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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 June 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 July 22, 2022 was 171,067,048.



REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 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)
 June 30, 2022December 31, 2021
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 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 
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 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 income1 15 2 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 expenses295 2 333 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 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 
 
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 June 30,Six Months Ended June 30,
 2022202120222021
Net income$40,901 $26,037 $89,801 $56,680 
Other comprehensive income: cash flow hedge adjustments716 1,797 7,167 5,706 
Comprehensive income41,617 27,834 96,968 62,386 
Comprehensive income attributable to noncontrolling interests(2,306)(1,830)(5,041)(3,995)
Comprehensive income attributable to Rexford Industrial Realty, Inc.
$39,311 $26,004 $91,927 $58,391 
 
 
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 March 31, 2022$155,676 165,017,587 $1,650 $5,133,875 $(198,999)$(3,674)$5,088,528 $299,232 $5,387,760 
Issuance of common stock— 5,967,783 60 425,350 — — 425,410 — 425,410 
Offering costs— — — (6,339)— — (6,339)— (6,339)
Issuance of OP Units— — — — — — — 56,167 56,167 
Share-based compensation— 13,827 — 1,457 — — 1,457 5,049 6,506 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (136)— (10)— — (10)— (10)
Conversion of OP Units to common stock— 65,358 1 2,486 — — 2,487 (2,487) 
Net income2,315 — — — 36,296 — 38,611 2,290 40,901 
Other comprehensive income— — — — — 700 700 16 716 
Preferred stock dividends ($0.367188 per series B preferred share and $0.351563 per series C preferred share)
(2,315)— — — — — (2,315)— (2,315)
Preferred unit distributions— — — — — — — (798)(798)
Common stock dividends ($0.315 per common share)
— — — — (53,885)— (53,885)— (53,885)
Common unit distributions— — — — — — — (2,415)(2,415)
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 

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) Income
Total
Stockholders’
Equity
Noncontrolling
Interests
Total Equity
Balance at March 31, 2021$242,327 133,897,360 $1,338 $3,300,333 $(170,487)$(13,996)$3,359,515 $288,703 $3,648,218 
Issuance of common stock— 3,607,313 37 193,304 — — 193,341 — 193,341 
Offering costs— — (2,144)— — (2,144)— (2,144)
Share-based compensation— 9,896 — 963 — — 963 3,596 4,559 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (188)— (10)— — (10)— (10)
Conversion of OP Units to common stock— 213,617 2 7,177 — — 7,179 (7,179) 
Net income3,637 — — — 20,690 24,327 1,710 26,037 
Other comprehensive income— — — — — 1,677 1,677 120 1,797 
Preferred stock dividends ($0.367188 per series A and series B preferred share and $0.351563 per series C preferred share)
(3,637)— — — — — (3,637)— (3,637)
Preferred unit distributions— — — — — — — (708)(708)
Common stock dividends ($0.24 per common share)
— — — — (33,054)— (33,054)— (33,054)
Common unit distributions— — — — — — — (1,627)(1,627)
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 

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— 10,369,893 104 735,919 — — 736,023 — 736,023 
Offering costs— — — (11,246)— — (11,246)— (11,246)
Issuance of OP Units— — — — — — — 56,167 56,167 
Issuance of 3.00% cumulative redeemable convertible preferred units
— — — — — — — 12,000 12,000 
Share-based compensation— 125,114 1 2,654 — — 2,655 10,026 12,681 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (29,238)— (2,025)— — (2,025)— (2,025)
Conversion of OP units to common stock— 87,168 1 3,225 — — 3,226 (3,226) 
Net income4,629 — — — 80,398 — 85,027 4,774 89,801 
Other comprehensive income— — — — — 6,900 6,900 267 7,167 
Preferred stock dividends ($0.734376 per series B preferred share and $0.703126 per series C preferred share)
(4,629)— — — — — (4,629)— (4,629)
Preferred unit distributions— — — — — — — (1,521)(1,521)
Common stock dividends ($0.63 per common share)
— — — — (105,866)— (105,866)— (105,866)
Distributions— — — — — — — (4,549)(4,549)
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 

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— 6,022,699 61 313,115 — — 313,176 — 313,176 
Offering costs— — — (3,732)— — (3,732)— (3,732)
Share-based compensation— 92,791 1 1,790 — — 1,791 7,107 8,898 
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock— (28,334)— (1,365)— — (1,365)— (1,365)
Conversion of units to common stock— 214,804 2 7,216 — — 7,218 (7,218) 
Net income7,273 — — — 45,728 — 53,001 3,679 56,680 
Other comprehensive income— — — — — 5,390 5,390 316 5,706 
Preferred stock dividends ($0.734376 per series A and series B preferred share and $0.703126 per series C preferred share)
(7,273)— — — — — (7,273)— (7,273)
Preferred unit distributions— — — — — — — (1,416)(1,416)
Common stock dividends ($0.48 per share)
— — — — (65,190)— (65,190)— (65,190)
Distributions— — — — — — — (3,304)(3,304)
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 
 
The accompanying notes are an integral part of these consolidated financial statements.

9


REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
 Six Months Ended June 30,
  20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net income$89,801 $56,680 
Adjustments to reconcile net income to net cash provided by operating activities:  
Depreciation and amortization89,080 71,372 
Amortization of (below) above market lease intangibles, net(11,217)(6,098)
Amortization of debt issuance costs1,083 894 
Amortization of discount (premium) on notes payable, net123 (57)
Loss on extinguishment of debt877  
Gain on sale of real estate(8,486)(13,610)
Equity based compensation expense12,394 8,724 
Straight-line rent(15,342)(9,039)
Payments for termination/settlement of interest rate derivatives(589) 
Amortization related to termination/settlement of interest rate derivatives274 820 
Change in working capital components:  
Rents and other receivables1,987 2,059 
Deferred leasing costs(3,140)(6,701)
Other assets5,636 (4,506)
Accounts payable, accrued expenses and other liabilities(607)(3,270)
Tenant security deposits3,641 5,117 
Prepaid rents(2,608)(708)
Net cash provided by operating activities162,907 101,677 
CASH FLOWS FROM INVESTING ACTIVITIES:  
Acquisition of investments in real estate(992,482)