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): April 17, 2024

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 April 17, 2024, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended March 31, 2024, and distributed certain supplemental financial information. On April 17, 2024, 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 March 31, 2024 and distributed certain supplemental information. On April 17, 2024, 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 April 17, 2024
99.2	First Quarter 2024 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.
April 17, 2024	/s/ Michael S. Frankel
	Michael S. Frankel Co-Chief Executive Officer (Principal Executive Officer)
	Rexford Industrial Realty, Inc.
April 17, 2024	/s/ Howard Schwimmer
	Howard Schwimmer Co-Chief Executive Officer (Principal Executive Officer)

EX-99.1

Exhibit 99.1

Rexford Industrial Announces First Quarter 2024 Financial Results

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

First Quarter 2024 Financial and Operational Highlights:

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

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

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

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

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

•Average Same Property Portfolio occupancy of 96.8%.

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

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

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

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

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

Financial Results:

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

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

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

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

Operating Results:

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

	Q1-2024 Leasing Activity
			Releasing Spreads		Releasing Spreads Excluding Tireco, Inc. Lease Extension(1)
	# of Leases Executed	SF of Leasing	GAAP	Cash	GAAP	Cash
New Leases	50	830,941	41.3%	31.2%	41.3%	31.2%
Renewal Leases	64	2,398,076	14.8%	11.3%	56.8%	34.4%
Total Leases	114	3,229,017	17.3%	13.2%	53.0%	33.6%

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

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

Transaction Activity:

During the first quarter of 2024, the Company completed $1.1 billion in total investments including 3.2 million square feet of buildings on 158 acres of land. In aggregate, these investments are projected to generate a weighted average unlevered initial yield of 4.8% and an unlevered stabilized yield on total investment of 5.6%.

Subsequent to the first quarter of 2024, the Company acquired:

•4422 Airport Drive, Ontario, located in the Inland Empire - West submarket, for $26.7 million or $303 per square foot. The 88,283 square foot building is 100% leased to two tenants and is generating a 5.5% initial unlevered stabilized yield. According to CBRE, the vacancy rate in the 347 million square foot IE - West submarket was 5.1% at the end of the first quarter 2024.

In addition, the Company disposed of one property subsequent to the first quarter of 2024 for a sales price of $10.0 million, which generated a 13.3% unlevered IRR on investment.

During the first quarter of 2024, the Company stabilized two repositioning projects, including two spaces totaling 38,021 square feet, representing a total investment of $12.1 million. The projects achieved a weighted average unlevered stabilized yield on total investment of 10.8%.

Balance Sheet:

The Company ended the first quarter with $337.0 million in cash on hand and $1.0 billion available under its unsecured revolving credit facility. As of March 31, 2024, the Company had $3.4 billion of outstanding debt, with an average interest rate of 3.8%, an average term-to-maturity of 4.2 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.

In the first quarter of 2024, the Company executed the following equity transactions:

•Completed a public offering of 17,179,318 shares of common stock to an existing long-only investor based on the West Coast, subject to forward equity sale agreements at a public offering price of $48.95 per share for a gross offering value of $840.9 million.

•Settlement of the remaining forward equity sale agreements related to its May 2023 public offering by issuing 2,253,034 shares of common stock for net proceeds of $125.7 million.

•Settlement of the outstanding forward equity sale agreements under its at-the-market equity offering program (“ATM Program”) by issuing 3,010,568 shares of common stock for net proceeds of $164.5 million.

As of April 17, 2024, the Company had approximately $837.1 million of net forward proceeds remaining for settlement.

During the first quarter of 2024, the Company did not execute on its ATM Program. As of March 31, 2024, the Company’s ATM Program had approximately $927.4 million of remaining capacity.

In March 2024, the Company issued $575.0 million principal amount of 4.375% exchangeable senior notes due in 2027 and $575.0 million principal amount of 4.125% exchangeable senior notes due in 2029. Net proceeds were approximately $1.126 billion after deducting the initial purchasers' discounts and commissions and offering expenses. The 2027 Notes will mature on March 15, 2027, and the 2029 Notes will mature on March 15, 2029.

Dividends:

On April 15, 2024, the Company’s Board of Directors authorized a dividend in the amount of $0.4175 per share for the second quarter of 2024, payable in cash on July 15, 2024, to common stockholders and common unit holders of record as of June 28, 2024.

On April 15, 2024, the Company’s Board of Directors authorized 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 June 28, 2024, to preferred stockholders of record as of June 14, 2024.

Guidance:

The Company is updating its full year 2024 guidance as indicated below. The Core FFO guidance refers to the Company’s in-place portfolio as of April 17, 2024, 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 2024 Guidance Rollforward.

2024 Outlook (1)	Q1 2024 Updated Guidance	Initial Guidance
Net Income Attributable to Common Stockholders per diluted share	$1.17 - $1.20	$1.11 - $1.14
Company share of Core FFO per diluted share	$2.31 - $2.34	$2.27 - $2.30
Same Property Portfolio NOI Growth - GAAP	4.25% - 5.25%	4.0% - 5.0%
Same Property Portfolio NOI Growth - Cash	7.0% - 8.0%	7.0% - 8.0%
Average Same Property Portfolio Occupancy (Full Year) (2)	96.5% - 97.0%	96.5% - 97.0%
General and Administrative Expenses (3)	+/- $83.0M	+/- $83.0M
Net Interest Expense	+/- $99.0M	$60.0M - $61.0M

(1)2024 Guidance represents the in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.

(2)Our 2024 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, 2023 through March 31, 2024 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (unless otherwise noted).

(3)2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $35.5 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 Updated 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 ir.rexfordindustrial.com.

Earnings Release, Investor Conference Webcast and Conference Call:

A conference call with executive management will be held on Thursday, April 18, 2024, 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 using Conference ID 9448082.

1 (800) 715-9871 (for domestic callers)

1 (646) 307-1963 (for international callers)

A live webcast and replay of the conference call will also be available at 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 422 properties with approximately 49.2 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, 2023, 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 2024 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.

	2024 Estimate
	Low		High
Net income attributable to common stockholders	$	1.17	$	1.20
Company share of depreciation and amortization	1.17		1.17
Company share of gains on sale of real estate(1)	(0.03)		(0.03)
Company share of Core FFO	$	2.31	$	2.34

(1)Reflects the sale of 2360-2364 East Sturgis Road on April 16, 2024.

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) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments 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 2024 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, 2023 through March 31, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through March 31, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods. As of March 31, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37,109,867 rentable square feet at 296 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 March 31, 2024, we had consolidated indebtedness of $3.4 billion, reflecting a net debt to enterprise value of approximately 20.9%. 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)

	March 31, 2024		December 31, 2023
	(unaudited)
ASSETS
Land	$	7,568,720	$	6,815,622
Buildings and improvements	4,260,512		3,933,379
Tenant improvements	172,707		167,251
Furniture, fixtures, and equipment	132		132
Construction in progress	258,413		240,010
Total real estate held for investment	12,260,484		11,156,394
Accumulated depreciation	(827,576)		(782,461)
Investments in real estate, net	11,432,908		10,373,933
Cash and cash equivalents	336,960		33,444
Loan receivable, net	122,899		122,784
Rents and other receivables, net	17,896		17,494
Deferred rent receivable, net	130,694		123,325
Deferred leasing costs, net	61,017		59,351
Deferred loan costs, net	3,069		3,426
Acquired lease intangible assets, net	223,698		153,670
Acquired indefinite-lived intangible	5,156		5,156
Interest rate swap asset	16,737		9,896
Other assets	22,114		25,225
Acquisition related deposits	7,975		2,125
Total Assets	$	12,381,123	$	10,929,829
LIABILITIES & EQUITY
Liabilities
Notes payable	$	3,349,120	$	2,225,914
Accounts payable, accrued expenses and other liabilities	148,920		128,842
Dividends and distributions payable	94,356		83,733
Acquired lease intangible liabilities, net	171,687		147,561
Tenant security deposits	91,034		84,872
Tenant prepaid rents	110,727		115,002
Total Liabilities	3,965,844		2,785,924
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 March 31, 2024 and December 31, 2023 ($75,000 liquidation preference)	72,443		72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at March 31, 2024 and December 31, 2023 ($86,250 liquidation preference)	83,233		83,233
Common Stock,$ 0.01 par value per share, 489,950,000 authorized and 217,822,056 and 212,346,450 shares outstanding at March 31, 2024 and December 31, 2023, respectively	2,178		2,123
Additional paid in capital	8,233,127		7,940,781
Cumulative distributions in excess of earnings	(370,720)		(338,835)
Accumulated other comprehensive loss	13,922		7,172
Total stockholders’ equity	8,034,183		7,766,917
Noncontrolling interests	381,096		376,988
Total Equity	8,415,279		8,143,905
Total Liabilities and Equity	$	12,381,123	$	10,929,829

Rexford Industrial Realty, Inc.

Consolidated Statements of Operations

(Unaudited and in thousands, except per share data)

	Three Months Ended March 31,
	2024		2023
REVENUES
Rental income	$	210,990	$	185,164
Management and leasing services	132		190
Interest income	2,974		882
TOTAL REVENUES	214,096		186,236
OPERATING EXPENSES
Property expenses	47,482		42,825
General and administrative	19,980		18,197
Depreciation and amortization	66,278		59,429
TOTAL OPERATING EXPENSES	133,740		120,451
OTHER EXPENSES
Other expenses	1,408		647
Interest expense	14,671		13,701
TOTAL EXPENSES	149,819		134,799
Gains on sale of real estate	—		12,133
NET INCOME	64,277		63,570
Less: net income attributable to noncontrolling interests	(2,906)		(3,064)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	61,371		60,506
Less: preferred stock dividends	(2,314)		(2,314)
Less: earnings attributable to participating securities	(418)		(320)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	58,639	$	57,872
Net income attributable to common stockholders per share – basic	$	0.27	$	0.30
Net income attributable to common stockholders per share – diluted	$	0.27	$	0.30
Weighted-average shares of common stock outstanding – basic	214,402		195,367
Weighted-average shares of common stock outstanding – diluted	214,438		195,779

Rexford Industrial Realty, Inc.

Same Property Portfolio Occupancy and NOI and Cash NOI

(Unaudited, dollars in thousands)

Same Property Portfolio Occupancy:
	March 31,
	2024	2023	Change (basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County	96.9%	97.5%	(60) bps
Orange County	99.6%	98.8%	80 bps
Riverside / San Bernardino County	94.8%	93.4%	140 bps
San Diego County	98.4%	98.9%	(50) bps
Ventura County	96.4%	99.6%	(320) bps
Same Property Portfolio Weighted Average Occupancy	96.8%	97.0%	(20) bps
Ending Occupancy:	96.4%	97.0%	(60) bps

(1)Calculated by averaging the occupancy rate at the end of each month in 1Q-2024 and December 2023 (for 1Q-2024) and the end of each month in 1Q-2023 and December 2022 (for 1Q-2023).

Same Property Portfolio NOI and Cash NOI:
	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Rental income	$	171,557	$	162,571	$	8,986	5.5	%
Property expenses	38,928		36,840		2,088		5.7	%
Same Property Portfolio NOI	$	132,629	$	125,731	$	6,898	5.5	%
Straight line rental revenue adjustment	(4,753)		(6,924)		2,171		(31.4)	%
Above/(below) market lease revenue adjustments	(5,642)		(6,196)		554		(8.9)	%
Same Property Portfolio Cash NOI	$	122,234	$	112,611	$	9,623	8.5	%

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 March 31,
	2024		2023
Net income	$	64,277	$	63,570
General and administrative	19,980		18,197
Depreciation and amortization	66,278		59,429
Other expenses	1,408		647
Interest expense	14,671		13,701
Management and leasing services	(132)		(190)
Interest income	(2,974)		(882)
Gains on sale of real estate	—		(12,133)
Net operating income (NOI)	$	163,508	$	142,339
Straight line rental revenue adjustment	(7,368)		(7,628)
Above/(below) market lease revenue adjustments(1)	(7,591)		(8,290)
Cash NOI	$	148,549	$	126,421
NOI	$	163,508	$	142,339
Non-Same Property Portfolio rental income	(39,433)		(22,593)
Non-Same Property Portfolio property expenses	8,554		5,985
Same Property Portfolio NOI	$	132,629	$	125,731
Straight line rental revenue adjustment	(4,753)		(6,924)
Above/(below) market lease revenue adjustments	(5,642)		(6,196)
Same Property Portfolio Cash NOI	$	122,234	$	112,611

(1)Above/(below) market lease revenue adjustments include the write-off of $1,318 for the three months March 31, 2023, 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. There was no comparable write-off amount for the three months March 31, 2024.

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 March 31,
	2024		2023
Net income	$	64,277	$	63,570
Adjustments:
Depreciation and amortization	66,278		59,429
Gains on sale of real estate	—		(12,133)
Funds From Operations (FFO)	$	130,555	$	110,866
Less: preferred stock dividends	(2,314)		(2,314)
Less: FFO attributable to noncontrolling interests(1)	(5,188)		(4,833)
Less: FFO attributable to participating securities(2)	(570)		(427)
Company share of FFO	$	122,483	$	103,292
Company Share of FFO per common share – basic	$	0.57	$	0.53
Company Share of FFO per common share – diluted	$	0.57	$	0.53
FFO	$	130,555	$	110,866
Adjustments:
Acquisition expenses	50		73
Impairment of right-of-use asset	—		188
Amortization of loss on termination of interest rate swaps	59		59
Non-capitalizable demolition costs	998		340
Write-offs of below-market lease intangibles related to unexercised renewal options(3)	—		(1,318)
Core FFO	$	131,662	$	110,208
Less: preferred stock dividends	(2,314)		(2,314)
Less: Core FFO attributable to noncontrolling interest(1)	(5,226)		(4,809)
Less: Core FFO attributable to participating securities(2)	(575)		(425)
Company share of Core FFO	$	123,547	$	102,660
Company share of Core FFO per common share – basic	$	0.58	$	0.53
Company share of Core FFO per common share – diluted	$	0.58	$	0.52
Weighted-average shares of common stock outstanding – basic	214,402		195,367
Weighted-average shares of common stock outstanding – diluted	214,438		195,779

(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
Current Year Investments and Dispositions Summary	29
Net Asset Value Components	32
Notes and Definitions	33

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 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 12, 2024, 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.

First Quarter 2024 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
Barclays	Brendan Lynch	(212) 526-9428
BMO Capital Markets	John Kim	(212) 885-4115
BNP Paribas Exane	Nate Crossett	(646) 342-1588
Citigroup Investment Research	Craig Mailman	(212) 816-4471
Colliers Securities	Barry Oxford	(203) 961-6573
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
Scotiabank	Greg McGinniss	(212) 225-6906
Truist Securities	Anthony Hau	(212) 303-4176
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.

First Quarter 2024 Supplemental Financial Reporting Package Page 3

Company Overview.

For the Quarter Ended March 31, 2024

First Quarter 2024 Supplemental Financial Reporting Package Page 4

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

First Quarter 2024 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
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Financial Results:
Total rental income	$	210,990	$	207,909	$	204,212	$	194,098	$	185,164
Net income	$	64,277	$	67,321	$	61,790	$	56,910	$	63,570
Net Operating Income (NOI)	$	163,508	$	158,650	$	156,127	$	149,788	$	142,339
Company share of Core FFO	$	123,547	$	118,781	$	114,969	$	108,419	$	102,660
Company share of Core FFO per common share - diluted	$	0.58	$	0.56	$	0.56	$	0.54	$	0.52
Adjusted EBITDA	$	167,207	$	152,126	$	147,925	$	141,258	$	139,755
Dividend declared per common share	$	0.4175	$	0.380	$	0.380	$	0.380	$	0.380
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)	49,162,216		45,860,368		44,998,613		44,167,774		43,954,272
Ending occupancy	92.8%		94.1%		94.1%		94.0%		93.8%
Ending occupancy excluding repositioning/redevelopment(2)	96.9%		97.6%		97.9%		97.3%		97.4%
Rent Change - GAAP(3)	53.0%		63.1%		64.8%		96.8%		80.2%
Rent Change - Cash(3)	33.6%		45.6%		51.4%		74.8%		59.7%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(4)	96.4%		97.0%		97.3%		97.2%		97.0%
Same Property Portfolio NOI growth(5)	5.5%
Same Property Portfolio Cash NOI growth(5)	8.5%
Capitalization:
Total shares and units issued and outstanding at period end(6)	224,992,152		219,629,857		213,435,271		208,031,757		208,016,268
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units	$	241,031	$	241,068	$	241,068	$	241,068	$	241,068
Total equity market capitalization	$	11,558,136	$	12,562,303	$	10,774,099	$	11,104,486	$	12,649,238
Total consolidated debt	$	3,389,088	$	2,243,025	$	2,245,605	$	2,245,972	$	2,250,136
Total combined market capitalization (net debt plus equity)	$	14,610,264	$	14,771,884	$	12,936,436	$	13,214,176	$	14,645,756
Ratios:
Net debt to total combined market capitalization	20.9%		15.0%		16.7%		16.0%		13.6%
Net debt to Adjusted EBITDA (quarterly results annualized)	4.6x		3.6x		3.7x		3.7x		3.6x

(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 33 and page 12 of this report, respectively.

(2)Ending occupancy excluding repositioning/redevelopment excludes “Other Repositioning” projects as well as those listed individually on pages 26-27.

(3)Rent Change for the three months ended March 31, 2024, excludes the 1.1 million SF lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement.This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods. See page 22 for a summary of our leasing activity including and excluding this lease.

(4)Reflects the ending occupancy for the current 2024 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 36.

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

(6)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 7,609,215 (Mar 31, 2024), 7,631,847 (Dec 31, 2023), 7,300,541 (Sep 30, 2023), 7,351,049 (Jun 30, 2023) and 7,597,554 (Mar 31, 2023). Excludes the following # of shares of unvested restricted stock: 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023), 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023) and 365,416 (Mar 31, 2023). Excludes unvested LTIP units and unvested performance units.

First Quarter 2024 Supplemental Financial Reporting Package Page 6

Guidance.

As of March 31, 2024

2024 OUTLOOK*

METRIC	Q1-2024  UPDATED GUIDANCE	INITIAL 2024 GUIDANCE	YTD RESULTS AS OF MARCH 31, 2024
Net Income Attributable to Common Stockholders per diluted share (1)(2)	$1.17 - $1.20	$1.11 - $1.14	$0.27
Company share of Core FFO per diluted share (1)(2)	$2.31 - $2.34	$2.27 - $2.30	$0.58
Same Property Portfolio NOI Growth - GAAP (3)	4.25% - 5.25%	4.0% - 5.0%	5.5%
Same Property Portfolio NOI Growth - Cash (3)	7.0% - 8.0%	7.0% - 8.0%	8.5%
Average Same Property Portfolio Occupancy (Full Year) (3)	96.5% - 97.0%	96.5% - 97.0%	96.8%
General and Administrative Expenses (4)	+/- $83.0M	+/- $83.0M	$20.0M
Net Interest Expense	+/- $99.0M	$60.0M - $61.0M	$14.7M

(1)Our 2024 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.

(2)See page 37 for a reconciliation of the Company’s 2024 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 2024 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, 2023 through April 17, 2024, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-27) and select buildings in “Other Repositioning.” As of March 31, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37.1 million rentable square feet at 296 of our properties.

(4)Our 2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $35.5 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.

First Quarter 2024 Supplemental Financial Reporting Package Page 7

Guidance (Continued).

As of March 31, 2024

2024 Guidance Rollforward (1)

Earnings Components	Range ($ per share)		Notes
2024 Core FFO Per Diluted Share Guidance (Previous)	$2.27	$2.30	Initial 2024 Guidance
Same Property Portfolio NOI Growth	—	—	FY 2024 SP NOI Growth (GAAP) Guidance range of 4.25% - 5.25%
1Q Investments (Includes Closed Subsequent to Quarter End)	0.23	0.23	Incremental 2024 NOI related to $1.0B of acquisitions closed since prior guidance
Net G&A Expense	—	—	FY 2024 Guidance range of +/- $83.0M
Net Interest Expense	(0.17)	(0.17)	FY 2024 Guidance range of +/- $99.0M
Other	(0.02)	(0.02)	Incremental impact of equity issuance
2024 Core FFO Per Diluted Share Guidance (Current)	$2.31	$2.34
Core FFO Per Diluted Share Annual Growth	5%	7%

(1)2024 Guidance and Guidance Rollforward represent the in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.

First Quarter 2024 Supplemental Financial Reporting Package Page 8

Consolidated Balance Sheets. (unaudited and in thousands)

	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
ASSETS
Land	$	7,568,720	$	6,815,622	$	6,606,022	$	6,400,698	$	6,334,926
Buildings and improvements	4,260,512		3,933,379		3,869,303		3,723,837		3,671,384
Tenant improvements	172,707		167,251		160,108		155,182		153,019
Furniture, fixtures, and equipment	132		132		132		132		132
Construction in progress	258,413		240,010		188,079		127,416		102,633
Total real estate held for investment	12,260,484		11,156,394		10,823,644		10,407,265		10,262,094
Accumulated depreciation	(827,576)		(782,461)		(739,369)		(695,129)		(652,722)
Investments in real estate, net	11,432,908		10,373,933		10,084,275		9,712,136		9,609,372
Cash and cash equivalents	336,960		33,444		83,268		136,282		253,618
Restricted cash	—		—		—		—		16,239
Loan receivable, net	122,899		122,784		—		—		—
Rents and other receivables, net	17,896		17,494		18,973		14,126		13,845
Deferred rent receivable, net	130,694		123,325		114,927		103,192		94,980
Deferred leasing costs, net	61,017		59,351		56,735		54,848		47,739
Deferred loan costs, net	3,069		3,426		3,783		4,139		4,474
Acquired lease intangible assets, net(1)	223,698		153,670		154,036		147,990		161,339
Acquired indefinite-lived intangible	5,156		5,156		5,156		5,156		5,156
Interest rate swap asset	16,737		9,896		24,494		19,869		6,947
Other assets	22,114		25,225		31,817		19,055		21,811
Acquisition related deposits	7,975		2,125		—		8,700		3,625
Total Assets	$	12,381,123	$	10,929,829	$	10,577,464	$	10,225,493	$	10,239,145
LIABILITIES & EQUITY
Liabilities
Notes payable	$	3,349,120	$	2,225,914	$	2,227,637	$	2,227,154	$	2,230,687
Interest rate swap liability	—		—		—		—		835
Accounts payable, accrued expenses and other liabilities	148,920		128,842		155,103		109,881		110,272
Dividends and distributions payable	94,356		83,733		81,423		79,370		79,370
Acquired lease intangible liabilities, net(2)	171,687		147,561		155,582		130,511		138,339
Tenant security deposits	91,034		84,872		83,643		81,163		77,029
Tenant prepaid rents(3)	110,727		115,002		30,772		42,600		44,303
Total Liabilities	3,965,844		2,785,924		2,734,160		2,670,679		2,680,835
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	2,178		2,123		2,065		2,010		2,008
Additional paid in capital	8,233,127		7,940,781		7,613,354		7,311,458		7,299,837
Cumulative distributions in excess of earnings	(370,720)		(338,835)		(320,180)		(298,367)		(273,849)
Accumulated other comprehensive income (loss)	13,922		7,172		21,142		16,525		3,117
Total stockholders’ equity	8,034,183		7,766,917		7,472,057		7,187,302		7,186,789
Noncontrolling interests	381,096		376,988		371,247		367,512		371,521
Total Equity	8,415,279		8,143,905		7,843,304		7,554,814		7,558,310
Total Liabilities and Equity	$	12,381,123	$	10,929,829	$	10,577,464	$	10,225,493	$	10,239,145

(1)Includes net above-market tenant lease intangibles of $32,446 (Mar 31, 2024), $10,790 (Dec 31, 2023), $11,402 (Sep 30, 2023), $12,034 (Jun 30, 2023) and $13,587 (Mar 31, 2023). Balance also includes net below-market ground lease intangible of $12,641 (Mar 31, 2024), $12,682 (Dec 31, 2023), $12,724 (Sep 30, 2023), $12,765 (Jun 30, 2023) and $12,806 (Mar 31, 2023) related to the acquisition of 2970 East 50th Street.

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

(3)In Q4-2023, we acquired the property located at West 1st Street through a sale lease-back transaction and recorded tenant prepaid rent of $62.8 million (unamortized balance of $61.2 million as of Mar 31, 2024) which reflects the difference between the purchase price and fair value of the underlying assets and also relates to the below market leaseback payments.

First Quarter 2024 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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Revenues
Rental income(1)	$	210,990	$	207,909	$	204,212	$	194,098	$	185,164
Management and leasing services	132		163		158		171		190
Interest income	2,974		2,353		1,029		1,497		882
Total Revenues	214,096		210,425		205,399		195,766		186,236
Operating Expenses
Property expenses	47,482		49,259		48,085		44,310		42,825
General and administrative	19,980		19,988		18,575		18,267		18,197
Depreciation and amortization	66,278		65,839		60,449		58,793		59,429
Total Operating Expenses	133,740		135,086		127,109		121,370		120,451
Other Expenses
Other expenses	1,408		316		551		306		647
Interest expense	14,671		14,570		15,949		17,180		13,701
Total Expenses	149,819		149,972		143,609		138,856		134,799
Gains on sale of real estate	—		6,868		—		—		12,133
Net Income	64,277		67,321		61,790		56,910		63,570
Less: net income attributable to noncontrolling interests	(2,906)		(2,970)		(2,824)		(2,717)		(3,064)
Net income attributable to Rexford Industrial Realty, Inc.	61,371		64,351		58,966		54,193		60,506
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Less: earnings allocated to participating securities	(418)		(357)		(314)		(318)		(320)
Net income attributable to common stockholders	$	58,639	$	61,679	$	56,338	$	51,560	$	57,872
Earnings per Common Share
Net income attributable to common stockholders per share - basic	$	0.27	$	0.29	$	0.27	$	0.26	$	0.30
Net income attributable to common stockholders per share - diluted	$	0.27	$	0.29	$	0.27	$	0.26	$	0.30
Weighted average shares outstanding - basic	214,401,661		210,089,164		205,279,681		200,610,890		195,366,969
Weighted average shares outstanding - diluted	214,437,913		210,362,069		205,447,532		200,667,250		195,779,007

(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 36 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.

First Quarter 2024 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 March 31,
	2024		2023
Revenues
Rental income	$	210,990	$	185,164
Management and leasing services	132		190
Interest income	2,974		882
Total Revenues	214,096		186,236
Operating Expenses
Property expenses	47,482		42,825
General and administrative	19,980		18,197
Depreciation and amortization	66,278		59,429
Total Operating Expenses	133,740		120,451
Other Expenses
Other expenses	1,408		647
Interest expense	14,671		13,701
Total Expenses	149,819		134,799
Gains on sale of real estate	—		12,133
Net Income	64,277		63,570
Less: net income attributable to noncontrolling interests	(2,906)		(3,064)
Net income attributable to Rexford Industrial Realty, Inc.	61,371		60,506
Less: preferred stock dividends	(2,314)		(2,314)
Less: earnings allocated to participating securities	(418)		(320)
Net income attributable to common stockholders	$	58,639	$	57,872
Net income attributable to common stockholders per share – basic	$	0.27	$	0.30
Net income attributable to common stockholders per share – diluted	$	0.27	$	0.30
Weighted-average shares of common stock outstanding – basic	214,401,661		195,366,969
Weighted-average shares of common stock outstanding – diluted	214,437,913		195,779,007

First Quarter 2024 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
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Net Income	$	64,277	$	67,321	$	61,790	$	56,910	$	63,570
Adjustments:
Depreciation and amortization	66,278		65,839		60,449		58,793		59,429
Gains on sale of real estate	—		(6,868)		—		—		(12,133)
NAREIT Defined Funds From Operations (FFO)	130,555		126,292		122,239		115,703		110,866
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Less: FFO attributable to noncontrolling interests(2)	(5,188)		(4,960)		(4,909)		(4,812)		(4,833)
Less: FFO attributable to participating securities(3)	(570)		(504)		(461)		(451)		(427)
Company share of FFO	$	122,483	$	118,513	$	114,555	$	108,125	$	103,292
Company share of FFO per common share‐basic	$	0.57	$	0.56	$	0.56	$	0.54	$	0.53
Company share of FFO per common share‐diluted	$	0.57	$	0.56	$	0.56	$	0.54	$	0.53
FFO	$	130,555	$	126,292	$	122,239	$	115,703	$	110,866
Adjustments:
Acquisition expenses	50		39		10		247		73
Impairment of right-of-use asset(4)	—		—		—		—		188
Amortization of loss on termination of interest rate swaps	59		59		59		59		59
Non-capitalizable demolition costs	998		180		361		—		340
Write-offs of below-market lease intangibles related to unexercised renewal options(5)	—		—		—		—		(1,318)
Core FFO	131,662		126,570		122,669		116,009		110,208
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Less: Core FFO attributable to noncontrolling interests(2)	(5,226)		(4,969)		(4,924)		(4,823)		(4,809)
Less: Core FFO attributable to participating securities(3)	(575)		(505)		(462)		(452)		(425)
Company share of Core FFO	$	123,547	$	118,781	$	114,969	$	108,419	$	102,660
Company share of Core FFO per common share‐basic	$	0.58	$	0.57	$	0.56	$	0.54	$	0.53
Company share of Core FFO per common share‐diluted	$	0.58	$	0.56	$	0.56	$	0.54	$	0.52
Weighted-average shares outstanding-basic	214,401,661		210,089,164		205,279,681		200,610,890		195,366,969
Weighted-average shares outstanding-diluted(6)	214,437,913		210,362,069		205,447,532		200,667,250		195,779,007

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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.

First Quarter 2024 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 March 31,
	2024		2023
Net Income	$	64,277	$	63,570
Adjustments:
Depreciation and amortization	66,278		59,429
Gains on sale of real estate	—		(12,133)
Funds From Operations (FFO)	130,555		110,866
Less: preferred stock dividends	(2,314)		(2,314)
Less: FFO attributable to noncontrolling interests	(5,188)		(4,833)
Less: FFO attributable to participating securities	(570)		(427)
Company share of FFO	$	122,483	$	103,292
Company share of FFO per common share‐basic	$	0.57	$	0.53
Company share of FFO per common share‐diluted	$	0.57	$	0.53
FFO	$	130,555	$	110,866
Adjustments:
Acquisition expenses	50		73
Impairment of right-of-use asset	—		188
Amortization of loss on termination of interest rate swaps	59		59
Non-capitalizable demolition costs	998		340
Write-offs of below-market lease intangibles related to unexercised renewal options(2)	—		(1,318)
Core FFO	131,662		110,208
Less: preferred stock dividends	(2,314)		(2,314)
Less: Core FFO attributable to noncontrolling interests	(5,226)		(4,809)
Less: Core FFO attributable to participating securities	(575)		(425)
Company share of Core FFO	$	123,547	$	102,660
Company share of Core FFO per common share‐basic	$	0.58	$	0.53
Company share of Core FFO per common share‐diluted	$	0.58	$	0.52
Weighted-average shares outstanding-basic	214,401,661		195,366,969
Weighted-average shares outstanding-diluted	214,437,913		195,779,007

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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.

First Quarter 2024 Supplemental Financial Reporting Package Page 13

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

	Three Months Ended
	March 31, 2024		December 31, 2023		September 30, 2023		June 30, 2023		March 31, 2023
Funds From Operations(2)	$	130,555	$	126,292	$	122,239	$	115,703	$	110,866
Adjustments:
Amortization of deferred financing costs	1,011		1,000		1,001		999		856
Non-cash stock compensation	9,088		9,338		8,166		7,956		8,178
Impairment of right-of-use asset	—		—		—		—		188
Amortization related to termination/settlement of interest rate derivatives	137		137		137		136		129
Note payable (discount) premium amortization, net	293		214		205		203		66
Non-capitalizable demolition costs	998		180		361		—		340
Deduct:
Preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Straight line rental revenue adjustment(3)	(7,368)		(8,514)		(11,792)		(8,653)		(7,628)
Above/(below) market lease revenue adjustments(4)	(7,591)		(8,119)		(7,241)		(6,232)		(8,290)
Capitalized payments(5)	(13,163)		(12,443)		(10,581)		(8,885)		(8,924)
Accretion of net loan origination fees	(115)		(84)		—		—		—
Recurring capital expenditures(6)	(2,990)		(7,047)		(10,874)		(6,683)		(2,194)
2nd generation tenant improvements and leasing commissions(7)	(3,457)		(3,611)		(4,406)		(5,623)		(5,259)
Adjusted Funds From Operations (AFFO)	$	105,084	$	95,028	$	84,901	$	86,606	$	86,014

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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 $3,886, $4,285, $6,745, $3,179 and $3,492 for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(4)Above/(below) market lease revenue adjustments include the write-off of $1,318 for the three months ended March 31, 2023 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. No such write-off has been made for the other periods presented.

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

(6)Excludes nonrecurring capital expenditures of $62,037, $80,398, $67,472, $45,902 and $28,937 for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

(7)Excludes 1st generation tenant improvements and leasing commissions of $2,567, $4,393, $1,256, $4,745 and $666 for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively.

First Quarter 2024 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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Rental income(2)(3)	$	210,990	$	207,909	$	204,212	$	194,098	$	185,164
Less: Property expenses	47,482		49,259		48,085		44,310		42,825
Net Operating Income (NOI)	$	163,508	$	158,650	$	156,127	$	149,788	$	142,339
Above/(below) market lease revenue adjustments	(7,591)		(8,119)		(7,241)		(6,232)		(8,290)
Straight line rental revenue adjustment	(7,368)		(8,514)		(11,792)		(8,653)		(7,628)
Cash NOI	$	148,549	$	142,017	$	137,094	$	134,903	$	126,421

EBITDAre and Adjusted EBITDA
	Three Months Ended
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Net income	$	64,277	$	67,321	$	61,790	$	56,910	$	63,570
Interest expense	14,671		14,570		15,949		17,180		13,701
Depreciation and amortization	66,278		65,839		60,449		58,793		59,429
Gains on sale of real estate	—		(6,868)		—		—		(12,133)
EBITDAre	$	145,226	$	140,862	$	138,188	$	132,883	$	124,567
Stock-based compensation amortization	9,088		9,338		8,166		7,956		8,178
Acquisition expenses	50		39		10		247		73
Impairment of right-of-use asset	—		—		—		—		188
Pro forma effect of acquisitions and loan issuance(4)	12,843		1,976		1,561		172		6,927
Pro forma effect of dispositions(5)	—		(89)		—		—		(178)
Adjusted EBITDA	$	167,207	$	152,126	$	147,925	$	141,258	$	139,755

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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 (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(1,721), $(948), $(1,033), $(746) and $(340) for the three months ended March 31, 2024, December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023, respectively. The decrease for the three months ended March 31, 2024 is primarily isolated to a single tenant.

(4)Represents the estimated impact on Q1'24 EBITDAre of Q1'24 acquisitions as if they had been acquired/issued on January 1, 2024, the impact on Q4'23 EBITDAre of Q4'23 acquisitions and the issuance of the $125 million loan receivable as if they had been acquired/issued on October 1, 2023, the impact on Q3'23 EBITDAre of Q3'23 acquisitions as if they had been acquired on July 1, 2023, the impact on Q2'23 EBITDAre of Q2'23 acquisitions as if they had been acquired on April 1, 2023 and the impact on Q1'23 EBITDAre of Q1'23 acquisitions as if they had been acquired on January 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 EBITDAre had we owned the acquired entities as of the beginning of each period.

(5)Represents the impact on Q4'23 EBITDAre of Q4'23 dispositions as if they had been sold as of October 1, 2023 and the impact on Q1'23 EBITDAre of Q1'23 dispositions as if they had been sold as of January 1, 2023.

First Quarter 2024 Supplemental Financial Reporting Package Page 15

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

Same Property Portfolio:
Number of properties	296
Square Feet	37,109,867

Same Property Portfolio NOI and Cash NOI:
	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Rental income(2)(3)(4)	$	171,557	$	162,571	$	8,986	5.5%
Property expenses	38,928		36,840		2,088		5.7%
Same Property Portfolio NOI	$	132,629	$	125,731	$	6,898	5.5%	(4)
Straight-line rental revenue adjustment	(4,753)		(6,924)		2,171		(31.4)%
Above/(below) market lease revenue adjustments	(5,642)		(6,196)		554		(8.9)%
Same Property Portfolio Cash NOI	$	122,234	$	112,611	$	9,623	8.5%	(4)

Same Property Portfolio Occupancy:
	Three Months Ended March 31,
	2024	2023	Year-over-Year Change (basis points)	Three Months Ended December 31, 2023	Sequential Change (basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County	96.9%	97.5%	(60) bps	97.2%	(30) bps
Orange County	99.6%	98.8%	80 bps	98.6%	100 bps
Riverside / San Bernardino County	94.8%	93.4%	140 bps	95.1%	(30) bps
San Diego County	98.4%	98.9%	(50) bps	98.5%	(10) bps
Ventura County	96.4%	99.6%	(320) bps	97.7%	(130) bps
Quarterly Weighted Average Occupancy	96.8%	97.0%	(20) bps	97.0%	(20) bps
Ending Occupancy:	96.4%	97.0%	(60) bps	97.0%	(60) bps

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.

(2)See “Same Property Portfolio Rental Income” on page 36 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months ended March 31, 2024 and 2023.

(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(1,533) thousand and $(327) thousand for the three months ended March 31, 2024, respectively. The decrease for the three months ended March 31, 2024 is primarily isolated to a single tenant.

(4)Rental income includes lease termination fees of $9 thousand and $38 thousand for the three months ended March 31, 2024 and 2023, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 5.5% and Same Property Portfolio Cash NOI increased by approximately 8.6% during the three months ended March 31, 2024, compared to the three months ended March 31, 2023, respectively.

(5)Calculated by averaging the occupancy rate at the end of each month in 1Q-2024 and December 2023 (for 1Q-2024), the end of each month in 1Q-2023 and December 2022 (for 1Q-2023) and the end of each month in 4Q-2023 and September 2023 (for 4Q-2023).

First Quarter 2024 Supplemental Financial Reporting Package Page 16

Capitalization Summary.
	(unaudited and in thousands, except share and per share data)
Capitalization as of March 31, 2024

Description	March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Common shares outstanding(1)	217,382,937			211,998,010			206,134,730			200,680,708			200,418,714
Operating partnership units outstanding(2)	7,609,215			7,631,847			7,300,541			7,351,049			7,597,554
Total shares and units outstanding at period end	224,992,152			219,629,857			213,435,271			208,031,757			208,016,268
Share price at end of quarter	$	50.30		$	56.10		$	49.35		$	52.22		$	59.65
Common Stock and Operating Partnership Units - Capitalization	$	11,317,105		$	12,321,235		$	10,533,031		$	10,863,418		$	12,408,170
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)	40,750			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	$	241,031		$	241,068		$	241,068		$	241,068		$	241,068
Total Equity Market Capitalization	$	11,558,136		$	12,562,303		$	10,774,099		$	11,104,486		$	12,649,238
Total Debt	$	3,389,088		$	2,243,025		$	2,245,605		$	2,245,972		$	2,250,136
Less: Cash and cash equivalents	(336,960)			(33,444)			(83,268)			(136,282)			(253,618)
Net Debt	$	3,052,128		$	2,209,581		$	2,162,337		$	2,109,690		$	1,996,518
Total Combined Market Capitalization (Net Debt plus Equity)	$	14,610,264		$	14,771,884		$	12,936,436		$	13,214,176		$	14,645,756
Net debt to total combined market capitalization	20.9		%	15.0		%	16.7		%	16.0		%	13.6		%
Net debt to Adjusted EBITDA (quarterly results annualized)(5)	4.6x			3.6x			3.7x			3.7x			3.6x
Net debt & preferred equity to Adjusted EBITDA (quarterly results annualized)(5)	4.9x			4.0x			4.1x			4.2x			4.0x

(1)Excludes the following number of shares of unvested restricted stock: 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023), 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023) and 365,416 (Mar 31, 2023).

(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 Mar 31, 2024, includes 945,164 vested LTIP Units & 1,146,943 vested performance units & excludes 387,067 unvested LTIP Units & 1,740,217 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, 905,548 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 33 and page 12 of this report, respectively.

First Quarter 2024 Supplemental Financial Reporting Package Page 17

Debt Summary.
	(unaudited and dollars in thousands)

Debt Detail:
As of March 31, 2024
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)	6.125%	$	—
$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
$575M Exchangeable 2027 Senior Notes(7)	3/15/2027	4.375%	4.375%	575,000
$300M Term Loan Facility	5/26/2027	SOFR+0.76%(5)	3.677%(8)	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
$575M Exchangeable 2029 Senior Notes(7)	3/15/2029	4.125%	4.125%	575,000
$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:
11600 Los Nietos Road	5/1/2024	4.190%	4.190%	2,246
$60M Term Loan Facility	10/27/2024(9)	SOFR+1.250%(9)	5.060%(10)	60,000
5160 Richton Street	11/15/2024	3.790%	3.790%	3,997
22895 Eastpark Drive	11/15/2024	4.330%	4.330%	2,520
701-751 Kingshill Place	1/5/2026	3.900%	3.900%	6,951
13943-13955 Balboa Boulevard	7/1/2027	3.930%	3.930%	14,502
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%	3,832
1100-1170 Gilbert Street (Gilbert/La Palma)	3/1/2031	5.125%	5.125%	1,692
7817 Woodley Avenue	8/1/2039	4.140%	4.140%	2,848
			3.827%	$	3,389,088

Debt Composition(1):
Category	Weighted Average Term Remaining (yrs)(11)	Stated Interest Rate	Effective Interest Rate	Balance		% of Total
Fixed	4.2	3.827% (See Table Above)	3.827%	$	3,389,088	100%
Variable	—	—	—%	$	—	0%
Secured	2.0		4.544%	$	114,088	3%
Unsecured	4.3		3.800%	$	3,275,000	97%

*See footnotes on the following page*

First Quarter 2024 Supplemental Financial Reporting Package Page 18

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

Debt Maturity Schedule(12):
Year	Secured(13)		Unsecured		Total		% Total		Effective Interest Rate(1)
2024	$	68,763	$	400,000	$	468,763	14	%	4.847	%
2025	—		100,000		100,000		3	%	4.290	%
2026	6,951		—		6,951		—	%	3.900	%
2027	19,702		1,000,000		1,019,702		30	%	4.106	%
2028	14,132		300,000		314,132		9	%	4.948	%
2029	—		600,000		600,000		18	%	4.115	%
2030	—		400,000		400,000		12	%	2.125	%
2031	1,692		400,000		401,692		12	%	2.163	%
2032	—		—		—		—	%	—	%
2033	—		—		—		—	%	—	%
Thereafter	2,848		75,000		77,848		2	%	4.034	%
Total	$	114,088	$	3,275,000	$	3,389,088	100	%	3.827	%

(1)Includes the effect of interest rate swaps effective as of March 31, 2024. See notes (6), (8) & (10) below. Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.

(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $40.0 million as of March 31, 2024.

(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. In March 2024, we submitted our notice to the lender to extend the maturity date of the $400M term loan by one year to July 18, 2025.

(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)Noteholders have the right to exchange their notes upon the occurrence of certain events. Exchanges will be settled in cash or in a combination of cash and shares of our common stock, at our option.

(8)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%.

(9)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.

(10)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%.

(11)The weighted average remaining term to maturity of our consolidated debt is 4.2 years, or 4.5 years including extension options.

(12)Excludes potential exercise of extension options.

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

First Quarter 2024 Supplemental Financial Reporting Package Page 19

Operations.

Quarterly Results

*Leasing Activity - Rent Change for Q1-2024 excludes a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. See page 22 for additional details related to this lease and a summary of our leasing activity including and excluding this lease.

First Quarter 2024 Supplemental Financial Reporting Package Page 20

Portfolio Overview.
At March 31, 2024	(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	2,803,151	383,278	3,186,429	93.3	%	54.7	%	88.6	%	95.1	%	$	34,338	$12.16
Greater San Fernando Valley	74	5,638,426	1,343,701	6,982,127	97.7	%	82.8	%	94.8	%	98.8	%	98,302		$14.85
Mid-Counties	38	2,266,738	2,037,041	4,303,779	97.5	%	95.0	%	96.4	%	98.7	%	65,613		$15.82
San Gabriel Valley	46	3,908,505	1,995,562	5,904,067	97.3	%	95.5	%	96.7	%	98.0	%	71,486		$12.52
South Bay	82	6,260,782	1,241,069	7,501,851	95.8	%	68.3	%	91.3	%	97.5	%	145,391		$21.23
Los Angeles County	262	20,877,602	7,000,651	27,878,253	96.5	%	85.9	%	93.8	%	97.8	%	415,130		$15.88
North Orange County	24	1,404,332	886,436	2,290,768	100.0	%	76.7	%	91.0	%	100.0	%	33,295		$15.98
OC Airport	10	1,018,385	188,204	1,206,589	99.7	%	100.0	%	99.7	%	99.7	%	22,178		$18.43
South Orange County	10	448,762	183,098	631,860	100.0	%	87.3	%	96.3	%	96.3	%	9,793		$16.09
West Orange County	10	610,876	688,436	1,299,312	100.0	%	50.4	%	73.7	%	87.7	%	14,705		$15.36
Orange County	54	3,482,355	1,946,174	5,428,529	99.9	%	70.6	%	89.4	%	96.8	%	79,971		$16.48
Inland Empire East	1	33,258	—	33,258	100.0	%	—	%	100.0	%	100.0	%	635		$19.09
Inland Empire West	51	7,472,746	1,702,582	9,175,328	94.6	%	74.4	%	90.9	%	95.5	%	118,029		$14.16
Riverside / San Bernardino County	52	7,506,004	1,702,582	9,208,586	94.6	%	74.4	%	90.9	%	95.5	%	118,664		$14.18
Central San Diego	21	1,160,347	850,062	2,010,409	99.1	%	88.2	%	94.5	%	95.1	%	35,333		$18.60
North County San Diego	14	1,336,344	143,663	1,480,007	97.4	%	79.1	%	95.6	%	99.2	%	20,509		$14.50
San Diego County	35	2,496,691	993,725	3,490,416	98.1	%	86.9	%	94.9	%	96.9	%	55,842		$16.85
Ventura	19	2,747,215	409,217	3,156,432	94.6	%	78.8	%	92.6	%	92.8	%	37,042		$12.68
Ventura County	19	2,747,215	409,217	3,156,432	94.6	%	78.8	%	92.6	%	92.8	%	37,042		$12.68
CONSOLIDATED TOTAL / WTD AVG	422	37,109,867	12,052,349	49,162,216	96.4	%	81.6	%	92.8	%	96.9	%	$	706,649	$15.49

(1)See page 37 for historical occupancy by County.

(2)Excludes space aggregating 2,093,336 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of March 31, 2024. See pages 26-27 for additional details on these properties.

(3)See page 33 for definitions and details on how these amounts are calculated.

First Quarter 2024 Supplemental Financial Reporting Package Page 21

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

	Three Months Ended
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023(1)
Leasing Spreads:
GAAP Rent Change(2)	53.0	%	63.1	%	64.8	%	96.8	%	80.2	%
Cash Rent Change(2)	33.6	%	45.6	%	51.4	%	74.8	%	59.7	%
Leasing Activity (SF):(3)
New leases	830,941		727,886		862,420		961,235		522,288
Renewal leases	2,398,076		1,196,023		667,179		1,165,452		1,254,005
Total leasing activity	3,229,017		1,923,909		1,529,599		2,126,687		1,776,293
Total expiring leases	(3,819,253)		(2,193,335)		(1,653,111)		(2,065,869)		(2,461,943)
Expiring leases - placed into repositioning/redevelopment	732,083		473,701		557,387		395,180		720,119
Net absorption(4)	141,847		204,275		433,875		455,998		34,469
Retention rate(5)	82	%	77	%	62	%	71	%	83	%
Retention + Backfill rate(6)	87	%	84	%	80	%	79	%	90	%

Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(7)
				GAAP Rent			Cash Rent
First Quarter 2024:	# Leases Signed	SF of Leasing	Wtd. Avg. Lease Term (Years)	Current Lease	Prior Lease	Rent Change - GAAP	Current Lease	Prior Lease	Rent Change - Cash	Wtd. Avg. Abatement (Months)	Turnover Costs per SF(8)
New	50	830,941	4.2	$18.02	$12.75	41.3%	$17.83	$13.59	31.2%	2.1	$7.01
Renewal	64	2,398,076	3.1	$17.61	$15.34	14.8%	$17.71	$15.91	11.3%	1.7	$1.53
Total / Wtd. Average	114	3,229,017	3.4	$17.65	$15.05	17.3%	$17.72	$15.65	13.2%	1.7	$2.14
Excluding Tireco, Inc. Lease Extension:(2)
Renewal	63	1,296,236	4.1	$19.64	$12.53	56.8%	$18.08	$13.46	34.4%	1.2	$3.94
Total / Wtd. Average	113	2,127,177	4.1	$19.25	$12.58	53.0%	$18.02	$13.49	33.6%	1.4	$4.69

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

(2)Excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods.

(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)GAAP and cash rent statistics and turnover costs exclude 23 leases aggregating 1,199,313 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 greater than 1 year or (iv) lease terms less than 6 months.

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

First Quarter 2024 Supplemental Financial Reporting Package Page 22

Leasing Statistics (Continued).
	(unaudited results)
Lease Expiration Schedule as of March 31, 2024:

Year of Lease Expiration	# of Leases Expiring	Total Rentable Square Feet	In-Place + Uncommenced ABR (in thousands)		In-Place + Uncommenced ABR per SF
Available	—	1,590,141	$	—	$—
Repositioning/Redevelopment(1)	—	1,351,820	—		$—
MTM Tenants	6	159,555	2,035		$12.75
2024	305	4,765,435	66,444		$13.94
2025	412	7,115,085	99,793		$14.03
2026	378	8,741,930	123,134		$14.09
2027	225	7,390,942	117,537		$15.90
2028	150	5,375,271	99,505		$18.51
2029	85	3,670,173	62,547		$17.04
2030	28	1,978,712	30,438		$15.38
2031	26	3,328,558	48,662		$14.62
2032	16	973,530	20,782		$21.35
2033	10	386,007	7,182		$18.61
Thereafter	39	2,335,057	46,522		$19.92
Total Portfolio	1,680	49,162,216	$	724,581	$15.68

(1)Represents vacant space at properties that were classified as repositioning or redevelopment as of March 31, 2024. Excludes completed or pre-leased repositioning/redevelopment properties and properties in lease-up. See pages 26-27 for additional details on these properties.

First Quarter 2024 Supplemental Financial Reporting Package Page 23

Top Tenants and Lease Segmentation.
	(unaudited results)
Top 20 Tenants as of March 31, 2024

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.(2)	Inland Empire West	1,101,840	$19,251	2.7%	$17.47	1/31/2027
L3 Technologies, Inc.	Multiple Submarkets(3)	595,267	$12,555	1.7%	$21.09	9/30/2031
Zenith Energy West Coast Terminals LLC	South Bay	—(4)	$11,446	1.6%	$3.28(4)	9/29/2041
Cubic Corporation	Central San Diego	515,382	$10,786	1.5%	$20.93	3/31/2038(5)
Federal Express Corporation	Multiple Submarkets(6)	527,861	$10,238	1.4%	$19.40	11/30/2032(6)
GXO Logistics Supply Chain, Inc.	Mid-Counties	411,034	$8,385	1.2%	$20.40	11/30/2028
Best Buy Stores, L.P.	Inland Empire West	501,649	$8,201	1.1%	$16.35	6/30/2029
The Hertz Corporation	South Bay	38,680(7)	$7,932	1.1%	$9.90(7)	3/31/2026
IBY, LLC	San Gabriel Valley	993,142	$7,059	1.0%	$7.11	4/5/2031
Michael Kors (USA)	Mid-Counties	565,619	$6,098	0.8%	$10.78	11/30/2026
Top 10 Tenants		5,250,474	$101,951	14.1%
Top 11 - 20 Tenants		2,776,006	$44,736	6.2%
Total Top 20 Tenants		8,026,480	$146,687	20.3%

(1)See page 33 for further details on how these amounts are calculated.

(2)During the first quarter of 2024, the Company executed a lease extension with Tireco, Inc. The lease was extended through January 2027 at the current in-place rent and includes a 4.0% contractual rent increase in 2026 and two months of rent abatement.

(3)Includes (i) 133,836 RSF expiring Dec 31, 2024 and (ii) 461,431 RSF expiring Sep 30, 2031.

(4)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.4 million or $3.28 per land square foot.

(5)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 315,227 RSF expiring Mar 31, 2038.

(6)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.

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

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	638	1,548,763		1,711,164		90.5%		92.7%	$	28,626	4.0%	$18.48
5,000 - 9,999	233	1,673,774		1,849,154		90.5%		93.5%	30,598		4.2%	$18.28
10,000 - 24,999	326	5,302,471		5,850,392		90.6%		94.0%	92,355		12.7%	$17.42
25,000 - 49,999	181	6,589,755		7,293,592		90.3%		96.5%	102,871		14.2%	$15.61
50,000 - 99,999	120	8,732,381		9,447,034		92.4%		97.5%	134,059		18.5%	$15.35
>100,000	121	22,179,809		22,762,340		97.4%		100.0%	294,514		40.7%	$13.28
Building Subtotal / Wtd. Avg.	1,619	46,026,953	(2)	48,913,676	(2)	94.1%	(2)	97.8%	$	683,023	94.3%	$14.84
Land/IOS(3)	24	8,146,906	(4)						39,447		5.4%	$4.84	(4)
Other(3)	37								2,110		0.3%
Total	1,680								$	724,580	100.0%

(1)See page 33 for further details on how these amounts are calculated.

(2)Excludes 193,302 leased RSF and 248,540 building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 94.0% leased.

(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.

First Quarter 2024 Supplemental Financial Reporting Package Page 24

Capital Expenditure Summary.

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

Three months ended March 31, 2024

	Year to Date
	Total			SF(1)	PSF
Tenant Improvements:
New Leases – 1st Generation	$	378		224,102	$	1.69
New Leases – 2nd Generation	—			—	$	0.00
Renewals	226			238,579	$	0.95
Total Tenant Improvements	$	604
Leasing Commissions & Lease Costs:
New Leases – 1st Generation	$	2,189		585,122	$	3.74
New Leases – 2nd Generation	985			276,719	$	3.56
Renewals	2,246			665,746	$	3.37
Total Leasing Commissions & Lease Costs	$	5,420
Total Recurring Capex	$	2,990		46,208,746	$	0.06
Recurring Capex % of NOI	1.8		%
Recurring Capex % of Rental Income	1.4		%
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)	$	55,817
Unit Renovation(3)	1,843
Other(4)	4,377
Total Nonrecurring Capex	$	62,037		26,409,973	$	2.35
Other Capitalized Costs(5)	$	13,535

(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 March 31, 2024. 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.

First Quarter 2024 Supplemental Financial Reporting Package Page 25

Properties and Space Under Repositioning/Redevelopment.(1)
As of March 31, 2024	(unaudited results, $ in millions)

Repositioning
	Total Property RSF(2)	Repo/ Lease-Up RSF(2)	Total Property Leased % 3/31/2024	Est. Constr. Period(1)		Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Repo Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 1Q-2024(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
Property (Submarket)				Start	Target Complet.
CURRENT REPOSITIONING:
2880 Ana Street (South Bay)	LAND	LAND	—%	3Q-23	2Q-24	4Q-24	$	34.9	$	5.4	$	40.3	$	36.5	$	0.0	$	1.8	4.5%
14434-14527 San Pedro Street (South Bay)	58,094	58,094	—%	3Q-23	2Q-25	4Q-25	49.8		14.6		64.4		51.5		0.0		3.6		5.5%
29120 Commerce Center Drive (SF Valley)	135,258	135,258	100%(4)	3Q-23	4Q-25	3Q-26	27.1		4.1		31.2		31.2		0.3		2.5		7.9%
263-321 Gardena Blvd (South Bay)	55,238	55,238	—%	4Q-23	3Q-24	1Q-25	16.2		2.9		19.1		17.5		0.0		2.1		11.1%
17311 Nichols Lane (OC West)	104,182	104,182	100%(5)	1Q-24	2Q-24	3Q-24	17.1		4.6		21.7		17.8		0.0		1.7		8.0%
East 27th Street (Central LA)(6)	300,389	126,563	58%	1Q-24	4Q-24	2Q-25	26.9		6.4		33.3		28.0		(0.1)		1.8		5.4%
122-125 N. Vinedo Avenue (SF Valley)	48,381	48,381	—%	1Q-24	4Q-24	3Q-25	5.3		3.2		8.5		5.8		0.0		1.2		13.5%
1020 Bixby Drive (SG Valley)	56,915	56,915	—%	1Q-24	4Q-24	3Q-25	16.5		3.4		19.9		17.2		0.2		0.9		4.5%
12907 Imperial Highway (Mid-Counties)	101,080	101,080	—%	1Q-24	4Q-24	3Q-25	12.3		3.5		15.8		12.6		0.1		2.0		12.4%
17000 Kingsview Avenue (South Bay)	100,121	100,121	77%(7)	1Q-24	1Q-25	4Q-25	14.0		4.4		18.4		14.5		0.2		1.6		8.5%
29125 Avenue Paine (SF Valley)	175,897	175,897	100%(8)	1Q-24	3Q-25	1Q-26	45.3		5.9		51.2		47.0		0.3		3.1		6.1%
Total/Weighted Average	1,135,555	961,729					$	265.4	$	58.4	$	323.8	$	279.6	$	1.0	$	22.3	6.8%
LEASE-UP REPOSITIONING:
20851 Currier Road (SG Valley)	59,412	59,412	100%(9)	1Q-23	2Q-23	2Q-24	$	22.0	$	2.1	$	24.1	$	23.6	$	0.0	$	1.0	4.4%
444 Quay Avenue (South Bay)	26,700	26,700	100%(10)	1Q-23	1Q-24	2Q-24	25.8		10.0		35.8		34.5		0.0		3.2		8.9%
500 Dupont Avenue (Inland Empire West)	274,898	274,898	—%	1Q-23	1Q-24	3Q-24	58.8		10.5		69.3		67.4		0.0		4.0		5.7%
11308-11350 Penrose Street (SF Valley)(11)	151,011	71,547	53%	1Q-23	1Q-24	3Q-24	12.1		5.2		17.3		16.7		0.0		1.4		7.8%
4039 Calle Platino (North County SD)	143,663	73,807	79%	2Q-23	1Q-24	3Q-24	20.5		4.2		24.7		24.5		0.2		2.0		8.2%
Total/Weighted Average	655,684	506,364					$	139.2	$	32.0	$	171.2	$	166.7	$	0.2	$	11.6	6.8%
STABILIZED REPOSITIONING:
8210-8240 Haskell Avenue (SF Valley)(12)	52,934	52,934	50%	1Q-22	1Q-23	1Q-24	$	12.5	$	2.2	$	14.7	$	14.4	$	0.0	$	0.9	6.2%
9755 Distribution Avenue (Central SD)	48,011	24,071	100%	2Q-23	4Q-23	1Q-24	5.5		1.6		7.1		7.1		0.1		0.9		13.4%
8902-8940 Activity Road (Central SD)	112,876	13,950	98%	3Q-23	1Q-24	1Q-24	3.3		1.7		5.0		5.0		0.0		0.4		7.0%
Total/Weighted Average	213,821	90,955					$	21.3	$	5.5	$	26.8	$	26.5	$	0.1	$	2.2	8.3%
FUTURE REPOSITIONING:
19301 Santa Fe Avenue (South Bay)	LAND	LAND	—%	2Q-24	1Q-25	3Q-25	$	14.7	$	5.8	$	20.5	$	15.0	$	0.1	$	1.0	5.0%
East 46th Street (Central LA)	190,663	78,928	75%	2Q-24	2Q-25	1Q-26	14.7		5.0		19.7		14.8		0.3		2.0		10.0%
3131 Harcourt Street (South Bay)	34,000	34,000	56%	3Q-24	3Q-25	2Q-26	54.4		9.9		64.3		54.9		0.2		2.6		4.1%
14400 Figueroa Street (South Bay)	56,700	56,700	—%	3Q-24	4Q-25	3Q-26	61.4		13.1		74.5		62.1		0.0		3.0		4.0%
8985 Crestmar Point (Central SD)	53,395	53,395	87%	4Q-24	3Q-25	2Q-26	8.1		6.4		14.5		8.2		0.1		0.8		5.4%
Total/Weighted Average	334,758	223,023					$	153.3	$	40.2	$	193.5	$	155.0	$	0.7	$	9.4	4.9%
Total Repositioning (Excluding Other)	2,339,818	1,782,071					$	579.2	$	136.1	$	715.3	$	627.8	$	2.0	$	45.5	6.3%

First Quarter 2024 Supplemental Financial Reporting Package Page 26

Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2024	(unaudited results, $ in millions)

Redevelopment
	Projected RSF(13)	Total Property Leased % 3/31/2024	Est. Constr. Period(1)		Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Redev Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 1Q-2024(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
Property (Submarket)			Start	Target Complet.
CURRENT REDEVELOPMENT:
1055 Sandhill Avenue (South Bay)	127,857	—%	3Q-21	2Q-24	4Q-24	$	12.0	$	18.6	$	30.6	$	28.7	$	0.0	$	2.5	8.1%
9615 Norwalk Boulevard (Mid-Counties)	201,571	—%	3Q-21	1Q-25	3Q-25	9.6		48.9		58.5		32.7		0.0		4.5		7.7%
9920-10020 Pioneer Blvd (Mid-Counties)	162,231	—%	4Q-21	2Q-24	4Q-24	23.6		33.4		57.0		47.7		0.0		3.3		5.9%
1901 Via Burton (North OC)	139,449	—%	1Q-22	2Q-24	4Q-24	24.5		21.2		45.7		39.6		0.0		3.0		6.5%
3233 Mission Oaks Blvd. (Ventura)(14)	117,358	—%	2Q-22	2Q-24	2Q-25	40.7		28.4		69.1		58.6		0.8		5.8		8.3%
6027 Eastern Avenue (Central LA)	93,498	—%	3Q-22	3Q-24	1Q-25	23.4		19.9		43.3		34.7		0.0		1.9		4.4%
8888-8992 Balboa Avenue (Central SD)	123,488	—%	3Q-22	3Q-24	2Q-25	19.9		20.9		40.8		32.6		0.0		2.5		6.1%
2390-2444 American Way (North OC)	100,483	—%	4Q-22	2Q-24	4Q-24	17.1		19.3		36.4		34.0		0.0		2.0		5.5%
12118 Bloomfield Avenue (Mid-Counties)	109,447	—%	4Q-22	4Q-24	2Q-25	16.7		20.4		37.1		23.1		0.0		2.4		6.6%
4416 Azusa Canyon Road (SG Valley)	130,063	—%	4Q-22	4Q-24	3Q-25	12.3		20.9		33.2		18.5		0.0		2.5		7.7%
15010 Don Julian Road (SG Valley)	219,242	—%	1Q-23	1Q-25	3Q-25	22.9		31.7		54.6		29.1		0.0		3.9		7.1%
21515 Western Avenue (South Bay)	84,100	—%	2Q-23	1Q-25	4Q-25	19.1		19.3		38.4		21.9		0.0		1.8		4.6%
12772 San Fernando Road (SF Valley)	143,421	—%	3Q-23	4Q-24	1Q-25	22.1		23.8		45.9		25.4		0.0		3.0		6.6%
19900 Plummer Street (SF Valley)	79,900	—%	3Q-23	4Q-24	2Q-25	15.5		15.8		31.3		17.7		0.0		1.6		5.1%
17907-18001 Figueroa Street (South Bay)	76,722	—%	4Q-23	4Q-24	3Q-25	20.2		17.7		37.9		20.2		0.0		2.5		6.5%
Rancho Pacifica - Bldg 5 (South Bay)(15)	76,500	—%	4Q-23	4Q-24	3Q-25	9.3		16.3		25.6		11.0		0.0		1.5		5.8%
1500 Raymond Avenue (North OC)	138,497	—%	4Q-23	1Q-25	3Q-25	46.1		25.0		71.1		49.8		0.0		3.1		4.4%
Total/Weighted Average	2,123,827					$	355.0	$	401.5	$	756.5	$	525.3	$	0.8	$	47.8	6.3%
LEASE-UP REDEVELOPMENT:
12752-12822 Monarch St. (West OC)(16)	163,864	17%	1Q-22	2Q-23	2Q-24	$	34.1	$	18.5	$	52.6	$	51.2	$	(0.1)	$	4.5	8.5%
3071 Coronado Street (North OC)	105,173	—%	1Q-23	1Q-24	3Q-24	28.2		16.9		45.1		45.1		0.0		2.2		4.8%
Total/Weighted Average	269,037					$	62.3	$	35.4	$	97.7	$	96.3	$	(0.1)	$	6.7	6.8%
FUTURE REDEVELOPMENT:
13711 Freeway Drive (Mid-Counties)	104,500	100%	3Q-24	4Q-25	3Q-26	$	34.1	$	21.3	$	55.4	$	34.7	$	0.1	$	2.6	4.6%
14940 Proctor Road (SG Valley)	165,537	100%	3Q-24	4Q-25	2Q-26	28.8		25.3		54.1		29.8		0.5		2.8		5.1%
7815 Van Nuys Blvd (SF Valley)	77,000	56%	4Q-24	4Q-25	2Q-26	25.6		16.2		41.8		25.8		0.0		1.9		4.5%
404-430 Berry Way (North OC)	147,000	16%	2Q-25	3Q-26	1Q-27	23.8		27.5		51.3		24.1		0.1		2.9		5.7%
Total/Weighted Average	494,037					$	112.3	$	90.3	$	202.6	$	114.4	$	0.7	$	10.2	5.0%
Total Redevelopment	2,886,901					$	529.6	$	527.2	$	1,056.8	$	736.0	$	1.4	$	64.7	6.1%
Total Repositioning / Redevelopment	4,668,972					$	1,108.8	$	663.3	$	1,772.1	$	1,363.8	$	3.4	$	110.2	6.2%
OTHER REPOSITIONING:
13 projects totaling 476,994 RSF with estimated costs < $2 million individually(17)								$	15.0			$	4.8	$	0.4	$	15.2	7.0% - 8.0%

— See numbered footnotes on page 28 —

First Quarter 2024 Supplemental Financial Reporting Package Page 27

Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2024	(unaudited results, in thousands, except square feet)

Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)	Rentable Square Feet	Stabilized Period	Unlevered Stabilized Yield
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%
19431 Santa Fe Avenue (South Bay)	LAND	4Q-23	12.9%
2800 Casitas Avenue (SF Valley)	116,158	4Q-23	5.4%
9755 Distribution Avenue (Central SD)	24,071	1Q-24	13.4%
8902-8940 Activity Road (Central SD)	13,950	1Q-24	7.0%

(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 35 - 36 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 March 31, 2024, 29120 Commerce Center Drive has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.

(5)As of March 31, 2024, 17311 Nichols Lane has been leased and the tenant is expected to take occupancy in 3Q-24 following completion of the repositioning.

(6)Costs and yield shown reflect only the 2034-2040 East 27th Street building being repositioned.

(7)As of March 31, 2024, 17000 Kingsview Avenue has been partially leased on a short-term basis through July 31, 2024. We are currently performing repositioning work around the short-term tenant.

(8)As of March 31, 2024, 29125 Avenue Paine has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.

(9)As of March 31, 2024, 20851 Currier Road has been leased on a short-term basis through June 9, 2024. Costs and yield shown reflect estimated long-term stabilization.

(10)As of March 31, 2024, 444 Quay has been leased and the tenant is expected to take occupancy in 2Q-24.

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

(12)As of March 31, 2024, 8210-8240 Haskell Avenue reached one year from the date of completion of repositioning work. The estimated unlevered stabilized yield shown reflects our expectation of when the property stabilizes upon reaching a minimum of 90% occupancy

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

(14)As of March 31, 2024, 3233 Mission Oaks Blvd comprises 409,217 RSF which are not being redeveloped. We are constructing 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.

(15)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and represented one building totaling 51,594 RSF, out of six buildings at our Rancho Pacifica Park property, which had a total of 1,111,885 RSF. We demolished the existing building and are constructing a new building comprising approximately 76,500 RSF. Amounts detailed in the tables above (RSF, leased %, costs, NOI and stabilized yield) reflect only this one building.

(16)As of March 31, 2024, 12752-12822 Monarch Street comprises 275,189 RSF. The project includes 111,325 RSF that were not redeveloped. We repositioned 65,968 RSF, and demolished 99,925 RSF and constructed a new 97,896 RSF building in its place. Costs and yield shown reflect the entire project.

(17)“Other Repositioning” includes 13 projects where estimated costs are generally less than $2.0 million individually. Repositioning at these 13 projects totals 476,994 RSF.

First Quarter 2024 Supplemental Financial Reporting Package Page 28

Current Year Investments and Dispositions Summary.
As of March 31, 2024							(unaudited results)
2024 Current Period Acquisitions
Investment Date	Property Address	County	Submarket	Rentable Square Feet	Investment Price ($ in MM)		Occ. % at Acquisition	Est. Unlevered Stabilized Yield
1/31/2024	5000 & 5010 Azusa Canyon Rd	Los Angeles	San Gabriel Valley	233,984	$	84.00	100%	5.4%
3/28/2024	Blackstone Industrial Assets(1)	Various	Various	3,008,578	996.80		98%	5.6%
Total 2024 Acquisitions through March 31, 2024				3,242,562	$	1,080.80

2024 Subsequent Period Acquisitions
Investment Date	Property Address	County	Submarket	Rentable Square Feet	Acquisition Price ($ in MM)		Occ. % at Acquisition	Est. Unlevered Stabilized Yield
4/5/2024	4422 Airport Drive	San Bernardino	Inland Empire West	88,283	$	26.73	100%	5.5%
Total Year to Date 2024 Acquisitions				3,330,845	$	1,107.53

2024 Subsequent Period Dispositions
Disposition Date	Property Address	County	Submarket	Rentable Square Feet	Sale Price ($ in MM)
4/16/2024	2360-2364 East Sturgis Road	Ventura	Ventura	49,641	$	10.00
Total Year to Date 2024 Dispositions				49,641	$	10.00

(1)Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities. Property addresses are listed on the subsequent pages.

First Quarter 2024 Supplemental Financial Reporting Package Page 29

Current Year Investments and Dispositions Summary (Continued).
As of March 31, 2024				(unaudited results)
2024 Current Period Acquisitions - Blackstone Industrial Assets
Investment Date	Property Address	County	Submarket	Rentable Square Feet	Occ. % at Acquisition
3/28/2024	11120 Sherman Way	Los Angeles	Greater San Fernando Valley	28,094	100%
3/28/2024	11128 Gault Street	Los Angeles	Greater San Fernando Valley	30,488	100%
3/28/2024	11130 Sherman Way	Los Angeles	Greater San Fernando Valley	22,148	100%
3/28/2024	11150 Gault Way	Los Angeles	Greater San Fernando Valley	19,968	100%
3/28/2024	11156 Sherman Way	Los Angeles	Greater San Fernando Valley	25,929	100%
3/28/2024	11166 Gault Street	Los Angeles	Greater San Fernando Valley	20,592	100%
3/28/2024	7100 Case Avenue	Los Angeles	Greater San Fernando Valley	34,286	100%
3/28/2024	7100 Fair Avenue	Los Angeles	Greater San Fernando Valley	17,010	100%
3/28/2024	7101 Case Avenue	Los Angeles	Greater San Fernando Valley	17,010	100%
3/28/2024	7101 Fair Avenue	Los Angeles	Greater San Fernando Valley	32,741	100%
3/28/2024	7103 Fair Avenue	Los Angeles	Greater San Fernando Valley	17,010	100%
3/28/2024	7118 Fair Avenue	Los Angeles	Greater San Fernando Valley	20,273	100%
3/28/2024	7119 Fair Avenue	Los Angeles	Greater San Fernando Valley	20,273	100%
3/28/2024	7121 Case Avenue	Los Angeles	Greater San Fernando Valley	20,273	100%
3/28/2024	7149 Fair Avenue	Los Angeles	Greater San Fernando Valley	32,311	100%
3/28/2024	9140 Lurline Avenue	Los Angeles	Greater San Fernando Valley	146,516	100%
3/28/2024	10712-10748 Bloomfield Avenue	Los Angeles	Mid-Counties	75,960	100%
3/28/2024	12932-12958 Midway Place	Los Angeles	Mid-Counties	161,517	100%
3/28/2024	14407 Alondra Blvd	Los Angeles	Mid-Counties	221,415	100%
3/28/2024	14647-14667 Northam Street	Los Angeles	Mid-Counties	140,000	100%
3/28/2024	14680-14700 Alondra Blvd	Los Angeles	Mid-Counties	96,000	100%
3/28/2024	14710 Northam Street	Los Angeles	Mid-Counties	45,000	100%
3/28/2024	14720-14750 Alondra Blvd	Los Angeles	Mid-Counties	100,000	100%
3/28/2024	14725 Northam Street	Los Angeles	Mid-Counties	80,000	100%
3/28/2024	14730-14750 Northam Street	Los Angeles	Mid-Counties	67,468	100%
3/28/2024	9028 Dice Road	Los Angeles	Mid-Counties	96,000	100%
3/28/2024	17705-17709 Valley Blvd	Los Angeles	San Gabriel Valley	32,000	47%
3/28/2024	17745-17749 Valley Blvd	Los Angeles	San Gabriel Valley	40,095	100%
3/28/2024	17755 Valley Blvd	Los Angeles	San Gabriel Valley	30,000	100%
3/28/2024	421 Baldwin Park Blvd	Los Angeles	San Gabriel Valley	45,000	100%
3/28/2024	433 Baldwin Park Blvd	Los Angeles	San Gabriel Valley	102,654	100%
3/28/2024	437 Baldwin Park Blvd	Los Angeles	San Gabriel Valley	70,000	100%
3/28/2024	620-628 Hambledon Avenue	Los Angeles	San Gabriel Valley	40,000	75%
3/28/2024	630-634 Hambledon Avenue	Los Angeles	San Gabriel Valley	40,000	100%
3/28/2024	1715 West 132nd Street	Los Angeles	South Bay	20,168	100%
3/28/2024	2910 Pacific Commerce Drive East	Los Angeles	South Bay	150,000	100%

First Quarter 2024 Supplemental Financial Reporting Package Page 30

Current Year Investments and Dispositions Summary (Continued).
As of March 31, 2024				(unaudited results)
2024 Current Period Acquisitions - Blackstone Industrial Assets
Investment Date	Property Address	County	Submarket	Rentable Square Feet	Occ. % at Acquisition
3/28/2024	1212 Howell Avenue	Orange	North Orange County	25,962	100%
3/28/2024	1222 Howell Avenue	Orange	North Orange County	81,325	100%
3/28/2024	1500 Walnut Avenue	Orange	North Orange County	121,615	100%
3/28/2024	200 Boysenberry Lane	Orange	North Orange County	198,275	100%
3/28/2024	4141 Palm Street	Orange	North Orange County	100,000	100%
3/28/2024	1217 Saint Gertrude Place	Orange	OC Airport	106,604	100%
3/28/2024	20472 Crescent Bay	Orange	South Orange County	31,020	59%
3/28/2024	20492 Crescent Bay	Orange	South Orange County	46,642	100%
3/28/2024	20512 Crescent Bay	Orange	South Orange County	29,285	64%
3/28/2024	20532 Crescent Bay	Orange	South Orange County	24,127	100%
3/28/2024	25172 Arctic Ocean Drive	Orange	South Orange County	52,024	100%
3/28/2024	4115 Schaefer Avenue	San Bernardino	Inland Empire West	33,500	100%
Total 2024 Current Period Acquisitions - Blackstone Industrial Assets				3,008,578

First Quarter 2024 Supplemental Financial Reporting Package Page 31

Net Asset Value Components.
As of March 31, 2024	(unaudited and in thousands, except share data)

Net Operating Income
Pro Forma Net Operating Income (NOI)(1)	Three Months Ended Mar 31, 2024
Total operating rental income	$210,990
Property operating expenses	(47,482)
Pro forma effect of uncommenced leases(2)	3,378
Pro forma effect of acquisitions(3)	12,843
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(4)	24,206
Pro Forma NOI	203,935
Above/(below) market lease revenue adjustments	(7,591)
Straight line rental revenue adjustment	(7,368)
Pro Forma Cash NOI	$188,976
Balance Sheet Items
Other assets and liabilities	March 31, 2024
Cash and cash equivalents	$336,960
Loan receivable, net	122,899
Rents and other receivables, net	17,896
Other assets	22,114
Acquisition related deposits	7,975
Accounts payable, accrued expenses and other liabilities	(148,920)
Dividends payable	(94,356)
Tenant security deposits	(91,034)
Prepaid rents	(110,727)
Estimated remaining cost to complete repositioning/redevelopment projects	(405,711)
Total other assets and liabilities	$(342,904)
Debt and Shares Outstanding
Total consolidated debt(5)	$3,389,088
Preferred stock/units - liquidation preference	$241,031
Common shares outstanding(6)	217,382,937
Operating partnership units outstanding(7)	7,609,215
Total common shares and operating partnership units outstanding	224,992,152

(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 33 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 January 1, 2024.

(3)Represents the estimated incremental NOI from Q1'24 acquisitions as if they had been acquired on January 1, 2024. 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 January 1, 2024.

(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 March 31, 2024, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of January 1, 2024. 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 January 1, 2024.

(5)Excludes unamortized loan discount and debt issuance costs totaling $40.0 million.

(6)Represents outstanding shares of common stock of the Company, which excludes 439,119 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 945,164 vested LTIP Units and 1,146,943 vested performance units and excludes 387,067 unvested LTIP Units and 1,740,217 unvested performance units.

First Quarter 2024 Supplemental Financial Reporting Package Page 32

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 March 31, 2024, multiplied by 12. Includes leases that have commenced as of March 31, 2024 or leases where tenant has taken early possession of space as of March 31, 2024. 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 March 31, 2024.

•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 March 31, 2024, 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 March 31, 2024, 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 March 31, 2024.

•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of March 31, 2024.

•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of March 31, 2024.

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) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments 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).

First Quarter 2024 Supplemental Financial Reporting Package Page 33

Notes and Definitions.

Debt Covenants ($ in thousands)

		March 31, 2024
	Current Period Covenant	Revolver, $300M, $400M & $60M Term Loan Facilities	Senior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratio	less than 60%	23.8%	26.4%
Maximum Secured Leverage Ratio	less than 45%	0.9%	N/A
Maximum Secured Leverage Ratio	less than 40%	N/A	0.9%
Maximum Secured Recourse Debt	less than 15%	N/A	—%
Minimum Tangible Net Worth	$6,638,386	N/A	$9,185,688
Minimum Fixed Charge Coverage Ratio	at least 1.50 to 1.00	4.59 to 1.0	4.59 to 1.0
Unencumbered Leverage Ratio	less than 60%	27.9%	31.1%
Unencumbered Interest Coverage Ratio	at least 1.75 to 1.00	5.30 to 1.00	5.30 to 1.00

		March 31, 2024
	Current Period Covenant	Senior Notes ($400M due 2030 & $400M due 2031)
Maximum Debt to Total Asset Ratio	less than 60%	25.7%
Maximum Secured Debt to Total Asset Ratio	less than 40%	0.9%
Minimum Debt Service Coverage Ratio	at least 1.50 to 1.00	4.37 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratio	at least 1.50 to 1.00	3.93 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, dispositions and the origination of loans receivable.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
	Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Mar 31, 2023
EBITDAre	$	145,226		$	140,862		$	138,188		$	132,883		$	124,567
Above/(below) market lease revenue adjustments	(7,591)			(8,119)			(7,241)			(6,232)			(8,290)
Non-cash stock compensation	9,088			9,338			8,166			7,956			8,178
Impairment of right-of-use asset	—			—			—			—			188
Straight line rental revenue adj.	(7,368)			(8,514)			(11,792)			(8,653)			(7,628)
Capitalized payments	(5,237)			(4,892)			(4,395)			(4,001)			(3,934)
Accretion of net loan origination fees	(115)			(84)			—			—			—
Recurring capital expenditures	(2,990)			(7,047)			(10,874)			(6,683)			(2,194)
2nd gen. tenant improvements & leasing commissions	(3,457)			(3,611)			(4,406)			(5,623)			(5,259)
Cash flow for fixed charge coverage calculation	$	127,556		$	117,933		$	107,646		$	109,647		$	105,628
Cash interest expense calculation detail:
Interest expense	14,671			14,570			15,949			17,180			13,701
Capitalized interest	7,926			7,551			6,186			4,884			4,990
Note payable premium amort.	(293)			(214)			(205)			(203)			(66)
Amort. of deferred financing costs	(1,011)			(1,000)			(1,001)			(999)			(856)
Amort. of swap term fees & t-locks	(137)			(137)			(137)			(136)			(129)
Cash interest expense	21,156			20,770			20,792			20,726			17,640
Scheduled principal payments	324			354			367			363			379
Preferred stock/unit dividends	3,116			3,116			3,116			3,117			3,116
Fixed charges	$	24,596		$	24,240		$	24,275		$	24,206		$	21,135
Fixed Charge Coverage Ratio	5.2		x	4.9		x	4.4		x	4.5		x	5.0		x

First Quarter 2024 Supplemental Financial Reporting Package Page 34

Notes and Definitions.

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 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 revenue, 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, interest income, 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.

First Quarter 2024 Supplemental Financial Reporting Package Page 35

Notes and Definitions.

•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.

•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 33) 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
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Rental revenue (before collectability adjustment)	$	176,215	$	173,866	$	169,822	$	161,959	$	153,521
Tenant reimbursements	35,650		34,507		34,842		32,236		31,419
Other income	846		484		581		649		564
Increase (reduction) in revenue due to change in collectability assessment	(1,721)		(948)		(1,033)		(746)		(340)
Rental income	$	210,990	$	207,909	$	204,212	$	194,098	$	185,164

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 2024 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through March 31, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through March 31, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024

(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.

	Three Months Ended
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
# of Properties	296		254		256		256		257
Square Feet	37,109,867		32,476,716		32,496,313		32,496,302		32,601,949
Ending Occupancy	96.4	%	97.5	%	97.9	%	98.1	%	98.0	%
SPP NOI growth	5.5	%	8.4	%	8.9	%	8.0	%	7.3	%
SPP Cash NOI growth	8.5	%	9.5	%	9.5	%	10.0	%	10.7	%

Same Property Portfolio Rental Income: See below for a breakdown of 2024 & 2023 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 March 31,
	2024		2023		$ Change		% Change
Rental revenue	$	141,451	$	134,005	$	7,446	5.6%
Tenant reimbursements	29,403		28,071		1,332		4.7%
Other income	703		495		208		42.0%
Rental income	$	171,557	$	162,571	$	8,986	5.5%

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

	Three Months Ended
	Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Mar 31, 2023
Net Income	$	64,277	$	67,321	$	61,790	$	56,910	$	63,570
General and administrative	19,980		19,988		18,575		18,267		18,197
Depreciation & amortization	66,278		65,839		60,449		58,793		59,429
Other expenses	1,408		316		551		306		647
Interest expense	14,671		14,570		15,949		17,180		13,701
Management & leasing services	(132)		(163)		(158)		(171)		(190)
Interest income	(2,974)		(2,353)		(1,029)		(1,497)		(882)
Gains on sale of real estate	—		(6,868)		—		—		(12,133)
NOI	$	163,508	$	158,650	$	156,127	$	149,788	$	142,339
S/L rental revenue adj.	(7,368)		(8,514)		(11,792)		(8,653)		(7,628)
Above/(below) market lease revenue adjustments	(7,591)		(8,119)		(7,241)		(6,232)		(8,290)
Cash NOI	$	148,549	$	142,017	$	137,094	$	134,903	$	126,421

First Quarter 2024 Supplemental Financial Reporting Package Page 36

Notes and Definitions.

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

	Three Months Ended March 31,
	2024		2023
Net income	$	64,277	$	63,570
General and administrative	19,980		18,197
Depreciation and amortization	66,278		59,429
Other expenses	1,408		647
Interest expense	14,671		13,701
Management and leasing services	(132)		(190)
Interest income	(2,974)		(882)
Gains on sale of real estate	—		(12,133)
NOI	$	163,508	$	142,339
Non-Same Property Portfolio rental income	(39,433)		(22,593)
Non-Same Property Portfolio property exp.	8,554		5,985
Same Property Portfolio NOI	$	132,629	$	125,731
Straight line rental revenue adjustment	(4,753)		(6,924)
Above/(below) market lease revenue adjustments	(5,642)		(6,196)
Same Property Portfolio Cash NOI	$	122,234	$	112,611

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

	2024 Estimate
	Low		High
Net income attributable to common stockholders	$	1.17	$	1.20
Company share of depreciation and amortization	1.17		1.17
Company share of gains on sale of real estate(1)	(0.03)		(0.03)
Company share of Core FFO	$	2.31	$	2.34

(1)Reflects the sale of 2360-2364 East Sturgis Road on April 16, 2024.

Occupancy by County:

	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023
Ending Occupancy:
Los Angeles County	93.8%	95.4%	94.8%	94.9%	94.9%
Orange County	89.4%	92.4%	92.0%	91.3%	90.3%
Riverside / San Bernardino County	90.9%	90.8%	92.9%	91.9%	90.5%
San Diego County	94.9%	93.2%	92.2%	92.8%	94.7%
Ventura County	92.6%	96.7%	97.7%	98.0%	99.7%
Total/Weighted Average	92.8%	94.1%	94.1%	94.0%	93.8%
Total Portfolio RSF	49,162,216	45,860,368	44,998,613	44,167,774	43,954,272

Uncommenced Lease Data:

	Total/Weighted Average
Occupied SF	45,608,229
Uncommenced Renewal Leases - Leased SF(1)	923,395
Uncommenced New Leases - Leased SF(1)	612,026
Leased SF	46,220,255
Percent Leased	94.0		%
In-Place ABR(2)	$	706,649
ABR Under Uncommenced Leases (in thousands)(2)(3)	17,931
In-Place + Uncommenced ABR (in thousands)(2)	$	724,580
In-Place + Uncommenced ABR per SF(2)	$	15.68

(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of March 31, 2024.

(2)See page 33 for further details on how these amounts are calculated.

(3)Includes $12.1 million of annualized base rent under Uncommenced New Leases and $5.9 million of incremental annualized base rent under Uncommenced Renewal Leases.

First Quarter 2024 Supplemental Financial Reporting Package Page 37

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Document and Entity Information Document	Apr. 17, 2024
Entity Information [Line Items]
Entity Central Index Key	0001571283
Amendment Flag	false
Document Type	8-K
Document Period End Date	Apr. 17, 2024
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