Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q2 2026 Earnings Presentation
25 slides from Rexford Industrial Realty's earnings presentation, Jul 24, 2026
Slide 1: Rexford Industrial Realty Earnings Presentation 2Q 2026
NYSE: REXR Rexford Industrial Realty Earnings Presentation 2Q 2026 19900 Plummer Street | San Fernando Valley
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 50M Square Feet Southern California 409 Industrial Properties $11B Entity Value1 4.5x Net Debt/Adjusted EBITDAre 2 BBB+ S&P3 BBB+ Fitch3 Baa2 Moody’s3 1420 McKinley Avenue | South Bay
Slide 4: Key Messages
4 Key Messages Increasing 2026 Guidance Core FFO/sh increased 1c at the midpoint; largely driven by better-than-expected same property NOI growth & lower G&A Advancing Strategic Priorities — Portfolio Realignment Identified $2B of non-core assets for planned disposition to strengthen cash flows; red
Slide 5: Advancing Our Strategic Priorities
5 Advancing Strategic Priorities Executing a disciplined, return-driven strategy focused on portfolio realignment and operational rigor to position Rexford for more durable growth Strategic Priorities 2026 Progress A proactive disposition plan that improves portfolio quality, Identified $2.0B of non
Slide 6: Realigning Our Portfolio
6 Realigning Our Portfolio Portfolio Realignment Planned Non-Core Dispositions $2.0B Non-core assets that do not align with our go-forward strategy. Comprised of assets with limited long-term value creation opportunity, elevated competitive supply, shorter A planned 2026 disposition initiative of re
Slide 7: Executing Disciplined Capital Allocation
7 Executing Disciplined Capital Allocation Opportunistically strengthening the balance sheet, enhancing financial flexibility & driving accretive FFO & NAV per-share value creation Redeploying Planned Disposition Proceeds Balance Sheet Share Repurchases Repositioning & Select Development — Reduce le
Slide 8: Improving Operating Efficiency
8 Improving Operating Efficiency Total G&A Delivering additional $3M of G&A savings in Additional $3 million G&A savings 2026 through corporate expense efficiencies $79M $60M $57M Reduced G&A by over 25%, or $22M, since 2025 Continued focus on maximizing operational effectiveness & efficiency 2025 2
Slide 9: Infill SoCal Vacancy Experiences First Improvement Since 2022
9 1 Infill SoCal Vacancy Experiences First Improvement Since 2022 Infill SoCal Market Net Absorption & Vacancy 2Q26 Market Highlights 12M Market Net Absorption (SF) Market Vacancy 8% 10M — 5.4% Infill SoCal market vacancy, 6% down 30 basis points sequentially 8M 6M 4% — 5.8M SF positive net absorpti
Slide 10: Incremental Improvement in Infill SoCal Market Fundamentals
10 Incremental Improvement in Infill SoCal Market Fundamentals Broad-based improvement Market performance in net absorption continues to vary by quarter-over-quarter; submarket & size; performance Rexford’s continues differentiated to vary portfolio by size, positioned tosubmarket & quality capture
Slide 11: Supply Constraints Support Long-Term Fundamentals
11 Supply Constraints Support Long-Term Fundamentals Infill SoCal Under Construction as % of Total Stock1 Unprecedented Inability to Add Supply (1Q19-2Q26) What is the Regulation? 2.0% — More recent CA state legislation (AB 98 & SB 415) and increasing municipal zoning limitations materially impede n
Slide 12: Strong Liquidity & Investment Grade Balance Sheet
12 Strong Liquidity & Investment Grade Balance Sheet 4.5x 100% Maturity Ladder ($ millions) Net Debt/Adjusted Fixed Rate Debt $1,019 EBITDAre1 $800 $1.3B 97% $614 Total Liquidity2 Unsecured Debt $401 $314 BBB+ S&P 3 2.8 years BBB+ Fitch $60 $75 Weighted Average 3 $0 $0 $3 Debt Maturity Baa2 Moody’s
Slide 13: 2Q 2026 Highlights
13 2Q 2026 Highlights
Slide 14: Financial
14 Financial 1 2Q 2026 YTD 2026 $0.63 $1.24 Core FFO/Share Core FFO/Share 6.8% Growth 2.5% Growth (0.5)% 0.3% Same Property Same Property Net Effective NOI Growth Net Effective NOI Growth 1.5% 0.6% Same Property Same Property Cash NOI Growth Cash NOI Growth All growth percentages compare to the prio
Slide 15: Operations
15 Operations 2Q 2026 YTD 2026 2.1M 3.5% 6.2M 3.3% Leased Square Feet Average Embedded Leased Square Feet Average Embedded Rent Steps1 Rent Steps1 (2.8)% (11.3)% (7.7)% (14.0)% Net Effective Cash Net Effective Cash Leasing Spreads Leasing Spreads Leasing Spreads Leasing Spreads 95.7% 95.1% 96.0% Ave
Slide 16: Dispositions
16 Dispositions 2Q 2026 YTD 2026 590K 7 12 Square Feet Closed Dispositions Closed Dispositions 12.4% $138M $265M Unlevered IRR Total Sales Price Total Sales Price 572K 886K Square Feet Square Feet Mission Oaks
Slide 17: Repositioning & Development
17 Repositioning & Development 2Q 2026 YTD 2026 146K $2.5M 184K $3.3M Leased Square Feet Leased Annualized Leased Square Feet Leased Annualized Cash NOI1 Cash NOI1 2 196K 4 341K Stabilized Projects Stabilized Square Feet Stabilized Projects Stabilized Square Feet $98M 8.0% $147M 7.1% Total Investmen
Slide 18: 2026 Guidance Expectations
18 2026 Guidance Expectations 1 2Q 2026 1Q 2026 Initial Updated Guidance Guidance 2026 Guidance Earnings Company share of Core FFO per diluted share $2.38 – $2.43 $2.37 – $2.42 $2.35 – $2.40 2 Same Property Portfolio Same Property Portfolio NOI Growth - Net Effective (1.25)% – (0.25)% (2.0)% – (1.0)
Slide 19: 2026 Guidance Rollforward
19 2026 Guidance Rollforward 1 Earnings Components Range Notes ($ per share) 2026 Core FFO per Diluted Share (Previous) $2.37 - $2.42 Increased 75 bps at the midpoint to (1.25)% - (0.25)%, primarily reflecting the removal of Same Property Portfolio NOI Change - Net Effective 0.01 lower-growth assets
Slide 20: Appendix
20 Appendix Endnotes Non-GAAP Reconciliations Definitions
Slide 21: Endnotes
21 Endnotes SLIDE 3 SLIDE 12 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, 3. These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Operating Partnership units, unvested shares of restri
Slide 22: Non-GAAP Reconciliations
22 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Quarter Ended 6/30/2026 Quarter Ended 6/30/2025 Net (Loss) Income $(523,811) $120,394 General & administrative 13,693 19,752 Depreciation & amortization 73,479 71,188 Other expenses, net (2,001) 244 Interest expense 28,571 26,701 Debt ext
Slide 23: Funds from Operations
23 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended Quarter Ended 6/30/2026 6/30/2025 Net (Loss) Income $(523,811) $120,394 Depreciation and amortization 73,479 71,188 Impairment of real estate 624,754 — Gains on sale of real estate (21,893) (44,361) EBITDAre and Adjusted EBIT
Slide 24: Definitions
24 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 25: www.rexfordindustrial.com
www.rexfordindustrial.com
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