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Nick Gilman

Senior Research Analyst at Baird Financial Group, Inc.

Nick Gilman is a Senior Research Analyst at Baird, specializing in coverage of the enterprise and communications infrastructure sector. He covers publicly traded companies in the networking and data center hardware space, including Arista Networks, Ciena, and Extreme Networks, and has built a reputation for detailed, data-driven analysis. Over his career, he has consistently ranked among the top analysts on platforms such as TipRanks, maintaining a track record that includes a high success rate and positive average returns on stock recommendations. Gilman began his career at Baird as a research associate, later being promoted to lead analyst, and he holds a Series 7 and Series 63 FINRA license, reflecting his professional credentials and regulatory compliance.

Nick Gilman's questions to Rexford Industrial Realty (REXR) leadership

Question · Q3 2025

Nick Gilman sought clarification on whether the negative 1% mark-to-market excludes all redevelopment and repositioning projects. He also asked for details on the actual in-place square footage and occupancy for the projected 2.3 million square feet rolling out of expirations in late 2025 and 2026.

Answer

Howard Schwimmer, Co-Chief Executive Officer, confirmed that the negative 1% mark-to-market indeed excludes repositioning and development. He detailed the components of the projected $65 million in future annualized NOI from repositioning and redevelopment: $12 million stabilized in Q3, $30 million tied to 1.5 million square feet currently in lease-up (with 75% activity), and over $20 million related to projects under construction, expected online in late 2026 and 2027.

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