Rexford Industrial Realty (REXR) 10-K 2014 FY Annual report

Exhibit 12.1

REXFORD INDUSTRIAL REALTY, INC.

Statement of Computation of Ratio of Earnings to Fixed Charges

(in thousands, except ratios)

	Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Year ended December 31, 2014			Period from July 24, 2013 to December 31, 2013			Period from January 1, 2013 to July 23, 2013			Year ended December 31, 2012			Year ended December 31, 2011
Earnings
Add:
Loss from continuing operations before adjustment for income or loss from equity investees	$	(1,141,000	)	$	(1,102,000	)	$	(7,279,000	)	$	(8,436,000	)	$	(7,619,000	)
Fixed charges (see below)		6,534,000			1,791,000			9,415,000			16,950,000			17,535,000
Distributed income of equity investees		1,689,000			-			-			-			-
Subtract:
Capitalized interest		(42,000	)		-			-			-			-
Earnings	$	7,040,000		$	689,000		$	2,136,000		$	8,514,000		$	9,916,000
Fixed Charges
Interest expense	$	6,400,000		$	1,763,000		$	9,395,000		$	16,875,000		$	17,466,000
Capitalized interest		42,000			-			-			-			-
Rental expense at computed interest factor (1)		92,000			28,000			20,000			75,000			69,000
Fixed charges	$	6,534,000		$	1,791,000		$	9,415,000		$	16,950,000		$	17,535,000
Consolidated ratio of earnings (loss) to fixed charges		1.08			0.38			0.23			0.50			0.57
Inadequate amount	--			$	(1,102,000	)	$	(7,279,000	)	$	(8,436,000	)	$	(7,619,000	)

(1) Amounts represent those portions of rent expense (one-third) that are reasonable approximations of interest costs.