Rexford Industrial Realty, Inc. (NYSE: REXR)

Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust focused on owning, operating, and acquiring industrial properties in Southern California infill markets. The company specializes in high-barrier-to-entry markets characterized by scarcity of vacant or developable land and high concentrations of economic activity. Rexford Industrial Realty generates revenue through the acquisition, ownership, improvement, repositioning, development, leasing, and management of industrial real estate primarily located in Southern California infill markets. Additionally, the company occasionally acquires or provides mortgage debt secured by industrial property. As of December 31, 2025, the company's consolidated portfolio consisted of 419 properties with approximately 51.2 million rentable square feet. The company's primary products and services include industrial property investments and mortgage debt investments, catering to a diverse tenant base drawn from various industry sectors.

• Industrial Property Investments: This segment involves the acquisition, ownership, improvement, repositioning, development, leasing, and management of industrial properties. The company focuses on converting single-tenant properties to multi-tenant occupancy, re-tenanting to achieve higher rents, and repositioning and developing industrial property by renovating, modernizing, and constructing new industrial-use buildings to increase cash flow and value. The market catered to includes high-barrier Southern California infill markets, which are characterized by scarcity of vacant or developable land and high concentrations of economic activity.

• Mortgage Debt Investments: This segment involves the acquisition or provision of mortgage debt secured by industrial property. The company occasionally engages in this activity as part of its capital allocation strategy.

Rexford Industrial Realty holds a strong position within the industrial real estate sector, particularly in Southern California. The company's competitive advantages include its focus on industrial assets in Southern California's infill market, a diversified tenant mix, superior access to investment opportunities, a vertically integrated platform, and expertise in value-add repositioning and development. The company's investment strategy and operating model distinguish it from other owners, operators, and acquirers of industrial real estate. Rexford Industrial Realty competes with other public industrial property sector REITs, income-oriented non-traded REITs, private real estate fund managers, and local real estate investors and developers. The company's deep market presence and relationships enable it to selectively acquire assets in marketed transactions that may be difficult to access for less focused buyers.

The company's customer base is diverse, with no single tenant accounting for more than 2.4% of its total annualized base rent as of December 31, 2025. The portfolio is leased to a broad tenant base drawn from diverse industry sectors, reducing exposure to tenant default risk and earnings volatility. The portfolio is also geographically diversified within the Southern California market across various submarkets, including Los Angeles, San Bernardino, Orange County, San Diego, and Ventura.