Rexford Industrial Realty : First Quarter 2024 Supplemental Financial Reporting Package

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Table of Contents.
Section	Page
Corporate Data:
Investor Company Summary	3
Company Overview	4
Highlights - Consolidated Financial Results	5
Financial and Portfolio Highlights and Capitalization Data	6
Guidance	7
Consolidated Financial Results:
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
Non-GAAPFFO, Core FFO and AFFO Reconciliations	12
Statement of Operations Reconciliations	15
Same Property Portfolio Performance	16
Capitalization Summary	17
Debt Summary	18
Portfolio Data:
Operations	20
Portfolio Overview	21
Leasing Statistics and Trends	22
Top Tenants and Lease Segmentation	24
Capital Expenditure Summary	25
Properties and Space Under Repositioning/Redevelopment	26
Current Year Investments and Dispositions Summary	29
Net Asset Value Components	32
Notes and Definitions	33
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 2023 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission ("SEC") on February 12, 2024, 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 2024	Page 2
Supplemental Financial Reporting Package

Investor Company Summary.

	Executive Management Team
Howard Schwimmer		Co-Chief Executive Officer, Director
Michael S. Frankel		Co-Chief Executive Officer, Director
Laura Clark		Chief Financial Officer
David Lanzer		General Counsel and Corporate Secretary
	Board of Directors
Richard Ziman		Chairman
Tyler H. Rose		Lead Independent Director
Howard Schwimmer		Co-Chief Executive Officer, Director
Michael S. Frankel		Co-Chief Executive Officer, Director
Robert L. Antin		Director
Diana J. Ingram		Director
Angela L. Kleiman		Director
Debra L. Morris		Director
	Investor Relations Information
	[e-mail]
	Equity Research Coverage
BofA Securities	Camille Bonnel	(646)	855-5042
Barclays	Brendan Lynch	(212)	526-9428
BMO Capital Markets	John Kim	[phone]
BNP Paribas Exane	Nate Crossett	(646)	342-1588
Citigroup Investment Research	Craig Mailman	(212)	816-4471
Colliers Securities	Barry Oxford	(203)	961-6573
Green Street Advisors	Vince Tibone	(949)	640-8780
J.P. Morgan Securities	Michael Mueller	(212)	622-6689
Jefferies LLC	Jonathan Petersen	(212)	284-1705
Mizuho Securities USA	Vikram Malhotra	(212)	282-3827
Robert W. Baird & Co.	Nicholas Thillman	(414)	298-5053
Scotiabank	Greg McGinniss	(212)	225-6906
Truist Securities	Anthony Hau	(212)	303-4176
Wells Fargo Securities	Blaine Heck	(443)	263-6529
Wolfe Research	Andrew 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 2024	Page 3
Supplemental Financial Reporting Package

Company Overview.

For the Quarter Ended March 31, 2024

First Quarter 2024	Page 4
Supplemental Financial Reporting Package

Highlights - Consolidated Financial Results.

Quarterly Results

(in millions)

$180 $150 $120 $90 $60 $30 $0

	Net Operating Income (NOI)
	15% Year-over-Year Growth
	$149.8	$156.1	$158.7	$163.5
$142.3
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

$180 $150 $120 $90 $60 $30 $0

	Adjusted EBITDA
	20% Year-over-Year Growth
			$152.1	$167.2
$139.8	$141.3	$147.9
Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024

Company Share of Core FFO 20% Year-over-Year Growth

Adjusted Funds From Operations (AFFO)

22% Year-over-Year Growth

$125

$100 $75 $50 $25 $0

$102.7 $108.4

$115.0 $118.8

$123.5

$125

$100

$75 $50 $25 $0

		$105.1
$86.0	$86.6	$95.0
$84.9

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

Q1 2023

Q2 2023

Q3 2023

Q4 2023

Q1 2024

First Quarter 2024	Page 5
Supplemental Financial Reporting Package

Financial and Portfolio Highlights and Capitalization Data. (1)

(in thousands except share and per share data and portfolio statistics)

						Three Months Ended
		March 31, 2024		December 31, 2023	September 30, 2023		June 30, 2023			March 31, 2023
Financial Results:
Total rental income	$	210,990	$	207,909	$	204,212	$	194,098	$	185,164
Net income	$	64,277	$	67,321	$	61,790	$	56,910	$	63,570
Net Operating Income (NOI)	$	163,508	$	158,650	$	156,127	$	149,788	$	142,339
Company share of Core FFO	$	123,547	$	118,781	$	114,969	$	108,419	$	102,660
Company share of Core FFO per common share - diluted	$	0.58	$	0.56	$	0.56	$	0.54	$	0.52
Adjusted EBITDA	$	167,207	$	152,126	$	147,925	$	141,258	$	139,755
Dividend declared per common share	$	0.4175	$	0.380	$	0.380	$	0.380	$	0.380
Portfolio Statistics:
Portfolio rentable square feet ("RSF")		49,162,216			45,860,368		44,998,613		44,167,774			43,954,272
Ending occupancy		92.8%			94.1%		94.1%		94.0%			93.8%
Ending occupancy excluding repositioning/redevelopment(2)		96.9%			97.6%		97.9%		97.3%			97.4%
Rent Change - GAAP(3)		53.0%			63.1%		64.8%		96.8%			80.2%
Rent Change - Cash(3)		33.6%			45.6%		51.4%		74.8%			59.7%
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(4)		96.4%			97.0%		97.3%		97.2%			97.0%
Same Property Portfolio NOI growth(5)		5.5%
Same Property Portfolio Cash NOI growth(5)		8.5%
Capitalization:
Total shares and units issued and outstanding at period end(6)		224,992,152			219,629,857		213,435,271		208,031,757			208,016,268
Series B and C Preferred Stock and Series 1, 2 and 3 CPOP Units	$	241,031	$	241,068	$	241,068	$	241,068	$	241,068
Total equity market capitalization	$	11,558,136	$	12,562,303	$	10,774,099	$	11,104,486	$	12,649,238
Total consolidated debt	$	3,389,088	$	2,243,025	$	2,245,605	$	2,245,972	$	2,250,136
Total combined market capitalization (net debt plus equity)	$	14,610,264	$	14,771,884	$	12,936,436	$	13,214,176	$	14,645,756
Ratios:
Net debt to total combined market capitalization		20.9%			15.0%		16.7%		16.0%			13.6%
Net debt to Adjusted EBITDA (quarterly results annualized)		4.6x			3.6x		3.7x		3.7x			3.6x

1. For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 33and page 12of this report, respectively.
2. Ending occupancy excluding repositioning/redevelopment excludes "Other Repositioning" projects as well as those listed individually on pages 26-27.
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 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 make investment decisions based on our quarterly leasing statistics as compared to our prior periods. See page 22for a summary of our leasing activity including and excluding this lease.
4. Reflects the ending occupancy for the current 2024 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: 7,609,215 (Mar 31, 2024), 7,631,847 (Dec 31, 2023), 7,300,541 (Sep 30, 2023), 7,351,049 (Jun 30, 2023) and 7,597,554 (Mar 31,
   2023). Excludes the following # of shares of unvested restricted stock: 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023), 349,557 (Sep 30, 2023), 361,033 (Jun 30, 2023) and 365,416 (Mar 31, 2023). Excludes unvested LTIP units and unvested performance units.

First Quarter 2024	Page 6
Supplemental Financial Reporting Package

Guidance.

As of March 31, 2024

2024 OUTLOOK*

METRIC

Net Income Attributable to Common Stockholders per diluted share (1)(2) Company share of Core FFO per diluted share (1)(2)

Same Property Portfolio NOI Growth - GAAP (3)

Same Property Portfolio NOI Growth - Cash (3)

Average Same Property Portfolio Occupancy (Full Year) (3) General and Administrative Expenses (4)

Net Interest Expense

Q1-2024

UPDATED GUIDANCE

$1.17 - $1.20 $2.31 - $2.34 4.25% - 5.25% 7.0% - 8.0% 96.5% - 97.0% +/- $83.0M +/- $99.0M

INITIAL 2024

GUIDANCE

$1.11 - $1.14 $2.27 - $2.30 4.0% - 5.0% 7.0% - 8.0% 96.5% - 97.0% +/- $83.0M $60.0M - $61.0M

YTD RESULTS AS OF

MARCH 31, 2024

$0.27

$0.58

5.5%

8.5%

96.8%

$20.0M $14.7M

1. Our 2024 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 17, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.
2. See page 37for a reconciliation of the Company's 2024 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 2024 Same Property Portfolio is a subset of our consolidated portfolio and includesproperties that were wholly owned by us for the period from January 1, 2023 through April 17, 2024, and excludesproperties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-27) and select buildings in "Other Repositioning." As of March 31, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37.1 million rentable square feet at 296 of our properties.
4. Our 2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $35.5 million.
5. 
   * 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 2024	Page 7
Supplemental Financial Reporting Package

Guidance (Continued).

As of March 31, 2024

2024 Guidance Rollforward (1)

Earnings Components

2024 Core FFO Per Diluted Share Guidance (Previous) Same Property Portfolio NOI Growth

1Q Investments (Includes Closed Subsequent to Quarter End)

Net G&A Expense

Net Interest Expense

Other

2024 Core FFO Per Diluted Share Guidance (Current) Core FFO Per Diluted Share Annual Growth

Range

($ per share)

$2.27	$2.30
-	-

0.23 0.23

-		-
(0.17)	(0.17)
(0.02)	(0.02)
$2.31	$2.34
5%	7%

Notes

Initial 2024 Guidance

FY 2024 SP NOI Growth (GAAP) Guidance range of 4.25% - 5.25%

Incremental 2024 NOI related to $1.0B of acquisitions closed since prior guidance

FY 2024 Guidance range of +/- $83.0M

FY 2024 Guidance range of +/- $99.0M

Incremental impact of equity issuance

1. 2024 Guidance and Guidance Rollforward represent the in-place portfolio as of April 17, 2024, 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 2024	Page 8
Supplemental Financial Reporting Package

Consolidated Balance Sheets.

(unaudited and in thousands)

ASSETS		March 31, 2024			December 31, 2023			September 30, 2023			June 30, 2023			March 31, 2023
Land	$	7,568,720	$	6,815,622	$	6,606,022	$	6,400,698	$	6,334,926
Buildings and improvements		4,260,512			3,933,379			3,869,303			3,723,837			3,671,384
Tenant improvements		172,707			167,251			160,108			155,182			153,019
Furniture, fixtures, and equipment		132			132			132			132			132
Construction in progress		258,413			240,010			188,079			127,416			102,633
Total real estate held for investment		12,260,484			11,156,394			10,823,644			10,407,265			10,262,094
Accumulated depreciation		(827,576)			(782,461)			(739,369)			(695,129)			(652,722)
Investments in real estate, net		11,432,908			10,373,933			10,084,275			9,712,136			9,609,372
Cash and cash equivalents		336,960			33,444			83,268			136,282			253,618
Restricted cash		-			-			-			-			16,239
Loan receivable, net		122,899			122,784			-			-			-
Rents and other receivables, net		17,896			17,494			18,973			14,126			13,845
Deferred rent receivable, net		130,694			123,325			114,927			103,192			94,980
Deferred leasing costs, net		61,017			59,351			56,735			54,848			47,739
Deferred loan costs, net		3,069			3,426			3,783			4,139			4,474
Acquired lease intangible assets, net(1)		223,698			153,670			154,036			147,990			161,339
Acquired indefinite-lived intangible		5,156			5,156			5,156			5,156			5,156
Interest rate swap asset		16,737			9,896			24,494			19,869			6,947
Other assets		22,114			25,225			31,817			19,055			21,811
Acquisition related deposits		7,975			2,125			-			8,700			3,625
Total Assets	$	12,381,123		$	10,929,829		$	10,577,464		$	10,225,493		$	10,239,145
LIABILITIES & EQUITY
Liabilities
Notes payable	$	3,349,120	$	2,225,914	$	2,227,637	$	2,227,154	$	2,230,687
Interest rate swap liability		-			-			-			-			835
Accounts payable, accrued expenses and other liabilities		148,920			128,842			155,103			109,881			110,272
Dividends and distributions payable		94,356			83,733			81,423			79,370			79,370
Acquired lease intangible liabilities, net(2)		171,687			147,561			155,582			130,511			138,339
Tenant security deposits		91,034			84,872			83,643			81,163			77,029
Tenant prepaid rents(3)		110,727			115,002			30,772			42,600			44,303
Total Liabilities		3,965,844			2,785,924			2,734,160			2,670,679			2,680,835
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 stock		155,676			155,676			155,676			155,676			155,676
Common stock		2,178			2,123			2,065			2,010			2,008
Additional paid in capital		8,233,127			7,940,781			7,613,354			7,311,458			7,299,837
Cumulative distributions in excess of earnings		(370,720)			(338,835)			(320,180)			(298,367)			(273,849)
Accumulated other comprehensive income (loss)		13,922			7,172			21,142			16,525			3,117
Total stockholders' equity		8,034,183			7,766,917			7,472,057			7,187,302			7,186,789
Noncontrolling interests		381,096			376,988			371,247			367,512			371,521
Total Equity		8,415,279			8,143,905			7,843,304			7,554,814			7,558,310
Total Liabilities and Equity	$	12,381,123		$	10,929,829		$	10,577,464		$	10,225,493		$	10,239,145

1. Includes net above-market tenant lease intangibles of $32,446 (Mar 31, 2024), $10,790 (Dec 31, 2023), $11,402 (Sep 30, 2023), $12,034 (Jun 30, 2023) and $13,587 (Mar 31, 2023). Balance also includes net below-market ground lease intangible of $12,641 (Mar 31, 2024), $12,682 (Dec 31, 2023), $12,724 (Sep 30, 2023), $12,765 (Jun 30, 2023) and $12,806 (Mar 31, 2023) related to the acquisition of 2970 East 50th Street.
2. Represents net below-market tenant lease intangibles as of the balance sheet date.
3. In Q4-2023, we acquired the property located at West 1st Street through a sale lease-back transaction and recorded tenant prepaid rent of $62.8 million (unamortized balance of $61.2 million as of Mar 31, 2024) which reflects the difference between the purchase price and fair value of the underlying assets and also relates to the below market leaseback payments.

First Quarter 2024	Page 9
Supplemental Financial Reporting Package

Consolidated Statements of Operations.

Quarterly Results					(unaudited and in thousands, except share and per share data)
						Three Months Ended
		Mar 31, 2024			Dec 31, 2023			Sep 30, 2023		Jun 30, 2023			Mar 31, 2023
Revenues
Rental income(1)	$	210,990	$	207,909	$	204,212		$	194,098	$	185,164
Management and leasing services		132			163			158			171			190
Interest income		2,974			2,353			1,029			1,497			882
Total Revenues		214,096			210,425			205,399			195,766			186,236
Operating Expenses
Property expenses		47,482			49,259			48,085			44,310			42,825
General and administrative		19,980			19,988			18,575			18,267			18,197
Depreciation and amortization		66,278			65,839			60,449			58,793			59,429
Total Operating Expenses		133,740			135,086			127,109			121,370			120,451
Other Expenses
Other expenses		1,408			316			551			306			647
Interest expense		14,671			14,570			15,949			17,180			13,701
Total Expenses		149,819			149,972			143,609			138,856			134,799
Gains on sale of real estate		-			6,868			-		-			12,133
Net Income		64,277			67,321			61,790			56,910			63,570
Less: net income attributable to noncontrolling interests		(2,906)			(2,970)			(2,824)			(2,717)			(3,064)
Net income attributable to Rexford Industrial Realty, Inc.		61,371			64,351			58,966			54,193			60,506
Less: preferred stock dividends		(2,314)			(2,315)			(2,314)			(2,315)			(2,314)
Less: earnings allocated to participating securities		(418)			(357)			(314)			(318)			(320)
Net income attributable to common stockholders	$	58,639	$	61,679	$	56,338		$	51,560	$	57,872
Earnings per Common Share
Net income attributable to common stockholders per share - basic	$	0.27		$	0.29		$	0.27		$	0.26		$	0.30
Net income attributable to common stockholders per share - diluted
$	0.27	$	0.29	$	0.27		$	0.26	$	0.30
Weighted average shares outstanding - basic		214,401,661			210,089,164			205,279,681			200,610,890			195,366,969
Weighted average shares outstanding - diluted		214,437,913			210,362,069			205,447,532			200,667,250			195,779,007

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 36in 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.

First Quarter 2024	Page 10
Supplemental Financial Reporting Package