Rexford Industrial is a REIT that owns and operates industrial properties exclusively in Southern California's infill markets. Rexford owns 419 properties totaling roughly 51.2 million rentable square feet, leased to approximately 1,558 tenants — manufacturers, distributors, 3PLs, construction companies, and consumer goods firms — with no single tenant exceeding 2.4% of annualized base rent. Rexford deliberately targets smaller-format properties, with an average tenant space of about 26,000 square feet, concentrated in Los Angeles (~57%), San Bernardino (~19%), Orange County (~11%), San Diego (~7%), and Ventura (~6%). Revenue is driven by occupancy, rent per square foot, contractual annual rent escalators averaging 3.5%-4%, and re-leasing spreads captured when leases expire and reset to market rates. A core part of Rexford's business model is value-add repositioning: acquiring older or functionally obsolete properties, renovating or redeveloping them to improve functionality and rent potential, and targeting roughly 15-20% unlevered incremental returns on invested capital. Rexford also selectively sells assets — typically at cap rates around 4% — and recycles proceeds into higher-yielding projects, acquisitions, or share repurchases. As a REIT, Rexford distributes substantially all taxable income to shareholders and pays no federal corporate income tax. Rexford has paused acquisitions since early 2025 and is prioritizing internal repositioning projects and an active disposition program targeting $400-500M of asset sales in 2026.