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Section 1: 10-Q (10-Q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 001-36008
 
Rexford Industrial Realty, Inc.
(Exact name of registrant as specified in its charter) 
 
 
Maryland
 
 
46-2024407
(State or other jurisdiction of incorporation or organization)
 
 
(I.R.S. Employer Identification No.)
 
 
 
 
11620 Wilshire Boulevard, Suite 1000
Los Angeles
California
90025
(Address of principal executive offices)
 
 
(Zip Code)
(310) 966-1680
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading symbols
 
Name of each exchange on which registered
Common Stock, $0.01 par value
 
REXR
 
New York Stock Exchange
5.875% Series A Cumulative Redeemable Preferred Stock
 
REXR-PA
 
New York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred Stock
 
REXR-PB
 
New York Stock Exchange
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 
Large accelerated filer

Accelerated filer
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
Emerging growth company
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of common stock outstanding at July 29, 2019 was 109,749,696.




REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019
TABLE OF CONTENTS
 
PART I.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II.
 
 
 
 
 
 
 
 
 


2



PART I. FINANCIAL INFORMATION
 
Item 1.        Financial Statements

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands – except share and per share data)
 
June 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Land
$
1,590,321

 
$
1,298,957

Buildings and improvements
1,528,750

 
1,332,438

Tenant improvements
66,665

 
60,024

Furniture, fixtures and equipment
141

 
149

Construction in progress
23,576

 
24,515

Total real estate held for investment
3,209,453

 
2,716,083

Accumulated depreciation
(261,231
)
 
(228,742
)
Investments in real estate, net
2,948,222

 
2,487,341

Cash and cash equivalents
172,209

 
180,601

Restricted cash
11,055

 

Rents and other receivables, net
3,614

 
4,944

Deferred rent receivable, net
25,462

 
22,228

Deferred leasing costs, net
16,722

 
14,002

Deferred loan costs, net
1,004

 
1,312

Acquired lease intangible assets, net
61,664

 
55,683

Acquired indefinite-lived intangible
5,156

 
5,156

Interest rate swap asset
1,414

 
8,770

Other assets
14,204

 
6,723

Acquisition related deposits
4,615

 
925

Total Assets
$
3,265,341

 
$
2,787,685

LIABILITIES & EQUITY
 
 
 
Liabilities
 
 
 
Notes payable
$
757,677

 
$
757,371

Interest rate swap liability
8,671

 
2,351

Accounts payable, accrued expenses and other liabilities
26,065

 
21,074

Dividends payable
20,823

 
15,938

Acquired lease intangible liabilities, net
55,084

 
52,727

Tenant security deposits
26,123

 
23,262

Prepaid rents
6,289

 
6,539

Total Liabilities
900,732

 
879,262

Equity
 
 
 
Rexford Industrial Realty, Inc. stockholders’ equity
 
 
 
Preferred stock, $0.01 par value per share, 10,000,000 shares authorized,
 
 
 
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at June 30, 2019 and December 31, 2018 ($90,000 liquidation preference)
86,651

 
86,651

5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2019 and December 31, 2018 ($75,000 liquidation preference)
72,443

 
72,443

Common Stock, $0.01 par value per share, 490,000,000 authorized and 109,739,580 and 96,810,504 shares outstanding at June 30, 2019 and December 31, 2018, respectively
1,095

 
966

Additional paid in capital
2,255,849

 
1,798,113

Cumulative distributions in excess of earnings
(107,056
)
 
(88,341
)
Accumulated other comprehensive (loss) income
(7,101
)
 
6,262

Total stockholders’ equity
2,301,881

 
1,876,094

Noncontrolling interests
62,728

 
32,329

Total Equity
2,364,609


1,908,423

Total Liabilities and Equity
$
3,265,341

 
$
2,787,685

The accompanying notes are an integral part of these consolidated financial statements.

3



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands – except share and per share data)

 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
REVENUES
 
 
 
 
 
 
 
 
Rental income
 
$
63,613

 
$
51,616

 
123,217

 
100,049

Management, leasing and development services
 
109

 
140

 
211

 
243

Interest income
 
668

 

 
1,325

 

TOTAL REVENUES
 
64,390

 
51,756

 
124,753

 
100,292

OPERATING EXPENSES
 
 
 
 
 
 
 
 
Property expenses
 
15,139

 
12,775

 
28,951

 
24,735

General and administrative
 
7,301

 
6,506

 
14,645

 
12,668

Depreciation and amortization
 
24,522

 
19,775

 
46,518

 
39,227

TOTAL OPERATING EXPENSES
 
46,962

 
39,056

 
90,114

 
76,630

OTHER EXPENSES
 
 
 
 
 
 
 
 
Acquisition expenses
 
29

 
37

 
52

 
46

Interest expense
 
6,255

 
6,452

 
12,726

 
12,304

TOTAL EXPENSES
 
53,246

 
45,545

 
102,892

 
88,980

Gains on sale of real estate
 
4,810

 
1,608

 
4,810

 
11,591

NET INCOME
 
15,954

 
7,819

 
26,671

 
22,903

 Less: net income attributable to noncontrolling interests
 
(569
)
 
(129
)
 
(770
)
 
(447
)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
 
15,385

 
7,690

 
25,901

 
22,456

 Less: preferred stock dividends
 
(2,424
)
 
(2,424
)
 
(4,847
)
 
(4,847
)
 Less: earnings allocated to participating securities
 
(113
)
 
(94
)
 
(227
)
 
(191
)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
12,848

 
$
5,172

 
$
20,827

 
$
17,418

Net income attributable to common stockholders per share - basic
 
$
0.12

 
$
0.06

 
$
0.20

 
$
0.22

Net income attributable to common stockholders per share - diluted
 
$
0.12

 
$
0.06

 
$
0.20

 
$
0.21

Weighted average shares of common stock outstanding - basic
 
105,847,557

 
82,924,208

 
102,115,849

 
80,820,870

Weighted average shares of common stock outstanding - diluted
 
106,236,309

 
83,494,825

 
102,442,780

 
81,357,129

 
The accompanying notes are an integral part of these consolidated financial statements.

4



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited and in thousands)
 
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
15,954

 
$
7,819

 
$
26,671

 
$
22,903

Other comprehensive (loss) income: cash flow hedge adjustment
(8,549
)
 
1,742

 
(13,676
)
 
6,062

Comprehensive income
7,405

 
9,561

 
12,995

 
28,965

Comprehensive income attributable to noncontrolling interests
(382
)
 
(132
)
 
(457
)
 
(555
)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$
7,023

 
$
9,429

 
$
12,538

 
$
28,410

 
 
The accompanying notes are an integral part of these consolidated financial statements.
 

5



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data) 
 
 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at April 1, 2019
$
159,094

 
104,028,046

 
$
1,038

 
$
2,042,218

 
$
(99,715
)
 
$
1,261

 
$
2,103,896

 
$
33,940

 
$
2,137,836

Issuance of common stock

 
5,660,920

 
57

 
216,208

 

 

 
216,265

 

 
216,265

Offering costs

 

 

 
(3,465
)
 

 

 
(3,465
)
 

 
(3,465
)
Issuance of 4.43937% cumulative redeemable convertible preferred units

 

 

 

 

 

 

 
27,359

 
27,359

Share-based compensation

 
11,295

 

 
632

 

 

 
632

 
2,119

 
2,751

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock

 
(681
)
 

 
(25
)
 

 

 
(25
)
 

 
(25
)
Conversion of units to common stock

 
40,000

 

 
281

 

 

 
281

 
(281
)
 

Net income
2,424

 

 

 

 
12,961

 

 
15,385

 
569

 
15,954

Other comprehensive loss

 

 

 

 

 
(8,362
)
 
(8,362
)
 
(187
)
 
(8,549
)
Preferred stock dividends ($0.367188 per share)
(2,424
)
 

 

 

 

 

 
(2,424
)
 

 
(2,424
)
Preferred unit distributions

 

 

 

 

 

 

 
(270
)
 
(270
)
Common stock dividends ($0.185 per common share)

 

 

 

 
(20,302
)
 

 
(20,302
)
 

 
(20,302
)
Distributions

 

 

 

 

 

 

 
(521
)
 
(521
)
Balance at June 30, 2019
$
159,094

 
109,739,580

 
$
1,095

 
$
2,255,849

 
$
(107,056
)
 
$
(7,101
)
 
$
2,301,881

 
$
62,728

 
$
2,364,609


The accompanying notes are an integral part of these consolidated financial statements.


6






REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 
 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Income
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at April 1, 2018
$
159,094

 
80,667,789

 
$
804

 
$
1,297,391

 
$
(67,622
)
 
$
11,014

 
$
1,400,681

 
$
27,640

 
$
1,428,321

Issuance of common stock

 
10,358,256

 
104

 
321,743

 

 

 
321,847

 

 
321,847

Offering costs

 

 

 
(5,113
)
 

 

 
(5,113
)
 

 
(5,113
)
Share-based compensation

 
12,820

 

 
497

 

 

 
497

 
2,220

 
2,717

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock

 
(4,411
)
 

 
(125
)
 

 

 
(125
)
 

 
(125
)
Conversion of units to common stock

 
27,611

 

 
257

 

 

 
257

 
(257
)
 

Net income
2,424

 

 

 

 
5,266

 

 
7,690

 
129

 
7,819

Other comprehensive income

 

 

 

 

 
1,739

 
1,739

 
3

 
1,742

Preferred stock dividends ($0.367188 per share)
(2,424
)
 

 

 

 

 

 
(2,424
)
 

 
(2,424
)
Common stock dividends ($0.16 per common share)

 

 

 

 
(14,570
)
 

 
(14,570
)
 

 
(14,570
)
Distributions

 

 

 

 

 

 

 
(381
)
 
(381
)
Balance at June 30, 2018
$
159,094

 
91,062,065

 
$
908

 
$
1,614,650

 
$
(76,926
)
 
$
12,753

 
$
1,710,479

 
$
29,354

 
$
1,739,833


The accompanying notes are an integral part of these consolidated financial statements.


7



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 


 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Income (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at January 1, 2019
$
159,094

 
96,810,504

 
$
966

 
$
1,798,113

 
$
(88,341
)
 
$
6,262

 
$
1,876,094

 
$
32,329

 
$
1,908,423

Cumulative effect of adoption of ASC 842

 

 

 

 
(222
)
 

 
(222
)
 

 
(222
)
Issuance of common stock

 
12,809,666

 
128

 
464,531

 

 

 
464,659

 

 
464,659

Offering costs

 

 

 
(7,439
)
 

 

 
(7,439
)
 

 
(7,439
)
Issuance of 4.43937% cumulative redeemable convertible preferred units

 

 

 

 

 

 

 
27,359

 
27,359

Share-based compensation

 
98,214

 
1

 
1,142

 

 

 
1,143

 
4,221

 
5,364

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock

 
(23,771
)
 

 
(816
)
 

 

 
(816
)
 

 
(816
)
Conversion of units to common stock

 
44,967

 

 
318

 

 

 
318

 
(318
)
 

Net income
4,847

 

 

 

 
21,054

 

 
25,901

 
770

 
26,671

Other comprehensive loss

 

 

 

 

 
(13,363
)
 
(13,363
)
 
(313
)
 
(13,676
)
Preferred stock dividends ($0.734376 per share)
(4,847
)
 

 

 

 

 

 
(4,847
)
 

 
(4,847
)
Preferred unit distributions

 

 

 

 

 

 

 
(270
)
 
(270
)
Common stock dividends ($0.370 per share)

 

 

 

 
(39,547
)
 

 
(39,547
)
 

 
(39,547
)
Distributions

 

 

 

 

 

 

 
(1,050
)
 
(1,050
)
Balance at June 30, 2019
$
159,094

 
109,739,580

 
$
1,095

 
$
2,255,849

 
$
(107,056
)
 
$
(7,101
)
 
$
2,301,881

 
$
62,728

 
$
2,364,609


The accompanying notes are an integral part of these consolidated financial statements.



8




 REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 

 
 
Preferred Stock
 
Number of
Shares
 
Common
Stock
 
Additional
Paid-in Capital
 
Cumulative Distributions in Excess of Earnings
 
Accumulated
Other
Comprehensive
Income
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at January 1, 2018
$
159,713

 
78,495,882

 
$
782

 
$
1,239,810

 
$
(67,058
)
 
$
6,799

 
$
1,340,046

 
$
25,208

 
$
1,365,254

Issuance of common stock

 
12,443,919

 
125

 
380,173

 

 

 
380,298

 

 
380,298

Offering costs
(32
)
 

 

 
(6,161
)
 

 

 
(6,193
)
 

 
(6,193
)
Share-based compensation

 
92,247

 
1

 
906

 

 

 
907

 
4,826

 
5,733

Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock

 
(19,698
)
 

 
(543
)
 

 

 
(543
)
 

 
(543
)
Conversion of units to common stock

 
49,715

 

 
465

 

 

 
465

 
(465
)
 

Net income
4,847

 

 

 

 
17,609

 

 
22,456

 
447

 
22,903

Other comprehensive income

 

 

 

 

 
5,954

 
5,954

 
108

 
6,062

Preferred stock dividends ($0.734376 per series A preferred share and $0.930209 per series B preferred share)
(5,434
)
 

 

 

 

 

 
(5,434
)
 

 
(5,434
)
Common stock dividends ($0.32 per share)

 

 

 

 
(27,477
)
 

 
(27,477
)
 

 
(27,477
)
Distributions

 

 

 

 

 

 

 
(770
)
 
(770
)
Balance at June 30, 2018
$
159,094

 
91,062,065

 
$
908

 
$
1,614,650

 
$
(76,926
)
 
$
12,753

 
$
1,710,479

 
$
29,354

 
$
1,739,833

 
The accompanying notes are an integral part of these consolidated financial statements.


9



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Six Months Ended June 30,
  
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
26,671

 
$
22,903

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for doubtful accounts
466

 
411

Depreciation and amortization
46,518

 
39,227

Amortization of (below) above market lease intangibles, net
(3,651
)
 
(2,732
)
Gain on sale of real estate
(4,810
)
 
(11,591
)
Amortization of debt issuance costs
689

 
643

Amortization of discount on notes payable
3

 
3

Equity based compensation expense
5,288

 
5,623

Straight-line rent
(3,308
)
 
(3,642
)
Change in working capital components:
 
 
 
Rents and other receivables
873

 
(636
)
Deferred leasing costs
(3,436
)
 
(2,996
)
Other assets
(1,222
)
 
(2,377
)
Accounts payable, accrued expenses and other liabilities
(3,112
)
 
337

Tenant security deposits
1,516

 
597

Prepaid rents
(937
)
 
(646
)
Net cash provided by operating activities
61,548

 
45,124

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Acquisition of investments in real estate
(458,978
)
 
(329,763
)
Capital expenditures
(22,244
)
 
(26,471
)
Payments for (proceeds from) deposits on real estate acquisitions
(4,215
)
 
875

Proceeds from sale of real estate
11,055

 
35,177

Net cash used in investing activities
(474,382
)
 
(320,182
)
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Issuance of stock, net
457,220

 
374,105

Proceeds from notes payable
35,000

 
401,000

Repayment of notes payable
(35,078
)
 
(311,466
)
Debt issuance costs

 
(1,748
)
Dividends paid to preferred stockholders
(4,847
)
 
(5,434
)
Dividends paid to common stockholders
(34,735
)
 
(24,289
)
Distributions paid to common unitholders
(977
)
 
(733
)
Distributions paid to preferred unitholders
(270
)
 

Repurchase of common shares to satisfy employee tax withholding requirements
(816
)
 
(543
)
Net cash provided by financing activities
415,497

 
430,892

Increase in cash, cash equivalents and restricted cash
2,663

 
155,834

Cash, cash equivalents and restricted cash, beginning of period
180,601

 
6,870

Cash, cash equivalents and restricted cash, end of period
$
183,264

 
$
162,704

Supplemental disclosure of cash flow information:
 
 
 
Cash paid for interest (net of capitalized interest of $1,682 and $934 for the six months ended June 30, 2019 and 2018, respectively)
$
11,884

 
$
11,359

Supplemental disclosure of noncash transactions:
 
 
 
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019
$
3,262

 
$