Rexford Industrial Realty, Inc.

Ladies and gentlemen, thank you for standing by. My name is Abby and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty Incorporated third quarter 2024 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during that time, simply press the star key followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one a second time. Thank you. And I would now like to turn the conference over to David Lanzer, General Counsel. You may begin.

We thank you for joining Rexford Investor's third quarter 2024 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package and an investor presentation in the investor relations section on our website at rexfordindustrial.com. On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined by federal securities laws. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information about these risk factors, please review our 10-K and other SEC filings. Rexford Industrial assumes no obligation to update any forward-looking statements in the future. Additionally, 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 Industrial's Co-Chief Executive Officer, Michael Frankel, Howard Schwimmer together with Chief Financial Officer Laura Clark. They will make some prepared remarks and then we will open the call for your questions. Now I turn the call over to Michael.

Thank you David and thank you everyone for joining Rexford Industrial's third quarter earnings call. I'll begin with a few remarks followed by Howard and Laura. To begin with we'd like to thank our Rexford team for your outstanding work delivering another strong quarter. Our team generated a 5.4% increase in FFO per share compared to the prior year quarter, which brings our FFO per share growth to 9.3% for the first nine months of the year compared to the prior year period. With our consolidated stabilized portfolio occupancy of 97.6% at quarter end, our infill Southern California tenant base continues to demonstrate resiliency driven by the mission critical nature of our infill locations fueled by regional consumption that remains stable and has continued to grow each year since 2021, driven by the nation's largest regional population and most diverse economy. With regard to general market conditions, increased levels of global unrest, uncertainty related to the presidential election, and an uncertain economic outlook continue to weigh on markets and business decision-making. Although our infill Southern California industrial market continues to demonstrate superior long-term tenant demand fundamentals, current leasing activity reflects some tenants taking longer to make decisions. Looking forward, as the economic and political environment stabilize, we believe our infill Southern California industrial markets favorable supply-demand backdrop inherently positions our market for future rent growth. Most importantly, our Rexford portfolio remains well positioned for favorable FFO for share and net asset value growth driven by the high quality of our properties and the substantial volume of value-add property repositioning and functional enhancements driving the accretive internal growth embedded within our in-place portfolio. By way of indication, assuming zero market rent growth, we currently project about 34% cash NOI growth embedded within our portfolio, realizable over the next three years. And with this, I'm very pleased to turn the call over to Howard.