		Effective Interest Rate(1)		Principal Balance				Maturity Date of Effective Swaps
Secured Debt:
$60M Term Loan		8/1/2019(2)		LIBOR + 1.90%		3.818%		$	60,000			2/15/2019
Gilbert/La Palma		3/1/2031		5.125%		5.125%		3,011				--
12907 Imperial Highway		4/1/2018		5.950%		5.950%		5,271				--
1065 Walnut St		2/1/2019(3)		4.550%		4.550%		9,829				--
Unsecured Debt:
$100M Term Loan Facility		6/11/2019		LIBOR +1.35%(4)		3.248%		100,000				12/14/2018
$200M Revolving Credit Facility(5)		6/11/2018(2)		LIBOR +1.40%(4)		1.837%		42,500				--
$125M Term Loan Facility(6)		1/14/2023		LIBOR +1.60%(4)		2.037%		125,000				--
$100M Senior Notes		8/6/2025		4.290%		4.290%		100,000				--
Total Consolidated:						3.158%		$	445,611

(1)	Includes the effect of interest rate swaps effective as of March 31, 2016, and excludes the effect of discounts/premiums, deferred loan costs and the unused commitment fee.

(2)	One additional one‐year extension is available, provided that certain conditions are satisfied.

(3)	One additional five‐year extension is available, provided that certain conditions are satisfied.

(4)

The applicable LIBOR margin will range from 1.30% to 1.90% for the revolving credit facility, 1.25% to 1.85% for the $100M term loan facility and 1.50% to 2.25% for the $125M term loan facility depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, which is measured on a quarterly basis. As a result, the effective interest rate will fluctuate from period to period.

(5)	The credit facility is subject to an unused commitment fee which is calculated as 0.30% or 0.20% of the daily unused commitment if the balance is under $100M or over $100M, respectively.

(6)	We have executed a forward interest swap that will effectively fix this $125M term loan at 1.349% plus the applicable LIBOR margin from 2/14/18 to 1/14/22.

Debt Composition:
Category		Avg. Term Remaining (yrs)(1)		Stated Interest Rate		Effective Interest Rate		Balance		% of Total
Fixed(2)		5.5		3.86%		3.86%		$278,111		62%
Variable(2)		5.6		LIBOR + 1.55%		1.99%		$167,500		38%
Secured		3.6				4.10%		$78,111		18%
Unsecured		6.0				2.96%		$367,500		82%

(1)	The weighted average remaining term to maturity of our consolidated debt is 5.6 years.

(2)	If all of our interest rate swaps were effective as of March 31, 2016, our consolidated debt would be 90% fixed and 10% variable. See footnote (6) above.

Debt Maturity Schedule:
Year		Secured				Unsecured Debt				Total				% Total			Interest Rate
2016-2017		$	—			$	—			$	—			—	%		—	%
2018		5,271				42,500				47,771				11	%		2.291	%
2019		69,829				100,000				169,829				38	%		3.524	%
Thereafter		3,011				225,000				228,011				51	%		3.066	%
Total		$	78,111			$	367,500			$	445,611			100	%		3.158	%

First Quarter 2016		Page 17
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Debt Covenants
		(unaudited results)
Unsecured Revolving Credit Facility and Term Loan Facility Covenants(1)

	Covenant		March 31, 2016		December 31, 2015		September 30, 2015		June 30, 2015
Maximum Leverage Ratio	less than 60%		37.8%		36.3%		30.2%		28.1%
Maximum Secured Leverage Ratio	less than 45%		6.6%		5.9%		6.2%		15.1%
Maximum Secured Recourse Debt(2)	less than 15%		—%		—%		—%		—%
Maximum Recourse Debt(2)	less than 15%		--		--		--		1.0%
Minimum Tangible Net Worth	$582,432,000		$755,296,000		$753,641,000		$755,982,000		$756,231,000
Minimum Fixed Charge Coverage Ratio	at least 1.50 to 1.00		4.42 to 1.00		4.72 to 1.00		5.26 to 1.00		8.47 to 1.00
Unencumbered Leverage Ratio	less than 60%		35.4%		33.6%		27.1%		17.1%
Unencumbered Interest Coverage Ratio	at least 1.75 to 1.00		3.15 to 1.00		3.31 to 1.00		3.87 to 1.00		5.96 to 1.00

(1)	Our actual performance for each covenant is calculated based on the definitions set forth in the loan agreement.

(2)	On July 15, 2015, we amended our credit agreement. The amendment provides for, among other things, the replacement of the maximum recourse debt covenant with a maximum secured recourse debt covenant.

First Quarter 2016		Page 18
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Portfolio Overview
at 3/31/16		(unaudited results)
Consolidated Portfolio:

				Rentable Square Feet									Occupancy												Annualized Base Rent
Market		# Properties		Same Properties Portfolio			Non-Same Properties Portfolio			Total Portfolio			Same Properties Portfolio			Non-Same Properties Portfolio			Total Portfolio			Total Portfolio Excluding Repositioning(1)			Total (in thousands)(2)				per SF
Greater San Fernando Valley		24		2,465,431			284,550			2,749,981			88.0	%		47.2	%		83.8	%		91.2	%		$	21,695			$9.41
San Gabriel Valley		12		1,213,095			116,119			1,329,214			99.3	%		100.0	%		99.3	%		99.3	%		10,591				$8.02
Central LA		4		238,153			149,157			387,310			80.1	%		100.0	%		87.7	%		100.0	%		3,449				$10.15
Mid-Counties		10		522,430			302,740			825,170			98.9	%		79.1	%		91.6	%		99.2	%		5,599				$7.41
South Bay		13		652,275			337,082			989,357			84.0	%		100.0	%		89.4	%		96.5	%		8,059				$9.11
Los Angeles County		63		5,091,384			1,189,648			6,281,032			90.9	%		82.1	%		89.3	%		95.4	%		49,393				$8.81
North Orange County		6		579,446			64,570			644,016			98.2	%		100.0	%		98.4	%		98.4	%		5,926				$9.35
West Orange County		2		170,865			114,912			285,777			100.0	%		100.0	%		100.0	%		100.0	%		2,263				$7.92
South Orange County		1		46,178			—			46,178			100.0	%		—	%		100.0	%		100.0	%		371				$8.04
OC Airport		6		511,270			—			511,270			67.4	%		—	%		67.4	%		97.7	%		3,373				$9.78
Orange County		15		1,307,759			179,482			1,487,241			86.5	%		100.0	%		88.1	%		98.6	%		11,933				$9.11
Inland Empire West		11		961,184			209,699			1,170,883			97.5	%		92.0	%		96.5	%		96.5	%		8,248				$7.30
Inland Empire East		2		85,282			—			85,282			100.0	%		—	%		100.0	%		100.0	%		556				$6.52
San Bernardino County		13		1,046,466			209,699			1,256,165			97.7	%		92.0	%		96.7	%		96.7	%		8,804				$7.24
Ventura		11		1,057,367			87,181			1,144,548			92.3	%		83.0	%		91.6	%		91.6	%		8,759				$8.35
Ventura County		11		1,057,367			87,181			1,144,548			92.3	%		83.0	%		91.6	%		91.6	%		8,759				$8.35
North County San Diego		6		584,258			—			584,258			94.9	%		—	%		94.9	%		94.9	%		5,221				$9.42
Central San Diego		12		664,487			657,706			1,322,193			98.2	%		41.8	%		70.2	%		97.8	%		10,436				$11.25
South County San Diego		1		76,701			—			76,701			63.2	%		—	%		63.2	%		63.2	%		446				$9.21
San Diego County		19		1,325,446			657,706			1,983,152			94.7	%		41.8	%		77.2	%		95.1	%		16,104				$10.52
CONSOLIDATED TOTAL / WTD AVG		121		9,828,422			2,323,716			12,152,138			91.7	%		73.0	%		88.1	%		95.5	%		$	94,992			$8.87
Unconsolidated Joint Ventures:
Ventura		1		68,370			—			68,370			55.0	%		0.0	%		55.0	%		55.0	%		$	314			$8.33
UNCONSOLIDATED TOTAL / WTD AVG		1		68,370			—			68,370			55.0	%		0.0	%		55.0	%		55.0	%		$	314			$8.33
Total Portfolio:
GRAND TOTAL / WTD AVG		122		9,896,792			2,323,716			12,220,508			91.5	%		73.0	%		88.0	%		95.3	%		$	95,306			$8.87

(1)	Excludes space aggregating 937,420 square feet at 10 of our properties that were in various stages of repositioning or lease-up as of March 31, 2016. See page 24 for additional details on these properties.

(2)	Calculated for each property as monthly contracted base rent per the terms of the lease(s) at such property, as of March 31, 2016, multiplied by 12 and then multiplied by our ownership interest for such property, and then aggregated by market. Excludes billboard and antenna revenue and rent abatements.

First Quarter 2016		Page 19
Supplemental Financial Reporting Package

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Occupancy and Leasing Trends
		(unaudited results, data represents consolidated portfolio only)
Occupancy by County:

		Mar 31, 2016(1)		Dec 31, 2015		Sep 30, 2015		June 30, 2015		Mar 31, 2015
Occupancy:
Los Angeles County		89.3%		91.4%		86.1%		87.7%		87.1%
Orange County		88.1%		86.4%		85.1%		84.4%		92.6%
San Bernardino County		96.7%		97.0%		97.2%		96.7%		96.3%
Ventura County		91.6%		95.3%		94.7%		90.8%		91.8%
San Diego County		77.2%		75.8%		91.7%		87.5%		89.0%
Total/Weighted Average		88.1%		89.2%		88.8%		88.4%		89.5%
Consolidated Portfolio SF		12,152,138		11,955,455		11,078,912		10,649,768		10,253,580

Leasing Activity:
		Three Months Ended
		Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		June 30, 2015		Mar 31, 2015
Leasing Activity (SF): (2)
New leases		248,520		343,876		216,499		283,695		458,301
Renewal		712,771		237,935		323,085		442,019		319,849
Gross leasing		961,291		581,811		539,584		725,714		778,150
Expiring leases		1,071,075		378,694		455,677		857,483		625,534
Net absorption		(109,784)		203,117		83,907		(131,769)(3)		152,616
Retention rate		67%		63%		71%		52%(3)		51%

Weighted Average New/Renewal Leasing Spreads:
		Three Months Ended
		Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		June 30, 2015		Mar 31, 2015
Cash Rent Change		5.6%		6.4%		5.4%		7.0%		4.5%
GAAP Rent Change		13.6%		12.9%		16.3%		15.4%		11.6%

(1)	See page 19 for the occupancy by county of our total consolidated portfolio excluding repositioning space.

(2)	Excludes month-to-month tenants.

(3)	Excluding the effect of two move-outs aggregating 146,133 square feet at two of our repositioning properties, Birch and Frampton, our net absorption was 14,364 square feet and our retention rate was 62%, respectively.

First Quarter 2016		Page 20
Supplemental Financial Reporting Package

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Leasing Statistics
		(unaudited results, data represents consolidated portfolio only)
Leasing Activity:

		# Leases Signed			SF of Leasing				Wtd. Avg. Lease Term				Rent Change - Cash			Rent Change - GAAP
First Quarter 2016:
New(1)		46			248,520				4.6				15.0	%		28.8		%
Renewal (2)		80			712,771				3.0				4.4	%		11.7		%
Total/Weighted Average		126			961,291				3.4				5.6	%		13.6		%
Uncommenced Leases by County:
Market		Leased SF			Uncommenced Leases Annual Base Rent (in thousands)				Total Pro Forma Annualized Base Rent (in thousands)				Pro Forma Occupancy			Pro Forma Annualized Base Rent per SF
Los Angeles County		22,288			144				$	49,538			89.6	%			$8.80
Orange County		—			—				11,933				88.1	%			$9.11
San Bernardino County		1,728			26				8,829				96.9	%			$7.26
Ventura County		—			—				8,759				91.6	%			$8.35
San Diego County		5,777			118				16,221				77.5	%			$10.56
Total/Weighted Average		29,793			$	288			$	95,280			88.4	%			$8.87
Lease Expiration Schedule:
Year of Lease Expiration		# of Leases Expiring			Total Rentable SF				Annualized Base Rent (in thousands)				% of Annualized Base Rent			Annualized Base Rent per SF
Available		—			1,411,409				$	—			—%			$—
MTM Tenants		106			196,311				2,099				2.2%			$10.69
2016		321			2,143,852				17,428				18.3%			$8.13
2017		373			2,355,920				20,747				21.8%			$8.81
2018		251			1,511,218				14,179				14.9%			$9.38
2019		91			1,116,356				9,595				10.1%			$8.60
2020		55			1,149,052				10,591				11.1%			$9.22
2021		42			1,012,864				9,505				10.0%			$9.38
2022		6			160,854				864				0.9%			$5.37
2023		6			125,883				1,472				1.5%			$11.69
2024		4			472,125				3,618				3.8%			$7.66
2025		3			133,671				1,507				1.6%			$11.27
Thereafter		4			362,623				3,675				3.8%			$10.13
Total Portfolio		1,262			12,152,138				$	95,280			100.0%			$8.87

(1)

The cash and GAAP rent spreads for new leases excludes 17 leases aggregating 169,108 rentable square feet for which there was no comparable lease data. Comparable leases generally exclude: (i) space under repositioning, (ii) space that has been vacant for over one year, (iii) space with different lease structures (for example a change from a gross lease to a modified gross lease or a change in the leased square footage) or (iv) lease terms shorter than six months.

(2)	The cash and GAAP rent spreads for renewal leases excludes 10 leases aggregating 60,290 rentable square feet for which there was no comparable lease data, due to either (i) space with different lease structures or (ii) lease terms shorter than six months.

First Quarter 2016		Page 21
Supplemental Financial Reporting Package

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Top Tenants and Lease Segmentation
		(unaudited results, data represents consolidated portfolio only)
Top 10 Tenants:

Tenant		Submarket		Leased SF		% of Total Ann. Base Rent		Ann. Base Rent per SF		Lease Expiration
32 Cold, LLC		Central LA		149,157		2.2%		$13.80		3/31/2026(1)
Cosmetic Laboratories of America, LLC		Greater San Fernando Valley		319,348		2.0%		$5.95		6/30/2020
Valeant Pharmaceuticals International, Inc.		West Orange County		170,865		1.5%		$8.24		12/31/2019
Triumph Processing, Inc.		South Bay		164,662		1.4%		$8.22		5/31/2030
Senior Operations, Inc.		Greater San Fernando Valley		130,800		1.2%		$8.88		11/30/2024
Biosense Webster, Inc.		San Gabriel Valley		89,920		1.2%		$12.82		10/31/2020(2)
KT's Kitchen		South Bay		87,420		1.2%		$12.79		4/30/2021
Warehouse Specialists, Inc.		San Gabriel Valley		245,961		1.2%		$4.50		11/30/2017
Department of Corrections		Inland Empire West		58,781		1.0%		$18.25		3/31/2020
Stellar Microelectronics, Inc.		Greater San Fernando Valley		134,287		1.0%		$7.11		3/31/2021
Top 10 Total / Weighted Average				1,551,201		13.9%		$8.57

(1)	Includes (i) 78,280 rentable square feet expiring September 30, 2025 and (ii) 70,877 rentable square feet expiring March 31, 2026.

(2)	Includes (i) 1,120 rentable square feet expiring September 30, 2016, (ii) 12,800 rentable square feet expiring September 30, 2017 and (iii) 76,000 rentable square feet expiring October 31, 2020.

Lease Segmentation by Size:
Square Feet		Number of Leases		Leased SF		Ann. Base Rent (in thousands)				% of Total Ann. Base Rent		Ann. Base Rent per SF
<4,999		891		1,880,929		$	20,298			21.3%		$10.79
5,000‐9,999		145		998,760		10,237				10.8%		$10.25
10,000‐24,999		148		2,331,353		21,943				23.0%		$9.41
25,000‐49,999		34		1,212,814		10,310				10.8%		$8.50
>50,000		44		4,316,873		32,492				34.1%		$7.53
Total / Weighted Average		1,262		10,740,729		$	95,280			100.0%		$8.87

First Quarter 2016		Page 22
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Capital Expenditure Summary
(unaudited results, in thousands, except square feet and per square foot data)
(data represents consolidated portfolio only)
Quarter Ended March 31, 2016

	Amount				SF(1)			PSF
Tenant Improvements:
New Leases‐1st Generation	$	205			151,824			$	1.35
New Leases‐2nd Generation	$	123			97,240			$	1.26
Renewals	$	42			24,582			$	1.72
Leasing Commissions & Lease Costs:
New Leases‐1st Generation	$	784			235,803			$	3.32
New Leases‐2nd Generation	$	179			139,353			$	1.28
Renewals	$	117			259,088			$	0.45
Total Recurring Capex:
Recurring Capex	$	586			11,973,952			$	0.05
Recurring Capex % of NOI	3.0		%
Recurring Capex % of Operating Revenue	2.1		%
Nonrecurring Capex	$	4,238			3,833,818			$	1.11

(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. For nonrecurring capex, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.

First Quarter 2016		Page 23
Supplemental Financial Reporting Package

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Properties and Space Under Repositioning
As of March 31, 2016		(unaudited results, in thousands, except square feet)

Repositioning Properties
								Est. Construction Period				Costs Incurred
Property (Submarket)		Rentable Square Feet		Acquisition Date		Same Property Portfolio		Start		Target Completion		Purchase Price				Repositioning				Cumulative Investment to date(1)				Projected Total Investment(2)				Occ % 3/31/16		Actual Cash NOI 1Q‐2016(3)				Est. Annual Stabilized Cash NOI				Est.Period until Stabilized (months)(4)
CURRENT REPOSITIONING/LEASE-UP:
1601 Alton Pkwy. (OC Airport)		124,000		Jun 2014		Y		4Q-2014		3Q-2016		$	13,276			$	2,040			$	15,316			$	19,078			40%		$	106			$	1,359			21 - 27
24105 Frampton Ave. (South Bay)		49,841		Mar 2014		Y		2Q-2015		2Q-2016		$	3,930			$	795			$	4,725			$	5,447			0%		$	(21	)		$	362			1 - 7
9615 Norwalk Blvd. (Mid-Counties)(5)		38,362		Apr 2015		N		3Q-2015		2Q-2017		$	9,642			$	137			$	9,779			$	23,682			0%		$	204			$	1,556			13 - 19
2535 Midway Drive (Central SD)		373,744		Oct 2015		N		4Q-2015		1Q-2018		$	19,295			$	110			$	19,405			$	46,680			0%		$	(53	)		$	4,189			30 - 35
12247 Lakeland Rd. (Mid-Counties)		24,875		Dec 2015		N		1Q-2016		3Q-2016		$	4,257			$	12			$	4,269			$	4,925			0%		$	(5	)		$	297			7 - 13
679-691 S. Anderson St. (Central LA)		47,490		Nov 2014		Y		1Q-2016		2Q-2016		$	6,490			$	225			$	6,715			$	7,125			0%		$	(15	)		$	585			3 - 9
TOTAL/WEIGHTED AVERAGE		658,312										$	56,890			$	3,319			$	60,209			$	106,937			8%		$	216		(6)	$	8,348
COMPLETED REPOSITIONING/LEASE-UP:
2610 & 2701 S. Birch St. (OC Airport)(7)		98,230		Jun 2014		Y		2Q-2015		4Q-2015		$	11,000			$	2,606			$	13,606			$	13,606			15%		$	(23	)		$	868			0 - 5
9401 De Soto Ave. (SF Valley)(7)(8)		150,263		Mar 2015		N		2Q-2015		1Q-2016		$	14,075			$	1,923			$	15,998			$	16,992			0%		$	(47	)		$	1,007			0 - 5
TOTAL/WEIGHTED AVERAGE		248,493										$	25,075			$	4,529			$	29,604			$	30,598			6%		$	(70	)	(6)	$	1,875
Repositioning Space
								Construction Period							Costs Incurred
Property (Submarket)		Rentable Square Feet		Space Under Repositioning		Same Property Portfolio		Start		Completion						Repositioning								Projected Total Investment(2)				Occ % 3/31/16		Actual Cash NOI 1Q‐2016(3)				Est. Annual Stabilized Cash NOI				Est.Period until Stabilized (months)(4)
15140 & 15148 Bledsoe St. (SF Valley)		133,356		72,000		Y		1Q-2015		2Q-2016(3)						$	1,217							$	1,277			46%		$	91			$	882			0 - 3
228th Street (South Bay)(9)		88,580		23,093		Y		1Q-2016		3Q-2016						$	—							$	1,841			60%		$	(11	)		$	207			11 - 14
TOTAL/WEIGHTED AVERAGE		221,936		94,475												$	1,217							$	3,118			52%		$	80		(6)	$	1,089

(1)	Cumulative investment‐to‐date includes the purchase price of the property and subsequent costs incurred for nonrecurring capital expenditures.

(2)	Projected total investment includes the purchase price of the property and an estimate of total expected nonrecurring capital expenditures to be incurred on each repositioning project to reach completion.

(3)	Represents the actual net operating income for each property for the three months ended March 31, 2016. For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 28 of this report.

(4)	Represents the estimated remaining number of months, as of March 31, 2016, for the property to reach stabilization. Includes time to complete construction and lease-up the property.

(5)

9615 Norwalk has 10.26 acres of partially paved storage yard/industrial land that is currently under a short-term lease. The current projected total investment reflects the cost of designing and constructing a new building after the short-term lease ends, and assumes we do not re-lease the land on a longer term basis. If we decide to re-lease the land on a longer term basis, the projected total investment would decrease to $10,729, which reflects the cost of making improvements to the storage yard/land, including upgrading the paving and adding lighting.

(6)

Actual NOI for the three months ended March 31, 2016, reflects the capitalization of $105 of real estate property taxes and insurance for current repositioning, $82 for completed repositioning/lease-up properties and $21 for repositioning space, respectively. We will continue to capitalize real estate property taxes and insurance during the period in which construction is taking place to get each repositioning property ready for its intended use.

(7)	As of March 31, 2016, this property is in lease-up.

(8)	As of March 31, 2016, we have substantially completed the repositioning of 9401 De Soto. The remaining construction work, which consists of completing exterior improvements, is estimated to be completed in Q2-2016.

(9)	The property located at 228th Street includes eight buildings, of which three buildings aggregating 23,093 rentable square feet were under repositioning as of March 31, 2016. The amounts presented on this page represent the actual and estimated costs and cash NOI of only these three buildings.

First Quarter 2016		Page 24
Supplemental Financial Reporting Package

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Current Year Acquisitions Summary
		(unaudited results, data represents consolidated portfolio only)

2016 Acquisitions

Acquisition Date

Property Address

County

Submarket

Rentable Square Feet

Price ($ in MM)

Occ. % at Acquisition

Occ.% at March 31, 2016

3/15/16

8525 Camino Santa Fe

San Diego

Central San Diego

59,399

$8.5

100%

100%

3/29/16

28454 Livingston Ave

Valencia

Greater San Fernando Valley

134,287

$16.0

100%

100%

First Quarter 2016		Page 25
Supplemental Financial Reporting Package

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Net Asset Value Components
At 3/31/2016		(unaudited and in thousands, except share data)

Net Operating Income
	For the Three Months Ended
ProForma Net Operating Income (NOI)(1)	March 31, 2016
Total operating revenues	$	27,370
Property operating expenses	(7,543		)
Pro forma effect of acquisitions(2)	358
Pro forma NOI effect of properties and space under repositioning(3)	2,603
ProForma NOI	22,788
Fair value lease revenue	(4		)
Straight line rental revenue adjustment	(1,095		)
ProForma Cash NOI	$	21,689
Balance Sheet Items
Other assets and liabilities	March 31, 2016
Cash and cash equivalents	$	6,402
Rents and other receivables, net	2,939
Other assets	5,580
Acquisition related deposits	400
Accounts payable, accrued expenses and other liabilities	(14,897		)
Dividends payable	(7,814		)
Tenant security deposits	(11,995		)
Prepaid rents	(2,667		)
Total other assets and liabilities	$	(22,052	)
Debt and Shares Outstanding
Total consolidated debt(4)	$	445,611
Common shares outstanding(5)	55,276,567
Operating partnership units outstanding(6)	2,026,642
Total common shares and operating partnership units outstanding	57,303,209

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 28 of this report.

(2)	Represents the estimated incremental NOI from Q1'16 acquisitions as if they had been acquired on January 1, 2016. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired entities as of January 1, 2016.

(3)

Represents the estimated incremental NOI from the 10 properties that were classified as repositioning/lease-up properties as of March 31, 2016, assuming that all repositioning work had been completed and the properties/space were fully stabilized as of January 1, 2016. See page 24 for the properties included. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of January 1, 2016.

(4)	Excludes net deferred loan fees and net loan premium aggregating $1,601.

(5)	Represents outstanding shares of common stock of the Company, which excludes 380,861 shares of unvested restricted stock.

(6)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.

First Quarter 2016		Page 26
Supplemental Financial Reporting Package

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Fixed Charge Coverage Ratio
at 3/31/16		(unaudited and in thousands)

	For the Three Months Ended
	March 31, 2016			December 31, 2015			September 30, 2015			June 30, 2015			March 31, 2015
EBITDA	15,950			14,606			13,508			12,364			11,819
Recurring cash distributions from unconsolidated joint ventures	74			46			54			37			34
Fair value lease expense	(4	)		48			69			46			39
Non‐cash stock compensation	934			494			443			467			348
Straight line corporate office rent expense adjustment	(1	)		(1	)		21			37			24
Loss (gain) on extinguishment of debt	—			—			253			(71	)		—
Straight line rental revenue adjustment	(1,095	)		(1,409	)		(1,039	)		(612	)		(365	)
Capitalized payments	(356	)		(345	)		(296	)		(311	)		(334	)
Note receivable discount amortization	—			—			(38	)		(71	)		(69	)
Gain from early repayment of note receivable	—			—			(581	)		—			—
Recurring capital expenditures	(586	)		(1,346	)		(921	)		(871	)		(392	)
2nd generation tenant improvements and leasing commissions	(461	)		(762	)		(701	)		(893	)		(706	)
Unconsolidated joint venture AFFO adjustments	(3	)		(4	)		(5	)		4			9
Cash flow for fixed charge coverage calculation	14,452			11,327			10,767			10,126			10,407
Cash interest expense calculation detail:
Interest expense	3,254			2,724			2,245			1,658			1,826
Capitalized interest	439			306			252			186			10
Note payable premium amortization	59			33			33			33			92
Amortization of deferred financing costs	(221	)		(194	)		(200	)		(209	)		(209	)
Cash interest expense	3,531			2,869			2,330			1,668			1,719
Fixed Charge Coverage Ratio	4.1	x		3.9	x		4.6	x		6.1	x		6.1	x

First Quarter 2016		Page 27
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Definitions / Discussion of Non‐GAAP Financial Measures

Adjusted Funds from Operations (AFFO): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO (i) non‐cash operating revenues and expenses, (ii) capitalized operating expenditures such as leasing payroll, (iii) recurring capital expenditures required to maintain and re‐tenant our properties, (iv) capitalized interest costs resulting from the repositioning/redevelopment of certain of our properties, and (v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental performance measure because it provides a performance measure that, when compared year over year, captures trends in portfolio operating results. We also believe that, as a widely recognized measure of the performance of REITs, AFFO will be used by investors as a basis to assess our performance in comparison to other REITs. However, because AFFO may exclude certain non‐recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our performance is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs’ AFFO. AFFO should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance.

Annualized Base Rent: Calculated for each lease as the latest monthly contracted base rent per the terms of such lease multiplied by 12. Excludes billboard and antenna revenue and rent abatements.

Capital Expenditures, Non‐recurring: Expenditures made in respect of a property for improvement to the appearance of such property or any other major upgrade or renovation of such property, and further includes capital expenditures for seismic upgrades, or capital expenditures for deferred maintenance existing at the time such property was acquired.

Capital Expenditures, Recurring: Expenditures made in respect of 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 or replacement of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) improvements to the appearance of such property or any other major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; or (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired.

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) fair value lease revenue 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.

EBITDA and Adjusted EBITDA: We believe that EBITDA 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 EBITDA is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDA 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, EBITDA should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDA should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDA differently than we do; accordingly, our EBITDA may not be comparable to such other Equity REITs’ EBITDA. Adjusted EBITDA includes add backs of non‐cash stock based compensation expense, gain on extinguishment of debt, loss on sale of real estate, non‐recurring legal fees and the pro‐forma effects of acquisitions and assets classified as held for sale.

Investment to Date and Total: Reflects the total purchase price for a property plus additional or planned tangible investment subsequent to acquisition.

Funds from Operations (FFO): We calculate FFO before non‐controlling interest 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, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and 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.

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Definitions / Discussion of Non‐GAAP Financial Measures

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

Proforma NOI: Proforma NOI is calculated by adding to NOI the estimated impact of current period acquisitions as if they had been acquired at the beginning of the reportable period. These estimates do not purport to be indicative of what operating results would have been had the acquisitions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.

Properties Under Repositioning: Typically defined as properties where a significant amount of space is held vacant in order to implement capital improvements that improve the market rentability and leasing functionality of that space. Considered completed once investment is fully or nearly fully deployed and the property is marketable for leasing.

Recurring Funds From Operations (Recurring FFO): We calculate Recurring FFO by adjusting FFO to exclude the effect of non‐recurring expenses and acquisition expenses.

Rent Change ‐ Cash: Compares the first month cash rent excluding any abatement on new leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude properties under repositioning, short‐term leases, and space that has been vacant for over one year.

Rent Change ‐ GAAP: Compares GAAP rent, which straightlines rental rate increases and abatement, on new leases to GAAP rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude properties under repositioning, short‐term leases, and space that has been vacant for over one year.

Same Property Portfolio: Our Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly‐owned by us as of January 1, 2015 and still owned by us as of March 31, 2016. The Company’s computation of same property performance may not be comparable to other REITs.

Space Under Repositioning: Defined as space held vacant in order to implement capital improvements to change the leasing functionality of that space. Considered completed once the repositioning has been completed and the unit is marketable for leasing.

Stabilized Same Property Portfolio: Our Stabilized Same Property Portfolio represents the properties included in our Same Property Portfolio, adjusted to exclude space at properties that were in various stages of repositioning or lease-up.

Uncommenced Leases: Reflects signed leases that have not yet commenced as of the reporting date.

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Supplemental Financial Reporting Package