Rexford Industrial Realty, Inc.

Good morning. My name is Holly and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty, Inc., third 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 star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star 1 again. Thank you. I will now hand the call over to Doug Bettisworth, Senior Vice President, Investor Relations and Capital Markets at Rexford Industrial. Doug, please go ahead.

Thank you and welcome to Rexford Industrial's third 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 the federal securities laws. which are based on certain assumptions and subject to risks and uncertainties outlined under 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 provided GAAP reconciliations as well as an explanation of why these measures are useful to investors. Joining me today are Rectored 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, Doug, and thank you all for joining us today. The Rexford team delivered another quarter of strong execution. Leasing accelerated, occupancy increased meaningfully, we took a transformative step in our portfolio realignment, and we redeployed capital with discipline. Together, these actions strengthened Rexford fortified our balance sheet and drove our third consecutive increase in core FFO per share guidance. That strong execution is being reinforced by continued improvement and fundamentals across the infill Southern California industrial market. The market recorded its second consecutive quarter of positive net absorption driven by rising tenant demand. Market rents also showed early signs of stabilization. Posting marginal growth during the quarter and marking the first quarterly increase since 2023. We recognize that recoveries are rarely linear, but the direction of the market is encouraging, and we are seeing that improvement translate directly into our business. During the quarter, we executed more than 3.7 million square feet of leasing, our second highest quarter of leasing ever. Leasing momentum was broad-based, including 600,000 square feet of repositioning and development leasing in the third quarter alone, which will generate meaningful cash flow growth as these leases commence. Same property occupancy increased by 200 basis points sequentially, as Rexford continues to outpace the broader market. That outperformance reflects the quality, functionality, and competitive positioning of our infill product, amplified by the expertise of our vertically integrated team. The strength of the leasing activity we are seeing today reflects the compelling fundamentals that underpin the Southern California industrial market. With more than 20 million consumers and an economy ranked as the 11th largest in the world, the region combines a diverse demand base with irreplaceable infrastructure. In addition, new supply remains near multi-decade lows, while increasing restrictive regulatory requirements further limit future development. We believe the depth and durability of demand, combined with substantial structural supply constraints, create a powerful foundation for long-term growth. Against this backdrop, we are concentrating our portfolio and the assets best positioned to capitalize on these dynamics and deliver durable growth over time. This quarter, we advanced our $2 billion portfolio realignment initiative with a $1.2 billion portfolio sale, the largest transaction in Rexford's history. We executed with conviction and speed, completing a competitive process that generated strong buyer interest and attractive pricing. Including this transaction, we have completed $1.5 billion of dispositions here today, representing substantial progress towards our portfolio realignment objective. We have acted decisively to capitalize on a unique window to realign our portfolio, prioritizing assets we believe offer the strongest long-term growth and shareholder value creation while expanding our financial flexibility and capacity to act. Looking ahead, we have $500 million of dispositions remaining under our portfolio realignment initiative. Thank you for joining us. We will continue to evaluate each sale based on the underlying risk profile and forward return potential as well as the relative value of the planned use of proceeds. I also want to highlight the significant progress we have made in driving greater operational rigor across the business. We have been deliberate in prioritizing occupancy and leasing as well as improving efficiency across our cost structure. The results are tangible. Strong leasing activity alongside a 30% year-over-year reduction in G&A. We will continue to apply that focus across the business as we pursue additional efficiencies. In summary, this year has been defined by execution and decisive action. We set clear priorities and we are delivering on our commitments. Today, Rexford is stronger and more focused. with significantly greater financial flexibility than we had at the beginning of the year. The same rigor we have brought to our operations, portfolio, and capital allocation will continue to guide our decisions as we move forward with one objective, driving long-term per share value creation for our shareholders. Finally, I want to thank the entire Rexford team, Completing the largest transaction in our company's history while continuing to deliver strong operating performance reflects the extraordinary commitment and talent of this team. I am energized by the focus and dedication they bring every day. John?