Rexford Industrial Realty, Inc. (NYSE:REXR) Q3 2023 Earnings Call Transcript

In terms of the fourth quarter, the driver is really primarily related to noncash equity true-up, and that’s related to performance-based equity compensation. So that noncash equity compensation is not realized unless Rexford is continuing to perform at elevated levels. So that’s the primary driver in the fourth quarter.

Nathan Crossett : Okay. That’s helpful. And then sorry if I missed it, I can’t remember if you disclosed it or not, but at lease escalation on new contracts, what was it this quarter versus, say, last quarter?

Laura Clark : Yes. This quarter, our embedded rent steps on our executed leases was 4.3%. And then compared to the prior quarters, this is actually the highest rent steps that we’ve signed on 3 of the past 3 year-to-date and the second quarter embedded rent steps were 4.1%. And in the first quarter, they were 4%.

Operator: There are no further questions in the queue. I’d like to hand the call back to management for closing remarks.

Michael Frankel : On behalf of the entire company, we’d like to thank everybody for joining us today, and we look forward to reconnecting next quarter. Thank you so much.

Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.