Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q2 2025 Earnings Presentation
19 slides from Rexford Industrial Realty's earnings presentation, Jul 17, 2025
Slide 1: Rexford Industrial Realty Earnings Presentation 2Q 2025
NYSE: REXR Rexford Industrial Realty Earnings Presentation 2Q 2025 8888 Balboa Avenue, Central San Diego
Slide 2: Forward Looking Statements
2 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 information
Slide 3: REXR Proven Performance
3 REXR Proven Performance NYSE FFO Dividend 51M per Share Growth per Share Growth 100% (5-Year CAGR)3 (5-Year CAGR)4 Square Feet 422 16% Industrial Properties Prime Infill $12B Southern 10% Entity Value1 California 5% BBB+ S&P2 4% BBB+ Fitch 2 Baa2 Moody’s 2 REXR REIT Average REXR REIT Average
Slide 4: Key Messages: Maintaining 2025 Outlook
4 Key Messages 1 Maintaining 2025 Outlook 2Q in line with expectations; maintaining guidance 2 Execution of Repositioning & Redevelopment Leasing Executed 900K+ SF of leasing YTD; stabilized 7 projects YTD at 7.4% unlevered yield 3 Balance Sheet Strength & Substantial Liquidity 4.0x Net Debt/EBITDAr
Slide 5: 2025 Guidance Rollforward
5 2025 Guidance Rollforward1 Earnings Components Range ($ per share) Notes Q1 2025 Core FFO per Diluted Share Guidance $2.37 $2.41 Same Property Portfolio NOI Growth - - SP Net Effective NOI Growth guidance unchanged 0.75%–1.25% Repositioning/Redevelopment NOI (0.01) (0.01) Projected rent commenceme
Slide 6: Financial Highlights
6 Financial Highlights1 2Q 2025 Year-to-Date 2025 5.7% 2.9% 12.7% 10.2% Total Portfolio Total Portfolio Total Portfolio Total Portfolio Cash NOI Growth Net Effective NOI Growth Cash NOI Growth Net Effective NOI Growth 3.9% 1.1% 4.5% 0.9% Same Property Same Property Same Property Same Property Cash N
Slide 7: Operational Highlights
7 Operational Highlights 2Q 2025 Year-to-Date 2025 1.7M SF 3.7% 4.1M SF 3.6% Leasing Volume Average Embedded Leasing Volume Average Embedded Rent Steps Rent Steps 20.9% 8.1% 22.6% 11.9% Net Effective Cash Net Effective Cash Leasing Spreads Leasing Spreads Leasing Spreads Leasing Spreads 95.9% 96.1%
Slide 8: Strategic Capital Allocation: Repositioning and Redevelopment Stabilizations
9 8 2Q 2025 Strategic Capital Allocation Repositioning and Redevelopment Stabilizations 2 331K Stabilized Projects Square Feet $76M 7.3% Total Investment Achieved Unlevered Stabilized Yield1 Year-to-Date 2025 7 891K Stabilized Projects Square Feet $221M 7.4% Total Investment Achieved Unlevered Stabi
Slide 9: Strategic Capital Allocation: Transaction Activity
9 Strategic Capital Allocation Transaction Activity 2Q 2025 Year-to-Date 2025 2 209K 3 336K Dispositions Square Feet Dispositions Square Feet $82M 12.8% $134M 11.9% Total Sales Price Unlevered IRR Total Sales Price Unlevered IRR Acquisitions Dispositions $0 of acquisitions under $54M of dispositions
Slide 10: Strong Liquidity and Investment Grade Balance Sheet
10 Strong Liquidity and Investment Grade Balance Sheet Maturity Ladder $1.8B 100% ($ millions) Total Liquidity1 Fixed Rate Debt 2025 Debt Maturity Plan Refinanced $400M unsecured term $1,019 loan as part of credit facility recast maturing in 2030 4.0x 97% Extended $60M secured term loan to $800
Slide 11: Disciplined Approach to Capital Allocation
11 Disciplined Approach to Capital Allocation Projected 2025 Sources and Uses ($ millions) Sources Uses Capital Allocation Principles 2025 Remaining Repositioning & Cash on Hand $430 $105 Earnings Accretive Redevelopment Spend 1 YTD Disposition Proceeds 130 Projected Payoff of Senior Note 100 NAV Ac
Slide 12: Substantial Embedded Cash NOI Growth
12 Substantial Embedded Cash NOI Growth1 +$20M $195M Current Portfolio Cash Mark-to-Market of 3% Total Incremental Value +$70M NOI Creation Repositioning & Redevelopment in Process or Lease-up +$105M +28% Annual Embedded Growth Rent Steps Repositioning & Redevelopment Vertically integrated team deli
Slide 13: Appendix
13 Appendix Market Rent Growth & Mark-to-Market Reconciliation Endnotes Non-GAAP Reconciliations Definitions 3071 Coronado Street, North Orange County
Slide 14: Market Rent Growth & Mark-to-Market Reconciliation
14 Market Rent Growth & Mark-to-Market Reconciliation1 Market Rent Growth for Rexford Portfolio2 Portfolio Mark-to-Market Reconciliation Quarter-over-Quarter Year-over-Year 1Q 2025 to 2Q 2025 2Q 2024 to 2Q 2025 Net Effective Greater L.A. -4.1% -13.8% Mark-to-Market at 1Q 2025 20% Orange County -4.0%
Slide 15: Endnotes
15 Endnotes SLIDE 3 SLIDE 9 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, Operating 1. As of 7/16/2025. Transactions are subject to customary due diligence and closing conditions; as such, there is no Partnership units, unvested shares of rest
Slide 16: Non-GAAP Reconciliations
16 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Qtr ended 6/30/25 Qtr ended 6/30/24 Net Income $120,394 $86,017 General & administrative 19,752 19,307 Depreciation & amortization 71,188 67,896 Other expenses 244 304 Interest expense 26,701 28,412 Debt extinguishment and modification ex
Slide 17: Funds from Operations
17 Funds from Operations ($ in ‘000s, except per share data) Qtr ended 6/30/25 Qtr ended 6/30/24 Net Income $120,394 $86,017 Depreciation and amortization 71,188 67,896 Gains on sale of real estate (44,361) (16,268) Funds from Operations $147,221 $137,645 Less: preferred stock dividends (2,315) (2,3
Slide 18: Definitions
18 Definitions Achieved Unlevered Stabilized Yield: Calculated by dividing annual stabilized Cash NOI by total investment in the case of acquisitions or costs in Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net incom
Slide 19: www.rexfordindustrial.com
www.rexfordindustrial.com
Rexford Industrial Realty — Q2 2025 Earnings Presentation on 6ix