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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
|
| |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended June 30, 2020
OR
|
| |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-36008
Rexford Industrial Realty, Inc.
(Exact name of registrant as specified in its charter)
|
| | | |
Maryland | | | 46-2024407 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification No.) |
| | | |
11620 Wilshire Boulevard, Suite 1000 | Los Angeles | California | 90025 |
(Address of principal executive offices) | | | (Zip Code) |
(310) 966-1680
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: |
| | | | |
Title of each class | | Trading symbols | | Name of each exchange on which registered |
Common Stock, $0.01 par value | | REXR | | New York Stock Exchange |
5.875% Series A Cumulative Redeemable Preferred Stock | | REXR-PA | | New York Stock Exchange |
5.875% Series B Cumulative Redeemable Preferred Stock | | REXR-PB | | New York Stock Exchange |
5.625% Series C Cumulative Redeemable Preferred Stock | | REXR-PC | | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | | | | |
| Large accelerated filer | ☑ |
| Accelerated filer | ☐ | |
| Non-accelerated filer | ☐ | | Smaller reporting company | ☐ | |
| Emerging growth company | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
The number of shares of common stock outstanding at July 20, 2020 was 123,789,199.
REXFORD INDUSTRIAL REALTY, INC.
QUARTERLY REPORT FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020
TABLE OF CONTENTS
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited and in thousands – except share and per share data)
|
| | | | | | | |
| June 30, 2020 | | December 31, 2019 |
ASSETS | | | |
Land | $ | 2,128,243 |
| | $ | 1,927,098 |
|
Buildings and improvements | 1,770,930 |
| | 1,680,178 |
|
Tenant improvements | 77,211 |
| | 72,179 |
|
Furniture, fixtures and equipment | 141 |
| | 141 |
|
Construction in progress | 39,860 |
| | 18,794 |
|
Total real estate held for investment | 4,016,385 |
| | 3,698,390 |
|
Accumulated depreciation | (337,938 | ) | | (296,777 | ) |
Investments in real estate, net | 3,678,447 |
| | 3,401,613 |
|
Cash and cash equivalents | 254,373 |
| | 78,857 |
|
Restricted cash | 67 |
| | — |
|
Rents and other receivables, net | 4,790 |
| | 5,889 |
|
Deferred rent receivable, net | 37,552 |
| | 29,671 |
|
Deferred leasing costs, net | 20,269 |
| | 18,688 |
|
Deferred loan costs, net | 2,599 |
| | 695 |
|
Acquired lease intangible assets, net | 71,513 |
| | 73,090 |
|
Acquired indefinite-lived intangible | 5,156 |
| | 5,156 |
|
Interest rate swap asset | — |
| | 766 |
|
Other assets | 16,656 |
| | 9,671 |
|
Acquisition related deposits | 63,612 |
| | 14,526 |
|
Total Assets | $ | 4,155,034 |
| | $ | 3,638,622 |
|
LIABILITIES & EQUITY | | | |
Liabilities | | | |
Notes payable | $ | 906,687 |
| | $ | 857,842 |
|
Interest rate swap liability | 22,916 |
| | 8,488 |
|
Accounts payable, accrued expenses and other liabilities | 33,731 |
| | 31,112 |
|
Dividends and distributions payable | 27,532 |
| | 21,624 |
|
Acquired lease intangible liabilities, net | 61,108 |
| | 59,340 |
|
Tenant security deposits | 26,158 |
| | 28,779 |
|
Prepaid rents | 11,163 |
| | 8,988 |
|
Total Liabilities | 1,089,295 |
| | 1,016,173 |
|
Equity | | | |
Rexford Industrial Realty, Inc. stockholders’ equity | | | |
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2020 and December 31, 2019 | | | |
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at June 30, 2020 and December 31, 2019 ($90,000 liquidation preference) | 86,651 |
| | 86,651 |
|
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2020 and December 31, 2019 ($75,000 liquidation preference) | 72,443 |
| | 72,443 |
|
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2020 and December 31, 2019 ($86,250 liquidation preference) | 83,233 |
| | 83,233 |
|
Common Stock, $0.01 par value per share, 489,950,000 authorized and 123,789,199 and 113,793,300 shares outstanding at June 30, 2020 and December 31, 2019, respectively | 1,236 |
| | 1,136 |
|
Additional paid in capital | 2,820,216 |
| | 2,439,007 |
|
Cumulative distributions in excess of earnings | (147,907 | ) | | (118,751 | ) |
Accumulated other comprehensive loss | (22,214 | ) | | (7,542 | ) |
Total stockholders’ equity | 2,893,658 |
| | 2,556,177 |
|
Noncontrolling interests | 172,081 |
| | 66,272 |
|
Total Equity | 3,065,739 |
|
| 2,622,449 |
|
Total Liabilities and Equity | $ | 4,155,034 |
| | $ | 3,638,622 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited and in thousands – except share and per share data)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2020 | | 2019 | | 2020 | | 2019 |
REVENUES | | | | | | | | |
Rental income | | $ | 79,770 |
| | $ | 63,613 |
| | $ | 157,260 |
| | $ | 123,217 |
|
Management, leasing and development services | | 114 |
| | 109 |
| | 207 |
| | 211 |
|
Interest income | | 66 |
| | 668 |
| | 163 |
| | 1,325 |
|
TOTAL REVENUES | | 79,950 |
| | 64,390 |
| | 157,630 |
| | 124,753 |
|
OPERATING EXPENSES | | | | | | | | |
Property expenses | | 18,884 |
| | 15,139 |
| | 36,998 |
| | 28,951 |
|
General and administrative | | 8,972 |
| | 7,301 |
| | 18,289 |
| | 14,645 |
|
Depreciation and amortization | | 28,381 |
| | 24,522 |
| | 55,904 |
| | 46,518 |
|
TOTAL OPERATING EXPENSES | | 56,237 |
| | 46,962 |
| | 111,191 |
| | 90,114 |
|
OTHER EXPENSES | | | | | | | | |
Acquisition expenses | | 14 |
| | 29 |
| | 19 |
| | 52 |
|
Interest expense | | 7,428 |
| | 6,255 |
| | 14,877 |
| | 12,726 |
|
TOTAL EXPENSES | | 63,679 |
| | 53,246 |
| | 126,087 |
| | 102,892 |
|
Gains on sale of real estate | | — |
| | 4,810 |
| | — |
| | 4,810 |
|
NET INCOME | | 16,271 |
| | 15,954 |
| | 31,543 |
| | 26,671 |
|
Less: net income attributable to noncontrolling interests | | (1,084 | ) | | (569 | ) | | (1,801 | ) | | (770 | ) |
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | | 15,187 |
| | 15,385 |
| | 29,742 |
| | 25,901 |
|
Less: preferred stock dividends | | (3,637 | ) | | (2,424 | ) | | (7,273 | ) | | (4,847 | ) |
Less: earnings allocated to participating securities | | (129 | ) | | (113 | ) | | (260 | ) | | (227 | ) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | | $ | 11,421 |
| | $ | 12,848 |
| | $ | 22,209 |
| | $ | 20,827 |
|
Net income attributable to common stockholders per share - basic | | $ | 0.10 |
| | $ | 0.12 |
| | $ | 0.19 |
| | $ | 0.20 |
|
Net income attributable to common stockholders per share - diluted | | $ | 0.10 |
| | $ | 0.12 |
| | $ | 0.19 |
| | $ | 0.20 |
|
Weighted average shares of common stock outstanding - basic | | 119,810,283 |
| | 105,847,557 |
| | 116,932,359 |
| | 102,115,849 |
|
Weighted average shares of common stock outstanding - diluted | | 120,068,176 |
| | 106,236,309 |
| | 117,191,254 |
| | 102,442,780 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited and in thousands)
|
| | | | | | | | | | | | | | | |
| Three Months Ended June 30, | | Six Months Ended June 30, |
| 2020 | | 2019 | | 2020 | | 2019 |
Net income | $ | 16,271 |
| | $ | 15,954 |
| | $ | 31,543 |
| | $ | 26,671 |
|
Other comprehensive loss: cash flow hedge adjustment | (226 | ) | | (8,549 | ) | | (15,194 | ) | | (13,676 | ) |
Comprehensive income | 16,045 |
| | 7,405 |
| | 16,349 |
| | 12,995 |
|
Comprehensive income attributable to noncontrolling interests | (1,122 | ) | | (382 | ) | | (1,279 | ) | | (457 | ) |
Comprehensive income attributable to Rexford Industrial Realty, Inc. | $ | 14,923 |
| | $ | 7,023 |
| | $ | 15,070 |
| | $ | 12,538 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Number of Shares | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity | | Noncontrolling Interests | | Total Equity |
Balance at March 31, 2020 | $ | 242,327 |
| | 116,331,347 |
| | $ | 1,162 |
| | $ | 2,524,274 |
| | $ | (132,843 | ) | | $ | (21,950 | ) | | $ | 2,612,970 |
| | $ | 165,708 |
| | $ | 2,778,678 |
|
Issuance of common stock | — |
| | 7,436,313 |
| | 74 |
| | 296,448 |
| | — |
| | — |
| | 296,522 |
| | — |
| | 296,522 |
|
Offering costs | — |
| | — |
| | — |
| | (1,571 | ) | | — |
| | — |
| | (1,571 | ) | | — |
| | (1,571 | ) |
Issuance of OP Units | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 4,205 |
| | 4,205 |
|
Share-based compensation | — |
| | 13,507 |
| | — |
| | 859 |
| | — |
| | — |
| | 859 |
| | 2,906 |
| | 3,765 |
|
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | — |
| | (776 | ) | | — |
| | (29 | ) | | — |
| | — |
| | (29 | ) | | — |
| | (29 | ) |
Conversion of OP units to common stock | — |
| | 8,808 |
| | — |
| | 235 |
| | — |
| | — |
| | 235 |
| | (235 | ) | | — |
|
Net income | 3,637 |
| | — |
| | — |
| | — |
| | 11,550 |
| | — |
| | 15,187 |
| | 1,084 |
| | 16,271 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (264 | ) | | (264 | ) | | 38 |
| | (226 | ) |
Preferred stock dividends ($0.367188 per series A and series B preferred shares and $0.351563 per series C preferred share) | (3,637 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (3,637 | ) | | — |
| | (3,637 | ) |
Preferred unit distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (707 | ) | | (707 | ) |
Common stock dividends ($0.215 per common share) | — |
| | — |
| | — |
| | — |
| | (26,614 | ) | | — |
| | (26,614 | ) | | — |
| | (26,614 | ) |
Distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (918 | ) | | (918 | ) |
Balance at June 30, 2020 | $ | 242,327 |
| | 123,789,199 |
| | $ | 1,236 |
| | $ | 2,820,216 |
| | $ | (147,907 | ) | | $ | (22,214 | ) | | $ | 2,893,658 |
| | $ | 172,081 |
| | $ | 3,065,739 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Number of Shares | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity | | Noncontrolling Interests | | Total Equity |
Balance at March 31, 2019 | $ | 159,094 |
| | 104,028,046 |
| | $ | 1,038 |
| | $ | 2,042,218 |
| | $ | (99,715 | ) | | $ | 1,261 |
| | $ | 2,103,896 |
| | $ | 33,940 |
| | $ | 2,137,836 |
|
Issuance of common stock | — |
| | 5,660,920 |
| | 57 |
| | 216,208 |
| | — |
| | — |
| | 216,265 |
| | — |
| | 216,265 |
|
Offering costs | — |
| | — |
| | — |
| | (3,465 | ) | | — |
| | — |
| | (3,465 | ) | | — |
| | (3,465 | ) |
Issuance of 4.43937% cumulative redeemable convertible preferred units | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 27,359 |
| | 27,359 |
|
Share-based compensation | — |
| | 11,295 |
| | — |
| | 632 |
| | — |
| | — |
| | 632 |
| | 2,119 |
| | 2,751 |
|
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | — |
| | (681 | ) | | — |
| | (25 | ) | | — |
| | — |
| | (25 | ) | | — |
| | (25 | ) |
Conversion of OP units to common stock | — |
| | 40,000 |
| | — |
| | 281 |
| | — |
| | — |
| | 281 |
| | (281 | ) | | — |
|
Net income | 2,424 |
| | — |
| | — |
| | — |
| | 12,961 |
| | — |
| | 15,385 |
| | 569 |
| | 15,954 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (8,362 | ) | | (8,362 | ) | | (187 | ) | | (8,549 | ) |
Preferred stock dividends ($0.367188 per series A and series B preferred shares) | (2,424 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (2,424 | ) | | — |
| | (2,424 | ) |
Preferred unit distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (270 | ) | | (270 | ) |
Common stock dividends ($0.185 per common share) | — |
| | — |
| | — |
| | — |
| | (20,302 | ) | | — |
| | (20,302 | ) | | — |
| | (20,302 | ) |
Distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (521 | ) | | (521 | ) |
Balance at June 30, 2019 | $ | 159,094 |
| | 109,739,580 |
| | $ | 1,095 |
| | $ | 2,255,849 |
| | $ | (107,056 | ) | | $ | (7,101 | ) | | $ | 2,301,881 |
| | $ | 62,728 |
| | $ | 2,364,609 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited and in thousands – except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Number of Shares | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Earnings | | Accumulated Other Comprehensive Loss | | Total Stockholders’ Equity | | Noncontrolling Interests | | Total Equity |
Balance at December 31, 2019 | $ | 242,327 |
| | 113,793,300 |
| | $ | 1,136 |
| | $ | 2,439,007 |
| | $ | (118,751 | ) | | $ | (7,542 | ) | | $ | 2,556,177 |
| | $ | 66,272 |
| | $ | 2,622,449 |
|
Issuance of common stock | — |
| | 9,643,270 |
| | 96 |
| | 377,240 |
| | — |
| | — |
| | 377,336 |
| | — |
| | 377,336 |
|
Offering costs | — |
| | — |
| | — |
| | (2,954 | ) | | — |
| | — |
| | (2,954 | ) | | — |
| | (2,954 | ) |
Issuance of OP Units | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 67,482 |
| | 67,482 |
|
Issuance of 4.00% cumulative redeemable convertible preferred units | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 40,787 |
| | 40,787 |
|
Share-based compensation | — |
| | 115,782 |
| | 1 |
| | 1,557 |
| | — |
| | — |
| | 1,558 |
| | 5,834 |
| | 7,392 |
|
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | — |
| | (26,573 | ) | | — |
| | (1,236 | ) | | — |
| | — |
| | (1,236 | ) | | — |
| | (1,236 | ) |
Conversion of units to common stock | — |
| | 263,420 |
| | 3 |
| | 6,602 |
| | — |
| | — |
| | 6,605 |
| | (6,605 | ) | | — |
|
Net income | 7,273 |
| | — |
| | — |
| | — |
| | 22,469 |
| | — |
| | 29,742 |
| | 1,801 |
| | 31,543 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (14,672 | ) | | (14,672 | ) | | (522 | ) | | (15,194 | ) |
Preferred stock dividends ($0.734376 per series A and series B preferred share and $0.703126 per series C preferred share) | (7,273 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (7,273 | ) | | — |
| | (7,273 | ) |
Preferred unit distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (1,130 | ) | | (1,130 | ) |
Common stock dividends ($0.43 per common share) | — |
| | — |
| | — |
| | — |
| | (51,625 | ) | | — |
| | (51,625 | ) | | — |
| | (51,625 | ) |
Distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (1,838 | ) | | (1,838 | ) |
Balance at June 30, 2020 | $ | 242,327 |
| | 123,789,199 |
| | $ | 1,236 |
| | $ | 2,820,216 |
| | $ | (147,907 | ) | | $ | (22,214 | ) | | $ | 2,893,658 |
| | $ | 172,081 |
| | $ | 3,065,739 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Continued)
(Unaudited and in thousands – except share data)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preferred Stock | | Number of Shares | | Common Stock | | Additional Paid-in Capital | | Cumulative Distributions in Excess of Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Stockholders’ Equity | | Noncontrolling Interests | | Total Equity |
Balance at December 31, 2018 | $ | 159,094 |
| | 96,810,504 |
| | $ | 966 |
| | $ | 1,798,113 |
| | $ | (88,341 | ) | | $ | 6,262 |
| | $ | 1,876,094 |
| | $ | 32,329 |
| | $ | 1,908,423 |
|
Cumulative effect of adoption of ASC 842
| — |
| | — |
| | — |
| | — |
| | (222 | ) | | — |
| | (222 | ) | | — |
| | (222 | ) |
Issuance of common stock | — |
| | 12,809,666 |
| | 128 |
| | 464,531 |
| | — |
| | — |
| | 464,659 |
| | — |
| | 464,659 |
|
Offering costs | — |
| | — |
| | — |
| | (7,439 | ) | | — |
| | — |
| | (7,439 | ) | | — |
| | (7,439 | ) |
Issuance of 4.43937% cumulative redeemable convertible preferred units | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 27,359 |
| | 27,359 |
|
Share-based compensation | — |
| | 98,214 |
| | 1 |
| | 1,142 |
| | — |
| | — |
| | 1,143 |
| | 4,221 |
| | 5,364 |
|
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | — |
| | (23,771 | ) | | — |
| | (816 | ) | | — |
| | — |
| | (816 | ) | | — |
| | (816 | ) |
Conversion of units to common stock | — |
| | 44,967 |
| | — |
| | 318 |
| | — |
| | — |
| | 318 |
| | (318 | ) | | — |
|
Net income | 4,847 |
| | — |
| | — |
| | — |
| | 21,054 |
| | — |
| | 25,901 |
| | 770 |
| | 26,671 |
|
Other comprehensive loss | — |
| | — |
| | — |
| | — |
| | — |
| | (13,363 | ) | | (13,363 | ) | | (313 | ) | | (13,676 | ) |
Preferred stock dividends ($0.734376 per series A and series B preferred share) | (4,847 | ) | | — |
| | — |
| | — |
| | — |
| | — |
| | (4,847 | ) | | — |
| | (4,847 | ) |
Preferred unit distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (270 | ) | | (270 | ) |
Common stock dividends ($0.370 per share) | — |
| | — |
| | — |
| | — |
| | (39,547 | ) | | — |
| | (39,547 | ) | | — |
| | (39,547 | ) |
Distributions | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (1,050 | ) | | (1,050 | ) |
Balance at June 30, 2019 | $ | 159,094 |
| | 109,739,580 |
| | $ | 1,095 |
| | $ | 2,255,849 |
| | $ | (107,056 | ) | | $ | (7,101 | ) | | $ | 2,301,881 |
| | $ | 62,728 |
| | $ | 2,364,609 |
|
The accompanying notes are an integral part of these consolidated financial statements.
REXFORD INDUSTRIAL REALTY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited and in thousands)
|
| | | | | | | |
| Six Months Ended June 30, |
| 2020 | | 2019 |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 31,543 |
| | $ | 26,671 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and amortization | 55,904 |
| | 46,518 |
|
Amortization of (below) above market lease intangibles, net | (5,071 | ) | | (3,651 | ) |
Amortization of debt issuance costs | 724 |
| | 689 |
|
|