Rexford Industrial Realty, Inc. · NYSE:REXR
Rexford Industrial Realty — Q3 2025 Earnings Presentation
20 slides from Rexford Industrial Realty's earnings presentation, Oct 16, 2025
Slide 1: Rexford Industrial Realty Earnings Presentation 3Q 2025
NYSE: REXR Rexford Industrial Realty Earnings Presentation 3Q 2025 2390-2442 North American Way, North Orange County
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 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 420 15% Industrial Properties Prime Infill 13% $13B Southern Entity Value1 California BBB+ S&P2 BBB+ Fitch2 Baa2 Moody’s2
Slide 4: Third Quarter Highlights
4 Third Quarter Highlights Strong Leasing Activity Executed 3.3M SF total leasing in 3Q at 26% net effective & 10% cash leasing spreads Significant Repositioning & Redevelopment Lease-Up Executed 845K SF repo/redev leasing in 3Q; 1.5M+ SF YTD equating to $27M of annualized NOI1 Accretive Capital All
Slide 5: Financial Highlights
5 Financial Highlights 1 3Q 2025 Year-to-Date 2025 6.0% 2.9% 10.4% 7.7% Total Portfolio Total Portfolio Total Portfolio Total Portfolio Cash NOI Growth Net Effective NOI Growth Cash NOI Growth Net Effective NOI Growth 5.5% 1.9% 4.9% 1.3% Same Property Same Property Same Property Same Property Cash N
Slide 6: Operational Highlights
6 Operational Highlights 3Q 2025 Year-to-Date 2025 3.3M 3.6% 7.4M 3.6% Leased Square Feet Average Embedded Leased Square Feet Average Embedded +1.9M SF of positive Rent Steps Rent Steps net absorption 26.1% 10.3% 23.9% 11.4% Net Effective Cash Net Effective Cash Leasing Spreads Leasing Spreads Leasi
Slide 7: Repositioning & Redevelopment Highlights
7 Repositioning & Redevelopment Highlights 3Q 2025 Year-to-Date 2025 845K $16M 1.5M $27M Leased Square Feet Leased Annualized Cash NOI1 Leased Square Feet Leased Annualized Cash NOI1 7 586K 14 1.5M Stabilized Projects Stabilized Square Feet Stabilized Projects Stabilized Square Feet $271M 4.4% $492M
Slide 8: Transaction Activity
8 Transaction Activity 3Q 2025 Year-to-Date 2025 3 152K 6 488K Dispositions Square Feet Dispositions Square Feet $54M 14.3% $188M 12.6% Total Sales Price Unlevered IRR Total Sales Price Unlevered IRR $160M $0 Acquisitions Closed YTD & Under Dispositions Under Contract/Accepted Offer1 Contract/Accept
Slide 9: Accretive Capital Recycling into Share Repurchases
9 Accretive Capital Recycling into Share Repurchases Exit Cap Rate/ Value Creation 1 Year to Date Implied 2025 FFO Yield Dispositions $188M 4.2% +200 bps Spread Capital Recycling Share Repurchases $150M 6.2% $450M $160M Available Under $500M Share Repurchase Program Dispositions Under Contract/Accep
Slide 10: Strong Liquidity & Investment Grade Balance Sheet
10 Strong Liquidity & Investment Grade Balance Sheet Maturity Ladder $1.6B 100% ($ millions) 2025 Debt Maturity Plan Total Liquidity1 Fixed Rate Debt $1,019 Refinanced $400M unsecured term loan as part of credit facility recast maturing in 2030 $800 Extended $60M secured term loan 4.1x 97% to 20
Slide 11: Disciplined Approach to Capital Allocation
11 Disciplined Approach to Capital Allocation Projected 2025 Sources and Uses ($ millions) Sources Uses Capital Allocation Priorities 2025 Remaining Repositioning & Opportunistic Dispositions Cash on Hand $315 $50 1 Redevelopment Spend Accretive Capital Recycling Revolving Credit Facility 1,250 Avai
Slide 12: Updated 2025 Guidance Expectations
12 Updated 2025 Guidance Expectations 1 Earnings Components Updated 2025 Guidance Prior 2025 Guidance Core FFO per Diluted Share Guidance $2.39 to $2.41 $2.37 to $2.41 Same Property Portfolio Net Effective NOI Growth 0.75% to 1.25% 0.75% to 1.25% Same Property Portfolio Cash NOI Growth 3.75% to 4.25
Slide 13: 2025 Guidance Rollforward
13 2025 Guidance Rollforward 1 Earnings Components Range ($ per share) Notes 2Q 2025 Core FFO per Diluted Share Guidance $2.37 $2.41 Same Property Portfolio NOI Growth - - SP Net Effective NOI Growth guidance unchanged at 0.75%-1.25% Repositioning/Redevelopment NOI - (0.01) Projected rent commenceme
Slide 14: Appendix
14 Appendix Market Rent Growth & Mark-to-Market Reconciliation Endnotes Non-GAAP Reconciliations Definitions 3071 Coronado Street, North Orange County
Slide 15: Market Rent Growth & Mark-to-Market Reconciliation
15 Market Rent Growth & Mark-to-Market Reconciliation 1 2 Market Rent Growth for Rexford Portfolio Mark-to-Market Reconciliation for Rexford Portfolio Quarter-over-Quarter Year-over-Year 2Q 2025 to 3Q 2025 3Q 2024 to 3Q 2025 Net Effective Greater L.A. -1% -10% Mark-to-Market at 2Q 2025 15% Orange Co
Slide 16: Endnotes
16 Endnotes SLIDE 3 SLIDE 9 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, 1. The exit cap rate is a blended rate for year-to-date dispositions. For each disposition, the exit cap rate is calculated from Operating Partnership units, unvested sh
Slide 17: Non-GAAP Reconciliations
17 Non-GAAP Reconciliations Net Operating Income ($ in ‘000s) Quarter Ended 9/30/2025 Quarter Ended 9/30/2024 Net Income $93,056 70,722 General & administrative 20,037 20,926 Depreciation & amortization 81,172 69,241 Other expenses 4,218 492 Interest expense 25,463 27,340 Management & leasing servic
Slide 18: Funds from Operations
18 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended Quarter Ended 9/30/2025 9/30/2024 Net Income $93,056 $70,722 Depreciation and amortization 81,172 69,241 Gains on sale of real estate (28,583) (1,745) Funds from Operations $145,645 $138,218 EBITDAre and Adjusted EBITDAre ($
Slide 19: Definitions
19 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 20: www.rexfordindustrial.com
www.rexfordindustrial.com
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