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    Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013, and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire, reposition and develop industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. From time to time we may also sell assets as part of our capital allocation strategy. As of June 30, 2026, our consolidated portfolio consisted of 409 properties with approximately 49.9 million rentable square feet.

    The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and, unless the context requires otherwise, its subsidiaries (including our Operating Partnership).

Basis of Presentation and Principles of Consolidation

As of June 30, 2026 and December 31, 2025, and for the three and six months ended June 30, 2026 and 2025, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All intercompany balances and transactions have been eliminated in the consolidated financial statements.

Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of June 30, 2026 and December 31, 2025, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2025 and the notes thereto.

Any references to the number of properties, buildings and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.  

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.

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Restricted Cash

Restricted cash is generally comprised of cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). We include restricted cash with cash and cash equivalents in the consolidated statements of cash flows and provide a reconciliation between the balance sheet and the statement of cash flows provided that we have outstanding restricted cash balances.

Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following tables provide a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the six months ended June 30, 2026 and 2025 (in thousands):

			As of January 1,
			2026						2025
Cash and cash equivalents			$	165,778					$	55,971
Restricted cash			—						—
Cash, cash equivalents and restricted cash, beginning of period			$	165,778					$	55,971
			As of June 30,
			2026						2025
Cash and cash equivalents			$	32,226					$	431,117
Restricted cash			—						130,071
Cash, cash equivalents and restricted cash, end of period			$	32,226					$	561,188

Investments in Real Estate

Acquisitions

While we have not made any recent property acquisitions, our accounting policy for acquisitions and business combinations is described below.

We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations (Topic 805)—Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the revised definition of a business and accordingly are accounted for as asset acquisitions.

For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs.

We determine the fair value of the tangible assets of an acquired property by valuing the property as if it was vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, exit capitalization rates, market rental rates, rental growth rates and comparable sales data, including land sales, for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. 

In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition.

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From time to time, we may engage in a sale-leaseback transaction whereby we execute a lease with the seller/tenant simultaneously with the acquisition of a property. Sale-leaseback transactions entered into at off-market terms are adjusted so that the transaction is recorded at fair value. If the purchase price is less than the fair value of the acquired property, or the present value of contractual leaseback payments is less than the present value of market rental payments, the difference is recognized as “Tenant prepaid rent” in the consolidated balance sheets and is recognized as rental income on a straight-line basis over the term of the lease.

The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date.

Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred.

Capitalization of Costs

We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred.

We capitalized interest costs of $6.0 million and $9.1 million during the three months ended June 30, 2026 and 2025, respectively, and $13.4 million and $17.3 million during the six months ended June 30, 2026 and 2025, respectively. We capitalized real estate taxes and insurance costs aggregating $1.9 million and $2.1 million during the three months ended June 30, 2026 and 2025, respectively, and $4.3 million and $4.0 million during the six months ended June 30, 2026 and 2025, respectively. We capitalized compensation costs for employees who provide construction services of $3.4 million and $3.6 million during the three months ended June 30, 2026 and 2025, respectively, and $7.5 million and $7.1 million during the six months ended June 30, 2026 and 2025, respectively.

Depreciation and Amortization

Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense.

The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements.

As discussed above in “—Investments in Real Estate—Acquisitions,” in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases.

Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.

Assets Held for Sale

We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (”ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate

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sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value, less estimated costs to sell.

As of June 30, 2026 and December 31, 2025, we did not have any properties classified as held for sale.

Impairment of Investments in Real Estate, Net

In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our real estate assets whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. In evaluating whether such indicators exist, we consider operating performance, market conditions, as well as the effects of demand and other economic factors, including projected rental revenue, operating costs and capital expenditures, capitalization rates and expected holding periods.

We generally hold and operate our real estate assets for long-term investment, which decreases the likelihood that their carrying values are not recoverable. However, changes in events, circumstances or our intent or strategy, including a decision to shorten the expected holding period or to pursue a sale, may result in an impairment loss.

When indicators of impairment are present, we assess recoverability by comparing the carrying amount of a real estate asset to the sum of undiscounted future cash flows expected to result from its use and eventual disposition. If the carrying value is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the carrying value exceeds the asset’s estimated fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, the application of capitalization rates to estimated net operating income, quoted market values and third-party appraisals, where considered necessary.

The assumptions and estimates used in our recoverability and fair value analyses, including future cash flows, discount rates, capitalization rates and expected holding periods, are complex and subjective and are based on assumptions consistent with our estimates of future expectations and the strategic plan used to manage our underlying business. Changes in economic and operating conditions or our intent with respect to an asset that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate assets.

See “Note 3 – Investments in Real Estate” for details.

Accounting for Leases

Leases as Lessor

We evaluate new leases originated or leases assumed as part of an acquisition transaction under ASC Topic 842: Leases to determine lease classification. Generally, all of our leases have historically been classified as operating leases. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, there is a purchase option that the tenant is reasonably certain to exercise, the lease term, including extension options that the tenant is reasonably certain to exercise, is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor, if applicable. As of June 30, 2026 and December 31, 2025, we did not have any leases that were classified as sales-type or financing leases under sale-leaseback rules.

Leases as a Lessee

We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in

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determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 7 – Leases” for additional lessee disclosures required under lease accounting standards.

Income Taxes

We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute annually at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax.

We may, from time to time, acquire direct or indirect interests in one or more entities that will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to regular federal corporate income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions.

We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and six months ended June 30, 2026 and 2025.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2026 and December 31, 2025, we have not established a liability for uncertain tax positions.

Derivative Instruments and Hedging Activities

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings.

In accordance with ASC Topic 815: Derivatives and Hedging (“ASC 815”), we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.

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Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 8 – Interest Rate Derivatives” for details.

Revenue Recognition

Our primary sources of income are rental income, management and leasing services, interest income and gains on sale of real estate.

Rental Income

We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants.

Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.

We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf.

Management and Leasing Services

Through December 31, 2025, we provided property management services and leasing services to related party property owners in exchange for management fees and leasing commissions. Property management services included performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. Management fee revenue was earned as the services were provided, as control of the services transferred to the customer over time. Management fees were based on a fixed percentage of each managed property’s monthly tenant cash receipts.

Leasing commissions were earned upon the execution of lease agreements between the customer and tenants, as control of the leasing services transferred to the customer at that point in time. Leasing commissions were based on a fixed percentage of the rental income generated under each executed lease, with no variable consideration component.

Effective January 1, 2026, the Company terminated its management and leasing services arrangements, and no management or leasing services revenue has been recognized subsequent to that date.

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Gain or Loss on Sale of Real Estate

We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC Topic 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset.

When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is reasonably certain, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate.

Interest Income on Loan Receivable

Interest income on our loan receivable is recognized on an accrual basis over the life of the loan. Loan origination fees, net of origination costs, are accreted or amortized over the term of the loan as an adjustment to interest income using the effective interest method. Generally, a loan is placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.

Valuation of Operating Lease Receivables    

We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease are recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $1.4 million and $0.1 million as a net reduction adjustment to rental income for the three months ended June 30, 2026 and 2025, respectively, and $4.1 million and $2.4 million as a net reduction adjustment to rental income for the six months ended June 30, 2026 and 2025 in the consolidated statements of operations.

Loan Receivable

Our loan receivable is reflected at amortized cost in the consolidated balance sheets. The amortized cost of our loan receivable is the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan.

Accrued interest receivable related to our loan receivable is recorded at the net amount expected to be collected within “Rents and other receivables, net” in the consolidated balance sheets.

The current expected credit losses approach under ASC Topic 326: Financial Instruments—Credit Losses requires an estimate of the credit losses expected over the life of a loan. We assess the need for an allowance for credit losses related to our loan receivable and the related interest receivable by evaluating the following: (i) asset-specific risks, which include the nature of the collateral, current loan-to-value ratio and the potential future changes in the collateral’s fair value, (ii) other relevant available information, from internal and external sources, relating to current conditions that may affect the borrower’s ability to repay the loan upon maturity, such as the borrower’s current financial condition and credit rating, and (iii) historical losses (adjusted for current conditions and reasonable and supportable forecasts) for financial assets secured with similar collateral (all taken together, the “credit loss evaluation criteria”). See “Note 5 – Loan Receivable” for details.

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Deferred Leasing Costs

We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For revolving credit facility arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 6 – Notes Payable” for details.

Equity Based Compensation

We account for equity-based compensation in accordance with ASC Topic 718: Compensation – Stock Compensation (“ASC 718”). Total compensation cost for all share-based awards is based on the estimated fair value of the equity instrument issued on the grant date. For awards that vest based solely on a service condition, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For awards with performance and/or market conditions, compensation cost is recognized over the requisite service period using the accelerated expense attribution method, with each vesting tranche valued as a separate award. For awards with performance conditions, compensation cost is based on the number of awards expected to vest based on the probable outcome of the performance condition, and is prospectively adjusted for changes in estimates prior to vesting and for the number of awards that ultimately vest. For awards with market conditions, failure to satisfy the market condition results in the forfeiture of units but does not result in the reversal of previously recognized compensation cost. For awards for which service is not considered substantive, compensation cost is recognized at grant‑date fair value on the grant date, or, if applicable, when substantive service ceases to be required. Forfeitures (for all awards) are recognized in the period in which they occur. See “Note 13 – Incentive Award Plan” for details.

Equity Offerings

Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering programs have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance.

Under relevant accounting guidance, sales of our common stock under forward equity sale agreements (as discussed in “Note 12 – Stockholders’ Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Earnings Per Share

We calculate earnings per share (“EPS”) in accordance with ASC Topic 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings.

Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. In addition, we include the exchangeable notes in the computation of diluted earnings per share if the effect is dilutive. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 14 – Earnings Per Share” for details.

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Adoption of New Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-04, Debt-Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments (“ASU 2024-04”). The amendments in ASU 2024-04 clarify the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim periods within those annual periods. We adopted ASU 2024-04 as of January 1, 2026. The adoption did not have a material impact on our consolidated financial statements, as we have not entered into any exchange-related settlements, modifications, or inducement transactions related to our exchangeable senior unsecured notes to date.

Recent Accounting Pronouncements (Issued and Not Yet Adopted)

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). The amendments in ASU 2024-03 apply to all public business entities and require disclosure of specified information about certain costs and expenses. ASU 2024-03 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2024-03.

In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). The amendments in ASU 2025-09 clarify certain aspects of the hedge accounting guidance in ASC 815 to more closely align hedge accounting with the economics of an entity’s risk management activities. ASU 2025-09 is effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2025-09.

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Impairment of Real Estate and Dispositions

During the six months ended June 30, 2026, we sold 12 properties for an aggregate gross sales price of approximately $265.3 million and recorded total gains on sale of real estate of approximately $48.2 million. Seven of the properties sold were subject to impairment prior to disposition, including additional impairment charges recorded during the six months ended June 30, 2026, primarily to reflect estimated costs to sell upon classification as held for sale. As a result, the sale of these properties did not result in a gain or loss.

The following table summarizes properties that were sold during the six months ended June 30, 2026.

Property						Submarket						Date of Disposition						Rentable Square Feet						Contractual Sales Price(1) (in thousands)
14005 Live Oak Avenue						Los Angeles - San Gabriel Valley						2/06/2026						—						$	14,500
18250 Euclid Street						Orange County - Airport						2/24/2026						62,838						$	26,710
29010 Avenue Paine						Los Angeles - San Fernando Valley						3/17/2026						100,157						$	31,000
13700-13738 Slover Avenue						San Bernardino - Inland Empire West						3/18/2026						17,862						$	14,475
600-708 Vermont Avenue						Orange County - North						3/25/2026						133,836						$	40,700
423-424 Berry Way						Orange County - North						4/16/2026						101,380						$	16,514
18455 Figueroa Street						Los Angeles - South Bay						5/01/2026						146,765						$	34,900
17031-17037 Green Drive						Los Angeles - San Gabriel Valley						5/04/2026						51,000						$	16,653
19100 Susana Road						Los Angeles - South Bay						5/07/2026						52,714						$	16,100
13711 Freeway Drive						Los Angeles - Mid-Counties						5/11/2026						82,180						$	15,775
3901 Via Oro Avenue						Los Angeles - South Bay						5/11/2026						53,817						$	10,275
2610 S. Birch Street						Orange County - Airport						6/02/2026						83,852						$	27,680
Total																		886,401						$	265,282

(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.

During the six months ended June 30, 2026, we recognized total impairment charges of $631.6 million related to certain real estate assets. While a portion of the impairment charges related to properties sold during the period, the majority of the impairment charges related to properties that remained on the balance sheet as of June 30, 2026 and were attributable to shortened expected holding periods and other circumstances that resulted in estimated fair values below carrying value. Estimated fair values were primarily based on non-binding offers or letters of intent received from third-party buyers, valuations prepared by third-party real estate brokers, and contracted sales prices for properties sold during the period. For impaired assets remaining on the balance sheet as of June 30, 2026, the assets did not meet the criteria for classification as held for sale and therefore continued to be classified as held and used.

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    The following table summarizes our acquisition related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition related intangible liabilities, including below-market tenant leases (in thousands): 

			June 30, 2026						December 31, 2025
Acquired Lease Intangible Assets:
In-place lease intangibles			$	350,315					$	398,161
Accumulated amortization			(262,656)						(289,347)
In-place lease intangibles, net			$	87,659					$	108,814
Above-market tenant leases			$	40,012					$	48,079
Accumulated amortization			(25,453)						(28,619)
Above-market tenant leases, net			$	14,559					$	19,460
Below-market ground lease			$	12,976					$	12,976
Accumulated amortization			(705)						(623)
Below-market ground lease, net			$	12,271					$	12,353
Acquired lease intangible assets, net			$	114,489					$	140,627
Acquired Lease Intangible Liabilities:
Below-market tenant leases			$	(261,388)					$	(274,353)
Accumulated amortization			155,532						157,866
Below-market tenant leases, net			$	(105,856)					$	(116,487)
Acquired lease intangible liabilities, net			$	(105,856)					$	(116,487)

    The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and six months ended June 30, 2026 and 2025 (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
In-place lease intangibles(1)			$	7,820					$	11,316					$	16,575					$	27,813
Net below-market tenant leases(2)			$	(2,945)					$	(4,928)					$	(6,732)					$	(13,254)
Below-market ground leases(3)			$	41					$	41					$	82					$	82

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below-market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The amortization of below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

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On October 26, 2023, in conjunction with the acquisition of the property located at 15801 West 1st Street, we issued a $125.0 million loan to the seller that is securitized by an adjacent 150-acre industrial development site as well as two escrow reserve accounts that were funded with loan proceeds at closing (the “loan collateral”). The loan bears interest at 7.50% per annum, requires monthly interest-only payments with a balloon payment at maturity, and has an effective interest rate of 8.00% including loan origination costs and fees. The loan has a maturity date of October 26, 2028, with one 1-year extension available at the borrower’s option, subject to certain conditions plus the payment of a 0.25% extension fee. The loan allows for prepayment, in part or whole, with penalties ranging from 1.00% to 2.00% of the amount prepaid, depending on the timing of the prepayment. As of June 30, 2026, the borrower was current on monthly interest payments.

As of June 30, 2026, the carrying value of the loan receivable was $123.9 million, which reflects $1.1 million of unamortized origination fees/costs. As of December 31, 2025, the carrying value of the loan receivable was $123.7 million, which reflects $1.3 million of unamortized origination fees/costs. Based on our current assessment of the credit loss evaluation criteria, we determined that the allowance for potential credit losses on our loan receivable is immaterial as of June 30, 2026 and December 31, 2025.

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    The following table summarizes the components and significant terms of our indebtedness as of June 30, 2026 and December 31, 2025 (dollars in thousands):

			June 30, 2026						December 31, 2025						Margin Above SOFR						Interest Rate(1)						Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility			$	14,000					$	—					S+0.685		%	(2)			4.365		%	(3)			5/30/2029			(4)
$575M Exchangeable Senior Notes due 2027			575,000						575,000						n/a						4.375		%				3/15/2027
$300M Term Loan			300,000						300,000						S+0.760		%	(2)			3.577		%	(5)			5/26/2027
$125M Senior Notes			125,000						125,000						n/a						3.930		%				7/13/2027
$300M Senior Notes due 2028			300,000						300,000						n/a						5.000		%				6/15/2028
$575M Exchangeable Senior Notes due 2029			575,000						575,000						n/a						4.125		%				3/15/2029
$25M Series 2019A Senior Notes			25,000						25,000						n/a						3.880		%				7/16/2029
$400M Term Loan			400,000						400,000						S+0.760		%	(2)			4.174		%	(6)			5/30/2030
$400M Senior Notes due 2030			400,000						400,000						n/a						2.125		%				12/1/2030
$400M Senior Notes due 2031			400,000						400,000						n/a						2.150		%				9/1/2031
$75M Series 2019B Senior Notes			75,000						75,000						n/a						4.030		%				7/16/2034
Total Unsecured Debt			$	3,189,000					$	3,175,000
Secured Debt:
$60M Term Loan(7)			60,000						60,000						S+1.250		%				5.060		%	(7)			10/27/2026			(7)
701-751 Kingshill Place(8)			—						6,715						n/a						3.900		%				1/5/2026
13943-13955 Balboa Boulevard(9)			13,608						13,814						n/a						3.930		%				7/1/2027
2205 126th Street(10)			5,200						5,200						n/a						3.910		%				12/1/2027
2410-2420 Santa Fe Avenue(10)			10,300						10,300						n/a						3.700		%				1/1/2028
11832-11954 La Cienega Boulevard(9)			3,646						3,688						n/a						4.260		%				7/1/2028
Gilbert/La Palma(9)			1,212						1,323						n/a						5.125		%				3/1/2031
7817 Woodley Avenue(9)			2,537						2,609						n/a						4.140		%				8/1/2039
Total Secured Debt			$	96,503					$	103,649
Total Unsecured and Secured Debt			$	3,285,503					$	3,278,649
Less: Unamortized premium/discount and debt issuance costs(11)			(21,779)						(26,740)
Total			$	3,263,724					$	3,251,909

(1)Reflects the contractual interest rate under the terms of each loan as of June 30, 2026, and includes the effect of interest rate swaps that were effective as of June 30, 2026. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.

(2)As of June 30, 2026, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan, plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, based on our leverage ratio and investment grade ratings, less a sustainability-related interest rate adjustment of 0.04%. These loans are also subject to a 0% SOFR floor.

(3)The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of June 30, 2026, the applicable facility fee is 0.125%, less a sustainability-related interest rate adjustment of 0.01%.

(4)The unsecured revolving credit facility has two six-month extensions available at our option, subject to certain terms and conditions.

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(5)Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725% through May 26, 2027, resulting in an all-in fixed rate of 3.57725% after adding the applicable margin and sustainability-related rate adjustment.

(6)Daily SOFR for our $400.0 million unsecured term loan has been swapped to a fixed rate of 3.41375% through May 30, 2030, resulting in an all-in fixed rate of 4.17375% after adding the applicable margin and sustainability-related rate adjustment.

(7)The loan is secured by six properties and has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. Term SOFR for this loan has been swapped to a fixed rate of 3.710% through July 30, 2026, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin. As of June 30, 2026, we have three one-year extension options available, subject to certain terms and conditions.

(8)On January 5, 2026, we paid in full the outstanding principal balance on this unsecured debt.

(9)Fixed monthly payments of interest and principal until maturity as follows: 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).

(10)Fixed monthly payments of interest only.

(11)Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.

Contractual Debt Maturities    

    The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of June 30, 2026, and does not consider unexercised extension options available to us as noted in the table above (in thousands):

July 1, 2026 - December 31, 2026			$	60,441
2027			1,019,078
2028			314,218
2029			614,427
2030			800,448
Thereafter			476,891
Total			$	3,285,503

Debt maturing over the next twelve months is expected to be addressed through refinancing, extensions, repayment with cash on hand and/or borrowings under our unsecured revolving credit facility.

Exchangeable Senior Notes

As of June 30, 2026, we had outstanding $575.0 million in aggregate principal amount of 4.375% exchangeable senior unsecured notes due 2027 (the “2027 Exchangeable Notes”) and $575.0 million in aggregate principal amount of 4.125% exchangeable senior unsecured notes due 2029 (the “2029 Exchangeable Notes” and together with the 2027 Exchangeable Notes, the “Exchangeable Notes”). The 2027 Exchangeable Notes will mature on March 15, 2027 and the 2029 Exchangeable Notes will mature on March 15, 2029, in each case unless earlier repurchased, exchanged or (in the case of the 2029 Exchangeable Notes) redeemed.

As of June 30, 2026 and December 31, 2025, the net carrying amount of the 2027 Exchangeable Notes was $571.9 million and $569.8 million, respectively, with unamortized debt discount and issuance costs of $3.1 million and $5.2 million, respectively. As of June 30, 2026 and December 31, 2025, the net carrying amount of the 2029 Exchangeable Notes was $568.0 million and $566.8 million, respectively, with unamortized debt discount and issuance costs of $7.0 million and $8.2 million, respectively.

Interest on the Exchangeable Notes is payable semiannually on March 15 and September 15 of each year. For the three and six months ended June 30, 2026, we recognized total interest expense on the Exchangeable Notes of $13.9 million and $27.7 million, respectively, with coupon interest of $12.2 million and $24.4 million, and amortization of debt discount and issuance costs of $1.7 million and $3.3 million, respectively. For the three and six months ended June 30, 2025, we recognized total interest expense of $13.8 million and $27.6 million, respectively, with coupon interest of $12.2 million and $24.4 million, and amortization of debt discount and issuance costs of $1.6 million and $3.2 million, respectively.

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Prior to December 15, 2026 (in the case of the 2027 Exchangeable Notes) and December 15, 2028 (in the case of the 2029 Exchangeable Notes), noteholders may exchange their Exchangeable Notes only upon the occurrence of certain events. From and after those dates, noteholders may exchange their Exchangeable Notes at any time at their election until the close of business on the second scheduled trading day immediately preceding the applicable maturity date. Exchanges will be settled by delivering cash up to the principal amount of the Exchangeable Notes exchanged, and in respect of the remainder of the exchanged value, if any, in excess thereof, in cash or in a combination of cash and shares of our common stock, at our option. The initial exchange rate is 15.7146 shares of our common stock per $1,000 principal amount of the Exchangeable Notes, representing an initial exchange price of approximately $63.64 per share of our common stock.

We may not redeem the 2027 Exchangeable Notes prior to their maturity. The 2029 Exchangeable Notes may be redeemed, in whole or in part (subject to certain limitations), for cash at our option at any time, and from time to time, on or after May 20, 2027 and on or before the 41st scheduled trading day preceding their maturity date, subject to satisfaction of certain conditions, including that the last reported sale price of our common stock exceeds 130% of the exchange price for a specified period. The redemption price will equal the principal amount of the 2029 Exchangeable Notes redeemed, plus accrued and unpaid interest, if any.

In connection with the issuance of each series of Exchangeable Notes, we entered into a registration rights agreement pursuant to which we agreed to register the resale of the shares of our common stock, if any, deliverable upon exchange of the Exchangeable Notes. If specified conditions under the registration rights agreement are not satisfied, we may be required to pay additional interest on the applicable series of Exchangeable Notes. We account for such potential additional interest as contingent obligations under ASC Subtopic 825-20: Financial Instruments - Registration Payment Arrangements and ASC Subtopic 450-20: Loss Contingencies. As payments of such additional interest were not probable as of June 30, 2026, no liability was recognized.

Fifth Amended and Restated Credit Agreement

As of June 30, 2026, under the Fifth Amended and Restated Credit Agreement (the “Credit Agreement”), we have a $1.25 billion unsecured revolving credit facility (the “Revolver”), a $300.0 million unsecured term loan facility (the “$300 Million Term Loan”) and a $400.0 million unsecured term loan facility (the “$400 Million Term Loan” and together with the $300 Million Term Loan, the “Term Facility”). Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $1.05 billion, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing.

Interest on the Credit Agreement is generally to be paid based upon, at our option, either Term SOFR, daily SOFR or a base rate, plus an applicable margin based on our leverage ratio and debt ratings. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans. The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and letters of credit and 0.00% to 0.40% per annum for base rate loans. In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade ratings.

In addition, the Credit Agreement also features a sustainability-linked pricing component that can periodically adjust the applicable margin by -0.04%, zero or 0.04% and adjust the applicable credit facility fee by -0.01%, zero or 0.01%, depending on our achievement of the annual sustainability performance metrics. In January 2026, after certifying that our sustainability performance targets were met for 2025, the applicable margin decreased by 0.04% to 0.685% for the Revolver and to 0.760% for the Term Facility, and the credit facility fee decreased by 0.01% to 0.115%.

The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed.

The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults. If an event of default occurs and is continuing under the Credit Agreement, the unpaid principal amount of all outstanding loans, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

As of June 30, 2026, we had $14.0 million of borrowings outstanding under the Revolver and $4.6 million of outstanding letters of credit that reduced our borrowing capacity, leaving $1.231 billion available for future borrowings.

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Debt Covenants

The Credit Agreement, $60.0 million term loan facility (the “$60 Million Term Loan”), $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) include a series of financial and other covenants that we must comply with. All financial ratios, metrics and terms used in the covenants below are defined in the applicable loan agreements and are tested on a quarterly basis.

•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;

•For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%;

•For the $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%;

•For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%;

•For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016;

•Maintaining a ratio of adjusted EBITDA to fixed charges of at least 1.5 to 1.0; 

•For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and

•For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.0. 

The $300.0 million of 5.000% Senior Notes due 2028, $400.0 million of 2.125% Senior Notes due 2030 and $400.0 million of 2.150% Senior Notes due 2031 (together the “Registered Notes”) contain the following covenants. All financial ratios and terms used below are as defined in the applicable indentures and are tested on an annual basis.

•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;

•Maintaining a ratio of secured debt to total asset value of not more than 40%;

•Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and

•Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.

    Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either Standard & Poor’s Ratings Services (“S&P”), Moody’s Investors Services (“Moody’s”) or Fitch Ratings. Our credit ratings as of June 30, 2026, were BBB+ from S&P, BBB+ from Fitch Ratings and Baa2 from Moody’s.

    We were in compliance with all of our required quarterly financial debt covenants as of June 30, 2026.

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    Lessor

    We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred.

    For the three and six months ended June 30, 2026, we recognized rental income related to operating lease payments of $240.1 million and $478.4 million, respectively, consisting of fixed lease payments of $195.9 million and $392.0 million and variable lease payments of $44.2 million and $86.4 million. For the three and six months ended June 30, 2025, we recognized rental income related to operating lease payments of $236.6 million and $477.1 million, respectively, consisting of fixed lease payments of $194.7 million and $392.5 million and variable lease payments of $41.9 million and $84.6 million.

    The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2026 (in thousands):

Twelve Months Ended June 30,
2027			$	728,326
2028			662,593
2029			554,916
2030			417,372
2031			293,085
Thereafter			691,397
Total			$	3,347,689

    The future minimum base rents in the table above exclude tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.

    Lessee    

    We lease office space as part of conducting our day-to-day business. As of June 30, 2026, our office space leases have current remaining lease terms of approximately two years with options to renew for an additional term of three to five years each. As of June 30, 2026, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 35 years and four additional ten-year options to renew.

    As of June 30, 2026, total ROU assets and lease liabilities were approximately $6.3 million and $7.6 million, respectively. As of December 31, 2025, total ROU assets and lease liabilities were approximately $6.8 million and $8.3 million, respectively.

    The tables below present financial and supplemental information associated with our leases.

			Three Months Ended June 30,												Six Months Ended June 30,
Lease Cost(1) (in thousands)			2026						2025						2026						2025
Operating lease cost			$	372					$	401					$	745					$	805
Variable lease cost			17						15						23						48
Sublease income			—						(31)						—						(63)
Total lease cost			$	389					$	385					$	768					$	790

(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.

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			Three Months Ended June 30,												Six Months Ended June 30,
Other Information (in thousands)			2026						2025						2026						2025
Cash paid for amounts included in the measurement of operating lease liabilities			$	437					$	360					$	872					$	822

Lease Term and Discount Rate			June 30, 2026						December 31, 2025
Weighted-average remaining lease term(1)			49.9 years						46.2 years
Weighted-average discount rate(2)			4.12		%				4.13		%

(1)Includes the impact of extension options that we are reasonably certain to exercise.

(2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.

    The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of June 30, 2026 (in thousands):

						June 30, 2026
July 1, 2026 - December 31, 2026						$	752
2027						1,798
2028						542
2029						164
2030						164
Thereafter						19,560
Total undiscounted lease payments						$	22,980
Less imputed interest						(15,396)
Total lease liabilities						$	7,584

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The following table sets forth a summary of the terms and fair value of our interest rate swaps at June 30, 2026 and December 31, 2025 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.

																								Notional Value(1)												Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)(2)
Derivative Instrument						Effective Date						Maturity Date						Interest Strike Rate						June 30, 2026						December 31, 2025						June 30, 2026						December 31, 2025
Interest Rate Swap						4/3/2023						7/30/2026						3.71000		%				$	60,000					$	60,000					$	(3)					$	(65)
Interest Rate Swaps						7/27/2022						5/26/2027						2.81700		%				$	150,000					$	150,000					$	1,487					$	1,013
Interest Rate Swaps						7/27/2022						5/26/2027						2.81750		%				$	150,000					$	150,000					$	1,486					$	1,012
Interest Rate Swap						7/1/2025						5/30/2030						3.41750		%				$	250,000					$	250,000					$	3,879					$	(522)
Interest Rate Swap						7/1/2025						5/30/2030						3.40500		%				$	125,000					$	125,000					$	2,007					$	(189)
Interest Rate Swap						7/1/2025						5/30/2030						3.42000		%				$	25,000					$	25,000					$	388					$	(53)

(1)Represents the notional value of swaps that are effective as of the balance sheet date presented. 

(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” and the fair value of derivative liabilities is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

Our interest rate swaps are designated and qualify as cash flow hedges. We do not use derivatives for trading or speculative purposes. The change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in AOCI and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transactions affect earnings.

The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands): 

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives			$	5,515					$	(1,077)					$	9,770					$	(2,846)
Amount of gain reclassified from AOCI into earnings under “Interest expense”(1)			$	746					$	1,507					$	1,567					$	3,023
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)			$	28,571					$	26,701					$	55,171					$	53,989

(1)Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to the treasury rate lock agreements that were settled in August 2021 and March 2023 and for which amounts will continue to be reclassified over the ten-year and five-year terms, respectively, of the hedged transactions.

As of June 30, 2026, we estimate that approximately $4.7 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next twelve months.

Credit-risk-related Contingent Features

    Certain of our agreements with our derivative counterparties contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then we could also be declared in default on our derivative obligations.

    Certain of our agreements with our derivative counterparties contain provisions where if a merger or acquisition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument.

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    ASC Topic 820: Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

    Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

    Recurring Measurements – Interest Rate Swaps

    We use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

    To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

    Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

    The table below sets forth the estimated fair value of our interest rate swaps as of June 30, 2026 and December 31, 2025, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).

												Fair Value Measurement Using
Description						Total Fair Value						Level 1						Level 2						Level 3
June 30, 2026
Interest rate swap asset						$	9,247					$	—					$	9,247					$	—
Interest rate swap liability						$	(3)					$	—					$	(3)					$	—
December 31, 2025
Interest rate swap asset						$	2,025					$	—					$	2,025					$	—
Interest rate swap liability						$	(829)					$	—					$	(829)					$	—

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Nonrecurring Measurements – Impairment of Real Estate

We measure certain properties at fair value on a nonrecurring basis in accordance with ASC 820 when changes in expected holding periods or other circumstances indicate that the carrying value of the properties may not be recoverable. The fair values of these properties were determined using Level 2 and Level 3 inputs within the fair value hierarchy. Level 2 inputs consisted of quoted market values obtained from non-binding offers and letters of intent received from third-party buyers. Level 3 inputs consisted of valuations prepared by third-party real estate brokers. See “Note 3 – Investments in Real Estate” for additional information.

The table below sets forth the fair value and related carrying values of properties measured on a nonrecurring basis for which impairments were recognized as of June 30, 2026 and December 31, 2025 (in thousands) by level within the fair value hierarchy.

												Fair Value Measurement Using
Description						Total Fair Value						Level 1						Level 2						Level 3						Carrying Value(1)
Real estate assets measured at fair value due to changes in expected holding periods and other circumstances
June 30, 2026						$	1,225,984					$	—					$	1,189,051					$	36,933					$	1,225,984
December 31, 2025						$	149,989					$	—					$	149,989					$	—					$	149,989

(1)Amount represents the aggregate carrying value of certain properties impaired, as adjusted to fair value, primarily included in the line item “Investments in real estate, net” in the accompanying consolidated balance sheets.

Financial Instruments Disclosed at Fair Value

    The carrying amounts of cash and cash equivalents, rents and other receivables, other assets, accounts payable, accrued expenses and other liabilities, and tenant security deposits approximate fair value because of their short-term nature.

    The fair value of our loan receivable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and based on certain assumptions regarding the collection of principal and interest.

The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date.

    The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of June 30, 2026 and December 31, 2025 (in thousands).

												Fair Value Measurement Using
						Total Fair Value						Level 1						Level 2						Level 3						Carrying Value
Loan Receivable at:
June 30, 2026						$	126,720					$	—					$	—					$	126,720					$	123,934
December 31, 2025						$	129,015					$	—					$	—					$	129,015					$	123,704
Notes Payable at:
June 30, 2026						$	3,207,059					$	—					$	—					$	3,207,059					$	3,263,724
December 31, 2025						$	3,226,955					$	—					$	—					$	3,226,955					$	3,251,909

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    Howard Schwimmer

    Effective January 1, 2026, the Company terminated its management and leasing services agreements with Howard Schwimmer, our former Co-Chief Executive Officer, and no management or leasing services revenue was recognized for the three and six months ended June 30, 2026.

    Legal

From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations.

    Environmental

We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability.

As of June 30, 2026, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation.

    Tenant and Construction Related Commitments

As of June 30, 2026, we had commitments of approximately $81.6 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors.

Letters of Credit Related to Captive Insurance Subsidiary

We have the right to issue letters of credit under the Revolver up to an aggregate amount not to exceed $100.0 million, which reduces the credit availability under the Revolver. As of June 30, 2026, we had a $4.6 million letter of credit outstanding, which was originally issued on May 31, 2024, to capitalize a new wholly-owned captive insurance subsidiary through which we indirectly manage a portion of our earthquake insurance.

    Concentrations of Credit Risk

We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although from time to time we have deposits at institutions in excess of federally insured limits, we do not believe we are exposed to significant credit risk due to the financial position and high credit quality of the institutions in which those deposits are held.    

    Concentration of Properties in Southern California

As of June 30, 2026, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions.

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    Tenant Concentration

During the six months ended June 30, 2026, no single tenant accounted for more than 5% of our total consolidated rental income.

Preferred Stock

At June 30, 2026 and December 31, 2025, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):

																		June 30, 2026												December 31, 2025
Series						Earliest Redemption Date						Dividend Rate						Shares Outstanding						Liquidation Preference						Shares Outstanding						Liquidation Preference
Series B						November 13, 2022						5.875		%				3,000,000						$	75,000					3,000,000						$	75,000
Series C						September 20, 2024						5.625		%				3,450,000						86,250						3,450,000						86,250
Total Preferred Shares																		6,450,000						$	161,250					6,450,000						$	161,250

Common Stock

Stock Repurchase Programs

On April 21, 2026, the Board authorized a stock repurchase program pursuant to which we may repurchase up to a maximum of $500.0 million of our outstanding common stock (the “April 2026 Repurchase Program”). The April 2026 Repurchase Program replaced and superseded, in all respects, our previously authorized February 2026 repurchase program and expires on April 30, 2028, unless modified, extended or terminated earlier at the Board’s discretion.

Under our stock repurchase programs, we may repurchase our shares from time to time in the open market, in privately negotiated transactions or in other transactions as permitted by federal securities laws. The amount and timing of repurchases depend on a number of factors, including the price and availability of our shares, trading volume and general market conditions.

During the six months ended June 30, 2026, we repurchased 8,335,664 shares of common stock for an aggregate cost of $300.2 million, including commissions, at a weighted average price of $35.99 per share. Of this amount, $200.1 million was repurchased under the February 2026 stock repurchase program prior to its termination and $100.1 million was repurchased under the April 2026 Repurchase Program. All repurchased shares were retired on the respective settlement dates. As of June 30, 2026, $399.9 million remained available for repurchase under the April 2026 Repurchase Program. Subsequent to June 30, 2026, the Board terminated the April 2026 Repurchase Program and authorized a new $1.0 billion stock repurchase program. See “Note 16 – Subsequent Events” for additional information.

ATM Program

On February 17, 2023, we established an at-the-market equity offering program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion (the “Current ATM Program”).

In connection with the ATM program, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under the ATM program. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

During the six months ended June 30, 2026, we did not sell any shares of common stock directly through sales agents or enter into forward equity sale agreements under the Current ATM Program.

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As of June 30, 2026, approximately $927.4 million of common stock remained available to be sold under the Current ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our AOCI balance for the three and six months ended June 30, 2026 and 2025, which consists solely of adjustments related to our cash flow hedges (in thousands):

						Three Months Ended June 30,												Six Months Ended June 30,
						2026						2025						2026						2025
Accumulated other comprehensive income (loss) - beginning balance						$	2,887					$	3,582					$	(422)					$	6,746
Other comprehensive income (loss) before reclassifications						5,515						(1,077)						9,770						(2,846)
Amounts reclassified from accumulated other comprehensive income (loss) to interest expense						(746)						(1,507)						(1,567)						(3,023)
Net current period other comprehensive income (loss)						4,769						(2,584)						8,203						(5,869)
Less: other comprehensive (income) loss attributable to noncontrolling interests						(183)						94						(308)						215
Other comprehensive income (loss) attributable to common stockholders						4,586						(2,490)						7,895						(5,654)
Accumulated other comprehensive income - ending balance						$	7,473					$	1,092					$	7,473					$	1,092

Noncontrolling Interests

Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units and 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “CPOP Units”).

Operating Partnership Units

As of June 30, 2026, noncontrolling interests included 5,624,933 OP Units, 1,765,430 fully-vested LTIP units and 1,325,969 fully-vested performance units, and represented approximately 3.8% of our Operating Partnership (excluding CPOP Units). OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 13 – Incentive Award Plan” for a description of LTIP units and Performance Units.

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    Fourth Amended and Restated 2013 Incentive Award Plan

On May 19, 2026, our stockholders approved the Fourth Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), superseding and replacing our prior incentive award plan. Pursuant to the Plan, we may make grants of restricted stock, LTIP units of partnership interest in our Operating Partnership (“LTIP Units”), performance units in our Operating Partnership (“Performance Units”), dividend equivalents and other stock based and cash awards to our non-employee directors, employees and consultants.

The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”), subject to certain limitations. The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions.

As of June 30, 2026, a total of 4,907,431 shares of common stock, LTIP Units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards.

LTIP Units and Performance Units

LTIP units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP units and Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events more fully described in the Operating Partnership’s partnership agreement (“book-up events”), the LTIP units and Performance Units can over time achieve full parity with OP Units for all purposes. If such parity is reached, vested LTIP units and vested Performance Units may be converted into an equal number of OP Units, and upon conversion, enjoy all rights of OP Units. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the per-unit distribution paid on OP Units. Vested Performance Units and unvested and vested LTIP Units receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock.

Share-Based Award Activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the six months ended June 30, 2026: 

			Unvested Awards
			Restricted Common Stock												LTIP Units
			Number of Shares						Weighted-Average Grant Date Fair Value per Share						Number of Units						Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2026			1,623,077						$	42.12					325,395						$	41.37
Granted			333,804						$	40.45					147,306						$	37.78
Forfeited			(31,251)						$	44.06					—						$	—
Vested(1)			(1,297,422)						$	41.39					(287,416)						$	40.96
Balance at June 30, 2026			628,208						$	42.64					185,285						$	39.14

(1)During the six months ended June 30, 2026, 617,976 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

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The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2026:  

			Unvested Awards
			Restricted Common Stock						LTIP Units						Performance Units(1)
July 1, 2026 - December 31, 2026			7,317						60,824						701,025
2027			236,470						55,338						903,897
2028			174,152						49,386						406,460
2029			137,592						13,440						—
2030			72,677						6,297						—
Total			628,208						185,285						2,011,382

(1)Represents the maximum number of Performance Units that could become earned and vested in December of 2026, November/December of 2027, and December of 2028, assuming achievement of maximum total shareholder return for all awards, and, with respect to awards vesting in 2026 and 2027, maximum FFO per share growth, in each case measured over the applicable three-year performance period.

Former Executive Officer Transition-Related Share-Based Compensation

Certain performance awards included in the November 2025 transition and separation arrangements with two former executive officers remain subject to prospective adjustment for changes in estimated achievement of the applicable FFO performance condition through final certification following the end of the applicable three-year performance period. During the second quarter of 2026, we recorded a $2.9 million reduction to previously recognized share-based compensation expense related to such awards due to changes in estimated performance achievement. Consistent with the presentation of the original transition-related share-based compensation expense, this adjustment was recognized in “Other expenses, net” in the accompanying consolidated statements of operations.

Compensation Expense

    The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Expensed share-based compensation(1)			$	778					$	10,091					$	4,841					$	19,790
Capitalized share-based compensation(2)			489						446						1,144						769
Total share-based compensation			$	1,267					$	10,537					$	5,985					$	20,559

(1)Amounts expensed are included in “General and administrative,” “Property expenses” and “Other expenses, net” in the accompanying consolidated statements of operations.

(2)For the three and six months ended June 30, 2026 and 2025, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

As of June 30, 2026, total unrecognized compensation cost related to all unvested share-based awards was $34.4 million and is expected to be recognized over a weighted average remaining period of 30 months.

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The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Numerator:
Net (loss) income			$	(523,811)					$	120,394					$	(429,249)					$	194,442
Less: Preferred stock dividends			(2,315)						(2,315)						(4,629)						(4,629)
Less: Net loss (income) attributable to noncontrolling interests			19,665						(4,060)						16,290						(6,909)
Less: Net income attributable to participating securities			(441)						(592)						(1,449)						(1,131)
Net (loss) income attributable to common stockholders			$	(506,902)					$	113,427					$	(419,037)					$	181,773
Add back: Net loss attributable to noncontrolling interests			—						—						(16,470)						—
Numerator for diluted net (loss) income attributable to common stockholders			$	(506,902)					$	113,427					$	(435,507)					$	181,773
Denominator:
Weighted average shares of common stock outstanding – basic			223,812,383						236,098,831						226,049,970						231,771,448
Effect of dilutive securities - noncontrolling interests			—						—						8,585,633						—
Weighted average shares of common stock outstanding – diluted			223,812,383						236,098,831						234,635,603						231,771,448
Earnings per share - Basic
Net (loss) income attributable to common stockholders			$	(2.26)					$	0.48					$	(1.85)					$	0.78
Earnings per share - Diluted
Net (loss) income attributable to common stockholders			$	(2.26)					$	0.48					$	(1.86)					$	0.78

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units.

The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive. 

Performance Units, which are subject to vesting based on the Company achieving certain TSR levels and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.

Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method for the periods where the impact was dilutive.

We also consider the effect of other potentially dilutive securities, including the CPOP Units and interests in the Operating Partnership that may be redeemed for shares of our common stock under certain circumstances, and include them in

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our computation of diluted EPS under the if-converted method when their inclusion is dilutive. Such interests were included in diluted EPS for the six months ended June 30, 2026, and were excluded from all other periods presented as their inclusion would have been anti-dilutive. The CPOP Units were anti-dilutive for all periods presented.

As of June 30, 2026, the Exchangeable Notes were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive for all periods presented.

We operate as one operating segment. We are engaged in the business of investing in, operating, repositioning and developing industrial real estate properties located in Southern California infill markets. Our operating results depend primarily upon generating rental revenue from leasing and operating our industrial properties. As of June 30, 2026, our Chief Executive Officer, Chief Operating Officer and Chief Financial Officer collectively act as the chief operating decision maker (the “CODM”) of the Company. Our CODM reviews financial information presented on a consolidated basis when making decisions related to assessing our operating performance and allocating resources.

Segment Profitability Measure and Total Assets

Consolidated net income or loss, which is reported in the accompanying consolidated statements of operations, is the measure of segment profit or loss that is regularly reviewed by the CODM. Consolidated net income or loss is used by the CODM in assessing the operating performance of the segment and to monitor budget versus actual results.

Refer to the accompanying consolidated statements of operations for the presentation of consolidated net income or loss for the three and six months ended June 30, 2026 and 2025.

The measure of segment assets is reported in the accompanying consolidated balance sheets as “Total assets.” The accounting policies of our single reportable segment are the same as those described in the summary of significant accounting policies.

Significant Segment Expenses

The following table sets forth the significant expenses that comprise the line item “Property expenses” in our calculation of consolidated net income or loss (in the accompanying consolidated statements of operations) for the three and six months ended June 30, 2026 and 2025.

			Three Months Ended June 30,												Six Months Ended June 30,
			2026						2025						2026						2025
Recoverable property expenses(1)			$	47,083					$	46,797					$	95,097					$	93,646
Non-recoverable property expenses(2)			9,131						8,501						17,880						16,913
Property expenses			$	56,214					$	55,298					$	112,977					$	110,559

(1)Recoverable property expenses include real estate taxes, insurance, repairs and maintenance, utilities and management fee expenses which can be billed back to tenants as a form of additional revenue.

(2)Non-recoverable property expenses include overhead allocation expenses and other property expenses directly associated with operating our properties which cannot be billed back to tenants.

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Dispositions

On July 23, 2026, we completed the sale of the property located at 1340 Rocky Point Drive in Oceanside, California for a gross sales price of $7.6 million.

Dividends and Distributions Declared

On July 20, 2026, the Board declared the following quarterly cash dividends/distributions, record dates and payment dates.

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

$

0.435

September 30, 2026

October 15, 2026

OP Units

$

0.435

September 30, 2026

October 15, 2026

5.875% Series B Cumulative Redeemable Preferred Stock

$

0.367188

September 15, 2026

September 30, 2026

5.625% Series C Cumulative Redeemable Preferred Stock

$

0.351563

September 15, 2026

September 30, 2026

3.00% Cumulative Redeemable Convertible Preferred Units

$

0.545462

September 15, 2026

September 30, 2026

New Stock Repurchase Program

On July 20, 2026, the Board terminated the April 2026 Repurchase Program and authorized a new stock repurchase program pursuant to which we may repurchase up to a maximum of $1.0 billion of our outstanding common stock (the “July 2026 Repurchase Program”). The July 2026 Repurchase Program replaced and superseded, in all respects, the April 2026 Repurchase Program and is scheduled to expire on July 31, 2028, unless modified, extended or terminated earlier at the Board’s discretion.

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ATTACHMENTS / EXHIBITS

EX-22.1

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XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

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