rexr-20220419
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549  
FORM 8-K  
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2022
REXFORD INDUSTRIAL REALTY, INC.
(Exact name of registrant as specified in its charter) 
 
Maryland001-3600846-2024407
(State or other jurisdiction of
incorporation)
(Commission File Number)(IRS Employer Identification No.)
11620 Wilshire Boulevard, Suite 1000
 Los Angeles
California90025
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (310966-1680

N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 valueREXRNew 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 19, 2022, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended March 31, 2022, and distributed certain supplemental financial information. On April 19, 2022, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  Copies of the press release and supplemental financial information are furnished herewith as Exhibits 99.1 and 99.2, respectively.
The information included in this Current Report on Form 8-K under this Item 2.02 (including Exhibits 99.1 and 99.2 hereto) are being “furnished” and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

ITEM 7.01 REGULATION FD DISCLOSURE  
As discussed in Item 2.02 above, Rexford Industrial issued a press release announcing its earnings for the quarter ended March 31, 2022 and distributed certain supplemental information. On April 19, 2022, Rexford Industrial also posted the supplemental financial information on its website located at www.rexfordindustrial.com.  
The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) is being “furnished” and shall not be deemed to be “filed” for the purposes of the Exchange Act, or otherwise subject to the liabilities of the Exchange Act, nor shall it be incorporated by reference into a filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information included in this Current Report on Form 8-K under this Item 7.01 (including Exhibit 99.1 and 99.2 hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely to satisfy the requirements of Regulation FD.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)    Exhibits.
 
Exhibit
Number
  Description
99.1
99.2
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 Rexford Industrial Realty, Inc.
April 19, 2022
 
/s/ Michael S. Frankel
 Michael S. Frankel
Co-Chief Executive Officer
(Principal Executive Officer)
 Rexford Industrial Realty, Inc.
April 19, 2022
 
/s/ Howard Schwimmer
 Howard Schwimmer
Co-Chief Executive Officer
(Principal Executive Officer)


Document
Exhibit 99.1
https://cdn.kscope.io/b8a1ad2a9a4036b3b9117dba10baaa26-rexlogo11520a05.jpg
REXFORD INDUSTRIAL ANNOUNCES FIRST QUARTER 2022 FINANCIAL RESULTS

Los Angeles, California - April 19, 2022 - Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the first quarter of 2022.

First Quarter 2022 Financial and Operational Highlights:
Net income attributable to common stockholders of $43.9 million, or $0.27 per diluted share, as compared to $24.9 million, or $0.19 per diluted share, for the prior year quarter.
Company share of Core FFO of $76.6 million, an increase of 58.4% as compared to the prior year quarter.
Company share of Core FFO per diluted share of $0.48, an increase of 29.7% as compared to the prior year quarter.
Consolidated Portfolio Net Operating Income (NOI) of $107.2 million, an increase of 40.9% as compared to the prior year quarter.
Same Property Portfolio NOI increased 8.0% and Same Property Portfolio Cash NOI increased 11.7% as compared to the prior year quarter.
99.2% Average Same Property Portfolio occupancy.
Comparable rental rates on 0.9 million rentable square feet of new and renewal leases increased by 71.1% compared to prior rents on a GAAP basis and by 56.9% on a cash basis.
Acquired 17 properties for an aggregate purchase price of $457.7 million and sold one property for a sales price of $16.5 million.
Issued a total of 4.4 million shares of common stock for total net proceeds of $305.9 million.
Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 10.3%.

“Our exceptional first quarter performance demonstrates the unique nature of the Rexford business model and the strength and resiliency of our infill Southern California industrial market, the world's fourth largest and our nation’s highest-demand, lowest supply industrial market. We achieved Core FFO growth of 58%, equal to 30% on a per share basis, compared to the prior year quarter, driven by consolidated NOI growth of over 40% compared to the prior year quarter. Our team executed 0.9 million square feet of leasing activity at record releasing spreads of 71% and 57%, on a GAAP and cash basis, respectively, and we ended the quarter with Same Property occupancy at 99.3%,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “We continue to capitalize upon the scale of our platform and deepen our presence within the infill Southern California industrial market, completing $458 million of investments in the first quarter. Looking ahead, we have over $500 million of additional investments under contract or accepted offer and a range of accretive internal growth initiatives, and, when combined with our low-leverage balance sheet, we are well positioned to drive cash flow growth and significant value creation for our stakeholders.”




Financial Results:

The Company reported net income attributable to common stockholders for the first quarter of $43.9 million, or $0.27 per diluted share, compared to $24.9 million, or $0.19 per diluted share, for the prior year quarter. Net income in the first quarter includes $8.5 million of gains on sale of real estate, as compared to a $10.9 million of gains on sale of real estate for the prior year quarter.

The Company reported Core FFO for the first quarter of $76.6 million, representing a 58.4% increase compared to $48.4 million for the prior year quarter. The Company reported Core FFO of $0.48 per diluted share, representing an increase of 29.7% compared to $0.37 per diluted share for the prior year quarter.

In the first quarter, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 40.9% and 37.6%, respectively, compared to the prior year quarter.

In the first quarter, the Company’s Same Property Portfolio NOI increased 8.0% compared to the prior year quarter, driven by a 9.0% increase in Same Property Portfolio rental income and a 12.2% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 11.7% compared to the prior year quarter. When adjusted for the impact of short-term rent deferral agreements executed in response to the COVID-19 pandemic, Same Property Portfolio Cash NOI increased by 12.3% compared to the prior year quarter.

Operating Results:

First quarter 2022 leasing activity demonstrates strong tenant demand fundamentals within Rexford Industrial’s target Southern California infill markets:

Q1-2022 Leasing Activity
Releasing Spreads
# of Leases Executed
SF of Leasing
GAAP
Cash
New Leases
35314,56766.3%49.1%
Renewal Leases
54552,82872.8%59.9%
Total Leases
89867,39571.1%56.9%

At March 31, 2022, the Company’s Same Property Portfolio occupancy was 99.3%. Average Same Property Portfolio occupancy for the first quarter 2022 was 99.2%. At March 31, 2022, the Company’s consolidated portfolio, excluding value-add repositioning assets, was 98.7% occupied and 99.2% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 96.3% occupied and 96.8% leased.

Transaction Activity:

During the first quarter of 2022, the Company completed 14 acquisitions representing 17 properties with 1.5 million square feet of buildings on 82 acres of land, including 13 acres of land for near term redevelopment, for an aggregate purchase price of $457.7 million. These investments are projected to generate a weighted average unlevered initial yield of 3.2% and an estimated stabilized yield on total investment of 4.7%. Additionally, the Company sold one property for a sales price of $16.5 million which generated a 9.1% unlevered IRR on investment.
During the first quarter of 2022, the Company stabilized one redevelopment project with 111,260 square feet and $17.4 million of total investment at a 6.6% unlevered stabilized yield.

Balance Sheet:
The Company ended the first quarter with $856.0 million in liquidity, including $48.8 million in cash on hand, $575 million available under its unsecured revolving credit facility and an estimated $232.2 million of forward equity proceeds available for settlement to occur by the second quarter of 2023. As of March 31, 2022, the Company had $1.5 billion of outstanding debt, with an average interest rate of 2.7% and an average term-to-maturity of 7.0 years. The Company has no debt maturities until 2023.




On January 13, 2022, the Company renewed its at-the-market program (“ATM program”) to include $750 million of capacity with the option to offer shares on a forward basis.

During the first quarter, the Company executed on its ATM program, selling 5,752,268 shares of common stock subject to forward sale agreements at an average price of $71.32 per share for a gross value of $410.3 million. In March 2022, the Company partially settled these forward equity sale agreements and outstanding forward equity sale agreement from 2021 by issuing 4,402,110 shares of common stock for net proceeds of $305.9 million.

As of March 31, 2022, the ATM program had approximately $340 million of remaining capacity.

Dividends:

On April 18, 2022, the Company’s Board of Directors declared a dividend in the amount of $0.315 per share for the second quarter of 2022, payable in cash on July 15, 2022, to common stockholders and common unit holders of record as of June 30, 2022.

On April 18, 2022, the Company’s Board of Directors declared a quarterly dividend of $0.367188 per share of its Series B Cumulative Redeemable Preferred Stock and a quarterly dividend of $0.351563 per share of its Series C Cumulative Redeemable Preferred Stock, in each case, payable in cash on June 30, 2022, to preferred stockholders of record as of June 15, 2022.

Guidance

The Company is revising its full year 2022 guidance as indicated below. The Core FFO guidance refers only to the
Company’s in-place portfolio as of April 19, 2022, and does not include any assumptions for other acquisitions,
dispositions or related balance sheet activities that have not closed. Please refer to the Company’s supplemental information package for a complete list of guidance and 2022 Guidance Rollforward.
2022 Outlook (1)
2022 Updated GuidanceInitial Guidance
Net Income Attributable to Common Stockholders per diluted share$0.79 - $0.83$0.77 - $0.81
Company share of Core FFO per diluted share$1.84 - $1.88$1.77 - $1.81
Same Property Portfolio NOI Growth4.0% - 5.0%3.25% - 4.25%
Same Property Portfolio Cash NOI Growth6.75% - 7.75%6.0% - 7.0%
Average 2022 Same Property Portfolio Occupancy (Full Year)98.25% - 98.75%98.0% - 98.5%
General and Administrative Expenses (2)
$59.0M - $60.0M$58.0M - $59.0M
Net Interest Expense$39.0M - $40.0M$38.0M - $39.0M
(1)2022 Guidance represents the in-place portfolio as of April 19, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed. No acquisitions have occurred subsequent to March 31, 2022.
(2)2022 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $24.0 million. Non-cash equity compensation includes restricted stock, time-based LTIP units and performance units that are tied to the Company’s overall performance and may or may not be realized based on actual results.

A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, the impact of the ongoing COVID-19 pandemic, interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to the Company or to potential acquirers of real estate and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.




Supplemental Information and Investor Presentation:

The Company’s supplemental financial reporting package as well as an updated investor presentation are available on the Company’s investor relations website at www.ir.rexfordindustrial.com.

Earnings Release, Investor Conference Webcast and Conference Call:

A conference call with senior management will be held on Wednesday, April 20, 2022, at 1:00 p.m. Eastern Time.

To participate in the live telephone conference call, please dial 1-877-407-0789 (for domestic callers) or 1-201-689-8562 (for international callers) at least five minutes prior to start time. A webcast of the conference call will also be available in a listen-only mode at ir.rexfordindustrial.com.

Conference call playback will be available through May 20, 2022, and can be accessed by dialing 1-844-512-2921 (for domestic callers) or 1-412-317-6671 (for international callers), using the pass code 13725995.

About Rexford Industrial:

Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world's fourth largest industrial market and consistently the highest-demand, lowest supply market in the nation. The Company’s highly differentiated strategy enables internal and external growth opportunities through its proprietary value creation and asset management capabilities. Rexford Industrial’s high-quality, irreplaceable portfolio comprises 312 properties with approximately 38.1 million rentable square feet occupied by a stable and diverse tenant base. Structured as a real estate investment trust (REIT) listed on the New York Stock Exchange under the ticker “REXR,” Rexford Industrial is an S&P MidCap 400 Index member. For more information, please visit www.rexfordindustrial.com

Forward Looking Statements:

This press release may contain forward-looking statements within the meaning of the federal securities laws, which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the reports and other filings by the Company with the U.S. Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other filings with the Securities and Exchange Commission. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
  



Definitions / Discussion of Non-GAAP Financial Measures:

Funds from Operations (FFO): We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of depreciable operating property, gains (or losses) from sales of assets incidental to our business, impairment losses of depreciable operating property or assets incidental to our business, real estate related depreciation and amortization (excluding amortization of deferred financing costs and amortization of above/below-market lease intangibles) and after adjustments for unconsolidated joint ventures. Management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization, gains and losses from property dispositions, other than temporary impairments of unconsolidated real estate entities, and impairment on our investment in real estate, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that, as a widely recognized measure of performance used by other REITs, FFO may be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited. Other equity REITs may not calculate or interpret FFO in accordance with the NAREIT definition as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends. FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of net income, the nearest GAAP equivalent, to FFO is set forth below. “Company Share of FFO” reflects FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Core Funds from Operations (Core FFO): We calculate Core FFO by adjusting FFO to exclude the impact of certain items that we do not consider reflective of our core revenue or expense streams. These adjustments consist of (i) acquisition expenses, (ii) loss on extinguishment of debt, (iii) the amortization of the loss on termination of interest rate swaps and (iv) other amounts as they may occur. Management believes that Core FFO is a useful supplemental measure as it provides a more meaningful and consistent comparison of operating performance and allows investors to more easily compare the Company’s operating results. Because certain of these adjustments have a real economic impact on our financial condition and results from operations, the utility of Core FFO as a measure of our performance is limited. Other REITs may not calculate Core FFO in a consistent manner. Accordingly, our Core FFO may not be comparable to other REITs’ Core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of our performance. A reconciliation of FFO to Core FFO is set forth below. “Company Share of Core FFO” reflects Core FFO attributable to common stockholders, which excludes amounts allocable to noncontrolling interests, participating securities and preferred stockholders.

Reconciliation of Net Income Attributable to Common Stockholders per Diluted Share Guidance to Company share of Core FFO per Diluted Share Guidance:

The following is a reconciliation of the Company’s 2022 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
2022 Estimate
LowHigh
Net income attributable to common stockholders$0.79 $0.83 
Company share of depreciation and amortization1.10 1.10 
Company share of gains on sale of real estate(0.05)(0.05)
Company share of Core FFO$1.84 $1.88 

Net Operating Income (NOI): NOI is a non-GAAP measure, which includes the revenue and expense directly attributable to our real estate properties. NOI is calculated as rental income from real estate operations less property expenses (before interest expense, depreciation and amortization). We use NOI as a supplemental performance measure because, in excluding real estate depreciation and amortization expense and gains (or losses) from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. We also believe that NOI will be useful to investors as a basis to compare our operating performance with that of other REITs. However, because NOI excludes depreciation and amortization



expense and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties (all of which have a real economic effect and could materially impact our results from operations), the utility of NOI as a measure of our performance is limited. Other equity REITs may not calculate NOI in a similar manner and, accordingly, our NOI may not be comparable to such other REITs’ NOI. Accordingly, NOI should be considered only as a supplement to net income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs.

NOI should not be used as a substitute for cash flow from operating activities in accordance with GAAP. We use NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of NOI for our Same Property Portfolio, as well as a reconciliation of net income to NOI for our Same Property Portfolio, is set forth below.

Cash NOI: Cash NOI is a non-GAAP measure, which we calculate by adding or subtracting from NOI: (i) fair value lease revenue and (ii) straight-line rent adjustments. We use Cash NOI, together with NOI, as a supplemental performance measure. Cash NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs. Cash NOI should not be used as a substitute for cash flow from operating activities computed in accordance with GAAP. We use Cash NOI to help evaluate the performance of the Company as a whole, as well as the performance of our Same Property Portfolio. A calculation of Cash NOI for our Same Property Portfolio, as well as a reconciliation of net income to Cash NOI for our Same Property Portfolio, is set forth below.

Same Property Portfolio:

Our 2022 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2021 through March 31, 2022, and excludes properties that were acquired or sold during the period from January 1, 2021 through March 31, 2022, and properties acquired prior to January 1, 2021, that were classified as current or future repositioning, redevelopment or lease-up during 2021 or 2022 (unless otherwise noted), which we believe significantly affected the properties’ results during the comparative periods. As of March 31, 2022, our 2022 Same Property Portfolio consists of 224 properties aggregating 28,570,287 rentable square feet.

Properties and Space Under Repositioning: Typically defined as properties or units where a significant amount of space is held vacant in order to implement capital improvements that improve the functionality (not including basic refurbishments, i.e., paint and carpet), cash flow and value of that space. A repositioning is generally considered complete once the investment is fully or nearly fully deployed and the property is available for occupancy. We consider a repositioning property to be stabilized at the earlier of the following: (i) upon reaching 90% occupancy or (ii) one year from the date of completion of repositioning construction work.

Net Debt to Enterprise Value: At March 31, 2022, we had consolidated indebtedness of $1.5 billion, reflecting a net debt to enterprise value of approximately 10.3%. Our enterprise value is defined as the sum of the liquidation preference of our outstanding preferred stock and preferred units plus the market value of our common stock excluding shares of nonvested restricted stock, plus the aggregate value of common units not owned by us, plus the value of our net debt.  Our net debt is defined as our consolidated indebtedness less cash and cash equivalents.

Contact:
Investor Relations:
Stephen Swett
424-256-2153 ext 401
investorrelations@rexfordindustrial.com



Rexford Industrial Realty, Inc.
Consolidated Balance Sheets
(In thousands except share data)
March 31, 2022December 31, 2021
(unaudited)
ASSETS  
Land$4,466,240 $4,143,021 
Buildings and improvements2,737,575 2,588,836 
Tenant improvements131,169 127,708 
Furniture, fixtures, and equipment132 132 
Construction in progress71,147 71,375 
Total real estate held for investment7,406,263 6,931,072 
Accumulated depreciation(505,196)(473,382)
Investments in real estate, net6,901,067 6,457,690 
Cash and cash equivalents48,844 43,987 
Restricted cash— 11 
Rents and other receivables, net11,130 11,027 
Deferred rent receivable, net67,832 61,511 
Deferred leasing costs, net33,703 32,940 
Deferred loan costs, net1,729 1,961 
Acquired lease intangible assets, net153,665 132,158 
Acquired indefinite-lived intangible5,156 5,156 
Other assets22,671 19,066 
Acquisition related deposits18,275 8,445 
Assets associated with real estate held for sale, net— 7,213 
Total Assets$7,264,072 $6,781,165 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$1,524,279 $1,399,565 
Interest rate swap liability1,212 7,482 
Accounts payable, accrued expenses and other liabilities85,465 65,833 
Dividends and distributions payable54,115 40,143 
Acquired lease intangible liabilities, net135,275 127,017 
Tenant security deposits61,701 57,370 
Prepaid rents14,265 15,829 
Liabilities associated with real estate held for sale— 231 
Total Liabilities1,876,312 1,713,470 
Equity  
Rexford Industrial Realty, Inc. stockholders’ equity 
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at March 31, 2022 and December 31, 2021 ($75,000 liquidation preference)
72,443 72,443 
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at March 31, 2022 and December 31, 2021 ($86,250 liquidation preference)
83,233 83,233 
Common Stock,$ 0.01 par value per share, 489,950,000 authorized and 165,017,587 and 160,511,482 shares outstanding at March 31, 2022 and December 31, 2021, respectively
1,650 1,605 
Additional paid in capital5,133,875 4,828,292 
Cumulative distributions in excess of earnings(198,999)(191,120)
Accumulated other comprehensive loss(3,674)(9,874)
Total stockholders’ equity5,088,528 4,784,579 
Noncontrolling interests299,232 283,116 
Total Equity5,387,760 5,067,695 
Total Liabilities and Equity$7,264,072 $6,781,165 



Rexford Industrial Realty, Inc.
Consolidated Statements of Operations
(Unaudited and in thousands, except per share data)

 Three Months Ended March 31,
 20222021
REVENUES
Rental income$140,588 $99,644 
Management and leasing services163 105 
Interest income14 
TOTAL REVENUES140,752 99,763 
OPERATING EXPENSES
Property expenses33,429 23,575 
General and administrative14,717 11,480 
Depreciation and amortization42,471 35,144 
TOTAL OPERATING EXPENSES90,617 70,199 
OTHER EXPENSES
Other expenses(1)
38 29 
Interest expense9,683 9,752 
TOTAL EXPENSES100,338 79,980 
Gains (loss) on sale of real estate8,486 10,860 
NET INCOME48,900 30,643 
Less: net income attributable to noncontrolling interests(2,484)(1,969)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.46,416 28,674 
Less: preferred stock dividends(2,314)(3,636)
Less: earnings attributable to participating securities (201)(141)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$43,901 $24,897 
Net income attributable to common stockholders per share basic
$0.27 $0.19 
Net income attributable to common stockholders per share diluted
$0.27 $0.19 
Weighted-average shares of common stock outstanding – basic160,629 131,613 
Weighted-average shares of common stock outstanding – diluted161,049 131,759 

(1)Acquisition expenses for the three months ended March 31, 2021, has been reclassified to “Other expenses” to conform to the current period presentation.



Rexford Industrial Realty, Inc.
Same Property Portfolio Occupancy and NOI and Cash NOI
(Unaudited, dollars in thousands)
 
 
Same Property Portfolio Occupancy:
March 31,
20222021Change (basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County99.1%98.0%110 bps
Orange County98.7%99.3%(60) bps
San Bernardino County99.8%97.6%220 bps
San Diego County99.4%96.7%270 bps
Ventura County99.1%94.1%500 bps
Same Property Portfolio Weighted Average Occupancy99.2%97.7%150 bps
Ending Occupancy:99.3%98.2%110 bps
(1)Calculated by averaging the occupancy rate at the end of each month in 1Q-2022 and December 2021 (for 1Q-2022) and the end of each month in 1Q-2021 and December 2020 (for 1Q-2021).


Same Property Portfolio NOI and Cash NOI:
Three Months Ended March 31,
20222021$ Change% Change
Rental income$100,215 $91,958 $8,257 9.0%
Property expenses23,857 21,256 2,601 12.2%
Same Property Portfolio NOI$76,358 $70,702 $5,656 8.0%
Straight line rental revenue adjustment(2,691)(3,853)1,162 (30.2)%
Amortization of above/below market lease intangibles(1,640)(2,377)737 (31.0)%
Same Property Portfolio Cash NOI$72,027 $64,472 $7,555 11.7%




Rexford Industrial Realty, Inc.
Reconciliation of Net Income to NOI, Cash NOI, Same Property Portfolio NOI and
Same Property Portfolio Cash NOI
(Unaudited and in thousands)

Three Months Ended March 31,
20222021
Net income$48,900 $30,643 
Add:
General and administrative14,717 11,480 
Depreciation and amortization42,471 35,144 
Other expenses38 29 
Interest expense9,683 9,752 
Deduct:
Management, leasing and development services163 105 
Interest income14 
Gain (loss) on sale of real estate8,486 10,860 
Net operating income (NOI)$107,159 $76,069 
Straight line rental revenue adjustment(6,901)(4,199)
Amortization of above/below market lease intangibles(5,091)(2,712)
Cash NOI$95,167 $69,158 
NOI$107,159 $76,069 
Non-Same Property Portfolio rental income(40,373)(7,686)
Non-Same Property Portfolio property expenses9,572 2,319 
Same Property Portfolio NOI$76,358 $70,702 
Straight line rental revenue adjustment(2,691)(3,853)
Amortization of above/below market lease intangibles(1,640)(2,377)
Same Property Portfolio Cash NOI$72,027 $64,472 




Rexford Industrial Realty, Inc.
Reconciliation of Net Income to Funds From Operations and Core Funds From Operations
(Unaudited and in thousands, except per share data)

 
 Three Months Ended March 31,
 20222021
Net income$48,900 $30,643 
Add:
Depreciation and amortization42,471 35,144 
Deduct:
Gain (loss) on sale of real estate8,486 10,860 
Funds From Operations (FFO)$82,885 $54,927 
Less: preferred stock dividends(2,314)(3,636)
Less: FFO attributable to noncontrolling interests(1)
(3,787)(3,134)
Less: FFO attributable to participating securities(2)
(296)(209)
Company share of FFO$76,488 $47,948 
Company Share of FFO per common share – basic$0.48 $0.36 
Company Share of FFO per common share – diluted$0.47 $0.36 
FFO$82,885 $54,927 
Adjust:
Acquisition expenses36 29 
Amortization of loss on termination of interest rate swaps112 410 
Core FFO$83,033 $55,366 
Less: preferred stock dividends(2,314)(3,636)
Less: Core FFO attributable to noncontrolling interest(1)
(3,793)(3,155)
Less: Core FFO attributable to participating securities(2)
(296)(211)
Company share of Core FFO$76,630 $48,364 
Company share of Core FFO per common share – basic$0.48 $0.37 
Company share of Core FFO per common share – diluted$0.48 $0.37 
Weighted-average shares of common stock outstanding – basic160,629 131,613 
Weighted-average shares of common stock outstanding – diluted161,049 131,759 
(1)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, 2 & 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.
(2)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.

Document
Exhibit 99.2
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Table of Contents.
SectionPage
Corporate Data:
Consolidated Financial Results:
Portfolio Data:
Top Tenants and Lease Segmentation
25
Disclosures:
Forward-Looking Statements: This supplemental package contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We caution investors that any forward-looking statements presented herein are based on management’s beliefs and assumptions and information currently available to management. Such statements are subject to risks, uncertainties and assumptions and may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties include, without limitation: general risks affecting the real estate industry (including, without limitation, the market value of our properties, the inability to enter into or renew leases at favorable rates, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate); risks associated with the disruption of credit markets or a global economic slowdown; risks associated with the potential loss of key personnel (most importantly, members of senior management); risks associated with our failure to maintain our status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as amended; possible adverse changes in tax and environmental laws; an epidemic or pandemic (such as the outbreak and worldwide spread of novel coronavirus (COVID-19), and the measures that international, federal, state and local governments, agencies, law enforcement and/or health authorities may implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned factors and/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; litigation, including costs associated with prosecuting or defending pending or threatened claims and any adverse outcomes, and potential liability for uninsured losses and environmental contamination.
For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking statements, see Item 1A. Risk Factors in our 2021 Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission (“SEC”) on February 17, 2022. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.
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Investor Company Summary.
Executive Management Team
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Laura ClarkChief Financial Officer
David LanzerGeneral Counsel and Corporate Secretary
Board of Directors
Richard ZimanChairman
Howard SchwimmerCo-Chief Executive Officer, Director
Michael S. FrankelCo-Chief Executive Officer, Director
Robert L. AntinDirector
Diana J. IngramDirector
Angela L. KleimanDirector
Debra L. MorrisDirector
Tyler H. RoseLead Independent Director
Peter SchwabDirector
Investor Relations Information
ICR
Stephen Swett
www.icrinc.com
(212) 849-3882
Equity Research Coverage
Bank of America Merrill LynchJames Feldman(646) 855-5808
BairdDavid Rodgers(216) 737-7341
Berenberg Capital MarketsConnor Siversky(646) 949-9037
Capital OneChris Lucas(571) 633-8151
Citigroup Investment ResearchEmmanuel Korchman(212) 816-1382
Green StreetVince Tibone(949) 640-8780
J.P. MorganMichael W. Mueller, CFA(212) 622-6689
Jefferies LLCJonathan Petersen(212) 284-1705
Wells Fargo SecuritiesBlaine Heck(443) 263-6529
Disclaimer: This list may not be complete and is subject to change as firms add or delete coverage of our company. Please note that any opinions, estimates, forecasts or predictions regarding our historical or predicted performance made by these analysts are theirs alone and do not represent opinions, estimates, forecasts or predictions of Rexford Industrial Realty, Inc. or its management. We are providing this listing as a service to our stockholders and do not by listing these firms imply our endorsement of, or concurrence with, such information, conclusions or recommendations. Interested persons may obtain copies of analysts’ reports on their own; we do not distribute these reports.

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Company Overview.
For the Quarter Ended March 31, 2022
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Highlights - Consolidated Financial Results.
Quarterly Results(in millions)

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Financial and Portfolio Highlights and Capitalization Data. (1)
(in thousands except share and per share data and portfolio statistics)
Three Months Ended
March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Financial Results:
Total rental income$140,588$132,593$115,260$104,236$99,644
Net income$48,900$39,380$40,186$26,037$30,643
Net Operating Income (NOI)$107,159$100,503$87,759$79,681$76,069
Company share of Core FFO$76,630$69,591$59,592$52,789$48,364
Company share of Core FFO per common share - diluted$0.48$0.45$0.43$0.39$0.37
Adjusted EBITDA$101,546$95,804$88,988$75,675$69,521
Dividend declared per common share$0.315$0.240$0.240$0.240$0.240
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)38,133,166 36,922,02134,932,61332,955,38532,087,821
Ending occupancy96.3 %96.3 %96.1 %95.4 %95.8 %
Ending occupancy excluding repositioning/redevelopment98.7 %98.9 %98.4 %98.2 %98.3 %
Rent Change - GAAP71.1 %34.2 %54.3 %33.9 %47.1 %
Rent Change - Cash56.9 %21.5 %38.5 %21.3 %32.7 %
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(2)
99.3 %99.1 %98.8 %98.4 %98.2 %
Same Property Portfolio NOI growth(3)
8.0 %
Same Property Portfolio Cash NOI growth(3)
11.7 %
Capitalization:
Total shares and units issued and outstanding at period end(4)
171,153,722166,663,680157,609,745143,920,170140,299,354
Series A, B and C Preferred Stock and Series 1, 2 and 3 CPOP Units(5)
$241,068$229,068$229,068$319,068$319,068
Total equity market capitalization$13,007,424$13,747,159$9,173,421$8,515,322$7,390,155
Total consolidated debt$1,537,486$1,413,121$1,400,552$1,226,083$1,226,415
Total combined market capitalization (net debt plus equity)$14,496,066$15,116,293$10,513,819$9,677,186$8,492,637
Ratios:
Net debt to total combined market capitalization10.3 %9.1%12.7%12.0%13.0%
Net debt to Adjusted EBITDA (quarterly results annualized)3.7x3.6x3.8x3.8x4.0x
(1)For definition/discussion of non-GAAP financial measures and reconciliations to their nearest GAAP equivalents, see the definitions section & reconciliation section beginning on page 32 and page 12 of this report, respectively.
(2)Reflects the ending occupancy for the current 2022 Same Property Portfolio for each period presented. For historical ending occupancy as reported in prior Supplemental packages, see “SPP Historical Information” on page 35.
(3)Represents the year over year percentage change in NOI and Cash NOI for the Same Property Portfolio.
(4)Includes the following # of OP Units/vested LTIP units held by noncontrolling interests: 6,417,107 (Mar 31, 2022), 6,401,377 (Dec 31, 2021), 6,415,276 (Sep 30, 2021), 6,428,125 (Jun 30, 2021) and 6,641,742 (Mar 31, 2021). Excludes the following # of shares of unvested restricted stock: 280,972 (Mar 31, 2022), 249,179 (Dec 31, 2021), 250,439 (Sep 30, 2021), 235,953 (Jun 30, 2021) and 239,748 (Mar 31, 2021). Excludes unvested LTIP units and unvested performance units.
(5)On August 16, 2021, we redeemed all 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a redemption price equal to the stated liquidation preference of $25.00 per share, representing $90,000 in aggregate, plus all accrued and unpaid dividends.
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Guidance.
As of March 31, 2022
2022 OUTLOOK*
METRICRESULTS AS OF MARCH 31, 2022UPDATED 2022 GUIDANCEINITIAL 2022 GUIDANCE
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$0.27$0.79 - $0.83$0.77 - $0.81
Company share of Core FFO per diluted share (1)(2)
$0.48$1.84 - $1.88$1.77 - $1.81
Same Property Portfolio NOI Growth - GAAP (3)
8.0%4.0% - 5.0%3.25% - 4.25%
Same Property Portfolio NOI Growth - Cash (3)
11.7%6.75% - 7.75%6.0% - 7.0%
Average Same Property Portfolio Occupancy (3)
99.2%98.25% - 98.75%98.0% - 98.5%
General and Administrative Expenses (4)
$14.7M$59.0M - $60.0M$58.0M - $59.0M
Net Interest Expense$9.7M$39.0M - $40.0M$38.0M - $39.0M
(1)Our 2022 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of April 19, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed. No acquisitions have occurred subsequent to March 31, 2022.
(2)See page 36 for a reconciliation of the Company’s 2022 guidance range of net income attributable to common stockholders per diluted share, the most directly comparable forward-looking GAAP financial measure, to Company share of Core FFO per diluted share.
(3)Our 2022 Same Property Portfolio is a subset of our consolidated portfolio and includes properties that were wholly owned by us for the period from January 1, 2021 through April 19, 2022 and excludes properties that were or will be classified as repositioning/redevelopment (current and future) or lease-up during 2021 and 2022 (unless otherwise noted). As of March 31, 2022, our 2022 Same Property Portfolio consists of 224 properties aggregating 28.6 million rentable square feet.
(4)Our 2022 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $24.0 million.
* A number of factors could impact the Company’s ability to deliver results in line with its guidance, including, but not limited to, interest rates, the economy, the supply and demand of industrial real estate, the availability and terms of financing to potential acquirers of real estate, the impact of COVID-19 and actions taken to contain its spread on the Company, the Company’s tenants and the economy, and the timing and yields for divestment and investment. There can be no assurance that the Company can achieve such results.
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Guidance (Continued).
As of March 31, 2022

2022 Guidance Rollforward (1)

Range
($ per share)
Earnings ComponentsLowHighNotes
2022 Core FFO Per Diluted Share Guidance (Previous)
$1.77$1.81Initial 2022 Guidance
Same Property Portfolio NOI Growth0.010.01SP NOI Guidance range of 4.0% - 5.0%
1Q22 Acquisitions NOI0.070.07
$458M of 1Q Acquisitions (Guidance rollforward reflects incremental NOI related to $288M acquired subsequent to initial guidance)
Repositioning/Redevelopment and Other NOI0.030.03Incremental NOI related to repositioning/redevelopment and prior year acquisitions driven by rental rate increases and occupancy
Net G&A Expense(0.01)(0.01)Guidance range of $59.0M to $60.0M
Net Interest Expense(0.01)(0.01)Guidance range of $39.0M to $40.0M
Other(0.02)(0.02)Investment related funding activity
2022 Core FFO Per Diluted Share Guidance (Current)
$1.84$1.88
Core FFO Annual Growth Per Diluted Share12%15%
(1)2022 Guidance and Guidance Rollforward represent the in-place portfolio as of April 19, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted. No acquisitions have occurred subsequent to March 31, 2022.


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Consolidated Balance Sheets.
(unaudited and in thousands)
March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
ASSETS
Land$4,466,240 $4,143,021 $3,714,038 $2,942,639 $2,769,614 
Buildings and improvements2,737,575 2,588,836 2,466,435 2,339,640 2,244,948 
Tenant improvements131,169 127,708 124,156 93,221 86,245 
Furniture, fixtures, and equipment132 132 132 132 132 
Construction in progress71,147 71,375 50,823 33,250 35,083 
  Total real estate held for investment7,406,263 6,931,072 6,355,584 5,408,882 5,136,022 
Accumulated depreciation(505,196)(473,382)(452,019)(427,387)(401,122)
Investments in real estate, net6,901,067 6,457,690 5,903,565 4,981,495 4,734,900 
Cash and cash equivalents48,844 43,987 60,154 64,219 123,933 
Restricted cash— 11 50 26 47 
Rents and other receivables, net11,130 11,027 9,863 8,228 7,737 
Deferred rent receivable, net67,832 61,511 55,726 49,933 45,093 
Deferred leasing costs, net33,703 32,940 33,531 31,183 26,039 
Deferred loan costs, net1,729 1,961 2,192 2,545 2,060 
Acquired lease intangible assets, net(1)
153,665 132,158 125,697 89,560 87,587 
Acquired indefinite-lived intangible5,156 5,156 5,156 5,156 5,156 
Other assets22,671 19,066 18,213 18,841 27,272 
Acquisition related deposits18,275 8,445 9,610 14,540 10,075 
Assets associated with real estate held for sale, net(2)
— 7,213 — — — 
Total Assets$7,264,072 $6,781,165 $6,223,757 $5,265,726 $5,069,899 
LIABILITIES & EQUITY
Liabilities
Notes payable$1,524,279 $1,399,565 $1,386,649 $1,219,021 $1,219,425 
Interest rate swap liability1,212 7,482 10,205 12,694 14,081 
Accounts payable, accrued expenses and other liabilities85,465 65,833 77,968 49,699 41,871 
Dividends and distributions payable54,115 40,143 37,970 34,681 33,813 
Acquired lease intangible liabilities, net(3)
135,275 127,017 111,444 65,646 66,883 
Tenant security deposits61,701 57,370 55,487 38,489 34,367 
Prepaid rents14,265 15,829 16,358 12,724 11,241 
Liabilities associated with real estate held for sale(2)
— 231 — — — 
Total Liabilities1,876,312 1,713,470 1,696,081 1,432,954 1,421,681 
Equity
Preferred stock155,676 155,676 155,676 242,327 242,327 
Common stock1,650 1,605 1,514 1,377 1,338 
Additional paid in capital5,133,875 4,828,292 4,283,600 3,499,623 3,300,333 
Cumulative distributions in excess of earnings(198,999)(191,120)(187,510)(182,851)(170,487)
Accumulated other comprehensive loss(3,674)(9,874)(13,234)(12,319)(13,996)
Total stockholders’ equity5,088,528 4,784,579 4,240,046 3,548,157 3,359,515 
Noncontrolling interests299,232 283,116 287,630 284,615 288,703 
Total Equity5,387,760 5,067,695 4,527,676 3,832,772 3,648,218 
Total Liabilities and Equity$7,264,072 $6,781,165 $6,223,757 $5,265,726 $5,069,899 
(1)Includes net above-market tenant lease intangibles of $10,312 (March 31, 2022), $10,671 (December 31, 2021), $11,086 (September 30, 2021), $8,723 (June 30, 2021) and $7,950 (March 31, 2021). Balance as of March 31, 2022, also includes a below-market lease intangible of $12,977 related to a ground lease that was assumed by Company, for which the Company is the lessee, in connection with its acquisition of 2970 East 50th Street.
(2)At December 31, 2021, our property located at 28159 Avenue Stanford was classified as held for sale.
(3)Represents net below-market tenant lease intangibles as of the balance sheet date.
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Consolidated Statements of Operations.
Quarterly Results(unaudited and in thousands, except share and per share data)
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
Revenues
Rental income(1)
$140,588 $132,593 $115,260 $104,236 $99,644 
Management and leasing services163 118 136 109 105 
Interest income15 14 
Total Revenues140,752 132,712 115,403 104,360 99,763 
Operating Expenses
Property expenses33,429 32,090 27,501 24,555 23,575 
General and administrative14,717 15,009 11,806 10,695 11,480 
Depreciation and amortization42,471 41,221 38,676 36,228 35,144 
Total Operating Expenses90,617 88,320 77,983 71,478 70,199 
Other Expenses
Other expenses(2)
38 1,262 29 
Interest expense9,683 10,367 10,427 9,593 9,752 
Total Expenses100,338 99,949 88,414 81,073 79,980 
Loss on extinguishment of debt— — (505)— — 
Gain (loss) on sale of real estate8,486 6,617 13,702 2,750 10,860 
Net Income48,900 39,380 40,186 26,037 30,643 
Less: net income attributable to noncontrolling interests(2,484)(2,153)(2,173)(1,710)(1,969)
Net income attributable to Rexford Industrial Realty, Inc. 46,416 37,227 38,013 24,327 28,674 
Less: preferred stock dividends(2,314)(2,314)(2,976)(3,637)(3,636)
Less: original issuance costs of redeemed preferred stock(3)
— — (3,349)— — 
Less: earnings allocated to participating securities (201)(145)(143)(139)(141)
Net income attributable to common stockholders$43,901 $34,768 $31,545 $20,551 $24,897 
Earnings per Common Share
Net income attributable to common stockholders per share - basic$0.27 $0.23 $0.23 $0.15 $0.19 
Net income attributable to common stockholders per share - diluted$0.27 $0.23 $0.23 $0.15 $0.19 
Weighted average shares outstanding - basic160,628,843152,270,435138,762,384134,312,672131,612,881
Weighted average shares outstanding - diluted161,048,592153,872,639139,630,475134,819,742131,758,744
(1)We elected the “non-separation practical expedient” in ASC 842, which allows us to avoid separating lease and non-lease rental income. As a result of this election, all rental income earned pursuant to tenant leases, including tenant reimbursements, is reflected as one line, “Rental income,” in the consolidated statements of operations. Under the section “Rental Income” on page 35 in the definitions section of this report, we include a presentation of rental revenues, tenant reimbursements and other income for all periods because we believe this information is frequently used by management, investors, securities analysts and other interested parties to evaluate our performance.
(2)Acquisition expenses for all periods presented prior to December 31, 2021 have been reclassified to “Other expenses.” Other expenses for the three months ended December 31, 2021 included (i) a $992 impairment charge related to the right-of-use asset for one of our leased office spaces that we decided to sublease, (ii) $211 of construction costs related to cancelled projects and (iii) $59 of acquisition expenses.
(3)In connection with the redemption of our Series A Preferred Stock on August 16, 2021, we recognized a non-cash charge of $3,349, as a reduction to net income attributable to common stockholders for the original issuance costs related to the Series A Preferred Stock.
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Consolidated Statements of Operations.
Quarterly Results (continued)(unaudited and in thousands, except share and per share data)
Three Months Ended March 31,
20222021
Revenues
Rental income$140,588 $99,644 
Management and leasing services163 105 
Interest income14 
Total Revenues140,752 99,763 
Operating Expenses
Property expenses33,429 23,575 
General and administrative14,717 11,480 
Depreciation and amortization42,471 35,144 
Total Operating Expenses90,617 70,199 
Other Expenses
Other expenses(1)
38 29 
Interest expense9,683 9,752 
Total Expenses100,338 79,980 
Gain (loss) on sale of real estate8,486 10,860 
Net Income48,900 30,643 
 Less: net income attributable to noncontrolling interests(2,484)(1,969)
Net income attributable to Rexford Industrial Realty, Inc. 46,416 28,674 
 Less: preferred stock dividends(2,314)(3,636)
 Less: earnings allocated to participating securities (201)(141)
Net income attributable to common stockholders$43,901 $24,897 
Net income attributable to common stockholders per share – basic$0.27 $0.19 
Net income attributable to common stockholders per share – diluted$0.27 $0.19 
Weighted-average shares of common stock outstanding – basic160,628,843 131,612,881 
Weighted-average shares of common stock outstanding – diluted161,048,592 131,758,744 

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Non-GAAP FFO and Core FFO Reconciliations. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Net Income$48,900 $39,380 $40,186 $26,037 $30,643 
Add:
Depreciation and amortization42,471 41,221 38,676 36,228 35,144 
Deduct:
Gain (loss) on sale of real estate8,486 6,617 13,702 2,750 10,860 
NAREIT Defined Funds From Operations (FFO)
82,885 73,984 65,160 59,515 54,927 
Less: preferred stock dividends(2,314)(2,314)(2,976)(3,637)(3,636)
Less: original issuance costs of redeemed preferred stock(2)
— — (3,349)— — 
Less: FFO attributable to noncontrolling interests(3)
(3,787)(3,528)(3,277)(3,256)(3,134)
Less: FFO attributable to participating securities(4)
(296)(258)(223)(224)(209)
Company share of FFO$76,488 $67,884 $55,335 $52,398 $47,948 
Company share of FFO per common share‐basic$0.48 $0.45 $0.40 $0.39 $0.36 
Company share of FFO per common share‐diluted$0.47 $0.44 $0.40 $0.39 $0.36 
FFO$82,885 $73,984 $65,160 $59,515 $54,927 
Add:
Acquisition expenses36 59 29 
Impairment of right-of-use asset(5)
— 992 — — — 
Loss on extinguishment of debt— — 505 — — 
Amortization of loss on termination of interest rate swaps112 734 615 410 410 
Core FFO 83,033 75,769 66,284 59,927 55,366 
Less: preferred stock dividends(2,314)(2,314)(2,976)(3,637)(3,636)
Less: Core FFO attributable to noncontrolling interests(3)
(3,793)(3,599)(3,475)(3,275)(3,155)
Less: Core FFO attributable to participating securities(4)
(296)(265)(241)(226)(211)
Company share of Core FFO$76,630 $69,591 $59,592 $52,789 $48,364 
Company share of Core FFO per common share‐basic$0.48 $0.46 $0.43 $0.39 $0.37 
Company share of Core FFO per common share‐diluted$0.48 $0.45 $0.43 $0.39 $0.37 
Weighted-average shares outstanding-basic160,628,843 152,270,435 138,762,384 134,312,672 131,612,881 
Weighted-average shares outstanding-diluted(6)
161,048,592 153,872,639 139,630,475 134,819,742 131,758,744 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)In connection with the redemption of our Series A Preferred Stock on August 16, 2021, we recognized a non-cash charge of $3,349, as a reduction to net income attributable to common stockholders for the original issuance costs related to the Series A Preferred Stock.
(3)Noncontrolling interests relate to interests in the Company’s operating partnership, represented by common units and preferred units (Series 1, Series 2 and Series 3 CPOP units) of partnership interests in the operating partnership that are owned by unit holders other than the Company.
(4)Participating securities include unvested shares of restricted stock, unvested LTIP units and unvested performance units.
(5)Represents an impairment charge related to the right-of-use asset for one of our leased office spaces that we decided to sublease.
(6)Weighted-average shares outstanding-diluted includes adjustments for unvested performance units and shares issuable under forward equity sales agreements if the effect is dilutive for the reported period.
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Supplemental Financial Reporting Package
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Non-GAAP FFO and Core FFO Reconciliations. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended March 31,
20222021
Net Income$48,900 $30,643 
Add:
Depreciation and amortization42,471 35,144 
Deduct:
Gain (loss) on sale of real estate8,486 10,860 
Funds From Operations (FFO)82,885 54,927 
Less: preferred stock dividends(2,314)(3,636)
Less: FFO attributable to noncontrolling interests(3,787)(3,134)
Less: FFO attributable to participating securities(296)(209)
Company share of FFO$76,488 $47,948 
Company share of FFO per common share‐basic$0.48 $0.36 
Company share of FFO per common share‐diluted$0.47 $0.36 
FFO$82,885 $54,927 
Add:
Acquisition expenses36 29 
Amortization of loss on termination of interest rate swaps112 410 
Core FFO83,033 55,366 
Less: preferred stock dividends(2,314)(3,636)
Less: Core FFO attributable to noncontrolling interests(3,793)(3,155)
Less: Core FFO attributable to participating securities(296)(211)
Company share of Core FFO$76,630 $48,364 
Company share of Core FFO per common share‐basic$0.48 $0.37 
Company share of Core FFO per common share‐diluted$0.48 $0.37 
Weighted-average shares outstanding-basic160,628,843 131,612,881 
Weighted-average shares outstanding-diluted161,048,592 131,758,744 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
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Supplemental Financial Reporting Package
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Non-GAAP AFFO Reconciliation. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
March 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Funds From Operations(2)
$82,885 $73,984 $65,160 $59,515 $54,927 
Add:
Amortization of deferred financing costs520 517 508 447 447 
Non-cash stock compensation6,052 6,277 4,506 4,463 4,261 
Loss on extinguishment of debt— — 505 — — 
Impairment of right-of-use asset— 992 — — — 
Amortization related to termination/settlement of interest rate derivatives181 804 655 410 410 
Deduct:
Preferred stock dividends2,314 2,314 2,976 3,637 3,636 
Straight line rental revenue adjustment(3)
6,901 5,999 5,865 4,840 4,199 
Amortization of net below-market lease intangibles5,091 6,154 3,191 3,386 2,712 
Capitalized payments(4)
4,878 4,150 3,339 2,593 2,322 
Note payable (discount) premium amortization, net(61)(60)(23)28 29 
Recurring capital expenditures(5)
1,251 3,363 2,509 2,053 2,541 
2nd generation tenant improvements and leasing commissions(6)
2,147 1,510 2,523 4,885 3,528 
Adjusted Funds From Operations (AFFO)$67,117 $59,144 $50,954 $43,413 $41,078 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)A quarterly reconciliation of net income to Funds From Operations is set forth on page 12 of this report.
(3)The straight line rental revenue adjustment includes concessions of $3,582, $3,273, $3,239, $3,127 and $2,563 (including deferral of $62 of base rent provided by COVID-19 rent relief agreements), for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(4)Includes capitalized interest, taxes, insurance and construction related compensation costs.
(5)Excludes nonrecurring capital expenditures of $18,815, $21,722, $20,271, $21,968 and $16,584 for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(6)Excludes 1st generation tenant improvements and leasing commissions of $997, $433, $2,531, $3,272 and $1,369 for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.

First Quarter 2022
Supplemental Financial Reporting Package
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Statement of Operations Reconciliations - NOI, Cash NOI, EBITDAre and Adjusted EBITDA. (1)
(unaudited and in thousands)
NOI and Cash NOI
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
Rental income(2)(3)
$140,588 $132,593 $115,260 $104,236 $99,644 
Less: Property expenses33,429 32,090 27,501 24,555 23,575 
Net Operating Income (NOI)$107,159 $100,503 $87,759 $79,681 $76,069 
Amortization of above/below market lease intangibles(5,091)(6,154)(3,191)(3,386)(2,712)
Straight line rental revenue adjustment(6,901)(5,999)(5,865)(4,840)(4,199)
Cash NOI$95,167 $88,350 $78,703 $71,455 $69,158 
EBITDAre and Adjusted EBITDA
Three Months Ended
Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021Mar 31, 2021
Net income$48,900 $39,380 $40,186 $26,037 $30,643 
Interest expense9,683 10,367 10,427 9,593 9,752 
Depreciation and amortization42,471 41,221 38,676 36,228 35,144 
(Gain) loss on sale of real estate(8,486)(6,617)(13,702)(2,750)(10,860)
EBITDAre
$92,568 $84,351 $75,587 $69,108 $64,679 
Stock-based compensation amortization6,052 6,277 4,506 4,463 4,261 
Loss on extinguishment of debt— — 505 — — 
Acquisition expenses36 59 29 
Impairment of right-of-use asset— 992 — — — 
Pro forma effect of acquisitions(4)
2,938 4,175 8,572 2,086 662 
Pro forma effect of dispositions(5)
(48)(50)(186)16 (110)
Adjusted EBITDA$101,546 $95,804 $88,988 $75,675 $69,521 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See footnote (1) on page 10 for details related to our presentation of “Rental income” in the consolidated statements of operations for all periods presented.
(3)Reflects increase (reduction) to rental income due to changes in the Company’s assessment of lease payment collectability as follows (in thousands): $40, $4, $142, $(121) and $(496) for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively.
(4)Represents the estimated impact on Q1'22 EBITDAre of Q1'22 acquisitions as if they had been acquired on January 1, 2022, the impact on Q4'21 EBITDAre of Q4'21 acquisitions as if they had been acquired on October 1, 2021, the impact on Q3'21 EBITDAre of Q3'21 acquisitions as if they had been acquired on July 1, 2021, the impact on Q2'21 EBITDAre of Q2'21 acquisitions as if they had been acquired on April 1, 2021 and the impact on Q1'21 EBITDAre of Q1'21 acquisitions as if they had been acquired on January 1, 2021. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDAre had we owned the acquired entities as of the beginning of each period.
(5)Represents the impact on Q1'22 EBITDAre of Q1'22 dispositions as if they had been sold as of January 1, 2022, the impact on Q4'21 EBITDAre of Q4'21 dispositions as if they had been sold as of October 1, 2021, the impact on Q3'21 EBITDAre of Q3'21 dispositions as if they had been sold as of July 1, 2021, the impact on Q2'21 EBITDAre of Q2'21 dispositions as if they had been sold as of April 1, 2021 and the impact on Q1'21 EBITDAre of Q1'21 dispositions as if they had been sold as of January 1, 2021.
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Supplemental Financial Reporting Package
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Same Property Portfolio Performance. (1)
(unaudited and dollars in thousands)
Same Property Portfolio:
Number of properties224
Square Feet28,570,287
Same Property Portfolio NOI and Cash NOI:
Three Months Ended March 31,
20222021$ Change% Change
Rental income(2)(3)(4)
$100,215 $91,958 $8,257 9.0%
Property expenses23,857 21,256 2,601 12.2%
Same Property Portfolio NOI$76,358 $70,702 $5,656 8.0%
(4)
Straight-line rental revenue(2,691)(3,853)1,162 (30.2)%
Amort. of above/below market lease intangibles(1,640)(2,377)737 (31.0)%
Same Property Portfolio Cash NOI$72,027 $64,472 $7,555 11.7%
(4)(5)
Same Property Portfolio Occupancy:
Three Months Ended March 31,
20222021Change (basis points)
Quarterly Weighted Average Occupancy:(6)
Los Angeles County99.1%98.0%110 bps
Orange County98.7%99.3%(60) bps
San Bernardino County99.8%97.6%220 bps
Ventura County99.1%94.1%500 bps
San Diego County99.4%96.7%270 bps
Quarterly Weighted Average Occupancy99.2%97.7%150 bps
Ending Occupancy:99.3%98.2%110 bps
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 32 of this report.
(2)See “Same Property Portfolio Rental Income” on page 35 of the definitions section of this report for a breakdown of rental income into rental revenues, tenant reimbursement and other income for the three months ended March 31, 2022 and 2021.
(3)Reflects (reduction) increase to rental income due to changes in the Company’s assessment of lease payment collectability as follows: $199 thousand and $(285) thousand for the three months ended March 31, 2022 and 2021, respectively.
(4)Rental income includes lease termination fees of $3 thousand and $51 thousand for the three months ended March 31, 2022 and 2021, respectively. Excluding these lease termination fees, Same Property Portfolio NOI increased by approximately 8.1% and Same Property Portfolio Cash NOI increased by approximately 11.8% during the three months ended March 31, 2022, compared to the three months ended March 31, 2021, respectively.
(5)Adjusting for the impact of short-term COVID-19 related rent deferral agreements, Same Property Portfolio Cash NOI increased by 12.3% for the three months ended March 31, 2022, compared to the three months ended March 31, 2021.
(6)Calculated by averaging the occupancy rate at the end of each month in 1Q-2022 and December 2021 (for 1Q-2022) and the end of each month in 1Q-2021 and December 2020 (for 1Q-2021).
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Capitalization Summary.
(unaudited and in thousands, except share and per share data)
Capitalization as of March 31, 2022
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DescriptionMarch 31, 2022December 31, 2021September 30, 2021June 30, 2021March 31, 2021
Common shares outstanding(1)
164,736,615 160,262,303 151,194,469 137,492,045 133,657,612 
Operating partnership units outstanding(2)
6,417,107 6,401,377 6,415,276 6,428,125 6,641,742 
Total shares and units outstanding at period end171,153,722 166,663,680 157,609,745 143,920,170 140,299,354 
Share price at end of quarter$74.59 $81.11 $56.75 $56.95 $50.40 
Common Stock and Operating Partnership Units - Capitalization$12,766,356 $13,518,091 $8,944,353 $8,196,254 $7,071,087 
Series A, B and C Cumulative Redeemable Preferred Stock(3)
$161,250 $161,250