Document

EX-99.2 3 rexrex992q3-2024.htm EX-99.2 Document

Exhibit 99.2


目錄.


第

公司資料：
投資公司簡介			3
公司概括			4
重點 - 統計財務結果			5
財務和投資組合要點及資本數據			6
指導			7
財務綜合結果：
合併資產負債表			9
截至2020年6月30日和2019年6月30日三個月和六個月的營業額			10
非通用會計淨營運收入，核心淨營運收入和調整後基金可支配收入對賬			12
營運對賬報表			15
同一物業投資組合績效			16
資本構成概要			17
債務概要			18
投資組合數據：
操作			20
投資組合概覽			21
執行租賃統計和趨勢			22
前十大承租方和租賃細分			24
資本支出總結			25
處於重新定位/再開發中的資產和空間			26
當年投資和處置摘要			30
淨資產價值元件			33
註解和定義			34

披露：

前瞻性聲明：本附加套餐中包含根據1995年《私人證券訴訟改革法》的「前瞻性聲明」。我們提醒投資者，此處呈現的任何前瞻性聲明均基於管理層的信念和假設以及目前管理層掌握的信息。這些聲明可能受到風險、不確定性和假設的影響，並可能受到已知和未知風險、趨勢、不確定性和超出我們控制範圍的因素的影響。如果其中一個或多個風險或不確定性變爲現實，或者基礎假設被證明不正確，則實際結果可能大幅偏離預期、估計或投影。這些風險和不確定性包括但不限於：影響房地產行業的一般風險（包括但不限於，我們物業的市場價值、無法以有利的租金率簽訂或續約租約、組合佔用率與我們的預期不符、依賴租戶的財務狀況以及受其他房地產開發商、所有者和經營者競爭等風險）；與信貸市場擾亂或全球經濟放緩相關的風險；與關鍵人員可能流失有關的風險（尤其是高級管理人員）；與未能保持我們作爲根據1986年修訂版《內部稅收法》的股權房地產投資信託的地位有關的風險；可能產生的稅收和環保法律不利變更；流行病或大流行（例如新冠狀病毒（COVID-19）的爆發和全球傳播，以及國際、聯邦、州和地方政府、機構、執法部門和/或衛生管理機構可能實施的措施，這可能（如COVID-19）引發或加劇上述因素和/或其他風險，並嚴重干擾或阻止我們長時間正常經營業務）；訴訟，包括與起訴或辯護進行中的或受威脅的索賠以及潛在的無保險損失和環境污染的相關成本。

關於其他可能導致我們未來業績與前瞻性聲明不同的因素以及更詳細討論，請參閱我們於2023年度報告的第1A項"風險因素"表格10-k，並於2024年2月12日向證券交易委員會（"SEC"）提交的內容，以及我們隨後不定期向SEC提交的其他風險描述文件。我們聲明不承擔任何公開更新或修訂前瞻性聲明以反映基礎假設或因素的變化，新信息、數據或方法，未來事件或其他變化。

我們的信用評級披露在第頁上。 4可能不反映與公司證券結構或交易有關的風險潛在影響，僅供信息目的提供信用評級不是買入、賣出或持有任何證券的建議，可能會被髮行機構自行決定在任何時間進行修訂或撤回。公司不承擔保持評級或通知評級變動的任何義務。每家評級機構的評級應獨立評估，與任何其他評級機構的評級無關。評級意義的解釋可從每家評級機構獲得。

2024年第三季度

財務報表補充包

第2頁


投資者公司簡介.


執行管理團隊
霍華德·施維默						聯席首席執行官、董事
邁克爾·S·弗蘭克爾						聯席首席執行官、董事
勞拉·克拉克						致富金融(臨時代碼)官
大衛·蘭澤						總法律顧問兼公司秘書。


董事會
理查德·齊曼						主席
泰勒·H·羅斯						董事長
霍華德·施維默						聯合首席執行官、董事
邁克爾·S·弗蘭克爾						聯席首席執行官，董事
Robert L. Antin						董事
黛安娜·英格拉姆						董事
安吉拉·克萊曼						董事
黛布拉·莫里斯						董事


投資者關係信息


investorrelations@rexfordindustrial.com

權益研究覆蓋

美銀證券

傑弗裏·斯佩克特

(646) 855-1363

巴克萊銀行

布倫丹·林奇

(212) 526-9428

加拿大銀行資本市場

約翰·金

(212) 885-4115

巴黎銀行安盛

Nate Crossett

(646) 342-1588

花旗集團投資研究

Craig Mailman

(212) 816-4471

高力國際證券

巴克萊銀行牛津

(203) 961-6573

Evercore ISI

薩米爾·坎納爾

(212) 888-3796

Green Street Advisors

文斯·提波恩

(949) 640-8780

摩根大通證券

邁克爾·穆勒

(212) 622-6689

Jefferies LLC

Jonathan Petersen

(212) 284-1705

瑞穗證券美國

維克拉姆·馬爾荷特拉

(212) 282-3827

Robert W. Baird & Co.

Nicholas Thillman

(414) 298-5053

Scotiabank

Greg McGinniss

(212) 225-6906

Truist證券

Anthony Hau

(212) 303-4176

Wedbush Securities

Richard Anderson

(212) 931-7001

富國證券

Blaine Heck

(443) 263-6529

渥爾夫研究

安德魯·羅西瓦奇

(646) 582-9250

免責聲明：此列表可能不完整，可能會隨着公司添加或刪除對我們公司的覆蓋範圍而更改。請注意，分析師就我們的歷史或預測績效所作的任何意見、估計、預測或預測均屬於他們個人，不代表Rexford Industrial Realty, Inc.或其管理層的意見、估計、預測或預測。我們提供此列表是爲了服務於我們的股東，並不表示我們對這些公司的列名錶示支持或贊同這些信息、結論或建議。有興趣的人可以自行獲取分析師的報告副本；我們不提供這些報告。

2024年第三季度

財務報表補充包

第3頁


公司概括.
截至2024年9月30日季度結束

2024年第三季度

財務報表補充包

第4頁


重點-財務綜合結果.
每股收益在過去一年中上漲了5.45％至0.58美元，超過了0.49美元的估計值。			（單位百萬）

2024年第三季度

財務報表補充包

第5頁


財務和投資組合亮點以及資本化數據. (1)
			(以千爲單位，除股份和每股數據以及投資組合統計數據)


	三個月之內結束
	2024年9月30日		2024年6月30日		酒精飲料銷售 $ 32,907 45.5％ $ 30,136 42.1％ $ 66,223		2023年12月31日		2023年9月30日
財務業績：
總租金收入	$	238,396	$	232,973	$	210,990	$	207,909	$	204,212
淨收入	$	70,722	$	86,017	$	64,277	$	67,321	$	61,790

淨營業收入（NOI）	$	183,529	$	181,068	$	163,508	$	158,650	$	156,127
公司份額的核心經營活動資金	$	130,011	$	129,575	$	123,547	$	118,781	$	114,969
公司每普通股份核心FFO的份額-稀釋	$	0.59	$	0.60	$	0.58	$	0.56	$	0.56



調整後的EBITDA再度提醒	$	175,929	$	178,106	$	167,207	$	152,126	$	147,925
每股普通股宣告的股息	$	0.4175	$	0.4175	$	0.4175	$	0.380	$	0.380


投資組合統計信息:
組合可租賃面積（RSF）	50,067,981		49,710,628		49,162,216		45,860,368		44,998,613
結束房屋出租率	93.0%		93.7%		92.8%		94.1%		94.1%
最終入住率，不包括重新定位/重新開發(2)	97.6%		97.9%		96.9%		97.6%		97.9%
租金變動 - 標準會計準則下（GAAP）(3)	39.2%		67.7%		53.0%		63.1%		64.8%
租金變動 - 現金(3)	26.7%		49.0%		33.6%		45.6%		51.4%
同一物業投資組合表現：
同一物業投資組合最終入住率(4)	96.7%		97.3%		96.6%		97.1%		97.4%
同一物業投資組合淨運營收入增長(5)	2.6%		6.0%		5.7%
同一物業組合現金淨營業收入增長(5)	5.3%		9.1%		8.9%
資本化:
期末發行和流通股數總和(6)	227,278,210		225,623,274		224,992,152		219,629,857		213,435,271

B和C系列優先股和1、2和3系列CPOP單位	$	213,956	$	214,000	$	241,031	$	241,068	$	241,068
權益總市值	$	11,648,323	$	10,274,542	$	11,558,136	$	12,562,303	$	10,774,099
總負債合計	$	3,386,273	$	3,386,559	$	3,389,088	$	2,243,025	$	2,245,605
總市值（淨債務加權益）	$	14,972,760	$	13,535,391	$	14,610,264	$	14,771,884	$	12,936,436

比率：
淨債務佔總市值的比例	22.2%		24.1%		20.9%		15.0%		16.7%
淨債務與調整後EBITDA的比率再度提醒（季度結果年化）	4.7x		4.6x		4.6x		3.6x		3.7x

(1)For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 34 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 26-28.

(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 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 37.

(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: 8,175,868 (Sep 30, 2024), 8,218,426 (Jun 30, 2024), 7,609,215 (Mar 31, 2024), 7,631,847 (Dec 31, 2023) and 7,300,541 (Sep 30, 2023). Excludes the following # of shares of unvested restricted stock: 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024), 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023) and 349,557 (Sep 30, 2023). Excludes unvested LTIP units and unvested performance units.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 6


Guidance.
As of September 30, 2024

2024 OUTLOOK*

METRIC

Q3-2024 UPDATED

GUIDANCE

Q2-2024
GUIDANCE

YTD RESULTS AS OF SEPTEMBER 30, 2024

PRIMARY DRIVERS OF Q3-2024 UPDATED GUIDANCE

Net Income Attributable to Common Stockholders per diluted share (1)(2)

$1.20 - $1.22

$1.19 - $1.21

$0.94

Increase in FFO/share projections

Company share of Core FFO per diluted share (1)(2)

$2.33 - $2.35

$2.32 - $2.34

$1.77

See 2024 Guidance Rollforward on Page 8

Same Property Portfolio NOI Growth - GAAP (3)

4.25% - 4.75%

4.25% - 5.25%

4.7%

Primarily driven by updated Average Same Property Occupancy guidance

Same Property Portfolio NOI Growth - Cash (3)

7.0% - 7.5%

7.0% - 8.0%

7.7%

Average Same Property Portfolio Occupancy (Full Year) (3)(4)

96.5% - 96.75%

96.5% - 97.0%

96.9%

Driven by timing of expected new rent commencements and the projected early move-out of one larger tenant at 1601 Mission Blvd

General and Administrative Expenses (5)

+/- $83.0M

$60.2M

Unchanged

Net Interest Expense

+/- $99.0M

$70.4M

Unchanged

(1)Our 2024 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of October 16, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed.

(2)See page 38 for 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 includes properties that were wholly owned by us for the period from January 1, 2023 through October 16, 2024, and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-28) and select buildings in “Other Repositioning.” As of September 30, 2024, our 2024 Same Property Portfolio consisted of buildings aggregating 37.0 million rentable square feet at 293 of our properties, representing 73% 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 2023.

(5)Our 2024 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $38.8 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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 7


Guidance (Continued).
As of September 30, 2024

2024 Guidance Rollforward (1)


Earnings Components	Range ($ per share)		Notes
2024 Core FFO Per Diluted Share Guidance (Previous)	$2.32	$2.34	Q2 2024 Guidance
Same Property Portfolio NOI Growth	—	(0.01)	FY 2024 SP NOI Growth (GAAP) Guidance range of 4.25% - 4.75%
3Q Investments	0.01	0.01	Incremental NOI related to $131M of acquisitions closed since prior guidance
3Q Dispositions	—	—	Incremental NOI related to $7M of dispositions closed since prior guidance
Repositioning/Redevelopment NOI	—	—	Change in incremental NOI from repositionings/redevelopments compared to prior quarter
Net G&A Expense	—	—	FY 2024 Guidance range of +/- $83.0M
Net Interest Expense	—	—	FY 2024 Guidance range of +/- $99.0M
Other	—	0.01	Includes impact from projected NOI related to Non-Same Property pool and equity issuance
2024 Core FFO Per Diluted Share Guidance (Current)	$2.33	$2.35
Core FFO Per Diluted Share Annual Growth	6%	7%

(1)2024 Guidance and Guidance Rollforward represent the in-place portfolio as of October 16, 2024, and does not include any assumptions for additional prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 8


Consolidated Balance Sheets.						(unaudited and in thousands)


	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
ASSETS
Land	$	7,703,232	$	7,650,740	$	7,568,720	$	6,815,622	$	6,606,022
Buildings and improvements	4,416,032		4,330,709		4,260,512		3,933,379		3,869,303
Tenant improvements	181,785		178,832		172,707		167,251		160,108
Furniture, fixtures, and equipment	132		132		132		132		132
Construction in progress	370,431		343,275		258,413		240,010		188,079
Total real estate held for investment	12,671,612		12,503,688		12,260,484		11,156,394		10,823,644
Accumulated depreciation	(925,373)		(874,413)		(827,576)		(782,461)		(739,369)
Investments in real estate, net	11,746,239		11,629,275		11,432,908		10,373,933		10,084,275
Cash and cash equivalents	61,836		125,710		336,960		33,444		83,268

Loan receivable, net	123,129		123,014		122,899		122,784		—
Rents and other receivables, net	17,315		17,685		17,896		17,494		18,973
Deferred rent receivable, net	151,637		140,196		130,694		123,325		114,927
Deferred leasing costs, net	69,152		68,161		61,017		59,351		56,735
Deferred loan costs, net	2,356		2,713		3,069		3,426		3,783
Acquired lease intangible assets, net(1)	205,510		220,021		223,698		153,670		154,036
Acquired indefinite-lived intangible asset	5,156		5,156		5,156		5,156		5,156
Interest rate swap assets	3,880		16,510		16,737		9,896		24,494
Other assets	34,092		18,501		22,114		25,225		31,817
Acquisition related deposits	—		1,250		7,975		2,125		—


Total Assets	$	12,420,302	$	12,368,192	$	12,381,123	$	10,929,829	$	10,577,464
LIABILITIES & EQUITY
Liabilities
Notes payable	$	3,350,190	$	3,348,697	$	3,349,120	$	2,225,914	$	2,227,637
Interest rate swap liability	295		—		—		—		—
Accounts payable, accrued expenses and other liabilities	169,084		153,993		148,920		128,842		155,103
Dividends and distributions payable	95,288		94,582		94,356		83,733		81,423
Acquired lease intangible liabilities, net(2)	155,328		163,109		171,687		147,561		155,582
Tenant security deposits	91,983		91,162		91,034		84,872		83,643
Tenant prepaid rents(3)	93,218		101,473		110,727		115,002		30,772

Total Liabilities	3,955,386		3,953,016		3,965,844		2,785,924		2,734,160
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	2,195		2,178		2,178		2,123		2,065
Additional paid in capital	8,318,979		8,235,484		8,233,127		7,940,781		7,613,354
Cumulative distributions in excess of earnings	(407,695)		(381,507)		(370,720)		(338,835)		(320,180)
Accumulated other comprehensive income (loss)	1,474		13,834		13,922		7,172		21,142
Total stockholders’ equity	8,070,629		8,025,665		8,034,183		7,766,917		7,472,057
Noncontrolling interests	394,287		389,511		381,096		376,988		371,247
Total Equity	8,464,916		8,415,176		8,415,279		8,143,905		7,843,304
Total Liabilities and Equity	$	12,420,302	$	12,368,192	$	12,381,123	$	10,929,829	$	10,577,464

(1)Includes net above-market tenant lease intangibles of $30,435 (Sep 30, 2024), $32,936 (Jun 30, 2024), $32,446 (Mar 31, 2024), $10,790 (Dec 31, 2023) and $11,402 (Sep 30, 2023). Balance also includes net below-market ground lease intangible of $12,559 (Sep 30, 2024), $12,600 (Jun 30, 2024), $12,641 (Mar 31, 2024), $12,682 (Dec 31, 2023) and $12,724 (Sep 30, 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 $59.3 million as of Sep 30, 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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 9


Consolidated Statements of Operations.
Quarterly Results						(unaudited and in thousands, except share and per share data)


	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Revenues



Rental income(1)	$	238,396	$	232,973	$	210,990	$	207,909	$	204,212
Management and leasing services	156		156		132		163		158
Interest income	3,291		4,444		2,974		2,353		1,029
Total Revenues	241,843		237,573		214,096		210,425		205,399
Operating Expenses
Property expenses	54,867		51,905		47,482		49,259		48,085
General and administrative	20,926		19,307		19,980		19,988		18,575
Depreciation and amortization	69,241		67,896		66,278		65,839		60,449
Total Operating Expenses	145,034		139,108		133,740		135,086		127,109
Other Expenses
Other expenses	492		304		1,408		316		551
Interest expense	27,340		28,412		14,671		14,570		15,949

Total Expenses	172,866		167,824		149,819		149,972		143,609



Gains on sale of real estate	1,745		16,268		—		6,868		—
Net Income	70,722		86,017		64,277		67,321		61,790
Less: net income attributable to noncontrolling interests	(2,952)		(3,541)		(2,906)		(2,970)		(2,824)
Net income attributable to Rexford Industrial Realty, Inc.	67,770		82,476		61,371		64,351		58,966
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)

Less: earnings allocated to participating securities	(395)		(409)		(418)		(357)		(314)
Net income attributable to common stockholders	$	65,061	$	79,752	$	58,639	$	61,679	$	56,338

Earnings per Common Share
Net income attributable to common stockholders per share - basic	$	0.30	$	0.37	$	0.27	$	0.29	$	0.27
Net income attributable to common stockholders per share - diluted	$	0.30	$	0.37	$	0.27	$	0.29	$	0.27

Weighted average shares outstanding - basic	218,759,979		217,388,908		214,401,661		210,089,164		205,279,681
Weighted average shares outstanding - diluted	219,133,037		217,388,908		214,437,913		210,362,069		205,447,532

(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 37 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.

Third Quarter 2024

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Page 10


Consolidated Statements of Operations.
Quarterly Results (continued)						(unaudited and in thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenues



Rental income	$	238,396	$	204,212	$	682,359	$	583,474
Management and leasing services	156		158		444		519
Interest income	3,291		1,029		10,709		3,408
Total Revenues	241,843		205,399		693,512		587,401
Operating Expenses
Property expenses	54,867		48,085		154,254		135,220
General and administrative	20,926		18,575		60,213		55,039
Depreciation and amortization	69,241		60,449		203,415		178,671
Total Operating Expenses	145,034		127,109		417,882		368,930
Other Expenses
Other expenses	492		551		2,204		1,504
Interest expense	27,340		15,949		70,423		46,830

Total Expenses	172,866		143,609		490,509		417,264



Gains on sale of real estate	1,745		—		18,013		12,133
Net Income	70,722		61,790		221,016		182,270
Less: net income attributable to noncontrolling interests	(2,952)		(2,824)		(9,399)		(8,605)
Net income attributable to Rexford Industrial Realty, Inc.	67,770		58,966		211,617		173,665
Less: preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)

Less: earnings allocated to participating securities	(395)		(314)		(1,222)		(952)
Net income attributable to common stockholders	$	65,061	$	56,338	$	203,452	$	165,770

Net income attributable to common stockholders per share – basic	$	0.30	$	0.27	$	0.94	$	0.83
Net income attributable to common stockholders per share – diluted	$	0.30	$	0.27	$	0.94	$	0.83

Weighted-average shares of common stock outstanding – basic	218,759,979		205,279,681		216,857,153		200,455,490
Weighted-average shares of common stock outstanding – diluted	219,133,037		205,447,532		216,993,590		200,667,573

Third Quarter 2024

Supplemental Financial Reporting Package

Page 11


Non-GAAP FFO and Core FFO Reconciliations. (1)
						(unaudited and in thousands, except share and per share data)


	Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Net Income	$	70,722	$	86,017	$	64,277	$	67,321	$	61,790
Adjustments:
Depreciation and amortization	69,241		67,896		66,278		65,839		60,449

Gains on sale of real estate	(1,745)		(16,268)		—		(6,868)		—
NAREIT Defined Funds From Operations (FFO)	138,218		137,645		130,555		126,292		122,239
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)

Less: FFO attributable to noncontrolling interests(2)	(5,389)		(5,410)		(5,188)		(4,960)		(4,909)
Less: FFO attributable to participating securities(3)	(566)		(582)		(570)		(504)		(461)
Company share of FFO	$	129,949	$	129,338	$	122,483	$	118,513	$	114,555



Company share of FFO per common share‐basic	$	0.59	$	0.59	$	0.57	$	0.56	$	0.56
Company share of FFO per common share‐diluted	$	0.59	$	0.59	$	0.57	$	0.56	$	0.56

FFO	$	138,218	$	137,645	$	130,555	$	126,292	$	122,239
Adjustments:
Acquisition expenses	6		58		50		39		10


Amortization of loss on termination of interest rate swaps	59		59		59		59		59
Non-capitalizable demolition costs	—		129		998		180		361


Core FFO	138,283		137,891		131,662		126,570		122,669
Less: preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Less: Core FFO attributable to noncontrolling interests(2)	(5,391)		(5,418)		(5,226)		(4,969)		(4,924)
Less: Core FFO attributable to participating securities(3)	(567)		(583)		(575)		(505)		(462)
Company share of Core FFO	$	130,011	$	129,575	$	123,547	$	118,781	$	114,969



Company share of Core FFO per common share‐basic	$	0.59	$	0.60	$	0.58	$	0.57	$	0.56
Company share of Core FFO per common share‐diluted	$	0.59	$	0.60	$	0.58	$	0.56	$	0.56


Weighted-average shares outstanding-basic	218,759,979		217,388,908		214,401,661		210,089,164		205,279,681
Weighted-average shares outstanding-diluted(4)	219,133,037		217,388,908		214,437,913		210,362,069		205,447,532

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 34 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 common units of the Company’s operating partnership.

(3)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

(4)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.

Third Quarter 2024

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Page 12


Non-GAAP FFO and Core FFO Reconciliations. (1)
						(unaudited and in thousands, except share and per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net Income	$	70,722	$	61,790	$	221,016	$	182,270
Adjustments:
Depreciation and amortization	69,241		60,449		203,415		178,671

Gains on sale of real estate	(1,745)		—		(18,013)		(12,133)
Funds From Operations (FFO)	138,218		122,239		406,418		348,808
Less: preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)

Less: FFO attributable to noncontrolling interests	(5,389)		(4,909)		(15,987)		(14,554)
Less: FFO attributable to participating securities	(566)		(461)		(1,718)		(1,339)
Company share of FFO	$	129,949	$	114,555	$	381,770	$	325,972

Company share of FFO per common share‐basic	$	0.59	$	0.56	$	1.76	$	1.63
Company share of FFO per common share‐diluted	$	0.59	$	0.56	$	1.76	$	1.62

FFO	$	138,218	$	122,239	$	406,418	$	348,808
Adjustments:
Acquisition expenses	6		10		114		330
Impairment of right-of-use asset	—		—		—		188

Amortization of loss on termination of interest rate swaps	59		59		177		177
Non-capitalizable demolition costs	—		361		1,127		701
Write-offs of below-market lease intangibles related to unexercised renewal options(2)	—		—		—		(1,318)
Core FFO	138,283		122,669		407,836		348,886
Less: preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)
Less: Core FFO attributable to noncontrolling interests	(5,391)		(4,924)		(16,035)		(14,556)
Less: Core FFO attributable to participating securities	(567)		(462)		(1,725)		(1,339)
Company share of Core FFO	$	130,011	$	114,969	$	383,133	$	326,048

Company share of Core FFO per common share‐basic	$	0.59	$	0.56	$	1.77	$	1.63
Company share of Core FFO per common share‐diluted	$	0.59	$	0.56	$	1.77	$	1.62

Weighted-average shares outstanding-basic	218,759,979		205,279,681		216,857,153		200,455,490
Weighted-average shares outstanding-diluted	219,133,037		205,447,532		216,993,590		200,667,573

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 34 of this report.

(2)Reflects the write-off of the portion of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised due to the termination of the lease at the end of the initial lease term.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 13


Non-GAAP AFFO Reconciliation. (1)
						(unaudited and in thousands, except share and per share data)


	Three Months Ended
	September 30, 2024		June 30, 2024		March 31, 2024		December 31, 2023		September 30, 2023
Funds From Operations(2)	$	138,218	$	137,645	$	130,555	$	126,292	$	122,239
Adjustments:
Amortization of deferred financing costs	1,252		1,266		1,011		1,000		1,001
Non-cash stock compensation	9,918		11,057		9,088		9,338		8,166


Amortization related to termination/settlement of interest rate derivatives	136		137		137		137		137
Note payable (discount) premium amortization, net	1,511		1,491		293		214		205
Non-capitalizable demolition costs	—		129		998		180		361
Deduct:
Preferred stock dividends	(2,314)		(2,315)		(2,314)		(2,315)		(2,314)
Straight line rental revenue adjustment(3)	(11,441)		(9,567)		(7,368)		(8,514)		(11,792)
Above/(below) market lease revenue adjustments	(6,635)		(7,268)		(7,591)		(8,119)		(7,241)
Capitalized payments(4)	(13,900)		(12,280)		(13,163)		(12,443)		(10,581)
Accretion of net loan origination fees	(115)		(115)		(115)		(84)		—
Recurring capital expenditures(5)	(5,254)		(3,502)		(2,990)		(7,047)		(10,874)
2nd generation tenant improvements(6)	(18)		(123)		(226)		(128)		(413)
2nd generation leasing commissions(7)	(2,660)		(7,436)		(3,231)		(3,483)		(3,993)

Adjusted Funds From Operations (AFFO)	$	108,698	$	109,119	$	105,084	$	95,028	$	84,901

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 34 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 $7,600, $4,586, $3,886, $4,285 and $6,745 for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

(4)Includes capitalized interest, taxes, insurance and construction-related compensation costs.

(5)Excludes nonrecurring capital expenditures of $94,436, $89,120, $62,037, $80,398 and $67,472 for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

(6)Excludes 1st generation tenant improvements of $470, $681, $378, $1,401 and $77 for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

(7)Excludes 1st generation leasing commissions of $2,776, $3,921, $2,189, $2,992 and $1,179 for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 14


Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre. (1)
						(unaudited and in thousands)


NOI and Cash NOI

	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023



Rental income(2)(3)	$	238,396	$	232,973	$	210,990	$	207,909	$	204,212
Less: Property expenses	54,867		51,905		47,482		49,259		48,085
Net Operating Income (NOI)	$	183,529	$	181,068	$	163,508	$	158,650	$	156,127
Above/(below) market lease revenue adjustments	(6,635)		(7,268)		(7,591)		(8,119)		(7,241)
Straight line rental revenue adjustment	(11,441)		(9,567)		(7,368)		(8,514)		(11,792)
Cash NOI	$	165,453	$	164,233	$	148,549	$	142,017	$	137,094


EBITDAre and Adjusted EBITDAre

	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Net income	$	70,722	$	86,017	$	64,277	$	67,321	$	61,790
Interest expense	27,340		28,412		14,671		14,570		15,949
Depreciation and amortization	69,241		67,896		66,278		65,839		60,449
Gains on sale of real estate	(1,745)		(16,268)		—		(6,868)		—
EBITDAre	$	165,558	$	166,057	$	145,226	$	140,862	$	138,188
Stock-based compensation amortization	9,918		11,057		9,088		9,338		8,166

Acquisition expenses	6		58		50		39		10

Pro forma effect of acquisitions and loan issuance(4)	426		1,058		12,843		1,976		1,561
Pro forma effect of dispositions(5)	21		(124)		—		(89)		—
Adjusted EBITDAre	$	175,929	$	178,106	$	167,207	$	152,126	$	147,925

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 34 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): $(730), $(804), $(1,721), $(948) and $(1,033) for the three months ended September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively. The decrease for the three months ended March 31, 2024 is primarily isolated to a single tenant.

(4)Represents the estimated 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, the impact on Q1'24 EBITDAre of Q1'24 acquisitions as if they had been acquired on January 1, 2024, the impact on Q4'23 EBITDAre of Q4'23 acquisitions and the issuance of the $125 million loan receivable as if they had been acquired/issued on October 1, 2023 and the impact on Q3'23 EBITDAre of Q3'23 acquisitions as if they had been acquired on July 1, 2023. 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 owned the acquired entities as of the beginning of each period.

(5)Represents the estimated impact on Q3'24 EBITDAre of Q3'24 dispositions as if they had been sold as of July 1, 2024, the impact on Q2'24 EBITDAre of Q2'24 dispositions as if they had been sold as of April 1, 2024 and the impact on Q4'23 EBITDAre of Q4'23 dispositions as if they had been sold as of October 1, 2023.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 15


Same Property Portfolio Performance.(1)
						(unaudited and dollars in thousands)


Same Property Portfolio:
Number of properties									293
Square Feet									36,961,821


Same Property Portfolio NOI and Cash NOI:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2024		2023		$ Change		% Change		2024		2023		$ Change		% Change



Rental income(2)(3)(4)	$	175,334	$	170,392	$	4,942	2.9%		$	520,131	$	496,393	$	23,738	4.8%
Property expenses	41,207		39,620		1,587		4.0%		118,803		113,261		5,542		4.9%
Same Property Portfolio NOI	$	134,127	$	130,772	$	3,355	2.6%	(4)	$	401,328	$	383,132	$	18,196	4.7%	(4)
Straight-line rental revenue adjustment	(5,946)		(7,720)		1,774		(23.0)%		(15,813)		(21,666)		5,853		(27.0)%
Above/(below) market lease revenue adjustments	(4,905)		(5,977)		1,072		(17.9)%		(15,778)		(18,210)		2,432		(13.4)%
Same Property Portfolio Cash NOI	$	123,276	$	117,075	$	6,201	5.3%	(4)	$	369,737	$	343,256	$	26,481	7.7%	(4)


Same Property Portfolio Occupancy:

	Three Months Ended September 30,
	2024	2023	Year-over-Year Change (basis points)	Three Months Ended June 30, 2024	Sequential Change (basis points)
Quarterly Weighted Average Occupancy:(5)
Los Angeles County	97.3%	97.4%	(10) bps	97.0%	30 bps
Orange County	99.4%	98.5%	90 bps	99.7%	(30) bps
Riverside / San Bernardino County	96.9%	95.2%	170 bps	96.5%	40 bps
San Diego County	94.4%	97.8%	(340) bps	96.3%	(190) bps
Ventura County	92.9%	98.8%	(590) bps	94.8%	(190) bps
Quarterly Weighted Average Occupancy	96.9%	97.2%	(30) bps	96.9%	— bps
Ending Occupancy:	96.7%	97.4%	(70) bps	97.3%	(60) bps

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 34 of this report.

(2)See “Same Property Portfolio Rental Income” on page 37 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 September 30, 2024 and 2023.

(3)Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(421) thousand and $461 thousand for the three months ended September 30, 2024 and 2023, respectively, and $(2,408) thousand and $(820) thousand for the nine months ended September 30, 2024 and 2023, respectively.

(4)Rental income includes lease termination fees of $0 thousand and $92 thousand for the three months ended September 30, 2024 and 2023, respectively, and $131 thousand and $241 thousand for the nine months ended September 30, 2024 and 2023, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 2.6% and 4.8% and Same Property Portfolio Cash NOI increased by approximately 5.4% and 7.8% during the three and nine months ended September 30, 2024, compared to the three and nine months ended September 30, 2023, respectively.

(5)Calculated by averaging the occupancy rate at the end of each month in 3Q-2024 and June 2024 (for 3Q-2024), the end of each month in 3Q-2023 and June 2023 (for 3Q-2023) and the end of each month in 2Q-2024 and March 2024 (for 2Q-2024).

Third Quarter 2024

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Page 16


Capitalization Summary.
						(unaudited and in thousands, except share and per share data)

Capitalization as of September 30, 2024


Description	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
Common shares outstanding(1)	219,102,342			217,404,848			217,382,937			211,998,010			206,134,730
Operating partnership units outstanding(2)	8,175,868			8,218,426			7,609,215			7,631,847			7,300,541
Total shares and units outstanding at period end	227,278,210			225,623,274			224,992,152			219,629,857			213,435,271
Share price at end of quarter	$	50.31		$	44.59		$	50.30		$	56.10		$	49.35
Common Stock and Operating Partnership Units - Capitalization	$	11,434,367		$	10,060,542		$	11,317,105		$	12,321,235		$	10,533,031




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			27,031			27,031
4.00% Series 2 Cumulative Redeemable Convertible Preferred Units(4)	40,706			40,750			40,750			40,787			40,787
3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4)	12,000			12,000			12,000			12,000			12,000
Preferred Equity	$	213,956		$	214,000		$	241,031		$	241,068		$	241,068
Total Equity Market Capitalization	$	11,648,323		$	10,274,542		$	11,558,136		$	12,562,303		$	10,774,099

Total Debt	$	3,386,273		$	3,386,559		$	3,389,088		$	2,243,025		$	2,245,605
Less: Cash and cash equivalents	(61,836)			(125,710)			(336,960)			(33,444)			(83,268)
Net Debt	$	3,324,437		$	3,260,849		$	3,052,128		$	2,209,581		$	2,162,337

Total Combined Market Capitalization (Net Debt plus Equity)	$	14,972,760		$	13,535,391		$	14,610,264		$	14,771,884		$	12,936,436
Net debt to total combined market capitalization	22.2		%	24.1		%	20.9		%	15.0		%	16.7		%
Net debt to Adjusted EBITDAre (quarterly results annualized)(5)	4.7x			4.6x			4.6x			3.6x			3.7x
Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5)	5.0x			4.9x			4.9x			4.0x			4.1x

(1)Excludes the following number of shares of unvested restricted stock: 405,003 (Sep 30, 2024), 435,225 (Jun 30, 2024), 439,119 (Mar 31, 2024), 348,440 (Dec 31, 2023) and 349,557 (Sep 30, 2023).

(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 Sep 30, 2024, includes 956,339 vested LTIP Units & 1,141,840 vested performance units & excludes 368,795 unvested LTIP Units & 1,740,217 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, 905,548 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.

(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 34 and page 12 of this report, respectively.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 17


Debt Summary.
						(unaudited and dollars in thousands)


Debt Detail:
As of September 30, 2024
Debt Description	Maturity Date	Stated 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)	5.785%	$	—
$400M Term Loan Facility	7/18/2025(4)	SOFR+0.80%(5)	4.872%(6)	400,000
$100M Senior Notes	8/6/2025	4.290%	4.290%	100,000
$575M Exchangeable 2027 Senior Notes(7)	3/15/2027	4.375%	4.375%	575,000
$300M Term Loan Facility	5/26/2027	SOFR+0.80%(5)	3.717%(8)	300,000
$125M Senior Notes	7/13/2027	3.930%	3.930%	125,000
$300M Senior Notes	6/15/2028	5.000%	5.000%	300,000
$575M Exchangeable 2029 Senior Notes(7)	3/15/2029	4.125%	4.125%	575,000
$25M Series 2019A Senior Notes	7/16/2029	3.880%	3.880%	25,000
$400M Senior Notes	12/1/2030	2.125%	2.125%	400,000
$400M Senior Notes - Green Bond	9/1/2031	2.150%	2.150%	400,000
$75M Series 2019B Senior Notes	7/16/2034	4.030%	4.030%	75,000
Secured Debt:
$60M Term Loan Facility	10/27/2025(9)	SOFR+1.250%(9)	5.060%(10)	60,000
5160 Richton Street	11/15/2024	3.790%	3.790%	3,933
22895 Eastpark Drive	11/15/2024	4.330%	4.330%	2,482
701-751 Kingshill Place	1/5/2026	3.900%	3.900%	6,885
13943-13955 Balboa Boulevard	7/1/2027	3.930%	3.930%	14,310
2205 126th Street	12/1/2027	3.910%	3.910%	5,200
2410-2420 Santa Fe Avenue	1/1/2028	3.700%	3.700%	10,300
11832-11954 La Cienega Boulevard	7/1/2028	4.260%	4.260%	3,792
1100-1170 Gilbert Street (Gilbert/La Palma)	3/1/2031	5.125%	5.125%	1,590
7817 Woodley Avenue	8/1/2039	4.140%	4.140%	2,781
Total Debt			3.835%	$	3,386,273


Debt Composition:
Category	Weighted Average Term Remaining (yrs)(11)	Stated Interest Rate	Effective Interest Rate	Balance		% of Total
Fixed	3.8	3.835% (See Table Above)	3.835%	$	3,386,273	100%
Variable	—	—	—%	$	—	0%
Secured	2.1		4.553%	$	111,273	3%
Unsecured	3.9		3.811%	$	3,275,000	97%

*See footnotes on the following page*

Third Quarter 2024

Supplemental Financial Reporting Package

Page 18


Debt Summary (Continued).
						(unaudited and dollars in thousands)


Debt Maturity Schedule(12):
Year	Secured		Unsecured		Total		% Total		Effective Interest Rate(1)
2024	$	6,415	$	—	$	6,415	—	%	4.957	%
2025	60,000		500,000		560,000		17	%	4.756	%
2026	6,885		—		6,885		—	%	3.900	%
2027	19,510		1,000,000		1,019,510		30	%	4.118	%
2028	14,092		300,000		314,092		9	%	4.948	%
2029	—		600,000		600,000		18	%	4.115	%
2030	—		400,000		400,000		12	%	2.125	%
2031	1,590		400,000		401,590		12	%	2.162	%
2032	—		—		—		—	%	—	%
2033	—		—		—		—	%	—	%
Thereafter	2,781		75,000		77,781		2	%	4.034	%
Total	$	111,273	$	3,275,000	$	3,386,273	100	%	3.835	%

(1)Includes the effect of interest rate swaps effective as of September 30, 2024. 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 $36.1 million as of September 30, 2024.

(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. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.01% to zero for the facility fee.

(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. In June 2024, after certifying that our sustainability performance was achieved at the target level for 2023, the sustainability-linked pricing adjustment changed from -0.04% to zero for the margin.

(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 3.8 years, or 4.0 years including extension options.

(12)Excludes potential exercise of extension options and excludes the effect of schedule monthly principal payments on amortizing secured loans.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 19


Operations.
Quarterly Results

*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 22 for additional details related to this lease.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 20


Portfolio Overview.
At September 30, 2024						(unaudited results)

Consolidated Portfolio:


		Rentable Square Feet			Ending 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 LA	21	2,803,152	357,663	3,160,815	92.8	%	31.2	%	85.9	%	95.4	%	$	35,326	$13.02
Greater San Fernando Valley	74	5,645,467	1,317,611	6,963,078	96.8	%	84.4	%	94.5	%	98.8	%	104,555		$15.89
Mid-Counties	39	2,266,750	2,283,136	4,549,886	98.6	%	88.3	%	93.5	%	99.3	%	69,169		$16.27
San Gabriel Valley	47	3,908,505	2,130,789	6,039,294	99.1	%	90.1	%	95.9	%	99.0	%	73,984		$12.77
South Bay	81	6,154,130	1,369,219	7,523,349	98.3	%	76.6	%	94.4	%	98.8	%	156,981		$22.11
Los Angeles County	262	20,778,004	7,458,418	28,236,422	97.4	%	83.2	%	93.6	%	98.6	%	440,015		$16.64

North Orange County	25	1,405,308	1,404,940	2,810,248	98.8	%	68.2	%	83.5	%	99.3	%	42,480		$18.10
OC Airport	10	1,018,385	188,204	1,206,589	99.3	%	100.0	%	99.4	%	99.4	%	22,730		$18.94
South Orange County	10	448,762	183,098	631,860	100.0	%	93.9	%	98.2	%	98.2	%	10,232		$16.49
West Orange County	10	610,876	677,706	1,288,582	100.0	%	88.2	%	93.8	%	98.4	%	19,518		$16.15
Orange County	55	3,483,331	2,453,948	5,937,279	99.3	%	78.1	%	90.6	%	99.0	%	94,960		$17.66

Inland Empire East	1	33,258	—	33,258	100.0	%	—	%	100.0	%	100.0	%	660		$19.86
Inland Empire West	52	7,472,746	1,790,852	9,263,598	96.0	%	84.7	%	93.8	%	97.5	%	128,904		$14.83
Riverside / San Bernardino County	53	7,506,004	1,790,852	9,296,856	96.0	%	84.7	%	93.9	%	97.6	%	129,564		$14.85

Central San Diego	21	1,160,350	850,062	2,010,412	97.1	%	88.2	%	93.4	%	94.9	%	36,221		$19.30
North County San Diego	14	1,336,558	143,663	1,480,221	92.2	%	79.1	%	91.0	%	94.2	%	20,106		$14.93
San Diego County	35	2,496,908	993,725	3,490,633	94.5	%	86.9	%	92.3	%	94.6	%	56,327		$17.48

Ventura	18	2,697,574	409,217	3,106,791	91.5	%	78.8	%	89.8	%	90.4	%	36,191		$12.97
Ventura County	18	2,697,574	409,217	3,106,791	91.5	%	78.8	%	89.8	%	90.4	%	36,191		$12.97
CONSOLIDATED TOTAL / WTD AVG	423	36,961,821	13,106,160	50,067,981	96.7	%	82.6	%	93.0	%	97.6	%	$	757,057	$16.26

(1)See page 38 for historical occupancy by County.

(2)Excludes space aggregating 2,371,421 square feet at our properties that were in various stages of repositioning, redevelopment or lease-up as of September 30, 2024. See pages 26-28 for additional details on these properties.

(3)See page 34 for definitions and details on how these amounts are calculated.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 21


Executed Leasing Statistics and Trends.
						(unaudited results)

Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads:


	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Leasing Spreads:
GAAP Rent Change(1)	39.2	%	67.7	%	53.0	%	63.1	%	64.8	%
Cash Rent Change(1)	26.7	%	49.0	%	33.6	%	45.6	%	51.4	%

Leasing Activity (SF):(2)
New leases	994,566		1,033,006		830,941		727,886		862,420
Renewal leases	599,529		1,228,905		2,398,076		1,196,023		667,179
Total leasing activity	1,594,095		2,261,911		3,229,017		1,923,909		1,529,599

Total expiring leases	(1,677,064)		(2,038,430)		(3,819,253)		(2,193,335)		(1,653,111)
Expiring leases - placed into repositioning/redevelopment	476,821		175,533		732,083		473,701		557,387
Net absorption(3)	393,852		399,014		141,847		204,275		433,875
Retention rate(4)	52	%	68	%	82	%	77	%	62	%
Retention + Backfill rate(5)	72	%	80	%	87	%	84	%	80	%


Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(6)
				GAAP Rent			Cash Rent				Turnover Costs(7)
Third Quarter 2024:	# Leases Signed	SF of Leasing	Wtd. Avg. Lease Term (Years)	Current Lease	Prior Lease	Rent Change - GAAP	Current Lease	Prior Lease	Rent Change - Cash	Wtd. Avg. Abatement (Months)	Tenant Improvements per SF	Leasing Commissions per SF
New	56	994,566	4.1	$16.89	$12.44	35.8%	$16.72	$13.30	25.7%	3.4	$3.37	$4.48
Renewal	52	599,529	4.4	$18.57	$13.13	41.4%	$17.76	$13.96	27.3%	1.7	$0.48	$1.79
Total / Wtd. Average	108	1,594,095	4.2	$17.88	$12.85	39.2%	$17.33	$13.68	26.7%	2.4	$1.67	$2.90

(1)GAAP 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 make investment decisions based on our quarterly leasing statistics as compared to our prior periods. Including the Tireco, Inc. lease, the GAAP 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.

(3)Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into Repositioning, Redevelopment or “Other Repositioning.” Net absorption for all stated periods reflects the current definition.

(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 21 leases aggregating 701,903 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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 22


Leasing Statistics (Continued).
						(unaudited results)

Lease Expiration Schedule as of September 30, 2024:


Year of Lease Expiration	# of Leases Expiring	Total Rentable Square Feet	In-Place + Uncommenced ABR (in thousands)		In-Place + Uncommenced ABR per SF
Available	—	1,030,508	$	—	$—
Repositioning/Redevelopment(1)	—	1,962,423	—		$—
MTM Tenants	5	167,492	2,118		$12.65
2024	91	1,773,716	24,650		$13.90
2025	416	7,291,469	110,128		$15.10
2026	396	8,832,064	126,711		$14.35
2027	301	7,697,538	125,210		$16.27
2028	165	6,244,924	115,336		$18.47
2029	151	5,190,503	92,400		$17.80
2030	44	2,393,063	37,191		$15.54
2031	28	3,431,551	50,063		$14.59
2032	21	1,260,518	25,163		$19.96
2033	10	386,007	7,352		$19.05
Thereafter	40	2,406,205	49,894		$20.74
Total Portfolio	1,668	50,067,981	$	766,216	$16.28

(1)Represents vacant space at properties that were classified as repositioning or redevelopment as of September 30, 2024. Excludes completed or pre-leased repositioning/redevelopment properties and properties in lease-up. See pages 26-28 for additional details on these properties.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 23


Top Tenants and Lease Segmentation.
						(unaudited results)

Top 20 Tenants as of September 30, 2024


Tenant	Submarket	Leased 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.(2)	Inland Empire West	1,101,840	$19,251	2.5%	$17.47	1/31/2027
L3 Technologies, Inc.	Multiple Submarkets(3)	595,267	$12,555	1.6%	$21.09	9/30/2031
Zenith Energy West Coast Terminals LLC	South Bay	—(4)	$11,675	1.5%	$3.34(4)	9/29/2041
Cubic Corporation	Central San Diego	515,382	$11,110	1.5%	$21.56	3/31/2038(5)
IBY, LLC	San Gabriel Valley	1,178,021	$10,981	1.4%	$9.32	4/5/2031(6)
Federal Express Corporation	Multiple Submarkets(7)	527,861	$10,278	1.4%	$19.47	11/30/2032(7)
GXO Logistics Supply Chain, Inc.	Mid-Counties	411,034	$8,730	1.2%	$21.24	11/30/2028
Best Buy Stores, L.P.	Inland Empire West	501,649	$8,529	1.1%	$17.00	6/30/2029
The Hertz Corporation	South Bay	38,680(8)	$8,249	1.1%	$10.30(8)	3/31/2026
Orora Packaging Solutions	Multiple Submarkets(9)	375,565	$6,400	0.8%	$17.04	9/30/2028(9)
Top 10 Tenants		5,245,299	$107,758	14.1%
Top 11 - 20 Tenants		3,135,604	$47,673	6.2%
Total Top 20 Tenants		8,380,903	$155,431	20.3%

(1)See page 34 for further details on how these amounts are calculated.

(2)In Q1-2024, we executed a lease extension with Tireco, Inc. The lease was extended through Jan-2027 at the current in-place rent and includes a 4.0% contractual rent increase in 2026 and two months of rent abatement.

(3)Includes (i) 133,836 RSF in North Orange County expiring Dec 31, 2024 and (ii) 461,431 RSF in LA-South Bay expiring Sep 30, 2031.

(4)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.

(5)Includes (i) 200,155 RSF expiring Mar 31, 2026 and (ii) 315,227 RSF expiring Mar 31, 2038.

(6)Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031.

(7)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.

(8)The tenant is leasing 18.4 acres of land with ABR of $8.2 million or $10.30 per land square foot.

(9)Includes (i) 96,993 RSF in North County San Diego expiring Sep 30, 2026 and (ii) 278,572 RSF in North Orange County expiring Sep 30, 2028.


Lease Segmentation by Size:

Square Feet	Number 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)
<4,999	609	1,494,123		1,629,844		91.7%		93.2%	$	28,894	3.8%	$19.34
5,000 - 9,999	233	1,658,365		1,819,245		91.2%		95.6%	31,095		4.1%	$18.75
10,000 - 24,999	332	5,336,774		5,904,685		90.4%		93.7%	96,753		12.6%	$18.13
25,000 - 49,999	177	6,543,208		7,468,929		87.6%		94.5%	108,887		14.2%	$16.64
50,000 - 99,999	122	8,935,296		9,676,778		92.3%		98.8%	144,735		18.9%	$16.20
>100,000	123	22,858,744		23,319,960		98.0%		100.0%	310,993		40.6%	$13.60
Building Subtotal / Wtd. Avg.	1,596	46,826,510	(2)	49,819,441	(2)	94.0%	(2)	97.8%	$	721,357	94.2%	$15.40
Land/IOS(3)	27	8,382,470	(4)						42,385		5.5%	$5.06	(4)
Other(3)	45								2,474		0.3%
Total	1,668								$	766,216	100.0%

(1)See page 34 for further details on how these amounts are calculated.

(2)Excludes 248,540 leased RSF and 248,540 building RSF that are associated with “Land/IOS.” Including this RSF, total portfolio is 94.0% 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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 24


Capital Expenditure Summary.
(unaudited results, in thousands, except square feet and per square foot data)

Nine months ended September 30, 2024


										Year to Date
	Q3-2024			Q2-2024			Q1-2024			Total			SF(1)	PSF
Tenant Improvements:
New Leases – 1st Generation	$	470		$	681		$	378		$	1,529		934,870	$	1.64
New Leases – 2nd Generation	17			102			—			119			68,590	$	1.73
Renewals	1			21			226			248			262,122	$	0.95
Total Tenant Improvements	$	488		$	804		$	604		$	1,896

Leasing Commissions & Lease Costs:
New Leases – 1st Generation	$	2,776		$	3,921		$	2,189		$	8,886		1,768,780	$	5.02
New Leases – 2nd Generation	1,708			3,167			985			5,860			1,668,893	$	3.51
Renewals	952			4,269			2,246			7,467			2,319,487	$	3.22
Total Leasing Commissions & Lease Costs	$	5,436		$	11,357		$	5,420		$	22,213


Total Recurring Capex	$	5,254		$	3,502		$	2,990		$	11,746		48,686,146	$	0.24
Recurring Capex % of NOI	2.9		%	1.9		%	1.8		%	2.2		%
Recurring Capex % of Rental Income	2.2		%	1.5		%	1.4		%	1.7		%

Nonrecurring Capex:
Repositioning and Redevelopment in Process(2)	$	85,176		$	82,718		$	55,817		$	223,711
Unit Renovation(3)	4,358			2,379			1,843			8,580
Other(4)	4,902			4,023			4,377			13,302
Total Nonrecurring Capex	$	94,436		$	89,120		$	62,037		$	245,593		34,345,576	$	7.15

Other Capitalized Costs(5)	$	14,170		$	12,673		$	13,535		$	40,378

(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 September 30, 2024. See pages 26-28 for details of these properties.

(3)Includes non-tenant-specific capital expenditures with costs 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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 25


Properties and Space Under Repositioning/Redevelopment.(1)
As of September 30, 2024						(unaudited results, $ in millions)


Repositioning

	Total Property RSF(2)	Repo/ Lease-Up RSF(2)	Total Property Leased % 9/30/2024	Est. Constr. Period(1)		Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Repo Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 3Q-2024(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
Property (Submarket)				Start	Target Complet.
CURRENT REPOSITIONING:
14434-14527 San Pedro St. (South Bay)	61,398	61,398	—%	3Q-23	1Q-25	3Q-25	$	49.8	$	14.6	$	64.4	$	58.3	$	0.0	$	3.6	5.6%
29120 Commerce Center Drive (SF Valley)	135,258	135,258	100%(4)	3Q-23	4Q-25	3Q-26	27.1		3.8		30.9		29.7		0.5		2.5		8.0%
12907 Imperial Highway (Mid-Counties)	101,080	101,080	100%(5)	1Q-24	4Q-24	4Q-24	12.3		3.0		15.3		14.2		(0.1)		2.2		14.3%
East 27th Street (Central LA)(6)	300,389	126,563	58%	1Q-24	4Q-24	2Q-25	26.9		5.3		32.2		31.1		(0.1)		1.8		5.7%
122-125 N. Vinedo Avenue (SF Valley)	48,446	48,446	—%	1Q-24	4Q-24	3Q-25	5.3		3.2		8.5		7.5		0.0		1.2		13.6%
17000 Kingsview Avenue (South Bay)	95,865	95,865	77%(7)	1Q-24	2Q-25	4Q-25	14.0		4.4		18.4		15.5		0.2		1.6		8.5%
29125 Avenue Paine (SF Valley)	176,107	176,107	100%(8)	1Q-24	3Q-25	1Q-26	45.3		5.7		51.0		49.6		0.4		3.1		6.2%
19301 Santa Fe Avenue (South Bay)	LAND	LAND	—%	2Q-24	1Q-25	3Q-25	14.7		5.8		20.5		15.7		0.0		0.9		4.5%
1315 Storm Parkway (South Bay)	37,844	37,844	—%	2Q-24	1Q-25	4Q-25	8.5		3.5		12.0		10.2		0.0		0.7		6.0%
Harcourt & Susana (South Bay)	33,461	33,461	—%	2Q-24	3Q-25	2Q-26	54.4		9.9		64.3		56.7		0.0		2.6		4.1%
Total/Weighted Average	989,848	816,022					$	258.3	$	59.2	$	317.5	$	288.5	$	0.9	$	20.2	6.4%

LEASE-UP REPOSITIONING:
500 Dupont Avenue (Inland Empire West)	274,885	274,885	100%(9)	1Q-23	1Q-24	4Q-24	$	58.8	$	9.5	$	68.3	$	68.3	$	(0.2)	$	3.7	5.5%
11308-11350 Penrose Street (SF Valley)(10)	151,011	71,547	53%	1Q-23	1Q-24	1Q-25	12.1		5.2		17.3		16.7		0.0		1.4		8.0%
4039 Calle Platino (North County SD)	143,663	73,807	79%	2Q-23	1Q-24	4Q-24	20.5		4.2		24.7		24.4		0.3		2.1		8.4%
2880 Ana Street (South Bay)	LAND	LAND	—%	3Q-23	3Q-24	1Q-25	34.9		5.4		40.3		39.6		(0.1)		1.7		4.3%
1020 Bixby Drive (SG Valley)	57,600	57,600	—%	1Q-24	3Q-24	2Q-25	16.5		3.4		19.9		19.4		(0.1)		0.8		4.3%
Total/Weighted Average	627,159	477,839					$	142.8	$	27.7	$	170.5	$	168.4	$	(0.1)	$	9.7	5.8%

STABILIZED REPOSITIONING:
17311 Nichols Lane (West OC)	104,182	104,182	100%	1Q-24	3Q-24	3Q-24	$	17.1	$	4.2	$	21.3	$	20.3	$	(0.1)	$	1.7	8.2%


FUTURE REPOSITIONING:
8985 Crestmar Point (Central SD)	53,395	53,395	87%	4Q-24	2Q-25	4Q-25	$	8.1	$	4.4	$	12.5	$	8.2	$	0.0	$	0.8	6.8%
14955 Salt Lake Avenue (SG Valley)	126,036	45,930	100%	4Q-24	4Q-25	3Q-26	10.9		3.9		14.8		11.1		0.4		1.8		12.3%
Figueroa & Rosecrans (South Bay)	56,700	56,700	—%	1Q-25	4Q-25	3Q-26	61.4		13.5		74.9		62.4		0.0		3.0		4.0%
9455 Cabot Drive (Central SD)	99,403	83,563	100%	1Q-25	4Q-25	4Q-26	12.2		7.7		19.9		12.5		0.3		1.9		9.7%
Total/Weighted Average	335,534	239,588					$	92.6	$	29.5	$	122.1	$	94.2	$	0.7	$	7.5	6.2%

Total Repositioning (Excluding Other)	2,056,723	1,637,631					$	510.8	$	120.6	$	631.4	$	571.4	$	1.4	$	39.1	6.2%

OTHER REPOSITIONING:
16 projects totaling 524,645 RSF with estimated costs < $2 million individually(11)									$	17.3			$	11.0	$	1.4	$	16.3	6.5% - 7.5%

Third Quarter 2024

Supplemental Financial Reporting Package

Page 26


Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2024						(unaudited results, $ in millions)


Redevelopment

	Projected RSF(12)	Total Property Leased % 9/30/2024	Est. Constr. Period(1)		Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Redev Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 3Q-2024(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
Property (Submarket)			Start	Target Complet.
CURRENT REDEVELOPMENT:
1055 Sandhill Avenue (South Bay)	127,775	—%	3Q-21	4Q-24	1Q-25	$	12.0	$	20.5	$	32.5	$	32.3	$	0.0	$	2.3	7.0%
9615 Norwalk Boulevard (Mid-Counties)	201,571	—%	3Q-21	2Q-25	4Q-25	9.6		49.4		59.0		44.3		0.0		4.4		7.5%
3233 Mission Oaks Blvd. (Ventura)(13)	116,852	—%	2Q-22	4Q-24	2Q-25	40.7		28.4		69.1		65.3		0.9		5.9		8.5%
8888 Balboa Avenue (Central SD)	123,492	—%	3Q-22	4Q-24	2Q-25	19.9		22.7		42.6		40.0		0.0		2.7		6.2%
6027 Eastern Avenue (Central LA)	94,140	—%	3Q-22	1Q-25	3Q-25	23.4		21.1		44.5		41.6		0.0		1.9		4.2%
12118 Bloomfield Avenue (Mid-Counties)	107,045	—%	4Q-22	4Q-24	2Q-25	16.7		20.4		37.1		31.4		0.0		2.3		6.2%
4416 Azusa Canyon Road (SG Valley)	129,830	—%	4Q-22	1Q-25	3Q-25	12.3		21.8		34.1		24.0		0.0		2.6		7.7%
15010 Don Julian Road (SG Valley)	219,242	—%	1Q-23	4Q-25	2Q-26	22.9		37.8		60.7		34.8		0.0		4.2		6.9%
21515 Western Avenue (South Bay)	83,924	—%	2Q-23	1Q-25	4Q-25	19.1		19.3		38.4		28.2		0.0		1.8		4.6%
12772 San Fernando Road (SF Valley)	143,529	—%	3Q-23	4Q-24	2Q-25	22.1		23.8		45.9		38.9		0.0		3.0		6.6%
19900 Plummer Street (SF Valley)	79,539	—%	3Q-23	4Q-24	2Q-25	15.5		15.8		31.3		25.3		0.0		1.6		5.1%
17907-18001 Figueroa Street (South Bay)	76,468	—%	4Q-23	4Q-24	3Q-25	20.2		17.7		37.9		20.2		0.0		2.5		6.5%
Rancho Pacifica - Bldg 5 (South Bay)(14)	76,553	—%	4Q-23	4Q-24	3Q-25	9.3		16.3		25.6		18.9		0.0		1.4		5.6%
1500 Raymond Avenue (North OC)	136,218	—%	4Q-23	1Q-25	3Q-25	46.1		23.9		70.0		61.4		0.0		3.0		4.3%
Total/Weighted Average	1,716,178					$	289.8	$	338.9	$	628.7	$	506.6	$	0.9	$	39.6	6.3%

LEASE-UP REDEVELOPMENT:
9920-10020 Pioneer Blvd (Mid-Counties)	163,435	—%	4Q-21	3Q-24	1Q-25	$	23.6	$	32.9	$	56.5	$	52.9	$	0.0	$	3.4	6.0%
1901 Via Burton (North OC)	139,449	—%	1Q-22	2Q-24	1Q-25	24.5		21.1		45.6		44.3		0.0		2.9		6.5%
2390-2444 American Way (North OC)	100,483	—%	4Q-22	2Q-24	1Q-25	17.1		19.3		36.4		35.7		(0.1)		2.0		5.5%
3071 Coronado Street (North OC)	105,173	—%	1Q-23	1Q-24	1Q-25	28.2		16.1		44.3		43.4		(0.1)		2.2		4.9%
Total/Weighted Average	508,540					$	93.4	$	89.4	$	182.8	$	176.3	$	(0.2)	$	10.5	5.8%

— Table continues on next page —

Third Quarter 2024

Supplemental Financial Reporting Package

Page 27


Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2024						(unaudited results, $ in millions)


Redevelopment (Continued)

	Projected RSF(12)	Total Property Leased % 9/30/2024	Est. Constr. Period(1)		Est. Stabilization Period(1)(3)	Purch. Price(1)		Proj. Redev Costs(1)		Proj. Total Invest.(1)		Cumulative Investment to Date(1)		Actual Cash NOI 3Q-2024(1)		Est. Annual Stabilized Cash NOI(1)		Est. Unlevered Stabilized Yield(1)
Property (Submarket)			Start	Target Complet.




























FUTURE REDEVELOPMENT:
14940 Proctor Road (SG Valley)	159,532	—%	4Q-24	1Q-26	3Q-26	$	28.8	$	25.3	$	54.1	$	29.9	$	0.0	$	2.9	5.3%
11234 Rush Street (SG Valley)	103,108	—%	4Q-24	1Q-27	4Q-27	12.6		21.1		33.7		13.4		0.0		2.0		6.0%
7815 Van Nuys Blvd (SF Valley)	78,990	56%	1Q-25	2Q-26	4Q-26	25.6		16.3		41.9		26.1		0.0		2.0		4.7%
13711 Freeway Drive (Mid-Counties)	104,443	100%	1Q-25	2Q-26	1Q-27	34.1		21.3		55.4		35.1		0.2		2.6		4.6%
5235 Hunter Avenue (North OC)	117,772	100%	1Q-25	3Q-26	2Q-27	11.4		21.1		32.5		11.9		0.2		2.4		7.5%
3547-3555 Voyager Street (South Bay)	67,371	74%	2Q-25	4Q-26	2Q-27	21.1		18.7		39.8		21.6		0.1		1.7		4.4%
404-430 Berry Way (North OC)	147,500	16%	3Q-25	4Q-26	2Q-27	23.8		28.8		52.6		24.5		0.1		3.1		6.0%
600-708 Vermont Avenue (North OC)	263,800	100%	3Q-25	1Q-27	3Q-27	57.2		36.5		93.7		57.9		0.9		5.8		6.2%
9323 Balboa Avenue (Central SD)	163,400	100%	3Q-25	1Q-27	3Q-27	27.1		28.5		55.6		27.7		0.0		3.4		6.2%
14005 Live Oak Avenue (SG Valley)	100,380	100%	3Q-25	2Q-27	1Q-28	25.6		20.5		46.1		25.7		0.2		2.2		4.8%
18455 Figueroa Street (South Bay)	179,284	100%	4Q-25	2Q-27	4Q-27	65.7		32.2		97.9		66.0		0.7		4.8		4.9%
Total/Weighted Average	1,485,580					$	333.0	$	270.3	$	603.3	$	339.8	$	2.4	$	32.9	5.5%

Total Redevelopment	3,710,298					$	716.2	$	698.6	$	1,414.8	$	1,022.7	$	3.1	$	83.0	5.9%

Total Repositioning / Redevelopment	5,347,929					$	1,227.0	$	819.2	$	2,046.2	$	1,594.1	$	4.5	$	122.1	6.0%

— See numbered footnotes on page 29 —

Third Quarter 2024

Supplemental Financial Reporting Package

Page 28


Properties and Space Under Repositioning/Redevelopment (Continued).(1)
As of September 30, 2024						(unaudited results, in thousands, except square feet)


Prior and Current Year Stabilized Repositioning/Redevelopment
Property (Submarket)	Rentable Square Feet	Stabilized Period	Unlevered Stabilized Yield
12821 Knott Street (West OC)	165,171	2Q-23	10.3%
12133 Greenstone Avenue (Mid-Counties)	LAND	2Q-23	7.2%
14100 Vine Place (Mid-Counties)	122,514	2Q-23	4.5%
15601 Avalon Boulevard (South Bay)	86,879	2Q-23	6.5%
19431 Santa Fe Avenue (South Bay)	LAND	4Q-23	12.9%
2800 Casitas Avenue (SF Valley)	116,158	4Q-23	5.4%
9755 Distribution Avenue (Central SD)	24,071	1Q-24	13.4%
8902-8940 Activity Road (Central SD)	13,950	1Q-24	7.0%
444 Quay Avenue (South Bay)	29,760	2Q-24	9.0%
263-321 Gardena Blvd (South Bay)	55,238	2Q-24	10.3%
20851 Currier Road (SG Valley)(15)	59,412	3Q-24	4.7%
17311 Nichols Lane (West OC)	104,182	3Q-24	8.2%
12752-12822 Monarch Street (West OC)(15)	163,864	3Q-24	8.6%

(1)For definitions of “Properties and Space Under Repositioning/Redevelopment,” “Estimated Construction Period,” “Purchase Price,” “Projected Repositioning/Redevelopment Costs,” “Projected Total Investment,” “Cumulative Investment to Date,” “Estimated Annual Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Unlevered Stabilized Yield” and “Stabilization Date - Properties and Space Under Repositioning” see pages 36 - 37 in the Notes and Definitions section of this report.

(2)“Total Property RSF” is the total RSF of the entire property or particular building(s) (footnoted if applicable) under repositioning. “Repositioning/Lease-up RSF” is the actual RSF that is subject to repositioning at the property/building, and may be less than Total Property RSF.

(3)Represents the estimated quarter that the project will reach stabilization. Includes time to complete construction and lease-up the project. The actual period of stabilization may vary materially from our estimates.

(4)As of September 30, 2024, 29120 Commerce Center Drive has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.

(5)As of September 30, 2024, 12907 Imperial Highway has been leased and the tenant is taking partial occupancy. The tenant is expected to take full occupancy in 4Q-24 following completion of the repositioning.

(6)Costs and yield shown reflect only the 2034-2040 East 27th Street building being repositioned.

(7)As of September 30, 2024, 17000 Kingsview Avenue has been partially leased on a short-term basis with the tenant now expected to vacate on December 31, 2024. We are currently performing repositioning work around the short-term tenant.

(8)As of September 30, 2024, 29125 Avenue Paine has been leased on a short-term basis through June 30, 2025. We are currently performing repositioning work around the short-term tenant.

(9)As of September 30, 2024, 500 Dupont Avenue has been leased. The tenant has taken occupancy in 4Q-24.

(10)Costs and yield shown reflect only the 8430 Tujunga Avenue & 11320-11350 Penrose Street building that was repositioned.

(11)“Other Repositioning” includes 16 projects where estimated costs are generally less than $2.0 million individually. Repositioning at these 16 projects totals 524,645 RSF.

(12)Represents the estimated rentable square footage of the project upon completion of redevelopment.

(13)As of September 30, 2024, 3233 Mission Oaks Blvd comprises 409,217 RSF which are not being redeveloped. We are constructing one new building comprising 116,852 RSF. We are also performing site work across the entire project. At completion, the total project will contain 526,069 RSF. Costs and yield shown reflect the entire project.

(14)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 are constructing a new building comprising approximately 76,553 RSF. Amounts detailed in the tables above (RSF, leased %, costs, NOI and stabilized yield) reflect only this one building.

(15)As of June 30, 2024, 20851 Currier Road and 12752-12822 Monarch Street reached one year from the date of completion of repositioning and redevelopment work. As of September 30, 2024, both projects have stabilized upon reaching 90% occupancy and these stabilizations are reflected in the table above.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 29


Current Year Investments and Dispositions Summary.
As of September 30, 2024							(unaudited results)

2024 Acquisitions
Investment Date	Property Address	County	Submarket	Rentable Square Feet	Investment Price ($ in MM)		Occ. % at Acquisition	Est. Unlevered Stabilized Yield
1/31/2024	5000 & 5010 Azusa Canyon Road	Los Angeles	San Gabriel Valley	233,984	$	84.00	100%	5.4%
3/28/2024	Blackstone Industrial Assets(1)	Various	Various	3,008,578	996.80		98%	5.6%
4/5/2024	4422 Airport Drive	San Bernardino	Inland Empire West	88,283	26.73		100%	5.5%
5/10/2024	1901 Rosslynn Avenue	Orange	North Orange County	278,572	94.25		100%	6.3%
5/23/2024	16203-16233 Arrow Highway	Los Angeles	San Gabriel Valley	134,542	48.50		100%	6.2%
7/22/2024	950 West 190th Street	Los Angeles	South Bay	188,545	41.29		100%	6.7%
9/20/2024	12900 Alondra Boulevard	Los Angeles	Mid-Counties	82,660	19.20		100%	6.5%
Total 2024 Acquisitions through September 30, 2024				4,015,164	$	1,310.77

2024 Subsequent Period Acquisitions

Investment
Date

Property Address

County

Submarket

Rentable Square Feet

Investment
Price
($ in MM)

Occ. % at
Acquisition

Est.
Unlevered
Stabilized
Yield

10/15/2024

13201 Dahlia Street

San Bernardino

Inland Empire West

278,650

70.06

100%

5.2%

Total Year to Date 2024 Acquisitions

4,293,814

1,380.83

2024 Dispositions

Disposition
Date

Property Address

County

Submarket

Rentable
Square Feet

Sale Price
($ in MM)

4/16/2024

2360-2364 East Sturgis Road

Ventura

49,641

10.00

5/3/2024

6423-6431 & 6407-6119 Alondra Boulevard

Los Angeles

South Bay

30,224

7.60

5/7/2024

15401 Figueroa Street

Los Angeles

South Bay

38,584

10.23

5/17/2024

8210 Haskell Avenue

Los Angeles

Greater San Fernando Valley

26,229

9.20

8/20/2024

2553 Garfield Avenue

Los Angeles

Central

25,615

7.28

Total 2024 Dispositions through September 30, 2024

170,293

44.31

(1)Represents the acquisition of 48 properties pursuant to three separate transactions with three Blackstone Real Estate entities. Property addresses are listed on the subsequent pages.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 30

Current Year Investments and Dispositions Summary (Continued).

As of September 30, 2024

(unaudited results)

2024 Current Period Acquisitions - Blackstone Industrial Assets

Investment
Date

Property Address

County

Submarket

Rentable
Square Feet

Occ. % at
Acquisition

3/28/2024

11120 Sherman Way

Los Angeles

Greater San Fernando Valley

28,094

100%

3/28/2024

11128 Gault Street

Los Angeles

Greater San Fernando Valley

30,488

100%

3/28/2024

11130 Sherman Way

Los Angeles

Greater San Fernando Valley

22,148

100%

3/28/2024

11150 Gault Street

Los Angeles

Greater San Fernando Valley

19,968

100%

3/28/2024

11156 Sherman Way

Los Angeles

Greater San Fernando Valley

25,929

100%

3/28/2024

11166 Gault Street

Los Angeles

Greater San Fernando Valley

20,592

100%

3/28/2024

7100 Case Avenue

Los Angeles

Greater San Fernando Valley

34,286

100%

3/28/2024

7100 Fair Avenue

Los Angeles

Greater San Fernando Valley

17,010

100%

3/28/2024

7101 Case Avenue

Los Angeles

Greater San Fernando Valley

17,010

100%

3/28/2024

7101 Fair Avenue

Los Angeles

Greater San Fernando Valley

32,741

100%

3/28/2024

7103 Fair Avenue

Los Angeles

Greater San Fernando Valley

17,010

100%

3/28/2024

7118 Fair Avenue

Los Angeles

Greater San Fernando Valley

20,273

100%

3/28/2024

7119 Fair Avenue

Los Angeles

Greater San Fernando Valley

20,273

100%

3/28/2024

7121 Case Avenue

Los Angeles

Greater San Fernando Valley

20,273

100%

3/28/2024

7149 Fair Avenue

Los Angeles

Greater San Fernando Valley

32,311

100%

3/28/2024

9140 Lurline Avenue

Los Angeles

Greater San Fernando Valley

146,516

100%

3/28/2024

10712-10748 Bloomfield Avenue

Los Angeles

Mid-Counties

75,960

100%

3/28/2024

12932-12958 Midway Place

Los Angeles

Mid-Counties

161,517

100%

3/28/2024

14407 Alondra Blvd

Los Angeles

Mid-Counties

221,415

100%

3/28/2024

14647-14667 Northam Street

Los Angeles

Mid-Counties

140,000

100%

3/28/2024

14680-14700 Alondra Blvd

Los Angeles

Mid-Counties

96,000

100%

3/28/2024

14710 Northam Street

Los Angeles

Mid-Counties

45,000

100%

3/28/2024

14720-14750 Alondra Blvd

Los Angeles

Mid-Counties

100,000

100%

3/28/2024

14725 Northam Street

Los Angeles

Mid-Counties

80,000

100%

3/28/2024

14730-14750 Northam Street

Los Angeles

Mid-Counties

67,468

100%

3/28/2024

9028 Dice Road

Los Angeles

Mid-Counties

96,000

100%

3/28/2024

17705-17709 Valley Blvd

Los Angeles

San Gabriel Valley

32,000

47%

3/28/2024

17745-17749 Valley Blvd

Los Angeles

San Gabriel Valley

40,095

100%

3/28/2024

17755 Valley Blvd

Los Angeles

San Gabriel Valley

30,000

100%

3/28/2024

421 Baldwin Park Blvd

Los Angeles

San Gabriel Valley

45,000

100%

3/28/2024

433 Baldwin Park Blvd

Los Angeles

San Gabriel Valley

102,654

100%

3/28/2024

437 Baldwin Park Blvd

Los Angeles

San Gabriel Valley

70,000

100%

3/28/2024

620-628 Hambledon Avenue

Los Angeles

San Gabriel Valley

40,000

75%

3/28/2024

630-634 Hambledon Avenue

Los Angeles

San Gabriel Valley

40,000

100%

3/28/2024

1715 West 132nd Street

Los Angeles

South Bay

20,168

100%

3/28/2024

2910 Pacific Commerce Drive East

Los Angeles

South Bay

150,000

100%

Third Quarter 2024

Supplemental Financial Reporting Package

Page 31

Current Year Investments and Dispositions Summary (Continued).

As of September 30, 2024

(unaudited results)

2024 Current Period Acquisitions - Blackstone Industrial Assets

Investment
Date

Property Address

County

Submarket

Rentable
Square Feet

Occ. % at
Acquisition

3/28/2024

1212 Howell Avenue

Orange

North Orange County

25,962

100%

3/28/2024

1222 Howell Avenue

Orange

North Orange County

81,325

100%

3/28/2024

1500 Walnut Avenue

Orange

North Orange County

121,615

100%

3/28/2024

200 Boysenberry Lane

Orange

North Orange County

198,275

100%

3/28/2024

4141 Palm Street

Orange

North Orange County

100,000

100%

3/28/2024

1217 Saint Gertrude Place

Orange

OC Airport

106,604

100%

3/28/2024

20472 Crescent Bay

Orange

South Orange County

31,020

59%

3/28/2024

20492 Crescent Bay

Orange

South Orange County

46,642

100%

3/28/2024

20512 Crescent Bay

Orange

South Orange County

29,285

64%

3/28/2024

20532 Crescent Bay

Orange

South Orange County

24,127

100%

3/28/2024

25172 Arctic Ocean Drive

Orange

South Orange County

52,024

100%

3/28/2024

4115 Schaefer Avenue

San Bernardino

Inland Empire West

33,500

100%

Total 2024 Current Period Acquisitions - Blackstone Industrial Assets

3,008,578

Third Quarter 2024

Supplemental Financial Reporting Package

Page 32


Net Asset Value Components.
As of September 30, 2024						(unaudited and in thousands, except share data)


Net Operating Income

Pro Forma Net Operating Income (NOI)(1)			Three Months Ended Sep 30, 2024
Total operating rental income			$238,396
Property operating expenses			(54,867)
Pro forma effect of uncommenced leases(2)			870
Pro forma effect of acquisitions(3)			426
Pro forma effect of dispositions(4)			21
Pro forma NOI effect of significant properties classified as repositioning, redevelopment and lease-up(5)			26,178
Pro Forma NOI			211,024
Above/(below) market lease revenue adjustments			(6,635)
Straight line rental revenue adjustment			(11,441)
Pro Forma Cash NOI			$192,948

Balance Sheet Items
Other assets and liabilities			September 30, 2024
Cash and cash equivalents			$61,836

Loan receivable, net			123,129
Rents and other receivables, net			17,315
Other assets			34,092

Accounts payable, accrued expenses and other liabilities			(169,084)
Dividends payable			(95,288)
Tenant security deposits			(91,983)
Prepaid rents			(93,218)
Estimated remaining cost to complete repositioning/redevelopment projects			(439,283)
Total other assets and liabilities			$(652,484)

Debt and Shares Outstanding

Total consolidated debt(6)			$3,386,273
Preferred stock/units - liquidation preference			$213,956

Common shares outstanding(7)			219,102,342
Operating partnership units outstanding(8)			8,175,868
Total common shares and operating partnership units outstanding			227,278,210

(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 34 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 July 1, 2024.

(3)Represents the estimated incremental NOI from Q3'24 acquisitions as if they had been acquired on July 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 NOI had we actually owned the acquired entities as of July 1, 2024.

(4)Represents the deduction of actual Q3'24 NOI for the properties that were sold during the current quarter. See page 30 for a detail of current year disposition properties.

(5)Represents the estimated incremental NOI from the properties that were classified as current or future repositioning/redevelopment, lease-up or stabilized during the three months ended September 30, 2024, assuming that all repositioning/redevelopment work had been completed and all of the properties were fully stabilized as of July 1, 2024. Includes all properties that are separately listed on pages 26-28 and excludes “Other Repositionings.” 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 July 1, 2024.

(6)Excludes unamortized loan discount and debt issuance costs totaling $36.1 million.

(7)Represents outstanding shares of common stock of the Company, which excludes 405,003 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 956,339 vested LTIP Units and 1,141,840 vested performance units and excludes 368,795 unvested LTIP Units and 1,740,217 unvested performance units.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 33


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 September 30, 2024, multiplied by 12. Includes leases that have commenced as of September 30, 2024 or leases where tenant has taken early possession of space as of September 30, 2024. 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 September 30, 2024.

•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 September 30, 2024, 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 September 30, 2024, 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 September 30, 2024.

•Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but have not yet commenced as of September 30, 2024.

•Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that have been signed but have not yet commenced as of September 30, 2024.

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 on-going 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).

Third Quarter 2024

Supplemental Financial Reporting Package

Page 34


Notes and Definitions.

Debt Covenants ($ in thousands)

September 30, 2024

Current Period Covenant

Revolver, $300M, $400M & $60M Term Loan Facilities

Senior Notes ($100M, $125M, $25M, $75M)

Maximum Leverage Ratio

less than 60%

25.4%

28.5%

Maximum Secured Leverage Ratio

less than 45%

0.8%

N/A

Maximum Secured Leverage Ratio

less than 40%

N/A

0.9%

Maximum Secured Recourse Debt

less than 15%

N/A

—%

Minimum Tangible Net Worth

$6,698,385

N/A

$9,334,951

Minimum Fixed Charge Coverage Ratio

at least 1.50 to 1.00

4.87 to 1.0

Unencumbered Leverage Ratio

less than 60%

26.6%

30.1%

Unencumbered Interest Coverage Ratio

at least 1.75 to 1.00

5.50 to 1.00


		September 30, 2024
	Current Period Covenant	Senior Notes ($400M due 2030 & $400M due 2031)
Maximum Debt to Total Asset Ratio	less than 60%	25.3%
Maximum Secured Debt to Total Asset Ratio	less than 40%	0.8%
Minimum Debt Service Coverage Ratio	at least 1.50 to 1.00	4.63 to 1.00
Minimum Unencumbered Assets to Unsecured Debt Ratio	at least 1.50 to 1.00	3.98 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, dispositions and the origination of loans receivable. 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
	Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023
EBITDAre	$	165,558		$	166,057		$	145,226		$	140,862		$	138,188
Above/(below) market lease revenue adjustments	(6,635)			(7,268)			(7,591)			(8,119)			(7,241)
Non-cash stock compensation	9,918			11,057			9,088			9,338			8,166


Straight line rental revenue adj.	(11,441)			(9,567)			(7,368)			(8,514)			(11,792)
Capitalized payments	(5,323)			(4,930)			(5,237)			(4,892)			(4,395)
Accretion of net loan origination fees	(115)			(115)			(115)			(84)			—
Recurring capital expenditures	(5,254)			(3,502)			(2,990)			(7,047)			(10,874)
2nd gen. tenant improvements	(18)			(123)			(226)			(128)			(413)
2nd gen. leasing commissions	(2,660)			(7,436)			(3,231)			(3,483)			(3,993)

Cash flow for fixed charge coverage calculation	$	144,030		$	144,173		$	127,556		$	117,933		$	107,646
Cash interest expense calculation detail:
Interest expense	27,340			28,412			14,671			14,570			15,949
Capitalized interest	8,577			7,350			7,926			7,551			6,186
Note payable premium amort.	(1,511)			(1,491)			(293)			(214)			(205)
Amort. of deferred financing costs	(1,252)			(1,266)			(1,011)			(1,000)			(1,001)
Amort. of swap term fees & t-locks	(136)			(137)			(137)			(137)			(137)
Cash interest expense	33,018			32,868			21,156			20,770			20,792
Scheduled principal payments	286			298			324			354			367
Preferred stock/unit dividends	2,815			2,846			3,116			3,116			3,116
Fixed charges	$	36,119		$	36,012		$	24,596		$	24,240		$	24,275
Fixed Charge Coverage Ratio	4.0		x	4.0		x	5.2		x	4.9		x	4.4		x

Third Quarter 2024

Supplemental Financial Reporting Package

Page 35


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.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 36


Notes and Definitions.

•Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 34) 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
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Rental revenue (before collectability adjustment)	$	197,506	$	193,497	$	176,215	$	173,866	$	169,822
Tenant reimbursements	40,969		39,682		35,650		34,507		34,842
Other income	651		598		846		484		581
Increase (reduction) in revenue due to change in collectability assessment	(730)		(804)		(1,721)		(948)		(1,033)
Rental income	$	238,396	$	232,973	$	210,990	$	207,909	$	204,212

Rent Change - Cash: 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.

Rent Change - GAAP: Compares GAAP rent, which straightlines rental rate increases and abatements, on new/renewal leases to GAAP 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 2024 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2023 through September 30, 2024, and excludes (i) properties that were acquired or sold during the period from January 1, 2023 through September 30, 2024, and (ii) properties acquired prior to January 1, 2023 that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2023 and 2024 (as separately listed on pages 26-28) 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
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
# of Properties	293		293		296		254		256
Square Feet	36,961,821		36,956,243		37,109,867		32,476,716		32,496,313
Ending Occupancy	96.7	%	97.3	%	96.4	%	97.5	%	97.9	%
SPP NOI growth	2.6	%	6.0	%	5.5	%	8.4	%	8.9	%
SPP Cash NOI growth	5.3	%	9.1	%	8.5	%	9.5	%	9.5	%

Same Property Portfolio Rental Income: See below for a breakdown of 2024 & 2023 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 September 30,							Nine Months Ended September 30,
	2024		2023		$ Change		% Change	2024		2023		$ Change		% Change
Rental revenue	$	144,957	$	140,665	$	4,292	3.1%	$	429,896	$	410,043	$	19,853	4.8%
Tenant reimbursements	29,766		29,221		545		1.9%	88,403		84,799		3,604		4.3%
Other income	611		506		105		20.8%	1,832		1,551		281		18.1%
Rental income	$	175,334	$	170,392	$	4,942	2.9%	$	520,131	$	496,393	$	23,738	4.8%

Reconciliation of Net Income to NOI and Cash NOI (in thousands):


	Three Months Ended
	Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023
Net Income	$	70,722	$	86,017	$	64,277	$	67,321	$	61,790

General and administrative	20,926		19,307		19,980		19,988		18,575
Depreciation & amortization	69,241		67,896		66,278		65,839		60,449
Other expenses	492		304		1,408		316		551
Interest expense	27,340		28,412		14,671		14,570		15,949


Management & leasing services	(156)		(156)		(132)		(163)		(158)
Interest income	(3,291)		(4,444)		(2,974)		(2,353)		(1,029)


Gains on sale of real estate	(1,745)		(16,268)		—		(6,868)		—
NOI	$	183,529	$	181,068	$	163,508	$	158,650	$	156,127
S/L rental revenue adj.	(11,441)		(9,567)		(7,368)		(8,514)		(11,792)
Above/(below) market lease revenue adjustments	(6,635)		(7,268)		(7,591)		(8,119)		(7,241)
Cash NOI	$	165,453	$	164,233	$	148,549	$	142,017	$	137,094

Third Quarter 2024

Supplemental Financial Reporting Package

Page 37


Notes and Definitions.

Reconciliation of Net Income to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income	$	70,722	$	61,790	$	221,016	$	182,270
General and administrative	20,926		18,575		60,213		55,039
Depreciation and amortization	69,241		60,449		203,415		178,671
Other expenses	492		551		2,204		1,504
Interest expense	27,340		15,949		70,423		46,830

Management and leasing services	(156)		(158)		(444)		(519)
Interest income	(3,291)		(1,029)		(10,709)		(3,408)

Gains on sale of real estate	(1,745)		—		(18,013)		(12,133)
NOI	$	183,529	$	156,127	$	528,105	$	448,254
Non-Same Property Portfolio rental income	(63,062)		(33,820)		(162,228)		(87,081)
Non-Same Property Portfolio property exp.	13,660		8,465		35,451		21,959
Same Property Portfolio NOI	$	134,127	$	130,772	$	401,328	$	383,132
Straight line rental revenue adjustment	(5,946)		(7,720)		(15,813)		(21,666)
Above/(below) market lease revenue adjustments	(4,905)		(5,977)		(15,778)		(18,210)
Same Property Portfolio Cash NOI	$	123,276	$	117,075	$	369,737	$	343,256

Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:


	2024 Estimate
	Low		High
Net income attributable to common stockholders	$	1.20	$	1.22
Company share of depreciation and amortization	1.21		1.21
Company share of gains on sale of real estate(1)	(0.08)		(0.08)



Company share of Core FFO	$	2.33	$	2.35

(1)Reflects the disposition of five properties during the nine months ended September 30, 2024. See page 30 for details of these properties.

Occupancy by County:


	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023
Ending Occupancy:
Los Angeles County	93.6%	94.9%	93.8%	95.4%	94.8%
Orange County	90.6%	88.0%	89.4%	92.4%	92.0%
Riverside / San Bernardino County	93.9%	94.8%	90.9%	90.8%	92.9%
San Diego County	92.3%	92.6%	94.9%	93.2%	92.2%
Ventura County	89.8%	92.5%	92.6%	96.7%	97.7%
Total/Weighted Average	93.0%	93.7%	92.8%	94.1%	94.1%

Total Portfolio RSF	50,067,981	49,710,628	49,162,216	45,860,368	44,998,613

Uncommenced Lease Data:


	Total/Weighted Average
Occupied SF	46,552,689
Uncommenced Renewal Leases - Leased SF(1)	1,011,909
Uncommenced New Leases - Leased SF(1)	522,361
Leased SF	47,075,050
Percent Leased	94.0		%

In-Place ABR(2)	$	757,057
ABR Under Uncommenced Leases (in thousands)(2)(3)	9,159
In-Place + Uncommenced ABR (in thousands)(2)	$	766,216
In-Place + Uncommenced ABR per SF(2)	$	16.28

(1)Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of September 30, 2024.

(2)See page 34 for further details on how these amounts are calculated.

(3)Includes $8.6 million of annualized base rent under Uncommenced New Leases and $0.5 million of incremental annualized base rent under Uncommenced Renewal Leases.

Third Quarter 2024

Supplemental Financial Reporting Package

Page 38