Storage centers Yucaipa. Los Angeles, California Nearmap/DigitalVision via Getty Images On our last coverage of Rexford Industrial Reality Inc. (NYSE:REXR) we identified that the bulls were likely going to run out of juice to keep the stock price afloat. Fundamental threats were popping up and once the euphoria of the potential rate cuts passed, you would likely see the lows breached. The small rumblings in the economic landscape for REXR should not be ignored. Rich valuations have a few things that you can ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) Maryland 46-2024407 (State or othe ...

Financial Data and Key Metrics Changes - In the first quarter of 2024, core FFO per share increased by 12% year-over-year to $0.58 per share, aligning with expectations [8] - Same-property NOI growth was reported at 8.5% and 5.5% on a cash and net effective basis, respectively [8] - The company anticipates cash NOI to increase by $282 million or 47% over the next three years, reaching a total of $876 million [13] Business Line Data and Key Metrics Changes - Tireco's in-place rent increased by 4%, with leasing spreads for the quarter at 53% on a net effective basis and 34% on a cash basis [5] - The retention plus backfill rate was exceptionally high at 87%, with tenant interest remaining strong for higher-quality products [6] Market Data and Key Metrics Changes - Vacancy in infill markets increased by 45 basis points to 3.2%, while Rexford's portfolio showed positive net absorption of 30 basis points, contrasting with the overall market's negative 20 basis points [103] - The average size of spaces in Rexford's portfolio is 26,000 square feet, with market rent growth flat sequentially and down approximately 2% year-over-year for comparable products [109] Company Strategy and Development Direction - The company is focused on value creation and overcoming cost of capital challenges, with a strategy that includes renovations and modernizations to enhance cash flow [23][51] - Rexford plans to execute on expected 11% to 13% average annual core FFO per share growth through 2026, assuming no future acquisitions [13] Management's Comments on Operating Environment and Future Outlook - Management noted ongoing volatility in the market due to interest rate uncertainty and geopolitical unrest, but remains confident in the strength of the infill Southern California industrial tenant base [121] - The company expects to see continued differentiation in performance compared to larger products in non-infill markets, driven by the unique characteristics of its tenant base [122] Other Important Information - The company maintains substantial liquidity of $2.1 billion, which includes $1 billion revolver and $837 million of forward equity remaining for settlement [26] - Full-year 2024 core FFO per share guidance has been increased to a range of $2.31 to $2.34, reflecting positive contributions from first-quarter investment activity [43] Q&A Session Summary Question: What is the outlook for the timing of a rebound in activity in Southern California? - Management indicated that the fundamentals of the infill markets are significantly different from larger space markets, contributing to a more stable outlook [144] Question: How do you determine market rents and market rent growth within your portfolio? - The company conducts a bottoms-up analysis of over 1,600 spaces quarterly, comparing current market rents to previous estimates [30] Question: What is the expected impact of the Tireco lease extension on future performance? - The Tireco extension includes a fixed increase and a five-year option at fair market value, which is expected to enhance future performance [134]

| --- | --- | --- | --- | --- | --- | |-----------------------------------|-------------------------------------------------------------------|---------------|-----------------------------------|---------------|-----------------------------------| | As of March 31, 2024 \nInvestment | \n2024 Current Period Acquisitions - Blackstone Industrial Assets | | | Rentable | (unaudited results) \nOcc. % at | | Date | Property Address | County | Submarket | Square Feet | Acquisition | | 3/28/2024 | 11120 Sherman Way ...

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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 F ...

Financial Data and Key Metrics Changes - The company reported a core FFO per share growth of 14% year-over-year, driven by same property NOI growth of 9.5% on a cash basis and 8.4% on a net effective basis [55] - Full year core FFO was $2.19 per share, exceeding guidance projections and representing a 12% earnings growth [55] - The company maintained a low leverage balance sheet, ending the year with a net debt to total enterprise value of 15% [46][63] Business Line Data and Key Metrics Changes - The company executed 1.9 million square feet of lease activity in the fourth quarter, resulting in 204,000 square feet of positive net absorption [50] - Leasing spreads were reported at 63% on a net effective basis and 46% on a cash basis for the fourth quarter [51] - The company closed $315 million in investments during the fourth quarter, projected to generate an unleveraged stabilized yield of 6.8% [52] Market Data and Key Metrics Changes - The overall infill market vacancy remained exceptionally low, ending the fourth quarter at 2.75% with nominal positive net absorption [58] - Port volumes at LA and Long Beach rebounded with a 22% increase in activity over the prior year quarter [58] - The infill Southern California industrial markets demonstrated resilience, with nominal rent growth of about 1.2% [43] Company Strategy and Development Direction - The company is focused on maintaining an investment-grade, low-leverage balance sheet to capitalize on growth opportunities [46] - The company has a repositioning pipeline comprising over 9 million square feet of space scheduled for repositioning over the next four years [45] - The company aims to expand its market share within the 1.8 billion square foot infill Southern California market, currently holding a 2.5% market share [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the underlying fundamentals, despite potential near-term choppiness in demand for certain product sizes [74] - The company anticipates a favorable market backdrop with port volumes trending positively and a more stable interest rate environment [44] - Management expects average annual core FFO per share growth over the next three years in the range of 11% to 13% [66] Other Important Information - The company announced a 10% increase in its dividend, bringing the average annual dividend growth to 23% since its public offering [47] - The company has a significant internal cash flow and earnings growth opportunity projected at 42% internal cash NOI growth over the next three years [64] - The cash mark-to-market is currently at 38%, down from 43% in the prior quarter [118] Q&A Session Summary Question: Can you talk about the choppiness in demand in certain tenant sizes and submarkets? - Management noted that the Inland Empire West is experiencing excess supply impacting larger space sizes, while other infill markets are performing well with about 4% market rent growth [74][76] Question: How is the leasing pipeline looking for the first few months of the year? - Management indicated a significant pickup in leasing activity towards the end of the year, with ongoing efforts to convert this activity into leases [84] Question: What is the expected contribution from repositioning and redevelopment projects? - Management expressed confidence in achieving the projected $0.06 contribution from repositioning projects, with potential upside from reduced lease-up time and higher target rents [86][87]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) Maryland 46-2024407 (State or ...

Rexford Industrial Realty, Inc. (NYSE:REXR) Q3 2023 Earnings Conference Call October 19, 2023 1:00 PM ET Company Participants David Lanzer - General Counsel Michael Frankel - Co-Chief Executive Officer Howard Schwimmer - Co-Chief Executive Officer Laura Clark - Chief Financial Officer Conference Call Participants Camille Bonnel - Bank of America John Kim - BMO Capital Markets Blaine Heck - Wells Fargo Nicholas Joseph - Citigroup Craig Mailman - Citigroup Greg McGinniss - Scotiabank Nick Thillman - Robert ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-36008 Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) Maryland 46-2024407 (State or other ...

Rexford Industrial Realty, Inc. (NYSE:REXR) Q2 2023 Earnings Conference Call July 20, 2023 1:00 PM ET Company Participants David Lanzer – General Counsel Michael Frankel – Co-Chief Executive Officer Howard Schwimmer – Co-Chief Executive Officer Laura Clark – Chief Financial Officer Conference Call Participants Camille Bonnel – Bank of America Blaine Heck – Wells Fargo John Kim – BMO Capital Markets Nate Crossett – BNP Paribas Mike Mueller – JPMorgan Vikram Malhotra – Mizuho Nick Thillman – Baird Vince Tibon ...