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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, 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 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 21, 2021 was 151,487,390.



REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 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)
 September 30, 2021December 31, 2020
ASSETS  
Land$3,714,038 $2,636,816 
Buildings and improvements2,466,435 2,201,187 
Tenant improvements124,156 84,462 
Furniture, fixtures and equipment132 132 
Construction in progress50,823 25,358 
Total real estate held for investment6,355,584 4,947,955 
Accumulated depreciation(452,019)(375,423)
Investments in real estate, net5,903,565 4,572,532 
Cash and cash equivalents60,154 176,293 
Restricted cash50 1,230 
Rents and other receivables, net9,863 10,208 
Deferred rent receivable, net55,726 40,893 
Deferred leasing costs, net33,531 23,148 
Deferred loan costs, net2,192 2,240 
Acquired lease intangible assets, net125,697 92,172 
Acquired indefinite-lived intangible5,156 5,156 
Other assets18,213 14,390 
Acquisition related deposits9,610 4,067 
Assets associated with real estate held for sale 8,845 
Total Assets$6,223,757 $4,951,174 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$1,386,649 $1,216,160 
Interest rate swap liability10,205 17,580 
Accounts payable, accrued expenses and other liabilities77,968 45,384 
Dividends and distributions payable37,970 29,747 
Acquired lease intangible liabilities, net111,444 67,256 
Tenant security deposits55,487 31,602 
Prepaid rents16,358 12,660 
Liabilities associated with real estate held for sale 193 
Total Liabilities1,696,081 1,420,582 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity  
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series A cumulative redeemable preferred stock, zero and 3,600,000 shares outstanding at September 30, 2021 and December 31, 2020, respectively ($90,000 liquidation preference)
 86,651 
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at September 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 September 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 151,444,908 and 131,426,038 shares outstanding at September 30, 2021 and December 31, 2020, respectively
1,514 1,313 
Additional paid in capital4,283,600 3,182,599 
Cumulative distributions in excess of earnings(187,510)(163,389)
Accumulated other comprehensive loss(13,234)(17,709)
Total stockholders’ equity4,240,046 3,245,141 
Noncontrolling interests287,630 285,451 
Total Equity4,527,676 3,530,592 
Total Liabilities and Equity$6,223,757 $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 September 30,Nine Months Ended September 30,
 2021202020212020
REVENUES   
Rental income$115,260 $83,622 $319,140 $240,882 
Management, leasing and development services136 118 350 325 
Interest income7 116 36 279 
TOTAL REVENUES115,403 83,856 319,526 241,486 
OPERATING EXPENSES
Property expenses27,501 20,684 75,631 57,682 
General and administrative11,806 9,464 33,981 27,753 
Depreciation and amortization38,676 28,811 110,048 84,715 
TOTAL OPERATING EXPENSES77,983 58,959 219,660 170,150 
OTHER EXPENSES  
Acquisition expenses4 70 35 89 
Interest expense10,427 7,299 29,772 22,176 
TOTAL EXPENSES88,414 66,328 249,467 192,415 
Loss on extinguishment of debt(505) (505) 
Gains on sale of real estate13,702 13,669 27,312 13,669 
NET INCOME40,186 31,197 96,866 62,740 
 Less: net income attributable to noncontrolling interests(2,173)(1,531)(5,852)(3,332)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.38,013 29,666 91,014 59,408 
 Less: preferred stock dividends(2,976)(3,636)(10,249)(10,909)
 Less: original issuance costs of redeemed preferred stock(3,349) (3,349) 
 Less: earnings allocated to participating securities (143)(129)(423)(389)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$31,545 $25,901 $76,993 $48,110 
Net income attributable to common stockholders per share - basic$0.23 $0.21 $0.57 $0.40 
Net income attributable to common stockholders per share - diluted$0.23 $0.21 $0.57 $0.40 
Weighted average shares of common stock outstanding - basic138,762,384 123,548,978 134,922,168 119,153,997 
Weighted average shares of common stock outstanding - diluted139,630,475 123,843,977 135,429,176 119,424,927 
 
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,
 2021202020212020
Net income$40,186 $31,197 $96,866 $62,740 
Other comprehensive (loss) income: cash flow hedge adjustment(900)2,047 4,806 (13,147)
Comprehensive income39,286 33,244 101,672 49,593 
Comprehensive income attributable to noncontrolling interests(2,188)(1,595)(6,183)(2,874)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$37,098 $31,649 $95,489 $46,719 
 
 
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 (Loss)
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
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 
Issuance of common stock— 13,688,432 137 791,129 — — 791,266 — 791,266 
Offering costs— — — (8,552)— — (8,552)— (8,552)
Share-based compensation— 16,238 — 1,000 — — 1,000 3,596 4,596 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (609)— (38)— — (38)— (38)
Conversion of OP units to common stock— 12,849  438 — — 438 (438) 
Net income2,976 — — — 35,037 — 38,013 2,173 40,186 
Other comprehensive income— — — — — (915)(915)15 (900)
Redemption of 5.875% series A preferred stock
(86,651)— — — (3,349)— (90,000)— (90,000)
Preferred stock dividends ($0.183594 per series A preferred share, $0.367188 per series B preferred share and $0.351563 per series C preferred share)
(2,976)— — — — — (2,976)— (2,976)
Preferred unit distributions— — — — — — — (708)(708)
Common stock dividends ($0.24 per common share)
— — — — (36,347)— (36,347)— (36,347)
Distributions— — — — — — — (1,623)(1,623)
Balance at September 30, 2021$155,676 151,444,908 $1,514 $4,283,600 $(187,510)$(13,234)$4,240,046 $287,630 $4,527,676 

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) Income
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)
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 income— — — — — 1,983 1,983 64 2,047 
Preferred stock dividends ($0.367188 per series A and series B preferred share 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.

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— 19,711,131 198 1,104,244 — — 1,104,442 — 1,104,442 
Offering costs— — — (12,284)— — (12,284)— (12,284)
Share-based compensation— 109,029 1 2,790 — — 2,791 10,703 13,494 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (28,943)— (1,403)— — (1,403)— (1,403)
Conversion of units to common stock— 227,653 2 7,654 — — 7,656 (7,656) 
Net income10,249 — — — 80,765 — 91,014 5,852 96,866 
Other comprehensive income— — — — — 4,475 4,475 331 4,806 
Redemption of 5.875% series A preferred stock
(86,651)— — — (3,349)— (90,000)— (90,000)
Preferred stock dividends ($0.917970 per series A preferred share, $1.101564 per series B preferred share and $1.054689 per series C preferred share)
(10,249)— — — — — (10,249)— (10,249)
Preferred unit distributions— — — — — — — (2,124)(2,124)
Common stock dividends ($0.72 per common share)
— — — — (101,537)— (101,537)— (101,537)
Distributions— — — — — — — (4,927)(4,927)
Balance at September 30, 2021$155,676 151,444,908 $1,514 $4,283,600 $(187,510)$(13,234)$4,240,046 $287,630 $4,527,676 

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— — — (2,977)— — (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 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.

9


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 Nine Months Ended September 30,
  20212020
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$96,866 $62,740 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization110,048 84,715 
Amortization of (below) above market lease intangibles, net(9,289)(7,822)
Amortization of debt issuance costs1,402 1,097 
Amortization of (premium) discount on notes payable, net(34)(141)
Loss on extinguishment of debt505  
Gain on sale of real estate(27,312)(13,669)
Equity based compensation expense13,230 10,381 
Straight-line rent(14,904)(10,972)
Payments for termination/settlement of interest rate derivatives(4,045) 
Amortization related to termination/settlement of interest rate derivatives1,476  
Change in working capital components:  
Rents and other receivables475 337 
Deferred leasing costs(13,148)(6,695)
Other assets(