UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________________ .._______________________________________________________________________________________________ FORM 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 F ...

Rexford Industrial (NYSE:REXR) posted a GAAP loss of $0.30 per share in Q4 2025. The stock dropped over 5%. On the surface, that looks like a company in trouble.But Core FFO came in at $0.59 per share for the quarter and $2.40 for the full year — right at the high end of guidance. So either the business is falling apart or the GAAP figure is telling a different story than the operating one. I think the answer matters, but not for the reason most coverage suggests.For investors reacting to the headline loss, ...

Operating efficiencies and compensation alignment: Clark reiterated a goal to bring G&A as a percentage of revenue below the peer average, and said 2026 guidance implies G&A at about 6% of revenue. She also noted the company recalibrated incentive compensation metrics and the absolute level of executive compensation, referencing a December filing.Programmatic dispositions: Management said dispositions are intended to realize value creation and improve the quality of future cash flow growth. Rexford sold sev ...

Financial Data and Key Metrics Changes - Fourth quarter Core FFO per share was $0.59, in line with expectations, driven by higher Same Property NOI growth, lower G&A expense, and accretive share buybacks, partially offset by higher Bad Debt [14] - For the full year, after adjusting for co-CEO transition severance charges and other non-recurring costs, Core FFO per share was $2.40, placing the company at the high end of initial expectations [14] - Total portfolio occupancy ended the quarter at 90.2%, down 160 basis points sequentially [15] Business Line Data and Key Metrics Changes - In 2025, the company signed approximately 2 million sq ft of repositioning and development leases, generating nearly $40 million of annualized incremental NOI [15] - The company recognized $89 million of real estate impairments related to development sites that are being sold, allowing for the redirection of $285 million of capital into higher-yielding uses [15] Market Data and Key Metrics Changes - Market rents declined 10 basis points in the quarter and 9% year-over-year, with total market rent down 1% in the fourth quarter [9][16] - Vacancy increased 30 basis points during the quarter, and net absorption was negative, reflecting broader market softness [10] Company Strategy and Development Direction - The company is focused on enhancing cash flow quality, driving per share FFO and NAV growth, and optimizing returns for shareholders [6] - A programmatic disposition plan is a key component of the capital allocation strategy, targeting between $400 million and $500 million of dispositions in 2026 [8] - The company aims to reduce G&A as a percentage of revenue below the peer average, with a target of 6% for 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management remains confident in the long-term fundamentals of infill Southern California despite near-term pressures impacting 2026 growth expectations [6] - The company is prioritizing occupancy to drive cash flow and is maintaining rigorous capital discipline in light of current market dynamics [10] - Management believes Rexford is well-positioned to capture recovering demand to drive occupancy and NOI growth [12] Other Important Information - The company executed a strategic early renewal of its largest tenant, Tireco, allowing for significant de-risking of cash flow [10] - The company is committed to aligning executive compensation with shareholder priorities, having recalibrated compensation metrics [9] Q&A Session Summary Question: Can you provide more understanding on the Tireco lease re-signing? - The decision to prioritize occupancy and de-risk future cash flow led to an early renewal of the Tireco lease, which was above market [23][24] Question: How much further do you expect rents to decline? - Management noted signs of stabilization but indicated challenges remain, making it difficult to call an inflection point [28][30] Question: What is driving the occupancy decline? - The occupancy decline is attributed to longer downtime for leasing and repositioning, with specific properties expected to move out [36][39] Question: What industries are on the watch list for bad debt? - The watch list remains similar year-over-year, with a higher concentration in logistics due to specific business issues [43] Question: What are the expected sources and uses of cash for 2026? - The company expects to have $413 million available for deployment after accounting for development spend, which can include share repurchases [78]

Financial Data and Key Metrics Changes - Fourth quarter Core FFO per share was $0.59, in line with expectations, driven by higher Same Property NOI growth, lower G&A expense, and accretive share buybacks, partially offset by higher bad debt [14] - For the full year, after adjusting for co-CEO transition severance charges and other non-recurring costs, Core FFO per share was $2.40, placing the company at the high end of initial expectations [14] - Total portfolio occupancy ended the quarter at 90.2%, down 160 basis points sequentially, largely driven by near-term repositioning and development starts [15] Business Line Data and Key Metrics Changes - The company executed 3 million sq ft of leasing in the fourth quarter, meeting guidance expectations [6] - In 2025, the company signed approximately 2 million sq ft of repositioning and development leases, generating nearly $40 million of annualized incremental NOI [15] - The company recognized $89 million of real estate impairments related to development sites that no longer meet investment hurdles, allowing for the redirection of $285 million of capital into higher-yielding uses [15] Market Data and Key Metrics Changes - Market rents declined 10 basis points in the quarter and 9% year-over-year, reflecting broader market softness [9] - Vacancy increased 30 basis points during the quarter, with net absorption being negative, indicating a more measured pace of demand [10] - The company noted that supply under construction in the market is near historic lows, supporting future rent growth potential [11] Company Strategy and Development Direction - The company outlined immediate strategic priorities to enhance cash flow quality, drive per share FFO and NAV growth, and optimize shareholder returns [6] - A programmatic disposition plan is a key component of the broader capital allocation strategy, targeting between $400 million and $500 million of dispositions in 2026 [8] - The company is committed to driving operating efficiencies, targeting a reduction in G&A as a percentage of revenue below the peer average, with a goal of 6% for 2026 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals of infill Southern California, despite near-term pressures impacting 2026 growth expectations [6] - The company is maintaining rigorous capital discipline and prioritizing occupancy to drive cash flow, with a focus on maximizing risk-adjusted returns [12] - Management acknowledged the challenges in the current market but emphasized the unique upside potential of the company and its assets [11] Other Important Information - The company opportunistically sold seven properties in 2025, totaling $218 million, and plans to continue recycling capital into accretive opportunities [8] - The company recalibrated executive compensation metrics to align with shareholder priorities, underscoring its commitment to operating in direct alignment with shareholder interests [9] Q&A Session Summary Question: Insights on the Tireco lease re-signing - Management prioritized occupancy and de-risked future cash flow growth by negotiating an early renewal with Tireco, allowing for a strategic three-year lease to reset at market rent sooner [24][25] Question: Expectations for market rent trends - Management noted signs of stabilization in leasing activity but indicated challenges remain, making it difficult to call an inflection point in the market [30][34] Question: Factors driving occupancy decline - The decline in occupancy was attributed to longer downtime for leasing and repositioning, with specific properties expected to move out for redevelopment [37][39] Question: Bad debt and watchlist tenants - Management indicated that the watchlist size remained stable year-over-year, with a concentration in logistics, and emphasized a judicious approach to bad debt reserves [40][43] Question: Expected sources and uses of cash for 2026 - The company expects to have $413 million available for deployment after accounting for development spend, which can include share repurchases or future projects [79]

Financial Data and Key Metrics Changes - Fourth quarter Core FFO per share was $0.59, in line with expectations, driven by higher Same Property NOI growth, lower G&A expense, and accretive share buybacks, partially offset by higher Bad Debt [15] - For the full year, after adjusting for co-CEO transition severance charges and other non-recurring costs, Core FFO per share was $2.40, placing the company at the high end of initial expectations [15] - Total portfolio occupancy ended the quarter at 90.2%, down 160 basis points sequentially [16] Business Line Data and Key Metrics Changes - In 2025, the company signed approximately 2 million sq ft of repositioning and development leases, generating nearly $40 million of annualized incremental NOI [16] - The company recognized $89 million of real estate impairments related to development sites elected for sale, allowing redirection of $285 million of capital into higher-yielding uses [16] Market Data and Key Metrics Changes - Market rents declined 1% in the fourth quarter and have fallen 20% since the peak in early 2023, contributing to pressure on expected re-leasing spreads for 2026 [17] - Vacancy increased by 30 basis points during the quarter, and net absorption was negative, reflecting broader market softness [11] Company Strategy and Development Direction - The company is focused on enhancing cash flow quality, driving per share FFO and NAV growth, and optimizing shareholder returns through a rigorous approach to capital allocation [6][8] - A programmatic disposition plan is in place, targeting between $400 million and $500 million of dispositions in 2026 to recycle capital into accretive opportunities [9] - The company aims to reduce G&A as a percentage of revenue below the peer average, with a target of 6% for 2026 [9] Management's Comments on Operating Environment and Future Outlook - Management noted that tenant demand is influenced by macroeconomic forces and elevated market availability, contributing to a more measured pace of demand [10] - The company remains confident in the long-term fundamentals of infill Southern California, despite near-term pressures impacting growth expectations for 2026 [6] - Management emphasized the importance of prioritizing occupancy to maintain cash flow and de-risk future growth [12] Other Important Information - The company executed a strategic early renewal of its largest tenant, Tireco, allowing for significant cash flow preservation [11] - The company is committed to aligning executive compensation with shareholder priorities, having recalibrated incentive compensation metrics [10] Q&A Session Summary Question: Clarification on Tireco lease re-signing - Management prioritized occupancy and de-risked future cash flow growth by negotiating a 3-year lease renewal with Tireco, which was above market [24][25] Question: Expectations for market rent declines - Management indicated that while there are signs of stabilization, they are not ready to call an inflection point in the market yet [30][34] Question: Specifics on occupancy decline - Management noted that the decline in occupancy was driven by longer downtime for repositioning and redevelopment projects [37] Question: Bad debt concerns - Management reported a watch list of tenants with some concentration in logistics, indicating ongoing monitoring of larger tenants [44] Question: Expected sources and uses of cash for 2026 - Management expects to have approximately $413 million available for deployment after accounting for development spend, which can include share repurchases [78]

NYSE: REXR Rexford Industrial Realty Earnings Presentation 4Q 2025 14434-14527 San Pedro Street, South Bay 2390 58K SF Repositioning | 100% Leased in 4Q25 -2442 North American Way, North Orange County Forward Looking Statements This presentation 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 av ...

Financial Performance - For the quarter ended December 2025, Rexford Industrial reported revenue of $248.1 million, reflecting a year-over-year increase of 2.1% [1] - Earnings per share (EPS) for the quarter was $0.59, a significant increase from $0.27 in the same quarter last year [1] - The reported revenue was slightly below the Zacks Consensus Estimate of $250.22 million, resulting in a revenue surprise of -0.85% [1] - The company achieved an EPS surprise of +1.01%, with the consensus EPS estimate being $0.58 [1] Key Metrics - Rental income was reported at $243.23 million, compared to the average estimate of $247.13 million, representing a year-over-year change of +1.5% [4] - Management and leasing services revenue was $0.2 million, exceeding the average estimate of $0.12 million, with a year-over-year increase of +18% [4] - Interest income was reported at $4.67 million, below the average estimate of $6.07 million, but showed a substantial year-over-year increase of +56.1% [4] - Net earnings per share (diluted) was reported at -$0.30, compared to the average estimate of $0.26 [4] Stock Performance - Shares of Rexford Industrial have returned +4.5% over the past month, outperforming the Zacks S&P 500 composite's +0.9% change [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

Core Viewpoint - Rexford Industrial (REXR) reported quarterly funds from operations (FFO) of $0.59 per share, exceeding the Zacks Consensus Estimate of $0.58 per share, and showing an increase from $0.58 per share a year ago [1] Financial Performance - The company achieved an FFO surprise of +1.01% for the quarter, and previously had an FFO of $0.6 per share, resulting in a surprise of +1.69% [1][2] - Revenues for the quarter ended December 2025 were $248.1 million, which fell short of the Zacks Consensus Estimate by 0.85%, compared to $242.9 million in the same quarter last year [2] - Over the last four quarters, Rexford Industrial has surpassed consensus FFO estimates four times and revenue estimates three times [2] Stock Performance - Rexford Industrial shares have increased by approximately 4.8% since the beginning of the year, outperforming the S&P 500's gain of 1.1% [3] Future Outlook - The future performance of Rexford Industrial's stock will largely depend on management's commentary during the earnings call and the company's FFO outlook [3][4] - The current consensus FFO estimate for the upcoming quarter is $0.62 on revenues of $249.29 million, and for the current fiscal year, it is $2.46 on revenues of $1.01 billion [7] Industry Context - The REIT and Equity Trust - Other industry, to which Rexford Industrial belongs, is currently ranked in the bottom 28% of over 250 Zacks industries, indicating potential challenges ahead [8]

Financial Performance - Total rental income for Q4 2025 was $243.23 million, a decrease from $246.76 million in Q3 2025[16] - Net operating income (NOI) for Q4 2025 was $183.94 million, down from $188.88 million in Q3 2025[16] - Company share of Core FFO for Q4 2025 was $136.18 million, compared to $141.70 million in Q3 2025, reflecting a 5.9% growth year-over-year[16] - Total revenues for Q4 2025 were $248.1 million, a 2.9% increase from $242.9 million in Q4 2024[31] - Rental income for Q4 2025 was $243.2 million, up from $239.7 million in Q4 2024, representing a 1.0% year-over-year growth[31] - Net loss attributable to common stockholders for Q4 2025 was $(68.7) million, compared to a profit of $59.4 million in Q4 2024[31] - Total operating expenses for Q4 2025 were $155.3 million, an increase of 3.4% from $149.8 million in Q4 2024[31] - Funds From Operations (FFO) for Q4 2025 was $78.3 million, down from $136.7 million in Q4 2024[33] - Core FFO for Q4 2025 was $144.1 million, compared to $136.8 million in Q4 2024, indicating a 5.3% increase[33] - Adjusted EBITDAre for Q4 2025 was $177.81 million, a decrease from $182.62 million in Q3 2025[16] Occupancy and Leasing - Total portfolio occupancy decreased to 90.2% in Q4 2025 from 91.8% in Q3 2025[16] - Average occupancy for the Same Property Portfolio is anticipated to be between 94.8% and 95.3% for the full year 2026[21] - Same Property Portfolio NOI growth was 0.4% in Q4 2025, down from 2.0% in Q3 2025[16] - The overall occupancy rate for the Same Property Portfolio was 96.8% in Q4 2025, an increase of 20 basis points from 96.6% in Q4 2024[55] - The ending occupancy rate for Q4 2025 was 96.5%, showing a 10 basis point improvement from 96.4% in Q4 2024[55] - Total leasing activity for Q4 2025 reached 3,039,567 square feet, with new leases accounting for 1,574,816 square feet and renewal leases for 1,464,751 square feet[81] - The retention rate for Q4 2025 was 61%, with a retention plus backfill rate of 70%[81] - The total number of properties in the SPP was 287 as of December 31, 2025, down from 293 a year earlier[149] Debt and Capitalization - Total equity market capitalization was $9.40 billion at the end of Q4 2025, down from $10.06 billion in Q3 2025[16] - Net debt to total combined market capitalization increased to 24.9% in Q4 2025 from 23.2% in Q3 2025[16] - The company reported a net debt of $3,112,871 thousand as of December 31, 2025, with a net debt to total combined market capitalization ratio of 24.9%[60] - Total debt as of December 31, 2025, is $3.278649 billion with an effective interest rate of 3.732%[66] - Unsecured debt constitutes 97% of total debt, amounting to $3.175 billion, while secured debt is 3% at $103.649 million[67] - The company has a $1.25 billion revolving credit facility maturing on May 30, 2029, with an effective interest rate of 4.595%[66] Guidance and Projections - 2026 guidance for net income attributable to common stockholders per diluted share is projected to be between $1.15 and $1.20[21] - Core FFO per diluted share guidance for 2026 is set at $2.35 to $2.40, reflecting a year-over-year decline of approximately 2.1%[24] - Same Property Portfolio NOI growth is expected to range from (2.5)% to (1.5)% for 2026, with cash NOI growth projected between (2.0)% and (1.0)%[21] - The company plans to dispose of assets valued between $400 million and $500 million in 2026[21] Impairments and Expenses - The company reported an impairment of real estate of $(89.1) million in Q4 2025, reflecting a strategic shift to pursue property sales[31] - General and administrative expenses are expected to be approximately +/- $60 million for 2026[21] - Interest expense is projected to be around +/- $112 million, influenced by various economic factors[21] - The company incurred Co-CEO transition costs of $60,223 million during the quarter[136] Development and Repositioning - The company plans to continue focusing on strategic acquisitions and market expansion to enhance revenue growth in the upcoming quarters[31] - The company plans to continue focusing on repositioning and development strategies to enhance portfolio value[89] - The total estimated investment for properties under repositioning/development is $306.0 million, with a projected stabilized return on cost of 5.0%[103] - The company has future repositioning and development projects totaling 1,112,288 RSF, with projected costs between $140 million and $150 million[108] Shareholder Returns - The company declared a dividend of $0.43 per common share for Q4 2025, unchanged from Q3 2025[16] - The company repurchased 2,443,438 shares of common stock in Q4 2025 at a weighted average price of $40.93 per share, totaling $100.0 million[61] - Common shares outstanding decreased to 229,957,058 as of December 31, 2025, down from 232,297,172 at the end of Q3 2025[61]