Rexford Industrial Realty, Inc. (NYSE:REXR) Q2 2022 Earnings Conference Call June 21, 2022 1:00 PM ET Company Participants David Lanzer - General Counsel and Corporate Secretary Laura Clark - CFO Michael Frankel - Co-CEO Officer and Director Howard Schwimmer - Co-CEO Executive Officer and Director Conference Call Participants Jamie Feldman - Bank of America Craig Mailman - Citi Blaine Heck - Wells Fargo Connor Siversky - Berenberg Vince Tibone - Green Street Dave Rodgers - Robert W. Baird Mike Mueller - JPM ...

Rexford Industrial Realty NYSE: REXR www.rexfordindustrial.com Investor Presentation July 2022 2 Forward Looking Statements REXFORD INDUSTRIAL INVESTOR PRESENTATION 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 available to management. Such statements are subject to risks, un ...

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, 2022 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 ...

Rexford Industrial Realty, Inc. (NYSE:REXR) Q1 2022 Earnings Conference Call April 20, 2022 1:00 PM ET Company Participants David Lanzer - General Counsel and Corporate Secretary Michael Frankel - Co-Chief Executive Officer and Director Howard Schwimmer - Co-Chief Executive Officer and Director Laura Clark - Chief Financial Officer Conference Call Participants Manny Korchman - Citi Jamie Feldman - Bank of America Blaine Heck - Wells Fargo Connor Siversky - Berenberg Mike Mueller – JPMorgan Dave Rodgers - Ba ...

Rexford Industrial Realty NYSE: REXR www.rexfordindustrial.com Investor Presentation April 2022 2 Forward Looking Statements REXFORD INDUSTRIAL INVESTOR PRESENTATION 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 available to management. Such statements are subject to risks, u ...

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, 2021 OR Rexford Industrial Realty, Inc. (Exact name of registrant as specified in its charter) .____ ...

Rexford Industrial Realty, Inc. (NYSE:REXR) Q4 2021 Earnings Conference Call February 10, 2022 1:00 PM ET Company Participants David Lanzer - General Counsel Michael Frankel - Co-CEO & Director Howard Schwimmer - Co-CEO & Director Laura Clark - CFO Conference Call Participants Jamie Feldman - Bank of America Manny Korchman - Citi Connor Siversky - Berenberg Dave Rodgers - Baird Mike Mueller - JPMorgan Chris Lucas - Capital One Securities Blaine Heck - Wells Fargo Disclaimer*: This transcript is designed to ...

Financial Highlights - Net Operating Income (NOI) for Q4 2021 reached $100.5 million, a 51% year-over-year growth[15] - Company share of Core FFO for Q4 2021 was $69.6 million, a 61% year-over-year increase[16] - Adjusted EBITDA for Q4 2021 amounted to $95.8 million, reflecting a 47% year-over-year growth[18] - Adjusted Funds From Operations (AFFO) for Q4 2021 totaled $59.1 million, a 53% year-over-year increase[19] Portfolio Performance - Total number of properties in the portfolio reached 296[11] - Total rentable square feet in the portfolio amounted to 36,922,021[11] - Total portfolio occupancy stood at 96.3%[11] - Same Property Portfolio occupancy was 99.1%[11] - Same Property Portfolio NOI growth was 10.0%[11] - Same Property Portfolio Cash NOI growth was 6.8%[11] Capitalization and Debt - Net debt to total combined market capitalization was 9.1%[11] - Net debt to Adjusted EBITDA was 3.6x[11]

PART I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Rexford Industrial Realty, Inc.'s unaudited consolidated financial statements, including balance sheets, statements of operations, cash flows, and notes, for the periods ended September 30, 2021 [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$6.22 billion** by September 30, 2021, from **$4.95 billion** at year-end 2020, driven by real estate investments, with liabilities and equity also rising Consolidated Balance Sheet Highlights (Amounts in thousands USD) | Account | September 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$6,223,757** | **$4,951,174** | | Investments in real estate, net | $5,903,565 | $4,572,532 | | Cash and cash equivalents | $60,154 | $176,293 | | **Total Liabilities** | **$1,696,081** | **$1,420,582** | | Notes payable | $1,386,649 | $1,216,160 | | **Total Equity** | **$4,527,676** | **$3,530,592** | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenues for Q3 2021 increased to **$115.4 million**, leading to **$31.5 million** net income, while nine-month revenues reached **$319.5 million** with net income of **$77.0 million** Consolidated Statements of Operations Highlights (Amounts in thousands USD, except per share data) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$115,403** | **$83,856** | **$319,526** | **$241,486** | | Rental income | $115,260 | $83,622 | $319,140 | $240,882 | | **Total Operating Expenses** | **$77,983** | **$58,959** | **$219,660** | **$170,150** | | **Net Income** | **$40,186** | **$31,197** | **$96,866** | **$62,740** | | **Net Income Attributable to Common Stockholders** | **$31,545** | **$25,901** | **$76,993** | **$48,110** | | **Net income per share - diluted** | **$0.23** | **$0.21** | **$0.57** | **$0.40** | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased to **$179.9 million**, while investing activities used **$1.35 billion** and financing activities provided **$1.06 billion**, resulting in a cash decrease to **$60.2 million** Consolidated Statements of Cash Flows Highlights (Amounts in thousands USD) | Cash Flow Activity | Nine Months Ended Sep 30, 2021 | Nine Months Ended Sep 30, 2020 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$179,943** | **$146,648** | | **Net cash used in investing activities** | **($1,352,721)** | **($222,098)** | | Acquisition of investments in real estate | ($1,316,905) | ($188,134) | | **Net cash provided by financing activities** | **$1,055,459** | **$282,599** | | Issuance of common stock, net | $1,092,158 | $374,359 | | **Increase (decrease) in cash** | **($117,319)** | **$207,149** | | **Cash, cash equivalents and restricted cash, end of period** | **$60,204** | **$286,006** | [Notes to the Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) This section details the company's accounting policies and provides further information on financial statement figures, covering organization, real estate investments, debt, derivatives, equity, and EPS calculations - The company is a REIT focused on owning and operating industrial properties in Southern California infill markets, with a consolidated portfolio of **278 properties** and approximately **34.9 million rentable square feet** as of September 30, 2021[33](index=33&type=chunk) - Property acquisitions are generally accounted for as asset acquisitions, with costs allocated to individual assets and liabilities based on relative fair value, including land, buildings, lease intangibles, and assumed debt[43](index=43&type=chunk)[44](index=44&type=chunk) - The company granted COVID-19 rent relief in 2020, primarily through deferrals, with approximately **98.0%** of the **$4.2 million** in deferred payments due by September 30, 2021, having been collected[72](index=72&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's financial condition and operating results, highlighting 2021 activities, future influencing factors, comparative operating results for total and same properties portfolios, non-GAAP reconciliations, and liquidity [Company Overview and 2021 Highlights](index=43&type=section&id=Company%20Overview%20and%202021%20Highlights) Rexford Industrial, a REIT with **278 properties** in Southern California, actively engaged in **$1.3 billion** in acquisitions, **$47.6 million** in dispositions, and significant equity and debt financing activities in 2021 - As of September 30, 2021, the company's portfolio comprised **278 properties** with approximately **34.9 million rentable square feet**, primarily in Southern California infill markets[198](index=198&type=chunk) - In the first nine months of 2021, the company acquired **34 properties** for an aggregate purchase price of **$1.3 billion**[202](index=202&type=chunk) - Significant 2021 financing activities included redeeming Series A Preferred Stock, increasing the revolving credit facility to **$700 million**, and issuing **$400 million** of 2.150% Senior Notes due 2031[205](index=205&type=chunk) [Factors That May Influence Future Results of Operations](index=45&type=section&id=Factors%20That%20May%20Influence%20Future%20Results%20of%20Operations) Future results will be influenced by strong Southern California industrial market fundamentals, robust tenant demand, the company's value-add repositioning strategy, and the ongoing impact of the COVID-19 pandemic - The Southern California industrial real estate sector shows strong fundamentals with approximately **98% occupancy** and limited new supply, creating superior long-term supply/demand dynamics[211](index=211&type=chunk) - As of September 30, 2021, the company has **nine properties** under repositioning or redevelopment and a pipeline of **12 additional projects**, driving long-term future growth[225](index=225&type=chunk) Leasing Spreads for Nine Months Ended Sep 30, 2021 | Lease Type | GAAP Leasing Spreads | Cash Leasing Spreads | | :--- | :--- | :--- | | New Leases | 41.3% | 26.7% | | Renewal Leases | 46.8% | 32.7% | [Results of Operations](index=54&type=section&id=Results%20of%20Operations) Q3 2021 Total Portfolio rental income grew **37.8%** to **$115.3 million**, and Same Properties Portfolio rental income increased **7.7%**, driven by acquisitions, higher rates, and increased occupancy Comparison of Results for Q3 2021 vs Q3 2020 (Amounts in thousands USD) | Portfolio | Metric | Q3 2021 | Q3 2020 | % Change | | :--- | :--- | :--- | :--- | :--- | | **Same Properties** | Rental Income | $80,278 | $74,543 | 7.7% | | | Net Income | $37,806 | $31,610 | 19.6% | | **Total Portfolio** | Rental Income | $115,260 | $83,622 | 37.8% | | | Net Income | $40,186 | $31,197 | 28.8% | Comparison of Results for Nine Months Ended Sep 30, 2021 vs 2020 (Amounts in thousands USD) | Portfolio | Metric | YTD 2021 | YTD 2020 | % Change | | :--- | :--- | :--- | :--- | :--- | | **Same Properties** | Rental Income | $236,442 | $219,630 | 7.7% | | | Net Income | $109,961 | $91,662 | 20.0% | | **Total Portfolio** | Rental Income | $319,140 | $240,882 | 32.5% | | | Net Income | $96,866 | $62,740 | 54.4% | [Non-GAAP Supplemental Measures](index=63&type=section&id=Non-GAAP%20Supplemental%20Measures) The company reports non-GAAP measures, with Q3 2021 FFO attributable to common stockholders at **$55.3 million** and nine-month FFO at **$155.7 million**, alongside NOI and Cash NOI figures FFO Reconciliation (Amounts in thousands USD) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income | $40,186 | $31,197 | $96,866 | $62,740 | | **FFO** | **$65,160** | **$46,339** | **$179,602** | **$133,786** | | **FFO attributable to common stockholders** | **$55,335** | **$40,489** | **$155,681** | **$116,821** | NOI and Cash NOI Reconciliation (Amounts in thousands USD) | Metric | Q3 2021 | Q3 2020 | Nine Months 2021 | Nine Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net income | $40,186 | $31,197 | $96,866 | $62,740 | | **Net Operating Income (NOI)** | **$87,759** | **$62,938** | **$243,509** | **$183,200** | | **Cash Net Operating Income** | **$78,703** | **$57,099** | **$219,316** | **$164,406** | [Liquidity and Capital Resources](index=65&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 30, 2021, the company had **$60.2 million** in cash and **$700.0 million** available on its credit facility, actively managing liquidity through equity offerings, debt issuances, and maintaining **$1.4 billion** in consolidated debt - As of September 30, 2021, liquidity sources included **$60.2 million** in cash and cash equivalents and **$700.0 million** available under the unsecured revolving credit facility[305](index=305&type=chunk) - During the nine months ended September 30, 2021, the company raised **$415.5 million** in net proceeds from its **$750 million** ATM Program through direct sales and forward equity sale agreements[308](index=308&type=chunk)[310](index=310&type=chunk) Consolidated Indebtedness as of September 30, 2021 | Metric | Value | | :--- | :--- | | Total Consolidated Debt (USD) | $1.4 billion | | Weighted Average Interest Rate | 2.83% | | Average Term-to-Maturity | 7.8 years | | Fixed-Rate Debt Percentage | 96% | | Unsecured Debt Percentage | 91% | [Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk from variable-rate debt, though **96%** of its **$1.40 billion** consolidated debt is fixed-rate, with a 50 basis point LIBOR increase impacting annual interest expense by **$0.3 million** - As of September 30, 2021, **96%** of the company's **$1.40 billion** total consolidated indebtedness had an effectively fixed interest rate, minimizing exposure to fluctuations[359](index=359&type=chunk) - A hypothetical **50 basis point** increase in LIBOR would increase annual interest expense on the company's variable-rate debt by approximately **$0.3 million**[359](index=359&type=chunk) [Item 4. Controls and Procedures](index=77&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2021, with no material changes to internal control over financial reporting identified during the quarter - The Co-Chief Executive Officers and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of September 30, 2021[365](index=365&type=chunk) - No material changes to the company's internal control over financial reporting occurred during the quarter[366](index=366&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=78&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations - The company is not currently involved in any legal proceedings reasonably expected to have a material adverse effect on its business[368](index=368&type=chunk) [Item 1A. Risk Factors](index=78&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2020 - No material changes have been made to the risk factors as set forth in the company's 2020 Annual Report on Form 10-K[369](index=369&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=78&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered equity sales but repurchased **609 shares** of common stock at an average of **$62.35** per share in Q3 2021 to satisfy employee tax withholding obligations Issuer Purchases of Equity Securities (Q3 2021) | Period | Total Shares Purchased | Average Price Paid per Share (USD) | | :--- | :--- | :--- | | July 2021 | 30 | $60.53 | | August 2021 | 176 | $61.15 | | September 2021 | 403 | $63.01 | | **Total** | **609** | **$62.35** | - The repurchased shares were tendered by employees to satisfy tax withholding obligations upon the vesting of restricted stock[372](index=372&type=chunk) [Item 3. Defaults Upon Senior Securities](index=78&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - There were no defaults upon senior securities[373](index=373&type=chunk) [Item 4. Mine Safety Disclosures](index=78&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable as the company has no mine safety disclosures to report - No mine safety disclosures were reported[373](index=373&type=chunk) [Item 5. Other Information](index=78&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this item - There was no other information to disclose[374](index=374&type=chunk) [Item 6. Exhibits](index=79&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including corporate governance documents, debt agreements, forward transaction confirmations, and Sarbanes-Oxley Act certifications - Exhibits filed include certifications from the Principal Executive Officers and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[375](index=375&type=chunk) - The filing includes confirmations of registered forward transactions with Bank of America, N.A. and JPMorgan Chase Bank, National Association, dated September 22, 2021[375](index=375&type=chunk)

Financial Data and Key Metrics Changes - Rexford Industrial reported over $880 million in acquisitions during Q3 2021, bringing year-to-date investments to over $1.3 billion, with a projected stabilized unlevered yield about 50% higher than current marketed transactions for similar quality products [12][14]. - Consolidated NOI grew by 39% and core FFO increased by 47% compared to the prior year quarter, with FFO per share rising over 30% year-over-year [13][32]. - The company maintained a low leverage balance sheet with leverage at 12.7% of total enterprise value, and net debt to EBITDA was 3.8 times, below the target leverage of 4 to 4.5 times [13][33]. Business Line Data and Key Metrics Changes - Same-property cash NOI growth averaged 9.7% on a GAAP basis and 13.3% on a cash basis, driven by strong leasing spreads of 45% and 30% on GAAP and cash basis respectively [31]. - The company achieved record leasing performance with cash and GAAP rent spreads on new leases of about 28% and 42% respectively, and renewal leases of about 44% and 61% respectively [22][23]. Market Data and Key Metrics Changes - The target markets ended the quarter with a 1.2% vacancy rate, indicating historically high demand, while market rents within the portfolio increased by 24% over the prior year [22]. - The company’s same property cash NOI growth has averaged 9% over five years, with FFO per share growth averaging 13% and dividend growth averaging 12% over the same period, all exceeding the average of other industrial REITs [14]. Company Strategy and Development Direction - Rexford Industrial focuses on infill Southern California, the highest demand logistics market, benefiting from extreme scarcity of available product and a long-term supply/demand imbalance [16][19]. - The company projects approximately $94 million in embedded NOI growth from its in-place portfolio over the next 18 to 24 months, assuming no further acquisitions [18]. - The company has a mere 1.9% market share within its 2 billion square foot market, indicating substantial growth opportunities ahead [19]. Management's Comments on Operating Environment and Future Outlook - Management noted that the pandemic-driven expansion of e-commerce and shifts in supply chains are driving warehouse demand in prime locations [15]. - The company anticipates continued strength in market conditions, with demand and market rent growth at unprecedented levels [14]. - Management increased the full-year projected core FFO guidance range to $1.60 to $1.61 per share, representing a 22% year-over-year earnings growth per share [37]. Other Important Information - The company issued a $400 million 10-year unsecured Green Bond at a 2.15% coupon, marking its first Green Bond issuance [34]. - At quarter-end, liquidity was $1.1 billion, including $60 million in cash and full availability on a $700 million credit facility [36]. Q&A Session Summary Question: What is driving the rental rate growth in the portfolio? - Management attributed the rental rate growth to low vacancy rates and high demand for quality space, with the highest rent growth in the Inland Empire West at 52% year-over-year [42][44]. Question: How does the company evaluate alternate use value in its portfolio? - Management indicated that while there are opportunities for alternate uses, the focus remains on capturing rising industrial rents, as industrial land values have grown significantly [47][53]. Question: Can you provide more details on the projected NOI growth? - The projected $94 million NOI growth over the next 18 to 24 months is derived from existing acquisitions, leasing spreads, and ongoing repositioning projects [62]. Question: What is the company's strategy regarding financing and capital needs? - Management emphasized maintaining a low leverage balance sheet and being opportunistic in capital raises, with no debt maturities until 2023 [65]. Question: How does customer economics influence rent pricing? - Management explained that rent is a small percentage of overall costs for tenants, allowing them to absorb higher rents, especially in critical locations [66][72].