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, 2014

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 3, 2014 was 43,478,233.

 

 

 

 

 

 


 

REXFORD INDUSTRIAL REALTY, INC.

QUARTERLY REPORT FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014

TABLE OF CONTENTS

 

PART I.

FINANCIAL INFORMATION

 

 

Item 1

Financial Statements

 

 

 

Unaudited Consolidated  Balance Sheets of Rexford Industrial Realty, Inc. as of September 30, 2014  and December 31, 2013

3

 

 

Unaudited Consolidated and Combined Statements of Operations of Rexford Industrial Realty, Inc. for the Three and Nine Months Ended September 30, 2014  and for the period from July 24, 2013 to September 30, 2013 and Rexford Industrial Realty, Inc. Predecessor for the period from July 1, 2013 to July 23, 2013 and the period from January 1, 2013 to July 23, 2013

4

 

 

Unaudited Consolidated and Combined Statements of Comprehensive Income of Rexford Industrial Realty, Inc. for the Three and Nine Months Ended September 30, 2014  and for the period from July 24, 2013 to September 30, 2013 and Rexford Industrial Realty, Inc. Predecessor for the period from July 1, 2013 to July 23, 2013 and the period from January 1, 2013 to July 23, 2013

5

 

 

Unaudited Consolidated Statement of Changes in Equity of Rexford Industrial Realty, Inc. for the Nine Months Ended September 30, 2014

6

 

 

Unaudited Consolidated and Combined Statements of Cash Flows of Rexford Industrial Realty, Inc. for the Nine Months Ended September 30, 2014 and for the period from July 24, 2013 to September 30, 2013 and Rexford Industrial Realty, Inc. Predecessor for the period from January 1, 2013 to July 23, 2013

7

 

 

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

9

 

Item 2

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

36

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

55

 

Item 4

Controls and Procedures

56

PART II.

OTHER INFORMATION

 

 

Item 1

Legal Proceedings

57

 

Item 1A

Risk Factors

57

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

57

 

Item 3

Defaults Upon Senior Securities

57

 

Item 4

Mine Safety Disclosures

57

 

Item 5

Other Information

58

 

Item 6

Exhibits

59

 

Signatures

60

 

 

 

 


 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

REXFORD INDUSTRIAL REALTY, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited)

 

 

 

September 30, 2014

 

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Land

 

$

325,284,000

 

 

$

216,078,000

 

Buildings and improvements

 

 

449,566,000

 

 

 

311,118,000

 

Tenant improvements

 

 

19,186,000

 

 

 

13,239,000

 

Furniture, fixtures, and equipment

 

 

188,000

 

 

 

188,000

 

  Total real estate held for investment

 

 

794,224,000

 

 

 

540,623,000

 

Accumulated depreciation

 

 

(71,535,000

)

 

 

(58,950,000

)

  Investments in real estate, net

 

 

722,689,000

 

 

 

481,673,000

 

Cash and cash equivalents

 

 

60,541,000

 

 

 

8,997,000

 

Restricted cash

 

 

307,000

 

 

 

325,000

 

Notes receivable

 

 

13,138,000

 

 

 

13,139,000

 

Rents and other receivables, net

 

 

1,738,000

 

 

 

917,000

 

Deferred rent receivable, net

 

 

4,420,000

 

 

 

3,637,000

 

Deferred leasing costs, net

 

 

3,275,000

 

 

 

2,153,000

 

Deferred loan costs, net

 

 

2,995,000

 

 

 

1,597,000

 

Acquired lease intangible assets, net

 

 

23,558,000

 

 

 

13,508,000

 

Acquired indefinite-lived intangible

 

 

5,271,000

 

 

 

5,271,000

 

Other assets

 

 

4,552,000

 

 

 

2,309,000

 

Acquisition related deposits

 

 

-

 

 

 

1,510,000

 

Investment in unconsolidated real estate entities

 

 

5,744,000

 

 

 

5,687,000

 

Assets associated with real estate held for sale

 

 

-

 

 

 

13,952,000

 

Total Assets

 

$

848,228,000

 

 

$

554,675,000

 

LIABILITIES & EQUITY

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

Notes payable

 

$

269,811,000

 

 

$

192,491,000

 

Accounts payable, accrued expenses and other liabilities

 

 

9,620,000

 

 

 

5,783,000

 

Dividends payable

 

 

5,191,000

 

 

 

5,368,000

 

Acquired lease intangible liabilities, net

 

 

1,921,000

 

 

 

1,143,000

 

Tenant security deposits

 

 

7,927,000

 

 

 

6,099,000

 

Prepaid rents

 

 

1,329,000

 

 

 

1,426,000

 

Liabilities associated with real estate held for sale

 

 

-

 

 

 

596,000

 

Total Liabilities

 

 

295,799,000

 

 

 

212,906,000

 

Equity

 

 

 

 

 

 

 

 

Rexford Industrial Realty, Inc. stockholders' equity

 

 

 

 

 

 

 

 

Common Stock, $0.01 par value 490,000,000 authorized and 43,257,883 and 25,559,886 outstanding at September 30, 2014 and December 31, 2013, respectively

 

 

431,000

 

 

 

255,000

 

Additional paid in capital

 

 

538,248,000

 

 

 

311,936,000

 

Cumulative distributions in excess of earnings

 

 

(16,574,000

)

 

 

(5,993,000

)

Accumulated other comprehensive income

 

 

158,000

 

 

 

-

 

Total stockholders' equity

 

 

522,263,000

 

 

 

306,198,000

 

Noncontrolling interests

 

 

30,166,000

 

 

 

35,571,000

 

Total Equity

 

 

552,429,000

 

 

 

341,769,000

 

Total Liabilities and Equity

 

$

848,228,000

 

 

$

554,675,000

 

 

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

 

 

 

Three Months Ended
September 30, 2014

 

 

Period From
July 24, 2013
to September 30, 2013

 

 

Period From
July 1, 2013 to July 23, 2013

 

 

Nine Months Ended
September 30, 2014

 

 

Period From
July 24, 2013
to September 30, 2013

 

 

Period From January 1,
2013 to July 23, 2013

 

RENTAL REVENUES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental revenues

 

$

15,516,000

 

 

$

7,640,000

 

 

 

2,384,000

 

 

$

39,917,000

 

 

$

7,640,000

 

 

$

19,206,000

 

Tenant reimbursements

 

 

2,052,000

 

 

 

828,000

 

 

 

254,000

 

 

 

5,244,000

 

 

 

828,000

 

 

 

2,212,000

 

Management, leasing and development services

 

 

171,000

 

 

 

281,000

 

 

 

13,000

 

 

 

654,000

 

 

 

281,000

 

 

 

444,000

 

Other income

 

 

16,000

 

 

 

40,000

 

 

 

20,000

 

 

 

73,000

 

 

 

40,000

 

 

 

187,000

 

TOTAL RENTAL REVENUES

 

 

17,755,000

 

 

 

8,789,000

 

 

 

2,671,000

 

 

 

45,888,000

 

 

 

8,789,000

 

 

 

22,049,000

 

Interest income

 

 

281,000

 

 

 

191,000

 

 

 

63,000

 

 

 

835,000

 

 

 

191,000

 

 

 

698,000

 

TOTAL REVENUES

 

 

18,036,000

 

 

 

8,980,000

 

 

 

2,734,000

 

 

 

46,723,000

 

 

 

8,980,000

 

 

 

22,747,000

 

OPERATING EXPENSES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property expenses

 

 

4,879,000

 

 

 

2,527,000

 

 

 

690,000

 

 

 

12,905,000

 

 

 

2,527,000

 

 

 

5,924,000

 

General and administrative

 

 

3,273,000

 

 

 

2,500,000

 

 

 

1,885,000

 

 

 

8,658,000

 

 

 

2,500,000

 

 

 

4,420,000

 

Depreciation and amortization

 

 

8,032,000

 

 

 

3,025,000

 

 

 

887,000

 

 

 

20,165,000

 

 

 

3,025,000

 

 

 

7,022,000

 

TOTAL OPERATING EXPENSES

 

 

16,184,000

 

 

 

8,052,000

 

 

 

3,462,000

 

 

 

41,728,000

 

 

 

8,052,000

 

 

 

17,366,000

 

OTHER (INCOME) EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition expenses

 

 

426,000

 

 

 

119,000

 

 

 

7,000

 

 

 

1,411,000

 

 

 

119,000

 

 

 

724,000

 

Interest expense

 

 

1,957,000

 

 

 

717,000

 

 

 

1,233,000

 

 

 

4,745,000

 

 

 

717,000

 

 

 

9,395,000

 

Gain on mark-to-market of interest rate swaps

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(49,000

)

TOTAL OTHER EXPENSE

 

 

2,383,000

 

 

 

836,000

 

 

 

1,240,000

 

 

 

6,156,000

 

 

 

836,000

 

 

 

10,070,000

 

TOTAL EXPENSES

 

 

18,567,000

 

 

 

8,888,000

 

 

 

4,702,000

 

 

 

47,884,000

 

 

 

8,888,000

 

 

 

27,436,000

 

Equity in income (loss) from unconsolidated real estate entities

 

 

2,000

 

 

 

83,000

 

 

 

9,000

 

 

 

(4,000

)

 

 

83,000

 

 

 

(915,000

)

Gain from early repayment of note receivable

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,365,000

 

Loss on extinguishment of debt

 

 

-

 

 

 

-

 

 

 

(3,918,000

)

 

 

-

 

 

 

-

 

 

 

(3,955,000

)

Loss on sale of real estate

 

 

(150,000

)

 

 

-

 

 

 

-

 

 

 

(150,000

)

 

 

-

 

 

 

-

 

NET INCOME (LOSS) FROM CONTINUING OPERATIONS

 

 

(679,000

)

 

 

175,000

 

 

 

(5,877,000

)

 

 

(1,315,000

)

 

 

175,000

 

 

 

(8,194,000

)

DISCONTINUED OPERATIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before gain on sale of real estate and loss on extinguishment of debt

 

 

-

 

 

 

120,000

 

 

 

26,000

 

 

 

21,000

 

 

 

120,000

 

 

 

(809,000

)

Loss on extinguishment of debt

 

 

-

 

 

 

-

 

 

 

(17,000

)

 

 

-

 

 

 

-

 

 

 

(267,000

)

Gain on sale of real estate

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,125,000

 

 

 

-

 

 

 

4,989,000

 

INCOME FROM DISCONTINUED OPERATIONS

 

 

-

 

 

 

120,000

 

 

 

9,000

 

 

 

2,146,000

 

 

 

120,000

 

 

 

3,913,000

 

NET INCOME (LOSS)

 

 

(679,000

)

 

 

295,000

 

 

 

(5,868,000

)

 

 

831,000

 

 

 

295,000

 

 

 

(4,281,000

)

Net (income) loss attributable to noncontrolling interests

 

 

80,000

 

 

 

(39,000

)

 

 

3,559,000

 

 

 

(80,000

)

 

 

(39,000

)

 

 

15,000

 

NET INCOME (LOSS) ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. STOCKHOLDERS AND PARTICIPATING SECURITIES

 

$

(599,000

)

 

$

256,000

 

 

$

(2,309,000

)

 

$

751,000

 

 

$

256,000

 

 

$

(4,266,000

)

Income (loss) from continuing operations available to common stockholders per share - basic and diluted

 

$

(0.02

)

 

$

0.01

 

 

 

 

 

 

$

(0.04

)

 

$

0.01

 

 

 

 

 

Net income (loss) available to common stockholders per share - basic and diluted

 

$

(0.02

)

 

$

0.01

 

 

 

 

 

 

$

0.02

 

 

$

0.01

 

 

 

 

 

Weighted average shares of common stock outstanding - basic and diluted

 

 

33,527,183

 

 

 

24,574,432

 

 

 

 

 

 

 

28,151,818

 

 

 

24,574,432

 

 

 

 

 

Dividends declared per common share

 

$

0.12

 

 

$

-

 

 

 

 

 

 

$

0.36

 

 

$

-

 

 

 

 

 

 

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 STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)

 

 

 

Rexford Industrial Realty, Inc.

 

 

Rexford
Industrial

Realty, Inc. Predecessor

 

 

Rexford Industrial Realty, Inc.

 

 

Rexford
Industrial

Realty, Inc. Predecessor

 

 

 

Three Months Ended
September 30,
2014

 

 

Period From
July 24, 2013
to September 30, 2013

 

 

Period From
July 1, 2013 to
July 23, 2013

 

 

Nine Months
Ended
September 30,
2014

 

 

Period From
July 24, 2013
to September 
30, 2013

 

 

Period From January 1,
2013 to July 23, 2013

 

Net income (loss)

 

$

(679,000

)

 

$

295,000

 

 

$

(5,868,000

)

 

$

831,000

 

 

$

295,000

 

 

$

(4,281,000

)

Other comprehensive income: cash flow hedge adjustment

 

 

626,000

 

 

 

-

 

 

 

-

 

 

 

167,000

 

 

 

-

 

 

 

-

 

Comprehensive (loss) income

 

 

(53,000

)

 

 

295,000

 

 

 

(5,868,000

)

 

 

998,000

 

 

 

295,000

 

 

 

(4,281,000

)

Less: comprehensive loss (income) attributable to noncontrolling interests

 

 

22,000

 

 

 

(39,000

)

 

 

3,559,000

 

 

 

(89,000

)

 

 

(39,000

)

 

 

15,000

 

Comprehensive (loss) income attributable to common stockholders

 

$

(31,000

)

 

$

256,000

 

 

$

(2,309,000

)

 

$

909,000

 

 

$

256,000

 

 

$

(4,266,000

)

 

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

 

 

 

5


 

REXFORD INDUSTRIAL REALTY, INC.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)

 

 

 

Rexford Industrial Realty, Inc.

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Common

Stock

 

 

Additional

Paid-in Capital

 

 

Cumulative Distributions in Excess of Earnings

 

 

Accumulated

Other

Comprehensive

Income

 

 

Total

Stockholders'

Equity

 

 

Noncontrolling

Interests

 

 

Total Equity

 

Balance at January 1, 2014

 

 

25,559,886

 

 

$

255,000

 

 

$

311,936,000

 

 

$

(5,993,000

)

 

$

-

 

 

$

306,198,000

 

 

$

35,571,000

 

 

$

341,769,000

 

Issuance of common stock

 

 

17,250,000

 

 

 

172,000

 

 

 

232,703,000

 

 

 

-

 

 

 

-

 

 

 

232,875,000

 

 

 

-

 

 

 

232,875,000

 

Offering costs

 

 

-

 

 

 

-

 

 

 

(11,326,000

)

 

 

-

 

 

 

-

 

 

 

(11,326,000

)

 

 

-

 

 

 

(11,326,000

)

Share-based compensation

 

 

91,693

 

 

 

-

 

 

 

897,000

 

 

 

-

 

 

 

-

 

 

 

897,000

 

 

 

-

 

 

 

897,000

 

Repurchase of common shares

 

 

(6,928

)

 

 

-

 

 

 

(98,000

)

 

 

-

 

 

 

-

 

 

 

(98,000

)

 

 

-

 

 

 

(98,000

)

Conversion of common units to common stock

 

 

363,232

 

 

 

4,000

 

 

 

4,136,000

 

 

 

-

 

 

 

-

 

 

 

4,140,000

 

 

 

(4,140,000

)

 

 

-

 

Dividends

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(11,332,000

)

 

 

-

 

 

 

(11,332,000

)

 

 

-

 

 

 

(11,332,000

)

Distributions

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,354,000

)

 

 

(1,354,000

)

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

751,000

 

 

 

-

 

 

 

751,000

 

 

 

80,000

 

 

 

831,000

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

158,000

 

 

 

158,000

 

 

 

9,000

 

 

 

167,000

 

Balance at September 30, 2014

 

 

43,257,883

 

 

$

431,000

 

 

$

538,248,000

 

 

$

(16,574,000

)

 

$

158,000

 

 

$

522,263,000

 

 

$

30,166,000

 

 

$

552,429,000

 

 

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

 

 

 

6


 

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

 

 

 

Nine Months
Ended
September 30, 2014

 

 

Period From

July 24, 2013 to September 30, 2013

 

 

Period From
January 1, 2013 to
July 23, 2013

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

831,000

 

 

$

295,000

 

 

$

(4,281,000

)

Adjustments to reconcile net income (loss) to net

   cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (income) loss of unconsolidated real estate entities

 

 

4,000

 

 

 

(83,000

)

 

 

915,000

 

Depreciation and amortization

 

 

20,165,000

 

 

 

3,025,000

 

 

 

7,022,000

 

Depreciation and amortization included in discontinued operations

 

 

7,000

 

 

 

37,000

 

 

 

776,000

 

Amortization of above (below) market lease intangibles, net

 

 

305,000

 

 

 

122,000

 

 

 

256,000

 

Accretion of discount on notes receivable

 

 

(195,000

)

 

 

(33,000

)

 

 

(94,000

)

Loss on extinguishment of debt

 

 

-

 

 

 

-

 

 

 

4,222,000

 

Loss on sale of real estate

 

 

150,000

 

 

 

-

 

 

 

-

 

Gain on sale of real estate included in discontinued operations

 

 

(2,125,000

)

 

 

-

 

 

 

(4,989,000

)

Amortization of loan costs

 

 

478,000

 

 

 

93,000

 

 

 

784,000

 

Gain on mark-to-market interest rate swaps

 

 

-

 

 

 

-

 

 

 

(49,000

)

Accretion of premium on notes payable

 

 

(127,000

)

 

 

-

 

 

 

-

 

Deferred interest expense

 

 

-

 

 

 

-

 

 

 

573,000

 

Equity based compensation expense

 

 

791,000

 

 

 

382,000

 

 

 

985,000

 

Gain from early repayment of notes receivable

 

 

-

 

 

 

-

 

 

 

(1,365,000

)

Change in working capital components:

 

 

-

 

 

 

 

 

 

 

 

 

Rents and other receivables

 

 

(809,000

)

 

 

(20,000

)

 

 

(161,000

)

Deferred rent receivable

 

 

(806,000

)

 

 

(285,000

)

 

 

(263,000

)

Change in restricted cash

 

 

-

 

 

 

-

 

 

 

1,137,000

 

Leasing commissions

 

 

(1,873,000

)

 

 

(224,000

)

 

 

(980,000

)

Other assets

 

 

(675,000

)

 

 

(752,000

)

 

 

(1,172,000

)

Accounts payable, accrued expenses and other liabilities

 

 

1,935,000

 

 

 

616,000

 

 

 

942,000

 

Tenant security deposits

 

 

841,000

 

 

 

72,000

 

 

 

507,000

 

Prepaid rent

 

 

(996,000

)

 

 

272,000

 

 

 

(172,000

)

Net cash provided by operating activities

 

 

17,901,000

 

 

 

3,517,000

 

 

 

4,593,000

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition of investments in real estate

 

 

(248,472,000

)

 

 

(13,924,000

)

 

 

(73,332,000

)

Capital expenditures

 

 

(8,776,000

)

 

 

(617,000

)

 

 

(1,439,000

)

Consolidation of La Jolla Sorrento

 

 

-

 

 

 

-

 

 

 

373,000

 

Acquisition related deposits

 

 

1,510,000

 

 

 

(1,235,000

)

 

 

50,000

 

Contributions to unconsolidated real estate entities

 

 

(105,000

)

 

 

-

 

 

 

-

 

Distributions from unconsolidated real estate entities

 

 

44,000

 

 

 

-

 

 

 

271,000

 

Change in restricted cash

 

 

18,000

 

 

 

(9,000

)

 

 

408,000

 

Principal repayments of notes receivable

 

 

196,000

 

 

 

39,000

 

 

 

5,516,000

 

Disposition of investment in real estate

 

 

15,410,000

 

 

 

-

 

 

 

21,537,000

 

Net cash used in investing activities

 

 

(240,175,000

)

 

 

(15,746,000

)

 

 

(46,616,000

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock, net

 

 

221,773,000

 

 

 

208,280,000

 

 

 

-

 

Proceeds from private placement

 

 

-

 

 

 

47,016,000

 

 

 

-

 

Proceeds from notes payable

 

 

209,000,000

 

 

 

80,875,000

 

 

 

55,590,000

 

Repayment of notes payable

 

 

(142,118,000

)

 

 

(311,848,000

)

 

 

(21,135,000

)

Deferred loan costs

 

 

(1,876,000

)

 

 

(1,702,000

)

 

 

(812,000

)

Prepaid offering costs

 

 

-

 

 

 

-

 

 

 

(1,504,000

)

Capital contributions from Predecessor members

 

 

-

 

 

 

-

 

 

 

1,156,000

 

Distributions to Predecessor members

 

 

-

 

 

 

-

 

 

 

(6,825,000

)

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

)

 

 

-

 

Dividends paid to common stockholders

 

 

(11,509,000

)

 

 

-

 

 

 

-

 

Distributions paid to common unitholders

 

 

(1,354,000

)

 

 

-

 

 

 

-

 

Repurchase of common shares

 

 

(98,000

)

 

 

 

 

 

 

 

 

Change in restricted cash

 

 

-

 

 

 

-

 

 

 

48,000

 

Net cash provided by (used in) financing activities

 

 

273,818,000