Vault-13

REXFORD INDL RLTY INC REXR

COM · REIT · CUSIP 76169C100

Industrial real estate firm in Southern California

356 institutional holders +1 vs Q3 2022
199,305,126199.3m shares reported held*
101.3% of all shares outstanding*
$10.9bnreported value*
39 new 166 added 103 reduced 36 sold out net bought ≈ $677.7m (+12.4m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($9.1m this quarter). Holder counts are more reliable. Shares outstanding: 196.7m as of 2023-02-08, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $54.68. Options: 5 managers hold calls ($9.0m notional), 4 hold puts ($856.9k).

Trends to Q4 2022

Institutional holders

Managers reporting a position, each quarter

0200400Q3 22: 355Q4 22: 356356Q3 22Q4 22
Numbers
QuarterHolders
Q3 2022355
Q4 2022356

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$2.5m$5m$7.5m$10mQ3 22 calls: $7.0mQ3 22 puts: $1.6mQ3 22P/C 0.22Q4 22 calls: $9.0mQ4 22 puts: $856.9kQ4 22P/C 0.10
Numbers
QuarterCallsPutsP/C
Q3 2022$7.0m$1.6m0.22
Q4 2022$9.0m$856.9k0.10

Biggest buyers

PRICE T ROWE ASSOCIATES INC /MD/ Added +4,107,405+4.1m
VANGUARD GROUP INC Added +1,632,899+1.6m
DEUTSCHE BANK AG\ Added +1,483,031+1.5m
BlackRock Inc. Added +1,293,022+1.3m
PRINCIPAL FINANCIAL GROUP INC Added +1,083,621+1.1m
Balyasny Asset Management L.P. Added +1,077,549+1.1m
STATE STREET CORP Added +874,001+874.0k
Land & Buildings Investment Management, LLC New +638,958+639.0k
PRUDENTIAL FINANCIAL INC Added +600,335+600.3k
Waterfront Capital Partners, LLC New +570,000+570.0k

Biggest sellers

WELLINGTON MANAGEMENT GROUP LLP Reduced -2,338,723-2.3m
JANUS HENDERSON GROUP PLC Reduced -1,778,331-1.8m
JPMORGAN CHASE & CO Reduced -755,425-755.4k
Resolution Capital Ltd Reduced -693,889-693.9k
MACQUARIE GROUP LTD Reduced -566,944-566.9k
CENTERSQUARE INVESTMENT MANAGEMENT LLC Reduced -495,671-495.7k
Nuveen Asset Management, LLC Reduced -465,931-465.9k
EVENTIDE ASSET MANAGEMENT, LLC Sold out -460,209-460.2k
OCONNOR, A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS (LLC) Sold out -456,618-456.6k
AEW CAPITAL MANAGEMENT L P Reduced -339,090-339.1k

Biggest calls

NOMURA HOLDINGS INC Added $7.7m141.0k shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $1.1m19.5k shares
CITADEL ADVISORS LLC Reduced $136.6k2.5k shares
SIMPLEX TRADING, LLC Added $60.0k1.1k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Biggest puts

CITADEL ADVISORS LLC Added $666.6k12.2k shares
PEAK6 Investments LLC Added $109.3k2.0k shares
SIMPLEX TRADING, LLC Reduced $81.0k1.5k shares
CONCOURSE FINANCIAL GROUP SECURITIES, INC. Unchanged $00 shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Major shareholders (over 5%)

Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.

HolderStakeChangeShares Last filed
PRICE T ROWE ASSOCIATES INC /MD/ 13G · institution +1.4 pts · filed 2026-05-15 12.6% +1.4 pts 29.2m≈ $978.7m 2026-05-15
BlackRock, Inc. 13G · institution filed 2025-04-29 11.7% 26.6m≈ $890.0m 2025-04-29
VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-04-29 8.6% new 19.9m≈ $665.9m 2026-04-29
BlackRock Portfolio Management LLC 13G · institution +1.7 pts · filed 2026-10-27 6.8% +1.7 pts 15.3m≈ $511.4m 2026-10-27
VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 5.3% new 12.3m≈ $411.3m 2026-04-30
Capital International Investors 13G · institution -1.1 pts · filed 2026-08-12 5.2% -1.1 pts 11.8m≈ $394.7m 2026-08-12

Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC), STATE STREET CORP (4.9%, 2026-02-09)

Insider purchases and sales in Q4 2022

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

Officers and directors buying vs selling

Number of people, by quarter (10% owners not included)

BuyingSelling
101Q1 21: 0 buyingQ1 21: 0 sellingQ2 21: 0 buyingQ2 21: 0 sellingQ2 21Q3 21: 0 buyingQ3 21: 0 sellingQ4 21: 0 buyingQ4 21: 1 sellingQ4 21Q1 22: 0 buyingQ1 22: 1 sellingQ2 22: 0 buyingQ2 22: 1 sellingQ2 22Q3 22: 0 buyingQ3 22: 1 sellingQ4 22: 0 buyingQ4 22: 0 sellingQ4 22
Numbers
QuarterBuyingBoughtSellingSoldSold under a plan
Q1 20210—0——
Q2 20210—0——
Q3 20210—0——
Q4 20210—1$8.0m—
Q1 20220—1$827.5k—
Q2 20220—1$988.4k—
Q3 20220—1$2.0m—
Q4 20220—0——

None reported in Q4 2022.

Holders, Q4 2022

#ManagerLocationShares Value% of their portfolioChangeShares change
1 VANGUARD GROUP INC 0.04% of their portfolio Valley Forge, PA 25,836,14325.8m $1.4bn $1.4bn 0.04% Added +1.6m +1,632,899
2 BlackRock Inc. 0.04% of their portfolio New York, NY 23,960,94224.0m $1.3bn $1.3bn 0.04% Added +1.3m +1,293,022
3 PRINCIPAL FINANCIAL GROUP INC 0.54% of their portfolio DES MOINES, IA 13,146,40213.1m $718.3m $718.3m 0.54% Added +1.1m +1,083,621
4 PRICE T ROWE ASSOCIATES INC /MD/ 0.09% of their portfolio BALTIMORE, MD 10,432,22210.4m $570.0m $570.0m 0.09% Added +4.1m +4,107,405
5 STATE STREET CORP 0.03% of their portfolio BOSTON, MA 9,940,6339.9m $546.2m $546.2m 0.03% Added +874.0k +874,001
6 Invesco Ltd. 0.10% of their portfolio ATLANTA, GA 6,043,3246.0m $330.2m $330.2m 0.10% Added +463.8k +463,821
7 NORGES BANK 0.07% of their portfolio OSLO, Q8 5,185,1935.2m $283.3m $283.3m 0.07% Added +273.7k +273,730
8 WELLINGTON MANAGEMENT GROUP LLP 0.05% of their portfolio Boston, MA 4,306,8344.3m $235.3m $235.3m 0.05% Reduced -2.3m -2,338,723
9 Nuveen Asset Management, LLC 0.09% of their portfolio CHICAGO, IL 4,070,5124.1m $222.4m $222.4m 0.09% Reduced -465.9k -465,931
10 Resolution Capital Ltd 3.77% of their portfolio Sydney, Nsw, C3 3,993,2654.0m $218.2m $218.2m 3.77% Reduced -693.9k -693,889
11 JPMORGAN CHASE & CO 0.03% of their portfolio NEW YORK, NY 3,529,7873.5m $192.9m $192.9m 0.03% Reduced -755.4k -755,425
12 GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio BOSTON, MA 2,824,6502.8m $154.3m $154.3m 0.02% Added +277.4k +277,377
13 COHEN & STEERS, INC. 0.32% of their portfolio NEW YORK, NY 2,688,0382.7m $146.9m $146.9m 0.32% Reduced -19.8k -19,846
14 CENTERSQUARE INVESTMENT MANAGEMENT LLC 1.70% of their portfolio CONSHOHOCKEN, PA 2,669,8742.7m $145.9m $145.9m 1.70% Reduced -495.7k -495,671
15 SCHRODER INVESTMENT MANAGEMENT GROUP 0.23% of their portfolio London, X0 2,662,6392.7m $145.5m $145.5m 0.23% Added +371.7k +371,740
16 DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio AUSTIN, TX 2,610,1082.6m $142.6m $142.6m 0.05% Reduced -286.3k -286,299
17 Daiwa Securities Group Inc. 1.07% of their portfolio CHIYODA-KU,TOKYO, M0 2,558,8172.6m $139.8m $139.8m 1.07% Reduced -15.9k -15,854
18 T. Rowe Price Investment Management, Inc. 0.10% of their portfolio BALTIMORE, MD 2,498,5792.5m $136.5m $136.5m 0.10% Added +2.0k +1,958
19 PGGM Investments 2.06% of their portfolio ZEIST, P7 2,152,0202.2m $117.6m $117.6m 2.06% Added +82.3k +82,281
20 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio SAN FRANCISCO, CA 2,028,7902.0m $110.9m $110.9m 0.04% Added +229.9k +229,854
21 NORTHERN TRUST CORP 0.02% of their portfolio CHICAGO, IL 1,994,2442.0m $109.0m $109.0m 0.02% Added +337.8k +337,779
22 Balyasny Asset Management L.P. 0.37% of their portfolio Chicago, IL 1,895,0111.9m $103.5m $103.5m 0.37% Added +1.1m +1,077,549
23 Bank of New York Mellon Corp 0.02% of their portfolio NEW YORK, NY 1,856,2781.9m $101.4m $101.4m 0.02% Added +151.1k +151,141
24 Allspring Global Investments Holdings, LLC 0.17% of their portfolio CHARLOTTE, NC 1,813,4311.8m $99.1m $99.1m 0.17% Added +316.3k +316,268
25 LASALLE INVESTMENT MANAGEMENT SECURITIES LLC 3.69% of their portfolio BALTIMORE, MD 1,647,3221.6m $90.0m $90.0m 3.69% Added +270.1k +270,112
26 BAMCO INC /NY/ 0.30% of their portfolio NEW YORK, NY 1,632,3411.6m $89.2m $89.2m 0.30% Added +121.7k +121,691
27 DUFF & PHELPS INVESTMENT MANAGEMENT CO 1.07% of their portfolio CHICAGO, IL 1,631,3831.6m $88.2m $88.2m 1.07% Added +39.4k +39,365
28 DEUTSCHE BANK AG\ 0.05% of their portfolio FRANKFURT AM MAIN, 2M 1,598,5031.6m $87.3m $87.3m 0.05% Added +1.5m +1,483,031
29 Legal & General Group Plc 0.03% of their portfolio London, X0 1,580,3721.6m $86.4m $86.4m 0.03% Added +150.0k +150,042
30 AMERICAN CENTURY COMPANIES INC 0.07% of their portfolio KANSAS CITY, MO 1,512,6851.5m $82.7m $82.7m 0.07% Added +134.3k +134,280
31 Sumitomo Mitsui Trust Group, Inc. 0.07% of their portfolio CHIYODA-KU, TOKYO, M0 1,509,1381.5m $82.5m $82.5m 0.07% Added +72.2k +72,216
32 Ceredex Value Advisors LLC 1.27% of their portfolio WINTER PARK, FL 1,496,9001.5m $82.3m $82.3m 1.27% Added +299.1k +299,050
33 GOLDMAN SACHS GROUP INC 0.02% of their portfolio NEW YORK, NY 1,444,2091.4m $78.9m $78.9m 0.02% Added +221.2k +221,224
34 MORGAN STANLEY 0.01% of their portfolio NEW YORK, NY 1,440,2651.4m $78.7m $78.7m 0.01% Added +365.3k +365,311
35 JANUS HENDERSON GROUP PLC 0.05% of their portfolio LONDON, X0 1,293,7171.3m $70.7m $70.7m 0.05% Reduced -1.8m -1,778,331
36 CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC 1.23% of their portfolio RADNOR, PA 1,291,0351.3m $70.5m $70.5m 1.23% Reduced -31.2k -31,244
37 Heitman Real Estate Securities LLC 3.71% of their portfolio Chicago, IL 1,277,2471.3m $69.8m $69.8m 3.71% Added +186.5k +186,508
38 PRUDENTIAL FINANCIAL INC 0.10% of their portfolio NEWARK, NJ 1,141,1681.1m $62.4m $62.4m 0.10% Added +600.3k +600,335
39 Brookfield Corp /ON/ 0.23% of their portfolio TORONTO, A6 1,100,4761.1m $60.1m $60.1m 0.23% Added +229.1k +229,087
40 ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio NASHVILLE, TN 1,091,7121.1m $59.7m $59.7m 0.03% Added +305.2k +305,219
41 UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio NEW YORK, NY 1,012,2841.0m $55.3m $55.3m 0.03% Added +92.7k +92,702
42 FRANKLIN RESOURCES INC 0.03% of their portfolio San Mateo, CA 987,940987.9k $54.0m $54.0m 0.03% Reduced -16.1k -16,050
43 AEW CAPITAL MANAGEMENT L P 1.93% of their portfolio BOSTON, MA 902,625902.6k $49.3m $49.3m 1.93% Reduced -339.1k -339,090
44 Alyeska Investment Group, L.P. 0.49% of their portfolio CHICAGO, IL 861,135861.1k $47.1m $47.1m 0.49% Added +371.9k +371,866
45 Thrivent Financial for Lutherans 0.11% of their portfolio Minneapolis, MN 812,668812.7k $44.4m $44.4m 0.11% Reduced -132.3k -132,263
46 BAILLIE GIFFORD & CO 0.05% of their portfolio EDINBURGH, X0 796,962797.0k $43.5m $43.5m 0.05% Added +3.2k +3,160
47 MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio NEW YORK, NY 793,505793.5k $43.4m $43.4m 0.05% Added +550.2k +550,151
48 Hazelview Securities Inc. 6.01% of their portfolio TORONTO, A6 733,365733.4k $40.1m $40.1m 6.01% Reduced -5.1k -5,079
49 GRS Advisors, LLC 9.33% of their portfolio Chicago, IL 714,316714.3k $39.0m $39.0m 9.33% Added +385.8k +385,758
50 HSBC HOLDINGS PLC 0.05% of their portfolio LONDON, X0 713,288713.3k $39.0m $39.0m 0.05% Added +119.9k +119,915
51 Mitsubishi UFJ Trust & Banking Corp 0.10% of their portfolio TOKYO, M0 695,606695.6k $38.0m $38.0m 0.10% Added +117.6k +117,625
52 SEI INVESTMENTS CO 0.08% of their portfolio OAKS, PA 644,518644.5k $35.2m $35.2m 0.08% Reduced -295.3k -295,311
53 Land & Buildings Investment Management, LLC 7.52% of their portfolio STAMFORD, CT 638,958639.0k $34.9m $34.9m 7.52% New
54 Russell Investments Group, Ltd. 0.07% of their portfolio Seattle, WA 631,087631.1k $34.5m $34.5m 0.07% Added +342.2k +342,189
55 RHUMBLINE ADVISERS 0.04% of their portfolio BOSTON, MA 603,929603.9k $33.0m $33.0m 0.04% Added +60.8k +60,756
56 STRS OHIO 0.14% of their portfolio COLUMBUS, OH 573,558573.6k $31.3m $31.3m 0.14% Added +333.6k +333,585
57 Waterfront Capital Partners, LLC 2.55% of their portfolio NEW YORK, NY 570,000570.0k $31.1m $31.1m 2.55% New
58 Ranger Global Real Estate Advisors, LLC 4.16% of their portfolio DENVER, CO 552,838552.8k $28.7m $28.7m 4.16% New
59 NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio NEW YORK, NY 531,375531.4k $29.0m $29.0m 0.03% Reduced -38.7k -38,707
60 BANK OF AMERICA CORP /DE/ 0.00% of their portfolio CHARLOTTE, NC 489,142489.1k $26.7m $26.7m 0.00% Reduced -313.6k -313,555
61 American Assets Capital Advisers, LLC 6.12% of their portfolio SAN DIEGO, CA 462,103462.1k $25.2m $25.2m 6.12% Reduced -189.8k -189,846
62 State of New Jersey Common Pension Fund D 0.09% of their portfolio TRENTON, NJ 457,286457.3k $25.0m $25.0m 0.09% Added +59.7k +59,703
63 AMERIPRISE FINANCIAL INC 0.01% of their portfolio MINNEAPOLIS, MN 454,280454.3k $24.3m $24.3m 0.01% Reduced -10.6k -10,616
64 DigitalBridge Group, Inc. 3.66% of their portfolio Boca Raton, FL 451,884451.9k $24.7m $24.7m 3.66% Added +4.5k +4,550
65 Alberta Investment Management Corp 0.21% of their portfolio EDMONTON, A0 441,204441.2k $24.1m $24.1m 0.21% Unchanged
66 Swiss National Bank 0.02% of their portfolio ZURICH, V8 413,116413.1k $22.6m $22.6m 0.02% Added +21.8k +21,800
67 Walleye Capital LLC 0.49% of their portfolio NEW YORK, NY 408,114408.1k $22.3m $22.3m 0.49% Added +35.2k +35,210
68 California Public Employees Retirement System 0.02% of their portfolio Sacramento, CA 398,012398.0k $21.7m $21.7m 0.02% Reduced -1.2k -1,224
69 Asset Management One Co., Ltd. 0.11% of their portfolio TOKYO, M0 393,477393.5k $21.6m $21.6m 0.11% Added +55.4k +55,418
70 Schonfeld Strategic Advisors LLC 0.16% of their portfolio NEW YORK, NY 347,039347.0k $19.0m $19.0m 0.16% Reduced -23.3k -23,299
71 Weiss Multi-Strategy Advisers LLC 0.54% of their portfolio NEW YORK, NY 344,969345.0k $18.8m $18.8m 0.54% Added +222.2k +222,213
72 STATE OF WISCONSIN INVESTMENT BOARD 0.06% of their portfolio MADISON, WI 333,902333.9k $18.2m $18.2m 0.06% Added +14.2k +14,238
73 GUGGENHEIM CAPITAL LLC 0.15% of their portfolio CHICAGO, IL 320,903320.9k $17.5m $17.5m 0.15% Added +47.0k +47,029
74 CREDIT SUISSE AG/ 0.02% of their portfolio ZURICH, V8 315,897315.9k $17.3m $17.3m 0.02% Added +69.8k +69,795
75 MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio Toronto, A6 315,658315.7k $17.2m $17.2m 0.01% Added +30.1k +30,144
76 WESTPAC BANKING CORP 0.25% of their portfolio SYDNEY, C3 314,744314.7k $17.2m $17.2m 0.25% Reduced -26.5k -26,482
77 CANADA LIFE ASSURANCE Co 0.04% of their portfolio WINNIPEG, A2 311,254311.3k $17.0m $17.0m 0.04% Added +53.9k +53,926
78 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio Boston, MA 310,000310.0k $16.9m $16.9m 0.04% New
79 PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.07% of their portfolio COLUMBUS, OH 308,513308.5k $16.9m $16.9m 0.07% Reduced -46.7k -46,672
80 Retirement Systems of Alabama 0.07% of their portfolio MONTGOMERY, AL 301,148301.1k $16.5m $16.5m 0.07% Added +77.2k +77,191
81 CITADEL ADVISORS LLC 0.02% of their portfolio MIAMI, FL 300,877300.9k $16.4m $16.4m 0.02% Added +126.2k +126,209
82 Allianz Asset Management GmbH 0.04% of their portfolio MUNICH, 2M 295,623295.6k $16.2m $16.2m 0.04% Reduced -269 -269
83 WCM INVESTMENT MANAGEMENT, LLC 0.05% of their portfolio LAGUNA BEACH, CA 294,074294.1k $16.1m $16.1m 0.05% Added +57.2k +57,243
84 BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.06% of their portfolio Paris, I0 289,055289.1k $15.8m $15.8m 0.06% Added +26.6k +26,596
85 JLP Asset Management, LLC 10.44% of their portfolio New York, NY 285,900285.9k $15.6m $15.6m 10.44% Added +45.9k +45,900
86 AMERICAN INTERNATIONAL GROUP, INC. 0.11% of their portfolio New York, NY 285,782285.8k $15.6m $15.6m 0.11% Added +15.8k +15,826
87 Echo Street Capital Management LLC 0.15% of their portfolio New York, NY 283,488283.5k $15.5m $15.5m 0.15% Unchanged
88 VAN LANSCHOT KEMPEN INVESTMENT MANAGEMENT N.V. 0.44% of their portfolio AMSTERDAM, P7 277,444277.4k $15.2m $15.2m 0.44% Added +16.5k +16,471
89 FIRST FOUNDATION ADVISORS 0.72% of their portfolio Irvine, CA 273,471273.5k $14.9m $14.9m 0.72% Reduced -23.6k -23,582
90 AVIVA PLC 0.07% of their portfolio LONDON, X0 265,245265.2k $14.5m $14.5m 0.07% Unchanged
91 BARCLAYS PLC 0.01% of their portfolio LONDON, X0 262,246262.2k $14.3m $14.3m 0.01% First filing
92 HGI Capital Management, LLC 4.08% of their portfolio NEW YORK, NY 261,573261.6k $14.3m $14.3m 4.08% New
93 SUN LIFE FINANCIAL INC 1.04% of their portfolio Toronto, A6 249,854249.9k $13.7m $13.7m 1.04% Unchanged
94 Davis Selected Advisers 0.09% of their portfolio Tucson, AZ 244,030244.0k $13.3m $13.3m 0.09% Unchanged
95 B&I Capital AG 4.56% of their portfolio ZURICH, V8 237,586237.6k $13.0m $13.0m 4.56% Added +6.4k +6,420
96 WELLS FARGO & COMPANY/MN 0.00% of their portfolio SAN FRANCISCO, CA 234,213234.2k $12.8m $12.8m 0.00% Added +79.3k +79,336
97 VIRGINIA RETIREMENT SYSTEMS ET Al 0.13% of their portfolio RICHMOND, VA 231,300231.3k $12.6m $12.6m 0.13% Added +900 +900
98 UBS Group AG 0.01% of their portfolio ZURICH, V8 227,744227.7k $12.4m $12.4m 0.01% Added +25.5k +25,511
99 REAVES W H & CO INC 0.44% of their portfolio JERSEY CITY, NJ 226,857226.9k $12.4m $12.4m 0.44% Reduced -4.7k -4,692
100 Waratah Capital Advisors Ltd. 0.78% of their portfolio TORONTO, A6 225,508225.5k $12.3m $12.3m 0.78% Reduced -278.7k -278,685