Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q1 2026 Earnings Presentation
25 slides from Rexford Industrial Realty's earnings presentation, 2026
Slide 1: Rexford Industrial Realty Earnings Presentation 1Q 2026
NYSE: REXR Rexford Industrial Realty Earnings Presentation 1Q 2026 21515 S. Western Avenue | South Bay
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% 3 REXR NYSE Prime Infill 50M Square Feet Southern California 414 Industrial Properties $11B Entity Value1 4.5x Net Debt/Adjusted EBITDAre 2 BBB+ S&P3 BBB+ Fitch3 Baa2 Moody’s3 2333 Pacifica Place (Rancho Pacifica Park) 111K SF Operating Asset | 100% Leased in 1Q26
Slide 4: Key Messages
4 Key Messages Increasing 2026 Guidance Core FFO/sh increased 2c at the midpoint, driven by 4.1M SF of leasing & accretive capital recycling Delivering on Strategic Priorities Dispositions deployed into accretive share repurchases; operational rigor drove record leasing activity Improving Tenant Dem
Slide 5: 2026 Guidance Expectations
5 2026 Guidance Expectations 1 Q1 2026 Initial Updated Guidance 2026 Guidance Earnings Company share of Core FFO per diluted share $2.37 – $2.42 $2.35 – $2.40 Same Property Portfolio2 Same Property Portfolio NOI Growth - Net Effective (2.0)% – (1.0)% (2.5)% – (1.5)% Same Property Portfolio NOI Growt
Slide 6: 2026 Guidance Rollforward
6 2026 Guidance Rollforward 1 Earnings Components Range Notes ($ per share) Initial 2026 Core FFO per Diluted Share Guidance $2.35 – $2.40 Increased 50 bps at the midpoint to (2.0%) – (1.0%), driven by stronger 1Q Same Property Portfolio NOI Change – Net Effective 0.01 leasing activity Repositioning
Slide 7: Immediate Strategic Priorities
7 Immediate Strategic Priorities Execute a disciplined, return-driven strategy focused on portfolio optimization & operational rigor Dispositions Capital Recycling Operations — Strengthen future cash flow — Recycle into superior risk- — Prioritize occupancy to reduce growth adjusted returns, includi
Slide 8: Advancing Strategic Priorities
8 Advancing Strategic Priorities 2026 Goals Progress YTD $400M – $500M $144M closed YTD; $170M under contract/accepted offer1 Dispositions Disposing six development sites that do not meet our return Reduce development exposure requirements $400M – $500M $200M of accretive share repurchases primary d
Slide 9: Favorable Infill SoCal Supply Backdrop
9 Favorable Infill SoCal Supply Backdrop Overall supply under construction near historic lows, with negligible new supply under 100K SF, positioning Rexford’s value creation platform for outperformance over time Infill SoCal Under Construction as % of Total Stock1 Infill SoCal Under Construction as
Slide 10: Infill SoCal Market Dynamics Improving
10 Infill SoCal Market Dynamics Improving Tenant demand improving while market performance varies by submarket and size; Rexford’s differentiated portfolio positioned to capture outsized demand 1Q 2026 Infill SoCal Market Vacancy Change2 Infill SoCal Net Absorption1 <100K 100K+ (1Q26) 1.4% 0.4% 0.9%
Slide 11: Improving Operating Efficiency
11 Improving Operating Efficiency Projected 2026 G&A In Line With Peer Average1 Enhanced Executive Compensation to Align With 11.1% 10.8% Shareholders 10.2% 9.4% Long-term incentive metrics 8.8% REXR G&A as a % of Revenue — 100% based on relative total 7.9% 6.3% shareholder return Peer 6.1% Average
Slide 12: Strong Liquidity & Investment Grade Balance Sheet
12 Strong Liquidity & Investment Grade Balance Sheet Maturity Ladder 4.5x 100% ($ millions) Net Debt/Adjusted Fixed Rate Debt EBITDAre1 $1,019 $800 $1.3B 97% $600 Total Liquidity2 Unsecured Debt $401 $314 BBB+ S&P 3 3.0 years $60 $75 BBB+ Fitch $0 $0 $3 Weighted Average 3 2026 2027 2028 2029 2030 20
Slide 13: 1Q 2026 Highlights
13 1Q 2026 Highlights
Slide 14: Financial
14 Financial 1 1Q 2026 $0.61 $2.40 Core FFO/Share Core FFO/Share (1.6)% Growth +2.6% Growth 0.9% 4.3% Same Property Same Property Net Effective NOI Growth Cash NOI Growth (0.4)% 1.1% Same Property Same Property Cash NOI Growth Net Effective NOI Growth 14650 Hoover Street, Orange County 60K SF Operat
Slide 15: Operations
15 Operations 1 1Q 2026 4.1M 3.2% Leased Square Feet Average Embedded Rent Steps2 3.4%, excluding Tireco, Inc. Lease Extension Including Tireco, Inc. Excluding Tireco, Inc. Lease Extension Lease Extension Net Effective Leasing Spreads (10.0)% 5.5% 96.3% 96.1% Average Same Property Ending Same Proper
Slide 16: Dispositions
16 Dispositions YTD 2026 6 435K 7 590K Dispositions Square Feet Closed Dispositions Square Feet $144M $170M $218M 12.4% Total Sales Price Dispositions Under Total Sales Price Unlevered IRR Contract/Accepted Offer1 $0 Acquisitions Closed or Under Contract/Accepted Offer Mission Oaks
Slide 17: Repositioning & Development
17 Repositioning & Development 1Q 2026 38K $0.7M Leased Square Feet Leased Annualized Cash NOI1 2.2M 2 145K Stabilized Square Feet Stabilized Projects Stabilized Square Feet $798M Total Investment for $49M 5.3% Stabilized Projects Total Investment for Stabilized Return Stabilized Projects on Cost2 1
Slide 18: Appendix
18 Appendix Market Rent Growth & Mark-to-Market Reconciliation Endnotes Non-GAAP Reconciliations Definitions
Slide 19: Market Rent Growth & Mark-to-Market Reconciliation
19 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 4Q 2025 to 1Q 2026 1Q 2025 to 1Q 2026 Net Effective Greater L.A. -3% -9% Mark-to-Market at 4Q 2025 9% Orange Coun
Slide 20: Endnotes
20 Endnotes SLIDE 3 SLIDE 8 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, 1. $144 million includes the sale of 423-424 Berry Way, which closed subsequent to quarter end; dispositions under Operating Partnership units, unvested shares of restri
Slide 21: Endnotes (cont.)
21 Endnotes (cont.) SLIDE 14 1. NOI and Core FFO are Non-GAAP financial measures. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of NOI and Core FFO. SLIDE 15 1. Reflects the previously disclosed 1.1 milli
Slide 22: Non-GAAP Reconciliations
22 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Quarter Ended 3/31/2026 Quarter Ended 3/31/2025 Net Income $94,562 $74,048 General & administrative 14,925 19,868 Depreciation & amortization 72,933 86,740 Other expenses 102 2,239 Interest expense 26,600 27,288 Management & leasing servi
Slide 23: Funds from Operations and EBITDAre
23 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended Quarter Ended 3/31/2026 3/31/2025 Net Income $94,562 $74,048 Depreciation and amortization 72,933 86,740 Impairment of real estate 6,824 — EBITDAre and Adjusted EBITDAre ($ in ‘000s) Gains on sale of real estate (26,281) (13,
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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