rexr-20220720
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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): July 20, 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 July 20, 2022, Rexford Industrial Realty, Inc. (“Rexford Industrial”) issued a press release announcing its earnings for the quarter ended June 30, 2022, and distributed certain supplemental financial information. On July 20, 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 June 30, 2022 and distributed certain supplemental information. On July 20, 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.
July 20, 2022
 
/s/ Michael S. Frankel
 Michael S. Frankel
Co-Chief Executive Officer
(Principal Executive Officer)
 Rexford Industrial Realty, Inc.
July 20, 2022
 
/s/ Howard Schwimmer
 Howard Schwimmer
Co-Chief Executive Officer
(Principal Executive Officer)


Document
Exhibit 99.1
https://cdn.kscope.io/bd86e05c41dc7615bf5e3b8b28128d30-rexlogo11520a05.jpg
REXFORD INDUSTRIAL ANNOUNCES SECOND QUARTER 2022 FINANCIAL RESULTS

Los Angeles, California - July 20, 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 second quarter of 2022.

Second Quarter 2022 Financial and Operational Highlights:
Net income attributable to common stockholders of $36.1 million, or $0.22 per diluted share, as compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter.
Company share of Core FFO of $81.7 million, an increase of 54.7% as compared to the prior year quarter.
Company share of Core FFO per diluted share of $0.49, an increase of 25.6% as compared to the prior year quarter.
Consolidated Portfolio Net Operating Income (NOI) of $113.6 million, an increase of 42.5% as compared to the prior year quarter.
Same Property Portfolio NOI increased 7.0% and Same Property Portfolio Cash NOI increased 10.1% as compared to the prior year quarter.
99.1% Average Same Property Portfolio occupancy.
Comparable rental rates on 1.4 million rentable square feet of new and renewal leases increased by 83.0% compared to prior rents on a GAAP basis and by 61.5% on a cash basis.
Acquired 18 properties for an aggregate purchase price of $598.9 million.
Issued a total of 6.0 million shares of common stock for total net proceeds of $419.4 million.
Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 13.5%.

“Our team’s performance through the first half of 2022 demonstrates the strength of our entrepreneurial business model focused on value creation within the infill Southern California industrial market, the world's fourth largest and our nation’s highest-demand, lowest vacancy industrial market. Tenant demand continues to exceed supply with overall infill Southern California market vacancy estimated at 0.8%,” stated Michael Frankel and Howard Schwimmer, Co-Chief Executive Officers of the Company. “In the second quarter we grew Core FFO by 26% on a per share basis compared to the prior year, driven by Core FFO growth of 55% and consolidated NOI growth of 43%. Our team executed 1.4 million square feet of leasing activity at record releasing spreads of 83% and 62%, on a GAAP and cash basis, respectively, and we completed the quarter with average Same Property occupancy at 99.1%. We completed $599 million of investments in the quarter plus an additional $587 million subsequent to quarter end, bringing our year-to-date total to $1.6 billion. Looking ahead, we have over $500 million of additional investments under contract or accepted offer plus a deep range of accretive internal growth initiatives under-way. We continue to maintain our investment grade, fortress-like balance sheet with a net debt-to-enterprise value ratio of 13.5%, positioning the Company to enable significant value creation for our shareholders.”





Financial Results:

The Company reported net income attributable to common stockholders for the second quarter of $36.1 million, or $0.22 per diluted share, compared to $20.6 million, or $0.15 per diluted share, for the prior year quarter. The net income for the prior year quarter includes $2.8 million of gains on sale of real estate. There was no sale of real estate during the current quarter. For the six months ended June 30, 2022, net income attributable to common stockholders was $80.0 million, or $0.49 per diluted share, compared to $45.4 million, or $0.34 per diluted share for the prior year. The net income for the six months ended June 30, 2022 includes $8.5 million of gains on sale of real estate, as compared to $13.6 million for the prior year.

The Company reported Core FFO for the second quarter of $81.7 million, representing a 54.7% increase compared to $52.8 million for the prior year quarter. The Company reported Core FFO of $0.49 per diluted share, representing an increase of 25.6% compared to $0.39 per diluted share for the prior year quarter. For the six months ended June 30, 2022, Core FFO was $158.3 million, representing a 56.5% increase compared to $101.2 million for the prior year. For the six months ended June 30, 2022, the Company reported Core FFO of $0.97 per diluted share, representing an increase of 27.6% compared to $0.76 per diluted share for the prior year.

In the second quarter, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 42.5% and 38.6%, respectively, compared to the prior year quarter. For the six months ended June 30, 2022, the Company’s consolidated portfolio NOI on a GAAP and Cash basis increased 41.7% and 38.1%, respectively, compared to the prior year.

In the second quarter, the Company’s Same Property Portfolio NOI increased 7.0% compared to the prior year quarter, driven by an 8.0% increase in Same Property Portfolio rental income and an 11.0% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.1% 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 10.5% compared to the prior year quarter.

For the six months ended June 30, 2022, the Company’s Same Property Portfolio NOI increased 7.5% compared to the prior year, driven by an 8.5% increase in Same Property Portfolio rental income and an 11.6% increase in Same Property Portfolio expenses. Same Property Portfolio Cash NOI increased 10.9% compared to the prior year. 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 11.4% compared to the prior year.

Operating Results:

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

Q2-2022 Leasing Activity
Releasing Spreads
# of Leases Executed
SF of Leasing
GAAP
Cash
New Leases
36649,099107.6%76.6%
Renewal Leases
70745,84073.0%55.3%
Total Leases
1061,394,93983.0%61.5%

At June 30, 2022, the Company’s Same Property Portfolio occupancy was 98.9%. Average Same Property Portfolio occupancy for the second quarter 2022 was 99.1%. At June 30, 2022, the Company’s consolidated portfolio, excluding value-add repositioning assets, was 98.2% occupied and 98.3% leased, and the Company’s consolidated portfolio, including value-add repositioning assets, was 95.2% occupied and 95.9% leased.

Transaction Activity:

During the second quarter of 2022, the Company completed 18 acquisitions with 1.4 million square feet of buildings on 85.5 acres of land, including 15 acres of land for near term redevelopment, for an aggregate purchase price of $598.9 million. These investments are projected to generate a weighted average unlevered initial yield of 2.5% and an



estimated stabilized yield on total investment of 5.1%. Second quarter acquisitions included one UPREIT transaction, whereby the Company issued 954,000 operating partnership units representing $56.2 million of purchase price value.

Subsequent to the second quarter of 2022, the Company completed five acquisitions with 1.4 million square feet of buildings on 65.2 acres of land, for an aggregate purchase price of $587.4 million. Year to date, the Company has completed 37 acquisitions with 4.3 million square feet of buildings on 233.0 acres of land, including 28 acres of land for near term redevelopment, for an aggregate purchase price of $1.6 billion. In aggregate, these investments are projected to generate a weighted average unlevered initial yield of 2.9% and an estimated stabilized yield on total investment of 4.6%.
During the second quarter of 2022, the Company stabilized one repositioning project with 62,607 square feet and $19.5 million of total investment at a 6.9% unlevered stabilized yield. Year to date, the Company has stabilized two repositioning/redevelopment projects with 173,867 square feet and $36.9 million of total investment at a 6.8% unlevered stabilized yield.

Balance Sheet:
The Company ended the second quarter with $1.5 billion in liquidity, including $34.3 million in cash on hand, $875.0 million available under its unsecured revolving credit facility and an estimated $552.1 million of forward equity proceeds available for settlement to occur before the third quarter of 2023. As of June 30, 2022, the Company had $1.7 billion of outstanding debt, with an average interest rate of 2.7% and an average term-to-maturity of 6.8 years.

On May 26, 2022, the Company amended its senior unsecured credit agreement to increase the borrowing capacity of its unsecured revolving credit facility to $1.0 billion from $700 million and to add a $300 million unsecured term loan facility. The proceeds from the $300 million term loan were used to repay the Company’s $150 million term loan due in 2025, terminate the associated swap, partially pay down outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes. The maturity date of the unsecured revolving credit facility is May 26, 2026 (with two extensions options of six months each) and the maturity date of the term loan facility is May 26, 2027.

On May 27, 2022, the Company renewed its at-the-market program (“ATM program”) to include $1.0 billion of capacity with the option to offer shares on a forward basis.

During the second quarter, the Company executed on its prior and renewed ATM programs, selling 12,002,480 shares of common stock subject to forward sale agreements at an average price of 62.55 per share for a gross value of $750.8 million. On June 29, 2022, the Company partially settled these forward equity sale agreements and outstanding forward equity sale agreement from the prior quarter by issuing 5,967,783 shares of common stock for net proceeds of $419.4 million.

As of June 30, 2022, the $1.0 billion ATM program had approximately $536.5 million of remaining capacity.

Subsequent to the second quarter of 2022, the Company amended its senior unsecured credit agreement to add a $400 million unsecured term loan with a maturity date of July 19, 2024 (with two extensions options of one year each). Proceeds from the $400 million term loan were used to fund acquisitions closed subsequent to quarter end, reduce outstanding borrowings under the unsecured revolving credit facility and for general corporate purposes.

Dividends:

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

On July 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 September 30, 2022, to preferred stockholders of record as of September 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 July 20, 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)
Q2’22 Updated GuidanceQ1’22 Guidance
Net Income Attributable to Common Stockholders per diluted share$0.84 - $0.87$0.79 - $0.83
Company share of Core FFO per diluted share$1.87 - $1.90$1.84 - $1.88
Same Property Portfolio NOI Growth5.75% - 6.25%4.0% - 5.0%
Same Property Portfolio Cash NOI Growth8.50% - 9.00%6.75% - 7.75%
Average 2022 Same Property Portfolio Occupancy (Full Year)98.50% - 98.75%98.25% - 98.75%
General and Administrative Expenses (2)
$60.5M - $61.5M$59.0M - $60.0M
Net Interest Expense$51.0M - $52.0M$39.0M - $40.0M
(1)2022 Guidance represents the in-place portfolio as of July 20, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)2022 General and Administrative expense guidance includes estimated non-cash equity compensation expense of $23.9 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 Thursday, July 21, 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 August 21, 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 13730258.




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 335 properties with approximately 40.8 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$0.84 $0.87 
Company share of depreciation and amortization1.08 1.08 
Company share of gains on sale of real estate(0.05)(0.05)
Company share of Core FFO$1.87 $1.90 

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 June 30, 2022, and excludes properties that were acquired or sold during the period from January 1, 2021 through June 30, 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 June 30, 2022, our 2022 Same Property Portfolio consists of 224 properties aggregating 28,581,635 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 June 30, 2022, we had consolidated indebtedness of $1.7 billion, reflecting a net debt to enterprise value of approximately 13.5%. 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)
June 30, 2022December 31, 2021
(unaudited)
ASSETS  
Land$4,896,343 $4,143,021 
Buildings and improvements2,923,571 2,588,836 
Tenant improvements136,905 127,708 
Furniture, fixtures, and equipment132 132 
Construction in progress90,192 71,375 
Total real estate held for investment8,047,143 6,931,072 
Accumulated depreciation(538,711)(473,382)
Investments in real estate, net7,508,432 6,457,690 
Cash and cash equivalents34,317 43,987 
Restricted cash— 11 
Rents and other receivables, net10,382 11,027 
Deferred rent receivable, net75,024 61,511 
Deferred leasing costs, net37,343 32,940 
Deferred loan costs, net5,532 1,961 
Acquired lease intangible assets, net164,764 132,158 
Acquired indefinite-lived intangible5,156 5,156 
Other assets19,513 19,066 
Acquisition related deposits18,475 8,445 
Assets associated with real estate held for sale, net— 7,213 
Total Assets$7,878,938 $6,781,165 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$1,660,521 $1,399,565 
Interest rate swap liability— 7,482 
Accounts payable, accrued expenses and other liabilities81,742 65,833 
Dividends and distributions payable56,300 40,143 
Acquired lease intangible liabilities, net149,580 127,017 
Tenant security deposits64,436 57,370 
Prepaid rents14,661 15,829 
Liabilities associated with real estate held for sale— 231 
Total Liabilities2,027,240 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 June 30, 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 June 30, 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 171,064,419 and 160,511,482 shares outstanding at June 30, 2022 and December 31, 2021, respectively
1,711 1,605 
Additional paid in capital5,556,819 4,828,292 
Cumulative distributions in excess of earnings(216,588)(191,120)
Accumulated other comprehensive loss(2,974)(9,874)
Total stockholders’ equity5,494,644 4,784,579 
Noncontrolling interests357,054 283,116 
Total Equity5,851,698 5,067,695 
Total Liabilities and Equity$7,878,938 $6,781,165 



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

 Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
REVENUES  
Rental income$148,987 $104,236 $289,575 $203,880 
Management and leasing services130 109 293 214 
Interest income15 29 
TOTAL REVENUES149,118 104,360 289,870 204,123 
OPERATING EXPENSES
Property expenses35,405 24,555 68,834 48,130 
General and administrative14,863 10,695 29,580 22,175 
Depreciation and amortization46,609 36,228 89,080 71,372 
TOTAL OPERATING EXPENSES96,877 71,478 187,494 141,677 
OTHER EXPENSES
Other expenses(1)
295 333 31 
Interest expense10,168 9,593 19,851 19,345 
TOTAL EXPENSES107,340 81,073 207,678 161,053 
Loss on extinguishment of debt(877)— (877)— 
Gains on sale of real estate— 2,750 8,486 13,610 
NET INCOME40,901 26,037 89,801 56,680 
Less: net income attributable to noncontrolling interests(2,290)(1,710)(4,774)(3,679)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.38,611 24,327 85,027 53,001 
Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
Less: earnings attributable to participating securities (203)(139)(404)(280)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$36,093 $20,551 $79,994 $45,448 
Net income attributable to common stockholders per share basic
$0.22 $0.15 $0.49 $0.34 
Net income attributable to common stockholders per share diluted
$0.22 $0.15 $0.49 $0.34 
Weighted-average shares of common stock outstanding – basic164,896 134,313 162,774 132,970 
Weighted-average shares of common stock outstanding – diluted165,201 134,820 163,136 133,297 

(1)Acquisition expenses for the three and six months ended June 30, 2021, have 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:
June 30,
20222021Change (basis points)
Quarterly Weighted Average Occupancy:(1)
Los Angeles County99.4%98.2%120 bps
Orange County98.2%98.6%(40) bps
San Bernardino County98.7%99.3%(60) bps
San Diego County98.9%97.3%160 bps
Ventura County98.5%95.3%320 bps
Same Property Portfolio Weighted Average Occupancy99.1%98.1%100 bps
Ending Occupancy:98.9%98.4%50 bps
(1)Calculated by averaging the occupancy rate at the end of each month in 2Q-2022 and March 2022 (for 2Q-2022) and the end of each month in 2Q-2021 and March 2021 (for 2Q-2021).


Same Property Portfolio NOI and Cash NOI:    
Three Months Ended June 30,Six Months Ended June 30,
20222021$ Change% Change20222021$ Change% Change
Rental income$102,205 $94,677 $7,528 8.0%$202,420 $186,635 $15,785 8.5%
Property expenses24,135 21,745 2,390 11.0%47,992 43,001 4,991 11.6%
Same Property Portfolio NOI$78,070 $72,932 $5,138 7.0%$154,428 $143,634 $10,794 7.5%
Straight line rental revenue adjustment(3,231)(3,874)643 (16.6)%(5,922)(7,727)1,805 (23.4)%
Amortization of above/below market lease intangibles(1,568)(2,512)944 (37.6)%(3,207)(4,889)1,682 (34.4)%
Same Property Portfolio Cash NOI$73,271 $66,546 $6,725 10.1%$145,299 $131,018 $14,281 10.9%




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 June 30,Six Months Ended June 30,
2022202120222021
Net income$40,901 $26,037 $89,801 $56,680 
Add:
General and administrative14,863 10,695 29,580 22,175 
Depreciation and amortization46,609 36,228 89,080 71,372 
Other expenses295 333 31 
Interest expense10,168 9,593 19,851 19,345 
Loss on extinguishment of debt877 — 877 — 
Deduct:
Management, leasing and development services130 109 293 214 
Interest income15 29 
Gain on sale of real estate— 2,750 8,486 13,610 
Net operating income (NOI)$113,582 $79,681 $220,741 $155,750 
Straight line rental revenue adjustment(8,441)(4,840)(15,342)(9,039)
Amortization of above/below market lease intangibles(6,126)(3,386)(11,217)(6,098)
Cash NOI$99,015 $71,455 $194,182 $140,613 
NOI$113,582 $79,681 $220,741 $155,750 
Non-Same Property Portfolio rental income(46,782)(9,559)(87,155)(17,245)
Non-Same Property Portfolio property expenses11,270 2,810 20,842 5,129 
Same Property Portfolio NOI$78,070 $72,932 $154,428 $143,634 
Straight line rental revenue adjustment(3,231)(3,874)(5,922)(7,727)
Amortization of above/below market lease intangibles(1,568)(2,512)(3,207)(4,889)
Same Property Portfolio Cash NOI$73,271 $66,546 $145,299 $131,018 




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 June 30,Six Months Ended June 30,
 2022202120222021
Net income$40,901 $26,037 $89,801 $56,680 
Add:  
Depreciation and amortization46,609 36,228 89,080 71,372 
Deduct:
Gain on sale of real estate— 2,750 8,486 13,610 
Funds From Operations (FFO)$87,510 $59,515 $170,395 $114,442 
Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
Less: FFO attributable to noncontrolling interests(1)
(4,131)(3,256)(7,918)(6,390)
Less: FFO attributable to participating securities(2)
(307)(224)(603)(433)
Company share of FFO$80,757 $52,398 $157,245 $100,346 
Company Share of FFO per common share – basic$0.49 $0.39 $0.97 $0.75 
Company Share of FFO per common share – diluted$0.49 $0.39 $0.96 $0.75 
FFO$87,510 $59,515 $170,395 $114,442 
Adjust:  
Acquisition expenses56 92 31 
Loss on extinguishment of debt877 — 877 — 
Amortization of loss on termination of interest rate swaps23 410 135 820 
Core FFO$88,466 $59,927 $171,499 $115,293 
Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
Less: Core FFO attributable to noncontrolling interest(1)
(4,169)(3,275)(7,962)(6,430)
Less: Core FFO attributable to participating securities(2)
(311)(226)(607)(437)
Company share of Core FFO$81,671 $52,789 $158,301 $101,153 
Company share of Core FFO per common share – basic$0.50 $0.39 $0.97 $0.76 
Company share of Core FFO per common share – diluted$0.49 $0.39 $0.97 $0.76 
Weighted-average shares of common stock outstanding – basic164,896 134,313 162,774 132,970 
Weighted-average shares of common stock outstanding – diluted165,201 134,820 163,136 133,297 
(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:
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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Supplemental Financial Reporting Package
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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
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 ResearchCraig Mailman(212) 816-4471
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
Wolfe ResearchAndrew Rosivach(646) 582-9250
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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Supplemental Financial Reporting Package
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Company Overview.
For the Quarter Ended June 30, 2022
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Highlights - Consolidated Financial Results.
Quarterly Results(in millions)

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Supplemental Financial Reporting Package
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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
June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Financial Results:
Total rental income$148,987$140,588$132,593$115,260$104,236
Net income$40,901$48,900$39,380$40,186$26,037
Net Operating Income (NOI)$113,582$107,159$100,503$87,759$79,681
Company share of Core FFO$81,671$76,630$69,591$59,592$52,789
Company share of Core FFO per common share - diluted$0.49$0.48$0.45$0.43$0.39
Adjusted EBITDA$108,309$101,546$95,804$88,988$75,675
Dividend declared per common share$0.315$0.315$0.240$0.240$0.240
Portfolio Statistics:
Portfolio rentable square feet (“RSF”)39,441,055 38,133,16636,922,02134,932,61332,955,385
Ending occupancy95.2 %96.3 %96.3 %96.1 %95.4 %
Ending occupancy excluding repositioning/redevelopment98.2 %98.7 %98.9 %98.4 %98.2 %
Rent Change - GAAP83.0 %71.1 %34.2 %54.3 %33.9 %
Rent Change - Cash61.5 %56.9 %21.5 %38.5 %21.3 %
Same Property Portfolio Performance:
Same Property Portfolio ending occupancy(2)
98.9 %99.3 %99.1 %98.8 %98.4 %
Same Property Portfolio NOI growth(3)
7.0 %8.0 %
Same Property Portfolio Cash NOI growth(3)
10.1 %11.7 %
Capitalization:
Total shares and units issued and outstanding at period end(4)
178,087,557171,153,722166,663,680157,609,745143,920,170
Series A, B and C Preferred Stock and Series 1, 2 and 3 CPOP Units(5)
$241,068$241,068$229,068$229,068$319,068
Total equity market capitalization$10,497,130$13,007,424$13,747,159$9,173,421$8,515,322
Total consolidated debt$1,673,936$1,537,486$1,413,121$1,400,552$1,226,083
Total combined market capitalization (net debt plus equity)$12,136,749$14,496,066$15,116,293$10,513,819$9,677,186
Ratios:
Net debt to total combined market capitalization13.5 %10.3%9.1%12.7%12.0%
Net debt to Adjusted EBITDA (quarterly results annualized)3.8x3.7x3.6x3.8x3.8x
(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 33 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 36.
(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: 7,305,749 (Jun 30, 2022), 6,417,107 (Mar 31, 2022), 6,401,377 (Dec 31, 2021), 6,415,276 (Sep 30, 2021) and 6,428,125 (Jun 30, 2021). Excludes the following # of shares of unvested restricted stock: 282,611 (Jun 30, 2022), 280,972 (Mar 31, 2022), 249,179 (Dec 31, 2021), 250,439 (Sep 30, 2021) and 235,953 (Jun 30, 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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Supplemental Financial Reporting Package
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Guidance.
As of June 30, 2022
2022 OUTLOOK*
METRICRESULTS AS OF JUNE 30, 2022Q2-2022 UPDATED GUIDANCEQ1-2022 GUIDANCE
Net Income Attributable to Common Stockholders per diluted share (1)(2)
$0.49$0.84 - $0.87$0.79 - $0.83
Company share of Core FFO per diluted share (1)(2)
$0.97$1.87 - $1.90$1.84 - $1.88
Same Property Portfolio NOI Growth - GAAP (3)
7.5%5.75% - 6.25%4.0% - 5.0%
Same Property Portfolio NOI Growth - Cash (3)
10.9%8.50% - 9.00%6.75% - 7.75%
Average Same Property Portfolio Occupancy (3)
99.1%98.50% - 98.75%98.25% - 98.75%
General and Administrative Expenses (4)
$29.6M$60.5M - $61.5M$59.0M - $60.0M
Net Interest Expense$19.9M$51.0M - $52.0M$39.0M - $40.0M
(1)Our 2022 Net Income and Core FFO guidance refers to the Company's in-place portfolio as of July 20, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed.
(2)See page 37 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 July 20, 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 June 30, 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 $23.9 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 June 30, 2022

2022 Guidance Rollforward (1)

Earnings ComponentsRange
($ per share)
Notes
2022 Core FFO Per Diluted Share Guidance (Previous)
$1.84$1.88Q1 2022 Guidance
Same Property Portfolio NOI Growth0.030.02
SP NOI Guidance range of 5.75% - 6.25%
Repositioning/Redevelopment NOI(0.01)(0.01)Reduction in redevelopment/repositioning incremental NOI related to project construction delays
2Q-3Q 2022 Acquisitions NOI0.120.12
$599M 2Q Acquisitions - Guidance rollforward also reflects incremental NOI related to $587M acquired subsequent to quarter-end
Net G&A Expense(0.01)(0.01)
Guidance range of $60.5M - $61.5M
Net Interest Expense(0.07)(0.07)
Guidance range of $51.0M - $52.0M; Increase driven by incremental debt related to acquisition funding
Other(0.03)(0.03)Includes investment related equity funding activity
2022 Core FFO Per Diluted Share Guidance (Current)
$1.87$1.90
Core FFO Annual Growth Per Diluted Share14%16%
(1)2022 Guidance and Guidance Rollforward represent the in-place portfolio as of July 20, 2022, and does not include any assumptions for prospective acquisitions, dispositions or related balance sheet activities that have not closed unless otherwise noted.


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Supplemental Financial Reporting Package
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Consolidated Balance Sheets.
(unaudited and in thousands)
June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
ASSETS
Land$4,896,343 $4,466,240 $4,143,021 $3,714,038 $2,942,639 
Buildings and improvements2,923,571 2,737,575 2,588,836 2,466,435 2,339,640 
Tenant improvements136,905 131,169 127,708 124,156 93,221 
Furniture, fixtures, and equipment132 132 132 132 132 
Construction in progress90,192 71,147 71,375 50,823 33,250 
  Total real estate held for investment8,047,143 7,406,263 6,931,072 6,355,584 5,408,882 
Accumulated depreciation(538,711)(505,196)(473,382)(452,019)(427,387)
Investments in real estate, net7,508,432 6,901,067 6,457,690 5,903,565 4,981,495 
Cash and cash equivalents34,317 48,844 43,987 60,154 64,219 
Restricted cash— — 11 50 26 
Rents and other receivables, net10,382 11,130 11,027 9,863 8,228 
Deferred rent receivable, net75,024 67,832 61,511 55,726 49,933 
Deferred leasing costs, net37,343 33,703 32,940 33,531 31,183 
Deferred loan costs, net5,532 1,729 1,961 2,192 2,545 
Acquired lease intangible assets, net(1)
164,764 153,665 132,158 125,697 89,560 
Acquired indefinite-lived intangible5,156 5,156 5,156 5,156 5,156 
Other assets19,513 22,671 19,066 18,213 18,841 
Acquisition related deposits18,475 18,275 8,445 9,610 14,540 
Assets associated with real estate held for sale, net(2)
— — 7,213 — — 
Total Assets$7,878,938 $7,264,072 $6,781,165 $6,223,757 $5,265,726 
LIABILITIES & EQUITY
Liabilities
Notes payable$1,660,521 $1,524,279 $1,399,565 $1,386,649 $1,219,021 
Interest rate swap liability— 1,212 7,482 10,205 12,694 
Accounts payable, accrued expenses and other liabilities81,742 85,465 65,833 77,968 49,699 
Dividends and distributions payable56,300 54,115 40,143 37,970 34,681 
Acquired lease intangible liabilities, net(3)
149,580 135,275 127,017 111,444 65,646 
Tenant security deposits64,436 61,701 57,370 55,487 38,489 
Prepaid rents14,661 14,265 15,829 16,358 12,724 
Liabilities associated with real estate held for sale(2)
— — 231 — — 
Total Liabilities2,027,240 1,876,312 1,713,470 1,696,081 1,432,954 
Equity
Preferred stock155,676 155,676 155,676 155,676 242,327 
Common stock1,711 1,650 1,605 1,514 1,377 
Additional paid in capital5,556,819 5,133,875 4,828,292 4,283,600 3,499,623 
Cumulative distributions in excess of earnings(216,588)(198,999)(191,120)(187,510)(182,851)
Accumulated other comprehensive loss(2,974)(3,674)(9,874)(13,234)(12,319)
Total stockholders’ equity5,494,644 5,088,528 4,784,579 4,240,046 3,548,157 
Noncontrolling interests357,054 299,232 283,116 287,630 284,615 
Total Equity5,851,698 5,387,760 5,067,695 4,527,676 3,832,772 
Total Liabilities and Equity$7,878,938 $7,264,072 $6,781,165 $6,223,757 $5,265,726 
(1)Includes net above-market tenant lease intangibles of $13,810 (June 30, 2022), $10,312 (March 31, 2022), $10,671 (December 31, 2021), $11,086 (September 30, 2021) and $8,723 (June 30, 2021). Balance also includes net below-market ground lease intangible of $12,929 (June 30, 2022) and $12,970 (March 31, 2022) 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
Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021
Revenues
Rental income(1)
$148,987 $140,588 $132,593 $115,260 $104,236 
Management and leasing services130 163 118 136 109 
Interest income15 
Total Revenues149,118 140,752 132,712 115,403 104,360 
Operating Expenses
Property expenses35,405 33,429 32,090 27,501 24,555 
General and administrative14,863 14,717 15,009 11,806 10,695 
Depreciation and amortization46,609 42,471 41,221 38,676 36,228 
Total Operating Expenses96,877 90,617 88,320 77,983 71,478 
Other Expenses
Other expenses(2)
295 38 1,262 
Interest expense10,168 9,683 10,367 10,427 9,593 
Total Expenses107,340 100,338 99,949 88,414 81,073 
Loss on extinguishment of debt(4)
(877)— — (505)— 
Gain on sale of real estate— 8,486 6,617 13,702 2,750 
Net Income40,901 48,900 39,380 40,186 26,037 
Less: net income attributable to noncontrolling interests(2,290)(2,484)(2,153)(2,173)(1,710)
Net income attributable to Rexford Industrial Realty, Inc. 38,611 46,416 37,227 38,013 24,327 
Less: preferred stock dividends(2,315)(2,314)(2,314)(2,976)(3,637)
Less: original issuance costs of redeemed preferred stock(3)
— — — (3,349)— 
Less: earnings allocated to participating securities (203)(201)(145)(143)(139)
Net income attributable to common stockholders$36,093 $43,901 $34,768 $31,545 $20,551 
Earnings per Common Share
Net income attributable to common stockholders per share - basic$0.22 $0.27 $0.23 $0.23 $0.15 
Net income attributable to common stockholders per share - diluted$0.22 $0.27 $0.23 $0.23 $0.15 
Weighted average shares outstanding - basic164,895,701160,628,843152,270,435138,762,384134,312,672
Weighted average shares outstanding - diluted165,200,577161,048,592153,872,639139,630,475134,819,742
(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 36 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 include (i) a $992 impairment charge related to the right-of-use asset for one of our leased office spaces that we subleased, (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.
(4)Represents the $718 write-off of unamortized debt issuance costs related to the $150.0 million unsecured term loan facility that we repaid in May 2022 in advance of its maturity, and the $159 write-off of a portion of the unamortized debt issuance costs related to our credit agreement that we amended in May 2022, in which one of the creditors under the old agreement did not participate as a lender in the amended credit agreement.
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Consolidated Statements of Operations.
Quarterly Results (continued)(unaudited and in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues
Rental income$148,987 $104,236 $289,575 $203,880 
Management and leasing services130 109 293 214 
Interest income15 29 
Total Revenues149,118 104,360 289,870 204,123 
Operating Expenses
Property expenses35,405 24,555 68,834 48,130 
General and administrative14,863 10,695 29,580 22,175 
Depreciation and amortization46,609 36,228 89,080 71,372 
Total Operating Expenses96,877 71,478 187,494 141,677 
Other Expenses
Other expenses(1)
295 333 31 
Interest expense10,168 9,593 19,851 19,345 
Total Expenses107,340 81,073 207,678 161,053 
Loss on extinguishment of debt(877)— (877)— 
Gain on sale of real estate— 2,750 8,486 13,610 
Net Income40,901 26,037 89,801 56,680 
 Less: net income attributable to noncontrolling interests(2,290)(1,710)(4,774)(3,679)
Net income attributable to Rexford Industrial Realty, Inc. 38,611 24,327 85,027 53,001 
 Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
 Less: earnings allocated to participating securities (203)(139)(404)(280)
Net income attributable to common stockholders$36,093 $20,551 $79,994 $45,448 
Net income attributable to common stockholders per share – basic$0.22 $0.15 $0.49 $0.34 
Net income attributable to common stockholders per share – diluted$0.22 $0.15 $0.49 $0.34 
Weighted-average shares of common stock outstanding – basic164,895,701 134,312,672 162,774,059 132,970,234 
Weighted-average shares of common stock outstanding – diluted165,200,577 134,819,742 163,136,372 133,296,701 

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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
June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Net Income$40,901 $48,900 $39,380 $40,186 $26,037 
Add:
Depreciation and amortization46,609 42,471 41,221 38,676 36,228 
Deduct:
Gain on sale of real estate— 8,486 6,617 13,702 2,750 
NAREIT Defined Funds From Operations (FFO)
87,510 82,885 73,984 65,160 59,515 
Less: preferred stock dividends(2,315)(2,314)(2,314)(2,976)(3,637)
Less: original issuance costs of redeemed preferred stock(2)
— — — (3,349)— 
Less: FFO attributable to noncontrolling interests(3)
(4,131)(3,787)(3,528)(3,277)(3,256)
Less: FFO attributable to participating securities(4)
(307)(296)(258)(223)(224)
Company share of FFO$80,757 $76,488 $67,884 $55,335 $52,398 
Company share of FFO per common share‐basic$0.49 $0.48 $0.45 $0.40 $0.39 
Company share of FFO per common share‐diluted$0.49 $0.47 $0.44 $0.40 $0.39 
FFO$87,510 $82,885 $73,984 $65,160 $59,515 
Add:
Acquisition expenses56 36 59 
Impairment of right-of-use asset(5)
— — 992 — — 
Loss on extinguishment of debt877 — — 505 — 
Amortization of loss on termination of interest rate swaps23 112 734 615 410 
Core FFO 88,466 83,033 75,769 66,284 59,927 
Less: preferred stock dividends(2,315)(2,314)(2,314)(2,976)(3,637)
Less: Core FFO attributable to noncontrolling interests(3)
(4,169)(3,793)(3,599)(3,475)(3,275)
Less: Core FFO attributable to participating securities(4)
(311)(296)(265)(241)(226)
Company share of Core FFO$81,671 $76,630 $69,591 $59,592 $52,789 
Company share of Core FFO per common share‐basic$0.50 $0.48 $0.46 $0.43 $0.39 
Company share of Core FFO per common share‐diluted$0.49 $0.48 $0.45 $0.43 $0.39 
Weighted-average shares outstanding-basic164,895,701 160,628,843 152,270,435 138,762,384 134,312,672 
Weighted-average shares outstanding-diluted(6)
165,200,577 161,048,592 153,872,639 139,630,475 134,819,742 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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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Non-GAAP FFO and Core FFO Reconciliations. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Net Income$40,901 $26,037 $89,801 $56,680 
Add:
Depreciation and amortization46,609 36,228 89,080 71,372 
Deduct:
Gain on sale of real estate— 2,750 8,486 13,610 
Funds From Operations (FFO)87,510 59,515 170,395 114,442 
Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
Less: FFO attributable to noncontrolling interests(4,131)(3,256)(7,918)(6,390)
Less: FFO attributable to participating securities(307)(224)(603)(433)
Company share of FFO$80,757 $52,398 $157,245 $100,346 
Company share of FFO per common share‐basic$0.49 $0.39 $0.97 $0.75 
Company share of FFO per common share‐diluted$0.49 $0.39 $0.96 $0.75 
FFO$87,510 $59,515 $170,395 $114,442 
Add:
Acquisition expenses56 92 31 
Loss on extinguishment of debt877 — 877 — 
Amortization of loss on termination of interest rate swaps23 410 135 820 
Core FFO88,466 59,927 171,499 115,293 
Less: preferred stock dividends(2,315)(3,637)(4,629)(7,273)
Less: Core FFO attributable to noncontrolling interests(4,169)(3,275)(7,962)(6,430)
Less: Core FFO attributable to participating securities(311)(226)(607)(437)
Company share of Core FFO$81,671 $52,789 $158,301 $101,153 
Company share of Core FFO per common share‐basic$0.50 $0.39 $0.97 $0.76 
Company share of Core FFO per common share‐diluted$0.49 $0.39 $0.97 $0.76 
Weighted-average shares outstanding-basic164,895,701 134,312,672 162,774,059 132,970,234 
Weighted-average shares outstanding-diluted165,200,577 134,819,742 163,136,372 133,296,701 
(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 of this report.
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Non-GAAP AFFO Reconciliation. (1)
(unaudited and in thousands, except share and per share data)
Three Months Ended
June 30, 2022March 31, 2022December 31, 2021September 30, 2021June 30, 2021
Funds From Operations(2)
$87,510 $82,885 $73,984 $65,160 $59,515 
Add:
Amortization of deferred financing costs563 520 517 508 447 
Non-cash stock compensation6,342 6,052 6,277 4,506 4,463 
Loss on extinguishment of debt877 — — 505 — 
Impairment of right-of-use asset— — 992 — — 
Amortization related to termination/settlement of interest rate derivatives93 181 804 655 410 
Deduct:
Preferred stock dividends2,315 2,314 2,314 2,976 3,637 
Straight line rental revenue adjustment(3)
8,441 6,901 5,999 5,865 4,840 
Amortization of net below-market lease intangibles6,126 5,091 6,154 3,191 3,386 
Capitalized payments(4)
5,715 4,878 4,150 3,339 2,593 
Note payable (discount) premium amortization, net(62)(61)(60)(23)28 
Recurring capital expenditures(5)
2,063 1,251 3,363 2,509 2,053 
2nd generation tenant improvements and leasing commissions(6)
4,031 2,147 1,510 2,523 4,885 
Adjusted Funds From Operations (AFFO)$66,756 $67,117 $59,144 $50,954 $43,413 

(1)For a definition and discussion of non-GAAP financial measures, see the definitions section beginning on page 33 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 $3,785, $3,582, $3,273, $3,239 and $3,127 for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.
(4)Includes capitalized interest, taxes, insurance and construction related compensation costs.
(5)Excludes nonrecurring capital expenditures of $22,644, $18,815, $21,722, $20,271 and $21,968 for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.
(6)Excludes 1st generation tenant improvements and leasing commissions of $2,146, $997, $433, $2,531 and $3,272 for the three months ended June 30, 2022, March 31, 2022, December 31, 2021, September 30, 2021 and June 30, 2021, respectively.

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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
Jun 30, 2022Mar 31, 2022Dec 31, 2021Sep 30, 2021Jun 30, 2021
Rental income(2)(3)
$148,987 $140,588 $132,593 $115,260 $104,236 
Less: Property expenses35,405 33,429 32,090 27,501 24,555 
Net Operating Income (NOI)$113,582 $107,159 $100,503 $87,759 $79,681 
Amortization of above/below market lease intangibles(6,126)(5,091)(6,154)(3,191)(3,386)
Straight line rental revenue adjustment(8,441)(6,901)(5,999)(5,865)(4,840)