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Rexford Industrial Realty, Inc. — 261019 Fixed+Income+Supplemental vF (company IR deck)
Rexford Industrial Realty, Inc. (REXR) · 17 slides · Filed Oct 22, 2026
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Slide 1 — Rexford Industrial Realty
NYSE: REXR Rexford Industrial Realty Fixed Income Supplemental 3Q 2026 9615 Norwalk Boulevard | Mid-Counties
Slide 2 — Forward Looking Statements
2 Forward Looking Statements This presentation 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 REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K, for the year ended December 31, 2025, and subsequent filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to differ materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Past performance is no guarantee of future results. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. A reconciliation to the most directly comparable GAAP measures is provided in the Appendix to this presentation. Further, we do not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition and disposition costs and other non-core items that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Unless otherwise indicated, all Rexford Industrial financial information is as of or for the quarter ended September 30, 2026. Endnotes can be found in the Appendix and are linked throughout the presentation. 2
Slide 3 — 100%
3 REXR NYSE 44M Square Feet 384 Properties $11B Entity Value1 BBB+ BBB+ Baa2 S&P3 Fitch3 Moody’s3 3.8x Net Debt/Adjusted EBITDAre 2 Prime Infill Southern California 100% 15996 Jurupa Avenue | Inland Empire West 3
Slide 4 — 3Q 2026
3Q 2026 Highlights 4
Slide 5 — Financial
5 Financial 1 $0.60 Core FFO/Share (2.6)% Same Property Net Effective NOI Growth (1.1)% Same Property Cash NOI Growth 0.0% Growth All growth percentages compare to the prior year period. 3Q 2026 $1.85 Core FFO/Share (0.1)% Same Property Net Effective NOI Growth 0.9% Same Property Cash NOI Growth 1.6% Growth YTD 2026
Slide 6 — Operations
6 Operations YTD 2026 95.6% Average Same Property Occupancy 3.5% Average Embedded Rent Steps1 (3.0)% Cash Leasing Spreads 3.7M Leased Square Feet 7.1% Net Effective Leasing Spreads 3Q 2026 96.9% Ending Same Property Occupancy +200 bps v. 2Q26 +10 bps v. 2Q26 95.9% Average Same Property Occupancy (10.7)% Cash Leasing Spreads 10.0M Leased Square Feet (3.2)% Net Effective Leasing Spreads 3.4% Average Embedded Rent Steps1
Slide 7 — Dispositions
7 Dispositions 25 Closed Dispositions $1.3B Total Sales Price 3Q 2026 YTD 2026 5.5M Square Feet $1.5B Total Sales Price 37 Closed Dispositions 6.4M Square Feet
Slide 8 — Repositioning & Development
8 Repositioning & Development $15M Total Investment for Stabilized Projects $14.2M Leased Annualized Cash NOI1 47K Stabilized Square Feet 599K Leased Square Feet 1 Stabilized Project 13.8% Stabilized Return on Cost2 3Q 2026 $161M Total Investment for Stabilized Projects $17.5M Leased Annualized Cash NOI1 388K Stabilized Square Feet 784K Leased Square Feet 5 Stabilized Projects 7.7% Stabilized Return on Cost2 YTD 2026
Slide 9 — 2.9 years
9 $3 $594 $314 $600 $800 $401 $75 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Secured Revolver Unsecured Term Loan Unsecured Notes 2.9 years Weighted Average Debt Maturity 100% Fixed Rate Debt $1.7B Total Liquidity2 99% Unsecured Debt 3.8x Net Debt/Adjusted EBITDAre1 Maturity Ladder ($ millions) BBB+ S&P3 BBB+ Fitch3 Baa2 Moody’s3 Strong Liquidity & Investment Grade Balance Sheet 2027 Debt Maturity Plan Projected 1Q27 payoff of $575M Exchangeable Senior Notes at maturity with cash on hand
Slide 10 — Strong Liquidity & Investment Grade Balance Sheet
10 100% Fixed 0% Variable 99% Unsecured Debt Debt Composition2 Secured vs. Unsecured Debt 73% 25% Unsecured Debt <1% Mortgage Debt $11B Total Capitalization1 Common Equity 1% Secured Debt Cash on Hand $424 Revolving Credit Facility 1,245 TotalLiquidity $1,669 Total Liquidity ($ millions) Strong Liquidity & Investment Grade Balance Sheet 2% Preferred Equity
Slide 11 — Credit Ratings
11 Credit Ratings 2 Covenant Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Maximum Leverage Ratio <60% 19%-25% 24%-28% 24%-28% 23%-27% 22%-27% Maximum Secured Leverage Ratio <40%/45% 0% 1% 1% 1% 1% Maximum Secured Recourse Debt <15% 0% 0% 0% 0% 0% Minimum Tangible Net Worth ($ in millions) $7,267 $8,714 $9,137 $9,829 $9,975 $10,125 Minimum Fixed Charge Coverage Ratio at least 1.50 to 1.00 5.34 to 1.00 5.38 to 1.00 5.30 to 1.00 5.09 to 1.00 5.35 to 1.00 Unencumbered Leverage Ratio <60% 20%-28% 25%-29% 25%-29% 24%-29% 23%-29% Unencumbered Interest Coverage Ratio at least 1.75 to 1.00 6.15 to 1.00 5.95 to 1.00 5.97 to 1.00 6.03 to 1.00 6.03 to 1.00 Agency Credit Rating Outlook Last Review Date S&P BBB+ Stable August 5, 2026 Fitch BBB+ Stable March 3, 2026 Moody’s Baa2 Stable May 12, 2026 Debt Covenants 1
Slide 12 — Appendix
Appendix Endnotes Non-GAAP Reconciliations Definitions 12
Slide 13 — Endnotes
13 SLIDE 3 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, Operating Partnership units, unvested shares of restricted stock, vested and unvested LTIP units and performance units) as of 9/30/2026, plus liquidation value of preferred equity and total net debt at balance sheet carrying value as of 9/30/2026. 2. Adjusted EBITDAre is a Non-GAAP financial measure. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of Adjusted EBITDAre. 3. These credit ratings 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. Endnotes SLIDE 8 1. Annualized Cash NOI associated with leases executed through 9/30/2026 for repositioning and development projects. Excludes projects in other repositioning. 2. Stabilized Return on Cost is a Non-GAAP financial measure. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for a description of stabilized return on cost. SLIDE 5 1. NOI and Core FFO are Non-GAAP financial measures. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of NOI and Core FFO. SLIDE 6 1. Annual contractual rental rate increases for leases executed in 3Q 2026 and year-to-date 2026. SLIDE 9 1. Adjusted EBITDAre is a Non-GAAP financial measure. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of Adjusted EBITDAre. 2. Total liquidity reflects ending cash balance of approximately $424 million and nearly full availability on our $1.25 billion revolver. 3. These credit ratings 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. SLIDE 10 1. Common equity based on share price as of 9/30/2026. Common shares outstanding, OP units, preferred equity and debt as of 9/30/2026. Preferred equity reflects 100% of liquidation value of preferred shares. 2. Includes the effect of interest rate swaps on $400 million of indebtedness. Through interest rate swap transactions, we effectively fixed Daily SOFR related to our $400 million term loan facility through 5/30/2030. SLIDE 11 1. The table summarizes the existing covenants of our outstanding debt and their covenant levels when considering the most restrictive terms. The covenant and actual performance metrics represent terms and definitions reflected in the agreements governing our outstanding debt based on the financial results as of 9/30/2026. As of 9/30/2026, the operating partnership was in compliance with the terms of such agreements. 2. These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies.
Slide 14 — Non-GAAP Reconciliations
14 Net Operating Income ($ in ‘000s) Quarter Ended 9/30/2026 Quarter Ended 9/30/2025 Net income $18,070 $93,056 General & administrative 13,431 20,037 Depreciation & amortization 74,440 81,172 Other expenses, net 2,561 4,218 Interest expense 24,785 25,463 Debt extinguishment and modification expenses 194 — Management & leasing services — (118) Interest income (3,266) (6,367) Impairment of real estate 71,834 — Gains on sale of real estate (23,208) (28,583) Net Operating Income (NOI) $178,841 $ 188,878 Straight line rental revenue adjustments (6,000) (8,164) Above/(below) market lease revenue adjustments (3,438) (5,254) Cash NOI $169,403 $175,460 Source: Company filings Non-GAAP Reconciliations
Slide 15 — Funds from Operations ($ in ‘000s, except per share data)
15 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended 9/30/2026 Quarter Ended 9/30/2025 Net income $18,070 $93,056 Depreciation and amortization 74,440 81,172 Impairment of real estate 71,834 — Gains on sale of real estate (23,208) (28,583) Funds from Operations (FFO) $141,136 $145,645 Less: preferred stock dividends (2,314) (2,314) Less: FFO, attributable to noncontrolling interests (5,358) (4,906) Less: FFO, attributable to participating securities (610) (713) Company Share of FFO $132,854 $137,712 FFO $141,136 $145,645 Acquisition expenses — 161 Debt extinguishment and modification expenses 194 — Gain on termination of interest rate swaps (2,874) — Non-capitalizable demolition costs 1,309 — Co-CEO transition costs 528 — Severance costs 680 2,728 Other nonrecurring expenses — 1,259 Core FFO $140,973 $149,793 Less: preferred stock dividends (2,314) (2,314) Less: FFO, attributable to noncontrolling interests (5,351) (5,045) Less: FFO, attributable to participating securities (610) (734) Company Share of Core FFO $132,698 $141,700 Weighted-average shares outstanding - diluted 220,510 234,587 Company Share of Core FFO per share - basic $0.60 $0.60 Company Share of Core FFO per share - diluted $0.60 $0.60 Source: Company filings EBITDAre and Adjusted EBITDAre ($ in ‘000s) Quarter Ended 9/30/2026 Quarter Ended 9/30/2025 Net income $18,070 $93,056 Interest expense 24,785 25,463 Depreciation and amortization 74,440 81,172 Impairment of real estate 71,834 — Gains on sale of real estate (23,208) (28,583) EBITDAre $165,921 $171,108 Stock-based compensation amortization 4,106 10,485 Debt extinguishment and modification expenses 194 — Acquisition expenses — 161 Non-capitalizable demolition costs 1,309 — Co-CEO transition costs 528 — Other nonrecurring expenses — 1,259 Pro forma effect of dispositions (15,234) (389) Adjusted EBITDAre $156,824 $182,624
Slide 16 — Definitions
16 Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI (i) fair value lease revenue 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 believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on going operating performance, provides a more meaningful and consistent comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write-off of original issuance costs which we do not consider reflective of our core revenue or expense streams). Estimated Stabilized Return on Cost: Calculated by dividing each project’s Annualized Stabilized Cash NOI by its Projected Total Investment. NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) on sale of real estate assets, gains (or losses) on sale of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists of preferred stock dividends and any preferred stock redemption charges related to the write-off of original issuance costs). Net Debt to Adjusted EBITDAre: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income or 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, non-cash stock-based compensation expense, write-offs of below market lease intangibles related to unexercised renewal options, gains (or losses) on debt extinguishment and debt modification expenses, acquisition expenses, non-capitalizable demolition costs and the pro-forma effects of dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is 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 this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDAre is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirements of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs’ Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income or loss (as computed in accordance with GAAP) as a measure of our performance. 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 income, 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, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. Definitions
Slide 17 — www.rexfordindustrial.com
www.rexfordindustrial.com