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On its third-quarter 2026 earnings call, held on Oct. 23, 2026, Rexford Industrial (REXR +6.70%) announced a full-year guidance increase for core funds from operations (FFO, a standard measure of real estate operating performance) per share. Selling lower-growth properties frees cash to reduce debt and repurchase undervalued shares. That disciplined recycling improves portfolio quality and positions the business to compound cash flow over time.

Management's three key takeaways explain where it's heading.

1. Rexford Industrial Accelerates Realignment With a $1.2 Billion Asset SaleThe company sold 22 non-strategic properties to concentrate capital on higher-performing Southern California industrial sites. Dispositions remove long-term headwinds while generating funds to pay down debt without refinancing at higher interest rates.

This quarter, we advanced our $2 billion portfolio realignment initiative with a $1.2 billion portfolio sale.
-- Laura Elizabeth Clark, Chief Executive OfficerManagement bought back stock at prices below estimated asset values, creating per-share accretion for existing owners. Combining share buybacks with debt reduction lowers overall leverage while concentrating future earnings among fewer shares.

Since the second quarter of last year, we bought back nearly $1 billion of stock, about 10% of our shares outstanding.
-- Michael Fitzmaurice, Executive Vice President and Chief Financial Officer3. Tenant Demand Drives 3.7 Million Square Feet of LeasingStrong tenant demand across Southern California pushed same-property occupancy up by two percentage points sequentially. High customer retention and solid demand for primary industrial space offset broader market headwinds.

During the third quarter, we executed 3.7 million square feet of lease transactions across our portfolio.
-- John Nahas, Chief Operating OfficerLooking AheadInfill Southern California industrial fundamentals are improving, and positive net absorption across regional submarkets reinforces that recovery. Irreplaceable physical infrastructure and severe supply constraints protect the portfolio's pricing discipline as tenant activity picks up.

We are gonna allocate that capital to the highest risk-adjusted returns as we move forward.
-- Laura Elizabeth Clark, Chief Executive OfficerCapital recycling decisions directly dictate future returns by shedding legacy assets and reinvesting in higher-yielding opportunities.

Selling assets with limited long term growth potential retiring debt rather than refinancing it at higher rates, and buying back stock below what we believe Rexford is worth all pass that test.
-- Michael Fitzmaurice, Executive Vice President and Chief Financial OfficerThe Motley Fool recommends Rexford Industrial Realty. The Motley Fool has a disclosure policy.

Rexford Industrial Realty, Inc. (NYSE:REXR – Get Free Report) announced a quarterly dividend on Monday, July 20th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.4350 per share by the real estate investment trust on Thursday, October 15th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date of this dividend is Wednesday, September 30th.

Rexford Industrial Realty has raised its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Rexford Industrial Realty has a dividend payout ratio of 156.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Rexford Industrial Realty to earn $2.36 per share next year, which means the company should continue to be able to cover its $1.74 annual dividend with an expected future payout ratio of 73.7%.

Rexford Industrial Realty Stock Performance Shares of REXR opened at $37.49 on Monday. Rexford Industrial Realty has a 52 week low of $32.14 and a 52 week high of $44.38. The stock has a market cap of $8.36 billion, a price-to-earnings ratio of -20.71 and a beta of 1.18. The business has a 50-day simple moving average of $37.41 and a two-hundred day simple moving average of $35.70. The company has a quick ratio of 1.70, a current ratio of 1.70 and a debt-to-equity ratio of 0.42.

Rexford Industrial Realty (NYSE:REXR – Get Free Report) last issued its earnings results on Thursday, July 23rd. The real estate investment trust reported ($2.26) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($2.86). Rexford Industrial Realty had a negative net margin of 39.22% and a negative return on equity of 4.61%. The business had revenue of $243.00 million for the quarter, compared to the consensus estimate of $240.24 million. During the same period last year, the business posted $0.59 EPS. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Rexford Industrial Realty has set its FY 2026 guidance at 2.380-2.430 EPS. On average, analysts expect that Rexford Industrial Realty will post 2.4 EPS for the current year. Hedge Funds Weigh In On Rexford Industrial Realty A number of hedge funds have recently bought and sold shares of the business. Allworth Financial LP acquired a new stake in shares of Rexford Industrial Realty in the second quarter valued at about $33,000. Cassaday & Co Wealth Management LLC acquired a new stake in Rexford Industrial Realty in the 1st quarter valued at about $33,000. Caitlin John LLC purchased a new position in Rexford Industrial Realty in the 2nd quarter worth approximately $36,000. Global Retirement Partners LLC acquired a new position in shares of Rexford Industrial Realty during the 2nd quarter worth approximately $51,000. Finally, CX Institutional boosted its holdings in shares of Rexford Industrial Realty by 172.4% during the 2nd quarter. CX Institutional now owns 1,768 shares of the real estate investment trust’s stock worth $59,000 after purchasing an additional 1,119 shares during the last quarter. Hedge funds and other institutional investors own 99.52% of the company’s stock.

(Get Free Report)

Rexford Industrial Realty, Inc is a real estate investment trust that owns, operates and redevelops industrial properties in Southern California. The company focuses primarily on infill industrial real estate, including warehouses, distribution facilities, manufacturing buildings and other properties used for logistics and commercial operations.

Rexford seeks to create value through the acquisition, leasing, repositioning, redevelopment and development of industrial properties. Its properties are generally located in densely populated and supply-constrained markets across the region, where proximity to customers, transportation infrastructure and major population centers can support demand for industrial space.

Founded in 2001, Rexford Industrial Realty has built a portfolio concentrated in the Greater Los Angeles and San Diego areas.

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Shares of Rexford Industrial Realty (REXR +0.57%) are down more than 1% this year. The real estate investment trust (REIT) focuses strictly on Southern California infill industrial properties: warehouses, distribution facilities, and light manufacturing buildings located inside densely populated markets, where the land is almost fully developed.

The stock is overlooked because it is a mid-cap stock, with a market cap of $8.76 billion, and isn't a flashy artificial intelligence (AI) investment, a tech stock, or a turnaround story. It also tends to be dismissed by investors as too concentrated because its properties are all in Southern California. However, instead of seeing that as a risk, realize the company has some monopolistic advantages.

Here are three reasons Rexford is a good stock to buy right now.

Image source: Getty Images.

Strong dividend growth, low payout ratio The company has increased its dividend for 12 consecutive years, including a 1.2% raise in 2026 to $0.435 per share quarterly, and yields 4.52% at its current share price, more than 4 times the S&P 500 average. The company has increased its dividend by 222% over the past decade.

Premium Feature

Moneyball Superscore

61/100

Today's Change

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0.57

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0.22

Current Price

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38.84

The dividend appears safe, as the company has made a point of keeping its funds from operations (FFO) payout ratio low, currently around 69%, well within the safety guidelines for REITs, which are required to pay out at least 90% of taxable income in dividends.

Moatlike advantages in Southern California Unlike REITs that have to constantly buy properties to keep growing, Rexford can reliably raise rents because warehouse space is tight in Southern California, particularly in properties designed for logistics, as Rexford's are. Severe physical and zoning barriers to entry for competitors mean virtually no competing land can be developed, insulating Rexford's properties from oversupply risks and ensuring durable long-term occupancy.

In the second quarter, the company averaged 95.7% property portfolio occupancy. Core FFO (FFO adjusted for acquisitions and disposals) per share was $0.63, up 6.8% year over year. It is expecting yearly core FFO per share between $2.38 and $2.43, up from earlier estimates of $2.37 to $2.42.

The company is making its shares more valuable Rexford is selling off some of its lesser-performing properties and has sold or is under contract for nearly $1.5 billion of dispositions year to date. It has said it will use some of the money for stock buybacks. The company authorized a $1 billion share repurchase program, directly expanding core FFO per share and improving its dividend coverage ratio without adding balance sheet risk.

High interest rates are a concern for all REITs, but Rexford is also paying down its debt, which was listed at $3.3 billion in the second quarter. It has already brought its ratio of net debt to adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) to a conservative 4.5x, thereby insulating the company against high interest rates. Selling off more properties will further reduce its net-debt-to-adjusted-EBITDA ratio.

Shares of Rexford Industrial Realty, Inc. (NYSE:REXR – Get Free Report) have received an average rating of “Hold” from the fifteen research firms that are covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell recommendation, six have given a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $40.9286.

REXR has been the topic of several recent research reports. Citigroup restated a “neutral” rating on shares of Rexford Industrial Realty in a research report on Wednesday, July 29th. Jefferies Financial Group cut Rexford Industrial Realty from a “buy” rating to a “hold” rating and set a $40.00 price objective on the stock. in a research note on Thursday, August 6th. Mizuho upped their price objective on Rexford Industrial Realty from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Wednesday, August 19th. Wall Street Zen lowered Rexford Industrial Realty from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 1st. Finally, Weiss Ratings lowered Rexford Industrial Realty from a “hold (c)” rating to a “sell (d)” rating in a research note on Wednesday, July 29th.

Check Out Our Latest Analysis on REXR

Rexford Industrial Realty Stock Down 0.0% Shares of REXR opened at $37.12 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.70 and a quick ratio of 1.70. The stock has a market capitalization of $8.28 billion, a price-to-earnings ratio of -20.51 and a beta of 1.19. Rexford Industrial Realty has a 1 year low of $32.14 and a 1 year high of $44.38. The business’s 50 day simple moving average is $36.12 and its 200-day simple moving average is $35.63. Rexford Industrial Realty (NYSE:REXR – Get Free Report) last posted its earnings results on Thursday, July 23rd. The real estate investment trust reported ($2.26) earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by ($2.86). Rexford Industrial Realty had a negative net margin of 39.22% and a negative return on equity of 4.61%. The business had revenue of $243.00 million during the quarter, compared to analysts’ expectations of $240.24 million. During the same period last year, the business posted $0.59 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Rexford Industrial Realty has set its FY 2026 guidance at 2.380-2.430 EPS. As a group, equities analysts expect that Rexford Industrial Realty will post 2.39 earnings per share for the current fiscal year.

Rexford Industrial Realty Announces Dividend The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $0.435 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $1.74 dividend on an annualized basis and a yield of 4.7%. Rexford Industrial Realty’s dividend payout ratio (DPR) is currently -96.13%.

Institutional Inflows and Outflows Several institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Rexford Industrial Realty in the second quarter valued at $1,293,168,000. Price T Rowe Associates Inc. MD grew its holdings in Rexford Industrial Realty by 2.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 28,336,003 shares of the real estate investment trust’s stock valued at $1,097,172,000 after purchasing an additional 667,594 shares during the last quarter. State Street Corp raised its position in Rexford Industrial Realty by 4.9% in the 2nd quarter. State Street Corp now owns 11,906,613 shares of the real estate investment trust’s stock worth $428,509,000 after purchasing an additional 556,810 shares during the period. Principal Financial Group Inc. raised its position in Rexford Industrial Realty by 19.5% in the 4th quarter. Principal Financial Group Inc. now owns 11,518,739 shares of the real estate investment trust’s stock worth $446,006,000 after purchasing an additional 1,881,905 shares during the period. Finally, Soroban Capital Partners LP lifted its stake in Rexford Industrial Realty by 57.2% in the second quarter. Soroban Capital Partners LP now owns 9,191,038 shares of the real estate investment trust’s stock worth $326,925,000 after purchasing an additional 3,344,677 shares during the last quarter. 99.52% of the stock is owned by hedge funds and other institutional investors.

(Get Free Report)

Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.

Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.

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Rexford Industrial Realty (NYSE:REXR) said it is pursuing a broad portfolio realignment, planning to sell approximately $2 billion of non-core industrial assets while using a substantial portion of the proceeds to reduce debt, repurchase shares and selectively fund higher-return investments.

Chief Executive Officer Laura Clark said the planned dispositions encompass roughly 8 million square feet of properties identified through a first-half asset-by-asset review. The assets generally have more limited value-creation potential, elevated competitive supply, shorter remaining lease terms and in-place rents substantially above current market levels, according to the company.

Rexford expects the vast majority of the sales to close this year and said it is already in advanced discussions involving a substantial portion of the planned dispositions. Clark said the company’s retained core portfolio will comprise approximately 43 million square feet of assets that it believes have stronger long-term growth, cash-flow durability and embedded value-creation potential.

Debt Reduction and Repurchase Capacity Chief Financial Officer Michael Fitzmaurice said Rexford updated its full-year disposition outlook to $1.5 billion to $2 billion. The company expects to use about $1 billion of projected proceeds to repay debt maturing in 2027 rather than refinancing it at higher interest rates.

Rexford expects the debt repayment to reduce net debt to adjusted EBITDA to approximately 3.5 times from 4.5 times at the end of the second quarter. Fitzmaurice said the company intends to pay off all but $575 million of its 2027 maturities during 2026, with the remaining amount repaid when it matures in March 2027. The company reduced its 2026 interest-expense guidance to $105 million.

The board also authorized a new $1 billion share-repurchase program. During the second quarter, Rexford spent $100 million to repurchase approximately 3 million shares at a weighted average price of $36 per share. Over the past year, the company has bought back about 15 million shares for $550 million, representing approximately 6% of shares outstanding, Fitzmaurice said.

Management did not disclose expected cap rates or pricing for the asset sales while negotiations remain underway. Clark said the company expects proceeds to be redeployed in a manner that is neutral to accretive to 2027 funds from operations per share. Fitzmaurice said the company sees debt savings, share repurchases and the removal of future rent roll-down risk as contributors to that outcome.

Second-Quarter Results and Updated Outlook Second-quarter Core FFO was $0.63 per share, up $0.02 from the first quarter. Fitzmaurice attributed the increase to accretive share repurchases, settlement income and lower general and administrative expense.

Cash same-property net operating income growth was 1.5%. Net effective same-property NOI growth was negative 0.5%. Same-property ending occupancy was 95.1%, up 30 basis points from a year earlier. Total liquidity at quarter-end was approximately $1.3 billion. Rexford raised the midpoint of its full-year Core FFO-per-share outlook by $0.01, citing better-than-expected same-property NOI growth, lower G&A expense and second-quarter settlement proceeds. The company said the increase is partly offset by projected dilution from the timing of capital recycling activity.

It also increased its same-property NOI growth outlook by 75 basis points at the midpoint on both a cash and net effective basis. Average same-property occupancy guidance was raised to a range of 95.3% to 95.7%, a 15-basis-point increase at the midpoint. Cash re-leasing spreads are now expected to range from negative 15% to negative 10% for the year.

Rexford lowered G&A guidance to $57 million from its original $60 million target. Clark said the company identified an additional $3 million in G&A savings during the quarter, bringing total identified savings since 2025 to $22 million.

The company recorded a $625 million impairment charge during the quarter related to its shortened holding period for non-core assets targeted for sale. Fitzmaurice said the non-cash charge is excluded from Core FFO and does not indicate impairment risk across the broader portfolio. He also said tax losses associated with the sales are expected to offset tax gains, eliminating the need for a special dividend.

Southern California Leasing Conditions Chief Operating Officer John Nahas said the broader infill Southern California industrial market recorded positive net absorption in the second quarter, while overall vacancy declined 30 basis points. Market rents, however, declined by slightly more than 1% sequentially as landlords continued to compete for leases amid elevated supply in certain areas.

Positive absorption occurred in the Inland Empire West and San Diego markets, while Greater Los Angeles posted its second consecutive positive quarter. Orange County continued to record negative absorption, though Nahas said touring activity has recently increased there. He described demand for spaces below 50,000 square feet as healthy and said activity in spaces exceeding 100,000 square feet was also improving, partly due to corporate demand for Class A properties.

Rexford executed 2.1 million square feet of leases during the second quarter, bringing year-to-date leasing volume to 6.2 million square feet, up 2 million square feet from the first half of 2025. Quarterly cash re-leasing spreads were negative 11.3%, primarily reflecting rent roll-downs from leases signed at the peak of the market.

The company’s average occupancy declined about 60 basis points sequentially due largely to several larger move-outs in Inland Empire West, including one related to a tenant bankruptcy. Nahas said that space was re-leased after quarter-end, with occupancy scheduled to begin in September. Fitzmaurice said occupancy is expected to decline by 15 to 100 basis points in the third quarter before accelerating in the fourth quarter.

Development Pipeline Rexford started one new development project during the quarter, 16425 Gale in the City of Industry. Nahas said the cross-dock project will feature a demisable layout and is expected to be completed in late 2027.

Management said no assets from its repositioning and development pipeline, which is expected to generate approximately $50 million of annualized NOI once fully leased, are included in the planned sales. The company said it remains focused on projects expected to produce returns above stabilized market cap rates.

About Rexford Industrial Realty (NYSE:REXR) Rexford Industrial Realty, Inc (NYSE: REXR) is a real estate investment trust (REIT) specializing in the acquisition, ownership and operation of industrial properties in Southern California. The company’s portfolio is concentrated in infill locations across key supply-chain markets, where it targets modern distribution centers, logistics facilities and light manufacturing spaces. Rexford’s strategy emphasizes buildings that offer proximity to major transportation routes and labor pools, catering to tenants in e-commerce, third-party logistics and manufacturing industries.

Since its founding in 2013, Rexford Industrial Realty has executed a disciplined growth plan driven by property acquisitions, selective development projects and strategic value-add initiatives.

Raises 2026 Core FFO per share guidance

Announces portfolio realignment through planned 2026 dispositions of $1.5-$2.0 billion

, /PRNewswire/ -- 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 second quarter of 2026.

Second Quarter 2026 Financial and Operational Highlights (all comparisons to Second Quarter 2025)

Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share. Company share of Core FFO of $141.4 million, an increase of 1.2%. Company share of Core FFO per diluted share of $0.63, an increase of 6.8%. Total Portfolio NOI of $186.8 million, an increase of 0.3%. Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%. Average Same Property Portfolio occupancy of 95.7%. Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis. Stabilized two development projects totaling 196,391 square feet. Sold seven properties for a total sales price of $137.9 million. Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment. Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share. Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program. Net Debt to Adjusted EBITDAre of 4.5x. "This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities," said Laura Clark, Chief Executive Officer. "The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward."

Financial

The Company reported net loss attributable to common stockholders for the second quarter of $506.9 million, or $2.26 per diluted share, compared to net income of $113.4 million, or $0.48 per diluted share, in the prior year quarter. Net loss in the second quarter includes $624.8 million of impairments and $21.9 million of gains on sale of real estate, as compared to $0 and $44.4 million, respectively, for the prior year quarter. The non-cash impairments primarily reflect certain assets designated for disposition whose expected holding periods were shortened in connection with the Company's increased disposition guidance. For the six months ended June 30, 2026, net loss attributable to common stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.

The Company reported its share of Core FFO for the second quarter of $141.4 million, representing a 1.2% increase, compared to $139.7 million for the prior year quarter. The Company reported Core FFO of $0.63 per diluted share, representing an increase of 6.8%, compared to $0.59 per diluted share for the prior year quarter. Company share of Core FFO increased by $1.7 million, or $0.04 per diluted share year-over-year, driven by lower general and administrative expense related to the CEO leadership transition and the benefit of share repurchases, partially offset by lower NOI from dispositions executed in the first half of 2026. For the six months ended June 30, 2026, the Company's share of Core FFO was $281.2 million, representing a 0.2% increase, compared to $280.7 million for the prior year period. For the six months ended June 30, 2026, the Company reported Core FFO of $1.24 per diluted share, representing an increase of 2.5%, compared to $1.21 per diluted share for the prior year period.

In the second quarter of 2026, the Company's Same Property Portfolio NOI and Cash NOI decreased 0.5% and increased 1.5%, respectively, compared to the prior year quarter. Same Property Portfolio NOI decrease was primarily driven by effective rental rate compression and higher bad debt, partially offset by higher average occupancy. Same Property Portfolio Cash NOI growth was positively driven by annual contractual rent increases and higher average occupancy, partially offset by higher bad debt. For the six months ended June 30, 2026, the Company's Same Property Portfolio NOI and Cash NOI increased 0.3% and 0.6%, respectively, compared to the prior year period.

Operations

Q2 2026 Leasing Activity

Releasing Spreads(1)

# of Leases
Executed

SF of

Leasing

Net

Effective

Cash

New Leases

53

840,344

(13.8) %

(19.5) %

Renewal Leases

64

1,261,446

1.4 %

(8.1) %

Total Leases

117

2,101,790

(2.8) %

(11.3) %

(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 leasing activity in Q2 2026.

As of June 30, 2026, the Company's Same Property Portfolio occupancy was 95.1%. Average Same Property Portfolio occupancy for the second quarter was 95.7%. The Company's total portfolio, excluding repositioning and development assets, was 94.8% occupied and 95.0% leased, and the Company's total portfolio, including repositioning and development assets, was 90.0% occupied and 90.3% leased. The Company's improved land and industrial outdoor storage (IOS) sites, totaling approximately 8.3 million square feet or 189.7 acres, were 92.8% leased as of June 30, 2026.

Repositionings and Developments

During the second quarter of 2026, the Company executed three development and repositioning leases totaling 146,430 square feet. Subsequent to quarter end, the Company executed two leases totaling 102,025 square feet at a development project located at 3680-3880 Voyager Street and a repositioning project located at 24935-24955 Avenue Kearny. Year to date through July 23, 2026, leasing activity across the Company's repositioning and development pipeline totals 286,299 square feet.

During the second quarter of 2026, the Company stabilized two development projects totaling 196,391 square feet, representing a total investment of $98.0 million. These projects achieved a weighted average unlevered stabilized return on cost of 8.0%.

Year to date, the Company stabilized four repositioning and development projects totaling 341,280 square feet, representing a total investment of $146.6 million. These projects achieved a weighted average unlevered stabilized return on cost of 7.1%.

Dispositions

During the second quarter of 2026, the Company disposed of seven properties, totaling 571,708 square feet, for an aggregate sales price of $137.9 million, including four sites previously in the near-term development pipeline.

Year to date, the Company disposed of twelve properties totaling 886,401 square feet for an aggregate sales price of $265.3 million, including six sites previously in the near-term development pipeline.

Balance Sheet

The Company ended the second quarter of 2026 with approximately $1.3 billion of total liquidity, including $32.2 million in unrestricted cash on hand and $1.2 billion available under its unsecured revolving credit facility.

During the second quarter of 2026, the Company repurchased 2,801,307 shares of its common stock for $100 million, at a weighted average price of $35.70 per share, bringing year-to-date repurchases to $300 million. Subsequent to quarter end, the Company's Board of Directors authorized a new $1.0 billion stock repurchase program, which superseded and replaced the prior program and is authorized through July 2028. The Company has full availability under the current program.

As of June 30, 2026, the Company had $3.3 billion of outstanding debt, with a weighted average interest rate of 3.7%. Floating-rate debt exposure was limited to $14.0 million outstanding under the Company's revolving credit facility. The weighted average term-to-maturity of the Company's outstanding debt is 2.8 years with no material debt maturities until 2027.

Dividends

On July 20, 2026, the Company's Board of Directors authorized a dividend in the amount of $0.435 per share for the third quarter of 2026, payable in cash on October 15, 2026, to common stockholders and common unit holders of record as of September 30, 2026.

On July 20, 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 September 30, 2026, to preferred stockholders of record as of September 15, 2026.

Leadership Transition and Board of Directors

On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company's leadership succession plan. Clark, who was appointed to the Board on November 17, 2025, succeeded Co-Chief Executive Officers Howard Schwimmer and Michael Frankel, who departed from their roles on March 31, 2026. Schwimmer and Frankel continued to serve as directors on the Board until their terms expired at the 2026 Annual Meeting of Shareholders on May 19, 2026.

Guidance

The Company is updating 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.

The Company is announcing a disposition initiative to realign its portfolio through the planned sale of approximately $2 billion of identified non-core assets. The Company intends to recycle proceeds to increase its financial flexibility through the strengthening of its balance sheet as well as deployment toward the highest risk-adjusted return opportunities, including accretive share repurchases. Accordingly, the Company has increased its full year 2026 disposition guidance to $1.5 to $2.0 billion from $400 to $500 million.

2026 Outlook

Q2 2026

Updated Guidance

Q1 2026
Guidance

Earnings

Net (Loss) Income Attributable to Common Stockholders per diluted share(1)

($1.32) - ($1.27)

$1.22 - $1.27

Company share of Core FFO per diluted share(1)

$2.38 - $2.43

$2.37 - $2.42

Same Property Portfolio(2)

Same Property Portfolio NOI Growth - Net Effective

(1.25)% - (0.25)%

(2.0)% - (1.0)%

Same Property Portfolio NOI Growth - Cash

(0.75)% - 0.25%

(1.5)% - (0.5)%

Average Same Property Portfolio Occupancy (Full Year)

95.3% - 95.7%

95.1% - 95.6%

Capital Allocation

Dispositions

$1.5B - $2.0B

$400M - $500M

Repositioning/Development Annualized Stabilized Cash NOI(3)

$16M - $18M

$16M - $18M

Repositioning/Development Starts (SF)

1.2M

1.2M

Repositioning/Development Starts (Total Estimated Project Costs)

$160M - $170M

$160M - $170M

Other Assumptions

General and Administrative Expenses

+/-$57M

+/-$60M

Interest Expense

+/-$105M

+/-$112M

(1)

2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of July 23, 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 for the period from January 1, 2025 through July 23, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (unless otherwise noted), select buildings in other repositioning and properties included in the 2026 disposition guidance.

(3)

Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in  2026, including 1315 Storm Parkway and 12118 Bloomfield Avenue, which stabilized in the first quarter, and 3211-3233 Mission Oaks Boulevard and 19900 Plummer Street, which stabilized in the second quarter.

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, geopolitical risks including impacts from the war in the Middle East, 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 information 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 Friday, July 24, 2026, at 11:00 a.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 Meeting ID 401 760 274.
          1 (585) 542-9983 (Local)
          1 (833) 461-5787 (Toll-Free)

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. As of June 30, 2026, Rexford Industrial's high-quality, irreplaceable portfolio comprised 409 properties with approximately 49.9 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, 2025, 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 or loss computed in accordance with GAAP as a measure of our performance. A reconciliation of net income or loss, 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 (Loss) 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 or loss 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 Loss 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 loss attributable to common stockholders

$                 (1.32)

$                 (1.27)

Company share of depreciation and amortization

1.21

1.21

Company share of impairment of real estate

2.71

2.71

Company share of gains on sale of real estate

(0.21)

(0.21)

Company share of FFO

$                  2.39

$                  2.44

Add: Core FFO adjustments(1)

(0.01)

(0.01)

Company share of Core FFO

$                  2.38

$                  2.43

(1)

Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses and (iv) write-offs of below-market lease intangibles related to unexercised renewal options.

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 or loss 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 or loss 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 or loss to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Same Property Portfolio: Our 2026 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, 2025 through June 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through June 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were classified as repositioning/development (current and future) or lease-up during 2025 and 2026 and select buildings in "Other Repositioning," which we believe will significantly affect the properties' results during the comparative periods. As of June 30, 2026, our 2026 Same Property Portfolio consisted of buildings aggregating 41.6 million rentable square feet at 341 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.

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.

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 June 30, 2026, we had consolidated indebtedness of $3.3 billion, reflecting a net debt to enterprise value of approximately 29.1%. 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 or 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, write-offs of below market lease intangibles related to unexercised renewal options, 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 or loss (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income or loss, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section.

Contact

Doug Bettisworth
SVP, Investor Relations and Capital Markets
(310) 943-7157
[email protected]

Financial Statements and Reconciliations

Rexford Industrial Realty, Inc.

Consolidated Balance Sheets

(In thousands except share data)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Land

$              7,104,413

$              7,689,921

Buildings and improvements

4,541,066

4,677,318

Tenant improvements

206,540

198,161

Furniture, fixtures, and equipment

132

132

Construction in progress

324,365

451,109

Total real estate held for investment

12,176,516

13,016,641

Accumulated depreciation

(1,163,226)

(1,165,792)

Investments in real estate, net

11,013,290

11,850,849

Cash and cash equivalents

32,226

165,778

Loan receivable, net

123,934

123,704

Rents and other receivables, net

12,132

13,958

Deferred rent receivable, net

210,474

190,376

Deferred leasing costs, net

90,864

87,745

Deferred loan costs, net

5,877

6,886

Acquired lease intangible assets, net

114,489

140,627

Acquired indefinite-lived intangible asset

5,156

5,156

Interest rate swap assets

9,247

2,025

Other assets

16,987

25,609

Total Assets

$            11,634,676

$            12,612,713

LIABILITIES & EQUITY

Liabilities

Notes payable

$              3,263,724

$              3,251,909

Interest rate swap liability

3

829

Accounts payable, accrued expenses and other liabilities

99,101

120,849

Dividends and distributions payable

100,960

103,399

Acquired lease intangible liabilities, net

105,856

116,487

Tenant security deposits

92,386

92,444

Tenant prepaid rents

79,518

88,777

Total Liabilities

3,741,548

3,774,694

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 June 30, 2026
and December 31, 2025 ($75,000 liquidation preference)

72,443

72,443

5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2026
and December 31, 2025 ($86,250 liquidation preference)

83,233

83,233

Common Stock,$0.01 par value per share, 489,950,000 authorized and 222,989,057 and 231,580,135
shares outstanding at June 30, 2026 and December 31, 2025, respectively

2,230

2,316

Additional paid in capital

8,631,341

8,945,123

Cumulative distributions in excess of earnings

(1,255,153)

(642,130)

Accumulated other comprehensive income (loss)

7,473

(422)

Total stockholders' equity

7,541,567

8,460,563

Noncontrolling interests

351,561

377,456

Total Equity

7,893,128

8,838,019

Total Liabilities and Equity

$            11,634,676

$            12,612,713

Rexford Industrial Realty, Inc.

Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

2026

2025

REVENUES

Rental income

$       242,996

$       241,568

$       485,137

$       490,389

Management and leasing services

—

132

—

274

Interest income

2,510

7,807

5,447

11,131

TOTAL REVENUES

245,506

249,507

490,584

501,794

OPERATING EXPENSES

Property expenses

56,214

55,298

112,977

110,559

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

TOTAL OPERATING EXPENSES

143,386

146,238

288,007

308,107

OTHER (EXPENSES) INCOME

Other income

3,500

—

4,850

—

Other expenses, net

2,001

(244)

1,899

(2,483)

Interest expense

(28,571)

(26,701)

(55,171)

(53,989)

Impairment of real estate

(624,754)

—

(631,578)

—

Debt extinguishment and modification expenses

—

(291)

—

(291)

Gains on sale of real estate

21,893

44,361

48,174

57,518

TOTAL OTHER (EXPENSES) INCOME

(625,931)

17,125

(631,826)

755

NET (LOSS) INCOME

(523,811)

120,394

(429,249)

194,442

Less: net loss (income) attributable to noncontrolling interests

19,665

(4,060)

16,290

(6,909)

NET (LOSS) INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.

(504,146)

116,334

(412,959)

187,533

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: earnings attributable to participating securities

(441)

(592)

(1,449)

(1,131)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$      (506,902)

$       113,427

$      (419,037)

$       181,773

Net (loss) income attributable to common stockholders per share – basic

$           (2.26)

$            0.48

$           (1.85)

$            0.78

Net (loss) income attributable to common stockholders per share – diluted

$           (2.26)

$            0.48

$           (1.86)

$            0.78

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

234,636

231,771

Rexford Industrial Realty, Inc.

Same Property Portfolio Occupancy and NOI and Cash NOI

(Unaudited, dollars in thousands)

Same Property Portfolio Occupancy

June 30,

2026

2025

Change
(basis points)

Quarterly Weighted Average Occupancy:(1)

Los Angeles County

96.5 %

93.2 %

330 bps

Orange County

95.9 %

97.6 %

(170) bps

Riverside / San Bernardino County

93.3 %

97.0 %

(370) bps

San Diego County

97.5 %

98.0 %

(50) bps

Ventura County

94.6 %

91.4 %

320 bps

Same Property Portfolio Weighted Average Occupancy

95.7 %

94.7 %

100 bps

Ending Occupancy:

95.1 %

94.8 %

30 bps

(1)

Calculated by averaging the occupancy rate at the end of each month in 2Q-2026 and March 2026 (for 2Q-2026) and the end of each month in 2Q-2025 and March 2025 (for 2Q-2025).

Same Property Portfolio NOI and Cash NOI

Three Months Ended June 30,

Six Months Ended June 30,

2026

2025

$ Change

% Change

2026

2025

$ Change

% Change

Rental income(1)

$ 210,974

$ 210,887

$        87

0.0 %

$ 422,543

$ 418,561

$  3,982

1.0 %

Property expenses

46,811

45,893

918

2.0 %

94,045

91,171

2,874

3.2 %

Same Property Portfolio NOI

$ 164,163

$ 164,994

$     (831)

(0.5) %

$ 328,498

$ 327,390

$  1,108

0.3 %

Straight line rental revenue adjustment

(4,938)

(6,328)

1,390

(22.0) %

(15,235)

(13,835)

(1,400)

10.1 %

Above/(below) market lease revenue adjustments(1)

(3,093)

(4,829)

1,736

(35.9) %

(7,263)

(9,401)

2,138

(22.7) %

Same Property Portfolio Cash NOI

$ 156,132

$ 153,837

$   2,295

1.5 %

$ 306,000

$ 304,154

$  1,846

0.6 %

(1)

Same Property Portfolio rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangibles attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$     (523,811)

$       120,394

$     (429,249)

$       194,442

General and administrative

13,693

19,752

28,618

39,620

Depreciation and amortization

73,479

71,188

146,412

157,928

Other expenses, net

(2,001)

244

(1,899)

2,483

Interest expense

28,571

26,701

55,171

53,989

Debt extinguishment and modification expenses

—

291

—

291

Management and leasing services

—

(132)

—

(274)

Other income

(3,500)

—

(4,850)

—

Interest income

(2,510)

(7,807)

(5,447)

(11,131)

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Net operating income (NOI)

$       186,782

$       186,270

$       372,160

$       379,830

Straight line rental revenue adjustment

(9,967)

(6,918)

(25,103)

(12,435)

Above/(below) market lease revenue adjustments

(3,805)

(5,788)

(8,452)

(14,974)

Cash NOI

$       173,010

$       173,564

$       338,605

$       352,421

NOI

$       186,782

$       186,270

$       372,160

$       379,830

Non-Same Property Portfolio rental income

(32,022)

(30,681)

(62,594)

(71,828)

Non-Same Property Portfolio property expenses

9,403

9,405

18,932

19,388

Same Property Portfolio NOI

$       164,163

$       164,994

$       328,498

$       327,390

Straight line rental revenue adjustment

(4,938)

(6,328)

(15,235)

(13,835)

Above/(below) market lease revenue adjustments

(3,093)

(4,829)

(7,263)

(9,401)

Same Property Portfolio Cash NOI

$       156,132

$       153,837

$       306,000

$       304,154

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net (loss) income

$    (523,811)

$     120,394

$    (429,249)

$     194,442

Adjustments:

Depreciation and amortization

73,479

71,188

146,412

157,928

Impairment of real estate

624,754

—

631,578

—

Gains on sale of real estate

(21,893)

(44,361)

(48,174)

(57,518)

Funds From Operations (FFO)

$     152,529

$     147,221

$     300,567

$     294,852

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: FFO attributable to noncontrolling interests(1)

(5,726)

(4,962)

(11,008)

(10,356)

Less: FFO attributable to participating securities(2)

(680)

(728)

(2,114)

(1,478)

Company share of FFO

$     143,808

$     139,216

$     282,816

$     278,389

Company Share of FFO per common share – basic

$          0.64

$          0.59

$          1.25

$          1.20

Company Share of FFO per common share – diluted

$          0.64

$          0.59

$          1.25

$          1.20

FFO

$     152,529

$     147,221

$     300,567

$     294,852

Adjustments:

Acquisition expenses(3)

—

23

—

102

Debt extinguishment and modification expenses

—

291

—

291

Non-capitalizable demolition costs(3)

—

—

—

365

Co-CEO transition costs(3)(4)

(2,330)

—

(2,330)

—

Severance costs(3)(5)

269

199

269

1,682

Other nonrecurring expenses(3)(6)

45

—

107

—

Write-offs of below-market lease intangibles related to unexercised renewal options(7)

(497)

—

(497)

—

Core FFO

$     150,016

$     147,734

$     298,116

$     297,292

Less: preferred stock dividends

(2,315)

(2,315)

(4,629)

(4,629)

Less: Core FFO attributable to noncontrolling interest(1)

(5,631)

(4,979)

(10,915)

(10,440)

Less: Core FFO attributable to participating securities(2)

(668)

(731)

(1,412)

(1,491)

Company share of Core FFO

$     141,402

$     139,709

$     281,160

$     280,732

Company share of Core FFO per common share – basic

$          0.63

$          0.59

$          1.24

$          1.21

Company share of Core FFO per common share – diluted

$          0.63

$          0.59

$          1.24

$          1.21

Weighted-average shares of common stock outstanding – basic

223,812

236,099

226,050

231,771

Weighted-average shares of common stock outstanding – diluted

223,812

236,099

226,050

231,771

(1)

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.

(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, net" in the consolidated statements of operations.

(4)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and employer payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(5)

Includes costs associated with workforce reduction and workforce reorganization.

(6)

Reflects nonrecurring advisory service costs.

(7)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net Loss to Adjusted EBITDAre

(Unaudited and in thousands)

Three Months Ended
June 30, 2026

Net loss

$                     (523,811)

Interest expense

28,571

Depreciation and amortization

73,479

Impairment of real estate

624,754

Gains on sale of real estate

(21,893)

EBITDAre

$                      181,100

Stock-based compensation amortization

3,666

Write-offs of below-market lease intangibles related to unexercised renewal options(1)

(497)

Co-CEO transition costs(2)

(2,330)

Other nonrecurring expenses

45

Pro forma effect of dispositions(3)

68

Adjusted EBITDAre

$                      182,052

(1)

Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term.

(2)

Reflects a decrease in share-based compensation expense related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs and payroll taxes associated with the vesting of transition-related restricted stock awards in April 2026.

(3)

Represents the impact on second quarter 2026 EBITDAre of properties disposed of during the quarter as if such dispositions had occurred on April 1, 2026.

SOURCE Rexford Industrial Realty, Inc.