🧾 What This Document Is

This is a combined SEC filing for Rexford Industrial Realty (REXR). It includes two key parts:

An updated Code of Business Conduct and Ethics: This is the company's rulebook for how all employees, directors, and officers should act with integrity.
First Quarter 2026 Earnings Report: This is the financial scorecard for the beginning of 2026, showing how the company performed.

👉 Why it matters: The ethics code sets the tone for how the company operates, which can impact its reputation and risk. The earnings report shows the immediate financial health and operational progress. Together, they give a full picture of the company's stability and character.

🏢 What The Company Does

Rexford Industrial is a Real Estate Investment Trust (REIT) with a very specific focus.

👉 In simple terms: They own, operate, and improve warehouses and industrial buildings almost exclusively in infill Southern California. This means they target properties in densely populated areas within Los Angeles and surrounding counties, where land is scarce and demand for logistics space is high. Think of them as owners of the crucial "last-mile" distribution centers that power e-commerce and supply chains.

📜 Ethics Code: The Rulebook

This document outlines the ethical standards everyone at Rexford must follow. Key highlights include:

Honest & Ethical Conduct: A zero-tolerance policy for corruption and bribery, complying with laws like the U.S. Foreign Corrupt Practices Act.
Conflicts of Interest: Strict rules against employees having significant financial stakes in competitors, major tenants, or contractors. For example, an employee can't own >1% of a top-20 tenant's equity.
Confidentiality & Fair Dealing: Protecting company secrets and committing to fair play with tenants, suppliers, and partners.
Reporting & No Retaliation: Employees must report violations, and the company protects whistleblowers from retaliation. An Ethics Helpline is available 24/7 at 1-855-877-6042.
Compliance: Detailed policies on insider trading, accurate financial reporting, antitrust laws, and environmental/safety standards.

💰 Q1 2026 Financial Scorecard

The company reported its results for the first three months of 2026.

Key Numbers:

Net Income: $87.9 million ($0.38 per share), up from $68.3 million ($0.30 per share) in Q1 2025.
Core FFO (A key REIT profit metric): $139.8 million for the company's share, or $0.61 per share. This is down slightly (1.6%) from $0.62 per share last year.
Occupancy: The "Same Property" portfolio was 96.3% occupied on average, a strong sign of demand.
Leasing: They signed 4.1 million square feet in new/renewal leases. However, rental rates on renewed leases fell by about 10-15% on average. Why? A large, long-term lease extension with one tenant (Tireco) at below-market rates skewed the average. Excluding that deal, renewal rates actually increased by 5.5%.

🚀 Key Moves & Strategy

Management is actively managing the portfolio and capital.

Capital Recycling: They sold five properties for $127.4 million, including development sites. They also have about $170 million more in sales under contract.
Share Buybacks: They repurchased 5.5 million shares for $200 million at an average of $36.14/share. The board just authorized a new $500 million buyback program.
Development: They "stabilized" two redevelopment projects, bringing them online to start generating steady rental income.
Leadership Change: Laura Clark became CEO on April 1, 2026, succeeding the two Co-CEOs who remain on the board.

📦 Balance Sheet & Financial Health

The company's financial foundation appears solid and conservative.

Liquidity: They ended the quarter with $1.3 billion in total liquidity (cash + available credit).
Debt: They have $3.3 billion in debt, but importantly, none of it is floating-rate, protecting them from immediate interest rate hikes. The average interest rate is 3.7%, and the average time until debt matures is 3 years.
Dividends: They declared a quarterly dividend of $0.435 per share for Q2 2026.

🔮 What's Next: Updated 2026 Guidance

The company raised its full-year outlook, signaling confidence.

Net Income Forecast: Increased to $1.22-$1.27 per share (from $1.15-$1.20).
Core FFO Forecast: Increased to $2.37-$2.42 per share (from $2.35-$2.40).
Market Outlook: They noted "early signs of market improvement" and plan to focus on occupancy and strategic investments.

⚖️ Big Picture: Strengths & Risks

👍 Strengths:

Prime Market: Unmatched focus on high-barrier, supply-constrained Southern California.
Operational Control: High occupancy (96.3%) shows strong demand for their properties.
Strong Balance Sheet: Significant liquidity and fixed-rate debt provide stability.
Active Management: Using capital recycling and buybacks to optimize the portfolio.

⚠️ Risks & Challenges:

Rental Rate Pressure: The significant drop in renewal rates (even excluding the one big deal) indicates a softer leasing market than a year ago.
Economic Sensitivity: Industrial real estate demand is tied to the health of the broader economy, consumer spending, and trade.
Interest Rates: While their debt is fixed-rate now, future refinancing will occur in a potentially higher-rate environment.
Execution Risk: Successfully completing their $170M+ in planned property dispositions and new development projects.

🧠 The Analogy

Rexford Industrial is like a landlord for the most critical last-mile delivery hubs in the nation's most important port region. Their ethics code is their promise to run an honest operation, and their latest earnings show they're collecting steady rent (high occupancy) while renovating and selling buildings to upgrade their portfolio, even as the short-term rent they can negotiate has dipped a bit.

🧩 Final Takeaway

Rexford Industrial is navigating a moderating industrial rental market with a disciplined strategy: prioritize filling its high-quality Southern California warehouses (which it's doing well), recycle capital by selling non-core assets, and return cash to shareholders. The raised guidance suggests management sees stability ahead, but investors should watch future rental rate trends closely.

REXR-PC Posts Higher Q1 Net Income, Raises 2026 Guidance