Form: 8-K

Current report filing

February 5, 2025

Documents

Exhibit 99.2
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Table of Contents.
Section Page
Corporate Data:
Guidance
Consolidated Financial Results:
Portfolio Data:
Properties and Space Under Repositioning/Redevelopment
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, portfolio occupancy varying from our expectations, 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 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 12, 2024, and other risks described in documents we subsequently file from time to time with the SEC. 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.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 2
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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 Operating Officer
Michael Fitzmaurice Chief Financial Officer
David E. Lanzer
 General Counsel and Corporate Secretary
Board of Directors
Richard Ziman Chairman
Tyler H. Rose Lead Independent Director
Howard Schwimmer Co-Chief Executive Officer, Director
Michael S. Frankel Co-Chief Executive Officer, Director
Robert L. Antin Director
Diana J. Ingram Director
Angela L. Kleiman Director
Debra L. Morris Director
Investor Relations Information
Mikayla Lynch
Director, Investor Relations and Capital Markets
mlynch@rexfordindustrial.com
Equity Research Coverage
BofA Securities Jeffrey Spector (646) 855-1363 Jefferies LLC Jonathan Petersen (212) 284-1705
Barclays Brendan Lynch (212) 526-9428 Mizuho Securities USA Vikram Malhotra (212) 282-3827
BMO Capital Markets John Kim (212) 885-4115 Robert W. Baird & Co. Nicholas Thillman (414) 298-5053
BNP Paribas Exane Nate Crossett (646) 342-1588 Scotiabank Greg McGinniss (212) 225-6906
Citigroup Investment Research Craig Mailman (212) 816-4471 Truist Securities Anthony Hau (212) 303-4176
Colliers Securities Barry Oxford (203) 961-6573 Wedbush Securities Richard Anderson (212) 931-7001
Evercore ISI
 Samir Khanal (212) 888-3796 Wells Fargo Securities Blaine Heck (443) 263-6529
Green Street Advisors Vince Tibone (949) 640-8780 Wolfe Research Andrew Rosivach (646) 582-9250
J.P. Morgan Securities Michael Mueller (212) 622-6689

Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Company Overview.
For the Quarter Ended December 31, 2024
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Fourth Quarter 2024
Supplemental Financial Reporting Package
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Highlights - Consolidated Financial Results.
Quarterly Results (in millions)

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Fourth Quarter 2024
Supplemental Financial Reporting Package
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Financial and Portfolio Highlights and Capitalization Data. (1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended
December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023
Financial Results:
Total rental income $ 239,737 $ 238,396 $ 232,973 $ 210,990 $ 207,909
Net income $ 64,910 $ 70,722 $ 86,017 $ 64,277 $ 67,321
Net Operating Income (NOI) $ 183,731 $ 183,529 $ 181,068 $ 163,508 $ 158,650
Company share of Core FFO $ 128,562 $ 130,011 $ 129,575 $ 123,547 $ 118,781
Company share of Core FFO per common share - diluted $ 0.58 $ 0.59 $ 0.60 $ 0.58 $ 0.56
Adjusted EBITDAre
$ 179,347 $ 175,929 $ 178,106 $ 167,207 $ 152,126
Dividend declared per common share $ 0.4175 $ 0.4175 $ 0.4175 $ 0.4175 $ 0.380
Portfolio Statistics:
Portfolio rentable square feet (“RSF”) 50,788,225 50,067,981 49,710,628 49,162,216 45,860,368
Ending occupancy 91.3% 93.0% 93.7% 92.8% 94.1%
Ending occupancy excluding repositioning/redevelopment(2)
96.0% 97.6% 97.9% 96.9% 97.6%
Net Effective Rent Change(3)
55.4% 39.2% 67.7% 53.0% 63.1%
Cash Rent Change(3)
41.0% 26.7% 49.0% 33.6% 45.6%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(4)
94.1% 96.7% 97.3% 96.6% 97.1%
Same Property Portfolio NOI growth(5)
2.2% 2.6% 6.0% 5.7%
Same Property Portfolio Cash NOI growth(5)
5.3% 5.3% 9.1% 8.9%
Capitalization:
Total shares and units issued and outstanding at period end(6)
233,295,793 227,278,210 225,623,274 224,992,152 219,629,857
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units $ 213,956 $ 213,956 $ 214,000 $ 241,031 $ 241,068
Total equity market capitalization $ 9,233,171 $ 11,648,323 $ 10,274,542 $ 11,558,136 $ 12,562,303
Total consolidated debt $ 3,379,622 $ 3,386,273 $ 3,386,559 $ 3,389,088 $ 2,243,025
Total combined market capitalization (net debt plus equity) $ 12,556,822 $ 14,972,760 $ 13,535,391 $ 14,610,264 $ 14,771,884
Ratios:
Net debt to total combined market capitalization 26.5% 22.2% 24.1% 20.9% 15.0%
Net debt to Adjusted EBITDAre (quarterly results annualized)
4.6x 4.7x 4.6x 4.6x 3.6x
(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 35 and page 12 of this report, respectively.
(2)Ending occupancy excluding repositioning/redevelopment excludes “Other Repositioning” projects as well as those listed individually on pages 26-30.
(3)Rent Change for the three months ended March 31, 2024 excludes the 1.1 million SF lease extension with Tireco, Inc. at 10545 Production Ave. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the then current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods.
(4)Reflects the ending occupancy for the 2024 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 38.
(5)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(6)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,426,905 (Dec 31, 2024), 8,175,868 (Sep 30, 2024), 8,218,426 (Jun 30, 2024), 7,609,215 (Mar 31, 2024) and 7,631,847 (Dec 31, 2023). Excludes the following # of shares of unvested restricted stock: 416,123 (Dec 31, 2024), 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024), 439,119 (Mar 31, 2024) and 348,440 (Dec 31, 2023). Excludes unvested LTIP units and unvested performance units.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Guidance.
As of December 31, 2024
2025 OUTLOOK*
2024
2025
METRIC
RESULTS
GUIDANCE
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$1.20 $1.21 - $1.25
Company share of Core FFO per diluted share (1)(2)
$2.34 $2.37 - $2.41
Same Property Portfolio NOI Growth - Net Effective (3)
4.1% 0.75% - 1.25%
Same Property Portfolio NOI Growth - Cash (3)
7.1% 2.25% - 2.75%
Average Same Property Portfolio Occupancy (Full Year) (3)
96.6% 95.5% - 96.0%
General and Administrative Expenses (4)
$82.2M +/- $82.0M
Net Interest Expense $98.6M $110.5M - $111.5M
(1)Our 2025 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of February 5, 2025, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)See page 39 for a reconciliation of the Company’s 2025 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 2025 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, 2024 through February 5, 2025 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 (unless otherwise noted). As of January 1, 2025, our 2025 Same Property Portfolio consisted of 290 properties aggregating 38.2 million rentable square feet. For the full year 2024, Average Same Property Portfolio occupancy was 96.8% for the 2025 Same Property Portfolio.
(4)Our 2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $37.4 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, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Guidance (Continued).
As of December 31, 2024
2025 Guidance Rollforward(1)
Earnings Components Range
($ per share)		 Notes
2024 Core FFO Per Diluted Share
 $2.34 $2.34
Same Property Portfolio NOI Growth 0.02 0.03
FY 2025 SP NOI Growth (Net Effective) Guidance range of 0.75% - 1.25%
Repositioning/Redevelopment NOI
 0.06 0.08 Incremental NOI impacted by projected two month increase in lease-up timing
2024 Acquisitions
 0.13 0.13 Incremental NOI from $1.5 billion of acquisitions closed in 2024
Net General & Administrative Expenses (2)
— —
Represents no growth over prior year
Net Interest Expense (0.06) (0.05)
Higher interest expense due to 2024 convertible bond issuance
Equity Funding (3)
(0.14) (0.14)
Incremental impact of equity issuance
Other Items 0.02 0.02
Higher interest income
2025 Core FFO Per Diluted Share Guidance
$2.37 $2.41
Core FFO Annual Growth Per Diluted Share
(excludes prospective acquisitions)		 1% 3%
(1)2025 Guidance and Guidance Rollforward represent the in-place portfolio as of February 5, 2025, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $37.4 million. Non-cash equity compensation includes performance-based units that are tied to the Company's overall performance and may or may not be realized based on actual results.
(3)As of December 31, 2024, 224.9 million shares were outstanding, excluding restricted shares, compared to the weighted average diluted shares outstanding of 218.5 million in 2024. "Equity Funding" includes the full year impact related to equity issuance in 2024 and 2025 year-to-date, plus estimated funding for 2025 in-process and pipeline repositioning and redevelopment projects disclosed on pages 26-30 as well as the expected settlement of the outstanding forward equity related to the March 2024 equity offering by the end of the first quarter 2025.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Consolidated Balance Sheets.
(unaudited and in thousands)
December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023
ASSETS
Land $ 7,822,290  $ 7,703,232  $ 7,650,740  $ 7,568,720  $ 6,815,622 
Buildings and improvements 4,611,987  4,416,032  4,330,709  4,260,512  3,933,379 
Tenant improvements 188,217  181,785  178,832  172,707  167,251 
Furniture, fixtures, and equipment 132  132  132  132  132 
Construction in progress 333,690  370,431  343,275  258,413  240,010 
  Total real estate held for investment 12,956,316  12,671,612  12,503,688  12,260,484  11,156,394 
Accumulated depreciation (977,133) (925,373) (874,413) (827,576) (782,461)
Investments in real estate, net 11,979,183  11,746,239  11,629,275  11,432,908  10,373,933 
Cash and cash equivalents 55,971  61,836  125,710  336,960  33,444 
Loan receivable, net 123,244  123,129  123,014  122,899  122,784 
Rents and other receivables, net 15,772  17,315  17,685  17,896  17,494 
Deferred rent receivable, net 161,693  151,637  140,196  130,694  123,325 
Deferred leasing costs, net 67,827  69,152  68,161  61,017  59,351 
Deferred loan costs, net 1,999  2,356  2,713  3,069  3,426 
Acquired lease intangible assets, net(1)
201,467  205,510  220,021  223,698  153,670 
Acquired indefinite-lived intangible asset
 5,156  5,156  5,156  5,156  5,156 
Interest rate swap assets
 8,942  3,880  16,510  16,737  9,896 
Other assets 26,964  34,092  18,501  22,114  25,225 
Acquisition related deposits —  —  1,250  7,975  2,125 
Total Assets $ 12,648,218  $ 12,420,302  $ 12,368,192  $ 12,381,123  $ 10,929,829 
LIABILITIES & EQUITY
Liabilities
Notes payable $ 3,345,962  $ 3,350,190  $ 3,348,697  $ 3,349,120  $ 2,225,914 
Interest rate swap liability —  295  —  —  — 
Accounts payable, accrued expenses and other liabilities 149,707  169,084  153,993  148,920  128,842 
Dividends and distributions payable 97,823  95,288  94,582  94,356  83,733 
Acquired lease intangible liabilities, net(2)
147,473  155,328  163,109  171,687  147,561 
Tenant security deposits 90,698  91,983  91,162  91,034  84,872 
Tenant prepaid rents
 90,576  93,218  101,473  110,727  115,002 
Total Liabilities 3,922,239  3,955,386  3,953,016  3,965,844  2,785,924 
Equity
Series B preferred stock, net ($75,000 liquidation preference) 72,443  72,443  72,443  72,443  72,443 
Series C preferred stock, net ($86,250 liquidation preference) 83,233  83,233  83,233  83,233  83,233 
Preferred stock 155,676  155,676  155,676  155,676  155,676 
Common stock 2,253  2,195  2,178  2,178  2,123 
Additional paid in capital 8,601,276  8,318,979  8,235,484  8,233,127  7,940,781 
Cumulative distributions in excess of earnings (441,881) (407,695) (381,507) (370,720) (338,835)
Accumulated other comprehensive income (loss) 6,746  1,474  13,834  13,922  7,172 
Total stockholders’ equity 8,324,070  8,070,629  8,025,665  8,034,183  7,766,917 
Noncontrolling interests 401,909  394,287  389,511  381,096  376,988 
Total Equity 8,725,979  8,464,916  8,415,176  8,415,279  8,143,905 
Total Liabilities and Equity $ 12,648,218  $ 12,420,302  $ 12,368,192  $ 12,381,123  $ 10,929,829 
(1)Includes net above-market tenant lease intangibles of $29,530 (Dec 31, 2024), $30,435 (Sep 30, 2024), $32,936 (Jun 30, 2024), $32,446 (Mar 31, 2024) and $10,790 (Dec 31, 2023). Balance also includes net below-market ground lease intangible of $12,518 (Dec 31, 2024), $12,559 (Sep 30, 2024), $12,600 (Jun 30, 2024), $12,641 (Mar 31, 2024) and $12,682 (Dec 31, 2023) related to the acquisition of 2970 East 50th Street.
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.


Fourth Quarter 2024
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
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Revenues
Rental income(1)
$ 239,737  $ 238,396  $ 232,973  $ 210,990  $ 207,909 
Management and leasing services 167  156  156  132  163 
Interest income 2,991  3,291  4,444  2,974  2,353 
Total Revenues 242,895  241,843  237,573  214,096  210,425 
Operating Expenses
Property expenses 56,006  54,867  51,905  47,482  49,259 
General and administrative 21,940  20,926  19,307  19,980  19,988 
Depreciation and amortization 71,832  69,241  67,896  66,278  65,839 
Total Operating Expenses 149,778  145,034  139,108  133,740  135,086 
Other Expenses
Other expenses 34  492  304  1,408  316 
Interest expense 28,173  27,340  28,412  14,671  14,570 
Total Expenses 177,985  172,866  167,824  149,819  149,972 
Gains on sale of real estate —  1,745  16,268  —  6,868 
Net Income 64,910  70,722  86,017  64,277  67,321 
Less: net income attributable to noncontrolling interests (2,725) (2,952) (3,541) (2,906) (2,970)
Net income attributable to Rexford Industrial Realty, Inc. 62,185  67,770  82,476  61,371  64,351 
Less: preferred stock dividends (2,315) (2,314) (2,315) (2,314) (2,315)
Less: earnings allocated to participating securities (457) (395) (409) (418) (357)
Net income attributable to common stockholders $ 59,413  $ 65,061  $ 79,752  $ 58,639  $ 61,679 
Earnings per Common Share
Net income attributable to common stockholders per share - basic $ 0.27  $ 0.30  $ 0.37  $ 0.27  $ 0.29 
Net income attributable to common stockholders per share - diluted $ 0.27  $ 0.30  $ 0.37  $ 0.27  $ 0.29 
Weighted average shares outstanding - basic 222,516,006 218,759,979 217,388,908 214,401,661 210,089,164
Weighted average shares outstanding - diluted 222,856,120 219,133,037 217,388,908 214,437,913 210,362,069
(1)We 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. Under the section “Rental Income” on page 38 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.

Fourth Quarter 2024
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 December 31, Year Ended December 31,
2024 2023 2024 2023
Revenues
Rental income $ 239,737  $ 207,909  $ 922,096  $ 791,383 
Management and leasing services 167  163  611  682 
Interest income 2,991  2,353  13,700  5,761 
Total Revenues 242,895  210,425  936,407  797,826 
Operating Expenses
Property expenses 56,006  49,259  210,260  184,479 
General and administrative 21,940  19,988  82,153  75,027 
Depreciation and amortization 71,832  65,839  275,247  244,510 
Total Operating Expenses 149,778  135,086  567,660  504,016 
Other Expenses
Other expenses 34  316  2,238  1,820 
Interest expense 28,173  14,570  98,596  61,400 
Total Expenses 177,985  149,972  668,494  567,236 
Gains on sale of real estate —  6,868  18,013  19,001 
Net Income 64,910  67,321  285,926  249,591 
 Less: net income attributable to noncontrolling interests (2,725) (2,970) (12,124) (11,575)
Net income attributable to Rexford Industrial Realty, Inc. 62,185  64,351  273,802  238,016 
 Less: preferred stock dividends (2,315) (2,315) (9,258) (9,258)
 Less: earnings allocated to participating securities (457) (357) (1,679) (1,309)
Net income attributable to common stockholders $ 59,413  $ 61,679  $ 262,865  $ 227,449 
Net income attributable to common stockholders per share – basic $ 0.27  $ 0.29  $ 1.20  $ 1.12 
Net income attributable to common stockholders per share – diluted $ 0.27  $ 0.29  $ 1.20  $ 1.12 
Weighted-average shares of common stock outstanding – basic 222,516,006  210,089,164  218,279,597  202,883,704 
Weighted-average shares of common stock outstanding – diluted 222,856,120  210,362,069  218,466,954  203,110,993 


Fourth Quarter 2024
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
December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023
Net Income $ 64,910  $ 70,722  $ 86,017  $ 64,277  $ 67,321 
Adjustments:
Depreciation and amortization 71,832  69,241  67,896  66,278  65,839 
Gains on sale of real estate —  (1,745) (16,268) —  (6,868)
NAREIT Defined Funds From Operations (FFO)
136,742  138,218  137,645  130,555  126,292 
Less: preferred stock dividends (2,315) (2,314) (2,315) (2,314) (2,315)
Less: FFO attributable to noncontrolling interests(2)
(5,283) (5,389) (5,410) (5,188) (4,960)
Less: FFO attributable to participating securities(3)
(624) (566) (582) (570) (504)
Company share of FFO $ 128,520  $ 129,949  $ 129,338  $ 122,483  $ 118,513 
Company share of FFO per common share‐basic $ 0.58  $ 0.59  $ 0.59  $ 0.57  $ 0.56 
Company share of FFO per common share‐diluted $ 0.58  $ 0.59  $ 0.59  $ 0.57  $ 0.56 
FFO $ 136,742  $ 138,218  $ 137,645  $ 130,555  $ 126,292 
Adjustments:
Acquisition expenses 9  6  58  50  39 
Amortization of loss on termination of interest rate swaps 34  59  59  59  59 
Non-capitalizable demolition costs —  —  129  998  180 
Core FFO 136,785  138,283  137,891  131,662  126,570 
Less: preferred stock dividends (2,315) (2,314) (2,315) (2,314) (2,315)
Less: Core FFO attributable to noncontrolling interests(2)
(5,284) (5,391) (5,418) (5,226) (4,969)
Less: Core FFO attributable to participating securities(3)
(624) (567) (583) (575) (505)
Company share of Core FFO $ 128,562  $ 130,011  $ 129,575  $ 123,547  $ 118,781 
Company share of Core FFO per common share‐basic $ 0.58  $ 0.59  $ 0.60  $ 0.58  $ 0.57 
Company share of Core FFO per common share‐diluted $ 0.58  $ 0.59  $ 0.60  $ 0.58  $ 0.56 
Weighted-average shares outstanding-basic 222,516,006  218,759,979  217,388,908  214,401,661  210,089,164 
Weighted-average shares outstanding-diluted(4)
222,856,120  219,133,037  217,388,908  214,437,913  210,362,069 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 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 and Series 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On April 10, 2024, we exercised our conversion right to convert all Series 1 CPOP units into common units of the Company’s operating partnership.
(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 and shares issuable under forward equity sales agreements if the effect is dilutive for the reported period.

Fourth Quarter 2024
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 December 31, Year Ended December 31,
2024 2023 2024 2023
Net Income $ 64,910  $ 67,321  $ 285,926  $ 249,591 
Adjustments:
Depreciation and amortization 71,832  65,839  275,247  244,510 
Gains on sale of real estate —  (6,868) (18,013) (19,001)
Funds From Operations (FFO) 136,742  126,292  543,160  475,100 
Less: preferred stock dividends (2,315) (2,315) (9,258) (9,258)
Less: FFO attributable to noncontrolling interests (5,283) (4,960) (21,270) (19,514)
Less: FFO attributable to participating securities (624) (504) (2,342) (1,843)
Company share of FFO $ 128,520  $ 118,513  $ 510,290  $ 444,485 
Company share of FFO per common share‐basic $ 0.58  $ 0.56  $ 2.34  $ 2.19 
Company share of FFO per common share‐diluted $ 0.58  $ 0.56  $ 2.34  $ 2.19 
FFO $ 136,742  $ 126,292  $ 543,160  $ 475,100 
Adjustments:
Acquisition expenses 9  39  123  369 
Impairment of right-of-use asset —  —  —  188 
Amortization of loss on termination of interest rate swaps 34  59  211  236 
Non-capitalizable demolition costs —  180  1,127  881 
Write-offs of below-market lease intangibles related to unexercised renewal options(2)
—  —  —  (1,318)
Core FFO 136,785  126,570  544,621  475,456 
Less: preferred stock dividends (2,315) (2,315) (9,258) (9,258)
Less: Core FFO attributable to noncontrolling interests (5,284) (4,969) (21,319) (19,525)
Less: Core FFO attributable to participating securities (624) (505) (2,349) (1,844)
Company share of Core FFO $ 128,562  $ 118,781  $ 511,695  $ 444,829 
Company share of Core FFO per common share‐basic $ 0.58  $ 0.57  $ 2.34  $ 2.19 
Company share of Core FFO per common share‐diluted $ 0.58  $ 0.56  $ 2.34  $ 2.19 
Weighted-average shares outstanding-basic 222,516,006  210,089,164  218,279,597  202,883,704 
Weighted-average shares outstanding-diluted 222,856,120  210,362,069  218,466,954  203,110,993 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 of this report.
(2)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

Fourth Quarter 2024
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
December 31,
2024		 September 30,
2024		 June 30,
2024		 March 31,
2024		 December 31,
2023
Funds From Operations(2)
$ 136,742  $ 138,218  $ 137,645  $ 130,555  $ 126,292 
Adjustments:
Amortization of deferred financing costs 1,246  1,252  1,266  1,011  1,000 
Non-cash stock compensation 11,539  9,918  11,057  9,088  9,338 
Amortization related to termination/settlement of interest rate derivatives 112  136  137  137  137 
Note payable (discount) premium amortization, net 1,534  1,511  1,491  293  214 
Non-capitalizable demolition costs —  —  129  998  180 
Deduct:
Preferred stock dividends (2,315) (2,314) (2,315) (2,314) (2,315)
Straight line rental revenue adjustment(3)
(10,057) (11,441) (9,567) (7,368) (8,514)
Above/(below) market lease revenue adjustments (6,159) (6,635) (7,268) (7,591) (8,119)
Capitalized payments(4)
(12,102) (13,900) (12,280) (13,163) (12,443)
Accretion of net loan origination fees (115) (115) (115) (115) (84)
Recurring capital expenditures(5)
(7,882) (5,254) (3,502) (2,990) (7,047)
2nd generation tenant improvements(6)
(296) (18) (123) (226) (128)
2nd generation leasing commissions(7)
(3,520) (2,660) (7,436) (3,231) (3,483)
Adjusted Funds From Operations (AFFO) $ 108,727  $ 108,698  $ 109,119  $ 105,084  $ 95,028 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 of this report.
(2)A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.
(3)The straight line rental revenue adjustment includes concessions of $8,504, $7,600, $4,586, $3,886 and $4,285 for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(4)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(5)Excludes nonrecurring capital expenditures of $67,594, $94,436, $89,120, $62,037 and $80,398 for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(6)Excludes 1st generation tenant improvements of $189, $470, $681, $378 and $1,401 for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
(7)Excludes 1st generation leasing commissions of $290, $2,776, $3,921, $2,189 and $2,992 for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre. (1)
(unaudited and in thousands)
NOI and Cash NOI
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Rental income(2)(3)
$ 239,737  $ 238,396  $ 232,973  $ 210,990  $ 207,909 
Less: Property expenses 56,006  54,867  51,905  47,482  49,259 
Net Operating Income (NOI) $ 183,731  $ 183,529  $ 181,068  $ 163,508  $ 158,650 
Above/(below) market lease revenue adjustments
 (6,159) (6,635) (7,268) (7,591) (8,119)
Straight line rental revenue adjustment (10,057) (11,441) (9,567) (7,368) (8,514)
Cash NOI $ 167,515  $ 165,453  $ 164,233  $ 148,549  $ 142,017 
EBITDAre and Adjusted EBITDAre
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Net income $ 64,910  $ 70,722  $ 86,017  $ 64,277  $ 67,321 
Interest expense 28,173  27,340  28,412  14,671  14,570 
Depreciation and amortization 71,832  69,241  67,896  66,278  65,839 
Gains on sale of real estate —  (1,745) (16,268) —  (6,868)
EBITDAre
$ 164,915  $ 165,558  $ 166,057  $ 145,226  $ 140,862 
Stock-based compensation amortization 11,539  9,918  11,057  9,088  9,338 
Acquisition expenses 9  6  58  50  39 
Pro forma effect of acquisitions and loan issuance(4)
2,884  426  1,058  12,843  1,976 
Pro forma effect of dispositions(5)
—  21  (124) —  (89)
Adjusted EBITDAre
$ 179,347  $ 175,929  $ 178,106  $ 167,207  $ 152,126 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 of this report.
(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(200), $(730), $(804), $(1,721) and $(948) for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively. The decrease for the three months ended March 31, 2024 is primarily isolated to a single tenant.
(4)Represents the estimated impact on Q4'24 EBITDAre of Q4'24 acquisitions as if they had been acquired on October 1, 2024, the impact on Q3'24 EBITDAre of Q3'24 acquisitions as if they had been acquired on July 1, 2024, the impact on Q2'24 EBITDAre of Q2'24 acquisitions as if they had been acquired on April 1, 2024, the impact on Q1'24 EBITDAre of Q1'24 acquisitions as if they had been acquired on January 1, 2024 and the impact on Q4'23 EBITDAre of Q4'23 acquisitions and the issuance of the $125 million loan receivable as if they had been acquired/issued on October 1, 2023. 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 acquired these as of the beginning of each period.
(5)Represents the estimated impact on Q3'24 EBITDAre of Q3'24 dispositions as if they had been sold as of July 1, 2024, the impact on Q2'24 EBITDAre of Q2'24 dispositions as if they had been sold as of April 1, 2024 and the impact on Q4'23 EBITDAre of Q4'23 dispositions as if they had been sold as of October 1, 2023.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Same Property Portfolio Performance.(1)
(unaudited and dollars in thousands)
Same Property Portfolio:
Number of properties 293
Square Feet 36,961,884
Same Property Portfolio NOI and Cash NOI:
Three Months Ended December 31, Year Ended December 31,
2024 2023 $ Change % Change 2024 2023 $ Change % Change
Rental income(2)(3)(4)
$ 173,696  $ 170,675  $ 3,021  1.8% $ 693,826  $ 667,068  $ 26,758  4.0%
Property expenses 40,760  40,629  131  0.3% 159,563  153,890  5,673  3.7%
Same Property Portfolio NOI $ 132,936  $ 130,046  $ 2,890  2.2%
(4)
 $ 534,263  $ 513,178  $ 21,085  4.1%
(4)
Straight-line rental revenue adjustment
 (3,397) (5,010) 1,613  (32.2)% (19,209) (26,676) 7,467  (28.0)%
Above/(below) market lease revenue adjustments
 (4,236) (6,034) 1,798  (29.8)% (20,014) (24,244) 4,230  (17.4)%
Same Property Portfolio Cash NOI $ 125,303  $ 119,002  $ 6,301  5.3%
(4)
 $ 495,040  $ 462,258  $ 32,782  7.1%
(4)

Same Property Portfolio Occupancy:
Three Months Ended December 31,
2024 2023 Year-over-Year
Change
(basis points)		 Three Months Ended September 30, 2024 Sequential
Change
(basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County 95.6% 97.4% (180) bps 97.3% (170) bps
Orange County 99.2% 98.6% 60 bps 99.4% (20) bps
Riverside / San Bernardino County 96.0% 95.1% 90 bps 96.9% (90) bps
San Diego County 95.8% 98.5% (270) bps 94.4% 140 bps
Ventura County 91.7% 97.9% (620) bps 92.9% (120) bps
Quarterly Weighted Average Occupancy 95.7% 97.1% (140) bps 96.9% (120) bps
Ending Occupancy: 94.1% 97.1% (300) bps 96.7% (260) bps
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 of this report.
(2)See “Same Property Portfolio Rental Income” on page 38 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months ended December 31, 2024 and 2023.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(79) thousand and $(385) thousand for the three months ended December 31, 2024 and 2023, respectively, and $(2,487) thousand and $(1,206) thousand for the year ended December 31, 2024 and 2023, respectively.
(4)Rental income includes lease termination fees of $560 thousand and $3 thousand for the three months ended December 31, 2024 and 2023, respectively, and $692 thousand and $244 thousand for the year ended December 31, 2024 and 2023, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 1.8% and 4.0% and Same Property Portfolio Cash NOI increased by approximately 4.8% and 7.0% during the three months and year ended December 31, 2024, compared to the three months and year ended December 31, 2023, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 4Q-2024 and September 2024 (for 4Q-2024), the end of each month in 4Q-2023 and September 2023 (for 4Q-2023) and the end of each month in 3Q-2024 and June 2024 (for 3Q-2024).

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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of December 31, 2024
chart-fb466e0edb294c23ab9a.jpg
Description December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023
Common shares outstanding(1)
224,868,888  219,102,342  217,404,848  217,382,937  211,998,010 
Operating partnership units outstanding(2)
8,426,905  8,175,868  8,218,426  7,609,215  7,631,847 
Total shares and units outstanding at period end 233,295,793  227,278,210  225,623,274  224,992,152  219,629,857 
Share price at end of quarter $ 38.66  $ 50.31  $ 44.59  $ 50.30  $ 56.10 
Common Stock and Operating Partnership Units - Capitalization $ 9,019,215  $ 11,434,367  $ 10,060,542  $ 11,317,105  $ 12,321,235 
Series B and C Cumulative Redeemable Preferred Stock(3)
$ 161,250  $ 161,250  $ 161,250  $ 161,250  $ 161,250 
4.43937% Series 1 Cumulative Redeemable Convertible Preferred Units(4)
—  —  —  27,031  27,031 
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)
40,706  40,706  40,750  40,750  40,787 
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)
12,000  12,000  12,000  12,000  12,000 
Preferred Equity $ 213,956  $ 213,956  $ 214,000  $ 241,031  $ 241,068 
Total Equity Market Capitalization $ 9,233,171  $ 11,648,323  $ 10,274,542  $ 11,558,136  $ 12,562,303 
Total Debt $ 3,379,622  $ 3,386,273  $ 3,386,559  $ 3,389,088  $ 2,243,025 
Less: Cash and cash equivalents (55,971) (61,836) (125,710) (336,960) (33,444)
Net Debt $ 3,323,651  $ 3,324,437  $ 3,260,849  $ 3,052,128  $ 2,209,581 
Total Combined Market Capitalization (Net Debt plus Equity) $ 12,556,822  $ 14,972,760  $ 13,535,391  $ 14,610,264  $ 14,771,884 
Net debt to total combined market capitalization 26.5  % 22.2  % 24.1  % 20.9  % 15.0  %
Net debt to Adjusted EBITDAre (quarterly results annualized)(5)
4.6x 4.7x 4.6x 4.6x 3.6x
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5)
4.9x 5.0x 4.9x 4.9x 4.0x
(1)Excludes the following number of shares of unvested restricted stock: 416,123 (Dec 31, 2024), 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024), 439,119 (Mar 31, 2024) and 348,440 (Dec 31, 2023).
(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 Dec 31, 2024, includes 1,096,247 vested LTIP Units & 1,262,969 vested performance units & excludes 451,659 unvested LTIP Units & 2,278,110 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 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, 905,548 outstanding Series 2 preferred units at a liquidation preference of $45 per unit and 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit. On April 10, 2024, we exercised our conversion right to convert all 593,960 Series 1 preferred units into OP Units.
(5)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 35 and page 12 of this report, respectively.

Fourth Quarter 2024
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Debt Summary.
(unaudited and dollars in thousands)
Debt Detail:
As of December 31, 2024
Debt Description Maturity Date Stated
Interest Rate
Effective
Interest Rate(1)
Principal
Balance(2)
Unsecured Debt:
$1.0 Billion Revolving Credit Facility(3)
5/26/2026(4)
SOFR+0.725%(5)
5.315% $ — 
$400M Term Loan Facility
7/18/2025(4)
SOFR+0.80%(5)
  4.872%(6)
400,000 
$100M Senior Notes 8/6/2025 4.290% 4.290% 100,000 
$575M Exchangeable 2027 Senior Notes(7)
3/15/2027 4.375% 4.375% 575,000 
$300M Term Loan Facility 5/26/2027
SOFR+0.80%(5)
   3.717%(8)
300,000 
$125M Senior Notes 7/13/2027 3.930% 3.930% 125,000 
$300M Senior Notes 6/15/2028 5.000% 5.000% 300,000 
$575M Exchangeable 2029 Senior Notes(7)
3/15/2029 4.125% 4.125% 575,000 
$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 
$400M Senior Notes - Green Bond 9/1/2031 2.150% 2.150% 400,000 
$75M Series 2019B Senior Notes 7/16/2034 4.030% 4.030% 75,000 
Secured Debt:
$60M Term Loan Facility
10/27/2025(9)
SOFR+1.250%(9)
  5.060%(10)
60,000 
701-751 Kingshill Place 1/5/2026 3.900% 3.900% 6,852 
13943-13955 Balboa Boulevard 7/1/2027 3.930% 3.930% 14,213 
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% 3,772 
1100-1170 Gilbert Street (Gilbert/La Palma) 3/1/2031 5.125% 5.125% 1,538 
7817 Woodley Avenue 8/1/2039 4.140% 4.140% 2,747 
Total Debt 3.835% $ 3,379,622 

Debt Composition:
Category
Weighted Average Term Remaining (yrs)(11)
Stated Interest Rate Effective Interest Rate Balance % of Total
Fixed 3.6
3.835% (See Table Above)
 3.835% $ 3,379,622  100%
Variable — — —% $ —  0%
Secured 1.9 4.587% $ 104,622  3%
Unsecured 3.6 3.811% $ 3,275,000  97%

*See footnotes on the following page*

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Debt Summary (Continued).
(unaudited and dollars in thousands)
chart-f8e3162c40a04f82bfca.jpg
Debt Maturity Schedule(12):
Year
Secured
 Unsecured Total % Total
Effective Interest Rate(1)
2025 $ 60,000  $ 500,000  $ 560,000  17  % 4.788  %
2026 6,852  —  6,852  —  % 3.900  %
2027 19,413  1,000,000  1,019,413  30  % 4.118  %
2028 14,072  300,000  314,072  9  % 4.948  %
2029 —  600,000  600,000  18  % 4.115  %
2030 —  400,000  400,000  12  % 2.125  %
2031 1,538  400,000  401,538  12  % 2.161  %
2032 —  —  —  —  % —  %
2033 —  —  —  —  % —  %
2034 —  75,000  75,000  2  % 4.030  %
Thereafter 2,747  —  2,747  0  % 4.140  %
Total $ 104,622  $ 3,275,000  $ 3,379,622  100  % 3.835  %
(1)Includes the effect of interest rate swaps effective as of December 31, 2024. See notes (6), (8) & (10) below. Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $33.7 million as of December 31, 2024.
(3)The $1.0B revolving credit facility (the “Revolver”) 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 credit ratings. There is also a sustainability-linked pricing component that can periodically change the facility fee by -/+ 0.01% (or zero) depending on our achievement of the annual sustainability performance metric. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.01% to zero for the facility fee.
(4)The Revolver has two six-month extensions and the $400M term loan facility has two one-year extensions at the borrower’s option, subject to certain terms and conditions. On July 12, 2024, we exercised the first extension option of the $400M term loan facility, extending its maturity date by one year to July 18, 2025.
(5)The interest rates on these loans are comprised of Daily SOFR for the Revolver and $400M term loan facility and 1M SOFR for the $300M term loan facility, plus a SOFR adjustment of 0.10%, and an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $300M and $400M term loan facilities depending on our credit ratings and leverage ratio. There is also a sustainability-linked pricing component that can periodically change the margin by -/+ 0.04% (or zero) depending on our achievement of the annual sustainability performance metric. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.04% to zero for the margin.
(6)We effectively fixed Daily SOFR related to our $400M term loan facility at a weighted average rate of 3.97231%, commencing on April 3, 2023 through June 30, 2025, through the use of interest rate swaps. The all-in fixed rate on the $400M term loan facility is 4.872% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(7)Noteholders have the right to exchange their notes upon the occurrence of certain events. Exchanges will be settled in cash or in a combination of cash and shares of our common stock, at our option.
(8)We effectively fixed 1M SOFR related to our $300M term loan facility at a weighted average rate of 2.81725%, commencing on July 27, 2022 through May 26, 2027, through the use of interest rate swaps. The all-in fixed rate on the $300M term loan facility is 3.717% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(9)The $60M term loan facility has interest-only payment terms (1M SOFR + SOFR adjustment of 0.10% + margin of 1.250%) and three one-year extensions available at the borrower’s option, subject to certain terms & conditions. On September 26, 2024, we exercised the first extension option, extending the loan’s maturity date by one year to October 27, 2025.
(10)We effectively fixed 1M SOFR related to our $60M term loan facility at 3.710%, commencing on April 3, 2023 through July 30, 2026, through the use of an interest rate swap. The all-in fixed rate on the $60M term loan facility is 5.060% after adding the SOFR adjustment and applicable margin.
(11)The weighted average remaining term to maturity of our consolidated debt is 3.6 years, or 3.7 years including extension options.
(12)Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.

Fourth Quarter 2024
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Operations.
Quarterly Results

chart-ab87a10fa9354c9bbbda.jpg chart-13712ac0f9634ee0812a.jpg
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*Leasing Activity - Rent Change for Q1-2024 excludes a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. See footnote (1) on page 22 for additional details related to this lease.

Fourth Quarter 2024
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Portfolio Overview.
At December 31, 2024 (unaudited results)
Consolidated Portfolio:
Rentable Square Feet Ending Occupancy %
In-Place ABR(3)
Market # of
Properties		 Same
Property
Portfolio		 Non-Same
Property
Portfolio		 Total
Portfolio		 Same
Property
Portfolio		 Non-Same
Property
Portfolio
Total
Portfolio(1)
Total Portfolio
Excluding
Repositioning/
Redevelopment(2)
Total
(in 000’s)		 Per Square
Foot
Central LA 21 2,803,152  404,751  3,207,903  94.5  % 37.6  % 87.3  % 98.4  % $ 37,342  $13.34
Greater San Fernando Valley 74 5,645,467  1,317,611  6,963,078  95.9  % 84.3  % 93.7  % 98.4  % 107,701  $16.51
Mid-Counties 39 2,266,750  2,283,136  4,549,886  98.6  % 89.2  % 93.9  % 99.3  % 70,244  $16.45
San Gabriel Valley 47 3,908,505  2,012,492  5,920,997  83.1  % 93.7  % 86.7  % 88.7  % 70,150  $13.67
South Bay 82 6,154,130  1,758,211  7,912,341  93.0  % 73.9  % 88.8  % 94.4  % 161,017  $22.92
Los Angeles County 263 20,778,004  7,776,201  28,554,205  92.7  % 83.4  % 90.2  % 95.4  % 446,454  $17.34
North Orange County 25 1,405,371  1,404,940  2,810,311  98.8  % 68.2  % 83.5  % 99.3  % 43,251  $18.43
OC Airport 10 1,018,385  188,204  1,206,589  98.9  % 100.0  % 99.1  % 99.1  % 22,824  $19.09
South Orange County 10 448,762  183,098  631,860  100.0  % 100.0  % 100.0  % 100.0  % 10,570  $16.73
West Orange County 10 610,876  677,962  1,288,838  100.0  % 84.8  % 92.0  % 96.5  % 19,455  $16.40
Orange County 55 3,483,394  2,454,204  5,937,598  99.2  % 77.6  % 90.3  % 98.7  % 96,100  $17.93
Inland Empire East 1 33,258  —  33,258  100.0  % —  % 100.0  % 100.0  % 661  $19.86
Inland Empire West 53 7,472,746  2,069,502  9,542,248  95.3  % 98.8  % 96.0  % 98.0  % 137,313  $14.99
Riverside / San Bernardino County 54 7,506,004  2,069,502  9,575,506  95.3  % 98.8  % 96.0  % 98.0  % 137,974  $15.00
Central San Diego 21 1,160,350  973,554  2,133,904  99.6  % 72.2  % 87.1  % 95.9  % 36,607  $19.69
North County San Diego 14 1,336,558  143,663  1,480,221  95.3  % 79.1  % 93.8  % 96.1  % 20,995  $15.13
San Diego County 35 2,496,908  1,117,217  3,614,125  97.3  % 73.1  % 89.8  % 96.0  % 57,602  $17.74
Ventura 18 2,697,574  409,217  3,106,791  91.9  % 86.5  % 91.2  % 91.3  % 37,195  $13.13
Ventura County 18 2,697,574  409,217  3,106,791  91.9  % 86.5  % 91.2  % 91.3  % 37,195  $13.13
CONSOLIDATED TOTAL / WTD AVG 425 36,961,884  13,826,341  50,788,225  94.1  % 83.9  % 91.3  % 96.0  % $ 775,325  $16.71
(1)See page 39 for historical occupancy by County.
(2)Excludes space aggregating 2,488,087 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of December 31, 2024. See pages 26-30 for additional details on these properties.
(3)See page 35 for definitions and details on how these amounts are calculated.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 21
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Executed Leasing Statistics and Trends.

(unaudited results)
Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads:
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Leasing Spreads:
Net Effective Rent Change(1)
55.4  % 39.2  % 67.7  % 53.0  % 63.1  %
Cash Rent Change(1)
41.0  % 26.7  % 49.0  % 33.6  % 45.6  %
Leasing Activity (SF):(2)
New leases 330,334 994,566 1,033,006 830,941 727,886
Renewal leases 684,961 599,529 1,228,905 2,398,076 1,196,023
Total leasing activity 1,015,295 1,594,095 2,261,911 3,229,017 1,923,909
Total expiring leases (2,436,160) (1,677,064) (2,038,430) (3,819,253) (2,193,335)
Expiring leases - placed into repositioning/redevelopment 996,035 476,821 175,533 732,083 473,701
Net absorption(3)
(424,830) 393,852 399,014 141,847 204,275
Retention rate(4)
51  % 52  % 68  % 82  % 77  %
Retention + Backfill rate(5)
62  % 72  % 80  % 87  % 84  %
Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6)
Net Effective Rent
 Cash Rent
Turnover Costs(7)
Fourth Quarter 2024: # Leases
Signed		 SF of
Leasing		 Wtd. Avg.
Lease Term
(Years)		 Current
Lease		 Prior
Lease
Rent Change
 Current
Lease		 Prior
Lease
Rent Change
 Wtd. Avg.
Abatement
(Months)
Tenant
Improvements
per SF
Leasing
Commissions
per SF
New 44 330,334 4.2 $16.54 $11.26 46.9% $16.28 $12.20 33.5% 3.3 $3.45 $3.82
Renewal 41 684,961 4.7 $16.89 $10.64 58.8% $16.40 $11.38 44.1% 2.5 $0.64 $2.51
Total / Wtd. Average 85 1,015,295 4.6 $16.80 $10.81 55.4% $16.36 $11.61 41.0% 2.7 $1.42 $2.88
(1)Net Effective and Cash Rent Change for Q1-24 excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to compare quarterly leasing statistics to our prior periods. Including the Tireco, Inc. lease, the Net Effective Rent Change and Cash Rent Change for Q1-24 was 17.3% and 13.2%, respectively.
(2)Represents all executed leases, including those in our Repositioning, Redevelopment, or “Other Repositioning” classifications, but excludes month-to-month tenants.
(3)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.” Net absorption for all stated periods reflects the current definition.
(4)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/redevelopment (including “Other Repositioning” projects) after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
(5)Retention + Backfill rate represents square feet retained (per Retention rate definition in footnote (4) plus the square footage of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease square footage.
(6)GAAP and cash rent statistics and turnover costs exclude 10 leases aggregating 65,973 RSF for which there was no comparable lease data. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for greater than 1 year or (iv) lease terms less than 12 months.
(7)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 22
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Leasing Statistics (Continued).
(unaudited results)
Lease Expiration Schedule as of December 31, 2024:
chart-23f315a9c2c74543a19a.jpg
Year of Lease Expiration # of
Leases Expiring		 Total Rentable
Square Feet		 In-Place +
Uncommenced ABR
(in thousands)		 In-Place +
Uncommenced
ABR per SF
Available — 1,913,120 $ —  $—
Repositioning/Redevelopment(1)
— 2,455,022 —  $—
MTM Tenants 7 112,357 1,699  $15.12
2024 20 412,675 6,262  $15.17
2025 403 7,322,027 114,633  $15.66
2026 403 8,672,955 126,735  $14.61
2027 315 7,209,620 123,778  $17.17
2028 180 6,307,466 118,169  $18.73
2029 155 5,085,557 93,067  $18.30
2030 65 3,159,912 49,031  $15.52
2031 31 3,993,284 59,237  $14.83
2032 22 1,352,018 26,108  $19.31
2033 10 386,007 7,426  $19.24
Thereafter 40 2,406,205 50,473  $20.98
Total Portfolio 1,651 50,788,225 $ 776,618  $16.73
(1)Represents vacant space at properties that were classified as repositioning (including “Other Repositionings”), redevelopment or lease-up as of December 31, 2024. See pages 26-30 for additional details on these properties.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Top Tenants and Lease Segmentation.
(unaudited results)
Top 20 Tenants as of December 31, 2024
Tenant Submarket Leased
Rentable SF
In-Place + Uncommenced
ABR (in 000’s)(1)
% of In-Place +
Uncommenced ABR(1)
In-Place + Uncommenced
ABR per SF(1)
Lease
Expiration
Tireco, Inc. Inland Empire West 1,101,840 $19,251 2.5% $17.47 1/31/2027
L3 Technologies, Inc.
Multiple Submarkets(2)
595,267 $12,967 1.7% $21.78 9/30/2031
Zenith Energy West Coast Terminals LLC South Bay
—(3)
$11,675 1.5%
$3.34(3)
9/29/2041
Cubic Corporation Central San Diego 515,382 $11,110 1.4% $21.56
3/31/2038(4)
IBY, LLC San Gabriel Valley 1,178,021 $10,981 1.4% $9.32
4/5/2031(5)
Federal Express Corporation
Multiple Submarkets(6)
527,861 $10,382 1.3% $19.67
11/30/2032(6)
GXO Logistics Supply Chain, Inc.
Mid-Counties
 411,034 $8,730 1.1% $21.24 11/30/2028
Best Buy Stores, L.P. Inland Empire West 501,649 $8,529 1.1% $17.00 6/30/2029
The Hertz Corporation South Bay
38,680(8)
$8,249 1.1%
$10.30(7)
3/31/2026
Orora Packaging Solutions
Multiple Submarkets(8)
476,065 $7,845 1.0% $16.48
9/30/2028(8.)
Top 10 Tenants 5,345,799 $109,719 14.1%
Top 11 - 20 Tenants 3,306,760 $50,566 6.5%
Total Top 20 Tenants 8,652,559 $160,285 20.6%
(1)See page 35 for further details on how these amounts are calculated.
(2)Includes (i) 133,836 RSF in North Orange County expiring Dec 31, 2024 and (ii) 461,431 RSF in LA-South Bay expiring Sep 30, 2031.
(3)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.7 million or $3.34 per land square foot.
(4)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 315,227 RSF expiring Mar 31, 2038.
(5)Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.
(6)Includes (i) one land lease in LA-Mid-Counties expiring Jul 31, 2025, (ii) one land lease in North Orange County expiring Oct 31, 2026, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.
(7)The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.
(8)Includes (i) 96,993 RSF in North County San Diego expiring Sep 30, 2026, (ii) 100,500 RSF in Greater San Fernando Valley expiring Sep 30, 2027 and (iii) 278,572 RSF in North Orange County expiring Sep 30, 2028.

Lease Segmentation by Size:
Square Feet Number of
Leases		 Leased
Building
Rentable SF		 Building
Rentable SF		 Building
Leased %		 Building
Leased % Excl.
Repo/Redev
In-Place +
Uncommenced ABR
(in 000’s)(1)
% of In-Place +
Uncommenced
ABR(1)
In-Place +
Uncommenced
ABR per SF(1)
<4,999 615 1,480,399 1,608,364 92.0% 93.5% $ 30,896  4.0% $20.87
5,000 - 9,999 231 1,644,362 1,824,134 90.1% 94.6% 31,119  4.0% $18.92
10,000 - 24,999 324 5,192,041 5,976,722 86.9% 91.5% 95,425  12.3% $18.38
25,000 - 49,999 170 6,281,235 7,329,958 85.7% 94.5% 105,920  13.6% $16.86
50,000 - 99,999 123 8,984,920 9,726,402 92.4% 98.8% 146,278  18.8% $16.28
>100,000 121 22,588,586 24,074,105 93.8% 96.7% 321,966  41.5% $14.25
Building Subtotal / Wtd. Avg. 1,584 46,171,543
(2)
 50,539,685
(2)
 91.4%
(2)
 96.0% $ 731,604  94.2% $15.85
Land/IOS(3)
26 8,382,470
(4)
 42,532  5.5% $5.07
(4)
Other(3)
41 2,482  0.3%
Total 1,651 $ 776,618  100.0%
(1)See page 35 for further details on how these amounts are calculated.
(2)Excludes 248,540 leased building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 91.4% leased.
(3)“Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites. “Other” includes amounts related to cellular tower, solar and parking lot leases.
(4)Represents land square feet and ABR per land square foot.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 24
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Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)
Year Ended December 31, 2024
Year to Date
Q4-2024 Q3-2024 Q2-2024 Q1-2024 Total
SF(1)
PSF
Tenant Improvements:
New Leases – 1st Generation $ 189  $ 470  $ 681  $ 378  $ 1,718  957,290  $ 1.79 
New Leases – 2nd Generation 195  17  102  —  314  141,274  $ 2.22 
Renewals 101  1  21  226  349  444,014  $ 0.79 
Total Tenant Improvements $ 485  $ 488  $ 804  $ 604  $ 2,381 
Leasing Commissions & Lease Costs:
New Leases – 1st Generation $ 290  $ 2,776  $ 3,921  $ 2,179  $ 9,166  2,007,026  $ 4.57 
New Leases – 2nd Generation 1,093  1,708  3,167  985  6,953  1,933,502  $ 3.60 
Renewals 2,427  952  4,269  2,256  9,904  3,384,808  $ 2.93 
Total Leasing Commissions & Lease Costs $ 3,810  $ 5,436  $ 11,357  $ 5,420  $ 26,023 
Total Recurring Capex $ 7,882  $ 5,254  $ 3,502  $ 2,990  $ 19,628  49,255,581  $ 0.40 
Recurring Capex % of NOI 4.3  %  2.9  %  1.9  %  1.8  %  2.8  % 
Recurring Capex % of Rental Income 3.3  %  2.2  %  1.5  %  1.4  %  2.1  % 
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)
$ 58,979  $ 85,176  $ 82,718  $ 55,817  $ 282,690 
Unit Renovation(3)
4,475  4,358  2,379  1,843  13,055 
Other(4)
4,140  4,902  4,023  4,377  17,442 
Total Nonrecurring Capex $ 67,594  $ 94,436  $ 89,120  $ 62,037  $ 313,187  36,624,828  $ 8.55 
Other Capitalized Costs(5)
$ 12,421  $ 14,170  $ 12,673  $ 13,535  $ 52,799 

(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 December 31, 2024. See pages 26-30 for details of these properties.
(3)Includes non-tenant-specific capital expenditures with costs of 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.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 25
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Properties and Space Under Repositioning/Redevelopment.(1)
As of December 31, 2024 (unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
12/31/2024
Est. Constr. Period(1)
Projected
Repo
Costs(1)
Projected
Remaining
Costs
Property
County
Submarket
 Start Target
Complet.
CURRENT REPOSITIONING:
14434-14527 San Pedro Street
Los Angeles
South Bay
 61,398  —% 3Q-23 1Q-25 $ 14.4  $ 3.4 
29120 Commerce Center Drive
Los Angeles
Greater San Fernando Valley
 135,258 
100%(3)
3Q-23 4Q-25 3.7  1.1 
17000 Kingsview Avenue
 Los Angeles
South Bay
 95,865 
77%(4)
1Q-24 2Q-25 4.4  2.9 
29125 Avenue Paine
 Los Angeles
Greater San Fernando Valley
 176,107 
100%(5)
1Q-24 3Q-25 5.6  2.1 
19301 Santa Fe Avenue
 Los Angeles
South Bay
  LAND —% 2Q-24 2Q-25 5.7  4.5 
Harcourt & Susana
 Los Angeles
South Bay
 33,461  —% 2Q-24 3Q-25 10.3  6.2 
8985 Crestmar Point
San Diego
Central San Diego
 53,395  —% 4Q-24 2Q-25 4.4  2.7 
14955 Salt Lake Avenue
 Los Angeles
San Gabriel Valley
 45,930  —% 4Q-24 4Q-25 3.7  3.4 
Total
 601,414  $ 52.2  $ 26.3 
Actual Cash NOI - 4Q 2024
 $1.6
Estimated Annualized Stabilized Cash NOI
 $15.0 - $15.5
Estimated Unlevered Stabilized Yield
5.25% - 5.75%
LEASE-UP REPOSITIONING:
11308-11350 Penrose Street(6)
Los Angeles
 Greater San Fernando Valley 71,547  —% 1Q-23 1Q-24 $ 5.2  $ 0.6 
4039 Calle Platino
San Diego
North County San Diego
 73,807  79% 2Q-23 1Q-24 4.3  0.4 
1020 Bixby Drive
Los Angeles
 San Gabriel Valley 57,600  —% 1Q-24 3Q-24 3.4  0.5 
East 27th Street(7)
Los Angeles
Central LA
 126,563  —% 1Q-24 4Q-24 5.1  0.7 
122-125 N. Vinedo Avenue
Los Angeles
 Greater San Fernando Valley 48,520  —% 1Q-24 4Q-24 3.2  — 
1315 Storm Parkway
Los Angeles
 South Bay 37,844  —% 2Q-24 4Q-24 3.5  0.3 
Total
 415,881  $ 24.7  $ 2.5 
Actual Cash NOI - 4Q 2024 $0.2
Estimated Annualized Stabilized Cash NOI
$7.5 - $8.0
Estimated Unlevered Stabilized Yield
6.75% - 7.25%


Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 26
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of December 31, 2024 (unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
12/31/2024
Est. Constr. Period(1)
Projected
Repo
Costs(1)
Projected
Remaining
Costs
Property
County
Submarket
 Start Target
Complet.
QUARTERLY STABILIZED REPOSITIONING:
500 Dupont Avenue
San Bernardino
Inland Empire West
 274,885  100% 1Q-23 1Q-24 $ 9.5  $ 0.1 
2880 Ana Street
Los Angeles
 South Bay  LAND 100% 3Q-23 3Q-24 4.9  0.5 
12907 Imperial Highway
Los Angeles
Mid-Counties
 101,080  100% 1Q-24 4Q-24 3.1  — 
Total
 375,965  $ 17.5  $ 0.6 
Actual Cash NOI - 4Q 2024 $0.5
Annualized Stabilized Cash NOI
 $7.6
Achieved Unlevered Stabilized Yield
 6.2%
OTHER REPOSITIONING:
17 projects totaling 588,993 RSF with estimated costs < $2 million individually(8)
$ 18.4  $ 6.6 
Estimated Annualized Stabilized Cash NOI
$15.0 - $15.5
Estimated Unlevered Stabilized Yield
6.5% - 7.0%

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 27
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of December 31, 2024 (unaudited results, $ in millions)
Redevelopment
Projected
RSF(9)
Property
Leased %
12/31/2024
Est. Constr. Period(1)
Projected
Redev
Costs(1)
Projected
Remaining
Costs
Property
County
Submarket
 Start Target
Complet.
CURRENT REDEVELOPMENT:
9615 Norwalk Boulevard
Los Angeles
Mid-Counties
 201,571  —% 3Q-21 2Q-25 $ 49.3  $ 11.4 
3233 Mission Oaks Blvd.(10)
Ventura
Ventura
 116,852  —% 2Q-22 1Q-25 28.4  2.9 
6027 Eastern Avenue
Los Angeles
Central LA
 94,140  —% 3Q-22 1Q-25 21.1  1.3 
12118 Bloomfield Avenue
 Los Angeles Mid-Counties 107,045  —% 4Q-22 1Q-25 20.3  2.5 
4416 Azusa Canyon Road
 Los Angeles
San Gabriel Valley
 129,830  —% 4Q-22 1Q-25 21.8  5.6 
15010 Don Julian Road
 Los Angeles San Gabriel Valley 219,242  —% 1Q-23 4Q-25 37.8  24.5 
21515 Western Avenue
 Los Angeles
South Bay
 83,740  —% 2Q-23 2Q-25 19.3  7.6 
12772 San Fernando Road
 Los Angeles
Greater San Fernando Valley
 143,529  —% 3Q-23 1Q-25 23.8  4.1 
19900 Plummer Street
 Los Angeles Greater San Fernando Valley 79,539  —% 3Q-23 1Q-25 15.8  4.0 
Rancho Pacifica - Bldg 5(11)
Los Angeles South Bay 76,553  —% 4Q-23 1Q-25 17.3  4.0 
1500 Raymond Avenue
 Orange
North Orange County
 136,218  —% 4Q-23 1Q-25 23.9  5.2 
17907-18001 Figueroa Street
 Los Angeles South Bay 76,468  —% 4Q-23 1Q-25 17.9  2.3 
14940 Proctor Road
 Los Angeles San Gabriel Valley 160,045  —% 4Q-24 2Q-26 25.2  23.2 
11234 Rush Street
 Los Angeles San Gabriel Valley 103,108  —% 4Q-24 1Q-27 21.0  19.8 
Total
 1,727,880  $ 342.9  $ 118.4 
Actual Cash NOI - 4Q 2024 $0.9
Estimated Annualized Stabilized Cash NOI
$38.0 - $38.5
Estimated Unlevered Stabilized Yield
5.75% - 6.25%
LEASE-UP REDEVELOPMENT:
1055 Sandhill Avenue
 Los Angeles South Bay 127,775  —% 3Q-21 4Q-24 $ 21.7  $ 1.1 
9920-10020 Pioneer Blvd
 Los Angeles Mid-Counties 163,435  —% 4Q-21 3Q-24 32.8  1.6 
1901 Via Burton
Orange
North Orange County
 139,449  —% 1Q-22 2Q-24 21.0  1.1 
8888 Balboa Avenue
San Diego
Central San Diego
 123,492  —% 3Q-22 4Q-24 22.9  1.7 
2390-2444 American Way
 Orange
North Orange County
 100,483  —% 4Q-22 2Q-24 19.2  0.9 
3071 Coronado Street
 Orange
North Orange County
 105,173  —% 1Q-23 1Q-24 16.1  0.9 
Total
 759,807  $ 133.7  $ 7.3 
Actual Cash NOI - 4Q 2024 $(0.7)
Estimated Annualized Stabilized Cash NOI
$14.5 - $15.0
Estimated Unlevered Stabilized Yield
5.25% - 5.75%


Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 28
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of December 31, 2024 (unaudited results, $ in millions)
Near-Term Potential Future Repositioning and Redevelopment
Projected
RSF(9)
Property
County
Submarket
Project
Type
1175 Aviation Place  Los Angeles  Greater San Fernando Valley  Reposition 93,219 
24935 Avenue Kearny
  Los Angeles  Greater San Fernando Valley  Reposition 69,761 
7815 Van Nuys Blvd  Los Angeles  Greater San Fernando Valley  Redevelopment 78,990 
16010 Shoemaker Avenue  Los Angeles  Mid-Counties  Reposition 115,662 
1601 Mission Boulevard  Los Angeles  San Gabriel Valley  Reposition 699,890 
218 Turnbull Canyon  Los Angeles  San Gabriel Valley  Reposition 191,095 
425 Hacienda Boulevard  Los Angeles  San Gabriel Valley  Reposition 44,025 
14005 Live Oak Avenue  Los Angeles  San Gabriel Valley  Redevelopment 100,380 
15715 Arrow Highway  Los Angeles  San Gabriel Valley  Redevelopment 106,278 
16425 Gale Avenue  Los Angeles  San Gabriel Valley  Redevelopment 325,800 
Figueroa & Rosecrans  Los Angeles  South Bay  Reposition 56,700 
18455 Figueroa Street  Los Angeles  South Bay  Redevelopment 179,284 
3100 Fujita Street  Los Angeles  South Bay  Redevelopment 82,080 
3547-3555 Voyager Street  Los Angeles  South Bay  Redevelopment 67,371 
950 West 190th Street  Los Angeles  South Bay  Redevelopment 197,000 
5235 Hunter Avenue
Orange
 North Orange County
 Redevelopment 117,772 
600-708 Vermont Avenue
Orange
 North Orange County
 Redevelopment 263,800 
13925 Benson Avenue
San Bernardino
Inland Empire West
 Redevelopment 143,745 
9455 Cabot Drive  San Diego
 Central San Diego
 Reposition 83,563 
9323 Balboa Avenue  San Diego
 Central San Diego
 Redevelopment 163,400 
3935-3949 Heritage Oak Court  Ventura  Ventura  Reposition 186,726 

— See numbered footnotes on page 30 —

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 29
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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of December 31, 2024 (unaudited results, in thousands, except square feet)
Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket) Rentable Square Feet Stabilized Period Unlevered Stabilized Yield
12821 Knott Street (West OC) 165,171 2Q-23 10.3%
12133 Greenstone Avenue (Mid-Counties) LAND 2Q-23 7.2%
14100 Vine Place (Mid-Counties) 122,514 2Q-23 4.5%
15601 Avalon Boulevard (South Bay) 86,879 2Q-23 6.5%
19431 Santa Fe Avenue (South Bay) LAND 4Q-23 12.9%
2800 Casitas Avenue (SF Valley) 116,158 4Q-23 5.4%
9755 Distribution Avenue (Central SD) 24,071 1Q-24 13.4%
8902-8940 Activity Road (Central SD) 13,950 1Q-24 7.0%
444 Quay Avenue (South Bay) 29,760 2Q-24 9.0%
263-321 Gardena Blvd (South Bay) 55,238 2Q-24 10.3%
20851 Currier Road (SG Valley)(12)
59,412 3Q-24 4.7%
17311 Nichols Lane (West OC) 104,182 3Q-24 8.2%
12752-12822 Monarch Street (West OC)(12)
163,864 3Q-24 8.6%
500 Dupont Avenue (Inland Empire West) 274,885 4Q-24 5.5%
2880 Ana Street (South Bay)
LAND
 4Q-24 4.3%
12907 Imperial Highway (Mid-Counties)
 101,080 4Q-24 14.3%
(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Projected Repositioning/Redevelopment Costs,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Unlevered Stabilized Yield” and other definitions related to our repositioning/redevelopment/other repositioning portfolio, see pages 37-38 in the Notes and Definitions section of this report.
(2)“Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than the total RSF of the entire property or particular building(s) under repositioning.
(3)As of Dec 31, 2024, 29120 Commerce Center Drive has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.
(4)As of Dec 31, 2024, 17000 Kingsview Avenue was partially leased on a short-term basis to a tenant who vacated in January 2025. We were performing repositioning work around the short-term tenant and are currently repositioning the vacant building.
(5)As of Dec 31, 2024, 29125 Avenue Paine has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.
(6)Information shown reflects only the 8430 Tujunga Avenue & 11320-11350 Penrose Street building that was repositioned.
(7)Information shown reflects only the 2034-2040 East 27th Street building that was repositioned.
(8)“Other Repositioning” includes 17 projects where estimated costs are generally less than $2.0 million individually. Repositioning at these 17 projects totals 588,993 RSF.
(9)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(10)As of Dec 31, 2024, 3233 Mission Oaks Blvd comprises 409,217 RSF which are not being redeveloped. We are constructing one new building comprising 116,852 RSF. We are also performing site work across the entire project. At completion, the total project will contain 526,069 RSF. Costs and yield shown reflect the entire project.
(11)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and represented one building totaling 51,594 RSF, out of six buildings at our Rancho Pacifica Park property, which had a total of 1,111,885 RSF. We demolished the existing building and are constructing a new building comprising approximately 76,553 RSF. Amounts detailed in the tables above (RSF, leased %, costs, NOI and stabilized yield) reflect only this one building.
(12)As of June 30, 2024, 20851 Currier Road and 12752-12822 Monarch Street reached one year from the date of completion of repositioning and redevelopment work. As of September 30, 2024, both projects stabilized upon reaching 90% occupancy and these stabilizations are reflected in the table above.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Current Year Investments and Dispositions Summary.
As of December 31, 2024 (unaudited results)
2024 Acquisitions
Investment
Date		 Property Address County Submarket Rentable
Square Feet		 Investment
Price
($ in MM)		 Occ. % at
Acquisition		 Est.
Unlevered
Stabilized
Yield
1/31/2024 5000 & 5010 Azusa Canyon Road Los Angeles San Gabriel Valley 233,984  $ 84.00  100% 5.4%
3/28/2024
Blackstone Industrial Assets(1)
Various Various 3,008,578  996.80  98% 5.6%
4/5/2024 4422 Airport Drive San Bernardino Inland Empire West 88,283  26.73  100% 5.5%
5/10/2024 1901 Rosslynn Avenue Orange North Orange County 278,572  94.25  100% 6.3%
5/23/2024 16203-16233 Arrow Highway Los Angeles San Gabriel Valley 134,542  48.50  100% 6.2%
7/22/2024 950 West 190th Street Los Angeles South Bay 188,545  41.29  100% 6.7%
9/20/2024 12900 Alondra Boulevard Los Angeles Mid-Counties 82,660  19.20  100% 6.5%
10/15/2024 13201 Dahlia Street San Bernardino Inland Empire West 278,650  70.06  100% 5.2%
12/6/2024 2501 Rosecrans Avenue Los Angeles South Bay 300,217  137.20  100% 4.8%
Total 2024 Acquisitions through December 31, 2024 4,594,031  $ 1,518.03 

2024 Dispositions
Disposition
Date		 Property Address County Submarket Rentable
Square Feet		 Sale Price
($ in MM)
4/16/2024 2360-2364 East Sturgis Road Ventura Ventura 49,641  $ 10.00 
5/3/2024 6423-6431 & 6407-6119 Alondra Boulevard Los Angeles South Bay 30,224  7.60 
5/7/2024 15401 Figueroa Street Los Angeles South Bay 38,584  10.23 
5/17/2024 8210 Haskell Avenue Los Angeles Greater San Fernando Valley 26,229  9.20 
8/20/2024 2553 Garfield Avenue Los Angeles Central 25,615  7.28 
Total 2024 Dispositions through December 31, 2024 170,293  $ 44.31 
(1)Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities. Property addresses are listed on the subsequent pages.

Fourth Quarter 2024
Supplemental Financial Reporting Package
Page 31
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Current Year Investments and Dispositions Summary (Continued).
As of December 31, 2024 (unaudited results)
2024 Current Period Acquisitions - Blackstone Industrial Assets
Investment
Date		 Property Address County Submarket Rentable
Square Feet		 Occ. % at
Acquisition
3/28/2024 11120 Sherman Way Los Angeles Greater San Fernando Valley 28,094  100%
3/28/2024 11128 Gault Street Los Angeles Greater San Fernando Valley 30,488  100%
3/28/2024 11130 Sherman Way Los Angeles Greater San Fernando Valley 22,148  100%
3/28/2024 11150 Gault Street Los Angeles Greater San Fernando Valley 19,968  100%
3/28/2024 11156 Sherman Way Los Angeles Greater San Fernando Valley 25,929  100%
3/28/2024 11166 Gault Street Los Angeles Greater San Fernando Valley 20,592  100%
3/28/2024 7100 Case Avenue Los Angeles Greater San Fernando Valley 34,286  100%
3/28/2024 7100 Fair Avenue Los Angeles Greater San Fernando Valley 17,010  100%
3/28/2024 7101 Case Avenue Los Angeles Greater San Fernando Valley 17,010  100%
3/28/2024 7101 Fair Avenue Los Angeles Greater San Fernando Valley 32,741  100%
3/28/2024 7103 Fair Avenue Los Angeles Greater San Fernando Valley 17,010  100%
3/28/2024 7118 Fair Avenue Los Angeles Greater San Fernando Valley 20,273  100%
3/28/2024 7119 Fair Avenue Los Angeles Greater San Fernando Valley 20,273  100%
3/28/2024 7121 Case Avenue Los Angeles Greater San Fernando Valley 20,273  100%
3/28/2024 7149 Fair Avenue Los Angeles Greater San Fernando Valley 32,311  100%
3/28/2024 9140 Lurline Avenue Los Angeles Greater San Fernando Valley 146,516  100%
3/28/2024 10712-10748 Bloomfield Avenue Los Angeles Mid-Counties 75,960  100%
3/28/2024 12932-12958 Midway Place Los Angeles Mid-Counties 161,517  100%
3/28/2024 14407 Alondra Blvd Los Angeles Mid-Counties 221,415  100%
3/28/2024 14647-14667 Northam Street Los Angeles Mid-Counties 140,000  100%
3/28/2024 14680-14700 Alondra Blvd Los Angeles Mid-Counties 96,000  100%
3/28/2024 14710 Northam Street Los Angeles Mid-Counties 45,000  100%
3/28/2024 14720-14750 Alondra Blvd Los Angeles Mid-Counties 100,000  100%
3/28/2024 14725 Northam Street Los Angeles Mid-Counties 80,000  100%
3/28/2024 14730-14750 Northam Street Los Angeles Mid-Counties 67,468  100%
3/28/2024 9028 Dice Road Los Angeles Mid-Counties 96,000  100%
3/28/2024 17705-17709 Valley Blvd Los Angeles San Gabriel Valley 32,000  47%
3/28/2024 17745-17749 Valley Blvd Los Angeles San Gabriel Valley 40,095  100%
3/28/2024 17755 Valley Blvd Los Angeles San Gabriel Valley 30,000  100%
3/28/2024 421 Baldwin Park Blvd Los Angeles San Gabriel Valley 45,000  100%
3/28/2024 433 Baldwin Park Blvd Los Angeles San Gabriel Valley 102,654  100%
3/28/2024 437 Baldwin Park Blvd Los Angeles San Gabriel Valley 70,000  100%
3/28/2024 620-628 Hambledon Avenue Los Angeles San Gabriel Valley 40,000  75%
3/28/2024 630-634 Hambledon Avenue Los Angeles San Gabriel Valley 40,000  100%
3/28/2024 1715 West 132nd Street Los Angeles South Bay 20,168  100%
3/28/2024 2910 Pacific Commerce Drive East Los Angeles South Bay 150,000  100%

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Current Year Investments and Dispositions Summary (Continued).
As of December 31, 2024 (unaudited results)
2024 Current Period Acquisitions - Blackstone Industrial Assets
Investment
Date		 Property Address County Submarket Rentable
Square Feet		 Occ. % at
Acquisition
3/28/2024 1212 Howell Avenue Orange North Orange County 25,962  100%
3/28/2024 1222 Howell Avenue Orange North Orange County 81,325  100%
3/28/2024 1500 Walnut Avenue Orange North Orange County 121,615  100%
3/28/2024 200 Boysenberry Lane Orange North Orange County 198,275  100%
3/28/2024 4141 Palm Street Orange North Orange County 100,000  100%
3/28/2024 1217 Saint Gertrude Place Orange OC Airport 106,604  100%
3/28/2024 20472 Crescent Bay Orange South Orange County 31,020  59%
3/28/2024 20492 Crescent Bay Orange South Orange County 46,642  100%
3/28/2024 20512 Crescent Bay Orange South Orange County 29,285  64%
3/28/2024 20532 Crescent Bay Orange South Orange County 24,127  100%
3/28/2024 25172 Arctic Ocean Drive Orange South Orange County 52,024  100%
3/28/2024 4115 Schaefer Avenue San Bernardino Inland Empire West 33,500  100%
Total 2024 Current Period Acquisitions - Blackstone Industrial Assets 3,008,578 



Fourth Quarter 2024
Supplemental Financial Reporting Package
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Net Asset Value Components.
As of December 31, 2024 (unaudited and in thousands, except share data)
Net Operating Income
Pro Forma Net Operating Income (NOI)(1)
Three Months Ended Dec 31, 2024
Total operating rental income $239,737
Property operating expenses (56,006)
Pro forma effect of uncommenced leases(2)
323
Pro forma effect of acquisitions(3)
2,884
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(4)
26,391
Pro Forma NOI 213,329
Above/(below) market lease revenue adjustments
 (6,159)
Straight line rental revenue adjustment (10,057)
Pro Forma Cash NOI $197,113
Balance Sheet Items
Other assets and liabilities December 31, 2024
Cash and cash equivalents $55,971
Loan receivable, net 123,244
Rents and other receivables, net 15,772
Other assets 26,964
Accounts payable, accrued expenses and other liabilities (149,707)
Dividends payable (97,823)
Tenant security deposits (90,698)
Prepaid rents (90,576)
Estimated remaining cost to complete repositioning/redevelopment projects(5)
(601,313)
Total other assets and liabilities $(808,166)
Debt and Shares Outstanding
Total consolidated debt(6)
$3,379,622
Preferred stock/units - liquidation preference $213,956
Common shares outstanding(7)
224,868,888
Operating partnership units outstanding(8)
8,426,905
Total common shares and operating partnership units outstanding 233,295,793
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 35 and page 12 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of October 1, 2024.
(3)Represents the estimated incremental NOI from Q4'24 acquisitions as if they had been acquired on October 1, 2024. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired entities as of October 1, 2024.
(4)Represents the estimated incremental NOI from the properties that were classified as current or future repositioning/redevelopment, lease-up or stabilized during the three months ended December 31, 2024, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of October 1, 2024. Includes all properties that are separately listed on pages 26-30 and excludes “Other Repositionings.” We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of October 1, 2024.
(5)Excludes unamortized loan discount and debt issuance costs totaling $33.7 million.
(6)Reflects the estimated remaining costs for all properties that are separately listed on pages 26-30 and excludes “Other Repositionings.”
(7)Represents outstanding shares of common stock of the Company, which excludes 416,123 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 1,096,247 vested LTIP Units and 1,262,969 vested performance units and excludes 451,659 unvested LTIP Units and 2,278,110 unvested performance units.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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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 December 31, 2024, multiplied by 12. Includes leases that have commenced as of December 31, 2024 or leases where tenant has taken early possession of space as of December 31, 2024. 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 December 31, 2024.
•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 December 31, 2024, 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 December 31, 2024, 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 December 31, 2024.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of December 31, 2024.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of December 31, 2024.
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) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Core Funds from Operations (“Core FFO”): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Non-GAAP FFO and Core FFO Reconciliations” on pages 12-13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on-going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. 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. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams).

Fourth Quarter 2024
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Notes and Definitions.

Debt Covenants ($ in thousands)
December 31, 2024
Current Period Covenant Revolver, $300M, $400M & $60M Term Loan Facilities Senior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratio less than 60% 24.9% 28.0%
Maximum Secured Leverage Ratio less than 45% 0.7% N/A
Maximum Secured Leverage Ratio less than 40% N/A 0.8%
Maximum Secured Recourse Debt less than 15% N/A —%
Minimum Tangible Net Worth $6,908,385 N/A $9,643,962
Minimum Fixed Charge Coverage Ratio at least 1.50 to 1.00 4.98 to 1.0 4.98 to 1.0
Unencumbered Leverage Ratio less than 60% 26.0% 29.4%
Unencumbered Interest Coverage Ratio at least 1.75 to 1.00 5.62 to 1.00 5.62 to 1.00

December 31, 2024
Current Period Covenant Senior Notes ($400M due 2030
& $400M due 2031)
Maximum Debt to Total Asset Ratio less than 60% 24.9%
Maximum Secured Debt to Total Asset Ratio less than 40% 0.8%
Minimum Debt Service Coverage Ratio at least 1.50 to 1.00 4.69 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratio at least 1.50 to 1.00 4.07 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 EBITDAre: 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 of depreciable property and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDAre 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, (iv) impairments of right of use assets and (v) the pro-forma effects of acquisitions, dispositions and the origination of loans receivable. We believe that EBITDAre and Adjusted EBITDAre 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 EBITDAre are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDAre 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 EBITDAre 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 EBITDAre 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 EBITDAre differently than we do; accordingly, our EBITDAre and Adjusted EBITDAre may not be comparable to such other Equity REITs’ EBITDAre and Adjusted EBITDAre. EBITDAre and Adjusted EBITDAre should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.
Ending occupancy excluding repositioning/redevelopment: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with Repositioning and Redevelopment projects, including those combined in “Other Repositioning”.
Fixed Charge Coverage Ratio:
For the Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
EBITDAre
$ 164,915  $ 165,558  $ 166,057  $ 145,226  $ 140,862 
Above/(below) market lease revenue adjustments
 (6,159) (6,635) (7,268) (7,591) (8,119)
Non-cash stock compensation
 11,539  9,918  11,057  9,088  9,338 
Straight line rental revenue adj.
 (10,057) (11,441) (9,567) (7,368) (8,514)
Capitalized payments
 (4,592) (5,323) (4,930) (5,237) (4,892)
Accretion of net loan origination fees (115) (115) (115) (115) (84)
Recurring capital expenditures
 (7,882) (5,254) (3,502) (2,990) (7,047)
2nd gen. tenant improvements (296) (18) (123) (226) (128)
2nd gen. leasing commissions (3,520) (2,660) (7,436) (3,231) (3,483)
Cash flow for fixed charge coverage calculation $ 143,833  $ 144,030  $ 144,173  $ 127,556  $ 117,933 
Cash interest expense calculation detail:
Interest expense 28,173  27,340  28,412  14,671  14,570 
Capitalized interest 7,510  8,577  7,350  7,926  7,551 
Note payable premium amort. (1,534) (1,511) (1,491) (293) (214)
Amort. of deferred financing costs (1,246) (1,252) (1,266) (1,011) (1,000)
Amort. of swap term fees & t-locks (112) (136) (137) (137) (137)
Cash interest expense 32,791  33,018  32,868  21,156  20,770 
Scheduled principal payments 254  286  298  324  354 
Preferred stock/unit dividends 2,827  2,815  2,846  3,116  3,116 
Fixed charges $ 35,872  $ 36,119  $ 36,012  $ 24,596  $ 24,240 
Fixed Charge Coverage Ratio 4.0  x 4.0  x 4.0  x 5.2  x 4.9  x



Fourth Quarter 2024
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Notes and Definitions.

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 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. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends and any preferred stock redemption charges related to the write-off of original issuance costs).
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 revenue, 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, interest income, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced 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 generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
•Properties Under Redevelopment: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant 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. 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. For projects stabilized or in lease-up, represents the actual construction completion period.
•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. Excludes capitalized costs including capitalized interest, property taxes, insurance and compensation.
•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.

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Notes and Definitions.

•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 35) 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 Unlevered 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.
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 our performance.
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Rental revenue (before collectability adjustment) $ 199,601  $ 197,506  $ 193,497  $ 176,215  $ 173,866 
Tenant reimbursements 39,716  40,969  39,682  35,650  34,507 
Other income 620  651  598  846  484 
Increase (reduction) in revenue due to change in collectability assessment (200) (730) (804) (1,721) (948)
Rental income $ 239,737  $ 238,396  $ 232,973  $ 210,990  $ 207,909 
Cash Rent Change: 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, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Net Effective Rent Change: Compares net effective rent, which straightlines rental rate increases and abatements, on new/renewal leases to net effective 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, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Same Property Portfolio (“SPP”): Our 2024 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through December 31, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through December 31, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-30) and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods.
SPP Historical Information: The table below reflects selected information related to our SPP as initially reported in each quarter’s respective supplemental package. Within a given year, the SPP may reflect changes in repositioning/redevelopment properties or removal of sold properties.
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
# of Properties 293 293 293 296 254
Square Feet 36,961,884 36,961,821 36,956,243 37,109,867 32,476,716
Ending Occupancy 94.1  % 96.7  % 97.3  % 96.4  % 97.5  %
SPP NOI growth 2.2  % 2.6  % 6.0  % 5.5  % 8.4  %
SPP Cash NOI growth 5.3  % 5.3  % 9.1  % 8.5  % 9.5  %
Same Property Portfolio Rental Income: See below for a breakdown of 2024 & 2023 rental income for our SPP. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
Three Months Ended December 31, Year Ended December 31,
2024 2023 $ Change % Change 2024 2023 $ Change % Change
Rental revenue $ 144,280  $ 141,410  $ 2,870  2.0% $ 574,175  $ 551,453  $ 22,722  4.1%
Tenant reimbursements 28,836  28,808  28  0.1% 117,239  113,607  3,632  3.2%
Other income 580  457  123  26.9% 2,412  2,008  404  20.1%
Rental income $ 173,696  $ 170,675  $ 3,021  1.8% $ 693,826  $ 667,068  $ 26,758  4.0%
Reconciliation of Net Income to NOI and Cash NOI (in thousands):
Three Months Ended
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Net Income $ 64,910  $ 70,722  $ 86,017  $ 64,277  $ 67,321 
General and administrative 21,940  20,926  19,307  19,980  19,988 
Depreciation & amortization 71,832  69,241  67,896  66,278  65,839 
Other expenses 34  492  304  1,408  316 
Interest expense 28,173  27,340  28,412  14,671  14,570 
Management & leasing services (167) (156) (156) (132) (163)
Interest income (2,991) (3,291) (4,444) (2,974) (2,353)
Gains on sale of real estate —  (1,745) (16,268) —  (6,868)
NOI $ 183,731  $ 183,529  $ 181,068  $ 163,508  $ 158,650 
S/L rental revenue adj. (10,057) (11,441) (9,567) (7,368) (8,514)
Above/(below) market lease revenue adjustments
 (6,159) (6,635) (7,268) (7,591) (8,119)
Cash NOI $ 167,515  $ 165,453  $ 164,233  $ 148,549  $ 142,017 

Fourth Quarter 2024
Supplemental Financial Reporting Package
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Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
Three Months Ended December 31, Year Ended December 31,
2024 2023 2024 2023
Net income $ 64,910  $ 67,321  $ 285,926  $ 249,591 
General and administrative 21,940  19,988  82,153  75,027 
Depreciation and amortization 71,832  65,839  275,247  244,510 
Other expenses 34  316  2,238  1,820 
Interest expense 28,173  14,570  98,596  61,400 
Management and leasing services (167) (163) (611) (682)
Interest income (2,991) (2,353) (13,700) (5,761)
Gains on sale of real estate —  (6,868) (18,013) (19,001)
NOI $ 183,731  $ 158,650  $ 711,836  $ 606,904 
Non-Same Property Portfolio rental income (66,041) (37,234) (228,270) (124,315)
Non-Same Property Portfolio property exp. 15,246  8,630  50,697  30,589 
Same Property Portfolio NOI $ 132,936  $ 130,046  $ 534,263  $ 513,178 
Straight line rental revenue adjustment (3,397) (5,010) (19,209) (26,676)
Above/(below) market lease revenue adjustments
 (4,236) (6,034) (20,014) (24,244)
Same Property Portfolio Cash NOI $ 125,303  $ 119,002  $ 495,040  $ 462,258 
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2025 Estimate
Low High
Net income attributable to common stockholders $ 1.21  $ 1.25 
Company share of depreciation and amortization 1.16  1.16 
Company share of Core FFO $ 2.37  $ 2.41 
Occupancy by County:
Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
Ending Occupancy:
Los Angeles County 90.2% 93.6% 94.9% 93.8% 95.4%
Orange County 90.3% 90.6% 88.0% 89.4% 92.4%
Riverside / San Bernardino County 96.0% 93.9% 94.8% 90.9% 90.8%
San Diego County 89.8% 92.3% 92.6% 94.9% 93.2%
Ventura County 91.2% 89.8% 92.5% 92.6% 96.7%
Total/Weighted Average 91.3% 93.7% 92.8% 94.1% 94.1%
Total Portfolio RSF 50,788,225 50,067,981 49,710,628 49,162,216 45,860,368
Uncommenced Lease Data:
Total/Weighted Average
Occupied SF 46,387,018 
Uncommenced Renewal Leases - Leased SF(1)
897,296 
Uncommenced New Leases - Leased SF(1)
33,065 
Leased SF 46,420,083 
Percent Leased 91.4  %
In-Place ABR(2)
$ 775,325 
ABR Under Uncommenced Leases (in thousands)(2)(3)
1,293 
In-Place + Uncommenced ABR (in thousands)(2)
$ 776,618 
In-Place + Uncommenced ABR per SF(2)
$ 16.73 
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of December 31, 2024.
(2)See page 35 for further details on how these amounts are calculated.
(3)Includes $0.6 million of annualized base rent under Uncommenced New Leases and $0.7 million of incremental annualized base rent under Uncommenced Renewal Leases.


Fourth Quarter 2024
Supplemental Financial Reporting Package
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