Rexford Industrial Realty, Inc.

Hello, and thank you for standing by. My name is Regina, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Rexport Industrial Inc. fourth quarter 2025 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 this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. We ask that you please limit yourself to one question. Please enter the queue for any additional follow-ups. I'd now like to turn the conference over to Michaela Lynch, Director of Investor Relations and Capital Markets. Please go ahead.

Thank you, and welcome to Rexford Industrial's fourth quarter 2025 earnings conference call. In addition to yesterday's earnings release, we posted a supplemental package and earnings presentation in the Investor Relations section on our website to support today's remarks. As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by federal securities laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings. As such, actual results may differ, and we assume no obligation to update any forward-looking statements in the future. We'll also discuss non-GAAP financial measures on today's call. Our earnings presentation and supplemental package provide gap reconciliations as well as an explanation of why these measures are useful to investors. Before we begin, our outgoing co-CEOs recorded some brief remarks that they'd like to share.

Good morning. Before the call begins, Michael and I wanted to share a brief personal note. Building Rexford from a startup into a leading industrial real estate company has been an extraordinary journey. What we've achieved reflects the talent, discipline, and commitment of a remarkable team, as well as the trust and support of our partners and shareholders.