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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 September 30, 2020
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) 
 
Maryland46-2024407
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11620 Wilshire Boulevard, Suite 1000Los AngelesCalifornia90025
(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 classTrading symbolsName of each exchange on which registered
Common Stock, $0.01 par value REXRNew York Stock Exchange
5.875% Series A Cumulative Redeemable Preferred StockREXR-PANew York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred StockREXR-PBNew York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred StockREXR-PCNew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 22, 2020 was 123,790,124.



REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020
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, 2020December 31, 2019
ASSETS  
Land$2,163,518 $1,927,098 
Buildings and improvements1,791,668 1,680,178 
Tenant improvements80,541 72,179 
Furniture, fixtures and equipment132 141 
Construction in progress41,941 18,794 
Total real estate held for investment4,077,800 3,698,390 
Accumulated depreciation(354,203)(296,777)
Investments in real estate, net3,723,597 3,401,613 
Cash and cash equivalents243,619 78,857 
Restricted cash42,387  
Rents and other receivables, net5,838 5,889 
Deferred rent receivable, net40,473 29,671 
Deferred leasing costs, net21,842 18,688 
Deferred loan costs, net2,419 695 
Acquired lease intangible assets, net67,304 73,090 
Acquired indefinite-lived intangible5,156 5,156 
Interest rate swap asset 766 
Other assets13,982 9,671 
Acquisition related deposits3,625 14,526 
Total Assets$4,170,242 $3,638,622 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$906,608 $857,842 
Interest rate swap liability20,869 8,488 
Accounts payable, accrued expenses and other liabilities45,212 31,112 
Dividends and distributions payable27,532 21,624 
Acquired lease intangible liabilities, net61,148 59,340 
Tenant security deposits27,683 28,779 
Prepaid rents10,970 8,988 
Total Liabilities1,100,022 1,016,173 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity  
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at September 30, 2020 and December 31, 2019
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at September 30, 2020 and December 31, 2019 ($90,000 liquidation preference)
86,651 86,651 
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at September 30, 2020 and December 31, 2019 ($75,000 liquidation preference)
72,443 72,443 
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at September 30, 2020 and December 31, 2019 ($86,250 liquidation preference)
83,233 83,233 
Common Stock, $0.01 par value per share, 489,950,000 authorized and 123,788,591 and 113,793,300 shares outstanding at September 30, 2020 and December 31, 2019, respectively
1,236 1,136 
Additional paid in capital2,821,127 2,439,007 
Cumulative distributions in excess of earnings(148,492)(118,751)
Accumulated other comprehensive loss(20,231)(7,542)
Total stockholders’ equity2,895,967 2,556,177 
Noncontrolling interests174,253 66,272 
Total Equity3,070,220 2,622,449 
Total Liabilities and Equity$4,170,242 $3,638,622 
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,
 2020201920202019
REVENUES   
Rental income$83,622 $67,020 $240,882 $190,237 
Management, leasing and development services118 90 325 301 
Interest income116 951 279 2,276 
TOTAL REVENUES83,856 68,061 241,486 192,814 
OPERATING EXPENSES
Property expenses20,684 16,165 57,682 45,116 
General and administrative9,464 7,440 27,753 22,085 
Depreciation and amortization28,811 25,496 84,715 72,014 
TOTAL OPERATING EXPENSES58,959 49,101 170,150 139,215 
OTHER EXPENSES  
Acquisition expenses70 122 89 174 
Interest expense7,299 6,785 22,176 19,511 
TOTAL EXPENSES66,328 56,008 192,415 158,900 
Gains on sale of real estate13,669 895 13,669 5,705 
NET INCOME31,197 12,948 62,740 39,619 
 Less: net income attributable to noncontrolling interests(1,531)(518)(3,332)(1,288)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.29,666 12,430 59,408 38,331 
 Less: preferred stock dividends(3,636)(2,572)(10,909)(7,419)
 Less: earnings allocated to participating securities (129)(112)(389)(339)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$25,901 $9,746 $48,110 $30,573 
Net income attributable to common stockholders per share - basic$0.21 $0.09 $0.40 $0.29 
Net income attributable to common stockholders per share - diluted$0.21 $0.09 $0.40 $0.29 
Weighted average shares of common stock outstanding - basic123,548,978 109,645,216 119,153,997 104,653,218 
Weighted average shares of common stock outstanding - diluted123,843,977 110,074,074 119,424,927 105,014,124 
 
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,
 2020201920202019
Net income$31,197 $12,948 $62,740 $39,619 
Other comprehensive income (loss): cash flow hedge adjustment2,047 (3,096)(13,147)(16,772)
Comprehensive income33,244 9,852 49,593 22,847 
Comprehensive income attributable to noncontrolling interests(1,595)(453)(2,874)(910)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$31,649 $9,399 $46,719 $21,937 
 
 
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 StockNumber of
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive Income (Loss)
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at June 30, 2020$242,327 123,789,199 $1,236 $2,820,216 $(147,907)$(22,214)$2,893,658 $172,081 $3,065,739 
Issuance of common stock—    — —  —  
Offering costs— — — (23)— — (23)— (23)
Issuance of OP Units— — — — — — —   
Share-based compensation— (5,187) 817 — — 817 2,337 3,154 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (388)— (18)— — (18)— (18)
Conversion of OP units to common stock— 4,967  135 — — 135 (135) 
Net income3,636 — — — 26,030 — 29,666 1,531 31,197 
Other comprehensive loss— — — — — 1,983 1,983 64 2,047 
Preferred stock dividends ($0.367188 per series A and series B preferred shares and $0.351563 per series C preferred share)
(3,636)— — — — — (3,636)— (3,636)
Preferred unit distributions— — — — — — — (708)(708)
Common stock dividends ($0.215 per common share)
— — — — (26,615)— (26,615)— (26,615)
Distributions— — — — — — — (917)(917)
Balance at September 30, 2020$242,327 123,788,591 $1,236 $2,821,127 $(148,492)$(20,231)$2,895,967 $174,253 $3,070,220 

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 StockNumber of
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
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 OP units to common stock— 1,372 — 10 — — 10 (10) 
Net income2,572 — — — 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 shares)
(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.

7


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data) 
Preferred StockNumber of
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at December 31, 2019$242,327 113,793,300 $1,136 $2,439,007 $(118,751)$(7,542)$2,556,177 $66,272 $2,622,449 
Issuance of common stock— 9,643,270 96 377,240 — — 377,336 — 377,336 
Offering costs— — — (2,977)— — (2,977)— (2,977)
Issuance of OP Units— — — — — — — 67,482 67,482 
Issuance of 4.00% cumulative redeemable convertible preferred units
— — — — — — — 40,787 40,787 
Share-based compensation— 110,595 1 2,374 — — 2,375 8,171 10,546 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (26,961)— (1,254)— — (1,254)— (1,254)
Conversion of units to common stock— 268,387 3 6,737 — — 6,740 (6,740) 
Net income10,909 — — — 48,499 — 59,408 3,332 62,740 
Other comprehensive loss— — — — — (12,689)(12,689)(458)(13,147)
Preferred stock dividends ($1.101564 per series A and series B preferred share and $1.054689 per series C preferred share)
(10,909)— — — — — (10,909)— (10,909)
Preferred unit distributions— — — — — — — (1,838)(1,838)
Common stock dividends ($0.645 per common share)
— — — — (78,240)— (78,240)— (78,240)
Distributions— — — — — — — (2,755)(2,755)
Balance at September 30, 2020$242,327 123,788,591 $1,236 $2,821,127 $(148,492)$(20,231)$2,895,967 $174,253 $3,070,220 

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 StockNumber of
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
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 $(88,341)$