Rexford Industrial Realty Files 10-Q for Q2 2024

TL;DR

**REXFORD INDUSTRIAL REALTY (REXR) FILED ITS Q2 2024 10-Q. CHECK FOR KEY FINANCIALS AND OPERATIONAL UPDATES.**

AI Summary

Rexford Industrial Realty, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter of 2024. Key financial data and disclosures relevant to investors are presented in this report.

Why It Matters

This 10-Q filing provides crucial insights into Rexford Industrial Realty's financial health and operational performance during the second quarter of 2024, impacting investor decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, Rexford Industrial Realty is subject to market fluctuations, interest rate changes, and tenant-related risks.

Key Players & Entities

• Rexford Industrial Realty, Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• 20240722 (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

Filing Documents

• rexr-20240630.htm (10-Q) — 2359KB
• rexr-q2x2024ex221.htm (EX-22.1) — 3KB
• rexrq2-2024ex311.htm (EX-31.1) — 11KB
• rexrq2-2024ex312.htm (EX-31.2) — 11KB
• rexrq2-2024ex313.htm (EX-31.3) — 11KB
• rexrq2-2024ex321.htm (EX-32.1) — 5KB
• rexrq2-2024ex322.htm (EX-32.2) — 5KB
• rexrq2-2024ex323.htm (EX-32.3) — 5KB
• 0001571283-24-000034.txt ( ) — 11225KB
• rexr-20240630.xsd (EX-101.SCH) — 80KB
• rexr-20240630_cal.xml (EX-101.CAL) — 96KB
• rexr-20240630_def.xml (EX-101.DEF) — 461KB
• rexr-20240630_lab.xml (EX-101.LAB) — 889KB
• rexr-20240630_pre.xml (EX-101.PRE) — 667KB
• rexr-20240630_htm.xml (XML) — 1624KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements Consolidated Balance Sheets as of June 3 0 , 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three and Six Months Ended June 3 0 , 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 3 0 , 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 3 0 , 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Six Months Ended March 31, 2024 and 2023 (unaudited) 10 Notes to the Consolidated Financial Statements 11 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 39 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 4 .

Controls and Procedures

Controls and Procedures 73

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1 .

Legal Proceedings

Legal Proceedings 74 Item 1A .

Risk Factors

Risk Factors 74 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 74 Item 3 . Defaults Upon Senior Securities 74 Item 4 . Mine Safety Disclosures 74 Item 5 . Other Information 74 Item 6 . Exhibits 75

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) June 30, 2024 December 31, 2023 ASSETS Land $ 7,650,740 $ 6,815,622 Buildings and improvements 4,330,709 3,933,379 Tenant improvements 178,832 167,251 Furniture, fixtures and equipment 132 132 Construction in progress 343,275 240,010 Total real estate held for investment 12,503,688 11,156,394 Accumulated depreciation ( 874,413 ) ( 782,461 ) Investments in real estate, net 11,629,275 10,373,933 Cash and cash equivalents 125,710 33,444 Loan receivable, net 123,014 122,784 Rents and other receivables, net 17,685 17,494 Deferred rent receivable, net 140,196 123,325 Deferred leasing costs, net 68,161 59,351 Deferred loan costs, net 2,713 3,426 Acquired lease intangible assets, net 220,021 153,670 Acquired indefinite-lived intangible asset 5,156 5,156 Interest rate swap assets 16,510 9,896 Other assets 18,501 25,225 Acquisition related deposits 1,250 2,125 Total Assets $ 12,368,192 $ 10,929,829 LIABILITIES & EQUITY Liabilities Notes payable $ 3,348,697 $ 2,225,914 Accounts payable, accrued expenses and other liabilities 153,993 128,842 Dividends and distributions payable 94,582 83,733 Acquired lease intangible liabilities, net 163,109 147,561 Tenant security deposits 91,162 84,872 Tenant prepaid rents 101,473 115,002 Total Liabilities 3,953,016 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 June 30, 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 June 30, 2024 and December 31, 2023 ($ 86,250 liquidation preference) 83,233 83,233 Common Stock, $ 0.01 par value per share, 489,950

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 June 30, 2024, our consolidated portfolio consisted of 422 properties with approximately 49.7 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 June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 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 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 primary b

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