Rexford Industrial Realty(REXR) - 2025 Q2 - Quarterly Report

PART I. FINANCIAL INFORMATION Item 1. Financial Statements Presents unaudited consolidated financial statements for Q2 2025 and 2024, detailing balance sheets, operations, income, equity, and cash flows with notes Consolidated Balance Sheets The consolidated balance sheets show the company's financial position as of June 30, 2025, compared to December 31, 2024, highlighting changes in assets, liabilities, and equity | Category | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :----------------------------- | | Total Assets | $13,079,612 | $12,648,218 | | Total Liabilities | $3,884,588 | $3,922,239 | | Total Equity | $9,195,024 | $8,725,979 | - Total Assets increased by $431.4 million from December 31, 2024, to June 30, 2025, primarily driven by an increase in cash and cash equivalents and construction in progress[9] - Cash and cash equivalents significantly increased from $56.0 million at December 31, 2024, to $431.1 million at June 30, 2025[9] - Construction in progress increased from $333.7 million to $431.8 million, indicating ongoing development activities[9] Consolidated Statements of Operations The consolidated statements of operations detail the company's revenues, expenses, and net income for the three and six months ended June 30, 2025, compared to the same periods in 2024, showing significant growth in net income and earnings per share | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total Revenues | $249,507 | $237,573 | $501,794 | $451,669 | | Total Operating Expenses | $146,238 | $139,108 | $308,107 | $272,848 | | Net Income | $120,394 | $86,017 | $194,442 | $150,294 | | Net Income Attributable to Common Stockholders | $113,427 | $79,752 | $181,773 | $138,391 | | Net Income Attributable to Common Stockholders per Share - Basic | $0.48 | $0.37 | $0.78 | $0.64 | - Net income attributable to common stockholders increased by 42.2% for the three months ended June 30, 2025, and by 31.3% for the six months ended June 30, 2025, compared to the prior year periods[11] - Gains on sale of real estate significantly increased to $44.4 million for the three months ended June 30, 2025, from $16.3 million in the prior year, and to $57.5 million for the six months ended June 30, 2025, from $16.3 million in the prior year[11] Consolidated Statements of Comprehensive Income The consolidated statements of comprehensive income show the total comprehensive income for the three and six months ended June 30, 2025 and 2024, including net income and other comprehensive income (loss) from cash flow hedge adjustments | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------------- | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net income | $120,394 | $86,017 | $194,442 | $150,294 | | Other comprehensive (loss) income: cash flow hedge adjustments | $(2,584) | $(91) | $(5,869) | $6,888 | | Comprehensive income | $117,810 | $85,926 | $188,573 | $157,182 | | Comprehensive income attributable to Rexford Industrial Realty, Inc. | $113,844 | $82,388 | $181,879 | $150,509 | - Other comprehensive income saw a significant loss of $(5.9) million for the six months ended June 30, 2025, compared to a gain of $6.9 million in the prior year, primarily due to cash flow hedge adjustments[14] Consolidated Statements of Changes in Equity The consolidated statements of changes in equity provide a detailed breakdown of the movements in preferred stock, common stock, additional paid-in capital, cumulative distributions, accumulated other comprehensive income, and noncontrolling interests for the six months ended June 30, 2025 and 2024 | Equity Component | Balance at Dec 31, 2024 (in thousands) | Changes for Six Months Ended June 30, 2025 (in thousands) | Balance at June 30, 2025 (in thousands) | | :--------------------------------- | :------------------------------------- | :---------------------------------------- | :------------------------------------ | | Preferred Stock | $155,676 | $0 | $155,676 | | Common Stock | $2,253 | $114 | $2,367 | | Additional Paid-in Capital | $8,601,276 | $538,988 | $9,140,264 | | Cumulative Distributions in Excess of Earnings | $(441,881) | $(20,428) | $(462,309) | | Accumulated Other Comprehensive Income | $6,746 | $(5,654) | $1,092 | | Total Stockholders' Equity | $8,324,070 | $513,020 | $8,837,090 | | Noncontrolling Interests | $401,909 | $(43,975) | $357,934 | | Total Equity | $8,725,979 | $469,045 | $9,195,024 | - Issuance of common stock, net of offering costs, contributed $477.6 million to additional paid-in capital during the six months ended June 30, 2025[24] - Net income attributable to Rexford Industrial Realty, Inc. for the six months ended June 30, 2025, was $187.5 million[24] - Common stock dividends paid amounted to $203.3 million for the six months ended June 30, 2025[24] Consolidated Statements of Cash Flows The consolidated statements of cash flows provide a summary of cash generated from or used in operating, investing, and financing activities for the six months ended June 30, 2025 and 2024, showing a significant increase in cash and cash equivalents | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :----------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash provided by operating activities | $280,708 | $235,419 | | Net cash used in investing activities | $(33,386) | $(1,366,616) | | Net cash provided by financing activities | $257,895 | $1,223,463 | | Increase in cash, cash equivalents and restricted cash | $505,217 | $92,266 | | Cash, cash equivalents and restricted cash, end of period | $561,188 | $125,710 | - Net cash provided by operating activities increased by $45.3 million (19.2%) for the six months ended June 30, 2025, compared to the prior year[29] - Net cash used in investing activities decreased significantly by $1.33 billion, primarily due to a $1.24 billion decrease in property acquisitions and a $94.5 million increase in proceeds from real estate sales[29][354] - Cash, cash equivalents, and restricted cash at the end of the period increased substantially to $561.2 million in 2025 from $125.7 million in 2024[29] [