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as of 10-01-2026 3:46pm EST

$36.21
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Rexford Industrial Realty Inc is a real estate investment trust focused on owning, operating and acquiring industrial properties in Southern California infill markets. Its goal is to generate attractive risk-adjusted returns for the stockholders by providing superior access to industrial property investments and mortgage debt investments secured by industrial property in high-barrier Southern California infill markets. The company generates revenue from rental income derived from properties in its portfolio.

Founded: 2013 Country:
United States
United States
Employees: 256 City: LOS ANGELES
Market Cap: 8.2B IPO Year: 2013
Target Price: $40.38 AVG Volume (30 days): 2.4M
Analyst Decision: Hold Number of Analysts: 18
Dividend Yield:
4.80%
Dividend Payout Frequency: quarterly
EPS: -1.86 EPS Growth: -28.33
52 Week Low/High: $32.14 - $44.38 Next Earning Date: 10-22-2026
Revenue: $1,003,133,000 Revenue Growth: 7.13%
Revenue Growth (this year): -5.73% Revenue Growth (next year): -3.80%
P/E Ratio: -19.88 Index: N/A
Free Cash Flow: N/A FCF Growth: N/A

Earnings Transcripts

SEC 8-K filings with transcript text

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2026
Q2

Q2 2026 Earnings

8-K BUY

Jul 23, 2026 · 100% conf.

AI Prediction BUY

1D

-0.01%

$35.98

Act: +8.39%

5D

+2.60%

$36.92

Act: +6.67%

20D

+4.02%

$37.43

Price: $35.98 Prob +5D: 100% AUC: 1.000
0001571283-26-000037

EX-99.1

2 rexrex991q2-2026.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Second Quarter 2026 Financial Results

Raises 2026 Core FFO per share guidance

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

Los Angeles, California — July 23, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2026.

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

•Net loss attributable to common stockholders of $506.9 million, or $2.26 per diluted share, driven by non-cash impairment, as compared to net income of $113.4 million, or $0.48 per diluted share.

•Company share of Core FFO of $141.4 million, an increase of 1.2%.

•Company share of Core FFO per diluted share of $0.63, an increase of 6.8%.

•Total Portfolio NOI of $186.8 million, an increase of 0.3%.

•Same Property Portfolio Cash NOI increased 1.5% and Same Property Portfolio NOI decreased 0.5%.

•Average Same Property Portfolio occupancy of 95.7%.

•Executed 2.1 million square feet of new and renewal leases. Comparable rental rates decreased by 2.8%, compared to prior rents, on a net effective basis and decreased by 11.3% on a cash basis.

•Stabilized two development projects totaling 196,391 square feet.

•Sold seven properties for a total sales price of $137.9 million.

•Company increased its full-year 2026 disposition guidance to $1.5 to $2.0 billion as part of its planned portfolio realignment.

•Repurchased 2,801,307 shares of common stock for $100 million at a weighted average price of $35.70 per share.

•Subsequent to quarter end, the Board of Directors authorized a new, $1.0 billion stock repurchase program.

•Net Debt to Adjusted EBITDAre of 4.5x.

"This quarter reflects both strong execution and a transformative step forward in advancing our strategic priorities,” said Laura Clark, Chief Executive Officer. “The realignment of our portfolio through the planned disposition of approximately $2 billion of identified non-core assets will further strengthen our portfolio, enhance cash flow durability and increase financial flexibility, positioning Rexford to maximize long-term shareholder value. We are also encouraged by the continued improvement we are seeing in fundamentals across the infill Southern California industrial market, including increasing tenant demand, positive net absorption and declining vacancy—all early signs of strengthening market conditions. We are confident that our strategic actions, combined with the strength of our value creation platform, will enable Rexford to deliver outsized returns for shareholders moving forward.”

Financial

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

stockholders was $419.0 million, or $1.86 per diluted share, compared to net income of $181.8 million, or $0.78 per diluted share, in the prior year period. Net loss in the six months ended June 30, 2026 includes $631.6 million of impairments and $48.2 million of gains on sale of real estate, as compared to $0 and $57.5 million, respectively, for the prior year period.

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

2026
Q1

Q1 2026 Earnings

8-K

Apr 23, 2026

0001571283-26-000017

EX-99.1

3 rexrex991q1-2026.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces First Quarter 2026 Financial Results

Los Angeles, California — April 23, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the first quarter of 2026.

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

•Net income attributable to common stockholders of $87.9 million, or $0.38 per diluted share, as compared to $68.3 million, or $0.30 per diluted share.

•Company share of Core FFO of $139.8 million, a decrease of 0.9%.

•Company share of Core FFO per diluted share of $0.61, a decrease of 1.6%.

•Total Portfolio NOI of $185.4 million, a decrease of 4.2%.

•Same Property Portfolio NOI increased 0.9% and Same Property Portfolio Cash NOI decreased 0.4%.

•Average Same Property Portfolio occupancy of 96.3%.

•Executed 4.1 million square feet of new and renewal leases. Comparable rental rates decreased by 10.0%, compared to prior rents, on a net effective basis and decreased by 15.4% on a cash basis. Excluding the previously disclosed 1.1 million-square-foot Tireco, Inc. lease extension executed in the first quarter, comparable rental rates increased by 5.5% on a net effective basis and decreased by 1.8% on a cash basis.

•Stabilized two repositioning and development projects totaling 144,889 square feet.

•Sold five properties for a total sales price of $127.4 million, including two sites previously in the near-term development pipeline.

•Repurchased 5,534,357 shares of common stock for $200 million at a weighted average price of $36.14 per share. Subsequent to quarter end, the Board of Directors authorized a new $500 million stock repurchase program.

•Net Debt to Enterprise Value ratio of 29.2% and Net Debt to Adjusted EBITDAre of 4.5x.

•On April 1, 2026, Laura Clark assumed the role of Chief Executive Officer and John Nahas assumed the role of Chief Operating Officer as part of the Company’s previously announced leadership succession plan.

•On January 1, 2026, David Stockert was appointed as an independent member of the Board.

“Rexford delivered strong first quarter results driven by record leasing activity and continued execution of our strategic priorities,” said Laura Clark, Chief Executive Officer. “Our focus on prioritizing occupancy and accretive capital recycling drove outperformance and an increase to our full‑year outlook. We are beginning to see early signs of market improvement and remain confident that our disciplined capital allocation, differentiated portfolio and favorable long-term supply‑demand dynamics will enable sustained value creation for our shareholders.”

Financial

The Company reported net income attributable to common stockholders for the first quarter of $87.9 million, or $0.38 per diluted share, compared to $68.3 million, or $0.30 per diluted share, for the prior year quarter. Net income in the first quarter includes $26.3 million of gains on sale of real estate and $6.8 million of impairments, as compared to $13.2 million and $0, respectively, for the prior year quarter.

The Company reported its share of Core FFO for the first quarter of $139.8 million, representing a 0.9% decrease compared to $141.0 million for the prior year quarter. Core FFO of $0.61 per diluted share represents a decrease of 1.6% compared to $0.62 per diluted share for the prior year quarter. Company share of Core FFO decreased by $1.2 million, or $0.01 per diluted share year-over-year, primarily driven by higher NOI contributions from repositioning and development and Same Property Portfolio NOI, in addition to lower general and administrative expense related to the Co-CEO transition, offset by termination fee income recognized in the first quarter of 2025.

In the first quarter of 2026, Same Property Portfolio NOI and Cash NOI increased 0.9% and decreased 0.4%, respectively, compared to the prior year quarter. Same Property Portfolio NOI growth was primarily driven by higher average occupancy gains, partially offset by higher tenant reimbursement abatement. Same Property Cash NOI growth was primarily driven by contributions from average occupancy gains and annual contractual rent increases, offset by higher bad debt, lower releasing spreads and higher rent and tenant reimbursement abatement.

Operations

Q1 2026 Leasing Activity

Releasing Spreads(1)

Releasing Spreads Excluding Tireco, Inc. Lease Extension(2)

# of Leases Executed

SF of

Leasing

Net Effective

Cash

Net Effective

Cash

New Leases 591,296,230(8.7)%(12.8)%(8.7)%(12.8)%

Renewal Leases 852,829,822(10.3)%(15.9)%11.8%3.0%

Total Leases 1444,126,052(10.0)%(15.4)%5.5%(1.8)%

(1)Net effective and cash rent statistics include leases in which there is compara

2025
Q4

Q4 2025 Earnings

8-K

Feb 4, 2026

0001571283-26-000003

EX-99.1

2 rexrex991q4-2025.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Fourth Quarter and Full Year 2025 Financial Results

Los Angeles, California — February 4, 2026 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2025.

Full Year 2025 Financial and Operational Highlights (all comparisons to Full Year 2024)

•Net income attributable to common stockholders of $200.2 million, or $0.86 per diluted share, as compared to $262.9 million, or $1.20 per diluted share.

•Company share of Core FFO of $558.6 million, an increase of 9.2%.

•Company share of Core FFO per diluted share of $2.40, an increase of 2.6%.

•Total Portfolio NOI of $752.7 million, an increase of 5.7%.

•Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 4.3%.

•Average Same Property Portfolio occupancy of 96.4%.

•Executed 10.4 million square feet of new and renewal leases. Comparable rental rates increased by 23.4%, compared to prior rents, on a net effective basis and by 10.7% on a cash basis.

•Executed 2.1 million square feet of leases related to the Company’s repositioning and development projects.

•Sold seven properties for a total sales price of $217.5 million, generating a weighted average unlevered IRR to the Company of 12.4%.

•Repurchased 6,327,283 shares of common stock at a weighted average price of $39.51 per share for a total of $250.0 million.

•Net Debt to Enterprise Value ratio of 24.9% and Net Debt to Adjusted EBITDAre of 4.4x.

•Subsequent to year end, declared a quarterly common stock dividend of $0.435 per share, an increase of 1.2%.

•Laura Clark, Chief Operating Officer, to assume Chief Executive Officer role effective April 1, 2026, as part of the Company’s previously announced leadership succession plan.

•Appointed David Stockert as an independent member to the Board of Directors, effective January 1, 2026.

"We closed 2025 with solid performance and made meaningful progress against the immediate strategic priorities we outlined in November,” said Laura Clark, Chief Operating Officer and incoming Chief Executive Officer. “As we advance this next chapter at Rexford, we remain confident in the long-term fundamentals of infill Southern California and are committed to disciplined capital allocation, enhancing operational efficiency and delivering sustained value for our shareholders in 2026 and beyond.”

Financial Results

The Company reported net loss attributable to common stockholders for the fourth quarter of $68.7 million, or $0.30 per diluted share, compared to net income of $59.4 million, or $0.27 per diluted share, in the prior year quarter. The net loss for the fourth quarter includes $19.9 million of gains on sale of real estate, $89.1 million of impairments and $60.2 million of Co-CEO transition costs, compared to none in the prior year quarter.

For the year ended December 31, 2025, net income attributable to common stockholders was $200.2 million, or $0.86 per diluted share, compared to $262.9 million, or $1.20 per diluted share, in the prior year period. Net income for the year ended December 31, 2025 includes $106.0 million of gains on sale of real estate as compared to $18.0 million, in the prior year period. Net income for the year ended December 31, 2025 also includes $89.1 million of impairments and $60.2 million of Co-CEO transition costs, as compared to none in the prior year period. The impairments for the quarter

and year ended December 31, 2025 are related to properties in the near-term development pipeline that the Company expects to sell in 2026.

The Company reported its share of Core FFO for the fourth quarter of $136.2 million, representing a 5.9% increase, compared to $128.6 million for the prior year quarter. The Company reported Core FFO of $0.59 per diluted share, representing an increase of 1.7%, compared to $0.58 per diluted share for the prior year quarter. Core FFO for the fourth quarter excludes nonrecurring costs totaling $65.8 million attributable to Co-CEO transition costs and other nonrecurring costs. The Co-CEO transition costs were fully recognized in the fourth quarter and will not impact 2026 Core FFO results.

For the year ended December 31, 2025, Company share of Core FFO was $558.6 million, representing a 9.2% increase, compared to $511.7 million for the prior year period. For the year ended December 31, 2025, the Company reported Core FFO of $2.40 per diluted share, representing an increase of 2.6%, compared to $2.34 per diluted share for the prior year period. Core FFO for the year ended December 31, 2025 excludes nonrecurring costs totaling $71.5 million attributable to Co-CEO transition costs, other nonrecurring and severance costs.

2025
Q3

Q3 2025 Earnings

8-K

Oct 15, 2025

0001571283-25-000051

EX-99.1

2 rexrex991q3-2025.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Third Quarter 2025 Financial Results

Los Angeles, California — October 15, 2025 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the third quarter of 2025.

Third Quarter 2025 Financial and Operational Highlights

•Net income attributable to common stockholders of $87.1 million, or $0.37 per diluted share, as compared to $65.1 million, or $0.30 per diluted share, for the prior year quarter.

•Company share of Core FFO of $141.7 million, an increase of 9.0% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.60, an increase of 1.7% as compared to the prior year quarter.

•Total Portfolio NOI of $188.9 million, an increase of 2.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 1.9% and Same Property Portfolio Cash NOI increased 5.5% as compared to the prior year quarter.

•Same Property Portfolio ending occupancy of 96.8%, an increase of 60 basis points as compared to the prior quarter.

•Average Same Property Portfolio occupancy of 96.5%.

•Executed 3.3 million square feet of new and renewal leases. Comparable rental rates increased by 26.1%, compared to prior rents, on a net effective basis and by 10.3% on a cash basis.

•Executed 844,854 square feet of leases related to the Company’s repositioning and redevelopment projects.

•Sold three properties for a total sales price of $53.6 million, generating a weighted average unlevered IRR to the Company of 14.3%.

•Repurchased 3,883,845 shares of common stock at a weighted average price of $38.62 per share for a total of $150.0 million.

•Increased 2025 Core FFO per diluted share guidance to a range of $2.39-$2.41, up $0.01 at the midpoint.

•Ended the quarter with a low-leverage, flexible balance sheet measured by a Net Debt to Enterprise Value ratio of 23.2% and Net Debt to Adjusted EBITDAre of 4.1x.

“Rexford Industrial’s strong third quarter results demonstrate the Company’s ability to drive value for shareholders,” said Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “We executed 3.3 million square feet of leasing, including 845,000 square feet of recently repositioned or redeveloped properties. With 1.9 million square feet of positive net absorption, our team continues to execute at a high level, delivering upon our value creation initiatives and outperforming the broader infill market. Our strategic disposition program funded $150 million of accretive share repurchases, underscoring our commitment to disciplined capital allocation and to delivering durable near- and long-term growth for shareholders.”

Financial Results

The Company reported net income attributable to common stockholders for the third quarter of $87.1 million, or $0.37 per diluted share, compared to $65.1 million, or $0.30 per diluted share, for the prior year quarter. For the nine months ended September 30, 2025, net income attributable to common stockholders was $268.9 million, or $1.16 per diluted share, compared to $203.5 million, or $0.94 per diluted share, for the prior year period. Net income for the nine months ended September 30, 2025 includes $86.1 million of gains on sale of real estate, as compared to $18.0 million for the prior year period.

The Company reported its share of Core FFO for the third quarter of $141.7 million, representing a 9.0% increase compared to $130.0 million for the prior year quarter. The Company reported Core FFO of $0.60 per diluted share, representing an increase of 1.7% compared to $0.59 per diluted share for the prior year quarter. For the nine months ended September 30, 2025, Company share of Core FFO was $422.4 million, representing a 10.3% increase compared to $383.1 million for the prior year period. For the nine months ended September 30, 2025, the Company reported Core FFO of $1.82 per diluted share, representing an increase of 2.8% compared to $1.77 per diluted share for the prior year period.

In the third quarter of 2025, the Company’s Total Portfolio NOI and Cash NOI increased 2.9% and 6.0%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2025, the Company’s Total Portfolio NOI and Cash NOI increased 7.7% and 10.4%, respectively, compared to the prior year period.

In the third quarter of 2025, the Company’s Same Property Portfolio NOI and Cash NOI increased 1.9% and 5.5%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2025, the Company’s Same Property Portfolio NOI and Cash NOI increased 1.3% and 4.9%, respectively, compared to the prior year period.

Operating Results

Q3 2025 Leasing Activity

Releasing Spreads(1)(

2025
Q2

Q2 2025 Earnings

8-K

Jul 16, 2025

0001571283-25-000033

EX-99.1

2 rexrex991q2-2025.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Second Quarter 2025 Financial Results

Los Angeles, California — July 16, 2025 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2025.

Second Quarter 2025 Financial and Operational Highlights

•Net income attributable to common stockholders of $113.4 million, or $0.48 per diluted share, as compared to $79.8 million, or $0.37 per diluted share, for the prior year quarter.

•Company share of Core FFO of $139.7 million, an increase of 7.8% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.59, a decrease of 1.7% as compared to the prior year quarter.

•Total Portfolio NOI of $186.3 million, an increase of 2.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 1.1% and Same Property Portfolio Cash NOI increased 3.9% as compared to the prior year quarter.

•Same Property Portfolio ending occupancy of 96.1%, an increase of 0.4% as compared to the prior quarter.

•Average Same Property Portfolio occupancy of 95.9%.

•Executed 1.7 million rentable square feet of new and renewal leases. Comparable rental rates increased by 20.9%, compared to prior rents, on a net effective basis and by 8.1% on a cash basis.

•Signed 519,244 square feet of leases related to the Company’s repositioning and redevelopment pipeline, including two leases executed subsequent to quarter end.

•Sold two properties for a total sales price of $81.6 million, generating a 12.8% unlevered IRR to the Company.

•Ended the quarter with a low-leverage balance sheet measured by a Net Debt to Enterprise Value ratio of 25.0% and Net Debt to Adjusted EBITDAre of 4.0x.

•Moody’s affirmed the Company’s Baa2 rating with a stable outlook.

“Rexford Industrial maintained strong performance in the second quarter and year to date, demonstrating the resiliency of our business model in today’s dynamic market environment,” said Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “The long-term, superior supply and demand drivers within infill Southern California, our substantial embedded growth opportunity, fortress-like balance sheet and best-in-class team continue to deliver growing value to our stakeholders.”

Financial Results

The Company reported net income attributable to common stockholders for the second quarter of $113.4 million, or $0.48 per diluted share, compared to $79.8 million, or $0.37 per diluted share, for the prior year quarter. For the six months ended June 30, 2025, net income attributable to common stockholders was $181.8 million, or $0.78 per diluted share, compared to $138.4 million, or $0.64 per diluted share, for the prior year period. Net income for the six months ended June 30, 2025 includes $57.5 million of gains on sale of real estate, as compared to $16.3 million for the prior year period.

The Company reported its share of Core FFO for the second quarter of $139.7 million, representing a 7.8% increase compared to $129.6 million for the prior year quarter. The Company reported Core FFO of $0.59 per diluted share, representing a decrease of 1.7% compared to $0.60 per diluted share for the prior year quarter. For the six months ended June 30, 2025, Core FFO was $280.7 million, representing a 10.9% increase compared to $253.1 million for the prior year period. For the six months ended June 30, 2025, the Company reported Core FFO of $1.21 per diluted share, representing an increase of 3.4% compared to $1.17 per diluted share for the prior year period.

In the second quarter, the Company’s total portfolio NOI and Cash NOI increased 2.9% and 5.7%, respectively, compared to the prior year quarter. For the six months ended June 30, 2025, the Company’s total portfolio NOI and Cash NOI increased 10.2% and 12.7%, respectively, compared to the prior year period.

In the second quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 1.1% and 3.9%, respectively, compared to the prior year quarter. For the six months ended June 30, 2025, the Company’s Same Property Portfolio NOI and Cash NOI increased 0.9% and 4.5%, respectively, compared to the prior year period.

Operating Results

Q2 2025 Leasing Activity

Releasing Spreads(1)(2)

# of Leases Executed

SF of

Leasing

Net Effective

Cash

New Leases 41678,727(17.6)%(22.9)%

Renewal Leases 581,020,26631.2%16.3%

Total Leases 991,698,99320.9%8.1%

(1)Net effective and cash rent statistics only include leases in which there is comparable lease data. Please see the Company’s supplemental financial reporting package for additional detail.

(2)The net effective and cash releasing spreads for New Leases were disproportionately im

2025
Q1

Q1 2025 Earnings

8-K

Apr 16, 2025

0001571283-25-000020

EX-99.1

2 rexrex991q1-2025.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces First Quarter 2025 Financial Results

Los Angeles, California — April 16, 2025 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the first quarter of 2025.

First Quarter 2025 Financial and Operational Highlights

•Net income attributable to common stockholders of $68.3 million, or $0.30 per diluted share, as compared to $58.6 million, or $0.27 per diluted share, for the prior year.

•Company share of Core FFO of $141.0 million, an increase of 14.1% as compared to the prior year.

•Company share of Core FFO per diluted share of $0.62, an increase of 6.9% as compared to the prior year.

•Consolidated Portfolio NOI of $193.6 million, an increase of 18.4% as compared to the prior year.

•Same Property Portfolio NOI increased 0.7% and Same Property Portfolio Cash NOI increased 5.0% as compared to the prior year.

•Average Same Property Portfolio occupancy of 95.9%.

•Executed 2.4 million rentable square feet of new and renewal leases. Comparable rental rates increased by 23.8%, compared to prior rents, on a net effective basis and by 14.7% on a cash basis.

•Sold one property for a sales price of $52.5 million. Subsequent to quarter end, sold one property for a sales price of $50.9 million. In aggregate, these transactions generated an 11.9% unlevered IRR to the Company.

•Ended the quarter with a low-leverage balance sheet measured by a Net Debt to Enterprise Value ratio of 22.8% and Net Debt to Adjusted EBITDAre of 3.9x.

"Rexford Industrial delivered solid first quarter performance, underscoring the strength of our platform and the discipline of our execution," stated Howard Schwimmer and Michael Frankel, Co-Chief Executive Officers of the Company. "Our differentiated business model and investment-grade balance sheet will continue to afford us the ability to unlock substantial embedded growth and drive long-term shareholder value, while navigating current macroeconomic uncertainty."

Financial Results

The Company reported net income attributable to common stockholders for the first quarter of $68.3 million, or $0.30 per diluted share, compared to $58.6 million, or $0.27 per diluted share, for the prior year quarter. Net income in the first quarter includes $13.2 million of gains on sale of real estate for which there was no comparable amount during the prior year quarter.

The Company reported Core FFO for the first quarter of $141.0 million, representing a 14.1% increase compared to $123.5 million for the prior year quarter. The Company reported Core FFO of $0.62 per diluted share, representing an increase of 6.9% compared to $0.58 per diluted share for the prior year quarter.

In the first quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 18.4% and 20.4%, respectively, compared to the prior year quarter.

In the first quarter, the Company’s Same Property Portfolio NOI increased 0.7% compared to the prior year quarter, driven by a 1.2% increase in Same Property Portfolio rental income. Same Property Portfolio Cash NOI increased 5.0% compared to the prior year quarter.

Operating Results

Q1 2025 Leasing Activity

Releasing Spreads(1)

# of Leases Executed

SF of

Leasing

Net Effective

Cash

New Leases 54882,4033.2%(5.4)%

Renewal Leases 841,511,94629.4%20.2%

Total Leases 1382,394,34923.8%14.7%

(1)Net effective and cash rent statistics only include leases in which there is comparable lease data. Please see the Company’s supplemental financial reporting package for additional detail.

As of March 31, 2025, the Company’s Same Property Portfolio occupancy was 95.7%. Average Same Property Portfolio occupancy for the first quarter was 95.9%. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 95.1% occupied and 95.5% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 89.6% occupied and 90.4% leased.

Transaction Activity

During the first quarter of 2025, the Company disposed of 1055 Sandhill Avenue, Carson, located in the Los Angeles — South Bay submarket, for $52.5 million or $410 per square foot. The 127,775-square-foot, single-tenant industrial building was sold vacant to a user for an unlevered IRR to the Company of 10.5%.

Subsequent to the first quarter of 2025, the Company disposed of 20 Icon, Lake Forest, located in the Orange County — South submarket, for $50.9 million or $497 per square foot. The 102,299-square-foot, single-tenant industrial flex building was 100% occupied at the time of sale and was sold to a user for an unlevered IRR to the Company of 13.3%.

The Company currently has no acquisitions under contract or accepted offer. Separately, the Company has $3

2024
Q4

Q4 2024 Earnings

8-K

Feb 5, 2025

0001571283-25-000003

EX-99.1

2 rexrex991q4-2024.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Fourth Quarter and Full Year 2024 Financial Results

Los Angeles, California — February 5, 2025 — Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2024.

Full Year 2024 Financial and Operational Highlights

•Net income attributable to common stockholders of $262.9 million, or $1.20 per diluted share, as compared to $227.4 million, or $1.12 per diluted share, for the prior year.

•Company share of Core FFO of $511.7 million, an increase of 15.0% as compared to the prior year.

•Company share of Core FFO per diluted share of $2.34, an increase of 6.8% as compared to the prior year.

•Consolidated Portfolio NOI of $711.8 million, an increase of 17.3% as compared to the prior year.

•Same Property Portfolio NOI increased 4.1% and Same Property Portfolio Cash NOI increased 7.1% as compared to the prior year.

•Average Same Property Portfolio occupancy of 96.6%.

•Comparable rental rates increased by 38.9% compared to prior rents on a net effective basis and by 28.6% on a cash basis on 8.1 million rentable square feet of new and renewal leases. Excluding the Tireco, Inc. lease extension executed in the first quarter, comparable rental rates increased by 55.3% compared to prior rents on a net effective basis and by 38.7% on a cash basis.

•Completed nine acquisitions for an aggregate purchase price of $1.5 billion and sold five properties for an aggregate sales price of $44.3 million.

•Ended the year with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 26.5% and net debt to Adjusted EBITDAre of 4.6x.

•Subsequent to year end, declared a quarterly common stock dividend of $0.43 per share, an increase of 3.0%.

•Subsequent to year end, authorized a $300 million share repurchase program.

“Rexford Industrial delivered solid fourth quarter and full year operating results, underscoring the strength and resilience of our differentiated business model,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “Looking ahead, we remain focused on unlocking our substantial embedded NOI growth opportunities to support sustainable earnings growth over the near and long term.”

Financial Results

The Company reported net income attributable to common stockholders for the fourth quarter of $59.4 million, or $0.27 per diluted share, compared to $61.7 million, or $0.29 per diluted share, for the prior year quarter. For the year ended December 31, 2024, net income attributable to common stockholders was $262.9 million, or $1.20 per diluted share, compared to $227.4 million, or $1.12 per diluted share, for the prior year period. Net income for the year ended December 31, 2024 includes $18.0 million of gains on sale of real estate, as compared to $19.0 million for the prior year period.

The Company reported its share of Core FFO for the fourth quarter of $128.6 million, representing an 8.2% increase compared to $118.8 million for the prior year quarter. The Company reported Core FFO of $0.58 per diluted share, representing an increase of 3.6% compared to $0.56 per diluted share for the prior year quarter. For the year ended December 31, 2024, Core FFO was $511.7 million, representing a 15.0% increase compared to $444.8 million for the prior year period. For the year ended December 31, 2024, the Company reported Core FFO of $2.34 per diluted share, representing an increase of 6.8% compared to $2.19 per diluted share for the prior year period.

In the fourth quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 15.8% and 18.0%, respectively, compared to the prior year quarter. For the year ended December 31, 2024, the Company’s consolidated portfolio NOI and Cash NOI increased 17.3% and 19.5%, respectively, compared to the prior year period.

In the fourth quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 2.2% and 5.3%, respectively, compared to the prior year quarter. For the year ended December 31, 2024, the Company’s Same Property Portfolio NOI and Cash NOI increased 4.1% and 7.1%, respectively, compared to the prior year period.

Operating Results

Q4-2024 Leasing Activity

Releasing Spreads

# of Leases ExecutedSF of Leasing Net

Effective Cash

New Leases44330,33446.9%33.5%

Renewal Leases41684,96158.8%44.1%

Total Leases851,015,29555.4%41.0%

Full Year 2024 Leasing Activity

Releasing Spreads Releasing Spreads

Excluding Tireco, Inc.

Lease Extension(1)

# of Leases ExecutedSF of Leasing Net

Effective Cash Net

Effective Cash

New Leases2103,188,84742.1%29.5%42.1%29.5%

Renewal Leases2264,911,47138.0%28.3%61.4%43.0%

Total Leases4368,100,31838.9%28.6%55

2024
Q3

Q3 2024 Earnings

8-K

Oct 16, 2024

0001571283-24-000052

EX-99.1

2 rexrex991q3-2024.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Third Quarter 2024 Financial Results

Los Angeles, California - October 16, 2024 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the third quarter of 2024.

Third Quarter 2024 Financial and Operational Highlights:

•Net income attributable to common stockholders of $65.1 million, or $0.30 per diluted share, as compared to $56.3 million, or $0.27 per diluted share, for the prior year quarter.

•Company share of Core FFO of $130.0 million, an increase of 13.1% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.59, an increase of 5.4% as compared to the prior year quarter.

•Consolidated Portfolio NOI of $183.5 million, an increase of 17.6% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 2.6% and Same Property Portfolio Cash NOI increased 5.3% as compared to the prior year quarter.

•Average Same Property Portfolio occupancy of 96.9%.

•Comparable rental rates increased by 39.2% compared to prior rents on a GAAP basis and by 26.7% on a cash basis on 1.6 million rentable square feet of new and renewal leases.

•Completed two acquisitions for an aggregate purchase price of $60.5 million and sold one property for a sales price of $7.3 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 22.2%.

“Rexford Industrial continues to deliver strong operating results, underscoring the quality of our value-driven business model and dynamic team,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “As we look ahead, we believe our extensive value-creation opportunity and favorable supply-demand dynamics inherent within our infill Southern California target market will continue to provide a significant runway to deliver high-quality, accretive cash flow growth for our stakeholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the third quarter of $65.1 million, or $0.30 per diluted share, compared to $56.3 million, or $0.27 per diluted share, for the prior year quarter. For the nine months ended September 30, 2024, net income attributable to common stockholders was $203.5 million, or $0.94 per diluted share, compared to $165.8 million, or $0.83 per diluted share, for the prior year period. Net income for the nine months ended September 30, 2024 includes $18.0 million of gains on sale of real estate, as compared to $12.1 million for the prior year period.

The Company reported its share of Core FFO for the third quarter of $130.0 million, representing a 13.1% increase compared to $115.0 million for the prior year quarter. The Company reported Core FFO of $0.59 per diluted share, representing an increase of 5.4% compared to $0.56 per diluted share for the prior year quarter. For the nine months ended September 30, 2024, Core FFO was $383.1 million, representing a 17.5% increase compared to $326.0 million for the prior year period. For the nine months ended September 30, 2024, the Company reported Core FFO of $1.77 per diluted share, representing an increase of 9.3% compared to $1.62 per diluted share for the prior year period.

In the third quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 17.6% and 20.7%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2024, the Company’s consolidated portfolio NOI and Cash NOI increased 17.8% and 20.0%, respectively, compared to the prior year period.

In the third quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 2.6% and 5.3%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2024, the Company’s Same Property Portfolio NOI and Cash NOI increased 4.7% and 7.7%, respectively, compared to the prior year period.

Operating Results:

Third quarter 2024 activity demonstrates strong leasing fundamentals within Rexford Industrial’s target infill Southern California markets:

Q3-2024 Leasing Activity

Releasing Spreads

# of Leases Executed

SF of

Leasing

GAAP

Cash

New Leases 56994,56635.8%25.7%

Renewal Leases 52599,52941.4%27.3%

Total Leases 1081,594,09539.2%26.7%

As of September 30, 2024, the Company’s Same Property Portfolio occupancy was 96.7%. Average Same Property Portfolio occupancy for the third quarter was 96.9%. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 97.6% occupied and 97.8% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 93.0% occupied and 94.0% leased.

Transaction Activity:

During the third quarter of 2024,

2024
Q2

Q2 2024 Earnings

8-K

Jul 17, 2024

0001571283-24-000031

EX-99.1

2 rexrex991q2-2024.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Second Quarter 2024 Financial Results

Los Angeles, California - July 17, 2024 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the second quarter of 2024.

Second Quarter 2024 Financial and Operational Highlights:

•Net income attributable to common stockholders of $79.8 million, or $0.37 per diluted share, as compared to $51.6 million, or $0.26 per diluted share, for the prior year quarter.

•Company share of Core FFO of $129.6 million, an increase of 19.5% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.60, an increase of 11.1% as compared to the prior year quarter.

•Consolidated Portfolio NOI of $181.1 million, an increase of 20.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 6.0% and Same Property Portfolio Cash NOI increased 9.1% as compared to the prior year quarter.

•Average Same Property Portfolio occupancy of 96.9%.

•Comparable rental rates increased by 67.7% compared to prior rents on a GAAP basis and by 49.0% on a cash basis on 2.3 million rentable square feet of new and renewal leases.

•Completed three acquisitions for an aggregate purchase price of $169.5 million and sold four properties for an aggregate sales price of $37.0 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 24.1%.

“Rexford Industrial’s strong year-to-date performance demonstrates the resilience of our value-driven business model and associated outsized cash flow growth,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “As we look forward, we believe Rexford Industrial’s entrepreneurial asset management program and accretive approach to capital allocation and recycling will enable us to further differentiate our performance as we continue to capitalize upon a significant market opportunity to create value for our stakeholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the second quarter of $79.8 million, or $0.37 per diluted share, compared to $51.6 million, or $0.26 per diluted share for the prior year quarter. For the six months ended June 30, 2024, net income attributable to common stockholders was $138.4 million, or $0.64 per diluted share, compared to $109.4 million, or $0.55 per diluted share for the prior year period. Net income for the six months ended June 30, 2024 includes $16.3 million of gains on sale of real estate, as compared to $12.1 million for the prior year period.

The Company reported its share of Core FFO for the second quarter of $129.6 million, representing a 19.5% increase compared to $108.4 million for the prior year quarter. The Company reported Core FFO of $0.60 per diluted share, representing an increase of 11.1% compared to $0.54 per diluted share for the prior year quarter. For the six months ended June 30, 2024, Core FFO was $253.1 million, representing a 19.9% increase compared to $211.1 million for the prior year period. For the six months ended June 30, 2024, the Company reported Core FFO of $1.17 per diluted share, representing an increase of 10.4% compared to $1.06 per diluted share for the prior year period.

In the second quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 20.9% and 21.7%, respectively, compared to the prior year quarter. For the six months ended June 30, 2024, the Company’s consolidated portfolio NOI and Cash NOI increased 18.0% and 19.7%, respectively, compared to the prior year period.

In the second quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 6.0% and 9.1%, respectively, compared to the prior year quarter. For the six months ended June 30, 2024, the Company’s Same Property Portfolio NOI and Cash NOI increased 5.9% and 9.0%, respectively, compared to the prior year period.

Operating Results:

Second quarter 2024 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial’s target infill Southern California markets:

Q2-2024 Leasing Activity

Releasing Spreads

# of Leases Executed

SF of

Leasing

GAAP

Cash

New Leases 601,033,00645.2%29.7%

Renewal Leases 691,228,90578.6%58.2%

Total Leases 1292,261,91167.7%49.0%

As of June 30, 2024, the Company’s Same Property Portfolio occupancy was 97.3%. Average Same Property Portfolio occupancy for the second quarter was 96.9%. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 97.9% occupied and 98.0% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 93.7% occupied and 94.3% leased.

Transaction Acti

2024
Q1

Q1 2024 Earnings

8-K

Apr 17, 2024

0001571283-24-000019

EX-99.1

2 rexrex991q1-2024.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces First Quarter 2024 Financial Results

Los Angeles, California - April 17, 2024 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the first quarter of 2024.

First Quarter 2024 Financial and Operational Highlights:

•Net income attributable to common stockholders of $58.6 million, or $0.27 per diluted share, as compared to $57.9 million, or $0.30 per diluted share, for the prior year quarter.

•Company share of Core FFO of $123.5 million, an increase of 20.3% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.58, an increase of 11.5% as compared to the prior year quarter.

•Consolidated Portfolio NOI of $163.5 million, an increase of 14.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 5.5% and Same Property Portfolio Cash NOI increased 8.5% as compared to the prior year quarter.

•Average Same Property Portfolio occupancy of 96.8%.

•Comparable rental rates increased by 17.3% compared to prior rents on a GAAP basis and by 13.2% on a cash basis on 3.2 million rentable square feet of new and renewal leases.

•Excluding the Tireco, Inc. lease extension, comparable rental rates increased by 53.0% compared to prior rents on a GAAP basis and by 33.6% on a cash basis.

•Completed 3.2 million square feet of acquisitions totaling $1.1 billion.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 20.9%.

“Rexford continues to deliver exceptional value and accretive cash flow growth generated by our entrepreneurial team and value-driven strategy,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “Looking forward, Rexford is well-positioned with extensive embedded and external growth opportunities, positioning the Company to create significant value for our stakeholders for years to come.”

Financial Results:

The Company reported net income attributable to common stockholders for the first quarter of $58.6 million, or $0.27 per diluted share, compared to $57.9 million, or $0.30 per diluted share, for the prior year quarter. Net income in the prior year quarter included $12.1 million of gains on sale of real estate for which there was no comparable amount during the first quarter of 2024.

The Company reported Core FFO for the first quarter of $123.5 million, representing a 20.3% increase compared to $102.7 million for the prior year quarter. The Company reported Core FFO of $0.58 per diluted share, representing an increase of 11.5% compared to $0.52 per diluted share for the prior year quarter.

In the first quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 14.9% and 17.5%, respectively, compared to the prior year quarter.

In the first quarter, the Company’s Same Property Portfolio NOI increased 5.5% compared to the prior year quarter, driven by a 5.5% increase in Same Property Portfolio rental income and a 5.7% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 8.5% compared to the prior year quarter.

Operating Results:

First quarter 2024 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial’s target Southern California infill markets:

Q1-2024 Leasing Activity

Releasing Spreads

Releasing Spreads

Excluding Tireco, Inc.

Lease Extension(1)

# of Leases Executed

SF of

Leasing

GAAP

Cash

GAAP

Cash

New Leases 50830,94141.3%31.2%41.3%31.2%

Renewal Leases 642,398,07614.8%11.3%56.8%34.4%

Total Leases 1143,229,01717.3%13.2%53.0%33.6%

(1)Excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During the first quarter of 2024, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods.

As of March 31, 2024, the Company’s Same Property Portfolio occupancy was 96.4%. Average Same Property Portfolio occupancy for the first quarter was 96.8%. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 96.9% occupied and 97.8% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 92.8% occupied and 94.0% leased.

Transaction Activity:

During the first quarter of 2024, the Company completed $1.1 billion in total investments i

2023
Q4

Q4 2023 Earnings

8-K

Feb 6, 2024

0001571283-24-000003

EX-99.1

2 rexrex991q4-2023.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Fourth Quarter and Full Year 2023 Financial Results

Los Angeles, California - February 6, 2024 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties throughout infill Southern California, today announced financial and operating results for the fourth quarter and full year 2023.

Full Year 2023 Financial and Operational Highlights:

•Net income attributable to common stockholders of $227.4 million, or $1.12 per diluted share, as compared to $157.5 million, or $0.92 per diluted share, for the prior year.

•Company share of Core FFO of $444.8 million, an increase of 32.9% as compared to the prior year.

•Company share of Core FFO per diluted share of $2.19, an increase of 11.7% as compared to the prior year.

•Consolidated Portfolio NOI of $606.9 million, an increase of 26.4% as compared to the prior year.

•Same Property Portfolio NOI increased 8.2% and Same Property Portfolio Cash NOI increased 10.0% as compared to the prior year.

•Average Same Property Portfolio occupancy of 97.8%.

•Comparable rental rates increased by 77.5% compared to prior rents on a GAAP basis and by 58.7% on a cash basis on 7.4 million rentable square feet of new and renewal leases.

•Completed 18 transactions for an aggregate investment of $1.5 billion and sold two properties for an aggregate sales price of $28.3 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 15.0%.

•Subsequent to quarter end, declared a quarterly common stock dividend of $0.4175 per share, an increase of 10%.

“Rexford Industrial’s strong results demonstrate our focus on creating value that delivers both near- and long-term cash flow and NAV growth,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “As we look forward, Rexford remains exceptionally well-positioned to continue executing on our entrepreneurial business model in 2024 and beyond.”

Financial Results:

The Company reported net income attributable to common stockholders for the fourth quarter of $61.7 million, or $0.29 per diluted share, compared to $40.7 million, or $0.22 per diluted share for the prior year quarter. For the year ended December 31, 2023, net income attributable to common stockholders was $227.4 million, or $1.12 per diluted share, compared to $157.5 million, or $0.92 per diluted share for the prior year. Net income for the year ended December 31, 2023, includes $19.0 million of gains on sale of real estate, as compared to $8.5 million for the prior year.

The Company reported its share of Core FFO for the fourth quarter of $118.8 million, representing a 31.5% increase compared to $90.3 million for the prior year quarter. The Company reported Core FFO of $0.56 per diluted share, representing an increase of 14.3% compared to $0.49 per diluted share for the prior year quarter. For the year ended December 31, 2023, Core FFO was $444.8 million, representing a 32.9% increase compared to $334.7 million for the prior year. For the year ended December 31, 2023, the Company reported Core FFO of $2.19 per diluted share, representing an increase of 11.7% compared to $1.96 per diluted share for the prior year.

In the fourth quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 16.3% and 22.5%, respectively, compared to the prior year quarter. For the year ended December 31, 2023, the Company’s consolidated portfolio NOI and Cash NOI increased 26.4% and 29.4%, respectively, compared to the prior year.

In the fourth quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 8.4% and 9.5%, respectively, compared to the prior year quarter. For the year ended December 31, 2023, the Company’s Same Property Portfolio NOI and Cash NOI increased 8.2% and 10.0%, respectively compared to the prior year.

Operating Results:

Fourth quarter and full year 2023 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial’s target Southern California infill markets:

Q4-2023 Leasing Activity

Releasing Spreads

# of Leases Executed

SF of Leasing

GAAP

Cash

New Leases 47727,88647.8%31.8%

Renewal Leases 571,196,02366.4%48.5%

Total Leases 1041,923,90963.1%45.6%

Full Year 2023 Leasing Activity

Releasing Spreads

# of Leases Executed

SF of Leasing

GAAP

Cash

New Leases 2113,073,82980.2%62.0%

Renewal Leases 2484,282,65976.8%57.9%

Total Leases 4597,356,48877.5%58.7%

As of December 31, 2023, the Company’s Same Property Portfolio occupancy was 97.5%. Average Same Property Portfolio occupancy for the fourth quarter and full year 2023 was 97.5% and 97.8%, respectively. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 97.6% occupied and 97.9% leased, and the Company’s

2023
Q3

Q3 2023 Earnings

8-K

Oct 18, 2023

0001571283-23-000039

EX-99.1

2 rexrex991q3-2023.htm

EX-99.1

Document

Exhibit 99.1

Rexford Industrial Announces Third Quarter 2023 Financial Results

Los Angeles, California - October 18, 2023 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the third quarter of 2023.

Third Quarter 2023 Financial and Operational Highlights:

•Net income attributable to common stockholders of $56.3 million, or $0.27 per diluted share, as compared to $36.8 million, or $0.21 per diluted share, for the prior year quarter.

•Company share of Core FFO of $115.0 million, an increase of 33.5% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.56, an increase of 12.0% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $156.1 million, an increase of 27.0% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 8.9% and Same Property Portfolio Cash NOI increased 9.5% as compared to the prior year quarter.

•97.8% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.5 million rentable square feet of new and renewal leases increased by 64.8% compared to prior rents on a GAAP basis and by 51.4% on a cash basis.

•Completed six acquisitions for an aggregate purchase price of $314.8 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 16.7%.

“Rexford Industrial’s third quarter results continue to demonstrate the strength of our value creation driven business model, our entrepreneurial team and the favorable long-term tenant demand fundamentals associated with our infill Southern California industrial markets,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “In the third quarter, our team increased Core FFO by 33% and Core FFO per diluted share by 12% compared to the prior year quarter. The Company’s differentiated, high-quality portfolio delivered superior results driving 434,000 square feet of positive net absorption, equal to 100 basis points, through the execution of 1.5 million square feet of leases generating leasing spreads of 65% and 51% on a GAAP and cash basis, respectively. As we look forward, the Company remains well-positioned with an estimated 33% embedded cash NOI growth within our in-place portfolio realizable over the subsequent two years. The Company’s unique positioning includes a near-term pipeline of over 4.0 million square feet of value-add repositioning and redevelopment projects projected to deliver an aggregate 6.4% unlevered stabilized yield on total investment. We are also well-positioned as we continue to roll expiring leases to higher market rents, capitalizing upon today’s 56% net effective mark-to-market comparing our in-place lease rates to current market rental rates. In addition, we have completed approximately $1.2 billion of accretive investments year-to-date with approximately $400 million of additional investments under contract or accepted offer, which are subject to customary closing conditions. Looking forward, our investment grade, low-leverage balance sheet favorably positions the Company to capitalize upon our value creation strategies and opportunities on behalf of our stakeholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the third quarter of $56.3 million, or $0.27 per diluted share, compared to $36.8 million, or $0.21 per diluted share for the prior year quarter. For the nine months ended September 30, 2023, net income attributable to common stockholders was $165.8 million, or $0.83 per diluted share, compared to $116.8 million, or $0.70 per diluted share for the prior year. Net income for the nine months ended September 30, 2023, includes $12.1 million of gains on sale of real estate, as compared to $8.5 million for the prior year.

The Company reported Core FFO for the third quarter of $115.0 million, representing a 33.5% increase compared to $86.1 million for the prior year quarter. The Company reported Core FFO of $0.56 per diluted share, representing an increase of 12.0% compared to $0.50 per diluted share for the prior year quarter. For the nine months ended September 30, 2023, Core FFO was $326.0 million, representing a 33.4% increase compared to $244.4 million for the prior year. For the nine months ended September 30, 2023, the Company reported Core FFO of $1.62 per diluted share, representing an increase of 10.2% compared to $1.47 per diluted share for the prior year.

In the third quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 27.0% and 27.5%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2023, the Compan

2023
Q2

Q2 2023 Earnings

8-K

Jul 19, 2023

0001571283-23-000031

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Document

Exhibit 99.1

Rexford Industrial Announces Second Quarter 2023 Financial Results

Los Angeles, California - July 19, 2023 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the second quarter of 2023.

Second Quarter 2023 Financial and Operational Highlights:

•Net income attributable to common stockholders of $51.6 million, or $0.26 per diluted share, as compared to $36.1 million, or $0.22 per diluted share, for the prior year quarter.

•Company share of Core FFO of $108.4 million, an increase of 32.8% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.54, an increase of 10.2% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $149.8 million, an increase of 31.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 8.0% and Same Property Portfolio Cash NOI increased 10.0% as compared to the prior year quarter.

•98.0% Average Same Property Portfolio occupancy.

•Comparable rental rates on 2.1 million rentable square feet of new and renewal leases increased by 96.8% compared to prior rents on a GAAP basis and by 74.8% on a cash basis.

•Completed five acquisitions for an aggregate purchase price of $142.7 million including properties closed subsequent to quarter end.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 16.0%.

“The Rexford Industrial team produced another quarter of excellent results, demonstrating the strength of our value creation focused business model within infill Southern California, the nation’s largest industrial market, benefiting from the lowest threat of disruption from new supply of any major market due to an extreme scarcity of developable land coupled with favorable long-term tenant demand fundamentals,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “In the second quarter, our team increased Core FFO by 33% and Core FFO per diluted share by 10% compared to the prior year quarter. The Company’s differentiated portfolio delivered superior results driving 450,000 square feet of positive net absorption through the execution of 2.1 million square feet of leases with record-high leasing spreads of 97% and 75% on a GAAP and cash basis, respectively. During the quarter, we stabilized four repositioning and redevelopment projects generating an unlevered stabilized yield of 6.8% on total cost, with 4.0% average annual contractual rent increases through the term of the leases. Looking forward, Rexford Industrial remains well-positioned to deliver significant embedded cash flow and NAV growth through a) the proactive repositioning and redevelopment of our near-term pipeline comprising 3.4 million square feet of value-add projects within our in-place portfolio that are projected to deliver an aggregate 6.4% unlevered yield on total investment, combined with b) the opportunity to continue harvesting the substantial mark-to-market of our in-place leases as we roll in-place rents to higher market rates. Additionally, we have completed approximately $905 million dollars of accretive investments year to date with approximately $235 million of additional acquisitions under contract or accepted offer, projecting an aggregate 6.1% stabilized unlevered cash yield, which are subject to customary closing conditions. Our entrepreneurial approach to value creation enabled by our investment grade, low-leverage balance sheet favorably positions the company to capitalize on accretive opportunities for our stakeholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the second quarter of $51.6 million, or $0.26 per diluted share, compared to $36.1 million, or $0.22 per diluted share for the prior year quarter. For the six months ended June 30, 2023, net income attributable to common stockholders was $109.4 million, or $0.55 per diluted share, compared to $80.0 million, or $0.49 per diluted share for the prior year. Net income for the six months ended June 30, 2023, includes $12.1 million of gains on sale of real estate, as compared to $8.5 million for the prior year.

The Company reported Core FFO for the second quarter of $108.4 million, representing a 32.8% increase compared to $81.7 million for the prior year quarter. The Company reported Core FFO of $0.54 per diluted share, representing an increase of 10.2% compared to $0.49 per diluted share for the prior year quarter. For the six months ended June 30, 2023, Core FFO was $211.1 million, representing a 33.3% increase compared to $158.3 million for the prior year. For the six months ended June 30, 2023, the Comp

2023
Q1

Q1 2023 Earnings

8-K

Apr 19, 2023

0001571283-23-000022

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2 rexrex991q1-2023.htm

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Document

Exhibit 99.1

Rexford Industrial Announces First Quarter 2023 Financial Results

Los Angeles, California - April 19, 2023 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the first quarter of 2023.

First Quarter 2023 Financial and Operational Highlights:

•Net income attributable to common stockholders of $57.9 million, or $0.30 per diluted share, as compared to $43.9 million, or $0.27 per diluted share, for the prior year quarter.

•Company share of Core FFO of $102.7 million, an increase of 34.0% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.52, an increase of 8.3% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $142.3 million, an increase of 32.8% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 7.3% and Same Property Portfolio Cash NOI increased 10.7% as compared to the prior year quarter.

•98.0% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.8 million rentable square feet of new and renewal leases increased by 80.2% compared to prior rents on a GAAP basis and by 59.7% on a cash basis.

•Completed seven acquisitions for an aggregate purchase price of $804.3 million, including properties closed subsequent to quarter end.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.6%.

“Our team produced excellent first quarter results, demonstrating the high quality of Rexford Industrial’s property portfolio and the strength of our differentiated business model, creating substantial value as we capitalize upon dynamic market conditions. We continue to see healthy levels of tenant demand, amidst a persistent, virtually incurable supply-demand imbalance within infill Southern California, the nation’s highest demand industrial market and fourth largest in the world, behind only the entire countries of the United States, China and Japan in market size,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “During the quarter, our team increased Core FFO by 34% and Core FFO per diluted share by 8% compared to the prior year. We executed 1.8 million square feet of new and renewal leases with exceptional leasing spreads of 80% and 60% on a GAAP and cash basis, respectively. We have completed $804.3 million dollars of investments year to date, 85% of which were acquired on an off-market or lightly marketed basis, thereby enabling a substantially above-market return on investment. The Company is positioned for favorable internal and external growth, with 11.5 million square feet of expiring leases through 2024 with an embedded mark-to market estimated at 78% and 63% on a net effective and cash basis, respectively, plus 3.6 million square feet of repositioning and redevelopment projects expected to start over the next 24 months projected to generate an aggregate 6.4% unlevered cash yield on total investment. Additionally, our proprietary, event- and data-driven acquisitions sourcing program currently comprises about $120 million of investments under contract or accepted offer, projecting an aggregated 6.0% stabilized unlevered cash yield, which are subject to customary closing conditions. Our investment grade, low-leverage balance sheet and focused, value-creation strategy positions the Company to continue to drive accretive growth for our shareholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the first quarter of $57.9 million, or $0.30 per diluted share, compared to $43.9 million, or $0.27 per diluted share, for the prior year quarter. Net income in the first quarter includes $12.1 million of gains on sale of real estate, as compared to $8.5 million of gains on sale of real estate for the prior year quarter.

The Company reported Core FFO for the first quarter of $102.7 million, representing a 34.0% increase compared to $76.6 million for the prior year quarter. The Company reported Core FFO of $0.52 per diluted share, representing an increase of 8.3% compared to $0.48 per diluted share for the prior year quarter.

In the first quarter, the Company’s consolidated portfolio NOI on a GAAP and Cash basis both increased by 32.8% compared to the prior year quarter.

In the first quarter, the Company’s Same Property Portfolio NOI increased 7.3% compared to the prior year quarter, driven by a 6.1% increase in Same Property Portfolio rental income and a 2.3% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.7% compared to the prior year quarter.

Operating Results:

First quarter 2023 leasing activity

2022
Q4

Q4 2022 Earnings

8-K

Feb 8, 2023

0001571283-23-000003

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Exhibit 99.1

Rexford Industrial Announces Fourth Quarter and Full Year 2022 Financial Results

Los Angeles, California - February 8, 2023 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the fourth quarter and full year of 2022.

Fourth Quarter 2022 Financial and Operational Highlights:

•Net income attributable to common stockholders of $40.7 million, or $0.22 per diluted share, as compared to $34.8 million, or $0.23 per diluted share, for the prior year quarter.

•Company share of Core FFO of $90.3 million, an increase of 29.8% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.49, an increase of 8.9% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $136.4 million, an increase of 35.7% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 7.3% and Same Property Portfolio Cash NOI increased 10.7% as compared to the prior year quarter.

•98.0% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.1 million rentable square feet of new and renewal leases increased by 77.0% compared to prior rents on a GAAP basis and by 52.4% on a cash basis.

•Acquired 11 properties for an aggregate purchase price of $357.9 million.

•Issued a total of 6.5 million shares of common stock for total net proceeds of $388.0 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 14.9%.

•Subsequent to quarter end, the Company declared a quarterly dividend of $0.38 per share, an increase of 20.6% from the prior rate of $0.315 per share.

Full Year 2022 Financial and Operational Highlights:

•Net income attributable to common stockholders of $157.5 million, or $0.92 per diluted share, as compared to $111.8 million, or $0.80 per diluted share, for the prior year.

•Company share of Core FFO of $334.7 million, an increase of 45.3% as compared to the prior year.

•Company share of Core FFO per diluted share of $1.96, an increase of 19.5% as compared to the prior year.

•Consolidated Portfolio NOI of $480.1 million, an increase of 39.6% as compared to the prior year.

•Same Property Portfolio NOI increased 7.4% and Same Property Portfolio Cash NOI increased 10.5% as compared to the prior year.

•98.7% Average Same Property Portfolio occupancy.

•Comparable rental rates on 5.1 million rentable square feet of new and renewal leases increased by 80.9% compared to prior rents on a GAAP basis and by 58.8% on a cash basis.

•Acquired 61 properties for an aggregate purchase price of $2.4 billion and sold one property for a sales price of $16.5 million.

•Issued a total of 28.3 million shares of common stock for total net proceeds of $1.8 billion.

•Received credit rating upgrades to BBB+ (Fitch, S&P) and Baa2 (Moody’s)

“Rexford Industrial, the nation’s largest pure-play, U.S.-focused industrial REIT, delivered exceptional fourth quarter and full year results enabled by our differentiated strategy focused on value creation within infill Southern California, the nation’s highest-demand with lowest-supply major industrial market. For the full year, our team increased Core FFO by 45% and Core FFO per share by 20% compared to the prior year. We executed 5.1 million square feet of new and

renewal leases at leasing spreads of 81% and 59% on a GAAP and cash basis, respectively. Our proprietary acquisition sourcing generated a record $2.4 billion of investments within our premier infill Southern California industrial market, 90% of which were transacted on an off-market or lightly marketed basis. During the year, we stabilized seven repositioning projects totaling $140.1 million dollars in total investment, at an aggregate 8.9% unlevered stabilized yield. Thanks to the extraordinary results delivered by our team, we are pleased to increase our dividend by 21%, reflecting our continued commitment to delivering superior total shareholder returns,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “Looking forward, our in-place portfolio is poised to deliver significant embedded NOI growth through an estimated 73% net effective mark-to-market on in-place leases and with over 3.3 million square feet of value-add repositioning and redevelopment projects underway or in our near-term pipeline. We also continue to source accretive investment opportunities, with $405 million of investments closed year-to-date and an additional pipeline of over $125 million of acquisitions under contract or accepted offer, which are subject to customary closing conditions. Our low leverage balance sheet achieves the dual outcome associated with protectin

2022
Q3

Q3 2022 Earnings

8-K

Oct 19, 2022

0001571283-22-000033

EX-99.1

2 rexrex991q3-2022.htm

EX-99.1

Document

Exhibit 99.1

REXFORD INDUSTRIAL ANNOUNCES THIRD QUARTER 2022 FINANCIAL RESULTS

Los Angeles, California - October 19, 2022 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the third quarter of 2022.

Third Quarter 2022 Financial and Operational Highlights:

•Net income attributable to common stockholders of $36.8 million, or $0.21 per diluted share, as compared to $31.5 million, or $0.23 per diluted share, for the prior year quarter.

•Company share of Core FFO of $86.1 million, an increase of 44.5% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.50, an increase of 16.3% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $123.0 million, an increase of 40.1% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 7.2% and Same Property Portfolio Cash NOI increased 9.7% as compared to the prior year quarter.

•98.6% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.7 million rentable square feet of new and renewal leases increased by 88.6% compared to prior rents on a GAAP basis and by 62.9% on a cash basis.

•Acquired 15 properties for an aggregate purchase price of $977.5 million.

•Issued a total of 11.5 million shares of common stock for total net proceeds of $697.0 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 15.9%.

•Received credit rating upgrades to BBB+ (S&P) and Baa2 (Moody’s).

“Our team produced exceptional third quarter results, a testament to our entrepreneurial and differentiated business model focused on value creation within the infill Southern California industrial market. Despite growing macroeconomic uncertainty, our infill Southern California industrial markets continue to demonstrate healthy tenant demand, operating at 99% occupancy amidst a persistent, virtually incurable supply-demand imbalance,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “In the third quarter Rexford Industrial grew Core FFO on a per share basis by 16% compared to the prior year, driven by Core FFO growth of 45%. Our team executed 1.7 million square feet of leasing activity at re-leasing spreads of 89% and 63%, on a GAAP and cash basis, respectively. We completed $977 million of investments in the third quarter, plus an additional $22 million of acquisitions completed subsequent to quarter end, bringing our year-to-date total investments to $2.1 billion. The Company is well-positioned, with over $250 million of additional investments under contract or accepted offer, which are subject to customary closing conditions, that are projected to deliver an aggregate stabilized unlevered yield on total investment of approximately 5.5%, well in-excess of current market yields. Our highly selective approach to capital allocation combined with our investment grade, fortress-like balance sheet, positions the Company to capitalize on accretive internal and external growth strategies that drive long-term value creation for our shareholders through all phases of the economic cycle.”

Financial Results:

The Company reported net income attributable to common stockholders for the third quarter of $36.8 million, or $0.21 per diluted share, compared to $31.5 million, or $0.23 per diluted share, for the prior year quarter. The net income in the prior year quarter includes $13.7 million of gains on sale of real estate. For the nine months ended September 30, 2022, net income attributable to common stockholders was $116.8 million, or $0.70 per diluted share, compared to $77.0 million, or $0.57 per diluted share for the prior year. The net income for the nine months ended September 30, 2022, includes $8.5 million of gains on sale of real estate, as compared to $27.3 million for the prior year.

The Company reported Core FFO for the third quarter of $86.1 million, representing a 44.5% increase compared to $59.6 million for the prior year quarter. The Company reported Core FFO of $0.50 per diluted share, representing an increase of 16.3% compared to $0.43 per diluted share for the prior year quarter. For the nine months ended September 30, 2022, Core FFO was $244.4 million, representing a 52.1% increase compared to $160.7 million for the prior year. For the nine months ended September 30, 2022, the Company reported Core FFO of $1.47 per diluted share, representing an increase of 23.5% compared to $1.19 per diluted share for the prior year.

In the third quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 40.1% and 36.6%, respectively, compared to the prior year quarter. For the ni

2022
Q2

Q2 2022 Earnings

8-K

Jul 20, 2022

0001571283-22-000025

EX-99.1

2 rexrex991q2-2022.htm

EX-99.1

Document

Exhibit 99.1

REXFORD INDUSTRIAL ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

Los Angeles, California - July 20, 2022 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the second quarter of 2022.

Second Quarter 2022 Financial and Operational Highlights:

•Net income attributable to common stockholders of $36.1 million, or $0.22 per diluted share, as compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter.

•Company share of Core FFO of $81.7 million, an increase of 54.7% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.49, an increase of 25.6% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $113.6 million, an increase of 42.5% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 7.0% and Same Property Portfolio Cash NOI increased 10.1% as compared to the prior year quarter.

•99.1% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.4 million rentable square feet of new and renewal leases increased by 83.0% compared to prior rents on a GAAP basis and by 61.5% on a cash basis.

•Acquired 18 properties for an aggregate purchase price of $598.9 million.

•Issued a total of 6.0 million shares of common stock for total net proceeds of $419.4 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.5%.

“Our team’s performance through the first half of 2022 demonstrates the strength of our entrepreneurial business model focused on value creation within the infill Southern California industrial market, the world's fourth largest and our nation’s highest-demand, lowest vacancy industrial market. Tenant demand continues to exceed supply with overall infill Southern California market vacancy estimated at 0.8%,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “In the second quarter we grew Core FFO by 26% on a per share basis compared to the prior year, driven by Core FFO growth of 55% and consolidated NOI growth of 43%. Our team executed 1.4 million square feet of leasing activity at record releasing spreads of 83% and 62%, on a GAAP and cash basis, respectively, and we completed the quarter with average Same Property occupancy at 99.1%. We completed $599 million of investments in the quarter plus an additional $587 million subsequent to quarter end, bringing our year-to-date total to $1.6 billion. Looking ahead, we have over $500 million of additional investments under contract or accepted offer plus a deep range of accretive internal growth initiatives under-way. We continue to maintain our investment grade, fortress-like balance sheet with a net debt-to-enterprise value ratio of 13.5%, positioning the Company to enable significant value creation for our shareholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the second quarter of $36.1 million, or $0.22 per diluted share, compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter. The net income for the prior year quarter includes $2.8 million of gains on sale of real estate. There was no sale of real estate during the current quarter. For the six months ended June 30, 2022, net income attributable to common stockholders was $80.0 million, or $0.49 per diluted share, compared to $45.4 million, or $0.34 per diluted share for the prior year. The net income for the six months ended June 30, 2022 includes $8.5 million of gains on sale of real estate, as compared to $13.6 million for the prior year.

The Company reported Core FFO for the second quarter of $81.7 million, representing a 54.7% increase compared to $52.8 million for the prior year quarter. The Company reported Core FFO of $0.49 per diluted share, representing an increase of 25.6% compared to $0.39 per diluted share for the prior year quarter. For the six months ended June 30, 2022, Core FFO was $158.3 million, representing a 56.5% increase compared to $101.2 million for the prior year. For the six months ended June 30, 2022, the Company reported Core FFO of $0.97 per diluted share, representing an increase of 27.6% compared to $0.76 per diluted share for the prior year.

In the second quarter, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 42.5% and 38.6%, respectively, compared to the prior year quarter. For the six months ended June 30, 2022, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 41.7% and 38.1%, respectively, compared to the prior year.

In the second quarter, the Company’s Same Property Portfolio NOI i

2022
Q1

Q1 2022 Earnings

8-K

Apr 19, 2022

0001571283-22-000012

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Document

Exhibit 99.1

REXFORD INDUSTRIAL ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS

Los Angeles, California - April 19, 2022 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the first quarter of 2022.

First Quarter 2022 Financial and Operational Highlights:

•Net income attributable to common stockholders of $43.9 million, or $0.27 per diluted share, as compared to $24.9 million, or $0.19 per diluted share, for the prior year quarter.

•Company share of Core FFO of $76.6 million, an increase of 58.4% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.48, an increase of 29.7% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $107.2 million, an increase of 40.9% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 8.0% and Same Property Portfolio Cash NOI increased 11.7% as compared to the prior year quarter.

•99.2% Average Same Property Portfolio occupancy.

•Comparable rental rates on 0.9 million rentable square feet of new and renewal leases increased by 71.1% compared to prior rents on a GAAP basis and by 56.9% on a cash basis.

•Acquired 17 properties for an aggregate purchase price of $457.7 million and sold one property for a sales price of $16.5 million.

•Issued a total of 4.4 million shares of common stock for total net proceeds of $305.9 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 10.3%.

“Our exceptional first quarter performance demonstrates the unique nature of the Rexford business model and the strength and resiliency of our infill Southern California industrial market, the world's fourth largest and our nation’s highest-demand, lowest supply industrial market. We achieved Core FFO growth of 58%, equal to 30% on a per share basis, compared to the prior year quarter, driven by consolidated NOI growth of over 40% compared to the prior year quarter. Our team executed 0.9 million square feet of leasing activity at record releasing spreads of 71% and 57%, on a GAAP and cash basis, respectively, and we ended the quarter with Same Property occupancy at 99.3%,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “We continue to capitalize upon the scale of our platform and deepen our presence within the infill Southern California industrial market, completing $458 million of investments in the first quarter. Looking ahead, we have over $500 million of additional investments under contract or accepted offer and a range of accretive internal growth initiatives, and, when combined with our low-leverage balance sheet, we are well positioned to drive cash flow growth and significant value creation for our stakeholders.”

Financial Results:

The Company reported net income attributable to common stockholders for the first quarter of $43.9 million, or $0.27 per diluted share, compared to $24.9 million, or $0.19 per diluted share, for the prior year quarter. Net income in the first quarter includes $8.5 million of gains on sale of real estate, as compared to a $10.9 million of gains on sale of real estate for the prior year quarter.

The Company reported Core FFO for the first quarter of $76.6 million, representing a 58.4% increase compared to $48.4 million for the prior year quarter. The Company reported Core FFO of $0.48 per diluted share, representing an increase of 29.7% compared to $0.37 per diluted share for the prior year quarter.

In the first quarter, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 40.9% and 37.6%, respectively, compared to the prior year quarter.

In the first quarter, the Company’s Same Property Portfolio NOI increased 8.0% compared to the prior year quarter, driven by a 9.0% increase in Same Property Portfolio rental income and a 12.2% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 11.7% compared to the prior year quarter. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased by 12.3% compared to the prior year quarter.

Operating Results:

First quarter 2022 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial’s target Southern California infill markets:

Q1-2022 Leasing Activity

Releasing Spreads

# of Leases Executed

SF of Leasing

GAAP

Cash

New Leases 35314,56766.3%49.1%

Renewal Leases 54552,82872.8%59.9%

Total Leases 89867,39571.1%56.9%

At March 31, 2022, the Company’s Same Property Portfolio occupancy was 99.3%. Average Same Property Portfolio occupa

2021
Q4

Q4 2021 Earnings

8-K

Feb 9, 2022

0001571283-22-000004

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Document

Exhibit 99.1

REXFORD INDUSTRIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS

Los Angeles, California - February 9, 2022 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the fourth quarter and full year of 2021.

Fourth Quarter 2021 Financial and Operational Highlights:

•Net income attributable to common stockholders of $34.8 million, or $0.23 per diluted share, as compared to $13.2 million, or $0.10 per diluted share, for the prior year quarter.

•Company share of Core FFO of $69.6 million, an increase of 61.5% as compared to the prior year quarter.

•Company share of Core FFO per diluted share of $0.45, an increase of 32.4% as compared to the prior year quarter.

•Consolidated Portfolio Net Operating Income (NOI) of $100.5 million, an increase of 51.2% as compared to the prior year quarter.

•Same Property Portfolio NOI increased 10.0% and Same Property Portfolio Cash NOI increased 6.8% as compared to the prior year quarter.

•99.0% Average Same Property Portfolio occupancy.

•Comparable rental rates on 1.0 million rentable square feet of new and renewal leases increased by 34.2% compared to prior rents on a GAAP basis and by 21.5% on a cash basis.

•Acquired 19 properties for an aggregate purchase price of $551.4 million and sold one property for a sales price of $11.7 million.

•Issued a total of 8.8 million shares of common stock for total net proceeds of $534.1 million.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 9.1%.

•Subsequent to quarter end, the Company declared a quarterly dividend of $0.315 per share, an increase of 31.3% from the prior rate of $0.24 per share.

Full Year 2021 Financial and Operational Highlights:

•Net income attributable to common stockholders of $111.8 million, or $0.80 per diluted share, as compared to $61.3 million, or $0.51 per diluted share, for the prior year.

•Company share of Core FFO of $230.3 million, an increase of 44.0% as compared to the prior year.

•Company share of Core FFO per diluted share of $1.64, an increase of 24.2% as compared to the prior year.

•Consolidated Portfolio NOI of $344.0 million, an increase of 37.8% as compared to the prior year.

•Same Property Portfolio NOI increased 9.1% and Same Property Portfolio Cash NOI increased 12.3% as compared to the prior year.

•Comparable rental rates on 7.0 million rentable square feet of new and renewal leases increased by 42.7% compared to prior rents on a GAAP basis and by 28.8% on a cash basis.

•Acquired 53 properties for an aggregate purchase price of $1.9 billion and sold five properties for an aggregate sales price of $59.3 million.

•Issued a total of 28.5 million shares of common stock for total net proceeds of $1.6 billion.

“Our outstanding fourth quarter and full year 2021 results reflect the strength of Rexford Industrial’s entrepreneurial team, our highly-focused, value-driven business model and our proprietary access to high-quality, accretive investment opportunities throughout the infill Southern California market, the world's fourth largest and our nation’s highest-

demand, lowest supply industrial market. We achieved Core FFO growth of 61%, equal to 32% on a per share basis compared to the prior year quarter, fueled by consolidated NOI growth of 51%. Our team executed 1.0 million square feet of leasing activity at sector-leading GAAP and cash releasing spreads of 34.2% and 21.5%, respectively. As a reflection of this exceptional performance, we are also pleased to be increasing our dividend by over 31%, demonstrating our commitment to delivering superior shareholder returns,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “The growth opportunity before us remains substantial, as we capitalize upon the scale and fragmentation of the infill Southern California industrial market to deepen our market penetration, having completed $1.9 billion of investments in 2021. Looking ahead, we believe Rexford Industrial is well positioned to create value for shareholders with significant internal and external growth initiatives under-way, including over $450 million of new investments under contract or accepted offer plus approximately 3 million square feet of in-process and near-term value-add repositioning and redevelopment projects with a projected incremental investment of $380 million. The Company also enjoys substantial liquidity while maintaining a best-in-class low-leverage balance sheet, ending the year with 9.1% net debt-to-enterprise value, as we drive cash flow growth and value creation for our stakeholders.”

Financial Results:

The Company reported net income attribu

2021
Q3

Q3 2021 Earnings

8-K

Oct 20, 2021

0001571283-21-000042

EX-99.1

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EX-99.1

Document

Exhibit 99.1

REXFORD INDUSTRIAL ANNOUNCES THIRD QUARTER 2021 FINANCIAL RESULTS

Los Angeles, California - October 20, 2021 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the third quarter of 2021.

Third Quarter 2021 Financial and Operational Highlights:

•Net income attributable to common stockholders of $31.5 million, or $0.23 per diluted share, as compared to $25.9 million, or $0.21 per diluted share, for the third quarter of 2020.

•Company share of Core FFO of $59.6 million, an increase of 46.9% as compared to the third quarter 2020.

•Company share of Core FFO per diluted share of $0.43, an increase of 30.3% as compared to the third quarter 2020.

•Consolidated Portfolio Net Operating Income (NOI) of $87.8 million, an increase of 39.4% as compared to the third quarter of 2020.

•Same Property Portfolio(1) NOI increased 9.7% and Same Property Portfolio(1) Cash NOI increased 13.3% as compared to the third quarter 2020.

•Average Same Property Portfolio occupancy was 98.6%.

•Comparable rental rates on 1.8 million rentable square feet of new and renewal leases were 54.3% higher than prior rents on a GAAP basis and 38.5% higher on a cash basis.

•Acquired thirteen properties for an aggregate purchase price of $880.5 million and sold one property for a sales price of $18.6 million.

•Completed a debt offering of $400 million aggregate principal 2.150% Senior Notes due September 1, 2031.

•Issued a total of 13.7 million shares of common stock for total net proceeds of $783 million through a range of equity transactions.

•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 12.7%.

“Our team produced another quarter of extraordinary results, reflecting the unique, entrepreneurial nature of the Rexford business model and the strength of our infill Southern California industrial market. We achieved Core FFO growth of 47% and 30% on a per share basis, fueled by consolidated NOI growth of 39%, compared to the prior year quarter. Our team executed 1.8 million square feet of leasing activity at outstanding GAAP and cash releasing spreads of 54% and 39%, respectively,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “We continued to scale our operating platform and deepen our market penetration with thirteen acquisitions during the quarter for $880 million, surpassing $1.3 billion of investments completed year-to-date. Our investment activity is planting the seeds for what we believe will be sustained cash flow growth into future periods. Meanwhile, with over $300 million of opportunities under contract or accepted offer, we remain well-positioned with substantial liquidity and a best-in-class, low leverage balance sheet at 12.7% net debt to enterprise value to drive substantial value creation and long-term shareholder value.”


(1)The Same Property Portfolio was previously referred to as the “Stabilized Same Property Portfolio.” No definitional changes have been made.

Financial Results:

The Company reported net income attributable to common stockholders of $31.5 million, or $0.23 per diluted share, for the three months ended September 30, 2021, as compared to net income attributable to common stockholders of $25.9 million, or $0.21 per diluted share, for the three months ended September 30, 2020. Net income for both the three months ended September 30, 2021 and the three months ended September 30, 2020, include $13.7 million of gains on sale of real estate.

The Company reported net income attributable to common stockholders of $77.0 million, or $0.57 per diluted share, for the nine months ended September 30, 2021, as compared to net income attributable to common stockholders of $48.1 million, or $0.40 per diluted share, for the nine months ended September 30, 2020. Net income for the nine months ended September 30, 2021 includes $27.3 million of gains on sale of real estate, as compared to $13.7 million for the nine months ended September 30, 2020.

For the three months ended September 30, 2021, Company share of Core FFO increased 46.9% year-over-year to $59.6 million, or $0.43 per diluted share of common stock, equal to a 30.3% increase, as compared to Company share of Core FFO of $40.6 million, or $0.33 per diluted share of common stock, for the three months ended September 30, 2020.

For the nine months ended September 30, 2021, Company share of Core FFO increased 37.5% year-over-year to $160.7 million, or $1.19 per diluted share of common stock, equal to a 21.4% increase, as compared to Company share of Core FFO of $116.9 million, or $0.98 per diluted share of common stock, for the ni

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