EX-99.2 3 rexrex992q1-2025.htm EX-99.2 Document
Exhibit 99.2
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Table of Contents.
Disclosures:
Forward-Looking Statements: This supplemental package 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 currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2024 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 10, 2025, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.

First Quarter 2025
Supplemental Financial Reporting Package
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Investor Company Summary.
Executive Management Team
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Laura ClarkChief Operating Officer
Michael FitzmauriceChief Financial Officer
David E. Lanzer
General Counsel and Corporate Secretary
Board of Directors
Richard ZimanChairman
Tyler H. RoseLead Independent Director
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Robert L. AntinDirector
Diana J. IngramDirector
Angela L. KleimanDirector
Debra L. MorrisDirector
Investor Relations Information
Mikayla Lynch
Director, Investor Relations and Capital Markets
mlynch@rexfordindustrial.com
Equity Research Coverage
BofA SecuritiesJeffrey Spector(646) 855-1363J.P. Morgan SecuritiesMichael Mueller(212) 622-6689
BarclaysBrendan Lynch(212) 526-9428Jefferies LLCJonathan Petersen(212) 284-1705
BMO Capital MarketsJohn Kim(212) 885-4115Mizuho Securities USAVikram Malhotra(212) 282-3827
BNP Paribas ExaneNate Crossett(646) 342-1588Robert W. Baird & Co.Nicholas Thillman(414) 298-5053
Citigroup Investment ResearchCraig Mailman(212) 816-4471ScotiabankGreg McGinniss(212) 225-6906
Colliers SecuritiesBarry Oxford(203) 961-6573Truist SecuritiesAnthony Hau(212) 303-4176
Deutsche Bank
Omotayo Okusanya
(212) 250-9284
Wedbush SecuritiesRichard Anderson(212) 931-7001
Evercore ISI
Steve Sakwa(212) 446-9462Wells Fargo SecuritiesBlaine Heck(443) 263-6529
Green Street AdvisorsVince Tibone(949) 640-8780Wolfe ResearchAndrew Rosivach(646) 582-9250
Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports.

First Quarter 2025
Supplemental Financial Reporting Package
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Company Overview.
For the Quarter Ended March 31, 2025
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First Quarter 2025
Supplemental Financial Reporting Package
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Highlights - Consolidated Financial Results.
Quarterly Results(in millions)

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First Quarter 2025
Supplemental Financial Reporting Package
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Financial and Portfolio Highlights and Capitalization Data.(1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Financial Results:
Total rental income$248,821$239,737$238,396$232,973$210,990
Net income$74,048$64,910$70,722$86,017$64,277
Net Operating Income (NOI)$193,560$183,731$183,529$181,068$163,508
Company share of Core FFO$141,023$128,562$130,011$129,575$123,547
Company share of Core FFO per common share - diluted$0.62$0.58$0.59$0.60$0.58
Adjusted EBITDAre
$184,859$179,347$175,929$178,106$167,207
Dividend declared per common share$0.4300$0.4175$0.4175$0.4175$0.4175
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)50,952,13750,788,22550,067,98149,710,62849,162,216
Ending occupancy89.6%91.3%93.0%93.7%92.8%
Ending occupancy excluding repositioning/redevelopment(2)
95.1%96.0%97.6%97.9%96.9%
Net Effective Rent Change(3)
23.8%55.4%39.2%67.7%53.0%
Cash Rent Change(3)
14.7%41.0%26.7%49.0%33.6%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(4)
95.7%96.3%96.8%97.4%96.6%
Same Property Portfolio NOI growth(5)
0.7%
Same Property Portfolio Cash NOI growth(5)
5.0%
Capitalization:
Total shares and units issued and outstanding at period end(6)
244,310,773233,295,793227,278,210225,623,274224,992,152
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units$173,250$213,956$213,956$214,000$241,031
Total equity market capitalization$9,738,017$9,233,171$11,648,323$10,274,542$11,558,136
Total consolidated debt$3,379,383$3,379,622$3,386,273$3,386,559$3,389,088
Total combined market capitalization (net debt plus equity)$12,612,821$12,556,822$14,972,760$13,535,391$14,610,264
Ratios:
Net debt to total combined market capitalization22.8%26.5%22.2%24.1%20.9%
Net debt to Adjusted EBITDAre (quarterly results annualized)
3.9x4.6x4.7x4.6x4.6x
(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)Ending occupancy excluding repositioning/redevelopment excludes “Other Repositioning” projects as well as those listed individually on pages 26-30.
(3)Rent Change for the three months ended March 31, 2024 excludes the 1.1 million SF lease extension with Tireco, Inc. at 10545 Production Ave. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the then current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to make investment decisions based on our quarterly leasing statistics as compared to our prior periods.
(4)Reflects the ending occupancy for the 2025 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 36.
(5)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(6)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,700,301 (Mar 31, 2025), 8,426,905 (Dec 31, 2024), 8,175,868 (Sep 30, 2024), 8,218,426 (Jun 30, 2024) and 7,609,215 (Mar 31, 2024). Excludes the following # of shares of unvested restricted stock: 560,382 (Mar 31, 2025), 416,123 (Dec 31, 2024), 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024) and 439,119 (Mar 31, 2024). Excludes unvested LTIP units and unvested performance units.

First Quarter 2025
Supplemental Financial Reporting Package
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Guidance.
As of March 31, 2025
2025 OUTLOOK*
METRICQ1-2025 UPDATED
 GUIDANCE
INITIAL 2025
GUIDANCE
YTD RESULTS AS OF MARCH 31, 2025
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$1.31 - $1.35$1.21 - $1.25$0.30
Company share of Core FFO per diluted share (1)(2)
$2.37 - $2.41$2.37 - $2.41$0.62
Same Property Portfolio NOI Growth - GAAP (3)
0.75% - 1.25%0.75% - 1.25%0.7%
Same Property Portfolio NOI Growth - Cash (3)
2.25% - 2.75%2.25% - 2.75%5.0%
Average Same Property Portfolio Occupancy (Full Year) (3)(4)
95.5% - 96.0%95.5% - 96.0%95.9%
Net General and Administrative Expenses (5)
+/- $82.0M+/- $82.0M$19.9M
Net Interest Expense+/- $109.5M$110.5M - $111.5M$27.3M
(1)Our 2025 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 16, 2025, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)See page 37 for a reconciliation of the Company’s 2025 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
(3)Our 2025 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through April 16, 2025, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 (as separately listed on pages 26-30) and select buildings in “Other Repositioning.” As of March 31, 2025, our 2025 Same Property Portfolio consisted of buildings aggregating 38.4 million rentable square feet at 292 of our properties, representing 77% of total portfolio NOI.
(4)Calculated by averaging the occupancy rate at the end of each month during the year-to-date period and December 2024.
(5)Our Net 2025 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $37.3 million.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.

First Quarter 2025
Supplemental Financial Reporting Package
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Guidance (Continued).
As of March 31, 2025

2025 Guidance Rollforward (1)

Earnings ComponentsRange
($ per share)		Notes
2025 Core FFO Per Diluted Share Guidance (Previous)
$2.37$2.41
Initial 2025 Guidance
Same Property Portfolio NOI Growth——
FY 2025 SP NOI Growth (GAAP) Guidance range of 0.75% - 1.25%
YTD Closed Dispositions
(0.01)(0.01)
NOI related to $103M of dispositions closed since prior guidance
Net General & Administrative Expenses
——
FY 2025 Guidance range of +/- $82.0M
Net Interest Expense0.010.01
FY 2025 Guidance range of +/- $109.5M
2025 Core FFO Per Diluted Share Guidance (Updated)
$2.37$2.41
Core FFO Per Diluted Share Annual Growth1%3%
(1)2025 Guidance and Guidance Rollforward represent the in-place portfolio as of April 16, 2025, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.



First Quarter 2025
Supplemental Financial Reporting Package
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Consolidated Balance Sheets.
(unaudited and in thousands)
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
ASSETS
Land$7,797,744 $7,822,290 $7,703,232 $7,650,740 $7,568,720 
Buildings and improvements4,573,881 4,611,987 4,416,032 4,330,709 4,260,512 
Tenant improvements181,632 188,217 181,785 178,832 172,707 
Furniture, fixtures, and equipment132 132 132 132 132 
Construction in progress386,719 333,690 370,431 343,275 258,413 
  Total real estate held for investment12,940,108 12,956,316 12,671,612 12,503,688 12,260,484 
Accumulated depreciation(1,021,151)(977,133)(925,373)(874,413)(827,576)
Investments in real estate, net11,918,957 11,979,183 11,746,239 11,629,275 11,432,908 
Cash and cash equivalents504,579 55,971 61,836 125,710 336,960 
Restricted cash50,105 — — — — 
Loan receivable, net123,359 123,244 123,129 123,014 122,899 
Rents and other receivables, net17,622 15,772 17,315 17,685 17,896 
Deferred rent receivable, net166,893 161,693 151,637 140,196 130,694 
Deferred leasing costs, net70,404 67,827 69,152 68,161 61,017 
Deferred loan costs, net1,642 1,999 2,356 2,713 3,069 
Acquired lease intangible assets, net(1)
182,444 201,467 205,510 220,021 223,698 
Acquired indefinite-lived intangible asset
5,156 5,156 5,156 5,156 5,156 
Interest rate swap assets
5,580 8,942 3,880 16,510 16,737 
Other assets20,730 26,964 34,092 18,501 22,114 
Acquisition related deposits— — — 1,250 7,975 
Assets associated with real estate held for sale, net(2)
18,386 — — — — 
Total Assets$13,085,857 $12,648,218 $12,420,302 $12,368,192 $12,381,123 
LIABILITIES & EQUITY
Liabilities
Notes payable$3,348,060 $3,345,962 $3,350,190 $3,348,697 $3,349,120 
Interest rate swap liability— — 295 — — 
Accounts payable, accrued expenses and other liabilities141,999 149,707 169,084 153,993 148,920 
Dividends and distributions payable105,285 97,823 95,288 94,582 94,356 
Acquired lease intangible liabilities, net(3)
136,661 147,473 155,328 163,109 171,687 
Tenant security deposits90,050 90,698 91,983 91,162 91,034 
Tenant prepaid rents
88,822 90,576 93,218 101,473 110,727 
Liabilities associated with real estate held for sale(2)
234 — — — — 
Total Liabilities3,911,111 3,922,239 3,955,386 3,953,016 3,965,844 
Equity
Series B preferred stock, net ($75,000 liquidation preference)72,443 72,443 72,443 72,443 72,443 
Series C preferred stock, net ($86,250 liquidation preference)83,233 83,233 83,233 83,233 83,233 
Preferred stock155,676 155,676 155,676 155,676 155,676 
Common stock2,362 2,253 2,195 2,178 2,178 
Additional paid in capital9,116,069 8,601,276 8,318,979 8,235,484 8,233,127 
Cumulative distributions in excess of earnings(474,550)(441,881)(407,695)(381,507)(370,720)
Accumulated other comprehensive income (loss)3,582 6,746 1,474 13,834 13,922 
Total stockholders’ equity8,803,139 8,324,070 8,070,629 8,025,665 8,034,183 
Noncontrolling interests371,607 401,909 394,287 389,511 381,096 
Total Equity9,174,746 8,725,979 8,464,916 8,415,176 8,415,279 
Total Liabilities and Equity$13,085,857 $12,648,218 $12,420,302 $12,368,192 $12,381,123 
(1)Includes net above-market tenant lease intangibles of $27,043 (Mar 31, 2025), $29,530 (Dec 31, 2024), $30,435 (Sep 30, 2024), $32,936 (Jun 30, 2024) and $32,446 (Mar 31, 2024), and a net below-market ground lease intangible of $12,477 (Mar 31, 2025), $12,518 (Dec 31, 2024), $12,559 (Sep 30, 2024), $12,600 (Jun 30, 2024) and $12,641 (Mar 31, 2024).
(2)At March 31, 2025, our property located at 20 Icon was classified as held for sale.
(3)Represents net below-market tenant lease intangibles as of the balance sheet date.

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Supplemental Financial Reporting Package
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Consolidated Statements of Operations.
Quarterly Results(unaudited and in thousands, except share and per share data)
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Revenues
Rental income(1)
$248,821 $239,737 $238,396 $232,973 $210,990 
Management and leasing services142 167 156 156 132 
Interest income3,324 2,991 3,291 4,444 2,974 
Total Revenues252,287 242,895 241,843 237,573 214,096 
Operating Expenses
Property expenses55,261 56,006 54,867 51,905 47,482 
General and administrative19,868 21,940 20,926 19,307 19,980 
Depreciation and amortization86,740 71,832 69,241 67,896 66,278 
Total Operating Expenses161,869 149,778 145,034 139,108 133,740 
Other Expenses
Other expenses2,239 34 492 304 1,408 
Interest expense27,288 28,173 27,340 28,412 14,671 
Total Expenses191,396 177,985 172,866 167,824 149,819 
Gains on sale of real estate13,157 — 1,745 16,268 — 
Net Income74,048 64,910 70,722 86,017 64,277 
Less: net income attributable to noncontrolling interests(2,849)(2,725)(2,952)(3,541)(2,906)
Net income attributable to Rexford Industrial Realty, Inc. 71,199 62,185 67,770 82,476 61,371 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: earnings allocated to participating securities (539)(457)(395)(409)(418)
Net income attributable to common stockholders$68,346 $59,413 $65,061 $79,752 $58,639 
Earnings per Common Share
Net income attributable to common stockholders per share - basic$0.30 $0.27 $0.30 $0.37 $0.27 
Net income attributable to common stockholders per share - diluted$0.30 $0.27 $0.30 $0.37 $0.27 
Weighted average shares outstanding - basic227,395,984222,516,006218,759,979217,388,908214,401,661
Weighted average shares outstanding - diluted227,395,984222,856,120219,133,037217,388,908214,437,913
(1)We elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Under the section “Rental Income” on page 36 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.

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Supplemental Financial Reporting Package
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Consolidated Statements of Operations.
Quarterly Results (continued)(unaudited and in thousands, except share and per share data)
Three Months Ended March 31,
20252024
Revenues
Rental income$248,821 $210,990 
Management and leasing services142 132 
Interest income3,324 2,974 
Total Revenues252,287 214,096 
Operating Expenses
Property expenses55,261 47,482 
General and administrative19,868 19,980 
Depreciation and amortization86,740 66,278 
Total Operating Expenses161,869 133,740 
Other Expenses
Other expenses2,239 1,408 
Interest expense27,288 14,671 
Total Expenses191,396 149,819 
Gains on sale of real estate13,157 — 
Net Income74,048 64,277 
 Less: net income attributable to noncontrolling interests(2,849)(2,906)
Net income attributable to Rexford Industrial Realty, Inc. 71,199 61,371 
 Less: preferred stock dividends(2,314)(2,314)
 Less: earnings allocated to participating securities (539)(418)
Net income attributable to common stockholders$68,346 $58,639 
Net income attributable to common stockholders per share – basic$0.30 $0.27 
Net income attributable to common stockholders per share – diluted$0.30 $0.27 
Weighted-average shares of common stock outstanding – basic227,395,984 214,401,661 
Weighted-average shares of common stock outstanding – diluted227,395,984 214,437,913 


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Supplemental Financial Reporting Package
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Non-GAAP FFO and Core FFO Reconciliations.(1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
March 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Net Income$74,048 $64,910 $70,722 $86,017 $64,277 
Adjustments:
Depreciation and amortization86,740 71,832 69,241 67,896 66,278 
Gains on sale of real estate(13,157)— (1,745)(16,268)— 
NAREIT Defined Funds From Operations (FFO)
147,631 136,742 138,218 137,645 130,555 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: FFO attributable to noncontrolling interests(2)
(5,394)(5,283)(5,389)(5,410)(5,188)
Less: FFO attributable to participating securities(3)
(750)(624)(566)(582)(570)
Company share of FFO$139,173 $128,520 $129,949 $129,338 $122,483 
Company share of FFO per common share‐basic$0.61 $0.58 $0.59 $0.59 $0.57 
Company share of FFO per common share‐diluted$0.61 $0.58 $0.59 $0.59 $0.57 
FFO$147,631 $136,742 $138,218 $137,645 $130,555 
Adjustments:
Acquisition expenses79 9 6 58 50 
Amortization of loss on termination of interest rate swaps— 34 59 59 59 
Non-capitalizable demolition costs365 — — 129 998 
Severance costs associated with workforce reduction(4)
1,483 — — — — 
Core FFO 149,558 136,785 138,283 137,891 131,662 
Less: preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Less: Core FFO attributable to noncontrolling interests(2)
(5,461)(5,284)(5,391)(5,418)(5,226)
Less: Core FFO attributable to participating securities(3)
(760)(624)(567)(583)(575)
Company share of Core FFO$141,023 $128,562 $130,011 $129,575 $123,547 
Company share of Core FFO per common share‐basic$0.62 $0.58 $0.59 $0.60 $0.58 
Company share of Core FFO per common share‐diluted$0.62 $0.58 $0.59 $0.60 $0.58 
Weighted-average shares outstanding-basic227,395,984 222,516,006 218,759,979 217,388,908 214,401,661 
Weighted-average shares outstanding-diluted(5)
227,395,984 222,856,120 219,133,037 217,388,908 214,437,913 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, Series 2 and Series 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company. On April 10, 2024, we exercised our conversion right to convert all Series 1 CPOP units into OP units. On March 6, 2025, we exercised our conversion right to convert all remaining Series 2 CPOP units into OP Units.
(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(4)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.
(5)Weighted-average shares outstanding-diluted includes adjustments for unvested performance units and shares issuable under forward equity sales agreements if the effect is dilutive for the reported period.

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Supplemental Financial Reporting Package
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Non-GAAP FFO and Core FFO Reconciliations.(1)
(unaudited and in thousands, except share and per share data)
Three Months Ended March 31,
20252024
Net Income$74,048 $64,277 
Adjustments:
Depreciation and amortization86,740 66,278 
Gains on sale of real estate(13,157)— 
Funds From Operations (FFO)147,631 130,555 
Less: preferred stock dividends(2,314)(2,314)
Less: FFO attributable to noncontrolling interests(5,394)(5,188)
Less: FFO attributable to participating securities(750)(570)
Company share of FFO$139,173 $122,483 
Company share of FFO per common share‐basic$0.61 $0.57 
Company share of FFO per common share‐diluted$0.61 $0.57 
FFO$147,631 $130,555 
Adjustments:
Acquisition expenses79 50 
Amortization of loss on termination of interest rate swaps— 59 
Non-capitalizable demolition costs365 998 
Severance costs associated with workforce reduction(2)
1,483 — 
Core FFO149,558 131,662 
Less: preferred stock dividends(2,314)(2,314)
Less: Core FFO attributable to noncontrolling interests(5,461)(5,226)
Less: Core FFO attributable to participating securities(760)(575)
Company share of Core FFO$141,023 $123,547 
Company share of Core FFO per common share‐basic$0.62 $0.58 
Company share of Core FFO per common share‐diluted$0.62 $0.58 
Weighted-average shares outstanding-basic227,395,984 214,401,661 
Weighted-average shares outstanding-diluted227,395,984 214,437,913 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)Amounts are included in the line item “Other expenses” in the consolidated statements of operations.



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Non-GAAP AFFO Reconciliation.(1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
March 31,
2025		December 31,
2024		September 30,
2024		June 30,
2024		March 31,
2024
Funds From Operations(2)
$147,631 $136,742 $138,218 $137,645 $130,555 
Adjustments:
Amortization of deferred financing costs1,134 1,246 1,252 1,266 1,011 
Non-cash stock compensation9,699 11,539 9,918 11,057 9,088 
Amortization related to termination/settlement of interest rate derivatives77 112 136 137 137 
Note payable (discount) premium amortization, net1,560 1,534 1,511 1,491 293 
Non-capitalizable demolition costs365 — — 129 998 
Severance costs associated with workforce reduction1,483 — — — — 
Deduct:
Preferred stock dividends(2,314)(2,315)(2,314)(2,315)(2,314)
Straight line rental revenue adjustment(3)
(5,517)(10,057)(11,441)(9,567)(7,368)
Above/(below) market lease revenue adjustments(9,186)(6,159)(6,635)(7,268)(7,591)
Capitalized payments(4)
(13,321)(12,102)(13,900)(12,280)(13,163)
Accretion of net loan origination fees(115)(115)(115)(115)(115)
Recurring capital expenditures(5)
(1,311)(7,882)(5,254)(3,502)(2,990)
2nd generation tenant improvements(6)
(162)(296)(18)(123)(226)
2nd generation leasing commissions(7)
(4,879)(3,520)(2,660)(7,436)(3,231)
Adjusted Funds From Operations (AFFO)$125,144 $108,727 $108,698 $109,119 $105,084 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.
(3)The straight line rental revenue adjustment includes concessions of $7,035, $8,504, $7,600, $4,586 and $3,886 for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(4)Includes capitalized interest, taxes, insurance and construction-related compensation costs.
(5)Excludes nonrecurring capital expenditures of $43,361, $67,594, 94.436, 89,120 and $62,037 for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(6)Excludes 1st generation tenant improvements of $798, $189, $470, $681 and $378 for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.
(7)Excludes 1st generation leasing commissions of $3,058, $290, $2,776, $3,921 and $2,189 for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

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Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre.(1)
(unaudited and in thousands)
NOI and Cash NOI
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Rental income(2)(3)(4)
$248,821 $239,737 $238,396 $232,973 $210,990 
Less: Property expenses55,261 56,006 54,867 51,905 47,482 
Net Operating Income (NOI)$193,560 $183,731 $183,529 $181,068 $163,508 
Above/(below) market lease revenue adjustments
(9,186)(6,159)(6,635)(7,268)(7,591)
Straight line rental revenue adjustment(5,517)(10,057)(11,441)(9,567)(7,368)
Cash NOI$178,857 $167,515 $165,453 $164,233 $148,549 
EBITDAre and Adjusted EBITDAre
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Net income$74,048 $64,910 $70,722 $86,017 $64,277 
Interest expense27,288 28,173 27,340 28,412 14,671 
Depreciation and amortization86,740 71,832 69,241 67,896 66,278 
Gains on sale of real estate(13,157)— (1,745)(16,268)— 
EBITDAre
$174,919 $164,915 $165,558 $166,057 $145,226 
Stock-based compensation amortization9,699 11,539 9,918 11,057 9,088 
Acquisition expenses79 9 6 58 50 
Pro forma effect of acquisitions(5)
— 2,884 426 1,058 12,843 
Pro forma effect of dispositions(6)
162 — 21 (124)— 
Adjusted EBITDAre
$184,859 $179,347 $175,929 $178,106 $167,207 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(2,303), $(200), $(730), $(804) and $(1,721) for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. The decrease for the three months ended March 31, 2024 is primarily isolated to a single tenant.
(4)Rental income includes net lease termination income (in thousands) of $8,935, $614, $0, $103, and $6 for the three months ended March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively. Amounts include lease termination fees and write-offs of straight-line rent and above/(below) market lease intangibles associated with lease terminations.
(5)Represents the estimated impact on Q4'24 EBITDAre of Q4'24 acquisitions as if they had been acquired on October 1, 2024, the impact on Q3'24 EBITDAre of Q3'24 acquisitions as if they had been acquired on July 1, 2024, the impact on Q2'24 EBITDAre of Q2'24 acquisitions as if they had been acquired on April 1, 2024 and the impact on Q1'24 EBITDAre of Q1'24 acquisitions as if they had been acquired on January 1, 2024. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDAre had we acquired these as of the beginning of each period.
(6)Represents the estimated impact on Q1'25 EBITDAre of Q1'25 dispositions as if they had been sold as of January 1, 2025, the impact on Q3'24 EBITDAre of Q3'24 dispositions as if they had been sold as of July 1, 2024 and the impact on Q2'24 EBITDAre of Q2'24 dispositions as if they had been sold as of April 1, 2024.

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Same Property Portfolio Performance.(1)
(unaudited and dollars in thousands)
Same Property Portfolio:
Number of properties292
Square Feet38,380,256
Same Property Portfolio NOI and Cash NOI:
Three Months Ended March 31,
20252024$ Change% Change
Rental income(2)(3)(4)
$190,259 $188,059 $2,200 1.2%
Property expenses41,822 40,597 1,225 3.0%
Same Property Portfolio NOI$148,437 $147,462 $975 0.7%
(4)
Straight-line rental revenue adjustment
(3,001)(7,155)4,154 (58.1)%
Above/(below) market lease revenue adjustments
(4,872)(6,437)1,565 (24.3)%
Same Property Portfolio Cash NOI$140,564 $133,870 $6,694 5.0%
(4)

Same Property Portfolio Occupancy:
Three Months Ended March 31,
20252024Year-over-Year
Change
(basis points)		Three Months Ended December 31, 2024Sequential
Change
(basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County95.6%97.2%(160) bps96.7%(110) bps
Orange County99.1%99.6%(50) bps99.2%(10) bps
Riverside / San Bernardino County96.7%94.8%190 bps96.7%— bps
San Diego County96.0%98.2%(220) bps95.6%40 bps
Ventura County91.4%96.2%(480) bps91.1%30 bps
Quarterly Weighted Average Occupancy95.9%96.9%(100) bps96.5%(60) bps
Ending Occupancy:95.7%96.6%(90) bps96.3%(60) bps
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
(2)See “Same Property Portfolio Rental Income” on page 36 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three months ended March 31, 2025 and 2024.
(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(2,307) thousand and $(1,404) thousand for the three months ended March 31, 2025 and 2024, respectively.
(4)Rental income includes lease termination fees of $20 thousand and $9 thousand for the three months ended March 31, 2025 and 2024, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 0.7% and Same Property Portfolio Cash NOI increased by approximately 5.0% during the three months ended March 31, 2025, compared to the three months ended March 31, 2024, respectively.
(5)Calculated by averaging the occupancy rate at the end of each month in 1Q-2025 and December 2024 (for 1Q-2025), the end of each month in 1Q-2024 and December 2023 (for 1Q-2024) and the end of each month in 4Q-2024 and September 2024 (for 4Q-2024).

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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of March 31, 2025
chart-8020a914d2cb41a38e6a.jpg
DescriptionMarch 31, 2025December 31, 2024September 30, 2024June 30, 2024March 31, 2024
Common shares outstanding(1)
235,610,472 224,868,888 219,102,342 217,404,848 217,382,937 
Operating partnership units outstanding(2)
8,700,301 8,426,905 8,175,868 8,218,426 7,609,215 
Total shares and units outstanding at period end244,310,773 233,295,793 227,278,210 225,623,274 224,992,152 
Share price at end of quarter$39.15 $38.66 $50.31 $44.59 $50.30 
Common Stock and Operating Partnership Units - Capitalization$9,564,767 $9,019,215 $11,434,367 $10,060,542 $11,317,105 
Series B and C Cumulative Redeemable Preferred Stock(3)
$161,250 $161,250 $161,250 $161,250 $161,250 
4.43937% Series 1 Cumulative Redeemable Convertible Preferred Units(4)
— — — — 27,031 
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)
— 40,706 40,706 40,750 40,750 
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)
12,000 12,000 12,000 12,000 12,000 
Preferred Equity$173,250 $213,956 $213,956 $214,000 $241,031 
Total Equity Market Capitalization$9,738,017 $9,233,171 $11,648,323 $10,274,542 $11,558,136 
Total Debt$3,379,383 $3,379,622 $3,386,273 $3,386,559 $3,389,088 
Less: Cash and cash equivalents(504,579)(55,971)(61,836)(125,710)(336,960)
Net Debt$2,874,804 $3,323,651 $3,324,437 $3,260,849 $3,052,128 
Total Combined Market Capitalization (Net Debt plus Equity)$12,612,821 $12,556,822 $14,972,760 $13,535,391 $14,610,264 
Net debt to total combined market capitalization22.8 %26.5 %22.2 %24.1 %20.9 %
Net debt to Adjusted EBITDAre (quarterly results annualized)(5)
3.9x4.6x4.7x4.6x4.6x
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5)
4.1x4.9x5.0x4.9x4.9x
(1)Excludes the following number of shares of unvested restricted stock: 560,382 (Mar 31, 2025), 416,123 (Dec 31, 2024), 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024) and 439,119 (Mar 31, 2024).
(2)Represents outstanding common units of the Company’s operating partnership (“OP”), Rexford Industrial Realty, LP, that are owned by unitholders other than Rexford Industrial Realty, Inc. Represents the noncontrolling interest in our OP. As of Mar 31, 2025, includes 1,260,083 vested LTIP Units & 1,262,969 vested performance units & excludes 463,555 unvested LTIP Units & 2,278,110 unvested performance units.
(3)Values based on liquidation preference of $25 per share and the following number of outstanding shares of preferred stock: 5.875% Series B (3,000,000); 5.625% Series C (3,450,000).
(4)Value based on 593,960 outstanding Series 1 preferred units at a liquidation preference of $45.50952 per unit, 904,583 outstanding Series 2 preferred units at a liquidation preference of $45 per unit and 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit. On April 10, 2024, we exercised our conversion right to convert all 593,960 Series 1 preferred units into OP Units. On March 6, 2025, we exercised our conversion right to convert all remaining 904,583 Series 2 preferred units into OP Units.
(5)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 33 and page 12 of this report, respectively.

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Debt Summary.
(unaudited and dollars in thousands)
Debt Detail:
As of March 31, 2025
Debt DescriptionMaturity DateStated
Interest Rate
Effective
Interest Rate(1)
Principal
Balance(2)
Unsecured Debt:
$1.0 Billion Revolving Credit Facility(3)
5/26/2026(4)
SOFR+0.725%(5)
5.235%$— 
$400M Term Loan Facility
7/18/2025(4)
SOFR+0.80%(5)
  4.872%(6)
400,000 
$100M Senior Notes8/6/20254.290%4.290%100,000 
$575M Exchangeable 2027 Senior Notes(7)
3/15/20274.375%4.375%575,000 
$300M Term Loan Facility5/26/2027
SOFR+0.80%(5)
   3.717%(8)
300,000 
$125M Senior Notes7/13/20273.930%3.930%125,000 
$300M Senior Notes6/15/20285.000%5.000%300,000 
$575M Exchangeable 2029 Senior Notes(7)
3/15/20294.125%4.125%575,000 
$25M Series 2019A Senior Notes7/16/20293.880%3.880%25,000 
$400M Senior Notes12/1/20302.125%2.125%400,000 
$400M Senior Notes - Green Bond9/1/20312.150%2.150%400,000 
$75M Series 2019B Senior Notes7/16/20344.030%4.030%75,000 
Secured Debt:
$60M Term Loan Facility
10/27/2025(9)
SOFR+1.250%(9)
  5.060%(10)
60,000 
701-751 Kingshill Place1/5/20263.900%3.900%6,818 
13943-13955 Balboa Boulevard7/1/20273.930%3.930%14,115 
2205 126th Street12/1/20273.910%3.910%5,200 
2410-2420 Santa Fe Avenue1/1/20283.700%3.700%10,300 
11832-11954 La Cienega Boulevard7/1/20284.260%4.260%3,751 
1100-1170 Gilbert Street (Gilbert/La Palma)3/1/20315.125%5.125%1,485 
7817 Woodley Avenue8/1/20394.140%4.140%2,714 
Total Debt3.835%$3,379,383 

Debt Composition:
Category
Weighted Average Term Remaining (yrs)(11)
Stated Interest RateEffective Interest RateBalance% of Total
Fixed3.3
3.835% (See Table Above)
3.835%$3,379,383 100%
Variable———%$— 0%
Secured1.74.588%$104,383 3%
Unsecured3.43.811%$3,275,000 97%

*See footnotes on the following page*

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Debt Summary (Continued).
(unaudited and dollars in thousands)
chart-732d0a62825a4a99ae4a.jpg
Debt Maturity Schedule(12):
Year
Secured
UnsecuredTotal% Total
Effective Interest Rate(1)
2025$60,000 $500,000 $560,000 17 %4.788 %
20266,818 — 6,818 — %3.900 %
202719,315 1,000,000 1,019,315 30 %4.118 %
202814,051 300,000 314,051 9 %4.948 %
2029— 600,000 600,000 18 %4.115 %
2030— 400,000 400,000 12 %2.125 %
20311,485 400,000 401,485 12 %2.161 %
2032— — — — %— %
2033— — — — %— %
2034— 75,000 75,000 2 %4.030 %
Thereafter2,714 — 2,714 0 %4.140 %
Total$104,383 $3,275,000 $3,379,383 100 %3.835 %
(1)Includes the effect of interest rate swaps effective as of March 31, 2025. See notes (6), (8) & (10) below. Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee.
(2)Excludes unamortized debt issuance costs, premiums and discounts aggregating $31.3 million as of March 31, 2025.
(3)The $1.0B revolving credit facility (the “Revolver”) is subject to a facility fee which is calculated as a percentage of the total commitment amount, regardless of usage. The facility fee ranges from 0.125% to 0.300% depending on our credit ratings. There is also a sustainability-linked pricing component that can periodically change the facility fee by -/+ 0.01% (or zero) depending on our achievement of the annual sustainability performance metric. The sustainability-linked pricing adjustment for the facility fee is currently zero.
(4)The Revolver has two six-month extensions and the $400M term loan facility has two one-year extensions at the borrower’s option, subject to certain terms and conditions. On July 12, 2024, we exercised the first extension option of the $400M term loan facility, extending its maturity date by one year to July 18, 2025.
(5)The interest rates on these loans are comprised of Daily SOFR for the Revolver and $400M term loan facility and 1M SOFR for the $300M term loan facility, plus a SOFR adjustment of 0.10%, and an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $300M and $400M term loan facilities depending on our credit ratings and leverage ratio. There is also a sustainability-linked pricing component that can periodically change the margin by -/+ 0.04% (or zero) depending on our achievement of the annual sustainability performance metric. The sustainability-linked pricing adjustment for the margin is currently zero.
(6)We effectively fixed Daily SOFR related to our $400M term loan facility at a weighted average rate of 3.97231%, commencing on April 3, 2023 through June 30, 2025, through the use of interest rate swaps. The all-in fixed rate on the $400M term loan facility is 4.872% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(7)Noteholders have the right to exchange their notes upon the occurrence of certain events. Exchanges will be settled in cash or in a combination of cash and shares of our common stock, at our option.
(8)We effectively fixed 1M SOFR related to our $300M term loan facility at a weighted average rate of 2.81725%, commencing on July 27, 2022 through May 26, 2027, through the use of interest rate swaps. The all-in fixed rate on the $300M term loan facility is 3.717% after adding the SOFR adjustment, applicable margin and sustainability-related rate adjustment.
(9)The $60M term loan facility has interest-only payment terms (1M SOFR + SOFR adjustment of 0.10% + margin of 1.250%) and three one-year extensions available at the borrower’s option, subject to certain terms & conditions. On September 26, 2024, we exercised the first extension option, extending the loan’s maturity date by one year to October 27, 2025.
(10)We effectively fixed 1M SOFR related to our $60M term loan facility at 3.710%, commencing on April 3, 2023 through July 30, 2026, through the use of an interest rate swap. The all-in fixed rate on the $60M term loan facility is 5.060% after adding the SOFR adjustment and applicable margin.
(11)The weighted average remaining term to maturity of our consolidated debt is 3.3 years, or 3.5 years including extension options.
(12)Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans.

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Operations.
Quarterly Results

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*Leasing Activity - Rent Change for Q1-2024 excludes a 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. See footnote (1) on page 21 for additional details related to this lease.

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Executed Leasing Statistics and Trends.

(unaudited results)
Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads:
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Leasing Spreads:
Net Effective Rent Change(1)
23.8 %55.4 %39.2 %67.7 %53.0 %
Cash Rent Change(1)
14.7 %41.0 %26.7 %49.0 %33.6 %
Leasing Activity (SF):(2)
New leases882,403330,334994,5661,033,006830,941
Renewal leases1,511,946684,961599,5291,228,9052,398,076
Total leasing activity2,394,3491,015,2951,594,0952,261,9113,229,017
Total expiring leases(3,102,514)(2,436,160)(1,677,064)(2,038,430)(3,819,253)
Expiring leases - placed into repositioning/redevelopment833,218996,035476,821175,533732,083
Net absorption(3)
125,053(424,830)393,852399,014141,847
Retention rate(4)
68 %51 %52 %68 %82 %
Retention + Backfill rate(5)
82 %62 %72 %80 %87 %
Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6)
Net Effective Rent
Cash Rent
Turnover Costs(7)
First Quarter 2025:# Leases
Signed		SF of
Leasing		Wtd. Avg.
Lease Term
(Years)		Current
Lease		Prior
Lease
Rent Change
Current
Lease		Prior
Lease
Rent Change
Wtd. Avg.
Abatement
(Months)
Tenant
Improvements
per SF
Leasing
Commissions
per SF
New54882,4034.6$18.80$18.213.2%$18.44$19.49(5.4)%2.7$2.49$5.20
Renewal841,511,9464.1$16.07$12.4229.4%$15.97$13.2920.2%3.0$0.43$1.81
Total / Wtd. Average1382,394,3494.3$16.50$13.3223.8%$16.36$14.2614.7%2.9$0.75$2.34
(1)Net Effective and Cash Rent Change for Q1-24 excludes the 1.1 million square foot lease extension with Tireco, Inc. at 10545 Production Avenue. The original Tireco, Inc. lease expiration date was January 2025 and included a fixed rate renewal option. During Q1-24, the lease was extended through January 2027 at the current in-place rent and includes a 4% contractual rent increase in 2026 and two months of rent abatement. This lease extension was excluded for comparability purposes, in order to allow investors to compare quarterly leasing statistics to our prior periods. Including the Tireco, Inc. lease, the Net Effective Rent Change and Cash Rent Change for Q1-24 was 17.3% and 13.2%, respectively.
(2)Represents all executed leases, including those in our Repositioning, Redevelopment, or “Other Repositioning” classifications, but excludes month-to-month tenants and leases with terms less than 12 months.
(3)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.”
(4)Retention rate is calculated as renewal lease square footage plus relocation/expansion square footage, divided by expiring lease square footage. Retention excludes square footage related to the following: (i) expiring leases associated with space that is placed into repositioning/redevelopment (including “Other Repositioning” projects) after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants.
(5)Retention + Backfill rate represents square feet retained (per Retention rate definition in footnote (4)) plus the square footage of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease square footage.
(6)GAAP and cash rent statistics and turnover costs exclude 23 new leases aggregating 602,962 RSF for which there was no comparable lease data. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for greater than 1 year or (iv) lease terms less than 12 months.
(7)Turnover costs include estimated tenant improvement and leasing costs associated with leases executed during the current period. Excludes costs for 1st generation leases.

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Portfolio Overview.
At March 31, 2025(unaudited results)
Consolidated Portfolio:
Rentable Square FeetEnding Occupancy %
In-Place ABR(3)
Market# of
Properties		Same
Property
Portfolio		Non-Same
Property
Portfolio		Total
Portfolio		Same
Property
Portfolio		Non-Same
Property
Portfolio
Total
Portfolio(1)
Total Portfolio
Excluding
Repositioning/
Redevelopment(2)
Total
(in 000’s)		Per Square
Foot
Central LA212,803,152 451,803 3,254,955 96.8 %61.7 %91.9 %99.6 %$40,372 $13.49
Greater San Fernando Valley745,485,235 1,698,421 7,183,656 96.0 %66.7 %89.1 %95.0 %109,518 $17.11
Mid-Counties 392,984,568 1,591,336 4,575,904 94.7 %78.7 %89.2 %96.3 %68,023 $16.67
San Gabriel Valley473,457,113 2,464,137 5,921,250 94.6 %64.7 %82.2 %87.2 %67,904 $13.96
South Bay816,303,807 1,497,195 7,801,002 94.4 %67.2 %89.2 %95.0 %160,509 $23.07
Los Angeles County26221,033,875 7,702,892 28,736,767 95.2 %68.3 %88.0 %94.1 %446,326 $17.64
North Orange County251,094,369 1,580,440 2,674,809 98.1 %66.2 %79.2 %99.0 %39,750 $18.76
OC Airport101,099,985 106,604 1,206,589 98.8 %100.0 %98.9 %98.9 %22,996 $19.27
South Orange County10448,762 183,098 631,860 100.0 %100.0 %100.0 %100.0 %10,728 $16.98
West Orange County10852,079 436,759 1,288,838 100.0 %76.5 %92.0 %96.5 %19,604 $16.53
Orange County553,495,195 2,306,901 5,802,096 99.0 %72.4 %88.4 %98.5 %93,078 $18.14
Inland Empire East133,258 — 33,258 100.0 %— %100.0 %100.0 %661 $19.86
Inland Empire West538,621,513 920,735 9,542,248 96.9 %86.5 %95.9 %97.4 %138,693 $15.15
Riverside / San Bernardino County548,654,771 920,735 9,575,506 96.9 %86.5 %95.9 %97.5 %139,354 $15.17
Central San Diego211,349,009 784,895 2,133,904 97.7 %67.4 %86.5 %95.2 %37,615 $20.37
North County San Diego141,336,558 143,663 1,480,221 93.4 %100.0 %94.0 %94.4 %21,211 $15.24
San Diego County352,685,567 928,558 3,614,125 95.5 %72.4 %89.6 %94.9 %58,826 $18.17
Ventura182,510,848 712,795 3,223,643 91.5 %74.0 %87.7 %91.6 %37,504 $13.27
Ventura County182,510,848 712,795 3,223,643 91.5 %74.0 %87.7 %91.6 %37,504 $13.27
CONSOLIDATED TOTAL / WTD AVG42438,380,256 12,571,881 50,952,137 95.7 %71.0 %89.6 %95.1 %$775,088 $16.97
(1)See page 37 for historical occupancy by County.
(2)Excludes space aggregating 2,943,511 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of March 31, 2025. See pages 26-30 for additional details on these properties.
(3)See page 33 for definitions and details on how these amounts are calculated.

First Quarter 2025
Supplemental Financial Reporting Package
Page 22

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Leasing Statistics (Continued).
(unaudited results)
Lease Expiration Schedule as of March 31, 2025:
chart-37010bff62a5445e8b0a.jpg
Year of Lease Expiration# of
Leases Expiring		Total Rentable
Square Feet		In-Place +
Uncommenced ABR
(in thousands)		In-Place +
Uncommenced
ABR per SF
Available—2,137,986$— $—
Repositioning/Redevelopment(1)
—2,766,170— $—
MTM Tenants8214,6253,802 $17.71
20252755,287,86287,724 $16.59
20264208,900,867133,310 $14.98
20273327,370,573126,935 $17.22
20282266,660,057124,784 $18.74
20291635,026,76892,296 $18.36
20301024,642,25472,519 $15.62
2031293,838,25257,018 $14.86
2032231,392,53328,074 $20.16
20339296,7355,763 $19.42
20345199,1394,345 $21.82
Thereafter362,218,31646,585 $21.00
Total Portfolio1,62850,952,137$783,155 $17.01
(1)Represents vacant space at properties that were classified as repositioning (including “Other Repositionings”), redevelopment or lease-up as of March 31, 2025. See pages 26-30 for additional details on these properties.

First Quarter 2025
Supplemental Financial Reporting Package
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Top Tenants and Lease Segmentation.
(unaudited results)
Top 20 Tenants as of March 31, 2025
TenantSubmarketLeased
Rentable SF
In-Place + Uncommenced
ABR (in 000’s)(1)
% of In-Place +
Uncommenced ABR(1)
In-Place + Uncommenced
ABR per SF(1)
Lease
Expiration
Tireco, Inc.Inland Empire West1,101,840$19,2512.5%$17.471/31/2027
L3 Technologies, Inc.
Multiple Submarkets(2)
595,267$12,9671.7%$21.789/30/2031
Zenith Energy West Coast Terminals LLCSouth Bay
—(3)
$11,6751.5%
$3.34(3)
9/29/2041
IBY, LLCSan Gabriel Valley1,178,021$11,1651.4%$9.48
4/5/2031(4)
Cubic CorporationCentral San Diego515,382$11,1101.4%$21.56
3/31/2038(5)
Federal Express Corporation
Multiple Submarkets(6)
527,861$10,3971.3%$19.70
11/30/2032(6)
GXO Logistics Supply Chain, Inc.
Mid-Counties
411,034$8,7301.1%$21.2411/30/2028
Best Buy Stores, L.P.Inland Empire West501,649$8,5291.1%$17.006/30/2029
The Hertz CorporationSouth Bay
38,680(7)
$8,2491.0%
$10.30(7)
3/31/2026
Orora Packaging Solutions
Multiple Submarkets(8)
476,065$7,8451.0%$16.48
9/30/2028(8)
Top 10 Tenants5,345,799$109,91814.0%
Top 11 - 20 Tenants3,258,530$50,4766.4%
Total Top 20 Tenants8,604,329$160,39420.4%
(1)See page 33 for further details on how these amounts are calculated.
(2)Includes (i) 133,836 RSF in North Orange County expiring Jun 30, 2025 and (ii) 461,431 RSF in LA-South Bay expiring Sep 30, 2031.
(3)The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $11.7 million or $3.34 per land square foot.
(4)Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.
(5)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 315,227 RSF expiring Mar 31, 2038.
(6)Includes (i) one land lease in LA-Mid-Counties expiring Jul 31, 2025, (ii) one land lease in North Orange County expiring Oct 31, 2026, (iii) 30,160 RSF in Ventura expiring Sep 30, 2027, (iv) one land lease in LA-Mid-Counties expiring Jun 30, 2029, (v) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (vi) 311,995 RSF in North County San Diego expiring Feb 28, 2031, & (vii) 143,436 RSF in LA-South Bay expiring Nov 30, 2032.
(7)The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.
(8)Includes (i) 96,993 RSF in North County San Diego expiring Sep 30, 2026, (ii) 100,500 RSF in the Greater San Fernando Valley expiring Sep 30, 2027 and (iii) 278,572 RSF in North Orange County expiring Sep 30, 2028.

Lease Segmentation by Size:
Square FeetNumber of
Leases		Leased
Building
Rentable SF		Building
Rentable SF		Building
Leased %		Building
Leased % Excl.
Repo/Redev
In-Place +
Uncommenced ABR
(in 000’s)(1)
% of In-Place +
Uncommenced
ABR(1)
In-Place +
Uncommenced
ABR per SF(1)
<4,9995921,439,3461,570,95191.6%92.0%$28,700 3.7%$19.94
5,000 - 9,9992311,653,1351,777,81493.0%95.1%31,470 4.0%$19.04
10,000 - 24,9993195,156,9105,969,00886.4%91.4%95,787 12.2%$18.57
25,000 - 49,9991746,424,9337,362,26087.3%94.5%110,457 14.1%$17.19
50,000 - 99,9991188,567,4609,563,41689.6%97.7%143,707 18.4%$16.77
>100,00012122,557,65724,460,14892.2%96.3%325,342 41.5%$14.42
Building Subtotal / Wtd. Avg.1,55545,799,441
(2)
50,703,597
(2)
90.3%
(2)
95.5%$735,463 93.9%$16.06
Land/IOS(3)
288,544,650
(4)
45,114 5.8%$5.28
(4)
Other(3)
452,578 0.3%
Total1,628$783,155 100.0%
(1)See page 33 for further details on how these amounts are calculated.
(2)Excludes 248,540 leased building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 90.4% leased.
(3)“Land/IOS” includes leases for improved land sites and industrial outdoor storage (IOS) sites. “Other” includes amounts related to cellular tower, solar and parking lot leases.
(4)Represents land square feet and ABR per land square foot.

First Quarter 2025
Supplemental Financial Reporting Package
Page 24

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Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)
Three months ended March 31, 2025
Year to Date
Total
SF(1)
PSF
Tenant Improvements:
New Leases – 1st Generation$798 411,034 $1.94 
New Leases – 2nd Generation4 1,960 $2.04 
Renewals158 356,450 $0.44 
Total Tenant Improvements$960 
Leasing Commissions & Lease Costs:
New Leases – 1st Generation$3,058 535,176 $5.71 
New Leases – 2nd Generation1,886 391,227 $4.82 
Renewals2,993 1,635,689 $1.83 
Total Leasing Commissions & Lease Costs$7,937 
Total Recurring Capex$1,311 51,075,653 $0.03 
Recurring Capex % of NOI0.7 % 
Recurring Capex % of Rental Income0.5 % 
Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)
$39,455 
Unit Renovation(3)
2,910 
Other(4)
996 
Total Nonrecurring Capex$43,361 29,600,513 $1.46 
Other Capitalized Costs(5)
$13,644 

(1)For tenant improvements and leasing commissions, reflects the aggregate square footage of the leases in which we incurred such costs, excluding new/renewal leases in which there were no tenant improvements and/or leasing commissions. For recurring capex, reflects the weighted average square footage of our consolidated portfolio for the period (including properties that were sold during the period). For nonrecurring capex, reflects the aggregate square footage of the properties in which we incurred such capital expenditures.
(2)Includes capital expenditures related to properties that were under repositioning or redevelopment as of March 31, 2025. See pages 26-30 for details of these properties.
(3)Includes non-tenant-specific capital expenditures with costs of less than $100,000 per unit.
(4)Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, ADA related construction and capital expenditures for deferred maintenance existing at the time such property was acquired.
(5)Includes the following capitalized costs: (i) compensation costs of personnel directly responsible for and who spend their time on redevelopment, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or redevelopment projects.

First Quarter 2025
Supplemental Financial Reporting Package
Page 25

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Properties and Space Under Repositioning/Redevelopment.(1)
As of March 31, 2025(unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
3/31/2025
Est. Constr. Period(1)
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
StartTarget
Complet.
CURRENT REPOSITIONING:
19301 Santa Fe Avenue
Los Angeles
South Bay
 LAND —%2Q-242Q-25$14.7 $5.7 $20.4 $3.9 
Harcourt & Susana
Los Angeles
South Bay
33,461 —%2Q-243Q-2554.4 10.2 64.6 4.6 
8985 Crestmar Point(3)
San Diego
Central San Diego
53,395 —%4Q-243Q-258.1 5.5 13.6 2.4 
14955 Salt Lake Avenue
Los Angeles
San Gabriel Valley
45,930 —%4Q-244Q-2510.9 3.7 14.6 2.2 
218 Turnbull CanyonLos Angeles
San Gabriel Valley
191,095 —%1Q-254Q-2527.2 3.6 30.8 2.7 
Total
323,881 $115.3 $28.7 $144.0 $15.8 
Actual Cash NOI - 1Q 2025$0.4
Estimated Annualized Stabilized Cash NOI
$7.9 - $8.7
Estimated Unlevered Stabilized Yield
5.5% - 6.0%
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
3/31/2025
Construction Period
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
LEASE-UP REPOSITIONING:
11308-11350 Penrose Street(4)
Los Angeles
Greater San Fernando Valley71,547 —%1Q-231Q-24$12.1 $5.2 $17.3 $0.6 
14434-14527 San Pedro Street
Los Angeles
South Bay
61,398 —%3Q-231Q-2549.8 14.2 64.0 1.1 
1020 Bixby Drive
Los Angeles
San Gabriel Valley57,600 —%1Q-243Q-2416.5 3.3 19.8 0.5 
17000 Kingsview Avenue
Los Angeles
South Bay
95,865 —%1Q-241Q-2514.0 4.3 18.3 1.7 
1315 Storm Parkway
Los Angeles
South Bay37,844 —%2Q-244Q-248.5 3.5 12.0 0.6 
Total
324,254 $100.9 $30.5 $131.4 $4.5 
Actual Cash NOI - 1Q 2025$(0.1)
Estimated Annualized Stabilized Cash NOI
$6.6 - $7.2
Estimated Unlevered Stabilized Yield
5.0% - 5.5%


First Quarter 2025
Supplemental Financial Reporting Package
Page 26

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2025(unaudited results, $ in millions)
Repositioning
Repo/
Lease-Up
RSF(2)
Repo RSF
Leased %
3/31/2025
Construction Period
Purch.
Price(1)
Proj.
Repo
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
STABILIZED REPOSITIONING:
4039 Calle Platino
San Diego
North County San Diego
73,807 100%2Q-231Q-24$20.5 $4.3 $24.8 $0.2 
29120 Commerce Center Drive
Los Angeles
Greater San Fernando Valley
135,258 100%3Q-231Q-2527.1 3.1 30.2 0.5 
East 27th Street(5)
Los Angeles
Central LA
126,563 100%1Q-244Q-2426.9 5.1 32.0 — 
122-125 N. Vinedo Avenue
Los Angeles
Greater San Fernando Valley48,520 100%1Q-244Q-245.3 3.9 9.2 0.6 
29125 Avenue PaineLos AngelesGreater San Fernando Valley176,107 100%1Q-241Q-2545.3 3.9 49.2 0.3 
Total
560,255 $125.1 $20.3 $145.4 $1.6 
Actual Cash NOI - 1Q 2025$2.0
Annualized Stabilized Cash NOI
$10.9
Achieved Unlevered Stabilized Yield
7.6%
OTHER REPOSITIONING:
17 projects totaling 773,498 RSF with estimated costs < $2 million individually(6)
$21.1 $6.5 
Actual Cash NOI - 1Q 2025$4.1
Estimated Annualized Stabilized Cash NOI
$15.0 - $15.5
Estimated Unlevered Stabilized Yield
6.0% - 6.5%

First Quarter 2025
Supplemental Financial Reporting Package
Page 27

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2025(unaudited results, $ in millions)
Redevelopment
Projected
RSF(7)
Property
Leased %
3/31/2025
Est. Constr. Period(1)
Purch.
Price(1)
Proj.
Redev
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
StartTarget
Complet.
CURRENT REDEVELOPMENT:
9615 Norwalk Boulevard
Los Angeles
Mid-Counties
201,571 —%3Q-212Q-25$9.6 $49.3 $58.9 $9.2 
4416 Azusa Canyon Road
Los Angeles
San Gabriel Valley
129,830 —%4Q-222Q-2512.3 21.7 34.0 3.8 
15010 Don Julian Road
Los AngelesSan Gabriel Valley219,242 —%1Q-234Q-2522.9 37.8 60.7 23.3 
21515 Western Avenue
Los Angeles
South Bay
83,740 —%2Q-232Q-2519.1 19.3 38.4 5.7 
17907-18001 Figueroa Street
Los AngelesSouth Bay76,468 —%4Q-232Q-2520.2 18.4 38.6 1.8 
14940 Proctor Road
Los AngelesSan Gabriel Valley160,045 —%4Q-242Q-2628.8 25.2 54.0 21.3 
11234 Rush StreetLos AngelesSan Gabriel Valley103,108 —%4Q-244Q-2612.6 21.0 33.6 18.7 
5235 Hunter AvenueOrange
North Orange County
117,772 —%1Q-253Q-2611.4 21.0 32.4 19.9 
3547-3555 Voyager StreetLos AngelesSouth Bay67,371 —%1Q-253Q-2621.1 18.8 39.9 17.7 
Total
1,159,147 $158.0 $232.5 $390.5 $121.4 
Actual Cash NOI - 1Q 2025$—
Estimated Annualized Stabilized Cash NOI
$21.5 - $23.5
Estimated Unlevered Stabilized Yield
5.5% - 6.0%

RSF
Property
Leased %
3/31/2025
Construction Period
Purch.
Price(1)
Proj.
Redev
Costs(1)
Proj.
Total
Invest.(1)
Proj.
Remaining
Costs
Property
County
Submarket
Start
Complete
LEASE-UP REDEVELOPMENT:
9920-10020 Pioneer BoulevardLos AngelesMid-Counties163,435 —%4Q-213Q-24$23.6 $31.8 $55.4 $1.3 
1901 Via Burton
Orange
North Orange County
139,449 100%1Q-222Q-2424.5 21.0 45.5 — 
3233 Mission Oaks Boulevard(8)
Ventura
Ventura
116,852 —%2Q-221Q-2540.7 28.4 69.1 2.9 
8888 Balboa Avenue
San Diego
Central San Diego
123,492 —%3Q-224Q-2419.9 22.5 42.4 1.1 
6027 Eastern Avenue
Los Angeles
Central LA
94,140 —%3Q-221Q-2523.4 21.6 45.0 1.4 
2390-2444 American Way
Orange
North Orange County
100,483 48%4Q-222Q-2417.1 19.2 36.3 0.5 
12118 Bloomfield Avenue
Los AngelesMid-Counties107,045 —%4Q-221Q-2516.7 20.3 37.0 1.2 
3071 Coronado Street(9)
Orange
North Orange County
105,173 —%1Q-231Q-2428.2 16.1 44.3 0.9 
19900 Plummer Street
Los AngelesGreater San Fernando Valley79,539 —%3Q-231Q-2515.5 15.8 31.3 2.3 
12772 San Fernando Road
Los Angeles
Greater San Fernando Valley
143,529 —%3Q-231Q-2522.1 23.8 45.9 3.0 
Rancho Pacifica - Building 5(10)
Los AngelesSouth Bay76,553 —%4Q-231Q-259.3 17.3 26.6 3.5 
1500 Raymond Avenue
Orange
North Orange County
136,218 —%4Q-231Q-2546.1 22.7 68.8 2.3 
Total
1,385,908 $287.1 $260.5 $547.6 $20.4 
Actual Cash NOI - 1Q 2025$0.1
Estimated Annualized Stabilized Cash NOI
$30.0 - $33.0
Estimated Unlevered Stabilized Yield
5.5% - 6.0%

First Quarter 2025
Supplemental Financial Reporting Package
Page 28

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2025(unaudited results, $ in millions)
Near-Term Potential Future Repositioning and Redevelopment
Projected
RSF(7)
Property
County
Submarket
Project
Type
1175 Aviation Place Los Angeles  Greater San Fernando Valley  Reposition 93,219 
24935 Avenue Kearny
 Los Angeles  Greater San Fernando Valley  Reposition 69,761 
7815 Van Nuys Blvd Los Angeles  Greater San Fernando Valley  Redevelopment 78,990 
1601 Mission Boulevard Los Angeles  San Gabriel Valley  Reposition 504,016 
425 Hacienda Boulevard Los Angeles  San Gabriel Valley  Reposition 44,025 
14005 Live Oak Avenue Los Angeles  San Gabriel Valley  Redevelopment 100,380 
15715 Arrow Highway Los Angeles  San Gabriel Valley  Redevelopment 106,278 
16425 Gale Avenue Los Angeles  San Gabriel Valley  Redevelopment 325,800 
Figueroa & Rosecrans Los Angeles  South Bay  Reposition 56,700 
18455 Figueroa Street Los Angeles  South Bay  Redevelopment 179,284 
3100 Fujita Street Los Angeles  South Bay  Redevelopment 82,080 
3901 Via Oro Avenue
Los AngelesSouth BayRedevelopment74,260 
9000 Airport Road
Los AngelesSouth BayRedevelopment418,000 
950 West 190th Street Los Angeles  South Bay  Redevelopment 197,000 
2401-2421 Glassell Street
Orange
 North Orange County
Redevelopment277,000 
600-708 Vermont Avenue
Orange
 North Orange County
 Redevelopment 263,800 
9455 Cabot Drive San Diego
 Central San Diego
 Reposition 83,563 
9323 Balboa Avenue San Diego
 Central San Diego
 Redevelopment 163,400 
3935-3949 Heritage Oak Court Ventura  Ventura  Reposition 186,726 

— See numbered footnotes on page 30 —

First Quarter 2025
Supplemental Financial Reporting Package
Page 29

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Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of March 31, 2025(unaudited results, in thousands, except square feet)
Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)Rentable Square FeetStabilized PeriodUnlevered Stabilized Yield
9755 Distribution Avenue (Central SD)24,0711Q-2413.4%
8902-8940 Activity Road (Central SD)13,9501Q-247.0%
444 Quay Avenue (South Bay)29,7602Q-249.0%
263-321 Gardena Blvd (South Bay)55,2382Q-2410.3%
20851 Currier Road (SG Valley)
59,4123Q-244.7%
17311 Nichols Lane (West OC)104,1823Q-248.2%
12752-12822 Monarch Street (West OC)
163,8643Q-248.6%
500 Dupont Avenue (Inland Empire West) 274,8854Q-245.5%
2880 Ana Street (South Bay)
LAND
4Q-244.3%
12907 Imperial Highway (Mid-Counties)
101,0804Q-2414.3%
4039 Calle Platino (North County SD)73,8071Q-258.5%
29120 Commerce Center Drive (SF Valley)
135,2581Q-258.5%
East 27th Street (Central LA)126,5631Q-255.4%
122-125 N. Vinedo Avenue (SF Valley)48,5201Q-2513.5%
29125 Avenue Paine (SF Valley)176,1071Q-256.8%
(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Unlevered Stabilized Yield” and other definitions related to our repositioning/redevelopment/other repositioning portfolio, see pages 35-36 in the Notes and Definitions section of this report.
(2)“Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than the total RSF of the entire property or particular building(s) under repositioning.
(3)Cost and timing changes are due to updated project scope.
(4)As of Mar 31, 2025, 11308-11350 Penrose Street is considered stabilized as it reached one year from the date of completion of repositioning work but remains in Lease-Up Repositioning as the property has not yet achieved 90% occupancy. Information shown reflects only the 8430 Tujunga Avenue & 11320-11350 Penrose Street building that was repositioned.
(5)Information shown reflects only the 2034-2040 East 27th Street building that was repositioned.
(6)“Other Repositioning” includes 17 projects where estimated costs are generally less than $2.0 million individually. Repositioning at these 17 projects totals 773,498 RSF.
(7)Represents the estimated rentable square footage of the project upon completion of redevelopment.
(8)As of Mar 31, 2025, 3233 Mission Oaks Blvd comprised 409,217 RSF which were not redeveloped. We constructed one new building comprising 116,852 RSF. We also performed site work across the entire project. The total project now contains 526,069 RSF. Costs and yield shown reflect the entire project.
(9)As of Mar 31, 2025, 3071 Coronado Street is considered stabilized as it reached one year from the date of completion of redevelopment work but remains in Lease-Up Redevelopment as the property has not yet achieved 90% occupancy.
(10)Rancho Pacifica Building 5 is located at 2370-2398 Pacifica Place and represented one building totaling 51,594 RSF, out of six buildings at our Rancho Pacifica Park property, which had a total of 1,111,885 RSF. We demolished the existing building and constructed a new building comprising 76,553 RSF. The total project now contains 1,175,927 RSF. Amounts detailed in the tables above (RSF, leased %, costs, NOI and stabilized yield) reflect only this one building.

First Quarter 2025
Supplemental Financial Reporting Package
Page 30

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Current Year Investments and Dispositions Summary.
As of March 31, 2025(unaudited results)
2025 Current Period Dispositions
Disposition
Date		Property AddressCountySubmarketRentable
Square Feet		Sale Price
($ in MM)
3/28/20251055 Sandhill Avenue
Los Angeles
South Bay
127,775 $52.45 
Total 2025 Dispositions through March 31, 2025
127,775 $52.45 

2025 Subsequent Period Dispositions
Disposition
Date		Property AddressCountySubmarketRentable
Square Feet		Sale Price
($ in MM)
4/3/202520 Icon
Orange
South Orange County
102,299 $50.88 
Total Year To Date 2025 Dispositions
230,074 $103.33 


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Supplemental Financial Reporting Package
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Net Asset Value Components.
As of March 31, 2025(unaudited and in thousands, except share data)
Net Operating Income
Pro Forma Net Operating Income (NOI)(1)
Three Months Ended Mar 31, 2025
Total operating rental income$248,821
Property operating expenses(55,261)
Pro forma effect of uncommenced leases(2)
2,017
Pro forma effect of dispositions(3)
162
Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and redevelopment(4)
17,542
Pro Forma NOI213,281
Above/(below) market lease revenue adjustments
(9,186)
Straight line rental revenue adjustment(5,517)
Pro Forma Cash NOI$198,578
Balance Sheet Items
Other assets and liabilitiesMarch 31, 2025
Cash and cash equivalents$504,579
Restricted cash50,105
Loan receivable, net123,359
Rents and other receivables, net17,622
Other assets20,730
Accounts payable, accrued expenses and other liabilities(141,999)
Dividends payable(105,285)
Tenant security deposits(90,050)
Prepaid rents(88,822)
Estimated remaining cost to complete repositioning/redevelopment projects(5)
(163,536)
Total other assets and liabilities$126,703
Debt and Shares Outstanding
Total consolidated debt(6)
$3,379,383
Preferred stock/units - liquidation preference$173,250
Common shares outstanding(7)
235,610,472
Operating partnership units outstanding(8)
8,700,301
Total common shares and operating partnership units outstanding244,310,773
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 33 and page 12 of this report, respectively.
(2)Represents the estimated incremental base rent from uncommenced new and renewal leases as if they had commenced as of January 1, 2025.
(3)Represents the deduction of actual Q1'25 NOI for the properties that we sold during the current quarter. See page 31 for a detail of current year disposition properties.
(4)Represents the estimated incremental NOI from the properties that were classified as current repositioning/redevelopment, lease-up or stabilized during the three months ended March 31, 2025, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of January 1, 2025. Includes all properties that are separately listed on pages 26-30 and excludes “Other Repositionings” and “Near-Term Potential Future Repositioning and Redevelopment.” We have made a number of assumptions in such estimates & there can be no assurance that we would have generated the projected levels of NOI had these properties actually been stabilized as of January 1, 2025.
(5)Reflects the estimated remaining costs for all properties that are separately listed on pages 26-30 and excludes “Other Repositionings” and “Near-Term Potential Future Repositioning and Redevelopment.”
(6)Excludes unamortized loan discount and debt issuance costs totaling $31.3 million.
(7)Represents outstanding shares of common stock of the Company, which excludes 560,382 shares of unvested restricted stock.
(8)Represents outstanding common units of the Company’s operating partnership, Rexford Industrial Realty, L.P., that are owned by unit holders other than Rexford Industrial Realty, Inc. Includes 1,260,083 vested LTIP Units and 1,262,969 vested performance units and excludes 463,555 unvested LTIP Units and 2,278,110 unvested performance units.

First Quarter 2025
Supplemental Financial Reporting Package
Page 32

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Notes and Definitions.

Adjusted Funds from Operations (“AFFO”): We calculate adjusted funds from operations, or AFFO, by adding to or subtracting from FFO, as defined below, the following items: (i) certain non-cash operating revenues and expenses, (ii) capitalized operating expenditures such as construction payroll, (iii) recurring capital expenditures required to maintain and re-tenant our properties, (iv) capitalized interest costs resulting from the repositioning/redevelopment of certain of our properties and (v) 2nd generation tenant improvements and leasing commissions. Management uses AFFO as a supplemental performance measure because it provides a performance measure that, when compared year over year, captures trends in portfolio operating results. We also believe that, as a widely recognized measure of the performance of REITs, AFFO will be used by investors as a basis to assess our performance in comparison to other REITs. However, because AFFO may exclude certain non-recurring capital expenditures and leasing costs, the utility of AFFO as a measure of our performance is limited. Additionally, other Equity REITs may not calculate AFFO using the method we do. As a result, our AFFO may not be comparable to such other Equity REITs’ AFFO. AFFO should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance.
In-Place Annualized Base Rent and Uncommenced Annualized Base Rent:
•In-Place Annualized Base Rent (“In-Place ABR”): Calculated as the monthly contractual base rent (before rent abatements) per the terms of the lease, as of March 31, 2025, multiplied by 12. Includes leases that had commenced as of March 31, 2025 or leases where tenant had taken early possession of space as of March 31, 2025. Excludes billboard and antenna revenue and tenant reimbursements.
•In-Place ABR per Square Foot: Calculated by dividing In-Place ABR for the lease by the occupied square feet of the lease, as of March 31, 2025.
•Combined In-Place and Uncommenced Annualized Base Rent (“In-Place + Uncommenced ABR”): Calculated by adding (i) In-Place ABR and (ii) ABR Under Uncommenced Leases (see definition below). Does not include adjustments for leases that expired and were not renewed subsequent to March 31, 2025, or adjustments for future known non-renewals.
•ABR Under Uncommenced Leases: Calculated by adding the following:
(i) ABR under Uncommenced New Leases = first full month of contractual base rents (before rent abatements) to be received under Uncommenced New Leases, multiplied by 12.
(ii) Incremental ABR under Uncommenced Renewal Leases = difference between: (a) the first full month of contractual base rents (before rent abatements) to be received under Uncommenced Renewal Leases and (b) the monthly In-Place ABR for the same space as of March 31, 2025, multiplied by 12.
•In-Place + Uncommenced ABR per Square Foot: Calculated by dividing (i) In-Place + Uncommenced ABR for the leases by (ii) the square footage under commenced and uncommenced leases (net of renewal space) as of March 31, 2025.
•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of March 31, 2025.
•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of March 31, 2025.
Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, redevelopment, major property or unit upgrade or renovation, and further includes capital expenditures for seismic upgrades, roof or parking lot replacements and capital expenditures for deferred maintenance existing at the time such property was acquired.
Capital Expenditures, Recurring: Expenditures made with respect to a property for maintenance of such property and replacement of items due to ordinary wear and tear including, but not limited to, expenditures made for maintenance of parking lot, roofing materials, mechanical systems, HVAC systems and other structural systems. Recurring capital expenditures shall not include any of the following: (a) major upgrade or renovation of such property not necessary for proper maintenance or marketability of such property; (b) capital expenditures for seismic upgrades; (c) capital expenditures for deferred maintenance for such property existing at the time such property was acquired; or (d) replacements of either roof or parking lots.
Capital Expenditures, First Generation: Capital expenditures for newly acquired space, newly developed or redeveloped space, or change in use.
Cash NOI: Cash basis NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) amortization of above/(below) market lease intangibles and amortization of other deferred rent resulting from sale leaseback transactions with below market leaseback payments and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Core Funds from Operations (“Core FFO”): We calculate Core FFO by adjusting FFO for non-comparable items outlined in the “Non-GAAP FFO and Core FFO Reconciliations” on pages 12-13. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our ongoing operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams).

First Quarter 2025
Supplemental Financial Reporting Package
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Notes and Definitions.

Debt Covenants ($ in thousands)
March 31, 2025
Current Period CovenantRevolver, $300M, $400M & $60M Term Loan FacilitiesSenior Notes ($100M, $125M, $25M, $75M)
Maximum Leverage Ratioless than 60%20.7%26.9%
Maximum Secured Leverage Ratioless than 45%0.5%N/A
Maximum Secured Leverage Ratioless than 40%N/A0.8%
Maximum Secured Recourse Debtless than 15%N/A—%
Minimum Tangible Net Worth $7,266,909N/A$10,144,958
Minimum Fixed Charge Coverage Ratioat least 1.50 to 1.005.19 to 1.0 5.19 to 1.0
Unencumbered Leverage Ratioless than 60%22.5%29.4%
Unencumbered Interest Coverage Ratioat least 1.75 to 1.005.70 to 1.005.70 to 1.00

March 31, 2025
Current Period CovenantSenior Notes ($400M due 2030
& $400M due 2031)
Maximum Debt to Total Asset Ratioless than 60%24.0%
Maximum Secured Debt to Total Asset Ratioless than 40%0.7%
Minimum Debt Service Coverage Ratioat least 1.50 to 1.004.95 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratioat least 1.50 to 1.004.22 to 1.00
Our actual performance for each covenant is calculated based on the definitions set forth in each loan agreement/indenture.
EBITDAre and Adjusted EBITDAre: We calculate EBITDAre in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre is calculated as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, impairment losses of depreciable property and adjustments to reflect our proportionate share of EBITDAre from our unconsolidated joint venture. We calculate Adjusted EBITDAre by adding or subtracting from EBITDAre the following items: (i) non-cash stock based compensation expense, (ii) gain (loss) on extinguishment of debt, (iii) acquisition expenses, (iv) impairments of right of use assets and (v) the pro-forma effects of acquisitions and dispositions. We believe that EBITDAre and Adjusted EBITDAre are helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use these measures in ratios to compare our performance to that of our industry peers. In addition, we believe EBITDAre and Adjusted EBITDAre are frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because EBITDAre and Adjusted EBITDAre are calculated before recurring cash charges including interest expense and income taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utility as a measure of our liquidity is limited. Accordingly, EBITDAre and Adjusted EBITDAre should not be considered alternatives to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. EBITDAre and
Adjusted EBITDAre should not be considered as alternatives to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate EBITDAre and Adjusted EBITDAre differently than we do; accordingly, our EBITDAre and Adjusted EBITDAre may not be comparable to such other Equity REITs’ EBITDAre and Adjusted EBITDAre. EBITDAre and Adjusted EBITDAre should be considered only as supplements to net income (as computed in accordance with GAAP) as a measure of our performance.
Ending occupancy excluding repositioning/redevelopment: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with Repositioning and Redevelopment projects, including those combined in “Other Repositioning”.
Fixed Charge Coverage Ratio:
For the Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
EBITDAre
$174,919 $164,915 $165,558 $166,057 $145,226 
Above/(below) market lease revenue adjustments
(9,186)(6,159)(6,635)(7,268)(7,591)
Non-cash stock compensation
9,699 11,539 9,918 11,057 9,088 
Straight line rental revenue adj.
(5,517)(10,057)(11,441)(9,567)(7,368)
Capitalized payments
(5,091)(4,592)(5,323)(4,930)(5,237)
Accretion of net loan origination fees(115)(115)(115)(115)(115)
Recurring capital expenditures
(1,311)(7,882)(5,254)(3,502)(2,990)
2nd gen. tenant improvements(162)(296)(18)(123)(226)
2nd gen. leasing commissions(4,879)(3,520)(2,660)(7,436)(3,231)
Cash flow for fixed charge coverage calculation$158,357 $143,833 $144,030 $144,173 $127,556 
Cash interest expense calculation detail:
Interest expense27,288 28,173 27,340 28,412 14,671 
Capitalized interest8,230 7,510 8,577 7,350 7,926 
Note payable premium amort.(1,560)(1,534)(1,511)(1,491)(293)
Amort. of deferred financing costs(1,134)(1,246)(1,252)(1,266)(1,011)
Amort. of swap term fees & t-locks(77)(112)(136)(137)(137)
Cash interest expense32,747 32,791 33,018 32,868 21,156 
Scheduled principal payments230 254 286 298 324 
Preferred stock/unit dividends2,695 2,827 2,815 2,846 3,116 
Fixed charges$35,672 $35,872 $36,119 $36,012 $24,596 
Fixed Charge Coverage Ratio4.4 x4.0 x4.0 x4.0 x5.2 x



First Quarter 2025
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Notes and Definitions.

NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) on sale of real estate assets, gains (or losses) on sale of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends and any preferred stock redemption charges related to the write-off of original issuance costs).
Net Operating Income (“NOI”): NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from real estate operations including i) rental revenue, ii) tenant reimbursements, and iii) other income less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, interest income, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio.
Proforma NOI: Proforma NOI is calculated by adding to NOI the following adjustments: (i) the estimated impact on NOI of uncommenced leases as if they had commenced at the beginning of the reportable period, (ii) the estimated impact on NOI of current period acquisitions as if they had been acquired at the beginning of the reportable period, (iii) the actual NOI of properties sold during the current period and (iv) the estimated incremental NOI from properties that were classified as repositioning/lease-up properties as of the end of the reporting period, assuming that all repositioning work had been completed and the properties/space were fully stabilized as of the beginning of the reportable period. These estimates do not purport to be indicative of what operating results would have been had the transactions actually occurred at the beginning of the reportable period and may not be indicative of future operating results.
Definitions Related to Properties and Space Under Repositioning/Redevelopment:
•Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy.
•Properties Under Redevelopment: Typically defined as properties where we plan to fully or partially demolish an existing building(s) due to building obsolescence and/or a property with excess or vacant land where we plan to construct a ground-up building.
•Estimated Construction Period: The “Start” of the Estimated Construction Period is our current estimate of the period in which we will start physical construction on a property. The Target Completion of the Estimated Construction Period is our current estimate of the period in which we will have substantially completed a project and the project is made available for occupancy. We expect to update our timing estimates on a quarterly basis. For projects stabilized or in lease-up, represents the actual construction completion period.
•Purchase Price: Represents the contractual purchase price of the property plus closing costs.
•Projected Repositioning/Redevelopment Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/redevelopment project. Estimated costs include (i) nonrecurring capital expenditures, (ii) estimated tenant improvement allowances/costs and (iii) estimated leasing commissions. We expect to update our estimates upon completion of the project, or sooner if there are any significant changes to expected costs from quarter to quarter. Excludes capitalized costs including capitalized interest, property taxes, insurance and compensation.
•Projected Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Redevelopment Costs.
•Cumulative Investment to Date: Includes the Purchase Price and nonrecurring capital expenditures, tenant improvement costs and leasing commission costs incurred as of the reporting date.
•Estimated Annual Stabilized Cash NOI: Represents management’s estimate of each project’s annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. Actual results may vary materially from our estimates.

First Quarter 2025
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Notes and Definitions.

•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 33) for the repositioning/redevelopment property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter.
•Estimated Unlevered Stabilized Yield: Calculated by dividing each project’s Estimated Annual Stabilized Cash NOI by its Projected Total Investment.
•Stabilization Date - Properties and Space Under Repositioning/Redevelopment: We consider a repositioning/redevelopment property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning/redevelopment construction work.
Rental Income: See below for a breakdown of consolidated rental income for the last five trailing quarters. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Rental revenue (before collectability adjustment)$208,394 $199,601 $197,506 $193,497 $176,215 
Tenant reimbursements41,856 39,716 40,969 39,682 35,650 
Other income874 620 651 598 846 
Increase (reduction) in revenue due to change in collectability assessment(2,303)(200)(730)(804)(1,721)
Rental income$248,821 $239,737 $238,396 $232,973 $210,990 
Cash Rent Change: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Net Effective Rent Change: Compares net effective rent, which straightlines rental rate increases and abatements, on new/renewal leases to net effective rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/redeveloped space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months.
Same Property Portfolio (“SPP”): Our 2025 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2024 through March 31, 2025, and excludes (i) properties that were acquired or sold during the period from January 1, 2024 through March 31, 2025, and (ii) properties acquired prior to January 1, 2024 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2024 and 2025 (as separately listed on pages 26-30) and select buildings in “Other Repositioning,” which we believe will significantly affect the properties’ results during the comparative periods.
SPP Historical Information: The table below reflects selected information related to our SPP as initially reported in each quarter’s respective supplemental package. Within a given year, the SPP may reflect changes in repositioning/redevelopment properties or removal of sold properties.
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
# of Properties292293293293296
Square Feet38,380,25636,961,88436,961,82136,956,24337,109,867
Ending Occupancy95.7 %94.1 %96.7 %97.3 %96.4 %
SPP NOI growth0.7 %2.2 %2.6 %6.0 %5.5 %
SPP Cash NOI growth5.0 %5.3 %5.3 %9.1 %8.5 %
Same Property Portfolio Rental Income: See below for a breakdown of 2025 & 2024 rental income for our SPP. We believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
Three Months Ended March 31,
20252024$ Change% Change
Rental revenue$157,419 $155,856 $1,563 1.0%
Tenant reimbursements32,087 31,514 573 1.8%
Other income753 689 64 9.3%
Rental income$190,259 $188,059 $2,200 1.2%
Reconciliation of Net Income to NOI and Cash NOI (in thousands):
Three Months Ended
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Net Income$74,048 $64,910 $70,722 $86,017 $64,277 
General and administrative19,868 21,940 20,926 19,307 19,980 
Depreciation & amortization86,740 71,832 69,241 67,896 66,278 
Other expenses2,239 34 492 304 1,408 
Interest expense27,288 28,173 27,340 28,412 14,671 
Management & leasing services(142)(167)(156)(156)(132)
Interest income(3,324)(2,991)(3,291)(4,444)(2,974)
Gains on sale of real estate(13,157)— (1,745)(16,268)— 
NOI$193,560 $183,731 $183,529 $181,068 $163,508 
S/L rental revenue adj.(5,517)(10,057)(11,441)(9,567)(7,368)
Above/(below) market lease revenue adjustments
(9,186)(6,159)(6,635)(7,268)(7,591)
Cash NOI$178,857 $167,515 $165,453 $164,233 $148,549 

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Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:
Three Months Ended March 31,
20252024
Net income$74,048 $64,277 
General and administrative19,868 19,980 
Depreciation and amortization86,740 66,278 
Other expenses2,239 1,408 
Interest expense27,288 14,671 
Management and leasing services(142)(132)
Interest income(3,324)(2,974)
Gains on sale of real estate(13,157)— 
NOI$193,560 $163,508 
Non-Same Property Portfolio rental income(58,562)(22,931)
Non-Same Property Portfolio property exp.13,439 6,885 
Same Property Portfolio NOI$148,437 $147,462 
Straight line rental revenue adjustment(3,001)(7,155)
Above/(below) market lease revenue adjustments
(4,872)(6,437)
Same Property Portfolio Cash NOI$140,564 $133,870 
Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:
2025 Estimate
LowHigh
Net income attributable to common stockholders$1.31 $1.35 
Company share of depreciation and amortization1.25 1.25 
Company share of gains on sale of real estate(1)
(0.19)(0.19)
Company share of Core FFO$2.37 $2.41 
(1)Reflects the sale of 1055 Sandhill Avenue on March 28, 2025, and the sale of 20 Icon on April 3, 2025.
Occupancy by County:
Mar 31, 2025Dec 31, 2024Sep 30, 2024Jun 30, 2024Mar 31, 2024
Ending Occupancy:
Los Angeles County88.0%90.2%93.6%94.9%93.8%
Orange County88.4%90.3%90.6%88.0%89.4%
Riverside / San Bernardino County95.9%96.0%93.9%94.8%90.9%
San Diego County89.6%89.8%92.3%92.6%94.9%
Ventura County87.7%91.2%89.8%92.5%92.6%
Total/Weighted Average89.6%91.3%93.0%93.7%92.8%
Total Portfolio RSF50,952,13750,788,22550,067,98149,710,62849,162,216
Uncommenced Lease Data:
Total/Weighted Average
Occupied SF45,677,963 
Uncommenced Renewal Leases - Leased SF(1)
879,063 
Uncommenced New Leases - Leased SF(1)
370,018 
Leased SF46,047,981 
Percent Leased90.4 %
In-Place ABR(2)
$775,088 
ABR Under Uncommenced Leases (in thousands)(2)(3)
8,067 
In-Place + Uncommenced ABR (in thousands)(2)
$783,155 
In-Place + Uncommenced ABR per SF(2)
$17.01 
(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of March 31, 2025.
(2)See page 33 for further details on how these amounts are calculated.
(3)Includes $6.9 million of annualized base rent under Uncommenced New Leases and $1.2 million of incremental annualized base rent under Uncommenced Renewal Leases.


First Quarter 2025
Supplemental Financial Reporting Package
Page 37

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