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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 September 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
5.625% Series C Cumulative Redeemable Preferred Stock
 
REXR-PC
 
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 October 30, 2019 was 110,917,931.




REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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)
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
Land
$
1,728,490

 
$
1,298,957

Buildings and improvements
1,611,060

 
1,332,438

Tenant improvements
68,124

 
60,024

Furniture, fixtures and equipment
141

 
149

Construction in progress
29,094

 
24,515

Total real estate held for investment
3,436,909

 
2,716,083

Accumulated depreciation
(278,726
)
 
(228,742
)
Investments in real estate, net
3,158,183

 
2,487,341

Cash and cash equivalents
197,508

 
180,601

Rents and other receivables, net
4,376

 
4,944

Deferred rent receivable, net
27,502

 
22,228

Deferred leasing costs, net
17,561

 
14,002

Deferred loan costs, net
849

 
1,312

Acquired lease intangible assets, net
67,110

 
55,683

Acquired indefinite-lived intangible
5,156

 
5,156

Interest rate swap asset
374

 
8,770

Other assets
10,778

 
6,723

Acquisition related deposits
8,415

 
925

Assets associated with real estate held for sale
4,582

 

Total Assets
$
3,502,394

 
$
2,787,685

LIABILITIES & EQUITY
 
 
 
Liabilities
 
 
 
Notes payable
$
857,688

 
$
757,371

Interest rate swap liability
10,727

 
2,351

Accounts payable, accrued expenses and other liabilities
34,669

 
21,074

Dividends payable
21,034

 
15,938

Acquired lease intangible liabilities, net
56,151

 
52,727

Tenant security deposits
27,688

 
23,262

Prepaid rents
7,759

 
6,539

Liabilities associated with real estate held for sale
135

 

Total Liabilities
1,015,851

 
879,262

Equity
 
 
 
Rexford Industrial Realty, Inc. stockholders’ equity
 
 
 
Preferred stock, $0.01 par value per share, 10,050,000 and 10,000,000 shares authorized at September 30, 2019 and December 31, 2018, respectively,
 
 
 
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at September 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 September 30, 2019 and December 31, 2018 ($75,000 liquidation preference)
72,443

 
72,443

5.625% series C cumulative redeemable preferred stock, 3,450,000 and zero shares outstanding at September 30, 2019 and December 31, 2018, respectively ($86,250 liquidation preference)
83,435

 

Common Stock, $0.01 par value per share, 489,950,000 and 490,000,000 authorized and 110,884,272 and 96,810,504 shares outstanding at September 30, 2019 and December 31, 2018, respectively
1,106

 
966

Additional paid in capital
2,306,282

 
1,798,113

Cumulative distributions in excess of earnings
(117,711
)
 
(88,341
)
Accumulated other comprehensive (loss) income
(10,132
)
 
6,262

Total stockholders’ equity
2,422,074

 
1,876,094

Noncontrolling interests
64,469

 
32,329

Total Equity
2,486,543


1,908,423

Total Liabilities and Equity
$
3,502,394

 
$
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 September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
REVENUES
 
 
 
 
 
 
 
 
Rental income
 
$
67,020

 
$
54,469

 
$
190,237

 
$
154,518

Management, leasing and development services
 
90

 
116

 
301

 
359

Interest income
 
951

 
609

 
2,276

 
609

TOTAL REVENUES
 
68,061

 
55,194

 
192,814

 
155,486

OPERATING EXPENSES
 
 
 
 
 
 
 
 
Property expenses
 
16,165

 
13,294

 
45,116

 
38,029

General and administrative
 
7,440

 
6,229

 
22,085

 
18,897

Depreciation and amortization
 
25,496

 
20,144

 
72,014

 
59,371

TOTAL OPERATING EXPENSES
 
49,101

 
39,667

 
139,215

 
116,297

OTHER EXPENSES
 
 
 
 
 
 
 
 
Acquisition expenses
 
122

 
106

 
174

 
152

Interest expense
 
6,785

 
6,456

 
19,511

 
18,760

TOTAL EXPENSES
 
56,008

 
46,229

 
158,900

 
135,209

Gains on sale of real estate
 
895

 

 
5,705

 
11,591

NET INCOME
 
12,948

 
8,965

 
39,619

 
31,868

 Less: net income attributable to noncontrolling interests
 
(518
)
 
(141
)
 
(1,288
)
 
(588
)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
 
12,430

 
8,824

 
38,331

 
31,280

 Less: preferred stock dividends
 
(2,572
)
 
(2,423
)
 
(7,419
)
 
(7,270
)
 Less: earnings allocated to participating securities
 
(112
)
 
(94
)
 
(339
)
 
(285
)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
9,746

 
$
6,307

 
$
30,573

 
$
23,725

Net income attributable to common stockholders per share - basic
 
$
0.09

 
$
0.07

 
$
0.29

 
$
0.28

Net income attributable to common stockholders per share - diluted
 
$
0.09

 
$
0.07

 
$
0.29

 
$
0.28

Weighted average shares of common stock outstanding - basic
 
109,645,216

 
91,463,594

 
104,653,218

 
84,407,429

Weighted average shares of common stock outstanding - diluted
 
110,074,074

 
91,945,206

 
105,014,124

 
84,925,472

 
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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
12,948

 
$
8,965

 
$
39,619

 
$
31,868

Other comprehensive (loss) income: cash flow hedge adjustment
(3,096
)
 
815

 
(16,772
)
 
6,877

Comprehensive income
9,852

 
9,780

 
22,847

 
38,745

Comprehensive income attributable to noncontrolling interests
(453
)
 
(151
)
 
(910
)
 
(706
)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$
9,399

 
$
9,629

 
$
21,937

 
$
38,039

 
 
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
Loss
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
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

Issuance of 5.625% series C preferred stock
86,250

 

 

 

 

 

 
86,250

 

 
86,250

Issuance of common stock

 
1,147,417

 
11

 
50,715

 

 

 
50,726

 

 
50,726

Offering costs
(2,963
)
 

 

 
(874
)
 

 

 
(3,837
)
 

 
(3,837
)
Share-based compensation

 
(3,736
)
 

 
597

 

 

 
597

 
2,119

 
2,716

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

 
(361
)
 

 
(15
)
 

 

 
(15
)
 

 
(15
)
Conversion of units to common stock

 
1,372

 

 
10

 

 

 
10

 
(10
)
 

Net income
2,572

 

 

 

 
9,858

 

 
12,430

 
518

 
12,948

Other comprehensive loss

 

 

 

 

 
(3,031
)
 
(3,031
)
 
(65
)
 
(3,096
)
Preferred stock dividends ($0.367188 per series A and series B preferred share)
(2,424
)
 

 

 

 

 

 
(2,424
)
 

 
(2,424
)
Preferred unit distributions

 

 

 

 

 

 

 
(300
)
 
(300
)
Common stock dividends ($0.185 per common share)

 

 

 

 
(20,513
)
 

 
(20,513
)
 

 
(20,513
)
Distributions

 

 

 

 

 

 

 
(521
)
 
(521
)
Balance at September 30, 2019
$
242,529

 
110,884,272

 
$
1,106

 
$
2,306,282

 
$
(117,711
)
 
$
(10,132
)
 
$
2,422,074

 
$
64,469

 
$
2,486,543


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 June 30, 2018
$
159,094

 
91,062,065

 
$
908

 
$
1,614,650

 
$
(76,926
)
 
$
12,753

 
$
1,710,479

 
$
29,354

 
$
1,739,833

Issuance of common stock

 
1,637,155

 
16

 
51,949

 

 

 
51,965

 

 
51,965

Offering costs

 

 

 
(833
)
 

 

 
(833
)
 

 
(833
)
Share-based compensation

 
(1,835
)
 

 
508

 

 

 
508

 
1,808

 
2,316

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

 
(965
)
 

 
(30
)
 

 

 
(30
)
 

 
(30
)
Conversion of units to common stock

 
10,460

 

 
95

 

 

 
95

 
(95
)
 

Net income
2,423

 

 

 

 
6,401

 

 
8,824

 
141

 
8,965

Other comprehensive income

 

 

 

 

 
805

 
805

 
10

 
815

Preferred stock dividends ($0.367188 per series A and series B share)
(2,423
)
 

 

 

 

 

 
(2,423
)
 

 
(2,423
)
Common stock dividends ($0.16 per common share)

 

 

 

 
(14,833
)
 

 
(14,833
)
 

 
(14,833
)
Distributions

 

 

 

 

 

 

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

 
92,706,880

 
$
924

 
$
1,666,339

 
$
(85,358
)
 
$
13,558

 
$
1,754,557

 
$
30,837

 
$
1,785,394


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 December 31, 2018
$
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 5.625% series C preferred stock
86,250

 

 

 

 

 

 
86,250

 

 
86,250

Issuance of common stock

 
13,957,083

 
139

 
515,246

 

 

 
515,385

 

 
515,385

Offering costs
(2,963
)
 

 

 
(8,313
)
 

 

 
(11,276
)
 

 
(11,276
)
Issuance of 4.43937% cumulative redeemable convertible preferred units

 

 

 

 

 

 

 
27,359

 
27,359

Share-based compensation

 
94,478

 
1

 
1,739

 

 

 
1,740

 
6,340

 
8,080

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

 
(24,132
)
 

 
(831
)
 

 

 
(831
)
 

 
(831
)
Conversion of units to common stock

 
46,339

 

 
328

 

 

 
328

 
(328
)
 

Net income
7,419

 

 

 

 
30,912

 

 
38,331

 
1,288

 
39,619

Other comprehensive loss

 

 

 

 

 
(16,394
)
 
(16,394
)
 
(378
)
 
(16,772
)
Preferred stock dividends ($1.101564 per series A and series B preferred share)
(7,271
)
 

 

 

 

 

 
(7,271
)
 

 
(7,271
)
Preferred unit distributions

 

 

 

 

 

 

 
(570
)
 
(570
)
Common stock dividends ($0.555 per share)

 

 

 

 
(60,060
)
 

 
(60,060
)
 

 
(60,060
)
Distributions

 

 

 

 

 

 

 
(1,571
)
 
(1,571
)
Balance at September 30, 2019
$
242,529

 
110,884,272

 
$
1,106

 
$
2,306,282

 
$
(117,711
)
 
$
(10,132
)
 
$
2,422,074

 
$
64,469

 
$
2,486,543


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 December 31, 2017
$
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

 
14,081,074

 
141

 
432,122

 

 

 
432,263

 

 
432,263

Offering costs
(32
)
 

 

 
(6,994
)
 

 

 
(7,026
)
 

 
(7,026
)
Share-based compensation

 
90,412

 
1

 
1,414

 

 

 
1,415

 
6,634

 
8,049

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

 
(20,663
)
 

 
(573
)
 

 

 
(573
)
 

 
(573
)
Conversion of units to common stock

 
60,175

 

 
560

 

 

 
560

 
(560
)
 

Net income
7,270

 

 

 

 
24,010

 

 
31,280

 
588

 
31,868

Other comprehensive income

 

 

 

 

 
6,759

 
6,759

 
118

 
6,877

Preferred stock dividends ($1.101564 per series A preferred share and $1.297397 per series B preferred share)
(7,857
)
 

 

 

 

 

 
(7,857
)
 

 
(7,857
)
Common stock dividends ($0.48 per share)

 

 

 

 
(42,310
)
 

 
(42,310
)
 

 
(42,310
)
Distributions

 

 

 

 

 

 

 
(1,151
)
 
(1,151
)
Balance at September 30, 2018
$
159,094

 
92,706,880

 
$
924

 
$
1,666,339

 
$
(85,358
)
 
$
13,558

 
$
1,754,557

 
$
30,837

 
$
1,785,394

 
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)
 
Nine Months Ended September 30,
  
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
39,619

 
$
31,868

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Provision for doubtful accounts
849

 
804

Depreciation and amortization
72,014

 
59,371

Amortization of (below) above market lease intangibles, net
(5,716
)
 
(4,354
)
Gain on sale of real estate
(5,705
)
 
(11,591
)
Amortization of debt issuance costs
1,036

 
987

Amortization of discount on notes payable
4

 
4

Equity based compensation expense
7,956

 
7,866

Straight-line rent
(5,388
)
 
(4,985
)
Change in working capital components:
 
 
 
Rents and other receivables
(274
)
 
(2,151
)
Deferred leasing costs
(5,639
)
 
(4,494
)
Other assets
(218
)
 
(1,880
)
Accounts payable, accrued expenses and other liabilities
7,152

 
8,310

Tenant security deposits
2,301

 
1,844

Prepaid rents
(346
)
 
(654
)
Net cash provided by operating activities