Rexford Industrial Realty Files 2024 10-K

TL;DR

Rexford Industrial Realty filed its 2024 10-K. Full financials and operations details are in.

AI Summary

Rexford Industrial Realty, Inc. filed its 2024 10-K on February 10, 2025, reporting on its fiscal year ending December 31, 2024. The company, a real estate investment trust, is headquartered in Los Angeles, California. The filing details its financial performance and operations for the year, including its real estate assets and liabilities.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of Rexford Industrial Realty's financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: medium — This is a standard annual financial filing with no immediate red flags or significant new risks highlighted in the provided snippet.

Key Numbers

• 1231 — Fiscal Year End (Indicates the end of the reporting period for the 2024 fiscal year.)

Key Players & Entities

• Rexford Industrial Realty, Inc. (company) — Filer of the 10-K
• 2024-12-31 (date) — Fiscal year end
• 2025-02-10 (date) — Filing date
• Los Angeles, CA (location) — Company headquarters

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value REXR New York Stock Exchange
• $1.25 billion — from time to time up to an aggregate of $1.25 billion of our common stock directly through sa
• $322.6 million — nnual Report on Form 10-K, we have sold $322.6 million of our common stock under the 2023 ATM
• $927.4 million — ing us with the capacity to issue up to $927.4 million of additional shares. We also have a cr
• $1.0 billion — We also have a credit agreement with a $1.0 billion unsecured revolving credit facility, an
• $5.0 million — Annual Report on Form 10-K, we only had $5.0 million outstanding in letters of credit that r
• $995.0 million — reduced our borrowing capacity, leaving $995.0 million available for future borrowings. The cr
• $800 m — lender commitments up to an additional $800 million, which may be comprised of additi
• $25.0 million — ptive insurance company, which provides $25.0 million of earthquake coverage to the Company a
• $250.0 million — ates for earthquake claims in excess of $250.0 million. Additionally, seismic risks are evalua

Filing Documents

• rexr-20241231.htm (10-K) — 9078KB
• rexr-q42024ex191insidertra.htm (EX-19.1) — 50KB
• rexr-q42024ex211.htm (EX-21.1) — 3KB
• rexr-q4x2024ex221.htm (EX-22.1) — 3KB
• rexr-q42024ex231kpmg.htm (EX-23.1) — 2KB
• rexr-q42024ex232ey.htm (EX-23.2) — 6KB
• rexr-q42024ex311.htm (EX-31.1) — 11KB
• rexr-q42024ex312.htm (EX-31.2) — 11KB
• rexrq4-2024ex313.htm (EX-31.3) — 11KB
• rexr-q42024ex321.htm (EX-32.1) — 5KB
• rexr-q42024ex322.htm (EX-32.2) — 5KB
• rexr-q42024ex323.htm (EX-32.3) — 5KB
• rexr-20241231_g1.jpg (GRAPHIC) — 144KB
• 0001571283-25-000006.txt ( ) — 31392KB
• rexr-20241231.xsd (EX-101.SCH) — 190KB
• rexr-20241231_cal.xml (EX-101.CAL) — 106KB
• rexr-20241231_def.xml (EX-101.DEF) — 905KB
• rexr-20241231_lab.xml (EX-101.LAB) — 1551KB
• rexr-20241231_pre.xml (EX-101.PRE) — 1125KB
• rexr-20241231_htm.xml (XML) — 5785KB

Business

Business 4 Item 1A .

Risk Factors

Risk Factors 9 Item 1B . Unresolved Staff Comments 31 Item 1C. Cybersecurity 31 Item 2 .

Properties

Properties 33 Item 3 .

Legal Proceedings

Legal Proceedings 57 Item 4 . Mine Safety Disclosures 57

Item 5

PART II Item 5 . Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 58 Item 6 . [Reserved] 59 Item 7 .

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 59 Item 7A .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 87 Item 8 .

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 87 Item 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 87 Item 9A .

Controls and Procedures

Controls and Procedures 87 Item 9B . Other information 88 Item 9C . Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 88

Item 10

PART III Item 10 . Directors, Executive Officers and Corporate Governance 89 Item 11 .

Executive Compensation

Executive Compensation 89 Item 12 .

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 89 Item 13 . Certain Relationships and Related Transactions, and Director Independence 89 Item 14 . Principal Accounting Fees and Services 89

Item 15

PART IV Item 15 . Exhibits, Financial Statement Schedules 90 Item 16. Form 10-K Summary 94

SIGNATURES

SIGNATURES 95 PART I

Forward-Looking Statements

Forward-Looking Statements We make statements in this Annual Report on Form 10-K that are forward-looking statements, which are usually identified by the use of words such as "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "might," "plans," "potential," "possible," "predicts," "projects," "results," "seeks," "should," "will," and variations of such words or similar expressions. Our forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by our forward-looking statements are reasonable, we can give no assurance that our plans, intentions, expectations, strategies or prospects will be attained or achieved and you should not place undue reliance on these forward-looking statements. Furthermore, actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and factors including, without limitation: the competitive environment in which we operate; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for tenants in such markets; decreased rental rates or increasing vacancy rates; potential defaults on or non-renewal of leases by tenants; potential bankruptcy or insolvency of tenants or our borrower; acquisition risks, including failure of such acquisitions to perform in accordance with expectations; the timing of acquisitions and dispositions; risks associated with redevelopment and repositioning activities, including the possibility that costs may exceed original estimates, the time to complete a project or to lease up the completed project may be greater than originally anticipated or changes in entitlements or law

Business

Item 1. Business Company Overview References to "we," "our," "us," "our company," or "the Company" refer to Rexford Industrial Realty, Inc., a Maryland corporation, together with our consolidated subsidiaries (unless the context requires otherwise), including Rexford Industrial Realty, L.P., a Maryland limited partnership, of which we are the sole general partner and which we refer to in this report as our Operating Partnership. In statements regarding qualification as a REIT, such terms refer solely to Rexford Industrial Realty, Inc. We are a self-administered and self-managed full-service REIT focused on owning, operating and acquiring industrial properties in Southern California infill markets. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the "Operating Partnership"), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we acquire, own, improve, reposition, redevelop, lease and manage industrial real estate primarily located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. As of December 31, 2024, our consolidated portfolio consisted of 425 properties with approximately 50.8 million rentable square feet. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with our taxable year ended December 31, 2013. We are generally not subject to federal taxes on our income to the extent we distribute our REIT taxable income to our shareholders and maintain our qualification as a REIT. Business Objectives and Growth Strategies Our primary business objective is to

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View this 10-K filing on SEC EDGAR