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NYSE: REXR Rexford Industrial Realty Earnings Presentation 3Q 2025 2390-2442 North American Way, North Orange County
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2 Forward Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, portfolio occupancy varying from our expectations, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a REIT under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; and potential liability for uninsured losses and environmental contamination. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. The risks described above are not exhaustive and additional factors could adversely affect our business and financial performance, including those discussed in our annual report on Form 10-K, for the year ended December 31, 2024, and subsequent filings with the Securities and Exchange Commission. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. Projections, assumptions and estimates of our future performance and the future performance of the industry in which we operate are necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described above. These and other factors could cause results to diff er materially from those expressed in our estimates and beliefs and in the estimates prepared by independent parties. Past performance is no guarantee of future results. This Presentation includes certain financial measures not presented in accordance with generally accepted accounting principles in the United States (“GAAP”), which are used by management as a supplemental measure, have certain limitations, and should not be construed as alternatives to financial measures determined in accordance with GAAP. The non-GAAP measures as defined by us may not be comparable to similar non-GAAP financial measures presented by other companies. Our presentation of such measures, which may include adjustments to exclude unusual or non-recurring items, should not be construed as an inference that our future results will be unaffected by other unusual or non-recurring items. A reconciliation to the most directly comparable GAAP measures is provided in the Appendix to this presentation. Further, we do not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where we are unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and/or amount of various items that would impact net income, which is the most directly comparable forward-looking GAAP financial measure. This includes, for example, acquisition and disposition costs and other non-core items that have not yet occurred, are out of our control and/or cannot be reasonably predicted. For the same reasons, we are unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures. Unless otherwise indicated, all Rexford Industrial financial information is as of or for the quarter ended September 30, 2025. Endnotes can be found in the Appendix and are linked throughout the presentation. 2
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3 REXR NYSE 51M Square Feet 420 Industrial Properties $13B Entity Value1 100% Prime Infill Southern California Proven Performance FFO per Share Growth (5-Year CAGR)3 Dividend per Share Growth (5-Year CAGR)4 13% 15% BBB+ BBB+ Baa2 S&P2 Fitch2 Moody’s2
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4 Third Quarter Highlights Strong Leasing Activity Executed 3.3M SF total leasing in 3Q at 26% net effective & 10% cash leasing spreads 2025 Guidance Increased 2025 Core FFO/sh up $0.01 at the midpoint driven by strong leasing activity & accretive capital recycling Accretive Capital Allocation $188M dispositions YTD; $150M recycled into accretive share repurchases Significant Repositioning & Redevelopment Lease-Up Executed 845K SF repo/redev leasing in 3Q; 1.5M+ SF YTD equating to $27M of annualized NOI1 Balance Sheet Strength & Substantial Liquidity 4.1x Net Debt/Adjusted EBITDAre; $1.6B of liquidity
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5 Financial Highlights 1 $1.82 Core FFO/Share 10.4% Total Portfolio Cash NOI Growth 7.7% Total Portfolio Net Effective NOI Growth 4.9% Same Property Cash NOI Growth 1.3% Same Property Net Effective NOI Growth $0.60 Core FFO/Share 2.9% Total Portfolio Net Effective NOI Growth 1.9% Same Property Net Effective NOI Growth 6.0% Total Portfolio Cash NOI Growth 5.5% Same Property Cash NOI Growth +1.7% Growth +2.8% Growth All growth percentages compare to the prior year period. Year-to-Date 20253Q 2025
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6 96.2% Average Same Property Occupancy 7.4 M Leased Square Feet 3.6% Average Embedded Rent Steps 23.9% Net Effective Leasing Spreads 11.4% Cash Leasing Spreads Year-to-Date 2025 96.5% Average Same Property Occupancy 3.6% Average Embedded Rent Steps 10.3% Cash Leasing Spreads 3.3M Leased Square Feet 26.1% Net Effective Leasing Spreads 3Q 2025 96.8% Ending Same Property Occupancy Operational Highlights +60 bps v. 2Q1+50 bps v. 2Q1 +1.9M SF of positive net absorption
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7 105K SF at 10000 Pioneer Blvd. 94K SF at 6027 Eastern Ave. 78K SF at 3211-3233 Mission Oaks Blvd. 100K SF at 800 Sandhill Ave. Repositioning & Redevelopment Highlights $492M Total Investment for Stabilized Projects 1.5M Leased Square Feet $27M Leased Annualized Cash NOI1 14 Stabilized Projects 1.5M Stabilized Square Feet $271M Total Investment for Stabilized Projects $16M Leased Annualized Cash NOI1 586K Stabilized Square Feet 845K Leased Square Feet 7 Stabilized Projects 4.4% Achieved Unlevered Stabilized Yield 2 5.8% Achieved Unlevered Stabilized Yield 2 New repositioning & redevelopment leases signed since September 2025 operating update 82K at 3935-3949 Heritage Oak Ct. Year-to-Date 20253Q 2025
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8 Transaction Activity 6 Dispositions 488K Square Feet $188M Total Sales Price 12.6% Unlevered IRR 152K Square Feet 14.3% Unlevered IRR 3 Dispositions $54M Total Sales Price $160M Dispositions Under Contract/Accepted Offer1 $0 Acquisitions Closed YTD & Under Contract/Accepted Offer Year-to-Date 20253Q 2025
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9 Year to Date Exit Cap Rate/ Implied 2025 FFO Yield 1 Dispositions $188M 4.2% Share Repurchases $150M 6.2% +200 bps Spread Capital Recycling Value Creation Accretive Capital Recycling into Share Repurchases $450M Available Under $500M Share Repurchase Program $160M Dispositions Under Contract/Accepted Offer2
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10 3.5 years Weighted Average Debt Maturity 100% Fixed Rate Debt $1.6B Total Liquidity1 97% Unsecured Debt 4.1x Net Debt/Adjusted EBITDA re 2 Maturity Ladder ($ millions) BBB+S&P3 BBB+Fitch3 Baa2 Moody’s3 Strong Liquidity & Investment Grade Balance Sheet $0 $67 $1,019 $314 $600 $800 $401 $0 $0 $75 $3 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035+ Secured Revolver Unsecured Term Loan Unsecured Notes 2025 Debt Maturity Plan Refinanced $400M unsecured term loan as part of credit facility recast maturing in 2030 Extended $60M secured term loan to 2026 Paid off $100M senior note
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11 Capital Allocation Priorities Opportunistic Dispositions Accretive Capital Recycling Internal Growth Opportunities Sources Cash on Hand $315 Revolving Credit Facility 1,250 TotalProjectedSources $1,565 Projected 2025 Sources and Uses ($ millions) Uses 2025 Remaining Repositioning & Redevelopment Spend $50 Available Liquidity 1,515 Total Projected Uses $1,565 1 Disciplined Approach to Capital Allocation
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12 Updated 2025 Guidance Expectations 1 Earnings Components Updated 2025 Guidance Prior 2025 Guidance Core FFO per Diluted Share Guidance $2.39 to $2.41 $2.37 to $2.41 Same Property Portfolio Net Effective NOI Growth 0.75% to 1.25% 0.75% to 1.25% Same Property Portfolio Cash NOI Growth 3.75% to 4.25% 2.25% to 2.75% Average Same Property Portfolio Occupancy +/- 96.0% 95.5% to 96.0% Net General and Administrative Expenses2 +/- $82M +/- $82M Net Interest Expense +/- $105M +/- $107M
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13 Earnings Components Range ($ per share) Notes 2Q 2025 Core FFO per Diluted Share Guidance $2.37 $2.41 Same Property Portfolio NOI Growth - - SP Net Effective NOI Growth guidance unchanged at 0.75%-1.25% Repositioning/Redevelopment NOI - (0.01) Projected rent commencement timing extended Net General and Administrative Expenses - - Guidance unchanged at +/- $82M Net Interest Expense 0.01 - Guidance updated to +/- $105M Decrease in Share Count 0.01 0.01 $150M of share repurchases in 3Q at a weighted average share price of $38.62 Current Core FFO per Diluted Share Guidance $2.39 $2.41 Core FFO per Diluted Share Annual Growth 2% 3% 2 2025 Guidance Rollforward 1
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Appendix Endnotes Non-GAAP Reconciliations Definitions Market Rent Growth & Mark-to-Market Reconciliation 3071 Coronado Street, North Orange County 14
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15 Source: Rexford internal portfolio metrics. Infill SoCal refers to Greater Los Angeles, Inland Empire West, Orange County and San Diego. Excludes Inland Empire East. Market Rent Growth for Rexford Portfolio Quarter-over-Quarter 2Q 2025 to 3Q 2025 Year-over-Year 3Q 2024 to 3Q 2025 GreaterL.A. -1% -10% OrangeCounty -2% -11% InlandEmpire West -2% -10% San Diego 0% -1% TotalInfillSoCal -1% -9% Mark-to-Market Reconciliation for Rexford Portfolio Net Effective Mark-to-Market at 2Q 2025 15% Impactof MarketRentChange -2 ppt Mark-to-Market at 3Q 2025 13% Less: 3Q Leasing (Conversion of MTM) -3 ppt Estimated Mark-to-Market at 3Q 2025, net 10% 2 Market Rent Growth & Mark-to-Market Reconciliation 1
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16 SLIDE 3 1. Calculated as the market value of fully diluted common shares (including common shares outstanding, Operating Partnership units, unvested shares of restricted stock, vested and unvested LTIP units and performance units) as of 9/30/2025, plus liquidation value of preferred equity and total net debt at balance sheet carrying value as of 9/30/2025. 2. These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. 3. 5-year CAGR calculated using Core FFO/sh from 2020 through 2025; 2025 reflects the midpoint of the Company’s FFO per share guidance range. FFO is a non-GAAP financial measure. For a description of FFO, please refer to the Non-GAAP Reconciliations and Definitions on the following pages. 4. 5-year CAGR calculated using dividends paid from 2020 through 2025; 2025 dividends reflect the most recent dividend declared, annualized. SLIDE 10 1. Total liquidity reflects ending cash balance of approximately $250 million and approximately $65 million of restricted cash held for 1031 exchange as a result of sales transactions, and nearly full availability on our $1.25 billion revolver. 2. Adjusted EBITDAre is a Non-GAAP financial measure. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of Adjusted EBITDAre. 3. These credit ratings may not reflect the potential impact of risks relating to the structure or trading of the Company’s securities and are provided solely for informational purposes. Credit ratings are not recommendations to buy, sell or hold any security, and may be revised or withdrawn at any time by the issuing organization in its sole discretion. The Company does not undertake any obligation to maintain the ratings or to advise of any change in ratings. Each agency’s rating should be evaluated independently of any other agency’s rating. An explanation of the significance of the ratings may be obtained from each of the rating agencies. SLIDE 15 1. Market rent growth is the percentage change in the current market rate versus the prior period market rate. Mark-to- market is the percentage point change in the current market rate versus the current in-place lease rate. 2. Total Infill SoCal percentages represent weighted averages for the market. Endnotes SLIDE 12 & 13 1. The Company’s 2025 guidance reflects management’s view of current and future market conditions, including current expectations with respect to rental rates and occupancy levels. Our guidance does not include any assumptions for additional acquisitions, dispositions and related balance sheet activities that have not closed. To the extent actual results differ from the Company’s current expectations, its results may differ materially from the guidance set forth here. 2. 2025 Net General and Administrative expense guidance includes estimated non-cash equity compensation expense of $38.3 million. Non-cash equity compensation includes performance-based units that are tied to the Company’s overall performance and may or may not be realized based on actual results. SLIDE 9 1. The exit cap rate is a blended rate for year-to-date dispositions. For each disposition, the exit cap rate is calculated from trailing twelve months of NOI divided by the sales price. For those dispositions that were vacant at the time of sale, an implied exit cap rate is used, which is the annualized NOI based on an estimated market rate divided by the sales price. The implied 2025 FFO yield reflects the midpoint of 2025 FFO per share guidance of $2.40, divided by $38.62, the weighted average repurchase price for shares repurchased in the quarter. 2. Dispositions under contract or with accepted offer as of 10/15/2025. Transactions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions. SLIDE 7 1. Estimated annualized Cash NOI associated with leases executed year to date through 9/30/2025 for repositioning and redevelopment projects. Excludes projects in Other Repositioning . 2. Achieved Unlevered Stabilized Yield is a Non-GAAP financial measure. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages this presentation for a description of stabilized yield. SLIDE 5 1. NOI and Core FFO are Non-GAAP financial measures. Please refer to the Non-GAAP Reconciliations and Definitions on the following pages of this presentation for descriptions and reconciliations of NOI and Core FFO. SLIDE 11 1. Cash on hand reflects ending cash balance of approximately $250 million and approximately $65 million of restricted cash held for 1031 exchange as a result of sales transactions. SLIDE 6 1. For comparability, Same Property Portfolio ending occupancy for all comparable periods have been restated to remove the results of 1332 & 13336 Rocky Point Drive and 8542 Slauson Avenue, which were sold between 6/30/25 and 9/30/25. SLIDE 4 1. Estimated annualized Cash NOI associated with leases executed year to date through 9/30/2025 for repositioning and redevelopment projects. Excludes projects in Other Repositioning . SLIDE 8 1. Dispositions under contract or with accepted offer as of 10/15/2025. Transactions are subject to customary due diligence and closing conditions; as such, there is no guarantee the Company will close on these transactions.
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17 Net Operating Income ($ in ‘000s) Quarter Ended 9/30/2025 Quarter Ended 9/30/2024 Net Income $93,056 70,722 General & administrative 20,037 20,926 Depreciation & amortization 81,172 69,241 Other expenses 4,218 492 Interest expense 25,463 27,340 Management & leasing services (118) (156) Interest income (6,367) (3,291) Gains on sale of real estate (28,583) (1,745) Net Operating Income (NOI) $188,878 $183,529 Straight line rental revenue adjustments (8,164) (11,441) Above/(below) market lease revenue adjustments (5,254) (6,635) Cash NOI $175,460 $165,453 Source: Company filings Non-GAAP Reconciliations
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18 Funds from Operations ($ in ‘000s, except per share data) Quarter Ended 9/30/2025 Quarter Ended 9/30/2024 Net Income $93,056 $70,722 Depreciation and amortization 81,172 69,241 Gains on sale of real estate (28,583) (1,745) Funds from Operations $145,645 $138,218 Less: preferred stock dividends (2,314) (2,314) Less: FFO, noncontrolling interests (4,906) (5,389) Less: FFO, participating securities (713) (566) Company Share of FFO $137,712 $129,949 Funds from Operations $ 145,645 $138,218 Acquisition expenses 161 6 Amortization of loss on termination of interest rate swaps — 59 Severance costs associated with workforce reorganization 2,728 — Other nonrecurring expenses 1,259 — Core FFO $149,793 $138,283 Less: preferred stock dividends (2,314) (2,314) Less: FFO, noncontrolling interests (5,045) (5,391) Less: FFO, participating securities (734) (567) Company Share of Core FFO $141,700 $130,011 Weighted-average shares outstanding - diluted 234,587 219,133 FFO per share - diluted $0.60 $0.59 Core FFO per share - diluted $0.60 $0.59 Source: Company filings EBITDAre and Adjusted EBITDAre ($ in ‘000s) Quarter Ended 9/30/2025 Quarter Ended 9/30/2024 Net Income $93,056 $70,722 Interest expense 25,463 27,340 Depreciation and amortization 81,172 69,241 Gains on sale of real estate (28,583) (1,745) EBITDAre $171,108 $165,558 Stock-based compensation amortization 10,485 9,918 Other nonrecurring expenses 1,259 — Acquisition expenses 161 6 Pro forma effect of acquisitions — 426 Pro forma effect of dispositions (389) 21 Adjusted EBITDAre $182,624 $175,929
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19 Achieved Unlevered Stabilized Yield: Calculated by dividing annual stabilized Cash NOI by total investment in the case of acquisitions or costs in the case of repositionings and redevelopments. Furthermore, the Achieved Unlevered Stabilized Yield is not calculated in accordance with GAAP and includes estimates of future rents based on executory contracted leases and operating expenses based on our expectations for these properties going forward. Achieved annual stabilized Cash NOI represents management’s calculation of each project’s annual Cash NOI once the property has reached stabilization and initial rental concessions, if any, have elapsed. No assurance can be given that we will receive all contractual rent payments from a ll of these projects on the terms contained in the leases, or at all, or that estimated future operating expenses will be accurate; actual results may vary materially. Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI ( i) fair value lease revenue and (ii) straight-line rent adjustment. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI sh ould not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. Core Funds from Operations (“Core FFO”): We believe that Core FFO is a useful supplemental measure and that by adjusting for items that are not considered by us to be part of our on going operating performance, provides a more meaningful and consiste nt comparison of the Company’s operating and financial performance period-over-period. Because these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performan ce is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists o f preferred stock dividends, but excludes non-recurring preferred stock redemption charges related to the write -off of original issuance costs which we do not consider reflective of our core revenue or expense streams). NAREIT Defined Funds from Operations (“FFO”): We calculate FFO in accordance with the standards established by NAREIT. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) on sale of real estate assets, g ains (or losses) on sale of assets incidental to our business, impairment losses of depreciable operating property or assets incid ental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs) and afte r adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions or assets incidental to our business, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate and other assets incidental to our business, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such othe r REITs’ FFO. FFO should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders (which consists o f preferred stock dividends and any preferred stock redemption charges related to the write- off of original issuance costs). Net Debt to Adjusted EBITDA re: Calculated as Net Debt divided by annualized Adjusted EBITDAre. We calculate Adjusted EBITDAre as net income (loss) (computed in accordance with GAAP), before interest expense, tax expense, depreciation and amortization, gains (or losses) from sales of depreciable operating property, non -cash stock-based compensation expense, gain (loss) on extinguishment of debt, acquisition expenses, impairments of right of use assets, and the pro -forma effects of acquisitions, dispositions and other nonrecurring expenses. We believe that Adjusted EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company because it is a direct measure of the actual operating results of our industrial properties. We also use this measure in ratios to compare our performance to that of our industry peers. In addition, we believe Adjusted EBITDA re is frequently used by securities analysts, investors and other interested parties in the evaluation of Equity REITs. However, because Adjusted EBITDAre is calculated before recurring cash charges including interest expense and income taxes, and is not adjusted for capital expenditures or other recurring cash requirement s of our business, its utility as a measure of our liquidity is limited. Accordingly, Adjusted EBITDAre should not be considered an alternative to cash flow from operating activities (as computed in accordance with GAAP) as a measure of our liquidity. Adjusted EBITDAre should not be considered as an alternative to net income or loss as an indicator of our operating performance. Other Equity REITs may calculate Adjusted EBITDAre differently than we do; accordingly, our Adjusted EBITDAre may not be comparable to such other Equity REITs’ Adjusted EBITDAre. Adjusted EBITDAre should be considered only as a supplement to net income (as computed in accordance with GAAP) as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to Adjusted EBITDAre is set forth below in the Financial Statements and Reconciliations section. Net Operating Income (“NOI”): NOI is a non-GAAP measure which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as total revenue from real estate operations including i) rental income, ii) tenant reimbursements, and iii) other income less property expenses. We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense, general and administrative expenses, interest expense, gains (or losses) on sale of real estate and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to invest ors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization expense and captures neither the changes in the value of our properties that result from use or market condition s, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properti es (all of which have real economic effect and could materially impact our results from operations), the utility of NOI as a mea sure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our ca sh needs. NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. Definitions
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