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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                  to                 
Commission File Number: 001-36008
Rexford Industrial Realty, Inc.
(Exact name of registrant as specified in its charter) 
 
Maryland46-2024407
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
11620 Wilshire Boulevard, Suite 1000Los AngelesCalifornia90025
(Address of principal executive offices)(Zip Code)
(310) 966-1680
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolsName of each exchange on which registered
Common Stock, $0.01 par value REXRNew York Stock Exchange
5.875% Series B Cumulative Redeemable Preferred StockREXR-PBNew York Stock Exchange
5.625% Series C Cumulative Redeemable Preferred StockREXR-PCNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.      
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
The number of shares of common stock outstanding at October 19, 2022 was 183,492,816.



REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022
TABLE OF CONTENTS
 
PART I 
  
  
  
  
  
  
  
 
 
 
PART II. 
 
 
 
 
 
 
 
 

2


PART I. FINANCIAL INFORMATION
 
Item 1.        Financial Statements

REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands – except share and per share data)
 September 30, 2022December 31, 2021
ASSETS  
Land$5,559,795 $4,143,021 
Buildings and improvements3,275,572 2,588,836 
Tenant improvements141,413 127,708 
Furniture, fixtures and equipment132 132 
Construction in progress88,545 71,375 
Total real estate held for investment9,065,457 6,931,072 
Accumulated depreciation(576,004)(473,382)
Investments in real estate, net8,489,453 6,457,690 
Cash and cash equivalents37,141 43,987 
Restricted cash 11 
Rents and other receivables, net12,592 11,027 
Deferred rent receivable, net81,867 61,511 
Deferred leasing costs, net42,758 32,940 
Deferred loan costs, net5,184 1,961 
Acquired lease intangible assets, net175,913 132,158 
Acquired indefinite-lived intangible5,156 5,156 
Interest rate swap asset12,565  
Other assets27,868 19,066 
Acquisition related deposits8,200 8,445 
Assets associated with real estate held for sale 7,213 
Total Assets$8,898,697 $6,781,165 
LIABILITIES & EQUITY  
Liabilities  
Notes payable$1,934,082 $1,399,565 
Interest rate swap liability 7,482 
Accounts payable, accrued expenses and other liabilities113,770 65,833 
Dividends and distributions payable59,926 40,143 
Acquired lease intangible liabilities, net154,851 127,017 
Tenant security deposits69,756 57,370 
Prepaid rents19,992 15,829 
Liabilities associated with real estate held for sale 231 
Total Liabilities2,352,377 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 September 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 September 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 182,576,706 and 160,511,482 shares outstanding at September 30, 2022 and December 31, 2021, respectively
1,826 1,605 
Additional paid-in capital6,254,853 4,828,292 
Cumulative distributions in excess of earnings(237,135)(191,120)
Accumulated other comprehensive loss9,223 (9,874)
Total stockholders’ equity6,184,443 4,784,579 
Noncontrolling interests361,877 283,116 
Total Equity6,546,320 5,067,695 
Total Liabilities and Equity$8,898,697 $6,781,165 
The accompanying notes are an integral part of these consolidated financial statements.
3


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands – except share and per share data)

 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
REVENUES   
Rental income$162,581 $115,260 $452,156 $319,140 
Management and leasing services163 136 456 350 
Interest income3 7 5 36 
TOTAL REVENUES162,747 115,403 452,617 319,526 
OPERATING EXPENSES
Property expenses39,614 27,501 108,448 75,631 
General and administrative14,951 11,806 44,531 33,981 
Depreciation and amortization51,146 38,676 140,226 110,048 
TOTAL OPERATING EXPENSES105,711 77,983 293,205 219,660 
OTHER EXPENSES  
Other expenses413 4 746 35 
Interest expense14,975 10,427 34,826 29,772 
TOTAL EXPENSES121,099 88,414 328,777 249,467 
Loss on extinguishment of debt (505)(877)(505)
Gains on sale of real estate 13,702 8,486 27,312 
NET INCOME41,648 40,186 131,449 96,866 
 Less: net income attributable to noncontrolling interests(2,368)(2,173)(7,142)(5,852)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.39,280 38,013 124,307 91,014 
 Less: preferred stock dividends(2,314)(2,976)(6,943)(10,249)
 Less: original issuance costs of redeemed preferred stock (3,349) (3,349)
 Less: earnings allocated to participating securities (201)(143)(605)(423)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS$36,765 $31,545 $116,759 $76,993 
Net income attributable to common stockholders per share - basic$0.21 $0.23 $0.70 $0.57 
Net income attributable to common stockholders per share - diluted$0.21 $0.23 $0.70 $0.57 
Weighted average shares of common stock outstanding - basic171,908,895 138,762,384 165,852,466 134,922,168 
Weighted average shares of common stock outstanding - diluted172,831,173 139,630,475 166,401,434 135,429,176 
 
The accompanying notes are an integral part of these consolidated financial statements.
4


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited and in thousands)
 
 
Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Net income$41,648 $40,186 $131,449 $96,866 
Other comprehensive income (loss): cash flow hedge adjustments12,694 (900)19,861 4,806 
Comprehensive income54,342 39,286 151,310 101,672 
Comprehensive income attributable to noncontrolling interests(2,865)(2,188)(7,906)(6,183)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$51,477 $37,098 $143,404 $95,489 
 
 
The accompanying notes are an integral part of these consolidated financial statements.
5


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data) 
 
Preferred StockNumber of Common
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive (Loss) Income
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at June 30, 2022$155,676 171,064,419 $1,711 $5,556,819 $(216,588)$(2,974)$5,494,644 $357,054 $5,851,698 
Issuance of common stock— 11,515,553 115 705,587 — — 705,702 — 705,702 
Offering costs— — — (8,876)— — (8,876)— (8,876)
Share-based compensation— (1,274)— 1,436 — — 1,436 5,047 6,483 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (1,992)— (113)— — (113)— (113)
Acquisition of private REIT - preferred units— — — — — — — 122 122 
Net income2,314 — — — 36,966 — 39,280 2,368 41,648 
Other comprehensive income— — — — — 12,197 12,197 497 12,694 
Preferred stock dividends ($0.367188 per series B preferred share and $0.351563 per series C preferred share)
(2,314)— — — — — (2,314)— (2,314)
Preferred unit distributions— — — — — — — (798)(798)
Common stock dividends ($0.315 per common share)
— — — — (57,513)— (57,513)— (57,513)
Common unit distributions— — — — — — — (2,413)(2,413)
Balance at September 30, 2022$155,676 182,576,706 $1,826 $6,254,853 $(237,135)$9,223 $6,184,443 $361,877 $6,546,320 

The accompanying notes are an integral part of these consolidated financial statements.

6



REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 
 Preferred StockNumber of Common
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at June 30, 2021$242,327 137,727,998 $1,377 $3,499,623 $(182,851)$(12,319)$3,548,157 $284,615 $3,832,772 
Issuance of common stock— 13,688,432 137 791,129 — — 791,266 — 791,266 
Offering costs— — (8,552)— — (8,552)— (8,552)
Share-based compensation— 16,238 — 1,000 — — 1,000 3,596 4,596 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (609)— (38)— — (38)— (38)
Conversion of OP Units to common stock— 12,849  438 — — 438 (438) 
Net income2,976 — — — 35,037 38,013 2,173 40,186 
Other comprehensive income— — — — — (915)(915)15 (900)
Redemption of 5.875% series A preferred stock
(86,651)— — — (3,349)— (90,000)— (90,000)
Preferred stock dividends ($0.183594 per series A preferred share, $0.367188 per series B preferred share and $0.351563 per series C preferred share)
(2,976)— — — — — (2,976)— (2,976)
Preferred unit distributions— — — — — — — (708)(708)
Common stock dividends ($0.24 per common share)
— — — — (36,347)— (36,347)— (36,347)
Common unit distributions— — — — — — — (1,623)(1,623)
Balance at September 30, 2021$155,676 151,444,908 $1,514 $4,283,600 $(187,510)$(13,234)$4,240,046 $287,630 $4,527,676 

The accompanying notes are an integral part of these consolidated financial statements.

7


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 
Preferred StockNumber of Common
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at December 31, 2021$155,676 160,511,482 $1,605 $4,828,292 $(191,120)$(9,874)$4,784,579 $283,116 $5,067,695 
Issuance of common stock— 21,885,446 219 1,441,506 — — 1,441,725 — 1,441,725 
Offering costs— — — (20,122)— — (20,122)— (20,122)
Issuance of OP Units— — — — — — — 56,167 56,167 
Issuance of 3.00% cumulative redeemable convertible preferred units
— — — — — — — 12,000 12,000 
Share-based compensation— 123,840 1 4,090 — — 4,091 15,073 19,164 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (31,230)— (2,138)— — (2,138)— (2,138)
Conversion of OP units to common stock— 87,168 1 3,225 — — 3,226 (3,226) 
Acquisition of private REIT - preferred units— — — — — — — 122 122 
Net income6,943 — — — 117,364 — 124,307 7,142 131,449 
Other comprehensive income— — — — — 19,097 19,097 764 19,861 
Preferred stock dividends ($1.101564 per series B preferred share and $1.054689 per series C preferred share)
(6,943)— — — — — (6,943)— (6,943)
Preferred unit distributions— — — — — — — (2,319)(2,319)
Common stock dividends ($0.945 per common share)
— — — — (163,379)— (163,379)— (163,379)
Common unit distributions— — — — — — — (6,962)(6,962)
Balance at September 30, 2022$155,676 182,576,706 $1,826 $6,254,853 $(237,135)$9,223 $6,184,443 $361,877 $6,546,320 

The accompanying notes are an integral part of these consolidated financial statements.

8


 REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data) 

 
 Preferred StockNumber of Common
Shares
Common
Stock
Additional
Paid-in Capital
Cumulative Distributions in Excess of EarningsAccumulated
Other
Comprehensive
(Loss) Income
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at December 31, 2020$242,327 131,426,038 $1,313 $3,182,599 $(163,389)$(17,709)$3,245,141 $285,451 $3,530,592 
Issuance of common stock— 19,711,131 198 1,104,244 — — 1,104,442 — 1,104,442 
Offering costs— — — (12,284)— — (12,284)— (12,284)
Share-based compensation— 109,029 1 2,790 — — 2,791 10,703 13,494 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (28,943)— (1,403)— — (1,403)— (1,403)
Conversion of units to common stock— 227,653 2 7,654 — — 7,656 (7,656) 
Net income10,249 — — — 80,765 — 91,014 5,852 96,866 
Other comprehensive income— — — — — 4,475 4,475 331 4,806 
Redemption of 5.875% series A preferred stock
(86,651)— — — (3,349)— (90,000)— (90,000)
Preferred stock dividends ($0.917970 per series A preferred share, $1.101564 per series B preferred share and $1.054689 per series C preferred share)
(10,249)— — — — — (10,249)— (10,249)
Preferred unit distributions— — — — — — — (2,124)(2,124)
Common stock dividends ($0.72 per share)
— — — — (101,537)— (101,537)— (101,537)
Common unit distributions— — — — — — — (4,927)(4,927)
Balance at September 30, 2021$155,676 151,444,908 $