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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, 2021
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 July 22, 2021 was 137,740,282.



REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021
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, 2021December 31, 2020
ASSETS  
Land$2,942,639 $2,636,816 
Buildings and improvements2,339,640 2,201,187 
Tenant improvements93,221 84,462 
Furniture, fixtures and equipment132 132 
Construction in progress33,250 25,358 
Total real estate held for investment5,408,882 4,947,955 
Accumulated depreciation(427,387)(375,423)
Investments in real estate, net4,981,495 4,572,532 
Cash and cash equivalents64,219 176,293 
Restricted cash26 1,230 
Rents and other receivables, net8,228 10,208 
Deferred rent receivable, net49,933 40,893 
Deferred leasing costs, net31,183 23,148 
Deferred loan costs, net2,545 2,240 
Acquired lease intangible assets, net89,560 92,172 
Acquired indefinite-lived intangible5,156 5,156 
Other assets18,841 14,390 
Acquisition related deposits14,540 4,067 
Assets associated with real estate held for sale 8,845 
Total Assets$5,265,726 $4,951,174 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$1,219,021 $1,216,160 
Interest rate swap liability12,694 17,580 
Accounts payable, accrued expenses and other liabilities49,699 45,384 
Dividends and distributions payable34,681 29,747 
Acquired lease intangible liabilities, net65,646 67,256 
Tenant security deposits38,489 31,602 
Prepaid rents12,724 12,660 
Liabilities associated with real estate held for sale 193 
Total Liabilities1,432,954 1,420,582 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity  
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2021 and December 31, 2020
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at June 30, 2021 and December 31, 2020 ($90,000 liquidation preference)
86,651 86,651 
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2021 and December 31, 2020 ($75,000 liquidation preference)
72,443 72,443 
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2021 and December 31, 2020 ($86,250 liquidation preference)
83,233 83,233 
Common Stock, $0.01 par value per share, 489,950,000 authorized and 137,727,998 and 131,426,038 shares outstanding at June 30, 2021 and December 31, 2020, respectively
1,377 1,313 
Additional paid in capital3,499,623 3,182,599 
Cumulative distributions in excess of earnings(182,851)(163,389)
Accumulated other comprehensive loss(12,319)(17,709)
Total stockholders’ equity3,548,157 3,245,141 
Noncontrolling interests284,615 285,451 
Total Equity3,832,772 3,530,592 
Total Liabilities and Equity$5,265,726 $4,951,174 
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,
 2021202020212020
REVENUES   
Rental income$104,236 $79,770 $203,880 $157,260 
Management, leasing and development services109 114 214 207 
Interest income15 66 29 163 
TOTAL REVENUES104,360 79,950 204,123 157,630 
OPERATING EXPENSES
Property expenses24,555 18,884 48,130 36,998 
General and administrative10,695 8,972 22,175 18,289 
Depreciation and amortization36,228 28,381 71,372 55,904 
TOTAL OPERATING EXPENSES71,478 56,237 141,677 111,191 
OTHER EXPENSES  
Acquisition expenses2 14 31 19 
Interest expense9,593 7,428 19,345 14,877 
TOTAL EXPENSES81,073 63,679 161,053 126,087 
Gains on sale of real estate2,750  13,610  
NET INCOME26,037 16,271 56,680 31,543 
 Less: net income attributable to noncontrolling interests(1,710)(1,084)(3,679)(1,801)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.24,327 15,187 53,001 29,742 
 Less: preferred stock dividends(3,637)(3,637)(7,273)(7,273)
 Less: earnings allocated to participating securities (139)(129)(280)(260)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$20,551 $11,421 $45,448 $22,209 
Net income attributable to common stockholders per share - basic$0.15 $0.10 $0.34 $0.19 
Net income attributable to common stockholders per share - diluted$0.15 $0.10 $0.34 $0.19 
Weighted average shares of common stock outstanding - basic134,312,672 119,810,283 132,970,234 116,932,359 
Weighted average shares of common stock outstanding - diluted134,819,742 120,068,176 133,296,701 117,191,254 
 
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,
 2021202020212020
Net income$26,037 $16,271 $56,680 $31,543 
Other comprehensive income (loss): cash flow hedge adjustment1,797 (226)5,706 (15,194)
Comprehensive income27,834 16,045 62,386 16,349 
Comprehensive income attributable to noncontrolling interests(1,830)(1,122)(3,995)(1,279)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$26,004 $14,923 $58,391 $15,070 
 
 
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 Common
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 March 31, 2021$242,327 133,897,360 $1,338 $3,300,333 $(170,487)$(13,996)$3,359,515 $288,703 $3,648,218 
Issuance of common stock— 3,607,313 37 193,304 — — 193,341 — 193,341 
Offering costs— — — (2,144)— — (2,144)— (2,144)
Share-based compensation— 9,896 — 963 — — 963 3,596 4,559 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (188)— (10)— — (10)— (10)
Conversion of OP units to common stock— 213,617 2 7,177 — — 7,179 (7,179) 
Net income3,637 — — — 20,690 — 24,327 1,710 26,037 
Other comprehensive income— — — — — 1,677 1,677 120 1,797 
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— — — — — — — (708)(708)
Common stock dividends ($0.24 per common share)
— — — — (33,054)— (33,054)— (33,054)
Distributions— — — — — — — (1,627)(1,627)
Balance at June 30, 2021$242,327 137,727,998 $1,377 $3,499,623 $(182,851)$(12,319)$3,548,157 $284,615 $3,832,772 

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 Common
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 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 income3,637 — — — 11,550 — 15,187 1,084 16,271 
Other comprehensive income (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.

7


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 
Preferred StockNumber of Common
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at December 31, 2020$242,327 131,426,038 $1,313 $3,182,599 $(163,389)$(17,709)$3,245,141 $285,451 $3,530,592 
Issuance of common stock— 6,022,699 61 313,115 — — 313,176 — 313,176 
Offering costs— — — (3,732)— — (3,732)— (3,732)
Share-based compensation— 92,791 1 1,790 — — 1,791 7,107 8,898 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (28,334)— (1,365)— — (1,365)— (1,365)
Conversion of units to common stock— 214,804 2 7,216 — — 7,218 (7,218) 
Net income7,273 — — — 45,728 — 53,001 3,679 56,680 
Other comprehensive income— — — — — 5,390 5,390 316 5,706 
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— — — — — — — (1,416)(1,416)
Common stock dividends ($0.48 per common share)
— — — — (65,190)— (65,190)— (65,190)
Distributions— — — — — — — (3,304)(3,304)
Balance at June 30, 2021$242,327 137,727,998 $1,377 $3,499,623 $(182,851)$(12,319)$3,548,157 $284,615 $3,832,772 

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 Common
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— — — (2,954)— — (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 income7,273 — — — 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 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.

9


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 Six Months Ended June 30,
  20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$56,680 $31,543 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization71,372 55,904 
Amortization of (below) above market lease intangibles, net(6,098)(5,071)
Amortization of debt issuance costs894 724 
Amortization of (premium) discount on notes payable, net(57)(75)
Gain on sale of real estate(13,610) 
Equity based compensation expense8,724 7,279 
Straight-line rent(9,039)(7,884)
Amortization of payment for termination of cash flow swap820  
Change in working capital components:  
Rents and other receivables2,059 1,369 
Deferred leasing costs(6,701)(3,949)
Other assets(4,506)(5,518)
Accounts payable, accrued expenses and other liabilities(3,270)(1,345)
Tenant security deposits5,117 (3,320)
Prepaid rents(708)1,522 
Net cash provided by operating activities101,677 71,179 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of investments in real estate(412,819)(117,952)
Capital expenditures(49,514)(33,253)
Payments for deposits on real estate acquisitions(14,540)(59,112)
Proceeds from sale of real estate27,715  
Net cash used in investing activities(449,158)(210,317)
CASH FLOWS FROM FINANCING ACTIVITIES:  
Issuance of common stock, net309,444 374,382 
Proceeds from borrowings15,000  
Repayment of borrowings(15,652)(225)
Debt issuance costs(975)(2,242)
Dividends paid to preferred stockholders(7,273)(7,273)
Dividends paid to common stockholders(60,392)(