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Rexford Industrial Realty, Inc. — REXR+Q3 2026+Supplemental+FINAL (company IR deck)
Rexford Industrial Realty, Inc. (REXR) · 36 slides · Filed Oct 22, 2026
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Slide 1 — Exhibit 99.2
Exhibit 99.2
Slide 2 — Table of Contents.
Table of Contents. Section Page Corporate Data: Investor Company Summary ............................................................................................................................................................................................................................ 3 Company Overview ............................................................................................................................................................................................................................................ 4 Financial and Portfolio Highlights and Capitalization Data .......................................................................................................................................................................... 5 Guidance .............................................................................................................................................................................................................................................................. 6 Consolidated Financial Results: Consolidated Balance Sheets .......................................................................................................................................................................................................................... 8 Consolidated Statements of Operations ......................................................................................................................................................................................................... 9 Non-GAAP FFO, Core FFO and AFFO Reconciliations .............................................................................................................................................................................. 11 Statement of Operations Reconciliations ....................................................................................................................................................................................................... 14 Same Property Portfolio Performance ............................................................................................................................................................................................................ 15 Capitalization Summary .................................................................................................................................................................................................................................... 16 Debt Summary .................................................................................................................................................................................................................................................... 17 Portfolio Data: Operations ........................................................................................................................................................................................................................................................... 19 Portfolio Overview .............................................................................................................................................................................................................................................. 20 Executed Leasing Statistics and Trends ......................................................................................................................................................................................................... 21 Top Tenants and Lease Segmentation ............................................................................................................................................................................................................ 23 Capital Expenditure Summary ......................................................................................................................................................................................................................... 24 Properties and Space Under Repositioning/Development .......................................................................................................................................................................... 25 Current Year Investments and Dispositions Summary ................................................................................................................................................................................. 30 Net Asset Value Components ........................................................................................................................................................................................................................... 31 Notes and Definitions ......................................................................................................................................................................................................................................... 32 Disclosures: Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination. For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2025 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 10, 2026, and other risks described in documents we subsequently file from time to time with the SEC. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Our credit ratings, which are disclosed on page 4, may not reflect the potential impact of risks relating to the structure or trading of the Company's securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency's rating should be evaluated independently of any other agency's rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. Third Quarter 2026 Supplemental Financial Reporting Package Page 2
Slide 3 — Investor Company Summary.
Investor Company Summary. Executive Management Team Laura Clark Chief Executive Officer, Director John Nahas Chief Operating Officer Michael Fitzmaurice Chief Financial Officer David E. Lanzer General Counsel and Corporate Secretary Board of Directors Tyler H. Rose Chairman Laura Clark Chief Executive Officer, Director Robert L. Antin Director Diana J. Ingram Director Angela L. Kleiman Director Debra L. Morris Director David P. Stockert Director Investor Relations Information Doug Bettisworth SVP, Investor Relations and Capital Markets [email protected] Equity Research Coverage BofA Securities Samir Khanal (646) 855-1497 J.P. Morgan Securities Michael Mueller (212) 622-6689 Barclays Brendan Lynch (212) 526-9428 Jefferies LLC Jonathan Petersen (212) 284-1705 BMO Capital Markets John Kim (212) 885-4115 Mizuho Securities USA Vikram Malhotra (212) 282-3827 BNP Paribas Exane Nate Crossett (646) 342-1588 Raymond James & Associates David Rodgers (727) 590-6578 Cantor Fitzgerald Richard Anderson (929) 441-6927 Robert W. Baird & Co. Nicholas Thillman (414) 298-5053 Citigroup Investment Research Craig Mailman (212) 816-4471 Scotiabank Greg McGinniss (212) 225-6906 Colliers Securities Barry Oxford (203) 961-6573 Truist Securities Anthony Hau (212) 303-4176 Deutsche Bank Omotayo Okusanya (212) 250-9284 Wells Fargo Securities Blaine Heck (443) 263-6529 Evercore ISI Michael Griffin (212) 446-9462 Wolfe Research Andrew Rosivach (646) 582-9250 Green Street Advisors Vince Tibone (949) 640-8780 Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports. Third Quarter 2026 Supplemental Financial Reporting Package Page 3
Slide 4 — Company Overview.
Company Overview. For the Quarter Ended September 30, 2026 Third Quarter 2026 Supplemental Financial Reporting Package Page 4
Slide 5 — Financial and Portfolio Highlights and Capitalization Data.(1)
Financial and Portfolio Highlights and Capitalization Data.(1) (in thousands except share and per share data and portfolio statistics) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Financial Results: Total rental income $ 235,837 $ 242,996 $ 242,141 $ 243,230 $ 246,757 Net income (loss) $ 18,070 $ (523,811) $ 94,562 $ (67,735) $ 93,056 Net Operating Income (NOI) $ 178,841 $ 186,782 $ 185,378 $ 183,943 $ 188,878 Company share of Core FFO $ 132,698 $ 141,402 $ 139,758 $ 136,182 $ 141,700 Company share of Core FFO per common share - diluted $ 0.60 $ 0.63 $ 0.61 $ 0.59 $ 0.60 Adjusted EBITDAre $ 156,824 $ 182,052 $ 178,557 $ 177,808 $ 182,624 Dividend declared per common share $ 0.435 $ 0.435 $ 0.435 $ 0.430 $ 0.430 Portfolio Statistics: Portfolio rentable square feet (“RSF”) 44,469,043 49,934,203 50,445,312 51,161,188 50,850,824 Ending occupancy 91.3 % 90.0 % 90.7 % 90.2 % 91.8 % Ending occupancy excluding repositioning/development 96.1 % 94.8 % 95.2 % 96.0 % 97.3 % Net Effective Rent Change 7.1 % (2.8) % (10.0) % 22.0 % 26.1 % Cash Rent Change (3.0) % (11.3) % (15.4) % 9.0 % 10.3 % Same Property Portfolio Performance: Same Property Portfolio ending occupancy(2)(3) 96.9 % 94.9 % 95.7 % 96.6 % 97.1 % Same Property Portfolio NOI growth(3)(4) (2.6) % (0.1) % 2.6 % Same Property Portfolio Cash NOI growth(3)(4) (1.1) % 1.1 % 3.0 % Capitalization: Total shares and units issued and outstanding at period end(5) 222,935,580 231,077,181 233,127,293 238,245,286 240,452,878 Series B and C Preferred Stock and Series 3 CPOP Units $ 173,250 $ 173,250 $ 173,250 $ 173,250 $ 173,250 Total equity market capitalization $ 8,259,123 $ 7,914,336 $ 7,803,506 $ 9,398,107 $ 10,058,268 Total consolidated debt $ 2,786,284 $ 3,285,503 $ 3,271,720 $ 3,278,649 $ 3,278,896 Total combined market capitalization (net debt plus equity) $ 10,621,817 $ 11,167,613 $ 11,023,512 $ 12,510,978 $ 13,088,208 Ratios: Net debt to total combined market capitalization 22.2 % 29.1 % 29.2 % 24.9 % 23.2 % Net debt to Adjusted EBITDAre (quarterly results annualized) 3.8x 4.5x 4.5x 4.4x 4.1x (1) For definition/discussion of non-GAAP financial measures & reconciliations to their nearest GAAP equivalents, see definitions section & reconciliation section beginning on page 32 and page 11 of this report, respectively. (2) Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 35. (3) For comparability, Same Property Portfolio ending occupancy, NOI growth and Cash NOI growth for all comparable periods have been restated to remove the results of properties sold during Q3-2026. See page 30 for details related to dispositions. (4) Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio. (5) Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 8,674,743 (Sep 30, 2026), 8,716,332 (Jun 30, 2026), 8,605,741 (Mar 31, 2026), 8,288,228 (Dec 31, 2025) and 8,155,706 (Sep 30, 2025). Excludes the following # of shares of unvested restricted stock: 603,204 (Sep 30, 2026), 628,208 (Jun 30, 2026), 1,764,934 (Mar 31, 2026), 1,623,077 (Dec 31, 2025) and 513,234 (Sep 30, 2025). Excludes unvested LTIP units and unvested performance units. Third Quarter 2026 Supplemental Financial Reporting Package Page 5
Slide 6 — Guidance.
Guidance. As of September 30, 2026 2026 OUTLOOK* Earnings Net Loss Attributable to Common Stockholders per diluted share(1)(2) ($1.55) - ($1.52) ($1.32) - ($1.27) $(1.80) Company share of Core FFO per diluted share(1)(2) $2.41 - $2.44 $2.38 - $2.43 $1.85 Same Property Portfolio(3) Same Property Portfolio NOI Growth - Net Effective (0.25)% - 0.25% (1.25)% - (0.25)% (0.1)% Same Property Portfolio NOI Growth - Cash 0.25% - 0.75% (0.75)% - 0.25% 0.9% Average Same Property Portfolio Occupancy (Full Year) 95.8% - 96.0% 95.3% - 95.7% 95.9% Capital Allocation Dispositions $1.7B - $2.0B $1.5B - $2.0B $1.5B Repositioning/Development Annualized Stabilized Cash NOI(4) $16M - $18M $16M - $18M $5M Repositioning/Development Starts (SF) 0.8M 1.2M 0.3M Repositioning/Development Starts (Total Estimated Project Costs) $125M - $130M $160M - $170M $40M Other Assumptions General and Administrative Expenses +/-$57M +/-$57M $42.0M Interest Expense(5) +/-$105M +/-$105M $82.8M Q3 2026 Updated Guidance Q2 2026 Guidance YTD Results as of September 30, 2026 (1) 2026 Net Loss and Core FFO Guidance reflects the Company's in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity. (2) See page 36 for a reconciliation of the Company’s 2026 guidance range of net loss 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) 2026 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned for the period from January 1, 2025 through October 22, 2026, and excludes properties that were or will be classified as repositioning or development (current and future) or lease-up during 2025 and 2026 (as separately listed on pages 25-29) and select buildings in other repositioning and properties included in the 2026 disposition guidance. (4) Represents estimated annualized Cash NOI for repositioning and development projects expected to stabilize in 2026, including projects that stabilized in Q1 through Q3 2026. (5) Interest Expense excludes the $2.9 million gain on the termination of interest rate swaps associated with the repayment of the $300 million term loan due May 2027 recognized in Q3 2026. * A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, inflation, the economy, tariffs, geopolitical risks including impacts from the war in the Middle East, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results. Third Quarter 2026 Supplemental Financial Reporting Package Page 6
Slide 7 — Guidance (Continued).
Guidance (Continued). As of September 30, 2026 2026 Guidance Rollforward(1) Earnings Components Range ($ per share) Notes Q2 2026 Core FFO Per Diluted Share Guidance $2.38 $2.43 Same Property Portfolio NOI Growth - Net Effective 0.03 0.01 Projected higher average occupancy driven by better-than-expected leasing; lower projected bad debt expense Current 2026 Core FFO Per Diluted Share Guidance $2.41 $2.44 Core FFO Per Diluted Share Annual Growth 0.4% 1.7% (1) 2026 Guidance and Guidance Rollforward represent the in-place portfolio as of October 22, 2026, as well as guidance expectations related to investment activity. Third Quarter 2026 Supplemental Financial Reporting Package Page 7
Slide 8 — Consolidated Balance Sheets.
Consolidated Balance Sheets. (unaudited and in thousands) September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 ASSETS Land $ 6,326,663 $ 7,104,413 $ 7,562,694 $ 7,689,921 $ 7,774,737 Buildings and improvements 4,109,826 4,541,066 4,821,492 4,677,318 4,607,202 Tenant improvements 211,910 206,540 205,656 198,161 194,405 Furniture, fixtures, and equipment 132 132 132 132 132 Construction in progress 312,737 324,365 327,029 451,109 475,072 Total real estate held for investment 10,961,268 12,176,516 12,917,003 13,016,641 13,051,548 Accumulated depreciation (1,197,110) (1,163,226) (1,219,932) (1,165,792) (1,119,746) Investments in real estate, net 9,764,158 11,013,290 11,697,071 11,850,849 11,931,802 Cash and cash equivalents 423,590 32,226 51,714 165,778 248,956 Restricted cash — — — — 65,464 Loan receivable, net 124,049 123,934 123,819 123,704 123,589 Rents and other receivables, net 15,540 12,132 11,962 13,958 15,727 Deferred rent receivable, net 206,632 210,474 205,398 190,376 181,439 Deferred leasing costs, net 98,587 90,864 92,022 87,745 82,227 Deferred loan costs, net 5,372 5,877 6,382 6,886 7,391 Acquired lease intangible assets, net(1) 94,937 114,489 130,045 140,627 154,931 Acquired indefinite-lived intangible asset 5,156 5,156 5,156 5,156 5,156 Interest rate swap assets 16,985 9,247 4,562 2,025 2,804 Other assets 31,841 16,987 20,500 25,609 31,522 Assets associated with real estate held for sale, net — — 48,761 — — Total Assets $ 10,786,847 $ 11,634,676 $ 12,397,392 $ 12,612,713 $ 12,851,008 LIABILITIES & EQUITY Liabilities Notes payable $ 2,767,195 $ 3,263,724 $ 3,247,451 $ 3,251,909 $ 3,249,733 Interest rate swap liability — 3 9 829 1,626 Accounts payable, accrued expenses and other liabilities 137,943 99,101 125,007 120,849 153,558 Dividends and distributions payable 97,407 100,960 102,418 103,399 103,913 Acquired lease intangible liabilities, net(2) 101,565 105,856 110,914 116,487 122,870 Tenant security deposits 89,204 92,386 95,219 92,444 91,835 Tenant prepaid rents 78,248 79,518 82,186 88,777 85,114 Liabilities associated with real estate held for sale — — 482 — — Total Liabilities 3,271,562 3,741,548 3,763,686 3,774,694 3,808,649 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 2,149 2,230 2,263 2,316 2,328 Additional paid in capital 8,326,486 8,631,341 8,745,875 8,945,123 8,993,439 Cumulative distributions in excess of earnings (1,333,548) (1,255,153) (651,692) (642,130) (474,813) Accumulated other comprehensive income (loss) 14,978 7,473 2,887 (422) (515) Total stockholders’ equity 7,165,741 7,541,567 8,255,009 8,460,563 8,676,115 Noncontrolling interests 349,544 351,561 378,697 377,456 366,244 Total Equity 7,515,285 7,893,128 8,633,706 8,838,019 9,042,359 Total Liabilities and Equity $ 10,786,847 $ 11,634,676 $ 12,397,392 $ 12,612,713 $ 12,851,008 (1) Includes net above-market tenant lease intangibles of $10,478 (Sep 30, 2026), $14,559 (Jun 30, 2026), $17,674 (Mar 31, 2026), $19,460 (Dec 31, 2025) and $22,574 (Sep 30, 2025), and a net below-market ground lease intangible of $12,230 (Sep 30, 2026), $12,271 (Jun 30, 2026), $12,312 (Mar 31, 2026), $12,354 (Dec 31, 2025) and $12,395 (Sep 30, 2025). (2) Represents net below-market tenant lease intangibles as of the balance sheet date. Third Quarter 2026 Supplemental Financial Reporting Package Page 8
Slide 9 — Consolidated Statements of Operations.
Consolidated Statements of Operations. Quarterly Results (unaudited and in thousands, except share and per share data) Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Revenues Rental income(1) $ 235,837 $ 242,996 $ 242,141 $ 243,230 $ 246,757 Management and leasing services — — — 197 118 Interest income 3,266 2,510 2,937 4,670 6,367 Total Revenues 239,103 245,506 245,078 248,097 253,242 Operating Expenses Property expenses 56,996 56,214 56,763 59,287 57,879 General and administrative 13,431 13,693 14,925 19,199 20,037 Depreciation and amortization 74,440 73,479 72,933 76,819 81,172 Total Operating Expenses 144,867 143,386 144,621 155,305 159,088 Other (Expenses) Income Other income — 3,500 1,350 — — Other expenses, net (2,561) 2,001 (102) (65,910) (4,218) Interest expense(2) (24,785) (28,571) (26,600) (25,451) (25,463) Impairment of real estate (71,834) (624,754) (6,824) (89,097) — Debt extinguishment and modification expenses (194) — — — — Gains on sale of real estate 23,208 21,893 26,281 19,931 28,583 Total Other (Expenses) Income (76,166) (625,931) (5,895) (160,527) (1,098) Net Income (Loss) 18,070 (523,811) 94,562 (67,735) 93,056 Less: net (income) loss attributable to noncontrolling interests (685) 19,665 (3,375) 2,312 (3,137) Net income (loss) attributable to Rexford Industrial Realty, Inc. 17,385 (504,146) 91,187 (65,423) 89,919 Less: preferred stock dividends (2,314) (2,315) (2,314) (2,315) (2,314) Less: earnings allocated to participating securities (430) (441) (1,008) (952) (519) Net income (loss) attributable to common stockholders $ 14,641 $ (506,902) $ 87,865 $ (68,690) $ 87,086 Earnings per Common Share Net income (loss) attributable to common stockholders per share - basic $ 0.07 $ (2.26) $ 0.38 $ (0.30) $ 0.37 Net income (loss) attributable to common stockholders per share - diluted $ 0.07 $ (2.26) $ 0.38 $ (0.30) $ 0.37 Weighted average shares outstanding - basic 220,509,521 223,812,383 228,312,419 231,758,110 234,586,980 Weighted average shares outstanding - diluted 220,509,521 223,812,383 228,312,419 232,050,966 234,586,980 (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 35 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. (2) Interest expense for the three months ended September 30, 2026 includes a $2.9 million gain on the termination of interest rate swaps associated with the repayment of the $300 million term loan due May 2027. Third Quarter 2026 Supplemental Financial Reporting Package Page 9
Slide 10 — Consolidated Statements of Operations.
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, 2026 2025 2026 2025 Revenues Rental income $ 235,837 $ 246,757 $ 720,974 $ 737,146 Management and leasing services — 118 — 392 Interest income 3,266 6,367 8,713 17,498 Total Revenues 239,103 253,242 729,687 755,036 Operating Expenses Property expenses 56,996 57,879 169,973 168,438 General and administrative 13,431 20,037 42,049 59,657 Depreciation and amortization 74,440 81,172 220,852 239,100 Total Operating Expenses 144,867 159,088 432,874 467,195 Other (Expenses) Income Other income — — 4,850 — Other expenses, net (2,561) (4,218) (662) (6,701) Interest expense (24,785) (25,463) (79,956) (79,452) Impairment of real estate (71,834) — (703,412) — Debt extinguishment and modification expenses (194) — (194) (291) Gains on sale of real estate 23,208 28,583 71,382 86,101 Total Other (Expenses) Income (76,166) (1,098) (707,992) (343) Net Income (Loss) 18,070 93,056 (411,179) 287,498 Less: net (income) loss attributable to noncontrolling interests (685) (3,137) 15,605 (10,046) Net income (loss) attributable to Rexford Industrial Realty, Inc. 17,385 89,919 (395,574) 277,452 Less: preferred stock dividends (2,314) (2,314) (6,943) (6,943) Less: earnings allocated to participating securities (430) (519) (1,879) (1,650) Net income (loss) attributable to common stockholders $ 14,641 $ 87,086 $ (404,396) $ 268,859 Net income (loss) attributable to common stockholders per share – basic and diluted $ 0.07 $ 0.37 $ (1.80) $ 1.16 Weighted-average shares of common stock outstanding – basic and diluted 220,509,521 234,586,980 224,182,859 232,720,272 Third Quarter 2026 Supplemental Financial Reporting Package Page 10
Slide 11 — Non-GAAP FFO and Core FFO Reconciliations.(1)
Non-GAAP FFO and Core FFO Reconciliations.(1) (unaudited and in thousands, except share and per share data) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Net Income (Loss) $ 18,070 $ (523,811) $ 94,562 $ (67,735) $ 93,056 Adjustments: Depreciation and amortization 74,440 73,479 72,933 76,819 81,172 Impairment of real estate(2) 71,834 624,754 6,824 89,097 — Gains on sale of real estate (23,208) (21,893) (26,281) (19,931) (28,583) NAREIT Defined Funds From Operations (FFO) 141,136 152,529 148,038 78,250 145,645 Less: preferred stock dividends (2,314) (2,315) (2,314) (2,315) (2,314) Less: FFO attributable to noncontrolling interests(3) (5,358) (5,726) (5,282) (2,688) (4,906) Less: FFO attributable to participating securities(4) (610) (680) (1,434) (953) (713) Company share of FFO $ 132,854 $ 143,808 $ 139,008 $ 72,294 $ 137,712 Company share of FFO per common share‐basic $ 0.60 $ 0.64 $ 0.61 $ 0.31 $ 0.59 Company share of FFO per common share‐diluted $ 0.60 $ 0.64 $ 0.61 $ 0.31 $ 0.59 FFO $ 141,136 $ 152,529 $ 148,038 $ 78,250 $ 145,645 Adjustments: Acquisition expenses(5) — — — 10 161 Debt extinguishment and modification expenses 194 — — — — Gain on termination of interest rate swaps (2,874) — — — — Non-capitalizable demolition costs(5) 1,309 — — — — Co-CEO transition costs(5)(6) 528 (2,330) — 60,223 — Severance costs(5)(7) 680 269 — — 2,728 Other nonrecurring expenses(5)(8) — 45 62 5,605 1,259 Write-offs of below-market lease intangibles related to unexercised renewal options(9) — (497) — — — Core FFO 140,973 150,016 148,100 144,088 149,793 Less: preferred stock dividends (2,314) (2,315) (2,314) (2,315) (2,314) Less: Core FFO attributable to noncontrolling interests(3) (5,351) (5,631) (5,284) (4,943) (5,045) Less: Core FFO attributable to participating securities(4)(10) (610) (668) (744) (648) (734) Company share of Core FFO $ 132,698 $ 141,402 $ 139,758 $ 136,182 $ 141,700 Company share of Core FFO per common share‐basic $ 0.60 $ 0.63 $ 0.61 $ 0.59 $ 0.60 Company share of Core FFO per common share‐diluted $ 0.60 $ 0.63 $ 0.61 $ 0.59 $ 0.60 Weighted-average shares outstanding-basic 220,509,521 223,812,383 228,312,419 231,758,110 234,586,980 Weighted-average shares outstanding-diluted 220,509,521 223,812,383 228,312,419 232,050,966 234,586,980 (1) For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report. (2) Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance. (3) Noncontrolling interests relate to interests in the Company’s operating partnership (“OP”), represented by common & preferred units of partnership interests in the OP that are owned by unit holders other than the Company. (4) Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units. (5) Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations. (6) For the three months ended December 31, 2025, reflects accelerated share-based compensation expense associated with the 2025 Co-CEO transition, including transition-related restricted stock and pre-existing awards. For the three months ended September 30, 2026 and June 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs, with the decrease for the three months ended June 30, 2026 partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards. (7) Includes costs associated with workforce reduction and workforce reorganization. (8) Reflects nonrecurring advisory service costs. (9) 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 upon expiration of the initial lease term. (10) For the three months ended March 31, 2026 and December 31, 2025, Core FFO attributable to participating securities was adjusted to exclude $691 and $569, respectively, of otherwise allocable Core FFO related solely to the transition‐related restricted stock awards noted above, consistent with the exclusion of the related accelerated share‐based compensation from Core FFO. Third Quarter 2026 Supplemental Financial Reporting Package Page 11
Slide 12 — Non-GAAP FFO and Core FFO Reconciliations.(1)
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, 2026 2025 2026 2025 Net Income (Loss) $ 18,070 $ 93,056 $ (411,179) $ 287,498 Adjustments: Depreciation and amortization 74,440 81,172 220,852 239,100 Impairment of real estate(2) 71,834 — 703,412 — Gains on sale of real estate (23,208) (28,583) (71,382) (86,101) Funds From Operations (FFO) 141,136 145,645 441,703 440,497 Less: preferred stock dividends (2,314) (2,314) (6,943) (6,943) Less: FFO attributable to noncontrolling interests (5,358) (4,906) (16,366) (15,262) Less: FFO attributable to participating securities (610) (713) (2,724) (2,191) Company share of FFO $ 132,854 $ 137,712 $ 415,670 $ 416,101 Company share of FFO per common share‐basic and diluted $ 0.60 $ 0.59 $ 1.85 $ 1.79 FFO $ 141,136 $ 145,645 $ 441,703 $ 440,497 Adjustments: Acquisition expenses(3) — 161 — 263 Debt extinguishment and modification expenses 194 — 194 291 Gain on termination of interest rate swaps (2,874) — (2,874) — Non-capitalizable demolition costs(3) 1,309 — 1,309 365 Co-CEO transition costs(3)(4) 528 — (1,802) — Severance costs(3)(5) 680 2,728 949 4,410 Other nonrecurring expenses(3)(6) — 1,259 107 1,259 Write-offs of below-market lease intangibles related to unexercised renewal options(7) — — (497) — Core FFO 140,973 149,793 439,089 447,085 Less: preferred stock dividends (2,314) (2,314) (6,943) (6,943) Less: Core FFO attributable to noncontrolling interests (5,351) (5,045) (16,266) (15,485) Less: Core FFO attributable to participating securities (610) (734) (2,022) (2,225) Company share of Core FFO $ 132,698 $ 141,700 $ 413,858 $ 422,432 Company share of Core FFO per common share‐basic and diluted $ 0.60 $ 0.60 $ 1.85 $ 1.82 Weighted-average shares outstanding-basic and diluted 220,509,521 234,586,980 224,182,859 232,720,272 (1) For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report. (2) Primarily reflects non-cash impairment charges on certain properties due to shortened expected holding periods associated with increased disposition guidance. (3) Amounts are included in the line item “Other expenses, net” in the consolidated statements of operations. (4) For the three & nine months ended September 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs. The nine-month decrease was partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards. (5) Includes costs associated with workforce reduction and workforce reorganization. (6) Reflects nonrecurring advisory service costs. (7) 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 upon expiration of the initial lease term. Third Quarter 2026 Supplemental Financial Reporting Package Page 12
Slide 13 — Non-GAAP AFFO Reconciliation.(1)
Non-GAAP AFFO Reconciliation.(1) (unaudited and in thousands, except share and per share data) Three Months Ended September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Funds From Operations(2) $ 141,136 $ 152,529 $ 148,038 $ 78,250 $ 145,645 Adjustments: Amortization of deferred financing costs 1,319 1,333 1,334 1,333 1,340 Non-cash stock compensation 4,106 3,666 4,063 8,537 10,485 Debt extinguishment and modification expenses 194 — — — — Gain on termination of interest rate swaps (2,874) — — — — Amortization related to settlement of treasury rate lock agreements 78 77 77 78 78 Note payable (discount) premium amortization, net 1,681 1,662 1,641 1,616 1,597 Non-capitalizable demolition costs 1,309 — — — — Co-CEO transition costs(3) 528 (2,330) — 60,223 — Severance costs 680 269 — — 2,728 Other nonrecurring expenses — 45 62 5,605 1,259 Deduct: Preferred stock dividends (2,314) (2,315) (2,314) (2,315) (2,314) Straight line rental revenue adjustment(4) (6,000) (9,967) (15,136) (9,073) (8,164) Above/(below) market lease revenue adjustments (3,438) (3,805) (4,647) (4,129) (5,254) Capitalized payments(5) (11,563) (10,612) (13,203) (14,814) (15,756) Accretion of net loan origination fees (115) (115) (115) (115) (115) Recurring capital expenditures(6) (4,685) (4,750) (2,314) (2,566) (3,563) 2nd generation tenant improvements(7) (574) (242) (185) (179) (460) 2nd generation leasing commissions(8) (10,468) (4,942) (8,193) (6,324) (8,007) Adjusted Funds From Operations (AFFO) $ 109,000 $ 120,503 $ 109,108 $ 116,127 $ 119,499 (1) For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report. (2) A quarterly reconciliation of net income or loss to Funds From Operations is set forth on page 11 of this report. (3) For the three months ended December 31, 2025, reflects accelerated share-based compensation expense associated with the 2025 Co-CEO transition, including transition-related restricted stock and pre-existing awards. For the three months ended September 30, 2026 and June 30, 2026, reflects an increase and a decrease, respectively, related to updated estimates of Core FFO growth achievement for certain performance awards held by former Co-CEOs, with the decrease for the three months ended June 30, 2026 partially offset by $557 of employer payroll taxes associated with the vesting of transition-related restricted stock awards. (4) Changes in straight-line rental revenue adjustments from quarter to quarter are largely influenced by tenant base rent concessions recognized during each respective quarter, which increase the non‐cash component of rental revenue. For the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the adjustment reflects the impact of base rent concessions granted during those periods totaling $10,951, $12,795, $18,027, $11,244 and $7,433, respectively. (5) Includes capitalized interest, taxes, insurance and construction-related compensation costs. (6) Excludes nonrecurring capital expenditures of $33,676, $32,307, $39,867, $57,730 and $62,309 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. (7) Excludes 1st generation tenant improvements of $207, $0, $148, $67 and $328 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. (8) Excludes 1st generation leasing commissions of $8,724, $2,214, $2,174, $5,057 and $7,984 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. Third Quarter 2026 Supplemental Financial Reporting Package Page 13
Slide 14 — Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDAre.(1)
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, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Rental income(2)(3)(4)(5) $ 235,837 $ 242,996 $ 242,141 $ 243,230 $ 246,757 Less: Property expenses 56,996 56,214 56,763 59,287 57,879 Net Operating Income (NOI) $ 178,841 $ 186,782 $ 185,378 $ 183,943 $ 188,878 Above/(below) market lease revenue adjustments(3) (3,438) (3,805) (4,647) (4,129) (5,254) Straight line rental revenue adjustment (6,000) (9,967) (15,136) (9,073) (8,164) Cash NOI $ 169,403 $ 173,010 $ 165,595 $ 170,741 $ 175,460 EBITDAre and Adjusted EBITDAre Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Net income (loss) $ 18,070 $ (523,811) $ 94,562 $ (67,735) $ 93,056 Interest expense 24,785 28,571 26,600 25,451 25,463 Depreciation and amortization 74,440 73,479 72,933 76,819 81,172 Impairment of real estate 71,834 624,754 6,824 89,097 — Gains on sale of real estate (23,208) (21,893) (26,281) (19,931) (28,583) EBITDAre $ 165,921 $ 181,100 $ 174,638 $ 103,701 $ 171,108 Stock-based compensation amortization 4,106 3,666 4,063 8,537 10,485 Debt extinguishment and modification expenses 194 — — — — Acquisition expenses — — — 10 161 Non-capitalizable demolition costs 1,309 — — — — Co-CEO transition costs 528 (2,330) — 60,223 — Other nonrecurring expenses — 45 62 5,605 1,259 Write-offs of below-market lease intangibles related to unexercised renewal options — (497) — — — Pro forma effect of dispositions(6) (15,234) 68 (206) (268) (389) Adjusted EBITDAre $ 156,824 $ 182,052 $ 178,557 $ 177,808 $ 182,624 (1) For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report. (2) See footnote (1) on page 9 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented. (3) Rental income and above/(below) market lease revenue adjustments for the three months ended June 30, 2026 include $497 of income recognized from the write-off of a below-market lease intangible attributable to below-market fixed-rate renewal options that were not exercised upon expiration of the initial lease term. This amount has been excluded from Same Property Portfolio NOI and above/(below) market lease revenue adjustments on the following page. (4) Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $(1,113), $(1,414), $(2,731), $(2,615) and $13 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. (5) Rental income includes net lease termination income (in thousands) of $259, $18, $24, $0 and $458 for the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, respectively. Amounts include lease termination fees and write-offs of straight-line rent and above/(below) market lease intangibles associated with lease terminations. (6) Reflects EBITDAre generated by properties sold during the respective period prior to their disposition. Third Quarter 2026 Supplemental Financial Reporting Package Page 14
Slide 15 — Same Property Portfolio Performance.(1)
Same Property Portfolio Performance.(1) (unaudited and dollars in thousands) Same Property Portfolio: Number of properties 316 Square Feet 36,809,603 Same Property Portfolio NOI and Cash NOI: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Rental income(2)(3)(4)(5) $ 186,367 $ 189,391 $ (3,024) (1.6)% $ 559,076 $ 556,112 $ 2,964 0.5% Property expenses 42,189 41,348 841 2.0% 122,823 119,594 3,229 2.7% Same Property Portfolio NOI $ 144,178 $ 148,043 $ (3,865) (2.6)% (4) $ 436,253 $ 436,518 $ (265) (0.1)% (4) Straight-line rental revenue adjustment (3,976) (5,462) 1,486 (27.2)% (17,476) (18,834) 1,358 (7.2)% Above/(below) market lease revenue adjustments(5) (3,607) (4,440) 833 (18.8)% (11,586) (14,266) 2,680 (18.8)% Same Property Portfolio Cash NOI $ 136,595 $ 138,141 $ (1,546) (1.1)% (4) $ 407,191 $ 403,418 $ 3,773 0.9% (4) Same Property Portfolio Occupancy: Three Months Ended September 30, Year-over-Year Change (basis points) Three Months Ended June 30, 2026 Sequential Change (basis points) 2026 2025 Quarterly Weighted Average Occupancy:(6) Los Angeles County 96.4% 95.4% 100 bps 96.6% (20) bps Orange County 96.3% 97.5% (120) bps 95.8% 50 bps Riverside / San Bernardino County 92.3% 96.7% (440) bps 90.7% 160 bps San Diego County 97.9% 98.3% (40) bps 97.5% 40 bps Ventura County 94.6% 94.2% 40 bps 94.9% (30) bps Quarterly Weighted Average Occupancy 95.6% 96.0% (40) bps 95.5% 10 bps Ending Occupancy: 96.9% 97.1% (20) bps 94.9% 200 bps (1) For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report. (2) See “Same Property Portfolio Rental Income” on page 35 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursements and other income for the three and nine months ended September 30, 2026 and 2025. (3) Reflects (decrease) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $(731) and $358 for the three months ended September 30, 2026 and 2025, respectively, and $(2,968) and $(1,848) for the nine months ended September 30, 2026 and 2025, respectively. (4) Rental income includes lease termination fees of $1,306 and $1,019 for the three months ended September 30, 2026 and 2025, respectively, and $1,511 and $1,039 for the nine months ended September 30, 2026 and 2025, respectively. Excluding these lease termination fees, Same Property Portfolio NOI decreased by 2.8% and 0.2% for the three and nine months ended September 30, 2026, respectively, compared to the corresponding prior-year periods, while Same Property Portfolio Cash NOI decreased by 1.3% and increased by 0.8%, for the same respective periods. (5) Same Property rental income and above/(below) market lease revenue adjustments for the nine months ended September 30, 2026 exclude $497 of income recognized from the write-off of a below-market lease intangible attributable to below-market fixed rate renewal options that were not exercised upon expiration of the initial lease term, as described on the preceding page. (6) Calculated by averaging the occupancy rate at the end of each month in 3Q-2026 and June 2026 (for 3Q-2026), the end of each month in 3Q-2025 and June 2025 (for 3Q-2025) and the end of each month in 2Q-2026 and March 2026 (for 2Q-2026). Third Quarter 2026 Supplemental Financial Reporting Package Page 15
Slide 16 — Capitalization Summary.
Capitalization Summary. (unaudited and in thousands, except share and per share data) Capitalization as of September 30, 2026 Common Stock: 73.2% Net Debt: 22.2% Preferred Stock/Units: 1.6% Operating Partnership Units: 3.0% Description September 30, 2026 June 30, 2026 March 31, 2026 December 31, 2025 September 30, 2025 Common shares outstanding(1) 214,260,837 222,360,849 224,521,552 229,957,058 232,297,172 Operating partnership units outstanding(2) 8,674,743 8,716,332 8,605,741 8,288,228 8,155,706 Total shares and units outstanding at period end 222,935,580 231,077,181 233,127,293 238,245,286 240,452,878 Share price at end of quarter $ 36.27 $ 33.50 $ 32.73 $ 38.72 $ 41.11 Common Stock and Operating Partnership Units - Capitalization $ 8,085,873 $ 7,741,086 $ 7,630,256 $ 9,224,857 $ 9,885,018 Series B and C Cumulative Redeemable Preferred Stock(3) $ 161,250 $ 161,250 $ 161,250 $ 161,250 $ 161,250 3.00% Series 3 Cumulative Redeemable Convertible Preferred Units(4) 12,000 12,000 12,000 12,000 12,000 Preferred Equity $ 173,250 $ 173,250 $ 173,250 $ 173,250 $ 173,250 Total Equity Market Capitalization $ 8,259,123 $ 7,914,336 $ 7,803,506 $ 9,398,107 $ 10,058,268 Total Debt $ 2,786,284 $ 3,285,503 $ 3,271,720 $ 3,278,649 $ 3,278,896 Less: Cash and cash equivalents (423,590) (32,226) (51,714) (165,778) (248,956) Net Debt $ 2,362,694 $ 3,253,277 $ 3,220,006 $ 3,112,871 $ 3,029,940 Total Combined Market Capitalization (Net Debt plus Equity) $ 10,621,817 $ 11,167,613 $ 11,023,512 $ 12,510,978 $ 13,088,208 Net debt to Adjusted EBITDAre (quarterly results annualized)(5) 3.8x 4.5x 4.5x 4.4x 4.1x Net debt & preferred equity to Adjusted EBITDAre (quarterly results annualized)(5) 4.0x 4.7x 4.8x 4.6x 4.4x (1) Excludes the following number of shares of unvested restricted stock: 603,204 (September 30, 2026), 628,208 (Jun 30, 2026), 1,764,934 (March 31, 2026), 1,623,077 (December 31, 2025) and 513,234 (September 30, 2025). During the three months ended September 30, 2026, June 30, 2026, March 31, 2026, December 31, 2025 and September 30, 2025, the Company repurchased 8,143,611, 2,801,307, 5,534,357, 2,443,438 and 3,883,845 shares of common stock under its stock repurchase programs at a weighted average price of $37.91, $35.70, $36.14, $40.93 and $38.62 per share for a total of $308.9 million, $100.1 million, $200.1 million, $100.0 million and $150.1 million, respectively. (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 September 30, 2026, includes 1,723,841 vested LTIP Units and 1,325,969 vested performance units and excludes 185,285 unvested LTIP Units and 2,011,382 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 164,998 outstanding Series 3 preferred units at a liquidation preference of $72.72825 per unit. (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 32 and page 11 of this report, respectively. Third Quarter 2026 Supplemental Financial Reporting Package Page 16
Slide 17 — Debt Summary.
Debt Summary. (unaudited and dollars in thousands) Debt Detail: As of September 30, 2026 Debt Description Maturity Date Stated Interest Rate Effective Interest Rate(1) Principal Balance(2) Unsecured Debt: $1.25 Billion Revolving Credit Facility(3) 5/30/2029(4) SOFR+0.685%(5) 4.585% $ — $575M Exchangeable 2027 Senior Notes(6) 3/15/2027 4.375% 4.375% 575,000 $300M Senior Notes 6/15/2028 5.000% 5.000% 300,000 $575M Exchangeable 2029 Senior Notes(6) 3/15/2029 4.125% 4.125% 575,000 $25M Series 2019A Senior Notes 7/16/2029 3.880% 3.880% 25,000 $400M Term Loan Facility 5/30/2030 SOFR+0.76%(5) 4.174%(7) 400,000 $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: 13943-13955 Balboa Boulevard 7/1/2027 3.930% 3.930% 13,504 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% 3,624 1100-1170 Gilbert Street (Gilbert/La Palma) 3/1/2031 5.125% 5.125% 1,156 7817 Woodley Avenue 8/1/2039 4.140% 4.140% 2,500 Total Debt 3.700% $ 2,786,284 Debt Composition: Category Weighted Average Term Remaining (yrs) Stated Interest Rate Effective Interest Rate Balance % of Total Fixed 2.9 3.700% (See Table Above) 3.700% $ 2,786,284 100.0% Variable — — —% $ — 0.0% Secured 2.0 3.947% $ 36,284 1.0% Unsecured 2.9 3.697% $ 2,750,000 99.0% *See footnotes on the following page* Third Quarter 2026 Supplemental Financial Reporting Package Page 17
Slide 18 — Debt Summary (Continued).
Debt Summary (Continued). (unaudited and dollars in thousands) Debt Maturity Schedule $0 $593,704 $313,924 $600,000 $800,000 $401,156 $0 $0 $75,000 $0 $2,500 Unsecured Secured 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Debt Maturity Schedule(8): Year Secured Unsecured Total % Total Effective Interest Rate(1) 2026 $ — $ — $ — — % — % 2027 18,704 575,000 593,704 21 % 4.361 % 2028 13,924 300,000 313,924 11 % 4.949 % 2029 — 600,000 600,000 22 % 4.115 % 2030 — 800,000 800,000 29 % 3.149 % 2031 1,156 400,000 401,156 14 % 2.159 % 2032 — — — — % — % 2033 — — — — % — % 2034 — 75,000 75,000 3 % 4.030 % 2035 — — — — % — % Thereafter 2,500 — 2,500 — % 4.140 % Total $ 36,284 $ 2,750,000 $ 2,786,284 100 % 3.700 % (1) Includes the effect of interest rate swaps effective as of September 30, 2026. See note (7). Excludes the effect of premiums/discounts, deferred loan costs and the credit facility fee. (2) Excludes unamortized debt issuance costs, premiums and discounts aggregating $19.1 million as of September 30, 2026. (3) The $1.25B revolving credit facility (“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 are also two sustainability-linked pricing components that can periodically change the facility fee by -/+ 0.01% (or zero) depending on our achievement of the annual sustainability performance metrics. In January 2026, the facility fee decreased by 0.01% to 0.115% after certifying that our sustainability performance targets for 2025 had been met. (4) The Revolver has two six-month extensions, subject to certain terms and conditions. (5) The interest rates on these loans are based on Daily SOFR for the Revolver and $400M term loan facility (“TL”), plus an applicable margin ranging from 0.725% to 1.40% for the Revolver and 0.80% to 1.60% for the $400M TL, 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 January 2026, the applicable margin decreased by 0.04% to 0.685% for the Revolver and to 0.76% for the $400M TL after certifying that our sustainability performance targets for 2025 had been met. (6) 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. (7) Interest rate swaps effectively fix Daily SOFR on the $400M TL at 3.41375% from July 1, 2025 through May 30, 2030, resulting in an all‐in fixed rate of 4.174% after applicable margin and sustainability‐related adjustments. (8) Excludes potential exercise of extension options and excludes the effect of scheduled monthly principal payments on amortizing secured loans. Third Quarter 2026 Supplemental Financial Reporting Package Page 18
Slide 19 — Operations.
Operations. Quarterly Results Leasing Volume, Square Feet (in millions) 3.3 3.0 4.1 2.1 3.7 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 Consolidated Portfolio Ending Occupancy 91.8% 90.2% 90.7% 90.0% 91.3% 97.3% 96.0% 95.2% 94.8% 96.1% Occupancy Occupancy Excluding Repositioning/Development Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 86.0% 88.0% 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% Leasing Activity - Rent Change 26% 22% -10% -3% 7% 10% 9% -15% -11% -3% Net Effective Cash Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 -20% -10% 0% 10% 20% 30% Same Property Portfolio Ending Occupancy* 97.1% 96.6% 95.7% 94.9% 96.9% Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 90.0% 92.0% 94.0% 96.0% 98.0% 100.0% *Reflects the ending occupancy for the 2026 Same Property Portfolio for each period presented. Third Quarter 2026 Supplemental Financial Reporting Package Page 19
Slide 20 — Portfolio Overview.
Portfolio Overview. At September 30, 2026 (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 Repo/ Redev(2) Total (in 000’s) Per Square Foot Central LA 20 2,834,219 384,764 3,218,983 100.0 % 93.5 % 99.2 % 100.0 % $ 44,715 $14.00 Greater San Fernando Valley 73 5,486,406 1,541,810 7,028,216 96.8 % 54.7 % 87.6 % 91.5 % 112,815 $18.33 Mid-Counties 28 1,848,173 525,807 2,373,980 99.3 % 61.7 % 91.0 % 99.4 % 42,692 $19.76 San Gabriel Valley 39 4,608,828 1,225,634 5,834,462 94.5 % 50.1 % 85.2 % 95.1 % 66,233 $13.33 South Bay 76 6,210,502 1,167,574 7,378,076 96.3 % 61.8 % 90.8 % 96.3 % 155,224 $23.17 Los Angeles County 236 20,988,128 4,845,589 25,833,717 96.8 % 59.1 % 89.7 % 95.5 % 421,679 $18.19 North Orange County 21 1,812,309 505,751 2,318,060 97.5 % 76.0 % 92.8 % 98.0 % 40,876 $18.99 OC Airport 8 958,510 — 958,510 100.0 % — % 100.0 % 100.0 % 20,429 $21.31 South Orange County 9 482,919 46,642 529,561 99.0 % 100.0 % 99.1 % 99.1 % 9,355 $17.83 West Orange County 10 1,288,838 — 1,288,838 93.9 % — % 93.9 % 93.9 % 21,607 $17.85 Orange County 48 4,542,576 552,393 5,094,969 97.2 % 78.0 % 95.1 % 97.4 % 92,267 $19.04 Inland Empire West 49 6,360,169 726,308 7,086,477 97.4 % 42.0 % 91.7 % 96.8 % 98,702 $15.18 Riverside / San Bernardino County 49 6,360,169 726,308 7,086,477 97.4 % 42.0 % 91.7 % 96.8 % 98,702 $15.18 Central San Diego 21 1,417,150 511,105 1,928,255 97.6 % 65.4 % 89.1 % 98.1 % 42,525 $24.76 North County San Diego 12 1,019,475 282,231 1,301,706 97.7 % 92.4 % 96.6 % 98.2 % 19,479 $15.50 San Diego County 33 2,436,625 793,336 3,229,961 97.7 % 75.0 % 92.1 % 98.1 % 62,004 $20.84 Ventura 18 2,482,105 741,814 3,223,919 94.8 % 98.6 % 95.7 % 95.9 % 44,692 $14.48 Ventura County 18 2,482,105 741,814 3,223,919 94.8 % 98.6 % 95.7 % 95.9 % 44,692 $14.48 CONSOLIDATED TOTAL / WTD AVG 384 36,809,603 7,659,440 44,469,043 96.9 % 64.3 % 91.3 % 96.1 % $ 719,344 $17.72 (4) (1) See page 36 for historical occupancy by County. (2) Excludes space aggregating 2,258,942 square feet at our properties that were in various stages of repositioning, development or lease-up as of September 30, 2026. (3) See page 32 for definitions and details on how these amounts are calculated. (4) Excluding in-place ABR associated with Land/IOS properties ($43.0M ABR) and cellular tower, solar and parking lot leases ($3.0M ABR), in-place building ABR per building SF was $16.67. Third Quarter 2026 Supplemental Financial Reporting Package Page 20
Slide 21 — Executed Leasing Statistics and Trends.
Executed Leasing Statistics and Trends. (unaudited results) Executed Leasing Activity and Weighted Average New / Renewal Leasing Spreads: Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Leasing Spreads: Net Effective Rent Change 7.1 % (2.8) % (10.0) % 22.0 % 26.1 % Cash Rent Change (3.0) % (11.3) % (15.4) % 9.0 % 10.3 % Leasing Activity (Building SF):(1) New leases 2,157,994 840,344 1,296,230 1,574,816 2,361,131 Renewal leases 1,580,384 1,261,446 2,829,822 1,464,751 904,014 Total leasing activity 3,738,378 2,101,790 4,126,052 3,039,567 3,265,145 Total expiring leases (2,456,080) (2,788,275) (4,638,894) (3,551,170) (1,734,790) Expiring leases - placed into repositioning/development 85,000 599,680 152,417 957,493 418,878 Net absorption(2) 1,367,298 (86,805) (360,425) 445,890 1,949,233 Retention rate(3) 75 % 60 % 64 % 61 % 72 % Retention + Backfill rate(4) 87 % 69 % 79 % 70 % 77 % Executed Leasing Activity and Change in Annual Rental Rates and Turnover Costs for Current Quarter Leases:(5) Net Effective Rent Cash Rent Turnover Costs(6) Third Quarter 2026 # Leases Signed SF of Leasing Wtd. Avg. Lease Term (Years) Current Lease Prior Lease Rent Change Current Lease Prior Lease Rent Change Wtd. Avg. Abatement (Months) Tenant Improvements per SF Leasing Commissions per SF New 60 2,157,994 6.5 $14.40 $14.07 2.3% $14.31 $15.39 (7.0)% 5.6 $1.94 $5.04 Renewal 56 1,580,384 4.6 $14.80 $13.35 10.8% $14.49 $14.47 0.1% 2.7 $2.92 $2.07 Total / Wtd. Average 116 3,738,378 5.7 $14.63 $13.65 7.1% $14.41 $14.86 (3.0)% 3.9 $2.51 $3.32 (1) Represents all executed leases, excluding leases with terms less than 12 months and month-to-month tenant leases. (2) Net absorption represents total leasing activity, less expiring leases adjusted for square footage placed into repositioning/development. (3) Retention rate is calculated as renewal lease SF plus relocation/expansion SF, divided by expiring lease SF. Retention excludes SF related to the following: (i) expiring leases associated with space that is placed into repositioning/development after the tenant vacates, (ii) early terminations with prenegotiated replacement leases and (iii) move outs where space is directly leased by subtenants. (4) Retention + Backfill rate represents SF retained (per Retention rate definition in footnote (3)) plus the SF of move outs in the quarter which were re-leased prior to or during the same quarter, divided by expiring lease SF. (5) Net effective and cash rent statistics and turnover costs exclude 27 leases aggregating 1,097,862 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/developed 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. (6) 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 2026 Supplemental Financial Reporting Package Page 21
Slide 22 — Leasing Statistics (Continued).
Leasing Statistics (Continued). (unaudited results) Lease Expiration Schedule as of September 30, 2026: Lease Expirations 0.3% 2.8% 12.9% 15.6% 16.3% 12.7% 16.9% 8.2% 2.7% 1.7% 1.3% 8.6% % of In-Place + Uncommenced Annualized Base Rent (ABR) MTM 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Thereafter 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% Year of Lease Expiration # of Leases Expiring Total Rentable Square Feet In-Place + Uncommenced ABR (in thousands) In-Place + Uncommenced ABR per SF Available — 1,526,893 $ — $— Repositioning/Development(1) — 1,951,698 — $— MTM Tenants 10 95,555 2,033 $21.28 2026 73 729,865 20,681 $28.33(2) 2027 361 5,609,890 94,577 $16.86 2028 308 6,011,385 114,330 $19.02 2029 321 6,320,388 119,431 $18.90 2030 144 5,399,947 93,154 $17.25 2031 141 8,054,463 124,329 $15.44 2032 63 3,675,501 60,245 $16.39 2033 19 1,175,905 19,780 $16.82 2034 11 812,845 12,151 $14.95 2035 8 462,072 9,666 $20.92 Thereafter 39 2,642,636 63,145 $23.89 Total Portfolio 1,498 44,469,043 $ 733,522 $17.89(3) (1) Represents vacant space at properties that were classified as repositioning, development or lease-up as of September 30, 2026. (2) Includes an 18.4-acre land lease with Hertz with in-place + uncommenced ABR of $8.9 million. Excluding this land lease, in-place + uncommenced ABR per building SF is $17.01. (3) Excluding in-place + uncommenced ABR associated with Land/IOS properties ($43.28M ABR) and cellular tower, solar and parking lot leases ($2.96M ABR), in-place + uncommenced building ABR per building SF was $16.85. Third Quarter 2026 Supplemental Financial Reporting Package Page 22
Slide 23 — Top Tenants and Lease Segmentation.
Top Tenants and Lease Segmentation. (unaudited results) Top 20 Tenants as of September 30, 2026 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 Zenith Energy West Coast Terminals LLC South Bay —(2) $12,147 1.7% $3.48(2) 9/29/2041 Cubic Corporation Central San Diego 315,227 $11,786 1.6% $37.39 3/31/2038 IBY, LLC San Gabriel Valley 1,178,021 $11,694 1.6% $9.93 4/5/2031(3) Federal Express Corporation Multiple Submarkets(4) 527,861 $11,038 1.5% $20.91 11/30/2032(4) L3 Technologies, Inc. South Bay 461,431 $9,537 1.3% $20.67 9/30/2031 The Hertz Corporation South Bay 38,680(5) $8,922 1.2% $11.14(5) 10/31/2026 Orora Packaging Solutions Multiple Submarkets(6) 476,065 $8,175 1.1% $17.17 9/30/2028(6) Forward Air, LLC South Bay 300,217 $7,209 1.0% $24.01 8/31/2031 Vie Logistics, Incorporated South Bay 696,584 $6,645 0.9% $9.54 5/31/2031 Unified Grocers, Inc. Central Los Angeles 695,120 $5,686 0.8% $8.18 5/8/2038 Top 10 Tenants 4,689,206 $92,839 12.7% Top 11 - 20 Tenants 2,003,939 $41,910 5.7% Total Top 20 Tenants 6,693,145 $134,749 18.4% (1) See page 32 for further details on how these amounts are calculated. (2) The tenant is leasing an 80.2 acre industrial outdoor storage site with ABR of $12.1 million or $3.48 per land square foot. (3) Includes (i) 184,879 RSF expiring Apr 30, 2028 and (ii) 993,142 RSF expiring Apr 5, 2031. (4) Includes (i) 30,160 RSF in Ventura expiring Sep 30, 2027, (ii) two land leases in LA-Mid-Counties expiring Jun 30, 2029, (iii) 42,270 RSF in LA-South Bay expiring Oct 31, 2030, (iv) 311,995 RSF in North County San Diego expiring Feb 28, 2031, (v) one land lease in North Orange County expiring Oct 31, 2031 and (vi) 143,436 RSF in LA-South Bay expiring Nov 30, 2032. (5) The tenant is leasing 18.4 acres of land with ABR of $8.9 million or $11.14 per land square foot. (6) Includes (i) 100,500 RSF in LA-Greater SF Valley expiring Sep 30, 2027, (ii) 48,997 RSF in North County San Diego expiring Sep 30, 2028 and (iii) 326,568 RSF in North Orange County expiring Sep 30, 2028. Lease Segmentation by Size: Square Feet Number of Leases Leased Building/Land Rentable SF Building/Land Rentable SF Leased % 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) Building: <4,999 506 1,253,578 1,407,386 89.1% 89.1% $ 25,433 3.5% $20.29 5,000 - 9,999 222 1,582,202 1,746,113 90.6% 91.3% 31,046 4.2% $19.62 10,000 - 24,999 311 5,105,574 5,610,724 91.0% 92.4% 96,979 13.2% $18.99 25,000 - 49,999 174 6,301,310 6,797,508 92.7% 96.2% 116,009 15.8% $18.41 50,000 - 99,999 109 7,866,941 8,603,406 91.4% 96.2% 138,471 18.9% $17.60 >100,000 109 18,681,537 20,089,853 93.0% 98.7% 279,347 38.1% $14.95 Building Subtotal / Wtd. Avg. 1,431 40,791,142 (2) 44,254,990 (2) 92.2% (2) 96.4% (2) $ 687,285 93.7% $16.85 Land/IOS(3) 23 7,812,614 (4) 8,263,593 (4) 94.5% (4) 43,279 5.9% $5.54 (4) Other(3) 44 2,958 0.4% Total 1,498 $ 733,522 100.0% (1) See page 32 for further details on how these amounts are calculated. (2) Excludes 199,311 leased building RSF and 214,053 building RSF that are associated with “Land/IOS.” (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 leased land square feet, available land square feet, land leased percentage and ABR per land square foot associated with Land/IOS leases. Third Quarter 2026 Supplemental Financial Reporting Package Page 23
Slide 24 — Capital Expenditure Summary.
Capital Expenditure Summary. (unaudited results, in thousands, except square feet and per square foot data) Nine months ended September 30, 2026 Year to Date Q3-2026 Q2-2026 Q1-2026 Total SF(1) PSF Tenant Improvements: New Leases – 1st Generation $ 207 $ — $ 148 $ 355 108,059 $ 3.29 New Leases – 2nd Generation 222 127 50 399 396,564 $ 1.01 Renewals 352 115 135 602 712,346 $ 0.85 Total Tenant Improvements $ 781 $ 242 $ 333 $ 1,356 Leasing Commissions & Lease Costs: New Leases – 1st Generation $ 8,724 $ 2,214 $ 2,174 $ 13,112 1,758,035 $ 7.46 New Leases – 2nd Generation 7,159 1,679 3,931 12,769 2,987,036 $ 4.27 Renewals 3,309 3,263 4,262 10,834 5,582,853 $ 1.94 Total Leasing Commissions & Lease Costs $ 19,192 $ 7,156 $ 10,367 $ 36,715 Total Recurring Capex $ 4,685 $ 4,750 $ 2,314 $ 11,749 44,722,784 $ 0.26 Recurring Capex % of NOI 2.6 % 2.5 % 1.2 % 2.1 % Recurring Capex % of Rental Income 2.0 % 2.0 % 1.0 % 1.6 % Nonrecurring Capex: Repositioning and Development in Process(2) $ 23,133 $ 19,597 $ 29,483 $ 72,213 Unit Renovation(3) 6,389 7,914 7,933 22,236 Other(4) 4,154 4,796 2,451 11,401 Total Nonrecurring Capex $ 33,676 $ 32,307 $ 39,867 $ 105,850 37,490,941 $ 2.82 Other Capitalized Costs(5) $ 11,945 $ 11,090 $ 13,858 $ 36,893 (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 repositioning or development properties. (3) Includes non-tenant-specific capital expenditures. (4) Includes other nonrecurring capital expenditures including, but not limited to, seismic and fire sprinkler upgrades, replacements of either roof or parking lots, solar installation, 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 development, renovation and rehabilitation activity and (ii) interest, property taxes and insurance costs incurred during the pre-development and construction periods of repositioning or development projects. Third Quarter 2026 Supplemental Financial Reporting Package Page 24
Slide 25 — Properties and Space Under Repositioning/Development.(1)
Properties and Space Under Repositioning/Development.(1) As of September 30, 2026 (unaudited results, $ in millions) 14955 Salt Lake Avenue San Gabriel Valley Repositioning 46,653 $ 10.9 $ 3.6 $ 14.5 $ 0.1 4Q-24 3Q-25 100% Total Stabilized 46,653 $ 10.9 $ 3.6 $ 14.5 $ 0.1 Stabilized Repositioning Development Total Actual Cash NOI: 3Q 2026 ($M) $0.3 $— $0.3 Annualized Stabilized Cash NOI ($M) $2.0 $— $2.0 Estimated Stabilized Return on Cost 13.8% N/A 13.8% 3Q 2026 Stabilizations Property Submarket Repositioning/ Development RSF(2) Purch. Price Est. Project Costs Est. Total Invest. Est. Remaining Costs Construction Period Property Leased Start Complete — See numbered footnotes on page 29 — Third Quarter 2026 Supplemental Financial Reporting Package Page 25
Slide 26 — Properties and Space Under Repositioning/Development (Continued).(1)
Properties and Space Under Repositioning/Development (Continued).(1) As of September 30, 2026 (unaudited results, $ in millions) Completed & In Lease-Up Repositioning/ Development RSF(2) Purch. Price Est. Project Costs Est. Total Invest. Est. Remaining Costs Construction Period Property Leased Property Submarket Start Complete 4416 Azusa Canyon Road(3) San Gabriel Valley Development 129,830 $ 12.3 $ 21.4 $ 33.7 $ 1.7 4Q-22 2Q-25 —% 15010 Don Julian Road San Gabriel Valley Development 219,690 22.9 37.6 60.5 2.5 1Q-23 4Q-25 —% 19301 Santa Fe Avenue(4) South Bay Repositioning LAND 14.7 5.7 20.4 0.4 2Q-24 3Q-25 —% 8985 Crestmar Point(4) Central San Diego Repositioning 53,395 8.1 5.7 13.8 0.5 4Q-24 3Q-25 —% 14940 Proctor Road San Gabriel Valley Development 160,094 28.8 26.5 55.3 1.7 4Q-24 2Q-26 —% 11234 Rush Street San Gabriel Valley Development 101,728 12.6 21.6 34.2 0.6 4Q-24 2Q-26 —% 5235 Hunter Avenue North Orange County Development 121,364 11.4 20.0 31.4 2.1 1Q-25 2Q-26 —% 9455 Cabot Drive Central San Diego Repositioning 81,670 12.2 8.3 20.5 1.1 2Q-25 4Q-25 60% 1175 Aviation Place Greater San Fernando Valley Repositioning 93,202 17.9 3.9 21.8 0.7 3Q-25 4Q-25 —% Total Completed & In Lease-Up 960,973 $ 140.9 $ 150.7 $ 291.6 $ 11.3 Leased, Not Yet Stabilized Repositioning/ Development RSF(2) Purch. Price Est. Project Costs Est. Total Invest. Est. Remaining Costs Construction Period Property Leased Property(5) Submarket Start Complete 9615 Norwalk Boulevard Mid-Counties Development 201,571 $ 9.6 $ 51.5 $ 61.1 $ 1.0 3Q-21 4Q-25 100% 3680-3880 Voyager Street South Bay Development 67,734 21.1 19.0 40.1 1.1 1Q-25 3Q-26 100% 24935-24955 Avenue Kearny Greater San Fernando Valley Repositioning 66,130 5.8 4.1 9.9 0.1 4Q-25 2Q-26 100% Total Leased, Not Yet Stabilized 335,435 $ 36.5 $ 74.6 $ 111.1 $ 2.2 — See numbered footnotes on page 29 — Third Quarter 2026 Supplemental Financial Reporting Package Page 26
Slide 27 — Properties and Space Under Repositioning/Development (Continued).(1)
Properties and Space Under Repositioning/Development (Continued).(1) As of September 30, 2026 (unaudited results, $ in millions) Under Construction Repositioning/ Development RSF(2) Purch. Price Est. Project Costs Est. Total Invest. Est. Remaining Costs Construction Period Property Leased Property Submarket Start Complete 7815 Van Nuys Boulevard Greater San Fernando Valley Development 78,904 $ 25.6 $ 16.0 $ 41.6 $ 1.0 2Q-25 4Q-26 —% 14400 Figueroa Street South Bay Repositioning 56,771 61.4 16.9 78.3 13.3 3Q-25 2Q-27 —% 950 West 190th Street(6) South Bay Development 214,894 41.5 43.1 84.6 32.4 4Q-25 3Q-27 100% 9323 Balboa Avenue Central San Diego Development 177,551 27.1 26.3 53.4 13.8 4Q-25 2Q-27 —% 16425 Gale Avenue San Gabriel Valley Development 290,830 26.3 39.9 66.2 36.5 2Q-26 4Q-27 —% Total Under Construction 818,950 $ 181.9 $ 142.2 $ 324.1 $ 97.0 Total Completed & In Lease-Up/Leased, Not Yet Stabilized/Under Construction 2,115,358 $ 359.3 $ 367.5 $ 726.8 $ 110.6 Completed & In Lease-Up/Leased, Not Yet Stabilized/Under Construction Repositioning Development Total Actual Cash NOI: 3Q 2026 ($M) $(0.1) $(0.4) $(0.5) Annualized Stabilized Cash NOI ($M) $7 - $8 $32 - $35 $39 - $43 Estimated Stabilized Return on Cost 4.3% - 4.8% 5.8% - 6.3% 5.5% - 6.0% — See numbered footnotes on page 29 — Third Quarter 2026 Supplemental Financial Reporting Package Page 27
Slide 28 — Properties and Space Under Repositioning/Development (Continued).(1)
Properties and Space Under Repositioning/Development (Continued).(1) As of September 30, 2026 (unaudited results, $ in millions) 3100 Fujita Street South Bay Repositioning 81,832 4Q-26 $14.2 Vacant Repositioning of an existing 1970s vintage, functionally-limited industrial building acquired in 2018 through a sale leaseback. 9000 Airport Boulevard South Bay Development 400,602 4Q-26 $144.3 10/31/26 18 acres of industrially-zoned land acquired through a sale leaseback for planned development. Following lease expiration, the project will deliver a rare, Class-A industrial campus. 4181 Ruffin Road Central San Diego Development 220,153 1Q-27 $36.0 10/31/26 Development of a modern Class A industrial building with highly competitive functionality in a premier location. 3550 Tyburn Street Greater San Fernando Valley Repositioning 85,537 1Q-27 $10.5 01/31/27 Repositioning to reduce office space and upgrade warehouse infrastructure to convert from manufacturing to more modern distribution use. Total Future Repositioning/Development 788,124 $205.0 Repositioning Development Total Projected RSF 167,369 620,755 788,124 Projected Project Costs ($M) $15 - $20 $100 - $110 $115 - $130 Actual Cash NOI: 3Q 2026 ($M) $2.3 $2.3 $4.6 Near-Term Potential Future Repositioning and Development Property Submarket Repositioning/ Development Projected RSF(2) Estimated Construction Start Purchase Price ($M) Lease Expiration Date Project Description — See numbered footnotes on page 29 — Third Quarter 2026 Supplemental Financial Reporting Package Page 28
Slide 29 — Properties and Space Under Repositioning/Development (Continued).(1)
Properties and Space Under Repositioning/Development (Continued).(1) As of September 30, 2026 (unaudited results) Current Year Stabilized Repositioning/Development Property (Submarket) RSF(2) Stabilized Period Stabilized Return on Cost 12118 Bloomfield Avenue 107,045 1Q-26 5.2% 1315 Storm Parkway 37,844 1Q-26 5.9% 3211-3233 Mission Oaks Blvd.(7) 116,852 2Q-26 9.6% 19900 Plummer Street 79,539 2Q-26 4.4% 14955 Salt Lake Avenue 46,653 3Q-26 13.8% (1) For definitions of “Properties and Space Under Repositioning/Development,” “Estimated Construction Period,” “Purchase Price,” “Estimated Project Costs,” “Estimated Total Investment,” “Estimated Remaining Costs,” “Annualized Stabilized Cash NOI,” “Actual Cash NOI,” “Estimated Stabilized Return on Cost” and other definitions related to our repositioning/development portfolio, see pages 34-35 in the Notes and Definitions section of this report. (2) RSF is the actual rentable square footage that is subject to repositioning at the property/building, and may be less than the total RSF of the entire property or particular building(s) under repositioning. For developments, RSF represents the estimated rentable square footage of the project upon completion of the development. (3) As of 2Q-26, 4416 Azusa Canyon Road is considered stabilized, as one year had passed since construction completion. However, this project is presented in Completed & In Lease-Up because it has not yet reached 90% occupancy. (4) As of 3Q-26, 19301 Santa Fe Avenue and 8985 Crestmar Point are considered stabilized, as one year had passed since construction completion. However, these properties are presented in Completed & In Lease-Up because they have not yet reached 90% occupancy. (5) During 3Q-26, leases were executed at 9615 Norwalk Blvd, 3680-3880 Voyager Street, and 24935-24955 Avenue Kearny bringing these properties to 100% leased. The leases are expected to commence in 4Q-26. (6) During 3Q-26, a 214,894 RSF lease was executed at 950 West 190th, bringing the property to 100% leased. The lease is expected to commence in 1Q-28. (7) The project includes 526,069 RSF, comprised of: (i) 3211 Mission Oaks Blvd., a newly constructed building totaling 116,852 RSF, and (ii) 3233 Mission Oaks Blvd., with 409,217 RSF that was not redeveloped. Site improvements were completed across the entire project. RSF shown reflects only 3211 Mission Oaks Blvd., while the stabilized return on cost reflects the entire project. Third Quarter 2026 Supplemental Financial Reporting Package Page 29
Slide 30 — Current Year Investments and Dispositions Summary.
2/6/2026 14005 Live Oak Avenue Los Angeles - San Gabriel Valley Development — $ 14.50 $ — 2/24/2026 18250 Euclid Street Orange County Airport Operating 62,838 $ 26.71 $ 0.1 3/17/2026 29010 Avenue Paine Los Angeles - Greater San Fernando Valley Operating 100,157 $ 31.00 $ 0.2 3/18/2026 13700-13738 Slover Avenue San Bernardino - Inland Empire West Operating 17,862 $ 14.48 $ (0.1) 3/25/2026 600-708 Vermont Avenue North Orange County Development 133,836 $ 40.70 $ — 4/16/2026 423-424 Berry Way North Orange County Development 101,380 $ 16.51 $ — 5/1/2026 18455 Figueroa Street Los Angeles - South Bay Development 146,765 $ 34.90 $ (0.1) 5/4/2026 17031-17037 Green Drive Los Angeles - San Gabriel Valley Operating 51,000 $ 16.65 $ — 5/7/2026 19100 Susana Road Los Angeles - South Bay Operating 52,714 $ 16.10 $ (0.1) 5/11/2026 13711 Freeway Drive Los Angeles - Mid-Counties Development 82,180 $ 15.78 $ — 5/11/2026 3901 Via Oro Avenue Los Angeles - South Bay Development 53,817 $ 10.28 $ — 6/2/2026 2610 S. Birch Street Orange County Airport Operating 83,852 $ 27.68 $ 0.2 7/23/2026 1340 Rocky Point San Diego - North County Operating 22,667 $ 7.61 $ — 9/2/2026 6635 Caballero Blvd Los Angeles - Mid-Counties Operating 92,395 $ 28.18 $ (0.5) 9/8/2026 1500 Raymond Avenue Orange County - North Operating 136,218 $ 50.22 $ — 9/16/2026 Portfolio Transaction(1) Various Operating 5,217,227 $ 1,179.15 $ 15.7 Total 2026 Dispositions through September 30, 2026 6,354,908 $ 1,530.45 Current Year Investments and Dispositions Summary. As of September 30, 2026 (unaudited results) 2026 Current Period Dispositions Disposition Date Property Address Submarket Asset Type Rentable Square Feet Gross Proceeds ($M) Realized NOI Contribution in the Quarter of Sale ($M) (1) Represents the sale of 22 industrial properties in a single portfolio transaction with an affiliate of EQT Real Estate. Third Quarter 2026 Supplemental Financial Reporting Package Page 30
Slide 31 — Net Asset Value Components.
Net Asset Value Components. As of September 30, 2026 (unaudited and in thousands, except share data) Net Operating Income Pro Forma Net Operating Income (NOI)(1) Three Months Ended Sep 30, 2026 Total operating rental income $235,837 Property operating expenses (56,996) Pro forma effect of uncommenced leases(2) 368 Pro forma effect of dispositions(3) (15,234) Pro forma NOI effect of significant properties classified as current, lease-up, and stabilized repositioning and development(4) 9,625 Pro Forma NOI 173,600 Above/(below) market lease revenue adjustments (3,438) Straight line rental revenue adjustment (6,000) Pro Forma Cash NOI $164,162 Balance Sheet Items Other assets and liabilities September 30, 2026 Cash and cash equivalents $423,590 Loan receivable, net 124,049 Rents and other receivables, net 15,540 Other assets 31,841 Accounts payable, accrued expenses and other liabilities (137,943) Dividends payable (97,407) Tenant security deposits (89,204) Prepaid rents (78,248) Estimated remaining cost to complete repositioning/development projects(5) (110,600) Total other assets and liabilities $81,618 Debt and Shares Outstanding Total consolidated debt(6) $2,786,284 Preferred stock/units - liquidation preference $173,250 Common shares outstanding(7) 214,260,837 Operating partnership units outstanding(8) 8,674,743 Total common shares and operating partnership units outstanding 222,935,580 (1) For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions & reconciliation section beginning on page 32 and page 11 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, 2026. (3) Represents the deduction of actual 3Q'26 NOI for the properties that we sold during the current quarter. See page 30 for a detail of current year disposition properties. (4) Represents the estimated incremental NOI from the properties that were classified as repositioning, development, lease-up or stabilized during the three months ended September 30, 2026, assuming that all repositioning/development work had been completed and all of the properties were fully stabilized as of July 1, 2026. Includes all properties that are separately listed on pages 25-27. 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, 2026. (5) Reflects the estimated remaining costs for all repositioning, development, lease-up and stabilized properties that are listed on pages 25-27. (6) Excludes unamortized loan discount and debt issuance costs totaling $19.1 million. (7) Represents outstanding shares of common stock of the Company, which excludes 603,204 shares of unvested restricted stock. (8) Represents outstanding common units of the Company’s operating partnership, Rexford Industrial Realty, L.P., that are owned by unit holders other than Rexford Industrial Realty, Inc. Includes 1,723,841 vested LTIP Units and 1,325,969 vested performance units and excludes 185,285 unvested LTIP Units and 2,011,382 unvested performance units. Third Quarter 2026 Supplemental Financial Reporting Package Page 31
Slide 32 — 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/development 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 or loss (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, 2026, multiplied by 12. Includes leases that had commenced as of September 30, 2026 or leases where tenant had taken early possession of space as of September 30, 2026. Excludes 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, 2026. • 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, 2026, 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, 2026, 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, 2026. • Uncommenced New Leases: Reflects new leases (for vacant space) that have been signed but had not yet commenced as of September 30, 2026. • Uncommenced Renewal Leases: Reflects renewal leases (for space occupied by renewing tenant) that had been signed but had not yet commenced as of September 30, 2026. Capital Expenditures, Non-recurring: Expenditures made with respect to a property for repositioning, development, 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 11-12. We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our ongoing operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs' core FFO. Core FFO should be considered only as a supplement to net income or loss 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). Notes and Definitions. Third Quarter 2026 Supplemental Financial Reporting Package Page 32
Slide 33 — Notes and Definitions.
Debt Covenants ($ in thousands) September 30, 2026 Current Period Covenant Revolver & $400M Term Loan Facility Senior Notes ($25M & $75M) Maximum Leverage Ratio less than 60% 19.3% 25.4% Maximum Secured Leverage Ratio less than 45% 0.2% N/A Maximum Secured Leverage Ratio less than 40% N/A 0.3% Maximum Secured Recourse Debt less than 15% N/A —% Minimum Tangible Net Worth $7,266,909 N/A $8,713,867 Minimum Fixed Charge Coverage Ratio at least 1.50 to 1.00 5.40 to 1.00 5.34 to 1.00 Unencumbered Leverage Ratio less than 60% 20.1% 27.5% Unencumbered Interest Coverage Ratio at least 1.75 to 1.00 6.15 to 1.00 6.15 to 1.00 September 30, 2026 Current Period Covenant Senior Notes ($400M due 2030 & $400M due 2031) Maximum Debt to Total Asset Ratio less than 60% 23.3% Maximum Secured Debt to Total Asset Ratio less than 40% 0.3% Minimum Debt Service Coverage Ratio at least 1.50 to 1.00 5.23 to 1.00 Minimum Unencumbered Assets to Unsecured Debt Ratio at least 1.50 to 1.00 4.30 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) write-offs of below market lease intangibles related to unexercised renewal option, (iii) gain (loss) on debt extinguishment and debt modification expenses, (iv) acquisition expenses, (v) non- capitalizable demolition costs (vi) the pro forma effects of acquisitions and dispositions and (vii) other nonrecurring expenses. 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 or loss (as computed in accordance with GAAP) as a measure of our performance. Ending occupancy excluding repositioning/development: Represents consolidated portfolio occupancy adjusted to exclude all vacant SF associated with repositioning and development projects. Fixed Charge Coverage Ratio: Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 EBITDAre $ 165,921 $ 181,100 $ 174,638 $ 103,701 $ 171,108 Above/(below) market lease revenue adjustments (3,438) (3,805) (4,647) (4,129) (5,254) Non-cash stock compensation 4,106 3,666 4,063 8,537 10,485 Co-CEO transition costs 528 (2,330) — 60,223 — Debt extinguishment and modification expenses 194 — — — — Straight line rental revenue adj. (6,000) (9,967) (15,136) (9,073) (8,164) Capitalized payments (5,279) (4,586) (5,851) (6,013) (6,516) Accretion of net loan origination fees (115) (115) (115) (115) (115) Recurring capital expenditures (4,685) (4,750) (2,314) (2,566) (3,563) 2nd gen. tenant improvements (574) (242) (185) (179) (460) 2nd gen. leasing commissions (10,468) (4,942) (8,193) (6,324) (8,007) Cash flow for fixed charge coverage calculation $ 140,190 $ 154,029 $ 142,260 $ 144,062 $ 149,514 Cash interest expense calculation detail: Interest expense 24,785 28,571 26,600 25,451 25,463 Capitalized interest 6,284 6,026 7,352 8,801 9,240 Note payable premium amort. (1,681) (1,662) (1,641) (1,616) (1,597) Amort. of deferred financing costs (1,319) (1,333) (1,334) (1,333) (1,340) Amort. of swap term fees & t-locks (78) (77) (77) (78) (78) Cash interest expense 27,991 31,525 30,900 31,225 31,688 Scheduled principal payments 219 217 215 247 244 Preferred stock/unit dividends 2,404 2,405 2,404 2,405 2,404 Fixed charges $ 30,614 $ 34,147 $ 33,519 $ 33,877 $ 34,336 Fixed Charge Coverage Ratio 4.6 x 4.5 x 4.2 x 4.3 x 4.4 x Notes and Definitions. Third Quarter 2026 Supplemental Financial Reporting Package Page 33
Slide 34 — 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 or loss 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, impairment losses of depreciable operating property, 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 or loss 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. Pro forma NOI: Pro forma NOI is calculated by adjusting NOI for the following: (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 elimination of actual NOI generated by properties sold during the current period prior to their disposition and (iv) the estimated incremental NOI from properties that were classified as repositioning, development and lease-up as of the end of the reporting period, assuming that all repositioning/development 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/Development: • 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 Development: 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. • Construction Period: The “Start” of the Construction Period is our current estimate of the period in which we will start physical construction on a property. The “Complete” of the 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. • Estimated Project Costs: Represents the estimated costs to be incurred to complete construction and lease-up each repositioning/development 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. • Estimated Total Investment: Includes the sum of the Purchase Price and Projected Repositioning/Development Costs. • Estimated Remaining Costs: Calculated as the Estimated Total Investment less related costs incurred as of the reporting date. • Annualized 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. Notes and Definitions. Third Quarter 2026 Supplemental Financial Reporting Package Page 34
Slide 35 — Notes and Definitions.
• Actual Cash NOI: Represents the actual cash NOI (a non-GAAP measure defined on page 32) for the repositioning/development property for the entire reported quarter or from the date of acquisition if such property was acquired during the current reported quarter. • Estimated Stabilized Return on Cost: Calculated by dividing each project’s Annualized Stabilized Cash NOI by its Projected Total Investment. • Stabilization Date - Properties and Space Under Repositioning/Development: We consider a repositioning/development 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/ development 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, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Rental revenue (before collectability adjustment) $ 194,995 $ 200,258 $ 202,658 $ 201,454 $ 203,217 Tenant reimbursements 41,107 42,856 41,728 43,793 42,612 Other income 848 1,296 486 598 915 Increase (reduction) in revenue due to change in collectability assessment (1,113) (1,414) (2,731) (2,615) 13 Rental income $ 235,837 $ 242,996 $ 242,141 $ 243,230 $ 246,757 Cash Rent Change: Compares the first month cash rent excluding any abatement on new/renewal leases to the last month rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/developed space, including space in pre-development/entitlement process, (iii) space that has been vacant for over one year or (iv) lease terms shorter than twelve months. Net Effective Rent Change: Compares net effective rent, which straightlines rental rate increases and abatements, on new/renewal leases to net effective rent for the most recent expiring lease. Data included for comparable leases only. Comparable leases generally exclude: (i) space that has never been occupied under our ownership, (ii) repositioned/developed 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 2026 SPP is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2025 through September 30, 2026, and excludes (i) properties that were acquired or sold during the period from January 1, 2025 through September 30, 2026, and (ii) properties acquired prior to January 1, 2025 that were or will be classified as repositioning/development (current and future) or lease-up during 2025 and 2026, 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/development properties or removal of sold properties. Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 # of Properties 316 341 342 287 288 Square Feet 36,809,603 41,633,904 41,727,325 37,466,856 37,916,326 Ending Occupancy 96.9 % 95.1 % 96.1 % 96.5 % 96.8 % SPP NOI growth (2.6) % (0.5) % 0.9 % 0.4 % 1.9 % SPP Cash NOI growth (1.1) % 1.5 % (0.4) % 2.8 % 5.5 % Same Property Portfolio Rental Income: See below for a breakdown of 2026 and 2025 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, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Rental revenue $ 155,527 $ 158,395 $ (2,868) (1.8)% $ 466,378 $ 465,758 $ 620 0.1% Tenant reimbursements 30,168 30,614 (446) (1.5)% 90,712 88,872 1,840 2.1% Other income 672 382 290 75.9% 1,986 1,482 504 34.0% Rental income $ 186,367 $ 189,391 $ (3,024) (1.6)% $ 559,076 $ 556,112 $ 2,964 0.5% Reconciliation of Net Income (Loss) to NOI and Cash NOI (in thousands): Three Months Ended Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Net Income (Loss) $ 18,070 $ (523,811) $ 94,562 $ (67,735) $ 93,056 General and administrative 13,431 13,693 14,925 19,199 20,037 Depreciation & amortization 74,440 73,479 72,933 76,819 81,172 Other expenses, net 2,561 (2,001) 102 65,910 4,218 Interest expense 24,785 28,571 26,600 25,451 25,463 Debt extinguishment and modification expenses 194 — — — — Management & leasing services — — — (197) (118) Other income — (3,500) (1,350) — — Interest income (3,266) (2,510) (2,937) (4,670) (6,367) Impairment of real estate 71,834 624,754 6,824 89,097 — Gains on sale of real estate (23,208) (21,893) (26,281) (19,931) (28,583) NOI $ 178,841 $ 186,782 $ 185,378 $ 183,943 $ 188,878 S/L rental revenue adj. (6,000) (9,967) (15,136) (9,073) (8,164) Above/(below) market lease revenue adjustments (3,438) (3,805) (4,647) (4,129) (5,254) Cash NOI $ 169,403 $ 173,010 $ 165,595 $ 170,741 $ 175,460 Notes and Definitions. Third Quarter 2026 Supplemental Financial Reporting Package Page 35
Slide 36 — Notes and Definitions.
Reconciliation of Net Income (Loss) to Total Portfolio NOI, Same Property Portfolio NOI and Same Property Portfolio Cash NOI: Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net income (loss) $ 18,070 $ 93,056 $ (411,179) $ 287,498 General and administrative 13,431 20,037 42,049 59,657 Depreciation and amortization 74,440 81,172 220,852 239,100 Other expenses, net 2,561 4,218 662 6,701 Interest expense 24,785 25,463 79,956 79,452 Debt extinguishment and modification expenses 194 — 194 291 Management and leasing services — (118) — (392) Other income — — (4,850) — Interest income (3,266) (6,367) (8,713) (17,498) Impairment of real estate 71,834 — 703,412 — Gains on sale of real estate (23,208) (28,583) (71,382) (86,101) NOI $ 178,841 $ 188,878 $ 551,001 $ 568,708 Non-Same Property Portfolio rental income (49,470) (57,366) (161,898) (181,034) Non-Same Property Portfolio property exp. 14,807 16,531 47,150 48,844 Same Property Portfolio NOI $ 144,178 $ 148,043 $ 436,253 $ 436,518 Straight line rental revenue adjustment (3,976) (5,462) (17,476) (18,834) Above/(below) market lease revenue adjustments (3,607) (4,440) (11,586) (14,266) Same Property Portfolio Cash NOI $ 136,595 $ 138,141 $ 407,191 $ 403,418 Reconciliation of Net Loss Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance: 2026 Estimate Low High Net loss attributable to common stockholders $ (1.55) $ (1.52) Company share of depreciation and amortization 1.24 1.24 Company share of impairment of real estate 3.04 3.04 Company share of gains on sale of real estate(1) (0.31) (0.31) Company share of FFO $ 2.42 $ 2.45 Core FFO adjustments(2) (0.01) (0.01) Company share of Core FFO $ 2.41 $ 2.44 (1) Reflects dispositions through September 30, 2026. See details on page 30. (2) Core FFO adjustments consist of (i) Co-CEO transition costs, (ii) severance costs, (iii) other nonrecurring expenses, (iv) write-offs of below-market lease intangibles related to unexercised renewal options, (v) debt extinguishment and modification expenses, (vi) gain on termination of interest rate swaps, and (vii) non-capitalizable demolition costs. Occupancy by County: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Ending Occupancy: Los Angeles County 89.7% 90.1% 89.8% 88.3% 90.9% Orange County 95.1% 91.8% 92.2% 93.6% 93.7% Riverside / San Bernardino County 91.7% 86.9% 91.2% 95.3% 94.4% San Diego County 92.1% 90.4% 90.7% 85.9% 91.3% Ventura County 95.7% 95.3% 94.5% 91.8% 89.8% Total/Weighted Average 91.3% 90.0% 90.7% 90.2% 91.8% Total Portfolio RSF 44,469,043 49,934,203 50,445,312 51,161,188 50,850,824 Uncommenced Lease Data: Total/Weighted Average Occupied SF 40,584,026 Uncommenced Renewal Leases - Leased SF(1) 624,502 Uncommenced New Leases - Leased SF(1) 406,427 Leased SF 40,990,453 Percent Leased 92.2 % In-Place ABR(2) $ 719,344 ABR Under Uncommenced Leases (in thousands)(2)(3) 14,178 In-Place + Uncommenced ABR (in thousands)(2) $ 733,522 In-Place + Uncommenced ABR per SF(2) $ 17.89 (1) Reflects the square footage of renewal and new leases, respectively, that have been signed but have not yet commenced as of September 30, 2026. (2) See page 32 for further details on how these amounts are calculated. (3) Includes $14.1 million of annualized base rent under Uncommenced New Leases and $36 thousand of annualized base rent under Uncommenced Renewal Leases. Notes and Definitions. Third Quarter 2026 Supplemental Financial Reporting Package Page 36