Rexford Industrial Realty (REXR) investor relations material

Executive summary

• Q3 Core FFO per diluted share was $0.60, flat YoY; 2026 guidance rose to $2.41–$2.44 per share, and YTD dispositions reached $1.5B.

• Q3 leasing totaled 3.74M sq ft, while same-property ending occupancy rose 200 bps QoQ to 96.9%.

• Portfolio realignment proceeds supported debt repayment and share repurchases; net debt/Adjusted EBITDAre improved to 3.8x.

Financial highlights

• Q3 revenue was $239.1M vs. $253.2M YoY; net income attributable to common stockholders was $14.6M, or $0.07 per diluted share, vs. $87.1M, or $0.37.

• Q3 net income included $71.8M of real estate impairments and $23.2M of gains on sales; prior-year quarter included no impairments and $28.6M of gains.

• Q3 Same Property NOI decreased 2.6% and Cash NOI decreased 1.1% YoY; 9M Core FFO per diluted share rose 1.6% to $1.85.

• G&A decreased 30% YoY, including a $17.6M YTD reduction.

Outlook and guidance

• 2026 Core FFO guidance increased to $2.41–$2.44 per diluted share from $2.38–$2.43; the updated range implies 0.4%–1.7% annual growth.

• 2026 Same Property NOI growth guidance is -0.25% to 0.25% net effective and 0.25% to 0.75% cash; full-year average occupancy guidance is 95.8%–96.0%.

• Guidance includes $1.5B–$2.0B of dispositions and $16M–$18M annualized stabilized Cash NOI from repositioning and development.

• Cash leasing spreads are expected to average negative low-to-mid teens over the next couple of years; assumptions hold market rents flat, with upside if rents accelerate.