Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q4 2025 Earnings Presentation
21 slides from Rexford Industrial Realty's earnings presentation, Feb 5, 2026
Slide 1: Rexford Industrial Realty Earnings Presentation 4Q 2025
NYSE: REXR Rexford Industrial Realty Earnings Presentation 4Q 2025 14434-14527 San Pedro Street, South Bay 58K SF Repositioning 2390-2442 North American|Way, 100% Leased North inCounty Orange 4Q25
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 at a glance
3 REXR NYSE 100% 51M Prime Infill Square Feet Southern California 419 Industrial Properties $13B Entity Value1 4.4x Net Debt/Adjusted EBITDAre 2 BBB+ S&P3 BBB+ Fitch3 Baa2 Moody’s3 12118 Bloomfield Avenue, Mid-Counties 107K SF Development | 100% Leased in 4Q25
Slide 4: Key Messages
4 Key Messages Solid 4Q Performance 3M SF leasing; delivered results in line with guidance Accretive Capital Recycling $218M of 2025 dispositions deployed into share repurchases; ~$450M expected dispositions in 2026, includes $135M of development properties that were in the near-term pipeline Operat
Slide 5: 4Q & Full Year 2025 Highlights
5 4Q & Full Year 2025 Highlights 21515 Western Avenue, South Bay 84K SF Development | 100% Leased in 4Q25
Slide 6: Financial Highlights
6 Financial Highlights 1 4Q 2025 Full Year 2025 $0.59 $2.40 Core FFO/Share Core FFO/Share +1.7% Growth +2.6% Growth 2.8% 4.3% Same Property Same Property Cash NOI Growth Cash NOI Growth 0.4% 1.1% Same Property Same Property Net Effective NOI Growth Net Effective NOI Growth 17907 Figueroa Street, Sou
Slide 7: Operational Highlights
7 Operational Highlights 4Q 2025 Full Year 2025 3.0M 3.4% 10.4M 3.6% Leased Square Feet Average Embedded Leased Square Feet Average Embedded Rent Steps Rent Steps 22.0% 9.0% 23.4% 10.7% Net Effective Cash Net Effective Cash Leasing Spreads Leasing Spreads Leasing Spreads Leasing Spreads 96.8% 96.5%
Slide 8: Transaction Activity
8 Transaction Activity 4Q 2025 Full Year 2025 1 101K 7 590K Disposition Square Feet Dispositions Square Feet $30M 11.7% $218M 12.4% Total Sales Price Unlevered IRR Total Sales Price Unlevered IRR $230M $0 Dispositions Under Contract/Accepted Offer1 Acquisitions Closed & Under Contract/Accepted Offer
Slide 9: 2025 Capital Recycling Highlights
9 2025 Capital Recycling Highlights Recycled $218M of disposition proceeds into share repurchases translating into +$0.02 of Core FFO per share in 2025 Q4 2025 YTD through 9/30/2025 Q4 2025 Dispositions $188M $30M $218M YTD through 9/30/2025 Q4 2025 Share Repurchases $150M $100M $250M
Slide 10: Repositioning & Development Highlights
10 Repositioning & Development Highlights 4Q 2025 Full Year 2025 546K $12M 2.1M $39M Leased Square Feet Leased Annualized Cash NOI1 Leased Square Feet Leased Annualized Cash NOI1 7 749K 21 2.2M Stabilized Projects Stabilized Square Feet Stabilized Projects Stabilized Square Feet $306M 5.0% $798M 5.5
Slide 11: Strong Liquidity & Investment Grade Balance Sheet
11 Strong Liquidity & Investment Grade Balance Sheet Maturity Ladder $1.4B 100% ($ millions) Total Liquidity1 Fixed Rate Debt $1,019 4.4x 97% $800 Net Debt/Adjusted Unsecured Debt $600 EBITDAre2 $401 $314 BBB+ S&P 3 3.3 years $67 $75 BBB+ Fitch $0 $0 $3 Weighted Average 3 Debt Maturity 2026 2027 202
Slide 12: 2026 Guidance Outlook
a = 5.aNE NV ANVANV ANTS, S eee oa, 2026 Guidance Outlook
Slide 13: 2026 Guidance Expectations
13 2026 Guidance Expectations 1 Low High Earnings Company share of Core FFO per diluted share $2.35 $2.40 Same Property Portfolio 2 Same Property Portfolio NOI Growth - Net Effective (2.5%) (1.5%) Same Property Portfolio NOI Growth - Cash (2.0%) (1.0%) Average Same Property Portfolio Occupancy (Full
Slide 14: 2026 Guidance Rollforward
14 2026 Guidance Rollforward 1 Earnings Components Range Notes ($ per share) 2025 Core FFO per Diluted Share $2.40 2025 Actual Same Property Guidance range of (2.5%) - (1.5%) driven by: • Net effective releasing spreads 5%-10% • Bad debt as a percentage of revenue 75 bps Same Property Portfolio NOI
Slide 15: Appendix
15 Appendix Market Rent Growth & Mark-to-Market Reconciliation Endnotes Non-GAAP Reconciliations Definitions
Slide 16: Market Rent Growth & Mark-to-Market Reconciliation
16 Market Rent Growth & Mark-to-Market Reconciliation 1 Market Rent Growth for Rexford Portfolio 2 Mark-to-Market Reconciliation for Rexford Portfolio Quarter-over-Quarter Year-over-Year 3Q 2025 to 4Q 2025 4Q 2024 to 4Q 2025 Net Effective Greater L.A. -1% -9% Mark-to-Market at 3Q 2025 10% Orange Cou
Slide 17: Endnotes
17 Endnotes SLIDE 3 SLIDE 11 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, 1. Total liquidity reflects ending cash balance of approximately $166 million and nearly full availability on our $1.25 billion Operating Partnership units, unvested sh
Slide 18: Non-GAAP Reconciliations
18 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Quarter Ended 12/31/2025 Quarter Ended 12/31/2024 Net (Loss) Income $(67,735) $64,910 General & administrative 19,199 21,940 Depreciation & amortization 76,819 71,832 Other expenses 65,910 34 Interest expense 25,451 28,173 Management & le
Slide 19: Funds from Operations and EBITDAre
19 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended Quarter Ended 12/31/2025 12/31/2024 Net (Loss) Income $(67,735) $64,910 Depreciation and amortization 76,819 71,832 Impairment of real estate 89,097 — EBITDAre and Adjusted EBITDAre ($ in ‘000s) Gains on sale of real estate (
Slide 20: Definitions
20 Definitions Achieved Unlevered Stabilized Yield: Calculated by dividing annual stabilized Cash NOI by total investment in the case of with GAAP as a measure of our performance. “Company Share of FFO” reflects FFO attributable to common stockholders, which acquisitions or costs in the case of repo
Slide 21: www.rexfordindustrial.com
www.rexfordindustrial.com
Rexford Industrial Realty — Q4 2025 Earnings Presentation on 6ix