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, Core 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	21-22
Top Tenants and Lease Segmentation	23
Capital Expenditure Summary	24
Properties and Space Under Repositioning	25-26
Current Year Acquisitions and Dispositions Summary	27
Net Asset Value Components	28
Fixed Charge Coverage Ratio	29
Guidance	30
Definitions / Discussion of Non‐GAAP Financial Measures	31-32

Disclosures:

Forward Looking Statements: This supplemental package contains “forward‐looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward‐looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, 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.

Fourth 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 and Corporate Secretary
Patrick Schlehuber		Senior Vice President, Acquisitions
Bruce Herbkersman		Senior Vice President, Development & Construction
Shannon Lewis		Senior Vice President, Leasing
Tara Denman		Senior Vice President, Human Resources

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		James Feldman
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
National Securities Corporation		John R. Benda
Stifel Nicolaus & Co.		John W. Guinee
Wells Fargo Securities		Blaine Heck
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.

Fourth 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
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Financial Results:
Total rental revenues	$	34,449			$	32,944			$	30,497			$	27,370			$	26,059
Net income	$	8,546			$	3,061			$	12,792			$	1,477			$	1,056
Net income per common share- diluted	$	0.10			$	0.03			$	0.19			$	0.02			$	0.02
Company share of Core FFO	$	15,048			$	14,240			$	13,920			$	11,962			$	11,870
Core FFO per common share-basic and diluted	$	0.23			$	0.22			$	0.22			$	0.22			$	0.21
Company share of FFO	$	15,071			$	13,874			$	13,309			$	12,123			$	11,365
FFO per share-basic and diluted	$	0.23			$	0.21			$	0.21			$	0.22			$	0.21
Adjusted EBITDA	$	22,388			$	20,622			$	19,679			$	17,074			$	16,385
Dividend declared per common share	$	0.135			$	0.135			$	0.135			$	0.135			$	0.135
Portfolio Statistics:
Portfolio SF - consolidated	15,020,336				14,588,101				13,640,820				12,152,138				11,955,455
Ending occupancy - consolidated portfolio	91.7		%		89.7		%		90.1		%		88.1		%		89.2		%
Leased percentage - consolidated portfolio	91.8		%		90.6		%		90.3		%		88.4		%		89.3		%
Leasing spreads-GAAP	16.1		%		15.6		%		23.5		%		13.6		%		12.9		%
Leasing spreads-cash	5.9		%		7.0		%		11.0		%		5.6		%		6.4		%
Same Property Performance:
Same Property Portfolio SF	9,516,944				9,644,030				9,643,837				9,828,422				6,083,359
Total rental revenue growth	7.8		%		8.4		%		5.3		%		8.4		%		2.8		%
Total property expense growth	4.6		%		8.9		%		1.0		%		8.7		%		-2.2		%
NOI growth	9.1		%		8.2		%		6.9		%		8.3		%		4.8		%
Cash NOI growth	9.1		%		6.8		%		9.1		%		8.2		%		7.5		%
Same Property Portfolio ending occupancy	96.1		%		93.7		%		92.5		%		91.7		%		94.4		%
Stabilized Same Property Portfolio ending occupancy	96.9		%		96.3		%		95.7		%		95.1		%		95.6		%
Same Property Portfolio occupancy growth (basis points) (2)	310 bps				370 bps				350 bps				100 bps				160 bps
Capitalization:
Common stock price at quarter end	$	23.19			$	22.89			$	21.09			$	18.16			$	16.36
Common shares issued and outstanding	66,166,548				65,725,504				65,679,483				55,276,567				55,265,243
Total shares and units issued and outstanding at period end (3)	68,175,212				67,704,346				67,679,046				57,303,209				57,291,885
Weighted average shares outstanding	65,785,226				65,707,476				64,063,337				55,269,598				55,244,664
Total equity market capitalization	$	1,580,983			$	1,549,752			$	1,427,351			$	1,040,626			$	937,295
Total consolidated debt	$	502,476			$	502,776			$	503,009			$	445,611			$	418,698
Total combined market capitalization (net debt and equity)	$	2,157,934			$	2,087,265			$	1,901,183			$	1,479,835			$	1,350,792
Ratios:
Net debt to total combined market capitalization	22.6		%		21.4		%		24.9		%		29.7		%		30.6		%
Net debt to Adjusted EBITDA (quarterly results annualized)	5.4x				5.4x				6.0x				6.4x				6.3x

(1)For a definition and discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section and reconciliation section beginning on page 31 and page 8 of this report, respectively.

(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 31 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: 1,966,996 (Dec 31, 2016), 1,978,842 (Sep 30, 2016), 1,999,563 (Jun 30, 2016), 2,026,642 (Mar 31, 2016) and 2,026,642 (Dec 31, 2015). Excludes the following number of shares of unvested restricted stock: 287,827 (Dec 31, 2016), 322,837 (Sep 30, 2016), 356,249 (Jun 30, 2016), 380,861 (Mar 31, 2016) and 333,441 (Dec 31, 2015). Excludes 241,691 unvested LTIP Units and 514,998 unvested performance units granted during Q4-15 and Q4-16.

Fourth Quarter 2016		Page 4
Supplemental Financial Reporting Package

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Consolidated Balance Sheets
		(unaudited and in thousands)

	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Assets
Land	$	683,919			$	659,641			$	605,694			$	501,972			$	492,704
Buildings and improvements	811,614				778,066				745,968				667,675				650,075
Tenant improvements	38,644				36,687				33,873				30,305				28,977
Furniture, fixtures, and equipment	174				175				175				188				188
Construction in progress	17,778				23,300				23,714				17,662				16,822
Total real estate held for investment	1,552,129				1,497,869				1,409,424				1,217,802				1,188,766
Accumulated depreciation	(135,140		)		(126,601		)		(117,590		)		(111,167		)		(103,623		)
Investments in real estate, net	1,416,989				1,371,268				1,291,834				1,106,635				1,085,143
Cash and cash equivalents	15,525				55,263				29,177				6,402				5,201
Restricted cash	—				—				17,979				—				—
Notes receivable	5,934				5,817				—				—				—
Rents and other receivables, net	2,749				2,633				3,010				2,939				3,040
Deferred rent receivable	11,873				10,913				9,585				8,670				7,827
Deferred leasing costs, net	8,672				8,064				6,531				6,001				5,331
Deferred loan costs, net	847				996				1,146				1,296				1,445
Acquired lease intangible assets, net(1)	36,365				38,093				37,789				28,802				30,383
Indefinite‐lived intangible	5,170				5,215				5,271				5,271				5,271
Interest rate swap asset	5,594				—				—				48				—
Other assets	5,290				5,522				5,589				5,532				5,523
Acquisition related deposits	—				400				400				400				—
Investment in unconsolidated real estate entities	—				—				4,203				4,144				4,087
Total Assets	$	1,515,008			$	1,504,184			$	1,412,514			$	1,176,140			$	1,153,251
Liabilities
Notes payable	$	500,184			$	500,428			$	500,608			$	444,010			$	418,154
Interest rate swap liability	2,045				5,938				7,551				4,949				3,144
Accounts payable and accrued expenses	13,585				18,433				10,877				14,897				12,631
Dividends and distributions payable	9,282				9,214				9,212				7,814				7,806
Acquired lease intangible liabilities, net(2)	9,130				5,722				4,346				3,307				3,387
Tenant security deposits	15,187				14,946				13,769				11,995				11,539
Prepaid rents	3,455				3,945				3,367				2,667				2,846
Total Liabilities	552,868				558,626				549,730				489,639				459,507
Equity
Preferred stock, net ($90,000 liquidation preference)	86,651				86,664				—				—				—
Common stock	662				658				657				554				553
Additional paid in capital	907,834				898,354				897,991				723,074				722,722
Cumulative distributions in excess of earnings	(59,277		)		(56,651		)		(50,733		)		(54,192		)		(48,103		)
Accumulated other comprehensive income (loss)	3,445				(5,764		)		(7,328		)		(4,728		)		(3,033		)
Total stockholders’ equity	939,315				923,261				840,587				664,708				672,139
Noncontrolling interests	22,825				22,297				22,197				21,793				21,605
Total Equity	962,140				945,558				862,784				686,501				693,744
Total Liabilities and Equity	$	1,515,008			$	1,504,184			$	1,412,514			$	1,176,140			$	1,153,251

(1)	Includes net above-market tenant lease intangibles of $5,779 (December 31, 2016), $6,204 (September 30, 2016), $6,348 (June 30, 2016), $5,818 (March 31, 2016) and $6,225 (December 31, 2015).

(2)	Includes net below-market tenant lease intangibles of $8,949 (December 31, 2016), $5,533 (September 30, 2016), 4,149 (June 30, 2016), $3,102 (March 31, 2016) and $3,174 (December 31, 2015).

Fourth 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
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Revenues
Rental income	$	29,691			$	28,285			$	26,119			$	23,499			$	22,665
Tenant reimbursements	4,579				4,467				4,119				3,558				3,074
Other income	179				192				259				313				320
Total Rental Revenues	34,449				32,944				30,497				27,370				26,059
Management, leasing, and development services	97				131				111				134				105
Interest income	231				228				—				—				—
Total Revenues	34,777				33,303				30,608				27,504				26,164
Operating Expenses
Property expenses	9,139				8,978				7,959				7,543				7,118
General and administrative	4,225				5,067				4,521				3,602				3,952
Depreciation and amortization	14,242				13,341				12,610				11,214				10,821
Total Operating Expenses	27,606				27,386				25,090				22,359				21,891
Other Expenses
Acquisition expenses	365				380				635				475				528
Interest expense	4,074				3,804				3,716				3,254				2,724
Total Other Expenses	4,439				4,184				4,351				3,729				3,252
Total Expenses	32,045				31,570				29,441				26,088				25,143
Equity in income from unconsolidated real estate entities	—				1,328				62				61				35
Gains on sale of real estate	5,814				—				11,563				—				—
Net Income	8,546				3,061				12,792				1,477				1,056
Less: net income attributable to noncontrolling interest	(217		)		(63		)		(418		)		(52		)		(40		)
Net income attributable to Rexford Industrial Realty, Inc.	8,329				2,998				12,374				1,425				1,016
Less: preferred stock dividends	(1,322		)		(661		)		—				—				—
Less: earnings allocated to participating securities	(79		)		(70		)		(75		)		(78		)		(71		)
Net income attributable to common stockholders	$	6,928			$	2,267			$	12,299			$	1,347			$	945
Earnings per Common Share
Net income attributable to common stockholders per share - basic	$	0.11			$	0.03			$	0.19			$	0.02			$	0.02
Net income attributable to common stockholders per share - diluted	$	0.10			$	0.03			$	0.19			$	0.02			$	0.02
Weighted average shares outstanding ‐ basic	65,785,226				65,707,476				64,063,337				55,269,598				55,244,664
Weighted average shares outstanding ‐ diluted	66,079,935				67,985,177				64,304,713				55,416,947				55,244,664

Fourth Quarter 2016		Page 6
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Consolidated Statements of Operations
Quarterly Results		(unaudited and in thousands)

	Three Months Ended December 31,								Year Ended December 31,
	2016				2015				2016				2015
Rental Revenues
Rental income	$	29,691			$	22,665			$	107,594			$	81,114
Tenant reimbursements	4,579				3,074				16,723				10,479
Other income	179				320				943				1,013
Total Rental Revenues	34,449				26,059				125,260				92,606
Management, leasing, and development services	97				105				473				584
Interest income	231				—				459				710
Total Revenues	34,777				26,164				126,192				93,900
Operating Expenses
Property expenses	9,139				7,118				33,619				25,000
General and administrative	4,225				3,952				17,415				15,016
Depreciation and amortization	14,242				10,821				51,407				41,837
Total Operating Expenses	27,606				21,891				102,441				81,853
Other Expenses
Acquisition expenses	365				528				1,855				2,136
Interest expense	4,074				2,724				14,848				8,453
Total Other Expenses	4,439				3,252				16,703				10,589
Total Expenses	32,045				25,143				119,144				92,442
Equity in income from unconsolidated real estate entities	—				35				1,451				93
Gain from early repayment of note receivable	—				—				—				581
Loss on extinguishment of debt	—				—				—				(182		)
Gains on sale of real estate	5,814				—				17,377				—
Net Income	8,546				1,056				25,876				1,950
Less: net income attributable to noncontrolling interest	(217		)		(40		)		(750		)		(76		)
Net income attributable to Rexford Industrial Realty, Inc.	8,329				1,016				25,126				1,874
Less: preferred stock dividends	(1,322		)		—				(1,983		)		—
Less: earnings allocated to participating securities	(79		)		(71		)		(302		)		(223		)
Net income attributable to common stockholders	$	6,928			$	945			$	22,841			$	1,651

Fourth Quarter 2016		Page 7
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Non-GAAP FFO and Core FFO Reconciliations(1)
		(unaudited and in thousands, except share and per share data)

	Three Months Ended
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Net Income	$	8,546			$	3,061			$	12,792			$	1,477			$	1,056
Add:
Depreciation and amortization	14,242				13,341				12,610				11,214				10,821
Depreciation and amortization from unconsolidated joint ventures	—				—				5				5				5
Deduct:
Gains on sale of real estate	5,814				—				11,563				—				—
Gain on acquisition of unconsolidated joint venture property	—				1,332				—				—				—
Funds From Operations (FFO)	16,974				15,070				13,844				12,696				11,882
Less: preferred stock dividends	(1,322		)		(661		)		—				—				—
Less: FFO attributable to noncontrolling interests(2)	(457		)		(424		)		(421		)		(449		)		(418		)
Less: FFO attributable to participating securities(3)	(124		)		(111		)		(114		)		(124		)		(99		)
Company share of FFO	$	15,071			$	13,874			$	13,309			$	12,123			$	11,365
FFO per common share‐basic and diluted	$	0.23			$	0.21			$	0.21			$	0.22			$	0.21
FFO	$	16,974			$	15,070			$	13,844			$	12,696			$	11,882
Adjust:
Legal fee reimbursements(4)	(389		)		—				—				(643		)		—
Acquisition expenses	365				380				635				475				528
Core FFO	16,950				15,450				14,479				12,528				12,410
Less: preferred stock dividends	(1,322		)		(661		)		—				—				—
Less: Core FFO attributable to noncontrolling interests(2)	(456		)		(435		)		(440		)		(443		)		(437		)
Less: Core FFO attributable to participating securities(3)	(124		)		(114		)		(119		)		(123		)		(103		)
Company share of Core FFO	$	15,048			$	14,240			$	13,920			$	11,962			$	11,870
Core FFO per common share‐basic and diluted	$	0.23			$	0.22			$	0.22			$	0.22			$	0.21
Weighted‐average shares outstanding‐basic	65,785,226				65,707,476				64,063,337				55,269,598				55,244,664
Weighted‐average shares outstanding‐diluted(5)	66,079,935				65,994,173				64,304,713				55,416,947				57,289,069

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

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

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

(4)	Legal fee 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.

(5)	Weighted-average shares outstanding-diluted includes adjustments for unvested performance units and operating partnership units if their effect is dilutive for the reported period.

Fourth 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
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Funds From Operations(2)	$	16,974			$	15,070			$	13,844			$	12,696			$	11,882
Add:
Amortization of deferred financing costs	266				263				264				221				194
Net fair value lease revenue (expense)	(95		)		(39		)		60				(4		)		48
Non‐cash stock compensation	956				992				953				934				494
Straight line corporate office rent expense adjustment	(50		)		(12		)		(11		)		(1		)		(1		)
Deduct:
Preferred stock dividends	1,322				661				—				—				—
Straight line rental revenue adjustment(3)	1,095				1,395				922				1,095				1,409
Capitalized payments(4)	726				833				735				795				651
Note payable premium amortization	60				60				59				59				33
Recurring capital expenditures(5)	667				691				848				586				1,346
2nd generation tenant improvements and leasing commissions(6)	1,311				1,988				1,483				461				762
Unconsolidated joint venture AFFO adjustments	—				2				9				3				4
Adjusted Funds From Operations (AFFO)	$	12,870			$	10,644			$	11,054			$	10,847			$	8,412

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)	A reconciliation of net income to Funds From Operations is set forth on page 8 of this report.

(3)

The straight line rental revenue adjustment includes concessions of $873, $1,072, $767, $848, and $727 for the three months ended December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016 and December 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 $4,494, $7,030, $5,430, $4,238, and $4,018 for the three months ended December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015, respectively.

(6)	Excludes 1st generation tenant improvements/space preparation and leasing commissions of $636, $1,407, $1,064, $989 and $418 for the three months ended December 31, 2016, September 30, 2016, June 30, 2016, March 31, 2016 and December 31, 2015, respectively.

Fourth Quarter 2016		Page 9
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Statement of Operations Reconciliations - NOI and Cash NOI(1)
		(unaudited and in thousands)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Rental income	$	29,691			$	28,285			$	26,119			$	23,499			$	22,665
Tenant reimbursements	4,579				4,467				4,119				3,558				3,074
Other income	179				192				259				313				320
Total Rental Revenues	34,449				32,944				30,497				27,370				26,059
Property Expenses	9,139				8,978				7,959				7,543				7,118
Net Operating Income (NOI)	$	25,310			$	23,966			$	22,538			$	19,827			$	18,941
Net fair value lease revenue (expense)	(95		)		(39		)		60				(4		)		48
Straight line rental revenue adjustment	(1,095		)		(1,395		)		(922		)		(1,095		)		(1,409		)
Cash NOI	$	24,120			$	22,532			$	21,676			$	18,728			$	17,580
Net Income	$	8,546			$	3,061			$	12,792			$	1,477			$	1,056
Add:
General and administrative	4,225				5,067				4,521				3,602				3,952
Depreciation and amortization	14,242				13,341				12,610				11,214				10,821
Acquisition expenses	365				380				635				475				528
Interest expense	4,074				3,804				3,716				3,254				2,724
Subtract:
Management, leasing, and development services	97				131				111				134				105
Interest income	231				228				—				—				—
Equity in income from unconsolidated real estate entities	—				1,328				62				61				35
Gains on sale of real estate	5,814				—				11,563				—				—
NOI	$	25,310			$	23,966			$	22,538			$	19,827			$	18,941
Net fair value lease revenue (expense)	(95		)		(39		)		60				(4		)		48
Straight line rental revenue adjustment	(1,095		)		(1,395		)		(922		)		(1,095		)		(1,409		)
Cash NOI	$	24,120			$	22,532			$	21,676			$	18,728			$	17,580

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

Fourth Quarter 2016		Page 10
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Statement of Operations Reconciliations - EBITDA and Adjusted EBITDA (1)
		(unaudited and in thousands)

	Rexford Industrial Realty, Inc.
	Three Months Ended
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Net income	$	8,546			$	3,061			$	12,792			$	1,477			$	1,056
Interest expense	4,074				3,804				3,716				3,254				2,724
Depreciation and amortization	14,242				13,341				12,610				11,214				10,821
Proportionate share of real estate related depreciation and
amortization from unconsolidated joint ventures	—				—				5				5				5
EBITDA	$	26,862			$	20,206			$	29,123			$	15,950			$	14,606
Stock‐based compensation amortization	956				992				953				934				494
Gains on sale of real estate	(5,814		)		—				(11,563		)		—				—
Gain on sale of real estate from unconsolidated joint ventures	—				(1,332		)		—				—				—
Legal fees reimbursements(2)	(389		)		—				—				(643		)		—
Acquisition expenses	365				380				635				475				528
Pro forma effect of acquisitions(3)	521				376				567				358				757
Pro forma effect of dispositions(4)	(113		)		—				(36		)		—				—
Adjusted EBITDA	$	22,388			$	20,622			$	19,679			$	17,074			$	16,385

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)	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 Q4’16 acquisitions as if they had been acquired October 1, 2016, Q3’16 acquisitions as if they had been acquired July 1, 2016, Q2’16 acquisitions as if they had been acquired April 1, 2016, Q1’16 acquisitions as if they had been acquired January 1, 2016 and Q4’15 acquisitions as if they had been acquired October 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.

(4)	Represents the impact on Q4’16 EBITDA of Q4’16 dispositions as if they had been sold as of October 1, 2016 and the impact on Q2’16 EBITDA of Q2’16 dispositions as if they had been sold as of April 1, 2016. See page 27 for a detail of disposition properties.

Fourth Quarter 2016		Page 11
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Same Property Portfolio Performance (1)
NOI and Cash NOI and Reconciliation to Net Income		(unaudited and in thousands)

Same Property Portfolio NOI and Cash NOI:
	Three Months Ended December 31,														Year Ended December 31,
	2016				2015				$ Change				% Change		2016				2015				$ Change				% Change
Rental income	$	20,264			$	18,623			$	1,641			8.8%		$	77,450			$	71,802			$	5,648			7.9%
Tenant reimbursements	2,649				2,481				168				6.8%		10,352				9,668				684				7.1%
Other income	174				304				(130		)		(42.8)%		626				929				(303		)		(32.6)%
Total rental revenues	23,087				21,408				1,679				7.8%		88,428				82,399				6,029				7.3%
Property expenses	6,135				5,868				267				4.6%		23,734				22,488				1,246				5.5%
Same property portfolio NOI	$	16,952			$	15,540			$	1,412			9.1%		$	64,694			$	59,911			$	4,783			8.0%
Straight-line rents	(510		)		(453		)		(57)				12.6%		(1,615		)		(1,583		)		(32		)		2.0%
Amort. above/below market leases	40				17				23				135.3%		130				122				8				6.6%
Same property portfolio Cash NOI	$	16,482			$	15,104			$	1,378			9.1%		$	63,209			$	58,450			$	4,759			8.1%
Reconciliation of Same Property Portfolio Cash NOI and Same Property Portfolio NOI to Net Income:
	Three Months Ended December 31,														Year Ended December 31,
	2016				2015				$ Change				% Change		2016				2015				$ Change				% Change
Same property portfolio cash NOI	$	16,482			15,104										$	63,209			58,450
Straight-line rents	510				453										1,615				1,583
Amort. above/below market leases	(40		)		(17		)								(130		)		(122		)
Same property portfolio NOI	$	16,952			$	15,540			$	1,412			9.1%		$	64,694			$	59,911			$	4,783			8.0%
Non-comparable property operating revenues	11,362				4,651										36,832				10,207
Non-comparable property expenses	(3,004		)		(1,250		)								(9,885		)		(2,512		)
Total consolidated portfolio NOI	$	25,310			$	18,941			$	6,369			33.6%		$	91,641			$	67,606			$	24,035			35.6%
Add:
Management, leasing and development services	97				105										473				584
Interest income	231				—										459				710
Equity in income from unconsolidated real estate entities	—				35										1,451				93
Gain from early repayment of note receivable	—				—										—				581
Gains on sale of real estate	5,814				—										17,377				—
Deduct:
General and administrative	4,225				3,952										17,415				15,016
Depreciation and amortization	14,242				10,821										51,407				41,837
Acquisition expenses	365				528										1,855				2,136
Interest expense	4,074				2,724										14,848				8,453
Loss on extinguishment of debt	—				—										—				182
Net income	$	8,546			$	1,056			$	7,490			709.3%		$	25,876			$	1,950			$	23,926			1,227.0%

(1) For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

Fourth Quarter 2016		Page 12
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Same Property Portfolio Performance (1)
Portfolio Summary and Occupancy		(unaudited)

Same Property Portfolio Summary:
	Same Property Portfolio		Stabilized Same Property Portfolio(2)
Number of properties	95		92
Square Feet	9,516,944		9,443,578

Same Property Portfolio Occupancy:
	December 31, 2016				December 31, 2015				Change (basis points)
	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	96.1%		97.3%		93.8%		94.1%		230 bps		320 bps
Orange County	92.8%		93.9%		84.0%		85.0%		880 bps		890 bps
San Bernardino County	96.0%		96.0%		96.9%		96.9%		(90) bps		(90) bps
San Diego County	97.4%		97.4%		93.2%		93.2%		420 bps		420 bps
Ventura County	98.3%		98.3%		95.3%		95.3%		300 bps		300 bps
Total/Weighted Average	96.1%		96.9%		93.0%		93.3%		310 bps		360 bps

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)	Reflects the square footage and occupancy of our Same Property Portfolio adjusted for space aggregating 73,366 rentable square feet at three of our properties that were classified as repositioning or lease-up as of December 31, 2016. For additional details, refer to pages 25-26 of this report.

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

	Mission Oaks (1)
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Assets:
Investments in real estate, net	$	—			$	—			$	21,532			$	21,416			$	21,558
Cash and cash equivalents	72				74				2,702				2,837				2,474
Rents and other receivables, net	—				29				100				61				34
Deferred rent receivable	—				—				85				65				61
Deferred leasing costs and acquisition related intangible assets, net	—				—				156				177				140
Other assets	—				—				4				14				13
Total Assets	$	72			$	103			$	24,579			$	24,570			$	24,280
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	31			$	68			$	157			$	603			$	646
Tenant security deposits	—				—				436				436				436
Prepaid rents	—				—				33				43				168
Total Liabilities	31				68				626				1,082				1,250
Equity:
Equity	(19,084		)		(19,084		)		8,202				8,202				8,202
Accumulated deficit and distributions	19,125				19,119				15,751				15,286				14,828
Total Equity	41				35				23,953				23,488				23,030
Total Liabilities and Equity	$	72			$	103			$	24,579			$	24,570			$	24,280
Rexford Industrial Realty, Inc. Ownership %:	15%				15%				15%				15%				15%

(1)	On July 6, 2016, we acquired the remaining 85% ownership interest in the joint venture property, not previously owned by us. These financial statements represent the entire amounts attributable to the joint venture entity and do not represent our 15% proportionate share.

Fourth 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
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Income Statement
Rental revenues	$	(15	)		$	8			$	526			$	549			$	526
Tenant reimbursements	—				4				121				80				106
Other operating revenues	—				(4		)		9				3				(2		)
Total revenue	(15		)		8				656				632				630
Property expenses	10				27				160				121				288
General and administrative	31				7				(2		)		19				36
Depreciation and amortization	—				2				33				34				27
Total Operating Expenses	41				36				191				174				351
Gain on sale of assets/investments	61				3,396				—				—				—
Net Income	$	5			$	3,368			$	465			$	458			$	279
NOI
Total revenue	(15		)		8				656				632				630
Total property expenses	10				27				160				121				288
NOI	$	(25	)		$	(19	)		$	496			$	511			$	342
EBITDA
Net income	$	5			$	3,368			$	465			$	458			$	279
Depreciation and amortization	—				2				33				34				27
EBITDA	$	5			$	3,370			$	498			$	492			$	306
Rexford Industrial Realty, Inc. Ownership %:	15%				15%				15%				15%				15%
Reconciliation - Equity Income in Joint Venture
Net income	$	5			$	3,368			$	465			$	458			$	279
Rexford Industrial Realty, Inc. Ownership %:	15		%		15		%		15		%		15		%		15		%
Company share	—				505				69				69				42
Intercompany eliminations/basis adjustments	—				(1,119		)		(7		)		(8		)		(7		)
Distributions from joint venture in excess of investment carrying amount	—				1,942				—				—				—
Equity in net income from unconsolidated real estate entities	$	—			$	1,328			$	62			$	61			$	35

(1)	For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)	On July 6, 2016, we acquired the remaining 85% ownership interest in the joint venture property not previously owned by us. These financial statements represent the entire amounts attributable to the joint venture entity and do not represent our 15% proportionate share.

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

Description		December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
Common shares outstanding (1)		66,166,548				65,725,504				65,679,483				55,276,567				55,265,243
Operating partnership units outstanding(2)		2,008,664				1,978,842				1,999,563				2,026,642				2,026,642
Total shares and units outstanding at period end		68,175,212				67,704,346				67,679,046				57,303,209				57,291,885
Share price at end of quarter		$	23.19			$	22.89			$	21.09			$	18.16			$	16.36
Common Stock and Operating Partnership Units - Capitalization		$	1,580,983			$	1,549,752			$	1,427,351			$	1,040,626			$	937,295
5.875% Series A Cumulative Redeemable Preferred Stock(3)		90,000				90,000				—				—				—
Total Equity Market Capitalization		$	1,670,983			$	1,639,752			$	1,427,351			$	1,040,626			$	937,295
Total Debt		$	502,476			$	502,776			$	503,009			$	445,611			$	418,698
Less: Cash and cash equivalents		(15,525		)		(55,263		)		(29,177		)		(6,402		)		(5,201		)
Net Debt		$	486,951			$	447,513			$	473,832			$	439,209			$	413,497
Total Combined Market Capitalization (Net Debt and Equity)		$	2,157,934			$	2,087,265			$	1,901,183			$	1,479,835			$	1,350,792
Net debt to total combined market capitalization		22.6		%		21.4		%		24.9		%		29.7		%		30.6		%
Net debt to Adjusted EBITDA (quarterly results annualized)(4)		5.4x				5.4x				6.0x				6.4x				6.3x

(1)	Excludes the following number of shares of unvested restricted stock: 287,827 (Dec 31, 2016), 322,837 (Sep 30, 2016), 356,249 (Jun 30, 2016), 380,861 (Mar 31, 2016) and 333,441 (Dec 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. Includes 41,668 vested LTIP Units and excludes 241,691 unvested LTIP Units and 514,998 unvested performance units.

(3)	Value based on 3,600,000 outstanding shares of preferred stock at a liquidation preference of $25.00 per share.

(4)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

Fourth Quarter 2016		Page 16
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Debt Summary
		(unaudited and dollars in thousands)
Debt Detail:
As of December 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%		3.817%		$	59,674			2/15/2019
Gilbert/La Palma		3/1/2031		5.125%		5.125%		2,909				--
12907 Imperial Highway		4/1/2018		5.950%		5.950%		5,182				--
1065 Walnut St		2/1/2019(3)		4.550%		4.550%		9,711				--
Unsecured Debt:
$100M Term Loan Facility		6/11/2019		LIBOR +1.50%(4)		3.398%		100,000				12/14/2018
$200M Revolving Credit Facility(5)		6/11/2018(2)		LIBOR +1.55%(4)		2.322%		—				--
$225M Term Loan Facility(6)		1/14/2023		LIBOR +1.75%(4)		2.522%		225,000				--
$100M Senior Notes		8/6/2025		4.290%		4.290%		100,000				--
Total Consolidated:						3.291%		$	502,476

(1)	Includes the effect of interest rate swaps effective as of December 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 $225M 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 two interest rate swaps that will effectively fix this $225M term loan as follows: (i) $125M at 1.349% plus the applicable LIBOR margin from 2/14/18 to 1/14/22 and (ii) $100M at 1.406% plus the applicable LIBOR margin from 8/14/18 to 1/14/22.

Debt Composition:
Category		Avg. Term Remaining (yrs)(1)		Stated Interest Rate		Effective Interest Rate		Balance		% of Total
Fixed(2)		4.8		3.92%		3.92%		$277,476		55%
Variable(2)		6.0		LIBOR + 1.75%		2.52%		$225,000		45%
Secured		2.9				4.10%		$77,476		15%
Unsecured		5.8				3.14%		$425,000		85%

(1)	The weighted average remaining term to maturity of our consolidated debt is 5.3 years.

(2)	If all of our interest rate swaps were effective as of December 31, 2016, our consolidated debt would be 100% fixed and 0% variable. See footnote (6) above.

Debt Maturity Schedule:
Year		Secured(1)				Unsecured Debt				Total(1)				% Total			Effective Interest Rate
2017		$	—			$	—			$	—			—	%		—	%
2018		5,182				—				5,182				1	%		5.950	%
2019		69,385				100,000				169,385				34	%		3.612	%
Thereafter		2,909				325,000				327,909				65	%		3.084	%
Total		$	77,476			$	425,000			$	502,476			100	%		3.291	%

(1)	Excludes the effect of scheduled monthly principal payments on amortizing loans.

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

	Covenant		December 31, 2016		September 30, 2016		June 30, 2016		March 31, 2016
Maximum Leverage Ratio	less than 60%		38.1%		40.2%		36.2%		37.8%
Maximum Secured Leverage Ratio	less than 45%		4.9%		5.3%		5.6%		6.6%
Maximum Secured Recourse Debt	less than 15%		—%		—%		—%		—%
Minimum Tangible Net Worth	$582,432,000		$1,034,000,000		$1,014,321,000		$913,570,000		$755,296,000
Minimum Fixed Charge Coverage Ratio	at least 1.50 to 1.00		3.30 to 1.00		3.40 to 1.00		4.40 to 1.00		4.42 to 1.00
Unencumbered Leverage Ratio	less than 60%		31.2%		31.7%		34.1%		35.4%
Unencumbered Interest Coverage Ratio	at least 1.75 to 1.00		3.58 to 1.00		3.41 to 1.00		3.20 to 1.00		3.15 to 1.00

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

Fourth Quarter 2016		Page 18
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Portfolio Overview
at 12/31/16		(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
Central LA		4		238,153			149,157			387,310			85.0	%		100.0	%		90.8	%		100.0	%		$	3,531			$10.04
Greater San Fernando Valley		25		2,450,520			348,521			2,799,041			97.2	%		56.7	%		92.1	%		97.4	%		24,628				$9.55
Mid-Counties		9		369,350			302,740			672,090			98.0	%		100.0	%		98.9	%		98.9	%		6,167				$9.28
San Gabriel Valley		15		1,213,095			668,329			1,881,424			97.7	%		77.6	%		90.6	%		98.3	%		12,683				$7.44
South Bay		13		624,397			471,007			1,095,404			92.0	%		89.5	%		90.9	%		97.5	%		8,968				$9.00
Los Angeles County		66		4,895,515			1,939,754			6,835,269			96.1	%		82.0	%		92.1	%		97.9	%		55,977				$8.89
North Orange County		6		463,686			410,326			874,012			99.3	%		97.6	%		98.5	%		98.5	%		6,885				$8.00
OC Airport		8		511,419			243,371			754,790			92.9	%		100.0	%		95.2	%		97.0	%		6,864				$9.55
South Orange County		3		46,178			283,280			329,458			—	%		100.0	%		86.0	%		86.0	%		2,443				$8.62
West Orange County		3		170,865			322,865			493,730			100.0	%		100.0	%		100.0	%		100.0	%		4,304				$8.72
Orange County		20		1,192,148			1,259,842			2,451,990			92.8	%		99.2	%		96.1	%		96.7	%		20,496				$8.70
Inland Empire East		2		85,282			—			85,282			96.8	%		—	%		96.8	%		96.8	%		549				$6.65
Inland Empire West		14		961,184			852,785			1,813,969			95.9	%		97.0	%		96.4	%		96.4	%		11,809				$6.75
San Bernardino County		16		1,046,466			852,785			1,899,251			96.0	%		97.0	%		96.4	%		96.4	%		12,358				$6.75
Ventura		12		1,057,369			543,045			1,600,414			98.3	%		80.8	%		92.3	%		92.3	%		12,513				$8.47
Ventura County		12		1,057,369			543,045			1,600,414			98.3	%		80.8	%		92.3	%		92.3	%		12,513				$8.47
Central San Diego		14		664,487			853,226			1,517,713			96.7	%		54.2	%		72.8	%		96.6	%		12,366				$11.19
North County San Diego		7		584,258			54,740			638,998			98.0	%		100.0	%		98.2	%		98.2	%		6,117				$9.75
South County San Diego		1		76,701			—			76,701			98.9	%		—	%		98.9	%		98.9	%		703				$9.27
San Diego County		22		1,325,446			907,966			2,233,412			97.4	%		57.0	%		81.0	%		97.3	%		19,186				$10.61
CONSOLIDATED TOTAL / WTD AVG		136		9,516,944			5,503,392			15,020,336			96.1	%		84.0	%		91.7	%		96.8	%		$	120,530			$8.75

(1)	Excludes space aggregating 794,647 square feet at seven of our properties that were in various stages of repositioning or lease-up in connection with a completed repositioning as of December 31, 2016. See pages 25-26 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 December 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.

Fourth 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:

		Dec 31, 2016		Sep 30, 2016		June 30, 2016		Mar 31, 2016		Dec 31, 2015
Occupancy: (1)
Los Angeles County		92.1%		91.2%		90.6%		89.3%		91.4%
Orange County		96.1%		92.3%		91.8%		88.1%		86.4%
San Bernardino County		96.4%		96.1%		97.9%		96.7%		97.0%
Ventura County		92.3%		86.2%		91.8%		91.6%		95.3%
San Diego County		81.0%		79.5%		79.9%		77.2%		75.8%
Total/Weighted Average		91.7%		89.7%		90.1%		88.1%		89.2%
Consolidated Portfolio SF		15,020,336		14,588,101		13,640,820		12,152,138		11,955,455

Leasing Activity:
		Three Months Ended
		Dec 31, 2016		Sep 30, 2016		June 30, 2016		Mar 31, 2016		Dec 31, 2015
Leasing Activity (SF): (2)
New leases		401,081		519,212		476,858		248,520		343,876
Renewal		363,601		318,179		598,301		712,771		237,935
Gross leasing		764,682		837,391		1,075,159		961,291		581,811
Expiring leases		477,966		619,461		936,655		1,071,075		378,694
Net absorption		286,716		217,930		138,504		(109,784)		203,117
Retention rate		76%		51% (3)		64%		67%		63%

Weighted Average New/Renewal Leasing Spreads:
		Three Months Ended
		Dec 31, 2016		Sep 30, 2016		June 30, 2016		Mar 31, 2016		Dec 31, 2015
GAAP Rent Change		16.1%		15.6%		23.5%		13.6%		12.9%
Cash Rent Change		5.9%		7.0%		11.0%		5.6%		6.4%

(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 four leases totaling 27,250 rentable square feet where the tenant relocated within the portfolio and two leases totaling 38,478 rentable square feet where we are performing value-add space improvements, our retention rate was 57% for the three months ended September 30, 2016.

Fourth 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		Weighted Average Lease Term (Years)
Fourth Quarter 2016:
New		48		401,081		4.2
Renewal		50		363,601		3.1
Total/Weighted Average		98		764,682		3.7

Change in Annual Rental Rates for Current Quarter Leases
		GAAP Rent								Cash Rent
Fourth Quarter 2016:		Current Lease		Prior Lease		Rent Change - GAAP		Weighted Average Abatement (Months)		Starting Cash Rent - Current Lease		Expiring Cash Rent - Prior Lease		Rent Change - Cash
New(1)		$11.03		$9.34		18.0%		0.6		$10.89		$9.99		9.0%
Renewal (2)		$8.89		$7.70		15.5%		1.2		$8.74		$8.32		5.0%
Total/Weighted Average		$9.30		$8.01		16.1%		1.1		$9.15		$8.64		5.9%

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 Occupancy Excluding Repositioning			Pro Forma Annualized Base Rent per SF
Los Angeles County		18,609			$	198			$	56,175			92.4	%		98.2	%			$8.90
Orange County		—			—				20,496				96.1	%		96.7	%			$8.70
San Bernardino County		5,520			54				12,412				96.7	%		96.7	%			$6.76
San Diego County		—			—				19,186				81.0	%		97.3	%			$10.61
Ventura County		—			—				12,513				92.3	%		92.3	%			$8.47
Total/Weighted Average		24,129			$	252			$	120,782			91.8	%		97.0	%			$8.76

(1)

GAAP and cash rent statistics for new leases exclude 16 leases aggregating 317,839 rentable square feet for which there was no comparable lease data. Of these 16 excluded leases, five leases aggregating 119,850 rentable square feet relate to recently completed repositioning/lease-up projects and one lease with 100,000 rentable square feet is a four month short-term lease. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, (iii) space that has been vacant for over one year, (iv) space with different lease structures (for example a change from a gross lease to a modified gross lease or a increase or decrease in the leased square footage) or (v) lease terms shorter than six months.

(2)	GAAP and cash statistics for renewal leases exclude 4 leases aggregating 11,784 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.

Fourth Quarter 2016		Page 21
Supplemental Financial Reporting Package

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Leasing Statistics (Continued)
		(unaudited results, data represents consolidated portfolio only)
Lease Expiration Schedule for Leases in Place as of December 31, 2016:

Year of Lease Expiration		# of Leases Expiring		Total Rentable SF		Annualized Base Rent (in thousands)				Annualized Base Rent per SF
Available		—		1,225,906		$	—			$—
MTM Tenants		98		269,121		2,899				$10.77
2016		32		668,647		5,345				$7.99
2017		374		2,448,705		21,552				$8.80
2018		335		1,888,409		17,473				$9.25
2019		212		1,913,525		16,984				$8.88
2020		79		1,629,744		14,066				$8.63
2021		81		2,269,426		19,163				$8.44
2022		18		595,388		4,217				$7.08
2023		13		445,013		4,641				$10.43
2024		9		567,902		5,189				$9.14
2025		4		260,467		2,479				$9.52
Thereafter		11		838,083		6,774				$8.08
Total Portfolio		1,266		15,020,336		$	120,782			$8.76

Fourth Quarter 2016		Page 22
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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
Money Mailer Holding Corporation		West Orange County		207,953		1.7%		$9.71		12/31/2016(1)
32 Cold, LLC		Central LA		149,157		1.6%		$13.21		3/31/2026(2)
Cosmetic Laboratories of America, LLC		Greater San Fernando Valley		319,348		1.6%		$5.95		6/30/2020
Triscenic Production Services, Inc.		Greater San Fernando Valley		255,303		1.6%		$7.38		3/31/2022(3)
Technicolor Home Entertainment Services, Inc.		Ventura		144,465		1.2%		$9.92		5/31/2017(4)
Valeant Pharmaceuticals International, Inc.		West Orange County		170,865		1.1%		$8.24		12/31/2019
Triumph Processing, Inc.		South Bay		164,662		1.1%		$8.22		5/31/2030
Heritage Bag Company		Inland Empire West		284,676		1.0%		$4.34		11/27/2030
Biosense Webster		San Gabriel Valley		89,920		1.0%		$12.99		10/31/2020(5)
Senior Operations, Inc.		Greater San Fernando Valley		130,800		1.0%		$8.88		11/30/2024
Top 10 Total / Weighted Average				1,917,149		12.9%		$8.10

(1)	As of December 31, 2016, this tenant is occupying the property located at 12131 Western Avenue. We plan to reposition this property in Q1-2017 after the tenant vacates. Please refer to page 25 for additional details.

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

(3)	Includes (i) 38,766 rentable square feet expiring November 30, 2019, (ii) 147,318 rentable square feet expiring September 30, 2021, and (iii) 69,219 rentable square feet expiring March 31, 2022.

(4)	As of December 31, 2016, this tenant is occupying 144,465 rentable square feet at the property located at 3233 Mission Oaks Boulevard, which includes 107,965 rentable square feet of warehouse space. We plan to reposition this warehouse space in Q2-2017 after the tenant vacates. Please refer to page 26 for additional details.

(5)	Includes (i) 12,800 rentable square feet expiring September 30, 2017, (ii) 1,120 rentable square feet expiring September 30, 2019, and (iii) 76,000 rentable square feet expiring October 31, 2020.

Lease Segmentation by Size:
Square Feet		Number of Leases		Rentable SF		Leased %		Leased % Excluding Repositioning		Ann. Base Rent (in thousands)				% of Total Ann. Base Rent		Ann. Base Rent per SF
<4,999		838		1,904,813		91.5%		91.9%		$	19,445			16.1%		$11.15
5,000‐9,999		159		1,195,596		91.8%		96.1%		11,394				9.4%		$10.38
10,000‐24,999		158		2,853,105		88.7%		95.7%		24,233				20.1%		$9.58
25,000‐49,999		47		1,798,574		93.3%		93.3%		15,661				13.0%		$9.33
>50,000		64		7,268,248		92.8%		100.0%		50,049				41.4%		$7.42
Total / Weighted Average		1,266		15,020,336		91.8%		97.0%		$	120,782			100.0%		$8.76

Fourth Quarter 2016		Page 23
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Capital Expenditure Summary
(unaudited results, in thousands, except square feet and per square foot data)
(data represents consolidated portfolio only)
Three Months Ended December 31, 2016

	Amount				SF(1)			PSF
Tenant Improvements and Space Preparation:
New Leases‐1st Generation	$	112			63,961			$	1.75
New Leases‐2nd Generation	$	558			335,389			$	1.66
Renewals	$	110			140,102			$	0.79
Leasing Commissions & Lease Costs:
New Leases‐1st Generation	$	524			507,050			$	1.03
New Leases‐2nd Generation	$	352			237,194			$	1.48
Renewals	$	291			502,646			$	0.58
Total Recurring Capex:
Recurring Capex	$	667			14,755,624			$	0.05
Recurring Capex % of NOI	2.6		%
Recurring Capex % of Operating Revenue	1.9		%
Nonrecurring Capex	$	4,494			6,438,687			$	0.70
Year Ended December 31, 2016
	Amount				SF(1)			PSF
Tenant Improvements and Space Preparation:
New Leases ‐1st Generation(2)	$	1,474			493,978			$	2.98
New Leases‐2nd Generation	$	2,295			1,182,569			$	1.94
Renewals	$	288			377,053			$	0.76
Leasing Commissions & Lease Costs:
New Leases‐1st Generation	$	2,622			1,586,659			$	1.65
New Leases‐2nd Generation	$	1,516			915,069			$	1.66
Renewals	$	1,144			1,801,991			$	0.63
Total Recurring Capex:
Recurring Capex	$	2,792			13,611,194			$	0.21
Recurring Capex % NOI	3.0		%
Recurring Capex % Operating Revenue	2.2		%
Nonrecurring Capex	$	21,192			9,061,612			$	2.34

(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.

(2)	Includes a tenant improvement allowance payment of $499 thousand to a tenant located at 2431-2433 Impala during Q2-2016. Excluding this allowance payment, 1st generation tenant improvements were $976 thousand for 481,509 SF or $2.03 PSF for the year ended December 31, 2016.

Fourth Quarter 2016		Page 24
Supplemental Financial Reporting Package

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Properties and Space Under Repositioning(1)
As of December 31, 2016		(unaudited results, in thousands, except square feet)

Repositioning Properties
								Same Property Portfolio				Estimated Construction Period				Costs Incurred
Property (Submarket)		Total Property Rentable Square Feet		Space Under Repositioning/Lease-Up		Total Property Occ % 12/31/16		2016		2017		Start		Target Completion		Purchase Price				Repositioning				Cumulative Investment to date(2)				Projected Total Investment(3)				Actual Cash NOI 4Q‐2016(4)				Est. Annual Stabilized Cash NOI(5)				Est.Period until Stabilized (months)(6)
CURRENT REPOSITIONING:
2535 Midway Drive Phase I (Central SD)		233,951		233,951		0%						4Q-2015		1Q-2018		$	19,295			$	861			$	20,156			$	48,453			$	(62	)		$	3,330			26 - 28
2535 Midway Drive Phase II (Central SD)		139,793		139,793		0%						2Q-2018		3Q-2018		$	—			$	—			$	—			$	19,364			$	(18	)		$	3,357			32 - 34
2535 Midway Drive - Total Phases I & II		373,744		373,744		0%		N		Y						$	19,295			$	861			$	20,156			$	67,817			$	(80	)		$	6,687
14750 Nelson (San Gabriel Valley)		147,360		147,360	(7)	0%		N		N		3Q-2016		1Q-2018		$	15,000			$	91			$	15,091			$	26,743			$	(32	)		$	1,774			20 - 26
301-445 Figueroa Street (South Bay)		133,925		49,346		63%		N		N		4Q-2016		3Q-2017		$	13,000			$	17			$	13,017			$	15,227			$	60			$	1,128			15 - 18
TOTAL/WEIGHTED AVERAGE		655,029		570,450		13%										$	47,295			$	969			$	48,264			$	109,787			$	(52	)	(8)	$	9,589
LEASE-UP:
1601 Alton Pkwy. (OC Airport)		124,000		14,000		89%		Y		Y		4Q-2014		1Q-2017		$	13,276			$	5,041			$	18,317			$	19,078			$	183			$	1,330			1 - 7
9401 De Soto Avenue (SF Valley)		150,831		150,831		0%		N		Y		2Q-2015		1Q-2016		$	14,075			$	2,696			$	16,771			$	16,992			$	(88	)		$	1,165			0 - 6
679-691 S. Anderson St. (Central LA)		47,490		35,617		25%		Y		Y		1Q-2016		3Q-2016		$	6,490			$	635			$	7,125			$	7,125			$	(21	)		$	437			0 - 6
TOTAL/WEIGHTED AVERAGE		322,321		200,448		38%										$	33,841			$	8,372			$	42,213			$	43,195			$	74		(8)	$	2,932
FUTURE REPOSITIONING:
9615 Norwalk Blvd. (Mid-Counties)(9)		38,362		—		100%		N		Y		2Q-2017		2Q-2018		$	9,642			$	200			$	9,842			$	23,682			$	189			$	1,556			TBD
12131 Western Avenue (West OC)		207,953		—		100%		N		N		1Q-2017		2Q-2017		$	27,000			$	250			$	27,250			$	30,004			$	511			$	1,758			12 - 15
3880 Valley Blvd. (San Gabriel Valley)		108,703		—		100%		Y		Y		1Q-2017		3Q-2017		$	9,631			$	35			$	9,666			$	12,589			$	175			$	813			12 - 15
TOTAL/WEIGHTED AVERAGE		355,018		—		100%										$	46,273			$	485			$	46,758			$	66,275			$	875			$	4,127
COMPLETED AND LEASED-UP:
2610 & 2701 S. Birch St. (OC Airport)		98,230		—		100%		Y		Y		N/A		N/A		$	11,000			$	2,606			$	13,606			$	13,606			$	118			$	965			--
24105 Frampton Avenue (South Bay)		49,841		—		100%		Y		Y		N/A		N/A		$	3,930			$	1,741			$	5,671			$	5,671			$	67			$	396			--
12247 Lakeland Road (Mid-Counties)		24,875		—		100%		N		Y		N/A		N/A		$	4,257			$	605			$	4,862			$	4,925			$	(28	)		$	313			--
TOTAL/WEIGHTED AVERAGE		172,946		—		100%										$	19,187			$	4,952			$	24,139			$	24,202			$	157			$	1,674

(1)	See page 32 for a definition of Properties and Space Under Repositioning.

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

(3)	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.

(4)	Represents the actual cash NOI for each property for the three months ended December 31, 2016. For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

(5)

Represents management’s estimate of each property’s cash NOI upon stabilization. Actual results may vary materially from our estimates. The Company does not provide a reconciliation to net income on a consolidated basis, because it is unable to provide a meaningful or accurate estimation of reconciling items due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income.

(6)	Represents the estimated remaining number of months, as of December 31, 2016, for the property to reach stabilization. Includes time to complete construction and lease-up the property. Actual number of months required to reach stabilization may vary materially from our estimates.

(7)	Represents the square footage of the existing acquired building. Upon completion of the project, the property will be approximately 200,000 square feet, which reflects an increase in square footage from the construction of two additional buildings on the excess land.

(8)

Actual NOI for the three months ended December 31, 2016, reflects the capitalization of $132 thousand of real estate property taxes and insurance for current repositioning and $16 thousand for lease-up properties, 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.

(9)	9615 Norwalk has 10.26 acres of partially paved storage yard/industrial land that is currently under a MTM lease and generating $79 thousand per month in short term base rent. The current projected total investment and estimated stabilized cash NOI reflects the construction and lease-up of a new approximately 200,000 square foot building.

Fourth Quarter 2016		Page 25
Supplemental Financial Reporting Package

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Properties and Space Under Repositioning(1) (Continued)
As of December 31, 2016		(unaudited results, in thousands, except square feet)

Repositioning Space
						Same Property Portfolio				Estimated Construction Period				Costs Incurred
Property (Submarket)		Rentable Square Feet		Space Under Repositioning		2016		2017		Start		Target Completion		Repositioning				Projected Total Investment(2)				Occ % 12/31/16		Actual Cash NOI 4Q‐2016(3)				Est. Annual Stabilized Cash NOI(4)				Est.Period until Stabilized (months)(5)
CURRENT REPOSITIONING:
228th Street (South Bay)(6)		89,236		23,749		Y		Y		1Q-2016		2Q-2017		$	1,052			$	1,550			66%		$	(2	)	(7)	$	207			6 - 9
FUTURE REPOSITIONING:
18118 - 18120 S. Broadway St. (South Bay)(8)		78,183		—		Y		Y		1Q-2017		3Q-2017		$	—			$	412			100%		$	14			$	127			12 - 15
3233 Mission Oaks Blvd. (Ventura)(9)		455,864		—		N		N		2Q-2017		1Q-2018		$	—			$	5,354			80%		$	213			$	853			TBD
Completed and Leased Repositionings
Property (Submarket)				Rentable Square Feet										Stabilized Period													Stabilized Yield
7110 Rosecrans Ave. (South Bay)				73,439										2Q-2015													7.9%
7900 Nelson Rd. (SF Valley)				202,905										4Q-2015													6.6%
605 8th Street (SF Valley)				55,715										4Q-2015													6.8%
24105 Frampton Ave. (South Bay)				49,841										3Q-2016													7.0%
12247 Lakeland Rd. (Mid-Counties)				24,875										3Q-2016													6.4%
2610 & 2701 S. Birch St. (OC Airport)				98,230										4Q-2016													7.1%
15140 & 15148 Bledsoe St. (SF Valley)				133,356										4Q-2016													N/A(10)
TOTAL/WEIGHTED AVERAGE				638,361																							6.8%

(1)	See page 32 for a definition of Properties and Space Under Repositioning.

(2)	Projected total investment includes the estimated 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 December 31, 2016. For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

(4)	Based on current management estimates. Actual results may vary materially from our estimates. The Company does not provide a reconciliation to net income on a consolidated basis, because it is unable to provide a meaningful or accurate estimation of reconciling items due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income.

(5)	Represents the estimated remaining number of months, as of December 31, 2016, for the property to reach stabilization. Includes time to complete construction and lease-up the property. Actual number of months required to reach stabilization may vary materially from our estimates.

(6)	The property located at 228th Street includes eight buildings, of which three buildings aggregating 23,749 rentable square feet were under repositioning as of December 31, 2016. The amounts presented on this page represent the actual and projected construction costs and the actual and estimated stabilized cash NOI of only these three buildings.

(7)	Actual NOI for the three months ended December 31, 2016, reflects the capitalization of $6 thousand for repositioning space. 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.

(8)	The property located at 18118-18120 S. Broadway includes three buildings. We plan to reposition one building with 18,033 rentable square feet when the tenant vacates in 1Q-2017. The amounts presented on this page represent the actual and projected construction costs and the actual and estimated stabilized cash NOI of this one building.

(9)	We plan to reposition 107,965 rentable square feet of warehouse space at this property when the current tenant vacates in 2Q-2017. The amounts presented on this page represent the actual and projected construction costs and the actual and estimated stabilized cash NOI of this space.

(10)	We are unable to provide a meaningful stabilized yield for this completed project as this was a partial repositioning (72,000 rentable square feet) of a larger property.

Fourth Quarter 2016		Page 26
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Current Year Acquisitions and Dispositions Summary
		(unaudited results, data represents consolidated portfolio only)

2016 Acquisitions
Acquisition Date		Property Address		County		Submarket		Rentable Square Feet		Acquisition Price ($ in MM)		Occ. % at Acquisition		Occ.% at December 31, 2016
3/15/2016		8525 Camino Santa Fe		San Diego		Central San Diego		59,399		$8.45		100%		89%
3/29/2016		28454 Livingston Avenue		Los Angeles		Greater San Fernando Valley		134,287		$16.00		100%		100%
4/15/2016		REIT Portfolio		Various(1)		Various(1)		1,530,814		$191.00		100%		100%
5/3/2016		10750-10826 Lower Azusa Road		Los Angeles		San Gabriel Valley		79,050		$7.66		92%		97%
6/30/2016		525 Park Avenue		Los Angeles		Greater San Fernando Valley		63,403		$7.55		100%		100%
7/6/2016		3233 Mission Oaks Boulevard(2)		Ventura		Ventura		457,693		$25.70		66%		80%
8/24/2016		1600 Orangethorpe Avenue		Orange County		North Orange County		345,756		$40.14		97%		97%
9/8/2016		14742-14750 Nelson Avenue		Los Angeles		San Gabriel Valley		145,531		$15.00		—%		—%
10/21/2016		3927 Oceanic Drive		San Diego		North County San Diego		54,740		$7.20		100%		100%
11/4/2016		301-445 Figueroa Street		Los Angeles		South Bay		133,925		$13.00		63%		63%
12/7/2016		12320 4th Street		San Bernardino		Inland Empire West		284,676		$24.44		100%		100%
12/16/2016		9190 Activity Road		San Diego		Central San Diego		83,520		$15.55		100%		100%
								3,372,794		$371.69

(1)	The REIT Portfolio consists of nine properties located in four of the Company’s core infill submarkets, including Orange County, Los Angeles - San Gabriel Valley, Inland Empire West and Central San Diego. For more information, see our Form 8-K filed on April 11, 2016 with the SEC.

(2)	On July 6, 2016, we acquired the remaining 85% ownership interest in the joint venture property located at 3233 Mission Oaks Boulevard.

2016 Dispositions

Disposition Date

Property Address

County

Submarket

Rentable Square Feet

Sale Price ($ in MM)

Reason for Selling

5/2/2016

6010 North Paramount Boulevard

Los Angeles

South Bay

16,534

$2.48

User Sale

5/25/2016

1840 Dana Street

Los Angeles

Greater San Fernando Valley

13,497

$4.25

User Sale

6/7/2016

12910 East Mulberry Drive

Los Angeles

Mid-Counties

153,080

$15.00

User Sale

11/22/2016

22343-22349 La Palma Avenue

Orange County

North Orange County

115,760

$17.00

Favorable Market Dynamics

11/28/2016

331 East 157th Street

Los Angeles

South Bay

12,000

$1.98

User Sale

310,871

$40.71

Fourth Quarter 2016		Page 27
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Net Asset Value Components
At 12/31/2016		(unaudited and in thousands, except share data)

Net Operating Income
ProForma Net Operating Income (NOI)(1)	Three Months Ended December 31, 2016
Total operating revenues	$	34,449
Property operating expenses	(9,139		)
Pro forma effect of uncommenced leases(2)	63
Pro forma effect of acquisitions(3)	521
Pro forma effect of dispositions(4)	(113		)
Pro forma NOI effect of properties and space under repositioning(5)	3,599
ProForma NOI	29,380
Fair value lease revenue	(95		)
Straight line rental revenue adjustment	(1,095		)
ProForma Cash NOI	$	28,190
Balance Sheet Items
Other assets and liabilities	December 31, 2016
Cash and cash equivalents	$	15,525
Notes receivable	5,934
Rents and other receivables, net	2,749
Other assets	5,290
Accounts payable, accrued expenses and other liabilities	(13,585		)
Dividends payable	(9,282		)
Tenant security deposits	(15,187		)
Prepaid rents	(3,455		)
Total other assets and liabilities	$	(12,011	)
Debt and Shares Outstanding
Total consolidated debt(6)	$	502,476
Preferred stock - liquidation preference	90,000
Common shares outstanding(7)	66,166,548
Operating partnership units outstanding(8)	2,008,664
Total common shares and operating partnership units outstanding	68,175,212

(1)	For a definition and discussion of non‐GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)	Represents the estimated incremental base rent from uncommenced leases as if they had commenced as of October 1, 2016.

(3)	Represents the estimated incremental NOI from Q4’16 acquisitions as if they had been acquired on October 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 October 1, 2016.

(4)	Represents the actual Q4’16 NOI for properties sold during the current quarter. See page 27 for a detail of disposition properties.

(5)

Represents the estimated incremental NOI from the properties that were classified as repositioning/lease-up or that were not fully stabilized as of December 31, 2016, assuming that all repositioning work had been completed and all of the properties/space were fully stabilized as of October 1, 2016. See pages 25-26 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 October 1, 2016.

(6)	Excludes net deferred loan fees and net loan premium aggregating $2.3 million.

(7)	Represents outstanding shares of common stock of the Company, which excludes 287,827 shares of unvested restricted stock.

(8)	Represents outstanding common units of the Company’s operating partnership, Rexford Industrial Realty, L.P., that are owned by unit holders other than Rexford Industrial Realty, Inc. Includes 41,668 vested LTIP Units.

Fourth Quarter 2016		Page 28
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Fixed Charge Coverage Ratio
at 12/31/16		(unaudited and in thousands)

	For the Three Months Ended
	December 31, 2016				September 30, 2016				June 30, 2016				March 31, 2016				December 31, 2015
EBITDA(1)	$	26,862			$	20,206			$	29,123			$	15,950			$	14,606
Cash distributions from unconsolidated joint ventures	(8		)		(4		)		75				74				46
Fair value lease expense	(95		)		(39		)		60				(4		)		48
Non‐cash stock compensation	956				992				953				934				494
Straight line corporate office rent expense adjustment	(50		)		(12		)		(11		)		(1		)		(1		)
Gains on sale of real estate	(5,814		)		—				(11,563		)		—				—
Straight line rental revenue adjustment	(1,095		)		(1,395		)		(922		)		(1,095		)		(1,409		)
Capitalized payments	(388		)		(400		)		(292		)		(356		)		(345		)
Recurring capital expenditures	(667		)		(691		)		(848		)		(586		)		(1,346		)
2nd generation tenant improvements and leasing commissions	(1,311		)		(1,988		)		(1,483		)		(461		)		(762		)
Unconsolidated joint venture AFFO adjustments	—				(2		)		(9		)		(3		)		(4		)
Cash flow for fixed charge coverage calculation	18,390				16,667				15,083				14,452				11,327
Cash interest expense calculation detail:
Interest expense	4,074				3,804				3,716				3,254				2,724
Capitalized interest	338				433				443				439				306
Note payable premium amortization	60				60				59				59				33
Amortization of deferred financing costs	(266		)		(263		)		(264		)		(221		)		(194		)
Cash interest expense	4,206				4,034				3,954				3,531				2,869
Scheduled principal payments	300				234				102				88				61
Preferred stock dividends	1,322				661				—				—				—
Fixed charges	$	5,828			$	4,929			$	4,056			$	3,619			$	2,930
Fixed Charge Coverage Ratio	3.2		x		3.4		x		3.7		x		4.0		x		3.9		x

(1)	For a definition and discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section and reconciliation section beginning on page 31 and page 8 of this report, respectively.

Fourth Quarter 2016		Page 29
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Guidance

2017 OUTLOOK

METRIC	2017 GUIDANCE/ASSUMPTIONS
Core FFO (1)	$0.91 to $0.94 per share (2)
General and Administrative Expenses	$20.0 million to $20.5 million (3)
Year-End 2017 Same Property Portfolio Occupancy (4)	93.0% to 95.0% (5)
Year-End 2017 Stabilized Same Property Portfolio Occupancy (4)	96.0% to 98.0% (5)
Same Property Portfolio NOI Growth	6.0% to 8.0% (6)

(1)	Our Core FFO guidance refers only to the Company's in-place portfolio as of February 16, 2017, and does not include any assumptions for acquisitions, dispositions or balance sheet activities that may or may not occur later during the year.

(2)

The Company does not provide a reconciliation for its guidance range of Core FFO per diluted share to net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, because it is impractical to provide a meaningful or accurate estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income available to common stockholders per diluted share, including, for example, acquisition costs, gains on sales of depreciable real estate and other items that have not yet occurred and are out of the Company’s control. For the same reasons, the Company is unable to address the probable significance of the unavailable information and believes that providing a reconciliation for its guidance range of Core FFO per diluted share would imply a degree of precision as to its forward-looking net income available to common stockholders per diluted share that would be confusing or misleading to investors.

(3)	Our general and administrative expense guidance includes estimated non-cash equity compensation expense of $5.1 million.

(4)

Our 2017 Same Property Portfolio is a subset of our consolidated portfolio and consists of 116 properties aggregating 11,647,542 rentable square feet that were wholly-owned by us as of January 1, 2016, and still owned by us as of December 31, 2016. Our 2017 Stabilized Same Property Portfolio represents the properties included in our 2017 Same Property Portfolio, adjusted to exclude space at eight of our properties aggregating 763,039 rentable square feet that will be in various stages of repositioning (current and future) and lease-up in connection with a completed repositioning during 2017. See pages 25-26 for additional details on these eight properties.

(5)	As of December 31, 2016, the occupancy of our 2017 Same Property Portfolio was 91.89% and the occupancy of our 2017 Stabilized Same Property Portfolio was 96.86%.

(6)	Our 2017 guidance for Same Property Portfolio NOI growth includes an estimated $3.4 million impact on NOI from the completion and lease-up of all 2017 Same Property Portfolio properties identified on pages 25-26.

Fourth Quarter 2016		Page 30
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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, as defined below, the following items: (i) certain non‐cash operating revenues and expenses, (ii) capitalized operating expenditures such as leasing and construction 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, (v) 2nd generation tenant improvements and leasing commissions, (vi) gain (loss) on extinguishment of debt and (vii) gain from early repayment of note receivable. 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.

Core Funds From Operations (Core FFO): We calculate Core FFO by adjusting FFO, as defined below, to exclude the impact of certain items that we do not consider reflective of our core revenue or expense streams. These adjustments consist of acquisition expenses and legal expenses or reimbursements related to prior litigation. For more information on prior litigation, see Item 3. Legal Proceedings in our 2014 Annual Report on Form 10-K. Management believes that Core FFO is a useful supplemental measure as it provides a more meaningful and consistent comparison of operating performance and allows investors to more easily compare the Company's operating results. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of core FFO as a measure of our performance is limited. Other REITs may not calculate core FFO in a consistent manner. Accordingly, our core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

EBITDA and Adjusted EBITDA: EBITDA is calculated as earnings (net income) before interest expense, tax expense and depreciation and amortization, including our proportionate share from our unconsolidated joint venture. We calculate Adjusted EBITDA by adding or subtracting from EBITDA the following items: (i) non‐cash stock based compensation expense, (ii) gains on sale of real estate (including our proportionate share from our unconsolidated joint venture), (iii) gain (loss) on extinguishment of debt, (iv) gain from early repayment of note receivable, (v) legal expenses or reimbursements related to prior litigation, (vi) acquisition expenses and (vii) the pro‐forma effects of acquisitions and dispositions. We believe that EBITDA and Adjusted EBITDA are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDA and Adjusted EBITDA should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDA and Adjusted EBITDA differently than we do; accordingly, our EBITDA and Adjusted EBITDA may not be comparable to such other Equity REITs’ EBITDA and Adjusted EBITDA. EBITDA and Adjusted EBITDA should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.

Fourth Quarter 2016		Page 31
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Definitions / Discussion of Non‐GAAP Financial Measures

Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, 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. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance.

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

Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced as the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iiI) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning/lease-up properties as of the end of the reporting period, assuming that all repositioning work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operating results would have been had the acquisitions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. We define a significant amount of space in a building as the lower of (i) 20,000 square feet of space or (ii) 50% of a building’s square footage. Typically, we would include properties or space where the repositioning and lease-up time frame is estimated to be greater than six months. A repositioning is considered complete once the investment is fully or nearly fully deployed and the property is marketable for leasing. We consider a property to be stabilized once it reaches 95% occupancy.

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 December 31, 2016. The Company’s computation of same property performance may not be comparable to other REITs.

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 in connection with a completed repositioning.

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

Fourth Quarter 2016		Page 32
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