Rexford Industrial Realty : Fourth Quarter 2020 - Supplemental Financial Reporting Package

Exhibit 99.2

Table of Contents.
Section	Page
Corporate Data:
Investor Company Summary ......................................................................................................................................................................................................	3
Financial and Portfolio Highlights and Common Stock Data ......................................................................................................................................................	4
Consolidated Financial Results:
Consolidated Balance Sheets .....................................................................................................................................................................................................	5
Consolidated Statements of Operations .....................................................................................................................................................................................	6-7
Non-GAAP FFO, Core FFO and AFFO Reconciliations .............................................................................................................................................................	8-9
Statement of Operations Reconciliations ....................................................................................................................................................................................	10
Stabilized Same Property Portfolio Performance .......................................................................................................................................................................	11
Capitalization Summary ..............................................................................................................................................................................................................	12
Debt Summary ............................................................................................................................................................................................................................	13-14
Portfolio Data:
Portfolio Overview .......................................................................................................................................................................................................................	15
Occupancy and Leasing Trends .................................................................................................................................................................................................	16
Leasing Statistics ........................................................................................................................................................................................................................	17-18
Top Tenants and Lease Segmentation .......................................................................................................................................................................................	19
Capital Expenditure Summary ....................................................................................................................................................................................................	20
Properties and Space Under Repositioning/Redevelopment .....................................................................................................................................................	21-23
Current Year Acquisitions and Dispositions Summary ................................................................................................................................................................	24-25
Guidance ....................................................................................................................................................................................................................................	26-27
Net Asset Value Components .....................................................................................................................................................................................................	28
Notes and Definitions ..................................................................................................................................................................................................................	29-33
Disclosures:

Forward-Looking Statements: This supplemental package contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management's beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, dependence on tenants' financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.

For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2019 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission ("SEC") on February 19, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which was filed with the SEC on October 26, 2020. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

Investor Company Summary.

Executive Management Team

Howard Schwimmer Michael S. Frankel

Laura Clark David Lanzer

Co-Chief Executive Officer, Director Co-Chief Executive Officer, Director

Chief Financial Officer

General Counsel and Corporate Secretary

Board of Directors

Richard Ziman Howard Schwimmer Michael S. Frankel

Robert L. Antin Diana J. Ingram Debra L. Morris Tyler H. Rose Peter SchwabChairman

Co-Chief Executive Officer, Director Co-Chief Executive Officer, Director

Director

Director Director Director Director

Investor Relations Information

ICR

Stephen Swett

www.icrinc.com

212-849-3882

Equity Research Coverage

Bank of America Merrill Lynch

Baird

Berenberg Capital Markets

Capital One Citigroup Investment Research

Green Street

J.P. Morgan Jefferies LLC Wells Fargo SecuritiesJames Feldman David Rodgers Connor Siversky

Chris Lucas Emmanuel Korchman

Vince Tibone Michael W. Mueller, CFA

Jonathan Petersen

[phone]

[phone]

[phone]

[phone]

[phone]

[phone]

[phone]

[phone]

Blaine Heck

[phone]

Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts' reports on their own; we do not distribute these reports.

Financial and Portfolio Highlights and Common Stock Data. (1)

(in thousands except share and per share data and portfolio statistics)

Three Months Ended

December 31, 2020

September 30, 2020

June 30, 2020

March 31, 2020

December 31, 2019

Financial Results:

Total rental income

Net income

18,155

31,197

16,271

15,272 $ 24,382

Net Operating Income (NOI)

Company share of Core FFO

43,099

40,557

38,832

37,519 $ 35,754

Company share of Core FFO per common share - diluted

Adjusted EBITDA

65,328

56,384

55,982

55,566 $ 52,232

Dividend declared per common share Portfolio Statistics:

$ $ $ $ $ $ $

88,495

66,461

0.34

0.215

$ $ $ $ $ $ $

83,622

62,938

0.33

0.215

$ $ $ $ $ $ $

79,770

60,886

0.32

0.215

$ $ $ $ $ $ $

77,490 $ 74,015

59,376 $ 55,859

0.33 $ 0.32

0.215 $ 0.185

Portfolio rentable square feet ("RSF") - consolidated

31,501,111

27,711,078

27,633,778

27,303,260

26,425,208

Ending occupancy - consolidated portfolio

• 95.2 %

  • 97.2 %

    95.4 %

    95.6% 96.5%

  • Ending percentage leased - consolidated portfolio

• 96.2 %

• 97.3 %

• 96.0 %

  95.7% 96.8%

  Stabilized occupancy - consolidated portfolio

  96.7 %

  97.9 %

• 97.0 %

• 97.4% 97.9%

Leasing spreads - GAAP

29.9 %

26.8 %

32.3 %

36.6% 42.0%

Leasing spreads - cash

24.4% 27.1%

Stabilized Same Property Performance:

Stabilized Same Property Portfolio RSF(2)

Stabilized Same Property Portfolio ending occupancy(2)

Stabilized Same Property Portfolio NOI growth(2)(3)

Stabilized Same Property Portfolio Cash NOI growth(2)(3)

18.1 % 19,688,025 98.2 % 2.5 % 7.1 %

17.4 % 19,688,025 98.5 % 4.5 % 5.0 %

18.2 % 19,688,025 97.9 % 3.6 % (1.7)%

19,688,025 98.4% 4.0 7.9

Capitalization:

Common stock price at quarter end

$

49.11

$

45.76

$

41.43

$

41.01

$

19,688,025 98.3% n/a n/a 45.67

Common shares issued and outstanding

131,193,139

123,551,852

123,546,160

116,087,092 113,580,755

Total shares and units issued and outstanding at period end(4)

137,799,832

127,455,361

127,454,636

120,004,376 116,304,528

Weighted average shares outstanding - diluted

126,401,077

123,843,977

120,068,176

114,314,331 112,096,619

Series A, B and C Preferred Stock and Series 1 and 2 CPOP Units

Total equity market capitalization

7,086,418

6,151,425

5,599,514

Total consolidated debt

Total combined market capitalization (net debt plus equity)

8,133,619

6,815,852

6,253,391

$ $ $ $

319,068

1,223,494

$ $ $ $

319,068

908,046

$ $ $ $

319,068

908,250

$ $ $ $

319,068 5,240,447 905,645 6,033,660

$ $ $ $

278,281 5,589,909 860,958 6,372,010

Ratios:

Net debt to total combined market capitalization

12.9 %

9.7 %

10.5 %

13.1%

12.3%

Net debt to Adjusted EBITDA (quarterly results annualized)

4.0x

2.9x

2.9x

3.6x

3.7x

• (1) For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 29 and page 8 of this report, respectively.

• (2) For comparability, Stabilized Same Property Portfolio RSF, ending occupancy, NOI growth and Cash NOI growth for all comparable periods has been restated to remove the results of 6750 Central Avenue, which was sold during Q4'20. See page 25 for details related to dispositions.

• (3) Represents the year over year percentage change in NOI, Cash NOI and Cash NOI, excluding the impact of COVID-19 rent relief agreements, for the Stabilized Same Property Portfolio.

• (4) Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 6,606,693 (Dec 31, 2020), 3,903,509 (Sep 30, 2020), 3,908,476 (Jun 30, 2020), 3,917,284 (Mar 31, 2020) and 2,723,773 (Dec 31, 2019). Excludes the following # of shares of unvested restricted stock: 232,899 (Dec 31, 2020), 236,739 (Sep 30, 2020), 243,039 (Jun 30, 2020), 244,255 (Mar 31, 2020) and 212,545 (Dec 31, 2019). Excludes unvested LTIP units and unvested performance units.