Rexford Industrial Realty, Inc.

Greetings and welcome to Rexford Industrial Realty fourth quarter and full year 2020 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to David Lambert, General Counsel. Thank you. You may begin.

We thank you for joining us for Rexford Industrial's fourth quarter 2020 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package in the investor relations section on our website at www.rexfordindustrial.com. On today's call, management's remarks and answers to your questions contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. For more information about these risk factors, we encourage you to review our 10-K and our other SEC filings. Riceford Industrial assumes no obligation to update any forward-looking statements in the future. In addition, certain financial information presented on this call represents non-GAAP financial measures. Our earnings release and supplemental package present GAAP reconciliations and an explanation of why such non-GAAP financial measures are useful to investors. Today's conference call is hosted by Rexford Investor's Co-Chief Executive Officers Michael Frankel and Howard Schwimmer, together with Chief Financial Officer Laura Clark and myself, David Lanzer, our General Counsel. We will make some prepared remarks and then we will open the call for your questions. Now, I will turn the call over to Michael.

Thank you and welcome to Rexford Industrial's fourth quarter 2020 earnings call. Most importantly, we hope you and your families are well and healthy. Today, I'll begin with a brief introduction. Howard will then cover our transaction activity, and Laura will discuss our financial results and outlook for 2021. We will then open the call for your questions. Although last year brought significant hardship within our communities and across the globe, Our team at Rexford Industrial completed one of our most outstanding years on record, despite the pandemic. Our Rexford experience demonstrates the strength of our inbuilt Southern California tenant base and of our entrepreneurial team. The team's 2020 performance speaks for itself. We achieved a record leasing volume of over 6.3 million square feet with exceptional releasing spreads, averaging about 20% cash and 30% on a gap basis. Our investment volume of over $1.2 billion of acquisitions also set a new high watermark for the company, and combined with our strong internal growth, drove a 22.1% increase in core FFO, which grew 7.3% on a per share basis. A range of growth sectors drove incremental tenant demand through 2020, from healthcare and consumer staples to aerospace and electric vehicles, among others, while a dramatic acceleration in e-commerce adoption pushed our infill tenant demand to unprecedented levels. When we consider these incremental demand drivers, combined with the fact that our infill Southern California industrial market serves the nation's largest zone of consumption and benefits from an incurable supply-demand imbalance, it is easy to understand why our infill market is positioned to outperform. These factors, combined with our entrepreneurial business model, have enabled Rexford to generate sector-leading total shareholder return of about 330% since our 2013 initial public offering, substantially exceeding the total shareholder return of any other publicly traded logistics REIT in America. Looking forward, we see continued strength. By way of indication, CBRE recently projected greater Los Angeles County rental rate growth of 41% over the next five years, which equates to 7.1% average annual compounded rent growth for the next five years in greater L.A. Meanwhile, by way of comparison, the same CBRE study projects 2.9% compounded annual rent growth for the nation's other major markets outside of Southern California over the same period. Rexford's future is bright. We believe the company has never been better positioned with respect to the volume and quality of our internal and external growth opportunities. Although we've grown Rexford to become the third largest logistics REIT in the United States by market capitalization, we see substantial opportunity to creatively expand well beyond our current 1.7% market share within the fragmented infill Southern California industrial market. We intend to continue to maintain our low leverage investment grade balance sheet to fuel our growth as we capitalize upon our deep proprietary acquisition pipeline. The company is also well positioned to further enhance our financial performance as we scale our business, leveraging technology, data, and process improvement to drive increasing operating leverage and operating margins as we grow our portfolio into future years. Above all else, our extraordinary performance reflects our extraordinary team. We'd like to express our deep thanks and gratitude to the entire Rexford team for your resilience, determination, and great spirit in the face of unprecedented pandemic-related challenges. And with that, I'm very pleased to turn the call over to Howard.