Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q3 2026 Earnings Presentation
26 slides from Rexford Industrial Realty's earnings presentation, Oct 22, 2026
Slide 1: Rexford Industrial Realty Earnings Presentation 3Q 2026
NYSE: REXR Rexford Industrial Realty Earnings Presentation 3Q 2026 9615 Norwalk Boulevard | Mid-Counties
Slide 2: Forward Looking Statements
22 Forward Looking Statements This presentation 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 informatio
Slide 3: REXR Prime Infill Southern California
100% 33 REXR NYSE Prime Infill 44M Square Feet Southern California 384 Properties $11B Entity Value1 3.8x Net Debt/Adjusted EBITDAre 2 BBB+ S&P3 BBB+ Fitch3 Baa2 Moody’s3 15996 Jurupa Avenue | Inland Empire West
Slide 4: Key Messages
4 Key Messages Increasing 2026 Guidance Core FFO/sh increased 2c at the midpoint, reflecting improved Same Property Portfolio NOI and occupancy expectations and stronger tenant health Executing Strategic Priorities — Portfolio Realignment Completed $1.5B of the $2.0B portfolio realignment YTD; redep
Slide 5: Advancing Strategic Priorities
5 Advancing Strategic Priorities Executing a disciplined, return-driven strategy focused on portfolio realignment & operational rigor to position Rexford for more durable growth Strategic Priorities 2026 Progress A proactive $2.0B disposition plan that improves Sold $1.5B of targeted disposition ass
Slide 6: Executing Disciplined Capital Allocation
6 Executing Disciplined Capital Allocation YTD 2026 Redeploying Disposition Proceeds $1.5B Total Disposition Repositioning & Select Balance Sheet Share Repurchases Proceeds Development Reduce leverage with focus Share repurchases when Execution of value creation $492M on 2027 maturities & enhanced l
Slide 7: Advancing Portfolio Realignment: $1.5B Completed Year to Date
7 Advancing Portfolio Realignment: $1.5B Completed Year to Date Portfolio Realignment 3Q 2026 Portfolio Transaction Details $2.0B $1.2B 22 5.2M A planned 2026 Total Sales Price Properties Square Feet disposition initiative comprised of non-core assets with limited long- 2.7 years 28% 5.5% Weighted A
Slide 8: Capital Allocation Creating Shareholder Value
8 Capital Allocation Creating Shareholder Value Nearly $1.0B of repurchases since 2025, 10% of shares outstanding, contributing to FFO & NAV per share growth 2025-2026 Cumulative Share Repurchases & Leverage Cumulative Share Repurchases EBITDAre1 Net Debt/Adjusted EBITDAre $1,000M 4.5x 4.5x $959M 4.
Slide 9: Enhancing Financial Flexibility
9 Enhancing Financial Flexibility Substantially addressing near-term debt maturities, strengthening financial flexibility & mitigating refinancing risk in today’s higher-rate environment 2Q26 3Q26 1Q27 Pro Forma1 $1,019M $594M 2027 Debt Maturities $19M Net Debt/Adjusted EBITDAre2 4.5x 3.8x ~3.5x
Slide 10: Infill SoCal Experiences Second Consecutive Quarter of Positive Net Absorption
10 Infill SoCal Experiences Second Consecutive Quarter of 1 Positive Net Absorption Infill SoCal Market Net Absorption & Vacancy 3Q26 Market Highlights Market Net Absorption (SF) Market Vacancy 12M 6% — 5.4% infill SoCal market vacancy, 10M up 7 basis points sequentially 5% 8M — 1.9M SF positive net
Slide 11: Continued Improvement in Infill SoCal Market Fundamentals
11 Continued Improvement in Infill SoCal Market Fundamentals Broad-based improvement Rexford’s incaptures portfolio net absorption outsizedquarter-over-quarter; demand, performance continues to quality reflecting differentiated vary by&size, submarket resilience & quality of portfolio 1.5% Infill So
Slide 12: Supply Constraints Support Long-Term Fundamentals
12 Supply Constraints Support Long-Term Fundamentals Infill SoCal Under Construction as % of Total Stock1 Unprecedented Inability to Add Supply (1Q19-3Q26) 2.0% What is the Regulation? — More recent CA state legislation (AB 98 & SB 415) and increasing municipal zoning limitations materially impede n
Slide 13: 3Q 2026 Highlights
13 3Q 2026 Highlights
Slide 14: 2026 Guidance Expectations
14 2026 Guidance Expectations 1 3Q 2026 2Q 2026 Initial Updated Guidance Guidance 2026 Guidance Earnings Company share of Core FFO per diluted share $2.41 – $2.44 $2.38 – $2.43 $2.35 – $2.40 Same Property Portfolio 2 Same Property Portfolio NOI Growth - Net Effective (0.25)% – 0.25% (1.25)% – (0.25)
Slide 15: 2026 Guidance Rollforward
15 2026 Guidance Rollforward 1 Earnings Components Range Notes ($ per share) 2026 Core FFO per Diluted Share (Previous) $2.38 – $2.43 Projected higher average occupancy driven by better-than-expected leasing; lower Same Property Portfolio NOI Change - Net Effective 0.03 – 0.01 projected bad debt exp
Slide 16: Financial
16 Financial 1 3Q 2026 YTD 2026 $0.60 $1.85 Core FFO/Share Core FFO/Share 0.0% Growth 1.6% Growth (2.6)% (0.1)% Same Property Same Property Net Effective NOI Growth Net Effective NOI Growth (1.1)% 0.9% Same Property Same Property Cash NOI Growth Cash NOI Growth All growth percentages compare to the
Slide 17: Operations
17 Operations 3Q 2026 YTD 2026 3.7M 3.5% 10.0M 3.4% Leased Square Feet Average Embedded Leased Square Feet Average Embedded Rent Steps1 Rent Steps1 7.1% (3.0)% (3.2)% (10.7)% Net Effective Cash Net Effective Cash Leasing Spreads Leasing Spreads Leasing Spreads Leasing Spreads 95.6% 96.9% 95.9% Avera
Slide 18: Dispositions
18 Dispositions 3Q 2026 YTD 2026 25 37 Closed Dispositions Closed Dispositions $1.3B $1.5B Total Sales Price Total Sales Price 5.5M 6.4M Square Feet Square Feet
Slide 19: Repositioning & Development
19 Repositioning & Development 3Q 2026 YTD 2026 599K $14.2M 784K $17.5M Leased Square Feet Leased Annualized Leased Square Feet Leased Annualized Cash NOI1 Cash NOI1 1 47K 5 388K Stabilized Project Stabilized Square Feet Stabilized Projects Stabilized Square Feet $15M 13.8% $161M 7.7% Total Investme
Slide 20: Appendix
20 Appendix Endnotes Non-GAAP Reconciliations Definitions
Slide 21: Endnotes
21 Endnotes SLIDE 3 SLIDE 10 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, 1. Source: CBRE Research 1Q 2019 to 3Q 2026. Infill SoCal refers to Greater Los Angeles, Inland Empire West, Operating Partnership units, unvested shares of restricted
Slide 22: Endnotes (cont.)
22 Endnotes (cont.) SLIDE 15 1. The Company’s 2026 guidance reflects management’s view of current and future market conditions, including current expectations with respect to rental rates and occupancy levels. 2026 Guidance represents the in-place portfolio as of 10/22/2026, as well as guidance expe
Slide 23: Non-GAAP Reconciliations
23 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Quarter Ended 9/30/2026 Quarter Ended 9/30/2025 Net income $18,070 $93,056 General & administrative 13,431 20,037 Depreciation & amortization 74,440 81,172 Other expenses, net 2,561 4,218 Interest expense 24,785 25,463 Debt extinguishment
Slide 24: Funds from Operations and EBITDAre
24 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended Quarter Ended 9/30/2026 9/30/2025 Net income $18,070 $93,056 Depreciation and amortization 74,440 81,172 Impairment of real estate 71,834 — Gains on sale of real estate (23,208) (28,583) EBITDAre and Adjusted EBITDAre ($ in ‘
Slide 25: Definitions
25 Definitions Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) fair value lease revenue Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted and (ii) straight-line rent adjustment. We u
Slide 26: www.rexfordindustrial.com
www.rexfordindustrial.com
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