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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, 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) 
 
 
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 July 20, 2020 was 123,789,199.




REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 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)
 
June 30, 2020
 
December 31, 2019
ASSETS
 
 
 
Land
$
2,128,243

 
$
1,927,098

Buildings and improvements
1,770,930

 
1,680,178

Tenant improvements
77,211

 
72,179

Furniture, fixtures and equipment
141

 
141

Construction in progress
39,860

 
18,794

Total real estate held for investment
4,016,385

 
3,698,390

Accumulated depreciation
(337,938
)
 
(296,777
)
Investments in real estate, net
3,678,447

 
3,401,613

Cash and cash equivalents
254,373

 
78,857

Restricted cash
67

 

Rents and other receivables, net
4,790

 
5,889

Deferred rent receivable, net
37,552

 
29,671

Deferred leasing costs, net
20,269

 
18,688

Deferred loan costs, net
2,599

 
695

Acquired lease intangible assets, net
71,513

 
73,090

Acquired indefinite-lived intangible
5,156

 
5,156

Interest rate swap asset

 
766

Other assets
16,656

 
9,671

Acquisition related deposits
63,612

 
14,526

Total Assets
$
4,155,034

 
$
3,638,622

LIABILITIES & EQUITY
 
 
 
Liabilities
 
 
 
Notes payable
$
906,687

 
$
857,842

Interest rate swap liability
22,916

 
8,488

Accounts payable, accrued expenses and other liabilities
33,731

 
31,112

Dividends and distributions payable
27,532

 
21,624

Acquired lease intangible liabilities, net
61,108

 
59,340

Tenant security deposits
26,158

 
28,779

Prepaid rents
11,163

 
8,988

Total Liabilities
1,089,295

 
1,016,173

Equity
 
 
 
Rexford Industrial Realty, Inc. stockholders’ equity
 
 
 
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2020 and December 31, 2019
 
 
 
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at June 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 June 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 June 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 123,789,199 and 113,793,300 shares outstanding at June 30, 2020 and December 31, 2019, respectively
1,236

 
1,136

Additional paid in capital
2,820,216

 
2,439,007

Cumulative distributions in excess of earnings
(147,907
)
 
(118,751
)
Accumulated other comprehensive loss
(22,214
)
 
(7,542
)
Total stockholders’ equity
2,893,658

 
2,556,177

Noncontrolling interests
172,081

 
66,272

Total Equity
3,065,739


2,622,449

Total Liabilities and Equity
$
4,155,034

 
$
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 June 30,
 
Six Months Ended June 30,
 
 
2020
 
2019
 
2020
 
2019
REVENUES
 
 
 
 
 
 
 
 
Rental income
 
$
79,770

 
$
63,613

 
$
157,260

 
$
123,217

Management, leasing and development services
 
114

 
109

 
207

 
211

Interest income
 
66

 
668

 
163

 
1,325

TOTAL REVENUES
 
79,950

 
64,390

 
157,630

 
124,753

OPERATING EXPENSES
 
 
 
 
 
 
 
 
Property expenses
 
18,884

 
15,139

 
36,998

 
28,951

General and administrative
 
8,972

 
7,301

 
18,289

 
14,645

Depreciation and amortization
 
28,381

 
24,522

 
55,904

 
46,518

TOTAL OPERATING EXPENSES
 
56,237

 
46,962

 
111,191

 
90,114

OTHER EXPENSES
 
 
 
 
 
 
 
 
Acquisition expenses
 
14

 
29

 
19

 
52

Interest expense
 
7,428

 
6,255

 
14,877

 
12,726

TOTAL EXPENSES
 
63,679

 
53,246

 
126,087

 
102,892

Gains on sale of real estate
 

 
4,810

 

 
4,810

NET INCOME
 
16,271

 
15,954

 
31,543

 
26,671

 Less: net income attributable to noncontrolling interests
 
(1,084
)
 
(569
)
 
(1,801
)
 
(770
)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.
 
15,187

 
15,385

 
29,742

 
25,901

 Less: preferred stock dividends
 
(3,637
)
 
(2,424
)
 
(7,273
)
 
(4,847
)
 Less: earnings allocated to participating securities
 
(129
)
 
(113
)
 
(260
)
 
(227
)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
 
$
11,421

 
$
12,848

 
$
22,209

 
$
20,827

Net income attributable to common stockholders per share - basic
 
$
0.10

 
$
0.12

 
$
0.19

 
$
0.20

Net income attributable to common stockholders per share - diluted
 
$
0.10

 
$
0.12

 
$
0.19

 
$
0.20

Weighted average shares of common stock outstanding - basic
 
119,810,283

 
105,847,557

 
116,932,359

 
102,115,849

Weighted average shares of common stock outstanding - diluted
 
120,068,176

 
106,236,309

 
117,191,254

 
102,442,780

 
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,
 
2020
 
2019
 
2020
 
2019
Net income
$
16,271

 
$
15,954

 
$
31,543

 
$
26,671

Other comprehensive loss: cash flow hedge adjustment
(226
)
 
(8,549
)
 
(15,194
)
 
(13,676
)
Comprehensive income
16,045

 
7,405

 
16,349

 
12,995

Comprehensive income attributable to noncontrolling interests
(1,122
)
 
(382
)
 
(1,279
)
 
(457
)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$
14,923

 
$
7,023

 
$
15,070

 
$
12,538

 
 
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 March 31, 2020
$
242,327

 
116,331,347

 
$
1,162

 
$
2,524,274

 
$
(132,843
)
 
$
(21,950
)
 
$
2,612,970

 
$
165,708

 
$
2,778,678

Issuance of common stock

 
7,436,313

 
74

 
296,448

 

 

 
296,522

 

 
296,522

Offering costs

 

 

 
(1,571
)
 

 

 
(1,571
)
 

 
(1,571
)
Issuance of OP Units

 

 

 

 

 

 

 
4,205

 
4,205

Share-based compensation

 
13,507

 

 
859

 

 

 
859

 
2,906

 
3,765

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

 
(776
)
 

 
(29
)
 

 

 
(29
)
 

 
(29
)
Conversion of OP units to common stock

 
8,808

 

 
235

 

 

 
235

 
(235
)
 

Net income
3,637

 

 

 

 
11,550

 

 
15,187

 
1,084

 
16,271

Other comprehensive loss

 

 

 

 

 
(264
)
 
(264
)
 
38

 
(226
)
Preferred stock dividends ($0.367188 per series A and series B preferred shares and $0.351563 per series C preferred share)
(3,637
)
 

 

 

 

 

 
(3,637
)
 

 
(3,637
)
Preferred unit distributions

 

 

 

 

 

 

 
(707
)
 
(707
)
Common stock dividends ($0.215 per common share)

 

 

 

 
(26,614
)
 

 
(26,614
)
 

 
(26,614
)
Distributions

 

 

 

 

 

 

 
(918
)
 
(918
)
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


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 (Loss)
 
Total
Stockholders’
Equity
 
Noncontrolling
Interests
 
Total Equity
Balance at March 31, 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 OP 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 series A and series B preferred shares)
(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.


7



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 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

 

 

 
(2,954
)
 

 

 
(2,954
)
 

 
(2,954
)
Issuance of OP Units

 

 

 

 

 

 

 
67,482

 
67,482

Issuance of 4.00% cumulative redeemable convertible preferred units

 

 

 

 

 

 

 
40,787

 
40,787

Share-based compensation

 
115,782

 
1

 
1,557

 

 

 
1,558

 
5,834

 
7,392

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

 
(26,573
)
 

 
(1,236
)
 

 

 
(1,236
)
 

 
(1,236
)
Conversion of units to common stock

 
263,420

 
3

 
6,602

 

 

 
6,605

 
(6,605
)
 

Net income
7,273

 

 

 

 
22,469

 

 
29,742

 
1,801

 
31,543

Other comprehensive loss

 

 

 

 

 
(14,672
)
 
(14,672
)
 
(522
)
 
(15,194
)
Preferred stock dividends ($0.734376 per series A and series B preferred share and $0.703126 per series C preferred share)
(7,273
)
 

 

 

 

 

 
(7,273
)
 

 
(7,273
)
Preferred unit distributions

 

 

 

 

 

 

 
(1,130
)
 
(1,130
)
Common stock dividends ($0.43 per common share)

 

 

 

 
(51,625
)
 

 
(51,625
)
 

 
(51,625
)
Distributions

 

 

 

 

 

 

 
(1,838
)
 
(1,838
)
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


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 (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 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 series A and series B preferred 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.


9



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 
Six Months Ended June 30,
  
2020
 
2019
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
31,543

 
$
26,671

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
55,904

 
46,518

Amortization of (below) above market lease intangibles, net
(5,071
)
 
(3,651
)
Amortization of debt issuance costs
724

 
689

Amortization of (premium) discount on notes payable, net
(75
)
 
3

Gain on sale of real estate

 
(4,810
)
Equity based compensation expense
7,279