Form: 8-K

Current report filing

April 21, 2021

Documents

Exhibit 99.2
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First Quarter 2021
Supplemental Financial Reporting Package
Page 1
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Table of Contents.
Section Page
Corporate Data:
Consolidated Financial Results:
Portfolio Data:
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; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2020 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 19, 2021. 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 2021
Supplemental Financial Reporting Package
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Investor Company Summary.
Executive Management Team
Howard Schwimmer Co-Chief Executive Officer, Director
Michael S. Frankel Co-Chief Executive Officer, Director
Laura Clark Chief Financial Officer
David Lanzer General Counsel and Corporate Secretary
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
Diana J. Ingram Director
Debra L. Morris Director
Tyler H. Rose Director
Peter Schwab Director
Investor Relations Information
Kosta Karmaniolas
SVP, Corporate Finance & Investor Relations
kkarmaniolas@rexfordindustrial.com
(310) 691-5475
Equity Research Coverage
Bank of America Merrill Lynch James Feldman (646) 855-5808
Baird David Rodgers (216) 737-7341
Berenberg Capital Markets Connor Siversky (646) 949-9037
Capital One Chris Lucas (571) 633-8151
Citigroup Investment Research Emmanuel Korchman (212) 816-1382
Green Street Vince Tibone (949) 640-8780
J.P. Morgan Michael W. Mueller, CFA (212) 622-6689
Jefferies LLC Jonathan Petersen (212) 284-1705
Wells Fargo Securities Blaine Heck (443) 263-6529
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 2021
Supplemental Financial Reporting Package
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Company Overview.
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First Quarter 2021
Supplemental Financial Reporting Package
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Highlights - Consolidated Financial Results.
Quarterly Results (in millions)

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First Quarter 2021
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, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
Financial Results:
Total rental income $ 99,644  $ 88,495  $ 83,622  $ 79,770  $ 77,490 
Net income $ 30,643  $ 18,155  $ 31,197  $ 16,271  $ 15,272 
Net Operating Income (NOI) $ 76,069  $ 66,461  $ 62,938  $ 60,886  $ 59,376 
Company share of Core FFO $ 48,364  $ 43,099  $ 40,557  $ 38,832  $ 37,519 
Company share of Core FFO per common share - diluted $ 0.37  $ 0.34  $ 0.33  $ 0.32  $ 0.33 
Adjusted EBITDA $ 69,521  $ 65,328  $ 56,384  $ 55,982  $ 55,566 
Dividend declared per common share $ 0.240  $ 0.215  $ 0.215  $ 0.215  $ 0.215 
Portfolio Statistics:
Portfolio rentable square feet (“RSF”) - consolidated 32,087,821  31,501,111  27,711,078  27,633,778  27,303,260 
Ending occupancy - consolidated portfolio 95.8  % 95.2  % 97.2  % 95.4  % 95.6  %
Stabilized occupancy - consolidated portfolio 98.3  % 96.7  % 97.9  % 97.0  % 97.4  %
Rent Change - GAAP 47.1  % 29.9  % 26.8  % 32.3  % 36.6  %
Rent Change - Cash 32.7  % 18.1  % 17.4  % 18.2  % 24.4  %
Stabilized Same Property Performance:
Stabilized Same Property Portfolio ending occupancy 98.6  % 98.2  % 98.3  % 97.4  % 98.0  %
Stabilized Same Property Portfolio NOI growth(2)
6.8  %
Stabilized Same Property Portfolio Cash NOI growth(2)
8.2  %
Capitalization:
Total shares and units issued and outstanding at period end(3)
140,299,354  137,799,832  127,455,361  127,454,636  120,004,376 
Series A, B and C Preferred Stock and Series 1 and 2 CPOP Units $ 319,068  $ 319,068  $ 319,068  $ 319,068  $ 319,068 
Total equity market capitalization $ 7,390,155  $ 7,086,418  $ 6,151,425  $ 5,599,514  $ 5,240,447 
Total consolidated debt $ 1,226,415  $ 1,223,494  $ 908,046  $ 908,250  $ 905,645 
Total combined market capitalization (net debt plus equity) $ 8,492,637  $ 8,133,619  $ 6,815,852  $ 6,253,391  $ 6,033,660 
Ratios:
Net debt to total combined market capitalization 13.0  % 12.9  % 9.7  % 10.5  % 13.1  %
Net debt to Adjusted EBITDA (quarterly results annualized) 4.0x 4.0x 2.9x 2.9x 3.6x
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 32 and page 12 of this report, respectively.
(2)Represents the year over year percentage change in NOI and Cash NOI for the Stabilized Same Property Portfolio.
(3)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 6,641,742 (Mar 31, 2021), 6,606,693 (Dec 31, 2020), 3,903,509 (Sep 30, 2020), 3,908,476 (Jun 30, 2020) and 3,917,284 (Mar 31, 2020). Excludes the following # of shares of unvested restricted stock: 239,748 (Mar 31, 2021), 232,899 (Dec 31, 2020), 236,739 (Sep 30, 2020), 243,039 (Jun 30, 2020) and 244,255 (Mar 31, 2020). Excludes unvested LTIP units and unvested performance units.
First Quarter 2021
Supplemental Financial Reporting Package
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Guidance.
As of March 31, 2021
2021 OUTLOOK*
2021 GUIDANCE / ASSUMPTIONS
METRIC Q1’21 UPDATED GUIDANCE INITIAL GUIDANCE RESULTS AS OF MARCH 31, 2021
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$0.48 - $0.51 $0.40 - $0.43 $0.19
Company share of Core FFO per diluted share (1)(2)
$1.41 - $1.44 $1.40 - $1.43 $0.37
Stabilized Same Property Portfolio NOI Growth - GAAP (3)
3.75% - 4.75% 3.0% - 4.0% 6.8%
Stabilized Same Property Portfolio NOI Growth - Cash (3)
6.75% - 7.75% 6.0% - 7.0% 8.2%
Average 2021 Stabilized Same Property Portfolio Occupancy (FY) 97.25% - 97.75% 97.0% - 97.5% 98.4%
General and Administrative Expenses (4)
$44.5M - $45.5M $44.5M - $45.5M $11.5M
Net Interest Expense $36.0M - $36.5M $36.0M - $36.5M $9.8M
(1)Our 2021 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 21, 2021, and does not include any assumptions for prospective acquisitions, dispositions or balance sheet activities that have not closed. The Company’s in-place portfolio as of April 21, 2021, reflects the acquisition of two properties that occurred subsequent to March 31, 2021.
(2)See page 35 for a reconciliation of the Company’s 2021 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
(3)Our 2021 Stabilized Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2020 through April 21, 2021 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2020 and 2021 (unless otherwise noted). As of March 31, 2021, our 2021 Stabilized Same Property Portfolio consists of 195 properties aggregating 24,720,199 rentable square feet.
(4)Our 2021 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $16.6 million.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to potential acquirers of real estate, the impact of COVID-19 and actions taken to contain its spread on the Company, the Company’s tenants and the economy, and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
First Quarter 2021
Supplemental Financial Reporting Package
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Guidance (Continued).
As of March 31, 2021

2021 Guidance Rollforward(1)

Range
($ per share)
Earnings Components Low High Notes
2021 Core FFO Per Diluted Share Guidance (Previous) $1.40 $1.43
Same Property NOI Growth 0.01 0.01
‘+75 basis point increase at the midpoint to 3.75% to 4.75%
2021 Acquisitions Closed to Date 0.02 0.02
$191M of acquisitions closed to date (2)
2021 Dispositions Closed to Date (0.01) (0.01) Impact of $21M of dispositions completed in the first quarter
Other (0.01) (0.01) Includes the incremental impact from Q1 equity issuance through ATM
2021 Core FFO Per Diluted Share Guidance (Current) $1.41 $1.44
Core FFO Annual Growth Per Diluted Share 7% 9%
(1)2021 Guidance and Guidance Rollforward represent the in-place portfolio as of April 21, 2021, and does not include any assumptions for prospective acquisitions, dispositions or balance sheet activities that have not closed.
(2) Acquisitions to date consist primarily of value add and core plus repositioning opportunities with a weighted average stabilized yield of 5.2%.
First Quarter 2021
Supplemental Financial Reporting Package
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Consolidated Balance Sheets.
(unaudited and in thousands)
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
ASSETS
Land $ 2,769,614  $ 2,636,816  $ 2,163,518  $ 2,128,243  $ 2,068,460 
Buildings and improvements 2,244,948  2,201,187  1,791,668  1,770,930  1,748,675 
Tenant improvements 86,245  84,462  80,541  77,211  75,341 
Furniture, fixtures, and equipment 132  132  132  141  141 
Construction in progress 35,083  25,358  41,941  39,860  26,791 
  Total real estate held for investment 5,136,022  4,947,955  4,077,800  4,016,385  3,919,408 
Accumulated depreciation (401,122) (375,423) (354,203) (337,938) (316,812)
Investments in real estate, net 4,734,900  4,572,532  3,723,597  3,678,447  3,602,596 
Cash and cash equivalents 123,933  176,293  243,619  254,373  112,432 
Restricted cash 47  1,230  42,387  67  46 
Rents and other receivables, net 7,737  10,208  5,838  4,790  5,859 
Deferred rent receivable, net 45,093  40,893  40,473  37,552  31,339 
Deferred leasing costs, net 26,039  23,148  21,842  20,269  19,482 
Deferred loan costs, net 2,060  2,240  2,419  2,599  2,770 
Acquired lease intangible assets, net(1)
87,587  92,172  67,304  71,513  76,138 
Acquired indefinite-lived intangible 5,156  5,156  5,156  5,156  5,156 
Other assets 27,272  14,390  13,982  16,656  10,717 
Acquisition related deposits 10,075  4,067  3,625  63,612  5,896 
Assets associated with real estate held for sale, net(2)
—  8,845  —  —  — 
Total Assets $ 5,069,899  $ 4,951,174  $ 4,170,242  $ 4,155,034  $ 3,872,431 
LIABILITIES & EQUITY
Liabilities
Notes payable $ 1,219,425  $ 1,216,160  $ 906,608  $ 906,687  $ 903,802 
Interest rate swap liability 14,081  17,580  20,869  22,916  22,690 
Accounts payable, accrued expenses and other liabilities 41,871  45,384  45,212  33,731  39,000 
Dividends payable 33,813  29,747  27,532  27,532  25,931 
Acquired lease intangible liabilities, net(3)
66,883  67,256  61,148  61,108  63,914 
Tenant security deposits 34,367  31,602  27,683  26,158  30,342 
Prepaid rents 11,241  12,660  10,970  11,163  8,074 
Liabilities associated with real estate held for sale(2)
—  193  —  —  — 
Total Liabilities 1,421,681  1,420,582  1,100,022  1,089,295  1,093,753 
Equity
Preferred stock 242,327  242,327  242,327  242,327  242,327 
Common stock 1,338  1,313  1,236  1,236  1,162 
Additional paid in capital 3,300,333  3,182,599  2,821,127  2,820,216  2,524,274 
Cumulative distributions in excess of earnings (170,487) (163,389) (148,492) (147,907) (132,843)
Accumulated other comprehensive income (13,996) (17,709) (20,231) (22,214) (21,950)
Total stockholders’ equity 3,359,515  3,245,141  2,895,967  2,893,658  2,612,970 
Noncontrolling interests 288,703  285,451  174,253  172,081  165,708 
Total Equity 3,648,218  3,530,592  3,070,220  3,065,739  2,778,678 
Total Liabilities and Equity $ 5,069,899  $ 4,951,174  $ 4,170,242  $ 4,155,034  $ 3,872,431 
(1)Includes net above-market tenant lease intangibles of $7,950 (March 31, 2021), $8,308 (December 31, 2020), $5,900 (September 30, 2020), $6,230 (June 30, 2020) and $6,410 (March 31, 2020).
(2)At December 31, 2020, our property located at 14723-14825 Oxnard Street was classified as held for sale.
(3)Represents net below-market tenant lease intangibles as of the balance sheet date.
First Quarter 2021
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
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Revenues
Rental income(1)
$ 99,644  $ 88,495  $ 83,622  $ 79,770  $ 77,490 
Management, leasing, and development services 105  95  118  114  93 
Interest income 14  59  116  66  97 
Total Revenues 99,763  88,649  83,856  79,950  77,680 
Operating Expenses
Property expenses 23,575  22,034  20,684  18,884  18,114 
General and administrative 11,480  9,042  9,464  8,972  9,317 
Depreciation and amortization 35,144  30,554  28,811  28,381  27,523 
Total Operating Expenses 70,199  61,630  58,959  56,237  54,954 
Other Expenses
Acquisition expenses 29  35  70  14  5 
Interest expense 9,752  8,673  7,299  7,428  7,449 
Total Expenses 79,980  70,338  66,328  63,679  62,408 
Loss on extinguishment of debt —  (104) —  —  — 
Gain (loss) on sale of real estate 10,860  (52) 13,669  —  — 
Net Income 30,643  18,155  31,197  16,271  15,272 
Less: net income attributable to noncontrolling interests (1,969) (1,160) (1,531) (1,084) (717)
Net income attributable to Rexford Industrial Realty, Inc. 28,674  16,995  29,666  15,187  14,555 
Less: preferred stock dividends (3,636) (3,636) (3,636) (3,637) (3,636)
Less: earnings allocated to participating securities (141) (120) (129) (129) (131)
Net income attributable to common stockholders $ 24,897  $ 13,239  $ 25,901  $ 11,421  $ 10,788 
Earnings per Common Share
Net income attributable to common stockholders per share - basic $ 0.19  $ 0.11  $ 0.21  $ 0.10  $ 0.09 
Net income attributable to common stockholders per share - diluted $ 0.19  $ 0.10  $ 0.21  $ 0.10  $ 0.09 
Weighted average shares outstanding - basic 131,612,881 125,995,123 123,548,978 119,810,283 114,054,434
Weighted average shares outstanding - diluted 131,758,744 126,401,077 123,843,977 120,068,176 114,314,331
(1)See footnote (1) on page 11 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.

First Quarter 2021
Supplemental Financial Reporting Package
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Consolidated Statements of Operations.
Quarterly Results (continued) (unaudited and in thousands, except share and per share data)
Three Months Ended March 31,
2021 2020
Revenues
Rental income(1)
$ 99,644  $ 77,490 
Management, leasing, and development services 105  93 
Interest income 14  97 
Total Revenues 99,763  77,680 
Operating Expenses
Property expenses 23,575  18,114 
General and administrative 11,480  9,317 
Depreciation and amortization 35,144  27,523 
Total Operating Expenses 70,199  54,954 
Other Expenses
Acquisition expenses 29  5 
Interest expense 9,752  7,449 
Total Expenses 79,980  62,408 
Gain on sale of real estate 10,860  — 
Net Income 30,643  15,272 
 Less: net income attributable to noncontrolling interests (1,969) (717)
Net income attributable to Rexford Industrial Realty, Inc. 28,674  14,555 
 Less: preferred stock dividends (3,636) (3,636)
 Less: earnings allocated to participating securities (141) (131)
Net income attributable to common stockholders $ 24,897  $ 10,788 
Net income attributable to common stockholders per share – basic $ 0.19  $ 0.09 
Net income attributable to common stockholders per share – diluted $ 0.19  $ 0.09 
Weighted-average shares of common stock outstanding – basic 131,612,881  114,054,434 
Weighted-average shares of common stock outstanding – diluted 131,758,744  114,314,331 
(1)On January 1, 2019, we adopted ASC 842 and, among other practical expedients, elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Prior to the adoption of ASC 842, we presented rental revenues, tenant reimbursements and other income related to leases separately in our consolidated statements of operations. Under the section “Rental Income” on page 35 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
First Quarter 2021
Supplemental Financial Reporting Package
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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
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
Net Income $ 30,643  $ 18,155  $ 31,197  $ 16,271  $ 15,272 
Add:
Depreciation and amortization 35,144  30,554  28,811  28,381  27,523 
Deduct:
Gain (loss) on sale of real estate 10,860  (52) 13,669  —  — 
NAREIT Defined Funds From Operations (FFO)
54,927  48,761  46,339  44,652  42,795 
Less: preferred stock dividends (3,636) (3,636) (3,636) (3,637) (3,636)
Less: FFO attributable to noncontrolling interests(2)
(3,134) (2,182) (2,017) (2,005) (1,450)
Less: FFO attributable to participating securities(3)
(209) (188) (197) (192) (195)
Company share of FFO $ 47,948  $ 42,755  $ 40,489  $ 38,818  $ 37,514 
Company share of FFO per common share‐basic $ 0.36  $ 0.34  $ 0.33  $ 0.32  $ 0.33 
Company share of FFO per common share‐diluted $ 0.36  $ 0.34  $ 0.33  $ 0.32  $ 0.33 
FFO $ 54,927  $ 48,761  $ 46,339  $ 44,652  $ 42,795 
Add:
Acquisition expenses 29  35  70  14  5 
Loss on extinguishment of debt —  104  —  —  — 
Amortization of loss on termination of interest rate swap 410  218  —  —  — 
Core FFO 55,366  49,118  46,409  44,666  42,800 
Less: preferred stock dividends (3,636) (3,636) (3,636) (3,637) (3,636)
Less: Core FFO attributable to noncontrolling interests(2)
(3,155) (2,193) (2,019) (2,005) (1,450)
Less: Core FFO attributable to participating securities(3)
(211) (190) (197) (192) (195)
Company share of Core FFO $ 48,364  $ 43,099  $ 40,557  $ 38,832  $ 37,519 
Company share of Core FFO per common share‐basic $ 0.37  $ 0.34  $ 0.33  $ 0.32  $ 0.33 
Company share of Core FFO per common share‐diluted $ 0.37  $ 0.34  $ 0.33  $ 0.32  $ 0.33 
Weighted-average shares outstanding-basic 131,612,881  125,995,123  123,548,978  119,810,283  114,054,434 
Weighted-average shares outstanding-diluted(4)
131,758,744  126,401,077  123,843,977  120,068,176  114,314,331 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1 & Series 2 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(4)Weighted-average shares outstanding-diluted includes adjustments for unvested performance units if the effect is dilutive for the reported period.
First Quarter 2021
Supplemental Financial Reporting Package
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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,
March 31, 2021 March 31, 2020
Net Income $ 30,643  $ 15,272 
Add:
Depreciation and amortization 35,144  27,523 
Deduct:
Gain on sale of real estate 10,860  — 
Funds From Operations (FFO) 54,927  42,795 
Less: preferred stock dividends (3,636) (3,636)
Less: FFO attributable to noncontrolling interests (3,134) (1,450)
Less: FFO attributable to participating securities (209) (195)
Company share of FFO $ 47,948  $ 37,514 
Company share of FFO per common share‐basic $ 0.36  $ 0.33 
Company share of FFO per common share‐diluted $ 0.36  $ 0.33 
FFO $ 54,927  $ 42,795 
Add:
Acquisition expenses 29  5 
Amortization of loss on termination of interest rate swap 410  — 
Core FFO 55,366  42,800 
Less: preferred stock dividends (3,636) (3,636)
Less: Core FFO attributable to noncontrolling interests (3,155) (1,450)
Less: Core FFO attributable to participating securities (211) (195)
Company share of Core FFO $ 48,364  $ 37,519 
Company share of Core FFO per common share‐basic $ 0.37  $ 0.33 
Company share of Core FFO per common share‐diluted $ 0.37  $ 0.33 
Weighted-average shares outstanding-basic 131,612,881  114,054,434 
Weighted-average shares outstanding-diluted 131,758,744  114,314,331 
First Quarter 2021
Supplemental Financial Reporting Package
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Non-GAAP AFFO Reconciliation. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
Funds From Operations(2)
$ 54,927  $ 48,761  $ 46,339  $ 44,652  $ 42,795 
Add:
Amortization of deferred financing costs 447  408  373  381  343 
Non-cash stock compensation 4,261  2,491  3,101  3,709  3,570 
Loss on extinguishment of debt —  104  —  —  — 
Amortization of loss on termination of interest rate swap 410  218  —  —  — 
Deduct:
Preferred stock dividends 3,636  3,636  3,636  3,637  3,636 
Straight line rental revenue adjustment(3)
4,199  434  3,088  6,212  1,672 
Amortization of net below-market lease intangibles 2,712  2,711  2,751  2,669  2,402 
Capitalized payments(4)
2,322  2,149  2,442  2,355  2,067 
Note payable premium amortization 29  47  66  59  16 
Recurring capital expenditures(5)
2,541  2,671  1,380  1,323  1,575 
2nd generation tenant improvements and leasing commissions(6)
3,528  1,741  2,243  2,000  1,727 
Adjusted Funds From Operations (AFFO) $ 41,078  $ 38,593  $ 34,207  $ 30,487  $ 33,613 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)A reconciliation of net income to Funds From Operations is set forth on page 13 of this report.
(3)The straight line rental revenue adjustment includes concessions of $2,563 (including deferral of $62 of base rent provided by COVID-19 rent relief agreements), $2,358 (including deferral of $250 of base rent provided by COVID-19 rent relief agreements), $2,273 (including deferral of $686 of base rent provided by COVID-19 rent relief agreements), $5,775 (including impact of acceleration of $825 of future concessions and deferral of $3,635 of base rent provided by COVID-19 rent relief agreements), and $1,329 for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.
(4)Includes capitalized interest, taxes, insurance and construction related compensation costs.
(5)Excludes nonrecurring capital expenditures of $16,584, $20,569, $18,835, $14,773 and $12,411 for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.
(6)Excludes 1st generation tenant improvements and leasing commissions of $1,369, $1,327, $1,744, $549 and $831 for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.

First Quarter 2021
Supplemental Financial Reporting Package
Page 14
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Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA. (1)
(unaudited and in thousands)
NOI and Cash NOI
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Rental income(2)(3)
$ 99,644  $ 88,495  $ 83,622  $ 79,770  $ 77,490 
Property expenses 23,575  22,034  20,684  18,884  18,114 
Net Operating Income (NOI) $ 76,069  $ 66,461  $ 62,938  $ 60,886  $ 59,376 
Amortization of above/below market lease intangibles (2,712) (2,711) (2,751) (2,669) (2,402)
Straight line rental revenue adjustment (4,199) (434) (3,088) (6,212) (1,672)
Cash NOI $ 69,158  $ 63,316  $ 57,099  $ 52,005  $ 55,302 
EBITDAre and Adjusted EBITDA
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income $ 30,643  $ 18,155  $ 31,197  $ 16,271  $ 15,272 
Interest expense 9,752  8,673  7,299  7,428  7,449 
Depreciation and amortization 35,144  30,554  28,811  28,381  27,523 
(Gain) loss on sale of real estate (10,860) 52  (13,669) —  — 
EBITDAre
$ 64,679  $ 57,434  $ 53,638  $ 52,080  $ 50,244 
Stock-based compensation amortization 4,261  2,491  3,101  3,709  3,570 
Loss on extinguishment of debt —  104  —  —  — 
Acquisition expenses 29  35  70  14  5 
Pro forma effect of acquisitions(4)
662  5,260  5  179  1,747 
Pro forma effect of dispositions(5)
(110) 4  (430) —  — 
Adjusted EBITDA $ 69,521  $ 65,328  $ 56,384  $ 55,982  $ 55,566 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See footnote (1) on page 11 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Reflects (reduction) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(496), $(2,114), $(1,479), $(1,059) and $(395) for the three months ended March 31, 2021, December 31, 2020, September 30, 2020, June 30, 2020, and March 31, 2020, respectively.
(4)Represents the estimated impact on Q1'21 EBITDAre of Q1'21 acquisitions as if they had been acquired on January 1, 2021, the impact on Q4'20 EBITDAre of Q4'20 acquisitions as if they had been acquired on October 1, 2020, the impact on Q3'20 EBITDAre of Q3'20 acquisitions as if they had been acquired on July 1, 2020, the impact on Q2'20 EBITDAre of Q2'20 acquisitions as if they had been acquired on April 1, 2020, and the impact on Q1'20 EBITDAre of Q1'20 acquisitions as if they had been acquired on January 1, 2020. 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 EBITDAre had we owned the acquired entities as of the beginning of each period.
(5)Represents the impact on Q1'21 EBITDAre of Q1'21 dispositions as if they had been sold as of January 1, 2021, Q4'20 EBITDAre of Q4'20 dispositions as if they had been sold as of October 1, 2020, and the impact on Q3'20 EBITDAre of Q3'20 dispositions as if they had been sold as of July 1, 2020. We did not sell any properties during Q2'20 or Q1'20.
First Quarter 2021
Supplemental Financial Reporting Package
Page 15
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Stabilized Same Property Portfolio Performance. (1)
(unaudited and dollars in thousands)
Stabilized Same Property Portfolio:
Number of properties 195
Square Feet 24,720,199
Stabilized Same Property Portfolio NOI and Cash NOI:
Three Months Ended March 31,
2021 2020 $ Change % Change
Rental income(2)(3)(4)
$ 77,348  $ 72,966  $ 4,382  6.0%
Property expenses 17,354  16,796  558  3.3%
Stabilized same property portfolio NOI $ 59,994  $ 56,170  $ 3,824  6.8%
(4)
Straight-line rental revenue (1,756) (1,680) (76) 4.5%
Amort. of above/below market lease intangibles (1,502) (2,072) 570  (27.5)%
Stabilized same property portfolio Cash NOI $ 56,736  $ 52,418  $ 4,318  8.2%
(4)
Stabilized Same Property Portfolio Occupancy:
March 31,
2021 2020 Change (basis points)
Weighted Average Occupancy:(5)
Los Angeles County 98.9% 98.7% 20 bps
Orange County 99.3% 98.3% 100 bps
San Bernardino County 99.4% 97.6% 180 bps
Ventura County 94.6% 96.5% (190) bps
San Diego County 96.7% 96.3% 40 bps
Total Portfolio Weighted Average Occupancy 98.4% 98.0% 40 bps
Ending Occupancy: 98.6% 98.0% 60 bps
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See “Stabilized Same Property Portfolio Rental Income” on page 35 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursement and other income for the three months ended March 31, 2021 and 2020.
(3)Reflects (reduction) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(336) and $(411) for the three months ended March 31, 2021 and 2020, respectively.
(4)Rental income includes lease termination fees of $37 thousand and $120 thousand for the three months ended March 31, 2021 and 2020, respectively. Excluding these lease termination fees, Stabilized Same Property Portfolio NOI increased by approximately 7.0% and Stabilized Same Property Portfolio Cash NOI increased by approximately 8.4% during the three months ended March 31, 2021, compared to the three months ended March 31, 2020, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 1Q-2021 and December 2020 (for 1Q-2021) and the end of each month in 1Q-2020 and December 2019 (for 1Q-2020).
First Quarter 2021
Supplemental Financial Reporting Package
Page 16
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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of March 31, 2021
chart-eb17e04dd73041a780a1a.jpg
Description March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020
Common shares outstanding(1)
133,657,612  131,193,139  123,551,852  123,546,160  116,087,092 
Operating partnership units outstanding(2)
6,641,742  6,606,693  3,903,509  3,908,476  3,917,284 
Total shares and units outstanding at period end 140,299,354  137,799,832  127,455,361  127,454,636  120,004,376 
Share price at end of quarter $ 50.40  $ 49.11  $ 45.76  $ 41.43  $ 41.01 
Common Stock and Operating Partnership Units - Capitalization $ 7,071,087  $ 6,767,350  $ 5,832,357  $ 5,280,446  $ 4,921,379 
Series A, B and C Cumulative Redeemable Preferred Stock(3)
$ 251,250  $ 251,250  $ 251,250  $ 251,250  $ 251,250 
4.43937% Series 1 Cumulative Redeemable Convertible Preferred Units(4)
27,031  27,031  27,031  27,031  27,031 
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)
40,787  40,787  40,787  40,787  40,787 
Preferred Equity $ 319,068  $ 319,068  $ 319,068  $ 319,068  $ 319,068 
Total Equity Market Capitalization $ 7,390,155  $ 7,086,418  $ 6,151,425  $ 5,599,514  $ 5,240,447 
Total Debt $ 1,226,415  $ 1,223,494  $ 908,046  $ 908,250  $ 905,645 
Less: Cash and cash equivalents (123,933) (176,293) (243,619) (254,373) (112,432)
Net Debt $ 1,102,482  $ 1,047,201  $ 664,427  $ 653,877  $ 793,213 
Total Combined Market Capitalization (Net Debt plus Equity) $ 8,492,637  $ 8,133,619  $ 6,815,852  $ 6,253,391  $ 6,033,660 
Net debt to total combined market capitalization 13.0  % 12.9  % 9.7  % 10.5  % 13.1  %
Net debt to Adjusted EBITDA (quarterly results annualized)(5)
4.0x 4.0x 2.9x 2.9x 3.6x
Net debt & preferred equity to Adjusted EBITDA (quarterly results annualized)(5)
5.1x 5.2x 4.4x 4.3x 5.0x
(1)Excludes the following number of shares of unvested restricted stock: 239,748 (Mar 31, 2021), 232,899 (Dec 31, 2020), 236,739 (Sep 30, 2020), 243,039 (Jun 30, 2020) and 244,255 (Mar 31, 2020).
(2)Represents outstanding common units of the Company’s operating partnership (“OP”), Rexford Industrial Realty, LP, that are owned by unitholders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our OP. As of Mar 31, 2021, includes 625,026 vested LTIP Units & 614,022 vested performance units & excludes 255,913 unvested LTIP Units & 905,732 unvested performance units.
(3)Values based on liquidation preference of $25 per share and the following number of outstanding shares of preferred stock: 5.875% Series A (3,600,000); 5.875% Series B (3,000,000); 5.625% Series C (3,450,000).
(4)Value based on 593,960 outstanding Series 1 preferred units at a liquidation preference of $45.50952 per unit and 906,374 outstanding Series 2 preferred units at a liquidation preference of $45.00 per unit.
(5)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
First Quarter 2021
Supplemental Financial Reporting Package
Page 17
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Debt Summary.
(unaudited and dollars in thousands)
Debt Detail:
As of March 31, 2021
Debt Description Maturity Date Stated Interest Rate
Effective Interest Rate(1)
Principal Balance(2)
Expiration Date of Effective Swaps
Unsecured Debt:
$500M Revolving Credit Facility(3)
2/13/2024(4)
LIBOR +0.85%(5)
0.961% $ — 
$225M Term Loan Facility 1/14/2023
LIBOR +1.10%(5)
2.474% 225,000  1/14/2022
$150M Term Loan Facility 5/22/2025
LIBOR +1.55%(5)
4.313% 150,000  11/22/2024
$100M Senior Notes 8/6/2025 4.290% 4.290% 100,000 
$125M Senior Notes 7/13/2027 3.930% 3.930% 125,000 
$25M Series 2019A Senior Notes 7/16/2029 3.880% 3.880% 25,000 
$400M Senior Notes 12/1/2030 2.125% 2.125% 400,000 
$75M Series 2019B Senior Notes 7/16/2034 4.030% 4.030% 75,000 
Secured Debt:
2601-2641 Manhattan Beach Boulevard 4/5/2023 4.080% 4.080% 4,037 
$60M Term Loan
8/1/2023(6)
LIBOR + 1.70% 1.811% 58,499 
960-970 Knox Street 11/1/2023 5.000% 5.000% 2,466 
7612-7642 Woodwind Drive 1/5/2024 5.240% 5.240% 3,874 
11600 Los Nietos Road 5/1/2024 4.190% 4.190% 2,745 
5160 Richton Street 11/15/2024 3.790% 3.790% 4,359 
22895 Eastpark Drive 11/15/2024 4.330% 4.330% 2,733 
701-751 Kingshill Place 1/5/2026 3.900% 3.900% 7,100 
13943-13955 Balboa Boulevard 7/1/2027 3.930% 3.930% 15,577 
2205 126th Street 12/1/2027 3.910% 3.910% 5,200 
2410-2420 Santa Fe Avenue 1/1/2028 3.700% 3.700% 10,300 
11832-11954 La Cienega Boulevard 7/1/2028 4.260% 4.260% 4,054 
1100-1170 Gilbert Street (Gilbert/La Palma) 3/1/2031 5.125% 5.125% 2,250 
7817 Woodley Avenue 8/1/2039 4.140% 4.140% 3,221 
3.064% $ 1,226,415 
Debt Composition:
Category
Weighted Average Term Remaining (yrs)(7)
Stated Interest Rate Effective Interest Rate Balance % of Total
Fixed 6.6 3.13% 3.13% $ 1,167,916  95%
Variable 2.3 LIBOR + 1.70% 1.81% $ 58,499  5%
Secured 4.3 3.04% $ 126,415  10%
Unsecured 6.7 3.07% $ 1,100,000  90%
*See footnotes on the following page*
First Quarter 2021
Supplemental Financial Reporting Package
Page 18
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Debt Summary (Continued).
(unaudited and dollars in thousands)
chart-c86da24c9fe54bc7a821a.jpg
Debt Maturity Schedule:
Year
Secured(8)
Unsecured Total % Total Effective Interest Rate
2021 $ —  $ —  $ —  —  % —  %
2022 —  —  —  —  % —  %
2023 65,003  225,000  290,003  24  % 2.384  %
2024 13,710  —  13,710  1  % 4.387  %
2025 —  250,000  250,000  20  % 4.304  %
2026 7,100  —  7,100  1  % 3.900  %
2027 20,777  125,000  145,777  12  % 3.929  %
2028 14,354  —  14,354  1  % 3.858  %
2029 —  25,000  25,000  2  % 3.880  %
2030 —  400,000  400,000  33  % 2.125  %
Thereafter 5,471  75,000  80,471  6  % 4.065  %
Total $ 126,415  $ 1,100,000  $ 1,226,415  100  % 3.064  %
(1)Includes the effect of interest rate swaps effective as of March 31, 2021, and excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $7.0 million as of March 31, 2021.
(3)The credit facility is subject to a facility fee which is calculated as a percentage of the total commitment amount, regardless of usage. The facility fee ranges from 0.125% to 0.300% depending on our investment grade rating. As March 31, 2021, the facility fee rate is 0.200%.
(4)Two additional six-month extensions are available, provided that certain conditions are satisfied.
(5)The applicable LIBOR margin ranges from 0.725% to 1.400% for the revolving credit facility, 0.90% to 1.75% for the $225M term loan facility and 1.40% to 2.35% for the $150M term loan facility depending on our investment grade rating, which is subject to change. As a result, the effective interest rate for these loans can fluctuate from period to period.
(6)One two-year extension is available, provided that certain conditions are satisfied.
(7)The weighted average remaining term to maturity of our consolidated debt is 6.4 years.
(8)Excludes the effect of scheduled monthly principal payments on amortizing loans.
First Quarter 2021
Supplemental Financial Reporting Package
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Operations.
Quarterly Results

chart-4246f70b17ea48cab1e1a.jpg chart-956a77a7455740f48111a.jpg

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First Quarter 2021
Supplemental Financial Reporting Package
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Portfolio Overview.
At March 31, 2021 (unaudited results)
Consolidated Portfolio:
Rentable Square Feet Ending Occupancy %
In-Place ABR(2)
Market # Properties Stabilized Same Properties Portfolio Non-Stabilized Same Properties Portfolio Total Portfolio Stabilized Same Properties Portfolio Non-Stabilized Same Properties Portfolio Total Portfolio
Total Portfolio Excluding Repositioning(1)
Total
(in 000’s)		 Per Square Foot
Central LA 16 1,892,144  657,530  2,549,674  99.5  % 100.0  % 99.6  % 99.6  % $ 24,084  $9.48
Greater San Fernando Valley 47 3,758,135  1,369,890  5,128,025  99.1  % 90.5  % 96.8  % 98.2  % 56,264  $11.33
Mid-Counties 21 1,000,336  1,549,038  2,549,374  98.6  % 78.7  % 86.5  % 94.8  % 24,254  $11.00
San Gabriel Valley 23 3,314,010  235,127  3,549,137  99.8  % 70.0  % 97.8  % 99.8  % 30,370  $8.75
South Bay 41 3,070,976  1,378,199  4,449,175  98.5  % 86.0  % 94.7  % 98.0  % 48,804  $11.59
Los Angeles County 148 13,035,601  5,189,784  18,225,385  99.2  % 86.1  % 95.4  % 98.2  % 183,776  $10.57
North Orange County 13 1,150,348  179,127  1,329,475  99.1  % 100.0  % 99.2  % 99.2  % 13,505  $10.24
OC Airport 7 463,373  122,060  585,433  98.9  % 100.0  % 99.1  % 99.1  % 7,010  $12.08
South Orange County 4 329,458  27,960  357,418  100.0  % 100.0  % 100.0  % 100.0  % 3,681  $10.30
West Orange County 8 939,996  183,177  1,123,173  100.0  % 34.1  % 89.2  % 100.0  % 9,358  $9.34
Orange County 32 2,883,175  512,324  3,395,499  99.5  % 76.4  % 96.0  % 99.5  % 33,554  $10.30
Inland Empire East 1 33,258  —  33,258  100.0  % —  % 100.0  % 100.0  % 222  $6.69
Inland Empire West 29 3,658,089  1,425,645  5,083,734  99.7  % 94.2  % 98.1  % 99.8  % 45,027  $9.03
San Bernardino County 30 3,691,347  1,425,645  5,116,992  99.7  % 94.2  % 98.1  % 99.8  % 45,249  $9.01
Ventura 16 2,403,672  —  2,403,672  94.9  % —  % 94.9  % 94.9  % 23,173  $10.16
Ventura County 16 2,403,672  —  2,403,672  94.9  % —  % 94.9  % 94.9  % 23,173  $10.16
Central San Diego 17 1,190,294  239,869  1,430,163  97.5  % 65.2  % 92.1  % 98.4  % 18,158  $13.79
North County San Diego 14 1,516,110  —  1,516,110  96.0  % —  % 96.0  % 96.0  % 17,193  $11.81
San Diego County 31 2,706,404  239,869  2,946,273  96.7  % 65.2  % 94.1  % 97.1  % 35,351  $12.75
CONSOLIDATED TOTAL / WTD AVG 257 24,720,199  7,367,622  32,087,821  98.6  % 86.3  % 95.8  % 98.3  % $ 321,103  $10.45
(1)Excludes space aggregating 812,302 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of March 31, 2021. See pages 27-28 for additional details on these properties.
(2)See page 32 for definition and details on how these amounts are calculated.
First Quarter 2021
Supplemental Financial Reporting Package
Page 21
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Occupancy and Leasing Trends.
(unaudited results, data represents consolidated portfolio only)
Occupancy by County:
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Ending Occupancy:(1)
Los Angeles County 95.4% 97.2% 98.2% 97.3% 97.2%
Orange County 96.0% 95.7% 94.4% 91.6% 91.2%
San Bernardino County 98.1% 87.5% 96.8% 95.6% 96.9%
Ventura County 94.9% 94.6% 96.3% 95.0% 96.8%
San Diego County 94.1% 95.9% 96.3% 90.3% 90.5%
Total/Weighted Average 95.8% 95.2% 97.2% 95.4% 95.6%
Consolidated Portfolio RSF 32,087,821 31,501,111 27,711,078 27,633,778 27,303,260
Leasing Activity:
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Leasing Activity (SF):(2)
New leases(2)
909,694 672,134 987,176 550,977 424,435
Renewal leases(2)
1,049,547 1,132,687 575,003 818,529 1,169,923
Gross leasing 1,959,241 1,804,821 1,562,179 1,369,506 1,594,358
Expiring leases 1,392,181 1,839,669 998,277 1,328,499 1,486,424
Expiring leases - placed into repositioning 389,486 13,020 — — 198,762
Net absorption 177,574 (47,868) 563,902 41,007 (90,828)
Retention rate(3)
79  % 79  % 68  % 67  % 81  %
Weighted Average New / Renewal Leasing Spreads:
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
GAAP Rent Change 47.1% 29.9% 26.8% 32.3% 36.6%
Cash Rent Change 32.7% 18.1% 17.4% 18.2% 24.4%
(1)See page 21 for the ending occupancy by County of our total consolidated portfolio excluding repositioning space.
(2)Excludes month-to-month tenants.
(3)Retention rate is calculated as renewal lease square footage plus relocation/expansion square footage, divided by expiring lease square footage. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
First Quarter 2021
Supplemental Financial Reporting Package
Page 22
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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)
First Quarter 2021:
New 52 909,694 5.2
Renewal 70 1,049,547 4.6
Total/Weighted Average 122 1,959,241 4.9
Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:
GAAP Rent Cash Rent
First Quarter 2021: Current Lease Prior Lease Rent Change - GAAP Weighted Avg. Abatement (Months) Starting Cash Rent - Current Lease Expiring Cash Rent - Prior Lease Rent Change - Cash
Turnover Costs per SF(2)
New(1)
$13.71 $9.54 43.8% 1.6 $13.02 $10.27 26.7% $5.65
Renewal $12.71 $8.56 48.5% 1.5 $12.41 $9.17 35.4% $1.60
Weighted Average $13.00 $8.84 47.1% 1.5 $12.58 $9.48 32.7% $2.77
Uncommenced Leases by County:
Market
Uncommenced Renewal Leases: Leased SF(3)
Uncommenced New Leases: Leased SF(3)
Percent Leased
ABR Under Uncommenced Leases
(in thousands)(4)(5)
In-Place + Uncommenced ABR
(in thousands)(4)(5)
In-Place + Uncommenced ABR
per SF(5)
Los Angeles County 799,294 62,984 95.3% $ 1,345  $ 184,177  $10.61
Orange County 135,442 — 98.7% 369  34,866  $10.40
San Bernardino County 78,798 — 98.1% 178  45,427  $9.05
San Diego County 119,202 1,138 94.2% 272  35,624  $12.84
Ventura County 33,748 47,884 96.9% 509  23,682  $10.17
Total/Weighted Average 1,166,484 112,006 96.1% $ 2,673  $ 323,776  $10.50
(1)GAAP and cash rent statistics and turnover costs for new leases exclude 14 leases aggregating 525,431 RSF for which there was no comparable lease data. Of these 14 excluded leases, four leases for 253,455 RSF related to current year significant repositioning/redevelopment properties. 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 or (iv) lease terms shorter than six months.
(2)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for first generation leases.
(3)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of March 31, 2021.
(4)Includes $1.5 million of annualized base rent under Uncommenced New Leases and $1.2 million of incremental annualized base rent under Uncommenced Renewal Leases.
(5)See page 32 for further details on how these amounts are calculated.
First Quarter 2021
Supplemental Financial Reporting Package
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Leasing Statistics (Continued).
(unaudited results, data represents consolidated portfolio only)
Lease Expiration Schedule as of March 31, 2021:
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Year of Lease Expiration # of Leases Expiring Total Rentable Square Feet In-Place +
Uncommenced ABR
(in thousands)		 In-Place + Uncommenced
ABR per SF
Available — 577,031 $ —  $—
Repositioning/Redevelopment(1)
— 668,334 —  $—
MTM Tenants 22 163,496 2,728  $16.68
2021 274 3,602,125 35,477  $9.85
2022 400 4,644,177 51,568  $11.10
2023 341 4,481,064 50,987  $11.38
2024 214 4,893,209 50,431  $10.31
2025 118 3,823,586 38,130  $9.97
2026 81 4,203,229 39,942  $9.50
2027 14 934,640 9,387  $10.04
2028 11 591,074 5,551  $9.39
2029 9 550,549 6,894  $12.52
2030 11 1,212,453 13,184  $10.87
Thereafter 20 1,742,854 19,497  $11.19
Total Portfolio 1,515 32,087,821 $ 323,776  $10.50
(1)Represents vacant space at properties that were classified as repositioning or redevelopment as of March 31, 2021. Excludes completed or pre-leased repositioning/redevelopment properties and properties in lease-up. See pages 27-28 for additional details on these properties.
First Quarter 2021
Supplemental Financial Reporting Package
Page 24
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Top Tenants and Lease Segmentation.
(unaudited results, data represents consolidated portfolio only)
Top 20 Tenants:
Tenant Submarket Leased
Rentable SF		 % of In-Place + Uncommenced ABR In-Place + Uncommenced ABR
per SF		 Lease Expiration
Federal Express Corporation
Multiple Submarkets(1)
527,861 2.5%
$15.87(1)
11/30/2032 (1)
Unified Natural Foods, Inc. Central LA 695,120 1.7% $7.76 5/8/2038
Michael Kors (USA), Inc. Mid-Counties 565,619 1.6% $8.94 11/30/2026
Cosmetic Laboratories of America, LLC Greater San Fernando Valley 319,348 0.8% $8.64 6/30/2027
Global Mail. Inc. Mid-Counties 240,959 0.8% $10.68 6/30/2030
Omega/Cinema Props, Inc. Central LA 246,588 0.8% $10.02 12/31/2029
32 Cold, LLC Central LA 149,157 0.7% $16.00
3/31/2026 (2)
Dendreon Pharmaceuticals, LLC West Orange County 184,000 0.7% $12.36 2/28/2030
Command Logistic Services South Bay 228,903 0.7% $9.60 9/30/2025
Lumber Liquidators Services, LLC San Gabriel Valley 504,016 0.6% $4.14 11/30/2024
Top 10 Tenants 3,661,571 10.9% $9.64
Top 11 - 20 Tenants 2,166,974 5.9% $8.80
Total Top 20 Tenants 5,828,545 16.8% $9.32
(1)Includes (i) one land lease in North Orange County expiring October 31, 2026, (ii) 30,160 RSF in Ventura expiring September 30, 2027, (iii) one land lease in LA - Mid-Counties expiring June 30, 2029, (iv) 42,270 RSF in LA - South Bay expiring October 31, 2030, (v) 311,995 RSF in North County San Diego expiring February 28, 2031, and (vi) 143,436 RSF in LA - South Bay expiring November 30, 2032.
(2)Includes (i) 78,280 RSF expiring September 30, 2025, and (ii) 70,877 RSF expiring March 31, 2026.

Lease Segmentation by Size:
Square Feet Number of Leases Leased Rentable SF Rentable Square Feet Leased % Leased % Excluding Repositioning
In-Place + Uncommenced ABR
(in thousands)(1)
% of In-Place + Uncommenced ABR
In-Place + Uncommenced ABR
per SF(1)
<4,999 680 1,532,181 1,705,668 89.8% 93.3% $ 25,108  7.8% $16.39
5,000 - 9,999 227 1,620,287 1,773,533 91.4% 95.0% 21,803  6.7% $13.46
10,000 - 24,999 311 5,003,614 5,260,543 95.1% 97.3% 61,995  19.2% $12.39
25,000 - 49,999 145 5,251,290 5,442,692 96.5% 98.9% 56,394  17.4% $10.74
>50,000 152 17,435,084 17,905,385 97.4% 99.4% 158,476  48.9% $9.09
Total / Weighted Average 1,515 30,842,456 32,087,821 96.1% 98.4% $ 323,776  100.0% $10.50
(1)See page 32 for further details on how these amounts are calculated.
First Quarter 2021
Supplemental Financial Reporting Package
Page 25
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Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)
Three Months Ended March 31, 2021
Year to Date
Total
SF(1)
PSF
Tenant Improvements:
New Leases‐1st Generation $ 353  262,025  $ 1.35 
New Leases‐2nd Generation 4  27,125  $ 0.15 
Renewals 58  267,945  $ 0.22 
Total Tenant Improvements $ 415 
Leasing Commissions & Lease Costs:
New Leases‐1st Generation $ 1,016  420,285  $ 2.42 
New Leases‐2nd Generation 2,017  574,555  $ 3.51 
Renewals 1,449  1,077,108  $ 1.35 
Total Leasing Commissions & Lease Costs $ 4,482 
Total Recurring Capex $ 2,541  31,727,816  $ 0.08 
Recurring Capex % of NOI 3.3  % 
Recurring Capex % of Rental Revenue 3.1  % 
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)
$ 13,191 
Unit Renovation(3)
474 
Other(4)
2,919 
Total Nonrecurring Capex $ 16,584  14,760,489  $ 1.12 
Other Capitalized Costs(5)
$ 2,400 
(1)For tenant improvements and leasing commissions, reflects the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions. For recurring capex, reflects the weighted average square footage of our consolidated portfolio for the period (including properties that were sold during the period). For nonrecurring capex, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.
(2)Includes capital expenditures related to properties that were under repositioning or redevelopment as of March 31, 2021. See pages 27-28 for details of these properties.
(3)Includes non-tenant-specific capital expenditures with costs less than $100,000 per unit.
(4)Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, ADA related construction and capital expenditures for deferred maintenance existing at the time such property was acquired.
(5)Includes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on redevelopment, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or redevelopment projects.
First Quarter 2021
Supplemental Financial Reporting Package
Page 26
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Properties and Space Under Repositioning/Redevelopment.(1)
As of March 31, 2021 (unaudited results, in thousands, except square feet)
Repositioning
Est. Constr. Period(1)
Property (Submarket)
Total Property RSF(2)
Repo/ Lease-Up RSF(2)
Total Property Leased % 3/31/2021 Start Target Complet.
Est. Stabilization Period(1)(3)
Purch.
Price(1)
Projected Repo Costs(1)
Projected Total
Invest.(1)
Cumulative
Investment
to Date(1)
 Actual Cash NOI 1Q-2021(1)
Est. An.
Stabilized
Cash NOI(1)
Est. Stabilized Yield(1)
SIGNIFICANT CURRENT REPOSITIONING IN PROCESS:
12821 Knott Street (West OC)(4)
165,171  165,171  0% 1Q-19 3Q-21 4Q-21 $ 20,673  $ 11,687  $ 32,360  $ 24,876  $ 23  $ 1,800  5.6%
Rancho Pacifica - Bldgs 1 & 6 (South Bay)(5)
488,114  488,114  87% 4Q-20 3Q-21 3Q-21 $ 89,123  $ 9,093  $ 98,216  $ 91,949  $ 638  $ 5,876  6.0%
12133 Greenstone Ave. (Mid-Counties)(6)
12,586  12,586  0% 1Q-21 4Q-21 2Q-22 $ 5,657  $ 6,973  $ 12,630  $ 5,818  $ —  $ 783  6.2%
16221 Arthur Street (Mid-Counties)(7)
61,372  61,372  100% 1Q-21 2Q-21 2Q-21 $ 6,280  $ 1,525  $ 7,805  $ 6,953  $ 14  $ 613  7.9%
8745-8775 Production Ave. (Central SD) 46,820  26,200  47% 1Q-21 2Q-21 3Q-21 $ 8,050  $ 1,419  $ 9,469  $ 9,056  $ 34  $ 657  6.9%
TOTAL 774,063  753,443  $ 129,783  $ 30,697  $ 160,480  $ 138,652  $ 709  $ 9,729 
OTHER CURRENT REPOSITIONING IN PROCESS:
Other Repositioning - 17 properties with estimated costs < $1 million individually(8)
$ 10,460  $ 3,836  5.5%-6.5%
LEASE-UP:
The Merge (Inland Empire West) 333,544  333,544 75% 2Q-19 4Q-20 3Q-21 $ 23,827  $ 33,018  $ 56,845  $ 54,855  $ 146  $ 3,341  5.9%
FUTURE REPOSITIONING:
11529-11547 Tuxford St. (SF Valley) 29,730  29,730  92% 2Q-21 4Q-21 1Q-22 $ 5,025  $ 1,730  $ 6,755  $ 5,082  $ 34  $ 388  5.7%
11600 Los Nietos Road (Mid-Counties) 103,982  103,982  100% 2Q-21 1Q-22 2Q-22 $ 17,014  $ 5,689  $ 22,703  $ 17,026  $ 200  $ 1,103  4.9%
15650-15700 Avalon Blvd. (South Bay) 98,259  98,259  92% 2Q-21 3Q-21 1Q-22 $ 28,273  $ 4,805  $ 33,078  $ 28,429  $ 245  $ 1,752  5.3%
9920-10020 Pioneer Blvd (Mid-Counties) 157,669  157,669  5% 3Q-21 3Q-22 1Q-23 $ 23,598  $ 9,273  $ 32,871  $ 23,598  $ (8) $ 1,668  5.1%
3441 MacArthur Blvd. (OC Airport) 122,060  122,060  100% 4Q-21 2Q-22 4Q-22 $ 9,038  $ 5,767  $ 14,805  $ 9,083  $ 225  $ 1,200  8.1%
8985 Crestmar Point (Central SD) 56,550  56,550  87% 4Q-21 2Q-22 4Q-22 $ 8,045  $ 3,166  $ 11,211  $ 8,045  $ 70  $ 788  7.0%
TOTAL 568,250  568,250  $ 90,993  $ 30,430  $ 121,423  $ 91,263  $ 766  $ 6,899 



— See footnotes on page 29 —





First Quarter 2021
Supplemental Financial Reporting Package
Page 27
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2021 (unaudited results, in thousands, except square feet)
Redevelopment
Est. Constr. Period(1)
Property (Submarket)
Projected RSF(9)
Total Property Leased % 3/31/2021 Start Target Complet.
Estimated Stabilization Period(1)(3)
Purchase
Price(1)
Projected Redev. Costs(1)
Projected Total
Investment(1)
Cumulative
Investment
to Date(1)
 Actual Cash NOI 1Q-2021(1)
Est. Annual
Stabilized
Cash NOI(1)
Estimated Stabilized Yield(1)
CURRENT REDEVELOPMENT:
28901-28903 Avenue Paine (SF Valley) 111,024  0% 1Q-21 4Q-21 2Q-22 $ 5,515  $ 12,262  $ 17,776  $ 7,795  $ —  $ 1,075  6.0%
851 Lawrence Drive (Ventura) 90,772  0% 4Q-19 2Q-21 4Q-21 $ 6,663  $ 12,147  $ 18,810  $ 16,256  $ (3) $ 1,116  5.9%
TOTAL 201,796  $ 12,178  $ 24,409  $ 36,586  $ 24,051  $ (3) $ 2,191 
FUTURE REDEVELOPMENT:
415-435 Motor Avenue (SG Valley) 94,315  0% 2Q-21 2Q-22 3Q-22 $ 7,376  $ 10,365  $ 17,741  $ 7,990  $ (23) $ 1,003  5.7%
1055 Sandhill Ave. (South Bay) 127,853  0% 2Q-21 1Q-23 3Q-23 $ 11,994  $ 14,271  $ 26,265  $ 12,647  $ (34) $ 1,485  5.7%
9615 Norwalk Blvd. (Mid-Counties)(10)(11)
200,365  100% 3Q-21 4Q-22 2Q-23 $ 9,642  $ 23,751  $ 33,393  $ 10,474  $ 232  $ 2,202  6.6%
15601 Avalon Blvd. (South Bay)(10)(12)
87,300  100% 3Q-21 4Q-22 1Q-23 $ 16,061  $ 10,039  $ 26,100  $ 16,237  $ (15) $ 1,305  5.0%
4416 Azusa Canyon Rd. (SG Valley)(10)
129,835  0% 4Q-21 3Q-22 1Q-23 $ 12,277  $ 13,271  $ 25,548  $ 12,427  $ (4) $ 1,347  5.3%
*
12752-12822 Monarch St. (West OC)(10)(13)
275,695  100% 4Q-21 4Q-22 1Q-23 $ 34,098  $ 11,821  $ 45,919  $ 35,738  $ 274  $ 2,907  6.3%
900 East Ball Road (North OC)(10)
105,100  100% 4Q-21 4Q-22 1Q-23 $ 17,358  $ 11,403  $ 28,761  $ 17,383  $ 132  $ 1,325  4.6%
15010 Don Julian Rd. (SG Valley)(10)
219,242  100% 1Q-22 2Q-23 4Q-23 $ 22,891  $ 21,305  $ 44,196  $ 22,891  $ 121  $ 2,499  5.7%
8888-8892 Balboa Ave. (Central SD)(10)
124,700  33% 1Q-22 4Q-22 2Q-23 $ 19,940  $ 15,792  $ 35,732  $ 19,940  $ 474  $ 2,014  5.6%
12772 San Fernando Road (SF Valley)(10)
146,746  52% 3Q-22 3Q-23 1Q-24 $ 22,114  $ 16,247  $ 38,361  $ 22,168  $ 209  $ 1,740  4.5%
TOTAL 1,511,151  $ 173,751  $ 148,265  $ 322,016  $ 177,895  $ 1,366  $ 17,827 
* Property is included in our Stabilized Same Property Portfolio as of March 31, 2021.






— See footnotes on page 29 —


First Quarter 2021
Supplemental Financial Reporting Package
Page 28
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2021 (unaudited results, in thousands, except square feet)
Stabilized Repositionings: Properties and Space
Property (Submarket) Rentable Square Feet Stabilized Period Stabilized Yield
2455 Conejo Spectrum St.(Ventura) 98,218 1Q-20 5.3%
635 8th Street (SF Valley) 72,250 1Q-20 5.0%
16121 Carmenita Road (Mid-Counties) 109,780 3Q-20 5.9%
10015 Waples Court (Central SD) 106,412 3Q-20 5.7%
1210 N. Red Gum Street (North OC) 64,570 3Q-20 6.9%
7110 E. Rosecrans Avenue - Unit B (South Bay) 37,417 3Q-20
n/a(14)
29003 Avenue Sherman (SF Valley) 68,123 4Q-20 5.1%
727 Kingshill Place (South Bay) 46,005 4Q-20 4.9%
(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “Cumulative Investment to Date,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Stabilized Yield” and “Stabilization Date - Properties and Space Under Repositioning” see page 34 in the Notes and Definitions section of this report.
(2)“Total Property RSF” is the total RSF of the entire property or particular building(s) (footnoted if applicable) under repositioning. “Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than Total Property RSF.
(3)Represents the estimated quarter that the project will reach stabilization. Includes time to complete construction & lease-up the project. The actual period of stabilization may vary materially from our estimates.
(4)At 12821 Knott Street, we are repositioning the existing 120,800 RSF building and are constructing approximately 45,000 RSF of new warehouse space.
(5)Rancho Pacifica Buildings 1 & 6 are located at 2301-2329 Pacifica Place and 2332-2366 Pacifica Place, and represent two buildings totaling 488,114 RSF, out of six buildings at our Rancho Pacifica Park property, which has a total 1,152,883 RSF.
(6)12133 Greenstone Avenue is a single tenant container storage facility with a 12,586 rentable square foot truck terminal building on 4.8 acres with excess land.
(7)As of March 31, 2021, 16221 Arthur Street has been pre-leased with the lease expected to commence in June 2021.
(8)“Other Repositioning” includes 17 properties where estimated costs are generally less than $1.0 million individually. Repositioning work at these 17 properties totals 860,871 RSF. Other Repositioning is comprised of properties both included and excluded from our stabilized same properties portfolio.
(9)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(10)As of March 31, 2021, these projects have existing buildings aggregating 820,153 RSF (also included in our Total Portfolio RSF) that we intend to fully or partially demolish prior to constructing new buildings. Includes the following properties: 4416 Azusa Canyon Road (70,510 RSF), 9615 Norwalk Boulevard (26,362 RSF),15601 Avalon Boulevard (63,690 RSF), 12752 Monarch Street (276,585 RSF),900 East Ball Road (62,607), 15010 Don Julian Road (92,925), 888-8892 Balboa Avenue (86,637), and 12772 San Fernando Road (140,837).
(11)9615 Norwalk is a 10.26 acre storage-yard with two occupied buildings totaling 26,362 RSF. The property is currently leased to a tenant under a short term lease with a current expiration date of June 30, 2021. We will demolish the existing buildings and construct a new 200,365 RSF building upon termination of the land lease.
(12)In February 2021, we leased 15601 Avalon Boulevard to a tenant under a short-term lease. Upon termination of the lease, we will demolish the existing building and construct a new 87,300 RSF building.
(13)As of March 31, 2021, this property is included in our Stabilized Same Property Portfolio. As of March 31, 2021, 12752-12822 Monarch Street contains two buildings totaling 276,585 RSF. We plan to demolish one building with 98,360 RSF at this property and add a new 97,470 RSF building after the in-place lease terminates in November 2021. At completion, the total project will contain 275,695 RSF.
(14)We are unable to provide a meaningful stabilized yield for this completed project as this was a partial repositioning of a larger property.
First Quarter 2021
Supplemental Financial Reporting Package
Page 29
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Current Year Acquisitions and Dispositions Summary.
As of March 31, 2021 (unaudited results)
2021 Current Period Acquisitions
Acquisition Date Property Address County Submarket Rentable Square Feet Acquisition Price ($ in MM) Occ. % at Acquisition Occ.% at Mar 31, 2021
1/5/2021 15010 Don Julian Road Los Angeles San Gabriel Valley 92,925  $ 22.20  100% 100%
1/11/2021 5002-5018 Lindsay Court San Bernardino Inland Empire - West 64,960  12.65  100% 100%
1/14/2021 514 East C Street Los Angeles South Bay 3,436  9.95  100% 100%
1/26/2021 17907-18001 Figueroa Street Los Angeles South Bay 74,810  20.20  100% 100%
1/27/2021
7817 Woodley Avenue(1)
Los Angeles Greater San Fernando Valley 36,900  9.96  100% 100%
2/4/2021 8888-8892 Balboa Avenue San Diego Central San Diego 86,637  19.80  56% 33%
2/19/2021 9920-10020 Pioneer Boulevard Los Angeles Mid-Counties 157,669  23.50  5% 5%
3/19/2021 2553 Garfield Avenue Los Angeles Los Angeles - Central 25,615  3.90  100% 100%
3/19/2021 6655 East 26th Street Los Angeles Los Angeles - Central 47,500  6.50  100% 100%
3/19/2021 560 Main Street Orange Orange County - North 17,000  2.60  100% 100%
3/23/2021 4225 Etiwanda Avenue San Bernardino Inland Empire - West 134,500  32.25  100% 100%
Total 2021 Current Period Acquisitions: 741,952  $ 163.51 
2021 Subsequent Period Acquisitions
Acquisition Date Property Address County Submarket Rentable Square Feet Acquisition Price ($ in MM) Occ. % at Acquisition Occ.% at Mar 31, 2021
4/14/2021 12118 Bloomfield Avenue Los Angeles Mid-Counties 63,000  $ 16.65  100% n/a
4/15/2021 256 Alondra Boulevard Los Angeles South Bay 2,456  11.25  100% n/a
Total 2021 YTD Acquisitions 807,408  $ 191.41 

2021 Current Period Dispositions
Disposition Date Property Address County Submarket Rentable Square Feet Sale Price
($ in MM)
2/12/2021 14723-14825 Oxnard Los Angeles Greater San Fernando Valley 77,790  $ 19.25 
3/15/2021 6760 Central Avenue, Unit B San Bernardino Inland Empire East 9,943  1.53 
Total 2021 Current Period Dispositions: 87,733  $ 20.78 
(1)7817 Woodley Avenue is part of the Van Nuys Airport Industrial Center Portfolio that we acquired in December 2020.


First Quarter 2021
Supplemental Financial Reporting Package
Page 30
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Net Asset Value Components.
As of March 31, 2021 (unaudited and in thousands, except share data)
Net Operating Income
Pro Forma Net Operating Income (NOI)(1)
Three Months Ended Mar 31, 2021
Total operating rental income $99,644
Property operating expenses (23,575)
Pro forma effect of uncommenced leases(2)
500
Pro forma effect of acquisitions(3)
662
Pro forma effect of dispositions(4)
(110)
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(5)
7,014
Pro Forma NOI 84,135
Amortization of net below-market lease intangibles (2,712)
Straight line rental revenue adjustment (4,199)
Pro Forma Cash NOI $77,224
Balance Sheet Items
Other assets and liabilities March 31, 2021
Cash and cash equivalents $123,933
Restricted cash 47
Rents and other receivables, net 7,737
Other assets 27,272
Acquisition related deposits 10,075
Accounts payable, accrued expenses and other liabilities (41,871)
Dividends payable (33,813)
Tenant security deposits (34,367)
Prepaid rents (11,241)
Estimated remaining cost to complete repositioning/redevelopment projects (210,634)
Total other assets and liabilities $(162,862)
Debt and Shares Outstanding
Total consolidated debt(6)
$1,226,415
Preferred stock/units - liquidation preference $319,068
Common shares outstanding(7)
133,657,612
Operating partnership units outstanding(8)
6,641,742
Total common shares and operating partnership units outstanding 140,299,354
(1)For a definition and discussion of non-GAAP financial measures, see the notes and definitions section beginning on page 32 of this report.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of January 1, 2021.
(3)Represents the estimated incremental NOI from Q1'21 acquisitions as if they had been acquired on January 1, 2021. 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, 2021.
(4)Represents the deduction of actual Q1'21 NOI for the properties that were sold during the current quarter. See page 30 for a detail of current year disposition properties.
(5)Represents the estimated incremental NOI from the properties that were classified as current or future repositioning/redevelopment or lease-up during the three months ended March 31, 2021, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of January 1, 2021. Includes properties that are separately listed on pages 27-28 and excludes “Other Repositionings.” 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, 2021.
(6)Excludes unamortized loan discount and debt issuance costs totaling $7.0 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 239,748 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 625,026 vested LTIP Units and 614,022 vested performance units and excludes 255,913 unvested LTIP Units and 905,732 unvested performance units.
First Quarter 2021
Supplemental Financial Reporting Package
Page 31
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Notes and Definitions.

Adjusted Funds from Operations (“AFFO”): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO, as defined below, the following items: (i) certain non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as construction payroll, (iii) recurring capital expenditures required to maintain and re-tenant our properties, (iv) capitalized interest costs resulting from the repositioning/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.
In-Place Annualized Base Rent and Uncommenced Annualized Base Rent:
•In-Place Annualized Base Rent (“In-Place ABR”): Calculated as the monthly contractual base rent (before rent abatements) per the terms of the lease, as of March 31, 2021, multiplied by 12. Includes leases that have commenced as of March 31, 2021 or leases where tenant has taken early possession of space as of March 31, 2021. Excludes billboard and antenna revenue and tenant reimbursements.
•In-Place ABR per Square Foot: Calculated by dividing In-Place ABR for the lease by the occupied square feet of the lease, as of March 31, 2021.
•Combined In-Place and Uncommenced Annualized Base Rent (“In-Place + Uncommenced ABR”): Calculated by adding (i) In-Place ABR and (ii) ABR Under Uncommenced Leases (see definition below). Does not include adjustments for leases that expired and were not renewed subsequent to March 31, 2021, or adjustments for future known non-renewals.
•ABR Under Uncommenced Leases: Calculated by adding the following:
(i) ABR under Uncommenced New Leases = first full month of contractual base rents (before rent abatements) to be received under Uncommenced New Leases, multiplied by 12.
(ii) Incremental ABR under Uncommenced Renewal Leases = difference between: (a) the first full month of contractual base rents (before rent abatements) to be received under Uncommenced Renewal Leases and (b) the monthly In-Place ABR for the same space as of March 31, 2021, multiplied by 12.
•In-Place + Uncommenced ABR per Square Foot: Calculated by dividing (i) In-Place + Uncommenced ABR for the leases by (ii) the square footage under commenced and uncommenced leases (net of renewal space) as of March 31, 2021.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of March 31, 2021.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of March 31, 2021.
Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, redevelopment, major property or unit upgrade or renovation, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements and capital expenditures for deferred maintenance existing at the time such property was acquired.
Capital Expenditures, Recurring: Expenditures made with respect to a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired; or (d) replacements of either roof or parking lots.
Capital Expenditures, First Generation: Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use.
Cash NOI: Cash basis NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) 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 Stabilized 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. Core FFO adjustments consist of (i) acquisition expenses, (ii) loss on extinguishment of debt, (iii) the amortization of the loss on termination of interest rate swap and (iv) other amounts as they may occur. 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 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.
First Quarter 2021
Supplemental Financial Reporting Package
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Notes and Definitions.

Debt Covenants ($ in thousands)
March 31, 2021
Current Period Covenant Credit Facility, $225M Term Loan and $150M Term Loan Senior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratio less than 60% 22.4% 23.7%
Maximum Secured Leverage Ratio less than 45% 2.3% N/A
Maximum Secured Leverage Ratio less than 40% N/A 2.4%
Maximum Secured Recourse Debt less than 15% N/A —%
Minimum Tangible Net Worth $2,938,639 $4,023,480 N/A
Minimum Tangible Net Worth $2,850,049 N/A $4,023,480
Minimum Fixed Charge Coverage Ratio at least 1.50 to 1.00 4.8 to 1.00 4.8 to 1.00
Unencumbered Leverage Ratio less than 60% 22.4% 23.7%
Unencumbered Interest Coverage Ratio at least 1.75 to 1.00 8.03 to 1.00 8.03 to 1.00

March 31, 2021
Current Period Covenant $400M 2.125% Senior Notes
Maximum Debt to Total Asset Ratio less than 60% 22.3%
Maximum Secured Debt to Total Asset Ratio less than 40% 2.3%
Minimum Debt Service Coverage Ratio at least 1.50 to 1.00 4.5 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratio at least 1.50 to 1.00 4.5 to 1.00
Our actual performance for each covenant is calculated based on the definitions set forth in each loan agreement/indenture.
EBITDAre and Adjusted EBITDA: We calculate EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock based compensation expense, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses and (iv) the pro-forma effects of acquisitions and dispositions. We believe that EBITDAre 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 EBITDAre and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre 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, EBITDAre 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. EBITDAre 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 EBITDAre and Adjusted EBITDA differently than we do; accordingly, our EBITDAre and Adjusted EBITDA may not be comparable to such other Equity REITs’ EBITDAre and Adjusted EBITDA. EBITDAre and Adjusted EBITDA should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.
Fixed Charge Coverage Ratio:
For the Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
EBITDAre
$ 64,679  $ 57,434  $ 53,638  $ 52,080  $ 50,244 
Amortization of above/below market lease intangibles
 (2,712) (2,711) (2,751) (2,669) (2,402)
Non-cash stock compensation
 4,261  2,491  3,101  3,709  3,570 
Loss on extinguishment of debt —  104  —  —  — 
Straight line rental revenue adj.
 (4,199) (434) (3,088) (6,212) (1,672)
Capitalized payments
 (1,590) (1,331) (1,279) (1,294) (1,185)
Recurring capital expenditures
 (2,541) (2,671) (1,380) (1,323) (1,575)
2nd gen. tenant improvements & leasing commissions
 (3,528) (1,741) (2,243) (2,000) (1,727)
Cash flow for fixed charge coverage calculation 54,370  51,141  45,998  42,291  45,253 
Cash interest expense calculation detail:
Interest expense 9,752  8,673  7,299  7,428  7,449 
Capitalized interest 732  818  1,163  1,061  882 
Note payable premium amort. 29  47  66  59  16 
Amort. of deferred financing costs (447) (408) (373) (381) (343)
Amort. of swap termination fee (410) (218) —  —  — 
Cash interest expense 9,656  8,912  8,155  8,167  8,004 
Scheduled principal payments 319  241  205  175  50 
Preferred stock/unit dividends 4,344  4,344  4,344  4,344  4,059 
Fixed charges $ 14,319  $ 13,497  $ 12,704  $ 12,686  $ 12,113 
Fixed Charge Coverage Ratio 3.8  x 3.8  x 3.6  x 3.3  x 3.7  x
NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) on sale of real estate assets, gains (or losses) on sale of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment
First Quarter 2021
Supplemental Financial Reporting Package
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Notes and Definitions.

in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income 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 income, ii) tenant reimbursements, and iii) other income less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, 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 Stabilized Same Property Portfolio.
Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning/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 transactions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.
Definitions Related to Properties and Space Under Repositioning/Redevelopment:
•Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is considered complete once the investment is fully or nearly fully deployed and the property is marketable for leasing.
•Properties Under Redevelopment: Typically defined as a properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a properties with excess land where we plan to construct a ground-up building.
•Estimated Construction Period: The “Start” of the Estimated Construction Period is our current estimate of the period in which we will start physical construction on a property. Prior to 4Q-2020, we defined the “Start” as the period in which we began activities to get a property ready for its intended use, which included pre-construction activities, including securing entitlements or permits, design, site work, and other necessary activities preceding construction. The Target Completion of the Estimated Construction Period is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis.
•Purchase Price: Represents the contractual purchase price of the property plus closing costs.
•Projected Repositioning/Redevelopment Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/redevelopment project. Estimated costs include (i) nonrecurring capital expenditures, (ii) estimated tenant improvement allowances/costs and (iii) estimated leasing commissions. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter.
•Projected Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Redevelopment Costs.
•Cumulative Investment to Date: Includes the Purchase Price and nonrecurring capital expenditures, tenant improvement costs and leasing commission costs incurred as of the reporting date.
•Estimated Annual Stabilized Cash NOI: Represents management’s estimate of each project’s annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. Actual results may vary materially from our estimates.
•Actual Quarterly NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 32) for the repositioning/redevelopment property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.
•Estimated Stabilized Yield: Calculated by dividing each project’s Estimated Annual Stabilized Cash NOI by its Projected Total Investment.
•Stabilization Date - Properties and Space Under Repositioning/Redevelopment: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning/redevelopment construction work.
First Quarter 2021
Supplemental Financial Reporting Package
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Notes and Definitions.

Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Rental revenue (before collectability adjustment) $ 83,349  $ 75,990  $ 71,632  $ 68,408  $ 65,650 
Tenant reimbursements 16,644  14,468  13,247  12,433  11,993 
Other income 147  151  222  (12) 242 
(Reduction) increase in revenue due to change in collectability assessment (496) (2,114) (1,479) (1,059) (395)
Rental income 99,644  88,495  83,622  79,770  77,490 
Rent Change - Cash: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.
Rent Change - GAAP: Compares GAAP rent, which straightlines rental rate increases and abatements, on new/renewal leases to GAAP rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.
Stabilized Same Property Portfolio (“SSPP”): Our 2021 SSPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2020 through March 31, 2021, and excludes (i) any properties that were acquired or sold during the period from January 1, 2020 through March 31, 2021, and (ii) properties acquired prior to January 1, 2020 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2020 and 2021 (unless otherwise noted), which we believe will significantly affect the properties’ results during the comparative periods.
Stabilized Same Property Portfolio Rental Income: See below for a breakdown of 2021 & 2020 rental income for our SSPP. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.
Three Months Ended March 31,
2021 2020 $ Change % Change
Rental revenue $ 64,931  $ 61,505  $ 3,426  5.6%
Tenant reimbursements 12,316  11,255  1,061  9.4%
Other income 101  206  (105) (51.0)%
Rental income $ 77,348  $ 72,966  $ 4,382  6.0%
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2021 Estimate
Low High
Net income attributable to common stockholders $ 0.48  $ 0.51 
Company share of depreciation and amortization $ 1.01  $ 1.01 
Company share of gains on sale of real estate $ (0.08) $ (0.08)
Company share of Core FFO $ 1.41  $ 1.44 
Reconciliation of Net Income to NOI and Cash NOI (in thousands):
Three Months Ended
Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net Income $ 30,643  $ 18,155  $ 31,197  $ 16,271  $ 15,272 
Add:
General and administrative 11,480  9,042  9,464  8,972  9,317 
Depreciation & amortization 35,144  30,554  28,811  28,381  27,523 
Acquisition expenses 29  35  70  14  5 
Interest expense 9,752  8,673  7,299  7,428  7,449 
Loss on extinguishment of debt —  104  —  —  — 
Subtract:
Mgmt, leasing, & dvlpmt services 105  95  118  114  93 
Interest income 14  59  116  66  97 
Gain (loss) on sale of real estate 10,860  (52) 13,669  —  — 
NOI $ 76,069  $ 66,461  $ 62,938  $ 60,886  $ 59,376 
S/L rental revenue adj. (4,199) (434) (3,088) (6,212) (1,672)
Amortization of above/below market lease intangibles (2,712) (2,711) (2,751) (2,669) (2,402)
Cash NOI $ 69,158  $ 63,316  $ 57,099  $ 52,005  $ 55,302 

First Quarter 2021
Supplemental Financial Reporting Package
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Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Stabilized Same Property Portfolio NOI and Stabilized Same Property Portfolio Cash NOI:
Three Months Ended March 31,
2021 2020
Net income $ 30,643  $ 15,272 
Add:
General and administrative 11,480  9,317 
Depreciation and amortization 35,144  27,523 
Acquisition expenses 29  5 
Interest expense 9,752  7,449 
Deduct:
Management, leasing and development services 105  93 
Interest income 14  97 
Gain on sale of real estate 10,860  — 
NOI $ 76,069  $ 59,376 
Non-Stabilized Same Prop. Portfolio rental income (22,296) (4,524)
Non-Stabilized Same Prop. Portfolio property exp. 6,221  1,318 
Stabilized Same Property Portfolio NOI $ 59,994  $ 56,170 
Straight line rental revenue adjustment (1,756) (1,680)
Amort. of above/below market lease intangibles (1,502) (2,072)
Stabilized Same Property Portfolio Cash NOI $ 56,736  $ 52,418 
First Quarter 2021
Supplemental Financial Reporting Package
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