Rexford Industrial Realty Files Q3 2024 10-Q

TL;DR

**REXFORD INDUSTRIAL REALTY (REXR) FILED ITS Q3 2024 10-Q. CHECK FINANCIALS.**

AI Summary

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

Why It Matters

This filing provides investors with the latest financial and operational details for Rexford Industrial Realty, crucial for understanding the company's performance and outlook in the industrial real estate sector.

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
• 2024-09-30 (date) — End of the reporting period
• 2024-10-21 (date) — Filing date
• 11620 WILSHIRE BOULEVARD, SUITE 1000 (address) — Company's business and mailing address
• LOS ANGELES (location) — City of company's address
• CA (location) — State of company's address
• 90025 (postal_code) — ZIP code of company's address

FAQ

Key Financial Figures

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

Filing Documents

• rexr-20240930.htm (10-Q) — 2424KB
• rexr-q3x2024ex221.htm (EX-22.1) — 3KB
• rexrq3-2024ex311.htm (EX-31.1) — 11KB
• rexrq3-2024ex312.htm (EX-31.2) — 11KB
• rexrq3-2024ex313.htm (EX-31.3) — 11KB
• rexrq3-2024ex321.htm (EX-32.1) — 5KB
• rexrq3-2024ex322.htm (EX-32.2) — 5KB
• rexrq3-2024ex323.htm (EX-32.3) — 5KB
• 0001571283-24-000056.txt ( ) — 11400KB
• rexr-20240930.xsd (EX-101.SCH) — 81KB
• rexr-20240930_cal.xml (EX-101.CAL) — 97KB
• rexr-20240930_def.xml (EX-101.DEF) — 450KB
• rexr-20240930_lab.xml (EX-101.LAB) — 899KB
• rexr-20240930_pre.xml (EX-101.PRE) — 659KB
• rexr-20240930_htm.xml (XML) — 1664KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION Item 1 .

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 3 0 , 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 40 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 74 Item 4 .

Controls and Procedures

Controls and Procedures 75

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1 .

Legal Proceedings

Legal Proceedings 76 Item 1A .

Risk Factors

Risk Factors 76 Item 2 . Unregistered Sales of Equity Securities and Use of Proceeds 76 Item 3 . Defaults Upon Senior Securities 76 Item 4 . Mine Safety Disclosures 76 Item 5 . Other Information 76 Item 6 . Exhibits 77

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) September 30, 2024 December 31, 2023 ASSETS Land $ 7,703,232 $ 6,815,622 Buildings and improvements 4,416,032 3,933,379 Tenant improvements 181,785 167,251 Furniture, fixtures and equipment 132 132 Construction in progress 370,431 240,010 Total real estate held for investment 12,671,612 11,156,394 Accumulated depreciation ( 925,373 ) ( 782,461 ) Investments in real estate, net 11,746,239 10,373,933 Cash and cash equivalents 61,836 33,444 Loan receivable, net 123,129 122,784 Rents and other receivables, net 17,315 17,494 Deferred rent receivable, net 151,637 123,325 Deferred leasing costs, net 69,152 59,351 Deferred loan costs, net 2,356 3,426 Acquired lease intangible assets, net 205,510 153,670 Acquired indefinite-lived intangible asset 5,156 5,156 Interest rate swap assets 3,880 9,896 Other assets 34,092 25,225 Acquisition related deposits — 2,125 Total Assets $ 12,420,302 $ 10,929,829 LIABILITIES & EQUITY Liabilities Notes payable $ 3,350,190 $ 2,225,914 Interest rate swap liability 295 — Accounts payable, accrued expenses and other liabilities 169,084 128,842 Dividends and distributions payable 95,288 83,733 Acquired lease intangible liabilities, net 155,328 147,561 Tenant security deposits 91,983 84,872 Tenant prepaid rents 93,218 115,002 Total Liabilities 3,955,386 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 September 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 September 30, 2024 and December 31, 2023 ($ 86,250 liquidation preference) 83,233 83,233 Common

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 September 30, 2024, our consolidated portfolio consisted of 423 properties with approximately 50.1 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 September 30, 2024 and December 31, 2023, and for the three and nine months ended September 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 a

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