CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Land	$ 7,562,694	$ 7,689,921
Buildings and improvements	4,821,492	4,677,318
Tenant improvements	205,656	198,161
Furniture, fixtures and equipment	132	132
Construction in progress	327,029	451,109
Total real estate held for investment	12,917,003	13,016,641
Accumulated depreciation	(1,219,932)	(1,165,792)
Investments in real estate, net	11,697,071	11,850,849
Cash and cash equivalents	51,714	165,778
Loan receivable, net	123,819	123,704
Rents and other receivables, net	11,962	13,958
Deferred rent receivable, net	205,398	190,376
Deferred leasing costs, net	92,022	87,745
Deferred loan costs, net	6,382	6,886
Acquired lease intangible assets, net	130,045	140,627
Acquired indefinite-lived intangible asset	5,156	5,156
Interest rate swap assets	4,562	2,025
Other assets	20,500	25,609
Assets associated with real estate held for sale	48,761	0
Total Assets	12,397,392	12,612,713
Liabilities
Notes payable	3,247,451	3,251,909
Interest rate swap liability	9	829
Accounts payable, accrued expenses and other liabilities	125,007	120,849
Dividends and distributions payable	102,418	103,399
Acquired lease intangible liabilities, net	110,914	116,487
Tenant security deposits	95,219	92,444
Tenant prepaid rents	82,186	88,777
Liabilities associated with real estate held for sale	482	0
Total Liabilities	3,763,686	3,774,694
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 226,286,486 and 231,580,135 shares outstanding at March 31, 2026 and December 31, 2025, respectively	2,263	2,316
Additional paid-in capital	8,745,875	8,945,123
Cumulative distributions in excess of earnings	(651,692)	(642,130)
Accumulated other comprehensive income (loss)	2,887	(422)
Total stockholders’ equity	8,255,009	8,460,563
Noncontrolling interests	378,697	377,456
Total Equity	8,633,706	8,838,019
Total Liabilities and Equity	12,397,392	12,612,713
5.875% Series B Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% Series C Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

Rexford Industrial Realty, Inc. 10-Q