Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q1 2025 Earnings Presentation
19 slides from Rexford Industrial Realty's earnings presentation, Apr 17, 2025
Slide 1: Rexford Industrial Realty Earnings Presentation 1Q 2025
NYSE: REXR Rexford Industrial Realty Earnings Presentation 1Q 2025 1901 Via Burton, North Orange County
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 424 16% Industrial Properties Prime Infill $13B Southern 10% Entity Value1 California BBB+ S&P 2 5% 3% BBB+ Fitch 2 Baa2 Moody’s 2 REXR REIT Average REXR REIT Average
Slide 4: Key Messages
4 Key Messages 1 2025 Outlook First quarter results in line and maintaining full-year guidance; however, we are monitoring market conditions and will assess outlook to the extent conditions may evolve. 2 Accretive Capital Allocation Stabilized 560,000 square feet of repositioning and redevelopment p
Slide 5: 2025 Guidance Rollforward
5 2025 Guidance Rollforward1 Earnings Components Range ($ per share) Notes Initial 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% YTD Closed Dispositions (0.01) (0.01) NOI related to $103 million
Slide 6: Financial Highlights
6 Financial Highlights 1 1Q 2025 (YoY Growth) 20.4% 18.4% Consolidated Portfolio Consolidated Portfolio Cash NOI Growth Net Effective NOI Growth 5.0% 0.7% Same Property Cash Same Property Net NOI Growth Effective NOI Growth $0.62 6.9% Core FFO/Sh Core FFO/Sh Growth
Slide 7: Operational Highlights
7 Operational Highlights 2.4M SF 1Q 2025 Leasing Volume 23.8% Net Effective Leasing Spreads 14.7% Cash Leasing Spreads 3.6% Average Embedded Rent Steps 95.9% Average Same Property Occupancy 11127 Catawba Ave., Inland Empire West
Slide 8: Strategic Capital Allocation: Repositioning & Redevelopment Stabilizations
8 Strategic Capital Allocation 1Q 2025 Repositioning & Redevelopment Stabilizations 5 560,000 Stabilized Projects Square Feet $145.4M 7.6% Total Investment Achieved Unlevered Stabilized Yield1 29125 Avenue Paine, Greater San Fernando Valley
Slide 9: Strategic Capital Allocation: Acquisitions & Dispositions
9 Strategic Capital Allocation 1Q 2025 Acquisitions & Dispositions 2 230,000 Dispositions1 Square Feet $103.3M 11.9% Total Sales Price Unlevered IRR Acquisitions Dispositions $0 of acquisitions under $30M of dispositions under contract or accepted offer contract or accepted offer2 1500 Raymond Ave.,
Slide 10: Strong Liquidity and Investment Grade Balance Sheet
10 Strong Liquidity and Investment Grade Balance Sheet Maturity Ladder $1.6B 0% Total Liquidity1 Floating Rate Debt $1,200 2025 Debt Maturity Plan $1,019 • Refinance $400M unsecured term loan as part of credit facility recast $1,000 • Payoff $100M senior note 3.9x 97% • Extend $60M secured term loan
Slide 11: Disciplined Approach to Capital Allocation
11 Disciplined Approach to Capital Allocation Projected 2025 Sources and Uses ($M) Sources Uses Capital Allocation Principles 2025 Remaining Repositioning Cash on hand 1 $608 $225 Earnings Accretive and Redevelopment Spend 3 Dispositions $30 Payoff of 2025 Senior Note $100 NAV Accretive (Under Contr
Slide 12: Substantial Embedded Cash NOI Growth
12 Substantial Embedded Cash NOI Growth1 +$60M Portfolio Mark-to-Market $235M Value +$70M Total Incremental Creation Repositioning & Redevelopment In-Process or in Lease-up NOI +$105M +34% Annual Embedded Growth Rent Steps Repositioning & Redevelopment Vertically integrated team delivers best-in-cla
Slide 13: Appendix
13 Appendix Market Rent Growth & Mark-to-Market Reconciliation Endnotes Non-GAAP Reconciliations Definitions 12118 Bloomfield Ave., Mid-Counties
Slide 14: Market Rent Growth & Mark-to-Market Reconciliation
14 Market Rent Growth & Mark-to-Market Reconciliation1 Market Rent Growth for Rexford Portfolio 2 Portfolio Mark-to-Market Reconciliation Quarter-over-Quarter Year-over-Year 4Q 2024 to 1Q 2025 1Q 2024 to 1Q 2025 Net Effective Greater L.A. -2.8% -8.2% Mark-to-Market at 4Q 2024 25.0% Orange County -3.
Slide 15: Endnotes
15 Endnotes SLIDE 3 SLIDE 9 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, Operating Partnership units, unvested shares of restricted stock, and vested and unvested LTIP units and performance units) 1. This includes one transaction closed in Ap
Slide 16: Non-GAAP Reconciliations
16 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Qtr ended 3/31/25 Qtr ended 3/31/24 Net Income $74,048 $64,277 General & administrative 19,868 19,980 Depreciation & amortization 86,740 66,278 Other expenses 2,239 1,408 Interest expense 27,288 14,671 Management & leasing services (142)
Slide 17: Funds from Operations and EBITDAre Reconciliations
17 Funds from Operations ($ in ‘000s, except per share data) Qtr ended 3/31/25 Qtr ended 3/31/24 Net Income (Loss) $74,048 $64,277 Depreciation and amortization 86,740 66,278 Gains on sale of real estate (13,157) — Funds from Operations $147,631 $130,555 Less: preferred stock dividends (2,314) (2,31
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
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