Rexford Industrial Realty, Inc.

Good afternoon. My name is Prila and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Inc. first quarter 2026 earnings 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 the star followed by the number one on your telephone keypad. If you would like to withdraw your question, you may press the star one again. Thank you. I will now hand it over to Michaela Lynch, Director of Relations and Capital Markets at Rexford Industrial. Michaela, please go ahead.

Thank you, and welcome to Rexford Industrial's first quarter 2026 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. Joining me today are Rexford's CEO, Laura Clark, together with our COO, John Nahas, and our CFO, Mike Fitzmaurice. It's my pleasure to now introduce Laura Clark. Laura.

Thank you, Michaela, and thank you all for joining us today. The Rexford team delivered a strong quarter. We set a record for leasing activity, executing 4.1 million square feet of leases, reflecting increased tenant activity and demand for our higher quality portfolio. The decisive actions we are taking to advance our strategic priorities are driving top and bottom line growth, supporting our outperformance and higher expectations for the full year. Today, I'll provide an update on our strategic focus areas and the broader environment. John will then discuss our operating performance and share a deeper view on market trends. Finally, Fitz will walk through our financial results and increased full-year outlook. We entered the year with clearly defined goals to drive long-term shareholder value. In the first quarter, we made meaningful progress against our three strategic areas of focus. opportunistic dispositions, accretive capital recycling, and operational rigor. I'll start with our programmatic disposition strategy, which is focused on strengthening future cash flows and reducing development exposure. To date, we have closed on 144 million of dispositions with another 170 million under contract or accepted offer, keeping us firmly on track to achieve our target for the year. Through these strategic dispositions, we are de-risking cash flows, capturing premium valuations and avoiding future dilutive capital spend, all while directly supporting our next priority, accretive capital recycling. As we redeploy capital from dispositions, our investment decisions remain anchored in our commitment to delivering superior risk-adjusted returns. Given the dislocation between Rexford's public market valuation and the intrinsic value of our platform, share repurchases remain a compelling driver of FFO and NAV per share accretion. In the first quarter, we executed $200 million of share repurchases. Looking ahead, we will continue to evaluate opportunities across our portfolio to increase the quality and durability of our future cash flow growth and unlock meaningful value through accretive capital recycling. We also made material progress against our commitment to enhanced operational rigor. Last quarter, we shared our focus on prioritizing occupancy amid softer market fundamentals. Our team's strength of execution, proactively engaging tenants, addressing in-market requirements, and driving demand for our assets translated into stronger leasing and shorter downtime. Our first quarter results and increased full-year guidance expectations directly reflect our efforts to preserve cash flows and reduced capital costs, a continued focus moving forward. Regarding operational efficiency, our actions to date have positioned us to achieve meaningful G&A savings, bringing G&A as a percentage of revenue below the peer average, and we expect to continue reducing this level over time. Turning to the Enfield Southern California Industrial Market, where Rexford's unique positioning provides unparalleled visibility into conditions on the ground. Enfield, Southern California is home to more than 24 million people, represents the 12th largest economy in the world, and includes the fourth largest industrial market globally. A diverse set of macro and micro economic drivers shapes demand and supply across the segment and market, meaning that no sub-market, building size, or quality tier performs the same. Importantly, this diversity underpins strong long-term supply and demand fundamentals. Against that backdrop, the first quarter reflected a shift across the market. Increased tenant activity translated into higher leasing volumes. Specifically, first quarter leasing activity for the Rexford portfolio was over 70% higher year over year. In addition, current leasing interest on our vacant spaces increased to approximately 90% compared to 75% last quarter and a year ago. Notably, momentum accelerated through the quarter with the majority of our leases executed in the second half of the quarter. While demand in certain submarkets and product types remain soft and market fundamentals are still under pressure, we are encouraged by the early positive signs we are seeing within our portfolio and the market. We view this incremental improvement as a necessary precursor to broader stabilization, setting the stage for an eventual tightening and availability and lower vacancy across the market. Importantly, our high quality functional assets and supply constrained locations reinforce our confidence in Rexford's ability to deliver outsized growth. Supply under construction remains near historic lows, and the structural barriers to new supply that have emerged in recent years, including significantly increased regulatory restrictions, have fundamentally altered the market's ability to add supply. We believe these long-term constraints will deepen Rexford's competitive moat and reinforce the value of our irreplaceable portfolio. These favorable dynamics are amplified for buildings under 50,000 square feet. and align with Rexford's core focus on smaller format, consumption-driven industrial. Supply under construction in this size range is immaterial, and approximately 80% of the existing inventory was built over 50 years ago, reflecting the long-standing difficulty of adding smaller format product and positions our value creation platform to deliver outsized per share growth over time. In closing, we're encouraged by the incremental improvement we're seeing in the market, We're confident Rexford will continue to capitalize as the market approaches a trough and demand conditions improve, and we remain well-positioned to deliver meaningful, sustainable value creation for our shareholders. Before turning the call over to John, I'd like to congratulate him on his well-deserved promotion to COO, recognizing his exceptional leadership and substantial contributions across Rexford's operations. John?