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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): October 18, 2023
REXFORD INDUSTRIAL REALTY, INC.
(Exact name of registrant as specified in its charter) 
 
Maryland001-3600846-2024407
(State or other jurisdiction of
incorporation)		(Commission File Number)(IRS Employer Identification No.)
11620 Wilshire Boulevard, Suite 1000
 Los Angeles
California90025
(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 classTrading symbolsName of each exchange on which registered
Common Stock, $0.01 par valueREXRNew York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred StockREXR-PBNew York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred StockREXR-PCNew 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 October 18, 2023, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended September 30, 2023, and distributed certain supplemental financial information. On October 18, 2023, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively.
The information included in this Current Report on Form 8-K under this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) are being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE  
As discussed in Item 2.02 above, Rexford Industrial issued a press release announcing its earnings for the quarter ended September 30, 2023 and distributed certain supplemental information. On October 18, 2023, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  
The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)    Exhibits.
 
Exhibit
Number		  Description
99.1
99.2
104Cover 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.
October 18, 2023
 
/s/ Michael S. Frankel
 Michael S. Frankel
Co-Chief Executive Officer
(Principal Executive Officer)
 Rexford Industrial Realty, Inc.
October 18, 2023
 
/s/ Howard Schwimmer
 Howard Schwimmer
Co-Chief Executive Officer
(Principal Executive Officer)


Exhibit 99.1
rexlogo11520a05.jpg
Rexford Industrial Announces Third Quarter 2023 Financial Results

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

Third Quarter 2023 Financial and Operational Highlights:
•Net income attributable to common stockholders of $56.3 million, or $0.27 per diluted share, as compared to $36.8 million, or $0.21 per diluted share, for the prior year quarter.
•Company share of Core FFO of $115.0 million, an increase of 33.5% as compared to the prior year quarter.
•Company share of Core FFO per diluted share of $0.56, an increase of 12.0% as compared to the prior year quarter.
•Consolidated Portfolio Net Operating Income (NOI) of $156.1 million, an increase of 27.0% as compared to the prior year quarter.
•Same Property Portfolio NOI increased 8.9% and Same Property Portfolio Cash NOI increased 9.5% as compared to the prior year quarter.
•97.8% Average Same Property Portfolio occupancy.
•Comparable rental rates on 1.5 million rentable square feet of new and renewal leases increased by 64.8% compared to prior rents on a GAAP basis and by 51.4% on a cash basis.
•Completed six acquisitions for an aggregate purchase price of $314.8 million.
•Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 16.7%.

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



Financial Results:

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

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

In the third quarter, the Company’s consolidated portfolio NOI and Cash NOI increased 27.0% and 27.5%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2023, the Company’s consolidated portfolio NOI and Cash NOI increased 30.4% and 32.1%, respectively, compared to the prior year.

In the third quarter, the Company’s Same Property Portfolio NOI and Cash NOI increased 8.9% and 9.5%, respectively, compared to the prior year quarter. For the nine months ended September 30, 2023, the Company’s Same Property Portfolio NOI and Cash NOI increased 8.0% and 10.0%, respectively compared to the prior year.

Operating Results:

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

Q3-2023 Leasing Activity
Releasing Spreads
# of Leases Executed
SF of Leasing
GAAP
Cash
New Leases
57862,42074.0%56.0%
Renewal Leases
47667,17960.5%49.1%
Total Leases
1041,529,59964.8%51.4%

As of September 30, 2023, the Company’s Same Property Portfolio occupancy was 97.9%. Average Same Property Portfolio occupancy for the third quarter was 97.8%. The Company’s consolidated portfolio, excluding value-add repositioning assets, was 97.9% occupied and 98.0% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 94.1% occupied and 94.4% leased. Lease expirations for the remainder of 2023 totaled 1.2 million rentable square feet, representing approximately 2.8% of portfolio rentable square feet.

Transaction Activity:

During the third quarter of 2023, the Company completed six acquisitions with 1.1 million square feet of buildings on 44 acres of land for an aggregate purchase price of $314.8 million. These investments are projected to generate a weighted average unlevered initial yield of 5.2% and stabilized yield on total investment of 6.0%

Year to date, the Company has completed $1.2 billion of acquisitions with 3.1 million square feet of buildings on 159 acres of land. In aggregate, these investments are projected to generate a weighted average unlevered initial yield of 5.1% and a projected weighted average unlevered stabilized yield on total investment of 5.9%.

Balance Sheet:
The Company ended the third quarter with $83.3 million in cash on hand and $1.0 billion available under its unsecured revolving credit facility. As of September 30, 2023, the Company had $2.2 billion of outstanding debt, with an average


interest rate of 3.6%, an average term-to-maturity of 4.8 years and no floating rate debt exposure. Including extension options available at the Company’s option, the Company has no significant debt maturities until 2026.

During the third quarter of 2023, the Company partially settled the outstanding forward equity sale agreements related to its May 2023 public offering by issuing 5,400,000 shares of common stock in exchange for net proceeds of $298.4 million. As of October 18, 2023, the Company had approximately $449.8 million of forward net proceeds remaining for settlement prior to October 11, 2024.

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

Dividends:

On October 16, 2023, the Company’s Board of Directors declared a dividend in the amount of $0.38 per share for the fourth quarter of 2023, payable in cash on January 16, 2024, to common stockholders and common unit holders of record as of December 29, 2023.

On October 16, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, payable in cash on December 29, 2023, to preferred stockholders of record as of December 15, 2023.

Guidance

The Company is updating its full year 2023 guidance as indicated below. The Core FFO guidance refers to the Company’s in-place portfolio as of October 18, 2023 and the imminent closing of $245.0 million of transactions in the LA — San Gabriel Valley market, and does not include any assumptions for additional acquisitions, dispositions or related balance sheet activities that have not closed. Please refer to the Company’s supplemental information package for a complete detail of guidance and 2023 Guidance Rollforward.

2023 Outlook (1)
Q3 2023 Updated
Guidance		Q2 2023
Guidance
Net Income Attributable to Common Stockholders per diluted share$1.06 - $1.08$1.03 - $1.06
Company share of Core FFO per diluted share$2.16 - $2.18$2.13 - $2.16
Same Property Portfolio NOI Growth - GAAP8.00% - 8.25%7.75% - 8.50%
Same Property Portfolio NOI Growth - Cash9.75% - 10.00%9.50% - 10.25%
Average Same Property Portfolio Occupancy (Full Year) +/- 97.75%97.5% - 98.0%
General and Administrative Expenses (2)
$76.0M - $76.5M$75.0M - $76.0M
Net Interest Expense$62.0M - $62.5M$64.5M - $65.5M

(1)2023 Guidance represents the in-place portfolio as of October 18, 2023 and the imminent closing of $245.0 million of transactions in the LA — San Gabriel Valley market, which are subject to customary closing conditions, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)2023 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $32.0 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company’s overall performance and may or may not be realized based on actual results.

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



Supplemental Information and Investor Presentation:

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

Earnings Release, Investor Conference Webcast and Conference Call:

A conference call with senior management will be held on Thursday, October 19, 2023, at 1:00 p.m. Eastern Time.

To participate in the live telephone conference call, please access the following dial-in numbers at least five minutes prior to the start time.
1-877-407-0789 (for domestic callers)
1-201-689-8562 (for international callers)

Conference call playback will be available through November 19, 2023, and can be accessed using the following numbers and pass code 13734483.
1-844-512-2921 (for domestic callers)
1-412-317-6671 (for international callers)

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

About Rexford Industrial:

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 371 properties with approximately 45.0 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com.

Forward Looking Statements:

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


Definitions / Discussion of Non-GAAP Financial Measures:

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

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

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

The following is a reconciliation of the Company’s 2023 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
2023 Estimate
LowHigh
Net income attributable to common stockholders$1.06 $1.08 
Company share of depreciation and amortization1.16 1.16 
Company share of gains on sale of real estate(0.06)(0.06)
Company share of FFO$2.16 $2.18 

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


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

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

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

Same Property Portfolio: Our 2023 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through September 30, 2023, and excludes (i) properties that were acquired or sold during the period from January 1, 2022 through September 30, 2023, and (ii) properties acquired prior to January 1, 2022 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2022 and 2023 and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods. As of September 30, 2023, our 2023 Same Property Portfolio consists of buildings aggregating 32,496,313 rentable square feet at 256 of our properties.

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

Net Debt to Enterprise Value: As of September 30, 2023, we had consolidated indebtedness of $2.2 billion, reflecting a net debt to enterprise value of approximately 16.7%. 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)
September 30, 2023December 31, 2022
(unaudited)
ASSETS  
Land$6,606,022 $5,841,195 
Buildings and improvements3,869,303 3,370,494 
Tenant improvements160,108 147,632 
Furniture, fixtures, and equipment132 132 
Construction in progress188,079 110,934 
Total real estate held for investment10,823,644 9,470,387 
Accumulated depreciation(739,369)(614,332)
Investments in real estate, net10,084,275 8,856,055 
Cash and cash equivalents83,268 36,786 
Rents and other receivables, net18,973 15,227 
Deferred rent receivable, net114,927 88,144 
Deferred leasing costs, net56,735 45,080 
Deferred loan costs, net3,783 4,829 
Acquired lease intangible assets, net154,036 169,986 
Acquired indefinite-lived intangible5,156 5,156 
Interest rate swap asset24,494 11,422 
Other assets31,817 24,973 
Acquisition related deposits— 1,625 
Total Assets$10,577,464 $9,259,283 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$2,227,637 $1,936,381 
Accounts payable, accrued expenses and other liabilities155,103 97,496 
Dividends and distributions payable81,423 62,033 
Acquired lease intangible liabilities, net155,582 147,384 
Tenant security deposits83,643 71,935 
Prepaid rents30,772 20,712 
Total Liabilities2,734,160 2,335,941 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity 
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at September 30, 2023 and December 31, 2022 ($75,000 liquidation preference)
72,443 72,443 
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at September 30, 2023 and December 31, 2022 ($86,250 liquidation preference)
83,233 83,233 
Common Stock,$ 0.01 par value per share, 489,950,000 authorized and 206,484,287 and 189,114,129 shares outstanding at September 30, 2023 and December 31, 2022, respectively
2,065 1,891 
Additional paid in capital7,613,354 6,646,867 
Cumulative distributions in excess of earnings(320,180)(255,743)
Accumulated other comprehensive loss21,142 8,247 
Total stockholders’ equity7,472,057 6,556,938 
Noncontrolling interests371,247 366,404 
Total Equity7,843,304 6,923,342 
Total Liabilities and Equity$10,577,464 $9,259,283 


Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)

 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
REVENUES  
Rental income$204,212 $162,581 $583,474 $452,156 
Management and leasing services158 163 519 456 
Interest income1,029 3 3,408 5 
TOTAL REVENUES205,399 162,747 587,401 452,617 
OPERATING EXPENSES
Property expenses48,085 39,614 135,220 108,448 
General and administrative18,575 14,951 55,039 44,531 
Depreciation and amortization60,449 51,146 178,671 140,226 
TOTAL OPERATING EXPENSES127,109 105,711 368,930 293,205 
OTHER EXPENSES
Other expenses551 413 1,504 746 
Interest expense15,949 14,975 46,830 34,826 
TOTAL EXPENSES143,609 121,099 417,264 328,777 
Loss on extinguishment of debt— — — (877)
Gains on sale of real estate— — 12,133 8,486 
NET INCOME61,790 41,648 182,270 131,449 
Less: net income attributable to noncontrolling interests(2,824)(2,368)(8,605)(7,142)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.58,966 39,280 173,665 124,307 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: earnings attributable to participating securities (314)(201)(952)(605)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$56,338 $36,765 $165,770 $116,759 
Net income attributable to common stockholders per share – basic
$0.27 $0.21 $0.83 $0.70 
Net income attributable to common stockholders per share – diluted
$0.27 $0.21 $0.83 $0.70 
Weighted-average shares of common stock outstanding – basic205,280 171,909 200,455 165,852 
Weighted-average shares of common stock outstanding – diluted205,448 172,831 200,668 166,401 




Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
 
 
Same Property Portfolio Occupancy:
September 30,
20232022Change (basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County97.8%98.4%(60) bps
Orange County98.7%99.4%(70) bps
Riverside / San Bernardino County97.5%97.3%20 bps
San Diego County97.1%98.7%(160) bps
Ventura County98.4%99.3%(90) bps
Same Property Portfolio Weighted Average Occupancy97.8%98.4%(60) bps
Ending Occupancy:97.9%98.1%(20) bps
(1)Calculated by averaging the occupancy rate at the end of each month in 3Q-2023 and June 2023 (for 3Q-2023) and the end of each month in 3Q-2022 and June 2022 (for 3Q-2022).


Same Property Portfolio NOI and Cash NOI:    
Three Months Ended September 30,Nine Months Ended September 30,
20232022$ Change% Change20232022$ Change% Change
Rental income$140,077 $128,954 $11,123 8.6 %$410,318 $383,024 $27,294 7.1 %
Property expenses32,353 29,999 2,354 7.8 %92,207 88,474 3,733 4.2 %
Same Property Portfolio NOI$107,724 $98,955 $8,769 8.9 %$318,111 $294,550 $23,561 8.0 %
Straight line rental revenue adjustment(4,928)(4,356)(572)13.1 %(14,166)(15,509)1,343 (8.7)%
Amortization of above/below market lease intangibles(3,625)(4,054)429 (10.6)%(11,024)(12,825)1,801 (14.0)%
Same Property Portfolio Cash NOI$99,171 $90,545 $8,626 9.5 %$292,921 $266,216 $26,705 10.0 %



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 September 30,Nine Months Ended September 30,
2023202220232022
Net income$61,790 $41,648 $182,270 $131,449 
General and administrative18,575 14,951 55,039 44,531 
Depreciation and amortization60,449 51,146 178,671 140,226 
Other expenses551 413 1,504 746 
Interest expense15,949 14,975 46,830 34,826 
Loss on extinguishment of debt— — — 877 
Management and leasing services(158)(163)(519)(456)
Interest income(1,029)(3)(3,408)(5)
Gains on sale of real estate— — (12,133)(8,486)
Net operating income (NOI)$156,127 $122,967 $448,254 $343,708 
Straight line rental revenue adjustment(11,792)(8,411)(28,073)(23,753)
Amortization of above/below market lease intangibles(1)
(7,241)(7,033)(21,763)(18,250)
Cash NOI$137,094 $107,523 $398,418 $301,705 
NOI$156,127 $122,967 $448,254 $343,708 
Non-Same Property Portfolio rental income(64,135)(33,627)(173,156)(69,132)
Non-Same Property Portfolio property expenses15,732 9,615 43,013 19,974 
Same Property Portfolio NOI$107,724 $98,955 $318,111 $294,550 
Straight line rental revenue adjustment(4,928)(4,356)(14,166)(15,509)
Amortization of above/below market lease intangibles(3,625)(4,054)(11,024)(12,825)
Same Property Portfolio Cash NOI$99,171 $90,545 $292,921 $266,216 

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


Rexford Industrial Realty, Inc.
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)
 
 Three Months Ended September 30,Nine Months Ended September 30,
 2023202220232022
Net income$61,790 $41,648 $182,270 $131,449 
Adjustments:  
Depreciation and amortization60,449 51,146 178,671 140,226 
Gains on sale of real estate— — (12,133)(8,486)
Funds From Operations (FFO)$122,239 $92,794 $348,808 $263,189 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: FFO attributable to noncontrolling interests(1)
(4,909)(4,454)(14,554)(12,372)
Less: FFO attributable to participating securities(2)
(461)(306)(1,339)(909)
Company share of FFO$114,555 $85,720 $325,972 $242,965 
Company Share of FFO per common share – basic$0.56 $0.50 $1.63 $1.46 
Company Share of FFO per common share – diluted$0.56 $0.50 $1.62 $1.46 
FFO$122,239 $92,794 $348,808 $263,189 
Adjustments:  
Acquisition expenses10 359 330 451 
Impairment of right-of-use asset— — 188 — 
Loss on extinguishment of debt— — — 877 
Amortization of loss on termination of interest rate swaps59 59 177 194 
Non-capitalizable demolition costs361 — 701 — 
Write-offs of below-market lease intangibles related to unexercised renewal options(3)
— — (1,318)— 
Core FFO$122,669 $93,212 $348,886 $264,711 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: Core FFO attributable to noncontrolling interest(1)
(4,924)(4,471)(14,556)(12,433)
Less: Core FFO attributable to participating securities(2)
(462)(307)(1,339)(914)
Company share of Core FFO$114,969 $86,120 $326,048 $244,421 
Company share of Core FFO per common share – basic$0.56 $0.50 $1.63 $1.47 
Company share of Core FFO per common share – diluted$0.56 $0.50 $1.62 $1.47 
Weighted-average shares of common stock outstanding – basic205,280 171,909 200,455 165,852 
Weighted-average shares of common stock outstanding – diluted205,448 172,831 200,668 166,401 
(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.

Exhibit 99.2
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Table of Contents.
Disclosures:
Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2022 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 13, 2023, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

Third Quarter 2023
Supplemental Financial Reporting Package
Page 2

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Investor Company Summary.
Executive Management Team
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Laura ClarkChief Financial Officer
David LanzerGeneral Counsel and Corporate Secretary
Board of Directors
Richard ZimanChairman
Tyler H. RoseLead Independent Director
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Robert L. AntinDirector
Diana J. IngramDirector
Angela L. KleimanDirector
Debra L. MorrisDirector
Investor Relations Information
investorrelations@rexfordindustrial.com
Equity Research Coverage
BofA SecuritiesCamille Bonnel(646) 855-5042
BMO Capital MarketsJohn Kim(212) 885-4115
BNP Paribas ExaneNate Crossett(646) 725-3716
Citigroup Investment ResearchCraig Mailman(212) 816-4471
Colliers Securities
Barry Oxford
(203) 961-6573
Green Street AdvisorsVince Tibone(949) 640-8780
J.P. Morgan SecuritiesMichael Mueller(212) 622-6689
Jefferies LLCJonathan Petersen(212) 284-1705
Mizuho Securities USAVikram Malhotra(212) 282-3827
Robert W. Baird & Co.Nicholas Thillman(414) 298-5053
ScotiabankGreg McGinniss(212) 225-6906
StifelStephen Manaker(212) 271-3716
Truist Securities
Anthony Hau
(212) 303-4176
Wells Fargo SecuritiesBlaine Heck(443) 263-6529
Wolfe ResearchAndrew 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.

Third Quarter 2023
Supplemental Financial Reporting Package
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Company Overview.
For the Quarter Ended September 30, 2023
q32023supplementalv4-01.jpg

Third Quarter 2023
Supplemental Financial Reporting Package
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Highlights - Consolidated Financial Results.
Quarterly Results(in millions)

chart-8808ba73c63c416eb1e.jpg chart-7ec33e372a054a9caac.jpg

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Supplemental Financial Reporting Package
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Financial and Portfolio Highlights and Capitalization Data. (1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Financial Results:
Total rental income$204,212$194,098$185,164$178,422$162,581
Net income$61,790$56,910$63,570$45,708$41,648
Net Operating Income (NOI)$156,127$149,788$142,339$136,367$122,967
Company share of Core FFO$114,969$108,419$102,660$90,318$86,120
Company share of Core FFO per common share - diluted$0.56$0.54$0.52$0.49$0.50
Adjusted EBITDA$147,925$141,258$139,755$129,451$117,532
Dividend declared per common share$0.380$0.380$0.380$0.315$0.315
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)44,998,61344,167,77443,954,27242,403,73541,716,182
Ending occupancy94.1%94.0%93.8%94.6%94.5%
Ending occupancy excluding repositioning/redevelopment(2)
97.9%97.3%97.4%97.9%97.8%
Rent Change - GAAP64.8%96.8%80.2%77.0%88.6%
Rent Change - Cash51.4%74.8%59.7%52.4%62.9%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(3)
97.9%98.1%98.0%98.1%98.1%
Same Property Portfolio NOI growth(4)
8.9%8.0%7.1%
Same Property Portfolio Cash NOI growth(4)
9.5%10.0%10.6%
Capitalization:
Total shares and units issued and outstanding at period end(5)
213,435,271208,031,757208,016,268196,400,973189,606,738
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units$241,068$241,068$241,068$241,068$241,068
Total equity market capitalization$10,774,099$11,104,486$12,649,238$10,972,417$10,100,618
Total consolidated debt$2,245,605$2,245,972$2,250,136$1,950,515$1,948,390
Total combined market capitalization (net debt plus equity)$12,936,436$13,214,176$14,645,756$12,886,146$12,011,867
Ratios:
Net debt to total combined market capitalization16.7%16.0%13.6%14.9%15.9%
Net debt to Adjusted EBITDA (quarterly results annualized)3.7x3.7x3.6x3.7x4.1x
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 31 and page 12 of this report, respectively.
(2)Ending occupancy excluding repositioning/redevelopment excludes “Other Repositioning” projects as well as those listed individually on pages 26-27.
(3)Reflects the ending occupancy for the current 2023 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 34.
(4)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(5)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 7,300,541 (Sep 30, 2023), 7,351,049 (Jun 30, 2023), 7,597,554 (Mar 31, 2023), 7,561,260 (Dec 31, 2022) and 7,305,749 (Sep 30, 2022). Excludes the following # of shares of unvested restricted stock: 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023), 365,416 (Mar 31, 2023), 274,416 (Dec 31, 2022) and 275,717 (Sep 30, 2022). Excludes unvested LTIP units and unvested performance units.

Third Quarter 2023
Supplemental Financial Reporting Package
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Guidance.
As of September 30, 2023
2023 OUTLOOK*
METRICYTD RESULTS AS OF SEPTEMBER 30, 2023
Q3-2023
 UPDATED GUIDANCE
Q2-2023
GUIDANCE
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$0.83$1.06 - $1.08$1.03 - $1.06
Company share of Core FFO per diluted share (1)(2)
$1.62$2.16 - $2.18$2.13 - $2.16
Same Property Portfolio NOI Growth - GAAP (3)
8.0%8.00% - 8.25%7.75% - 8.50%
Same Property Portfolio NOI Growth - Cash (3)
10.0%9.75% - 10.00%9.50% - 10.25%
Average Same Property Portfolio Occupancy (Full Year) (3)
97.9%+/- 97.75%97.5% - 98.0%
General and Administrative Expenses (4)
$55.0M$76.0M - $76.5M$75.0M - $76.0M
Net Interest Expense$46.8M$62.0M - $62.5M$64.5M - $65.5M
(1)Our 2023 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of October 18, 2023, and the imminent closing of $245.0 million of transactions in the LA-San Gabriel Valley market, which is subject to customary closing conditions, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)See page 35 for a reconciliation of the Company’s 2023 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
(3)Our 2023 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through October 18, 2023, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2022 and 2023 (as separately listed on pages 26-27) and select buildings in “Other Repositioning.” As of September 30, 2023, our 2023 Same Property Portfolio consists of buildings aggregating 32.5 million rentable square feet at 256 of our properties.
(4)Our 2023 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $32.0 million.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

Third Quarter 2023
Supplemental Financial Reporting Package
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Guidance (Continued).
As of September 30, 2023

2023 Guidance Rollforward (1)

Earnings ComponentsRange
($ per share)		Notes
2023 Core FFO Per Diluted Share Guidance (Previous)
$2.13$2.16Q2 2023 Guidance
Same Property Portfolio NOI Growth——
FY 2023 SP NOI (GAAP) Guidance range of 8.00% - 8.25%
3Q-4Q Acquisitions
0.020.02
Incremental NOI related to $45M of acquisitions closed since prior
guidance and the imminent closing of two transactions totaling $245M; no
additional prospective activity included for guidance purposes
Repositioning/Redevelopment NOI(0.01)(0.01)Incremental NOI from repositionings/redevelopments
Net G&A Expense——
FY 2023 Guidance range of $76.0M - $76.5M
Net Interest Expense0.020.01
FY 2023 Guidance range of $62.0M - $62.5M
Other——
2023 Core FFO Per Diluted Share Guidance (Current)
$2.16$2.18
Core FFO Per Diluted Share Annual Growth10%11%
(1)2023 Guidance and Guidance Rollforward represent the in-place portfolio as of October 18, 2023, and the imminent closing of $245.0 million of transactions in the LA-San Gabriel Valley market, which is subject to customary closing conditions, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.



Third Quarter 2023
Supplemental Financial Reporting Package
Page 8

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Consolidated Balance Sheets.
(unaudited and in thousands)
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
ASSETS
Land$6,606,022 $6,400,698 $6,334,926 $5,841,195 $5,559,795 
Buildings and improvements3,869,303 3,723,837 3,671,384 3,370,494 3,275,572 
Tenant improvements160,108 155,182 153,019 147,632 141,413 
Furniture, fixtures, and equipment132 132 132 132 132 
Construction in progress188,079 127,416 102,633 110,934 88,545 
  Total real estate held for investment10,823,644 10,407,265 10,262,094 9,470,387 9,065,457 
Accumulated depreciation(739,369)(695,129)(652,722)(614,332)(576,004)
Investments in real estate, net10,084,275 9,712,136 9,609,372 8,856,055 8,489,453 
Cash and cash equivalents83,268 136,282 253,618 36,786 37,141 
Restricted cash— — 16,239 — — 
Rents and other receivables, net18,973 14,126 13,845 15,227 12,592 
Deferred rent receivable, net114,927 103,192 94,980 88,144 81,867 
Deferred leasing costs, net56,735 54,848 47,739 45,080 42,758 
Deferred loan costs, net3,783 4,139 4,474 4,829 5,184 
Acquired lease intangible assets, net(1)
154,036 147,990 161,339 169,986 175,913 
Acquired indefinite-lived intangible5,156 5,156 5,156 5,156 5,156 
Interest rate swap asset24,494 19,869 6,947 11,422 12,565 
Other assets31,817 19,055 21,811 24,973 27,868 
Acquisition related deposits— 8,700 3,625 1,625 8,200 
Total Assets$10,577,464 $10,225,493 $10,239,145 $9,259,283 $8,898,697 
LIABILITIES & EQUITY
Liabilities
Notes payable$2,227,637 $2,227,154 $2,230,687 $1,936,381 $1,934,082 
Interest rate swap liability— — 835 — — 
Accounts payable, accrued expenses and other liabilities155,103 109,881 110,272 97,496 113,770 
Dividends and distributions payable81,423 79,370 79,370 62,033 59,926 
Acquired lease intangible liabilities, net(2)
155,582 130,511 138,339 147,384 154,851 
Tenant security deposits83,643 81,163 77,029 71,935 69,756 
Prepaid rents30,772 42,600 44,303 20,712 19,992 
Total Liabilities2,734,160 2,670,679 2,680,835 2,335,941 2,352,377 
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 stock155,676 155,676 155,676 155,676 155,676 
Common stock2,065 2,010 2,008 1,891 1,826 
Additional paid in capital7,613,354 7,311,458 7,299,837 6,646,867 6,254,853 
Cumulative distributions in excess of earnings(320,180)(298,367)(273,849)(255,743)(237,135)
Accumulated other comprehensive income (loss)21,142 16,525 3,117 8,247 9,223 
Total stockholders’ equity7,472,057 7,187,302 7,186,789 6,556,938 6,184,443 
Noncontrolling interests371,247 367,512 371,521 366,404 361,877 
Total Equity7,843,304 7,554,814 7,558,310 6,923,342 6,546,320 
Total Liabilities and Equity$10,577,464 $10,225,493 $10,239,145 $9,259,283 $8,898,697 
(1)Includes net above-market tenant lease intangibles of $11,402 (September 30, 2023), $12,034 (June 30, 2023), $13,587 (March 31, 2023), $14,181 (December 31, 2022) and $14,434 (September 30, 2022). Balance also includes net below-market ground lease intangible of $12,724 (September 30, 2023), $12,765 (June 30, 2023), $12,806 (March 31, 2023), $12,847 (December 31, 2022) and $12,888 (September 30, 2022) related to a ground lease that was assumed by Company, for which the Company is the lessee, in connection with its acquisition of 2970 East 50th Street.
(2)Represents net below-market tenant lease intangibles as of the balance sheet date.

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Supplemental Financial Reporting Package
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Consolidated Statements of Operations.
Quarterly Results(unaudited and in thousands, except share and per share data)
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Revenues
Rental income(1)
$204,212 $194,098 $185,164 $178,422 $162,581 
Management and leasing services158 171 190 160 163 
Interest income1,029 1,497 882 5 3 
Total Revenues205,399 195,766 186,236 178,587 162,747 
Operating Expenses
Property expenses48,085 44,310 42,825 42,055 39,614 
General and administrative18,575 18,267 18,197 19,733 14,951 
Depreciation and amortization60,449 58,793 59,429 56,568 51,146 
Total Operating Expenses127,109 121,370 120,451 118,356 105,711 
Other Expenses
Other expenses551 306 647 815 413 
Interest expense15,949 17,180 13,701 13,670 14,975 
Total Expenses143,609 138,856 134,799 132,841 121,099 
Loss on extinguishment of debt— — — (38)— 
Gains on sale of real estate— — 12,133 — — 
Net Income61,790 56,910 63,570 45,708 41,648 
Less: net income attributable to noncontrolling interests(2,824)(2,717)(3,064)(2,431)(2,368)
Net income attributable to Rexford Industrial Realty, Inc. 58,966 54,193 60,506 43,277 39,280 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: earnings allocated to participating securities (314)(318)(320)(240)(201)
Net income attributable to common stockholders$56,338 $51,560 $57,872 $40,722 $36,765 
Earnings per Common Share
Net income attributable to common stockholders per share - basic$0.27 $0.26 $0.30 $0.22 $0.21 
Net income attributable to common stockholders per share - diluted$0.27 $0.26 $0.30 $0.22 $0.21 
Weighted average shares outstanding - basic205,279,681200,610,890195,366,969184,161,577171,908,895
Weighted average shares outstanding - diluted205,447,532200,667,250195,779,007184,558,301172,831,173
(1)We elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Under the section “Rental Income” on page 34 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.

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Consolidated Statements of Operations.
Quarterly Results (continued)(unaudited and in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenues
Rental income$204,212 $162,581 $583,474 $452,156 
Management and leasing services158 163 519 456 
Interest income1,029 3 3,408 5 
Total Revenues205,399 162,747 587,401 452,617 
Operating Expenses
Property expenses48,085 39,614 135,220 108,448 
General and administrative18,575 14,951 55,039 44,531 
Depreciation and amortization60,449 51,146 178,671 140,226 
Total Operating Expenses127,109 105,711 368,930 293,205 
Other Expenses
Other expenses551 413 1,504 746 
Interest expense15,949 14,975 46,830 34,826 
Total Expenses143,609 121,099 417,264 328,777 
Loss on extinguishment of debt— — — (877)
Gains on sale of real estate— — 12,133 8,486 
Net Income61,790 41,648 182,270 131,449 
 Less: net income attributable to noncontrolling interests(2,824)(2,368)(8,605)(7,142)
Net income attributable to Rexford Industrial Realty, Inc. 58,966 39,280 173,665 124,307 
 Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
 Less: earnings allocated to participating securities (314)(201)(952)(605)
Net income attributable to common stockholders$56,338 $36,765 $165,770 $116,759 
Net income attributable to common stockholders per share – basic$0.27 $0.21 $0.83 $0.70 
Net income attributable to common stockholders per share – diluted$0.27 $0.21 $0.83 $0.70 
Weighted-average shares of common stock outstanding – basic205,279,681 171,908,895 200,455,490 165,852,466 
Weighted-average shares of common stock outstanding – diluted205,447,532 172,831,173 200,667,573 166,401,434 


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Non-GAAP FFO and Core FFO Reconciliations. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
September 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Net Income$61,790 $56,910 $63,570 $45,708 $41,648 
Adjustments:
Depreciation and amortization60,449 58,793 59,429 56,568 51,146 
Gains on sale of real estate— — (12,133)— — 
NAREIT Defined Funds From Operations (FFO)
122,239 115,703 110,866 102,276 92,794 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: FFO attributable to noncontrolling interests(2)
(4,909)(4,812)(4,833)(4,591)(4,454)
Less: FFO attributable to participating securities(3)
(461)(451)(427)(387)(306)
Company share of FFO114,555 108,125 103,292 94,983 85,720 
Company share of FFO per common share‐basic$0.56 $0.54 $0.53 $0.52 $0.50 
Company share of FFO per common share‐diluted$0.56 $0.54 $0.53 $0.51 $0.50 
FFO$122,239 $115,703 $110,866 $102,276 $92,794 
Adjustments:
Acquisition expenses10 247 73 162 359 
Impairment of right-of-use asset(4)
— — 188 — — 
Loss on extinguishment of debt— — — 38 — 
Amortization of loss on termination of interest rate swaps59 59 59 59 59 
Non-capitalizable demolition costs361 — 340 663 — 
Write-offs of below-market lease intangibles related to unexercised renewal options(5)
— — (1,318)(5,792)— 
Core FFO 122,669 116,009 110,208 97,406 93,212 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: Core FFO attributable to noncontrolling interests(2)
(4,924)(4,823)(4,809)(4,405)(4,471)
Less: Core FFO attributable to participating securities(3)
(462)(452)(425)(368)(307)
Company share of Core FFO114,969 108,419 102,660 90,318 86,120 
Company share of Core FFO per common share‐basic$0.56 $0.54 $0.53 $0.49 $0.50 
Company share of Core FFO per common share‐diluted$0.56 $0.54 $0.52 $0.49 $0.50 
Weighted-average shares outstanding-basic205,279,681 200,610,890 195,366,969 184,161,577 171,908,895 
Weighted-average shares outstanding-diluted(6)
205,447,532 200,667,250 195,779,007 184,558,301 172,831,173 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.
(2)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, Series 2 and Series 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(4)Represents an impairment charge related to the right-of-use asset for one of our leased office spaces.
(5)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
(6)Weighted-average shares outstanding-diluted includes adjustments for unvested performance units and shares issuable under forward equity sales agreements if the effect is dilutive for the reported period.

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Non-GAAP FFO and Core FFO Reconciliations. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net Income$61,790 $41,648 $182,270 $131,449 
Adjustments:
Depreciation and amortization60,449 51,146 178,671 140,226 
Gains on sale of real estate— — (12,133)(8,486)
Funds From Operations (FFO)122,239 92,794 348,808 263,189 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: FFO attributable to noncontrolling interests(4,909)(4,454)(14,554)(12,372)
Less: FFO attributable to participating securities(461)(306)(1,339)(909)
Company share of FFO$114,555 $85,720 $325,972 $242,965 
Company share of FFO per common share‐basic$0.56 $0.50 $1.63 $1.46 
Company share of FFO per common share‐diluted$0.56 $0.50 $1.62 $1.46 
FFO$122,239 $92,794 $348,808 $263,189 
Adjustments:
Acquisition expenses10 359 330 451 
Impairment of right-of-use asset— — 188 — 
Loss on extinguishment of debt— — — 877 
Amortization of loss on termination of interest rate swaps59 59 177 194 
Non-capitalizable demolition costs361 — 701 — 
Write-offs of below-market lease intangibles related to unexercised renewal options(2)
— — (1,318)— 
Core FFO122,669 93,212 348,886 264,711 
Less: preferred stock dividends(2,314)(2,314)(6,943)(6,943)
Less: Core FFO attributable to noncontrolling interests(4,924)(4,471)(14,556)(12,433)
Less: Core FFO attributable to participating securities(462)(307)(1,339)(914)
Company share of Core FFO$114,969 $86,120 $326,048 $244,421 
Company share of Core FFO per common share‐basic$0.56 $0.50 $1.63 $1.47 
Company share of Core FFO per common share‐diluted$0.56 $0.50 $1.62 $1.47 
Weighted-average shares outstanding-basic205,279,681 171,908,895 200,455,490 165,852,466 
Weighted-average shares outstanding-diluted205,447,532 172,831,173 200,667,573 166,401,434 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.
(2)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

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Non-GAAP AFFO Reconciliation. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
September 30,
2023		June 30,
2023		March 31,
2023		December 31,
2022		September 30,
2022
Funds From Operations(2)
$122,239 $115,703 $110,866 $102,276 $92,794 
Adjustments:
Amortization of deferred financing costs1,001 999 856 840 766 
Non-cash stock compensation8,166 7,956 8,178 9,716 6,316 
Loss on extinguishment of debt— — — 38 — 
Impairment of right-of-use asset— — 188 — — 
Amortization related to termination/settlement of interest rate derivatives137 136 129 129 128 
Note payable (discount) premium amortization, net205 203 66 64 63 
Non-capitalizable demolition costs361 — 340 663 — 
Deduct:
Preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Straight line rental revenue adjustment(3)
(11,792)(8,653)(7,628)(7,467)(8,411)
Amortization of net below-market lease intangibles(4)
(7,241)(6,232)(8,290)(12,959)(7,033)
Capitalized payments(5)
(10,581)(8,885)(8,924)(7,757)(7,272)
Recurring capital expenditures(6)
(10,874)(6,683)(2,194)(2,593)(2,658)
2nd generation tenant improvements and leasing commissions(7)
(4,406)(5,623)(5,259)(5,437)(3,940)
Adjusted Funds From Operations (AFFO)$84,901 $86,606 $86,014 $75,198 $68,439 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.
(2)A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.
(3)The straight line rental revenue adjustment includes concessions of $6,745, $3,179, $3,492, $2,678 and $2,952 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(4)The amortization of net below-market lease intangibles includes the write-off of $0, $0, $1,318, $5,792 and $0 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively, that is attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.
(5)Includes capitalized interest, taxes, insurance and construction related compensation costs.
(6)Excludes nonrecurring capital expenditures of $67,472, $45,902, $28,937, $34,626 and $33,444 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(7)Excludes 1st generation tenant improvements and leasing commissions of $1,256, $4,745, $666, $552 and $5,190 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.

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Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA. (1)
(unaudited and in thousands)
NOI and Cash NOI
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Rental income(2)(3)
$204,212 $194,098 $185,164 $178,422 $162,581 
Less: Property expenses48,085 44,310 42,825 42,055 39,614 
Net Operating Income (NOI)$156,127 $149,788 $142,339 $136,367 $122,967 
Amortization of above/below market lease intangibles(7,241)(6,232)(8,290)(12,959)(7,033)
Straight line rental revenue adjustment(11,792)(8,653)(7,628)(7,467)(8,411)
Cash NOI$137,094 $134,903 $126,421 $115,941 $107,523 
EBITDAre and Adjusted EBITDA
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Net income$61,790 $56,910 $63,570 $45,708 $41,648 
Interest expense15,949 17,180 13,701 13,670 14,975 
Depreciation and amortization60,449 58,793 59,429 56,568 51,146 
Gains on sale of real estate— — (12,133)— — 
EBITDAre
$138,188 $132,883 $124,567 $115,946 $107,769 
Stock-based compensation amortization8,166 7,956 8,178 9,716 6,316 
Loss on extinguishment of debt— — — 38 — 
Acquisition expenses10 247 73 162 359 
Impairment of right-of-use asset— — 188 — — 
Pro forma effect of acquisitions(4)
1,561 172 6,927 3,589 3,088 
Pro forma effect of dispositions(5)
— — (178)— — 
Adjusted EBITDA$147,925 $141,258 $139,755 $129,451 $117,532 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.
(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Reflects (reduction) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(1,033), $(746), $(340), $71 and $112 for the three months ended September 30, 2023, June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022, respectively.
(4)Represents the estimated 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, the impact on Q1'23 EBITDAre of Q1'23 acquisitions as if they had been acquired on January 1, 2023, the impact on Q4'22 EBITDAre of Q4'22 acquisitions as if they had been acquired on October 1, 2022 and the impact on Q3'22 EBITDAre of Q3'22 acquisitions as if they had been acquired on July 1, 2022. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDAre had we owned the acquired entities as of the beginning of each period.
(5)Represents the impact on Q1'23 EBITDAre of Q1'23 dispositions as if they had been sold as of January 1, 2023.

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Same Property Portfolio Performance.(1)
(unaudited and dollars in thousands)
Same Property Portfolio:
Number of properties256
Square Feet32,496,313
Same Property Portfolio NOI and Cash NOI:
Three Months Ended September 30,Nine Months Ended September 30,
20232022$ Change% Change20232022$ Change% Change
Rental income(2)(3)(4)
$140,077 $128,954 $11,123 8.6%$410,318 $383,024 $27,294 7.1%
Property expenses32,353 29,999 2,354 7.8%92,207 88,474 3,733 4.2%
Same Property Portfolio NOI$107,724 $98,955 $8,769 8.9%
(4)
$318,111 $294,550 $23,561 8.0%
(4)
Straight-line rental revenue(4,928)(4,356)(572)13.1%(14,166)(15,509)1,343 (8.7)%
Amort. of above/below market lease intangibles(3,625)(4,054)429 (10.6)%(11,024)(12,825)1,801 (14.0)%
Same Property Portfolio Cash NOI$99,171 $90,545 $8,626 9.5%
(4)
$292,921 $266,216 $26,705 10.0%
(4)
Same Property Portfolio Occupancy:
Three Months Ended September 30,Three Months Ended June 30, 2023
20232022Year-over-Year
Change
(basis points)		Sequential
Change
(basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County97.8%98.4%(60) bps98.0%(20) bps
Orange County98.7%99.4%(70) bps98.9%(20) bps
Riverside / San Bernardino County97.5%97.3%20 bps96.9%60 bps
San Diego County97.1%98.7%(160) bps98.4%(130) bps
Ventura County98.4%99.3%(90) bps99.2%(80) bps
Quarterly Weighted Average Occupancy97.8%98.4%(60) bps98.0%(20) bps
Ending Occupancy:97.9%98.1%(20) bps98.1%(20) bps
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 31 of this report.
(2)See “Same Property Portfolio Rental Income” on page 34 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursement and other income for the three months ended September 30, 2023 and 2022.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(752) thousand and $127 thousand for the three months ended September 30, 2023 and 2022, respectively and $(1,745) thousand and $462 thousand for the nine months ended September 30, 2023 and 2022, respectively.
(4)Rental income includes lease termination fees of $92 thousand and $58 thousand for the three months ended September 30, 2023 and 2022, respectively, and $230 thousand and $96 thousand for the nine months ended September 30, 2023 and 2022, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 8.8% and 8.0% and Same Property Portfolio Cash NOI increased by approximately 9.5% and 10.0% during the three and nine months ended September 30, 2023, compared to the three and nine months ended September 30, 2022, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 3Q-2023 and June 2023 (for 3Q-2023), the end of each month in 3Q-2022 and June 2022 (for 3Q-2022) and the end of each month in 2Q-2023 and March 2023 (for 2Q-2023).

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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of September 30, 2023
chart-cdae9503525e4b4b96d.jpg
DescriptionSeptember 30, 2023June 30, 2023March 31, 2023December 31, 2022September 30, 2022
Common shares outstanding(1)
206,134,730 200,680,708 200,418,714 188,839,713 182,300,989 
Operating partnership units outstanding(2)
7,300,541 7,351,049 7,597,554 7,561,260 7,305,749 
Total shares and units outstanding at period end213,435,271 208,031,757 208,016,268 196,400,973 189,606,738 
Share price at end of quarter$49.35 $52.22 $59.65 $54.64 $52.00 
Common Stock and Operating Partnership Units - Capitalization$10,533,031 $10,863,418 $12,408,170 $10,731,349 $9,859,550 
Series B and C Cumulative Redeemable Preferred Stock(3)
$161,250 $161,250 $161,250 $161,250 $161,250 
4.43937% Series 1 Cumulative Redeemable Convertible Preferred Units(4)
27,031 27,031 27,031 27,031 27,031 
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)
40,787 40,787 40,787 40,787 40,787 
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)
12,000 12,000 12,000 12,000 12,000 
Preferred Equity$241,068 $241,068 $241,068 $241,068 $241,068 
Total Equity Market Capitalization$10,774,099 $11,104,486 $12,649,238 $10,972,417 $10,100,618 
Total Debt$2,245,605 $2,245,972 $2,250,136 $1,950,515 $1,948,390 
Less: Cash and cash equivalents(83,268)(136,282)(253,618)(36,786)(37,141)
Net Debt$2,162,337 $2,109,690 $1,996,518 $1,913,729 $1,911,249 
Total Combined Market Capitalization (Net Debt plus Equity)$12,936,436 $13,214,176 $14,645,756 $12,886,146 $12,011,867 
Net debt to total combined market capitalization16.7 %16.0 %13.6 %14.9 %15.9 %
Net debt to Adjusted EBITDA (quarterly results annualized)(5)
3.7x3.7x3.6x3.7x4.1x
Net debt & preferred equity to Adjusted EBITDA (quarterly results annualized)(5)
4.1x4.2x4.0x4.2x4.6x
(1)Excludes the following number of shares of unvested restricted stock: 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023), 365,416 (Mar 31, 2023), 274,416 (Dec 31, 2022) and 275,717 (Sep 30, 2022).
(2)Represents outstanding common units of the Company’s operating partnership (“OP”), Rexford Industrial Realty, LP, that are owned by unitholders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our OP. As of Sep 30, 2023, includes 792,646 vested LTIP Units & 940,847 vested performance units & excludes 324,684 unvested LTIP Units & 1,516,107 unvested performance units.
(3)Values based on liquidation preference of $25 per share and the following number of outstanding shares of preferred stock: 5.875% Series B (3,000,000); 5.625% Series C (3,450,000).
(4)Value based on 593,960 outstanding Series 1 preferred units at a liquidation preference of $45.50952 per unit, 906,374 outstanding Series 2 preferred units at a liquidation preference of $45 per unit and 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit.
(5)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 31 and page 12 of this report, respectively.

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Debt Summary.
(unaudited and dollars in thousands)
Debt Detail:
As of September 30, 2023
Debt DescriptionMaturity DateStated
Interest Rate
Effective
Interest Rate(1)
Principal
Balance(2)
Unsecured Debt:
$1.0 Billion Revolving Credit Facility(3)
5/26/2026(4)
SOFR+0.685%(5)
6.095%$— 
$400M Term Loan Facility
7/19/2024(4)
SOFR+0.76%(5)
  4.832%(6)
400,000 
$100M Senior Notes8/6/20254.290%4.290%100,000 
$300M Term Loan Facility5/26/2027
SOFR+0.76%(5)
   3.677%(7)
300,000 
$125M Senior Notes7/13/20273.930%3.930%125,000 
$300M Senior Notes6/15/20285.000%5.000%300,000 
$25M Series 2019A Senior Notes7/16/20293.880%3.880%25,000 
$400M Senior Notes12/1/20302.125%2.125%400,000 
$400M Senior Notes - Green Bond9/1/20312.150%2.150%400,000 
$75M Series 2019B Senior Notes7/16/20344.030%4.030%75,000 
Secured Debt:
960-970 Knox Street11/1/20235.000%5.000%2,234 
7612-7642 Woodwind Drive1/5/20245.240%5.240%3,638 
11600 Los Nietos Road5/1/20244.190%4.190%2,333 
$60M Term Loan Facility
10/27/2024(8)
SOFR+1.250%(8)
  5.060%(9)
60,000 
5160 Richton Street11/15/20243.790%3.790%4,060 
22895 Eastpark Drive11/15/20244.330%4.330%2,558 
701-751 Kingshill Place1/5/20263.900%3.900%7,016 
13943-13955 Balboa Boulevard7/1/20273.930%3.930%14,690 
2205 126th Street12/1/20273.910%3.910%5,200 
2410-2420 Santa Fe Avenue1/1/20283.700%3.700%10,300 
11832-11954 La Cienega Boulevard7/1/20284.260%4.260%3,871 
1100-1170 Gilbert Street (Gilbert/La Palma)3/1/20315.125%5.125%1,791 
7817 Woodley Avenue8/1/20394.140%4.140%2,914 
3.615%$2,245,605 
Debt Composition(1):
Category
Weighted Average Term Remaining (yrs)(10)
Stated Interest RateEffective Interest RateBalance% of Total
Fixed4.8
3.615% (See Table Above)
3.615%$2,245,605 100%
Variable———%$— 0%
Secured2.44.571%$120,605 5%
Unsecured4.93.560%$2,125,000 95%
*See footnotes on the following page*

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Debt Summary (Continued).
(unaudited and dollars in thousands)
chart-0b0925d94ee849c79f0.jpg
Debt Maturity Schedule(11):
Year
Secured(12)
UnsecuredTotal% Total
Effective Interest Rate(1)
2023$2,234 $— $2,234 — %5.000 %
202472,589 400,000 472,589 21 %4.849 %
2025— 100,000 100,000 4 %4.290 %
20267,016 — 7,016 — %3.900 %
202719,890 425,000 444,890 20 %3.759 %
202814,171 300,000 314,171 14 %4.948 %
2029— 25,000 25,000 1 %3.880 %
2030— 400,000 400,000 18 %2.125 %
20311,791 400,000 401,791 18 %2.163 %
2032— — — — %— %
Thereafter2,914 75,000 77,914 4 %4.034 %
Total$120,605 $2,125,000 $2,245,605 100 %3.615 %
(1)Includes the effect of interest rate swaps effective as of September 30, 2023. See notes (6), (7) & (9) 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 $18.0 million as of September 30, 2023.
(3)The credit facility is subject to a facility fee which is calculated as a percentage of the total commitment amount, regardless of usage. The facility fee ranges from 0.125% to 0.300% depending on our investment grade rating, not including the impact of the sustainability-linked pricing component. In February 2023, the facility fee decreased by 0.01% to 0.115% from 0.125% after certifying that our sustainability performance target was met for 2022.
(4)The $1.0B revolving credit facility has two six-month extensions and the $400M term loan facility has two one-year extensions at the borrower’s option, subject to certain terms and conditions.
(5)The interest rates on these loans are comprised of Daily SOFR for the revolving credit facility and $400M term loan facility and 1M SOFR for the $300M term loan facility, plus a SOFR adjustment of 0.10%, and an applicable margin ranging from 0.725% to 1.40% for the revolving credit facility and 0.80% to 1.60% for the $300M and $400M term loan facilities depending on our credit ratings and leverage ratio, not including the impact of the sustainability-linked pricing component, all of which may change from time to time. In February 2023, the applicable margin decreased by 0.04% to 0.685% from 0.725% for the revolving credit facility and to 0.76% from 0.80% for the $300M and $400M term loan facilities after certifying that our sustainability performance target was met for 2022.
(6)We effectively fixed Daily SOFR related to our $400M term loan facility at a weighted average rate of 3.97231%, commencing on April 3, 2023 through June 30, 2025, by executing four interest rate swap transactions with an aggregate notional value of $400.0 million. The hedged effective interest rate on the $400M term loan facility is 4.832%.
(7)We effectively fixed 1M SOFR related to our $300M term loan facility at a weighted average rate of 2.81725%, commencing on July 27, 2022 through May 26, 2027, by executing five interest rate swap transactions with an aggregate notional value of $300.0 million. The hedged effective interest rate on the $300M term loan facility is 3.677%.
(8)The $60M term loan facility has interest-only payment terms (1M SOFR + SOFR adjustment of 0.10% + margin of 1.250%) and three one-year extensions available at the borrower’s option, subject to certain terms & conditions.
(9)We effectively fixed 1M SOFR related to our $60M term loan facility at 3.710%, commencing on April 3, 2023 through July 30, 2026, by executing an interest rate swap with a notional value of $60.0 million. The hedged effective interest rate on the $60M term loan facility is 5.060%.
(10)The weighted average remaining term to maturity of our consolidated debt is 4.8 years, or 5.2 years including extension options.
(11)Excludes potential exercise of extension options.
(12)Excludes the effect of scheduled monthly principal payments on amortizing loans.

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Supplemental Financial Reporting Package
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Operations.
Quarterly Results

chart-16d6146b3b424b64a11.jpg chart-27f33292fa074e24b6a.jpg
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Portfolio Overview.
At September 30, 2023(unaudited results)
Consolidated Portfolio:
Rentable Square FeetEnding 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 LA222,721,277 468,407 3,189,684 96.7 %85.3 %95.0 %96.4 %$36,583 $12.07
Greater San Fernando Valley584,756,805 1,760,982 6,517,787 98.3 %84.9 %94.7 %98.9 %86,354 $13.99
Mid-Counties 282,258,247 962,172 3,220,419 98.2 %100.0 %98.8 %98.8 %49,259 $15.49
San Gabriel Valley353,735,517 536,194 4,271,711 98.0 %82.1 %96.0 %98.5 %51,508 $12.56
South Bay805,083,796 2,480,242 7,564,038 97.6 %81.8 %92.4 %97.5 %143,148 $20.47
Los Angeles County22318,555,642 6,207,997 24,763,639 97.8 %85.8 %94.8 %98.1 %366,852 $15.63
North Orange County181,221,598 302,984 1,524,582 96.6 %66.5 %90.6 %99.7 %20,941 $15.16
OC Airport10833,956 304,672 1,138,628 99.8 %100.0 %99.9 %99.9 %21,014 $18.48
South Orange County5448,762 — 448,762 100.0 %— %100.0 %100.0 %6,687 $14.90
West Orange County10725,788 576,071 1,301,859 100.0 %63.6 %83.9 %100.0 %15,724 $14.39
Orange County433,230,104 1,183,727 4,413,831 98.7 %73.7 %92.0 %99.8 %64,366 $15.86
Inland Empire East133,258 — 33,258 100.0 %— %100.0 %100.0 %635 $19.09
Inland Empire West505,921,285 3,220,454 9,141,739 97.9 %83.5 %92.9 %97.0 %117,153 $13.80
Riverside / San Bernardino County515,954,543 3,220,454 9,174,997 97.9 %83.5 %92.9 %97.0 %117,788 $13.82
Central San Diego211,237,291 772,591 2,009,882 97.0 %84.6 %92.3 %93.7 %33,537 $18.08
North County San Diego141,243,994 235,838 1,479,832 96.7 %68.8 %92.2 %98.9 %18,878 $13.84
San Diego County352,481,285 1,008,429 3,489,714 96.8 %80.9 %92.2 %95.8 %52,415 $16.28
Ventura192,274,739 881,693 3,156,432 98.1 %96.7 %97.7 %99.1 %35,600 $11.54
Ventura County192,274,739 881,693 3,156,432 98.1 %96.7 %97.7 %99.1 %35,600 $11.54
CONSOLIDATED TOTAL / WTD AVG37132,496,313 12,502,300 44,998,613 97.9 %84.4 %94.1 %97.9 %$637,021 $15.04
(1)See page 35 for historical occupancy by County.
(2)Excludes space aggregating 1,731,770 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of September 30, 2023. See pages 26-27 for additional details on these properties.
(3)See page 31 for definitions and details on how these amounts are calculated.

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Leasing Statistics and Trends.
(unaudited results)
Leasing Activity and Weighted Average New / Renewal Leasing Spreads:
Three Months Ended
Sep 30, 2023Jun 30, 2023
Mar 31, 2023(1)
Dec 31, 2022(2)
Sep 30, 2022
Leasing Spreads:
GAAP Rent Change64.8 %96.8 %80.2 %77.0 %88.6 %
Cash Rent Change51.4 %74.8 %59.7 %52.4 %62.9 %
Leasing Activity (SF):(3)
New leases862,420961,235522,288411,428702,882
Renewal leases667,1791,165,4521,254,005736,124994,945
Total leasing activity1,529,5992,126,6871,776,2931,147,5521,697,827
Total expiring leases(1,653,111)(2,065,869)(2,461,943)(1,457,914)(1,736,079)
Expiring leases - placed into repositioning/redevelopment557,387395,180720,119301,57263,000
Net absorption(4)
433,875455,99834,469(8,790)24,748
Retention rate(5)
62 %71 %83 %70 %72 %
Retention + Backfill rate(6)
80 %79 %90 %83 %88 %
Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:
GAAP RentCash Rent
Third Quarter 2023:# Leases
Signed		SF of
Leasing		Weighted
Average
Lease Term
(Years)		Current
Lease		Prior
Lease		Rent Change -
GAAP		Weighted
Avg.
Abatement
(Months)		Starting Cash Rent - Current LeaseExpiring
Cash Rent -
Prior
Lease		Rent
Change -
Cash
Turnover
Costs
per SF(7)
New(8)
57862,4204.5$18.91$10.8774.0%1.4$17.94$11.5056.0%$7.21
Renewal47667,1792.1$20.38$12.7060.5%0.3$19.93$13.3749.1%$0.83
Total / Wtd. Average1041,529,5993.4$19.86$12.0464.8%0.7$19.22$12.7051.4%$3.16
(1)Q1-23 leasing spreads included a 164,500 RSF tenant with a below-market fixed rate renewal option. This lease impacted quarterly leasing spreads by ~1,700 basis points on both a GAAP and cash basis.
(2)Q4-22 leasing spreads included a 112,000 RSF tenant with a below-market fixed rate renewal option. This lease impacted quarterly leasing spreads by ~700 basis points on both a GAAP and cash basis.
(3)Excludes month-to-month tenants.
(4)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.” Net absorption for all stated periods reflects the current definition.
(5)Retention rate is calculated as renewal lease square footage plus relocation/expansion square footage, divided by expiring lease square footage. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning/redevelopment (including “Other Repositioning” projects) after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
(6)Retention + Backfill rate represents square feet retained (per Retention Rate definition in footnote 5) plus the square footage of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease square footage.
(7)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.
(8)GAAP and cash rent statistics and turnover costs for new leases exclude 16 leases aggregating 510,026 RSF for which there was no comparable lease data. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.

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Leasing Statistics (Continued).
(unaudited results)
Lease Expiration Schedule as of September 30, 2023:
chart-0648167d06d94e1da45.jpg
Year of Lease Expiration# of
Leases Expiring		Total Rentable
Square Feet		In-Place +
Uncommenced ABR
(in thousands)		In-Place +
Uncommenced
ABR per SF
Available—1,156,570$— $—
Repositioning/Redevelopment(1)
—1,385,453— $—
MTM Tenants11241,5403,375 $13.97
2023891,249,19716,809 $13.46
20244287,014,51690,274 $12.87
20253937,362,873104,941 $14.25
20263467,998,776111,943 $14.00
20271444,963,65779,614 $16.04
20281203,922,56667,489 $17.21
2029352,215,38735,021 $15.81
2030231,928,43229,030 $15.05
2031192,006,50234,154 $17.02
2032161,088,44222,247 $20.44
Thereafter362,464,70250,510 $20.49
Total Portfolio1,66044,998,613$645,407 $15.20
(1)Represents vacant space at properties that were classified as repositioning or redevelopment as of September 30, 2023. Excludes completed or pre-leased repositioning/redevelopment properties and properties in lease-up. See pages 26-27 for additional details on these properties.

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Supplemental Financial Reporting Package
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Top Tenants and Lease Segmentation.
(unaudited results)
Top 20 Tenants as of September 30, 2023
TenantSubmarketLeased
Rentable SF
In-Place + Uncommenced
ABR (in 000’s)(1)
% of In-Place +
Uncommenced ABR(1)
In-Place + Uncommenced
ABR per SF(1)
Lease
Expiration
Tireco, Inc.Inland Empire West1,101,840$18,5112.9%$16.801/31/2025
Zenith Energy West Coast Terminals LLCSouth Bay
—(2)
$11,4461.8%
$3.28(2)
9/29/2041
Cubic CorporationCentral San Diego515,382$10,7861.7%$20.93
3/31/2038(3)
Federal Express Corporation
Multiple Submarkets(4)
527,861$10,1011.5%$19.14
11/30/2032(4)
L3 Technologies, Inc.South Bay461,431$8,7281.3%$18.929/30/2031
GXO Logistics Supply Chain, Inc.
Mid-Counties
411,034$8,3851.3%$20.4011/30/2028
Best Buy Stores, L.P.Inland Empire West501,649$8,2011.3%$16.356/30/2029
The Hertz CorporationSouth Bay
38,680(5)
$7,9321.2%
$9.90(5)
3/31/2026
Michael Kors (USA)Mid-Counties565,619$5,9210.9%$10.4711/30/2026
Unified Grocers, Inc.Central LA695,120$5,6860.9%$8.185/8/2038
Top 10 Tenants4,818,616$95,69714.8%
Top 11 - 20 Tenants2,279,297$40,1926.2%
Total Top 20 Tenants7,097,913$135,88921.0%
(1)See page 31 for further details on how these amounts are calculated.
(2)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.4 million or $3.28 per land square foot.
(3)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 315,227 RSF expiring Mar 31, 2038.
(4)Includes (i) one land lease in LA-Mid-Counties expiring Jul 31, 2025, (ii) one land lease in North OC expiring Oct 31, 2026, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.
(5)The tenant is leasing 18.4 acres of land with ABR of $7.9 million or $9.90 per land square foot.

Lease Segmentation by Size:
Square FeetNumber 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)
<4,9996621,595,6841,718,53792.9%94.9%$28,171 4.4%$17.65
5,000 - 9,9992361,667,9141,794,33593.0%96.3%29,065 4.5%$17.43
10,000 - 24,9993104,994,9755,533,61990.3%94.0%83,610 12.9%$16.74
25,000 - 49,9991666,129,9156,653,18692.1%97.1%87,886 13.6%$14.34
50,000 - 99,9991198,530,4688,952,05295.3%100.0%125,618 19.5%$14.73
>100,00010619,289,09320,098,34496.0%99.0%248,067 38.4%$12.86
Building Subtotal / Wtd. Avg.1,59942,208,049
(2)
44,750,073
(2)
94.3%
(2)
98.0%$602,417 93.3%$14.27
Land/IOS(3)
268,382,470
(4)
40,582 6.3%$4.84
(4)
Other(3)
352,408 0.4%
Total1,660$645,407 100.0%
(1)See page 31 for further details on how these amounts are calculated.
(2)Excludes 248,540 building RSF that is associated with “Land/IOS.” Including this RSF, total portfolio is 94.4% 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.

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Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)
Nine months ended September 30, 2023
Year to Date
Q3-2023Q2-2023Q1-2023Total
SF(1)
PSF
Tenant Improvements:
New Leases – 1st Generation$77 $56 $38 $171 219,691 $0.78 
New Leases – 2nd Generation89 — 4 93 88,952 $1.05 
Renewals324 139 255 718 401,254 $1.79 
Total Tenant Improvements$490 $195 $297 $982 
Leasing Commissions & Lease Costs:
New Leases – 1st Generation$1,179 $4,689 $628 $6,496 805,131 $8.07 
New Leases – 2nd Generation3,239 2,404 1,553 7,196 1,756,203 $4.10 
Renewals754 3,080 3,447 7,281 2,394,876 $3.04 
Total Leasing Commissions & Lease Costs$5,172 $10,173 $5,628 $20,973 
Total Recurring Capex$10,874 $6,683 $2,194 $19,751 43,778,145 $0.45 
Recurring Capex % of NOI7.0 % 4.5 % 1.5 % 4.4 % 
Recurring Capex % of Rental Income5.3 % 3.4 % 1.2 % 3.4 % 
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)
$59,869 $39,094 $24,621 $123,584 
Unit Renovation(3)
2,058 1,000 1,086 4,144 
Other(4)
5,545 5,808 3,230 14,583 
Total Nonrecurring Capex$67,472 $45,902 $28,937 $142,311 30,203,382 $4.71 
Other Capitalized Costs(5)
$10,855 $9,154 $9,120 $29,129 

(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 September 30, 2023. See pages 26-27 for details of these properties.
(3)Includes non-tenant-specific capital expenditures with costs less than $100,000 per unit.
(4)Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, ADA related construction and capital expenditures for deferred maintenance existing at the time such property was acquired.
(5)Includes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on redevelopment, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or redevelopment projects.

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Properties and Space Under Repositioning*/Redevelopment.(1)
As of September 30, 2023(unaudited results, $ in millions)
Repositioning
Est. Constr.
Period(1)
Property (Submarket)
Total
Property
RSF(2)
Repo/
Lease-Up
RSF(2)
Total
Property
Leased %
9/30/23
StartTarget
Complet.
Est.
Stabilization
Period(1)(3)
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Cumulative
Investment
to Date(1)
 Actual
Cash NOI
3Q-2023(1)
Est.
Annual
Stabilized
Cash NOI(1)
Est.
Unlevered
Stabilized
Yield(1)
CURRENT REPOSITIONING:
19431 Santa Fe Avenue (South Bay)(4)
 LAND  LAND
100%(4)
1Q-224Q-234Q-23$10.8 $3.4 $14.2 $13.6 $0.4 $1.8 12.8%
2800 Casitas Avenue (SF Valley)116,158 116,158 —%1Q-234Q-231Q-2443.9 8.1 52.0 50.1 0.0 2.6 5.0%
444 Quay Avenue (South Bay)26,700 26,700 —%1Q-234Q-233Q-2425.8 8.5 34.3 29.6 0.0 2.5 7.4%
500 Dupont Avenue (Inland Empire West)274,852 274,852 —%1Q-231Q-243Q-2458.8 10.0 68.8 64.5 0.0 4.3 6.3%
11308-11350 Penrose Street (SF Valley)(5)
151,011 71,547 53%1Q-231Q-244Q-2412.1 7.2 19.3 15.3 0.0 1.4 7.4%
9755 Distribution Avenue (Central SD)47,666 23,726 50%2Q-234Q-232Q-245.5 1.9 7.4 6.8 0.1 0.9 12.4%
4039 Calle Platino (North County SD)143,552 73,696 70%2Q-231Q-243Q-2420.5 4.2 24.7 22.5 0.2 2.0 8.0%
8902-8940 Activity Road (Central SD)(6)
112,876 13,950 87%3Q-231Q-243Q-243.3 1.8 5.1 3.7 0.0 0.3 6.0%
2880 Ana Street (South Bay)LANDLAND—%3Q-231Q-244Q-2434.9 2.9 37.8 35.5 0.0 1.7 4.5%
29120 Commerce Center Drive (SF Valley)135,258 135,258 
100%(7)
3Q-233Q-241Q-2527.1 4.0 31.1 29.7 0.2 2.4 7.8%
14434-14527 San Pedro Street (South Bay)
58,094 58,094 —%3Q-232Q-254Q-2549.8 14.6 64.4 49.8 0.0 3.6 5.5%
Total/Weighted Average1,066,167 793,981 $292.5 $66.6 $359.1 $321.1 $0.9 $23.5 6.6%
LEASE-UP REPOSITIONING:
8210-8240 Haskell Avenue (SF Valley)52,934 52,934 28%1Q-221Q-231Q-24$12.5 $2.3 $14.8 $14.3 $0.0 $0.9 6.2%
20851 Currier Road (SG Valley)59,412 59,412 —%1Q-232Q-232Q-2422.0 2.1 24.1 23.6 (0.1)1.2 4.8%
Total/Weighted Average112,346 112,346 $34.5 $4.4 $38.9 $37.9 $(0.1)$2.1 5.3%
FUTURE REPOSITIONING:
263-321 Gardena Blvd (South Bay)
55,238 55,238 100%4Q-233Q-244Q-24$16.2 $2.9 $19.1 $16.3 $0.2 $2.2 11.7%
East 27th Street (Central LA)(8)
300,389 126,563 100%4Q-233Q-241Q-2526.9 5.3 32.2 26.9 (0.2)2.1 6.6%
29125 Avenue Paine (SF Valley)
176,107 176,107 100%4Q-234Q-242Q-2545.3 6.2 51.5 45.3 0.4 3.1 6.0%
17311 Nichols Lane (OC West)
104,182 104,182 100%1Q-244Q-244Q-2417.1 5.4 22.5 17.1 0.3 1.7 7.7%
19301 Santa Fe Avenue (South Bay)
 LAND  LAND 76%1Q-244Q-243Q-2514.7 4.6 19.3 14.8 0.0 1.0 5.3%
Total/Weighted Average635,916 462,090 $120.2 $24.4 $144.6 $120.4 $0.7 $10.1 7.1%
Total Repositioning (Excluding Other)1,814,429 1,368,417 $447.2 $95.4 $542.6 $479.4 $1.5 $35.7 6.6%
OTHER CURRENT REPOSITIONING IN PROCESS:
Other Repositioning - 24 projects with estimated costs < $1 million individually(9)
$13.9 $9.9 7.5%-8.5%
* “Properties and Space Under Repositioning” are typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
— See numbered footnotes on page 28 —

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Properties and Space Under Repositioning/Redevelopment* (Continued).(1)
As of September 30, 2023(unaudited results, $ in millions)
Redevelopment
Est. Constr. Period(1)
Property (Submarket)
Projected
RSF(10)
Total
Property
Leased %
9/30/2023
StartTarget
Complet.
Est.
Stabilization
Period(1)(3)
Purch.
Price(1)
Proj.
Redev
Costs(1)
Proj.
Total
Invest.(1)
Cumulative
Investment
to Date(1)
 Actual
Cash NOI
3Q-2023(1)
Est.
Annual
Stabilized
Cash NOI(1)
Est.
Unlevered
Stabilized
Yield(1)
CURRENT REDEVELOPMENT:
1055 Sandhill Avenue (South Bay)127,857 —%3Q-211Q-243Q-24$12.0 $18.6 $30.6 $20.3 $0.0 $2.7 8.8%
9615 Norwalk Boulevard (Mid-Counties)201,571 —%3Q-214Q-242Q-259.6 46.5 56.1 27.3 0.0 4.6 8.2%
9920-10020 Pioneer Blvd (Mid-Counties)162,231 —%4Q-211Q-243Q-2423.6 33.4 57.0 40.6 0.0 3.3 5.9%
1901 Via Burton (North OC)139,449 —%1Q-222Q-243Q-2424.5 21.2 45.7 33.8 0.0 3.0 6.5%
3233 Mission Oaks Blvd. (Ventura) **
117,358 —%2Q-222Q-243Q-2440.7 27.8 68.5 48.3 0.9 5.5 8.1%
8888-8992 Balboa Avenue (Central SD)123,488 —%3Q-223Q-244Q-2419.9 20.9 40.8 24.4 0.0 2.5 6.1%
6027 Eastern Avenue (Central LA)93,498 —%3Q-223Q-241Q-2523.4 19.9 43.3 28.5 0.0 2.1 4.8%
2390-2444 American Way (North OC)100,483 —%4Q-221Q-243Q-2417.1 19.3 36.4 24.0 0.0 2.0 5.5%
12118 Bloomfield Avenue (Mid-Counties)109,447 —%4Q-223Q-241Q-2516.7 20.4 37.1 18.5 0.0 2.4 6.6%
4416 Azusa Canyon Road (SG Valley)130,063 —%4Q-224Q-243Q-2512.3 20.9 33.2 15.5 0.0 2.5 7.7%
3071 Coronado Street (North OC)105,173 —%1Q-231Q-243Q-2428.2 17.9 46.1 38.2 0.0 2.2 4.8%
15010 Don Julian Road (SG Valley)219,242 —%1Q-234Q-242Q-2522.9 29.7 52.6 25.9 0.0 3.8 7.2%
21515 Western Avenue (South Bay)84,100 —%2Q-234Q-243Q-2519.1 19.3 38.4 20.8 0.0 1.9 4.9%
12772 San Fernando Road (SF Valley)143,421 —%3Q-233Q-241Q-2522.1 23.8 45.9 23.3 0.0 3.0 6.6%
19900 Plummer Street (SF Valley)79,900 —%3Q-234Q-242Q-2515.5 15.8 31.3 16.1 0.1 1.6 5.1%
Total/Weighted Average1,937,281 $307.6 $355.4 $663.0 $405.5 $1.0 $43.1 6.5%
LEASE-UP REDEVELOPMENT:
12752-12822 Monarch St. (West OC) ***
163,864 24%1Q-222Q-231Q-24$34.1 $18.8 $52.9 $51.2 $(0.1)$4.0 7.7%
FUTURE REDEVELOPMENT:
17907-18001 Figueroa Street (South Bay)76,722 73%4Q-234Q-243Q-25$20.2 $17.6 $37.8 $20.2 $0.1 $2.5 6.5%
Rancho Pacifica - Bldg 5 (South Bay)(11)
76,500 100%4Q-234Q-243Q-259.3 16.3 25.6 9.9 (0.1)1.5 6.0%
1500 Raymond Avenue (North OC)138,497 —%4Q-231Q-252Q-2546.1 25.1 71.2 48.1 0.0 3.3 4.6%
13711 Freeway Drive (Mid-Counties)104,500 100%2Q-243Q-251Q-2634.1 23.0 57.1 34.5 0.2 2.6 4.6%
404-430 Berry Way (North OC)147,000 16%2Q-252Q-264Q-2623.8 27.5 51.3 23.9 0.1 2.9 5.7%
Total/Weighted Average543,219 $133.5 $109.5 $243.0 $136.6 $0.3 $12.8 5.3%
Total Redevelopment2,644,364 $475.2 $483.7 $958.9 $593.3 $1.2 $59.9 6.3%
* “Properties Under Redevelopment” are typically defined as properties where we plan to fully or partially demolish an existing building or buildings due to building obsolescence and/or properties with excess or vacant land where we plan to construct a ground-up building.
** As of September 30, 2023, 3233 Mission Oaks Blvd comprises 409,217 RSF which are not being redeveloped. We plan to construct one new building comprising 117,358 RSF. We are also performing site work across the entire project. At completion, the total project will contain 526,575 RSF. Costs and yield shown reflect the entire project.
*** As of September 30, 2023, 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.
— See numbered footnotes on page 28 —

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2023(unaudited results, in thousands, except square feet)
Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)Rentable Square FeetStabilized PeriodUnlevered Stabilized Yield
29025 Avenue Paine (SF Valley)111,2601Q-226.6%
900 East Ball Road (North OC)62,6072Q-226.9%
11600 Los Nietos Road (Mid-Counties)106,2513Q-229.3%
3441 MacArthur Boulevard (OC Airport)124,1023Q-2214.4%
415-435 Motor Avenue (SG Valley)94,3214Q-2212.2%
15650-15700 Avalon Boulevard (South Bay)98,2594Q-227.7%
19475 Gramercy Place (South Bay)47,7124Q-227.7%
12821 Knott Street (West OC)165,1712Q-2310.3%
12133 Greenstone Avenue (Mid-Counties)LAND2Q-237.2%
14100 Vine Place (Mid-Counties)122,5142Q-234.5%
15601 Avalon Boulevard (South Bay)86,8792Q-236.5%
(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “Cumulative Investment to Date,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Unlevered Stabilized Yield” and “Stabilization Date - Properties and Space Under Repositioning” see pages 33 - 34 in the Notes and Definitions section of this report.
(2)“Total Property RSF” is the total RSF of the entire property or particular building(s) (footnoted if applicable) under repositioning. “Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than Total Property RSF.
(3)Represents the estimated quarter that the project will reach stabilization. Includes time to complete construction and lease-up the project. The actual period of stabilization may vary materially from our estimates.
(4)As of September 30, 2023, 19431 Santa Fe Avenue has been leased and the tenant is occupying a portion of the property. The tenant is expected to take full occupancy in 4Q-23, subject to completion of repositioning work.
(5)Costs and yield shown reflect only the 8430 Tujunga Avenue & 11320-11350 Penrose Street building being repositioned.
(6)Costs and yield shown reflect only the 8902 Activity Road building being repositioned.
(7)As of September 30, 2023, 29120 Commerce Center Drive has been leased on a short-term basis through June 30, 2024. We are currently performing repositioning work around the short-term tenant.
(8)Costs and yield shown reflect only the 2034-2040 East 27th Street building being repositioned.
(9)“Other Repositioning” includes 24 projects where estimated costs are generally less than $1.0 million individually. Repositioning at these 24 projects totals 509,097 RSF.
(10)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(11)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and represents one building totaling 51,594 RSF, out of six buildings at our Rancho Pacifica Park property, which has a total of 1,111,885 RSF. We plan to demolish the existing building and construct 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.

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Current Year Acquisitions and Dispositions Summary.
As of September 30, 2023(unaudited results)
2023 Acquisitions
Acquisition
Date		Property AddressCountySubmarketRentable
Square Feet		Acquisition
Price
($ in MM)		Occ. % at
Acquisition		Est.
Unlevered
Stabilized
Yield
1/6/202316752 Armstrong AvenueOrangeOC Airport81,600 $40.00 100%5.7%
1/30/202310545 Production AvenueRiverside / San BernardinoInland Empire West1,101,840 365.00 100%5.0%
2/28/20233520 Challenger StreetLos AngelesSouth Bay49,336 14.20 100%6.3%
3/28/20239000 Airport BlvdLos AngelesSouth Bay38,680 
(1)
143.00 100%6.3%
3/30/2023
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(2)
San DiegoCentral San Diego515,382 200.00 100%7.4%
4/7/202313925 Benson AvenueRiverside / San BernardinoInland Empire West38,143 27.50 100%6.3%
4/14/2023
19301 Santa Fe Avenue(3)
Los AngelesSouth Bay41,638 14.60 81%5.3%
4/21/20232395-2399 Bateman AvenueLos AngelesSan Gabriel Valley134,952 41.20 100%5.4%
7/13/202327712 & 27756 Avenue MentryLos AngelesGreater San Fernando Valley220,752 38.01 100%5.5%
7/14/20235630 Cerritos AvenueOrangeWest Orange County76,032 21.35 100%6.4%
7/20/20239400-9500 Santa Fe Springs RoadLos AngelesMid-Counties595,304 210.00 100%6.2%
7/26/2023
422 Rosecrans Avenue(3)
Los AngelesSouth Bay9,350 2.85 100%6.6%
7/27/202314650 Hoover StreetOrangeWest Orange County59,679 22.30 100%5.1%
8/18/20232500 Thompson StreetLos AngelesSouth Bay174,691 20.25 100%5.3%
Total 2023 Acquisitions through September 30, 20233,137,379 $1,160.26 

2023 Dispositions
Disposition
Date		Property AddressCountySubmarketRentable
Square Feet		Sale Price
($ in MM)
3/28/20238101-8117 Orion Ave.Los Angeles
Greater San Fernando Valley
48,394 $17.00 
Total 2023 Dispositions
48,394 $17.00 
(1)Represents acquisition of 18.4 acres of industrial zoned land.
(2)Represents acquisition of three properties in one consolidated transaction.
(3)Represents acquisition of a current or near-term redevelopment site.

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Net Asset Value Components.
As of September 30, 2023(unaudited and in thousands, except share data)
Net Operating Income
Pro Forma Net Operating Income (NOI)(1)
Three Months Ended Sep 30, 2023
Total operating rental income$204,212
Property operating expenses(48,085)
Pro forma effect of uncommenced leases(2)
1,951
Pro forma effect of acquisitions(3)
1,561
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(4)
21,135
Pro Forma NOI180,774
Amortization of net below-market lease intangibles(7,241)
Straight line rental revenue adjustment(11,792)
Pro Forma Cash NOI$161,741
Balance Sheet Items
Other assets and liabilitiesSeptember 30, 2023
Cash and cash equivalents$83,268
Rents and other receivables, net18,973
Other assets31,817
Accounts payable, accrued expenses and other liabilities(155,103)
Dividends payable(81,423)
Tenant security deposits(83,643)
Prepaid rents(30,772)
Estimated remaining cost to complete repositioning/redevelopment projects(427,820)
Total other assets and liabilities$(644,703)
Debt and Shares Outstanding
Total consolidated debt(5)
$2,245,605
Preferred stock/units - liquidation preference$241,068
Common shares outstanding(6)
206,134,730
Operating partnership units outstanding(7)
7,300,541
Total common shares and operating partnership units outstanding213,435,271
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 31 and page 12 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of July 1, 2023.
(3)Represents the estimated incremental NOI from Q3'23 acquisitions as if they had been acquired on July 1, 2023. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of NOI had we actually owned the acquired entities as of July 1, 2023.
(4)Represents the estimated incremental NOI from the properties that were classified as current or future repositioning/redevelopment, lease-up or stabilized during the three months ended September 30, 2023, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of July 1, 2023. Includes all properties that are separately listed on pages 26 - 27 and excludes “Other Repositionings.” We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of July 1, 2023.
(5)Excludes unamortized loan discount and debt issuance costs totaling $18.0 million.
(6)Represents outstanding shares of common stock of the Company, which excludes 349,557 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 792,646 vested LTIP Units and 940,847 vested performance units and excludes 324,684 unvested LTIP Units and 1,516,107 unvested performance units.

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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 September 30, 2023, multiplied by 12. Includes leases that have commenced as of September 30, 2023 or leases where tenant has taken early possession of space as of September 30, 2023. Excludes billboard and antenna revenue and tenant reimbursements.
•In-Place ABR per Square Foot: Calculated by dividing In-Place ABR for the lease by the occupied square feet of the lease, as of September 30, 2023.
•Combined In-Place and Uncommenced Annualized Base Rent (“In-Place + Uncommenced ABR”): Calculated by adding (i) In-Place ABR and (ii) ABR Under Uncommenced Leases (see definition below). Does not include adjustments for leases that expired and were not renewed subsequent to September 30, 2023, or adjustments for future known non-renewals.
•ABR Under Uncommenced Leases: Calculated by adding the following:
(i) ABR under Uncommenced New Leases = first full month of contractual base rents (before rent abatements) to be received under Uncommenced New Leases, multiplied by 12.
(ii) Incremental ABR under Uncommenced Renewal Leases = difference between: (a) the first full month of contractual base rents (before rent abatements) to be received under Uncommenced Renewal Leases and (b) the monthly In-Place ABR for the same space as of September 30, 2023, multiplied by 12.
•In-Place + Uncommenced ABR per Square Foot: Calculated by dividing (i) In-Place + Uncommenced ABR for the leases by (ii) the square footage under commenced and uncommenced leases (net of renewal space) as of September 30, 2023.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of September 30, 2023.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of September 30, 2023.
Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, redevelopment, major property or unit upgrade or renovation, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements and capital expenditures for deferred maintenance existing at the time such property was acquired.
Capital Expenditures, Recurring: Expenditures made with respect to a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired; or (d) replacements of either roof or parking lots.
Capital Expenditures, First Generation: Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use.
Cash NOI: Cash basis NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) fair value lease revenue and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Core Funds from Operations (“Core FFO”): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Non-GAAP FFO and Core FFO Reconciliations” on pages 12 - 13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on-going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams).

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Notes and Definitions.

Debt Covenants ($ in thousands)
September 30, 2023
Current Period CovenantRevolver, $300M, $400M & $60M Term Loan FacilitiesSenior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratioless than 60%19.7%22.0%
Maximum Secured Leverage Ratioless than 45%1.0%N/A
Maximum Secured Leverage Ratioless than 40%N/A1.2%
Maximum Secured Recourse Debtless than 15%N/A—%
Minimum Tangible Net Worth $6,176,786N/A$8,579,063
Minimum Fixed Charge Coverage Ratioat least 1.50 to 1.006.1 to 1.006.1 to 1.00
Unencumbered Leverage Ratioless than 60%20.6%23.0%
Unencumbered Interest Coverage Ratioat least 1.75 to 1.007.70 to 1.007.70 to 1.00

September 30, 2023
Current Period CovenantSenior Notes ($400M due 2030
& $400M due 2031)
Maximum Debt to Total Asset Ratioless than 60%19.9%
Maximum Secured Debt to Total Asset Ratioless than 40%1.1%
Minimum Debt Service Coverage Ratioat least 1.50 to 1.005.81 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratioat least 1.50 to 1.005.16 to 1.00
Our actual performance for each covenant is calculated based on the definitions set forth in each loan agreement/indenture.
EBITDAre and Adjusted EBITDA: We calculate EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDA by adding or subtracting from EBITDAre the following items: (i) non-cash stock based compensation expense, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses, (iv) impairments of right of use assets and (v) the pro-forma effects of acquisitions and dispositions. We believe that EBITDAre and Adjusted EBITDA are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDAre and Adjusted EBITDA should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDAre and
Adjusted EBITDA should not be considered as alternatives to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDAre and Adjusted EBITDA differently than we do; accordingly, our EBITDAre and Adjusted EBITDA may not be comparable to such other Equity REITs’ EBITDAre and Adjusted EBITDA. EBITDAre and Adjusted EBITDA should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.
Ending occupancy excluding repositioning/redevelopment: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with Repositioning and Redevelopment projects, including those combined in “Other Repositioning”.
Fixed Charge Coverage Ratio:
For the Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
EBITDAre
$138,188 $132,883 $124,567 $115,946 $107,769 
Amortization of above/below market lease intangibles
(7,241)(6,232)(8,290)(12,959)(7,033)
Non-cash stock compensation
8,166 7,956 8,178 9,716 6,316 
Loss on extinguishment of debt— — — 38 — 
Impairment of right-of-use asset— — 188 — — 
Straight line rental revenue adj.
(11,792)(8,653)(7,628)(7,467)(8,411)
Capitalized payments
(4,395)(4,001)(3,934)(3,542)(3,653)
Recurring capital expenditures
(10,874)(6,683)(2,194)(2,593)(2,658)
2nd gen. tenant improvements & leasing commissions
(4,406)(5,623)(5,259)(5,437)(3,940)
Cash flow for fixed charge coverage calculation$107,646 $109,647 $105,628 $93,702 $88,390 
Cash interest expense calculation detail:
Interest expense15,949 17,180 13,701 13,670 14,975 
Capitalized interest6,186 4,884 4,990 4,215 3,619 
Note payable premium amort.(205)(203)(66)(64)(63)
Amort. of deferred financing costs(1,001)(999)(856)(840)(766)
Amort. of swap term fees & t-locks(137)(136)(129)(129)(128)
Cash interest expense20,792 20,726 17,640 16,852 17,637 
Scheduled principal payments367 363 379 354 546 
Preferred stock/unit dividends3,116 3,117 3,116 3,116 3,117 
Fixed charges$24,275 $24,206 $21,135 $20,322 $21,300 
Fixed Charge Coverage Ratio4.4 x4.5 x5.0 x4.6 x4.1 x
NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with

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Notes and Definitions.

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 income, ii) tenant reimbursements, and iii) other income less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning/lease-up properties as of the end of the reporting period, assuming that all repositioning work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operating results 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.

Third Quarter 2023
Supplemental Financial Reporting Package
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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 31) for the repositioning/redevelopment property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.
•Estimated Unlevered Stabilized Yield: Calculated by dividing each project’s Estimated Annual Stabilized Cash NOI by its Projected Total Investment.
•Stabilization Date - Properties and Space Under Repositioning/Redevelopment: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning/redevelopment construction work.
Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Rental revenue (before collectability adjustment)$169,822 $161,959 $153,521 $149,295 $134,274 
Tenant reimbursements34,842 32,236 31,419 28,586 27,675 
Other income581 649 564 470 520 
Increase (reduction) in revenue due to change in collectability assessment(1,033)(746)(340)71 112 
Rental income$204,212 $194,098 $185,164 $178,422 $162,581 
Rent Change - Cash: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.
Rent Change - GAAP: Compares GAAP rent, which straightlines rental rate increases and abatements, on new/renewal leases to GAAP rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than six months.
Same Property Portfolio (“SPP”): Our 2023 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2022 through September 30, 2023, and excludes (i) properties that were acquired or sold during the period from January 1, 2022 through September 30, 2023, and (ii) properties acquired prior to January 1, 2022 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during
2022 and 2023 (as separately listed on pages 26-27) and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods.
SPP Historical Information: The table below reflects selected information related to our SPP as initially reported in each quarter’s respective supplemental package.
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
# of Properties256256257224224
Square Feet32,496,31332,496,30232,601,94928,584,48228,581,460
Ending Occupancy97.9 %98.1 %98.0 %98.1 %98.4 %
SPP NOI growth8.9 %8.0 %7.3 %7.3 %7.2 %
SPP Cash NOI growth9.5 %10.0 %10.7 %10.7 %9.7 %
Same Property Portfolio Rental Income: See below for a breakdown of 2023 & 2022 rental income for our SPP. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the our performance.
Three Months Ended September 30,Nine Months Ended September 30,
20232022$ Change% Change20232022$ Change% Change
Rental revenue$115,887 $106,483 $9,404 8.8%$339,861 $315,485 $24,376 7.7%
Tenant reimbursements23,738 22,106 1,632 7.4%69,137 66,428 2,709 4.1%
Other income452 365 87 23.8%1,320 1,111 209 18.8%
Rental income$140,077 $128,954 $11,123 8.6%$410,318 $383,024 $27,294 7.1%
Reconciliation of Net Income to NOI and Cash NOI (in thousands):
Three Months Ended
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Net Income$61,790 $56,910 $63,570 $45,708 $41,648 
General and administrative18,575 18,267 18,197 19,733 14,951 
Depreciation & amortization60,449 58,793 59,429 56,568 51,146 
Other expenses551 306 647 815 413 
Interest expense15,949 17,180 13,701 13,670 14,975 
Loss on extinguishment of debt— — — 38 — 
Management & leasing services(158)(171)(190)(160)(163)
Interest income(1,029)(1,497)(882)(5)(3)
Gains on sale of real estate— — (12,133)— — 
NOI$156,127 $149,788 $142,339 $136,367 $122,967 
S/L rental revenue adj.(11,792)(8,653)(7,628)(7,467)(8,411)
Amortization of above/below market lease intangibles(7,241)(6,232)(8,290)(12,959)(7,033)
Cash NOI$137,094 $134,903 $126,421 $115,941 $107,523 

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Supplemental Financial Reporting Package
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Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income$61,790 $41,648 $182,270 $131,449 
General and administrative18,575 14,951 55,039 44,531 
Depreciation and amortization60,449 51,146 178,671 140,226 
Other expenses551 413 1,504 746 
Interest expense15,949 14,975 46,830 34,826 
Loss on extinguishment of debt— — — 877 
Management and leasing services(158)(163)(519)(456)
Interest income(1,029)(3)(3,408)(5)
Gains on sale of real estate— — (12,133)(8,486)
NOI$156,127 $122,967 $448,254 $343,708 
Non-Same Property Portfolio rental income(64,135)(33,627)(173,156)(69,132)
Non-Same Property Portfolio property exp.15,732 9,615 43,013 19,974 
Same Property Portfolio NOI$107,724 $98,955 $318,111 $294,550 
Straight line rental revenue adjustment(4,928)(4,356)(14,166)(15,509)
Amort. of above/below market lease intangibles(3,625)(4,054)(11,024)(12,825)
Same Property Portfolio Cash NOI$99,171 $90,545 $292,921 $266,216 
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2023 Estimate
LowHigh
Net income attributable to common stockholders$1.06 $1.08 
Company share of depreciation and amortization1.16 1.16 
Company share of gains on sale of real estate(0.06)(0.06)
Company share of Core FFO$2.16 $2.18 

Occupancy by County:
Sep 30, 2023Jun 30, 2023Mar 31, 2023Dec 31, 2022Sep 30, 2022
Ending Occupancy:
Los Angeles County94.8%94.9%94.9%95.6%94.1%
Orange County92.0%91.3%90.3%92.7%92.5%
Riverside / San Bernardino County92.9%91.9%90.5%89.7%92.9%
San Diego County92.2%92.8%94.7%97.9%98.7%
Ventura County97.7%98.0%99.7%99.7%100.0%
Total/Weighted Average94.1%94.0%93.8%94.6%94.5%
Total Portfolio RSF44,998,61344,167,77443,954,27242,403,73541,716,182
Uncommenced Lease Data:
Total/Weighted Average
Occupied SF42,363,316 
Uncommenced Renewal Leases - Leased SF(1)
682,798 
Uncommenced New Leases - Leased SF(1)
93,273 
Leased SF42,456,589 
Percent Leased94.4 %
In-Place ABR(2)
$637,021 
ABR Under Uncommenced Leases (in thousands)(2)(3)
8,386 
In-Place + Uncommenced ABR (in thousands)(2)
$645,407 
In-Place + Uncommenced ABR per SF(2)
$15.20 
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of September 30, 2023.
(2)See page 31 for further details on how these amounts are calculated.
(3)Includes $2.4 million of annualized base rent under Uncommenced New Leases and $6.0 million of incremental annualized base rent under Uncommenced Renewal Leases.


Third Quarter 2023
Supplemental Financial Reporting Package
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v3.23.3
Document and Entity Information Document
Oct. 18, 2023
Entity Information [Line Items]  
Entity Central Index Key 0001571283
Amendment Flag false
Document Type 8-K
Document Period End Date Oct. 18, 2023
Entity Registrant Name REXFORD INDUSTRIAL REALTY, INC.
Entity Incorporation, State or Country Code MD
Entity File Number 001-36008
Entity Tax Identification Number 46-2024407
Entity Address, Address Line One 11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town Los Angeles
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90025
City Area Code 310
Local Phone Number 966-1680
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock, $0.01 par value  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol REXR
Security Exchange Name NYSE
5.875% Series B Cumulative Redeemable Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol REXR-PB
Security Exchange Name NYSE
5.625% Series C Cumulative Redeemable Preferred Stock  
Entity Information [Line Items]  
Title of 12(b) Security 5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol REXR-PC
Security Exchange Name NYSE
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