Form: 8-K

Current report

October 15, 2025

Documents

Exhibit 99.2
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Table of Contents.
SectionPage
Corporate Data:
Consolidated Financial Results:
Portfolio Data:
Disclosures:
Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, 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 2024 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 10, 2025, 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.

Third Quarter 2025
Supplemental Financial Reporting Package
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Investor Company Summary.
Executive Management Team
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Laura ClarkChief Operating Officer
Michael FitzmauriceChief Financial Officer
David E. Lanzer
General Counsel and Corporate Secretary
Board of Directors
Tyler H. Rose
Chairman
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Robert L. AntinDirector
Diana J. IngramDirector
Angela L. KleimanDirector
Debra L. MorrisDirector
Investor Relations Information
Mikayla Lynch
Director, Investor Relations and Capital Markets
mlynch@rexfordindustrial.com
Equity Research Coverage
BofA Securities
Samir Khanal
(646) 855-1497
Green Street AdvisorsVince Tibone(949) 640-8780
BarclaysBrendan Lynch(212) 526-9428J.P. Morgan SecuritiesMichael Mueller(212) 622-6689
BMO Capital MarketsJohn Kim(212) 885-4115Jefferies LLCJonathan Petersen(212) 284-1705
BNP Paribas ExaneNate Crossett(646) 342-1588Mizuho Securities USAVikram Malhotra(212) 282-3827
Cantor Fitzgerald
Richard Anderson
(929) 441-6927
Robert W. Baird & Co.Nicholas Thillman(414) 298-5053
Citigroup Investment ResearchCraig Mailman(212) 816-4471ScotiabankGreg McGinniss(212) 225-6906
Colliers SecuritiesBarry Oxford(203) 961-6573Truist SecuritiesAnthony Hau(212) 303-4176
Deutsche Bank
Omotayo Okusanya
(212) 250-9284
Wells Fargo SecuritiesBlaine Heck(443) 263-6529
Evercore ISI
Steve Sakwa(212) 446-9462Wolfe ResearchAndrew Rosivach(646) 582-9250
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.

Third Quarter 2025
Supplemental Financial Reporting Package
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Company Overview.
For the Quarter Ended September 30, 2025
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Third Quarter 2025
Supplemental Financial Reporting Package
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Highlights - Consolidated Financial Results.
Quarterly Results(in millions)

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Third Quarter 2025
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
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Financial Results:
Total rental income$246,757$241,568$248,821$239,737$238,396
Net income$93,056$120,394$74,048$64,910$70,722
Net Operating Income (NOI)$188,878$186,270$193,560$183,731$183,529
Company share of Core FFO$141,700$139,709$141,023$128,562$130,011
Company share of Core FFO per common share - diluted$0.60$0.59$0.62$0.58$0.59
Adjusted EBITDAre
$182,624$184,111$184,859$179,347$175,929
Dividend declared per common share$0.4300$0.4300$0.4300$0.4175$0.4175
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)50,850,82451,021,89750,952,13750,788,22550,067,981
Ending occupancy91.8%89.2%89.6%91.3%93.0%
Ending occupancy excluding repositioning/redevelopment(2)
97.3%95.0%95.1%96.0%97.6%
Net Effective Rent Change26.1%20.9%23.8%55.4%39.2%
Cash Rent Change10.3%8.1%14.7%41.0%26.7%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(3)(4)
96.8%96.2%95.8%96.4%96.9%
Same Property Portfolio NOI growth(4)(5)
1.9%1.2%0.8%
Same Property Portfolio Cash NOI growth(4)(5)
5.5%4.0%5.2%
Capitalization:
Total shares and units issued and outstanding at period end(6)
240,452,878244,334,274244,310,773233,295,793227,278,210
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units$173,250$173,250$173,250$213,956$213,956
Total equity market capitalization$10,058,268$8,864,220$9,738,017$9,233,171$11,648,323
Total consolidated debt$3,278,896$3,379,141$3,379,383$3,379,622$3,386,273
Total combined market capitalization (net debt plus equity)$13,088,208$11,812,244$12,612,821$12,556,822$14,972,760
Ratios:
Net debt to total combined market capitalization23.2%25.0%22.8%26.5%22.2%
Net debt to Adjusted EBITDAre (quarterly results annualized)
4.1x4.0x3.9x4.6x4.7x
(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 26-32.
(3)Reflects the ending occupancy for the 2025 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 38.
(4)For comparability, Same Property Portfolio ending occupancy, NOI growth and Cash NOI growth for all comparable periods have been restated to remove the results of 1332 & 13336 Rocky Point Drive and 8542 Slauson Avenue, which were sold during Q3’25. See page 33 for details related to dispositions.
(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: 8,155,706 (Sep 30, 2025), 8,182,445 (Jun 30, 2025), 8,700,301 (Mar 31, 2025), 8,426,905 (Dec 31, 2024) and 8,175,868 (Sep 30, 2024). Excludes the following # of shares of unvested restricted stock: 513,234 (Sep 30, 2025), 542,922 (Jun 30, 2025), 560,382 (Mar 31, 2025), 416,123 (Dec 31, 2024) and 405,003 (Sep 30, 2024). Excludes unvested LTIP units and unvested performance units.

Third Quarter 2025
Supplemental Financial Reporting Package
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Guidance.
As of September 30, 2025
2025 OUTLOOK*
METRICQ3-2025 UPDATED
 GUIDANCE		Q2-2025
GUIDANCE		YTD RESULTS AS OF SEPTEMBER 30, 2025
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$1.44 - $1.46$1.38 - $1.42$1.16
Company share of Core FFO per diluted share (1)(2)
$2.39 - $2.41$2.37 - $2.41$1.82
Same Property Portfolio NOI Growth - Net Effective (3)
0.75% - 1.25%0.75% - 1.25%1.3%
Same Property Portfolio NOI Growth - Cash (3)
3.75% - 4.25%2.25% - 2.75%4.9%
Average Same Property Portfolio Occupancy (Full Year) (3)(4)
+/- 96.0%95.5% - 96.0%96.2%
Net General and Administrative Expenses (5)
+/- $82M+/- $82M$59.7M
Net Interest Expense+/- $105M+/- $107M$79.5M
(1)Our 2025 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of September 30, 2025, and does not include any assumptions for additional 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 September 30, 2025, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 (as separately listed on pages 26-32) and select buildings in “Other Repositioning.” As of September 30, 2025, our 2025 Same Property Portfolio consisted of buildings aggregating 37.9 million rentable square feet at 288 of our properties, representing approximately 80% of Q3-2025 total portfolio NOI.
(4)Calculated by averaging the occupancy rate at the end of each month during the year-to-date period and December 2024.
(5)Our Net 2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $38.3 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.

Third Quarter 2025
Supplemental Financial Reporting Package
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Guidance (Continued).
As of September 30, 2025

2025 Guidance Rollforward (1)

Earnings ComponentsRange
($ per share)		Notes
Q2 2025 Core FFO Per Diluted Share Guidance
$2.37$2.41

Same Property Portfolio NOI Growth——
SP Net Effective NOI Growth guidance unchanged at 0.75% - 1.25%
Repositioning/Redevelopment NOI
—(0.01)
Projected rent commencement timing extended
Net General & Administrative Expenses (2)
——
Guidance unchanged at +/- $82M
Net Interest Expense0.01—
Guidance updated to +/- $105M
Decrease in Share Count0.010.01
$150M of share repurchases in 3Q at a weighted average share
 price of $38.62
Current 2025 Core FFO Per Diluted Share Guidance
$2.39$2.41
Core FFO Per Diluted Share Annual Growth2%3%
(1)2025 Guidance and Guidance Rollforward represent the in-place portfolio as of September 30, 2025, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.
(2)Our Net 2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $38.3 million.



Third Quarter 2025
Supplemental Financial Reporting Package
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Consolidated Balance Sheets.
(unaudited and in thousands)
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
ASSETS
Land$7,774,737 $7,787,021 $7,797,744 $7,822,290 $7,703,232 
Buildings and improvements4,607,202 4,594,494 4,573,881 4,611,987 4,416,032 
Tenant improvements194,405 186,429 181,632 188,217 181,785 
Furniture, fixtures, and equipment132 132 132 132 132 
Construction in progress475,072 431,807 386,719 333,690 370,431 
  Total real estate held for investment13,051,548 12,999,883 12,940,108 12,956,316 12,671,612 
Accumulated depreciation(1,119,746)(1,070,684)(1,021,151)(977,133)(925,373)
Investments in real estate, net11,931,802 11,929,199 11,918,957 11,979,183 11,746,239 
Cash and cash equivalents248,956 431,117 504,579 55,971 61,836 
Restricted cash65,464 130,071 50,105 — — 
Loan receivable, net123,589 123,474 123,359 123,244 123,129 
Rents and other receivables, net15,727 12,861 17,622 15,772 17,315 
Deferred rent receivable, net181,439 173,691 166,893 161,693 151,637 
Deferred leasing costs, net82,227 71,482 70,404 67,827 69,152 
Deferred loan costs, net7,391 7,892 1,642 1,999 2,356 
Acquired lease intangible assets, net(1)
154,931 169,036 182,444 201,467 205,510 
Acquired indefinite-lived intangible asset
5,156 5,156 5,156 5,156 5,156 
Interest rate swap assets
2,804 3,586 5,580 8,942 3,880 
Other assets31,522 15,765 20,730 26,964 34,092 
Assets associated with real estate held for sale, net— 6,282 18,386 — — 
Total Assets$12,851,008 $13,079,612 $13,085,857 $12,648,218 $12,420,302 
LIABILITIES & EQUITY
Liabilities
Notes payable$3,249,733 $3,347,575 $3,348,060 $3,345,962 $3,350,190 
Interest rate swap liability1,626 667 — — 295 
Accounts payable, accrued expenses and other liabilities153,558 124,814 141,999 149,707 169,084 
Dividends and distributions payable103,913 105,594 105,285 97,823 95,288 
Acquired lease intangible liabilities, net(2)
122,870 129,683 136,661 147,473 155,328 
Tenant security deposits91,835 90,757 90,050 90,698 91,983 
Tenant prepaid rents
85,114 85,494 88,822 90,576 93,218 
Liabilities associated with real estate held for sale— 4 234 — — 
Total Liabilities3,808,649 3,884,588 3,911,111 3,922,239 3,955,386 
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 stock155,676 155,676 155,676 155,676 155,676 
Common stock2,328 2,367 2,362 2,253 2,195 
Additional paid in capital8,993,439 9,140,264 9,116,069 8,601,276 8,318,979 
Cumulative distributions in excess of earnings(474,813)(462,309)(474,550)(441,881)(407,695)
Accumulated other comprehensive income (loss)(515)1,092 3,582 6,746 1,474 
Total stockholders’ equity8,676,115 8,837,090 8,803,139 8,324,070 8,070,629 
Noncontrolling interests366,244 357,934 371,607 401,909 394,287 
Total Equity9,042,359 9,195,024 9,174,746 8,725,979 8,464,916 
Total Liabilities and Equity$12,851,008 $13,079,612 $13,085,857 $12,648,218 $12,420,302 
(1)Includes net above-market tenant lease intangibles of $22,574 (Sep 30, 2025), $24,994 (Jun 30, 2025), $27,043 (Mar 31, 2025), $29,530 (Dec 31, 2024) and $30,435 (Sep 30, 2024), and a net below-market ground lease intangible of $12,395 (Sep 30, 2025), $12,436 (Jun 30, 2025), $12,477 (Mar 31, 2025), $12,518 (Dec 31, 2024) and $12,559 (Sep 30, 2024).
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.

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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
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Revenues
Rental income(1)
$246,757 $241,568 $248,821 $239,737 $238,396 
Management and leasing services118 132 142 167 156 
Interest income6,367 7,807 3,324 2,991 3,291 
Total Revenues253,242 249,507 252,287 242,895 241,843 
Operating Expenses
Property expenses57,879 55,298 55,261 56,006 54,867 
General and administrative20,037 19,752 19,868 21,940 20,926 
Depreciation and amortization81,172 71,188 86,740 71,832 69,241 
Total Operating Expenses159,088 146,238 161,869 149,778 145,034 
Other Expenses
Other expenses4,218 244 2,239 34 492 
Interest expense25,463 26,701 27,288 28,173 27,340 
Total Expenses188,769 173,183 191,396 177,985 172,866 
Debt extinguishment and modification expenses— (291)— — — 
Gains on sale of real estate28,583 44,361 13,157 — 1,745 
Net Income93,056 120,394 74,048 64,910 70,722 
Less: net income attributable to noncontrolling interests(3,137)(4,060)(2,849)(2,725)(2,952)
Net income attributable to Rexford Industrial Realty, Inc. 89,919 116,334 71,199 62,185 67,770 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: earnings allocated to participating securities (519)(592)(539)(457)(395)
Net income attributable to common stockholders$87,086 $113,427 $68,346 $59,413 $65,061 
Earnings per Common Share
Net income attributable to common stockholders per share - basic$0.37 $0.48 $0.30 $0.27 $0.30 
Net income attributable to common stockholders per share - diluted$0.37 $0.48 $0.30 $0.27 $0.30 
Weighted average shares outstanding - basic234,586,980236,098,831227,395,984222,516,006218,759,979
Weighted average shares outstanding - diluted234,586,980236,098,831227,395,984222,856,120219,133,037
(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.

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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 September 30,Nine Months Ended September 30,
2025202420252024
Revenues
Rental income$246,757 $238,396 $737,146 $682,359 
Management and leasing services118 156 392 444 
Interest income6,367 3,291 17,498 10,709 
Total Revenues253,242 241,843 755,036 693,512 
Operating Expenses
Property expenses57,879 54,867 168,438 154,254 
General and administrative20,037 20,926 59,657 60,213 
Depreciation and amortization81,172 69,241 239,100 203,415 
Total Operating Expenses159,088 145,034 467,195 417,882 
Other Expenses
Other expenses4,218 492 6,701 2,204 
Interest expense25,463 27,340 79,452 70,423 
Total Expenses188,769 172,866 553,348 490,509 
Debt extinguishment and modification expenses
— — (291)— 
Gains on sale of real estate28,583 1,745 86,101 18,013 
Net Income93,056 70,722 287,498 221,016 
 Less: net income attributable to noncontrolling interests(3,137)(2,952)(10,046)(9,399)
Net income attributable to Rexford Industrial Realty, Inc. 89,919 67,770 277,452 211,617 
 Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
 Less: earnings allocated to participating securities (519)(395)(1,650)(1,222)
Net income attributable to common stockholders$87,086 $65,061 $268,859 $203,452 
Net income attributable to common stockholders per share – basic$0.37 $0.30 $1.16 $0.94 
Net income attributable to common stockholders per share – diluted$0.37 $0.30 $1.16 $0.94 
Weighted-average shares of common stock outstanding – basic234,586,980 218,759,979 232,720,272 216,857,153 
Weighted-average shares of common stock outstanding – diluted234,586,980 219,133,037 232,720,272 216,993,590 


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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
September 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Net Income$93,056 $120,394 $74,048 $64,910 $70,722 
Adjustments:
Depreciation and amortization81,172 71,188 86,740 71,832 69,241 
Gains on sale of real estate(28,583)(44,361)(13,157)— (1,745)
NAREIT Defined Funds From Operations (FFO)
145,645 147,221 147,631 136,742 138,218 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: FFO attributable to noncontrolling interests(2)
(4,906)(4,962)(5,394)(5,283)(5,389)
Less: FFO attributable to participating securities(3)
(713)(728)(750)(624)(566)
Company share of FFO$137,712 $139,216 $139,173 $128,520 $129,949 
Company share of FFO per common share‐basic$0.59 $0.59 $0.61 $0.58 $0.59 
Company share of FFO per common share‐diluted$0.59 $0.59 $0.61 $0.58 $0.59 
FFO$145,645 $147,221 $147,631 $136,742 $138,218 
Adjustments:
Acquisition expenses(4)
161 23 79 9 6 
Debt extinguishment and modification expenses— 291 — — — 
Amortization of loss on termination of interest rate swaps— — — 34 59 
Non-capitalizable demolition costs(4)
— — 365 — — 
Severance costs(4)(5)
2,728 199 1,483 — — 
Other nonrecurring expenses(4)
1,259 — — — — 
Core FFO 149,793 147,734 149,558 136,785 138,283 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: Core FFO attributable to noncontrolling interests(2)
(5,045)(4,979)(5,461)(5,284)(5,391)
Less: Core FFO attributable to participating securities(3)
(734)(731)(760)(624)(567)
Company share of Core FFO$141,700 $139,709 $141,023 $128,562 $130,011 
Company share of Core FFO per common share‐basic$0.60 $0.59 $0.62 $0.58 $0.59 
Company share of Core FFO per common share‐diluted$0.60 $0.59 $0.62 $0.58 $0.59 
Weighted-average shares outstanding-basic234,586,980 236,098,831 227,395,984 222,516,006 218,759,979 
Weighted-average shares outstanding-diluted(6)
234,586,980 236,098,831 227,395,984 222,856,120 219,133,037 
(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, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(4)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(5)Includes costs associated with workforce reduction and workforce reorganization.
(6)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.

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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 September 30,Nine Months Ended September 30,
2025202420252024
Net Income$93,056 $70,722 $287,498 $221,016 
Adjustments:
Depreciation and amortization81,172 69,241 239,100 203,415 
Gains on sale of real estate(28,583)(1,745)(86,101)(18,013)
Funds From Operations (FFO)145,645 138,218 440,497 406,418 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: FFO attributable to noncontrolling interests(4,906)(5,389)(15,262)(15,987)
Less: FFO attributable to participating securities(713)(566)(2,191)(1,718)
Company share of FFO$137,712 $129,949 $416,101 $381,770 
Company share of FFO per common share‐basic$0.59 $0.59 $1.79 $1.76 
Company share of FFO per common share‐diluted$0.59 $0.59 $1.79 $1.76 
FFO$145,645 $138,218 $440,497 $406,418 
Adjustments:
Acquisition expenses(2)
161 6 263 114 
Debt extinguishment and modification expenses— — 291 — 
Amortization of loss on termination of interest rate swaps— 59 — 177 
Non-capitalizable demolition costs(2)
— — 365 1,127 
Severance costs(2)(3)
2,728 — 4,410 — 
Other nonrecurring expenses(2)
1,259 — 1,259 — 
Core FFO149,793 138,283 447,085 407,836 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: Core FFO attributable to noncontrolling interests(5,045)(5,391)(15,485)(16,035)
Less: Core FFO attributable to participating securities(734)(567)(2,225)(1,725)
Company share of Core FFO$141,700 $130,011 $422,432 $383,133 
Company share of Core FFO per common share‐basic$0.60 $0.59 $1.82 $1.77 
Company share of Core FFO per common share‐diluted$0.60 $0.59 $1.82 $1.77 
Weighted-average shares outstanding-basic234,586,980 218,759,979 232,720,272 216,857,153 
Weighted-average shares outstanding-diluted234,586,980 219,133,037 232,720,272 216,993,590 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 35 of this report.
(2)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(3)Includes costs associated with workforce reduction and workforce reorganization.


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Non-GAAP AFFO Reconciliation.(1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
September 30,
2025		June 30,
2025		March 31,
2025		December 31,
2024		September 30,
2024
Funds From Operations(2)
$145,645 $147,221 $147,631 $136,742 $138,218 
Adjustments:
Amortization of deferred financing costs1,340 1,255 1,134 1,246 1,252 
Non-cash stock compensation10,485 10,091 9,699 11,539 9,918 
Debt extinguishment and modification expenses— 291 — — — 
Amortization related to termination/settlement of interest rate derivatives78 76 77 112 136 
Note payable (discount) premium amortization, net1,597 1,579 1,560 1,534 1,511 
Non-capitalizable demolition costs— — 365 — — 
Severance costs2,728 199 1,483 — — 
Other nonrecurring expenses1,259 — — — — 
Deduct:
Preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Straight line rental revenue adjustment(3)
(8,164)(6,918)(5,517)(10,057)(11,441)
Above/(below) market lease revenue adjustments(5,254)(5,788)(9,186)(6,159)(6,635)
Capitalized payments(4)
(15,756)(14,368)(13,321)(12,102)(13,900)
Accretion of net loan origination fees(115)(115)(115)(115)(115)
Recurring capital expenditures(5)
(3,563)(5,887)(1,311)(7,882)(5,254)
2nd generation tenant improvements(6)
(460)(663)(162)(296)(18)
2nd generation leasing commissions(7)
(8,007)(4,162)(4,879)(3,520)(2,660)
Adjusted Funds From Operations (AFFO)$119,499 $120,496 $125,144 $108,727 $108,698 

(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 $7,433, $5,844, $7,035, $8,504 and $7,600 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(4)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(5)Excludes nonrecurring capital expenditures of $62,309, $65,376, $43,361, 67,594 and $94,436 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(6)Excludes 1st generation tenant improvements of $328, $292, $798, $189 and $470 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(7)Excludes 1st generation leasing commissions of $7,984, $1,879, $3,058, $290 and $2,776 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.

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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
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Rental income(2)(3)(4)
$246,757 $241,568 $248,821 $239,737 $238,396 
Less: Property expenses57,879 55,298 55,261 56,006 54,867 
Net Operating Income (NOI)$188,878 $186,270 $193,560 $183,731 $183,529 
Above/(below) market lease revenue adjustments
(5,254)(5,788)(9,186)(6,159)(6,635)
Straight line rental revenue adjustment(8,164)(6,918)(5,517)(10,057)(11,441)
Cash NOI$175,460 $173,564 $178,857 $167,515 $165,453 
EBITDAre and Adjusted EBITDAre
Three Months Ended
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Net income$93,056 $120,394 $74,048 $64,910 $70,722 
Interest expense25,463 26,701 27,288 28,173 27,340 
Depreciation and amortization81,172 71,188 86,740 71,832 69,241 
Gains on sale of real estate(28,583)(44,361)(13,157)— (1,745)
EBITDAre
$171,108 $173,922 $174,919 $164,915 $165,558 
Stock-based compensation amortization10,485 10,091 9,699 11,539 9,918 
Debt extinguishment and modification expenses— 291 — — — 
Acquisition expenses161 23 79 9 6 
Other nonrecurring expenses
1,259 — — — — 
Pro forma effect of acquisitions(5)
— — — 2,884 426 
Pro forma effect of dispositions(6)
(389)(216)162 — 21 
Adjusted EBITDAre
$182,624 $184,111 $184,859 $179,347 $175,929 
(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 increase (decrease) to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $13, $(141), $(2,303), $(200) and $(730) for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.
(4)Rental income includes net lease termination income (in thousands) of $458, $0, $8,935, $614 and $0 for the three months ended September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively. Amounts include lease termination fees and write-offs of straight-line rent and above/(below) market lease intangibles associated with lease terminations.
(5)Represents the estimated impact on 4Q'24 EBITDAre of 4Q'24 acquisitions as if they had been acquired on October 1, 2024 and the impact on 3Q'24 EBITDAre of 3Q'24 acquisitions as if they had been acquired on July 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 EBITDAre had we acquired these as of the beginning of each period.
(6)Represents the estimated impact on 3Q'25 EBITDAre of 3Q'25 dispositions as if they had been sold as of July 1, 2025, the impact on 2Q'25 EBITDAre of 2Q'25 dispositions as if they had been sold as of April 1, 2025, the impact on 1Q'25 EBITDAre of 1Q'25 dispositions as if they had been sold as of January 1, 2025 and the impact on 3Q'24 EBITDAre of 3Q'24 dispositions as if they had been sold as of July 1, 2024.

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Same Property Portfolio Performance.(1)
(unaudited and dollars in thousands)
Same Property Portfolio:
Number of properties288
Square Feet37,916,326
Same Property Portfolio NOI and Cash NOI:
Three Months Ended September 30,Nine Months Ended September 30,
20252024$ Change% Change20252024$ Change% Change
Rental income(2)(3)(4)
$194,202 $190,107 $4,095 2.2%$573,711 $563,695 $10,016 1.8%
Property expenses43,998 42,668 1,330 3.1%127,326 122,980 4,346 3.5%
Same Property Portfolio NOI$150,204 $147,439 $2,765 1.9%
(4)
$446,385 $440,715 $5,670 1.3%
(4)
Straight-line rental revenue adjustment
(3,776)(7,763)3,987 (51.4)%(11,709)(22,502)10,793 (48.0)%
Above/(below) market lease revenue adjustments
(5,081)(5,727)646 (11.3)%(15,082)(18,198)3,116 (17.1)%
Same Property Portfolio Cash NOI$141,347 $133,949 $7,398 5.5%
(4)
$419,594 $400,015 $19,579 4.9%
(4)

Same Property Portfolio Occupancy:
Three Months Ended September 30,
20252024Year-over-Year
Change
(basis points)
Three Months Ended June 30, 2025(5)
Sequential
Change
(basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County96.7%97.5%(80) bps95.6%110 bps
Orange County98.7%99.3%(60) bps99.0%(30) bps
Riverside / San Bernardino County95.4%97.2%(180) bps96.6%(120) bps
San Diego County98.3%95.8%250 bps98.0%30 bps
Ventura County94.3%92.3%200 bps91.4%290 bps
Quarterly Weighted Average Occupancy96.5%97.2%(70) bps96.0%50 bps
Ending Occupancy:96.8%96.9%(10) bps96.2%60 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 and nine months ended September 30, 2025 and 2024.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(111) thousand and $(420) thousand for the three months ended September 30, 2025 and 2024, respectively, and $(2,483) thousand and $(2,396) thousand for the nine months ended September 30, 2025 and 2024.
(4)Rental income includes lease termination fees of $853 thousand and $0 thousand for the three months ended September 30, 2025 and 2024, respectively, and $874 thousand and $131 thousand for the nine months ended September 30, 2025 and 2024, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 1.3% and 1.1% and Same Property Portfolio Cash NOI increased by approximately 4.9% and 4.7% during the three and nine months ended September 30, 2025, compared to the three and nine months ended September 30, 2024, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 3Q-2025 and June 2025 (for 3Q-2025), the end of each month in 3Q-2024 and June 2024 (for 3Q-2024) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).

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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of September 30, 2025
chart-094589f4cb104cb98f6a.jpg
DescriptionSeptember 30, 2025June 30, 2025March 31, 2025December 31, 2024September 30, 2024
Common shares outstanding(1)
232,297,172 236,151,829 235,610,472 224,868,888 219,102,342 
Operating partnership units outstanding(2)
8,155,706 8,182,445 8,700,301 8,426,905 8,175,868 
Total shares and units outstanding at period end240,452,878 244,334,274 244,310,773 233,295,793 227,278,210 
Share price at end of quarter$41.11 $35.57 $39.15 $38.66 $50.31 
Common Stock and Operating Partnership Units - Capitalization$9,885,018 $8,690,970 $9,564,767 $9,019,215 $11,434,367 
Series B and C Cumulative Redeemable Preferred Stock(3)
$161,250 $161,250 $161,250 $161,250 $161,250 
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)
— — — 40,706 40,706 
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)
12,000 12,000 12,000 12,000 12,000 
Preferred Equity$173,250 $173,250 $173,250 $213,956 $213,956 
Total Equity Market Capitalization$10,058,268 $8,864,220 $9,738,017 $9,233,171 $11,648,323 
Total Debt$3,278,896 $3,379,141 $3,379,383 $3,379,622 $3,386,273 
Less: Cash and cash equivalents(248,956)(431,117)(504,579)(55,971)(61,836)
Net Debt$3,029,940 $2,948,024 $2,874,804 $3,323,651 $3,324,437 
Total Combined Market Capitalization (Net Debt plus Equity)$13,088,208 $11,812,244 $12,612,821 $12,556,822 $14,972,760 
Net debt to total combined market capitalization23.2 %25.0 %22.8 %26.5 %22.2 %
Net debt to Adjusted EBITDAre (quarterly results annualized)(5)
4.1x4.0x3.9x4.6x4.7x
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5)
4.4x4.2x4.1x4.9x5.0x
(1)Excludes the following number of shares of unvested restricted stock: 513,234 (Sep 30, 2025), 542,922 (Jun 30, 2025), 560,382 (Mar 31, 2025), 416,123 (Dec 31, 2024) and 405,003 (Sep 30, 2024). During the third quarter of 2025, the Company repurchased 3,883,845 shares common stock under its stock repurchase programs at a weighted average price of $38.62 per share for a total of $150.1 million, including commissions.
(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 Sep 30, 2025, includes 1,260,083 vested LTIP Units & 1,236,520 vested performance units & excludes 463,555 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 904,583 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 March 6, 2025, we exercised our conversion right to convert all remaining 904,583 Series 2 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.

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Debt Summary.
(unaudited and dollars in thousands)
Debt Detail:
As of September 30, 2025
Debt DescriptionMaturity DateStated
Interest Rate
Effective
Interest Rate(1)
Principal
Balance(2)
Unsecured Debt:
$1.25 Billion Revolving Credit Facility(3)
5/30/2029(4)
SOFR+0.725%(5)
4.965%$— 
$575M Exchangeable 2027 Senior Notes(6)
3/15/20274.375%4.375%575,000 
$300M Term Loan Facility5/26/2027
SOFR+0.80%(5)
   3.717%(7)
300,000 
$125M Senior Notes7/13/20273.930%3.930%125,000 
$300M Senior Notes6/15/20285.000%5.000%300,000 
$575M Exchangeable 2029 Senior Notes(6)
3/15/20294.125%4.125%575,000 
$25M Series 2019A Senior Notes7/16/20293.880%3.880%25,000 
$400M Senior Notes12/1/20302.125%2.125%400,000 
$400M Term Loan Facility5/30/2030
SOFR+0.80%(5)
   4.214%(8)
400,000 
$400M Senior Notes - Green Bond9/1/20312.150%2.150%400,000 
$75M Series 2019B Senior Notes7/16/20344.030%4.030%75,000 
Secured Debt:
$60M Term Loan Facility
10/27/2026(9)
SOFR+1.250%(9)
   5.060%(10)
60,000 
701-751 Kingshill Place1/5/20263.900%3.900%6,749 
13943-13955 Balboa Boulevard7/1/20273.930%3.930%13,915 
2205 126th Street12/1/20273.910%3.910%5,200 
2410-2420 Santa Fe Avenue1/1/20283.700%3.700%10,300 
11832-11954 La Cienega Boulevard7/1/20284.260%4.260%3,710 
1100-1170 Gilbert Street (Gilbert/La Palma)3/1/20315.125%5.125%1,378 
7817 Woodley Avenue8/1/20394.140%4.140%2,644 
Total Debt3.741%$3,278,896 

Debt Composition:
Category
Weighted Average Term Remaining (yrs)
Stated Interest RateEffective Interest RateBalance% of Total
Fixed3.5
3.741% (See Table Above)
3.741%$3,278,896 100%
Variable———%$— 0%
Secured1.74.590%$103,896 3%
Unsecured3.63.713%$3,175,000 97%

*See footnotes on the following page*

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Debt Summary (Continued).
(unaudited and dollars in thousands)
chart-017ad8a1244147359bea.jpg
Debt Maturity Schedule(11):
Year
Secured
UnsecuredTotal% Total
Effective Interest Rate(1)
2025$— $— $— — %— %
202666,749 — 66,749 2 %4.943 %
202719,115 1,000,000 1,019,115 32 %4.118 %
202814,010 300,000 314,010 10 %4.949 %
2029— 600,000 600,000 18 %4.115 %
2030— 800,000 800,000 24 %3.169 %
20311,378 400,000 401,378 12 %2.160 %
2032— — — — %— %
2033— — — — %— %
2034— 75,000 75,000 2 %4.030 %
Thereafter2,644 — 2,644 — %4.140 %
Total$103,896 $3,175,000 $3,278,896 100 %3.741 %
(1)Includes the effect of interest rate swaps effective as of September 30, 2025. See notes (7), (8) and (10). Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $29.2 million as of September 30, 2025.
(3)The $1.25B 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 are also two sustainability-linked pricing components that can periodically change the facility fee by -/+ 0.01% (or zero) depending on our achievement of the annual sustainability performance metric. The sustainability-linked pricing adjustment for the facility fee is currently zero.
(4)The Revolver has two six-month extensions, subject to certain terms and conditions.
(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 0.10% SOFR adjustment for the $300M term loan facility), 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. The sustainability-linked pricing adjustment for the margin is currently zero.
(6)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.
(7)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.
(8)We effectively fixed Daily SOFR related to our $400M term loan facility at a weighted average rate of 3.41375%, commencing on July 1, 2025 through May 30, 2030, through the use of interest rate swaps. The all-in fixed rate on the $400M term loan facility is 4.214% after adding the applicable margin and sustainability-related rate adjustment.
(9)The $60M term loan facility has interest-only payment terms (1M SOFR + 0.10% SOFR adjustment + margin of 1.250%). On July 11, 2025, we exercised a one-year extension option, extending the loan’s maturity date to October 27, 2026. Subsequently, on September 2, 2025, we amended this loan to, among other changes, add two additional one-year extension options. As of September 30, 2025, we have three remaining one-year extension options available.
(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)Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.

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Operations.
Quarterly Results

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Portfolio Overview.
At September 30, 2025(unaudited results)
Consolidated Portfolio:
Rentable Square FeetEnding 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
Repo/Redev(2)
Total
(in 000’s)		Per Square
Foot
Central LA202,778,544 451,803 3,230,347 96.6 %82.5 %94.7 %97.6 %$40,783 $13.34
Greater San Fernando Valley745,485,235 1,655,320 7,140,555 96.6 %69.2 %90.3 %98.0 %112,382 $17.44
Mid-Counties 392,984,698 1,669,792 4,654,490 98.9 %76.8 %90.9 %99.2 %71,322 $16.85
San Gabriel Valley463,407,578 2,502,784 5,910,362 92.0 %88.7 %90.6 %94.4 %71,045 $13.27
South Bay816,303,325 1,657,301 7,960,626 98.8 %57.3 %90.2 %99.2 %167,796 $23.38
Los Angeles County26020,959,380 7,937,000 28,896,380 96.8 %75.2 %90.9 %97.7 %463,328 $17.64
North Orange County251,094,646 1,580,440 2,675,086 97.1 %85.0 %89.9 %98.7 %46,389 $19.28
OC Airport101,099,985 106,604 1,206,589 99.2 %100.0 %99.3 %99.3 %23,559 $19.67
South Orange County9346,463 183,098 529,561 100.0 %88.9 %96.2 %100.0 %8,843 $17.36
West Orange County10852,079 436,759 1,288,838 100.0 %86.3 %95.4 %100.0 %20,634 $16.79
Orange County543,393,173 2,306,901 5,700,074 98.8 %86.2 %93.7 %99.3 %99,425 $18.61
Inland Empire East133,258 — 33,258 100.0 %— %100.0 %100.0 %660 $19.86
Inland Empire West538,490,725 1,051,523 9,542,248 96.0 %80.9 %94.4 %96.5 %137,671 $15.29
Riverside / San Bernardino County548,523,983 1,051,523 9,575,506 96.1 %80.9 %94.4 %96.5 %138,331 $15.30
Central San Diego211,349,009 779,311 2,128,320 98.2 %67.7 %87.0 %94.9 %39,196 $21.17
North County San Diego131,179,355 143,663 1,323,018 98.1 %100.0 %98.3 %99.1 %19,642 $15.10
San Diego County342,528,364 922,974 3,451,338 98.1 %72.7 %91.3 %96.6 %58,838 $18.66
Ventura182,511,426 716,100 3,227,526 95.6 %69.3 %89.8 %93.6 %40,150 $13.86
Ventura County182,511,426 716,100 3,227,526 95.6 %69.3 %89.8 %93.6 %40,150 $13.86
CONSOLIDATED TOTAL / WTD AVG42037,916,326 12,934,498 50,850,824 96.8 %77.1 %91.8 %97.3 %$800,072 $17.13
(4)
(1)See page 39 for historical occupancy by County.
(2)Excludes space aggregating 2,856,655 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of September 30, 2025. See pages 26-32 for additional details on these properties.
(3)See page 35 for definitions and details on how these amounts are calculated.
(4)Excluding in-place ABR associated with Land/IOS properties ($45.2M ABR) and cellular tower, solar and parking lot leases ($2.9M ABR), in-place building ABR per building SF was $16.17.

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Executed Leasing Statistics and Trends.

(unaudited results)
Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads:
Three Months Ended
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Leasing Spreads:
Net Effective Rent Change26.1 %20.9 %23.8 %55.4 %39.2 %
Cash Rent Change10.3 %8.1 %14.7 %41.0 %26.7 %
Leasing Activity (Building SF):(1)(2)
New leases2,361,131678,727882,403330,334994,566
Renewal leases904,0141,020,2661,511,946684,961599,529
Total leasing activity3,265,1451,698,9932,394,3491,015,2951,594,095
Total expiring leases(1,734,790)(1,786,814)(3,102,514)(2,436,160)(1,677,064)
Expiring leases - placed into repositioning/redevelopment418,878304,776833,218996,035476,821
Net absorption(3)
1,949,233216,955125,053(424,830)393,852
Retention rate(4)
72 %69 %68 %51 %52 %
Retention + Backfill rate(5)
77 %74 %82 %62 %72 %
Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6)
Net Effective Rent
Cash Rent
Turnover Costs(8)
Third Quarter 2025:# 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
692,361,1315.2$11.11$8.8425.6%$11.04$9.9510.9%5.1$1.43$3.57
Renewal54904,0144.9$17.89$14.1426.5%$17.16$15.619.9%2.5$1.18$3.80
Total / Wtd. Average(7)
1233,265,1455.1$14.20$11.2626.1%$13.83$12.5310.3%3.9$1.31$3.67
(1)Represents all executed leases, including those in our Repositioning, Redevelopment, or “Other Repositioning” classifications, but excludes month-to-month tenants and leases with terms less than 12 months.
(2)Leasing activity for Q3-2025 excludes the following land lease activity: (i) one new land lease deal with 51,054 land SF that did not have any comparable lease data.
(3)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.”
(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)Net effective and cash rent statistics and turnover costs exclude 35 new leases aggregating 1,283,396 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. Net effective and cash rent statistics and turnover costs for building leases also exclude land lease deals noted in footnote (2) above.
(7)New leases included a 504,016-square-foot lease with a net effective and cash leasing rate of $6.31 and $6.36, respectively, and a net effective and cash releasing spread of 68.2% and 42.8%, respectively. Excluding this lease, the total weighted average net effective and cash leasing rate would have been $16.89 and $16.38, respectively. The total net effective and cash releasing spreads would have been 22.2% and 7.1%, respectively.
(8)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.

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Leasing Statistics (Continued).
(unaudited results)
Lease Expiration Schedule as of September 30, 2025:
chart-645f167d331e466181ca.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—1,281,638$— $—
Repositioning/Redevelopment(1)
—2,509,507— $—
MTM Tenants5145,1652,134 $14.70
2025982,803,69741,590 $14.83
20264218,283,384130,833 $15.79
20273597,531,757131,974 $17.52
20282767,053,890133,374 $18.91
20291795,140,35498,393 $19.14
20301345,611,11390,879 $16.20
2031585,596,88577,737 $13.89
2032251,512,23331,043 $20.53
203314643,58311,354 $17.64
20347355,4456,980 $19.64
Thereafter392,382,17350,331 $21.13
Total Portfolio1,61550,850,824$806,622 
    $17.14(2)
(1)Represents vacant space at properties that were classified as repositioning (including “Other Repositionings”), redevelopment or lease-up as of September 30, 2025. See pages 26-32 for additional details on these properties.
(2)Excluding in-place ABR associated with Land/IOS properties ($45.51M ABR) and cellular tower, solar and parking lot leases ($2.95M ABR), in-place building ABR per building SF was $16.18.

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Top Tenants and Lease Segmentation.
(unaudited results)
Top 20 Tenants as of September 30, 2025
TenantSubmarketLeased
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 West1,101,840$19,2512.4%$17.471/31/2027
L3 Technologies, Inc.
Multiple Submarkets(2)
595,267$12,9671.6%$21.789/30/2031
Zenith Energy West Coast Terminals LLCSouth Bay
—(3)
$11,9091.5%
$3.34(3)
9/29/2041
Cubic CorporationCentral San Diego515,382$11,4431.4%$22.20
3/31/2038(4)
IBY, LLCSan Gabriel Valley1,178,021$11,3221.4%$9.61
4/5/2031(5)
Federal Express Corporation
Multiple Submarkets(6)
527,861$10,7561.3%$20.38
11/30/2032(6)
GXO Logistics Supply Chain, Inc.Mid-Counties411,034$9,0761.1%$22.0811/30/2028
The Hertz CorporationSouth Bay
38,680(7)
$8,9221.1%
$10.71(7)
6/30/2026
Best Buy Stores, L.P.Inland Empire West501,649$8,8711.1%$17.686/30/2029
Orora Packaging Solutions
Multiple Submarkets(8)
476,065$7,8451.0%$16.48
9/30/2028(8)
Top 10 Tenants5,345,799$112,36213.9%
Top 11 - 20 Tenants3,258,530$51,4166.4%
Total Top 20 Tenants8,604,329$163,77820.3%
(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, 2025 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 $11.9 million or $3.41 per land square foot.
(4)Includes (i) 200,155 RSF expiring Sep 30, 2025 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 Jun 30, 2029, (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 $8.9 million or $11.14 per land square foot.
(8)Includes (i) 96,993 RSF in North County San Diego expiring Sep 30, 2026, (ii) 100,500 RSF in the Greater San Fernando Valley expiring Sep 30, 2027 and (iii) 278,572 RSF in North OC expiring Sep 30, 2028.
Lease Segmentation by Size:
Square FeetNumber of
Leases		Leased
Building/Land
Rentable SF		Building/Land
Rentable SF		Leased %
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)
Building:
<4,9995721,379,9491,513,82791.2%91.4%$27,666 3.4%$20.05
5,000 - 9,9992241,598,3141,739,32991.9%94.6%30,781 3.8%$19.26
10,000 - 24,9993205,179,9265,887,27988.0%91.9%97,841 12.1%$18.89
25,000 - 49,9991786,559,8887,275,62990.2%96.0%115,754 14.4%$17.65
50,000 - 99,9991208,594,0599,619,40289.3%98.3%146,381 18.2%$17.03
>100,00012623,541,54424,591,49795.7%99.3%339,742 42.1%$14.43
Building Subtotal / Wtd. Avg.1,54046,853,680
(2)
50,626,963
(2)
92.5%
(2)
97.4%
(2)
$758,165 94.0%$16.18
Land/IOS(3)
268,176,495
(4)
8,359,956
(4)
97.8%45,510 5.6%$5.44
(4)
Other(3)
492,947 0.4%
Total1,615$806,622 100.0%
(1)See page 35 for further details on how these amounts are calculated.
(2)Excludes 205,999 leased building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 92.5% leased and 97.3% occupied.
(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 leased land square feet, available land square feet, land leased percentage and ABR per land square foot associated with Land/IOS leases.

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Supplemental Financial Reporting Package
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Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)
Nine months ended September 30, 2025
Year to Date
Q3-2025Q2-2025Q1-2025Total
SF(1)
PSF
Tenant Improvements:
New Leases – 1st Generation$328 $292 $798 $1,418 798,639 $1.78 
New Leases – 2nd Generation112 641 4 757 527,850 $1.43 
Renewals348 22 158 528 745,122 $0.71 
Total Tenant Improvements$788 $955 $960 $2,703 
Leasing Commissions & Lease Costs:
New Leases – 1st Generation$7,984 $1,879 $3,058 $12,921 2,207,324 $5.85 
New Leases – 2nd Generation4,844 1,258 1,886 7,988 2,108,565 $3.79 
Renewals3,163 2,904 2,993 9,060 3,981,711 $2.28 
Total Leasing Commissions & Lease Costs$15,991 $6,041 $7,937 $29,969 
Total Recurring Capex$3,563 $5,887 $1,311 $10,761 51,052,096 $0.21 
Recurring Capex % of NOI1.9 % 3.2 % 0.7 % 1.9 % 
Recurring Capex % of Rental Income1.4 % 2.4 % 0.5 % 1.5 % 
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)
$55,820 $61,491 $39,455 $156,766 
Unit Renovation(3)
1,877 1,452 2,910 6,239 
Other(4)
4,612 2,433 996 8,041 
Total Nonrecurring Capex$62,309 $65,376 $43,361 $171,046 38,828,590 $4.41 
Other Capitalized Costs(5)
$16,214 $14,814 $13,644 $44,672 

(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 September 30, 2025. See pages 26-32 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.

Third Quarter 2025
Supplemental Financial Reporting Package
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Properties and Space Under Repositioning/Redevelopment.(1)
As of September 30, 2025(unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
9/30/2025
Est. Constr. Period(1)
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
StartTarget
Complet.
CURRENT REPOSITIONING:
9455 Cabot Drive
San Diego
Central San Diego
83,563 —%2Q-254Q-2512.2 8.2 20.4 2.7 
1175 Aviation Place
Los AngelesGreater San Fernando Valley93,202 —%3Q-252Q-2617.9 4.0 21.9 2.2 
14400 Figueroa Street (Figueroa & Rosecrans)
Los AngelesSouth Bay55,998 —%2Q-253Q-2661.4 13.1 74.5 10.6 
3935-3949 Heritage Oak Court
VenturaVentura190,031 43%3Q-253Q-2656.7 8.3 65.0 6.5 
Total
422,794 $148.2 $33.6 $181.8 $22.0 
Actual Cash NOI - 3Q-2025
$0.4
Estimated Annualized Stabilized Cash NOI
$8.2 - $9.1
Estimated Unlevered Stabilized Yield
4.5% - 5.0%
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
9/30/2025
Construction Period
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
LEASE-UP REPOSITIONING:
14434-14527 San Pedro Street
Los Angeles
South Bay
58,225 —%3Q-231Q-25$49.8 $14.7 $64.5 $0.9 
800 Sandhill Avenue (17000 Kingsview Avenue)
Los Angeles
South Bay
100,121 100%1Q-241Q-2514.0 4.5 18.5 1.0 
1315 Storm ParkwayLos AngelesSouth Bay37,844 —%2Q-244Q-248.5 3.5 12.0 0.6 
19301 Santa Fe Avenue
Los Angeles
South Bay
LAND—%2Q-243Q-2514.7 5.7 20.4 0.6 
8985 Crestmar Point
San Diego
Central San Diego
53,395 —%4Q-243Q-258.1 5.5 13.6 0.9 
14955 Salt Lake Avenue
Los AngelesSan Gabriel Valley46,453 —%4Q-243Q-2510.9 3.7 14.6 0.5 
Total
296,038 $106.0 $37.6 $143.6 $4.5 
Actual Cash NOI - 3Q-2025
$0.2
Estimated Annualized Stabilized Cash NOI
$7.9 - $8.6
Estimated Unlevered Stabilized Yield
5.5% - 6.0%
— See numbered footnotes on page 32 —

Third Quarter 2025
Supplemental Financial Reporting Package
Page 26

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
9/30/2025
Construction Period
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
STABILIZED REPOSITIONING:
11308-11350 Penrose Street(3)
Los AngelesGreater San Fernando Valley71,547 100%1Q-231Q-24$12.1 $5.4 $17.5 $0.1 
1020 Bixby Drive
Los AngelesSan Gabriel Valley57,600 100%1Q-243Q-2416.5 3.0 19.5 — 
Harcourt & Susana
Los AngelesSouth Bay34,000 100%2Q-243Q-2554.4 10.3 64.7 — 
Total
163,147 $83.0 $18.7 $101.7 $0.1 
Actual Cash NOI - 3Q-2025
$0.1
Annualized Stabilized Cash NOI
$4.2
Achieved Unlevered Stabilized Yield
4.1%
OTHER REPOSITIONING:
21 projects totaling 888,851 RSF with estimated costs < $2 million individually(4)
$28.6 $7.6 
Actual Cash NOI - 3Q-2025
$0.4
Estimated Annualized Stabilized Cash NOI
$15.5 - $16.0
Estimated Unlevered Stabilized Yield
6.5% - 7.0%
— See numbered footnotes on page 32 —

Third Quarter 2025
Supplemental Financial Reporting Package
Page 27

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, $ in millions)
Redevelopment
Projected
RSF(5)
Property
Leased %
9/30/2025
Est. Constr. Period(1)
Purch.
Price(1)
Proj.
Redev
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
StartTarget
Complet.
CURRENT REDEVELOPMENT:
9615 Norwalk Boulevard
Los Angeles
Mid-Counties
201,571 —%3Q-214Q-25$9.6 $50.7 $60.3 $4.0 
15010 Don Julian Road
Los AngelesSan Gabriel Valley219,242 —%1Q-234Q-2522.9 37.8 60.7 10.0 
14940 Proctor Road
Los AngelesSan Gabriel Valley159,532 —%4Q-242Q-2628.8 26.2 55.0 8.7 
11234 Rush StreetLos AngelesSan Gabriel Valley103,108 —%4Q-243Q-2612.6 21.0 33.6 10.4 
5235 Hunter AvenueOrange
North Orange County
117,772 —%1Q-253Q-2611.4 20.2 31.6 9.2 
3547-3555 Voyager StreetLos AngelesSouth Bay67,371 —%1Q-253Q-2621.1 18.8 39.9 14.5 
7815 Van Nuys BoulevardLos AngelesGreater San Fernando Valley78,990 —%2Q-252Q-2725.6 16.0 41.6 13.4 
14005 Live Oak Avenue
Los AngelesSan Gabriel Valley100,380 —%3Q-252Q-2725.6 19.7 45.3 18.8 
Total
1,047,966 $157.6 $210.4 $368.0 $89.0 
Actual Cash NOI - 3Q-2025
$0.1
Estimated Annualized Stabilized Cash NOI
$17.5 - $19.3
Estimated Unlevered Stabilized Yield
4.75% - 5.25%

RSF
Property
Leased %
9/30/2025
Construction Period
Purch.
Price(1)
Proj.
Redev
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
LEASE-UP REDEVELOPMENT:
9920-10020 Pioneer BoulevardLos AngelesMid-Counties163,435 78%4Q-213Q-24$23.6 $32.1 $55.7 $0.5 
3211-3233 Mission Oaks Boulevard(6)
Ventura
Ventura
116,852 83%2Q-221Q-2540.7 26.1 66.8 0.3 
12118 Bloomfield Avenue
Los AngelesMid-Counties107,045 —%4Q-221Q-2516.7 20.0 36.7 0.9 
19900 Plummer Street
Los AngelesGreater San Fernando Valley79,539 —%3Q-231Q-2515.5 15.8 31.3 1.7 
12772 San Fernando Road
Los Angeles
Greater San Fernando Valley
143,529 —%3Q-231Q-2522.1 22.6 44.7 1.4 
Rancho Pacifica - Building 5(7)
Los AngelesSouth Bay76,553 —%4Q-231Q-259.3 17.3 26.6 3.1 
1500 Raymond Avenue
Orange
North Orange County
136,218 —%4Q-231Q-2546.1 22.4 68.5 1.2 
4416 Azusa Canyon Road
Los Angeles
San Gabriel Valley
129,830 —%4Q-222Q-2512.3 21.7 34.0 2.7 
17907-18001 Figueroa Street
Los AngelesSouth Bay76,468 —%4Q-232Q-2520.2 18.6 38.8 0.9 
21515 Western Avenue
Los AngelesSouth Bay83,740 —%2Q-233Q-2519.1 19.3 38.4 1.2 
Total
1,113,209 $225.6 $215.9 $441.5 $13.9 
Actual Cash NOI - 3Q-2025
$0.6
Estimated Annualized Stabilized Cash NOI
$23.2 - $25.4
Estimated Unlevered Stabilized Yield
5.25% - 5.75%
— See numbered footnotes on page 32 —

Third Quarter 2025
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Page 28

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, $ in millions)
Redevelopment

RSF
Property
Leased %
9/30/2025
Construction Period
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
STABILIZED REDEVELOPMENT:
8888 Balboa Avenue
Los Angeles
Central Los Angeles
123,492 100%3Q-224Q-24$19.9 $22.9 $42.8 $0.5 
6027 Eastern Avenue
San DiegoCentral San Diego94,140 100%3Q-221Q-2523.4 21.3 44.7 0.2 
2390-2444 N. American Way
OrangeNorth Orange County100,483 100%4Q-222Q-2417.1 19.4 36.5 0.2 
3071 Coronado Street(8)
OrangeNorth Orange County105,173 100%1Q-231Q-2428.2 16.7 44.9 0.5 
Total
423,288 $88.6 $80.3 $168.9 $1.4 
Actual Cash NOI - 3Q-2025
$0.1
Annualized Stabilized Cash NOI
$7.8
Achieved Unlevered Stabilized Yield
4.6%
— See numbered footnotes on page 32 —

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, $ in millions)
Near-Term Potential Future Repositioning and Redevelopment
Property
County/ Submarket
Projected
RSF(7)
Estimated Construction Start PeriodPurchase Price
Project Description
FUTURE REPOSITIONING:
24935 Avenue Kearny
LA/ SF Valley
69,7612025$5.8
Office and warehouse improvements, including fire sprinkler upgrade to modernize 1980s vintage building acquired in 2014.
9400-9500 Santa Fe Springs Road(9)
LA/Mid-Counties
184,2702026$210.0
Functionality and quality upgrades including new office, additional power capacity and sprinkler upgrade.
10660 Mulberry Avenue
IE-West
50,1912026$11.0
Building improvements to increase functionality and quality including new office, additional power capacity and sprinkler upgrade.
Total Future Repositioning
304,222
Aggregate Projected Costs - Future Repositioning
$15.0 - $16.0
Actual Cash NOI - 3Q-2025
$1.0
FUTURE REDEVELOPMENT:
950 West 190th Street (Herbalife)
LA/South Bay
197,0002025$41.5
Industrially-zoned office building was acquired with short-term sale leaseback in place providing revenue through predevelopment period. The redeveloped property will deliver a best-in-class, high-image industrial facility with irreplicable entitlements.
9323 Balboa Avenue
SD/Central
177,2782025$27.1
Industrially-zoned office campus acquired through a sale leaseback. Two vacated office buildings on 7.7 acres will be redeveloped into a modern industrial building.
3100 Fujita Street
LA/South Bay
82,0802025$14.2
Redevelopment of an existing 1970s vintage, functionally-limited industrial building acquired in 2018 through a sale leaseback.
9000 Airport Blvd (Hertz)
LA/South Bay
418,0002026$144.3
18 acres of industrially-zoned land acquired through a sale leaseback with the Hertz Corporation for planned redevelopment. Following Hertz's expiration (6/30/2026) and relocation to LAX's consolidated rent-a-car facility, the project will deliver a rare, Class-A industrial campus.
— See numbered footnotes on page 32 —

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, $ in millions)
FUTURE REDEVELOPMENT CONTINUED:
Property
County/ Submarket
Projected
RSF(7)
Estimated Construction Start PeriodPurchase Price
Project Description
16425 Gale Avenue
LA/SG Valley
290,1662026$26.3
Redevelopment of an existing 1970s vintage industrial building acquired in 2016. The project will deliver a modern, Class A demisable cross-dock industrial building.
2401-2421 Glassell Street
OC/North
298,9182026$70.4
Industrially-zoned office campus acquired with intent to redevelop into Class A industrial building.
600-708 Vermont AvenueOC/North253,3162026$57.2
Four-building, single-tenant office campus acquired through a sale leaseback with the intent to redevelop. The redevelopment project will deliver a best-in-class, single-tenant industrial building.
18455 Figueroa Street
LA/South Bay
179,2842026$65.7
Industrially-zoned R&D office campus acquired with intent to redevelop. The project will deliver a Class A, demisable cross-dock industrial building with irreplicable entitlements.
3901 Via Oro Avenue
LA/South Bay
74,2602026$20.6
Industrially-zoned office building acquired with intent to redevelop. The redeveloped property will deliver a highly-functional, Class A industrial building following tenant expiration.
Total Future Redevelopment
1,970,302
Total Future Repositioning/Redevelopment2,274,524
Aggregate Projected Costs - Future Redevelopment
$315.0 - $340.0
Actual Cash NOI - 3Q-2025
$5.4
— See numbered footnotes on page 32 —

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2025(unaudited results, in thousands, except square feet)
Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)Rentable Square FeetStabilized PeriodUnlevered Stabilized Yield
20851 Currier Road (SG Valley)
59,4123Q-244.7%
17311 Nichols Lane (West OC)104,1823Q-248.2%
12752-12822 Monarch Street (West OC)
163,8643Q-248.6%
500 Dupont Avenue (Inland Empire West) 274,8854Q-245.5%
2880 Ana Street (South Bay)
LAND
4Q-244.3%
12907 Imperial Highway (Mid-Counties)
101,0804Q-2414.3%
4039 Calle Platino (North County SD)73,8071Q-258.5%
29120 Commerce Center Drive (SF Valley)
135,2581Q-258.5%
East 27th Street (Central LA)
126,5631Q-255.4%
122-125 N. Vinedo Avenue (SF Valley)48,5201Q-2513.5%
29125 Avenue Paine (SF Valley)176,1071Q-256.8%
218 Turnbull Canyon Road (SG Valley)
191,153
2Q-25
9.2%
1901 Via Burton (North OC)
139,449
2Q-25
6.0%
11308-11350 Penrose Street (SF Valley)71,547
3Q-25
6.8%
1020 Bixby Drive (SG Valley)57,600
3Q-25
4.5%
Harcourt & Susana (South Bay)34,000
3Q-25
3.2%
8888 Balboa Avenue (Central SD)123,492
3Q-25
6.4%
6027 Eastern Avenue (Central LA)94,140
3Q-25
2.8%
3071 Coronado Street (North OC)105,173
3Q-25
4.3%
2390-2444 American Way (North OC)100,483
3Q-25
5.0%
(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “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)11308-11350 Penrose St. was considered stabilized in 1Q-25 as it reached one year from the date of completion of construction work and was still in lease-up. In 3Q-25 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 3Q-25. Information shown reflects only the 8430 Tujunga Ave. & 11320-11350 Penrose St. building that was repositioned.
(4)“Other Repositioning” includes 21 projects where estimated costs are generally less than $2.0 million individually. Repositioning at these 21 projects totals 888,851 RSF.
(5)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(6)As of September 30, 2025, the entire project includes 526,069 RSF, comprised of: (i) 3211 Mission Oaks Blvd., a newly constructed building totaling 116,852 RSF, and (ii) 3233 Mission Oaks Blvd., with 409,217 RSF that were not redeveloped. Site improvements were completed across the entire project. Costs and yield shown reflect the entire project, while RSF and property leased percentage apply only to 3211 Mission Oaks Blvd.
(7)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 constructed a new building comprising 76,553 RSF. The total property now contains 1,175,927 RSF. Amounts detailed in the tables above (RSF, leased %, costs, NOI and stabilized yield) reflect only this one building.
(8)3071 Coronado Street was considered stabilized in 1Q-25 as it reached one year from the date of completion of construction work and was still in lease-up. In 3Q-25 this project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 3Q-25.
(9)9400-9500 Santa Fe Springs Road totals 595,304 RSF and the proposed repositioning project pertains to work at only one of the units, totaling 184,270 RSF. The purchase price shown in the table is for the entire property. The Actual Cash NOI referenced in aggregate is only for the one repositioning unit.

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Current Year Investments and Dispositions Summary.
As of September 30, 2025(unaudited results)
2025 Current Period Dispositions Acquisitions
Disposition
Date		Property AddressCountySubmarketRentable
Square Feet		Sale Price
($ in MM)
3/28/20251055 Sandhill AvenueLos AngelesSouth Bay127,775 $52.45 
4/3/202520 IconOrangeSouth Orange County102,299 $50.88 
5/23/20252270 Camino Vida RobleSan DiegoNorth San Diego106,311 $30.70 
7/18/20251332 & 1336 Rocky Point DriveSan DiegoNorth San Diego51,081 $14.72 
8/6/20258542 Slauson AvenueLos AngelesCentral24,679 $17.30 
9/4/202515715 Arrow HighwayLos AngelesSan Gabriel Valley76,000 $21.59 
Total 2025 Dispositions through September 30, 2025
488,145 $187.64 



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Net Asset Value Components.
As of September 30, 2025(unaudited and in thousands, except share data)
Net Operating Income
Pro Forma Net Operating Income (NOI)(1)
Three Months Ended Sep 30, 2025
Total operating rental income$246,757
Property operating expenses(57,879)
Pro forma effect of uncommenced leases(2)
859
Pro forma effect of dispositions(3)
(389)
Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and redevelopment(4)
16,582
Pro Forma NOI205,930
Above/(below) market lease revenue adjustments
(5,254)
Straight line rental revenue adjustment(8,164)
Pro Forma Cash NOI$192,512
Balance Sheet Items
Other assets and liabilitiesSeptember 30, 2025
Cash and cash equivalents$248,956
Restricted cash65,464
Loan receivable, net123,589
Rents and other receivables, net15,727
Other assets31,522
Accounts payable, accrued expenses and other liabilities(153,558)
Dividends payable(103,913)
Tenant security deposits(91,835)
Prepaid rents(85,114)
Estimated remaining cost to complete repositioning/redevelopment projects(5)
(130,824)
Total other assets and liabilities$(79,986)
Debt and Shares Outstanding
Total consolidated debt(6)
$3,278,896
Preferred stock/units - liquidation preference$173,250
Common shares outstanding(7)
232,297,172
Operating partnership units outstanding(8)
8,155,706
Total common shares and operating partnership units outstanding240,452,878
(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 July 1, 2025.
(3)Represents the deduction of actual 3Q'25 NOI for the properties that we sold during the current quarter. See page 33 for a detail of current year disposition properties.
(4)Represents the estimated incremental NOI from the properties that were classified as current repositioning/redevelopment, lease-up or stabilized during the three months ended September 30, 2025, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of July 1, 2025. Includes all properties that are separately listed on pages 26-32 and excludes “Other Repositionings” and “Near-Term Potential Future Repositioning and Redevelopment.” 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 July 1, 2025.
(5)Reflects the estimated remaining costs for all properties that are separately listed on pages 26-32 and excludes “Other Repositionings” and “Near-Term Potential Future Repositioning and Redevelopment.”
(6)Excludes unamortized loan discount and debt issuance costs totaling $29.2 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 513,234 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 1,260,083 vested LTIP Units and 1,236,520 vested performance units and excludes 463,555 unvested LTIP Units and 2,278,110 unvested performance units.

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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 September 30, 2025, multiplied by 12. Includes leases that had commenced as of September 30, 2025 or leases where tenant had taken early possession of space as of September 30, 2025. 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 September 30, 2025.
•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 September 30, 2025, 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 September 30, 2025, 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 September 30, 2025.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of September 30, 2025.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of September 30, 2025.
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 ongoing 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).

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Notes and Definitions.

Debt Covenants ($ in thousands)
September 30, 2025
Current Period Covenant
Revolver, $300M & $400M Term Loan Facilities
Senior Notes ($125M, $25M, $75M)
Maximum Leverage Ratioless than 60%21.9%26.5%
Maximum Secured Leverage Ratioless than 45%0.6%N/A
Maximum Secured Leverage Ratioless than 40%N/A0.8%
Maximum Secured Recourse Debtless than 15%N/A—%
Minimum Tangible Net Worth $7,266,909N/A$10,125
Minimum Fixed Charge Coverage Ratioat least 1.50 to 1.005.51 to 1.0 5.35 to 1.00
Unencumbered Leverage Ratioless than 60%22.9%28.5%
Unencumbered Interest Coverage Ratioat least 1.75 to 1.006.03 to 1.006.03 to 1.00

September 30, 2025
Current Period CovenantSenior Notes ($400M due 2030
& $400M due 2031)
Maximum Debt to Total Asset Ratioless than 60%23.5%
Maximum Secured Debt to Total Asset Ratioless than 40%0.7%
Minimum Debt Service Coverage Ratioat least 1.50 to 1.005.12 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratioat least 1.50 to 1.004.30 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 debt extinguishment and debt modification expenses, (iii) acquisition expenses, (iv) impairments of right of use assets, (v) the pro-forma effects of acquisitions and dispositions and (vi) other nonrecurring expenses. 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 in “Other Repositioning”.
Fixed Charge Coverage Ratio:
For the Three Months Ended
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
EBITDAre
$171,108 $173,922 $174,919 $164,915 $165,558 
Above/(below) market lease revenue adjustments
(5,254)(5,788)(9,186)(6,159)(6,635)
Non-cash stock compensation
10,485 10,091 9,699 11,539 9,918 
Debt extinguishment and modification expenses
— 291 — — — 
Straight line rental revenue adj.
(8,164)(6,918)(5,517)(10,057)(11,441)
Capitalized payments
(6,516)(5,304)(5,091)(4,592)(5,323)
Accretion of net loan origination fees(115)(115)(115)(115)(115)
Recurring capital expenditures
(3,563)(5,887)(1,311)(7,882)(5,254)
2nd gen. tenant improvements(460)(663)(162)(296)(18)
2nd gen. leasing commissions(8,007)(4,162)(4,879)(3,520)(2,660)
Cash flow for fixed charge coverage calculation$149,514 $155,467 $158,357 $143,833 $144,030 
Cash interest expense calculation detail:
Interest expense25,463 26,701 27,288 28,173 27,340 
Capitalized interest9,240 9,064 8,230 7,510 8,577 
Note payable premium amort.(1,597)(1,579)(1,560)(1,534)(1,511)
Amort. of deferred financing costs(1,340)(1,255)(1,134)(1,246)(1,252)
Amort. of swap term fees & t-locks(78)(76)(77)(112)(136)
Cash interest expense31,688 32,855 32,747 32,791 33,018 
Scheduled principal payments244 242 230 254 286 
Preferred stock/unit dividends2,404 2,405 2,695 2,827 2,815 
Fixed charges$34,336 $35,502 $35,672 $35,872 $36,119 
Fixed Charge Coverage Ratio4.4 x4.4 x4.4 x4.0 x4.0 x

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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.

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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
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Rental revenue (before collectability adjustment)$203,217 $199,839 $208,394 $199,601 $197,506 
Tenant reimbursements42,612 41,403 41,856 39,716 40,969 
Other income915 467 874 620 651 
Increase (reduction) in revenue due to change in collectability assessment13 (141)(2,303)(200)(730)
Rental income$246,757 $241,568 $248,821 $239,737 $238,396 
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 2025 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through September 30, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2024 through September 30, 2025, and (ii) properties acquired prior to January 1, 2024 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 (as separately listed on pages 26-32) 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
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
# of Properties288289292293293
Square Feet37,916,32637,991,24838,380,25636,961,88436,961,821
Ending Occupancy96.8 %96.1 %95.7 %94.1 %96.7 %
SPP NOI growth1.9 %1.1 %0.7 %2.2 %2.6 %
SPP Cash NOI growth5.5 %3.9 %5.0 %5.3 %5.3 %
Same Property Portfolio Rental Income: See below for a breakdown of 2025 & 2024 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 September 30,Nine Months Ended September 30,
20252024$ Change% Change20252024$ Change% Change
Rental revenue$160,911 $157,880 $3,031 1.9%$475,824 $468,154 $7,670 1.6%
Tenant reimbursements32,853 31,663 1,190 3.8%96,298 93,790 2,508 2.7%
Other income438 564 (126)(22.3)%1,589 1,751 (162)(9.3)%
Rental income$194,202 $190,107 $4,095 2.2%$573,711 $563,695 $10,016 1.8%
Reconciliation of Net Income to NOI and Cash NOI (in thousands):
Three Months Ended
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Net Income$93,056 $120,394 $74,048 $64,910 $70,722 
General and administrative20,037 19,752 19,868 21,940 20,926 
Depreciation & amortization81,172 71,188 86,740 71,832 69,241 
Other expenses4,218 244 2,239 34 492 
Interest expense25,463 26,701 27,288 28,173 27,340 
Debt extinguishment and modification expenses
— 291 — — — 
Management & leasing services(118)(132)(142)(167)(156)
Interest income(6,367)(7,807)(3,324)(2,991)(3,291)
Gains on sale of real estate(28,583)(44,361)(13,157)— (1,745)
NOI$188,878 $186,270 $193,560 $183,731 $183,529 
S/L rental revenue adj.(8,164)(6,918)(5,517)(10,057)(11,441)
Above/(below) market lease revenue adjustments
(5,254)(5,788)(9,186)(6,159)(6,635)
Cash NOI$175,460 $173,564 $178,857 $167,515 $165,453 

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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 September 30,Nine Months Ended September 30,
2025202420252024
Net income$93,056 $70,722 $287,498 $221,016 
General and administrative20,037 20,926 59,657 60,213 
Depreciation and amortization81,172 69,241 239,100 203,415 
Other expenses4,218 492 6,701 2,204 
Interest expense25,463 27,340 79,452 70,423 
Debt extinguishment and modification expenses
— — 291 — 
Management and leasing services(118)(156)(392)(444)
Interest income(6,367)(3,291)(17,498)(10,709)
Gains on sale of real estate(28,583)(1,745)(86,101)(18,013)
NOI$188,878 $183,529 $568,708 $528,105 
Non-Same Property Portfolio rental income(52,555)(48,289)(163,435)(118,664)
Non-Same Property Portfolio property exp.13,881 12,199 41,112 31,274 
Same Property Portfolio NOI$150,204 $147,439 $446,385 $440,715 
Straight line rental revenue adjustment(3,776)(7,763)(11,709)(22,502)
Above/(below) market lease revenue adjustments
(5,081)(5,727)(15,082)(18,198)
Same Property Portfolio Cash NOI$141,347 $133,949 $419,594 $400,015 
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2025 Estimate
LowHigh
Net income attributable to common stockholders$1.44 $1.46 
Company share of depreciation and amortization1.28 1.28 
Company share of gains on sale of real estate(1)
(0.36)(0.36)
Company share of FFO$2.36 $2.38 
Add: Core FFO adjustments(2)
0.03 0.03 
Company share of Core FFO$2.39 $2.41 
(1)Reflects dispositions through June 30, 2025. See details on page 33
(2)Core FFO adjustments consist of (i) acquisition expenses, (ii) debt extinguishment and modification expenses, (iii) the amortization of the loss on termination of interest rate swaps, (iv) severance costs and (v) other nonrecurring expenses.
Occupancy by County:
Sep 30, 2025Jun 30, 2025Mar 31, 2025Dec 31, 2024Sep 30, 2024
Ending Occupancy:
Los Angeles County90.9%87.9%88.0%90.2%93.6%
Orange County93.7%90.7%88.4%90.3%90.6%
Riverside / San Bernardino County94.4%93.9%95.9%96.0%93.9%
San Diego County91.3%86.7%89.6%89.8%92.3%
Ventura County89.8%87.5%87.7%91.2%89.8%
Total/Weighted Average91.8%89.2%89.6%91.3%93.0%
Total Portfolio RSF50,850,82451,021,89750,952,13750,788,22550,067,981
Uncommenced Lease Data:
Total/Weighted Average
Occupied SF46,699,167 
Uncommenced Renewal Leases - Leased SF(1)
1,080,841 
Uncommenced New Leases - Leased SF(1)
360,512 
Leased SF47,059,679 
Percent Leased92.5 %
In-Place ABR(2)
$800,073 
ABR Under Uncommenced Leases (in thousands)(2)(3)
6,549 
In-Place + Uncommenced ABR (in thousands)(2)
$806,622 
In-Place + Uncommenced ABR per SF(2)
$17.14 
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of September 30, 2025.
(2)See page 35 for further details on how these amounts are calculated.
(3)Includes $5.4 million of annualized base rent under Uncommenced New Leases and $1.1 million of incremental annualized base rent under Uncommenced Renewal Leases.


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Supplemental Financial Reporting Package
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