8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549  

FORM 8-K  

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 19, 2023

REXFORD INDUSTRIAL REALTY, INC.

(Exact name of registrant as specified in its charter) 

Maryland	001-36008	46-2024407
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

11620 Wilshire Boulevard, Suite 1000
Los Angeles
California	90025
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (310) 966-1680

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbols	Name of each exchange on which registered
Common Stock, $0.01 par value	REXR	New York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred Stock	REXR-PB	New York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred Stock	REXR-PC	New York Stock Exchange

 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On July 19, 2023, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended June 30, 2023, and distributed certain supplemental financial information. On July 19, 2023, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively.

The information included in this Current Report on Form 8-K under this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) are being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE  

As discussed in Item 2.02 above, Rexford Industrial issued a press release announcing its earnings for the quarter ended June 30, 2023 and distributed certain supplemental information. On July 19, 2023, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  

The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits.

Exhibit Number	Description
99.1	Press Release Dated July 19, 2023
99.2	Second Quarter 2023 Supplemental Financial Report
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Rexford Industrial Realty, Inc.
July 19, 2023	/s/ Michael S. Frankel
	Michael S. Frankel Co-Chief Executive Officer (Principal Executive Officer)
	Rexford Industrial Realty, Inc.
July 19, 2023	/s/ Howard Schwimmer
	Howard Schwimmer Co-Chief Executive Officer (Principal Executive Officer)

EX-99.1

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 Company reported Core FFO of $1.06 per diluted share, representing an increase of 9.3% compared to $0.97 per diluted share for the prior year.

In the second quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 31.9% and 36.2%, respectively, compared to the prior year quarter. For the six months ended June 30, 2023, the Company’s consolidated portfolio NOI and Cash NOI increased 32.3% and 34.6%, respectively, compared to the prior year.

In the second quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 8.0% and 10.0%, respectively, compared to the prior year quarter. For the six months ended June 30, 2023, the Company’s Same Property Portfolio NOI and Cash NOI increased 7.6% and 10.3%, respectively compared to the prior year.

Operating Results:

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

	Q2-2023 Leasing Activity
			Releasing Spreads
	# of Leases Executed	SF of Leasing	GAAP	Cash
New Leases	53	961,235	83.8%	66.9%
Renewal Leases	76	1,165,452	100.2%	76.8%
Total Leases	129	2,126,687	96.8%	74.8%

As of June 30, 2023, the Company’s Same Property Portfolio occupancy was 98.1%. Average Same Property Portfolio occupancy for the second quarter was 98.0%. As of June 30, 2023, the Company’s consolidated portfolio, excluding value-add repositioning assets, was 97.3% occupied and 97.4% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 94.0% occupied and 94.2% leased. As of June 30, 2023, lease expirations for the remainder of 2023 totaled 2.6 million rentable square feet, representing approximately 5.9% of portfolio rentable square feet.

Transaction Activity:

During the second quarter of 2023, the Company completed three acquisitions with 0.2 million square feet of buildings on 15 acres of land for an aggregate purchase price of $83.3 million. In April, the Company acquired the following transaction not previously disclosed:

•2395-2399 Bateman Avenue, Irwindale, located in the LA – San Gabriel Valley submarket, through an off-market transaction, for $41.2 million, or $305 per square foot. The 6.4 acre site encompasses three modern industrial buildings, totaling 134,942 square feet, and is leased at rents estimated to be approximately 60% below current market rates. Upon near-term expirations, the Company intends to drive accretive cash flow growth through the renewal of the existing tenants or through re-tenanting following a value-add repositioning of the property. The investment is projected to generate a 5.4% unlevered stabilized cash yield on total investment. According to CBRE, the vacancy rate in the 161 million square foot LA – San Gabriel Valley submarket was 1.5% at the end of the second quarter 2023.

Subsequent to the second quarter of 2023, the Company completed two acquisitions for an aggregate purchase price of $59.4 million:

•27712-27756 Avenue Mentry, Santa Clarita, located in the LA – Greater San Fernando Valley submarket, through an off-market transaction, for $38.0 million, or $172 per square foot. The 9.1 acre site is improved with two buildings totaling 220,752 square feet and is subject to a long-term lease to a single tenant. The investment generates an initial unlevered cash yield of 5.3%. According to CBRE, the vacancy rate in the 179 million square foot LA – Greater San Fernando Valley submarket was 1.0% at the end of the second quarter 2023.

•5630 Cerritos Avenue, Cypress, located in the OC – West submarket for $21.4 million, or $281 per square foot. The 76,032 square foot single-tenant building on 3.6 acres is subject to a long-term lease generating an initial unlevered cash yield of 6.4%. According to CBRE, the vacancy rate in the 42 million square foot OC – West submarket was 0.8% at the end of the second quarter 2023.

The $904.9 million of investments completed year to date, including transactions closed subsequent to quarter end, are projected to generate a weighted average unlevered initial yield of 5.1% and a projected weighted average unlevered stabilized yield on total investment of 5.9%.

During the second quarter of 2023, the Company stabilized four repositioning and redevelopment projects representing 374,564 square feet of buildings and a 208,976 square foot Industrial Outdoor Storage site representing a total investment of $131 million.The projects achieved a weighted average unlevered stabilized yield on total investment of 6.8%.

Balance Sheet:

The Company ended the second quarter with $136.3 million in cash on hand and $1.0 billion available under its unsecured revolving credit facility. As of June 30, 2023, the Company had $2.2 billion of outstanding debt, with an average interest rate of 3.6%, an average term-to-maturity of 5.1 years and no floating rate debt exposure. Including extension options available at the Company’s option, the Company has no significant debt maturities until 2026.

During the second quarter of 2023, the Company completed a public offering of 13,500,000 shares of common stock subject to forward equity sale agreements at a public offering price of $55.60 per share for an offering value of $750.6 million.

Subsequent to the second quarter of 2023, the Company partially settled the outstanding forward equity sale agreements related to the public offering by issuing 5,400,000 shares of common stock in exchange for net proceeds of $298.4 million.

As of July 19, 2023, the Company had approximately $447.8 million of forward net proceeds remaining for settlement prior to October 11, 2024.

During the second quarter of 2023, the Company did not execute on its at-the-market equity offering program (“ATM Program”). As of June 30, 2023, the Company’s at-the-market equity offering program had approximately $1.1 billion of remaining capacity.

Dividends:

On July 17, 2023, the Company’s Board of Directors declared a dividend in the amount of $0.38 per share for the third quarter of 2023, payable in cash on October 16, 2023, to common stockholders and common unit holders of record as of September 29, 2023.

On July 17, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on September 29, 2023, to preferred stockholders of record as of September 15, 2023.

Guidance

The Company is updating its full year 2023 guidance as indicated below. The Core FFO guidance refers to the Company’s in-place portfolio as of July 19, 2023 including the imminent closing of a $210.0 million transaction in the LA — Mid-Counties market, and does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company’s supplemental information package for a complete detail of guidance and 2023 Guidance Rollforward.

2023 Outlook (1)	Q2 2023 Updated Guidance	Q1 2023 Guidance
Net Income Attributable to Common Stockholders per diluted share	$1.03 - $1.06	$1.01 - $1.05
Company share of Core FFO per diluted share	$2.13 - $2.16	$2.11 - $2.15
Same Property Portfolio NOI Growth - GAAP	7.75% - 8.50%	7.75% - 8.50%
Same Property Portfolio NOI Growth - Cash	9.50% - 10.25%	9.50% - 10.25%
Average Same Property Portfolio Occupancy (Full Year) (2)	97.5% - 98.0%	97.5% - 98.0%
General and Administrative Expenses (3)	$75.0M - $76.0M	$75.0M - $76.0M
Net Interest Expense	$64.5M - $65.5M	$65.0M - $66.0M

(1)2023 Guidance represents the in-place portfolio as of July 19, 2023 including the imminent closing of a $210.0 million transaction in the LA — Mid-Counties market, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.

(2)2023 Same Property Portfolio ending occupancy is projected to be approximately 98.0%.

(3)2023 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $31.0 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company’s overall performance and may or may not be realized based on actual results.

A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the potential impacts related to interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Supplemental Information and Investor Presentation:

The Company’s supplemental financial reporting package as well as an updated investor presentation are available on the Company’s investor relations website at www.ir.rexfordindustrial.com.

Earnings Release, Investor Conference Webcast and Conference Call:

A conference call with senior management will be held on Thursday, July 20, 2023, at 1:00 p.m. Eastern Time.

To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time.

1-877-407-0789 (for domestic callers)

1-201-689-8562 (for international callers)

Conference call playback will be available through August 20, 2023, and can be accessed using the following numbers and pass code 13734481.

1-844-512-2921 (for domestic callers)

1-412-317-6671 (for international callers)

A live webcast and replay of the conference call will also be available at www.ir.rexfordindustrial.com.

About Rexford Industrial:

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 367 properties with approximately 44.5 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.

Forward Looking Statements:

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. In addition, projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Definitions / Discussion of Non-GAAP Financial Measures:

Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below in the Financial Statements and Reconciliations section. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Reconciliation of Net Income to Funds From Operations and Core Funds From Operations” table which is located in the Financial Statements and Reconciliations section below. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by the Company to be part of its on-going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company Share of Core FFO per Diluted Share Guidance:

The following is a reconciliation of the Company’s 2023 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.

	2023 Estimate
	Low		High
Net income attributable to common stockholders	$	1.03	$	1.06
Company share of depreciation and amortization	1.16		1.16
Company share of gains on sale of real estate	(0.06)		(0.06)
Company share of FFO	$	2.13	$	2.16

Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization

expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.

NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) fair value lease revenue and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below in the Financial Statements and Reconciliations section.

Same Property Portfolio: Our 2023 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through June 30, 2023, and excludes (i) properties that were acquired or sold during the period from January 1, 2022 through June 30, 2023, and (ii) properties acquired prior to January 1, 2022 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2022 and 2023 and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods. As of June 30, 2023, our 2023 Same Property Portfolio consists of buildings aggregating 32,496,302 rentable square feet at 256 of our properties.

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning construction work.

Net Debt to Enterprise Value: As of June 30, 2023, we had consolidated indebtedness of $2.2 billion, reflecting a net debt to enterprise value of approximately 16.0%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt. Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.

Contact:

investorrelations@rexfordindustrial.com

Financial Statements and Reconciliations:

Rexford Industrial Realty, Inc.

Consolidated Balance Sheets

(In thousands except share data)

	June 30, 2023		December 31, 2022
	(unaudited)
ASSETS
Land	$	6,400,698	$	5,841,195
Buildings and improvements	3,723,837		3,370,494
Tenant improvements	155,182		147,632
Furniture, fixtures, and equipment	132		132
Construction in progress	127,416		110,934
Total real estate held for investment	10,407,265		9,470,387
Accumulated depreciation	(695,129)		(614,332)
Investments in real estate, net	9,712,136		8,856,055
Cash and cash equivalents	136,282		36,786
Rents and other receivables, net	14,126		15,227
Deferred rent receivable, net	103,192		88,144
Deferred leasing costs, net	54,848		45,080
Deferred loan costs, net	4,139		4,829
Acquired lease intangible assets, net	147,990		169,986
Acquired indefinite-lived intangible	5,156		5,156
Interest rate swap asset	19,869		11,422
Other assets	19,055		24,973
Acquisition related deposits	8,700		1,625
Total Assets	$	10,225,493	$	9,259,283
LIABILITIES & EQUITY
Liabilities
Notes payable	$	2,227,154	$	1,936,381
Accounts payable, accrued expenses and other liabilities	109,881		97,496
Dividends and distributions payable	79,370		62,033
Acquired lease intangible liabilities, net	130,511		147,384
Tenant security deposits	81,163		71,935
Prepaid rents	42,600		20,712
Total Liabilities	2,670,679		2,335,941
Equity
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2023 and December 31, 2022 ($75,000 liquidation preference)	72,443		72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2023 and December 31, 2022 ($86,250 liquidation preference)	83,233		83,233
Common Stock,$ 0.01 par value per share, 489,950,000 authorized and 201,041,741 and 189,114,129 shares outstanding at June 30, 2023 and December 31, 2022, respectively	2,010		1,891
Additional paid in capital	7,311,458		6,646,867
Cumulative distributions in excess of earnings	(298,367)		(255,743)
Accumulated other comprehensive loss	16,525		8,247
Total stockholders’ equity	7,187,302		6,556,938
Noncontrolling interests	367,512		366,404
Total Equity	7,554,814		6,923,342
Total Liabilities and Equity	$	10,225,493	$	9,259,283

Rexford Industrial Realty, Inc.

Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
REVENUES
Rental income	$	194,098	$	148,987	$	379,262	$	289,575
Management and leasing services	171		130		361		293
Interest income	1,497		1		2,379		2
TOTAL REVENUES	195,766		149,118		382,002		289,870
OPERATING EXPENSES
Property expenses	44,310		35,405		87,135		68,834
General and administrative	18,267		14,863		36,464		29,580
Depreciation and amortization	58,793		46,609		118,222		89,080
TOTAL OPERATING EXPENSES	121,370		96,877		241,821		187,494
OTHER EXPENSES
Other expenses	306		295		953		333
Interest expense	17,180		10,168		30,881		19,851
TOTAL EXPENSES	138,856		107,340		273,655		207,678
Loss on extinguishment of debt	—		(877)		—		(877)
Gains on sale of real estate	—		—		12,133		8,486
NET INCOME	56,910		40,901		120,480		89,801
Less: net income attributable to noncontrolling interests	(2,717)		(2,290)		(5,781)		(4,774)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	54,193		38,611		114,699		85,027
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: earnings attributable to participating securities	(318)		(203)		(638)		(404)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	51,560	$	36,093	$	109,432	$	79,994
Net income attributable to common stockholders per share – basic	$	0.26	$	0.22	$	0.55	$	0.49
Net income attributable to common stockholders per share – diluted	$	0.26	$	0.22	$	0.55	$	0.49
Weighted-average shares of common stock outstanding – basic	200,611		164,896		198,003		162,774
Weighted-average shares of common stock outstanding – diluted	200,667		165,201		198,238		163,136

Rexford Industrial Realty, Inc.

Same Property Portfolio Occupancy and NOI and Cash NOI

(Unaudited, dollars in thousands)

Same Property Portfolio Occupancy:
	June 30,
	2023	2022	Change (basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County	98.0%	98.8%	(80) bps
Orange County	98.9%	99.0%	(10) bps
Riverside / San Bernardino County	96.9%	99.0%	(210) bps
San Diego County	98.4%	98.8%	(40) bps
Ventura County	99.2%	98.7%	50 bps
Same Property Portfolio Weighted Average Occupancy	98.0%	98.9%	(90) bps
Ending Occupancy:	98.1%	98.6%	(50) bps

(1)Calculated by averaging the occupancy rate at the end of each month in 2Q-2023 and March 2023 (for 2Q-2023) and the end of each month in 2Q-2022 and March 2022 (for 2Q-2022).

Same Property Portfolio NOI and Cash NOI:
	Three Months Ended June 30,								Six Months Ended June 30,
	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Rental income	$	136,632	$	128,005	$	8,627	6.7	%	$	270,241	$	254,070	$	16,171	6.4	%
Property expenses	30,091		29,343		748		2.5	%	59,854		58,475		1,379		2.4	%
Same Property Portfolio NOI	$	106,541	$	98,662	$	7,879	8.0	%	$	210,387	$	195,595	$	14,792	7.6	%
Straight line rental revenue adjustment	(5,415)		(5,546)		131		(2.4)	%	(9,237)		(11,152)		1,915		(17.2)	%
Amortization of above/below market lease intangibles	(3,651)		(4,505)		854		(19.0)	%	(7,400)		(8,772)		1,372		(15.6)	%
Same Property Portfolio Cash NOI	$	97,475	$	88,611	$	8,864	10.0	%	$	193,750	$	175,671	$	18,079	10.3	%

Rexford Industrial Realty, Inc.

Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and

Same Property Portfolio Cash NOI

(Unaudited and in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	56,910	$	40,901	$	120,480	$	89,801
General and administrative	18,267		14,863		36,464		29,580
Depreciation and amortization	58,793		46,609		118,222		89,080
Other expenses	306		295		953		333
Interest expense	17,180		10,168		30,881		19,851
Loss on extinguishment of debt	—		877		—		877
Deduct:
Management and leasing services	(171)		(130)		(361)		(293)
Interest income	(1,497)		(1)		(2,379)		(2)
Gains on sale of real estate	—		—		(12,133)		(8,486)
Net operating income (NOI)	$	149,788	$	113,582	$	292,127	$	220,741
Straight line rental revenue adjustment	(8,653)		(8,441)		(16,281)		(15,342)
Amortization of above/below market lease intangibles(1)	(6,232)		(6,126)		(14,522)		(11,217)
Cash NOI	$	134,903	$	99,015	$	261,324	$	194,182
NOI	$	149,788	$	113,582	$	292,127	$	220,741
Non-Same Property Portfolio rental income	(57,466)		(20,982)		(109,021)		(35,505)
Non-Same Property Portfolio property expenses	14,219		6,062		27,281		10,359
Same Property Portfolio NOI	$	106,541	$	98,662	$	210,387	$	195,595
Straight line rental revenue adjustment	(5,415)		(5,546)		(9,237)		(11,152)
Amortization of above/below market lease intangibles	(3,651)		(4,505)		(7,400)		(8,772)
Same Property Portfolio Cash NOI	$	97,475	$	88,611	$	193,750	$	175,671

(1)The amortization of net below-market lease intangibles for the six months ended June 30, 2023 includes the write-off of $1,318 that is attributable to a below-market fixed rate renewal option that was not exercised due to the termination of the lease at the end of the initial lease term.

Rexford Industrial Realty, Inc.

Reconciliation of Net Income to Funds From Operations and Core Funds From Operations

(Unaudited and in thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	56,910	$	40,901	$	120,480	$	89,801
Adjustments:
Depreciation and amortization	58,793		46,609		118,222		89,080
Gains on sale of real estate	—		—		(12,133)		(8,486)
Funds From Operations (FFO)	$	115,703	$	87,510	$	226,569	$	170,395
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: FFO attributable to noncontrolling interests(1)	(4,812)		(4,131)		(9,645)		(7,918)
Less: FFO attributable to participating securities(2)	(451)		(307)		(878)		(603)
Company share of FFO	$	108,125	$	80,757	$	211,417	$	157,245
Company Share of FFO per common share – basic	$	0.54	$	0.49	$	1.07	$	0.97
Company Share of FFO per common share – diluted	$	0.54	$	0.49	$	1.07	$	0.96
FFO	$	115,703	$	87,510	$	226,569	$	170,395
Adjustments:
Acquisition expenses	247		56		320		92
Impairment of right-of-use asset	—		—		188		—
Loss on extinguishment of debt	—		877		—		877
Amortization of loss on termination of interest rate swaps	59		23		118		135
Non-capitalizable demolition costs	—		—		340		—
Write-offs of below-market lease intangibles related to unexercised renewal options(3)	—		—		(1,318)		—
Core FFO	$	116,009	$	88,466	$	226,217	$	171,499
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: Core FFO attributable to noncontrolling interest(1)	(4,823)		(4,169)		(9,632)		(7,962)
Less: Core FFO attributable to participating securities(2)	(452)		(311)		(877)		(607)
Company share of Core FFO	$	108,419	$	81,671	$	211,079	$	158,301
Company share of Core FFO per common share – basic	$	0.54	$	0.50	$	1.07	$	0.97
Company share of Core FFO per common share – diluted	$	0.54	$	0.49	$	1.06	$	0.97
Weighted-average shares of common stock outstanding – basic	200,611		164,896		198,003		162,774
Weighted-average shares of common stock outstanding – diluted	200,667		165,201		198,238		163,136

(1)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.

(2)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

(3)Reflects the write-off of the portion of a below-market lease intangible attributable to a below-market fixed rate renewal option that was not exercised due to the termination of the lease at the end of the initial lease term.

EX-99.2

Exhibit 99.2

Table of Contents.

Section	Page
Corporate Data:
Investor Company Summary	3
Company Overview	4
Highlights - Consolidated Financial Results	5
Financial and Portfolio Highlights and Capitalization Data	6
Guidance	7
Consolidated Financial Results:
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
Non-GAAP FFO, Core FFO and AFFO Reconciliations	12
Statement of Operations Reconciliations	15
Same Property Portfolio Performance	16
Capitalization Summary	17
Debt Summary	18
Portfolio Data:
Operations	20
Portfolio Overview	21
Leasing Statistics and Trends	22
Top Tenants and Lease Segmentation	24
Capital Expenditure Summary	25
Properties and Space Under Repositioning/Redevelopment	26
Acquisitions and Dispositions Summary	29
Net Asset Value Components	30
Notes and Definitions	31

Disclosures:

Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.

For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2022 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 13, 2023, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Second Quarter 2023 Supplemental Financial Reporting Package Page 2

Investor Company Summary.

Executive Management Team
Howard Schwimmer	Co-Chief Executive Officer, Director
Michael S. Frankel	Co-Chief Executive Officer, Director
Laura Clark	Chief Financial Officer
David Lanzer	General Counsel and Corporate Secretary

Board of Directors
Richard Ziman	Chairman
Tyler H. Rose	Lead Independent Director
Howard Schwimmer	Co-Chief Executive Officer, Director
Michael S. Frankel	Co-Chief Executive Officer, Director
Robert L. Antin	Director
Diana J. Ingram	Director
Angela L. Kleiman	Director
Debra L. Morris	Director

Investor Relations Information

investorrelations@rexfordindustrial.com

	Equity Research Coverage
BofA Securities	Camille Bonnel	(646) 855-5042
BMO Capital Markets	John Kim	(212) 885-4115
BNP Paribas Exane	Nate Crossett	(646) 725-3716
Citigroup Investment Research	Craig Mailman	(212) 816-4471
Green Street Advisors	Vince Tibone	(949) 640-8780
J.P. Morgan Securities	Michael Mueller	(212) 622-6689
Jefferies LLC	Jonathan Petersen	(212) 284-1705
Mizuho Securities USA	Vikram Malhotra	(212) 282-3827
Robert W. Baird & Co.	Nicholas Thillman	(414) 298-5053
Stifel	Stephen Manaker	(212) 271-3716
Wells Fargo Securities	Blaine Heck	(443) 263-6529
Wolfe Research	Andrew Rosivach	(646) 582-9250

Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports.

Second Quarter 2023 Supplemental Financial Reporting Package Page 3

Company Overview.

For the Quarter Ended June 30, 2023

Second Quarter 2023 Supplemental Financial Reporting Package Page 4

Highlights - Consolidated Financial Results.
Quarterly Results	(in millions)

Second Quarter 2023 Supplemental Financial Reporting Package Page 5

Financial and Portfolio Highlights and Capitalization Data.(1)
	(in thousands except share and per share data and portfolio statistics)

	Three Months Ended
	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Financial Results:
Total rental income	$	194,098	$	185,164	$	178,422	$	162,581	$	148,987
Net income	$	56,910	$	63,570	$	45,708	$	41,648	$	40,901
Net Operating Income (NOI)	$	149,788	$	142,339	$	136,367	$	122,967	$	113,582
Company share of Core FFO	$	108,419	$	102,660	$	90,318	$	86,120	$	81,671
Company share of Core FFO per common share - diluted	$	0.54	$	0.52	$	0.49	$	0.50	$	0.49
Adjusted EBITDA	$	141,258	$	139,755	$	129,451	$	117,532	$	108,329
Dividend declared per common share	$	0.380	$	0.380	$	0.315	$	0.315	$	0.315
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)	44,167,774		43,954,272		42,403,735		41,716,182		39,441,055
Ending occupancy	94.0%		93.8%		94.6%		94.5%		95.2%
Ending occupancy excluding repositioning/redevelopment(2)	97.3%		97.4%		97.9%		97.8%		98.8%
Rent Change - GAAP	96.8%		80.2%		77.0%		88.6%		83.0%
Rent Change - Cash	74.8%		59.7%		52.4%		62.9%		61.5%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(3)	98.1%		98.0%		98.1%		98.1%		98.6%
Same Property Portfolio NOI growth(4)	8.0%		7.1%
Same Property Portfolio Cash NOI growth(4)	10.0%		10.6%
Capitalization:
Total shares and units issued and outstanding at period end(5)	208,031,757		208,016,268		196,400,973		189,606,738		178,087,557
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units	$	241,068	$	241,068	$	241,068	$	241,068	$	241,068
Total equity market capitalization	$	11,104,486	$	12,649,238	$	10,972,417	$	10,100,618	$	10,497,130
Total consolidated debt	$	2,245,972	$	2,250,136	$	1,950,515	$	1,948,390	$	1,673,936
Total combined market capitalization (net debt plus equity)	$	13,214,176	$	14,645,756	$	12,886,146	$	12,011,867	$	12,136,749
Ratios:
Net debt to total combined market capitalization	16.0%		13.6%		14.9%		15.9%		13.5%
Net debt to Adjusted EBITDA (quarterly results annualized)	3.7x		3.6x		3.7x		4.1x		3.8x

(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 31 and page 12 of this report, respectively.

(2)Beginning in Q3-22, “Ending occupancy excluding repositioning/redevelopment” excludes “Other Repositioning” projects as well as those listed individually on pages 26-27. Prior quarters have been adjusted to conform to the current definition.

(3)Reflects the ending occupancy for the current 2023 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 34.

(4)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.

(5)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 7,351,049 (Jun 30, 2023), 7,597,554 (Mar 31, 2023), 7,561,260 (Dec 31, 2022), 7,305,749 (Sep 30, 2022) and 7,305,749 (Jun 30, 2022). Excludes the following # of shares of unvested restricted stock: 361,033 (Jun 30, 2023), 365,416 (Mar 31, 2023), 274,416 (Dec 31, 2022), 275,717 (Sep 30, 2022) and 282,611 (Jun 30, 2022). Excludes unvested LTIP units and unvested performance units.

Second Quarter 2023 Supplemental Financial Reporting Package Page 6

Guidance.

As of June 30, 2023

2023 OUTLOOK*

METRIC	YTD RESULTS AS OF JUNE 30, 2023	Q2-2023 UPDATED GUIDANCE	Q1-2023 GUIDANCE
Net Income Attributable to Common Stockholders per diluted share (1)(2)	$0.55	$1.03 - $1.06	$1.01 - $1.05
Company share of Core FFO per diluted share (1)(2)	$1.06	$2.13 - $2.16	$2.11 - $2.15
Same Property Portfolio NOI Growth - GAAP (3)	7.6%	7.75% - 8.50%	7.75% - 8.50%
Same Property Portfolio NOI Growth - Cash (3)	10.3%	9.50% - 10.25%	9.50% - 10.25%
Average Same Property Portfolio Occupancy (Full Year) (3)	98.0%	97.5% - 98.0%	97.5% - 98.0%
General and Administrative Expenses (4)	$36.5M	$75.0M - $76.0M	$75.0M - $76.0M
Net Interest Expense	$30.9M	$64.5M - $65.5M	$65.0M - $66.0M

(1)Our 2023 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of July 19, 2023 and the imminent closing of a $210.0 million transaction in the LA-Mid-Counties market, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.

(2)See page 35 for a reconciliation of the Company’s 2023 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.

(3)Our 2023 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through July 19, 2023, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2022 and 2023 (as separately listed on pages 26-27) and select buildings in “Other Repositioning.” As of June 30, 2023, our 2023 Same Property Portfolio consists of buildings aggregating 32.5 million rentable square feet at 256 of our properties. Same Property Portfolio Occupancy at year end 2023 is projected to be approximately 98.0%.

(4)Our 2023 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $31.0 million.

* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Second Quarter 2023 Supplemental Financial Reporting Package Page 7

Guidance (Continued).

As of June 30, 2023

2023 Guidance Rollforward (1)

Earnings Components	Range ($ per share)		Notes
2023 Core FFO Per Diluted Share Guidance (Previous)	$2.11	$2.15	Q1 2023 Guidance
Same Property Portfolio NOI Growth	—	—	FY 2023 SP NOI (GAAP) Guidance range of 7.75% - 8.50%
2Q-3Q Acquisitions NOI	0.04	0.04	Incremental NOI related to $101M of acquisitions already closed since prior guidance and the imminent closing of a $210M transaction; no additional prospective activity included for guidance purposes
Repositioning/Redevelopment NOI	—	—	Incremental NOI from repositionings/redevelopments
Net G&A Expense	—	—	FY 2023 Guidance range of $75.0M - $76.0M
Net Interest Expense	—	—	FY 2023 Guidance range of $64.5M - $65.5M
Other	(0.02)	(0.03)	Includes impact from incremental investment related funding and Non-Same Property NOI
2023 Core FFO Per Diluted Share Guidance (Current)	$2.13	$2.16
Core FFO Per Diluted Share Annual Growth	9%	10%

(1)2023 Guidance and Guidance Rollforward represent the in-place portfolio as of July 19, 2023, including the imminent closing of a $210.0 million transaction in the LA-Mid-Counties market, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.

Second Quarter 2023 Supplemental Financial Reporting Package Page 8

Consolidated Balance Sheets.
	(unaudited and in thousands)

	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
ASSETS
Land	$	6,400,698	$	6,334,926	$	5,841,195	$	5,559,795	$	4,896,343
Buildings and improvements	3,723,837		3,671,384		3,370,494		3,275,572		2,923,571
Tenant improvements	155,182		153,019		147,632		141,413		136,905
Furniture, fixtures, and equipment	132		132		132		132		132
Construction in progress	127,416		102,633		110,934		88,545		90,192
Total real estate held for investment	10,407,265		10,262,094		9,470,387		9,065,457		8,047,143
Accumulated depreciation	(695,129)		(652,722)		(614,332)		(576,004)		(538,711)
Investments in real estate, net	9,712,136		9,609,372		8,856,055		8,489,453		7,508,432
Cash and cash equivalents	136,282		253,618		36,786		37,141		34,317
Restricted cash	—		16,239		—		—		—
Rents and other receivables, net	14,126		13,845		15,227		12,592		10,382
Deferred rent receivable, net	103,192		94,980		88,144		81,867		75,024
Deferred leasing costs, net	54,848		47,739		45,080		42,758		37,343
Deferred loan costs, net	4,139		4,474		4,829		5,184		5,532
Acquired lease intangible assets, net(1)	147,990		161,339		169,986		175,913		164,764
Acquired indefinite-lived intangible	5,156		5,156		5,156		5,156		5,156
Interest rate swap asset	19,869		6,947		11,422		12,565		—
Other assets	19,055		21,811		24,973		27,868		19,513
Acquisition related deposits	8,700		3,625		1,625		8,200		18,475
Total Assets	$	10,225,493	$	10,239,145	$	9,259,283	$	8,898,697	$	7,878,938
LIABILITIES & EQUITY
Liabilities
Notes payable	$	2,227,154	$	2,230,687	$	1,936,381	$	1,934,082	$	1,660,521
Interest rate swap liability	—		835		—		—		—
Accounts payable, accrued expenses and other liabilities	109,881		110,272		97,496		113,770		81,742
Dividends and distributions payable	79,370		79,370		62,033		59,926		56,300
Acquired lease intangible liabilities, net(2)	130,511		138,339		147,384		154,851		149,580
Tenant security deposits	81,163		77,029		71,935		69,756		64,436
Prepaid rents	42,600		44,303		20,712		19,992		14,661
Total Liabilities	2,670,679		2,680,835		2,335,941		2,352,377		2,027,240
Equity
Series B preferred stock, net ($75,000 liquidation preference)	72,443		72,443		72,443		72,443		72,443
Series C preferred stock, net ($86,250 liquidation preference)	83,233		83,233		83,233		83,233		83,233
Preferred stock	155,676		155,676		155,676		155,676		155,676
Common stock	2,010		2,008		1,891		1,826		1,711
Additional paid in capital	7,311,458		7,299,837		6,646,867		6,254,853		5,556,819
Cumulative distributions in excess of earnings	(298,367)		(273,849)		(255,743)		(237,135)		(216,588)
Accumulated other comprehensive income (loss)	16,525		3,117		8,247		9,223		(2,974)
Total stockholders’ equity	7,187,302		7,186,789		6,556,938		6,184,443		5,494,644
Noncontrolling interests	367,512		371,521		366,404		361,877		357,054
Total Equity	7,554,814		7,558,310		6,923,342		6,546,320		5,851,698
Total Liabilities and Equity	$	10,225,493	$	10,239,145	$	9,259,283	$	8,898,697	$	7,878,938

(1)Includes net above-market tenant lease intangibles of $12,034 (June 30, 2023), $13,587 (March 31, 2023), $14,181 (December 31, 2022), $14,434 (September 30, 2022) and $13,810 (June 30, 2022). Balance also includes net below-market ground lease intangible of $12,765 (June 30, 2023), $12,806 (March 31, 2023), $12,847 (December 31, 2022), $12,888 (September 30, 2022) and $12,929 (June 30, 2022) related to a ground lease that was assumed by Company, for which the Company is the lessee, in connection with its acquisition of 2970 East 50th Street.

(2)Represents net below-market tenant lease intangibles as of the balance sheet date.

Second Quarter 2023 Supplemental Financial Reporting Package Page 9

Consolidated Statements of Operations.
Quarterly Results	(unaudited and in thousands, except share and per share data)

	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Revenues
Rental income(1)	$	194,098	$	185,164	$	178,422	$	162,581	$	148,987
Management and leasing services	171		190		160		163		130
Interest income	1,497		882		5		3		1
Total Revenues	195,766		186,236		178,587		162,747		149,118
Operating Expenses
Property expenses	44,310		42,825		42,055		39,614		35,405
General and administrative	18,267		18,197		19,733		14,951		14,863
Depreciation and amortization	58,793		59,429		56,568		51,146		46,609
Total Operating Expenses	121,370		120,451		118,356		105,711		96,877
Other Expenses
Other expenses	306		647		815		413		295
Interest expense	17,180		13,701		13,670		14,975		10,168
Total Expenses	138,856		134,799		132,841		121,099		107,340
Loss on extinguishment of debt	—		—		(38)		—		(877)
Gains on sale of real estate	—		12,133		—		—		—
Net Income	56,910		63,570		45,708		41,648		40,901
Less: net income attributable to noncontrolling interests	(2,717)		(3,064)		(2,431)		(2,368)		(2,290)
Net income attributable to Rexford Industrial Realty, Inc.	54,193		60,506		43,277		39,280		38,611
Less: preferred stock dividends	(2,315)		(2,314)		(2,315)		(2,314)		(2,315)
Less: earnings allocated to participating securities	(318)		(320)		(240)		(201)		(203)
Net income attributable to common stockholders	$	51,560	$	57,872	$	40,722	$	36,765	$	36,093
Earnings per Common Share
Net income attributable to common stockholders per share - basic	$	0.26	$	0.30	$	0.22	$	0.21	$	0.22
Net income attributable to common stockholders per share - diluted	$	0.26	$	0.30	$	0.22	$	0.21	$	0.22
Weighted average shares outstanding - basic	200,610,890		195,366,969		184,161,577		171,908,895		164,895,701
Weighted average shares outstanding - diluted	200,667,250		195,779,007		184,558,301		172,831,173		165,200,577

(1)We elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Under the section “Rental Income” on page 34 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.

Second Quarter 2023 Supplemental Financial Reporting Package Page 10

Consolidated Statements of Operations.
Quarterly Results (continued)	(unaudited and in thousands, except share and per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
Rental income	$	194,098	$	148,987	$	379,262	$	289,575
Management and leasing services	171		130		361		293
Interest income	1,497		1		2,379		2
Total Revenues	195,766		149,118		382,002		289,870
Operating Expenses
Property expenses	44,310		35,405		87,135		68,834
General and administrative	18,267		14,863		36,464		29,580
Depreciation and amortization	58,793		46,609		118,222		89,080
Total Operating Expenses	121,370		96,877		241,821		187,494
Other Expenses
Other expenses	306		295		953		333
Interest expense	17,180		10,168		30,881		19,851
Total Expenses	138,856		107,340		273,655		207,678
Loss on extinguishment of debt	—		(877)		—		(877)
Gains on sale of real estate	—		—		12,133		8,486
Net Income	56,910		40,901		120,480		89,801
Less: net income attributable to noncontrolling interests	(2,717)		(2,290)		(5,781)		(4,774)
Net income attributable to Rexford Industrial Realty, Inc.	54,193		38,611		114,699		85,027
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: earnings allocated to participating securities	(318)		(203)		(638)		(404)
Net income attributable to common stockholders	$	51,560	$	36,093	$	109,432	$	79,994
Net income attributable to common stockholders per share – basic	$	0.26	$	0.22	$	0.55	$	0.49
Net income attributable to common stockholders per share – diluted	$	0.26	$	0.22	$	0.55	$	0.49
Weighted-average shares of common stock outstanding – basic	200,610,890		164,895,701		198,003,415		162,774,059
Weighted-average shares of common stock outstanding – diluted	200,667,250		165,200,577		198,237,614		163,136,372

Second Quarter 2023 Supplemental Financial Reporting Package Page 11

Non-GAAP FFO and Core FFO Reconciliations.(1)
	(unaudited and in thousands, except share and per share data)

	Three Months Ended
	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Net Income	$	56,910	$	63,570	$	45,708	$	41,648	$	40,901
Adjustments:
Depreciation and amortization	58,793		59,429		56,568		51,146		46,609
Gains on sale of real estate	—		(12,133)		—		—		—
NAREIT Defined Funds From Operations (FFO)	115,703		110,866		102,276		92,794		87,510
Less: preferred stock dividends	(2,315)		(2,314)		(2,315)		(2,314)		(2,315)
Less: FFO attributable to noncontrolling interests(2)	(4,812)		(4,833)		(4,591)		(4,454)		(4,131)
Less: FFO attributable to participating securities(3)	(451)		(427)		(387)		(306)		(307)
Company share of FFO	108,125		103,292		94,983		85,720		80,757
Company share of FFO per common share‐basic	$	0.54	$	0.53	$	0.52	$	0.50	$	0.49
Company share of FFO per common share‐diluted	$	0.54	$	0.53	$	0.51	$	0.50	$	0.49
FFO	$	115,703	$	110,866	$	102,276	$	92,794	$	87,510
Adjustments:
Acquisition expenses	247		73		162		359		56
Impairment of right-of-use asset(4)	—		188		—		—		—
Loss on extinguishment of debt	—		—		38		—		877
Amortization of loss on termination of interest rate swaps	59		59		59		59		23
Non-capitalizable demolition costs	—		340		663		—		—
Write-offs of below-market lease intangibles related to unexercised renewal options(5)	—		(1,318)		(5,792)		—		—
Core FFO	116,009		110,208		97,406		93,212		88,466
Less: preferred stock dividends	(2,315)		(2,314)		(2,315)		(2,314)		(2,315)
Less: Core FFO attributable to noncontrolling interests(2)	(4,823)		(4,809)		(4,405)		(4,471)		(4,169)
Less: Core FFO attributable to participating securities(3)	(452)		(425)		(368)		(307)		(311)
Company share of Core FFO	108,419		102,660		90,318		86,120		81,671
Company share of Core FFO per common share‐basic	$	0.54	$	0.53	$	0.49	$	0.50	$	0.50
Company share of Core FFO per common share‐diluted	$	0.54	$	0.52	$	0.49	$	0.50	$	0.49
Weighted-average shares outstanding-basic	200,610,890		195,366,969		184,161,577		171,908,895		164,895,701
Weighted-average shares outstanding-diluted(6)	200,667,250		195,779,007		184,558,301		172,831,173		165,200,577

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, Series 2 and Series 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.

(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

(4)Represents an impairment charge related to the right-of-use asset for one of our leased office spaces.

(5)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

(6)Weighted-average shares outstanding-diluted includes adjustments for unvested performance units and shares issuable under forward equity sales agreements if the effect is dilutive for the reported period.

Second Quarter 2023 Supplemental Financial Reporting Package Page 12

Non-GAAP FFO and Core FFO Reconciliations.(1)
	(unaudited and in thousands, except share and per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Income	$	56,910	$	40,901	$	120,480	$	89,801
Adjustments:
Depreciation and amortization	58,793		46,609		118,222		89,080
Gains on sale of real estate	—		—		(12,133)		(8,486)
Funds From Operations (FFO)	115,703		87,510		226,569		170,395
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: FFO attributable to noncontrolling interests	(4,812)		(4,131)		(9,645)		(7,918)
Less: FFO attributable to participating securities	(451)		(307)		(878)		(603)
Company share of FFO	$	108,125	$	80,757	$	211,417	$	157,245
Company share of FFO per common share‐basic	$	0.54	$	0.49	$	1.07	$	0.97
Company share of FFO per common share‐diluted	$	0.54	$	0.49	$	1.07	$	0.96
FFO	$	115,703	$	87,510	$	226,569	$	170,395
Adjustments:
Acquisition expenses	247		56		320		92
Impairment of right-of-use asset	—		—		188		—
Loss on extinguishment of debt	—		877		—		877
Amortization of loss on termination of interest rate swaps	59		23		118		135
Non-capitalizable demolition costs	—		—		340		—
Write-offs of below-market lease intangibles related to unexercised renewal options(2)	—		—		(1,318)		—
Core FFO	116,009		88,466		226,217		171,499
Less: preferred stock dividends	(2,315)		(2,315)		(4,629)		(4,629)
Less: Core FFO attributable to noncontrolling interests	(4,823)		(4,169)		(9,632)		(7,962)
Less: Core FFO attributable to participating securities	(452)		(311)		(877)		(607)
Company share of Core FFO	$	108,419	$	81,671	$	211,079	$	158,301
Company share of Core FFO per common share‐basic	$	0.54	$	0.50	$	1.07	$	0.97
Company share of Core FFO per common share‐diluted	$	0.54	$	0.49	$	1.06	$	0.97
Weighted-average shares outstanding-basic	200,610,890		164,895,701		198,003,415		162,774,059
Weighted-average shares outstanding-diluted	200,667,250		165,200,577		198,237,614		163,136,372

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

Second Quarter 2023 Supplemental Financial Reporting Package Page 13

Non-GAAP AFFO Reconciliation.(1)
	(unaudited and in thousands, except share and per share data)

	Three Months Ended
	June 30, 2023		March 31, 2023		December 31, 2022		September 30, 2022		June 30, 2022
Funds From Operations(2)	$	115,703	$	110,866	$	102,276	$	92,794	$	87,510
Adjustments:
Amortization of deferred financing costs	999		856		840		766		563
Non-cash stock compensation	7,956		8,178		9,716		6,316		6,342
Loss on extinguishment of debt	—		—		38		—		877
Impairment of right-of-use asset	—		188		—		—		—
Amortization related to termination/settlement of interest rate derivatives	136		129		129		128		93
Note payable (discount) premium amortization, net	203		66		64		63		62
Non-capitalizable demolition costs	—		340		663		—		—
Deduct:
Preferred stock dividends	(2,315)		(2,314)		(2,315)		(2,314)		(2,315)
Straight line rental revenue adjustment(3)	(8,653)		(7,628)		(7,467)		(8,411)		(8,441)
Amortization of net below-market lease intangibles(4)	(6,232)		(8,290)		(12,959)		(7,033)		(6,126)
Capitalized payments(5)	(8,885)		(8,924)		(7,757)		(7,272)		(5,715)
Recurring capital expenditures(6)	(6,683)		(2,194)		(2,593)		(2,658)		(2,063)
2nd generation tenant improvements and leasing commissions(7)	(5,623)		(5,259)		(5,437)		(3,940)		(4,031)
Adjusted Funds From Operations (AFFO)	$	86,606	$	86,014	$	75,198	$	68,439	$	66,756

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.

(3)The straight line rental revenue adjustment includes concessions of $3,179, $3,492, $2,678, $2,952 and $3,785 for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(4)The amortization of net below-market lease intangibles includes the write-off of $0, $1,318 and $5,792 for the three months ended June 30, 2023, March 31, 2023 and December 31, 2022, respectively, that is attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

(5)Includes capitalized interest, taxes, insurance and construction related compensation costs.

(6)Excludes nonrecurring capital expenditures of $45,902, $28,937, $34,626, $33,444 and $22,644 for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(7)Excludes 1st generation tenant improvements and leasing commissions of $4,745, $666, $552, $5,190 and $2,146 for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

Second Quarter 2023 Supplemental Financial Reporting Package Page 14

Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA.(1)
	(unaudited and in thousands)

NOI and Cash NOI
	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Rental income(2)(3)	$	194,098	$	185,164	$	178,422	$	162,581	$	148,987
Less: Property expenses	44,310		42,825		42,055		39,614		35,405
Net Operating Income (NOI)	$	149,788	$	142,339	$	136,367	$	122,967	$	113,582
Amortization of above/below market lease intangibles	(6,232)		(8,290)		(12,959)		(7,033)		(6,126)
Straight line rental revenue adjustment	(8,653)		(7,628)		(7,467)		(8,411)		(8,441)
Cash NOI	$	134,903	$	126,421	$	115,941	$	107,523	$	99,015

EBITDAre and Adjusted EBITDA
	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Net income	$	56,910	$	63,570	$	45,708	$	41,648	$	40,901
Interest expense	17,180		13,701		13,670		14,975		10,168
Depreciation and amortization	58,793		59,429		56,568		51,146		46,609
Gains on sale of real estate	—		(12,133)		—		—		—
EBITDAre	$	132,883	$	124,567	$	115,946	$	107,769	$	97,678
Stock-based compensation amortization	7,956		8,178		9,716		6,316		6,342
Loss on extinguishment of debt	—		—		38		—		877
Acquisition expenses	247		73		162		359		56
Impairment of right-of-use asset	—		188		—		—		—
Pro forma effect of acquisitions(4)	172		6,927		3,589		3,088		3,376
Pro forma effect of dispositions(5)	—		(178)		—		—		—
Adjusted EBITDA	$	141,258	$	139,755	$	129,451	$	117,532	$	108,329

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.

(3)Reflects (reduction) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(746), $(340), $71, $112 and $158 for the three months ended June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

(4)Represents the estimated impact on Q2'23 EBITDAre of Q2'23 acquisitions as if they had been acquired on April 1, 2023, the impact on Q1'23 EBITDAre of Q1'23 acquisitions as if they had been acquired on January 1, 2023, the impact on Q4'22 EBITDAre of Q4'22 acquisitions as if they had been acquired on October 1, 2022, the impact on Q3'22 EBITDAre of Q3'22 acquisitions as if they had been acquired on July 1, 2022 and the impact on Q2'22 EBITDAre of Q2'22 acquisitions as if they had been acquired on April 1, 2022. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDAre had we owned the acquired entities as of the beginning of each period.

(5)Represents the impact on Q1'23 EBITDAre of Q1'23 dispositions as if they had been sold as of January 1, 2023.

Second Quarter 2023 Supplemental Financial Reporting Package Page 15

Same Property Portfolio Performance.(1)
	(unaudited and dollars in thousands)

Same Property Portfolio:
Number of properties	256
Square Feet	32,496,302

Same Property Portfolio NOI and Cash NOI:
	Three Months Ended June 30,								Six Months Ended June 30,
	2023		2022		$ Change		% Change		2023		2022		$ Change		% Change
Rental income(2)(3)(4)	$	136,632	$	128,005	$	8,627	6.7%		$	270,241	$	254,070	$	16,171	6.4%
Property expenses	30,091		29,343		748		2.5%		59,854		58,475		1,379		2.4%
Same Property Portfolio NOI	$	106,541	$	98,662	$	7,879	8.0%	(4)	$	210,387	$	195,595	$	14,792	7.6%	(4)
Straight-line rental revenue	(5,415)		(5,546)		131		(2.4)%		(9,237)		(11,152)		1,915		(17.2)%
Amort. of above/below market lease intangibles	(3,651)		(4,505)		854		(19.0)%		(7,400)		(8,772)		1,372		(15.6)%
Same Property Portfolio Cash NOI	$	97,475	$	88,611	$	8,864	10.0%	(4)	$	193,750	$	175,671	$	18,079	10.3%	(4)

Same Property Portfolio Occupancy:
	Three Months Ended June 30,			Three Months Ended March 31, 2023
	2023	2022	Year-over-Year Change (basis points)		Sequential Change (basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County	98.0%	98.8%	(80) bps	97.8%	20 bps
Orange County	98.9%	99.0%	(10) bps	99.2%	(30) bps
Riverside / San Bernardino County	96.9%	99.0%	(210) bps	97.0%	(10) bps
San Diego County	98.4%	98.8%	(40) bps	98.6%	(20) bps
Ventura County	99.2%	98.7%	50 bps	99.5%	(30) bps
Quarterly Weighted Average Occupancy	98.0%	98.9%	(90) bps	98.0%	— bps
Ending Occupancy:	98.1%	98.6%	(50) bps	98.0%	10 bps

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.

(2)See “Same Property Portfolio Rental Income” on page 34 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursement and other income for the three months ended June 30, 2023 and 2022.

(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(705) thousand and $261 thousand for the three months ended June 30, 2023 and 2022, respectively and $(992) thousand and $334 thousand for the six months ended June 30, 2023 and 2022, respectively.

(4)Rental income includes lease termination fees of $111 thousand and $35 thousand for the three months ended June 30, 2023 and 2022, respectively, and $139 thousand and $38 thousand for the six months ended June 30, 2023 and 2022, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 7.9% and 7.5% and Same Property Portfolio Cash NOI increased by approximately 9.9% and 10.2% during the three and six months ended June 30, 2023, compared to the three and six months ended June 30, 2022, respectively.

(5)Calculated by averaging the occupancy rate at the end of each month in 2Q-2023 and March 2023 (for 2Q-2023), the end of each month in 2Q-2022 and March 2022 (for 2Q-2022) and the end of each month in 1Q-2023 and December 2022 (for 1Q-2023).

Second Quarter 2023 Supplemental Financial Reporting Package Page 16

Capitalization Summary.
	(unaudited and in thousands, except share and per share data)
Capitalization as of June 30, 2023

Description	June 30, 2023			March 31, 2023			December 31, 2022			September 30, 2022			June 30, 2022
Common shares outstanding(1)	200,680,708			200,418,714			188,839,713			182,300,989			170,781,808
Operating partnership units outstanding(2)	7,351,049			7,597,554			7,561,260			7,305,749			7,305,749
Total shares and units outstanding at period end	208,031,757			208,016,268			196,400,973			189,606,738			178,087,557
Share price at end of quarter	$	52.22		$	59.65		$	54.64		$	52.00		$	57.59
Common Stock and Operating Partnership Units - Capitalization	$	10,863,418		$	12,408,170		$	10,731,349		$	9,859,550		$	10,256,062
Series B and C Cumulative Redeemable Preferred Stock(3)	$	161,250		$	161,250		$	161,250		$	161,250		$	161,250
4.43937% Series 1 Cumulative Redeemable Convertible Preferred Units(4)	27,031			27,031			27,031			27,031			27,031
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)	40,787			40,787			40,787			40,787			40,787
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)	12,000			12,000			12,000			12,000			12,000
Preferred Equity	$	241,068		$	241,068		$	241,068		$	241,068		$	241,068
Total Equity Market Capitalization	$	11,104,486		$	12,649,238		$	10,972,417		$	10,100,618		$	10,497,130
Total Debt	$	2,245,972		$	2,250,136		$	1,950,515		$	1,948,390		$	1,673,936
Less: Cash and cash equivalents	(136,282)			(253,618)			(36,786)			(37,141)			(34,317)
Net Debt	$	2,109,690		$	1,996,518		$	1,913,729		$	1,911,249		$	1,639,619
Total Combined Market Capitalization (Net Debt plus Equity)	$	13,214,176		$	14,645,756		$	12,886,146		$	12,011,867		$	12,136,749
Net debt to total combined market capitalization	16.0		%	13.6		%	14.9		%	15.9		%	13.5		%
Net debt to Adjusted EBITDA (quarterly results annualized)(5)	3.7x			3.6x			3.7x			4.1x			3.8x
Net debt & preferred equity to Adjusted EBITDA (quarterly results annualized)(5)	4.2x			4.0x			4.2x			4.6x			4.3x

(1)Excludes the following number of shares of unvested restricted stock: 361,033 (Jun 30, 2023), 365,416 (Mar 31, 2023), 274,416 (Dec 31, 2022), 275,717 (Sep 30, 2022) and 282,611 (Jun 30, 2022).

(2)Represents outstanding common units of the Company’s operating partnership (“OP”), Rexford Industrial Realty, LP, that are owned by unitholders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our OP. As of Jun 30, 2023, includes 800,056 vested LTIP Units & 940,847 vested performance units & excludes 324,684 unvested LTIP Units & 1,516,107 unvested performance units.

(3)Values based on liquidation preference of $25 per share and the following number of outstanding shares of preferred stock: 5.875% Series B (3,000,000); 5.625% Series C (3,450,000).

(4)Value based on 593,960 outstanding Series 1 preferred units at a liquidation preference of $45.50952 per unit, 906,374 outstanding Series 2 preferred units at a liquidation preference of $45 per unit and 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit.

(5)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 31 and page 12 of this report, respectively.

Second Quarter 2023 Supplemental Financial Reporting Package Page 17

Debt Summary.
	(unaudited and dollars in thousands)

Debt Detail:
As of June 30, 2023
Debt Description	Maturity Date	Stated Interest Rate	Effective Interest Rate(1)	Principal Balance(2)
Unsecured Debt:
$1.0 Billion Revolving Credit Facility(3)	5/26/2026(4)	SOFR+0.685%(5)	5.875%	$	—
$400M Term Loan Facility	7/19/2024(4)	SOFR+0.76%(5)	4.832%(6)	400,000
$100M Senior Notes	8/6/2025	4.290%	4.290%	100,000
$300M Term Loan Facility	5/26/2027	SOFR+0.76%(5)	3.677%(7)	300,000
$125M Senior Notes	7/13/2027	3.930%	3.930%	125,000
$300M Senior Notes	6/15/2028	5.000%	5.000%	300,000
$25M Series 2019A Senior Notes	7/16/2029	3.880%	3.880%	25,000
$400M Senior Notes	12/1/2030	2.125%	2.125%	400,000
$400M Senior Notes - Green Bond	9/1/2031	2.150%	2.150%	400,000
$75M Series 2019B Senior Notes	7/16/2034	4.030%	4.030%	75,000
Secured Debt:
960-970 Knox Street	11/1/2023	5.000%	5.000%	2,259
7612-7642 Woodwind Drive	1/5/2024	5.240%	5.240%	3,663
11600 Los Nietos Road	5/1/2024	4.190%	4.190%	2,377
$60M Term Loan Facility	10/27/2024(8)	SOFR+1.250%(8)	5.060%(9)	60,000
5160 Richton Street	11/15/2024	3.790%	3.790%	4,091
22895 Eastpark Drive	11/15/2024	4.330%	4.330%	2,576
701-751 Kingshill Place	1/5/2026	3.900%	3.900%	7,048
13943-13955 Balboa Boulevard	7/1/2027	3.930%	3.930%	14,783
2205 126th Street	12/1/2027	3.910%	3.910%	5,200
2410-2420 Santa Fe Avenue	1/1/2028	3.700%	3.700%	10,300
11832-11954 La Cienega Boulevard	7/1/2028	4.260%	4.260%	3,890
1100-1170 Gilbert Street (Gilbert/La Palma)	3/1/2031	5.125%	5.125%	1,839
7817 Woodley Avenue	8/1/2039	4.140%	4.140%	2,946
			3.615%	$	2,245,972

Debt Composition(1):
Category	Weighted Average Term Remaining (yrs)(10)	Stated Interest Rate	Effective Interest Rate	Balance		% of Total
Fixed	5.1	3.615% (See Table Above)	3.615%	$	2,245,972	100%
Variable	—	—	—%	$	—	0%
Secured	2.7		4.571%	$	120,972	5%
Unsecured	5.2		3.560%	$	2,125,000	95%

*See footnotes on the following page*

Second Quarter 2023 Supplemental Financial Reporting Package Page 18

Debt Summary (Continued).
	(unaudited and dollars in thousands)

Debt Maturity Schedule(11):
Year	Secured(12)		Unsecured		Total		% Total		Effective Interest Rate(1)
2023	$	2,259	$	—	$	2,259	—	%	5.000	%
2024	72,707		400,000		472,707		21	%	4.849	%
2025	—		100,000		100,000		4	%	4.290	%
2026	7,048		—		7,048		—	%	3.900	%
2027	19,983		425,000		444,983		20	%	3.759	%
2028	14,190		300,000		314,190		14	%	4.948	%
2029	—		25,000		25,000		1	%	3.880	%
2030	—		400,000		400,000		18	%	2.125	%
2031	1,839		400,000		401,839		18	%	2.164	%
2032	—		—		—		—	%	—	%
Thereafter	2,946		75,000		77,946		4	%	4.034	%
Total	$	120,972	$	2,125,000	$	2,245,972	100	%	3.615	%

(1)Includes the effect of interest rate swaps effective as of June 30, 2023. See notes (6), (7) & (9) below. Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee. Assumes Daily SOFR of 5.090% & 1-month Term SOFR (“1M SOFR”) of 5.141% as of June 30, 2023, as applicable.

(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $18.8 million as of June 30, 2023.

(3)The credit facility is subject to a facility fee which is calculated as a percentage of the total commitment amount, regardless of usage. The facility fee ranges from 0.125% to 0.300% depending on our investment grade rating, not including the impact of the sustainability-linked pricing component. In February 2023, the facility fee decreased by 0.01% to 0.115% from 0.125% after certifying that our sustainability performance target was met for 2022.

(4)The $1.0B revolving credit facility has two six-month extensions and the $400M term loan facility has two one-year extensions at the borrower’s option, subject to certain terms and conditions.

(5)The interest rates on these loans are comprised of Daily SOFR for the revolving credit facility and $400M term loan facility and 1M SOFR for the $300M term loan facility, plus a SOFR adjustment of 0.10%, and an applicable margin ranging from 0.725% to 1.40% for the revolving credit facility and 0.80% to 1.60% for the $300M and $400M term loan facilities depending on our credit ratings and leverage ratio, not including the impact of the sustainability-linked pricing component, all of which may change from time to time. In February 2023, the applicable margin decreased by 0.04% to 0.685% from 0.725% for the revolving credit facility and to 0.76% from 0.80% for the $300M and $400M term loan facilities after certifying that our sustainability performance target was met for 2022.

(6)We effectively fixed Daily SOFR related to our $400M term loan facility at a weighted average rate of 3.97231%, commencing on April 3, 2023 through June 30, 2025, by executing four interest rate swap transactions with an aggregate notional value of $400.0 million. The hedged effective interest rate on the $400M term loan facility is 4.832%.

(7)We effectively fixed 1M SOFR related to our $300M term loan facility at a weighted average rate of 2.81725%, commencing on July 27, 2022 through May 26, 2027, by executing five interest rate swap transactions with an aggregate notional value of $300.0 million. The hedged effective interest rate on the $300M term loan facility is 3.677%.

(8)The $60M term loan facility has interest-only payment terms (1M SOFR + SOFR adjustment of 0.10% + margin of 1.250%) and three one-year extensions available at the borrower’s option, subject to certain terms & conditions.

(9)We effectively fixed 1M SOFR related to our $60M term loan facility at 3.710%, commencing on April 3, 2023 through July 30, 2026, by executing an interest rate swap with a notional value of $60.0 million. The hedged effective interest rate on the $60M term loan facility is 5.060%.

(10)The weighted average remaining term to maturity of our consolidated debt is 5.1 years.

(11)Excludes potential exercise of extension options.

(12)Excludes the effect of scheduled monthly principal payments on amortizing loans.

Second Quarter 2023 Supplemental Financial Reporting Package Page 19

Operations.

Quarterly Results

Second Quarter 2023 Supplemental Financial Reporting Package Page 20

Portfolio Overview.
At June 30, 2023	(unaudited results)
Consolidated Portfolio:

		Rentable Square Feet			Ending Occupancy %								In-Place ABR(3)
Market	# of Properties	Same Property Portfolio	Non-Same Property Portfolio	Total Portfolio	Same Property Portfolio		Non-Same Property Portfolio		Total Portfolio(1)		Total Portfolio Excluding Repositioning/ Redevelopment(2)		Total (in 000’s)		Per Square Foot
Central LA	22	2,721,277	468,407	3,189,684	95.1	%	85.3	%	93.6	%	95.0	%	$	35,268	$11.81
Greater San Fernando Valley	57	4,756,805	1,724,539	6,481,344	98.0	%	80.6	%	93.4	%	99.1	%	86,181		$14.24
Mid-Counties	27	2,258,234	366,868	2,625,102	99.7	%	100.0	%	99.7	%	99.7	%	38,869		$14.85
San Gabriel Valley	35	3,735,517	536,194	4,271,711	98.5	%	82.1	%	96.4	%	97.9	%	50,901		$12.36
South Bay	78	5,083,796	2,415,810	7,499,606	98.3	%	85.4	%	94.1	%	95.3	%	141,925		$20.10
Los Angeles County	219	18,555,629	5,511,818	24,067,447	97.9	%	84.6	%	94.9	%	97.2	%	353,144		$15.47
North Orange County	18	1,221,598	302,984	1,524,582	97.0	%	66.5	%	90.9	%	97.4	%	19,995		$14.43
OC Airport	10	833,977	304,672	1,138,649	99.3	%	94.5	%	98.0	%	98.0	%	20,313		$18.20
South Orange County	5	448,762	—	448,762	100.0	%	—	%	100.0	%	100.0	%	6,628		$14.77
West Orange County	8	725,788	440,360	1,166,148	100.0	%	52.4	%	82.0	%	100.0	%	13,055		$13.65
Orange County	41	3,230,125	1,048,016	4,278,141	98.7	%	68.8	%	91.3	%	98.5	%	59,991		$15.35
Inland Empire East	1	33,258	—	33,258	100.0	%	—	%	100.0	%	100.0	%	611		$18.36
Inland Empire West	50	5,921,285	3,221,516	9,142,801	97.7	%	81.3	%	91.9	%	96.4	%	110,405		$13.14
Riverside / San Bernardino County	51	5,954,543	3,221,516	9,176,059	97.7	%	81.3	%	91.9	%	96.4	%	111,016		$13.16
Central San Diego	21	1,237,272	772,591	2,009,863	97.6	%	82.9	%	92.0	%	94.2	%	32,405		$17.53
North County San Diego	14	1,243,994	235,838	1,479,832	98.7	%	68.8	%	93.9	%	99.7	%	18,805		$13.53
San Diego County	35	2,481,266	1,008,429	3,489,695	98.2	%	79.6	%	92.8	%	96.5	%	51,210		$15.81
Ventura	19	2,274,739	881,693	3,156,432	99.1	%	95.2	%	98.0	%	99.8	%	35,297		$11.41
Ventura County	19	2,274,739	881,693	3,156,432	99.1	%	95.2	%	98.0	%	99.8	%	35,297		$11.41
CONSOLIDATED TOTAL / WTD AVG	365	32,496,302	11,671,472	44,167,774	98.1	%	82.6	%	94.0	%	97.3	%	$	610,658	$14.71

(1)See page 35 for historical occupancy by County.

(2)Excludes space aggregating 1,500,745 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of June 30, 2023. See pages 26-27 for additional details on these properties.

(3)See page 31 for definitions and details on how these amounts are calculated.

Second Quarter 2023 Supplemental Financial Reporting Package Page 21

Leasing Statistics and Trends.
	(unaudited results)
Leasing Activity and Weighted Average New / Renewal Leasing Spreads:

	Three Months Ended
	Jun 30, 2023		Mar 31, 2023(1)		Dec 31, 2022(2)		Sep 30, 2022		Jun 30, 2022
Leasing Spreads:
GAAP Rent Change	96.8	%	80.2	%	77.0	%	88.6	%	83.0	%
Cash Rent Change	74.8	%	59.7	%	52.4	%	62.9	%	61.5	%
Leasing Activity (SF):(3)
New leases	961,235		522,288		411,428		702,882		649,099
Renewal leases	1,165,452		1,254,005		736,124		994,945		745,840
Total leasing activity	2,126,687		1,776,293		1,147,552		1,697,827		1,394,939
Total expiring leases	(2,070,584)		(2,461,943)		(1,457,914)		(1,736,079)		(1,625,064)
Expiring leases - placed into repositioning/redevelopment	395,180		720,119		301,572		63,000		369,763
Net absorption(4)	451,283		34,469		(8,790)		24,748		139,638
Retention rate(5)	71	%	83	%	70	%	72	%	66	%
Retention + Backfill rate(6)	79	%	90	%	83	%	88	%	84	%

Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:
				GAAP Rent				Cash Rent
Second Quarter 2023:	# Leases Signed	SF of Leasing	Weighted Average Lease Term (Years)	Current Lease	Prior Lease	Rent Change - GAAP	Weighted Avg. Abatement (Months)	Starting Cash Rent - Current Lease	Expiring Cash Rent - Prior Lease	Rent Change - Cash	Turnover Costs per SF(7)
New(8)	53	961,235	5.8	$20.56	$11.19	83.8%	1.4	$19.72	$11.82	66.9%	$6.73
Renewal	76	1,165,452	4.3	$20.44	$10.21	100.2%	1.6	$19.64	$11.11	76.8%	$4.52
Total / Wtd. Average	129	2,126,687	5.0	$20.46	$10.40	96.8%	1.6	$19.65	$11.25	74.8%	$4.95

(1)Q1-23 leasing spreads included a 164,500 RSF tenant with a below-market fixed rate renewal option. This lease impacted quarterly leasing spreads by ~1,700 basis points on both a GAAP and cash basis.

(2)Q4-22 leasing spreads included a 112,000 RSF tenant with a below-market fixed rate renewal option. This lease impacted quarterly leasing spreads by ~700 basis points on both a GAAP and cash basis.

(3)Excludes month-to-month tenants.

(4)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.” Net absorption for all stated periods reflects the current definition.

(5)Retention rate is calculated as renewal lease square footage plus relocation/expansion square footage, divided by expiring lease square footage. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning/redevelopment (including “Other Repositioning” projects) after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.

(6)Retention + Backfill rate represents square feet retained (per Retention Rate definition in footnote 5) plus the square footage of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease square footage.

(7)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.

(8)GAAP and cash rent statistics and turnover costs for new leases exclude 18 leases aggregating 799,535 RSF for which there was no comparable lease data. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.

Second Quarter 2023 Supplemental Financial Reporting Package Page 22

Leasing Statistics (Continued).
	(unaudited results)
Lease Expiration Schedule as of June 30, 2023:

Year of Lease Expiration	# of Leases Expiring	Total Rentable Square Feet	In-Place + Uncommenced ABR (in thousands)		In-Place + Uncommenced ABR per SF
Available	—	1,110,286	$	—	$—
Repositioning/Redevelopment(1)	—	1,457,914	—		$—
MTM Tenants	8	176,846	2,392		$13.53
2023	183	2,618,153	38,315		$14.63
2024	430	6,999,747	86,923		$12.42
2025	382	7,183,532	101,785		$14.17
2026	308	7,486,826	100,101		$13.37
2027	131	4,848,149	76,913		$15.86
2028	99	3,159,311	50,971		$16.13
2029	29	2,138,561	32,187		$15.05
2030	23	1,928,432	28,902		$14.99
2031	17	1,821,519	30,991		$17.01
2032	15	1,012,410	20,499		$20.25
Thereafter	33	2,226,088	46,954		$21.09
Total Portfolio	1,658	44,167,774	$	616,933	$14.83

(1)Represents vacant space at properties that were classified as repositioning or redevelopment as of June 30, 2023. Excludes completed or pre-leased repositioning/redevelopment properties and properties in lease-up. See pages 26-27 for additional details on these properties.

Second Quarter 2023 Supplemental Financial Reporting Package Page 23

Top Tenants and Lease Segmentation.
	(unaudited results)
Top 20 Tenants as of June 30, 2023

Tenant	Submarket	Leased Rentable SF	In-Place + Uncommenced ABR (in 000’s)(1)	% of In-Place + Uncommenced ABR(1)	In-Place + Uncommenced ABR per SF(1)	Lease Expiration
Tireco, Inc.	Inland Empire West	1,101,840	$18,511	3.0%	$16.80	1/31/2025
Zenith Energy West Coast Terminals LLC	South Bay	—(2)	$11,222	1.8%	$3.21(2)	9/29/2041
Cubic Corporation	Central San Diego	515,382	$10,786	1.8%	$20.93	3/31/2038(3)
Federal Express Corporation	Multiple Submarkets(4)	527,861	$10,062	1.6%	$19.06	11/30/2032(4)
L3 Technologies, Inc.	South Bay	461,431	$8,728	1.4%	$18.92	9/30/2031
Best Buy Stores, L.P.	Inland Empire West	501,649	$8,201	1.3%	$16.35	6/30/2029
The Hertz Corporation	South Bay	38,680(5)	$7,932	1.3%	$9.90(5)	3/31/2026
Michael Kors (USA)	Mid-Counties	565,619	$5,921	1.0%	$10.47	11/30/2026
Unified Grocers, Inc.	Central LA	695,120	$5,686	0.9%	$8.18	5/8/2038
County of Los Angeles	Multiple Submarkets(6)	170,542	$4,738	0.8%	$27.78	10/31/2030(6)
Top 10 Tenants		4,578,124	$91,787	14.9%
Top 11 - 20 Tenants		2,504,837	$37,954	6.2%
Total Top 20 Tenants		7,082,961	$129,741	21.1%

(1)See page 31 for further details on how these amounts are calculated.

(2)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.2 million or $3.21 per land square foot.

(3)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 313,725 RSF expiring Mar 31, 2038.

(4)Includes (i) one land lease in LA-Mid-Counties expiring Jul 31, 2025, (ii) one land lease in North OC expiring Oct 31, 2026, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.

(5)The tenant is leasing 18.4 acres of land with ABR of $7.9 million or $9.90 per land square foot.

(6)Includes (i) 6,042 RSF in LA-South Bay expiring Jan 31, 2027 and (ii) 164,500 RSF in the Greater San Fernando Valley expiring Oct 31, 2030.

Lease Segmentation by Size:
Square Feet	Number of Leases	Leased Building Rentable SF		Building Rentable SF		Building Leased %		Building Leased % Excl. Repo/Redev	In-Place + Uncommenced ABR (in 000’s)(1)		% of In-Place + Uncommenced ABR(1)	In-Place + Uncommenced ABR per SF(1)
<4,999	659	1,591,379		1,715,831		92.7%		94.1%	$	27,683	4.5%	$17.40
5,000 - 9,999	239	1,695,923		1,797,083		94.4%		97.8%	28,801		4.7%	$16.98
10,000 - 24,999	310	5,004,997		5,599,760		89.4%		92.8%	80,835		13.1%	$16.15
25,000 - 49,999	169	6,248,918		6,822,790		91.6%		95.2%	89,393		14.5%	$14.31
50,000 - 99,999	120	8,638,075		9,121,700		94.7%		99.2%	123,951		20.1%	$14.35
>100,000	100	18,171,742		18,862,070		96.3%		98.9%	224,891		36.4%	$12.38
Building Subtotal / Wtd. Avg.	1,597	41,351,034	(2)	43,919,234	(2)	94.2%	(2)	97.4%	$	575,554	93.3%	$13.92
Land/IOS(3)	26	8,382,470	(4)						39,059		6.3%	$4.66	(4)
Other(3)	35								2,320		0.4%
Total	1,658								$	616,933	100.0%

(1)See page 31 for further details on how these amounts are calculated.

(2)Excludes 248,540 building RSF that is associated with “Land/IOS.”

(3)“Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites. “Other” includes amounts related to cellular tower, solar and parking lot leases.

(4)Represents land square feet and ABR per land square foot.

Second Quarter 2023 Supplemental Financial Reporting Package Page 24

Capital Expenditure Summary.

(unaudited results, in thousands, except square feet and per square foot data)

Six months ended June 30, 2023

							Year to Date
	Q2-2023			Q1-2023			Total			SF(1)	PSF
Tenant Improvements:
New Leases – 1st Generation	$	56		$	38		$	94		219,691	$	0.43
New Leases – 2nd Generation	0			4			4			11,757	$	0.34
Renewals	139			255			394			302,476	$	1.30
Total Tenant Improvements	$	195		$	297		$	492
Leasing Commissions & Lease Costs:
New Leases – 1st Generation	$	4,689		$	628		$	5,317		632,613	$	8.40
New Leases – 2nd Generation	2,404			1,553			3,957			899,453	$	4.40
Renewals	3,080			3,447			6,527			1,752,462	$	3.72
Total Leasing Commissions & Lease Costs	$	10,173		$	5,628		$	15,801
Total Recurring Capex	$	6,683		$	2,194		$	8,877		43,601,543	$	0.20
Recurring Capex % of NOI	4.9		%	1.8		%	3.0		%
Recurring Capex % of Rental Income	4.5		%	1.6		%	2.3		%
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)	$	39,094		$	24,621		$	63,715
Unit Renovation(3)	1,000			1,086			2,086
Other(4)	5,808			3,230			9,038
Total Nonrecurring Capex	$	45,902		$	28,937		$	74,839		24,551,709	$	3.05
Other Capitalized Costs(5)	$	9,154		$	9,120		$	18,274

(1)For tenant improvements and leasing commissions, reflects the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions. For recurring capex, reflects the weighted average square footage of our consolidated portfolio for the period (including properties that were sold during the period). For nonrecurring capex, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.

(2)Includes capital expenditures related to properties that were under repositioning or redevelopment as of June 30, 2023. See pages 26-27 for details of these properties.

(3)Includes non-tenant-specific capital expenditures with costs less than $100,000 per unit.

(4)Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, ADA related construction and capital expenditures for deferred maintenance existing at the time such property was acquired.

(5)Includes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on redevelopment, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or redevelopment projects.

Second Quarter 2023 Supplemental Financial Reporting Package Page 25

Properties and Space Under Repositioning*/Redevelopment.(1)
As of June 30, 2023	(unaudited results, $ in millions)

Repositioning
				Est. Constr. Period(1)
Property (Submarket)	Total Property RSF(2)	Repo/ Lease-Up RSF(2)	Total Property Leased % 6/30/23	Start	Target Complet.	Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Repo Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 2Q-2023(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
CURRENT REPOSITIONING:
19431 Santa Fe Avenue (South Bay)(4)	LAND	LAND	100%(4)	1Q-22	3Q-23	4Q-23	$	10.8	$	3.4	$	14.2	$	12.8	$	0.3	$	1.8	12.8%
2800 Casitas Avenue (SF Valley)	116,158	116,158	—%	1Q-23	3Q-23	1Q-24	43.9		7.9		51.8		49.2		0.0		2.6		5.0%
444 Quay Avenue (South Bay)	26,700	26,700	—%	1Q-23	4Q-23	2Q-24	25.8		8.2		34.0		28.2		0.0		2.4		7.1%
11308-11350 Penrose Street (SF Valley)(5)	151,011	71,547	53%	1Q-23	1Q-24	4Q-24	12.1		7.2		19.3		13.6		0.2		1.4		7.4%
500 Dupont Avenue (Inland Empire West)	274,852	274,852	—%	1Q-23	2Q-24	3Q-24	58.8		10.0		68.8		61.8		0.0		4.3		6.3%
9755 Distribution Avenue (Central SD)	47,666	23,726	50%	2Q-23	3Q-23	1Q-24	5.5		1.8		7.3		6.3		0.0		0.9		12.4%
4039 Calle Platino (North County SD)	143,552	73,696	49%	2Q-23	4Q-23	1Q-24	20.5		3.9		24.4		21.0		0.1		1.9		7.9%
Total/Weighted Average	759,939	586,679					$	177.4	$	42.4	$	219.8	$	192.9	$	0.6	$	15.3	7.0%
LEASE-UP REPOSITIONING:
8210-8240 Haskell Avenue (SF Valley)	52,934	52,934	28%	1Q-22	1Q-23	3Q-23	$	12.5	$	2.3	$	14.8	$	14.3	$	(0.1)	$	0.9	6.3%
20851 Currier Road (SG Valley)	59,412	59,412	—%	1Q-23	2Q-23	3Q-23	22.0		2.2		24.2		23.6		(0.1)		1.2		4.9%
Total/Weighted Average	112,346	112,346					$	34.5	$	4.5	$	39.0	$	37.9	$	(0.2)	$	2.1	5.4%
STABILIZED REPOSITIONING:
12821 Knott Street (West OC)(6)	165,171	165,171	100%	1Q-19	1Q-23	2Q-23	$	20.7	$	14.4	$	35.1	$	35.1	$	(0.1)	$	3.6	10.3%
12133 Greenstone Avenue (Mid-Counties)	LAND	LAND	100%	1Q-21	1Q-23	2Q-23	5.7		8.3		14.0		11.6		0.1		1.0		7.2%
14100 Vine Place (Mid-Counties)	122,514	122,514	100%	2Q-22	4Q-22	2Q-23	49.0		3.4		52.4		52.0		(0.2)		2.3		4.5%
Total/Weighted Average	287,685	287,685					$	75.4	$	26.1	$	101.5	$	98.7	$	(0.2)	$	6.9	6.9%
FUTURE REPOSITIONING:
29120 Commerce Center Drive (SF Valley)	135,258	135,258	100%	3Q-23	1Q-24	3Q-24	$	27.1	$	3.7	$	30.8	$	27.1	$	0.3	$	2.4	7.8%
2880 Ana Street (South Bay)	LAND	LAND	100%	3Q-23	1Q-24	3Q-24	34.9		2.9		37.8		35.2		0.5		1.9		5.0%
8902-8940 Activity Road (Central SD)(7)	112,876	13,950	100%	3Q-23	1Q-24	3Q-24	3.3		1.8		5.1		3.3		0.4		0.3		6.0%
Total/Weighted Average	248,134	149,208					$	65.3	$	8.4	$	73.7	$	65.6	$	1.2	$	4.6	6.2%
Total Repositioning (Excluding Other)	1,408,104	1,135,918					$	352.6	$	81.4	$	434.0	$	395.1	$	1.4	$	28.9	6.7%
OTHER CURRENT REPOSITIONING IN PROCESS:
Other Repositioning - 20 projects with estimated costs < $1 million individually(8)									$	12.2			$	6.8					7.5%-8.5%

* “Properties and Space Under Repositioning” are typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.

— See numbered footnotes on page 28 —

Second Quarter 2023 Supplemental Financial Reporting Package Page 26

Properties and Space Under Repositioning/Redevelopment* (Continued).(1)
As of June 30, 2023	(unaudited results, $ in millions)

Redevelopment
			Est. Constr. Period(1)
Property (Submarket)	Projected RSF(9)	Total Property Leased % 6/30/2023	Start	Target Complet.	Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Redev Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 2Q-2023(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
CURRENT REDEVELOPMENT:
1055 Sandhill Avenue (South Bay)	127,857	—%	3Q-21	1Q-24	3Q-24	$	12.0	$	18.6	$	30.6	$	18.8	$	0.0	$	2.7	8.8%
9615 Norwalk Boulevard (Mid-Counties)	201,571	—%	3Q-21	3Q-24	1Q-25	9.6		43.5		53.1		26.1		0.0		4.7		8.9%
9920-10020 Pioneer Blvd (Mid-Counties)	162,231	—%	4Q-21	1Q-24	3Q-24	23.6		33.4		57.0		32.4		0.0		3.3		5.9%
1901 Via Burton (North OC)	139,449	—%	1Q-22	1Q-24	3Q-24	24.5		21.1		45.6		28.6		0.0		2.9		6.5%
3233 Mission Oaks Blvd. (Ventura) ***	117,358	—%	2Q-22	2Q-24	3Q-24	40.7		27.8		68.5		43.8		0.9		5.5		8.1%
6027 Eastern Avenue (Central LA)	93,498	—%	3Q-22	1Q-24	3Q-24	23.4		19.9		43.3		26.6		0.0		2.1		4.8%
8888-8992 Balboa Avenue (Central SD)	123,488	—%	3Q-22	3Q-24	4Q-24	19.9		20.9		40.8		23.2		0.0		2.5		6.1%
2390-2444 American Way (North OC)	100,483	—%	4Q-22	1Q-24	3Q-24	17.1		19.3		36.4		19.7		0.0		2.0		5.5%
4416 Azusa Canyon Road (SG Valley)	130,063	—%	4Q-22	2Q-24	4Q-24	12.3		20.8		33.1		15.4		0.0		2.6		7.7%
12118 Bloomfield Avenue (Mid-Counties)	109,447	—%	4Q-22	2Q-24	4Q-24	16.7		20.4		37.1		17.8		0.0		2.4		6.6%
3071 Coronado Street (North OC)	105,173	—%	1Q-23	1Q-24	3Q-24	28.2		17.9		46.1		32.3		0.0		2.2		4.8%
15010 Don Julian Road (SG Valley)	219,242	—%	1Q-23	2Q-24	4Q-24	22.9		29.7		52.6		24.7		0.0		3.8		7.2%
21515 Western Avenue (South Bay)	84,100	—%	2Q-23	4Q-24	2Q-25	19.1		19.1		38.2		20.5		0.0		1.9		4.9%
Total/Weighted Average	1,713,960					$	270.0	$	312.4	$	582.4	$	329.9	$	0.9	$	38.6	6.7%
LEASE-UP REDEVELOPMENT:
12752-12822 Monarch St. (West OC)**	161,711	41%	1Q-22	2Q-23	3Q-23	$	34.1	$	19.1	$	53.2	$	51.5	$	0.0	$	4.0	7.5%
STABILIZED REDEVELOPMENT:
15601 Avalon Boulevard (South Bay)	86,879	100%	3Q-21	1Q-23	2Q-23	$	16.1	$	13.3	$	29.4	$	29.0	$	(0.2)	$	1.9	6.5%
FUTURE REDEVELOPMENT:
12772 San Fernando Road (SF Valley)	143,421	52%	3Q-23	3Q-24	1Q-25	$	22.1	$	23.8	$	45.9	$	23.0	$	0.8	$	3.0	6.6%
19900 Plummer Street (SF Valley)	79,900	100%	3Q-23	4Q-24	2Q-25	15.5		16.4		31.9		16.0		0.2		1.6		5.0%
17907-18001 Figueroa Street (South Bay)	76,722	95%	4Q-23	4Q-24	2Q-25	20.2		17.7		37.9		20.2		0.2		2.5		6.5%
1500 Raymond Avenue (North OC)	138,497	—%	4Q-23	1Q-25	2Q-25	46.1		25.1		71.2		47.7		0.0		3.3		4.6%
13711 Freeway Drive (Mid-Counties)	104,500	100%	1Q-24	2Q-25	4Q-25	34.1		23.0		57.1		34.4		0.4		2.6		4.6%
404-430 Berry Way (North OC)	147,000	—%	2Q-25	2Q-26	4Q-26	23.8		27.5		51.3		23.8		0.1		2.9		5.7%
Total/Weighted Average	690,040					$	161.8	$	133.5	$	295.3	$	165.1	$	1.7	$	15.9	5.4%
Total Redevelopment	2,652,590					$	482.0	$	478.3	$	960.3	$	575.5	$	2.4	$	60.4	6.3%

* “Properties Under Redevelopment” are typically defined as properties where we plan to fully or partially demolish an existing building or buildings due to building obsolescence and/or properties with excess or vacant land where we plan to construct a ground-up building.

** As of June 30, 2023, 12752-12822 Monarch Street comprises 271,268 RSF. The project includes 111,325 RSF that are not being redeveloped. We have repositioned 63,815 RSF, and we have demolished 99,925 RSF and constructed a new 97,896 RSF building in its place. At completion, the total project contains 273,036 RSF. Costs and yield shown reflect the entire project.

*** As of June 30, 2023, 3233 Mission Oaks Blvd comprises 409,217 RSF which are not being redeveloped. We plan to construct one new building comprising 117,358 RSF. We are also performing site work across the entire project. At completion, the total project will contain 526,575 RSF. Costs and yield shown reflect the entire project.

— See numbered footnotes on page 28 —

Second Quarter 2023 Supplemental Financial Reporting Package Page 27

Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of June 30, 2023	(unaudited results, in thousands, except square feet)

Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)	Rentable Square Feet	Stabilized Period	Unlevered Stabilized Yield
29025 Avenue Paine (SF Valley)	111,260	1Q-22	6.6%
900 East Ball Road (North OC)	62,607	2Q-22	6.9%
11600 Los Nietos Road (Mid-Counties)	106,251	3Q-22	9.3%
3441 MacArthur Boulevard (OC Airport)	124,102	3Q-22	14.4%
415-435 Motor Avenue (SG Valley)	94,321	4Q-22	12.2%
15650-15700 Avalon Boulevard (South Bay)	98,259	4Q-22	7.7%
19475 Gramercy Place (South Bay)	47,712	4Q-22	7.7%
12821 Knott Street (West OC)	165,171	2Q-23	10.3%
12133 Greenstone Avenue (Mid-Counties)	LAND	2Q-23	7.2%
14100 Vine Place (Mid-Counties)	122,514	2Q-23	4.5%
15601 Avalon Boulevard (South Bay)	86,879	2Q-23	6.5%

(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “Cumulative Investment to Date,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Unlevered Stabilized Yield” and “Stabilization Date - Properties and Space Under Repositioning” see pages 33 - 34 in the Notes and Definitions section of this report.

(2)“Total Property RSF” is the total RSF of the entire property or particular building(s) (footnoted if applicable) under repositioning. “Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than Total Property RSF.

(3)Represents the estimated quarter that the project will reach stabilization. Includes time to complete construction and lease-up the project. The actual period of stabilization may vary materially from our estimates.

(4)As of Jun 30, 2023, 19431 Santa Fe Avenue has been leased and the tenant is occupying a portion of the property. The tenant is expected to take full occupancy in 4Q-23, subject to completion of repositioning work.

(5)Costs and yield shown reflect only the 8430 Tujunga Avenue & 11320-11350 Penrose Street building being repositioned.

(6)At 12821 Knott Street, we repositioned the existing 120,000 RSF building and constructed 45,171 RSF of new warehouse space.

(7)Costs and yield shown reflect only the 8902 Activity Road building being repositioned.

(8)“Other Repositioning” includes 20 projects where estimated costs are generally less than $1.0 million individually. Repositioning at these 20 projects totals 409,714 RSF.

(9)Represents the estimated rentable square footage of the project upon completion of redevelopment.

Second Quarter 2023 Supplemental Financial Reporting Package Page 28

Current Year Acquisitions and Dispositions Summary.
As of June 30, 2023								(unaudited results)
2023 Current Period Acquisitions
Acquisition Date	Property Address	County	Submarket	Rentable Square Feet		Acquisition Price ($ in MM)		Occ. % at Acquisition	Est. Unlevered Stabilized Yield
1/6/2023	16752 Armstrong Avenue	Orange	OC Airport	81,600		$	40.00	100%	5.7%
1/30/2023	10545 Production Avenue	Riverside / San Bernardino	Inland Empire West	1,101,840		365.00		100%	5.0%
2/28/2023	3520 Challenger Street	Los Angeles	South Bay	49,336		14.20		100%	6.3%
3/28/2023	9000 Airport Blvd	Los Angeles	South Bay	38,680	(1)	143.00		100%	6.3%
3/30/2023	9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(2)	San Diego	Central San Diego	515,382		200.00		100%	7.4%
4/7/2023	13925 Benson Avenue	Riverside / San Bernardino	Inland Empire West	38,143		27.50		100%	6.3%
4/14/2023	19301 Santa Fe Avenue(3)	Los Angeles	South Bay	41,638		14.60		81%	6.1%
4/21/2023	2395-2399 Bateman Avenue	Los Angeles	San Gabriel Valley	134,952		41.20		100%	5.4%
Total 2023 Current Period Acquisitions through June 30, 2023				2,001,571		$	845.50
2023 Subsequent Period Acquisitions
Acquisition Date	Property Address	County	Submarket	Rentable Square Feet		Acquisition Price ($ in MM)		Occ. % at Acquisition	Est. Unlevered Stabilized Yield
7/13/2023	27712 & 27756 Avenue Mentry	Los Angeles	Greater San Fernando Valley	220,752		38.01		100%	5.3%
7/14/2023	5630 Cerritos Avenue	Orange	West Orange County	76,032		21.35		100%	6.4%
Total Year to Date 2023 Acquisitions				2,298,355		$	904.86

2023 Current Period Dispositions
Disposition Date	Property Address	County	Submarket	Rentable Square Feet	Sale Price ($ in MM)
3/28/2023	8101-8117 Orion Ave.	Los Angeles	Greater San Fernando Valley	48,394	$	17.00
Total 2023 Current Period Dispositions				48,394	$	17.00

(1)Represents acquisition of 18.4 acres of industrial zoned land.

(2)Represents acquisition of three properties in one consolidated transaction.

(3)Represents acquisition of a current or near-term redevelopment site.

Second Quarter 2023 Supplemental Financial Reporting Package Page 29

Net Asset Value Components.
As of June 30, 2023	(unaudited and in thousands, except share data)

Net Operating Income
Pro Forma Net Operating Income (NOI)(1)	Three Months Ended Jun 30, 2023
Total operating rental income	$194,098
Property operating expenses	(44,310)
Pro forma effect of uncommenced leases(2)	1,392
Pro forma effect of acquisitions(3)	172
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(4)	18,264
Pro Forma NOI	169,616
Amortization of net below-market lease intangibles	(6,232)
Straight line rental revenue adjustment	(8,653)
Pro Forma Cash NOI	$154,731
Balance Sheet Items
Other assets and liabilities	June 30, 2023
Cash and cash equivalents	$136,282
Rents and other receivables, net	14,126
Other assets	19,055
Acquisition related deposits	8,700
Accounts payable, accrued expenses and other liabilities	(109,881)
Dividends payable	(79,370)
Tenant security deposits	(81,163)
Prepaid rents	(42,600)
Estimated remaining cost to complete repositioning/redevelopment projects	(422,945)
Total other assets and liabilities	$(557,796)
Debt and Shares Outstanding
Total consolidated debt(5)	$2,245,972
Preferred stock/units - liquidation preference	$241,068
Common shares outstanding(6)	200,680,708
Operating partnership units outstanding(7)	7,351,049
Total common shares and operating partnership units outstanding	208,031,757

(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 31 and page 12 of this report, respectively.

(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of April 1, 2023.

(3)Represents the estimated incremental NOI from Q2'23 acquisitions as if they had been acquired on April 1, 2023. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired entities as of April 1, 2023.

(4)Represents the estimated incremental NOI from the properties that were classified as current or future repositioning/redevelopment, lease-up or stabilized during the three months ended June 30, 2023, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of April 1, 2023. Includes all properties that are separately listed on pages 26 - 27 and excludes “Other Repositionings.” We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of April 1, 2023.

(5)Excludes unamortized loan discount and debt issuance costs totaling $18.8 million.

(6)Represents outstanding shares of common stock of the Company, which excludes 361,033 shares of unvested restricted stock.

(7)Represents outstanding common units of the Company’s operating partnership, Rexford Industrial Realty, L.P., that are owned by unit holders other than Rexford Industrial Realty, Inc. Includes 800,056 vested LTIP Units and 940,847 vested performance units and excludes 324,684 unvested LTIP Units and 1,516,107 unvested performance units.

Second Quarter 2023 Supplemental Financial Reporting Package Page 30

Notes and Definitions.

Adjusted Funds from Operations (“AFFO”): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO, as defined below, the following items: (i) certain non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as construction payroll, (iii)recurring capital expenditures required to maintain and re-tenant our properties, (iv) capitalized interest costs resulting from the repositioning/redevelopment of certain of our properties and (v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental performance measure because it provides a performance measure that, when compared year over year, captures trends in portfolio operating results. We also believe that, as a widely recognized measure of the performance of REITs, AFFO will be used by investors as a basis to assess our performance in comparison to other REITs. However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our performance is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs’ AFFO. AFFO should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance.

In-Place Annualized Base Rent and Uncommenced Annualized Base Rent:

•In-Place Annualized Base Rent (“In-Place ABR”): Calculated as the monthly contractual base rent (before rent abatements) per the terms of the lease, as of June 30, 2023, multiplied by 12. Includes leases that have commenced as of June 30, 2023 or leases where tenant has taken early possession of space as of June 30, 2023. Excludes billboard and antenna revenue and tenant reimbursements.

•In-Place ABR per Square Foot: Calculated by dividing In-Place ABR for the lease by the occupied square feet of the lease, as of June 30, 2023.

•Combined In-Place and Uncommenced Annualized Base Rent (“In-Place + Uncommenced ABR”): Calculated by adding (i) In-Place ABR and (ii) ABR Under Uncommenced Leases (see definition below). Does not include adjustments for leases that expired and were not renewed subsequent to June 30, 2023, or adjustments for future known non-renewals.

•ABR Under Uncommenced Leases: Calculated by adding the following:

(i) ABR under Uncommenced New Leases = first full month of contractual base rents (before rent abatements) to be received under Uncommenced New Leases, multiplied by 12.

(ii) Incremental ABR under Uncommenced Renewal Leases = difference between: (a) the first full month of contractual base rents (before rent abatements) to be received under Uncommenced Renewal Leases and (b) the monthly In-Place ABR for the same space as of June 30, 2023, multiplied by 12.

•In-Place + Uncommenced ABR per Square Foot: Calculated by dividing (i) In-Place + Uncommenced ABR for the leases by (ii) the square footage under commenced and uncommenced leases (net of renewal space) as of June 30, 2023.

•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of June 30, 2023.

•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of June 30, 2023.

Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, redevelopment, major property or unit upgrade or renovation, and further includes capital expenditures for seismicupgrades, roof or parking lot replacements and capital expenditures for deferred maintenance existing at the time such property was acquired.

Capital Expenditures, Recurring: Expenditures made with respect to a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired; or (d) replacements of either roof or parking lots.

Capital Expenditures, First Generation: Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use.

Cash NOI: Cash basis NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) fair value lease revenue and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure.Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.

Core Funds from Operations (“Core FFO”): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Non-GAAP FFO and Core FFO Reconciliations” on pages 12 - 13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on-going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams).

Second Quarter 2023 Supplemental Financial Reporting Package Page 31

Notes and Definitions.

Debt Covenants ($ in thousands)

		June 30, 2023
	Current Period Covenant	Revolver, $300M, $400M & $60M Term Loan Facilities	Senior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratio	less than 60%	19.5%	21.5%
Maximum Secured Leverage Ratio	less than 45%	1.1%	N/A
Maximum Secured Leverage Ratio	less than 40%	N/A	1.2%
Maximum Secured Recourse Debt	less than 15%	N/A	—%
Minimum Tangible Net Worth	$5,952,986	N/A	$8,227,308
Minimum Fixed Charge Coverage Ratio	at least 1.50 to 1.00	5.64 to 1.00	5.64 to 1.00
Unencumbered Leverage Ratio	less than 60%	20.9%	23.0%
Unencumbered Interest Coverage Ratio	at least 1.75 to 1.00	7.05 to 1.00	7.05 to 1.00

		June 30, 2023
	Current Period Covenant	Senior Notes ($400M due 2030 & $400M due 2031)
Maximum Debt to Total Asset Ratio	less than 60%	20.1%
Maximum Secured Debt to Total Asset Ratio	less than 40%	1.1%
Minimum Debt Service Coverage Ratio	at least 1.50 to 1.00	5.36 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratio	at least 1.50 to 1.00	4.95 to 1.00

Our actual performance for each covenant is calculated based on the definitions set forth in each loan agreement/indenture.

EBITDAre and Adjusted EBITDA: We calculate EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock based compensation expense, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses, (iv) impairments of right of use assets and (v) the pro-forma effects of acquisitions and dispositions.We believe that EBITDAre and Adjusted EBITDA are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties.We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDAre and Adjusted EBITDA should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDAre and

Adjusted EBITDA should not be considered as alternatives to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDAre and Adjusted EBITDA differently than we do; accordingly, our EBITDAre and Adjusted EBITDA may not be comparable to such other Equity REITs’ EBITDAre and Adjusted EBITDA. EBITDAre and Adjusted EBITDA should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.

Ending occupancy excluding repositioning/redevelopment: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with Repositioning and Redevelopment projects, including those combined in “Other Repositioning”.

Fixed Charge Coverage Ratio:

	For the Three Months Ended
	Jun 30, 2023			Mar 31, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022
EBITDAre	$	132,883		$	124,567		$	115,946		$	107,769		$	97,678
Amortization of above/below market lease intangibles	(6,232)			(8,290)			(12,959)			(7,033)			(6,126)
Non-cash stock compensation	7,956			8,178			9,716			6,316			6,342
Loss on extinguishment of debt	—			—			38			—			877
Impairment of right-of-use asset	—			188			—			—			—
Straight line rental revenue adj.	(8,653)			(7,628)			(7,467)			(8,411)			(8,441)
Capitalized payments	(4,001)			(3,934)			(3,542)			(3,653)			(3,296)
Recurring capital expenditures	(6,683)			(2,194)			(2,593)			(2,658)			(2,063)
2nd gen. tenant improvements & leasing commissions	(5,623)			(5,259)			(5,437)			(3,940)			(4,031)
Cash flow for fixed charge coverage calculation	$	109,647		$	105,628		$	93,702		$	88,390		$	80,940
Cash interest expense calculation detail:
Interest expense	17,180			13,701			13,670			14,975			10,168
Capitalized interest	4,884			4,990			4,215			3,619			2,419
Note payable premium amort.	(203)			(66)			(64)			(63)			(62)
Amort. of deferred financing costs	(999)			(856)			(840)			(766)			(563)
Amort. of swap term fees & t-locks	(136)			(129)			(129)			(128)			(93)
Cash interest expense	20,726			17,640			16,852			17,637			11,869
Scheduled principal payments	363			379			354			546			607
Preferred stock/unit dividends	3,117			3,116			3,116			3,117			3,112
Fixed charges	$	24,206		$	21,135		$	20,322		$	21,300		$	15,588
Fixed Charge Coverage Ratio	4.5		x	5.0		x	4.6		x	4.1		x	5.2		x

NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed inaccordance with GAAP), excluding gains (or losses) on sale of real estate assets, gains (or losses) on sale of assets

Second Quarter 2023 Supplemental Financial Reporting Package Page 32

Notes and Definitions.

incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends and any preferred stock redemption charges related to the write-off of original issuance costs).

Net Operating Income (“NOI”): NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from real estate operations including i) rental income, ii) tenant reimbursements, and iii) otherincome less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.

Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the

reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning/lease-up properties as of the end of the reporting period, assuming that all repositioning work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operatingresults would have been had the transactions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.

Definitions Related to Properties and Space Under Repositioning/Redevelopment:

•Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.

•Properties Under Redevelopment: Typically defined as a properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.

•Estimated Construction Period: The “Start” of the Estimated Construction Period is our current estimate of the period in which we will start physical construction on a property. Prior to Q4-2020, we defined the “Start” as the period in which we began activities to get a property ready for its intended use, which included pre-construction activities, including securing entitlements or permits, design, site work, and other necessary activities preceding construction. The Target Completion of the Estimated Construction Period is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis. For projects stabilized or in lease-up, represents the actual construction completion period.

•Purchase Price: Represents the contractual purchase price of the property plus closing costs.

•Projected Repositioning/Redevelopment Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/redevelopment project. Estimated costs include (i) nonrecurring capital expenditures, (ii) estimated tenant improvement allowances/costs and (iii) estimated leasing commissions. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs including capitalized interest, property taxes, insurance and compensation.

•Projected Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Redevelopment Costs.

•Cumulative Investment to Date: Includes the Purchase Price and nonrecurring capital expenditures, tenant improvement costs and leasing commission costs incurred as of the reporting date.

•Estimated Annual Stabilized Cash NOI: Represents management’s estimate of each project’s annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. Actual results may vary materially from our estimates.

Second Quarter 2023 Supplemental Financial Reporting Package Page 33

Notes and Definitions.

•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 31) for the repositioning/redevelopment property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.

•Estimated Unlevered Stabilized Yield: Calculated by dividing each project’s Estimated Annual Stabilized Cash NOI by its Projected Total Investment.

•Stabilization Date - Properties and Space Under Repositioning/Redevelopment: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning/redevelopment construction work.

Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.

	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Rental revenue (before collectability adjustment)	$	161,959	$	153,521	$	149,295	$	134,274	$	122,937
Tenant reimbursements	32,236		31,419		28,586		27,675		25,413
Other income	649		564		470		520		479
Increase (reduction) in revenue due to change in collectability assessment	(746)		(340)		71		112		158
Rental income	$	194,098	$	185,164	$	178,422	$	162,581	$	148,987

Rent Change - Cash: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.

Rent Change - GAAP: Compares GAAP rent, which straightlines rental rate increases and abatements, on new/renewal leases to GAAP rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.

Same Property Portfolio (“SPP”): Our 2023 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through June 30, 2023, and excludes (i) properties that were acquired or sold during the period from January 1, 2022 through June 30, 2023, and (ii) properties acquired prior to January 1, 2022 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2022 and 2023 (as separately listed on pages 26-27) and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods.

SPP Historical Information: The table below reflects selected information related to our SPP as initially reported in each quarter’s respective supplemental package. During the three months ended June 30, 2023, we (i) removed two properties from our SPP that were classified as future repositioning/redevelopment projects during Q2-23 and (ii) added one property to the SPP that was previously classified as a future redevelopment that will no longer be redeveloped due to the renewal of the existing tenant.

	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
# of Properties	256		257		224		224		224
Square Feet	32,496,302		32,601,949		28,584,482		28,581,460		28,581,635
Ending Occupancy	98.1	%	98.0	%	98.1	%	98.4	%	98.9	%
SPP NOI growth	8.0	%	7.3	%	7.3	%	7.2	%	7.0	%
SPP Cash NOI growth	10.0	%	10.7	%	10.7	%	9.7	%	10.1	%

Same Property Portfolio Rental Income: See below for a breakdown of 2023 & 2022 rental income for our SPP. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.

	Three Months Ended June 30,							Six Months Ended June 30,
	2023		2022		$ Change		% Change	2023		2022		$ Change		% Change
Rental revenue	$	113,560	$	105,449	$	8,111	7.7%	$	223,974	$	209,002	$	14,972	7.2%
Tenant reimbursements	22,609		22,156		453		2.0%	45,399		44,322		1,077		2.4%
Other income	463		400		63		15.8%	868		746		122		16.4%
Rental income	$	136,632	$	128,005	$	8,627	6.7%	$	270,241	$	254,070	$	16,171	6.4%

Reconciliation of Net Income to NOI and Cash NOI (in thousands):

	Three Months Ended
	Jun 30, 2023		Mar 31, 2023		Dec 31, 2022		Sep 30, 2022		Jun 30, 2022
Net Income	$	56,910	$	63,570	$	45,708	$	41,648	$	40,901
General and administrative	18,267		18,197		19,733		14,951		14,863
Depreciation & amortization	58,793		59,429		56,568		51,146		46,609
Other expenses	306		647		815		413		295
Interest expense	17,180		13,701		13,670		14,975		10,168
Loss on extinguishment of debt	—		—		38		—		877
Management & leasing services	(171)		(190)		(160)		(163)		(130)
Interest income	(1,497)		(882)		(5)		(3)		(1)
Gains on sale of real estate	—		(12,133)		—		—		—
NOI	$	149,788	$	142,339	$	136,367	$	122,967	$	113,582
S/L rental revenue adj.	(8,653)		(7,628)		(7,467)		(8,411)		(8,441)
Amortization of above/below market lease intangibles	(6,232)		(8,290)		(12,959)		(7,033)		(6,126)
Cash NOI	$	134,903	$	126,421	$	115,941	$	107,523	$	99,015

Second Quarter 2023 Supplemental Financial Reporting Package Page 34

Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income	$	56,910	$	40,901	$	120,480	$	89,801
General and administrative	18,267		14,863		36,464		29,580
Depreciation and amortization	58,793		46,609		118,222		89,080
Other expenses	306		295		953		333
Interest expense	17,180		10,168		30,881		19,851
Loss on extinguishment of debt	—		877		—		877
Management and leasing services	(171)		(130)		(361)		(293)
Interest income	(1,497)		(1)		(2,379)		(2)
Gains on sale of real estate	—		—		(12,133)		(8,486)
NOI	$	149,788	$	113,582	$	292,127	$	220,741
Non-Same Property Portfolio rental income	(57,466)		(20,982)		(109,021)		(35,505)
Non-Same Property Portfolio property exp.	14,219		6,062		27,281		10,359
Same Property Portfolio NOI	$	106,541	$	98,662	$	210,387	$	195,595
Straight line rental revenue adjustment	(5,415)		(5,546)		(9,237)		(11,152)
Amort. of above/below market lease intangibles	(3,651)		(4,505)		(7,400)		(8,772)
Same Property Portfolio Cash NOI	$	97,475	$	88,611	$	193,750	$	175,671

Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:

	2023 Estimate
	Low		High
Net income attributable to common stockholders	$	1.03	$	1.06
Company share of depreciation and amortization	1.16		1.16
Company share of gains on sale of real estate	(0.06)		(0.06)
Company share of Core FFO	$	2.13	$	2.16

Occupancy by County:

	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022
Ending Occupancy:
Los Angeles County	94.9%	94.9%	95.6%	94.1%	94.7%
Orange County	91.3%	90.3%	92.7%	92.5%	88.9%
Riverside / San Bernardino County	91.9%	90.5%	89.7%	92.9%	98.0%
San Diego County	92.8%	94.7%	97.9%	98.7%	97.6%
Ventura County	98.0%	99.7%	99.7%	100.0%	99.1%
Total/Weighted Average	94.0%	93.8%	94.6%	94.5%	95.2%
Total Portfolio RSF	44,167,774	43,954,272	42,403,735	41,716,182	39,441,055

Uncommenced Lease Data:

	Total/Weighted Average
Occupied SF	41,508,371
Uncommenced Renewal Leases - Leased SF(1)	556,526
Uncommenced New Leases - Leased SF(1)	91,204
Leased SF	41,599,575
Percent Leased	94.2		%
In-Place ABR(2)	$	610,658
ABR Under Uncommenced Leases (in thousands)(2)(3)	6,275
In-Place + Uncommenced ABR (in thousands)(2)	$	616,933
In-Place + Uncommenced ABR per SF(2)	$	14.83

(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of June 30, 2023.

(2)See page 31 for further details on how these amounts are calculated.

(3)Includes $2.9 million of annualized base rent under Uncommenced New Leases and $3.4 million of incremental annualized base rent under Uncommenced Renewal Leases.

Second Quarter 2023 Supplemental Financial Reporting Package Page 35

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Document and Entity Information Document	Jul. 19, 2023
Entity Information [Line Items]
Entity Central Index Key	0001571283
Amendment Flag	false
Document Type	8-K
Document Period End Date	Jul. 19, 2023
Entity Registrant Name	REXFORD INDUSTRIAL REALTY, INC.
Entity Incorporation, State or Country Code	MD
Entity File Number	001-36008
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, $0.01 par value
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series B Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
5.625% Series C Cumulative Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE