• Rexford Industrial is like **Simon Property Group for warehouses.**
• Rexford Industrial is like **Public Storage for businesses needing large warehouses.**
• Rexford Industrial is like **Equinix, but for physical goods warehouses instead of data centers.**

• Industrial Property Leasing: Providing space within industrial properties (such as warehouses, distribution centers, and manufacturing facilities) to businesses through lease agreements.
• Industrial Property Management: Offering comprehensive management services for industrial real estate assets, which may include tenant relations, maintenance, and financial oversight for properties owned by the company or third parties.

Rexford Industrial Realty (REXR) leases its industrial properties primarily to other companies rather than individuals. However, the company maintains a highly diversified tenant base, with no single tenant accounting for more than 1.4% of its total annualized base rent. Due to this significant diversification, there are no specific "major customers" (individual companies) that can be identified and listed by name.

Instead, Rexford Industrial serves a broad range of businesses across various industries that require industrial space for their operations. These customer companies can be broadly categorized by their primary business sectors, including:

• Logistics and Distribution: Companies involved in the storage, movement, and distribution of goods, often serving as critical hubs in supply chains.
• E-commerce: Businesses requiring space for warehousing, fulfillment centers, and last-mile delivery operations to support online retail activities.
• Manufacturing: Companies that produce goods, needing industrial facilities for production, assembly, and related activities.
• Food & Beverage: Businesses involved in the processing, storage, and distribution of food and beverage products, often requiring specialized industrial spaces.

Howard Schwimmer, Co-Chief Executive Officer and Director

Mr. Schwimmer has served as Rexford Industrial's Co-Chief Executive Officer and as a member of its Board of Directors since its formation in January 2013. He founded Rexford Industrial's predecessor business in 2001, and under his leadership, the company has grown into a leading publicly-traded industrial REIT. Mr. Schwimmer brings over 40 years of specialized experience in Southern California infill industrial real estate. He previously held senior executive roles at DAUM Commercial Real Estate and has extensive experience in the formation and governance of both private and public real estate investment entities.

Michael S. Frankel, Co-Chief Executive Officer and Director

Mr. Frankel serves as Rexford Industrial's Co-Chief Executive Officer and on the Board of Directors since July 2013. He previously served as the Chief Financial Officer of Rexford Industrial Realty & Management Inc. since May 2005 and as Managing Partner of Rexford Industrial LLC and Rexford Sponsor LLC. Mr. Frankel's career spans real estate investment, private equity investments, and senior management operating roles. He was formerly responsible for investments at the private equity firm "C3," a subsidiary of the Comcast Corporation, and also served with LEK Consulting.

Michael Fitzmaurice, Chief Financial Officer

Mr. Fitzmaurice serves as Rexford Industrial's Chief Financial Officer, a role he was appointed to in October 2024. He brings 25 years of real estate, finance, accounting, investments, and operations experience to Rexford. Prior to joining Rexford, Mr. Fitzmaurice served as the Executive Vice President and Chief Financial Officer of RPT Realty, a real estate investment trust acquired by Kimco Realty Corporation, and also held leadership roles at Retail Properties of America, Inc.

Laura Clark, Chief Operating Officer and Director

Ms. Clark serves as Rexford Industrial's Chief Operating Officer and joined the Company's Board of Directors in November 2025. She is slated to assume the role of Chief Executive Officer in April 2026. Ms. Clark previously served as Chief Financial Officer from August 2020 to November 2024. Before joining Rexford, she held leadership positions at Regency Centers and worked in capital markets and equity research at Green Street Advisors.

David Lanzer, General Counsel and Secretary

Mr. Lanzer has served as Rexford Industrial's General Counsel since March 2016, overseeing all legal services and risk management. He also serves as the secretary to the Board of Directors. Prior to his tenure at Rexford Industrial, Mr. Lanzer was First Vice President and Senior Counsel of Prologis, Inc., where he provided legal counsel for the U.S. Southwest and Northwest regions.

The key risks to Rexford Industrial Realty (REXR) predominantly stem from its concentrated operational focus and broader economic factors impacting the real estate sector.

1. Geographic Concentration and Southern California Market Softness: Rexford Industrial Realty's business is highly concentrated in the industrial real estate markets of Southern California. While this region has historically offered advantages due to high barriers to entry and limited supply, it also exposes the company to significant regional economic downturns, market-specific risks, and regulatory changes unique to California. Recent reports indicate a slowing demand and persistent supply issues within the Southern California market, which could negatively impact occupancy rates, rental growth, and overall financial performance, as evidenced by decelerating cash leasing spreads. Regulatory risks, such as new climate-related laws and potential changes to property tax propositions (like Measure ULA or Proposition 13), could further increase operational costs and affect property values in the region.
2. Interest Rate Fluctuations: As a real estate investment trust (REIT), Rexford is particularly sensitive to changes in interest rates. Increases in interest rates can lead to higher borrowing costs, making it more expensive for the company to finance new property acquisitions or refinance existing debt. This can also diminish the attractiveness of REIT dividend yields compared to other investment options, potentially impacting stock performance. Despite efforts to maintain a conservative capital structure and utilize hedging strategies like interest rate swaps, the risk from fluctuating interest rates remains a significant concern.
3. Tenant and Industry-Specific Exposure: Although Rexford aims for a diversified tenant base, a concentration in certain industries, such as Manufacturing, Wholesale Trade, and Transportation and Warehousing, exposes the company to sector-specific risks. Economic shifts or downturns disproportionately affecting these industries could impact tenant financial health, potentially leading to vacancies, reduced rental income, or challenges in maintaining high occupancy rates.

Rexford Industrial Realty (REXR) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Rental Rate Growth: The company anticipates increasing rental income from its existing portfolio, primarily due to strong demand within the Southern California infill markets. This is evidenced by expectations for higher same-property Net Operating Income (NOI) growth and projected net effective releasing spreads of 5-10%.
2. Strategic Acquisitions: Rexford Industrial plans to expand its portfolio through strategic acquisitions of industrial properties. The company employs a programmatic disposition plan, selling certain properties to recycle capital into new, accretive investment opportunities that are expected to enhance future cash flow growth.
3. Value-Add Redevelopment and Repositioning: A significant driver involves stabilizing value-added projects, which include the redevelopment and repositioning of properties to increase their income-generating potential. For instance, the company expects to stabilize approximately 1.2 million square feet of such projects, generating an estimated $20 million in annualized NOI by mid-2026.

1. Share Repurchases
   • Rexford repurchased $100 million of shares in Q4 2025, contributing to a total of $250 million for the full year.
   • In February 2026, the company repurchased $100 million of common stock (2.67 million shares) under its authorized $500 million share repurchase program.
   • As of February 26, 2026, $400 million remained available under the current $500 million share repurchase program.
2. Share Issuance
   • Rexford Industrial Realty's shares outstanding increased by 6.45% in 2025, reaching 0.233 billion.
   • In 2024, shares outstanding grew by 7.56% to 0.218 billion.
   • Shares outstanding increased by 18.79% in 2023, totaling 0.203 billion.
3. Inbound Investments
   • Sophron Capital Management initiated a $7.2 million position in the company during the fourth quarter of 2025.
   • Three company insiders, including the COO, CFO, and a Director, collectively purchased nearly $387,000 worth of shares in late February 2026.
4. Outbound Investments
   • Through February 25, 2026, Rexford sold two properties for an aggregate of $41.2 million.
   • In 2025, the company sold seven properties, totaling $218 million.
   • Rexford is targeting between $400 million and $500 million in asset dispositions for 2026.
5. Capital Expenditures
   • For the full year 2025, Rexford stabilized 21 repositioning and development projects, representing a total investment of $798.0 million.
   • In Q4 2025, seven repositioning and development projects were stabilized, with a total investment of $306.0 million.
   • Exiting a development site in Irwindale in February 2026 is projected to preserve approximately $20 million of future capital spend.