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Rexford Industrial Realty, Inc. (REXR) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

SEC Filings

REXR Annual Reports

Rexford Industrial Realty, Inc.

CIK: 1571283 Ticker: REXR
Exhibit 99.1
rexlogo11520a05.jpg
REXFORD INDUSTRIAL ANNOUNCES FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS

Los Angeles, California - February 9, 2022 -
Rexford Industrial Realty, Inc. (the “Company” or “Rexford Industrial”) (NYSE: REXR), a real estate investment trust (“REIT”) focused on creating value by investing in and operating industrial properties within Southern California infill markets, today announced financial and operating results for the fourth quarter and full year of 2021.

Fourth Quarter 2021 Financial and Operational Highlights:
Net income attributable to common stockholders of $34.8 million, or $0.23 per diluted share, as compared to $13.2 million, or $0.10 per diluted share, for the prior year quarter.
Company share of Core FFO of $69.6 million, an increase of 61.5% as compared to the prior year quarter.
Company share of Core FFO per diluted share of $0.45, an increase of 32.4% as compared to the prior year quarter.
Consolidated Portfolio Net Operating Income (NOI) of $100.5 million, an increase of 51.2% as compared to the prior year quarter.
Same Property Portfolio NOI increased 10.0% and Same Property Portfolio Cash NOI increased 6.8% as compared to the prior year quarter.
99.0% Average Same Property Portfolio occupancy.
Comparable rental rates on 1.0 million rentable square feet of new and renewal leases increased by 34.2% compared to prior rents on a GAAP basis and by 21.5% on a cash basis.
Acquired 19 properties for an aggregate purchase price of $551.4 million and sold one property for a sales price of $11.7 million.
Issued a total of 8.8 million shares of common stock for total net proceeds of $534.1 million.
Ended the quarter with a low-leverage balance sheet measured by a net debt-to-enterprise value ratio of 9.1%.
Subsequent to quarter end, the Company declared a quarterly dividend of $0.315 per share, an increase of 31.3% from the prior rate of $0.24 per share.

Full Year 2021 Financial and Operational Highlights:
Net income attributable to common stockholders of $111.8 million, or $0.80 per diluted share, as compared to $61.3 million, or $0.51 per diluted share, for the prior year.
Company share of Core FFO of $230.3 million, an increase of 44.0% as compared to the prior year.
Company share of Core FFO per diluted share of $1.64, an increase of 24.2% as compared to the prior year.
Consolidated Portfolio NOI of $344.0 million, an increase of 37.8% as compared to the prior year.
Same Property Portfolio NOI increased 9.1% and Same Property Portfolio Cash NOI increased 12.3% as compared to the prior year.
Comparable rental rates on 7.0 million rentable square feet of new and renewal leases increased by 42.7% compared to prior rents on a GAAP basis and by 28.8% on a cash basis.
Acquired 53 properties for an aggregate purchase price of $1.9 billion and sold five properties for an aggregate sales price of $59.3 million.
Issued a total of 28.5 million shares of common stock for total net proceeds of $1.6 billion.


“Our outstanding fourth quarter and full year 2021 results reflect the strength of Rexford Industrial’s entrepreneurial team, our highly-focused, value-driven business model and our proprietary access to high-quality, accretive investment opportunities throughout the infill Southern California market, the world's fourth largest and our nation’s highest-


The following information was filed by Rexford Industrial Realty, Inc. (REXR) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Rexford Industrial Realty, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Acquired Lease Intangibles
Acquired Lease Intangibles (Tables)
Acquired Lease Intangibles - Summary Of Acquired Lease Intangible Assets And Liabilities (Detail)
Acquired Lease Intangibles - Summary Of Amortization Or Accretion Recorded During The Period Related To Acquired Lease Intangibles (Detail)
Acquired Lease Intangibles - Summary Of Estimated Net Amortization Expense Of Above Market Leases And In-Place Lease Intangibles (Detail)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Computation Of Basic And Diluted Earnings Per Share (Detail)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets Measures At Fair Value On A Recurring Basis By Level Within Fair Value Hierarchy (Detail)
Fair Value Measurements - Carrying Value And Estimated Fair Value Of Notes Payable (Detail)
Incentive Award Plan
Incentive Award Plan (Tables)
Incentive Award Plan - Additional Information (Detail)
Incentive Award Plan - Ltip Units And Performance Units (Details)
Incentive Award Plan - Schedule Of Non-Option Activity (Detail)
Incentive Award Plan - Share-Based Awards Expensed &Amp; Capitalized Amounts (Details)
Interest Rate Derivatives
Interest Rate Derivatives (Tables)
Interest Rate Derivatives - Additional Information (Detail)
Interest Rate Derivatives - Impact Of Derivative Instruments On Consolidated And Combined Statements Of Operations - (Detail)
Interest Rate Derivatives - Summary Of Interest Rate Swap Agreements (Detail)
Investments In Real Estate
Investments In Real Estate (Tables)
Investments In Real Estate - Real Estate Held For Sale (Details)
Investments In Real Estate - Summary Of Acquired Wholly Owned Industrial Properties (Details)
Investments In Real Estate - Summary Of Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Investments In Real Estate - Summary Of The Properties Sold (Detail)
Leases
Leases (Tables)
Leases - Additional Information (Detail)
Leases - Future Minimum Base Rents Under Operating Leases (Detail)
Leases - Lease Cost (Detail)
Leases - Lease Liability Maturities (Detail)
Leases - Lease Term And Discount Rate (Detail)
Leases - Other Information (Detail)
Noncontrolling Interests
Noncontrolling Interests (Details)
Notes Payable
Notes Payable (Tables)
Notes Payable - Additional Information (Detail)
Notes Payable - Summary Of Aggregate Future Minimum Payments Of Debt (Detail)
Notes Payable - Summary Of Notes Payable (Detail)
Organization
Organization - Additional Information (Detail)
Related Party Transactions
Related Party Transactions - Additional Information (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation
Schedule Iii - Real Estate And Accumulated Depreciation (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation - Reconciliation Of Real Estate And Accumulated Depreciation (Detail)
Schedule Iii - Real Estate And Accumulated Depreciation - Textual (Detail)
Stockholder's Equity
Stockholder's Equity (Tables)
Stockholder's Equity - Additional Information (Detail)
Stockholder's Equity - Federal Tax Treatment Of Distributions (Details)
Stockholder's Equity - Summary Of Cumulative Preferred Stock (Details)
Stockholder's Equity - Summary Of The Components Of Changes In Accumulated Other Comprehensive Loss (Detail)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Additional Information (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Detail)
Ticker: REXR
CIK: 1571283
Form Type: 10-K Annual Report
Accession Number: 0001571283-22-000006
Submitted to the SEC: Wed Feb 16 2022 9:58:37 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Friday, December 31, 2021
Industry: Real Estate Investment Trusts

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