Rexford Industrial Realty, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Rexford Industrial Realty, Inc. has filed its Q1 2024 10-Q report, detailing its financial position and operations.</b>

AI Summary

Rexford Industrial Realty, Inc. (REXR-PC) filed a Quarterly Report (10-Q) with the SEC on April 22, 2024. Rexford Industrial Realty, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal business address is 11620 Wilshire Boulevard, Suite 1000, Los Angeles, CA 90025. Rexford Industrial Realty, Inc. was formerly known as Rexford Industrial, Inc. until March 5, 2013. The company is incorporated in Maryland with a fiscal year end of December 31.

Why It Matters

For investors and stakeholders tracking Rexford Industrial Realty, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Rexford Industrial Realty, Inc., crucial for assessing performance and making investment decisions. Understanding the company's financial health and operational details in this report is key for stakeholders evaluating its real estate investment trust (REIT) strategy.

Risk Assessment

Risk Level: low — Rexford Industrial Realty, Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or disclosures beyond typical SEC filings.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand Rexford Industrial Realty's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (Conformed period of report)
• 2024-04-22 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Fiscal quarter for which the report is filed)
• 1231 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• Rexford Industrial Realty, Inc. (company) — Filer name
• Rexford Industrial, Inc. (company) — Former company name
• 11620 Wilshire Boulevard, Suite 1000 (location) — Business address
• Los Angeles (location) — Business address city
• CA (location) — Business address state
• 90025 (location) — Business address zip
• MD (location) — State of incorporation

FAQ

Industry Context

Rexford Industrial Realty, Inc. operates as a real estate investment trust (REIT) focused on industrial properties.

Regulatory Implications

As a publicly traded company, Rexford Industrial Realty, Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding property acquisitions, dispositions, or leasing activities.
3. Assess the company's liquidity and debt levels as presented in the filing.

Year-Over-Year Comparison

This filing is the Q1 2024 10-Q, following the previous 10-K annual report and prior 10-Q filings.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value REXR New York Stock Exchange

Filing Documents

• rexr-20240331.htm (10-Q) — 1932KB
• rexr-q1x2024ex221.htm (EX-22.1) — 3KB
• rexrq1-2024ex311.htm (EX-31.1) — 11KB
• rexrq1-2024ex312.htm (EX-31.2) — 11KB
• rexrq1-2024ex313.htm (EX-31.3) — 11KB
• rexrq1-2024ex321.htm (EX-32.1) — 5KB
• rexrq1-2024ex322.htm (EX-32.2) — 5KB
• rexrq1-2024ex323.htm (EX-32.3) — 5KB
• 0001571283-24-000022.txt (&nbsp;) — 10142KB
• rexr-20240331.xsd (EX-101.SCH) — 77KB
• rexr-20240331_cal.xml (EX-101.CAL) — 98KB
• rexr-20240331_def.xml (EX-101.DEF) — 430KB
• rexr-20240331_lab.xml (EX-101.LAB) — 835KB
• rexr-20240331_pre.xml (EX-101.PRE) — 630KB
• rexr-20240331_htm.xml (XML) — 1435KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 3 1 , 202 4 (unaudited) and December 31, 202 3 3 Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 3 1 , 202 4 and 202 3 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three Months Ended Mar ch 3 1 , 202 4 and 202 3 (unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended Mar ch 3 1 , 202 4 and 202 3 (unaudited) 8 Notes to the Consolidated Financial Statements 9 Item 2 .

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 65 Item 4 .

Controls and Procedures

Controls and Procedures 66

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1 .

Legal Proceedings

Legal Proceedings 67 Item 1A .

Risk Factors

Risk Factors 67 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 3 . Defaults Upon Senior Securities 67 Item 4 . Mine Safety Disclosures 67 Item 5 . Other Information 67 Item 6 . Exhibits 68

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements REXFORD INDUSTRIAL REALTY, INC. CONSOLIDATED BALANCE SHEETS (Unaudited and in thousands – except share and per share data) March 31, 2024 December 31, 2023 ASSETS Land $ 7,568,720 $ 6,815,622 Buildings and improvements 4,260,512 3,933,379 Tenant improvements 172,707 167,251 Furniture, fixtures and equipment 132 132 Construction in progress 258,413 240,010 Total real estate held for investment 12,260,484 11,156,394 Accumulated depreciation ( 827,576 ) ( 782,461 ) Investments in real estate, net 11,432,908 10,373,933 Cash and cash equivalents 336,960 33,444 Loan receivable, net 122,899 122,784 Rents and other receivables, net 17,896 17,494 Deferred rent receivable, net 130,694 123,325 Deferred leasing costs, net 61,017 59,351 Deferred loan costs, net 3,069 3,426 Acquired lease intangible assets, net 223,698 153,670 Acquired indefinite-lived intangible 5,156 5,156 Interest rate swap asset 16,737 9,896 Other assets 22,114 25,225 Acquisition related deposits 7,975 2,125 Total Assets $ 12,381,123 $ 10,929,829 LIABILITIES & EQUITY Liabilities Notes payable $ 3,349,120 $ 2,225,914 Accounts payable, accrued expenses and other liabilities 148,920 128,842 Dividends and distributions payable 94,356 83,733 Acquired lease intangible liabilities, net 171,687 147,561 Tenant security deposits 91,034 84,872 Tenant prepaid rents 110,727 115,002 Total Liabilities 3,965,844 2,785,924 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 March 31, 2024 and December 31, 2023 ($ 75,000 liquidation preference) 72,443 72,443 5.625 % series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at March 31, 2024 and December 31, 2023 ($ 86,250 liquidation preference) 83,233 83,233 Common Stock, $ 0.01 par value per share, 489,950,000 a

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust ("REIT") focused on owning and operating industrial properties 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 own, manage, lease, acquire, reposition and redevelop industrial real estate principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. As of March 31, 2024, our consolidated portfolio consisted of 422 properties with approximately 49.2 million rentable square feet. The terms "us," "we," "our," and the "Company" as used in these financial statements refer to Rexford Industrial Realty, Inc. and, unless the context requires otherwise, its subsidiaries (including our Operating Partnership). 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation As of March 31, 2024 and December 31, 2023, and for the three months ended March 31, 2024 and 2023, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the pr

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