UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

      

FORM 10-Q

      

(Mark One)

 

þ

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2013

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)

      

   

 

MARYLAND

46-2024407

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

   

   

11620 Wilshire Boulevard, Suite 1000,

Los Angeles, California

90025

(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)

      

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  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).    Yes  þ    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

   

 

Large accelerated filer ¨

   

Accelerated filer ¨

   

Non-accelerated filer þ

   

Smaller reporting company ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  þ

The number of shares of common stock outstanding at November 12, 2013 was 25,626,596.

      

      

   

               

 

   


   

REXFORD INDUSTRIAL REALTY, INC.

QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2013

TABLE OF CONTENTS

   

 

PART I.

FINANCIAL INFORMATION  

   

   

Item 1

Financial Statements  

   

   

   

Consolidated and Combined Balance Sheets of Rexford Industrial Realty, Inc. and Rexford Industrial Realty, Inc. Predecessor as of September 30, 2013 (unaudited) and December 31, 2012  

 

 3

   

   

Consolidated and Combined Statements of Operations of Rexford Industrial Realty, Inc. for the period from July 24, 2013 through September 30, 2013 (unaudited) and Rexford Industrial Realty, Inc. Predecessor for the period from July 1, 2013 to July 23, 2013 (unaudited), and the Three and Nine Months Ended September 30, 2012 (unaudited)  

 

 4

   

   

Consolidated and Combined Statements of Changes in Equity of Rexford Industrial Realty, Inc. for the period from July 24, 2013 through September 30, 2013 (unaudited) and Rexford Industrial Realty, Inc. Predecessor for the period from January 1, 2013 to July 23, 2013 (unaudited)  

 

 5

   

   

Consolidated and Combined Statements of Cash Flows of Rexford Industrial Realty, Inc. for the period from July 24, 2013 through September 30, 2013 (unaudited) and Rexford Industrial Realty, Inc. Predecessor for the period from January 1, 2013 through July 23, 2013 (unaudited) and the Nine Months Ended September 30, 2012 (unaudited)  

 

 6

   

   

Notes to the Consolidated and Combined Financial Statements of Rexford Industrial Realty, Inc. and Rexford Industrial Realty, Inc. Predecessor  

 

 8

   

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations  

 

 27

   

Item 3

Quantitative and Qualitative Disclosures About Market Risk  

 

 43

   

Item 4

Controls and Procedures  

 

 44

PART II.

OTHER INFORMATION  

   

   

Item 1

Legal Proceedings  

 

 44

   

Item 1A

Risk Factors  

 

 46

   

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds  

 

 47

   

Item 3

Defaults Upon Senior Securities  

 

 47

   

Item 4

Mine Safety Disclosures  

 

 47

   

Item 5

Other Information  

 

 48

   

Item 6

Exhibits  

 

 48

   

Signatures  

 

 49

   

   

   

       

 

   


   

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

CONSOLIDATED AND COMBINED BALANCE SHEETS

   

 

   

Rexford Industrial
Realty, Inc.

   

   

Rexford Industrial
Realty, Inc.
Predecessor

   

   

September 30, 2013
(Unaudited)

   

   

December 31, 2012

   

ASSETS

   

   

   

   

   

   

   

Land

$

216,519,000

      

   

$

154,413,000

      

Buildings and improvements

   

268,240,000

      

   

   

210,657,000

      

Tenant improvements

   

11,726,000

      

   

   

12,330,000

      

Furniture, fixtures, and equipment

   

188,000

      

   

   

188,000

      

Total real estate held for investment

   

496,673,000

      

   

   

377,588,000

      

Accumulated depreciation

   

(57,912,000

)

   

   

(56,626,000

)

Investments in real estate, net

   

438,761,000

      

   

   

320,962,000

      

Cash and cash equivalents

   

4,399,000

      

   

   

43,499,000

      

Restricted cash

   

298,000

      

   

   

1,882,000

      

Notes receivable

   

13,153,000

      

   

   

11,911,000

      

Rents and other receivables, net

   

869,000

      

   

   

560,000

      

Deferred rent receivable

   

3,746,000

      

   

   

3,768,000

      

Deferred leasing costs and in-place lease intangibles, net

   

11,601,000

      

   

   

5,012,000

      

Deferred loan costs, net

   

1,609,000

      

   

   

1,396,000

      

Acquired above-market leases, net

   

1,888,000

      

   

   

179,000

      

Other assets

   

2,321,000

      

   

   

1,870,000

      

Acquisition related deposits

   

1,435,000

      

   

   

260,000

      

Investment in unconsolidated real estate entities

   

8,982,000

      

   

   

12,697,000

      

Assets associated with real estate held for sale

   

—  

      

   

   

16,500,000

      

Total Assets

$

489,062,000

      

   

$

420,496,000

      

   

   

   

   

   

   

   

   

LIABILITIES & EQUITY

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

Liabilities

   

   

   

   

   

   

   

Notes payable

$

122,857,000

      

   

$

302,830,000

      

Accounts payable, accrued expenses and other liabilities

   

4,602,000

      

   

   

2,589,000

      

Due to members

   

—  

      

   

   

1,221,000

      

Interest rate contracts

   

—  

      

   

   

49,000

      

Acquired below-market leases, net

   

535,000

      

   

   

39,000

      

Tenant security deposits

   

4,942,000

      

   

   

3,753,000

      

Prepaid rents

   

524,000

      

   

   

334,000

      

Liabilities associated with real estate held for sale

   

—  

      

   

   

13,433,000

      

Total Liabilities

$

133,460,000

      

   

$

324,248,000

      

   

   

   

   

   

   

   

   

Equity

   

   

   

   

   

   

   

Rexford Industrial Realty, Inc. stockholders' equity and Predecessor equity Common Stock, $0.01 par value 490,000,000 authorized and 25,678,575 outstanding

   

257,000

      

   

   

—  

      

Additional paid in capital

   

308,937,000

      

   

   

—  

      

Retained earnings

   

256,000

      

   

   

—  

      

Total stockholders' equity

   

309,450,000

      

   

   

—  

      

Predecessor equity

   

—  

      

   

   

(12,691,000

)

Noncontrolling interests

   

46,152,000

      

   

   

108,939,000

      

Total Equity

   

355,602,000

      

   

   

96,248,000

      

Total Liabilities and Equity

$

489,062,000

      

   

$

420,496,000

      

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

   

   

   

 

 

 3 


   

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited)

   

 

   

Rexford Industrial  
Realty, Inc.

   

   

Rexford Industrial Realty, Inc. Predecessor

   

   

Rexford Industrial  
Realty, Inc.

   

   

Rexford Industrial Realty, Inc. Predecessor

   

   

Period from
July 24, 2013 to  
September 30, 2013

   

   

Period from
July 1, 2013 to  
July 23, 2013

   

   

Three Months
Ended
September 30, 2012

   

   

Period from
July 24, 2013 to  
September 30, 2013

   

   

Period from
January 1, 2013  
to July 23, 2013

   

   

Nine Months
Ended
September 30, 2012

   

RENTAL REVENUES

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

Rental revenues

$

7,798,000

   

   

$

2,460,000

   

   

$

6,875,000

   

   

$

7,798,000

   

   

$

19,392,000

   

   

$

20,658,000

   

Tenant reimbursements

   

863,000

   

   

   

265,000

   

   

   

770,000

   

   

   

863,000

   

   

   

2,239,000

   

   

   

2,184,000

   

Management, leasing and development services

   

281,000

   

   

   

13,000

   

   

   

174,000

   

   

   

281,000

   

   

   

444,000

   

   

   

344,000

   

Other income

   

40,000

   

   

   

20,000

   

   

   

28,000

   

   

   

40,000

   

   

   

187,000

   

   

   

78,000

   

TOTAL RENTAL REVENUES

   

8,982,000

   

   

   

2,758,000

   

   

   

7,847,000

   

   

   

8,982,000

   

   

   

22,262,000

   

   

   

23,264,000

   

Interest income

   

191,000

   

   

   

63,000

   

   

   

397,000

   

   

   

191,000

   

   

   

698,000

   

   

   

1,182,000

   

TOTAL REVENUES

   

9,173,000

   

   

   

2,821,000

   

   

   

8,244,000

   

   

   

9,173,000

   

   

   

22,960,000

   

   

   

24,446,000

   

OPERATING EXPENSES

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

Property expenses

   

2,060,000

   

   

   

576,000

   

   

   

2,073,000

   

   

   

2,060,000

   

   

   

5,139,000

   

   

   

6,241,000

   

General and administrative

   

2,500,000

   

   

   

1,885,000

   

   

   

1,727,000

   

   

   

2,500,000

   

   

   

4,420,000

   

   

   

3,884,000

   

Depreciation and amortization

   

3,062,000

   

   

   

901,000

   

   

   

3,037,000

   

   

   

3,062,000

   

   

   

7,641,000

   

   

   

9,240,000

   

Other property expenses

   

503,000

   

   

   

124,000

   

   

   

316,000

   

   

   

503,000

   

   

   

904,000

   

   

   

945,000

   

TOTAL OPERATING EXPENSES

   

8,125,000

   

   

   

3,486,000

   

   

   

7,153,000

   

   

   

8,125,000

   

   

   

18,104,000

   

   

   

20,310,000

   

OTHER EXPENSE (INCOME)

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

Acquisition expenses

   

119,000

   

   

   

7,000

   

   

   

11,000

   

   

   

119,000

   

   

   

724,000

   

   

   

245,000

   

Interest expense

   

717,000

   

   

   

1,270,000

   

   

   

4,426,000

   

   

   

717,000

   

   

   

9,593,000

   

   

   

12,931,000

   

Gain on mark-to-market of interest rate swaps

   

—  

   

   

   

—  

   

   

   

(611,000

)

   

   

—  

   

   

   

(49,000

)

   

   

(1,835,000

)

TOTAL OTHER EXPENSE

   

836,000

   

   

   

1,277,000

   

   

   

3,826,000

   

   

   

836,000

   

   

   

10,268,000

   

   

   

11,341,000

   

TOTAL EXPENSES

   

8,961,000

   

   

   

4,763,000

   

   

   

10,979,000

   

   

   

8,961,000

   

   

   

28,372,000

   

   

   

31,651,000

   

Equity in (loss) income from unconsolidated real estate entities

   

83,000

   

   

   

9,000

   

   

   

99,000

   

   

   

83,000

   

   

   

(915,000

)

   

   

66,000

   

Gain from early repayment of note receivable

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

1,365,000

   

   

   

—  

   

Loss on extinguishment of debt

   

—  

   

   

   

(3,935,000

)

   

   

—  

   

   

   

—  

   

   

   

(3,972,000

)

   

   

—  

   

NET LOSS FROM CONTINUING OPERATIONS

   

295,000

   

   

   

(5,868,000

)

   

   

(2,636,000

)

   

   

295,000

   

   

   

(8,934,000

)

   

   

(7,139,000

)

DISCONTINUED OPERATIONS

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

Loss from discontinued operations before gains on sale of real estate

   

—  

   

   

   

—  

   

   

   

(68,000

)

   

   

—  

   

   

   

(86,000

)

   

   

(136,000

)

Loss on extinguishment of debt

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

(250,000

)

   

   

—  

   

Gain on sale of real estate

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

—  

   

   

   

4,989,000

   

   

   

—  

   

(LOSS) INCOME FROM DISCONTINUED OPERATIONS

   

—  

   

   

   

—  

   

   

   

(68,000

)

   

   

—  

   

   

   

4,653,000

   

   

   

(136,000

)

NET INCOME (LOSS)

   

295,000

   

   

   

(5,868,000

)

   

   

(2,704,000

)

   

   

295,000

   

   

   

(4,281,000

)

   

   

(7,275,000

)

Net (income) loss attributable to noncontrolling interests

$

(39,000

)

   

$

3,559,000

   

   

$

970,000

   

   

$

(39,000

)

   

$

15,000

   

   

$

3,912,000

   

Net income (loss) attributable to common stockholders

$

256,000

   

   

$

(2,309,000

)

   

$

(1,734,000

)

   

$

256,000

   

   

$

(4,266,000

)

   

$

(3,363,000

)

Net income attributable to common stockholders per share - basic

$

0.01

   

   

   

   

   

   

   

   

   

   

$

0.01

   

   

   

   

   

   

   

   

   

Net income attributable to common stockholders per share - diluted

$

0.01

   

   

   

   

   

   

   

   

   

   

$

0.01

   

   

   

   

   

   

   

   

   

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

   

   

 

 

 4 


   

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

   

 

   

Rexford Industrial Realty, Inc.

   

   

   

   

      

Rexford Industrial Realty, Inc.
Predecessor

   

   

   

   

   

Number of
Shares

   

   

Common
Stock

   

   

Additional
Paid-in Capital

   

   

Accumulated
Earnings

   

      

Total
Stockholders'
Equity

   

   

Rexford
Industrial
Realty, Inc.
Noncontrolling
Interests

   

      

Rexford
Industrial
Realty, Inc.
Predecessor

   

   

Noncontrolling
Interests

   

   

Total Equity

   

Balance at January 1, 2013

   

—  

      

   

$

—  

      

   

$

—  

      

   

$

—  

      

      

$

—  

      

   

$

—  

      

      

$

(12,691,000

)

   

$

108,939,000

      

   

$

96,248,000

      

Capital contributions

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

6,000

      

   

   

1,150,000

      

   

   

1,156,000

      

Equity based compensation expense

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

1,000,000

      

   

   

1,000,000

      

Net loss

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

(4,266,000

)

   

   

(15,000

)

   

   

(4,281,000

)

Distributions

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

(2,096,000

)

   

   

(4,729,000

)

   

   

(6,825,000

)

Formation transactions

   

   

   

   

   

   

   

   

   

   

   

   

   

   

   

      

   

   

   

   

   

   

   

      

   

   

   

   

   

   

   

   

   

   

   

Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V REIT, LLC

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

1,160,000

      

   

   

45,856,000

      

   

   

47,016,000

      

Distributions

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

(708,000

)

   

   

(31,020,000

)

   

   

(31,728,000

)

Repurchase of interests from unaccredited investors

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

(96,000

)

   

   

(944,000

)

   

   

(1,040,000

)

Exchange of common units to acquire tenant-in-common

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

40,000

   

   

   

—  

   

   

   

—  

   

   

   

40,000

   

Exchange of Predecessor's equity for common stock and units

   

4,947,558

      

   

   

49,000

      

   

   

55,424,000

      

   

   

—  

      

      

   

55,473,000

      

   

   

46,073,000

      

      

   

18,691,000

      

   

   

(120,237,000

)

   

   

—  

      

Balance at July 24, 2013 prior to initial public offering

   

4,947,558

      

   

$

49,000

      

   

$

55,424,000

      

   

$

—  

      

      

$

55,473,000

      

   

$

46,113,000

      

      

$

—  

      

   

$

—  

      

   

$

101,586,000

      

Issuance of common stock, net of offering costs

   

16,451,972

      

   

   

165,000

      

   

   

206,144,000

      

   

   

—  

      

      

   

206,309,000

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

   

   

206,309,000

      

Proceeds from private placement

   

3,358,311

      

   

   

34,000

      

   

   

46,982,000

      

   

   

—  

      

      

   

47,016,000

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

   

   

47,016,000

      

Issuance of restricted stock

   

920,734

      

   

   

9,000

      

   

   

(9,000

)

   

   

—  

      

      

   

—  

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

   

   

—  

      

Amortization of stock based compensation

   

—  

      

   

   

—  

      

   

   

396,000

      

   

   

—  

      

      

   

396,000

      

   

   

—  

      

      

   

—  

      

   

   

—  

      

   

   

396,000

      

Net income

   

—  

      

   

   

—  

      

   

   

—  

      

   

   

256,000

      

      

   

256,000

      

   

   

39,000

      

      

   

—  

      

   

   

—  

      

   

   

295,000

      

Balance at September 30, 2013

   

25,678,575

      

   

$

257,000

      

   

$

308,937,000

      

   

$

256 ,000

      

   

$

309,450,000

      

   

$

46,152,000

   

   

$

—  

      

   

$

—  

      

   

$

355,602,000

      

   

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

   

 

 

 5 


   

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Unaudited)

   

 

   

Rexford Industrial
Realty, Inc.

   

      

Rexford Industrial Realty, Inc. Predecessor

   

   

Period from
July 24, 2013 to
September 30, 2013

   

      

Period from
January 1, 2013 to
July 23, 2013

   

   

Nine Months Ended
September 30, 2012

   

CASH FLOWS FROM OPERATING ACTIVITIES:

   

   

   

      

   

   

   

   

   

   

   

Net income (loss)

$

295,000

      

      

$

(4,281,000

)

   

$

(7,275,000

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

   

   

   

      

   

   

   

   

   

   

   

Equity in (earnings) loss of unconsolidated real estate entities

   

(83,000

)

      

   

915,000

      

   

   

(66,000

Depreciation and amortization

   

3,062,000

      

      

   

7,641,000

      

   

   

9,240,000

      

Depreciation and amortization included in discontinued operations

   

—  

      

      

   

157,000

      

   

   

883,000

      

Amortization of above market lease intangibles

   

122,000

      

      

   

256,000

      

   

   

133,000

      

Accretion of discount on notes receivable

   

(33,000

)

      

   

(94,000

   

   

(267,000

)

Loss on extinguishment of debt

   

—  

      

      

   

4,222,000

      

   

   

—  

      

Gain on sale of real estate

   

—  

      

      

   

(4,989,000

)

   

   

—  

      

Amortization of loan costs

   

93,000

      

      

   

784,000

      

   

   

604,000

      

Gain on mark-to-market interest rate swaps

   

—  

      

      

   

(49,000

   

   

(1,835,000

Deferred interest expense

   

—  

      

      

   

573,000

      

   

   

797,000

      

Equity based compensation expense

   

382,000

      

      

   

985,000

      

   

   

—  

      

Gain from early repayment of notes receivable

   

—  

      

      

   

(1,365,000

)

   

   

—  

      

Change in working capital components:

   

   

      

      

   

   

   

   

   

   

   

Rents and other receivables

   

(20,000

)

      

   

(161,000

)

   

   

(195,000

Deferred rent receivable

   

(285,000

)

      

   

(263,000

)

   

   

(222,000

Change in restricted cash

   

—  

      

      

   

1,137,000

   

   

   

(532,000

Leasing commissions

   

(224,000

)

      

   

(980,000

)

   

   

(883,000

Other assets

   

(752,000

)

      

   

(1,172,000

)

   

   

(77,000

Accounts payable, accrued expenses and other liabilities

   

616,000

   

      

   

942,000

   

   

   

1,898,000

      

Tenant security deposits

   

72,000

   

      

   

507,000

   

   

   

(138,000

Prepaid rent

   

272,000

      

      

   

(172,000

   

   

(265,000

Net cash provided by operating activities

   

3,517,000

   

      

   

4,593,000

   

   

   

1,800,000

      

CASH FLOWS FROM INVESTING ACTIVITIES:

   

   

   

      

   

   

   

   

   

   

   

Acquisition of investment in real estate

   

(13,924,000

)

      

   

(73,332,000

   

   

(5,701,000

Capital expenditures

   

(617,000

)

      

   

(1,439,000

   

   

(4,215,000

Consolidation of La Jolla Sorrento

   

—  

   

   

   

373,000

   

   

   

—  

   

Acquisition related deposits

   

(1,235,000

)

      

   

50,000

      

   

   

(325,000

Contributions to unconsolidated real estate entities

   

—  

      

      

   

—  

      

   

   

(2,814,000

Distributions from unconsolidated real estate entities

   

—  

      

      

   

271,000

      

   

   

309,000

      

Change in restricted cash

   

(9,000

)

      

   

408,000

   

   

   

248,000

      

Principal repayments of notes receivable

   

39,000

      

      

   

5,516,000

      

   

   

153,000

      

Disposition of investment in real estate

   

—  

      

      

   

21,537,000

      

   

   

100,000

      

Net cash used in investing activities

   

(15,746,000

)

      

   

(46,616,000

   

   

(12,245,000

CASH FLOWS FROM FINANCING ACTIVITIES:

   

   

   

      

   

   

   

   

   

   

   

Issuance of common stock, net

   

208,280,000

      

      

   

—  

      

   

   

—  

      

Proceeds from private placement

   

47,016,000

      

      

   

—  

      

   

   

—  

      

Proceeds from notes payable

   

80,875,000

      

      

   

55,590,000

      

   

   

8,277,000

      

Repayment of notes payable

   

(311,848,000

)

      

   

(21,135,000

   

   

(760,000

 

 

 6 


   

   

 

   

Rexford Industrial
Realty, Inc.

   

      

Rexford Industrial Realty, Inc. Predecessor

   

   

Period from
July 24, 2013 to
September 30, 2013

   

      

Period from
January 1, 2013 to
July 23, 2013

   

   

Nine Months Ended
September 30, 2012

   

Deferred loan costs

   

(1,702,000

)

      

   

(812,000

   

   

(496,000

Prepaid offering costs

   

—  

      

      

   

(1,504,000

   

   

—  

      

Capital contributions from Predecessor members

   

—  

      

      

   

1,156,000

      

   

   

14,923,000

      

Distributions to Predecessor members

   

—  

      

      

   

(6,825,000

   

   

(2,024,000

Reimbursements due to Predecessor members

   

—  

      

      

   

(1,221,000

   

   

—  

      

Distributions due to Predecessor members related to formation transactions

   

(4,953,000

)

   

   

(26,773,000

)

   

   

   

   

Repurchase of interests from unaccredited investors

   

(1,040,000

)

      

   

—  

   

   

   

—  

      

Change in restricted cash

   

—  

   

      

   

48,000

      

   

   

(70,000

Net cash provided by financing activities

   

16,628,000

   

      

   

(1,476,000

   

   

19,850,000

      

Net increase (decrease) in cash and cash equivalents

   

4,399,000

   

      

   

(43,499,000

   

   

9,405,000

      

Cash and cash equivalents, beginning of period

   

—  

      

      

   

43,499,000

      

   

   

20,928,000

      

Cash and cash equivalents, end of period

$

4,399,000

      

      

$

—  

      

   

$

30,333,000

      

   

   

   

   

   

   

   

   

   

   

   

   

Supplemental disclosure of noncash investing and financing transactions:

   

   

   

   

   

   

   

   

   

   

   

Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V, REIT LLC:

   

   

   

   

   

   

   

   

   

   

   

Investment in real estate and acquisition related intangibles

$

—  

   

   

$

(35,532,000

)

   

$

—  

   

Investment in unconsolidated real estate entities

$

—  

   

   

$

(6,131,000

)

   

$

—  

   

Notes receivable

$

—  

   

   

$

(5,305,000

)

   

$

—