8-K
Rexford Industrial Realty, Inc. (REXR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 2026
REXFORD INDUSTRIAL REALTY, INC.
(Exact name of registrant as specified in its charter)
| Maryland | 001-36008 | 46-2024407 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction of<br>incorporation) | (Commission File Number) | (IRS Employer Identification No.) | 11620 Wilshire Boulevard, Suite 1000 | ||
| --- | --- | ||||
| Los Angeles | |||||
| California | 90025 | ||||
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (310) 966-1680
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbols | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.01 par value | REXR | New York Stock Exchange |
| 5.875% Series B Cumulative Redeemable Preferred Stock | REXR-PB | New York Stock Exchange |
| 5.625% Series C Cumulative Redeemable Preferred Stock | REXR-PC | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On February 4, 2026, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended December 31, 2025, and distributed certain supplemental financial information. On February 4, 2026, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com. Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively.
The information included in this Current Report on Form 8-K under this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) are being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 7.01 REGULATION FD DISCLOSURE
As discussed in Item 2.02 above, Rexford Industrial issued a press release announcing its earnings for the quarter ended December 31, 2025 and distributed certain supplemental information. On February 4, 2026, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.
The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
| Exhibit<br>Number | Description |
|---|---|
| 99.1 | Press Release Dated February 4, 2026 |
| 99.2 | Fourth Quarter 2025 Supplemental Financial Report |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Rexford Industrial Realty, Inc. | |
|---|---|
| February 4, 2026 | /s/ Michael Fitzmaurice |
| Michael Fitzmaurice<br>Chief Financial Officer<br>(Principal Financial and Accounting Officer) |
Document
Exhibit 99.1
Rexford Industrial Announces Fourth Quarter and Full Year 2025 Financial Results
Los Angeles, California — February 4, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2025.
Full Year 2025 Financial and Operational Highlights (all comparisons to Full Year 2024)
•Net income attributable to common stockholders of $200.2 million, or $0.86 per diluted share, as compared to $262.9 million, or $1.20 per diluted share.
•Company share of Core FFO of $558.6 million, an increase of 9.2%.
•Company share of Core FFO per diluted share of $2.40, an increase of 2.6%.
•Total Portfolio NOI of $752.7 million, an increase of 5.7%.
•Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 4.3%.
•Average Same Property Portfolio occupancy of 96.4%.
•Executed 10.4 million square feet of new and renewal leases. Comparable rental rates increased by 23.4%, compared to prior rents, on a net effective basis and by 10.7% on a cash basis.
•Executed 2.1 million square feet of leases related to the Company’s repositioning and development projects.
•Sold seven properties for a total sales price of $217.5 million, generating a weighted average unlevered IRR to the Company of 12.4%.
•Repurchased 6,327,283 shares of common stock at a weighted average price of $39.51 per share for a total of $250.0 million.
•Net Debt to Enterprise Value ratio of 24.9% and Net Debt to Adjusted EBITDAre of 4.4x.
•Subsequent to year end, declared a quarterly common stock dividend of $0.435 per share, an increase of 1.2%.
•Laura Clark, Chief Operating Officer, to assume Chief Executive Officer role effective April 1, 2026, as part of the Company’s previously announced leadership succession plan.
•Appointed David Stockert as an independent member to the Board of Directors, effective January 1, 2026.
"We closed 2025 with solid performance and made meaningful progress against the immediate strategic priorities we outlined in November,” said Laura Clark, Chief Operating Officer and incoming Chief Executive Officer. “As we advance this next chapter at Rexford, we remain confident in the long-term fundamentals of infill Southern California and are committed to disciplined capital allocation, enhancing operational efficiency and delivering sustained value for our shareholders in 2026 and beyond.”
Financial Results
The Company reported net loss attributable to common stockholders for the fourth quarter of $68.7 million, or $0.30 per diluted share, compared to net income of $59.4 million, or $0.27 per diluted share, in the prior year quarter. The net loss for the fourth quarter includes $19.9 million of gains on sale of real estate, $89.1 million of impairments and $60.2 million of Co-CEO transition costs, compared to none in the prior year quarter.
For the year ended December 31, 2025, net income attributable to common stockholders was $200.2 million, or $0.86 per diluted share, compared to $262.9 million, or $1.20 per diluted share, in the prior year period. Net income for the year ended December 31, 2025 includes $106.0 million of gains on sale of real estate as compared to $18.0 million, in the prior year period. Net income for the year ended December 31, 2025 also includes $89.1 million of impairments and $60.2 million of Co-CEO transition costs, as compared to none in the prior year period. The impairments for the quarter
and year ended December 31, 2025 are related to properties in the near-term development pipeline that the Company expects to sell in 2026.
The Company reported its share of Core FFO for the fourth quarter of $136.2 million, representing a 5.9% increase, compared to $128.6 million for the prior year quarter. The Company reported Core FFO of $0.59 per diluted share, representing an increase of 1.7%, compared to $0.58 per diluted share for the prior year quarter. Core FFO for the fourth quarter excludes nonrecurring costs totaling $65.8 million attributable to Co-CEO transition costs and other nonrecurring costs. The Co-CEO transition costs were fully recognized in the fourth quarter and will not impact 2026 Core FFO results.
For the year ended December 31, 2025, Company share of Core FFO was $558.6 million, representing a 9.2% increase, compared to $511.7 million for the prior year period. For the year ended December 31, 2025, the Company reported Core FFO of $2.40 per diluted share, representing an increase of 2.6%, compared to $2.34 per diluted share for the prior year period. Core FFO for the year ended December 31, 2025 excludes nonrecurring costs totaling $71.5 million attributable to Co-CEO transition costs, other nonrecurring and severance costs.
In the fourth quarter of 2025, the Company’s Same Property Portfolio NOI and Cash NOI increased 0.4% and 2.8%, respectively, compared to the prior year quarter. For the year ended December 31, 2025, the Company’s Same Property Portfolio NOI and Cash NOI increased 1.1% and 4.3%, respectively, compared to the prior year period.
Operating Results
| Q4 2025 Leasing Activity | ||||
|---|---|---|---|---|
| Releasing Spreads(1) | ||||
| # of Leases Executed | SF of<br><br>Leasing | Net Effective | Cash | |
| New Leases | 57 | 1,574,816 | 7.1% | 0.9% |
| Renewal Leases | 61 | 1,464,751 | 26.0% | 11.0% |
| Total Leases | 118 | 3,039,567 | 22.0% | 9.0% |
| Full Year 2025 Leasing Activity | ||||
| Releasing Spreads(1) | ||||
| # of Leases Executed | SF of<br>Leasing | Net<br><br>Effective | Cash | |
| New Leases | 221 | 5,497,077 | 10.0% | 0.1% |
| Renewal Leases | 257 | 4,900,977 | 28.3% | 14.7% |
| Total Leases | 478 | 10,398,054 | 23.4% | 10.7% |
(1)Net effective and cash rent statistics include leases in which there is comparable lease data. Please see the Company’s supplemental financial reporting package for additional detail related to quarter-to-date leasing activity.
As of December 31, 2025, the Company’s Same Property Portfolio ending occupancy was 96.5%. Average Same Property Portfolio occupancy for the fourth quarter was 96.8%. The Company’s total portfolio, excluding value-add repositioning and development assets, was 96.0% occupied and 96.6% leased. The Company’s total portfolio, including value-add repositioning and development assets, was 90.2% occupied and 90.9% leased. The Company’s improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.4 million square feet or 191.9 acres, were 97.8% leased as of December 31, 2025.
Subsequent to year end, the Company executed a three-year lease extension with its largest tenant, Tireco, Inc., which occupies 1.1 million square feet at 10545 Production Avenue in the Inland Empire — West submarket. The lease amendment extended the lease term to April 30, 2030.
Repositioning and Development Leasing Activity
During the fourth quarter of 2025, the Company executed seven leases totaling 545,902 square feet of repositioning and development projects. For the full year 2025, the repositioning and development leasing totaled 2,074,434 square feet across 27 leases, representing $39.5 million of annualized NOI.
During the fourth quarter of 2025, the Company stabilized seven repositioning and development projects, totaling 748,573 square feet, representing a total investment of $306.0 million. The projects achieved a weighted average unlevered stabilized yield of 5.0% on total investment.
For the full year 2025, the Company stabilized 21 repositioning and development projects, totaling 2,225,865 square feet, which represent a total investment of $798.0 million. The projects achieved a weighted average unlevered stabilized yield of 5.5% on total investment.
Disposition Activity
During the fourth quarter of 2025, the Company disposed of 600-650 S. Grand Avenue, Santa Ana, in the Orange County — South submarket for $29.9 million, or $295 per square foot. The 101,389-square-foot, multi-tenant industrial building on 6.7 acres was 91.5% occupied at the time of sale. The transaction generated an unlevered IRR to the Company of 11.7%.
For the full year 2025, the Company disposed of seven properties, totaling 589,534 square feet, for an aggregate sales price of $217.5 million, generating a weighted average unlevered IRR to the Company of 12.4%.
The Company has an additional $230 million of dispositions under contract or accepted offer, inclusive of six properties that were in the near-term development pipeline. These transactions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions. The Company currently has no acquisitions under contract or accepted offer.
Balance Sheet
The Company ended the fourth quarter of 2025 with $1.4 billion of total liquidity, including $165.8 million in unrestricted cash on hand and $1.245 billion available under its unsecured revolving credit facility.
During the fourth quarter, the Company repurchased 2,443,438 shares of its common stock under its common stock repurchase program at a weighted average price of $40.93 for a total cost of $100.0 million. For the full year 2025, the Company repurchased 6,327,283 shares of its common stock under its stock repurchase program at a weighted average price of $39.51 per share for a total cost of $250.0 million. Subsequent to year end, the Company's Board of Directors authorized a new $500 million stock repurchase program, which superseded and replaced the prior program. The Company has full availability under the current program.
As of December 31, 2025, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%, and no floating rate debt exposure. The weighted average term-to-maturity of the Company’s outstanding debt is 3.3 years with no material debt maturities until 2027.
Dividends
On February 2, 2026, the Company’s Board of Directors authorized a dividend in the amount of $0.435 per share, an increase of 1.2%, for the first quarter of 2026, payable in cash on April 15, 2026, to common stockholders and common unit holders of record as of March 31, 2026.
On February 2, 2026, the Company’s Board of Directors authorized a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on March 31, 2026, to preferred stockholders of record as of March 16, 2026.
Leadership Transition and Board of Directors Updates
In November 2025, the Company announced that Laura Clark, Chief Operating Officer, will assume the role of Chief Executive Officer effective April 1, 2026, as part of the Company’s leadership succession plan. Ms. Clark was appointed to the Board on November 17, 2025, and succeeds Co-Chief Executive Officers, Howard Schwimmer and Michael Frankel, who will depart from their roles on March 31, 2026. Mr. Schwimmer and Mr. Frankel will continue to serve as directors on the Board until their terms expire at the 2026 Annual Meeting of Shareholders.
In November 2025, the Company also announced the appointment of David Stockert to its Board of Directors and as a member of the Board’s Audit Committee, effective January 1, 2026.
Guidance
The Company is initiating its full year 2026 guidance as indicated below. Please refer to the Company’s supplemental information package for a complete detail of guidance and the 2026 Guidance Rollforward.
| 2026 Outlook | Low |
|---|---|
| Earnings | |
| Net Income Attributable to Common Stockholders per diluted share(1) | 1.15 |
| Company share of Core FFO per diluted share(1) | 2.35 |
| Same Property Portfolio(2) | |
| Same Property Portfolio NOI Growth - Net Effective | (2.5)% |
| Same Property Portfolio NOI Growth - Cash | (2.0)% |
| Average Same Property Portfolio Occupancy (Full Year) | 94.8% |
| Capital Allocation | |
| Dispositions | 400M |
| Repositioning/Development Annualized Stabilized Cash NOI(3) | 19M |
| Repositioning/Development Starts (SF) | 1.1M |
| Repositioning/Development Starts (Total Estimated Project Costs) | 130M |
| Other Assumptions | |
| General and Administrative Expenses | +/-60M |
| Interest Expense | +/- 112M |
All values are in US Dollars.
(1) 2026 Net Income and Core FFO Guidance refers to the Company's in-place portfolio as of February 4, 2026, as well as guidance expectations related to investment activity.
(2)2026 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, 2025 through February 4, 2026, and excludes properties that were or will be classified as repositioning/development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted). As of January 1, 2026, our 2026 Same Property Portfolio consisted of 342 properties aggregating 42.0 million rentable square feet. For the full year 2025, Average Same Property Portfolio occupancy was 95.6% for the 2026 Same Property Portfolio.
(3)Represents estimated annualized Cash NOI for repositioning/development projects expected to stabilize in 2026.
A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, tariffs, 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.
Supplemental Information and Earnings Presentation
The Company’s supplemental financial reporting package as well as an earnings presentation are available on the Company’s investor relations website at ir.rexfordindustrial.com.
Earnings Release, Investor Conference Webcast and Conference Call
A conference call with executive management will be held on Thursday, February 5, 2026, at 1:00 p.m. Eastern Time.
To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time using Conference ID 5314484.
1 (800) 715-9871 (for domestic callers)
1 (646) 307-1963 (for international callers)
A live webcast and replay of the conference call will also be available at ir.rexfordindustrial.com.
About Rexford Industrial
Rexford Industrial creates value by investing in, operating and repositioning industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation over the long term. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprised 419 properties with approximately 51.2 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit rexfordindustrial.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and other filings with the Securities and Exchange Commission. The Company disclaims 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.
Definitions / Discussion of Non-GAAP Financial Measures
Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales 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 amortization of above/below-market lease intangibles) 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, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Reconciliation of Net Income to Funds From Operations and Core Funds From Operations” table, which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:
The following is a reconciliation of the Company’s 2026 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.
| 2026 Estimate | ||||
|---|---|---|---|---|
| Low | High | |||
| Net income attributable to common stockholders | $ | 1.15 | $ | 1.20 |
| Company share of depreciation and amortization | 1.20 | 1.20 | ||
| Company share of Core FFO | $ | 2.35 | $ | 2.40 |
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 rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, gains (or losses) from property dispositions, impairment losses of depreciable operating property 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 a 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. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Cash NOI: Cash 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 adjustments. 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. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.
Same Property Portfolio: Our 2025 Same Property Portfolio is a subset of our total portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through December 31, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2024 through December 31, 2025, and (ii) properties acquired prior to January 1, 2024 that were classified as repositioning/development (current and future) or lease-up during 2024 and 2025 and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods. As of December 31, 2025, our 2025 Same Property Portfolio consisted of buildings aggregating 37.5 million rentable square feet at 287 of our properties.
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.
Stabilization Date — Repositioning/Development Properties: We consider a repositioning/development property to be stabilized at the earlier of the following: (i) upon rent commencement and achieving 90% occupancy or (ii) one year from the date of completion of repositioning/development construction work.
Net Debt to Enterprise Value: As of December 31, 2025, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 24.9%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our Net Debt is defined as our consolidated indebtedness less cash and cash equivalents.
Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre 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, non-cash stock-based compensation expense, acquisition expenses, the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the
actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs’ Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.
Contact
Mikayla Lynch
Director, Investor Relations and Capital Markets
(424) 276-3454
mlynch@rexfordindustrial.com
Financial Statements and Reconciliations
Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
| December 31, 2024 | |||
|---|---|---|---|
| ASSETS | |||
| Land | 7,689,921 | $ | 7,822,290 |
| Buildings and improvements | 4,611,987 | ||
| Tenant improvements | 188,217 | ||
| Furniture, fixtures, and equipment | 132 | ||
| Construction in progress | 333,690 | ||
| Total real estate held for investment | 12,956,316 | ||
| Accumulated depreciation | (977,133) | ||
| Investments in real estate, net | 11,979,183 | ||
| Cash and cash equivalents | 55,971 | ||
| Loan receivable, net | 123,244 | ||
| Rents and other receivables, net | 15,772 | ||
| Deferred rent receivable, net | 161,693 | ||
| Deferred leasing costs, net | 67,827 | ||
| Deferred loan costs, net | 1,999 | ||
| Acquired lease intangible assets, net | 201,467 | ||
| Acquired indefinite-lived intangible asset | 5,156 | ||
| Interest rate swap assets | 8,942 | ||
| Other assets | 26,964 | ||
| Total Assets | 12,612,713 | $ | 12,648,218 |
| LIABILITIES & EQUITY | |||
| Liabilities | |||
| Notes payable | 3,251,909 | $ | 3,345,962 |
| Interest rate swap liability | — | ||
| Accounts payable, accrued expenses and other liabilities | 149,707 | ||
| Dividends and distributions payable | 97,823 | ||
| Acquired lease intangible liabilities, net | 147,473 | ||
| Tenant security deposits | 90,698 | ||
| Tenant prepaid rents | 90,576 | ||
| Total Liabilities | 3,922,239 | ||
| Equity | |||
| Rexford Industrial Realty, Inc. stockholders’ equity | |||
| Preferred stock, 0.01 par value per share, 10,050,000 shares authorized: | |||
| 5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2025 and December 31, 2024 (75,000 liquidation preference) | 72,443 | ||
| 5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2025 and December 31, 2024 (86,250 liquidation preference) | 83,233 | ||
| Common Stock, 0.01 par value per share, 489,950,000 authorized and 231,580,135 and 225,285,011 shares outstanding at December 31, 2025 and December 31, 2024, respectively | 2,253 | ||
| Additional paid in capital | 8,601,276 | ||
| Cumulative distributions in excess of earnings | (441,881) | ||
| Accumulated other comprehensive loss | 6,746 | ||
| Total stockholders’ equity | 8,324,070 | ||
| Noncontrolling interests | 401,909 | ||
| Total Equity | 8,725,979 | ||
| Total Liabilities and Equity | 12,612,713 | $ | 12,648,218 |
All values are in US Dollars.
Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| REVENUES | ||||||||
| Rental income | $ | 243,230 | $ | 239,737 | $ | 980,376 | $ | 922,096 |
| Management and leasing services | 197 | 167 | 589 | 611 | ||||
| Interest income | 4,670 | 2,991 | 22,168 | 13,700 | ||||
| TOTAL REVENUES | 248,097 | 242,895 | 1,003,133 | 936,407 | ||||
| OPERATING EXPENSES | ||||||||
| Property expenses | 59,287 | 56,006 | 227,725 | 210,260 | ||||
| General and administrative | 19,199 | 21,940 | 78,856 | 82,153 | ||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | ||||
| TOTAL OPERATING EXPENSES | 155,305 | 149,778 | 622,500 | 567,660 | ||||
| OTHER EXPENSES | ||||||||
| Other expenses | 65,910 | 34 | 72,611 | 2,238 | ||||
| Interest expense | 25,451 | 28,173 | 104,903 | 98,596 | ||||
| TOTAL EXPENSES | 246,666 | 177,985 | 800,014 | 668,494 | ||||
| Impairment of real estate | (89,097) | — | (89,097) | — | ||||
| Debt extinguishment and modification expenses | — | — | (291) | — | ||||
| Gains on sale of real estate | 19,931 | — | 106,032 | 18,013 | ||||
| NET (LOSS) INCOME | (67,735) | 64,910 | 219,763 | 285,926 | ||||
| Less: net loss (income) attributable to noncontrolling interests | 2,312 | (2,725) | (7,734) | (12,124) | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | (65,423) | 62,185 | 212,029 | 273,802 | ||||
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | ||||
| Less: earnings attributable to participating securities | (952) | (457) | (2,602) | (1,679) | ||||
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ | (68,690) | $ | 59,413 | $ | 200,169 | $ | 262,865 |
| Net (loss) income attributable to common stockholders per share – basic | $ | (0.30) | $ | 0.27 | $ | 0.86 | $ | 1.20 |
| Net (loss) income attributable to common stockholders per share – diluted | $ | (0.30) | $ | 0.27 | $ | 0.86 | $ | 1.20 |
| Weighted-average shares of common stock outstanding – basic | 231,758 | 222,516 | 232,478 | 218,280 | ||||
| Weighted-average shares of common stock outstanding – diluted | 232,051 | 222,856 | 232,551 | 218,467 |
Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
| Same Property Portfolio Occupancy | |||
|---|---|---|---|
| December 31, | |||
| 2025 | 2024 | Change (basis points) | |
| Quarterly Weighted Average Occupancy:(1) | |||
| Los Angeles County | 96.7% | 96.7% | 0 bps |
| Orange County | 98.9% | 99.4% | (50) bps |
| Riverside / San Bernardino County | 96.4% | 96.6% | (20) bps |
| San Diego County | 98.1% | 97.5% | 60 bps |
| Ventura County | 94.5% | 91.1% | 340 bps |
| Same Property Portfolio Weighted Average Occupancy | 96.8% | 96.6% | 20 bps |
| Ending Occupancy: | 96.5% | 96.4% | 10 bps |
(1)Calculated by averaging the occupancy rate at the end of each month in 4Q-2025 and September 2025 (for 4Q-2025) and the end of each month in 4Q-2024 and September 2024 (for 4Q-2024).
| Same Property Portfolio NOI and Cash NOI | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
| 2025 | 2024 | Change | % Change | 2025 | 2024 | Change | % Change | |||||||
| Rental income | $ | 190,470 | $ | 187,372 | 1.7 | % | $ | 759,209 | $ | 745,932 | 1.8 | % | ||
| Property expenses | 44,269 | 41,727 | 2,542 | 6.1 | % | 170,034 | 163,053 | 6,981 | 4.3 | % | ||||
| Same Property Portfolio NOI | $ | 146,201 | $ | 145,645 | 0.4 | % | $ | 589,175 | $ | 582,879 | 1.1 | % | ||
| Straight line rental revenue adjustment | (2,198) | (5,167) | 2,969 | (57.5) | % | (14,075) | (27,437) | 13,362 | (48.7) | % | ||||
| Above/(below) market lease revenue adjustments | (4,953) | (5,260) | 307 | (5.8) | % | (19,695) | (23,129) | 3,434 | (14.8) | % | ||||
| Same Property Portfolio Cash NOI | $ | 139,050 | $ | 135,218 | 2.8 | % | $ | 555,405 | $ | 532,313 | 4.3 | % |
All values are in US Dollars.
Rexford Industrial Realty, Inc.
Reconciliation of Net (Loss) Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net (loss) income | $ | (67,735) | $ | 64,910 | $ | 219,763 | $ | 285,926 |
| General and administrative | 19,199 | 21,940 | 78,856 | 82,153 | ||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | ||||
| Other expenses | 65,910 | 34 | 72,611 | 2,238 | ||||
| Interest expense | 25,451 | 28,173 | 104,903 | 98,596 | ||||
| Debt extinguishment and modification expenses | — | — | 291 | — | ||||
| Management and leasing services | (197) | (167) | (589) | (611) | ||||
| Interest income | (4,670) | (2,991) | (22,168) | (13,700) | ||||
| Impairment of real estate | 89,097 | — | 89,097 | — | ||||
| Gains on sale of real estate | (19,931) | — | (106,032) | (18,013) | ||||
| Net operating income (NOI) | $ | 183,943 | $ | 183,731 | $ | 752,651 | $ | 711,836 |
| Straight line rental revenue adjustment | (9,073) | (10,057) | (29,672) | (38,433) | ||||
| Above/(below) market lease revenue adjustments | (4,129) | (6,159) | (24,357) | (27,653) | ||||
| Cash NOI | $ | 170,741 | $ | 167,515 | $ | 698,622 | $ | 645,750 |
| NOI | $ | 183,943 | $ | 183,731 | $ | 752,651 | $ | 711,836 |
| Non-Same Property Portfolio rental income | (52,760) | (52,365) | (221,167) | (176,164) | ||||
| Non-Same Property Portfolio property expenses | 15,018 | 14,279 | 57,691 | 47,207 | ||||
| Same Property Portfolio NOI | $ | 146,201 | $ | 145,645 | $ | 589,175 | $ | 582,879 |
| Straight line rental revenue adjustment | (2,198) | (5,167) | (14,075) | (27,437) | ||||
| Above/(below) market lease revenue adjustments | (4,953) | (5,260) | (19,695) | (23,129) | ||||
| Same Property Portfolio Cash NOI | $ | 139,050 | $ | 135,218 | $ | 555,405 | $ | 532,313 |
Rexford Industrial Realty, Inc.
Reconciliation of Net (Loss) Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net (loss) income | $ | (67,735) | $ | 64,910 | $ | 219,763 | $ | 285,926 |
| Adjustments: | ||||||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | ||||
| Impairment of real estate | 89,097 | — | 89,097 | — | ||||
| Gains on sale of real estate | (19,931) | — | (106,032) | (18,013) | ||||
| Funds From Operations (FFO) | $ | 78,250 | $ | 136,742 | $ | 518,747 | $ | 543,160 |
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | ||||
| Less: FFO attributable to noncontrolling interests(1) | (2,688) | (5,283) | (17,950) | (21,270) | ||||
| Less: FFO attributable to participating securities(2) | (953) | (624) | (3,144) | (2,342) | ||||
| Company share of FFO | $ | 72,294 | $ | 128,520 | $ | 488,395 | $ | 510,290 |
| Company Share of FFO per common share – basic | $ | 0.31 | $ | 0.58 | $ | 2.10 | $ | 2.34 |
| Company Share of FFO per common share – diluted | $ | 0.31 | $ | 0.58 | $ | 2.10 | $ | 2.34 |
| FFO | $ | 78,250 | $ | 136,742 | $ | 518,747 | $ | 543,160 |
| Adjustments: | ||||||||
| Acquisition expenses(3) | 10 | 9 | 273 | 123 | ||||
| Debt extinguishment and modification expenses | — | — | 291 | — | ||||
| Amortization of loss on termination of interest rate swaps | — | 34 | — | 211 | ||||
| Non-capitalizable demolition costs(3) | — | — | 365 | 1,127 | ||||
| Co-CEO transition costs(3)(4) | 60,223 | — | 60,223 | — | ||||
| Severance costs(3)(5) | — | — | 4,410 | — | ||||
| Other nonrecurring expenses(3)(6) | 5,605 | — | 6,864 | — | ||||
| Core FFO | $ | 144,088 | $ | 136,785 | $ | 591,173 | $ | 544,621 |
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | ||||
| Less: Core FFO attributable to noncontrolling interest(1) | (4,943) | (5,284) | (20,428) | (21,319) | ||||
| Less: Core FFO attributable to participating securities(2)(7) | (648) | (624) | (2,873) | (2,349) | ||||
| Company share of Core FFO | $ | 136,182 | $ | 128,562 | $ | 558,614 | $ | 511,695 |
| Company share of Core FFO per common share – basic | $ | 0.59 | $ | 0.58 | $ | 2.40 | $ | 2.34 |
| Company share of Core FFO per common share – diluted | $ | 0.59 | $ | 0.58 | $ | 2.40 | $ | 2.34 |
| Weighted-average shares of common stock outstanding – basic | 231,758 | 222,516 | 232,478 | 218,280 | ||||
| Weighted-average shares of common stock outstanding – diluted | 232,051 | 222,856 | 232,551 | 218,467 |
(1)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 April 10, 2024, we exercised our conversion right to convert all Series 1 CPOP units into OP units. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(2)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(3)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(4)Reflects accelerated share‑based compensation expense in connection with the Co-CEO transition, including transition-related restricted stock awards and pre-existing awards.
(5)Includes costs associated with workforce reduction and workforce reorganization.
(6)Reflects nonrecurring advisory service costs.
(7)For the three months and year ended December 31, 2025, Core FFO attributable to participating securities was adjusted to exclude $569 of otherwise allocable Core FFO related solely to the transition‑related restricted stock awards noted above, consistent with the exclusion of the related accelerated share‑based compensation from Core FFO.
Rexford Industrial Realty, Inc.
Reconciliation of Net Loss to Adjusted EBITDAre
(Unaudited and in thousands)
| Three Months Ended December 31, 2025 | ||
|---|---|---|
| Net loss | $ | (67,735) |
| Interest expense | 25,451 | |
| Depreciation and amortization | 76,819 | |
| Impairment of real estate | 89,097 | |
| Gains on sale of real estate | (19,931) | |
| EBITDAre | $ | 103,701 |
| Stock-based compensation amortization | 8,537 | |
| Acquisition expenses | 10 | |
| Co-CEO transition costs | 60,223 | |
| Other nonrecurring expenses | 5,605 | |
| Pro forma effect of dispositions(1) | (268) | |
| Adjusted EBITDAre | $ | 177,808 |
(1)Represents the estimated impact on fourth quarter 2025 EBITDAre of fourth quarter 2025 dispositions as if they had been sold as of October 1, 2025.
Document
Exhibit 99.2
| Table of Contents. | | --- || Section | Page | | --- | --- | | Corporate Data: | | | Investor Company Summary | 3 | | Company Overview | 4 | | Highlights - Consolidated Financial Results | 5 | | Financial and Portfolio Highlights and Capitalization Data | 6 | | Guidance | 7 | | Consolidated Financial Results: | | | Consolidated Balance Sheets | 9 | | Consolidated Statements of Operations | 10 | | Non-GAAP FFO, Core FFO and AFFO Reconciliations | 12 | | Statement of Operations Reconciliations | 15 | | Same Property Portfolio Performance | 16 | | Capitalization Summary | 17 | | Debt Summary | 18 | | Portfolio Data: | | | Operations | 20 | | Portfolio Overview | 21 | | Executed Leasing Statistics and Trends | 22 | | Top Tenants and Lease Segmentation | 24 | | Capital Expenditure Summary | 25 | | Properties and Space Under Repositioning/Development | 26 | | Current Year Investments and Dispositions Summary | 31 | | Net Asset Value Components | 32 | | Notes and Definitions | 33 |
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.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 2 | |||||||
|---|---|---|---|---|---|---|---|---|
| Investor Company Summary. | ||||||||
| --- | Executive Management Team | |||||||
| --- | --- | |||||||
| Howard Schwimmer | Co-Chief Executive Officer, Director | |||||||
| Michael S. Frankel | Co-Chief Executive Officer, Director | |||||||
| Laura Clark | Chief Operating Officer, Incoming Chief Executive Officer, Director | |||||||
| Michael Fitzmaurice | Chief Financial Officer | |||||||
| David E. Lanzer | General Counsel and Corporate Secretary | Board of Directors | ||||||
| --- | --- | |||||||
| Tyler H. Rose | Chairman | |||||||
| Howard Schwimmer | Co-Chief Executive Officer, Director | |||||||
| Michael S. Frankel | Co-Chief Executive Officer, Director | |||||||
| Laura Clark | Chief Operating Officer, Incoming Chief Executive Officer, Director | |||||||
| Robert L. Antin | Director | |||||||
| Diana J. Ingram | Director | |||||||
| Angela L. Kleiman | Director | |||||||
| Debra L. Morris | Director | |||||||
| David P. Stockert | Director | 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 Advisors | Vince Tibone | (949) 640-8780 | |||
| Barclays | Brendan Lynch | (212) 526-9428 | J.P. Morgan Securities | Michael Mueller | (212) 622-6689 | |||
| BMO Capital Markets | John Kim | (212) 885-4115 | Jefferies LLC | Jonathan Petersen | (212) 284-1705 | |||
| BNP Paribas Exane | Nate Crossett | (646) 342-1588 | Mizuho Securities USA | Vikram Malhotra | (212) 282-3827 | |||
| Cantor Fitzgerald | Richard Anderson | (929) 441-6927 | Robert W. Baird & Co. | Nicholas Thillman | (414) 298-5053 | |||
| Citigroup Investment Research | Craig Mailman | (212) 816-4471 | Scotiabank | Greg McGinniss | (212) 225-6906 | |||
| Colliers Securities | Barry Oxford | (203) 961-6573 | Truist Securities | Anthony Hau | (212) 303-4176 | |||
| Deutsche Bank | Omotayo Okusanya | (212) 250-9284 | Wells Fargo Securities | Blaine Heck | (443) 263-6529 | |||
| Evercore ISI | Steve Sakwa | (212) 446-9462 | Wolfe Research | Andrew 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.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 3 |
|---|---|
| Company Overview. | |
| --- | |
| For the Quarter Ended December 31, 2025 |
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 4 |
|---|---|
| Highlights - Consolidated Financial Results. | |
| --- | --- |
| Quarterly Results | (in millions) |
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 5 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Financial and Portfolio Highlights and Capitalization Data.(1) | |||||||||||||
| --- | --- | ||||||||||||
| (in thousands except share and per share data and portfolio statistics) | Three Months Ended | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||
| Financial Results: | |||||||||||||
| Total rental income | $ | 243,230 | $ | 246,757 | $ | 241,568 | $ | 248,821 | $ | 239,737 | |||
| Net (loss) income | $ | (67,735) | $ | 93,056 | $ | 120,394 | $ | 74,048 | $ | 64,910 | |||
| Net Operating Income (NOI) | $ | 183,943 | $ | 188,878 | $ | 186,270 | $ | 193,560 | $ | 183,731 | |||
| Company share of Core FFO | $ | 136,182 | $ | 141,700 | $ | 139,709 | $ | 141,023 | $ | 128,562 | |||
| Company share of Core FFO per common share - diluted | $ | 0.59 | $ | 0.60 | $ | 0.59 | $ | 0.62 | $ | 0.58 | |||
| Adjusted EBITDAre | $ | 177,808 | $ | 182,624 | $ | 184,111 | $ | 184,859 | $ | 179,347 | |||
| Dividend declared per common share | $ | 0.4300 | $ | 0.4300 | $ | 0.4300 | $ | 0.4300 | $ | 0.4175 | |||
| Portfolio Statistics: | |||||||||||||
| Portfolio rentable square feet (“RSF”) | 51,161,188 | 50,850,824 | 51,021,897 | 50,952,137 | 50,788,225 | ||||||||
| Ending occupancy | 90.2% | 91.8% | 89.2% | 89.6% | 91.3% | ||||||||
| Ending occupancy excluding repositioning/development | 96.0% | 97.3% | 95.0% | 95.1% | 96.0% | ||||||||
| Net Effective Rent Change | 22.0% | 26.1% | 20.9% | 23.8% | 55.4% | ||||||||
| Cash Rent Change | 9.0% | 10.3% | 8.1% | 14.7% | 41.0% | ||||||||
| Same Property Portfolio Performance: | |||||||||||||
| Same Property Portfolio ending occupancy(2)(3) | 96.5% | 97.0% | 96.2% | 95.9% | 96.4% | ||||||||
| Same Property Portfolio NOI growth(4) | 0.4% | 2.0% | 1.2% | 0.7% | |||||||||
| Same Property Portfolio Cash NOI growth(4) | 2.8% | 5.7% | 3.9% | 5.0% | |||||||||
| Capitalization: | |||||||||||||
| Total shares and units issued and outstanding at period end(5) | 238,245,286 | 240,452,878 | 244,334,274 | 244,310,773 | 233,295,793 | ||||||||
| Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 173,250 | $ | 213,956 | |||
| Total equity market capitalization | $ | 9,398,107 | $ | 10,058,268 | $ | 8,864,220 | $ | 9,738,017 | $ | 9,233,171 | |||
| Total consolidated debt | $ | 3,278,649 | $ | 3,278,896 | $ | 3,379,141 | $ | 3,379,383 | $ | 3,379,622 | |||
| Total combined market capitalization (net debt plus equity) | $ | 12,510,978 | $ | 13,088,208 | $ | 11,812,244 | $ | 12,612,821 | $ | 12,556,822 | |||
| Ratios: | |||||||||||||
| Net debt to total combined market capitalization | 24.9% | 23.2% | 25.0% | 22.8% | 26.5% | ||||||||
| Net debt to Adjusted EBITDAre (quarterly results annualized) | 4.4x | 4.1x | 4.0x | 3.9x | 4.6x |
(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)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 36.
(3)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 600-650 South Grand Avenue, which was sold during Q4’25. See page 31 for details related to dispositions.
(4)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(5)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,288,228 (Dec 31, 2025), 8,155,706 (Sep 30, 2025), 8,182,445 (Jun 30, 2025), 8,700,301 (Mar 31, 2025) and 8,426,905 (Dec 31, 2024). Excludes the following # of shares of unvested restricted stock: 1,623,077 (Dec 31, 2025), 513,234 (Sep 30, 2025), 542,922 (Jun 30, 2025), 560,382 (Mar 31, 2025) and 416,123 (Dec 31, 2024). Excludes unvested LTIP units and unvested performance units.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 6 |
|---|---|
| Guidance. | |
| --- | |
| As of December 31, 2025 |
2026 OUTLOOK*
| 2026 GUIDANCE | |
|---|---|
| Low | |
| Earnings | |
| Net Income Attributable to Common Stockholders per diluted share(1)(2) | 1.15 |
| Company share of Core FFO per diluted share(1)(2) | 2.35 |
| Same Property Portfolio(3) | |
| Same Property Portfolio NOI Growth - Net Effective | (2.5)% |
| Same Property Portfolio NOI Growth - Cash | (2.0)% |
| Average Same Property Portfolio Occupancy (Full Year) | 94.8% |
| Capital Allocation | |
| Dispositions | 400M |
| Repositioning/Development Annualized Stabilized Cash NOI(4) | 19M |
| Repositioning/Development Starts (SF) | 1.1M |
| Repositioning/Development Starts (Total Estimated Project Costs) | 140M |
| Other Assumptions | |
| General and Administrative Expenses | +/-60M |
| Interest Expense | +/- 112M |
All values are in US Dollars.
(1)2026 Net Income and Core FFO Guidance refers to the Company's in-place portfolio as of February 4, 2026, as well as guidance expectations related to investment activity.
(2)See page 37 for a reconciliation of the Company’s 2026 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)2026 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, 2025 through February 4, 2026 and excludes properties that were or will be classified as repositioning/development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted). As of January 1, 2026, our 2026 Same Property Portfolio consisted of 342 properties aggregating 42.0 million rentable square feet. For the full year 2025, Average Same Property Portfolio occupancy was 95.6% for the 2026 Same Property Portfolio.
(4)Represents estimated annualized Cash NOI for repositioning/development projects expected to stabilize in 2026.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 7 |
|---|---|
| Guidance (Continued). | |
| --- | |
| As of December 31, 2025 |
2026 Guidance Rollforward(1)
| Earnings Components | Range( per share) |
|---|---|
| Low | |
| 2025 Core FFO Per Diluted Share | 2.40 |
| Same Property Portfolio NOI Growth - Net Effective | (0.06) |
| Repositioning/Development NOI, Net | 0.06 |
| Dispositions, Net | (0.04) |
| General and Administrative Expenses | 0.08 |
| Interest Expense | (0.03) |
| Other Items | (0.06) |
| 2026 Core FFO Per Diluted Share Guidance | 2.35 |
| Core FFO per Diluted Share Annual Growth | (2.1)% |
All values are in US Dollars.
(1)2026 Core FFO Guidance refers to the in-place portfolio as of February 4, 2026, as well as guidance expectations related to investment activity.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 8 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Balance Sheets. | |||||||||||||
| --- | --- | ||||||||||||
| (unaudited and in thousands) | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| ASSETS | |||||||||||||
| Land | $ | 7,689,921 | $ | 7,774,737 | $ | 7,787,021 | $ | 7,797,744 | $ | 7,822,290 | |||
| Buildings and improvements | 4,677,318 | 4,607,202 | 4,594,494 | 4,573,881 | 4,611,987 | ||||||||
| Tenant improvements | 198,161 | 194,405 | 186,429 | 181,632 | 188,217 | ||||||||
| Furniture, fixtures, and equipment | 132 | 132 | 132 | 132 | 132 | ||||||||
| Construction in progress | 451,109 | 475,072 | 431,807 | 386,719 | 333,690 | ||||||||
| Total real estate held for investment | 13,016,641 | 13,051,548 | 12,999,883 | 12,940,108 | 12,956,316 | ||||||||
| Accumulated depreciation | (1,165,792) | (1,119,746) | (1,070,684) | (1,021,151) | (977,133) | ||||||||
| Investments in real estate, net | 11,850,849 | 11,931,802 | 11,929,199 | 11,918,957 | 11,979,183 | ||||||||
| Cash and cash equivalents | 165,778 | 248,956 | 431,117 | 504,579 | 55,971 | ||||||||
| Restricted cash | — | 65,464 | 130,071 | 50,105 | — | ||||||||
| Loan receivable, net | 123,704 | 123,589 | 123,474 | 123,359 | 123,244 | ||||||||
| Rents and other receivables, net | 13,958 | 15,727 | 12,861 | 17,622 | 15,772 | ||||||||
| Deferred rent receivable, net | 190,376 | 181,439 | 173,691 | 166,893 | 161,693 | ||||||||
| Deferred leasing costs, net | 87,745 | 82,227 | 71,482 | 70,404 | 67,827 | ||||||||
| Deferred loan costs, net | 6,886 | 7,391 | 7,892 | 1,642 | 1,999 | ||||||||
| Acquired lease intangible assets, net(1) | 140,627 | 154,931 | 169,036 | 182,444 | 201,467 | ||||||||
| Acquired indefinite-lived intangible asset | 5,156 | 5,156 | 5,156 | 5,156 | 5,156 | ||||||||
| Interest rate swap assets | 2,025 | 2,804 | 3,586 | 5,580 | 8,942 | ||||||||
| Other assets | 25,609 | 31,522 | 15,765 | 20,730 | 26,964 | ||||||||
| Assets associated with real estate held for sale, net | — | — | 6,282 | 18,386 | — | ||||||||
| Total Assets | $ | 12,612,713 | $ | 12,851,008 | $ | 13,079,612 | $ | 13,085,857 | $ | 12,648,218 | |||
| LIABILITIES & EQUITY | |||||||||||||
| Liabilities | |||||||||||||
| Notes payable | $ | 3,251,909 | $ | 3,249,733 | $ | 3,347,575 | $ | 3,348,060 | $ | 3,345,962 | |||
| Interest rate swap liability | 829 | 1,626 | 667 | — | — | ||||||||
| Accounts payable, accrued expenses and other liabilities | 120,849 | 153,558 | 124,814 | 141,999 | 149,707 | ||||||||
| Dividends and distributions payable | 103,399 | 103,913 | 105,594 | 105,285 | 97,823 | ||||||||
| Acquired lease intangible liabilities, net(2) | 116,487 | 122,870 | 129,683 | 136,661 | 147,473 | ||||||||
| Tenant security deposits | 92,444 | 91,835 | 90,757 | 90,050 | 90,698 | ||||||||
| Tenant prepaid rents | 88,777 | 85,114 | 85,494 | 88,822 | 90,576 | ||||||||
| Liabilities associated with real estate held for sale | — | — | 4 | 234 | — | ||||||||
| Total Liabilities | 3,774,694 | 3,808,649 | 3,884,588 | 3,911,111 | 3,922,239 | ||||||||
| Equity | |||||||||||||
| Series B preferred stock, net ($75,000 liquidation preference) | 72,443 | 72,443 | 72,443 | 72,443 | 72,443 | ||||||||
| Series C preferred stock, net ($86,250 liquidation preference) | 83,233 | 83,233 | 83,233 | 83,233 | 83,233 | ||||||||
| Preferred stock | 155,676 | 155,676 | 155,676 | 155,676 | 155,676 | ||||||||
| Common stock | 2,316 | 2,328 | 2,367 | 2,362 | 2,253 | ||||||||
| Additional paid in capital | 8,945,123 | 8,993,439 | 9,140,264 | 9,116,069 | 8,601,276 | ||||||||
| Cumulative distributions in excess of earnings | (642,130) | (474,813) | (462,309) | (474,550) | (441,881) | ||||||||
| Accumulated other comprehensive income (loss) | (422) | (515) | 1,092 | 3,582 | 6,746 | ||||||||
| Total stockholders’ equity | 8,460,563 | 8,676,115 | 8,837,090 | 8,803,139 | 8,324,070 | ||||||||
| Noncontrolling interests | 377,456 | 366,244 | 357,934 | 371,607 | 401,909 | ||||||||
| Total Equity | 8,838,019 | 9,042,359 | 9,195,024 | 9,174,746 | 8,725,979 | ||||||||
| Total Liabilities and Equity | $ | 12,612,713 | $ | 12,851,008 | $ | 13,079,612 | $ | 13,085,857 | $ | 12,648,218 |
(1)Includes net above-market tenant lease intangibles of $19,460 (Dec 31, 2025), $22,574 (Sep 30, 2025), $24,994 (Jun 30, 2025), $27,043 (Mar 31, 2025) and $29,530 (Dec 31, 2024), and a net below-market ground lease intangible of $12,354 (Dec 31, 2025), $12,395 (Sep 30, 2025), $12,436 (Jun 30, 2025), $12,477 (Mar 31, 2025) and $12,518 (Dec 31, 2024).
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 9 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Operations. | |||||||||||||
| --- | --- | ||||||||||||
| Quarterly Results | (unaudited and in thousands, except share and per share data) | Three Months Ended | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | |||||||||
| Revenues | |||||||||||||
| Rental income(1) | $ | 243,230 | $ | 246,757 | $ | 241,568 | $ | 248,821 | $ | 239,737 | |||
| Management and leasing services | 197 | 118 | 132 | 142 | 167 | ||||||||
| Interest income | 4,670 | 6,367 | 7,807 | 3,324 | 2,991 | ||||||||
| Total Revenues | 248,097 | 253,242 | 249,507 | 252,287 | 242,895 | ||||||||
| Operating Expenses | |||||||||||||
| Property expenses | 59,287 | 57,879 | 55,298 | 55,261 | 56,006 | ||||||||
| General and administrative | 19,199 | 20,037 | 19,752 | 19,868 | 21,940 | ||||||||
| Depreciation and amortization | 76,819 | 81,172 | 71,188 | 86,740 | 71,832 | ||||||||
| Total Operating Expenses | 155,305 | 159,088 | 146,238 | 161,869 | 149,778 | ||||||||
| Other Expenses | |||||||||||||
| Other expenses | 65,910 | 4,218 | 244 | 2,239 | 34 | ||||||||
| Interest expense | 25,451 | 25,463 | 26,701 | 27,288 | 28,173 | ||||||||
| Total Other Expenses | 91,361 | 29,681 | 26,945 | 29,527 | 28,207 | ||||||||
| Total Expenses | 246,666 | 188,769 | 173,183 | 191,396 | 177,985 | ||||||||
| Impairment of real estate | (89,097) | — | — | — | — | ||||||||
| Debt extinguishment and modification expenses | — | — | (291) | — | — | ||||||||
| Gains on sale of real estate | 19,931 | 28,583 | 44,361 | 13,157 | — | ||||||||
| Net (Loss) Income | (67,735) | 93,056 | 120,394 | 74,048 | 64,910 | ||||||||
| Less: net loss (income) attributable to noncontrolling interests | 2,312 | (3,137) | (4,060) | (2,849) | (2,725) | ||||||||
| Net (loss) income attributable to Rexford Industrial Realty, Inc. | (65,423) | 89,919 | 116,334 | 71,199 | 62,185 | ||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||
| Less: earnings allocated to participating securities | (952) | (519) | (592) | (539) | (457) | ||||||||
| Net (loss) income attributable to common stockholders | $ | (68,690) | $ | 87,086 | $ | 113,427 | $ | 68,346 | $ | 59,413 | |||
| Earnings per Common Share | |||||||||||||
| Net (loss) income attributable to common stockholders per share - basic | $ | (0.30) | $ | 0.37 | $ | 0.48 | $ | 0.30 | $ | 0.27 | |||
| Net (loss) income attributable to common stockholders per share - diluted | $ | (0.30) | $ | 0.37 | $ | 0.48 | $ | 0.30 | $ | 0.27 | |||
| Weighted average shares outstanding - basic | 231,758,110 | 234,586,980 | 236,098,831 | 227,395,984 | 222,516,006 | ||||||||
| Weighted average shares outstanding - diluted | 232,050,966 | 234,586,980 | 236,098,831 | 227,395,984 | 222,856,120 |
(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 36 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 10 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated Statements of Operations. | |||||||||||||
| --- | --- | ||||||||||||
| Quarterly Results (continued) | (unaudited and in thousands, except share and per share data) | Three Months Ended December 31, | Year Ended December 31, | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Revenues | |||||||||||||
| Rental income | $ | 243,230 | $ | 239,737 | $ | 980,376 | $ | 922,096 | |||||
| Management and leasing services | 197 | 167 | 589 | 611 | |||||||||
| Interest income | 4,670 | 2,991 | 22,168 | 13,700 | |||||||||
| Total Revenues | 248,097 | 242,895 | 1,003,133 | 936,407 | |||||||||
| Operating Expenses | |||||||||||||
| Property expenses | 59,287 | 56,006 | 227,725 | 210,260 | |||||||||
| General and administrative | 19,199 | 21,940 | 78,856 | 82,153 | |||||||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | |||||||||
| Total Operating Expenses | 155,305 | 149,778 | 622,500 | 567,660 | |||||||||
| Other Expenses | |||||||||||||
| Other expenses | 65,910 | 34 | 72,611 | 2,238 | |||||||||
| Interest expense | 25,451 | 28,173 | 104,903 | 98,596 | |||||||||
| Total Expenses | 246,666 | 177,985 | 800,014 | 668,494 | |||||||||
| Impairment of real estate | (89,097) | — | (89,097) | — | |||||||||
| Debt extinguishment and modification expenses | — | — | (291) | — | |||||||||
| Gains on sale of real estate | 19,931 | — | 106,032 | 18,013 | |||||||||
| Net (Loss) Income | (67,735) | 64,910 | 219,763 | 285,926 | |||||||||
| Less: net loss (income) attributable to noncontrolling interests | 2,312 | (2,725) | (7,734) | (12,124) | |||||||||
| Net (loss) income attributable to Rexford Industrial Realty, Inc. | (65,423) | 62,185 | 212,029 | 273,802 | |||||||||
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | |||||||||
| Less: earnings allocated to participating securities | (952) | (457) | (2,602) | (1,679) | |||||||||
| Net (loss) income attributable to common stockholders | $ | (68,690) | $ | 59,413 | $ | 200,169 | $ | 262,865 | |||||
| Net (loss) income attributable to common stockholders per share – basic | $ | (0.30) | $ | 0.27 | $ | 0.86 | $ | 1.20 | |||||
| Net (loss) income attributable to common stockholders per share – diluted | $ | (0.30) | $ | 0.27 | $ | 0.86 | $ | 1.20 | |||||
| Weighted-average shares of common stock outstanding – basic | 231,758,110 | 222,516,006 | 232,477,754 | 218,279,597 | |||||||||
| Weighted-average shares of common stock outstanding – diluted | 232,050,966 | 222,856,120 | 232,550,968 | 218,466,954 | |||||||||
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 11 | ||||||||||||
| --- | --- | ||||||||||||
| Non-GAAP FFO and Core FFO Reconciliations.(1) | |||||||||||||
| --- | --- | ||||||||||||
| (unaudited and in thousands, except share and per share data) | Three Months Ended | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | |||||||||
| Net (Loss) Income | $ | (67,735) | $ | 93,056 | $ | 120,394 | $ | 74,048 | $ | 64,910 | |||
| Adjustments: | |||||||||||||
| Depreciation and amortization | 76,819 | 81,172 | 71,188 | 86,740 | 71,832 | ||||||||
| Impairment of real estate(2) | 89,097 | — | — | — | — | ||||||||
| Gains on sale of real estate | (19,931) | (28,583) | (44,361) | (13,157) | — | ||||||||
| NAREIT Defined Funds From Operations (FFO) | 78,250 | 145,645 | 147,221 | 147,631 | 136,742 | ||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||
| Less: FFO attributable to noncontrolling interests(3) | (2,688) | (4,906) | (4,962) | (5,394) | (5,283) | ||||||||
| Less: FFO attributable to participating securities(4) | (953) | (713) | (728) | (750) | (624) | ||||||||
| Company share of FFO | $ | 72,294 | $ | 137,712 | $ | 139,216 | $ | 139,173 | $ | 128,520 | |||
| Company share of FFO per common share‐basic | $ | 0.31 | $ | 0.59 | $ | 0.59 | $ | 0.61 | $ | 0.58 | |||
| Company share of FFO per common share‐diluted | $ | 0.31 | $ | 0.59 | $ | 0.59 | $ | 0.61 | $ | 0.58 | |||
| FFO | $ | 78,250 | $ | 145,645 | $ | 147,221 | $ | 147,631 | $ | 136,742 | |||
| Adjustments: | |||||||||||||
| Acquisition expenses(5) | 10 | 161 | 23 | 79 | 9 | ||||||||
| Debt extinguishment and modification expenses | — | — | 291 | — | — | ||||||||
| Amortization of loss on termination of interest rate swaps | — | — | — | — | 34 | ||||||||
| Non-capitalizable demolition costs(5) | — | — | — | 365 | — | ||||||||
| Co-CEO transition costs(5)(6) | 60,223 | — | — | — | — | ||||||||
| Severance costs(5)(7) | — | 2,728 | 199 | 1,483 | — | ||||||||
| Other nonrecurring expenses(5)(8) | 5,605 | 1,259 | — | — | — | ||||||||
| Core FFO | 144,088 | 149,793 | 147,734 | 149,558 | 136,785 | ||||||||
| Less: preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||
| Less: Core FFO attributable to noncontrolling interests(3) | (4,943) | (5,045) | (4,979) | (5,461) | (5,284) | ||||||||
| Less: Core FFO attributable to participating securities(4)(9) | (648) | (734) | (731) | (760) | (624) | ||||||||
| Company share of Core FFO | $ | 136,182 | $ | 141,700 | $ | 139,709 | $ | 141,023 | $ | 128,562 | |||
| Company share of Core FFO per common share‐basic | $ | 0.59 | $ | 0.60 | $ | 0.59 | $ | 0.62 | $ | 0.58 | |||
| Company share of Core FFO per common share‐diluted | $ | 0.59 | $ | 0.60 | $ | 0.59 | $ | 0.62 | $ | 0.58 | |||
| Weighted-average shares outstanding-basic | 231,758,110 | 234,586,980 | 236,098,831 | 227,395,984 | 222,516,006 | ||||||||
| Weighted-average shares outstanding-diluted | 232,050,966 | 234,586,980 | 236,098,831 | 227,395,984 | 222,856,120 |
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Impairment charges relate to properties originally planned for development and reflect the write-down to estimated fair value due to a plan to pursue their sale rather than continue with development.
(3)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 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.
(4)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(5)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(6)Reflects accelerated share‑based compensation expense in connection with the Co-CEO transition, including transition-related restricted stock awards and pre-existing awards.
(7)Includes costs associated with workforce reduction and workforce reorganization.
(8)Reflects nonrecurring advisory service costs.
(9)For the three months ended December 31, 2025, Core FFO attributable to participating securities was adjusted to exclude $569 of otherwise allocable Core FFO related solely to the transition‑related restricted stock awards noted above, consistent with the exclusion of the related accelerated share‑based compensation from Core FFO.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 12 | |||||||
|---|---|---|---|---|---|---|---|---|
| Non-GAAP FFO and Core FFO Reconciliations.(1) | ||||||||
| --- | --- | |||||||
| (unaudited and in thousands, except share and per share data) | ||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2025 | 2024 | |||||
| Net (Loss) Income | $ | (67,735) | $ | 64,910 | $ | 219,763 | $ | 285,926 |
| Adjustments: | ||||||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | ||||
| Impairment of real estate(2) | 89,097 | — | 89,097 | — | ||||
| Gains on sale of real estate | (19,931) | — | (106,032) | (18,013) | ||||
| Funds From Operations (FFO) | 78,250 | 136,742 | 518,747 | 543,160 | ||||
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | ||||
| Less: FFO attributable to noncontrolling interests | (2,688) | (5,283) | (17,950) | (21,270) | ||||
| Less: FFO attributable to participating securities | (953) | (624) | (3,144) | (2,342) | ||||
| Company share of FFO | $ | 72,294 | $ | 128,520 | $ | 488,395 | $ | 510,290 |
| Company share of FFO per common share‐basic | $ | 0.31 | $ | 0.58 | $ | 2.10 | $ | 2.34 |
| Company share of FFO per common share‐diluted | $ | 0.31 | $ | 0.58 | $ | 2.10 | $ | 2.34 |
| FFO | $ | 78,250 | $ | 136,742 | $ | 518,747 | $ | 543,160 |
| Adjustments: | ||||||||
| Acquisition expenses(3) | 10 | 9 | 273 | 123 | ||||
| Debt extinguishment and modification expenses | — | — | 291 | — | ||||
| Amortization of loss on termination of interest rate swaps | — | 34 | — | 211 | ||||
| Non-capitalizable demolition costs(3) | — | — | 365 | 1,127 | ||||
| Co-CEO transition costs(3)(4) | 60,223 | — | 60,223 | — | ||||
| Severance costs(3)(5) | — | — | 4,410 | — | ||||
| Other nonrecurring expenses(3)(6) | 5,605 | — | 6,864 | — | ||||
| Core FFO | 144,088 | 136,785 | 591,173 | 544,621 | ||||
| Less: preferred stock dividends | (2,315) | (2,315) | (9,258) | (9,258) | ||||
| Less: Core FFO attributable to noncontrolling interests | (4,943) | (5,284) | (20,428) | (21,319) | ||||
| Less: Core FFO attributable to participating securities(7) | (648) | (624) | (2,873) | (2,349) | ||||
| Company share of Core FFO | $ | 136,182 | $ | 128,562 | $ | 558,614 | $ | 511,695 |
| Company share of Core FFO per common share‐basic | $ | 0.59 | $ | 0.58 | $ | 2.40 | $ | 2.34 |
| Company share of Core FFO per common share‐diluted | $ | 0.59 | $ | 0.58 | $ | 2.40 | $ | 2.34 |
| Weighted-average shares outstanding-basic | 231,758,110 | 222,516,006 | 232,477,754 | 218,279,597 | ||||
| Weighted-average shares outstanding-diluted | 232,050,966 | 222,856,120 | 232,550,968 | 218,466,954 |
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Impairment charges relate to properties originally planned for development and reflect the write-down to estimated fair value due to a plan to pursue their sale rather than continue with development.
(3)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(4)Reflects accelerated share‑based compensation expense in connection with the Co-CEO transition, including transition-related restricted stock awards and pre-existing awards.
(5)Includes costs associated with workforce reduction and workforce reorganization.
(6)Reflects nonrecurring advisory service costs.
(7)For the three months and year ended December 31, 2025, Core FFO attributable to participating securities was adjusted to exclude $569 of otherwise allocable Core FFO related solely to the transition‑related restricted stock awards noted above, consistent with the exclusion of the related accelerated share‑based compensation from Core FFO.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 13 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Non-GAAP AFFO Reconciliation.(1) | |||||||||||||
| --- | --- | ||||||||||||
| (unaudited and in thousands, except share and per share data) | Three Months Ended | ||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| December 31,<br>2025 | September 30,<br>2025 | June 30,<br>2025 | March 31,<br>2025 | December 31,<br>2024 | |||||||||
| Funds From Operations(2) | $ | 78,250 | $ | 145,645 | $ | 147,221 | $ | 147,631 | $ | 136,742 | |||
| Adjustments: | |||||||||||||
| Amortization of deferred financing costs | 1,333 | 1,340 | 1,255 | 1,134 | 1,246 | ||||||||
| Non-cash stock compensation | 8,537 | 10,485 | 10,091 | 9,699 | 11,539 | ||||||||
| Debt extinguishment and modification expenses | — | — | 291 | — | — | ||||||||
| Amortization related to termination/settlement of interest rate derivatives | 78 | 78 | 76 | 77 | 112 | ||||||||
| Note payable (discount) premium amortization, net | 1,616 | 1,597 | 1,579 | 1,560 | 1,534 | ||||||||
| Non-capitalizable demolition costs | — | — | — | 365 | — | ||||||||
| Co-CEO transition costs | 60,223 | — | — | — | — | ||||||||
| Severance costs | — | 2,728 | 199 | 1,483 | — | ||||||||
| Other nonrecurring expenses | 5,605 | 1,259 | — | — | — | ||||||||
| Deduct: | |||||||||||||
| Preferred stock dividends | (2,315) | (2,314) | (2,315) | (2,314) | (2,315) | ||||||||
| Straight line rental revenue adjustment(3) | (9,073) | (8,164) | (6,918) | (5,517) | (10,057) | ||||||||
| Above/(below) market lease revenue adjustments | (4,129) | (5,254) | (5,788) | (9,186) | (6,159) | ||||||||
| Capitalized payments(4) | (14,814) | (15,756) | (14,368) | (13,321) | (12,102) | ||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||
| Recurring capital expenditures(5) | (2,566) | (3,563) | (5,887) | (1,311) | (7,882) | ||||||||
| 2nd generation tenant improvements(6) | (179) | (460) | (663) | (162) | (296) | ||||||||
| 2nd generation leasing commissions(7) | (6,324) | (8,007) | (4,162) | (4,879) | (3,520) | ||||||||
| Adjusted Funds From Operations (AFFO) | $ | 116,127 | $ | 119,499 | $ | 120,496 | $ | 125,144 | $ | 108,727 |
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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 $11,244, $7,433, $5,844, $7,035 and $8,504 for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
(4)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(5)Excludes nonrecurring capital expenditures of $57,730, $62,309, $65,376, $43,361 and $67,594 for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
(6)Excludes 1st generation tenant improvements of $67, $328, $292, $798 and $189 for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
(7)Excludes 1st generation leasing commissions of $5,057, $7,984, $1,879, $3,058 and $290 for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 14 | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre.(1) | ||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||
| (unaudited and in thousands) | NOI and Cash NOI | |||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||||||||||||||
| Rental income(2)(3)(4) | $ | 243,230 | $ | 246,757 | $ | 241,568 | $ | 248,821 | $ | 239,737 | ||||||||||||
| Less: Property expenses | 59,287 | 57,879 | 55,298 | 55,261 | 56,006 | |||||||||||||||||
| Net Operating Income (NOI) | $ | 183,943 | $ | 188,878 | $ | 186,270 | $ | 193,560 | $ | 183,731 | ||||||||||||
| Above/(below) market lease revenue adjustments | (4,129) | (5,254) | (5,788) | (9,186) | (6,159) | |||||||||||||||||
| Straight line rental revenue adjustment | (9,073) | (8,164) | (6,918) | (5,517) | (10,057) | |||||||||||||||||
| Cash NOI | $ | 170,741 | $ | 175,460 | $ | 173,564 | $ | 178,857 | $ | 167,515 | EBITDAre and Adjusted EBITDAre | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Three Months Ended | ||||||||||||||||||||||
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||||||||||||||
| Net (loss) income | $ | (67,735) | $ | 93,056 | $ | 120,394 | $ | 74,048 | $ | 64,910 | ||||||||||||
| Interest expense | 25,451 | 25,463 | 26,701 | 27,288 | 28,173 | |||||||||||||||||
| Depreciation and amortization | 76,819 | 81,172 | 71,188 | 86,740 | 71,832 | |||||||||||||||||
| Impairment of real estate | 89,097 | — | — | — | — | |||||||||||||||||
| Gains on sale of real estate | (19,931) | (28,583) | (44,361) | (13,157) | — | |||||||||||||||||
| EBITDAre | $ | 103,701 | $ | 171,108 | $ | 173,922 | $ | 174,919 | $ | 164,915 | ||||||||||||
| Stock-based compensation amortization | 8,537 | 10,485 | 10,091 | 9,699 | 11,539 | |||||||||||||||||
| Debt extinguishment and modification expenses | — | — | 291 | — | — | |||||||||||||||||
| Acquisition expenses | 10 | 161 | 23 | 79 | 9 | |||||||||||||||||
| Co-CEO transition costs | 60,223 | — | — | — | — | |||||||||||||||||
| Other nonrecurring expenses | 5,605 | 1,259 | — | — | — | |||||||||||||||||
| Pro forma effect of acquisitions(5) | — | — | — | — | 2,884 | |||||||||||||||||
| Pro forma effect of dispositions(6) | (268) | (389) | (216) | 162 | — | |||||||||||||||||
| Adjusted EBITDAre | $ | 177,808 | $ | 182,624 | $ | 184,111 | $ | 184,859 | $ | 179,347 |
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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): $(2,615), $13, $(141), $(2,303) and $(200) for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 2024, respectively.
(4)Rental income includes net lease termination income (in thousands) of $0, $458, $0, $8,935 and $614 for the three months ended December 31, 2025, September 30, 2025, June 30, 2025, March 31, 2025 and December 31, 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. 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 4Q'25 EBITDAre of 4Q'25 dispositions as if they had been sold as of October 1, 2025, the 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 and the impact on 1Q'25 EBITDAre of 1Q'25 dispositions as if they had been sold as of January 1, 2025.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 15 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Same Property Portfolio Performance.(1) | ||||||||||||||
| --- | --- | |||||||||||||
| (unaudited and dollars in thousands) | Same Property Portfolio: | |||||||||||||
| --- | --- | |||||||||||||
| Number of properties | 287 | |||||||||||||
| Square Feet | 37,466,856 | |||||||||||||
| Same Property Portfolio NOI and Cash NOI: | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
| 2025 | 2024 | Change | % Change | 2025 | 2024 | Change | % Change | |||||||
| Rental income(2)(3)(4) | $ | 190,470 | $ | 187,372 | 1.7% | $ | 759,209 | $ | 745,932 | 1.8% | ||||
| Property expenses | 44,269 | 41,727 | 2,542 | 6.1% | 170,034 | 163,053 | 6,981 | 4.3% | ||||||
| Same Property Portfolio NOI | $ | 146,201 | $ | 145,645 | 0.4% | (4) | $ | 589,175 | $ | 582,879 | 1.1% | (4) | ||
| Straight-line rental revenue adjustment | (2,198) | (5,167) | 2,969 | (57.5)% | (14,075) | (27,437) | 13,362 | (48.7)% | ||||||
| Above/(below) market lease revenue adjustments | (4,953) | (5,260) | 307 | (5.8)% | (19,695) | (23,129) | 3,434 | (14.8)% | ||||||
| Same Property Portfolio Cash NOI | $ | 139,050 | $ | 135,218 | 2.8% | (4) | $ | 555,405 | $ | 532,313 | 4.3% | (4) |
All values are in US Dollars.
| Same Property Portfolio Occupancy: | |||||
|---|---|---|---|---|---|
| Three Months Ended December 31, | |||||
| 2025 | 2024 | Year-over-Year<br>Change<br>(basis points) | Three Months Ended September 30, 2025(5) | Sequential<br>Change<br>(basis points) | |
| Quarterly Weighted Average Occupancy:(5) | |||||
| Los Angeles County | 96.7% | 96.7% | 0 bps | 96.9% | (20) bps |
| Orange County | 98.9% | 99.4% | (50) bps | 98.9% | — bps |
| Riverside / San Bernardino County | 96.4% | 96.6% | (20) bps | 95.3% | 110 bps |
| San Diego County | 98.1% | 97.5% | 60 bps | 98.3% | (20) bps |
| Ventura County | 94.5% | 91.1% | 340 bps | 94.3% | 20 bps |
| Quarterly Weighted Average Occupancy | 96.8% | 96.6% | 20 bps | 96.6% | 20 bps |
| Ending Occupancy: | 96.5% | 96.4% | 10 bps | 97.0% | (50) bps |
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)See “Same Property Portfolio Rental Income” on page 36 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months and year ended December 31, 2025 and 2024.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(2,185) thousand and $(51) thousand for the three months ended December 31, 2025 and 2024, respectively, and $(4,648) thousand and $(2,352) thousand for the years ended December 31, 2025 and 2024.
(4)Rental income includes lease termination fees of $208 thousand and $121 thousand for the three months ended December 31, 2025 and 2024, respectively, and $1,081 thousand and $253 thousand for the years ended December 31, 2025 and 2024, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 0.3% and 0.9% and Same Property Portfolio Cash NOI increased by approximately 2.8% and 4.2% during the three months and year ended December 31, 2025, compared to the three months and year ended December 31, 2024, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 4Q-2025 and September 2025 (for 4Q-2025), the end of each month in 4Q-2024 and September 2024 (for 4Q-2024) and the end of each month in 3Q-2025 and June 2025 (for 3Q-2025).
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 16 |
|---|---|
| Capitalization Summary. | |
| --- | --- |
| (unaudited and in thousands, except share and per share data) | |
| Capitalization as of December 31, 2025 |
| Description | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Common shares outstanding(1) | 229,957,058 | 232,297,172 | 236,151,829 | 235,610,472 | 224,868,888 | ||||||||||
| Operating partnership units outstanding(2) | 8,288,228 | 8,155,706 | 8,182,445 | 8,700,301 | 8,426,905 | ||||||||||
| Total shares and units outstanding at period end | 238,245,286 | 240,452,878 | 244,334,274 | 244,310,773 | 233,295,793 | ||||||||||
| Share price at end of quarter | $ | 38.72 | $ | 41.11 | $ | 35.57 | $ | 39.15 | $ | 38.66 | |||||
| Common Stock and Operating Partnership Units - Capitalization | $ | 9,224,857 | $ | 9,885,018 | $ | 8,690,970 | $ | 9,564,767 | $ | 9,019,215 | |||||
| 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 | ||||||||||
| 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 | $ | 173,250 | $ | 213,956 | |||||
| Total Equity Market Capitalization | $ | 9,398,107 | $ | 10,058,268 | $ | 8,864,220 | $ | 9,738,017 | $ | 9,233,171 | |||||
| Total Debt | $ | 3,278,649 | $ | 3,278,896 | $ | 3,379,141 | $ | 3,379,383 | $ | 3,379,622 | |||||
| Less: Cash and cash equivalents | (165,778) | (248,956) | (431,117) | (504,579) | (55,971) | ||||||||||
| Net Debt | $ | 3,112,871 | $ | 3,029,940 | $ | 2,948,024 | $ | 2,874,804 | $ | 3,323,651 | |||||
| Total Combined Market Capitalization (Net Debt plus Equity) | $ | 12,510,978 | $ | 13,088,208 | $ | 11,812,244 | $ | 12,612,821 | $ | 12,556,822 | |||||
| Net debt to total combined market capitalization | 24.9 | % | 23.2 | % | 25.0 | % | 22.8 | % | 26.5 | % | |||||
| Net debt to Adjusted EBITDAre (quarterly results annualized)(5) | 4.4x | 4.1x | 4.0x | 3.9x | 4.6x | ||||||||||
| Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5) | 4.6x | 4.4x | 4.2x | 4.1x | 4.9x |
(1)Excludes the following number of shares of unvested restricted stock: 1,623,077 (Dec 31, 2025), 513,234 (Sep 30, 2025), 542,922 (Jun 30, 2025), 560,382 (Mar 31, 2025) and 416,123 (Dec 31, 2024). During the three months ended December 31, 2025 and September 30, 2025, the Company repurchased 2,443,438 and 3,883,845 shares common stock under its stock repurchase programs at a weighted average price of $40.93 and $38.62 per share for a total of $100.0 million and $150.1 million, respectively.
(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 December 31, 2025, includes 1,485,615 vested LTIP Units & 1,156,270 vested performance units & excludes 325,395 unvested LTIP Units & 2,684,570 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 33 and page 12 of this report, respectively.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 17 | |||||||
|---|---|---|---|---|---|---|---|---|
| Debt Summary. | ||||||||
| --- | --- | |||||||
| (unaudited and dollars in thousands) | Debt Detail: | |||||||
| --- | --- | --- | --- | --- | --- | |||
| As of December 31, 2025 | ||||||||
| Debt Description | Maturity Date | Stated<br>Interest Rate | Effective<br><br>Interest Rate(1) | Principal<br><br>Balance(2) | ||||
| Unsecured Debt: | ||||||||
| $1.25 Billion Revolving Credit Facility(3) | 5/30/2029(4) | SOFR+0.725%(5) | 4.595% | $ | — | |||
| $575M Exchangeable 2027 Senior Notes(6) | 3/15/2027 | 4.375% | 4.375% | 575,000 | ||||
| $300M Term Loan Facility | 5/26/2027 | SOFR+0.80%(5) | 3.617%(7) | 300,000 | ||||
| $125M Senior Notes | 7/13/2027 | 3.930% | 3.930% | 125,000 | ||||
| $300M Senior Notes | 6/15/2028 | 5.000% | 5.000% | 300,000 | ||||
| $575M Exchangeable 2029 Senior Notes(6) | 3/15/2029 | 4.125% | 4.125% | 575,000 | ||||
| $25M Series 2019A Senior Notes | 7/16/2029 | 3.880% | 3.880% | 25,000 | ||||
| $400M Senior Notes | 12/1/2030 | 2.125% | 2.125% | 400,000 | ||||
| $400M Term Loan Facility | 5/30/2030 | SOFR+0.80%(5) | 4.214%(8) | 400,000 | ||||
| $400M Senior Notes - Green Bond | 9/1/2031 | 2.150% | 2.150% | 400,000 | ||||
| $75M Series 2019B Senior Notes | 7/16/2034 | 4.030% | 4.030% | 75,000 | ||||
| Secured Debt: | ||||||||
| $60M Term Loan Facility | 10/27/2026(9) | SOFR+1.250%(9) | 5.060%(10) | 60,000 | ||||
| 701-751 Kingshill Place | 1/5/2026 | 3.900% | 3.900% | 6,715 | ||||
| 13943-13955 Balboa Boulevard | 7/1/2027 | 3.930% | 3.930% | 13,814 | ||||
| 2205 126th Street | 12/1/2027 | 3.910% | 3.910% | 5,200 | ||||
| 2410-2420 Santa Fe Avenue | 1/1/2028 | 3.700% | 3.700% | 10,300 | ||||
| 11832-11954 La Cienega Boulevard | 7/1/2028 | 4.260% | 4.260% | 3,688 | ||||
| 1100-1170 Gilbert Street (Gilbert/La Palma) | 3/1/2031 | 5.125% | 5.125% | 1,323 | ||||
| 7817 Woodley Avenue | 8/1/2039 | 4.140% | 4.140% | 2,609 | ||||
| Total Debt | 3.732% | $ | 3,278,649 | |||||
| Debt Composition: | ||||||||
| --- | --- | --- | --- | --- | --- | --- | ||
| Category | Weighted Average Term Remaining (yrs) | Stated Interest Rate | Effective Interest Rate | Balance | % of Total | |||
| Fixed | 3.3 | 3.732% (See Table Above) | 3.732% | $ | 3,278,649 | 100% | ||
| Variable | — | — | —% | $ | — | 0% | ||
| Secured | 1.5 | 4.591% | $ | 103,649 | 3% | |||
| Unsecured | 3.3 | 3.704% | $ | 3,175,000 | 97% |
*See footnotes on the following page*
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 18 |
|---|---|
| Debt Summary (Continued). | |
| --- | --- |
| (unaudited and dollars in thousands) |
| Debt Maturity Schedule(11): | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Year | Secured | Unsecured | Total | % Total | Effective Interest Rate(1) | |||||
| 2026 | $ | 66,715 | $ | — | $ | 66,715 | 2 | % | 4.943 | % |
| 2027 | 19,014 | 1,000,000 | 1,019,014 | 31 | % | 4.089 | % | |||
| 2028 | 13,988 | 300,000 | 313,988 | 10 | % | 4.949 | % | |||
| 2029 | — | 600,000 | 600,000 | 18 | % | 4.115 | % | |||
| 2030 | — | 800,000 | 800,000 | 25 | % | 3.169 | % | |||
| 2031 | 1,323 | 400,000 | 401,323 | 12 | % | 2.160 | % | |||
| 2032 | — | — | — | — | % | — | % | |||
| 2033 | — | — | — | — | % | — | % | |||
| 2034 | — | 75,000 | 75,000 | 2 | % | 4.030 | % | |||
| 2035 | — | — | — | — | % | — | % | |||
| Thereafter | 2,609 | — | 2,609 | — | % | 4.140 | % | |||
| Total | $ | 103,649 | $ | 3,175,000 | $ | 3,278,649 | 100 | % | 3.732 | % |
(1)Includes the effect of interest rate swaps effective as of Dec 31, 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 $26.7 million as of December 31, 2025.
(3)The $1.25B revolving credit facility (“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 metrics. As of Dec 31, 2025, the sustainability-linked pricing adj. for the facility fee was zero. In January 2026, the facility fee decreased by 0.01% to 0.115% after certifying that our sustainability performance targets for 2025 were met.
(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 (“TL”) and 1M SOFR for the $300M TL and an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $300M TL and $400M TL depending on our credit ratings and leverage ratio. On Nov 21, 2025, we amended our senior unsecured credit agreement to eliminate the 0.10% SOFR adjustment for the $300M TL. 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. As of Dec 31, 2025, the sustainability-linked pricing adjustment for the margin was zero. In January 2026, the applicable margin decreased by 0.04% to 0.685% for the Revolver and to 0.76% for the $300M TL and $400M TL after certifying that our sustainability performance targets were met for 2025.
(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 on our $300M TL at a weighted average rate of 2.81725% from July 27, 2022 through May 26, 2027, through the use of interest rate swaps. The all-in fixed rate on the $300M TL is 3.617% after adding the applicable margin and sustainability-related rate adjustment.
(8)We effectively fixed Daily SOFR on our $400M TL at a weighted average rate of 3.41375% from July 1, 2025 through May 30, 2030, through the use of interest rate swaps. The all-in fixed rate on the $400M TL is 4.214% after adding the applicable margin and sustainability-related rate adjustment.
(9)The $60M TL has interest-only payment terms (1M SOFR + 0.10% SOFR adjustment + margin of 1.250%) and three one-year extensions remaining, subject to certain terms and conditions.
(10)We effectively fixed 1M SOFR on our $60M TL at 3.710% from April 3, 2023 through July 30, 2026, through the use of an interest rate swap. The all-in fixed rate on the $60M TL 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.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 19 |
|---|---|
| Operations. | |
| --- | |
| Quarterly Results |
*Reflects the ending occupancy for the 2025 Same Property Portfolio for each period presented.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 20 | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio Overview. | |||||||||||||||
| --- | --- | ||||||||||||||
| At December 31, 2025 | (unaudited results) | ||||||||||||||
| Consolidated Portfolio: | |||||||||||||||
| Rentable Square Feet | Ending Occupancy % | In-Place ABR(3) | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Market | # of<br>Properties | Same<br>Property<br>Portfolio | Non-Same<br>Property<br>Portfolio | Total <br>Portfolio | Same<br>Property<br>Portfolio | Non-Same<br>Property<br>Portfolio | Total<br><br>Portfolio(1) | Total Portfolio<br><br>Excluding<br><br>Repo/Redev(2) | Total<br>(in 000’s) | Per SquareFoot | |||||
| Central LA | 20 | 2,614,518 | 615,829 | 3,230,347 | 98.5 | % | 76.6 | % | 94.3 | % | 98.7 | % | $ | 42,289 | 13.88 |
| Greater San Fernando Valley | 74 | 5,483,668 | 1,647,827 | 7,131,495 | 97.1 | % | 58.6 | % | 88.2 | % | 93.1 | % | 108,248 | 17.20 | |
| Mid-Counties | 39 | 2,984,698 | 1,871,363 | 4,856,061 | 99.3 | % | 76.0 | % | 90.3 | % | 97.2 | % | 74,955 | 17.09 | |
| San Gabriel Valley | 46 | 3,359,590 | 2,770,014 | 6,129,604 | 89.9 | % | 68.1 | % | 80.0 | % | 92.2 | % | 66,095 | 13.47 | |
| South Bay | 81 | 6,303,325 | 1,657,301 | 7,960,626 | 96.1 | % | 71.0 | % | 90.9 | % | 97.0 | % | 176,212 | 24.36 | |
| Los Angeles County | 260 | 20,745,799 | 8,562,334 | 29,308,133 | 96.1 | % | 69.2 | % | 88.3 | % | 95.3 | % | 467,799 | 18.09 | |
| North Orange County | 25 | 1,094,646 | 1,580,440 | 2,675,086 | 96.4 | % | 85.0 | % | 89.6 | % | 98.4 | % | 46,850 | 19.54 | |
| OC Airport | 9 | 998,596 | 106,604 | 1,105,200 | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 21,854 | 19.77 | |
| South Orange County | 9 | 346,463 | 183,098 | 529,561 | 100.0 | % | 88.9 | % | 96.2 | % | 100.0 | % | 8,892 | 17.46 | |
| West Orange County | 10 | 852,079 | 436,759 | 1,288,838 | 100.0 | % | 86.3 | % | 95.4 | % | 100.0 | % | 21,289 | 17.32 | |
| Orange County | 53 | 3,291,784 | 2,306,901 | 5,598,685 | 98.8 | % | 86.2 | % | 93.6 | % | 99.2 | % | 98,885 | 18.87 | |
| Inland Empire East | 1 | 33,258 | — | 33,258 | 100.0 | % | — | % | 100.0 | % | 100.0 | % | 683 | 20.52 | |
| Inland Empire West | 53 | 8,356,225 | 1,186,023 | 9,542,248 | 96.8 | % | 84.4 | % | 95.3 | % | 97.0 | % | 139,165 | 15.31 | |
| Riverside / San Bernardino County | 54 | 8,389,483 | 1,186,023 | 9,575,506 | 96.8 | % | 84.4 | % | 95.3 | % | 97.0 | % | 139,848 | 15.33 | |
| Central San Diego | 21 | 1,349,009 | 779,311 | 2,128,320 | 98.1 | % | 43.7 | % | 78.2 | % | 94.3 | % | 40,320 | 24.23 | |
| North County San Diego | 13 | 1,179,355 | 143,663 | 1,323,018 | 98.1 | % | 100.0 | % | 98.3 | % | 99.1 | % | 19,780 | 15.21 | |
| San Diego County | 34 | 2,528,364 | 922,974 | 3,451,338 | 98.1 | % | 52.4 | % | 85.9 | % | 96.4 | % | 60,100 | 20.27 | |
| Ventura | 18 | 2,511,426 | 716,100 | 3,227,526 | 93.9 | % | 84.4 | % | 91.8 | % | 92.6 | % | 41,805 | 14.11 | |
| Ventura County | 18 | 2,511,426 | 716,100 | 3,227,526 | 93.9 | % | 84.4 | % | 91.8 | % | 92.6 | % | 41,805 | 14.11 | |
| CONSOLIDATED TOTAL / WTD AVG | 419 | 37,466,856 | 13,694,332 | 51,161,188 | 96.5 | % | 73.0 | % | 90.2 | % | 96.0 | % | $ | 808,437 | 17.51 |
All values are in US Dollars.
(1)See page 37 for historical occupancy by County.
(2)Excludes space aggregating 3,056,366 square feet at our properties that were in various stages of repositioning, development or lease-up as of December 31, 2025.
(3)See page 33 for definitions and details on how these amounts are calculated.
(4)Excluding in-place ABR associated with Land/IOS properties ($46.9M ABR) and cellular tower, solar and parking lot leases ($2.9M ABR), in-place building ABR per building SF was $16.51.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 21 | |||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Executed Leasing Statistics and Trends. | ||||||||||||||||||||||||
| --- | --- | |||||||||||||||||||||||
| (unaudited results) | ||||||||||||||||||||||||
| Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads: | Three Months Ended | |||||||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||||
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||||||||||||||||
| Leasing Spreads: | ||||||||||||||||||||||||
| Net Effective Rent Change | 22.0 | % | 26.1 | % | 20.9 | % | 23.8 | % | 55.4 | % | ||||||||||||||
| Cash Rent Change | 9.0 | % | 10.3 | % | 8.1 | % | 14.7 | % | 41.0 | % | ||||||||||||||
| Leasing Activity (Building SF):(1)(2) | ||||||||||||||||||||||||
| New leases | 1,574,816 | 2,361,131 | 678,727 | 882,403 | 330,334 | |||||||||||||||||||
| Renewal leases | 1,464,751 | 904,014 | 1,020,266 | 1,511,946 | 684,961 | |||||||||||||||||||
| Total leasing activity | 3,039,567 | 3,265,145 | 1,698,993 | 2,394,349 | 1,015,295 | |||||||||||||||||||
| Total expiring leases | (3,551,170) | (1,734,790) | (1,786,814) | (3,102,514) | (2,436,160) | |||||||||||||||||||
| Expiring leases - placed into repositioning/development | 957,493 | 418,878 | 304,776 | 833,218 | 996,035 | |||||||||||||||||||
| Net absorption(3) | 445,890 | 1,949,233 | 216,955 | 125,053 | (424,830) | |||||||||||||||||||
| Retention rate(4) | 61 | % | 72 | % | 69 | % | 68 | % | 51 | % | ||||||||||||||
| Retention + Backfill rate(5) | 70 | % | 77 | % | 74 | % | 82 | % | 62 | % | Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6) | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||||||||||
| Net Effective Rent | Cash Rent | Turnover Costs(7) | ||||||||||||||||||||||
| Fourth Quarter 2025: | # Leases<br>Signed | SF of<br>Leasing | Wtd. Avg.<br>Lease Term<br>(Years) | Current<br>Lease | Prior<br>Lease | Rent Change | Current<br>Lease | Prior<br>Lease | Rent Change | Wtd. Avg.<br>Abatement<br>(Months) | Tenant<br><br>Improvements<br><br>per SF | Leasing<br><br>Commissions<br><br>per SF | ||||||||||||
| New | 57 | 1,574,816 | 4.9 | $14.68 | $13.71 | 7.1% | $14.77 | $14.64 | 0.9% | 3.5 | $2.94 | $3.81 | ||||||||||||
| Renewal | 61 | 1,464,751 | 5.1 | $15.00 | $11.91 | 26.0% | $14.60 | $13.15 | 11.0% | 3.3 | $0.73 | $2.49 | ||||||||||||
| Total / Wtd. Average | 118 | 3,039,567 | 5.0 | $14.94 | $12.25 | 22.0% | $14.63 | $13.43 | 9.0% | 3.3 | $1.14 | $2.74 |
(1)Represents all executed leases, excluding leases with terms less than 12 months and month-to-month tenant leases.
(2)Leasing activity for Q4-2025 excludes the following land lease activity: (i) one renewal land lease deal with 95,209 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/development.
(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/development 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 25 new leases aggregating 1,296,910 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/developed 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)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 22 |
|---|---|
| Leasing Statistics (Continued). | |
| --- | --- |
| (unaudited results) | |
| Lease Expiration Schedule as of December 31, 2025: |
| Year of Lease Expiration | # of<br>Leases Expiring | Total Rentable<br>Square Feet | In-Place + <br>Uncommenced ABR<br>(in thousands) | In-Place +<br>Uncommenced <br>ABR per SF | |
|---|---|---|---|---|---|
| Available | — | 1,616,838 | $ | — | $— |
| Repositioning/Development(1) | — | 3,056,366 | — | $— | |
| MTM Tenants | 9 | 138,861 | 2,439 | $17.56 | |
| 2025 | 17 | 598,557 | 13,588 | $18.99 | |
| 2026 | 395 | 7,860,517 | 127,869 | $16.51 | |
| 2027 | 353 | 7,145,813 | 127,908 | $17.90 | |
| 2028 | 281 | 6,955,762 | 132,902 | $19.11 | |
| 2029 | 200 | 5,476,780 | 104,338 | $19.05 | |
| 2030 | 136 | 5,867,712 | 96,315 | $16.41 | |
| 2031 | 85 | 6,969,859 | 104,100 | $14.94 | |
| 2032 | 28 | 1,711,407 | 33,914 | $19.82 | |
| 2033 | 15 | 750,628 | 13,371 | $17.81 | |
| 2034 | 7 | 355,445 | 6,980 | $19.64 | |
| Thereafter | 42 | 2,656,643 | 55,897 | $21.04 | |
| Total Portfolio | 1,568 | 51,161,188 | $ | 819,621 | $17.63(2) |
(1)Represents vacant space at properties that were classified as repositioning, development or lease-up as of December 31, 2025.
(2)Excluding in-place + uncommenced ABR associated with Land/IOS properties ($47.25M ABR) and cellular tower, solar and parking lot leases ($2.95M ABR), in-place + uncommenced building ABR per building SF was $16.62.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 23 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Top Tenants and Lease Segmentation. | |||||||||
| --- | --- | ||||||||
| (unaudited results) | |||||||||
| Top 20 Tenants as of December 31, 2025 | Tenant | Submarket | Leased <br>Rentable SF | In-Place + Uncommenced<br><br>ABR (in 000’s)(1) | % of In-Place +<br><br>Uncommenced ABR(1) | In-Place + Uncommenced<br><br>ABR per SF(1) | Lease<br>Expiration | ||
| --- | --- | --- | --- | --- | --- | --- | |||
| Tireco, Inc. | Inland Empire West | 1,101,840 | $19,251 | 2.3% | $17.47 | 1/31/2027(2) | |||
| L3 Technologies, Inc. | Multiple Submarkets(3) | 595,267 | $13,245 | 1.6% | $22.25 | 9/30/2031 | |||
| Zenith Energy West Coast Terminals LLC | South Bay | —(4) | $11,909 | 1.5% | $3.41(4) | 9/29/2041 | |||
| Cubic Corporation | Central San Diego | 315,227 | $11,443 | 1.4% | $36.30 | 3/31/2038 | |||
| IBY, LLC | San Gabriel Valley | 1,178,021 | $11,322 | 1.4% | $9.61 | 4/5/2031(5) | |||
| Federal Express Corporation | Multiple Submarkets(6) | 527,861 | $10,862 | 1.3% | $20.58 | 11/30/2032(6) | |||
| GXO Logistics Supply Chain, Inc. | Mid-Counties | 411,034 | $9,076 | 1.1% | $22.08 | 11/30/2028 | |||
| The Hertz Corporation | South Bay | 38,680(7) | $8,922 | 1.1% | $11.14(7) | 10/31/2026 | |||
| Best Buy Stores, L.P. | Inland Empire West | 501,649 | $8,871 | 1.1% | $17.68 | 6/30/2029 | |||
| De Fili Solutions Inc. | South Bay | 355,946 | $8,784 | 1.1% | $24.68 | 5/31/2031 | |||
| Top 10 Tenants | 5,025,525 | $113,685 | 13.9% | ||||||
| Top 11 - 20 Tenants | 3,429,280 | $56,254 | 6.9% | ||||||
| Total Top 20 Tenants | 8,454,805 | $169,939 | 20.8% |
(1)See page 33 for further details on how these amounts are calculated.
(2)In January 2026, we executed an amendment with Tireco, Inc. to extend the lease term to April 30, 2030, with annualized base rent of approximately $17.0 million commencing February 1, 2027.
(3)Includes (i) 133,836 RSF in North Orange County which expired on Dec 31, 2025 and (ii) 461,431 RSF in LA-South Bay expiring Sep 30, 2031.
(4)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.
(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, 2031, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) an additional 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.
| Lease Segmentation by Size: | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Square Feet | Number of<br>Leases | Leased<br>Building/Land<br>Rentable SF | Building/Land<br>Rentable SF | Leased % | Leased % Excl.<br>Repo/Redev | In-Place +<br><br>Uncommenced ABR<br><br>(in 000’s)(1) | % of In-Place +<br><br>Uncommenced<br><br>ABR(1) | In-Place +UncommencedABR per SF(1) | |||||
| Building: | |||||||||||||
| <4,999 | 572 | 1,310,330 | 1,414,176 | 92.7% | 92.9% | $ | 26,868 | 3.3% | 20.50 | ||||
| 5,000 - 9,999 | 224 | 1,570,408 | 1,746,240 | 89.9% | 92.9% | 30,465 | 3.7% | 19.40 | |||||
| 10,000 - 24,999 | 320 | 5,147,020 | 5,728,980 | 89.8% | 92.9% | 98,155 | 12.0% | 19.07 | |||||
| 25,000 - 49,999 | 178 | 6,618,847 | 7,445,198 | 88.9% | 95.1% | 118,087 | 14.4% | 17.84 | |||||
| 50,000 - 99,999 | 120 | 8,479,513 | 9,687,025 | 87.5% | 97.3% | 152,232 | 18.6% | 17.95 | |||||
| >100,000 | 126 | 23,155,867 | 24,915,708 | 92.9% | 98.3% | 343,613 | 41.9% | 14.84 | |||||
| Building Subtotal / Wtd. Avg. | 1,540 | 46,281,985 | (2) | 50,937,327 | (2) | 90.9% | (2) | 96.7% | (2) | $ | 769,420 | 93.9% | 16.62 |
| Land/IOS(3) | 26 | 8,176,495 | (4) | 8,359,956 | (4) | 97.8% | 47,248 | 5.8% | 5.65 | ||||
| Other(3) | 49 | 2,953 | 0.3% | ||||||||||
| Total | 1,615 | $ | 819,621 | 100.0% |
All values are in US Dollars.
(1)See page 33 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 90.9% leased and 96.6% 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.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 24 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Capital Expenditure Summary. | ||||||||||||||||||||
| --- | ||||||||||||||||||||
| (unaudited results, in thousands, except square feet and per square foot data) | ||||||||||||||||||||
| Year Ended December 31, 2025 | Year to Date | |||||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||
| Q4-2025 | Q3-2025 | Q2-2025 | Q1-2025 | Total | SF(1) | PSF | ||||||||||||||
| Tenant Improvements: | ||||||||||||||||||||
| New Leases – 1st Generation | $ | 67 | $ | 328 | $ | 292 | $ | 798 | $ | 1,485 | 831,080 | $ | 1.79 | |||||||
| New Leases – 2nd Generation | 121 | 112 | 641 | 4 | 878 | 589,789 | $ | 1.49 | ||||||||||||
| Renewals | 58 | 348 | 22 | 158 | 586 | 885,949 | $ | 0.66 | ||||||||||||
| Total Tenant Improvements | $ | 246 | $ | 788 | $ | 955 | $ | 960 | $ | 2,949 | ||||||||||
| Leasing Commissions & Lease Costs: | ||||||||||||||||||||
| New Leases – 1st Generation | $ | 5,057 | $ | 7,984 | $ | 1,879 | $ | 3,058 | $ | 17,978 | 3,111,145 | $ | 5.78 | |||||||
| New Leases – 2nd Generation | 2,854 | 4,844 | 1,258 | 1,886 | 10,842 | 2,737,913 | $ | 3.96 | ||||||||||||
| Renewals | 3,470 | 3,163 | 2,904 | 2,993 | 12,530 | 5,278,183 | $ | 2.37 | ||||||||||||
| Total Leasing Commissions & Lease Costs | $ | 11,381 | $ | 15,991 | $ | 6,041 | $ | 7,937 | $ | 41,350 | ||||||||||
| Total Recurring Capex | $ | 2,566 | $ | 3,563 | $ | 5,887 | $ | 1,311 | $ | 13,327 | 51,311,729 | $ | 0.26 | |||||||
| Recurring Capex % of NOI | 1.4 | % | 1.9 | % | 3.2 | % | 0.7 | % | 1.8 | % | ||||||||||
| Recurring Capex % of Rental Income | 1.1 | % | 1.4 | % | 2.4 | % | 0.5 | % | 1.4 | % | ||||||||||
| Nonrecurring Capex: | ||||||||||||||||||||
| Repositioning and Development in Process(2) | $ | 49,529 | $ | 55,820 | $ | 61,491 | $ | 39,455 | $ | 206,295 | ||||||||||
| Unit Renovation(3) | 2,135 | 1,877 | 1,452 | 2,910 | 8,374 | |||||||||||||||
| Other(4) | 6,066 | 4,612 | 2,433 | 996 | 14,107 | |||||||||||||||
| Total Nonrecurring Capex | $ | 57,730 | $ | 62,309 | $ | 65,376 | $ | 43,361 | $ | 228,776 | 41,735,487 | $ | 5.48 | |||||||
| Other Capitalized Costs(5) | $ | 15,279 | $ | 16,214 | $ | 14,814 | $ | 13,644 | $ | 59,951 |
(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 repositioning or development 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, solar installation, 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 development, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or development projects.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 25 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties and Space Under Repositioning/Development.(1) | |||||||||||||
| --- | --- | ||||||||||||
| As of December 31, 2025 | (unaudited results, $ in millions) | ||||||||||||
| 4Q 2025 Stabilizations | |||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Proj.<br><br>Project<br><br>Costs(1) | Proj.<br><br>Total<br><br>Invest.(1) | Proj.<br><br>Remaining<br><br>Costs | Construction Period(1) | Property<br><br>Leased | |||||||||
| Property | Submarket | Repositioning/ Development | Start | Complete | |||||||||
| 4Q 2025 Stabilizations | |||||||||||||
| 9920-10020 Pioneer Boulevard | Mid-Counties | Development | 23.6 | $ | 32.2 | $ | 55.8 | $ | 0.4 | 4Q-21 | 3Q-24 | 100% | |
| 21515 Western Avenue | South Bay | Development | 20.3 | 39.4 | 0.3 | 2Q-23 | 3Q-25 | 100% | |||||
| 14434-14527 San Pedro Street | South Bay | Repositioning | 14.8 | 64.6 | 0.2 | 3Q-23 | 1Q-25 | 100% | |||||
| 17907 Figueroa Street | South Bay | Development | 18.0 | 38.2 | 0.1 | 4Q-23 | 2Q-25 | 100% | |||||
| Rancho Pacifica - Building 5(3) | South Bay | Development | 15.5 | 24.8 | 0.7 | 4Q-23 | 1Q-25 | 100% | |||||
| 800 Sandhill Avenue<br><br>(17000 Kingsview Avenue) | South Bay | Repositioning | 4.4 | 18.4 | 0.9 | 1Q-24 | 1Q-25 | 100% | |||||
| 3935-3949 Heritage Oak Court | Ventura | Repositioning | 8.1 | 64.8 | 1.3 | 3Q-25 | 4Q-25 | 100% | |||||
| Total/Weighted Average Stabilized | 192.7 | $ | 113.3 | $ | 306.0 | $ | 3.9 | ||||||
| Stabilized | |||||||||||||
| Repositioning | Development | ||||||||||||
| Actual Cash NOI: 4Q 2025 ($M) | $0.2 | (0.4) | |||||||||||
| Annualized Stabilized Cash NOI ($M) | $7.0 | 8.4 | |||||||||||
| Estimated Stabilized Return on Cost | 4.7% | 5.3% |
All values are in US Dollars.
— See numbered footnotes on page 30 —
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 26 | ||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties and Space Under Repositioning/Development (Continued).(1) | |||||||||||||||||||
| --- | --- | ||||||||||||||||||
| As of December 31, 2025 | (unaudited results, $ in millions) | Lease-Up | |||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| Repositioning/<br><br>Development | RSF(2) | Purch.<br><br>Price(1) | Est.<br><br>Project<br><br>Costs(1) | Est.<br><br>Total<br><br>Invest.(1) | Est.<br><br>Remaining<br><br>Costs | Construction Period | Property<br><br>Leased | ||||||||||||
| Property | Submarket | Start | Complete | ||||||||||||||||
| Lease-Up | |||||||||||||||||||
| 9615 Norwalk Boulevard | Mid-Counties | Development | 201,571 | $ | 9.6 | $ | 49.9 | $ | 59.5 | $ | 2.1 | 3Q-21 | 4Q-25 | —% | |||||
| 3211-3233 Mission Oaks Blvd.(4) | Ventura | Development | 116,852 | 40.7 | 26.2 | 66.9 | 0.3 | 2Q-22 | 1Q-25 | 83% | |||||||||
| 12118 Bloomfield Avenue | Mid-Counties | Development | 107,045 | 16.7 | 20.0 | 36.7 | — | 4Q-22 | 1Q-25 | 100% | |||||||||
| 4416 Azusa Canyon Road | San Gabriel Valley | Development | 129,830 | 12.3 | 21.4 | 33.7 | 2.3 | 4Q-22 | 2Q-25 | —% | |||||||||
| 15010 Don Julian Road | San Gabriel Valley | Development | 219,690 | 22.9 | 37.6 | 60.5 | 3.5 | 1Q-23 | 4Q-25 | —% | |||||||||
| 12772 San Fernando Road | Greater San Fernando Valley | Development | 143,529 | 22.1 | 22.6 | 44.7 | 1.3 | 3Q-23 | 1Q-25 | —% | |||||||||
| 19900 Plummer Street | Greater San Fernando Valley | Development | 79,539 | 15.5 | 15.6 | 31.1 | 1.3 | 3Q-23 | 1Q-25 | —% | |||||||||
| 1500 Raymond Avenue | North Orange County | Development | 136,218 | 46.1 | 22.4 | 68.5 | 1.1 | 4Q-23 | 1Q-25 | —% | |||||||||
| 19301 Santa Fe Avenue | South Bay | Repositioning | LAND | 14.7 | 5.7 | 20.4 | 0.5 | 2Q-24 | 3Q-25 | —% | |||||||||
| 1315 Storm Parkway(5) | South Bay | Repositioning | 37,844 | 8.5 | 3.5 | 12.0 | 0.6 | 2Q-24 | 4Q-24 | —% | |||||||||
| 14955 Salt Lake Avenue | San Gabriel Valley | Repositioning | 45,205 | 10.9 | 3.7 | 14.6 | 0.5 | 4Q-24 | 3Q-25 | —% | |||||||||
| 8985 Crestmar Point | Central San Diego | Repositioning | 53,395 | 8.1 | 5.7 | 13.8 | 0.8 | 4Q-24 | 3Q-25 | —% | |||||||||
| 9455 Cabot Drive | Central San Diego | Repositioning | 97,510 | 12.2 | 8.2 | 20.4 | 1.3 | 2Q-25 | 4Q-25 | —% | |||||||||
| 1175 Aviation Place | Greater San Fernando Valley | Repositioning | 93,202 | 17.9 | 3.9 | 21.8 | 0.8 | 3Q-25 | 4Q-25 | —% | |||||||||
| Total/Weighted Average Lease-Up | 1,461,430 | $ | 258.2 | $ | 246.4 | $ | 504.6 | $ | 16.4 |
— See numbered footnotes on page 30 —
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 27 | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Properties and Space Under Repositioning/Development (Continued).(1) | ||||||||||||||||
| --- | --- | |||||||||||||||
| As of December 31, 2025 | (unaudited results, $ in millions) | |||||||||||||||
| Under Construction | ||||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Repositioning/Development | Purch.<br><br>Price(1) | Est.<br><br>Project<br><br>Costs(1) | Est.<br><br>Total<br><br>Invest.(1) | Est.<br><br>Remaining<br><br>Costs | Construction Period | Property<br><br>Leased | ||||||||||
| Property | Submarket | Start | Complete | |||||||||||||
| Under Construction | ||||||||||||||||
| 14940 Proctor Road | San Gabriel Valley | Development | $ | 28.8 | $ | 26.1 | $ | 54.9 | $ | 4.5 | 4Q-24 | 2Q-26 | —% | |||
| 11234 Rush Street | San Gabriel Valley | Development | 12.6 | 21.6 | 34.2 | 5.7 | 4Q-24 | 3Q-26 | —% | |||||||
| 3680-3880 Voyager Street (3547-3555 Voyager Street) | South Bay | Development | 21.1 | 18.9 | 40.0 | 10.7 | 1Q-25 | 3Q-26 | —% | |||||||
| 5235 Hunter Avenue | North Orange County | Development | 11.4 | 20.2 | 31.6 | 6.1 | 1Q-25 | 2Q-26 | —% | |||||||
| 7815 Van Nuys Boulevard | Greater San Fernando Valley | Development | 25.6 | 16.0 | 41.6 | 11.1 | 2Q-25 | 4Q-26 | —% | |||||||
| 14400 Figueroa Street<br><br>(Figueroa & Rosecrans) | South Bay | Repositioning | 61.4 | 14.5 | 75.9 | 11.3 | 3Q-25 | 4Q-26 | —% | |||||||
| 950 West 190th Street | South Bay | Development | 41.5 | 31.6 | 73.1 | 30.6 | 4Q-25 | 4Q-27 | —% | |||||||
| 9323 Balboa Avenue | Central San Diego | Development | 27.1 | 26.2 | 53.3 | 25.1 | 4Q-25 | 2Q-27 | —% | |||||||
| 24935-24955 Avenue Kearny | Greater San Fernando Valley | Repositioning | 5.8 | 3.8 | 9.6 | 2.7 | 4Q-25 | 2Q-26 | —% | |||||||
| Total/Weighted Average Under Construction | $ | 235.3 | $ | 178.9 | $ | 414.2 | $ | 107.8 | ||||||||
| Total/Weighted Average Lease-Up/Under Construction | $ | 493.5 | $ | 425.3 | $ | 918.8 | $ | 124.2 | ||||||||
| Lease-Up/Under Construction | ||||||||||||||||
| Repositioning | Development | Total | ||||||||||||||
| Actual Cash NOI: 4Q 2025 ($M) | $0.3 | $1.5 | 1.8 | |||||||||||||
| Annualized Stabilized Cash NOI ($M) | $10 - $11 | $40 - $44 | 50 - 55 | |||||||||||||
| Estimated Stabilized Return on Cost | 5.5% - 6.0% | 5.5% - 6.0% | 5.5% - 6.0% |
All values are in US Dollars.
— See numbered footnotes on page 30 —
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 28 | ||||
|---|---|---|---|---|---|
| Properties and Space Under Repositioning/Development (Continued).(1) | |||||
| --- | --- | ||||
| As of December 31, 2025 | (unaudited results, $ in millions) | ||||
| Near-Term Potential Future Repositioning and Development | |||||
| --- | --- | --- | --- | --- | --- |
| Property | Repositioning/ Development | Projected<br><br>RSF(7) | Estimated Construction Start | Purchase Price (M) | Actual Cash NOI4Q 2025 (M) |
| 16425 Gale Avenue | Development | 325,800 | 1Q-26 | 26.3 | 0.1 |
| 17031-17037 Green Drive | Repositioning | 50,454 | 1Q-26 | 14.1 | 0.1 |
| 10660 Mulberry Avenue | Repositioning | 42,248 | 1Q-26 | 11.0 | 0.1 |
| 9400-9500 Santa Fe Springs Road(6) | Repositioning | 184,270 | 2Q-26 | 210.0 | 0.8 |
| 3100 Fujita Street | Repositioning | 91,516 | 3Q-26 | 14.2 | — |
| 9000 Airport Boulevard | Development | 418,000 | 4Q-26 | 144.3 | 2.2 |
| Total Future Repositioning/Development | 1,112,288 | 419.9 | 3.3 | ||
| Repositioning | Development | Total | |||
| Projected RSF | 368,488 | 743,800 | 1,112,288 | ||
| Projected Project Costs (M) | $32 - $34 | $108 - $116 | 140 - 150 | ||
| Actual Cash NOI: 4Q 2025(7) (M) | $1.0 | $2.3 | 3.3 |
All values are in US Dollars.
— See numbered footnotes on page 30 —
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 29 | |||||
|---|---|---|---|---|---|---|
| Properties and Space Under Repositioning/Development (Continued).(1) | ||||||
| --- | --- | |||||
| As of December 31, 2025 | (unaudited results, in thousands, except square feet) | Current Year Stabilized Repositioning/Development | ||||
| --- | --- | --- | --- | |||
| Property (Submarket) | RSF | Stabilized Period | Stabilized Return on Cost | |||
| 4039 Calle Platino (North County SD) | 73,807 | 1Q-25 | 8.5% | |||
| 29120 Commerce Center Drive (SF Valley) | 135,258 | 1Q-25 | 8.5% | |||
| East 27th Street (Central LA) | 126,563 | 1Q-25 | 5.4% | |||
| 122-125 N. Vinedo Avenue (SF Valley) | 48,520 | 1Q-25 | 13.5% | |||
| 29125 Avenue Paine (SF Valley) | 176,107 | 1Q-25 | 6.8% | |||
| 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)(8) | 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)(9) | 105,173 | 3Q-25 | 4.3% | |||
| 2390-2444 American Way (North OC) | 100,483 | 3Q-25 | 5.0% | |||
| 14434-14527 San Pedro Street | 58,225 | 4Q-25 | 4.0% | |||
| 3935-3949 Heritage Oak Court | 190,031 | 4Q-25 | 4.8% | |||
| 800 Sandhill Avenue (17000 Kingsview Avenue) | 100,121 | 4Q-25 | 6.9% | |||
| 9920-10020 Pioneer Boulevard | 163,435 | 4Q-25 | 5.1% | |||
| Rancho Pacifica - Building 5(3) | 76,553 | 4Q-25 | 5.5% | |||
| 17907 Figueroa Street | 76,468 | 4Q-25 | 4.5% | |||
| 21515 Western Avenue | 83,740 | 4Q-25 | 6.2% |
(1)For definitions of “Properties and Space Under Repositioning/Development,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Development Costs,” “Projected Total Investment,” “Annualized Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Stabilized Return on Cost” and other definitions related to our repositioning/development portfolio, see pages 35-36 in the Notes and Definitions section of this report.
(2)RSF is the actual rentable square footage 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. For developments, RSF represents the estimated rentable square footage of the project upon completion of the development.
(3)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.
(4)As of December 31, 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.
(5)As of December 31, 2025, 11315 Storm Parkway is considered stabilized, as one year has passed since the completion of repositioning work. However, it is presented in Lease-Up because the property has not yet reached 90% occupancy.
(6)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.
(7)The weighted average timing of the annualized NOI coming offline is late in the third quarter.
(8)11308-11350 Penrose St. was considered stabilized in 1Q-25, as one year had passed since completion of construction work, but remained in Lease‑Up due to leasing progress. 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.
(9)3071 Coronado Street was considered stabilized in 1Q-25, as one year had passed since completion of construction work, but remained in Lease‑Up due to leasing progress. In 3Q-25, the project achieved 100% occupancy and for presentation purposes is reflected as stabilized in 3Q-25.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 30 | ||||||
|---|---|---|---|---|---|---|---|
| Current Year Investments and Dispositions Summary. | |||||||
| --- | --- | --- | --- | --- | --- | --- | |
| As of December 31, 2025 | (unaudited results) | ||||||
| 2025 Current Period Dispositions | |||||||
| Disposition<br>Date | Property Address | Submarket | Asset Type | Rentable<br>Square Feet | Gross Proceeds(M) | Realized NOI Contribution in the Quarter of Sale(M) | |
| 3/28/2025 | 1055 Sandhill Avenue | South Bay | Development | 127,775 | |||
| 4/3/2025 | 20 Icon | South Orange County | Operating | 102,299 | |||
| 5/23/2025 | 2270 Camino Vida Roble | North San Diego | Operating | 106,311 | |||
| 7/18/2025 | 1332 & 1336 Rocky Point Drive | North San Diego | Operating | 51,081 | |||
| 8/6/2025 | 8542 Slauson Avenue | Central | Operating | 24,679 | |||
| 9/4/2025 | 15715 Arrow Highway | San Gabriel Valley | Development | 76,000 | |||
| 12/22/2025 | 600-650 South Grand Avenue | South Orange County | Operating | 101,389 | |||
| Total 2025 Dispositions through December 31, 2025 | 589,534 | $ | 217.54 |
All values are in US Dollars.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 31 | |||
|---|---|---|---|---|
| Net Asset Value Components. | ||||
| --- | --- | |||
| As of December 31, 2025 | (unaudited and in thousands, except share data) | Net Operating Income | ||
| --- | --- | |||
| Pro Forma Net Operating Income (NOI)(1) | Three Months Ended Dec 31, 2025 | |||
| Total operating rental income | $243,230 | |||
| Property operating expenses | (59,287) | |||
| Pro forma effect of uncommenced leases(2) | 2,250 | |||
| Pro forma effect of dispositions(3) | (268) | |||
| Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and development(4) | 14,802 | |||
| Pro Forma NOI | 200,727 | |||
| Above/(below) market lease revenue adjustments | (4,129) | |||
| Straight line rental revenue adjustment | (9,073) | |||
| Pro Forma Cash NOI | $187,525 | |||
| Balance Sheet Items | ||||
| Other assets and liabilities | December 31, 2025 | |||
| Cash and cash equivalents | $165,778 | |||
| Loan receivable, net | 123,704 | |||
| Rents and other receivables, net | 13,958 | |||
| Other assets | 25,609 | |||
| Accounts payable, accrued expenses and other liabilities | (120,849) | |||
| Dividends payable | (103,399) | |||
| Tenant security deposits | (92,444) | |||
| Prepaid rents | (88,777) | |||
| Estimated remaining cost to complete repositioning/development projects(5) | (128,048) | |||
| Total other assets and liabilities | $(204,468) | |||
| Debt and Shares Outstanding | ||||
| Total consolidated debt(6) | $3,278,649 | |||
| Preferred stock/units - liquidation preference | $173,250 | |||
| Common shares outstanding(7) | 229,957,058 | |||
| Operating partnership units outstanding(8) | 8,288,228 | |||
| Total common shares and operating partnership units outstanding | 238,245,286 |
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of October 1, 2025.
(3)Represents the deduction of actual 4Q'25 NOI for the properties that we sold during the current quarter. See page 31 for a detail of current year disposition properties.
(4)Represents the estimated incremental NOI from the properties that were classified as repositioning, development, lease-up or stabilized during the three months ended December 31, 2025, assuming that all repositioning/development work had been completed and all of the properties were fully stabilized as of October 1, 2025. Includes all properties that are separately listed on pages 26-28. We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of October 1, 2025.
(5)Reflects the estimated remaining costs for all repositioning, development and lease-up properties that are listed on pages 26-28.
(6)Excludes unamortized loan discount and debt issuance costs totaling $26.7 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 1,623,077 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 1,485,615 vested LTIP Units and 1,156,270 vested performance units and excludes 325,395 unvested LTIP Units and 2,684,570 unvested performance units.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 32 |
|---|---|
| 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/development of certain of our properties and (v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental performance measure because it provides a performance measure that, when compared year over year, captures trends in portfolio operating results. We also believe that, as a widely recognized measure of the performance of REITs, AFFO will be used by investors as a basis to assess our performance in comparison to other REITs. However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our performance is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs’ AFFO. AFFO should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance.
In-Place Annualized Base Rent and Uncommenced Annualized Base Rent:
•In-Place Annualized Base Rent (“In-Place ABR”): Calculated as the monthly contractual base rent (before rent abatements) per the terms of the lease, as of December 31, 2025, multiplied by 12. Includes leases that had commenced as of December 31, 2025 or leases where tenant had taken early possession of space as of December 31, 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 December 31, 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 December 31, 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 December 31, 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 December 31, 2025.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of December 31, 2025.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of December 31, 2025.
Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, development, 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).
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 33 |
|---|---|
| Notes and Definitions. | |
| --- |
Debt Covenants ($ in thousands)
| December 31, 2025 | |||
|---|---|---|---|
| Current Period Covenant | Revolver, $300M & $400M Term Loan Facilities | Senior Notes ($125M, $25M, $75M) | |
| Maximum Leverage Ratio | less than 60% | 22.7% | 26.8% |
| Maximum Secured Leverage Ratio | less than 45% | 0.6% | N/A |
| Maximum Secured Leverage Ratio | less than 40% | N/A | 0.8% |
| Maximum Secured Recourse Debt | less than 15% | N/A | —% |
| Minimum Tangible Net Worth | $7,266,909 | N/A | $9,975 |
| Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.29 to 1.0 | 5.09 to 1.00 |
| Unencumbered Leverage Ratio | less than 60% | 23.7% | 28.6% |
| Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 6.03 to 1.00 | 6.03 to 1.00 |
| December 31, 2025 | |||
| --- | --- | --- | |
| Current Period Covenant | Senior Notes ($400M due 2030 <br>& $400M due 2031) | ||
| Maximum Debt to Total Asset Ratio | less than 60% | 23.9% | |
| Maximum Secured Debt to Total Asset Ratio | less than 40% | 0.8% | |
| Minimum Debt Service Coverage Ratio | at least 1.50 to 1.00 | 4.91 to 1.00 | |
| Minimum Unencumbered Assets to Unsecured Debt Ratio | at least 1.50 to 1.00 | 4.24 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) 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/development: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with repositioning and development projects.
Fixed Charge Coverage Ratio:
| For the Three Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | |||||||||||
| EBITDAre | $ | 103,701 | $ | 171,108 | $ | 173,922 | $ | 174,919 | $ | 164,915 | |||||
| Above/(below) market lease revenue adjustments | (4,129) | (5,254) | (5,788) | (9,186) | (6,159) | ||||||||||
| Non-cash stock compensation | 8,537 | 10,485 | 10,091 | 9,699 | 11,539 | ||||||||||
| Co-CEO transition costs | 60,223 | — | — | — | — | ||||||||||
| Debt extinguishment and modification expenses | — | — | 291 | — | — | ||||||||||
| Straight line rental revenue adj. | (9,073) | (8,164) | (6,918) | (5,517) | (10,057) | ||||||||||
| Capitalized payments | (6,013) | (6,516) | (5,304) | (5,091) | (4,592) | ||||||||||
| Accretion of net loan origination fees | (115) | (115) | (115) | (115) | (115) | ||||||||||
| Recurring capital expenditures | (2,566) | (3,563) | (5,887) | (1,311) | (7,882) | ||||||||||
| 2nd gen. tenant improvements | (179) | (460) | (663) | (162) | (296) | ||||||||||
| 2nd gen. leasing commissions | (6,324) | (8,007) | (4,162) | (4,879) | (3,520) | ||||||||||
| Cash flow for fixed charge coverage calculation | $ | 144,062 | $ | 149,514 | $ | 155,467 | $ | 158,357 | $ | 143,833 | |||||
| Cash interest expense calculation detail: | |||||||||||||||
| Interest expense | 25,451 | 25,463 | 26,701 | 27,288 | 28,173 | ||||||||||
| Capitalized interest | 8,801 | 9,240 | 9,064 | 8,230 | 7,510 | ||||||||||
| Note payable premium amort. | (1,616) | (1,597) | (1,579) | (1,560) | (1,534) | ||||||||||
| Amort. of deferred financing costs | (1,333) | (1,340) | (1,255) | (1,134) | (1,246) | ||||||||||
| Amort. of swap term fees & t-locks | (78) | (78) | (76) | (77) | (112) | ||||||||||
| Cash interest expense | 31,225 | 31,688 | 32,855 | 32,747 | 32,791 | ||||||||||
| Scheduled principal payments | 247 | 244 | 242 | 230 | 254 | ||||||||||
| Preferred stock/unit dividends | 2,405 | 2,404 | 2,405 | 2,695 | 2,827 | ||||||||||
| Fixed charges | $ | 33,877 | $ | 34,336 | $ | 35,502 | $ | 35,672 | $ | 35,872 | |||||
| Fixed Charge Coverage Ratio | 4.3 | x | 4.4 | x | 4.4 | x | 4.4 | x | 4.0 | x | |||||
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 34 | ||||||||||||||
| --- | --- | ||||||||||||||
| 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, impairment losses of depreciable operating property, 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, development and lease-up as of the end of the reporting period, assuming that all repositioning/development 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/Development:
•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 Development: 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.
•Estimated Project Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/development 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.
•Estimated Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Development 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.
•Annualized Stabilized Cash NOI: Represents management’s estimate of each project’s annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. Actual results may vary materially from our estimates.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 35 |
|---|---|
| Notes and Definitions. | |
| --- |
•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 33) for the repositioning/development property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.
•Estimated Stabilized Return on Cost: Calculated by dividing each project’s Annualized Stabilized Cash NOI by its Projected Total Investment.
•Stabilization Date - Properties and Space Under Repositioning/Development: We consider a repositioning/development 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/development construction work.
Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
| Three Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||
| Rental revenue (before collectability adjustment) | $ | 201,454 | $ | 203,217 | $ | 199,839 | $ | 208,394 | $ | 199,601 |
| Tenant reimbursements | 43,793 | 42,612 | 41,403 | 41,856 | 39,716 | |||||
| Other income | 598 | 915 | 467 | 874 | 620 | |||||
| Increase (reduction) in revenue due to change in collectability assessment | (2,615) | 13 | (141) | (2,303) | (200) | |||||
| Rental income | $ | 243,230 | $ | 246,757 | $ | 241,568 | $ | 248,821 | $ | 239,737 |
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/developed 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/developed 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 December 31, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2024 through December 31, 2025, and (ii) properties acquired prior to January 1, 2024 that were or will be classified as repositioning/development (current and future) or lease-up during 2024 and 2025, 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/development properties or removal of sold properties.
| Three Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||
| # of Properties | 287 | 288 | 289 | 292 | 293 | |||||
| Square Feet | 37,466,856 | 37,916,326 | 37,991,248 | 38,380,256 | 36,961,884 | |||||
| Ending Occupancy | 96.5 | % | 96.8 | % | 96.1 | % | 95.7 | % | 94.1 | % |
| SPP NOI growth | 0.4 | % | 1.9 | % | 1.1 | % | 0.7 | % | 2.2 | % |
| SPP Cash NOI growth | 2.8 | % | 5.5 | % | 3.9 | % | 5.0 | % | 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 December 31, | Year Ended December 31, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | % Change | 2025 | 2024 | Change | % Change | |||||
| Rental revenue | $ | 157,097 | $ | 156,576 | 0.3% | $ | 628,907 | $ | 620,479 | 1.4% | ||
| Tenant reimbursements | 32,947 | 30,250 | 2,697 | 8.9% | 128,344 | 123,177 | 5,167 | 4.2% | ||||
| Other income | 426 | 546 | (120) | (22.0)% | 1,958 | 2,276 | (318) | (14.0)% | ||||
| Rental income | $ | 190,470 | $ | 187,372 | 1.7% | $ | 759,209 | $ | 745,932 | 1.8% |
All values are in US Dollars.
Reconciliation of Net (Loss) Income to NOI and Cash NOI (in thousands):
| Three Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | ||||||
| Net (Loss) Income | $ | (67,735) | $ | 93,056 | $ | 120,394 | $ | 74,048 | $ | 64,910 |
| General and administrative | 19,199 | 20,037 | 19,752 | 19,868 | 21,940 | |||||
| Depreciation & amortization | 76,819 | 81,172 | 71,188 | 86,740 | 71,832 | |||||
| Other expenses | 65,910 | 4,218 | 244 | 2,239 | 34 | |||||
| Interest expense | 25,451 | 25,463 | 26,701 | 27,288 | 28,173 | |||||
| Debt extinguishment and modification expenses | — | — | 291 | — | — | |||||
| Management & leasing services | (197) | (118) | (132) | (142) | (167) | |||||
| Interest income | (4,670) | (6,367) | (7,807) | (3,324) | (2,991) | |||||
| Impairment of real estate | 89,097 | — | — | — | — | |||||
| Gains on sale of real estate | (19,931) | (28,583) | (44,361) | (13,157) | — | |||||
| NOI | $ | 183,943 | $ | 188,878 | $ | 186,270 | $ | 193,560 | $ | 183,731 |
| S/L rental revenue adj. | (9,073) | (8,164) | (6,918) | (5,517) | (10,057) | |||||
| Above/(below) market lease revenue adjustments | (4,129) | (5,254) | (5,788) | (9,186) | (6,159) | |||||
| Cash NOI | $ | 170,741 | $ | 175,460 | $ | 173,564 | $ | 178,857 | $ | 167,515 |
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 36 | |||||||||
| --- | --- | |||||||||
| Notes and Definitions. | ||||||||||
| --- |
Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
| Three Months Ended December 31, | Year Ended December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |||||
| Net (loss) income | $ | (67,735) | $ | 64,910 | $ | 219,763 | $ | 285,926 |
| General and administrative | 19,199 | 21,940 | 78,856 | 82,153 | ||||
| Depreciation and amortization | 76,819 | 71,832 | 315,919 | 275,247 | ||||
| Other expenses | 65,910 | 34 | 72,611 | 2,238 | ||||
| Interest expense | 25,451 | 28,173 | 104,903 | 98,596 | ||||
| Debt extinguishment and modification expenses | — | — | 291 | — | ||||
| Management and leasing services | (197) | (167) | (589) | (611) | ||||
| Interest income | (4,670) | (2,991) | (22,168) | (13,700) | ||||
| Impairment of real estate | 89,097 | — | 89,097 | — | ||||
| Gains on sale of real estate | (19,931) | — | (106,032) | (18,013) | ||||
| NOI | $ | 183,943 | $ | 183,731 | $ | 752,651 | $ | 711,836 |
| Non-Same Property Portfolio rental income | (52,760) | (52,365) | (221,167) | (176,164) | ||||
| Non-Same Property Portfolio property exp. | 15,018 | 14,279 | 57,691 | 47,207 | ||||
| Same Property Portfolio NOI | $ | 146,201 | $ | 145,645 | $ | 589,175 | $ | 582,879 |
| Straight line rental revenue adjustment | (2,198) | (5,167) | (14,075) | (27,437) | ||||
| Above/(below) market lease revenue adjustments | (4,953) | (5,260) | (19,695) | (23,129) | ||||
| Same Property Portfolio Cash NOI | $ | 139,050 | $ | 135,218 | $ | 555,405 | $ | 532,313 |
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
| 2026 Estimate | ||||
|---|---|---|---|---|
| Low | High | |||
| Net income attributable to common stockholders | $ | 1.15 | $ | 1.20 |
| Company share of depreciation and amortization | 1.20 | 1.20 | ||
| Company share of Core FFO | $ | 2.35 | $ | 2.40 |
Occupancy by County:
| Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | |
|---|---|---|---|---|---|
| Ending Occupancy: | |||||
| Los Angeles County | 88.3% | 90.9% | 87.9% | 88.0% | 90.2% |
| Orange County | 93.6% | 93.7% | 90.7% | 88.4% | 90.3% |
| Riverside / San Bernardino County | 95.3% | 94.4% | 93.9% | 95.9% | 96.0% |
| San Diego County | 85.9% | 91.3% | 86.7% | 89.6% | 89.8% |
| Ventura County | 91.8% | 89.8% | 87.5% | 87.7% | 91.2% |
| Total/Weighted Average | 90.2% | 91.8% | 89.2% | 89.6% | 91.3% |
| Total Portfolio RSF | 51,161,188 | 50,850,824 | 51,021,897 | 50,952,137 | 50,788,225 |
Uncommenced Lease Data:
| Total/Weighted Average | |||
|---|---|---|---|
| Occupied SF | 46,160,013 | ||
| Uncommenced Renewal Leases - Leased SF(1) | 991,153 | ||
| Uncommenced New Leases - Leased SF(1) | 327,971 | ||
| Leased SF | 46,487,984 | ||
| Percent Leased | 90.9 | % | |
| In-Place ABR(2) | $ | 808,437 | |
| ABR Under Uncommenced Leases (in thousands)(2)(3) | 11,184 | ||
| In-Place + Uncommenced ABR (in thousands)(2) | $ | 819,621 | |
| In-Place + Uncommenced ABR per SF(2) | $ | 17.63 |
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of December 31, 2025.
(2)See page 33 for further details on how these amounts are calculated.
(3)Includes $5.2 million of annualized base rent under Uncommenced New Leases and $6.0 million of incremental annualized base rent under Uncommenced Renewal Leases.
| Fourth Quarter 2025<br><br>Supplemental Financial Reporting Package | Page 37 |
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