[Corporate Data](index=3&type=section&id=Corporate%20Data) This section provides an overview of the company's leadership, key operational and financial metrics for Q3 2025, including portfolio performance, credit ratings, and updated financial guidance [Investor Company Summary](index=3&type=section&id=Investor%20Company%20Summary) This section provides an overview of the company's leadership, including the executive management team and board of directors, along with contact information for investor relations and a list of equity research firms covering the company - The executive management team includes Co-Chief Executive Officers Howard Schwimmer and Michael S. Frankel, Chief Operating Officer Laura Clark, Chief Financial Officer Michael Fitzmaurice, and General Counsel and Corporate Secretary David E. Lanzer[7](index=7&type=chunk) - The Board of Directors is chaired by Tyler H. Rose and includes the Co-Chief Executive Officers and other independent directors[7](index=7&type=chunk) - Investor Relations contact is Mikayla Lynch, Director, Investor Relations and Capital Markets[7](index=7&type=chunk) [Company Overview](index=4&type=section&id=Company%20Overview) The company's overview highlights key operational and financial metrics for Q3 2025, including portfolio size, occupancy rates, NOI and FFO growth, and credit ratings, indicating a stable financial position and operational performance Quarterly Company Overview Metrics | Metric | Value | | :--- | :--- | | Total of Properties | 420 | | Total Rentable Square Feet | 50,850,824 | | Total Portfolio Occupancy | 91.8% | | Same Property Portfolio Occupancy | 96.8% | | Total Portfolio NOI Growth | 2.9% | | Same Property Portfolio NOI Growth | 1.9% | | Same Property Portfolio Cash NOI Growth | 5.5% | | Core FFO Growth | 9.0% | | Core FFO/Share Growth | 1.7% | | Credit Ratings (S&P/Moody's/Fitch) | BBB+/Baa2/BBB+ (All Stable Outlook) | | Net Debt to Total Combined Market Capitalization | 23.2% | | Net Debt to Adjusted EBITDAre | 4.1x | [Highlights - Consolidated Financial Results](index=5&type=section&id=Highlights%20-%20Consolidated%20Financial%20Results) This section provides a high-level summary of the company's consolidated financial results for the third quarter of 2025, focusing on key income statement figures - The section primarily serves as a title page for the detailed financial results presented in subsequent pages, with no specific data points provided directly on page 5[10](index=10&type=chunk)[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) [Financial and Portfolio Highlights and Capitalization Data](index=6&type=section&id=Financial%20and%20Portfolio%20Highlights%20and%20Capitalization%20Data) The company reported total rental income of **$246.76 million** and net income of **$93.06 million** for Q3 2025, with Core FFO per diluted share at **$0.60**, portfolio occupancy at **91.8%**, and net debt to Adjusted EBITDAre improving to **4.1x** Quarterly Financial Results (in millions) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total rental income | $246.76 | $241.57 | $248.82 | $239.74 | $238.40 | | Net income | $93.06 | $120.39 | $74.05 | $64.91 | $70.72 | | Net Operating Income (NOI) | $188.88 | $186.27 | $193.56 | $183.73 | $183.53 | | Company share of Core FFO | $141.70 | $139.71 | $141.02 | $128.56 | $130.01 | | Company share of Core FFO per common share - diluted | $0.60 | $0.59 | $0.62 | $0.58 | $0.59 | | Adjusted EBITDAre | $182.62 | $184.11 | $184.86 | $179.35 | $175.93 | | Dividend declared per common share | $0.4300 | $0.4300 | $0.4300 | $0.4175 | $0.4175 | Quarterly Portfolio Statistics | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Portfolio rentable square feet ("RSF") | 50,850,824 | 51,021,897 | 50,952,137 | 50,788,225 | 50,067,981 | | Ending occupancy | 91.8% | 89.2% | 89.6% | 91.3% | 93.0% | | Ending occupancy excluding repositioning/redevelopment | 97.3% | 95.0% | 95.1% | 96.0% | 97.6% | | Net Effective Rent Change | 26.1% | 20.9% | 23.8% | 55.4% | 39.2% | | Cash Rent Change | 10.3% | 8.1% | 14.7% | 41.0% | 26.7% | | Same Property Portfolio ending occupancy | 96.8% | 96.2% | 95.8% | 96.4% | 96.9% | | Same Property Portfolio NOI growth | 1.9% | 1.2% | 0.8% | N/A | N/A | | Same Property Portfolio Cash NOI growth | 5.5% | 4.0% | 5.2% | N/A | N/A | Quarterly Capitalization and Ratios (in millions, except ratios) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total shares and units issued and outstanding | 240,452,878 | 244,334,274 | 244,310,773 | 233,295,793 | 227,278,210 | | Total equity market capitalization | $10,058.27 | $8,864.22 | $9,738.02 | $9,233.17 | $11,648.32 | | Total consolidated debt | $3,278.90 | $3,379.14 | $3,379.38 | $3,379.62 | $3,386.27 | | Net debt to total combined market capitalization | 23.2% | 25.0% | 22.8% | 26.5% | 22.2% | | Net debt to Adjusted EBITDAre | 4.1x | 4.0x | 3.9x | 4.6x | 4.7x | [Guidance](index=7&type=section&id=Guidance) The company updated its 2025 guidance for Q3, projecting diluted Net Income per share between **$1.44 and $1.46** and Core FFO per diluted share between **$2.39 and $2.41**, while raising Same Property Portfolio Cash NOI growth guidance to **3.75%-4.25%** 2025 Outlook (Q3-2025 Updated Guidance) | Metric | Q3-2025 Updated Guidance | Q2-2025 Guidance | YTD Results as of Sep 30, 2025 | | :--- | :--- | :--- | :--- | | Net Income Attributable to Common Stockholders per diluted share | $1.44 - $1.46 | $1.38 - $1.42 | $1.16 | | Company share of Core FFO per diluted share | $2.39 - $2.41 | $2.37 - $2.41 | $1.82 | | Same Property Portfolio NOI Growth - Net Effective | 0.75% - 1.25% | 0.75% - 1.25% | 1.3% | | Same Property Portfolio NOI Growth - Cash | 3.75% - 4.25% | 2.25% - 2.75% | 4.9% | | Average Same Property Portfolio Occupancy (Full Year) | +/- 96.0% | 95.5% - 96.0% | 96.2% | | Net General and Administrative Expenses | +/- $82M | +/- $82M | $59.7M | | Net Interest Expense | +/- $105M | +/- $107M | $79.5M | 2025 Core FFO Per Diluted Share Guidance Rollforward (Q2 to Q3 Update) | Earnings Components | Range ($ per share) | Notes | | :--- | :--- | :--- | | Q2 2025 Core FFO Per Diluted Share Guidance | $2.37 - $2.41 | | | Repositioning/Redevelopment NOI | — - (0.01) | Projected rent commencement timing extended | | Net Interest Expense | 0.01 - — | Guidance updated to +/- $105M | | Decrease in Share Count | 0.01 - 0.01 | $150M of share repurchases in 3Q at a weighted average share price of $38.62 | | Current 2025 Core FFO Per Diluted Share Guidance | $2.39 - $2.41 | | | Core FFO Per Diluted Share Annual Growth | 2% - 3% | | - The 2025 guidance refers to the in-place portfolio as of September 30, 2025, excluding assumptions for additional prospective acquisitions, dispositions, or related balance sheet activities not yet closed[22](index=22&type=chunk)[24](index=24&type=chunk) [Consolidated Financial Results](index=9&type=section&id=Consolidated%20Financial%20Results) This section details the company's consolidated financial performance, including balance sheet, income statement, non-GAAP metrics like FFO and EBITDAre, Same Property Portfolio performance, capitalization, and debt profile for Q3 2025 [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) As of September 30, 2025, total assets were **$12.85 billion**, a slight decrease from June 30, 2025, with investments in real estate remaining stable at **$11.93 billion**, while cash and cash equivalents significantly decreased to **$248.96 million** Consolidated Balance Sheet Highlights (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Assets | $12,851,008 | $13,079,612 | $13,085,857 | $12,648,218 | $12,420,302 | | Investments in real estate, net | $11,931,802 | $11,929,199 | $11,918,957 | $11,979,183 | $11,746,239 | | Cash and cash equivalents | $248,956 | $431,117 | $504,579 | $55,971 | $61,836 | | Total Liabilities | $3,808,649 | $3,884,588 | $3,911,111 | $3,922,239 | $3,955,386 | | Notes payable | $3,249,733 | $3,347,575 | $3,348,060 | $3,345,962 | $3,350,190 | | Total Equity | $9,042,359 | $9,195,024 | $9,174,746 | $8,725,979 | $8,464,916 | - The decrease in cash and cash equivalents from Q2 to Q3 2025 suggests significant cash outflows, potentially related to share repurchases or other operational/investment activities not immediately apparent from the balance sheet alone[28](index=28&type=chunk) [Consolidated Statements of Operations](index=10&type=section&id=Consolidated%20Statements%20of%20Operations) For Q3 2025, total revenues were **$253.24 million**, with rental income as the primary driver at **$246.76 million**, resulting in net income attributable to common stockholders of **$87.09 million** or **$0.37** diluted EPS Quarterly Consolidated Statements of Operations (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $253,242 | $249,507 | $252,287 | $242,895 | $241,843 | | Rental income | $246,757 | $241,568 | $248,821 | $239,737 | $238,396 | | Total Operating Expenses | $159,088 | $146,238 | $161,869 | $149,778 | $145,034 | | Net Income | $93,056 | $120,394 | $74,048 | $64,910 | $70,722 | | Net income attributable to common stockholders | $87,086 | $113,427 | $68,346 | $59,413 | $65,061 | | Net income attributable to common stockholders per share - diluted | $0.37 | $0.48 | $0.30 | $0.27 | $0.30 | Nine Months Ended Consolidated Statements of Operations (in thousands, except per share data) | Metric | Sep 30, 2025 | Sep 30, 2024 | | :--- | :--- | | Total Revenues | $755,036 | $693,512 | | Rental income | $737,146 | $682,359 | | Total Operating Expenses | $467,195 | $417,882 | | Net Income | $287,498 | $221,016 | | Net income attributable to common stockholders | $268,859 | $203,452 | | Net income attributable to common stockholders per share - diluted | $1.16 | $0.94 | - Gains on sale of real estate significantly contributed to net income, totaling **$28.58 million** in Q3 2025 and **$86.10 million** year-to-date 2025[30](index=30&type=chunk)[32](index=32&type=chunk) [Non-GAAP FFO, Core FFO and AFFO Reconciliations](index=12&type=section&id=Non-GAAP%20FFO,%20Core%20FFO%20and%20AFFO%20Reconciliations) The company's Q3 2025 FFO was **$145.65 million**, Core FFO was **$149.79 million**, and AFFO was **$119.50 million**, with Company share of Core FFO per diluted share at **$0.60** Quarterly FFO and Core FFO (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income | $93,056 | $120,394 | $74,048 | $64,910 | $70,722 | | NAREIT Defined Funds From Operations (FFO) | $145,645 | $147,221 | $147,631 | $136,742 | $138,218 | | Company share of FFO | $137,712 | $139,216 | $139,173 | $128,520 | $129,949 | | Company share of FFO per common share‐diluted | $0.59 | $0.59 | $0.61 | $0.58 | $0.59 | | Core FFO | $149,793 | $147,734 | $149,558 | $136,785 | $138,283 | | Company share of Core FFO | $141,700 | $139,709 | $141,023 | $128,562 | $130,011 | | Company share of Core FFO per common share‐diluted | $0.60 | $0.59 | $0.62 | $0.58 | $0.59 | Quarterly and Nine Months Ended FFO and Core FFO (in thousands, except per share data) | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net Income | $93,056 | $70,722 | $287,498 | $221,016 | | Funds From Operations (FFO) | $145,645 | $138,218 | $440,497 | $406,418 | | Company share of FFO | $137,712 | $129,949 | $416,101 | $381,770 | | Company share of FFO per common share‐diluted | $0.59 | $0.59 | $1.79 | $1.76 | | Core FFO | $149,793 | $138,283 | $447,085 | $407,836 | | Company share of Core FFO | $141,700 | $130,011 | $422,432 | $383,133 | | Company share of Core FFO per common share‐diluted | $0.60 | $0.59 | $1.82 | $1.77 | Quarterly Adjusted Funds From Operations (AFFO) (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Funds From Operations | $145,645 | $147,221 | $147,631 | $136,742 | $138,218 | | Adjusted Funds From Operations (AFFO) | $119,499 | $120,496 | $125,144 | $108,727 | $108,698 | [Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre](index=15&type=section&id=Statement%20of%20Operations%20Reconciliations%20-%20NOI,%20Cash%20NOI,%20EBITDAre%20and%20Adjusted%20EBITDAre) For Q3 2025, Net Operating Income (NOI) was **$188.88 million**, Cash NOI was **$175.46 million**, EBITDAre stood at **$171.11 million**, and Adjusted EBITDAre was **$182.62 million** Quarterly NOI and Cash NOI (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Rental income | $246,757 | $241,568 | $248,821 | $239,737 | $238,396 | | Less: Property expenses | $57,879 | $55,298 | $55,261 | $56,006 | $54,867 | | Net Operating Income (NOI) | $188,878 | $186,270 | $193,560 | $183,731 | $183,529 | | Cash NOI | $175,460 | $173,564 | $178,857 | $167,515 | $165,453 | Quarterly EBITDAre and Adjusted EBITDAre (in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net income | $93,056 | $120,394 | $74,048 | $64,910 | $70,722 | | EBITDAre | $171,108 | $173,922 | $174,919 | $164,915 | $165,558 | | Adjusted EBITDAre | $182,624 | $184,111 | $184,859 | $179,347 | $175,929 | - Adjusted EBITDAre includes adjustments for stock-based compensation, acquisition expenses, and pro forma effects of acquisitions and dispositions, providing a more normalized view of operational earnings[46](index=46&type=chunk) [Same Property Portfolio Performance](index=16&type=section&id=Same%20Property%20Portfolio%20Performance) The Same Property Portfolio (SPP) showed a **1.9% NOI growth** and a **5.5% Cash NOI growth** for Q3 2025 year-over-year, with an ending occupancy of **96.8%**, while regional occupancy trends varied Same Property Portfolio NOI and Cash NOI Growth (in thousands) | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same Property Portfolio NOI | $150,204 | $147,439 | $2,765 | 1.9% | | Same Property Portfolio Cash NOI | $141,347 | $133,949 | $7,398 | 5.5% | | Metric | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Same Property Portfolio NOI | $446,385 | $440,715 | $5,670 | 1.3% | | Same Property Portfolio Cash NOI | $419,594 | $400,015 | $19,579 | 4.9% | Same Property Portfolio Quarterly Weighted Average Occupancy by County | County | 2025 Q3 | 2024 Q3 | Year-over-Year Change (bps) | 2025 Q2 | Sequential Change (bps) | | :--- | :--- | :--- | :--- | :--- | :--- | | Los Angeles County | 96.7% | 97.5% | (80) bps | 95.6% | 110 bps | | Orange County | 98.7% | 99.3% | (60) bps | 99.0% | (30) bps | | Riverside / San Bernardino County | 95.4% | 97.2% | (180) bps | 96.6% | (120) bps | | San Diego County | 98.3% | 95.8% | 250 bps | 98.0% | 30 bps | | Ventura County | 94.3% | 92.3% | 200 bps | 91.4% | 290 bps | | Quarterly Weighted Average Occupancy | 96.5% | 97.2% | (70) bps | 96.0% | 50 bps | | Ending Occupancy | 96.8% | 96.9% | (10) bps | 96.2% | 60 bps | - Excluding lease termination fees, Same Property Portfolio NOI increased by approximately **1.3%** and Cash NOI increased by approximately **4.9%** during Q3 2025 year-over-year[55](index=55&type=chunk) [Capitalization Summary](index=17&type=section&id=Capitalization%20Summary) As of September 30, 2025, the company's total combined market capitalization was **$13.09 billion**, with net debt to total combined market capitalization at **23.2%** and net debt to Adjusted EBITDAre at **4.1x**, indicating a healthy leverage profile Capitalization as of September 30, 2025 (in thousands, except per share data) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Common shares outstanding | 232,297,172 | 236,151,829 | 235,610,472 | 224,868,888 | 219,102,342 | | Operating partnership units outstanding | 8,155,706 | 8,182,445 | 8,700,301 | 8,426,905 | 8,175,868 | | Total shares and units outstanding at period end | 240,452,878 | 244,334,274 | 244,310,773 | 233,295,793 | 227,278,210 | | Share price at end of quarter | $41.11 | $35.57 | $39.15 | $38.66 | $50.31 | | Total Equity Market Capitalization | $10,058,268 | $8,864,220 | $9,738,017 | $9,233,171 | $11,648,323 | | Total Debt | $3,278,896 | $3,379,141 | $3,379,383 | $3,379,622 | $3,386,273 | | Net Debt | $3,029,940 | $2,948,024 | $2,874,804 | $3,323,651 | $3,324,437 | | Total Combined Market Capitalization (Net Debt plus Equity) | $13,088,208 | $11,812,244 | $12,612,821 | $12,556,822 | $14,972,760 | | Net debt to total combined market capitalization | 23.2% | 25.0% | 22.8% | 26.5% | 22.2% | | Net debt to Adjusted EBITDAre (quarterly results annualized) | 4.1x | 4.0x | 3.9x | 4.6x | 4.7x | - During Q3 2025, the company repurchased **3,883,845 shares** of common stock at a weighted average price of **$38.62 per share**, totaling **$150.1 million**[57](index=57&type=chunk) - On March 6, 2025, the company converted all remaining Series 2 CPOP units into OP Units[59](index=59&type=chunk) [Debt Summary](index=18&type=section&id=Debt%20Summary) As of September 30, 2025, the company's total debt was **$3.28 billion**, with **97% unsecured** and **100% fixed-rate** at a weighted average effective interest rate of **3.741%**, demonstrating strong compliance with debt covenants Debt Composition as of September 30, 2025 | Category | Weighted Average Term Remaining (yrs) | Stated Interest Rate | Effective Interest Rate | Balance (in thousands) | % of Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Fixed | 3.5 | 3.741% | 3.741% | $3,278,896 | 100% | | Variable | — | — | —% | $— | 0% | | Secured | 1.7 | N/A | 4.590% | $103,896 | 3% | | Unsecured | 3.6 | N/A | 3.713% | $3,175,000 | 97% | Debt Maturity Schedule (in thousands) | Year | Secured | Unsecured | Total | % Total | Effective Interest Rate | | :--- | :--- | :--- | :--- | :--- | :--- | | 2025 | $— | $— | $— | — % | — % | | 2026 | $66,749 | $— | $66,749 | 2 % | 4.943 % | | 2027 | $19,115 | $1,000,000 | $1,019,115 | 32 % | 4.118 % | | 2028 | $14,010 | $300,000 | $314,010 | 10 % | 4.949 % | | 2029 | $— | $600,000 | $600,000 | 18 % | 4.115 % | | 2030 | $— | $800,000 | $800,000 | 24 % | 3.169 % | | 2031 | $1,378 | $400,000 | $401,378 | 12 % | 2.160 % | | 2032 | $— | $— | $— | — % | — % | | 2033 | $— | $— | $— | — % | — % | | 2034 | $— | $75,000 | $75,000 | 2 % | 4.030 % | | Thereafter | $2,644 | $— | $2,644 | — % | 4.140 % | | Total | $103,896 | $3,175,000 | $3,278,896 | 100 % | 3.741 % | Debt Covenants as of September 30, 2025 | Covenant | Limit | Revolver, $300M & $400M Term Loan Facilities | Senior Notes ($125M, $25M, $75M) | | :--- | :--- | :--- | :--- | | Maximum Leverage Ratio | less than 60% | 21.9% | 26.5% | | Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.51 to 1.0 | 5.35 to 1.00 | [Portfolio Data](index=20&type=section&id=Portfolio%20Data) This section presents a comprehensive overview of the company's real estate portfolio, including market distribution, leasing activity, tenant profiles, capital expenditures, repositioning and redevelopment projects, dispositions, and net asset value components [Operations](index=20&type=section&id=Operations) This section serves as an introductory page for the detailed operational and portfolio data that follows, with no specific data points or summaries provided directly on this page [Portfolio Overview](index=21&type=section&id=Portfolio%20Overview) As of September 30, 2025, the consolidated portfolio comprises **420 properties** totaling **50.85 million rentable square feet**, with an overall ending occupancy of **91.8%** and total in-place ABR of **$800.07 million** Consolidated Portfolio by Market (as of September 30, 2025) | Market | of Properties | Total Rentable Square Feet | Ending Occupancy % | In-Place ABR (in 000's) | In-Place ABR Per Square Foot | | :--- | :--- | :--- | :--- | :--- | :--- | | Central LA | 20 | 3,230,347 | 94.7% | $40,783 | $13.34 | | Greater San Fernando Valley | 74 | 7,140,555 | 90.3% | $112,382 | $17.44 | | Mid-Counties | 39 | 4,654,490 | 90.9% | $71,322 | $16.85 | | San Gabriel Valley | 46 | 5,910,362 | 90.6% | $71,045 | $13.27 | | South Bay | 81 | 7,960,626 | 90.2% | $167,796 | $23.38 | | Los Angeles County Total | 260 | 28,896,380 | 90.9% | $463,328 | $17.64 | | Orange County Total | 54 | 5,700,074 | 93.7% | $99,425 | $18.61 | | Riverside / San Bernardino County Total | 54 | 9,575,506 | 94.4% | $138,331 | $15.30 | | San Diego County Total | 34 | 3,451,338 | 91.3% | $58,838 | $18.66 | | Ventura County Total | 18 | 3,227,526 | 89.8% | $40,150 | $13.86 | | CONSOLIDATED TOTAL / WTD AVG | 420 | 50,850,824 | 91.8% | $800,072 | $17.13 | - Excluding repositioning/redevelopment, total portfolio occupancy was **97.3%**[74](index=74&type=chunk) [Executed Leasing Statistics and Trends](index=22&type=section&id=Executed%20Leasing%20Statistics%20and%20Trends) In Q3 2025, the company executed leases for **3.27 million square feet**, with a net effective rent change of **26.1%** and cash rent change of **10.3%**, while the lease expiration schedule shows significant expirations in **2026 (8.28 million SF)** and **2027 (7.53 million SF)** Executed Leasing Activity and Spreads | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Effective Rent Change | 26.1% | 20.9% | 23.8% | 55.4% | 39.2% | | Cash Rent Change | 10.3% | 8.1% | 14.7% | 41.0% | 26.7% | | New leases (Building SF) | 2,361,131 | 678,727 | 882,403 | 330,334 | 994,566 | | Renewal leases (Building SF) | 904,014 | 1,020,266 | 1,511,946 | 684,961 | 599,529 | | Total leasing activity | 3,265,145 | 1,698,993 | 2,394,349 | 1,015,295 | 1,594,095 | | Net absorption | 1,949,233 | 216,955 | 125,053 | (424,830) | 393,852 | | Retention rate | 72% | 69% | 68% | 51% | 52% | | Retention + Backfill rate | 77% | 74% | 82% | 62% | 72% | Lease Expiration Schedule as of September 30, 2025 | Year of Lease Expiration | of Leases Expiring | Total Rentable Square Feet | In-Place + Uncommenced ABR (in thousands) | In-Place + Uncommenced ABR per SF | | :--- | :--- | :--- | :--- | :--- | | Available | — | 1,281,638 | $— | $— | | Repositioning/Redevelopment | — | 2,509,507 | $— | $— | | MTM Tenants | 5 | 145,165 | $2,134 | $14.70 | | 2025 | 98 | 2,803,697 | $41,590 | $14.83 | | 2026 | 421 | 8,283,384 | $130,833 | $15.79 | | 2027 | 359 | 7,531,757 | $131,974 | $17.52 | | 2028 | 276 | 7,053,890 | $133,374 | $18.91 | | 2029 | 179 | 5,140,354 | $98,393 | $19.14 | | 2030 | 134 | 5,611,113 | $90,879 | $16.20 | | 2031 | 58 | 5,596,885 | $77,737 | $13.89 | | 2032 | 25 | 1,512,233 | $31,043 | $20.53 | | 2033 | 14 | 643,583 | $11,354 | $17.64 | | 2034 | 7 | 355,445 | $6,980 | $19.64 | | Thereafter | 39 | 2,382,173 | $50,331 | $21.13 | | Total Portfolio | 1,615 | 50,850,824 | $806,622 | $17.14 | - New leases in Q3 2025 had a weighted average lease term of **5.2 years**, with a net effective rent change of **25.6%** and cash rent change of **10.9%** over prior leases[77](index=77&type=chunk) [Top Tenants and Lease Segmentation](index=24&type=section&id=Top%20Tenants%20and%20Lease%20Segmentation) The top 20 tenants account for **20.3%** of the company's In-Place + Uncommenced ABR, with Tireco, Inc. being the largest at **2.4%**, while larger leases (>100,000 SF) contribute the most to ABR (**42.1%**) Top 10 Tenants as of September 30, 2025 | Tenant | Leased Rentable SF | In-Place + Uncommenced ABR (in 000's) | % of In-Place + Uncommenced ABR | In-Place + Uncommenced ABR per SF | | :--- | :--- | :--- | :--- | :--- | | Tireco, Inc. | 1,101,840 | $19,251 | 2.4% | $17.47 | | L3 Technologies, Inc. | 595,267 | $12,967 | 1.6% | $21.78 | | Zenith Energy West Coast Terminals LLC | — | $11,909 | 1.5% | $3.34 | | Cubic Corporation | 515,382 | $11,443 | 1.4% | $22.20 | | IBY, LLC | 1,178,021 | $11,322 | 1.4% | $9.61 | | Federal Express Corporation | 527,861 | $10,756 | 1.3% | $20.38 | | GXO Logistics Supply Chain, Inc. | 411,034 | $9,076 | 1.1% | $22.08 | | The Hertz Corporation | 38,680 | $8,922 | 1.1% | $10.71 | | Best Buy Stores, L.P. | 501,649 | $8,871 | 1.1% | $17.68 | | Orora Packaging Solutions | 476,065 | $7,845 | 1.0% | $16.48 | | Total Top 10 Tenants | 5,345,799 | $112,362 | 13.9% | N/A | Lease Segmentation by Size (Building Leases) | Square Feet | Number of Leases | Leased Building/Land Rentable SF | Leased % | In-Place + Uncommenced ABR (in 000's) | % of In-Place + Uncommenced ABR | In-Place + Uncommenced ABR per SF | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | <4,999 | 572 | 1,379,949 | 91.2% | $27,666 | 3.4% | $20.05 | | 5,000 - 9,999 | 224 | 1,598,314 | 91.9% | $30,781 | 3.8% | $19.26 | | 10,000 - 24,999 | 320 | 5,179,926 | 88.0% | $97,841 | 12.1% | $18.89 | | 25,000 - 49,999 | 178 | 6,559,888 | 90.2% | $115,754 | 14.4% | $17.65 | | 50,000 - 99,999 | 120 | 8,594,059 | 89.3% | $146,381 | 18.2% | $17.03 | | >100,000 | 126 | 23,541,544 | 95.7% | $339,742 | 42.1% | $14.43 | | Building Subtotal / Wtd. Avg. | 1,540 | 46,853,680 | 92.5% | $758,165 | 94.0% | $16.18 | [Capital Expenditure Summary](index=25&type=section&id=Capital%20Expenditure%20Summary) For the nine months ended September 30, 2025, total capital expenditures were **$203.72 million**, with nonrecurring capital expenditures, primarily for repositioning and redevelopment, totaling **$171.05 million** or **84%** of total capex Capital Expenditure Summary (Nine Months Ended September 30, 2025, in thousands) | Category | Q3-2025 | Q2-2025 | Q1-2025 | Year to Date Total | | :--- | :--- | :--- | :--- | :--- | | Total Tenant Improvements | $788 | $955 | $960 | $2,703 | | Total Leasing Commissions & Lease Costs | $15,991 | $6,041 | $7,937 | $29,969 | | Total Recurring Capex | $3,563 | $5,887 | $1,311 | $10,761 | | Recurring Capex % of NOI | 1.9% | 3.2% | 0.7% | 1.9% | | Nonrecurring Capex: | | | | | | Repositioning and Redevelopment in Process | $55,820 | $61,491 | $39,455 | $156,766 | | Unit Renovation | $1,877 | $1,452 | $2,910 | $6,239 | | Other Nonrecurring Capex | $4,612 | $2,433 | $996 | $8,041 | | Total Nonrecurring Capex | $62,309 | $65,376 | $43,361 | $171,046 | | Other Capitalized Costs | $16,214 | $14,814 | $13,644 | $44,672 | | **Total Capital Expenditures** | **$95,302** | **$87,273** | **$65,852** | **$203,720** | - Nonrecurring capital expenditures for repositioning and redevelopment in process represent the largest component of capex, indicating ongoing investment in portfolio enhancement[93](index=93&type=chunk)[94](index=94&type=chunk) [Properties and Space Under Repositioning/Redevelopment](index=26&type=section&id=Properties%20and%20Space%20Under%20Repositioning%2FRedevelopment) The company has a significant pipeline of repositioning and redevelopment projects, with current repositioning totaling **422,794 RSF** (estimated unlevered stabilized yield of **4.5%-5.0%**) and future projects having aggregate projected costs of **$330.0-$356.0 million** Current Repositioning Projects (as of Sep 30, 2025, $ in millions) | Property | Repo/Lease-Up RSF | Repo RSF Leased % | Proj. Total Invest. | Proj. Remaining Costs | Estimated Annualized Stabilized Cash NOI | Estimated Unlevered Stabilized Yield | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 9455 Cabot Drive | 83,563 | —% | $20.4 | $2.7 | $8.2 - $9.1 | 4.5% - 5.0% | | 1175 Aviation Place | 93,202 | —% | $21.9 | $2.2 | N/A | N/A | | 14400 Figueroa Street | 55,998 | —% | $74.5 | $10.6 | N/A | N/A | | 3935-3949 Heritage Oak Court | 190,031 | 43% | $65.0 | $6.5 | N/A | N/A | | Total | 422,794 | N/A | $181.8 | $22.0 | $8.2 - $9.1 | 4.5% - 5.0% | Lease-Up Repositioning Projects (as of Sep 30, 2025, $ in millions) | Property | Repo/Lease-Up RSF | Repo RSF Leased % | Proj. Total Invest. | Proj. Remaining Costs | Estimated Annualized Stabilized Cash NOI | Estimated Unlevered Stabilized Yield | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 14434-14527 San Pedro Street | 58,225 | —% | $64.5 | $0.9 | $7.9 - $8.6 | 5.5% - 6.0% | | 800 Sandhill Avenue | 100,121 | 100% | $18.5 | $1.0 | N/A | N/A | | 1315 Storm Parkway | 37,844 | —% | $12.0 | $0.6 | N/A | N/A | | 19301 Santa Fe Avenue | LAND | —% | $20.4 | $0.6 | N/A | N/A | | 8985 Crestmar Point | 53,395 | —% | $13.6 | $0.9 | N/A | N/A | | 14955 Salt Lake Avenue | 46,453 | —% | $14.6 | $0.5 | N/A | N/A | | Total | 296,038 | N/A | $143.6 | $4.5 | $7.9 - $8.6 | 5.5% - 6.0% | Future Repositioning and Redevelopment Projects (as of Sep 30, 2025, $ in millions) | Category | Projected RSF | Estimated Construction Start Period | Aggregate Projected Costs | | :--- | :--- | :--- | :--- | | Total Future Repositioning | 304,222 | 2025-2026 | $15.0 - $16.0 | | Total Future Redevelopment | 1,970,302 | 2025-2026 | $315.0 - $340.0 | | Total Future Repositioning/Redevelopment | 2,274,524 | N/A | N/A | [Current Year Investments and Dispositions Summary](index=33&type=section&id=Current%20Year%20Investments%20and%20Dispositions%20Summary) Through September 30, 2025, the company disposed of **six properties** totaling **488,145 rentable square feet** for a combined sale price of **$187.64 million** 2025 Current Period Dispositions (as of Sep 30, 2025) | Disposition Date | Property Address | County | Rentable Square Feet | Sale Price ($ in MM) | | :--- | :--- | :--- | :--- | :--- | | 3/28/2025 | 1055 Sandhill Avenue | Los Angeles | 127,775 | $52.45 | | 4/3/2025 | 20 Icon | Orange | 102,299 | $50.88 | | 5/23/2025 | 2270 Camino Vida Roble | San Diego | 106,311 | $30.70 | | 7/18/2025 | 1332 & 1336 Rocky Point Drive | San Diego | 51,081 | $14.72 | | 8/6/2025 | 8542 Slauson Avenue | Los Angeles | 24,679 | $17.30 | | 9/4/2025 | 15715 Arrow Highway | Los Angeles | 76,000 | $21.59 | | Total 2025 Dispositions | N/A | N/A | 488,145 | $187.64 | [Net Asset Value Components](index=34&type=section&id=Net%20Asset%20Value%20Components) The Net Asset Value (NAV) components for Q3 2025 include a Pro Forma NOI of **$205.93 million** and Pro Forma Cash NOI of **$192.51 million**, with total consolidated debt at **$3.28 billion** and **240.45 million** total common shares and operating partnership units outstanding Pro Forma Net Operating Income (NOI) (Three Months Ended Sep 30, 2025, in thousands) | Metric | Amount | | :--- | :--- | | Total operating rental income | $246,757 | | Property operating expenses | $(57,879) | | Pro forma effect of uncommenced leases | $859 | | Pro forma effect of dispositions | $(389) | | Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and redevelopment | $16,582 | | Pro Forma NOI | $205,930 | | Above/(below) market lease revenue adjustments | $(5,254) | | Straight line rental revenue adjustment | $(8,164) | | Pro Forma Cash NOI | $192,512 | Balance Sheet Items (September 30, 2025, in thousands) | Metric | Amount | | :--- | :--- | | Cash and cash equivalents | $248,956 | | Restricted cash | $65,464 | | Loan receivable, net | $123,589 | | Rents and other receivables, net | $15,727 | | Other assets | $31,522 | | Accounts payable, accrued expenses and other liabilities | $(153,558) | | Dividends payable | $(103,913) | | Tenant security deposits | $(91,835) | | Prepaid rents | $(85,114) | | Estimated remaining cost to complete repositioning/redevelopment projects | $(130,824) | | Total other assets and liabilities | $(79,986) | Debt and Shares Outstanding (September 30, 2025) | Metric | Amount | | :--- | :--- | | Total consolidated debt | $3,278,896 | | Preferred stock/units - liquidation preference | $173,250 | | Common shares outstanding | 232,297,172 | | Operating partnership units outstanding | 8,155,706 | | Total common shares and operating partnership units outstanding | 240,452,878 | [Notes and Definitions](index=35&type=section&id=Notes%20and%20Definitions) This section provides comprehensive definitions for key financial and operational metrics, non-GAAP measures, capital expenditure categories, and portfolio-related terms, along with detailed reconciliations and historical data [Adjusted Funds from Operations ("AFFO")](index=35&type=section&id=Adjusted%20Funds%20from%20Operations%20(%22AFFO%22)) AFFO is a non-GAAP measure calculated by adjusting FFO for certain non-cash revenues/expenses, capitalized operating expenditures, recurring capital expenditures, capitalized interest, and 2nd generation tenant improvements/leasing commissions - AFFO is used as a supplemental performance measure to assess trends in portfolio operating results, but it may not be comparable to other REITs' AFFO due to varying calculation methods[121](index=121&type=chunk) [In-Place Annualized Base Rent and Uncommenced Annualized Base Rent](index=35&type=section&id=In-Place%20Annualized%20Base%20Rent%20and%20Uncommenced%20Annualized%20Base%20Rent) This section defines In-Place Annualized Base Rent (ABR) as monthly contractual base rent multiplied by 12 for commenced leases, and ABR Under Uncommenced Leases, which includes ABR from new and incremental ABR from renewal leases not yet commenced - In-Place ABR is the monthly contractual base rent (before abatements) as of September 30, 2025, multiplied by 12, excluding billboard/antenna revenue and tenant reimbursements[129](index=129&type=chunk) - ABR Under Uncommenced Leases includes first full month contractual base rents for new leases and the difference in base rents for renewal leases, multiplied by 12[122](index=122&type=chunk)[123](index=123&type=chunk)[129](index=129&type=chunk) [Capital Expenditures, Non-recurring](index=35&type=section&id=Capital%20Expenditures,%20Non-recurring) Non-recurring capital expenditures are defined as significant investments made for property repositioning, redevelopment, major upgrades, or renovations, including seismic upgrades, roof/parking lot replacements, and deferred maintenance at acquisition - Non-recurring capital expenditures include costs for repositioning, redevelopment, major property/unit upgrades, seismic upgrades, roof/parking lot replacements, and deferred maintenance existing at acquisition[124](index=124&type=chunk) [Capital Expenditures, Recurring](index=35&type=section&id=Capital%20Expenditures,%20Recurring) Recurring capital expenditures are defined as costs for routine property maintenance and replacement due to normal wear and tear, such as maintenance of parking lots, roofing, and mechanical systems, excluding major upgrades or deferred maintenance - Recurring capital expenditures cover maintenance and replacement due to ordinary wear and tear, such as parking lot, roofing, mechanical, and HVAC systems, but exclude major upgrades or deferred maintenance[125](index=125&type=chunk) [Capital Expenditures, First Generation](index=35&type=section&id=Capital%20Expenditures,%20First%20Generation) First generation capital expenditures refer to costs associated with newly acquired, developed, redeveloped, or changed-use spaces - First generation capital expenditures are for newly acquired, developed, redeveloped, or changed-use spaces[126](index=126&type=chunk) [Cash NOI](index=35&type=section&id=Cash%20NOI) Cash NOI is a non-GAAP measure derived from NOI by adjusting for amortization of above/(below) market lease intangibles and straight-line rent adjustments, used as a supplemental performance measure to evaluate the company's and Same Property Portfolio's performance - Cash NOI is a non-GAAP measure calculated by adjusting NOI for amortization of above/(below) market lease intangibles and straight-line rent adjustments[127](index=127&type=chunk) - It is used to evaluate company and Same Property Portfolio performance but should not be considered a measure of liquidity or substitute for GAAP cash flow from operating activities[127](index=127&type=chunk) [Core Funds from Operations ("Core FFO")](index=35&type=section&id=Core%20Funds%20from%20Operations%20(%22Core%20FFO%22)) Core FFO is a non-GAAP measure that adjusts FFO for non-comparable items to provide a more meaningful and consistent period-over-period comparison of operating performance - Core FFO adjusts FFO for non-comparable items to provide a more meaningful and consistent comparison of operating and financial performance period-over-period[128](index=128&type=chunk) - Company Share of Core FFO excludes amounts allocable to noncontrolling interests, participating securities, and preferred stockholders[128](index=128&type=chunk) [Debt Covenants](index=36&type=section&id=Debt%20Covenants) This section outlines the company's compliance with various debt covenants as of September 30, 2025, for its Revolver, Term Loan Facilities, and Senior Notes, demonstrating strong adherence to all stipulated limits Debt Covenants Performance (September 30, 2025, in thousands) | Covenant | Limit | Revolver, $300M & $400M Term Loan Facilities | Senior Notes ($125M, $25M, $75M) | | :--- | :--- | :--- | :--- | | Maximum Leverage Ratio | less than 60% | 21.9% | 26.5% | | Maximum Secured Leverage Ratio | less than 45% | 0.6% | N/A | | Minimum Fixed Charge Coverage Ratio | at least 1.50 to 1.00 | 5.51 to 1.0 | 5.35 to 1.00 | | Unencumbered Leverage Ratio | less than 60% | 22.9% | 28.5% | | Unencumbered Interest Coverage Ratio | at least 1.75 to 1.00 | 6.03 to 1.00 | 6.03 to 1.00 | - The company's actual performance for each covenant is calculated based on the definitions set forth in each loan agreement/indenture[130](index=130&type=chunk) [EBITDAre and Adjusted EBITDAre](index=36&type=section&id=EBITDAre%20and%20Adjusted%20EBITDAre) EBITDAre and Adjusted EBITDAre are non-GAAP measures used to assess operating performance, particularly for real estate companies, by adjusting for non-cash items and certain non-recurring expenses - EBITDAre is calculated in accordance with NAREIT standards, excluding interest, tax, depreciation, amortization, and gains/losses from property sales[131](index=131&type=chunk) - Adjusted EBITDAre further adjusts EBITDAre for non-cash stock compensation, debt extinguishment/modification expenses, acquisition expenses, and pro-forma effects of acquisitions/dispositions[131](index=131&type=chunk) - These measures are supplemental and should not be considered alternatives to GAAP net income or cash flow from operating activities[131](index=131&type=chunk)[132](index=132&type=chunk) [Ending occupancy excluding repositioning/redevelopment](index=36&type=section&id=Ending%20occupancy%20excluding%20repositioning%2Fredevelopment) This metric represents the consolidated portfolio occupancy adjusted to exclude all vacant square footage associated with properties undergoing repositioning or redevelopment, including those in 'Other Repositioning' projects - Ending occupancy excluding repositioning/redevelopment adjusts consolidated portfolio occupancy by removing vacant square footage from repositioning and redevelopment projects[133](index=133&type=chunk) [Fixed Charge Coverage Ratio](index=36&type=section&id=Fixed%20Charge%20Coverage%20Ratio) The Fixed Charge Coverage Ratio, a key debt covenant, was **4.4x** for Q3 2025, indicating strong ability to cover fixed charges, calculated by dividing cash flow for fixed charge coverage by total fixed charges Fixed Charge Coverage Ratio (Three Months Ended, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Cash flow for fixed charge coverage | $149,514 | $155,467 | $158,357 | $143,833 | $144,030 | | Fixed charges | $34,336 | $35,502 | $35,672 | $35,872 | $36,119 | | Fixed Charge Coverage Ratio | 4.4x | 4.4x | 4.4x | 4.0x | 4.0x | - Fixed charges include cash interest expense, scheduled principal payments, and preferred stock/unit dividends[134](index=134&type=chunk) [NAREIT Defined Funds from Operations ("FFO")](index=37&type=section&id=NAREIT%20Defined%20Funds%20from%20Operations%20(%22FFO%22)) FFO, calculated according to NAREIT standards, is a non-GAAP measure that adjusts net income by excluding gains/losses on real estate sales, impairment losses, and real estate-related depreciation/amortization, serving as a supplemental performance measure - FFO is calculated as net income (GAAP) excluding gains/losses on real estate sales, impairment losses, and real estate-related depreciation/amortization[135](index=135&type=chunk) - It is a supplemental measure for tracking trends in occupancy, rental rates, and operating costs, but it does not reflect changes in property value or capital expenditure needs[135](index=135&type=chunk) - Company Share of FFO excludes amounts allocable to noncontrolling interests, participating securities, and preferred stockholders[135](index=135&type=chunk) [Net Operating Income ("NOI")](index=37&type=section&id=Net%20Operating%20Income%20(%22NOI%22)) NOI is a non-GAAP measure representing revenue and expenses directly attributable to real estate properties, calculated as total real estate operations revenue less property expenses, used as a supplemental performance measure to evaluate trends in occupancy, rental rates, and operating costs - NOI includes revenue from rental income, tenant reimbursements, and other income, less property expenses[136](index=136&type=chunk) - It is a supplemental measure for evaluating trends in occupancy, rental rates, and operating costs, excluding non-property specific expenses like G&A and interest[136](index=136&type=chunk) - NOI should not be used as a measure of liquidity or as a substitute for GAAP cash flow from operating activities[136](index=136&type=chunk) [Proforma NOI](index=37&type=section&id=Proforma%20NOI) Proforma NOI is a non-GAAP measure that adjusts NOI to include the estimated impact of uncommenced leases, current period acquisitions, actual NOI of sold properties, and the estimated incremental NOI from repositioning/lease-up properties as if they were stabilized at the beginning of the reporting period - Proforma NOI adjusts NOI for the estimated impact of uncommenced leases, current period acquisitions, actual NOI of sold properties, and incremental NOI from stabilized repositioning/lease-up properties[137](index=137&type=chunk) - These estimates are forward-looking and may not be indicative of actual operating results[137](index=137&type=chunk) [Definitions Related to Properties and Space Under Repositioning/Redevelopment](index=37&type=section&id=Definitions%20Related%20to%20Properties%20and%20Space%20Under%20Repositioning%2FRedevelopment) This section provides definitions for key terms related to the company's repositioning and redevelopment activities, including what constitutes 'Properties and Space Under Repositioning' and 'Properties Under Redevelopment,' and how various project costs and yields are defined and calculated - Properties and Space Under Repositioning involve significant capital improvements to enhance functionality, cash flow, and value, with completion when investment is deployed and space is available for occupancy[139](index=139&type=chunk) - Properties Under Redevelopment involve full or partial demolition of existing buildings or ground-up construction on vacant land[139](index=139&type=chunk) - Estimated Unlevered Stabilized Yield is calculated by dividing Estimated Annual Stabilized Cash NOI by Projected Total Investment[148](index=148&type=chunk) - A property is considered stabilized at the earlier of **90% occupancy** or **one year** from construction completion[148](index=148&type=chunk) [Rental Income](index=38&type=section&id=Rental%20Income) This section provides a detailed breakdown of consolidated rental income for the last five trailing quarters, including rental revenue, tenant reimbursements, other income, and adjustments for collectability, to help evaluate the company's performance Consolidated Rental Income (Three Months Ended, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Rental revenue (before collectability adjustment) | $203,217 | $199,839 | $208,394 | $199,601 | $197,506 | | Tenant reimbursements | $42,612 | $41,403 | $41,856 | $39,716 | $40,969 | | Other income | $915 | $467 | $874 | $620 | $651 | | Increase (reduction) in revenue due to change in collectability assessment | $13 | $(141) | $(2,303) | $(200) | $(730) | | Rental income | $246,757 | $241,568 | $248,821 | $239,737 | $238,396 | [Cash Rent Change](index=38&type=section&id=Cash%20Rent%20Change) Cash Rent Change compares the first month's cash rent (excluding abatements) on new/renewal leases to the last month's rent of the most recent expiring lease, calculated only for comparable leases - Cash Rent Change compares the first month cash rent (excluding abatements) on new/renewal leases to the last month rent for the most recent expiring lease[141](index=141&type=chunk) - Data is included only for comparable leases, generally excluding space never occupied under ownership, repositioned/redeveloped space, space vacant for over one year, or leases shorter than twelve months[141](index=141&type=chunk) [Net Effective Rent Change](index=38&type=section&id=Net%20Effective%20Rent%20Change) Net Effective Rent Change compares the net effective rent (which straight-lines rental rate increases and abatements) on new/renewal leases to the net effective rent for the most recent expiring lease, applied only to comparable leases - Net Effective Rent Change compares net effective rent (straight-lining rental rate increases and abatements) on new/renewal leases to net effective rent for the most recent expiring lease[142](index=142&type=chunk) - This metric is also restricted to comparable leases, excluding categories such as newly occupied, repositioned, long-vacant, or short-term leases[142](index=142&type=chunk) [Same Property Portfolio ("SPP")](index=38&type=section&id=Same%20Property%20Portfolio%20(%22SPP%22)) The Same Property Portfolio (SPP) for 2025 is a subset of the consolidated portfolio, including properties wholly owned from January 1, 2024, through September 30, 2025, excluding properties acquired, sold, repositioned, or in lease-up to ensure comparability - The 2025 SPP includes properties wholly owned from January 1, 2024, through September 30, 2025[143](index=143&type=chunk) - It excludes properties acquired or sold during the period, and those classified as repositioning/redevelopment or lease-up, to ensure comparable results[143](index=143&type=chunk) [SPP Historical Information](index=38&type=section&id=SPP%20Historical%20Information) This section provides historical data for the Same Property Portfolio (SPP), including the number of properties, square footage, ending occupancy, and NOI/Cash NOI growth rates for the last five trailing quarters SPP Historical Information (Three Months Ended) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | of Properties | 288 | 289 | 292 | 293 | 293 | | Square Feet | 37,916,326 | 37,991,248 | 38,380,256 | 36,961,884 | 36,961,821 | | Ending Occupancy | 96.8% | 96.1% | 95.7% | 94.1% | 96.7% | | SPP NOI growth | 1.9% | 1.1% | 0.7% | 2.2% | 2.6% | | SPP Cash NOI growth | 5.5% | 3.9% | 5.0% | 5.3% | 5.3% | [Same Property Portfolio Rental Income](index=38&type=section&id=Same%20Property%20Portfolio%20Rental%20Income) The Same Property Portfolio's rental income for Q3 2025 was **$194.20 million**, a **2.2% increase** year-over-year, and **$573.71 million** for the nine months ended September 30, 2025, up **1.8%** from the prior year Same Property Portfolio Rental Income (in thousands) | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Rental revenue | $160,911 | $157,880 | $3,031 | 1.9% | | Tenant reimbursements | $32,853 | $31,663 | $1,190 | 3.8% | | Other income | $438 | $564 | $(126) | (22.3)% | | Rental income | $194,202 | $190,107 | $4,095 | 2.2% | | Metric | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Rental revenue | $475,824 | $468,154 | $7,670 | 1.6% | | Tenant reimbursements | $96,298 | $93,790 | $2,508 | 2.7% | | Other income | $1,589 | $1,751 | $(162) | (9.3)% | | Rental income | $573,711 | $563,695 | $10,016 | 1.8% | [Reconciliation of Net Income to NOI and Cash NOI](index=38&type=section&id=Reconciliation%20of%20Net%20Income%20to%20NOI%20and%20Cash%20NOI) This reconciliation details the adjustments made from GAAP Net Income to arrive at NOI and Cash NOI for the last five trailing quarters, showing Q3 2025 Net Income of **$93.06 million** adjusted to **$188.88 million** for NOI and **$175.46 million** for Cash NOI Reconciliation of Net Income to NOI and Cash NOI (Three Months Ended, in thousands) | Metric | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Net Income | $93,056 | $120,394 | $74,048 | $64,910 | $70,722 | | NOI | $188,878 | $186,270 | $193,560 | $183,731 | $183,529 | | Cash NOI | $175,460 | $173,564 | $178,857 | $167,515 | $165,453 | - Key adjustments from Net Income to NOI include adding back general and administrative expenses, depreciation and amortization, other expenses, and interest expense, while subtracting management and leasing services, interest income, and gains on sale of real estate[147](index=147&type=chunk) [Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI](index=39&type=section&id=Reconciliation%20of%20Net%20Income%20to%20Total%20Portfolio%20NOI,%20Same%20Property%20Portfolio%20NOI%20and%20Same%20Property%20Portfolio%20Cash%20NOI) This reconciliation provides a detailed breakdown from GAAP Net Income to Total Portfolio NOI, Same Property Portfolio NOI, and Same Property Portfolio Cash NOI for the three and nine months ended September 30, 2025 and 2024 Reconciliation of Net Income to Portfolio NOIs (in thousands) | Metric | Three Months Ended Sep 30, 2025 | Three Months Ended Sep 30, 2024 | Nine Months Ended Sep 30, 2025 | Nine Months Ended Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | | Net income | $93,056 | $70,722 | $287,498 | $221,016 | | NOI | $188,878 | $183,529 | $568,708 | $528,105 | | Same Property Portfolio NOI | $150,204 | $147,439 | $446,385 | $440,715 | | Same Property Portfolio Cash NOI | $141,347 | $133,949 | $419,594 | $400,015 | [Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance](index=39&type=section&id=Reconciliation%20of%20Net%20Income%20Attributable%20to%20Common%20Stockholders%20per%20Diluted%20Share%20Guidance%20to%20Company%20share%20of%20Core%20FFO%20per%20Diluted%20Share%20Guidance) This section reconciles the 2025 guidance range for Net Income Attributable to Common Stockholders per diluted share to Company share of Core FFO per diluted share, showing Core FFO guidance of **$2.39-$2.41** derived from Net Income guidance of **$1.44-$1.46** 2025 Guidance Reconciliation (Estimate $ per share) | Metric | Low | High | | :--- | :--- | :--- | | Net income attributable to common stockholders | $1.44 | $1.46 | | Company share of depreciation and amortization | $1.28 | $1.28 | | Company share of gains on sale of real estate | $(0.36) | $(0.36) | | Company share of FFO | $2.36 | $2.38 | | Add: Core FFO adjustments | $0.03 | $0.03 | | Company share of Core FFO | $2.39 | $2.41 | - Core FFO adjustments include acquisition expenses, debt extinguishment/modification expenses, amortization of loss on interest rate swaps, severance costs, and other nonrecurring expenses[149](index=149&type=chunk) [Occupancy by County](index=39&type=section&id=Occupancy%20by%20County) As of September 30, 2025, the total portfolio ending occupancy was **91.8%**, with Orange County having the highest occupancy at **93.7%**, followed by Riverside/San Bernardino County at **94.4%** Ending Occupancy by County | County | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | | Los Angeles County | 90.9% | 87.9% | 88.0% | 90.2% | 93.6% | | Orange County | 93.7% | 90.7% | 88.4% | 90.3% | 90.6% | | Riverside / San Bernardino County | 94.4% | 93.9% | 95.9% | 96.0% | 93.9% | | San Diego County | 91.3% | 86.7% | 89.6% | 89.8% | 92.3% | | Ventura County | 89.8% | 87.5% | 87.7% | 91.2% | 89.8% | | Total/Weighted Average | 91.8% | 89.2% | 89.6% | 91.3% | 93.0% | - Total Portfolio RSF as of September 30, 2025, was **50,850,824**[150](index=150&type=chunk) [Uncommenced Lease Data](index=39&type=section&id=Uncommenced%20Lease%20Data) As of September 30, 2025, the company had **1.08 million SF** under uncommenced renewal leases and **0.36 million SF** under uncommenced new leases, contributing **$6.55 million** to ABR Under Uncommenced Leases, with total In-Place + Uncommenced ABR at **$806.62 million** Uncommenced Lease Data (as of Sep 30, 2025, in thousands) | Metric | Total/Weighted Average | | :--- | :--- | | Occupied SF | 46,699,167 | | Uncommenced Renewal Leases - Leased SF | 1,080,841 | | Uncommenced New Leases - Leased SF | 360,512 | | Leased SF | 47,059,679 | | Percent Leased | 92.5% | | In-Place ABR | $800,073 | | ABR Under Uncommenced Leases | $6,549 | | In-Place + Uncommenced ABR | $806,622 | | In-Place + Uncommenced ABR per SF | $17.14 | - ABR Under Uncommenced Leases includes **$5.4 million** from new leases and **$1.1 million** from incremental renewal leases[151](index=151&type=chunk)

Group 1 - The article does not provide any specific content related to a company or industry [1]

Core Insights - Rexford Industrial Realty, Inc. reported strong financial results for Q3 2025, highlighting its ability to create shareholder value through effective leasing and strategic capital allocation [3][4][11]. Financial Results - The company achieved a net income attributable to common stockholders of $87.1 million, or $0.37 per diluted share, compared to $65.1 million, or $0.30 per diluted share, in the same quarter last year [4][11]. - For the nine months ended September 30, 2025, net income attributable to common stockholders was $268.9 million, or $1.16 per diluted share, up from $203.5 million, or $0.94 per diluted share, in the prior year [4][11]. - Core FFO for Q3 2025 was $141.7 million, a 9.0% increase from $130.0 million in the prior year quarter, with Core FFO per diluted share rising to $0.60, a 1.7% increase [5][11]. - Total Portfolio NOI increased by 2.9% year-over-year to $188.9 million, while Cash NOI rose by 6.0% [6][11]. Operational Highlights - The company executed 3.3 million square feet of leasing in Q3 2025, including 845,000 square feet from repositioned or redeveloped properties [3][11]. - Positive net absorption reached 1.9 million square feet, indicating strong demand in the infill market [3][11]. - The Same Property Portfolio NOI increased by 1.9% year-over-year, with Cash NOI up by 5.5% [7][11]. Leasing Activity - A total of 123 leases were executed in Q3 2025, covering 3.3 million square feet, with net effective cash rental rates increasing by 26.1% on a net effective basis and 10.3% on a cash basis [8][11]. - The company stabilized seven repositioning and redevelopment projects totaling 586,435 square feet, achieving a weighted average unlevered stabilized yield of 4.4% [13][14]. Disposition and Capital Allocation - Rexford Industrial disposed of three properties for a total sales price of $53.6 million, generating a weighted average unlevered IRR of 14.3% [15][11]. - The company repurchased 3,883,845 shares of common stock at an average price of $38.62 per share, totaling $150 million, and authorized a new $500 million stock repurchase program [18][11]. Balance Sheet and Liquidity - As of September 30, 2025, the company had total liquidity of $1.6 billion, including $249 million in unrestricted cash [17][11]. - The company ended the quarter with a low-leverage balance sheet, with a Net Debt to Enterprise Value ratio of 23.2% and Net Debt to Adjusted EBITDAre of 4.1x [11][19]. Guidance - The company updated its full-year 2025 guidance, projecting net income attributable to common stockholders per diluted share in the range of $1.44 to $1.46 and Core FFO per diluted share between $2.39 and $2.41 [22][11].

Group 1 - The article discusses the benefits of joining iREIT on Alpha for in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It highlights the positive feedback from users, with 438 testimonials, most of which are rated 5 stars, indicating high satisfaction with the service [1] - The article mentions a free 2-week trial, suggesting that potential users have nothing to lose by trying the service [1] Group 2 - The article includes a disclosure regarding the author's beneficial long position in shares of FIX, UNP, and REXR, indicating a vested interest in these companies [1] - It clarifies that the opinions expressed are those of the author and not influenced by compensation from any company mentioned [1] - The article emphasizes that past performance is not indicative of future results, and no specific investment recommendations are provided [2]

Core Insights - Rexford Industrial (REXR) is expected to report quarterly earnings of $0.59 per share, unchanged from the previous year, with revenues projected at $247.44 million, reflecting a 2.3% year-over-year increase [1] - Analysts have revised the consensus EPS estimate down by 0.3% over the past 30 days, indicating a collective reassessment of projections [1] Revenue Estimates - Analysts estimate 'Revenues- Rental revenues' at $240.71 million, indicating a 1% year-over-year increase [4] - 'Revenues- Interest income' is expected to reach $6.59 million, showing a significant increase of 100.1% from the year-ago quarter [4] Depreciation and Amortization - The expected figure for 'Depreciation and amortization' is $73.92 million [4] Stock Performance - Rexford Industrial shares have experienced a decline of 5.2% over the past month, contrasting with the S&P 500 composite's increase of 3.5% [4] - The company holds a Zacks Rank of 3 (Hold), suggesting it is expected to perform in line with the overall market in the near future [4]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The current market presents an opportunity to acquire quality stocks at historically low prices, particularly for dividend investors [2] - The emphasis is on defensive stocks with a medium- to long-term investment horizon [2]

Core Viewpoint - Rexford Industrial Realty Inc. is a real estate investment trust focused on industrial properties in Southern California, with upcoming earnings expectations indicating a decline in EPS but an increase in quarterly revenue [1][2]. Financial Performance - The company is set to report Q3 2025 earnings on October 15, with analysts expecting EPS of $0.42, down from $0.59 in the prior-year period [2]. - Quarterly revenue is anticipated to reach $249.71 million, an increase from $238.40 million a year earlier [2]. - In Q2 2025, the company reported FFO of $0.59, meeting expectations, while revenues of $241.57 million fell short of the consensus of $248.80 million [6]. Historical Investment Performance - If an investor had purchased Rexford Industrial Realty stock 10 years ago at approximately $13.76 per share, a $10,000 investment would have grown to $30,349 based on stock price appreciation alone, with shares currently trading at $41.76 [3]. - Over the past decade, the company has paid about $10.49 in dividends per share, resulting in an additional $7,623 from dividends [4]. - The total value of a $10,000 investment after 10 years would be $37,972, representing a total return of 279.72%, which is lower than the S&P 500 total return of 309.92% for the same period [5]. Future Outlook - The company has a consensus rating of "Neutral" with a price target of $46.21, suggesting more than 10% potential upside from the current stock price [5]. - Co-CEOs highlighted the company's strong performance and resilience in the current market, emphasizing long-term supply and demand drivers in Southern California and a robust balance sheet [7].

Group 1 - The article promotes iREIT on Alpha, highlighting its in-depth research on various income alternatives including REITs, mREITs, Preferreds, BDCs, MLPs, and ETFs [1] - It mentions that there are 438 testimonials, with most rated 5 stars, indicating a high level of customer satisfaction [1] - The article includes a promotional offer for a free 2-week trial, suggesting that potential users have nothing to lose by trying the service [1] Group 2 - The article does not provide any specific company or industry analysis, focusing instead on the promotional aspects of the iREIT service [2]

Group 1 - The article emphasizes the importance of a consistently rising dividend chart for dividend growth investors [1] - The author has been involved in dividend investing since 2009 and has documented their journey towards financial independence through a blog [2] - The author expresses gratitude for the blog's role in connecting them with the Seeking Alpha community as an analyst [2] Group 2 - The article does not provide specific investment recommendations or advice, highlighting that past performance does not guarantee future results [3] - It clarifies that Seeking Alpha's analysts are third-party authors, which may include both professional and individual investors [3]

Core Viewpoint - Rexford Industrial Realty, Inc. is set to release its third quarter 2025 financial results on October 15, 2025, followed by a conference call on October 16, 2025, indicating ongoing transparency and engagement with investors [1]. Company Overview - Rexford Industrial is a real estate investment trust (REIT) that focuses on investing in and operating industrial properties in infill Southern California, which is recognized as the fourth largest industrial market globally and has the highest demand with the lowest supply in the nation [4]. - As of August 31, 2025, the company manages a portfolio of 421 properties, totaling approximately 50.9 million rentable square feet, occupied by a diverse and stable tenant base [4]. - The company employs a differentiated strategy that allows for both internal and external growth opportunities through proprietary value creation and asset management capabilities [4].