0001571283-24-000007 | 10-K | XBRL Viewer | Rexford Industrial Realty INC

Notes Payable - Credit Agreement (Details)		12 Months Ended
Notes Payable - Credit Agreement (Details)	Jul. 19, 2022 USD ($)	Dec. 31, 2023 USD ($) extension	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Feb. 28, 2023	May 26, 2022 USD ($)	Feb. 13, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 2,243,025,000	$ 1,950,515,000
Loss on extinguishment of debt		$ 0	915,000	$ 505,000
$700 million, Amended Revolver \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure		0.125%
$700 million, Amended Revolver \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure		0.30%
$700 million, Amended Revolver \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure		0.00%
$700 million, Amended Revolver \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure		0.40%
$400 Million Unsecured Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000,000	$ 400,000,000	400,000,000
Number of extensions \| extension		2
Extension period	1 year	1 year
$400 Million Unsecured Term Loan \| Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Credit Facility \| Line of Credit \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Debt Instrument, Interest Rate, Increase (Decrease)		0.10%
Credit Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Credit Facility \| Line of Credit \| Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension		2
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.725%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability		$ 1,000,000,000
Revolving Credit Facility \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 700,000,000
Revolving Credit Facility \| Senior Unsecured Revolving Credit Facility, $1 Billion \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 1,000,000,000
Revolving Credit Facility \| Credit Facility \| Line of Credit \| Minimum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin					0.04%
Revolving Credit Facility \| Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin		0.685%
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 0	0
Revolving Credit Facility \| Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Number of extensions							6
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 300,000,000	300,000,000			$ 300,000,000
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.80%
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.60%
Unsecured Credit Facility \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Contingent additional borrowings		$ 800,000,000
Senior Unsecured Credit Facility \| Senior Unsecured Revolving Credit Facility, $1 Billion \| Line of Credit
Debt Instrument [Line Items]
Number of extensions \| extension		2
Extension period		6 months
Loss on extinguishment of debt			$ 200,000
Senior Unsecured Credit Facility \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin		0.04%
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Credit Facility Fee		0.01%
Credit Agreement, Sustainability Linked Pricing Component, Increase In Applicable Margin		(0.04%)
Credit Agreement, Sustainability Linked Pricing Component, Increase In Credit Facility Fee		(0.01%)
Senior Unsecured Credit Facility \| Credit Facility \| Line of Credit \| Maximum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Credit Facility Fee		0.115%
Term Loan \| Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin		0.76%

Stockholder's Equity - Summary of Cumulative Preferred Stock (Details) - USD ($)		12 Months Ended
	Aug. 04, 2021	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Shares outstanding (shares)		6,450,000	6,450,000
Liquidation Preference		$ 161,250,000	$ 161,250,000
Series A Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%
Series B Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.875%	5.875%
Shares outstanding (shares)		3,000,000	3,000,000
Liquidation Preference		$ 75,000,000	$ 75,000,000
Series C Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.625%	5.625%
Shares outstanding (shares)		3,450,000	3,450,000
Liquidation Preference		$ 86,250,000	$ 86,250,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Interest Rate Derivatives - Additional Information (Detail) $ in Thousands			12 Months Ended
	Mar. 29, 2023 USD ($)	May 26, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 28, 2023 USD ($) agreement	Mar. 21, 2023 USD ($) derivative_instrument	Oct. 27, 2022 USD ($)	Jul. 21, 2022 USD ($) derivative_instrument
Derivative [Line Items]
Payments For Termination Of Cash Flow Swap, Operating			$ 161	$ 589	$ 4,045
Long-term Debt, Gross			2,243,025	1,950,515
Accumulated other comprehensive income			7,172	8,247
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net			(8,300)
Number of Executed Treasury Rate Lock Agreements \| agreement						3
Term Loan \| $60 Million Term Loan
Derivative [Line Items]
Long-term Debt, Gross								$ 60,000
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility
Derivative [Line Items]
Long-term Debt, Gross		$ 300,000	$ 300,000	300,000
Senior Unsecured Term Loan \| $150 Million term loan facility
Derivative [Line Items]
Long-term Debt, Gross		150,000
Treasury Lock
Derivative [Line Items]
Derivative, Notional Amount						$ 250,000
Derivative, Average Fixed Interest Rate						3.64313%
Payments For Termination Of Cash Flow Swap, Operating	$ 200
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments \| derivative_instrument							4		5
Derivative, Notional Amount							$ 400,000		$ 300,000
Derivative, Average Fixed Interest Rate							3.97231%
Payments For Termination Of Cash Flow Swap, Operating		600
Accumulated other comprehensive income		$ (600)
Interest Rate Swap \| Senior Unsecured Term Loan \| $60 Million Term Loan
Derivative [Line Items]
Derivative, Average Fixed Interest Rate			3.71%
Interest Rate Swap \| Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility
Derivative [Line Items]
Derivative, Average Fixed Interest Rate			2.81725%
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Derivative, Notional Amount			$ 150,000	$ 150,000

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2023 (in thousands):


For the year ending December 31,
2024	$	623,397
2025	547,078
2026	450,431
2027	353,743
2028	281,041
Thereafter	954,156
Total	$	3,209,846

Lease Cost

The tables below present financial and supplemental information associated with our leases.


	Year Ended December 31,
Lease Cost(1) (in thousands)		2023		2022		2021
Operating lease cost		$	1,766	$	1,845	$	1,598
Variable lease cost		142		113		63
Sublease income		—		(268)		—
Total lease cost		$	1,908	$	1,690	$	1,661

(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.


	Year Ended December 31,
Other Information (in thousands)		2023		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,308	$	2,016	$	1,471
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—	$	6,363	$	—


Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average remaining lease term(1)	43.4 years		36.5 years
Weighted-average discount rate(2)	3.84	%	3.77	%

(1)Includes the impact of extension options that we are reasonably certain to exercise.

(2)Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.

Maturities of Lease Liabilities

The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2023 (in thousands):


2024	$	2,297
2025	1,122
2026	681
2027	696
2028	164
Thereafter	19,887
Total undiscounted lease payments	$	24,847
Less imputed interest	(15,927)
Total lease liabilities	$	8,920

Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) property building	Dec. 31, 2022 USD ($)	Oct. 27, 2022 USD ($)	Dec. 31, 2012 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Federal income tax basis	$ 10,200,000
Real estate investment cumulative impairment	4,500			$ 19,600
Long-term Debt, Gross	$ 2,243,025	$ 1,950,515
Term Loan \| $60 Million Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Long-term Debt, Gross			$ 60,000
Number Of Properties Securing Loan \| property	6
Term Loan \| $60 Million Term Loan Facility
Real Estate And Accumulated Depreciation [Line Items]
Long-term Debt, Gross	$ 60,000	$ 60,000	$ 60,000
Number Of Properties Securing Loan \| property	6
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Number of buildings \| building	16
Land [Member]
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	$ 2,400
Building and Building Improvements [Member]
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	$ 2,100
Building \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	10 years
Building \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	30 years
Site Improvements \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	5 years
Site Improvements \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	25 years

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Lessor

We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred.

For the year ended December 31, 2023, we recognized $762.1 million of rental income related to operating lease payments of which $626.7 million was for fixed lease payments and $135.3 million was for variable lease payments. For the year ended December 31, 2022, we recognized $599.2 million of rental income related to operating lease payments of which $491.1 million was for fixed lease payments and $108.2 million was for variable lease payments. For the year ended December 31, 2021, we recognized $436.3 million of rental income related to operating lease payments of which $360.2 million was for fixed lease payments and $76.1 million was for variable lease payments.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2023 (in thousands):


For the year ending December 31,
2024	$	623,397
2025	547,078
2026	450,431
2027	353,743
2028	281,041
Thereafter	954,156
Total	$	3,209,846

The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.

Lessee

We lease office space as part of conducting our day-to-day business. As of December 31, 2023, our office space leases have current remaining lease terms ranging from approximately one year to four years with options to renew for an additional term of five years each. As of December 31, 2023, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 37 years and four additional ten-year options to renew.

In November 2021, we executed a sublease agreement for one of our leased office spaces as a result of the implementation of a work from home flexibility program in 2021. The term of the sublease was for a period of three years and 9 months (expiring in September 2025). Upon executing the sublease agreement, we reviewed the ROU asset and other assets associated with the original office space lease for recoverability and determined that the total carrying amount of these assets exceeded the undiscounted cash flows generated by the sublease income over the lease term. Accordingly, the carrying value of these assets were written down to fair value and we recorded a $1.0 million impairment charge in the year ended December 31, 2021. In February 2023, the sublease was early terminated resulting in further impairment charge of $0.2 million recorded in the year ended December 31, 2023. These impairment charges are included in “Other expenses” in the accompanying consolidated statements of operations, with a corresponding adjustment to “Other assets” in the consolidated balance sheets.

As of December 31, 2023, total ROU assets and lease liabilities were approximately $7.0 million and $8.9 million, respectively. As of December 31, 2022, total ROU assets and lease liabilities were approximately $8.5 million and $10.9 million, respectively.

The tables below present financial and supplemental information associated with our leases.


	Year Ended December 31,
Lease Cost(1) (in thousands)		2023		2022		2021
Operating lease cost		$	1,766	$	1,845	$	1,598
Variable lease cost		142		113		63
Sublease income		—		(268)		—
Total lease cost		$	1,908	$	1,690	$	1,661

(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.


	Year Ended December 31,
Other Information (in thousands)		2023		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,308	$	2,016	$	1,471
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—	$	6,363	$	—


Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average remaining lease term(1)	43.4 years		36.5 years
Weighted-average discount rate(2)	3.84	%	3.77	%

(1)Includes the impact of extension options that we are reasonably certain to exercise.

The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2023 (in thousands):


2024	$	2,297
2025	1,122
2026	681
2027	696
2028	164
Thereafter	19,887
Total undiscounted lease payments	$	24,847
Less imputed interest	(15,927)
Total lease liabilities	$	8,920

Leases

Lessor

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2023 (in thousands):


For the year ending December 31,
2024	$	623,397
2025	547,078
2026	450,431
2027	353,743
2028	281,041
Thereafter	954,156
Total	$	3,209,846

Lessee

The tables below present financial and supplemental information associated with our leases.


	Year Ended December 31,
Lease Cost(1) (in thousands)		2023		2022		2021
Operating lease cost		$	1,766	$	1,845	$	1,598
Variable lease cost		142		113		63
Sublease income		—		(268)		—
Total lease cost		$	1,908	$	1,690	$	1,661

(1)Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.


	Year Ended December 31,
Other Information (in thousands)		2023		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,308	$	2,016	$	1,471
Right-of-use assets obtained in exchange for new operating lease liabilities		$	—	$	6,363	$	—


Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average remaining lease term(1)	43.4 years		36.5 years
Weighted-average discount rate(2)	3.84	%	3.77	%

(1)Includes the impact of extension options that we are reasonably certain to exercise.

The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2023 (in thousands):


2024	$	2,297
2025	1,122
2026	681
2027	696
2028	164
Thereafter	19,887
Total undiscounted lease payments	$	24,847
Less imputed interest	(15,927)
Total lease liabilities	$	8,920

Notes Payable - New $60 Million Term Loan (Details) $ in Thousands		1 Months Ended	12 Months Ended
	Oct. 27, 2022 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) property extension	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,243,025	$ 1,950,515
Repayments of Long-term Debt			$ 357,491	2,176,606	$ 1,095,280
$60 Million Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
$60 Million Term Loan Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
$60 Million Term Loan Facility \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)			0.10%
Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 60,000		$ 60,000	$ 60,000
Number Of Properties Securing Loan \| property			6
Maturity date			Oct. 27, 2024
Number of extensions \| extension			3
Term Loan \| $60 Million Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Term Loan \| $60 Million Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	60,000
Number Of Properties Securing Loan \| property			6
Repayments of Long-term Debt	$ 57,500
Write off of Deferred Debt Issuance Cost		$ 38
Senior Unsecured Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Senior Unsecured Term Loan \| $60 Million Term Loan Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%

Interest Rate Derivatives - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain recognized in AOCI on derivatives	$ 9,307	$ 17,227	$ 263
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	$ 10,454	$ (1,619)	$ (8,070)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 61,400	$ 48,496	$ 40,139

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Cumulative Preferred Shares

As of December 31, 2023 and 2022, we had the following series of Cumulative Redeemable Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 2023			December 31, 2022
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference

Series B	November 13, 2022	5.875	%	3,000,000	$	75,000	3,000,000	$	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				6,450,000	$	161,250	6,450,000	$	161,250

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2023 and 2022, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2023		2022
Accumulated other comprehensive income (loss) - beginning balance	$	8,247	$	(9,874)
Other comprehensive income before reclassifications	9,307		17,227
Amounts reclassified from accumulated other comprehensive (income) loss to interest expense(1)	(10,454)		1,619
Net current period other comprehensive (loss) income	(1,147)		18,846
Less: other comprehensive loss (income) attributable to noncontrolling interests	72		(725)
Other comprehensive (loss) income attributable to common stockholders	(1,075)		18,121
Accumulated other comprehensive income - ending balance	$	7,172	$	8,247

(1)Amounts include $0.2 million and $0.3 million reclassifications from AOCI into interest expense for the years ended December 31, 2023 and 2022, respectively, related to terminated swaps. See “Note 8 – Interest Rate Derivatives” for additional information.

Schedule Of Federal Income Tax Treatment For Distributions

The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2023, 2022 and 2021:


	Common Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.325610	100.00	%	$	1.203386	100.00	%	$	1.049243	100.00	%


Total	$	1.325610	100.00	%	$	1.203386	100.00	%	$	1.049243	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	—	—	%	$	—	—	%	$	0.917970	100.00	%


Total	$	—	—	%	$	—	—	%	$	0.917970	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


	Series C Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%


Total	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Interest Rate Derivatives

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swaps

Interest Rate Derivatives

The following table sets forth a summary of the terms and fair value of our interest rate swaps as of December 31, 2023 and 2022 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.


					Notional Value(1)				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(2)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Interest Rate Swaps	7/27/2022	5/26/2027	2.81700	%	$	150,000	$	150,000	$	3,894	$	5,720
Interest Rate Swaps	7/27/2022	5/26/2027	2.81750	%	$	150,000	$	150,000	$	3,886	$	5,702
Interest Rate Swaps	4/3/2023	6/30/2025	3.98500	%	$	200,000	$	—	$	951	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.96625	%	$	100,000	$	—	$	503	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.95300	%	$	100,000	$	—	$	522	$	—
Interest Rate Swap	4/3/2023	7/30/2026	3.71000	%	$	60,000	$	—	$	140	$	—

(1)Represents the notional value of swaps that are effective as of the balance sheet date presented.

(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.

Transactions

On March 28, 2023, in connection with the issuance of the $300 Million Notes, we executed three treasury rate lock agreements with a combined notional amount of $250.0 million to lock the interest rate of the five-year treasury at 3.64313% (the “T-Locks”). On March 29, 2023, we paid $0.2 million to settle the T-Locks, which were designated as a cash flow hedges. The settlement value is included in the balance of AOCI and will be amortized into interest expense on a straight-line basis over the 5-year term of the $300 Million Notes.

On March 21, 2023, we executed four forward starting interest rate swap transactions with an aggregate notional value of $400.0 million to manage our exposure to changes in daily SOFR related to a portion of our variable-rate debt. These swaps, which became effective on April 3, 2023 and mature on June 30, 2025, fix daily SOFR at a weighted average rate of 3.97231%. In addition, we also executed an interest rate swap transaction with a notional value of $60.0 million to manage our exposure to changes in Term SOFR related to a portion of our variable-rate debt. This swap, which became effective on April 3, 2023 and matures on July 30, 2026, fixes Term SOFR at a rate of 3.71%. We have designated these interest rate swaps as cash flow hedges.

On July 21, 2022, we executed five interest rate swap transactions with an aggregate notional value of $300.0 million to manage our exposure to changes in Term SOFR related to a portion of our variable-rate debt. These swaps, which became effective commencing on July 27, 2022 and mature on May 26, 2027, currently fix Term SOFR at a weighted average rate of 2.81725%. We have designated these interest rate swaps as cash flow hedges.

On May 26, 2022, in conjunction with the repayment of the $150 Million Term Loan, we paid $0.6 million to terminate the interest rate swap that was used to hedge the monthly cash flows associated with $150.0 million of LIBOR-based variable-rate debt, and which had an unrealized loss balance of $0.6 million in AOCI at the time of termination. We are amortizing the loss on this transaction from AOCI into interest expense on a straight-line basis over the period beginning from the termination date of the interest rate swap (May 26, 2022) through the original maturity date of the interest rate swap (November 22, 2024).

Our interest rate swaps and T-Locks are designated and qualify as cash flow hedges. We do not use derivatives for trading or speculative purposes. The change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in AOCI and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transactions affect earnings. The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain recognized in AOCI on derivatives	$	9,307	$	17,227	$	263
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense” (1)	$	10,454	$	(1,619)	$	(8,070)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	61,400	$	48,496	$	40,139

(1)Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to (i) the treasury rate lock agreements that were settled in August 2021 and March 2023, (ii) the interest rate swaps that were terminated in November 2020 and August 2021 and for which amounts have been fully reclassified into interest expense as of the original maturity date of each interest rate swap, which was in August 2021 and January 2022, respectively, and (iii) the interest rate swap that was terminated in May 2022, as discussed above.

As of December 31, 2023, we estimate that approximately $8.3 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next twelve months.

Credit-risk-related Contingent Features

Certain of our agreements with our derivative counterparties contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then we could also be declared in default on its derivative obligations.

Certain of our agreements with our derivative counterparties contain provisions where if a merger or acquisition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument.

Earnings Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	249,591	$	177,157	$	136,246
Less: Preferred stock dividends	(9,258)		(9,258)		(12,563)
Less: Original issuance costs of redeemed preferred stock	—		—		(3,349)
Less: Net income attributable to noncontrolling interests	(11,575)		(9,573)		(8,005)
Less: Net income attributable to participating securities	(1,309)		(845)		(568)
Net income attributable to common stockholders	$	227,449	$	157,481	$	111,761

Denominator:
Weighted average shares of common stock outstanding - basic	202,883,704		170,467,365		139,294,882
Effect of dilutive securities	227,289		510,907		780,807
Weighted average shares of common stock outstanding - diluted	203,110,993		170,978,272		140,075,689

Earnings per share - Basic
Net income attributable to common stockholders	$	1.12	$	0.92	$	0.80
Earnings per share - Diluted
Net income attributable to common stockholders	$	1.12	$	0.92	$	0.80

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested

Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units.

The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive.

Performance Units, which are subject to vesting based on the Company achieving certain TSR levels and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.

Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method as the impact was dilutive for the periods presented above.

We also consider the effect of other potentially dilutive securities, including the CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive. These units were not dilutive for the periods presented above.

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Assets:
Land	$ 978,844	$ 1,698,173
Buildings and improvements	435,288	687,358
Tenant improvements	5,685	9,987
Acquired lease intangible assets	29,528	82,539
Right-of-use assets - ground lease	0	4,787
Other acquired assets	925	558
Total assets acquired	1,450,270	2,483,402
Liabilities:
Acquired lease intangible liabilities	32,984	54,085
Deferred rent liability	62,813	4,339
Lease liability - ground lease	0	4,787
Other assumed liabilities	40,763	15,652
Total liabilities assumed	136,560	78,863
Net assets acquired	$ 1,313,710	$ 2,404,539
Below Market Lease, Weighted Average Useful Life	20 years 9 months 18 days	8 years 10 months 24 days
Leaseback Agreement, Lease Term	17 years 4 months 24 days	1 year
Prepaid Rent	$ 23,900
In-place Lease Intangibles
Liabilities:
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 29,400	$ 63,700
Amortization period of acquired intangible assets	11 years 10 months 24 days	5 years 9 months 18 days
Above-market tenant leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 100	$ 5,900
Amortization period of acquired intangible assets	5 years 2 months 12 days	6 years 10 months 24 days
Below-market leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross		$ 13,000
Amortization period of acquired intangible assets		78 years 10 months 24 days

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Oct. 27, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 58,025
Land, Initial Cost	6,818,158
Buildings and Improvements, Initial Cost	3,487,011
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	855,749
Land, Gross Amounts	6,815,622
Buildings and Improvements, Gross Amounts	4,340,772
Total, Gross	11,156,394
Accumulated Depreciation	(782,461)	$ (614,332)		$ (473,382)	$ (375,423)
Long-term Debt, Gross	$ 2,243,025	$ 1,950,515
Term Loan \| $60 Million Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Long-term Debt, Gross			$ 60,000
15241 - 15277, 15317 - 15339 Don Julian Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 3,875
Buildings and Improvements, Initial Cost	2,407
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,764
Land, Gross Amounts	3,875
Buildings and Improvements, Gross Amounts	13,171
Total, Gross	17,046
Accumulated Depreciation	$ (8,939)
Year Build / Year Renovated	1965, 2005 / 2003
Year Acquired	2002
300 South Lewis Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Camarillo, CA
Land, Initial Cost	$ 4,150
Buildings and Improvements, Initial Cost	3,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,675
Land, Gross Amounts	4,150
Buildings and Improvements, Gross Amounts	13,725
Total, Gross	17,875
Accumulated Depreciation	$ (9,063)
Year Build / Year Renovated	1960-1963 / 2006
Year Acquired	2003
1400 South Shamrock Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Monrovia, CA
Land, Initial Cost	$ 2,317
Buildings and Improvements, Initial Cost	2,534
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,383
Land, Gross Amounts	2,317
Buildings and Improvements, Gross Amounts	3,917
Total, Gross	6,234
Accumulated Depreciation	$ (2,878)
Year Build / Year Renovated	1957, 1962 / 2004
Year Acquired	2003
2220-2260 Camino del Sol
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 868
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,480
Land, Gross Amounts	868
Buildings and Improvements, Gross Amounts	5,480
Total, Gross	6,348
Accumulated Depreciation	$ (2,598)
Year Build / Year Renovated	2005
Year Acquired	2003
14250-14278 Valley Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	La Puente, CA
Land, Initial Cost	$ 2,539
Buildings and Improvements, Initial Cost	2,020
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,872
Land, Gross Amounts	2,539
Buildings and Improvements, Gross Amounts	5,892
Total, Gross	8,431
Accumulated Depreciation	$ (3,994)
Year Build / Year Renovated	1974 / 2007
Year Acquired	2003
2300-2386 East Walnut Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 6,817
Buildings and Improvements, Initial Cost	6,089
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,443
Land, Gross Amounts	6,817
Buildings and Improvements, Gross Amounts	9,532
Total, Gross	16,349
Accumulated Depreciation	$ (5,614)
Year Build / Year Renovated	1985-1986 / 2005
Year Acquired	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Land, Initial Cost	$ 2,525
Buildings and Improvements, Initial Cost	3,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,414
Land, Gross Amounts	2,525
Buildings and Improvements, Gross Amounts	10,794
Total, Gross	13,319
Accumulated Depreciation	$ (6,315)
Year Build / Year Renovated	1969, 2008 / 2016
Year Acquired	2004
28340 - 28400 Avenue Crocker
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 2,666
Buildings and Improvements, Initial Cost	3,343
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,279
Land, Gross Amounts	2,666
Buildings and Improvements, Gross Amounts	7,622
Total, Gross	10,288
Accumulated Depreciation	$ (4,566)
Year Build / Year Renovated	1987 / 2006 / 2015
Year Acquired	2004
21-29 West Easy St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 2,346
Buildings and Improvements, Initial Cost	4,522
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,578
Land, Gross Amounts	2,346
Buildings and Improvements, Gross Amounts	8,100
Total, Gross	10,446
Accumulated Depreciation	$ (4,964)
Year Build / Year Renovated	1991 / 2006
Year Acquired	2004
10439-10477 Roselle St.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,711
Buildings and Improvements, Initial Cost	3,199
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,660
Land, Gross Amounts	4,711
Buildings and Improvements, Gross Amounts	7,859
Total, Gross	12,570
Accumulated Depreciation	$ (3,294)
Year Build / Year Renovated	1970 / 2007
Year Acquired	2013
2575 Pioneer Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 1,784
Buildings and Improvements, Initial Cost	2,974
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,511
Land, Gross Amounts	1,784
Buildings and Improvements, Gross Amounts	5,485
Total, Gross	7,269
Accumulated Depreciation	$ (3,408)
Year Build / Year Renovated	1988 / 2006
Year Acquired	2004
9641 - 9657 Santa Fe Springs Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,740
Buildings and Improvements, Initial Cost	260
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,200
Land, Gross Amounts	3,740
Buildings and Improvements, Gross Amounts	7,460
Total, Gross	11,200
Accumulated Depreciation	$ (3,406)
Year Build / Year Renovated	1982 / 2009
Year Acquired	2006
15715 Arrow Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,604
Buildings and Improvements, Initial Cost	5,056
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,018
Land, Gross Amounts	3,604
Buildings and Improvements, Gross Amounts	6,074
Total, Gross	9,678
Accumulated Depreciation	$ (3,238)
Year Build / Year Renovated	1989
Year Acquired	2006
2431-2465 Impala Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 5,470
Buildings and Improvements, Initial Cost	7,308
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,253
Land, Gross Amounts	5,470
Buildings and Improvements, Gross Amounts	14,561
Total, Gross	20,031
Accumulated Depreciation	$ (8,342)
Year Build / Year Renovated	1983 / 2006
Year Acquired	2006
6200 & 6300 Yarrow Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 5,001
Buildings and Improvements, Initial Cost	7,658
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,940
Land, Gross Amounts	5,001
Buildings and Improvements, Gross Amounts	12,598
Total, Gross	17,599
Accumulated Depreciation	$ (8,285)
Year Build / Year Renovated	1977-1988 / 2006
Year Acquired	2005
6231 & 6241 Yarrow Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 3,473
Buildings and Improvements, Initial Cost	5,119
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,651
Land, Gross Amounts	3,473
Buildings and Improvements, Gross Amounts	7,770
Total, Gross	11,243
Accumulated Depreciation	$ (4,574)
Year Build / Year Renovated	1977 / 2006
Year Acquired	2006
9160 - 9220 Cleveland Ave., 10860 6th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,647
Buildings and Improvements, Initial Cost	11,867
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,479
Land, Gross Amounts	3,647
Buildings and Improvements, Gross Amounts	15,346
Total, Gross	18,993
Accumulated Depreciation	$ (10,246)
Year Build / Year Renovated	1988-1989 / 2006
Year Acquired	2006
18118-18120 S. Broadway St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 3,013
Buildings and Improvements, Initial Cost	2,161
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,146
Land, Gross Amounts	3,013
Buildings and Improvements, Gross Amounts	3,307
Total, Gross	6,320
Accumulated Depreciation	$ (1,457)
Year Build / Year Renovated	1957 / 1989, 2017
Year Acquired	2013
901 W. Alameda Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 6,304
Buildings and Improvements, Initial Cost	2,996
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,170
Land, Gross Amounts	6,304
Buildings and Improvements, Gross Amounts	9,166
Total, Gross	15,470
Accumulated Depreciation	$ (5,424)
Year Build / Year Renovated	1969 / 2009
Year Acquired	2007
1938-1946 E. 46th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vernon, CA
Land, Initial Cost	$ 7,015
Buildings and Improvements, Initial Cost	7,078
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,962
Land, Gross Amounts	7,015
Buildings and Improvements, Gross Amounts	9,040
Total, Gross	16,055
Accumulated Depreciation	$ (5,304)
Year Build / Year Renovated	1961, 1983 / 2008-2010
Year Acquired	2007
9220-9268 Hall Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 6,974
Buildings and Improvements, Initial Cost	2,902
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,162
Land, Gross Amounts	6,974
Buildings and Improvements, Gross Amounts	4,064
Total, Gross	11,038
Accumulated Depreciation	$ (2,177)
Year Build / Year Renovated	2008
Year Acquired	2009
929, 935, 939 & 951 Poinsettia Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 4,213
Buildings and Improvements, Initial Cost	5,584
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,627
Land, Gross Amounts	2,678
Buildings and Improvements, Gross Amounts	5,355
Total, Gross	8,033
Accumulated Depreciation	$ (2,858)
Year Build / Year Renovated	1989 / 2007
Year Acquired	2008
6750 Unit C - 6780 Central Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Riverside, CA
Land, Initial Cost	$ 1,564
Buildings and Improvements, Initial Cost	584
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	911
Land, Gross Amounts	678
Buildings and Improvements, Gross Amounts	1,248
Total, Gross	1,926
Accumulated Depreciation	$ (645)
Year Build / Year Renovated	1978
Year Acquired	2007
1050 Arroyo Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 3,092
Buildings and Improvements, Initial Cost	1,900
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	762
Land, Gross Amounts	3,092
Buildings and Improvements, Gross Amounts	2,662
Total, Gross	5,754
Accumulated Depreciation	$ (1,128)
Year Build / Year Renovated	1969 / 2012
Year Acquired	2010
600-650 South Grand Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 4,298
Buildings and Improvements, Initial Cost	5,075
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,596
Land, Gross Amounts	4,298
Buildings and Improvements, Gross Amounts	7,671
Total, Gross	11,969
Accumulated Depreciation	$ (3,249)
Year Build / Year Renovated	1988
Year Acquired	2010
121-125 N. Vinedo Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pasadena, CA
Land, Initial Cost	$ 3,481
Buildings and Improvements, Initial Cost	3,530
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	411
Land, Gross Amounts	3,481
Buildings and Improvements, Gross Amounts	3,941
Total, Gross	7,422
Accumulated Depreciation	$ (1,713)
Year Build / Year Renovated	1953 / 1993
Year Acquired	2011
3441 West MacArthur Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 4,179
Buildings and Improvements, Initial Cost	5,358
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,421
Land, Gross Amounts	4,179
Buildings and Improvements, Gross Amounts	7,779
Total, Gross	11,958
Accumulated Depreciation	$ (1,917)
Year Build / Year Renovated	1973 / 2022
Year Acquired	2011
6701 & 6711 Odessa Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 1,582
Buildings and Improvements, Initial Cost	1,856
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,087
Land, Gross Amounts	1,582
Buildings and Improvements, Gross Amounts	2,943
Total, Gross	4,525
Accumulated Depreciation	$ (1,064)
Year Build / Year Renovated	1970-1972 / 2012
Year Acquired	2011
10700 Jersey Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,158
Buildings and Improvements, Initial Cost	4,860
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,989
Land, Gross Amounts	3,158
Buildings and Improvements, Gross Amounts	6,849
Total, Gross	10,007
Accumulated Depreciation	$ (3,082)
Year Build / Year Renovated	1988-1989
Year Acquired	2011
15705, 15709 Arrow Highway & 5220 Fourth St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,608
Buildings and Improvements, Initial Cost	2,699
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,668
Land, Gross Amounts	3,608
Buildings and Improvements, Gross Amounts	4,367
Total, Gross	7,975
Accumulated Depreciation	$ (1,676)
Year Build / Year Renovated	1987
Year Acquired	2011
20920-20950 Normandie Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 3,253
Buildings and Improvements, Initial Cost	1,605
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	905
Land, Gross Amounts	3,253
Buildings and Improvements, Gross Amounts	2,510
Total, Gross	5,763
Accumulated Depreciation	$ (1,161)
Year Build / Year Renovated	1989
Year Acquired	2011
14944, 14946, 14948 Shoemaker Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,720
Buildings and Improvements, Initial Cost	2,641
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	872
Land, Gross Amounts	3,720
Buildings and Improvements, Gross Amounts	3,513
Total, Gross	7,233
Accumulated Depreciation	$ (1,617)
Year Build / Year Renovated	1978 / 2012
Year Acquired	2011
6423-6431 & 6407-6119 Alondra Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Paramount, CA
Land, Initial Cost	$ 1,396
Buildings and Improvements, Initial Cost	925
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	241
Land, Gross Amounts	1,396
Buildings and Improvements, Gross Amounts	1,166
Total, Gross	2,562
Accumulated Depreciation	$ (486)
Year Build / Year Renovated	1986
Year Acquired	2011
1400 S. Campus Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 3,266
Buildings and Improvements, Initial Cost	2,961
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10
Land, Gross Amounts	3,266
Buildings and Improvements, Gross Amounts	2,971
Total, Gross	6,237
Accumulated Depreciation	$ (1,817)
Year Build / Year Renovated	1964-1966, 1973, 1987
Year Acquired	2012
15041 Calvert St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 4,096
Buildings and Improvements, Initial Cost	1,570
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	272
Land, Gross Amounts	4,096
Buildings and Improvements, Gross Amounts	1,842
Total, Gross	5,938
Accumulated Depreciation	$ (707)
Year Build / Year Renovated	1971
Year Acquired	2012
701 Del Norte Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,082
Buildings and Improvements, Initial Cost	6,230
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,408
Land, Gross Amounts	3,082
Buildings and Improvements, Gross Amounts	7,638
Total, Gross	10,720
Accumulated Depreciation	$ (3,266)
Year Build / Year Renovated	2000
Year Acquired	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 17,978
Buildings and Improvements, Initial Cost	39,471
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,876
Land, Gross Amounts	17,978
Buildings and Improvements, Gross Amounts	46,347
Total, Gross	64,325
Accumulated Depreciation	$ (17,712)
Year Build / Year Renovated	1966, 1992, 1993, 1994
Year Acquired	2013
1661 240th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,043
Buildings and Improvements, Initial Cost	2,550
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,969
Land, Gross Amounts	3,043
Buildings and Improvements, Gross Amounts	6,519
Total, Gross	9,562
Accumulated Depreciation	$ (2,863)
Year Build / Year Renovated	1975 / 1995
Year Acquired	2013
18310-18330 Oxnard St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Tarzana, CA
Land, Initial Cost	$ 2,497
Buildings and Improvements, Initial Cost	5,494
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,119
Land, Gross Amounts	2,497
Buildings and Improvements, Gross Amounts	7,613
Total, Gross	10,110
Accumulated Depreciation	$ (3,087)
Year Build / Year Renovated	1973
Year Acquired	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Encumbrances	$ 1,741
Land, Initial Cost	4,582
Buildings and Improvements, Initial Cost	5,135
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,275
Land, Gross Amounts	4,582
Buildings and Improvements, Gross Amounts	8,410
Total, Gross	12,992
Accumulated Depreciation	$ (3,571)
Year Build / Year Renovated	1972 / 1990 / 2013
Year Acquired	2013
280 Bonita Ave., 2743 Thompson Creek Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 8,001
Buildings and Improvements, Initial Cost	17,734
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	368
Land, Gross Amounts	8,001
Buildings and Improvements, Gross Amounts	18,102
Total, Gross	26,103
Accumulated Depreciation	$ (6,656)
Year Build / Year Renovated	1983
Year Acquired	2013
2950 Madera Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 3,601
Buildings and Improvements, Initial Cost	8,033
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	160
Land, Gross Amounts	3,601
Buildings and Improvements, Gross Amounts	8,193
Total, Gross	11,794
Accumulated Depreciation	$ (3,051)
Year Build / Year Renovated	1988 / 2005
Year Acquired	2013
10635 Vanowen St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 1,517
Buildings and Improvements, Initial Cost	1,833
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,287
Land, Gross Amounts	1,517
Buildings and Improvements, Gross Amounts	3,120
Total, Gross	4,637
Accumulated Depreciation	$ (1,357)
Year Build / Year Renovated	1977
Year Acquired	2013
7110 Rosecrans Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Paramount, CA
Land, Initial Cost	$ 3,117
Buildings and Improvements, Initial Cost	1,894
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,461
Land, Gross Amounts	3,117
Buildings and Improvements, Gross Amounts	4,355
Total, Gross	7,472
Accumulated Depreciation	$ (1,421)
Year Build / Year Renovated	1972 / 2015, 2019
Year Acquired	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 2,260
Buildings and Improvements, Initial Cost	6,043
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,247
Land, Gross Amounts	2,260
Buildings and Improvements, Gross Amounts	7,290
Total, Gross	9,550
Accumulated Depreciation	$ (3,086)
Year Build / Year Renovated	1985
Year Acquired	2014
1500-1510 W. 228th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 2,428
Buildings and Improvements, Initial Cost	4,271
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,230
Land, Gross Amounts	2,428
Buildings and Improvements, Gross Amounts	10,501
Total, Gross	12,929
Accumulated Depreciation	$ (3,174)
Year Build / Year Renovated	1963 / 1968, 2017
Year Acquired	2014
24105 Frampton Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 2,315
Buildings and Improvements, Initial Cost	1,553
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,083
Land, Gross Amounts	2,315
Buildings and Improvements, Gross Amounts	3,636
Total, Gross	5,951
Accumulated Depreciation	$ (1,337)
Year Build / Year Renovated	1974 / 2016
Year Acquired	2014
1700 Saturn Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Seal Beach, CA
Land, Initial Cost	$ 7,935
Buildings and Improvements, Initial Cost	10,525
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	342
Land, Gross Amounts	7,935
Buildings and Improvements, Gross Amounts	10,867
Total, Gross	18,802
Accumulated Depreciation	$ (4,025)
Year Build / Year Renovated	2006
Year Acquired	2014
2980 & 2990 N San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 6,373
Buildings and Improvements, Initial Cost	7,356
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	575
Land, Gross Amounts	6,373
Buildings and Improvements, Gross Amounts	7,931
Total, Gross	14,304
Accumulated Depreciation	$ (3,191)
Year Build / Year Renovated	1950 / 2004
Year Acquired	2014
20531 Crescent Bay Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 2,181
Buildings and Improvements, Initial Cost	4,012
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	502
Land, Gross Amounts	2,181
Buildings and Improvements, Gross Amounts	4,514
Total, Gross	6,695
Accumulated Depreciation	$ (1,767)
Year Build / Year Renovated	1998
Year Acquired	2014
2610 & 2701 S. Birch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 9,305
Buildings and Improvements, Initial Cost	2,115
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,483
Land, Gross Amounts	9,305
Buildings and Improvements, Gross Amounts	6,598
Total, Gross	15,903
Accumulated Depreciation	$ (2,595)
Year Build / Year Renovated	1965 / 2016
Year Acquired	2014
710 South Dupont Avenue & 4051 Santa Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 3,725
Buildings and Improvements, Initial Cost	6,145
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	775
Land, Gross Amounts	3,725
Buildings and Improvements, Gross Amounts	6,920
Total, Gross	10,645
Accumulated Depreciation	$ (2,627)
Year Build / Year Renovated	2001
Year Acquired	2014
9755 Distribution Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 1,863
Buildings and Improvements, Initial Cost	3,211
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,660
Land, Gross Amounts	1,863
Buildings and Improvements, Gross Amounts	4,871
Total, Gross	6,734
Accumulated Depreciation	$ (1,293)
Year Build / Year Renovated	1974 / 2023
Year Acquired	2014
9855 Distribution Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 2,733
Buildings and Improvements, Initial Cost	5,041
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	843
Land, Gross Amounts	2,733
Buildings and Improvements, Gross Amounts	5,884
Total, Gross	8,617
Accumulated Depreciation	$ (2,054)
Year Build / Year Renovated	1983
Year Acquired	2014
9340 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,311
Buildings and Improvements, Initial Cost	6,126
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,421
Land, Gross Amounts	4,311
Buildings and Improvements, Gross Amounts	7,547
Total, Gross	11,858
Accumulated Depreciation	$ (2,809)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
9404 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 2,413
Buildings and Improvements, Initial Cost	3,451
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	430
Land, Gross Amounts	2,413
Buildings and Improvements, Gross Amounts	3,881
Total, Gross	6,294
Accumulated Depreciation	$ (1,433)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
9455 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,423
Buildings and Improvements, Initial Cost	6,799
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	708
Land, Gross Amounts	4,423
Buildings and Improvements, Gross Amounts	7,507
Total, Gross	11,930
Accumulated Depreciation	$ (3,002)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
14955-14971 E Salt Lake Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 5,125
Buildings and Improvements, Initial Cost	5,009
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,375
Land, Gross Amounts	5,125
Buildings and Improvements, Gross Amounts	6,384
Total, Gross	11,509
Accumulated Depreciation	$ (2,535)
Year Build / Year Renovated	1979
Year Acquired	2014
5235 East Hunter Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 5,240
Buildings and Improvements, Initial Cost	5,065
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,757
Land, Gross Amounts	5,240
Buildings and Improvements, Gross Amounts	7,822
Total, Gross	13,062
Accumulated Depreciation	$ (3,017)
Year Build / Year Renovated	1987
Year Acquired	2014
3880 West Valley Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 3,982
Buildings and Improvements, Initial Cost	4,796
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,606
Land, Gross Amounts	3,982
Buildings and Improvements, Gross Amounts	8,402
Total, Gross	12,384
Accumulated Depreciation	$ (3,135)
Year Build / Year Renovated	1980 / 2017
Year Acquired	2014
1601 Alton Pkwy.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irvine, CA
Land, Initial Cost	$ 7,638
Buildings and Improvements, Initial Cost	4,946
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	8,577
Land, Gross Amounts	7,638
Buildings and Improvements, Gross Amounts	13,523
Total, Gross	21,161
Accumulated Depreciation	$ (4,456)
Year Build / Year Renovated	1974 / 2018
Year Acquired	2014
3116 W. Avenue 32
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,761
Buildings and Improvements, Initial Cost	6,729
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,489
Land, Gross Amounts	3,761
Buildings and Improvements, Gross Amounts	10,218
Total, Gross	13,979
Accumulated Depreciation	$ (3,624)
Year Build / Year Renovated	1974
Year Acquired	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 7,230
Buildings and Improvements, Initial Cost	9,058
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,395
Land, Gross Amounts	7,230
Buildings and Improvements, Gross Amounts	13,453
Total, Gross	20,683
Accumulated Depreciation	$ (4,826)
Year Build / Year Renovated	1979 / 1980
Year Acquired	2014
24935 & 24955 Avenue Kearny
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 4,773
Buildings and Improvements, Initial Cost	5,970
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,307
Land, Gross Amounts	4,773
Buildings and Improvements, Gross Amounts	7,277
Total, Gross	12,050
Accumulated Depreciation	$ (2,760)
Year Build / Year Renovated	1988
Year Acquired	2014
605 8th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 2,393
Buildings and Improvements, Initial Cost	2,742
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,804
Land, Gross Amounts	2,393
Buildings and Improvements, Gross Amounts	4,546
Total, Gross	6,939
Accumulated Depreciation	$ (1,569)
Year Build / Year Renovated	1991 / 2015, 2020
Year Acquired	2014
9120 Mason Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 9,224
Buildings and Improvements, Initial Cost	19,346
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	824
Land, Gross Amounts	9,224
Buildings and Improvements, Gross Amounts	20,170
Total, Gross	29,394
Accumulated Depreciation	$ (6,905)
Year Build / Year Renovated	1967 / 1999
Year Acquired	2014
7900 Nelson Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 8,495
Buildings and Improvements, Initial Cost	15,948
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,630
Land, Gross Amounts	8,495
Buildings and Improvements, Gross Amounts	18,578
Total, Gross	27,073
Accumulated Depreciation	$ (6,344)
Year Build / Year Renovated	1998 / 2015
Year Acquired	2014
679-691 S Anderson St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 1,723
Buildings and Improvements, Initial Cost	4,767
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,780
Land, Gross Amounts	1,723
Buildings and Improvements, Gross Amounts	6,547
Total, Gross	8,270
Accumulated Depreciation	$ (2,095)
Year Build / Year Renovated	1992 / 2017
Year Acquired	2014
10509 Business Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 3,505
Buildings and Improvements, Initial Cost	5,237
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,726
Land, Gross Amounts	3,505
Buildings and Improvements, Gross Amounts	6,963
Total, Gross	10,468
Accumulated Depreciation	$ (2,480)
Year Build / Year Renovated	1989
Year Acquired	2014
13231 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 2,812
Buildings and Improvements, Initial Cost	4,739
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,194
Land, Gross Amounts	2,812
Buildings and Improvements, Gross Amounts	5,933
Total, Gross	8,745
Accumulated Depreciation	$ (2,065)
Year Build / Year Renovated	1990
Year Acquired	2014
240 W Ivy Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Inglewood, CA
Land, Initial Cost	$ 2,064
Buildings and Improvements, Initial Cost	3,675
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,410
Land, Gross Amounts	2,064
Buildings and Improvements, Gross Amounts	8,085
Total, Gross	10,149
Accumulated Depreciation	$ (2,616)
Year Build / Year Renovated	1981
Year Acquired	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 2,616
Buildings and Improvements, Initial Cost	8,311
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,972
Land, Gross Amounts	2,616
Buildings and Improvements, Gross Amounts	10,283
Total, Gross	12,899
Accumulated Depreciation	$ (3,948)
Year Build / Year Renovated	1988
Year Acquired	2014
1800 Eastman Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 842
Buildings and Improvements, Initial Cost	2,209
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	81
Land, Gross Amounts	842
Buildings and Improvements, Gross Amounts	2,290
Total, Gross	3,132
Accumulated Depreciation	$ (908)
Year Build / Year Renovated	2009
Year Acquired	2014
2360-2364 E. Sturgis Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 1,128
Buildings and Improvements, Initial Cost	2,726
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,231
Land, Gross Amounts	1,128
Buildings and Improvements, Gross Amounts	3,957
Total, Gross	5,085
Accumulated Depreciation	$ (1,496)
Year Build / Year Renovated	1989
Year Acquired	2014
201 Rice Ave. & 2400-2420 Celsius
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,487
Buildings and Improvements, Initial Cost	9,589
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	924
Land, Gross Amounts	3,487
Buildings and Improvements, Gross Amounts	10,513
Total, Gross	14,000
Accumulated Depreciation	$ (3,958)
Year Build / Year Renovated	2008
Year Acquired	2014
11120, 11160, 11200 Hindry Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,478
Buildings and Improvements, Initial Cost	7,834
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	689
Land, Gross Amounts	3,478
Buildings and Improvements, Gross Amounts	8,523
Total, Gross	12,001
Accumulated Depreciation	$ (3,046)
Year Build / Year Renovated	1992 / 1994
Year Acquired	2014
6970-7170 & 7310-7374 Convoy Ct.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 10,805
Buildings and Improvements, Initial Cost	18,426
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,655
Land, Gross Amounts	10,805
Buildings and Improvements, Gross Amounts	23,081
Total, Gross	33,886
Accumulated Depreciation	$ (8,484)
Year Build / Year Renovated	1971
Year Acquired	2014
12907 Imperial Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,462
Buildings and Improvements, Initial Cost	6,678
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	621
Land, Gross Amounts	5,462
Buildings and Improvements, Gross Amounts	7,299
Total, Gross	12,761
Accumulated Depreciation	$ (2,341)
Year Build / Year Renovated	1997
Year Acquired	2015
8902-8940 Activity Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 9,427
Buildings and Improvements, Initial Cost	8,103
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,809
Land, Gross Amounts	9,427
Buildings and Improvements, Gross Amounts	11,912
Total, Gross	21,339
Accumulated Depreciation	$ (4,052)
Year Build / Year Renovated	1987 / 1997
Year Acquired	2015
1210 N Red Gum St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 3,326
Buildings and Improvements, Initial Cost	4,020
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,510
Land, Gross Amounts	3,326
Buildings and Improvements, Gross Amounts	5,530
Total, Gross	8,856
Accumulated Depreciation	$ (1,806)
Year Build / Year Renovated	1985 / 2020
Year Acquired	2015
9615 Norwalk Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 8,508
Buildings and Improvements, Initial Cost	1,134
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	22,014
Land, Gross Amounts	8,508
Buildings and Improvements, Gross Amounts	23,148
Total, Gross	31,656
Accumulated Depreciation	$ (324)
Year Build / Year Renovated	1975
Year Acquired	2015
16221 Arthur St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 2,979
Buildings and Improvements, Initial Cost	3,204
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,828
Land, Gross Amounts	2,979
Buildings and Improvements, Gross Amounts	5,032
Total, Gross	8,011
Accumulated Depreciation	$ (1,422)
Year Build / Year Renovated	1979 / 2021
Year Acquired	2015
2588 & 2605 Industry Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Lynwood, CA
Land, Initial Cost	$ 8,738
Buildings and Improvements, Initial Cost	9,415
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	8,738
Buildings and Improvements, Gross Amounts	9,415
Total, Gross	18,153
Accumulated Depreciation	$ (3,506)
Year Build / Year Renovated	1969 / 1971
Year Acquired	2015
425 S. Hacienda Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 4,010
Buildings and Improvements, Initial Cost	3,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	121
Land, Gross Amounts	4,010
Buildings and Improvements, Gross Amounts	3,171
Total, Gross	7,181
Accumulated Depreciation	$ (1,209)
Year Build / Year Renovated	1997
Year Acquired	2015
6700 S Alameda St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Park, CA
Land, Initial Cost	$ 3,502
Buildings and Improvements, Initial Cost	9,279
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	283
Land, Gross Amounts	3,502
Buildings and Improvements, Gross Amounts	9,562
Total, Gross	13,064
Accumulated Depreciation	$ (3,663)
Year Build / Year Renovated	1990 / 2008
Year Acquired	2015
12720-12860 Danielson Ct.
Real Estate And Accumulated Depreciation [Line Items]
Location	Poway, CA
Land, Initial Cost	$ 6,902
Buildings and Improvements, Initial Cost	8,949
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,284
Land, Gross Amounts	6,902
Buildings and Improvements, Gross Amounts	10,233
Total, Gross	17,135
Accumulated Depreciation	$ (4,084)
Year Build / Year Renovated	1999
Year Acquired	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,446
Buildings and Improvements, Initial Cost	1,241
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	448
Land, Gross Amounts	3,446
Buildings and Improvements, Gross Amounts	1,689
Total, Gross	5,135
Accumulated Depreciation	$ (717)
Year Build / Year Renovated	1982
Year Acquired	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,310
Buildings and Improvements, Initial Cost	5,806
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,408
Land, Gross Amounts	3,310
Buildings and Improvements, Gross Amounts	8,214
Total, Gross	11,524
Accumulated Depreciation	$ (3,485)
Year Build / Year Renovated	1985
Year Acquired	2015
10701-10719 Norwalk Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,357
Buildings and Improvements, Initial Cost	3,527
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	253
Land, Gross Amounts	3,357
Buildings and Improvements, Gross Amounts	3,780
Total, Gross	7,137
Accumulated Depreciation	$ (1,329)
Year Build / Year Renovated	2004
Year Acquired	2015
6020 Sheila St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 4,590
Buildings and Improvements, Initial Cost	7,772
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	595
Land, Gross Amounts	4,590
Buildings and Improvements, Gross Amounts	8,367
Total, Gross	12,957
Accumulated Depreciation	$ (2,859)
Year Build / Year Renovated	2000
Year Acquired	2015
9805 6th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,503
Buildings and Improvements, Initial Cost	3,204
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,544
Land, Gross Amounts	3,503
Buildings and Improvements, Gross Amounts	4,748
Total, Gross	8,251
Accumulated Depreciation	$ (1,841)
Year Build / Year Renovated	1986
Year Acquired	2015
16321 Arrow Hwy.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,087
Buildings and Improvements, Initial Cost	4,081
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	453
Land, Gross Amounts	3,087
Buildings and Improvements, Gross Amounts	4,534
Total, Gross	7,621
Accumulated Depreciation	$ (1,485)
Year Build / Year Renovated	1955 / 2001
Year Acquired	2015
601-605 S. Milliken Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 5,479
Buildings and Improvements, Initial Cost	7,036
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,195
Land, Gross Amounts	5,479
Buildings and Improvements, Gross Amounts	9,231
Total, Gross	14,710
Accumulated Depreciation	$ (3,262)
Year Build / Year Renovated	1987 / 1988
Year Acquired	2015
1065 E. Walnut Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 10,038
Buildings and Improvements, Initial Cost	4,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,728
Land, Gross Amounts	10,038
Buildings and Improvements, Gross Amounts	9,108
Total, Gross	19,146
Accumulated Depreciation	$ (3,135)
Year Build / Year Renovated	1974
Year Acquired	2015
12247 Lakeland Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,481
Buildings and Improvements, Initial Cost	776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,168
Land, Gross Amounts	3,481
Buildings and Improvements, Gross Amounts	1,944
Total, Gross	5,425
Accumulated Depreciation	$ (658)
Year Build / Year Renovated	1971 / 2016
Year Acquired	2015
17311 Nichols Lane
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Land, Initial Cost	$ 7,988
Buildings and Improvements, Initial Cost	8,728
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	239
Land, Gross Amounts	7,988
Buildings and Improvements, Gross Amounts	8,967
Total, Gross	16,955
Accumulated Depreciation	$ (3,044)
Year Build / Year Renovated	1993 / 2014
Year Acquired	2015
8525 Camino Santa Fe
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,038
Buildings and Improvements, Initial Cost	4,055
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,746
Land, Gross Amounts	4,038
Buildings and Improvements, Gross Amounts	5,801
Total, Gross	9,839
Accumulated Depreciation	$ (1,964)
Year Build / Year Renovated	1986
Year Acquired	2016
28454 Livingston Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 5,150
Buildings and Improvements, Initial Cost	9,666
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	524
Land, Gross Amounts	5,150
Buildings and Improvements, Gross Amounts	10,190
Total, Gross	15,340
Accumulated Depreciation	$ (3,299)
Year Build / Year Renovated	2007
Year Acquired	2016
20 Icon
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 12,576
Buildings and Improvements, Initial Cost	8,817
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	943
Land, Gross Amounts	12,576
Buildings and Improvements, Gross Amounts	9,760
Total, Gross	22,336
Accumulated Depreciation	$ (3,855)
Year Build / Year Renovated	1999 / 2015
Year Acquired	2016
16425 Gale Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 18,803
Buildings and Improvements, Initial Cost	6,029
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,284
Land, Gross Amounts	18,803
Buildings and Improvements, Gross Amounts	7,313
Total, Gross	26,116
Accumulated Depreciation	$ (2,339)
Year Build / Year Renovated	1976
Year Acquired	2016
12131 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 15,077
Buildings and Improvements, Initial Cost	11,149
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,861
Land, Gross Amounts	15,077
Buildings and Improvements, Gross Amounts	16,010
Total, Gross	31,087
Accumulated Depreciation	$ (5,077)
Year Build / Year Renovated	1987 / 2007, 2017
Year Acquired	2016
9 Holland
Real Estate And Accumulated Depreciation [Line Items]
Location	Irvine, CA
Land, Initial Cost	$ 13,724
Buildings and Improvements, Initial Cost	9,365
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,378
Land, Gross Amounts	13,724
Buildings and Improvements, Gross Amounts	10,743
Total, Gross	24,467
Accumulated Depreciation	$ (3,379)
Year Build / Year Renovated	1980 / 2013
Year Acquired	2016
15996 Jurupa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 7,855
Buildings and Improvements, Initial Cost	12,056
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	153
Land, Gross Amounts	7,855
Buildings and Improvements, Gross Amounts	12,209
Total, Gross	20,064
Accumulated Depreciation	$ (3,857)
Year Build / Year Renovated	2015
Year Acquired	2016
11127 Catawba Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 5,562
Buildings and Improvements, Initial Cost	8,094
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	127
Land, Gross Amounts	5,562
Buildings and Improvements, Gross Amounts	8,221
Total, Gross	13,783
Accumulated Depreciation	$ (2,596)
Year Build / Year Renovated	2015
Year Acquired	2016
13550 Stowe Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Poway, CA
Land, Initial Cost	$ 9,126
Buildings and Improvements, Initial Cost	8,043
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	9,126
Buildings and Improvements, Gross Amounts	8,043
Total, Gross	17,169
Accumulated Depreciation	$ (2,929)
Year Build / Year Renovated	1991
Year Acquired	2016
10750-10826 Lower Azusa Road
Real Estate And Accumulated Depreciation [Line Items]
Location	El Monte, CA
Land, Initial Cost	$ 4,433
Buildings and Improvements, Initial Cost	2,961
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,595
Land, Gross Amounts	4,433
Buildings and Improvements, Gross Amounts	4,556
Total, Gross	8,989
Accumulated Depreciation	$ (1,576)
Year Build / Year Renovated	1975
Year Acquired	2016
525 Park Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 3,830
Buildings and Improvements, Initial Cost	3,887
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	242
Land, Gross Amounts	3,830
Buildings and Improvements, Gross Amounts	4,129
Total, Gross	7,959
Accumulated Depreciation	$ (1,375)
Year Build / Year Renovated	2003
Year Acquired	2016
3233 Mission Oaks Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Camarillo, CA
Land, Initial Cost	$ 13,791
Buildings and Improvements, Initial Cost	10,017
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	29,931
Land, Gross Amounts	13,791
Buildings and Improvements, Gross Amounts	39,948
Total, Gross	53,739
Accumulated Depreciation	$ (7,415)
Year Build / Year Renovated	1980-1982 / 2014, 2018, 2019
Year Acquired	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 26,659
Buildings and Improvements, Initial Cost	12,673
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,606
Land, Gross Amounts	26,659
Buildings and Improvements, Gross Amounts	18,279
Total, Gross	44,938
Accumulated Depreciation	$ (6,570)
Year Build / Year Renovated	1968/1985
Year Acquired	2016
14742-14750 Nelson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 13,463
Buildings and Improvements, Initial Cost	1,680
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17,435
Land, Gross Amounts	13,463
Buildings and Improvements, Gross Amounts	19,115
Total, Gross	32,578
Accumulated Depreciation	$ (4,730)
Year Build / Year Renovated	1969 / 2018
Year Acquired	2016
301-445 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 7,126
Buildings and Improvements, Initial Cost	5,728
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,366
Land, Gross Amounts	7,126
Buildings and Improvements, Gross Amounts	11,094
Total, Gross	18,220
Accumulated Depreciation	$ (2,892)
Year Build / Year Renovated	1972 / 2018
Year Acquired	2016
12320 4th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 12,642
Buildings and Improvements, Initial Cost	14,179
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	39
Land, Gross Amounts	12,642
Buildings and Improvements, Gross Amounts	14,218
Total, Gross	26,860
Accumulated Depreciation	$ (4,878)
Year Build / Year Renovated	1997 / 2003
Year Acquired	2016
9190 Activity Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 8,497
Buildings and Improvements, Initial Cost	5,622
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	928
Land, Gross Amounts	8,497
Buildings and Improvements, Gross Amounts	6,550
Total, Gross	15,047
Accumulated Depreciation	$ (2,383)
Year Build / Year Renovated	1986
Year Acquired	2016
28903-28903 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 10,620
Buildings and Improvements, Initial Cost	6,510
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19,872
Land, Gross Amounts	10,620
Buildings and Improvements, Gross Amounts	26,382
Total, Gross	37,002
Accumulated Depreciation	$ (3,756)
Year Build / Year Renovated	1999 / 2018, 2022
Year Acquired	2017
2390 Ward Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 5,624
Buildings and Improvements, Initial Cost	10,045
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,262
Land, Gross Amounts	5,624
Buildings and Improvements, Gross Amounts	12,307
Total, Gross	17,931
Accumulated Depreciation	$ (3,781)
Year Build / Year Renovated	1989
Year Acquired	2017
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 50,807
Buildings and Improvements, Initial Cost	86,065
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19,526
Land, Gross Amounts	50,807
Buildings and Improvements, Gross Amounts	105,591
Total, Gross	156,398
Accumulated Depreciation	$ (29,711)
Year Build / Year Renovated	1989
Year Acquired	2017
4175 Conant Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 13,785
Buildings and Improvements, Initial Cost	13,440
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	13,785
Buildings and Improvements, Gross Amounts	13,440
Total, Gross	27,225
Accumulated Depreciation	$ (4,020)
Year Build / Year Renovated	2015
Year Acquired	2017
5421 Argosy Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Land, Initial Cost	$ 3,577
Buildings and Improvements, Initial Cost	1,490
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2
Land, Gross Amounts	3,577
Buildings and Improvements, Gross Amounts	1,492
Total, Gross	5,069
Accumulated Depreciation	$ (624)
Year Build / Year Renovated	1976
Year Acquired	2017
14820-14830 Carmenita Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Norwalk, CA
Land, Initial Cost	$ 22,938
Buildings and Improvements, Initial Cost	6,738
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,416
Land, Gross Amounts	22,938
Buildings and Improvements, Gross Amounts	8,154
Total, Gross	31,092
Accumulated Depreciation	$ (2,450)
Year Build / Year Renovated	1970, 2000
Year Acquired	2017
3002-3072 Inland Empire Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 11,980
Buildings and Improvements, Initial Cost	14,439
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,327
Land, Gross Amounts	11,980
Buildings and Improvements, Gross Amounts	17,766
Total, Gross	29,746
Accumulated Depreciation	$ (5,821)
Year Build / Year Renovated	1981
Year Acquired	2017
17000 Kingsview Avenue & 800 Sandhill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 7,988
Buildings and Improvements, Initial Cost	5,472
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,135
Land, Gross Amounts	7,988
Buildings and Improvements, Gross Amounts	6,607
Total, Gross	14,595
Accumulated Depreciation	$ (1,633)
Year Build / Year Renovated	1984
Year Acquired	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 121,329
Buildings and Improvements, Initial Cost	86,776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19,225
Land, Gross Amounts	121,329
Buildings and Improvements, Gross Amounts	106,001
Total, Gross	227,330
Accumulated Depreciation	$ (27,408)
Year Build / Year Renovated	1989 / 2021
Year Acquired	2017
11190 White Birch Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 9,405
Buildings and Improvements, Initial Cost	9,840
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	692
Land, Gross Amounts	9,405
Buildings and Improvements, Gross Amounts	10,532
Total, Gross	19,937
Accumulated Depreciation	$ (3,094)
Year Build / Year Renovated	1986
Year Acquired	2017
4832-4850 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 5,330
Buildings and Improvements, Initial Cost	8,856
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	215
Land, Gross Amounts	5,330
Buildings and Improvements, Gross Amounts	9,071
Total, Gross	14,401
Accumulated Depreciation	$ (2,324)
Year Build / Year Renovated	2016
Year Acquired	2017
1825 Soto Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 2,129
Buildings and Improvements, Initial Cost	1,315
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	215
Land, Gross Amounts	2,129
Buildings and Improvements, Gross Amounts	1,530
Total, Gross	3,659
Accumulated Depreciation	$ (424)
Year Build / Year Renovated	1993
Year Acquired	2017
19402 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 3,524
Buildings and Improvements, Initial Cost	357
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	8
Land, Gross Amounts	3,524
Buildings and Improvements, Gross Amounts	365
Total, Gross	3,889
Accumulated Depreciation	$ (158)
Year Build / Year Renovated	1957
Year Acquired	2017
13225 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Gardena, CA
Land, Initial Cost	$ 1,918
Buildings and Improvements, Initial Cost	355
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	363
Land, Gross Amounts	1,918
Buildings and Improvements, Gross Amounts	718
Total, Gross	2,636
Accumulated Depreciation	$ (185)
Year Build / Year Renovated	1955
Year Acquired	2017
15401 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,255
Buildings and Improvements, Initial Cost	1,248
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	838
Land, Gross Amounts	3,255
Buildings and Improvements, Gross Amounts	2,086
Total, Gross	5,341
Accumulated Depreciation	$ (518)
Year Build / Year Renovated	1964 / 2018
Year Acquired	2017
8542 Slauson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Pico Rivera, CA
Land, Initial Cost	$ 8,681
Buildings and Improvements, Initial Cost	576
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,089
Land, Gross Amounts	8,681
Buildings and Improvements, Gross Amounts	1,665
Total, Gross	10,346
Accumulated Depreciation	$ (612)
Year Build / Year Renovated	1964
Year Acquired	2017
687 Eucalyptus Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Inglewood, CA
Land, Initial Cost	$ 37,035
Buildings and Improvements, Initial Cost	15,120
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	275
Land, Gross Amounts	37,035
Buildings and Improvements, Gross Amounts	15,395
Total, Gross	52,430
Accumulated Depreciation	$ (3,735)
Year Build / Year Renovated	2017
Year Acquired	2017
302 Rockefeller Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 6,859
Buildings and Improvements, Initial Cost	7,185
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	597
Land, Gross Amounts	6,859
Buildings and Improvements, Gross Amounts	7,782
Total, Gross	14,641
Accumulated Depreciation	$ (1,893)
Year Build / Year Renovated	2000
Year Acquired	2017
4355 Brickell Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 7,295
Buildings and Improvements, Initial Cost	5,616
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	643
Land, Gross Amounts	7,295
Buildings and Improvements, Gross Amounts	6,259
Total, Gross	13,554
Accumulated Depreciation	$ (1,630)
Year Build / Year Renovated	2004
Year Acquired	2017
12622-12632 Monarch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 11,691
Buildings and Improvements, Initial Cost	8,290
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,954
Land, Gross Amounts	11,691
Buildings and Improvements, Gross Amounts	10,244
Total, Gross	21,935
Accumulated Depreciation	$ (2,878)
Year Build / Year Renovated	1967
Year Acquired	2017
8315 Hanan Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Pico Rivera, CA
Land, Initial Cost	$ 8,714
Buildings and Improvements, Initial Cost	4,751
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	193
Land, Gross Amounts	8,714
Buildings and Improvements, Gross Amounts	4,944
Total, Gross	13,658
Accumulated Depreciation	$ (1,314)
Year Build / Year Renovated	1976
Year Acquired	2017
13971 Norton Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chino, CA
Land, Initial Cost	$ 5,293
Buildings and Improvements, Initial Cost	6,377
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	385
Land, Gross Amounts	5,293
Buildings and Improvements, Gross Amounts	6,762
Total, Gross	12,055
Accumulated Depreciation	$ (1,787)
Year Build / Year Renovated	1990
Year Acquired	2018
1900 Proforma Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 10,214
Buildings and Improvements, Initial Cost	5,127
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,490
Land, Gross Amounts	10,214
Buildings and Improvements, Gross Amounts	6,617
Total, Gross	16,831
Accumulated Depreciation	$ (2,251)
Year Build / Year Renovated	1989
Year Acquired	2018
16010 Shoemaker Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 9,927
Buildings and Improvements, Initial Cost	6,948
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	515
Land, Gross Amounts	9,927
Buildings and Improvements, Gross Amounts	7,463
Total, Gross	17,390
Accumulated Depreciation	$ (1,880)
Year Build / Year Renovated	1985
Year Acquired	2018
4039 Calle Platino
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 9,476
Buildings and Improvements, Initial Cost	11,394
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,968
Land, Gross Amounts	9,476
Buildings and Improvements, Gross Amounts	15,362
Total, Gross	24,838
Accumulated Depreciation	$ (3,184)
Year Build / Year Renovated	1991
Year Acquired	2018
851 Lawrence Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Thousand Oaks, CA
Land, Initial Cost	$ 6,717
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	13,508
Land, Gross Amounts	6,717
Buildings and Improvements, Gross Amounts	13,508
Total, Gross	20,225
Accumulated Depreciation	$ (1,582)
Year Build / Year Renovated	1968 / 2021
Year Acquired	2018
1581 North Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 4,230
Buildings and Improvements, Initial Cost	3,313
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	263
Land, Gross Amounts	4,230
Buildings and Improvements, Gross Amounts	3,576
Total, Gross	7,806
Accumulated Depreciation	$ (827)
Year Build / Year Renovated	1994
Year Acquired	2018
1580 West Carson Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 5,252
Buildings and Improvements, Initial Cost	2,496
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,254
Land, Gross Amounts	5,252
Buildings and Improvements, Gross Amounts	4,750
Total, Gross	10,002
Accumulated Depreciation	$ (1,135)
Year Build / Year Renovated	1982 / 2018
Year Acquired	2018
660 & 664 North Twin Oaks Valley Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Marcos, CA
Land, Initial Cost	$ 6,307
Buildings and Improvements, Initial Cost	6,573
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	351
Land, Gross Amounts	6,307
Buildings and Improvements, Gross Amounts	6,924
Total, Gross	13,231
Accumulated Depreciation	$ (1,848)
Year Build / Year Renovated	1978 - 1988
Year Acquired	2018
1190 Stanford Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 3,583
Buildings and Improvements, Initial Cost	2,430
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	233
Land, Gross Amounts	3,583
Buildings and Improvements, Gross Amounts	2,663
Total, Gross	6,246
Accumulated Depreciation	$ (668)
Year Build / Year Renovated	1979
Year Acquired	2018
5300 Sheila Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 90,568
Buildings and Improvements, Initial Cost	54,086
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	302
Land, Gross Amounts	90,568
Buildings and Improvements, Gross Amounts	54,388
Total, Gross	144,956
Accumulated Depreciation	$ (13,957)
Year Build / Year Renovated	1975
Year Acquired	2018
15777 Gateway Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Tustin, CA
Land, Initial Cost	$ 3,815
Buildings and Improvements, Initial Cost	4,292
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	43
Land, Gross Amounts	3,815
Buildings and Improvements, Gross Amounts	4,335
Total, Gross	8,150
Accumulated Depreciation	$ (982)
Year Build / Year Renovated	2005
Year Acquired	2018
1998 Surveyor Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 3,670
Buildings and Improvements, Initial Cost	2,263
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,754
Land, Gross Amounts	3,670
Buildings and Improvements, Gross Amounts	7,017
Total, Gross	10,687
Accumulated Depreciation	$ (1,502)
Year Build / Year Renovated	2018
Year Acquired	2018
3100 Fujita Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 7,723
Buildings and Improvements, Initial Cost	5,649
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	474
Land, Gross Amounts	7,723
Buildings and Improvements, Gross Amounts	6,123
Total, Gross	13,846
Accumulated Depreciation	$ (1,528)
Year Build / Year Renovated	1970
Year Acquired	2018
4416 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 10,762
Buildings and Improvements, Initial Cost	1,567
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,287
Land, Gross Amounts	10,762
Buildings and Improvements, Gross Amounts	4,854
Total, Gross	15,616
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1956
Year Acquired	2018
1420 McKinley Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 17,053
Buildings and Improvements, Initial Cost	13,605
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	143
Land, Gross Amounts	17,053
Buildings and Improvements, Gross Amounts	13,748
Total, Gross	30,801
Accumulated Depreciation	$ (3,241)
Year Build / Year Renovated	2017
Year Acquired	2018
12154 Montague Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Pacoima, CA
Land, Initial Cost	$ 10,114
Buildings and Improvements, Initial Cost	12,767
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	956
Land, Gross Amounts	10,114
Buildings and Improvements, Gross Amounts	13,723
Total, Gross	23,837
Accumulated Depreciation	$ (2,846)
Year Build / Year Renovated	1974
Year Acquired	2018
10747 Norwalk Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,646
Buildings and Improvements, Initial Cost	4,966
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	301
Land, Gross Amounts	5,646
Buildings and Improvements, Gross Amounts	5,267
Total, Gross	10,913
Accumulated Depreciation	$ (1,216)
Year Build / Year Renovated	1999
Year Acquired	2018
29003 Avenue Sherman
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 3,094
Buildings and Improvements, Initial Cost	6,467
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,826
Land, Gross Amounts	3,094
Buildings and Improvements, Gross Amounts	8,293
Total, Gross	11,387
Accumulated Depreciation	$ (1,382)
Year Build / Year Renovated	2000 / 2019
Year Acquired	2018
16121 Carmenita Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 10,013
Buildings and Improvements, Initial Cost	3,279
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,209
Land, Gross Amounts	10,013
Buildings and Improvements, Gross Amounts	7,488
Total, Gross	17,501
Accumulated Depreciation	$ (1,305)
Year Build / Year Renovated	1969/1983, 2020
Year Acquired	2018
1332-1340 Rocky Point Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 3,816
Buildings and Improvements, Initial Cost	6,148
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	519
Land, Gross Amounts	3,816
Buildings and Improvements, Gross Amounts	6,667
Total, Gross	10,483
Accumulated Depreciation	$ (1,432)
Year Build / Year Renovated	2009 / 2019
Year Acquired	2018
6131-6133 Innovation Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 10,545
Buildings and Improvements, Initial Cost	11,859
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	428
Land, Gross Amounts	10,545
Buildings and Improvements, Gross Amounts	12,287
Total, Gross	22,832
Accumulated Depreciation	$ (2,791)
Year Build / Year Renovated	2017
Year Acquired	2018
263-321 Gardena Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 14,302
Buildings and Improvements, Initial Cost	1,960
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	407
Land, Gross Amounts	14,302
Buildings and Improvements, Gross Amounts	2,367
Total, Gross	16,669
Accumulated Depreciation	$ (779)
Year Build / Year Renovated	1977 - 1982
Year Acquired	2018
9200 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,887
Buildings and Improvements, Initial Cost	4,080
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	48
Land, Gross Amounts	4,887
Buildings and Improvements, Gross Amounts	4,128
Total, Gross	9,015
Accumulated Depreciation	$ (896)
Year Build / Year Renovated	1968
Year Acquired	2018
9230 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,454
Buildings and Improvements, Initial Cost	955
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	23
Land, Gross Amounts	4,454
Buildings and Improvements, Gross Amounts	978
Total, Gross	5,432
Accumulated Depreciation	$ (287)
Year Build / Year Renovated	1974
Year Acquired	2018
9250 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,034
Buildings and Improvements, Initial Cost	2,464
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	31
Land, Gross Amounts	4,034
Buildings and Improvements, Gross Amounts	2,495
Total, Gross	6,529
Accumulated Depreciation	$ (578)
Year Build / Year Renovated	1977
Year Acquired	2018
9171 Oso Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 5,647
Buildings and Improvements, Initial Cost	2,801
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	21
Land, Gross Amounts	5,647
Buildings and Improvements, Gross Amounts	2,822
Total, Gross	8,469
Accumulated Depreciation	$ (715)
Year Build / Year Renovated	1980
Year Acquired	2018
5593-5595 Fresca Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	La Palma, CA
Land, Initial Cost	$ 11,414
Buildings and Improvements, Initial Cost	2,502
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	705
Land, Gross Amounts	11,414
Buildings and Improvements, Gross Amounts	3,207
Total, Gross	14,621
Accumulated Depreciation	$ (775)
Year Build / Year Renovated	1973
Year Acquired	2018
6100 Sheila Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 11,789
Buildings and Improvements, Initial Cost	5,214
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,124
Land, Gross Amounts	11,789
Buildings and Improvements, Gross Amounts	7,338
Total, Gross	19,127
Accumulated Depreciation	$ (1,791)
Year Build / Year Renovated	1960
Year Acquired	2018
14421-14441 Bonelli Street
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 12,191
Buildings and Improvements, Initial Cost	7,489
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	330
Land, Gross Amounts	12,191
Buildings and Improvements, Gross Amounts	7,819
Total, Gross	20,010
Accumulated Depreciation	$ (1,741)
Year Build / Year Renovated	1971
Year Acquired	2018
12821 Knott Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 17,896
Buildings and Improvements, Initial Cost	2,824
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17,376
Land, Gross Amounts	17,896
Buildings and Improvements, Gross Amounts	20,200
Total, Gross	38,096
Accumulated Depreciation	$ (526)
Year Build / Year Renovated	1971 / 2023
Year Acquired	2019
28510 Industry Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 2,395
Buildings and Improvements, Initial Cost	5,466
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	126
Land, Gross Amounts	2,395
Buildings and Improvements, Gross Amounts	5,592
Total, Gross	7,987
Accumulated Depreciation	$ (1,118)
Year Build / Year Renovated	2017
Year Acquired	2019
Conejo Spectrum Business Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Thousand Oaks, CA
Land, Initial Cost	$ 38,877
Buildings and Improvements, Initial Cost	64,721
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,795
Land, Gross Amounts	38,877
Buildings and Improvements, Gross Amounts	66,516
Total, Gross	105,393
Accumulated Depreciation	$ (13,122)
Year Build / Year Renovated	2018 / 2020
Year Acquired	2019
2455 Ash Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 4,273
Buildings and Improvements, Initial Cost	1,966
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	327
Land, Gross Amounts	4,273
Buildings and Improvements, Gross Amounts	2,293
Total, Gross	6,566
Accumulated Depreciation	$ (651)
Year Build / Year Renovated	1990
Year Acquired	2019
25413 Rye Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 3,245
Buildings and Improvements, Initial Cost	2,352
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,558
Land, Gross Amounts	3,245
Buildings and Improvements, Gross Amounts	4,910
Total, Gross	8,155
Accumulated Depreciation	$ (787)
Year Build / Year Renovated	1981
Year Acquired	2019
1515 15th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 23,363
Buildings and Improvements, Initial Cost	5,208
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,424
Land, Gross Amounts	23,363
Buildings and Improvements, Gross Amounts	7,632
Total, Gross	30,995
Accumulated Depreciation	$ (1,314)
Year Build / Year Renovated	1977
Year Acquired	2019
13890 Nelson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 25,642
Buildings and Improvements, Initial Cost	14,616
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	150
Land, Gross Amounts	25,642
Buildings and Improvements, Gross Amounts	14,766
Total, Gross	40,408
Accumulated Depreciation	$ (3,014)
Year Build / Year Renovated	1982
Year Acquired	2019
445-449 Freedom Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 9,084
Buildings and Improvements, Initial Cost	8,286
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	517
Land, Gross Amounts	9,084
Buildings and Improvements, Gross Amounts	8,803
Total, Gross	17,887
Accumulated Depreciation	$ (1,815)
Year Build / Year Renovated	1980
Year Acquired	2019
2270 Camino Vida Roble
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 8,102
Buildings and Improvements, Initial Cost	8,179
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,059
Land, Gross Amounts	8,102
Buildings and Improvements, Gross Amounts	11,238
Total, Gross	19,340
Accumulated Depreciation	$ (2,898)
Year Build / Year Renovated	1981
Year Acquired	2019
980 Rancheros Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Marcos, CA
Land, Initial Cost	$ 2,901
Buildings and Improvements, Initial Cost	4,245
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	346
Land, Gross Amounts	2,901
Buildings and Improvements, Gross Amounts	4,591
Total, Gross	7,492
Accumulated Depreciation	$ (929)
Year Build / Year Renovated	1982
Year Acquired	2019
1145 Arroyo Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 19,556
Buildings and Improvements, Initial Cost	9,567
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,404
Land, Gross Amounts	19,556
Buildings and Improvements, Gross Amounts	10,971
Total, Gross	30,527
Accumulated Depreciation	$ (2,119)
Year Build / Year Renovated	1989
Year Acquired	2019
1150 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 18,989
Buildings and Improvements, Initial Cost	10,067
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	15
Land, Gross Amounts	18,989
Buildings and Improvements, Gross Amounts	10,082
Total, Gross	29,071
Accumulated Depreciation	$ (2,303)
Year Build / Year Renovated	1989
Year Acquired	2019
1175 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 12,367
Buildings and Improvements, Initial Cost	4,858
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	188
Land, Gross Amounts	12,367
Buildings and Improvements, Gross Amounts	5,046
Total, Gross	17,413
Accumulated Depreciation	$ (1,182)
Year Build / Year Renovated	1989
Year Acquired	2019
1245 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 16,407
Buildings and Improvements, Initial Cost	9,572
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	87
Land, Gross Amounts	16,407
Buildings and Improvements, Gross Amounts	9,659
Total, Gross	26,066
Accumulated Depreciation	$ (2,065)
Year Build / Year Renovated	1989
Year Acquired	2019
635 8th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 8,787
Buildings and Improvements, Initial Cost	5,922
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,121
Land, Gross Amounts	8,787
Buildings and Improvements, Gross Amounts	8,043
Total, Gross	16,830
Accumulated Depreciation	$ (1,182)
Year Build / Year Renovated	1989
Year Acquired	2019
10015 Waples Court
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 12,280
Buildings and Improvements, Initial Cost	9,198
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,463
Land, Gross Amounts	12,280
Buildings and Improvements, Gross Amounts	14,661
Total, Gross	26,941
Accumulated Depreciation	$ (2,102)
Year Build / Year Renovated	1988 / 2020
Year Acquired	2019
19100 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 11,576
Buildings and Improvements, Initial Cost	2,265
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	460
Land, Gross Amounts	11,576
Buildings and Improvements, Gross Amounts	2,725
Total, Gross	14,301
Accumulated Depreciation	$ (727)
Year Build / Year Renovated	1956
Year Acquired	2019
15385 Oxnard Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 11,782
Buildings and Improvements, Initial Cost	5,212
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	204
Land, Gross Amounts	11,782
Buildings and Improvements, Gross Amounts	5,416
Total, Gross	17,198
Accumulated Depreciation	$ (1,111)
Year Build / Year Renovated	1988
Year Acquired	2019
9750-9770 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 6,718
Buildings and Improvements, Initial Cost	543
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	88
Land, Gross Amounts	6,718
Buildings and Improvements, Gross Amounts	631
Total, Gross	7,349
Accumulated Depreciation	$ (279)
Year Build / Year Renovated	1952
Year Acquired	2019
218 S. Turnbull Canyon
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 19,075
Buildings and Improvements, Initial Cost	8,061
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,250
Land, Gross Amounts	19,075
Buildings and Improvements, Gross Amounts	9,311
Total, Gross	28,386
Accumulated Depreciation	$ (1,933)
Year Build / Year Renovated	1999
Year Acquired	2019
Limonite Ave. & Archibald Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 23,848
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	31,554
Land, Gross Amounts	23,848
Buildings and Improvements, Gross Amounts	31,554
Total, Gross	55,402
Accumulated Depreciation	$ (4,430)
Year Build / Year Renovated	2020
Year Acquired	2019
3340 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 2,885
Buildings and Improvements, Initial Cost	147
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(115)
Land, Gross Amounts	2,770
Buildings and Improvements, Gross Amounts	147
Total, Gross	2,917
Accumulated Depreciation	$ (82)
Year Build / Year Renovated	N/A
Year Acquired	2019
5725 Eastgate Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,543
Buildings and Improvements, Initial Cost	1,732
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	332
Land, Gross Amounts	6,543
Buildings and Improvements, Gross Amounts	2,064
Total, Gross	8,607
Accumulated Depreciation	$ (588)
Year Build / Year Renovated	1995
Year Acquired	2019
18115 Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 7,142
Buildings and Improvements, Initial Cost	776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	96
Land, Gross Amounts	7,142
Buildings and Improvements, Gross Amounts	872
Total, Gross	8,014
Accumulated Depreciation	$ (284)
Year Build / Year Renovated	1988
Year Acquired	2019
3150 Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 15,997
Buildings and Improvements, Initial Cost	3,036
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	25
Land, Gross Amounts	15,997
Buildings and Improvements, Gross Amounts	3,061
Total, Gross	19,058
Accumulated Depreciation	$ (661)
Year Build / Year Renovated	1957
Year Acquired	2019
1402 Avenida Del Oro
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 33,006
Buildings and Improvements, Initial Cost	34,439
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	39
Land, Gross Amounts	33,006
Buildings and Improvements, Gross Amounts	34,478
Total, Gross	67,484
Accumulated Depreciation	$ (6,887)
Year Build / Year Renovated	2016
Year Acquired	2019
9607-9623 Imperial Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 9,766
Buildings and Improvements, Initial Cost	865
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,291
Land, Gross Amounts	9,766
Buildings and Improvements, Gross Amounts	3,156
Total, Gross	12,922
Accumulated Depreciation	$ (564)
Year Build / Year Renovated	1974
Year Acquired	2019
12200 Bellflower Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 14,960
Buildings and Improvements, Initial Cost	2,057
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	425
Land, Gross Amounts	14,960
Buildings and Improvements, Gross Amounts	2,482
Total, Gross	17,442
Accumulated Depreciation	$ (638)
Year Build / Year Renovated	1955
Year Acquired	2019
Storm Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 42,178
Buildings and Improvements, Initial Cost	21,987
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,106
Land, Gross Amounts	42,178
Buildings and Improvements, Gross Amounts	23,093
Total, Gross	65,271
Accumulated Depreciation	$ (4,286)
Year Build / Year Renovated	1982 - 2008
Year Acquired	2019
2328 Teller Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Newbury Park, CA
Land, Initial Cost	$ 8,330
Buildings and Improvements, Initial Cost	14,304
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,655
Land, Gross Amounts	8,330
Buildings and Improvements, Gross Amounts	15,959
Total, Gross	24,289
Accumulated Depreciation	$ (3,111)
Year Build / Year Renovated	1970 / 2018
Year Acquired	2019
6277-6289 Slauson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 27,809
Buildings and Improvements, Initial Cost	11,454
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,484
Land, Gross Amounts	27,809
Buildings and Improvements, Gross Amounts	12,938
Total, Gross	40,747
Accumulated Depreciation	$ (2,424)
Year Build / Year Renovated	1962 - 1977
Year Acquired	2019
750 Manville Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 8,283
Buildings and Improvements, Initial Cost	2,784
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	612
Land, Gross Amounts	8,283
Buildings and Improvements, Gross Amounts	3,396
Total, Gross	11,679
Accumulated Depreciation	$ (628)
Year Build / Year Renovated	1977
Year Acquired	2019
8985 Crestmar Point
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,990
Buildings and Improvements, Initial Cost	1,350
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	686
Land, Gross Amounts	6,990
Buildings and Improvements, Gross Amounts	2,036
Total, Gross	9,026
Accumulated Depreciation	$ (514)
Year Build / Year Renovated	1988
Year Acquired	2019
404-430 Berry Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Brea, CA
Land, Initial Cost	$ 21,047
Buildings and Improvements, Initial Cost	4,566
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,675
Land, Gross Amounts	21,047
Buildings and Improvements, Gross Amounts	6,241
Total, Gross	27,288
Accumulated Depreciation	$ (1,401)
Year Build / Year Renovated	1964 - 1967
Year Acquired	2019
415-435 Motor Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Azusa, CA
Land, Initial Cost	$ 7,364
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,880
Land, Gross Amounts	7,364
Buildings and Improvements, Gross Amounts	10,880
Total, Gross	18,244
Accumulated Depreciation	$ (623)
Year Build / Year Renovated	1956 / 2022
Year Acquired	2019
508 East E Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 10,742
Buildings and Improvements, Initial Cost	4,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(3,805)
Land, Gross Amounts	10,742
Buildings and Improvements, Gross Amounts	575
Total, Gross	11,317
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1988
Year Acquired	2019
12752-12822 Monarch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 29,404
Buildings and Improvements, Initial Cost	4,262
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	21,448
Land, Gross Amounts	29,404
Buildings and Improvements, Gross Amounts	25,710
Total, Gross	55,114
Accumulated Depreciation	$ (1,256)
Year Build / Year Renovated	1971 / 2023
Year Acquired	2019
1601 Mission Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 67,623
Buildings and Improvements, Initial Cost	18,962
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	633
Land, Gross Amounts	67,623
Buildings and Improvements, Gross Amounts	19,595
Total, Gross	87,218
Accumulated Depreciation	$ (4,516)
Year Build / Year Renovated	1952
Year Acquired	2019
2757 Del Amo Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 10,035
Buildings and Improvements, Initial Cost	2,073
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	617
Land, Gross Amounts	10,035
Buildings and Improvements, Gross Amounts	2,690
Total, Gross	12,725
Accumulated Depreciation	$ (550)
Year Build / Year Renovated	1967
Year Acquired	2019
18250 Euclid Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Fountain Valley, CA
Land, Initial Cost	$ 11,116
Buildings and Improvements, Initial Cost	3,201
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	11,116
Buildings and Improvements, Gross Amounts	3,201
Total, Gross	14,317
Accumulated Depreciation	$ (599)
Year Build / Year Renovated	1974
Year Acquired	2019
701-751 Kingshill Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Encumbrances	$ 6,984
Land, Initial Cost	23,016
Buildings and Improvements, Initial Cost	10,344
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,929
Land, Gross Amounts	23,016
Buildings and Improvements, Gross Amounts	14,273
Total, Gross	37,289
Accumulated Depreciation	$ (2,243)
Year Build / Year Renovated	1979 / 2020
Year Acquired	2020
2601-2641 Manhattan Beach Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Encumbrances	$ 0
Land, Initial Cost	30,333
Buildings and Improvements, Initial Cost	9,427
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,113
Land, Gross Amounts	30,333
Buildings and Improvements, Gross Amounts	15,540
Total, Gross	45,873
Accumulated Depreciation	$ (2,578)
Year Build / Year Renovated	1978
Year Acquired	2020
2410-2420 Santa Fe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Encumbrances	$ 10,300
Land, Initial Cost	24,310
Buildings and Improvements, Initial Cost	13,128
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	24,310
Buildings and Improvements, Gross Amounts	13,134
Total, Gross	37,444
Accumulated Depreciation	$ (2,113)
Year Build / Year Renovated	1977
Year Acquired	2020
11600 Los Nietos Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Encumbrances	$ 2,290
Land, Initial Cost	12,033
Buildings and Improvements, Initial Cost	4,666
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,165
Land, Gross Amounts	12,033
Buildings and Improvements, Gross Amounts	10,831
Total, Gross	22,864
Accumulated Depreciation	$ (589)
Year Build / Year Renovated	1976 / 2022
Year Acquired	2020
5160 Richton Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Montclair, CA
Encumbrances	$ 4,029
Land, Initial Cost	7,199
Buildings and Improvements, Initial Cost	8,203
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	792
Land, Gross Amounts	7,199
Buildings and Improvements, Gross Amounts	8,995
Total, Gross	16,194
Accumulated Depreciation	$ (1,488)
Year Build / Year Renovated	2004
Year Acquired	2020
2205 126th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Hawthorne, CA
Encumbrances	$ 5,200
Land, Initial Cost	11,407
Buildings and Improvements, Initial Cost	6,834
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,158
Land, Gross Amounts	11,407
Buildings and Improvements, Gross Amounts	7,992
Total, Gross	19,399
Accumulated Depreciation	$ (1,494)
Year Build / Year Renovated	1998
Year Acquired	2020
11832-11954 La Cienega Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Hawthorne, CA
Encumbrances	$ 3,852
Land, Initial Cost	13,625
Buildings and Improvements, Initial Cost	5,721
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,153
Land, Gross Amounts	13,625
Buildings and Improvements, Gross Amounts	6,874
Total, Gross	20,499
Accumulated Depreciation	$ (1,333)
Year Build / Year Renovated	1999
Year Acquired	2020
7612-7642 Woodwind Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Encumbrances	$ 3,613
Land, Initial Cost	10,634
Buildings and Improvements, Initial Cost	2,901
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	253
Land, Gross Amounts	10,634
Buildings and Improvements, Gross Amounts	3,154
Total, Gross	13,788
Accumulated Depreciation	$ (577)
Year Build / Year Renovated	2001
Year Acquired	2020
960-970 Knox Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Encumbrances	$ 0
Land, Initial Cost	7,324
Buildings and Improvements, Initial Cost	2,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,188
Land, Gross Amounts	7,324
Buildings and Improvements, Gross Amounts	3,568
Total, Gross	10,892
Accumulated Depreciation	$ (768)
Year Build / Year Renovated	1976
Year Acquired	2020
25781 Atlantic Ocean Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 4,358
Buildings and Improvements, Initial Cost	1,067
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	831
Land, Gross Amounts	4,358
Buildings and Improvements, Gross Amounts	1,898
Total, Gross	6,256
Accumulated Depreciation	$ (266)
Year Build / Year Renovated	1996
Year Acquired	2020
720-750 Vernon Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Azusa, CA
Land, Initial Cost	$ 14,088
Buildings and Improvements, Initial Cost	1,638
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	14,088
Buildings and Improvements, Gross Amounts	1,642
Total, Gross	15,730
Accumulated Depreciation	$ (454)
Year Build / Year Renovated	1950
Year Acquired	2020
6687 Flotilla Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 14,501
Buildings and Improvements, Initial Cost	6,053
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	581
Land, Gross Amounts	14,501
Buildings and Improvements, Gross Amounts	6,634
Total, Gross	21,135
Accumulated Depreciation	$ (1,019)
Year Build / Year Renovated	1956
Year Acquired	2020
1055 Sandhill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 11,970
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17,432
Land, Gross Amounts	11,970
Buildings and Improvements, Gross Amounts	17,432
Total, Gross	29,402
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1973
Year Acquired	2020
22895 Eastpark Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Yorba Linda, CA
Encumbrances	$ 2,539
Land, Initial Cost	5,337
Buildings and Improvements, Initial Cost	1,370
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	199
Land, Gross Amounts	5,337
Buildings and Improvements, Gross Amounts	1,569
Total, Gross	6,906
Accumulated Depreciation	$ (284)
Year Build / Year Renovated	1986
Year Acquired	2020
8745-8775 Production Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,471
Buildings and Improvements, Initial Cost	1,551
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,602
Land, Gross Amounts	6,471
Buildings and Improvements, Gross Amounts	3,153
Total, Gross	9,624
Accumulated Depreciation	$ (631)
Year Build / Year Renovated	1974 / 2021
Year Acquired	2020
15850 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 3,634
Buildings and Improvements, Initial Cost	6,452
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	55
Land, Gross Amounts	3,634
Buildings and Improvements, Gross Amounts	6,507
Total, Gross	10,141
Accumulated Depreciation	$ (899)
Year Build / Year Renovated	2020
Year Acquired	2020
15650-15700 Avalon Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 22,353
Buildings and Improvements, Initial Cost	5,988
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9,429
Land, Gross Amounts	22,353
Buildings and Improvements, Gross Amounts	15,417
Total, Gross	37,770
Accumulated Depreciation	$ (766)
Year Build / Year Renovated	1962 - 1978 / 2022
Year Acquired	2020
11308-11350 Penrose Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 15,884
Buildings and Improvements, Initial Cost	11,169
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,863
Land, Gross Amounts	15,884
Buildings and Improvements, Gross Amounts	16,032
Total, Gross	31,916
Accumulated Depreciation	$ (1,687)
Year Build / Year Renovated	1974
Year Acquired	2020
11076-11078 Fleetwood Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 3,217
Buildings and Improvements, Initial Cost	1,446
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,168
Land, Gross Amounts	3,217
Buildings and Improvements, Gross Amounts	2,614
Total, Gross	5,831
Accumulated Depreciation	$ (324)
Year Build / Year Renovated	1974
Year Acquired	2020
12133 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,900
Buildings and Improvements, Initial Cost	891
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,939
Land, Gross Amounts	5,900
Buildings and Improvements, Gross Amounts	6,830
Total, Gross	12,730
Accumulated Depreciation	$ (281)
Year Build / Year Renovated	1967 / 2023
Year Acquired	2020
12772 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Land, Initial Cost	$ 17,302
Buildings and Improvements, Initial Cost	3,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(713)
Land, Gross Amounts	17,302
Buildings and Improvements, Gross Amounts	3,119
Total, Gross	20,421
Accumulated Depreciation	$ (21)
Year Build / Year Renovated	1964 / 2013
Year Acquired	2020
15601 Avalon Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 15,776
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	13,579
Land, Gross Amounts	15,776
Buildings and Improvements, Gross Amounts	13,579
Total, Gross	29,355
Accumulated Depreciation	$ (491)
Year Build / Year Renovated	1984 / 2023
Year Acquired	2020
Gateway Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Whittier, CA
Land, Initial Cost	$ 132,659
Buildings and Improvements, Initial Cost	154,250
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,561
Land, Gross Amounts	132,659
Buildings and Improvements, Gross Amounts	155,811
Total, Gross	288,470
Accumulated Depreciation	$ (18,796)
Year Build / Year Renovated	2005 - 2006
Year Acquired	2020
13943-13955 Balboa Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Encumbrances	$ 14,596
Land, Initial Cost	26,795
Buildings and Improvements, Initial Cost	18,484
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,973
Land, Gross Amounts	26,795
Buildings and Improvements, Gross Amounts	20,457
Total, Gross	47,252
Accumulated Depreciation	$ (2,648)
Year Build / Year Renovated	2000
Year Acquired	2020
Van Nuys Airport Industrial Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 91,894
Buildings and Improvements, Initial Cost	58,625
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,749
Land, Gross Amounts	91,894
Buildings and Improvements, Gross Amounts	64,374
Total, Gross	156,268
Accumulated Depreciation	$ (8,143)
Year Build / Year Renovated	1961 - 2007
Year Acquired	2020
4039 State Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Montclair, CA
Land, Initial Cost	$ 12,829
Buildings and Improvements, Initial Cost	15,485
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	72
Land, Gross Amounts	12,829
Buildings and Improvements, Gross Amounts	15,557
Total, Gross	28,386
Accumulated Depreciation	$ (1,974)
Year Build / Year Renovated	2020
Year Acquired	2020
10156 Live Oak Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 19,779
Buildings and Improvements, Initial Cost	27,186
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	838
Land, Gross Amounts	19,779
Buildings and Improvements, Gross Amounts	28,024
Total, Gross	47,803
Accumulated Depreciation	$ (3,457)
Year Build / Year Renovated	2020
Year Acquired	2020
10694 Tamarind Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 8,878
Buildings and Improvements, Initial Cost	12,325
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	190
Land, Gross Amounts	8,878
Buildings and Improvements, Gross Amounts	12,515
Total, Gross	21,393
Accumulated Depreciation	$ (1,546)
Year Build / Year Renovated	2020
Year Acquired	2020
2520 Baseline Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rialto, CA
Land, Initial Cost	$ 12,513
Buildings and Improvements, Initial Cost	16,377
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	172
Land, Gross Amounts	12,513
Buildings and Improvements, Gross Amounts	16,549
Total, Gross	29,062
Accumulated Depreciation	$ (2,028)
Year Build / Year Renovated	2020
Year Acquired	2020
12211 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 15,729
Buildings and Improvements, Initial Cost	1,636
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	46
Land, Gross Amounts	15,729
Buildings and Improvements, Gross Amounts	1,682
Total, Gross	17,411
Accumulated Depreciation	$ (404)
Year Acquired	2020
East 27th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 40,332
Buildings and Improvements, Initial Cost	21,842
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,784
Land, Gross Amounts	40,332
Buildings and Improvements, Gross Amounts	23,626
Total, Gross	63,958
Accumulated Depreciation	$ (3,020)
Year Build / Year Renovated	1961 - 2004
Year Acquired	2020
2750 Alameda Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 24,644
Buildings and Improvements, Initial Cost	5,771
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,189
Land, Gross Amounts	24,644
Buildings and Improvements, Gross Amounts	6,960
Total, Gross	31,604
Accumulated Depreciation	$ (1,126)
Year Build / Year Renovated	1961 - 1980
Year Acquired	2020
29010 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 7,401
Buildings and Improvements, Initial Cost	8,168
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,067
Land, Gross Amounts	7,401
Buildings and Improvements, Gross Amounts	9,235
Total, Gross	16,636
Accumulated Depreciation	$ (1,137)
Year Build / Year Renovated	2000
Year Acquired	2020
29010 Commerce Center Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 10,499
Buildings and Improvements, Initial Cost	13,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	10,499
Buildings and Improvements, Gross Amounts	13,835
Total, Gross	24,334
Accumulated Depreciation	$ (1,690)
Year Build / Year Renovated	2002
Year Acquired	2020
13369 Valley Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 9,675
Buildings and Improvements, Initial Cost	10,393
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	676
Land, Gross Amounts	9,675
Buildings and Improvements, Gross Amounts	11,069
Total, Gross	20,744
Accumulated Depreciation	$ (1,361)
Year Build / Year Renovated	2005
Year Acquired	2020
6635 Caballero Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Buena Park, CA
Land, Initial Cost	$ 14,288
Buildings and Improvements, Initial Cost	7,919
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	615
Land, Gross Amounts	14,288
Buildings and Improvements, Gross Amounts	8,534
Total, Gross	22,822
Accumulated Depreciation	$ (1,024)
Year Build / Year Renovated	2003
Year Acquired	2020
1235 South Lewis Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 16,984
Buildings and Improvements, Initial Cost	1,519
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,997
Land, Gross Amounts	16,984
Buildings and Improvements, Gross Amounts	3,516
Total, Gross	20,500
Accumulated Depreciation	$ (374)
Year Build / Year Renovated	1956 / 2022
Year Acquired	2020
15010 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 24,017
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,385
Land, Gross Amounts	24,017
Buildings and Improvements, Gross Amounts	6,385
Total, Gross	30,402
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1963
Year Acquired	2021
5002-5018 Lindsay Court [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Chino, CA
Land, Initial Cost	$ 6,996
Buildings and Improvements, Initial Cost	5,658
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	651
Land, Gross Amounts	6,996
Buildings and Improvements, Gross Amounts	6,309
Total, Gross	13,305
Accumulated Depreciation	$ (823)
Year Build / Year Renovated	1986
Year Acquired	2021
514 East C Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 9,114
Buildings and Improvements, Initial Cost	1,205
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19
Land, Gross Amounts	9,114
Buildings and Improvements, Gross Amounts	1,224
Total, Gross	10,338
Accumulated Depreciation	$ (204)
Year Build / Year Renovated	2019
Year Acquired	2021
17907-18001 Figueroa Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 18,065
Buildings and Improvements, Initial Cost	1,829
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	174
Land, Gross Amounts	18,065
Buildings and Improvements, Gross Amounts	2,003
Total, Gross	20,068
Accumulated Depreciation	$ (77)
Year Build / Year Renovated	1954 - 1960
Year Acquired	2021
7817 Woodley Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Encumbrances	$ 2,881
Land, Initial Cost	5,496
Buildings and Improvements, Initial Cost	4,615
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,496
Buildings and Improvements, Gross Amounts	4,615
Total, Gross	10,111
Accumulated Depreciation	$ (171)
Year Build / Year Renovated	1974
Year Acquired	2021
8888-8992 Balboa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 20,033
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	12,213
Land, Gross Amounts	20,033
Buildings and Improvements, Gross Amounts	12,213
Total, Gross	32,246
Accumulated Depreciation	$ (3)
Year Build / Year Renovated	1967
Year Acquired	2021
9920-10020 Pioneer Boulevard [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 21,345
Buildings and Improvements, Initial Cost	2,118
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	26,641
Land, Gross Amounts	21,345
Buildings and Improvements, Gross Amounts	28,759
Total, Gross	50,104
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1973 - 1978
Year Acquired	2021
2553 Garfield Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 3,846
Buildings and Improvements, Initial Cost	649
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	307
Land, Gross Amounts	3,846
Buildings and Improvements, Gross Amounts	956
Total, Gross	4,802
Accumulated Depreciation	$ (164)
Year Build / Year Renovated	1954
Year Acquired	2021
6655 East 26th Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 5,195
Buildings and Improvements, Initial Cost	1,780
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	212
Land, Gross Amounts	5,195
Buildings and Improvements, Gross Amounts	1,992
Total, Gross	7,187
Accumulated Depreciation	$ (273)
Year Build / Year Renovated	1965
Year Acquired	2021
560 Main Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 2,660
Buildings and Improvements, Initial Cost	432
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	393
Land, Gross Amounts	2,660
Buildings and Improvements, Gross Amounts	825
Total, Gross	3,485
Accumulated Depreciation	$ (114)
Year Build / Year Renovated	1973
Year Acquired	2021
4225 Etiwanda Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Jurupa Valley, CA
Land, Initial Cost	$ 16,287
Buildings and Improvements, Initial Cost	15,537
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	322
Land, Gross Amounts	16,287
Buildings and Improvements, Gross Amounts	15,859
Total, Gross	32,146
Accumulated Depreciation	$ (1,881)
Year Build / Year Renovated	1998
Year Acquired	2021
12118 Bloomfield Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 16,809
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,885
Land, Gross Amounts	16,809
Buildings and Improvements, Gross Amounts	4,885
Total, Gross	21,694
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1955
Year Acquired	2021
256 Alondra Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 10,377
Buildings and Improvements, Initial Cost	371
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	250
Land, Gross Amounts	10,377
Buildings and Improvements, Gross Amounts	621
Total, Gross	10,998
Accumulated Depreciation	$ (161)
Year Build / Year Renovated	1954
Year Acquired	2021
19007 Reyes Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 16,673
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,329
Land, Gross Amounts	16,673
Buildings and Improvements, Gross Amounts	2,329
Total, Gross	19,002
Accumulated Depreciation	$ (75)
Year Build / Year Renovated	1969 / 2021
Year Acquired	2021
19431 Santa Fe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 10,066
Buildings and Improvements, Initial Cost	638
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,813
Land, Gross Amounts	10,066
Buildings and Improvements, Gross Amounts	3,451
Total, Gross	13,517
Accumulated Depreciation	$ (57)
Year Build / Year Renovated	1963 / 2023
Year Acquired	2021
4621 Guasti Road [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 8,198
Buildings and Improvements, Initial Cost	5,231
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	481
Land, Gross Amounts	8,198
Buildings and Improvements, Gross Amounts	5,712
Total, Gross	13,910
Accumulated Depreciation	$ (637)
Year Build / Year Renovated	1988
Year Acquired	2021
12838 Saticoy Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	North Hollywood, CA
Land, Initial Cost	$ 25,550
Buildings and Improvements, Initial Cost	2,185
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	25,550
Buildings and Improvements, Gross Amounts	2,185
Total, Gross	27,735
Accumulated Depreciation	$ (435)
Year Build / Year Renovated	1954
Year Acquired	2021
19951 Mariner Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 17,009
Buildings and Improvements, Initial Cost	7,674
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	17,009
Buildings and Improvements, Gross Amounts	7,677
Total, Gross	24,686
Accumulated Depreciation	$ (1,214)
Year Build / Year Renovated	1986
Year Acquired	2021
East 12th Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 48,409
Buildings and Improvements, Initial Cost	40,756
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,801
Land, Gross Amounts	48,409
Buildings and Improvements, Gross Amounts	47,557
Total, Gross	95,966
Accumulated Depreciation	$ (4,471)
Year Build / Year Renovated	1988
Year Acquired	2021
29120 Commerce Center Drive [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 11,121
Buildings and Improvements, Initial Cost	15,799
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,314
Land, Gross Amounts	11,121
Buildings and Improvements, Gross Amounts	17,113
Total, Gross	28,234
Accumulated Depreciation	$ (1,696)
Year Build / Year Renovated	2002
Year Acquired	2021
20304 Alameda Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 11,987
Buildings and Improvements, Initial Cost	1,663
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	50
Land, Gross Amounts	11,987
Buildings and Improvements, Gross Amounts	1,713
Total, Gross	13,700
Accumulated Depreciation	$ (272)
Year Build / Year Renovated	1974
Year Acquired	2021
4181 Ruffin Road [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 30,395
Buildings and Improvements, Initial Cost	3,530
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	574
Land, Gross Amounts	30,395
Buildings and Improvements, Gross Amounts	4,104
Total, Gross	34,499
Accumulated Depreciation	$ (798)
Year Build / Year Renovated	1987
Year Acquired	2021
12017 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 13,408
Buildings and Improvements, Initial Cost	205
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,389
Land, Gross Amounts	13,408
Buildings and Improvements, Gross Amounts	3,594
Total, Gross	17,002
Accumulated Depreciation	$ (94)
Year Build / Year Renovated	N/A
Year Acquired	2021
1901 Via Burton
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 24,461
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	16,059
Land, Gross Amounts	24,461
Buildings and Improvements, Gross Amounts	16,059
Total, Gross	40,520
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1960
Year Acquired	2021
1555 Cucamonga Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 20,153
Buildings and Improvements, Initial Cost	2,134
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	234
Land, Gross Amounts	20,153
Buildings and Improvements, Gross Amounts	2,368
Total, Gross	22,521
Accumulated Depreciation	$ (485)
Year Build / Year Renovated	1973
Year Acquired	2021
1800 Lomita Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 89,711
Buildings and Improvements, Initial Cost	542
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	347
Land, Gross Amounts	89,711
Buildings and Improvements, Gross Amounts	889
Total, Gross	90,600
Accumulated Depreciation	$ (216)
Year Build / Year Renovated	N/A
Year Acquired	2021
8210-8240 Haskell Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 9,219
Buildings and Improvements, Initial Cost	3,331
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,692
Land, Gross Amounts	9,219
Buildings and Improvements, Gross Amounts	7,023
Total, Gross	16,242
Accumulated Depreciation	$ (266)
Year Build / Year Renovated	1962 - 1964 / 2023
Year Acquired	2021
3100 Lomita Boulevard [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 124,313
Buildings and Improvements, Initial Cost	65,282
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(1,290)
Land, Gross Amounts	124,313
Buildings and Improvements, Gross Amounts	63,992
Total, Gross	188,305
Accumulated Depreciation	$ (8,623)
Year Build / Year Renovated	1967 - 1998
Year Acquired	2021
2401-2421 Glassell Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 54,554
Buildings and Improvements, Initial Cost	16,599
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	215
Land, Gross Amounts	54,554
Buildings and Improvements, Gross Amounts	16,814
Total, Gross	71,368
Accumulated Depreciation	$ (2,691)
Year Build / Year Renovated	1987
Year Acquired	2021
2390-2444 American Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 17,214
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17,547
Land, Gross Amounts	17,214
Buildings and Improvements, Gross Amounts	17,547
Total, Gross	34,761
Accumulated Depreciation	$ 0
Year Build / Year Renovated	N/A
Year Acquired	2021
500 Dupont Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 36,810
Buildings and Improvements, Initial Cost	26,489
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,552
Land, Gross Amounts	36,810
Buildings and Improvements, Gross Amounts	37,041
Total, Gross	73,851
Accumulated Depreciation	$ (1,432)
Year Build / Year Renovated	1987
Year Acquired	2021
1801 St Andrew Place [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 75,978
Buildings and Improvements, Initial Cost	24,522
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,481
Land, Gross Amounts	75,978
Buildings and Improvements, Gross Amounts	27,003
Total, Gross	102,981
Accumulated Depreciation	$ (3,637)
Year Build / Year Renovated	1987
Year Acquired	2021
5772 Jurupa Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 36,590
Buildings and Improvements, Initial Cost	20,010
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	24
Land, Gross Amounts	36,590
Buildings and Improvements, Gross Amounts	20,034
Total, Gross	56,624
Accumulated Depreciation	$ (2,019)
Year Build / Year Renovated	1992
Year Acquired	2021
2500 Victoria Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 232,902
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	232,902
Buildings and Improvements, Gross Amounts	0
Total, Gross	232,902
Accumulated Depreciation	$ 0
Year Build / Year Renovated	N/A
Year Acquired	2021
1010 Belmont Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 9,078
Buildings and Improvements, Initial Cost	5,751
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	225
Land, Gross Amounts	9,078
Buildings and Improvements, Gross Amounts	5,976
Total, Gross	15,054
Accumulated Depreciation	$ (554)
Year Build / Year Renovated	1987
Year Acquired	2021
21515 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 19,280
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,535
Land, Gross Amounts	19,280
Buildings and Improvements, Gross Amounts	4,535
Total, Gross	23,815
Accumulated Depreciation	$ (1)
Year Build / Year Renovated	1991
Year Acquired	2021
12027 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 8,952
Buildings and Improvements, Initial Cost	469
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	503
Land, Gross Amounts	8,952
Buildings and Improvements, Gross Amounts	972
Total, Gross	9,924
Accumulated Depreciation	$ (91)
Year Build / Year Renovated	1975
Year Acquired	2021
6027 Eastern Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 23,494
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	12,095
Land, Gross Amounts	23,494
Buildings and Improvements, Gross Amounts	12,095
Total, Gross	35,589
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1946
Year Acquired	2021
340-344 Bonnie Circle [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 18,044
Buildings and Improvements, Initial Cost	9,506
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	130
Land, Gross Amounts	18,044
Buildings and Improvements, Gross Amounts	9,636
Total, Gross	27,680
Accumulated Depreciation	$ (915)
Year Build / Year Renovated	1994
Year Acquired	2021
14100 Vine Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 40,458
Buildings and Improvements, Initial Cost	8,660
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,936
Land, Gross Amounts	40,458
Buildings and Improvements, Gross Amounts	12,596
Total, Gross	53,054
Accumulated Depreciation	$ (1,002)
Year Build / Year Renovated	1979 / 2022
Year Acquired	2021
2280 Ward Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 23,301
Buildings and Improvements, Initial Cost	24,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	40
Land, Gross Amounts	23,301
Buildings and Improvements, Gross Amounts	24,872
Total, Gross	48,173
Accumulated Depreciation	$ (2,384)
Year Build / Year Renovated	1995
Year Acquired	2021
20481 Crescent Bay Drive [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 16,164
Buildings and Improvements, Initial Cost	6,054
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	16,164
Buildings and Improvements, Gross Amounts	6,057
Total, Gross	22,221
Accumulated Depreciation	$ (590)
Year Build / Year Renovated	1996
Year Acquired	2021
334 El Encanto Road [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 9,227
Buildings and Improvements, Initial Cost	1,272
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	253
Land, Gross Amounts	9,227
Buildings and Improvements, Gross Amounts	1,525
Total, Gross	10,752
Accumulated Depreciation	$ (166)
Year Build / Year Renovated	1960
Year Acquired	2021
17031-17037 Green Drive [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,781
Buildings and Improvements, Initial Cost	3,302
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	549
Land, Gross Amounts	10,781
Buildings and Improvements, Gross Amounts	3,851
Total, Gross	14,632
Accumulated Depreciation	$ (369)
Year Build / Year Renovated	1968
Year Acquired	2021
13512 Marlay Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 37,018
Buildings and Improvements, Initial Cost	15,365
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	167
Land, Gross Amounts	37,018
Buildings and Improvements, Gross Amounts	15,532
Total, Gross	52,550
Accumulated Depreciation	$ (1,468)
Year Build / Year Renovated	1960
Year Acquired	2021
14940 Proctor Road [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 28,861
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	989
Land, Gross Amounts	28,861
Buildings and Improvements, Gross Amounts	989
Total, Gross	29,850
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1962
Year Acquired	2021
2800 Casitas Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 33,154
Buildings and Improvements, Initial Cost	10,833
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9,558
Land, Gross Amounts	33,154
Buildings and Improvements, Gross Amounts	20,391
Total, Gross	53,545
Accumulated Depreciation	$ (479)
Year Build / Year Renovated	1999 / 2023
Year Acquired	2021
4240 190th Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 67,982
Buildings and Improvements, Initial Cost	9,882
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	18
Land, Gross Amounts	67,982
Buildings and Improvements, Gross Amounts	9,900
Total, Gross	77,882
Accumulated Depreciation	$ (1,023)
Year Build / Year Renovated	1966
Year Acquired	2021
2391-2393 Bateman Avenue [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 13,363
Buildings and Improvements, Initial Cost	9,811
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	70
Land, Gross Amounts	13,363
Buildings and Improvements, Gross Amounts	9,881
Total, Gross	23,244
Accumulated Depreciation	$ (779)
Year Build / Year Renovated	2005
Year Acquired	2021
1168 Sherborn Street [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 13,747
Buildings and Improvements, Initial Cost	9,796
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	13,747
Buildings and Improvements, Gross Amounts	9,803
Total, Gross	23,550
Accumulated Depreciation	$ (785)
Year Build / Year Renovated	2004
Year Acquired	2021
3071 Coronado Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 29,862
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	15,391
Land, Gross Amounts	29,862
Buildings and Improvements, Gross Amounts	15,391
Total, Gross	45,253
Accumulated Depreciation	$ (3)
Year Build / Year Renovated	1973
Year Acquired	2021
8911 Aviation Blvd [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 27,138
Buildings and Improvements, Initial Cost	4,780
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	496
Land, Gross Amounts	27,138
Buildings and Improvements, Gross Amounts	5,276
Total, Gross	32,414
Accumulated Depreciation	$ (474)
Year Build / Year Renovated	1971
Year Acquired	2021
1020 Bixby Drive [Member]
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,067
Buildings and Improvements, Initial Cost	6,046
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	281
Land, Gross Amounts	10,067
Buildings and Improvements, Gross Amounts	6,327
Total, Gross	16,394
Accumulated Depreciation	$ (519)
Year Build / Year Renovated	1977
Year Acquired	2021
444 Quay Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 10,926
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,875
Land, Gross Amounts	10,926
Buildings and Improvements, Gross Amounts	7,875
Total, Gross	18,801
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1992
Year Acquired	2022
18455 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 57,186
Buildings and Improvements, Initial Cost	7,420
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	139
Land, Gross Amounts	57,186
Buildings and Improvements, Gross Amounts	7,559
Total, Gross	64,745
Accumulated Depreciation	$ (869)
Year Build / Year Renovated	1978
Year Acquired	2022
24903 Avenue Kearny
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 22,468
Buildings and Improvements, Initial Cost	34,074
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	325
Land, Gross Amounts	22,468
Buildings and Improvements, Gross Amounts	34,399
Total, Gross	56,867
Accumulated Depreciation	$ (2,577)
Year Build / Year Renovated	1988
Year Acquired	2022
19475 Gramercy Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 9,753
Buildings and Improvements, Initial Cost	1,678
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,733
Land, Gross Amounts	9,753
Buildings and Improvements, Gross Amounts	3,411
Total, Gross	13,164
Accumulated Depreciation	$ (223)
Year Build / Year Renovated	1982 / 2022
Year Acquired	2022
14005 Live Oak Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 20,387
Buildings and Improvements, Initial Cost	4,324
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,073
Land, Gross Amounts	20,387
Buildings and Improvements, Gross Amounts	5,397
Total, Gross	25,784
Accumulated Depreciation	$ (814)
Year Build / Year Renovated	1992
Year Acquired	2022
13700-13738 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 14,457
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	431
Land, Gross Amounts	14,457
Buildings and Improvements, Gross Amounts	431
Total, Gross	14,888
Accumulated Depreciation	$ (9)
Year Build / Year Renovated	1982
Year Acquired	2022
Meggitt Simi Valley
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 32,102
Buildings and Improvements, Initial Cost	26,338
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	32,102
Buildings and Improvements, Gross Amounts	26,338
Total, Gross	58,440
Accumulated Depreciation	$ (2,030)
Year Build / Year Renovated	1984 / 2005
Year Acquired	2022
21415-21605 Plummer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 33,119
Buildings and Improvements, Initial Cost	4,724
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	296
Land, Gross Amounts	33,119
Buildings and Improvements, Gross Amounts	5,020
Total, Gross	38,139
Accumulated Depreciation	$ (917)
Year Build / Year Renovated	1986
Year Acquired	2022
1501-1545 Rio Vista Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 16,138
Buildings and Improvements, Initial Cost	11,951
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	506
Land, Gross Amounts	16,138
Buildings and Improvements, Gross Amounts	12,457
Total, Gross	28,595
Accumulated Depreciation	$ (957)
Year Build / Year Renovated	2003
Year Acquired	2022
17011-17027 Central Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 22,235
Buildings and Improvements, Initial Cost	8,241
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	22,235
Buildings and Improvements, Gross Amounts	8,241
Total, Gross	30,476
Accumulated Depreciation	$ (604)
Year Build / Year Renovated	1979
Year Acquired	2022
2843 Benet Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 3,459
Buildings and Improvements, Initial Cost	11,559
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	3,459
Buildings and Improvements, Gross Amounts	11,559
Total, Gross	15,018
Accumulated Depreciation	$ (785)
Year Build / Year Renovated	1987
Year Acquired	2022
14243 Bessemer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 5,229
Buildings and Improvements, Initial Cost	1,807
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,229
Buildings and Improvements, Gross Amounts	1,807
Total, Gross	7,036
Accumulated Depreciation	$ (138)
Year Build / Year Renovated	1987
Year Acquired	2022
2970 East 50th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Vernon, CA
Land, Initial Cost	$ 0
Buildings and Improvements, Initial Cost	6,082
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	0
Buildings and Improvements, Gross Amounts	6,089
Total, Gross	6,089
Accumulated Depreciation	$ (435)
Year Build / Year Renovated	1949
Year Acquired	2022
19900 Plummer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 13,845
Buildings and Improvements, Initial Cost	890
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	771
Land, Gross Amounts	13,845
Buildings and Improvements, Gross Amounts	1,661
Total, Gross	15,506
Accumulated Depreciation	$ (2)
Year Build / Year Renovated	1983
Year Acquired	2022
Long Beach Business Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 21,664
Buildings and Improvements, Initial Cost	2,960
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	323
Land, Gross Amounts	21,664
Buildings and Improvements, Gross Amounts	3,283
Total, Gross	24,947
Accumulated Depreciation	$ (399)
Year Build / Year Renovated	1973 - 1976
Year Acquired	2022
13711 Freeway Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 34,175
Buildings and Improvements, Initial Cost	892
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	701
Land, Gross Amounts	34,175
Buildings and Improvements, Gross Amounts	1,593
Total, Gross	35,768
Accumulated Depreciation	$ (86)
Year Build / Year Renovated	1963
Year Acquired	2022
6245 Providence Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 6,075
Buildings and Improvements, Initial Cost	3,777
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	6,075
Buildings and Improvements, Gross Amounts	3,783
Total, Gross	9,858
Accumulated Depreciation	$ (302)
Year Build / Year Renovated	2018
Year Acquired	2022
7815 Van Nuys Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama City, CA
Land, Initial Cost	$ 19,837
Buildings and Improvements, Initial Cost	6,450
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	275
Land, Gross Amounts	19,837
Buildings and Improvements, Gross Amounts	6,725
Total, Gross	26,562
Accumulated Depreciation	$ (510)
Year Build / Year Renovated	1960
Year Acquired	2022
13535 Larwin Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 14,580
Buildings and Improvements, Initial Cost	2,750
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	21
Land, Gross Amounts	14,580
Buildings and Improvements, Gross Amounts	2,771
Total, Gross	17,351
Accumulated Depreciation	$ (244)
Year Build / Year Renovated	1987
Year Acquired	2022
1154 Holt Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 7,222
Buildings and Improvements, Initial Cost	7,009
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19
Land, Gross Amounts	7,222
Buildings and Improvements, Gross Amounts	7,028
Total, Gross	14,250
Accumulated Depreciation	$ (456)
Year Build / Year Renovated	2021
Year Acquired	2022
900-920 Allen Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale, CA
Land, Initial Cost	$ 20,499
Buildings and Improvements, Initial Cost	6,176
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	213
Land, Gross Amounts	20,499
Buildings and Improvements, Gross Amounts	6,389
Total, Gross	26,888
Accumulated Depreciation	$ (474)
Year Build / Year Renovated	1942 - 1995
Year Acquired	2022
1550-1600 Champagne Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 29,768
Buildings and Improvements, Initial Cost	19,702
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	613
Land, Gross Amounts	29,768
Buildings and Improvements, Gross Amounts	20,315
Total, Gross	50,083
Accumulated Depreciation	$ (1,332)
Year Build / Year Renovated	1989
Year Acquired	2022
10131 Banana Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 25,795
Buildings and Improvements, Initial Cost	1,248
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	677
Land, Gross Amounts	25,795
Buildings and Improvements, Gross Amounts	1,925
Total, Gross	27,720
Accumulated Depreciation	$ (135)
Year Build / Year Renovated	N/A
Year Acquired	2022
2020 Central Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 11,402
Buildings and Improvements, Initial Cost	676
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	11,402
Buildings and Improvements, Gross Amounts	676
Total, Gross	12,078
Accumulated Depreciation	$ (107)
Year Build / Year Renovated	1972
Year Acquired	2022
14200-14220 Arminta Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama, CA
Land, Initial Cost	$ 50,184
Buildings and Improvements, Initial Cost	33,691
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	42
Land, Gross Amounts	50,184
Buildings and Improvements, Gross Amounts	33,733
Total, Gross	83,917
Accumulated Depreciation	$ (2,200)
Year Build / Year Renovated	2006
Year Acquired	2022
1172 Holt Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 9,439
Buildings and Improvements, Initial Cost	8,504
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17
Land, Gross Amounts	9,439
Buildings and Improvements, Gross Amounts	8,521
Total, Gross	17,960
Accumulated Depreciation	$ (557)
Year Build / Year Renovated	2021
Year Acquired	2022
1500 Raymond Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 46,117
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,690
Land, Gross Amounts	46,117
Buildings and Improvements, Gross Amounts	6,690
Total, Gross	52,807
Accumulated Depreciation	$ 0
Year Build / Year Renovated	n/a
Year Acquired	2022
2400 Marine Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Land, Initial Cost	$ 21,686
Buildings and Improvements, Initial Cost	7,290
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(52)
Land, Gross Amounts	21,686
Buildings and Improvements, Gross Amounts	7,238
Total, Gross	28,924
Accumulated Depreciation	$ (709)
Year Build / Year Renovated	1964
Year Acquired	2022
14434-14527 San Pedro Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 50,239
Buildings and Improvements, Initial Cost	1,985
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,471
Land, Gross Amounts	50,239
Buildings and Improvements, Gross Amounts	5,456
Total, Gross	55,695
Accumulated Depreciation	$ (107)
Year Build / Year Renovated	1971
Year Acquired	2022
20900 Normandie Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 26,136
Buildings and Improvements, Initial Cost	13,942
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	277
Land, Gross Amounts	26,136
Buildings and Improvements, Gross Amounts	14,219
Total, Gross	40,355
Accumulated Depreciation	$ (911)
Year Build / Year Renovated	N/A
Year Acquired	2022
15771 Red Hill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Tustin, CA
Land, Initial Cost	$ 31,853
Buildings and Improvements, Initial Cost	8,431
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	205
Land, Gross Amounts	31,853
Buildings and Improvements, Gross Amounts	8,636
Total, Gross	40,489
Accumulated Depreciation	$ (879)
Year Build / Year Renovated	1979 / 2016
Year Acquired	2022
14350 Arminta Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama City, CA
Land, Initial Cost	$ 5,715
Buildings and Improvements, Initial Cost	2,880
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,715
Buildings and Improvements, Gross Amounts	2,880
Total, Gross	8,595
Accumulated Depreciation	$ (190)
Year Build / Year Renovated	2006
Year Acquired	2022
29125 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 20,388
Buildings and Improvements, Initial Cost	24,125
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,389
Land, Gross Amounts	20,388
Buildings and Improvements, Gross Amounts	25,514
Total, Gross	45,902
Accumulated Depreciation	$ (1,586)
Year Build / Year Renovated	2006
Year Acquired	2022
3935-3949 Heritage Oak Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 23,693
Buildings and Improvements, Initial Cost	33,149
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	23,693
Buildings and Improvements, Gross Amounts	33,149
Total, Gross	56,842
Accumulated Depreciation	$ (2,077)
Year Build / Year Renovated	1999
Year Acquired	2022
620 Anaheim Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 15,550
Buildings and Improvements, Initial Cost	2,230
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	736
Land, Gross Amounts	15,550
Buildings and Improvements, Gross Amounts	2,966
Total, Gross	18,516
Accumulated Depreciation	$ (193)
Year Build / Year Renovated	1984
Year Acquired	2022
400 Rosecrans Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Gardena, CA
Land, Initial Cost	$ 8,642
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	439
Land, Gross Amounts	8,642
Buildings and Improvements, Gross Amounts	439
Total, Gross	9,081
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1967
Year Acquired	2022
3547-3555 Voyager Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 19,809
Buildings and Improvements, Initial Cost	924
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	423
Land, Gross Amounts	19,809
Buildings and Improvements, Gross Amounts	1,347
Total, Gross	21,156
Accumulated Depreciation	$ (109)
Year Build / Year Renovated	1986
Year Acquired	2022
6996-7044 Bandini Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 39,403
Buildings and Improvements, Initial Cost	1,574
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	39,403
Buildings and Improvements, Gross Amounts	1,574
Total, Gross	40,977
Accumulated Depreciation	$ (150)
Year Build / Year Renovated	1968
Year Acquired	2022
4325 Etiwanda Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Jurupa Valley, CA
Land, Initial Cost	$ 31,286
Buildings and Improvements, Initial Cost	18,730
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	31
Land, Gross Amounts	31,286
Buildings and Improvements, Gross Amounts	18,761
Total, Gross	50,047
Accumulated Depreciation	$ (1,137)
Year Build / Year Renovated	1998
Year Acquired	2022
Merge-West
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 251,443
Buildings and Improvements, Initial Cost	206,055
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,083
Land, Gross Amounts	251,443
Buildings and Improvements, Gross Amounts	207,138
Total, Gross	458,581
Accumulated Depreciation	$ (11,606)
Year Build / Year Renovated	2022
Year Acquired	2022
6000-6052 & 6027-6029 Bandini Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 69,162
Buildings and Improvements, Initial Cost	25,490
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	83
Land, Gross Amounts	69,162
Buildings and Improvements, Gross Amounts	25,573
Total, Gross	94,735
Accumulated Depreciation	$ (1,596)
Year Build / Year Renovated	2016
Year Acquired	2022
3901 Via Oro Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 18,519
Buildings and Improvements, Initial Cost	953
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	582
Land, Gross Amounts	18,519
Buildings and Improvements, Gross Amounts	1,535
Total, Gross	20,054
Accumulated Depreciation	$ (377)
Year Build / Year Renovated	1983
Year Acquired	2022
15650 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 9,867
Buildings and Improvements, Initial Cost	5,818
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	9,867
Buildings and Improvements, Gross Amounts	5,824
Total, Gross	15,691
Accumulated Depreciation	$ (340)
Year Build / Year Renovated	2003
Year Acquired	2022
15700 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,252
Buildings and Improvements, Initial Cost	5,996
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	10,252
Buildings and Improvements, Gross Amounts	6,003
Total, Gross	16,255
Accumulated Depreciation	$ (353)
Year Build / Year Renovated	2001
Year Acquired	2022
17000 Gale Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 7,190
Buildings and Improvements, Initial Cost	4,929
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5
Land, Gross Amounts	7,190
Buildings and Improvements, Gross Amounts	4,934
Total, Gross	12,124
Accumulated Depreciation	$ (284)
Year Build / Year Renovated	2008
Year Acquired	2022
17909 & 17929 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 26,786
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	23
Land, Gross Amounts	26,786
Buildings and Improvements, Gross Amounts	23
Total, Gross	26,809
Accumulated Depreciation	$ (2)
Year Build / Year Renovated	1970 - 1973
Year Acquired	2022
2880 Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 34,987
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,860
Land, Gross Amounts	34,987
Buildings and Improvements, Gross Amounts	1,860
Total, Gross	36,847
Accumulated Depreciation	$ (2)
Year Build / Year Renovated	1970
Year Acquired	2022
920 Pacific Coast Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 80,121
Buildings and Improvements, Initial Cost	21,516
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	80,121
Buildings and Improvements, Gross Amounts	21,516
Total, Gross	101,637
Accumulated Depreciation	$ (1,123)
Year Build / Year Renovated	1954
Year Acquired	2022
21022 & 21034 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 15,551
Buildings and Improvements, Initial Cost	8,871
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,047
Land, Gross Amounts	15,551
Buildings and Improvements, Gross Amounts	9,918
Total, Gross	25,469
Accumulated Depreciation	$ (443)
Year Build / Year Renovated	2002
Year Acquired	2022
13301 Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 40,434
Buildings and Improvements, Initial Cost	11,915
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amounts	40,434
Buildings and Improvements, Gross Amounts	11,916
Total, Gross	52,350
Accumulated Depreciation	$ (618)
Year Build / Year Renovated	1989
Year Acquired	2022
20851 Currier Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 12,549
Buildings and Improvements, Initial Cost	9,471
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,319
Land, Gross Amounts	12,549
Buildings and Improvements, Gross Amounts	11,790
Total, Gross	24,339
Accumulated Depreciation	$ (253)
Year Build / Year Renovated	1999 / 2023
Year Acquired	2022
3131 Harcourt Street & 18031 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 26,268
Buildings and Improvements, Initial Cost	1,419
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	342
Land, Gross Amounts	26,268
Buildings and Improvements, Gross Amounts	1,761
Total, Gross	28,029
Accumulated Depreciation	$ (122)
Year Build / Year Renovated	1970
Year Acquired	2022
14400 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 43,929
Buildings and Improvements, Initial Cost	6,011
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,501
Land, Gross Amounts	43,929
Buildings and Improvements, Gross Amounts	8,512
Total, Gross	52,441
Accumulated Depreciation	$ (181)
Year Build / Year Renovated	1967
Year Acquired	2022
2130-2140 Del Amo Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 35,494
Buildings and Improvements, Initial Cost	5,246
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	204
Land, Gross Amounts	35,494
Buildings and Improvements, Gross Amounts	5,450
Total, Gross	40,944
Accumulated Depreciation	$ (262)
Year Build / Year Renovated	1980
Year Acquired	2022
19145 Gramercy Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 32,965
Buildings and Improvements, Initial Cost	5,894
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	32,965
Buildings and Improvements, Gross Amounts	5,894
Total, Gross	38,859
Accumulated Depreciation	$ (387)
Year Build / Year Renovated	1977
Year Acquired	2022
20455 Reeves Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 40,291
Buildings and Improvements, Initial Cost	6,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	38
Land, Gross Amounts	40,291
Buildings and Improvements, Gross Amounts	6,088
Total, Gross	46,379
Accumulated Depreciation	$ (322)
Year Build / Year Renovated	1982
Year Acquired	2022
14874 Jurupa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 29,738
Buildings and Improvements, Initial Cost	29,627
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	23
Land, Gross Amounts	29,738
Buildings and Improvements, Gross Amounts	29,650
Total, Gross	59,388
Accumulated Depreciation	$ (1,169)
Year Build / Year Renovated	2019
Year Acquired	2022
10660 Mulberry Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 8,744
Buildings and Improvements, Initial Cost	3,024
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	277
Land, Gross Amounts	8,744
Buildings and Improvements, Gross Amounts	3,301
Total, Gross	12,045
Accumulated Depreciation	$ (154)
Year Build / Year Renovated	1990
Year Acquired	2022
755 Trademark Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 5,685
Buildings and Improvements, Initial Cost	4,910
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	5,685
Buildings and Improvements, Gross Amounts	4,916
Total, Gross	10,601
Accumulated Depreciation	$ (205)
Year Build / Year Renovated	2001
Year Acquired	2022
4500 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 35,173
Buildings and Improvements, Initial Cost	4,991
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amounts	35,173
Buildings and Improvements, Gross Amounts	4,992
Total, Gross	40,165
Accumulated Depreciation	$ (314)
Year Build / Year Renovated	1950
Year Acquired	2022
7817 Haskell Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 10,565
Buildings and Improvements, Initial Cost	976
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	10,565
Buildings and Improvements, Gross Amounts	976
Total, Gross	11,541
Accumulated Depreciation	$ (81)
Year Build / Year Renovated	1960
Year Acquired	2022
16752 Armstrong Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Irvine, CA
Land, Initial Cost	$ 29,662
Buildings and Improvements, Initial Cost	8,699
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	29,662
Buildings and Improvements, Gross Amounts	8,699
Total, Gross	38,361
Accumulated Depreciation	$ (708)
Year Build / Year Renovated	1970/2012
Year Acquired	2023
10545 Production Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 215,378
Buildings and Improvements, Initial Cost	149,927
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	35
Land, Gross Amounts	215,378
Buildings and Improvements, Gross Amounts	149,962
Total, Gross	365,340
Accumulated Depreciation	$ (5,602)
Year Build / Year Renovated	2006
Year Acquired	2023
3520 Challenger Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 11,616
Buildings and Improvements, Initial Cost	1,859
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	11,616
Buildings and Improvements, Gross Amounts	1,863
Total, Gross	13,479
Accumulated Depreciation	$ (204)
Year Build / Year Renovated	1990
Year Acquired	2023
9000 Airport Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 139,564
Buildings and Improvements, Initial Cost	4,976
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	777
Land, Gross Amounts	139,564
Buildings and Improvements, Gross Amounts	5,753
Total, Gross	145,317
Accumulated Depreciation	$ (361)
Year Build / Year Renovated	1981
Year Acquired	2023
9223 Balboa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 50,919
Buildings and Improvements, Initial Cost	97,621
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9
Land, Gross Amounts	50,919
Buildings and Improvements, Gross Amounts	97,630
Total, Gross	148,549
Accumulated Depreciation	$ (2,960)
Year Build / Year Renovated	2020
Year Acquired	2023
9223 Balboa Avenue 1978-1980
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 27,254
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	280
Land, Gross Amounts	27,254
Buildings and Improvements, Gross Amounts	280
Total, Gross	27,534
Accumulated Depreciation	$ (1)
Year Build / Year Renovated	1978-1980
Year Acquired	2023
4285 Ponderosa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 16,495
Buildings and Improvements, Initial Cost	8,207
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	16,495
Buildings and Improvements, Gross Amounts	8,214
Total, Gross	24,709
Accumulated Depreciation	$ (278)
Year Build / Year Renovated	1969
Year Acquired	2023
13925 Benson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chino, CA
Land, Initial Cost	$ 26,442
Buildings and Improvements, Initial Cost	1,446
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	326
Land, Gross Amounts	26,442
Buildings and Improvements, Gross Amounts	1,772
Total, Gross	28,214
Accumulated Depreciation	$ (80)
Year Build / Year Renovated	1989
Year Acquired	2023
19301 Santa Fe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 14,899
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	201
Land, Gross Amounts	14,899
Buildings and Improvements, Gross Amounts	201
Total, Gross	15,100
Accumulated Depreciation	$ (1)
Year Build / Year Renovated	1954/1989
Year Acquired	2023
2395-2399 Bateman Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 28,663
Buildings and Improvements, Initial Cost	12,964
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	599
Land, Gross Amounts	28,663
Buildings and Improvements, Gross Amounts	13,563
Total, Gross	42,226
Accumulated Depreciation	$ (384)
Year Build / Year Renovated	2002
Year Acquired	2023
27712 & 27756 Avenue Mentry
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 20,084
Buildings and Improvements, Initial Cost	36,540
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1
Land, Gross Amounts	20,084
Buildings and Improvements, Gross Amounts	36,540
Total, Gross	56,624
Accumulated Depreciation	$ (636)
Year Build / Year Renovated	1988
Year Acquired	2023
422 Rosecrans Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Gardena, CA
Land, Initial Cost	$ 3,067
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	3,067
Buildings and Improvements, Gross Amounts	0
Total, Gross	3,067
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1968
Year Acquired	2023
14650 Hoover Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Westminster, CA
Land, Initial Cost	$ 13,814
Buildings and Improvements, Initial Cost	8,721
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	13,814
Buildings and Improvements, Gross Amounts	8,721
Total, Gross	22,535
Accumulated Depreciation	$ (157)
Year Build / Year Renovated	2001
Year Acquired	2023
5630 Cerritos Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Cypress, CA
Land, Initial Cost	$ 16,635
Buildings and Improvements, Initial Cost	6,103
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	16,635
Buildings and Improvements, Gross Amounts	6,103
Total, Gross	22,738
Accumulated Depreciation	$ (124)
Year Build / Year Renovated	1989
Year Acquired	2023
9400-9500 Santa Fe Springs Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 132,157
Buildings and Improvements, Initial Cost	67,189
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	132,157
Buildings and Improvements, Gross Amounts	67,189
Total, Gross	199,346
Accumulated Depreciation	$ (1,209)
Year Build / Year Renovated	1980/1990
Year Acquired	2023
2500 Thompson Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 19,567
Buildings and Improvements, Initial Cost	5,268
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	19,567
Buildings and Improvements, Gross Amounts	5,268
Total, Gross	24,835
Accumulated Depreciation	$ (98)
Year Build / Year Renovated	1970
Year Acquired	2023
15801 West 1st Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 142,497
Buildings and Improvements, Initial Cost	31,453
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	142,497
Buildings and Improvements, Gross Amounts	31,453
Total, Gross	173,950
Accumulated Depreciation	$ (329)
Year Build / Year Renovated	1977/1980
Year Acquired	2023
600-708 Vermont Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 57,394
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	57,394
Buildings and Improvements, Gross Amounts	0
Total, Gross	57,394
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1960
Year Acquired	2023
11234 Rush Street
Real Estate And Accumulated Depreciation [Line Items]
Location	South El Monte, CA
Land, Initial Cost	$ 12,737
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	12,737
Buildings and Improvements, Gross Amounts	0
Total, Gross	12,737
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1960
Year Acquired	2023

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2023 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvement and construction work	$ 245,900,000
Cash, FDIC insured amount	$ 250,000
Total Rental Revenues \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration Risk, Number of Major Customers \| tenant	0
Concentration Risk, Threshold Percentage	5.00%

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the properties we acquired subsequent to December 31, 2023:

Property

Submarket

Date of Acquisition

Rentable Square Feet

Number of Buildings

Contractual Purchase Price

(in thousands)(1)

5000 & 5010 Azusa Canyon Rd

Los Angeles - San Gabriel Valley

1/31/2024

233,984

84,000

(1)Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs.

Dividends Declared

On February 5, 2024, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.4175

March 28, 2024

April 15, 2024

OP Units

0.4175

March 28, 2024

April 15, 2024

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2024

March 28, 2024

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2024

March 28, 2024

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2024

March 28, 2024

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2024

March 28, 2024

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

March 15, 2024

March 28, 2024

Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Dec. 21, 2023	Nov. 08, 2022	Dec. 23, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)				$ 53.26	$ 54.14	$ 62.45
Equity instruments other than options granted in period (shares)				236,046	215,058	148,533
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 12,657	$ 11,869	$ 8,962
Fair Value Assumptions and Methodology [Abstract]
Expected price volatility	27.00%	34.00%	31.00%
Expected price volatility, minimum	16.00%	18.00%	17.00%
Expected price volatility, maximum	100.00%	100.00%	100.00%
Expected dividend yield	2.20%	1.90%	1.70%
Risk free interest rate	4.13%	4.57%	0.98%
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 3,900	$ 3,700	$ 2,900
Market Performance Award 2021
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies		47.00%
Expected volatility rate, average for peer group companies		50.60%
2020 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies			45.00%
Expected volatility rate, average for peer group companies			47.90%
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)				$ 58.93	$ 67.98	$ 50.62
Equity instruments other than options granted in period (shares)				205,526	134,984	132,537
Number of units canceled (shares)				21,532	11,442	23,763
Fair Value Assumptions and Methodology [Abstract]
Forfeited (in dollars per share)				$ 62.84	$ 56.24	$ 42.69
Market Performance Award 2023
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies	29.00%
Expected volatility rate, average for peer group companies	34.00%
Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount for post-vesting restrictions and book-up events	6.90%	7.40%	7.80%
Grant date fair value	$ 8,867	$ 8,353	$ 6,648
Equity instruments other than options granted in period (shares)				171,341	167,221	93,030
Executive Officers \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	701,025	673,188	366,004	701,025	673,188	366,004
Executive Officers \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	209,480	204,394	113,871
Executive Officers \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	209,480	204,394	113,871
Executive Officers \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	209,480	204,394	113,871
Executive Officers \| Distribution Equivalents
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	72,585	60,006	24,391
Absolute TSR Vesting Percentage Range One \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	0.00%	0.00%	0.00%
Absolute TSR Vesting Percentage Range Two \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	16.70%	16.70%	16.70%
Absolute TSR Vesting Percentage Range Three \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	24.00%	24.00%	24.00%
Absolute TSR Vesting Percentage	33.30%	33.40%	33.40%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	30.00%	30.00%	30.00%
Absolute TSR Vesting Percentage	66.70%	66.70%	66.70%
Absolute TSR Vesting Percentage Range Five \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	40.00%	40.00%	40.00%
Absolute TSR Vesting Percentage	100.00%	100.00%	100.00%
Relative TSR Vesting Percentage Range One \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	0.00%	0.00%	0.00%
Relative TSR Vesting Percentage Range Two \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	16.70%	16.70%	16.70%
Relative TSR Vesting Percentage Range Three \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.55%	0.55%	0.55%
Relative TSR Vesting Percentage	33.30%	33.40%	33.40%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.75%	0.75%	0.75%
Relative TSR Vesting Percentage	66.70%	66.70%	66.70%
Relative TSR Vesting Percentage Range Five \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.90%	0.90%	0.90%
Relative TSR Vesting Percentage	100.00%	100.00%	100.00%
FFO Per Share Growth Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	8.00%	10.00%	10.00%
FFO Per Share Growth Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	8.00%	10.00%	10.00%
FFO Per Share Growth Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	12.00%	14.00%	14.00%
FFO Per Share Growth Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	16.00%	18.00%	18.00%
FFO Per Share Growth Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	22.00%	24.00%	24.00%
FFO Growth Per Share Vesting Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	0.00%	0.00%	0.00%
FFO Growth Per Share Vesting Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	16.70%	16.70%	16.70%
FFO Growth Per Share Vesting Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	33.30%	33.40%	33.40%
FFO Growth Per Share Vesting Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	66.70%	66.70%	66.70%
FFO Growth Per Share Vesting Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	100.00%	100.00%	100.00%
Common Stock \| Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)	$ 55.59	$ 53.94	$ 77.5

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 9,896	$ 11,422
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	9,896	11,422
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	9,896	11,422
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 0	$ 0

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 153,670	$ 169,986
Acquired lease intangible liabilities, net	(147,561)	(147,384)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	338,001	315,842
Accumulated amortization	(207,804)	(172,883)
Total	130,197	142,959
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	25,598	26,851
Accumulated amortization	(14,808)	(12,671)
Total	10,790	14,180
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	12,978	12,977
Accumulated amortization	(295)	(130)
Total	12,683	12,847
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(249,853)	(220,646)
Accumulated accretion	102,292	73,262
Acquired lease intangible liabilities, net	$ (147,561)	$ (147,384)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Series C Preferred Stock	Series 2 CPOP Units	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2020	$ 3,530,592					$ 3,245,141	$ 242,327	$ 1,313	$ 3,182,599	$ (163,389)	$ (17,709)	$ 285,451
Beginning Balance, (in shares) at Dec. 31, 2020								131,426,038
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	1,644,697					1,644,697		$ 286	1,644,411
Issuance of stock (shares)								28,484,776
Offering costs	(18,606)					(18,606)	0		(18,606)
Share-based compensation	19,863					3,856		$ 1	3,855			16,007
Share-based compensation (shares)								108,774
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,428)					(1,428)			(1,428)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)								(29,305)
Conversion of OP Units to common stock	0					17,466		$ 5	17,461			(17,466)
Conversion of units to common stock (shares)								521,199
Net income	136,246					128,241	12,563			115,678		8,005
Other comprehensive loss	8,333					7,835					7,835	498
Dividends, Preferred Stock	(12,563)					(12,563)	(12,563)
Preferred unit distributions	(2,832)											(2,832)
Dividends, Common Stock	(140,060)					(140,060)				(140,060)
Common unit distributions	(6,547)											(6,547)
Redemption of 5.875% series A preferred stock	(90,000)					(90,000)	(86,651)			(3,349)
Ending Balance at Dec. 31, 2021	$ 5,067,695					4,784,579	155,676	$ 1,605	4,828,292	(191,120)	(9,874)	283,116
Ending Balance, (in shares) at Dec. 31, 2021								160,511,482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Preferred stock dividends declared (in dollars per share)		$ 0.917970	$ 1.468752	$ 1.406252
Common stock dividends declared (in dollars per share)	$ 0.96
Debt Instrument, Redemption Price, Percentage		5.875%
Issuance of stock	$ 1,831,773					1,831,773		$ 283	1,831,490
Issuance of stock (shares)								28,343,395
Offering costs	(22,542)					(22,542)			(22,542)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	56,167											56,167
Noncontrolling Interest, Increase from Subsidiary Equity Issuance, Preferred	12,000											12,000
Share-based compensation	29,036					5,548		$ 1	5,547			23,488
Share-based compensation (shares)								123,542
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(2,156)					(2,156)			(2,156)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)								(31,576)
Conversion of OP Units to common stock	0					6,238		$ 2	6,236			(6,238)
Acquisition of private REIT - preferred units	122											122
Conversion of units to common stock (shares)								167,286
Net income	177,157					167,584	9,258			158,326		9,573
Other comprehensive loss	18,846					18,121					18,121	725
Dividends, Preferred Stock	(9,258)					(9,258)	(9,258)
Preferred unit distributions	(3,124)											(3,124)
Dividends, Common Stock	(222,949)					(222,949)				(222,949)
Common unit distributions	(9,425)											(9,425)
Ending Balance at Dec. 31, 2022	$ 6,923,342					6,556,938	155,676	$ 1,891	6,646,867	(255,743)	8,247	366,404
Ending Balance, (in shares) at Dec. 31, 2022	189,114,129							189,114,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend Rate			5.875%	5.625%	3.00%
Preferred stock dividends declared (in dollars per share)			$ 1.468752	$ 1.406252
Common stock dividends declared (in dollars per share)	$ 1.26
Issuance of stock	$ 1,281,990					1,281,990		$ 227	1,281,763
Issuance of stock (shares)								22,751,622
Offering costs	(6,258)					(6,258)			(6,258)
Share-based compensation	34,655					7,331		$ 2	7,329			27,324
Share-based compensation (shares)								183,994
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,914)					(1,914)			(1,914)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)								(32,507)
Conversion of OP Units to common stock	0					12,997		$ 3	12,994			(12,997)
Conversion of units to common stock (shares)								329,212
Net income	249,591					238,016	9,258			228,758		11,575
Other comprehensive loss	(1,147)					(1,075)					(1,075)	(72)
Dividends, Preferred Stock	(9,258)					(9,258)	(9,258)
Preferred unit distributions	(3,208)											(3,208)
Dividends, Common Stock	(311,850)					(311,850)				(311,850)
Common unit distributions	(12,038)											(12,038)
Ending Balance at Dec. 31, 2023	$ 8,143,905					$ 7,766,917	$ 155,676	$ 2,123	$ 7,940,781	$ (338,835)	$ 7,172	$ 376,988
Ending Balance, (in shares) at Dec. 31, 2023	212,346,450							212,346,450
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividend Rate			5.875%	5.625%
Preferred stock dividends declared (in dollars per share)			$ 1.468752	$ 1.406252
Common stock dividends declared (in dollars per share)	$ 1.52

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands				12 Months Ended
	May 25, 2022 USD ($) shares	Mar. 17, 2022 USD ($) shares	Mar. 05, 2020 shares	Dec. 31, 2023 USD ($) ft² property building	Dec. 31, 2022 USD ($) ft² building	Dec. 31, 2021 USD ($)	Oct. 26, 2023 a	Mar. 28, 2023 a
Real Estate [Line Items]
Rentable Square Feet				4,270,727	5,940,775		150
Number of buildings \| building				30	87
Contractual purchase price				$ 1,349,788	$ 2,391,927
Asset Acquisition, Consideration Transferred, Transaction Cost				3,800	27,700
Asset Acquisition, Consideration Transferred Including Transaction Costs				1,354,000	2,420,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance					56,167
Assumption of debt in connection with acquisition of real estate including loan premium				0	0	$ 16,152
Long-term Debt, Gross				$ 2,243,025	$ 1,950,515
444 Quay Avenue
Real Estate [Line Items]
Date of Acquisition					Jan. 14, 2022
Rentable Square Feet \| ft²					29,760
Number of buildings \| building					1
Contractual purchase price					$ 10,760
18455 Figueroa Street
Real Estate [Line Items]
Date of Acquisition					Jan. 31, 2022
Rentable Square Feet \| ft²					146,765
Number of buildings \| building					2
Contractual purchase price					$ 64,250
24903 Avenue Kearny
Real Estate [Line Items]
Date of Acquisition					Feb. 01, 2022
Rentable Square Feet \| ft²					214,436
Number of buildings \| building					1
Contractual purchase price					$ 58,463
19475 Gramercy Place
Real Estate [Line Items]
Date of Acquisition					Feb. 02, 2022
Rentable Square Feet \| ft²					47,712
Number of buildings \| building					1
Contractual purchase price					$ 11,300
14005 Live Oak Avenue
Real Estate [Line Items]
Date of Acquisition					Feb. 08, 2022
Rentable Square Feet \| ft²					56,510
Number of buildings \| building					1
Contractual purchase price					$ 25,000
13700-13738 Slover Avenue
Real Estate [Line Items]
Date of Acquisition					Feb. 10, 2022
Rentable Square Feet \| ft²					17,862
Number of buildings \| building					1
Contractual purchase price					$ 13,209
Meggitt Simi Valley
Real Estate [Line Items]
Date of Acquisition					Feb. 24, 2022
Rentable Square Feet \| ft²					285,750
Number of buildings \| building					3
Contractual purchase price					$ 57,000
21415-21605 Plummer Street
Real Estate [Line Items]
Date of Acquisition					Feb. 25, 2022
Rentable Square Feet \| ft²					231,769
Number of buildings \| building					2
Contractual purchase price					$ 42,000
1501-1545 Rio Vista Avenue
Real Estate [Line Items]
Date of Acquisition					Mar. 01, 2022
Rentable Square Feet \| ft²					54,777
Number of buildings \| building					2
Contractual purchase price					$ 28,000
17011-17027 Central Avenue
Real Estate [Line Items]
Date of Acquisition					Mar. 09, 2022
Rentable Square Feet \| ft²					52,561
Number of buildings \| building					3
Contractual purchase price					$ 27,363
2843 Benet Road
Real Estate [Line Items]
Date of Acquisition					Mar. 09, 2022
Rentable Square Feet \| ft²					35,000
Number of buildings \| building					1
Contractual purchase price					$ 12,968
14243 Bessemer Street
Real Estate [Line Items]
Date of Acquisition					Mar. 09, 2022
Rentable Square Feet \| ft²					14,299
Number of buildings \| building					1
Contractual purchase price					$ 6,594
2970 East 50th Street
Real Estate [Line Items]
Date of Acquisition					Mar. 09, 2022
Rentable Square Feet \| ft²					48,876
Number of buildings \| building					1
Contractual purchase price					$ 18,074
19900 Plummer Street
Real Estate [Line Items]
Date of Acquisition					Mar. 11, 2022
Rentable Square Feet \| ft²					43,472
Number of buildings \| building					1
Contractual purchase price					$ 15,000
Long Beach Business Park
Real Estate [Line Items]
Date of Acquisition					Mar. 17, 2022
Rentable Square Feet \| ft²					123,532
Number of buildings \| building					4
Contractual purchase price		$ 24,000			$ 24,000
13711 Freeway Drive
Real Estate [Line Items]
Date of Acquisition					Mar. 18, 2022
Rentable Square Feet \| ft²					82,092
Number of buildings \| building					1
Contractual purchase price					$ 34,000
6245 Providence Way
Real Estate [Line Items]
Date of Acquisition					Mar. 22, 2022
Rentable Square Feet \| ft²					27,636
Number of buildings \| building					1
Contractual purchase price					$ 9,672
7815 Van Nuys Blvd
Real Estate [Line Items]
Date of Acquisition					Apr. 19, 2022
Rentable Square Feet \| ft²					43,101
Number of buildings \| building					1
Contractual purchase price					$ 25,000
13535 Larwin Circle
Real Estate [Line Items]
Date of Acquisition					Apr. 21, 2022
Rentable Square Feet \| ft²					56,011
Number of buildings \| building					1
Contractual purchase price					$ 15,500
1154 Holt Blvd
Real Estate [Line Items]
Date of Acquisition					Apr. 29, 2022
Rentable Square Feet \| ft²					35,033
Number of buildings \| building					1
Contractual purchase price					$ 14,158
900-920 Allen Avenue
Real Estate [Line Items]
Date of Acquisition					May 03, 2022
Rentable Square Feet \| ft²					68,630
Number of buildings \| building					2
Contractual purchase price					$ 25,000
1550-1600 Champagne Avenue
Real Estate [Line Items]
Date of Acquisition					May 06, 2022
Rentable Square Feet \| ft²					124,243
Number of buildings \| building					2
Contractual purchase price					$ 46,850
10131 Banana Avenue
Real Estate [Line Items]
Date of Acquisition					May 06, 2022
Rentable Square Feet \| ft²					0
Number of buildings \| building					0
Contractual purchase price					$ 26,166
2020 Central Avenue
Real Estate [Line Items]
Date of Acquisition					May 20, 2022
Rentable Square Feet \| ft²					30,233
Number of buildings \| building					1
Contractual purchase price					$ 10,800
14200-14220 Arminta Street
Real Estate [Line Items]
Date of Acquisition					May 25, 2022
Rentable Square Feet \| ft²					200,003
Number of buildings \| building					1
Contractual purchase price	$ 80,700				$ 80,653
1172 Holt Blvd
Real Estate [Line Items]
Date of Acquisition					May 25, 2022
Rentable Square Feet \| ft²					44,004
Number of buildings \| building					1
Contractual purchase price					$ 17,783
1500 Raymond Avenue
Real Estate [Line Items]
Date of Acquisition					Jun. 01, 2022
Rentable Square Feet \| ft²					0
Number of buildings \| building					0
Contractual purchase price					$ 45,000
2400 Marine Avenue
Real Estate [Line Items]
Date of Acquisition					Jun. 02, 2022
Rentable Square Feet \| ft²					50,000
Number of buildings \| building					2
Contractual purchase price					$ 30,000
400 Rosecrans Avenue
Real Estate [Line Items]
Date of Acquisition					Jul. 06, 2022
Rentable Square Feet \| ft²					28,006
Number of buildings \| building					1
Contractual purchase price					$ 8,500
3547-3555 Voyager Street
Real Estate [Line Items]
Date of Acquisition					Jul. 12, 2022
Rentable Square Feet \| ft²					60,248
Number of buildings \| building					3
Contractual purchase price					$ 20,900
6996-7044 Bandini Blvd
Real Estate [Line Items]
Date of Acquisition					Jul. 13, 2022
Rentable Square Feet \| ft²					111,515
Number of buildings \| building					2
Contractual purchase price					$ 40,500
4325 Etiwanda Avenue
Real Estate [Line Items]
Date of Acquisition					Jul. 15, 2022
Rentable Square Feet \| ft²					124,258
Number of buildings \| building					1
Contractual purchase price					$ 47,500
Merge-West
Real Estate [Line Items]
Date of Acquisition					Jul. 18, 2022
Rentable Square Feet \| ft²					1,057,419
Number of buildings \| building					6
Contractual purchase price					$ 470,000
6000-6052 & 6027-6029 Bandini Blvd
Real Estate [Line Items]
Date of Acquisition					Jul. 22, 2022
Rentable Square Feet \| ft²					182,782
Number of buildings \| building					2
Contractual purchase price					$ 91,500
14434-14527 San Pedro Street
Real Estate [Line Items]
Date of Acquisition					Jun. 03, 2022
Rentable Square Feet \| ft²					118,923
Number of buildings \| building					1
Contractual purchase price					$ 49,105
20900 Normandie Avenue
Real Estate [Line Items]
Date of Acquisition					Jun. 03, 2022
Rentable Square Feet \| ft²					74,038
Number of buildings \| building					1
Contractual purchase price					$ 39,980
15771 Red Hill Avenue
Real Estate [Line Items]
Date of Acquisition					Jun. 09, 2022
Rentable Square Feet \| ft²					100,653
Number of buildings \| building					1
Contractual purchase price					$ 46,000
14350 Arminta Street
Real Estate [Line Items]
Date of Acquisition					Jun. 10, 2022
Rentable Square Feet \| ft²					18,147
Number of buildings \| building					1
Contractual purchase price					$ 8,400
29125 Avenue Paine
Real Estate [Line Items]
Date of Acquisition					Jun. 14, 2022
Rentable Square Feet \| ft²					175,897
Number of buildings \| building					1
Contractual purchase price					$ 45,000
3935-3949 Heritage Oak Court
Real Estate [Line Items]
Date of Acquisition					Jun. 22, 2022
Rentable Square Feet \| ft²					186,726
Number of buildings \| building					1
Contractual purchase price					$ 56,400
620 Anaheim Street
Real Estate [Line Items]
Date of Acquisition					Jun. 23, 2022
Rentable Square Feet \| ft²					34,555
Number of buildings \| building					1
Contractual purchase price					$ 17,100
3901 Via Oro Avenue
Real Estate [Line Items]
Date of Acquisition					Aug. 12, 2022
Rentable Square Feet \| ft²					53,817
Number of buildings \| building					1
Contractual purchase price					$ 20,000
15650 Don Julian Road
Real Estate [Line Items]
Date of Acquisition					Aug. 12, 2022
Rentable Square Feet \| ft²					43,392
Number of buildings \| building					1
Contractual purchase price					$ 16,226
15700 Don Julian Road
Real Estate [Line Items]
Date of Acquisition					Aug. 12, 2022
Rentable Square Feet \| ft²					40,453
Number of buildings \| building					1
Contractual purchase price					$ 15,127
17000 Gale Avenue
Real Estate [Line Items]
Date of Acquisition					Aug. 12, 2022
Rentable Square Feet \| ft²					29,888
Number of buildings \| building					1
Contractual purchase price					$ 11,176
17909 & 17929 Susana Road
Real Estate [Line Items]
Date of Acquisition					Aug. 17, 2022
Rentable Square Feet \| ft²					57,376
Number of buildings \| building					2
Contractual purchase price					$ 26,100
2880 Ana Street
Real Estate [Line Items]
Date of Acquisition					Aug. 25, 2022
Rentable Square Feet \| ft²					80,850
Number of buildings \| building					1
Contractual purchase price					$ 34,600
920 Pacific Coast Highway
Real Estate [Line Items]
Date of Acquisition					Sep. 01, 2022
Rentable Square Feet \| ft²					148,186
Number of buildings \| building					1
Contractual purchase price					$ 100,000
21022 & 21034 Figueroa Street
Real Estate [Line Items]
Date of Acquisition					Sep. 07, 2022
Rentable Square Feet \| ft²					51,185
Number of buildings \| building					1
Contractual purchase price					$ 24,200
13301 Main Street
Real Estate [Line Items]
Date of Acquisition					Sep. 14, 2022
Rentable Square Feet \| ft²					106,969
Number of buildings \| building					1
Contractual purchase price					$ 51,150
20851 Currier Road
Real Estate [Line Items]
Date of Acquisition					Oct. 05, 2022
Rentable Square Feet \| ft²					59,412
Number of buildings \| building					1
Contractual purchase price					$ 21,800
3131 Harcourt Street & 18031 Susana Road
Real Estate [Line Items]
Date of Acquisition					Nov. 15, 2022
Rentable Square Feet \| ft²					73,000
Number of buildings \| building					2
Contractual purchase price					$ 27,500
14400 Figueroa Street
Real Estate [Line Items]
Date of Acquisition					Nov. 22, 2022
Rentable Square Feet \| ft²					121,062
Number of buildings \| building					4
Contractual purchase price					$ 49,000
2130-2140 Del Amo Blvd
Real Estate [Line Items]
Date of Acquisition					Dec. 16, 2022
Rentable Square Feet \| ft²					99,064
Number of buildings \| building					2
Contractual purchase price					$ 41,900
19145 Gramercy Place
Real Estate [Line Items]
Date of Acquisition					Dec. 16, 2022
Rentable Square Feet \| ft²					102,143
Number of buildings \| building					1
Contractual purchase price					$ 37,000
20455 Reeves Avenue
Real Estate [Line Items]
Date of Acquisition					Dec. 16, 2022
Rentable Square Feet \| ft²					110,075
Number of buildings \| building					1
Contractual purchase price					$ 48,950
14874 Jurupa Avenue
Real Estate [Line Items]
Date of Acquisition					Dec. 16, 2022
Rentable Square Feet \| ft²					158,119
Number of buildings \| building					1
Contractual purchase price					$ 59,250
10660 Mulberry Avenue
Real Estate [Line Items]
Date of Acquisition					Dec. 16, 2022
Rentable Square Feet \| ft²					49,530
Number of buildings \| building					1
Contractual purchase price					$ 10,950
755 Trademark Circle
Real Estate [Line Items]
Date of Acquisition					Dec. 23, 2022
Rentable Square Feet \| ft²					34,427
Number of buildings \| building					1
Contractual purchase price					$ 10,500
4500 Azusa Canyon Road
Real Estate [Line Items]
Date of Acquisition					Dec. 29, 2022
Rentable Square Feet \| ft²					77,266
Number of buildings \| building					1
Contractual purchase price					$ 40,000
7817 Haskell Avenue
Real Estate [Line Items]
Date of Acquisition					Dec. 29, 2022
Rentable Square Feet \| ft²					7,327
Number of buildings \| building					1
Contractual purchase price					$ 11,050
13925 Benson Avenue
Real Estate [Line Items]
Date of Acquisition				Apr. 07, 2023
Rentable Square Feet \| ft²				38,143
Number of buildings \| building				1
Contractual purchase price				$ 27,500
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue
Real Estate [Line Items]
Date of Acquisition				Mar. 30, 2023
Rentable Square Feet \| ft²				515,382
Number of buildings \| building				5
Contractual purchase price				$ 200,000
Number of Properties Acquired \| property				3
16752 Armstrong Avenue
Real Estate [Line Items]
Date of Acquisition				Jan. 06, 2023
Rentable Square Feet \| ft²				81,600
Number of buildings \| building				1
Contractual purchase price				$ 40,000
10545 Production Avenue
Real Estate [Line Items]
Date of Acquisition				Jan. 30, 2023
Rentable Square Feet \| ft²				1,101,840
Number of buildings \| building				1
Contractual purchase price				$ 365,000
3520 Challenger Street
Real Estate [Line Items]
Date of Acquisition				Feb. 28, 2023
Rentable Square Feet \| ft²				49,336
Number of buildings \| building				1
Contractual purchase price				$ 14,200
9000 Airport Blvd
Real Estate [Line Items]
Date of Acquisition				Mar. 28, 2023
Rentable Square Feet				38,680				18.4
Number of buildings \| building				1
Contractual purchase price				$ 143,000
19301 Santa Fe Avenue
Real Estate [Line Items]
Date of Acquisition				Apr. 14, 2023
Rentable Square Feet \| ft²				41,638
Number of buildings \| building				3
Contractual purchase price				$ 14,600
2395-2399 Bateman Avenue
Real Estate [Line Items]
Date of Acquisition				Apr. 21, 2023
Rentable Square Feet \| ft²				134,952
Number of buildings \| building				3
Contractual purchase price				$ 41,203
27712 & 27756 Avenue Mentry
Real Estate [Line Items]
Date of Acquisition				Jul. 13, 2023
Rentable Square Feet \| ft²				220,752
Number of buildings \| building				2
Contractual purchase price				$ 38,010
5630 Cerritos Avenue
Real Estate [Line Items]
Date of Acquisition				Jul. 14, 2023
Rentable Square Feet \| ft²				76,032
Number of buildings \| building				1
Contractual purchase price				$ 21,350
9400-9500 Santa Fe Springs Road
Real Estate [Line Items]
Date of Acquisition				Jul. 20, 2023
Rentable Square Feet \| ft²				595,304
Number of buildings \| building				2
Contractual purchase price				$ 210,000
422 Rosecrans Avenue
Real Estate [Line Items]
Date of Acquisition				Jul. 26, 2023
Rentable Square Feet \| ft²				9,350
Number of buildings \| building				1
Contractual purchase price				$ 2,850
14650 Hoover Street
Real Estate [Line Items]
Date of Acquisition				Jul. 27, 2023
Rentable Square Feet \| ft²				59,679
Number of buildings \| building				1
Contractual purchase price				$ 22,300
2500 Thompson Street
Real Estate [Line Items]
Date of Acquisition				Aug. 18, 2023
Rentable Square Feet \| ft²				174,691
Number of buildings \| building				1
Contractual purchase price				$ 20,250
15801 West 1st Street
Real Estate [Line Items]
Date of Acquisition				Oct. 26, 2023
Rentable Square Feet \| ft²				993,142
Number of buildings \| building				1
Contractual purchase price				$ 120,000
600-708 Vermont Avenue
Real Estate [Line Items]
Date of Acquisition				Dec. 15, 2023
Rentable Square Feet \| ft²				133,836
Number of buildings \| building				4
Contractual purchase price				$ 57,025
11234 Rush Street
Real Estate [Line Items]
Date of Acquisition				Dec. 28, 2023
Rentable Square Feet \| ft²				6,370
Number of buildings \| building				1
Contractual purchase price				$ 12,500
Noncontrolling Interests
Real Estate [Line Items]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance					56,167
Noncontrolling Interests \| Operating Partnership \| 14200-14220 Arminta Street
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares	954,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance	$ 56,200
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Real Estate [Line Items]
Long-term Debt, Gross				$ 14,596	$ 14,965
Series 2 CPOP Units
Real Estate [Line Items]
Dividend Rate					3.00%
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares			906,374
Dividend Rate			4.00%
Series 3 CPOP Units
Real Estate [Line Items]
Dividend Rate				3.00%
Series 3 CPOP Units \| Long Beach Business Park
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares		164,998
Dividend Rate		3.00%

Loan Receivable	12 Months Ended
Loan Receivable	Dec. 31, 2023
Receivables [Abstract]
Loan Receivable	Loan Receivable On October 26, 2023, in conjunction with the acquisition of the property located at 15801 West 1st Street, we issued a $125.0 million loan to the seller that is securitized by an adjacent 150-acre industrial development site as well as two escrow reserve accounts that were funded with loan proceeds at closing (the “loan collateral”). At issuance, the loan receivable has a loan to value ratio of less than 60% based on the estimated fair value of the loan collateral. The loan bears interest at 7.50% per annum, requires monthly interest-only payments with a balloon payment at maturity, and has an effective interest rate of 8.00% including loan origination costs and fees. The loan has a maturity date of October 26, 2028, with one 1-year extension available at the borrower’s option, subject to certain conditions plus the payment of a 0.25% extension fee. The loan allows for prepayment, in part or whole, with penalties ranging from 1.00% to 2.00% of the amount prepaid, depending on the timing of the prepayment. The loan also includes a right of first offer for us to acquire the underlying industrial development site in the future. As of December 31, 2023, the carrying value of the loan receivable was $122.8 million, which reflects $2.2 million of unamortized origination fees/costs. Based on our current assessment of the credit loss evaluation criteria, we determined that the allowance for potential credit losses on our loan receivable is immaterial as of December 31, 2023.

Incentive Award Plan - Share-based Awards Expensed & Capitalized Amounts (Details) - Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 33,638	$ 28,426	$ 19,506
Capitalized share-based compensation	1,017	610	357
Total share-based compensation	$ 34,655	$ 29,036	$ 19,863

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
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+ Details

Organization - Additional Information (Detail) ft² in Millions	Dec. 31, 2023 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	373
Area of real estate property (square feet) \| ft²	45.9

Noncontrolling Interests (Details)						12 Months Ended
Noncontrolling Interests (Details)	Jul. 18, 2022 USD ($) $ / shares shares	May 25, 2022 USD ($) shares	Mar. 17, 2022 USD ($) $ / shares shares	Mar. 05, 2020 USD ($) $ / shares shares	Apr. 10, 2019 shares	Dec. 31, 2023 USD ($) building $ / shares shares	Dec. 31, 2022 USD ($) building shares	Dec. 31, 2021 USD ($) shares
Noncontrolling Interest [Line Items]
Number of buildings \| building						30	87
Contractual purchase price						$ 1,349,788,000	$ 2,391,927,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							56,167,000
Conversion of OP Units to common stock						0	0	$ 0
Noncontrolling Interest, Increase from Subsidiary Equity Issuance, Preferred							12,000,000
Liquidation Preference						161,250,000	$ 161,250,000
Convertible Preferred Units, Common Units Issued Upon Conversion \| shares				0.7722
Long Beach Business Park
Noncontrolling Interest [Line Items]
Number of buildings \| building							4
Contractual purchase price			$ 24,000,000				$ 24,000,000
14200-14220 Arminta Street
Noncontrolling Interest [Line Items]
Number of buildings \| building							1
Contractual purchase price		$ 80,700,000					$ 80,653,000
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Noncontrolling Interest, Increase from Subsidiary Equity Issuance							56,167,000
Conversion of OP Units to common stock						$ (12,997,000)	(6,238,000)	$ (17,466,000)
Noncontrolling Interest, Increase from Subsidiary Equity Issuance, Preferred							$ 12,000,000
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership						3.50%
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares						5,552,307
Noncontrolling Interests \| Operating Partnership \| 14200-14220 Arminta Street
Noncontrolling Interest [Line Items]
Limited Partners' Capital Account, Units Issued \| shares		954,000
Noncontrolling Interest, Increase from Subsidiary Equity Issuance		$ 56,200,000
Noncontrolling Interests \| Operating Partnership \| LTIP Units
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares						919,086
Noncontrolling Interests \| Operating Partnership \| Performance Units
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares						1,160,454
Common Stock
Noncontrolling Interest [Line Items]
Conversion of units to common stock (shares) \| shares						329,212	167,286	521,199
Conversion of OP Units to common stock						$ 3,000	$ 2,000	$ 5,000
Total Stockholders’ Equity
Noncontrolling Interest [Line Items]
Conversion of OP Units to common stock						$ 12,997,000	$ 6,238,000	$ 17,466,000
Series C Preferred Stock
Noncontrolling Interest [Line Items]
Dividend Rate						5.625%	5.625%
Liquidation Preference						$ 86,250,000	$ 86,250,000
Cumulative Redeemable Non-Voting Preferred Units \| Private REIT Units
Noncontrolling Interest [Line Items]
Dividend Rate	12.00%
Preferred stock, redemption amount	$ 122,000
Preferred Stock, Redemption Premium Per Share \| $ / shares	$ 100
Asset Acquisition, Number Of Units Acquired \| shares	122
Preferred stock, redemption price per share (in dollars per share) \| $ / shares	$ 1,000
Series 2 CPOP Units
Noncontrolling Interest [Line Items]
Dividend Rate							3.00%
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares				906,374
Dividend Rate				4.00%
Liquidation Preference				$ 40,800,000
Liquidation preference (in dollars per share) \| $ / shares				$ 45.00
Series 1 CPOP Units
Noncontrolling Interest [Line Items]
Liquidation Preference						$ 27,000,000
Liquidation preference (in dollars per share) \| $ / shares						$ 45.50952
Series 1 CPOP Units \| 1515 15th Street
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares					593,960
Dividend Rate					4.43937%
Series A Preferred Units
Noncontrolling Interest [Line Items]
Dividend Rate						5.875%
Series 3 CPOP Units
Noncontrolling Interest [Line Items]
Dividend Rate						3.00%
Series 3 CPOP Units \| Properties Acquired on March 17, 2022
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares			164,998
Dividend Rate			3.00%
Noncontrolling Interest, Increase from Subsidiary Equity Issuance, Preferred			$ 12,000,000
Liquidation Preference			$ 12,000,000
Liquidation preference (in dollars per share) \| $ / shares			$ 72.73
Series 3 CPOP Units \| Long Beach Business Park
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares			164,998
Dividend Rate			3.00%

Schedule IV – Mortgage Loans on Real Estate (Details) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Contractual Interest Rate	7.50%
Face Amount of Mortgages	$ 125,000	$ 125,000
Carrying Amount of Mortgages	122,784	122,784
Principal Amount of Loans Subject to Delinquent Principal or Interest	$ 0	0
Effective Interest Rate	0.080
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning of year		0
New loan originated		125,000
Amortization of net deferred origination fees		84
Deferred loan origination fees, net		(2,300)
Balance, end of year	$ 122,784	$ 122,784

Incentive Award Plan

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Incentive Award Plan

Second Amended and Restated 2013 Incentive Award Plan

We maintain one share-based incentive plan, the Second Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), pursuant to which, we may make grants of restricted stock, LTIP units of partnership interest in our Operating Partnership (“LTIP units”), performance units in our Operating Partnership (“Performance Units”), dividend equivalents and other stock based and cash awards to our non-employee directors, employees and consultants.

The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”), subject to certain limitations. The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions.

As of December 31, 2023, a total of 797,852 shares of common stock, LTIP units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards.

LTIP Units and Performance Units

LTIP units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP units and Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events more fully described in the Operating Partnership’s partnership agreement (“book-up events”), the LTIP units and Performance Units can over time achieve full parity with OP Units for all purposes. If such parity is reached, vested LTIP units and vested Performance Units may be converted into an equal number of OP Units, and, upon conversion, enjoy all rights of OP Units. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the per-unit distribution paid on OP Units. Vested Performance Units and LTIP units, whether vested or not, receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock.

The compensation committee grants awards to the Company’s named executive officers (the “NEOs”) on an annual basis in the form of LTIP units and Performance Units, typically towards the end of each year. In 2023, 2022 and 2021, the compensation committee granted the NEOs a combined 171,341, 167,221, and 93,030 LTIP units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and a combined 701,025, 673,188, and 366,004 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”).

2023, 2022 and 2021 LTIP Unit Awards

Each of the 2023, 2022 and 2021 LTIP Awards are scheduled to vest one-third in equal installments on each of the first, second and third anniversaries of the grant date. Each award is subject to each executive’s continued employment through the applicable vesting date, and subject to earlier vesting upon certain termination of employment or a change in control event, as described in the award agreements. Compensation expense is recognized using the accelerated expense attribution method, with each vesting tranche valued as a separate award. The total grant date fair value of each annual LTIP award is based on the Company’s most recent closing stock price preceding the grant and the application of a discount for post-vesting restrictions and uncertainty regarding the occurrence and timing of book-up events. The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:


	2023 LTIP Award			2022 LTIP Award			2021 LTIP Award
Valuation date	December 21, 2023			November 8, 2022			December 23, 2021
Closing share price of common stock	$	55.59		$	53.94		$	77.5
Discount for post-vesting restrictions and book-up events	6.9		%	7.4		%	7.8		%
Grant date fair value (in thousands)	$	8,867		$	8,353		$	6,648

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2023, 2022 and 2021:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2020	236,646	$	41.49
Granted	148,533	$	62.45

Vested	(145,470)	$	40.65
Balance at December 31, 2021	239,709	$	54.99
Granted	215,058	$	54.14

Vested	(141,716)	$	54.04
Balance at December 31, 2022	313,051	$	54.84
Granted	236,046	$	53.26

Vested	(180,192)	$	54.10
Balance at December 31, 2023	368,905	$	54.19

2023, 2022 and 2021 Performance Unit Awards

Each of the 2023, 2022 and 2021 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below:

•Absolute TSR Base Units - base units that will vest based on varying levels of the Company’s total shareholder return (“TSR”) over the three-year performance period of an award. TSR is measured as the appreciation in the price per share of the Company’s common stock plus dividends paid during the three-year performance period, assuming the reinvestment in common stock of all dividends paid during the performance period.

•Relative TSR Base Units - base units that will vest based on the Company’s TSR as compared to the TSR percentage of a selected peer group of companies over the three-year performance period.

•FFO Per-Share Base Units - base units that will vest based on the Company’s FFO per share growth over the three-year performance period.

•Distribution Equivalent Units - Performance Units that have not vested will receive 10% of the distributions paid on OP units. The remaining 90% of the distributions will accrue (assuming the reinvestment in common stock of these distributions) during the three-year performance period and a portion will be paid out as distribution equivalent units based upon the number of base units that ultimately vest.

The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Awards:


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2023 Performance Award	209,480	209,480	209,480	72,585	701,025
2022 Performance Award	204,394	204,394	204,394	60,006	673,188
2021 Performance Award	113,871	113,871	113,871	24,391	366,004

(1)For each Performance Award, a number of the base units are designated as Absolute TSR Base Units and Relative TSR Base Units (combined, a “Market Performance Award”) and a number of units are designated as FFO Per-Share Base Units (each an “FFO Per-Share Award”).

The following table summarizes the performance levels and vesting percentages for the Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units, and the three-year performance period for each of the Performance Unit awards:


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2023 Award		<18%		—	%	< 35th Percentile	—	%	< 8%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	8	%	16.7	%
	“Target Level”	24	%	33.3	%	55th Percentile	33.3	%	12	%	33.3	%	See Note (1)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	16	%	66.7	%
	“Maximum Level”	≥40%		100	%	≥ 90th Percentile	100	%	≥22%		100	%

2022 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (2)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

2021 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (3)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

(1)The performance period for the 2023 Market Performance Award is December 21, 2023 through December 20, 2026, and the performance period for the 2023 FFO Per-Share Award is January 1, 2024 through December 31, 2026.

(2)The performance period for the 2022 Market Performance Award is November 8, 2022 through November 7, 2025, and the performance period for the 2022 FFO Per-Share Award is January 1, 2023 through December 31, 2025.

(3)The performance period for the 2021 Market Performance Award is December 23, 2021 through December 22, 2024, and the performance period for the 2021 FFO Per-Share Award is January 1, 2022 through December 31, 2024.

If the Company’s TSR percentage, peer group relative performance or FFO per share growth falls between the levels specified in the tables above, the percentage of Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units that vest will be determined using straight-line interpolation between such levels.

Fair Value of Awards with Market-Based Vesting Conditions

The grant date fair value of each of the 2023, 2022 and 2021 Market Performance Awards is based on the sum of the following: (1) the present value of the expected payoff to the vested absolute and relative base units, (2) the present value of the 10% portion of the distribution expected to be paid during the three-year performance period, and (3) the present value of the distribution equivalent units expected to be awarded at the end of the three-year performance period. The grant date fair value of each of these awards was measured using a Monte Carlo simulation pricing model, which uses 100,000 trial simulations, to estimate the probability that the market conditions, TSR on both an absolute and relative basis, will be achieved over the three-year performance period.

The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions.


	2023 Market Performance Award			2022 Market Performance Award			2021 Market Performance Award
Valuation date	December 21, 2023			November 8, 2022			December 23, 2021
Expected share price volatility for the Company	27.0		%	34.0		%	31.0		%
Expected share price volatility for peer group companies - low end of range(1)	16.0		%	18.0		%	17.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	2.20		%	1.90		%	1.70		%
Risk-free interest rate	4.13		%	4.57		%	0.98		%
Grant date fair value (in thousands)	$	12,657		$	11,869		$	8,962

(1)For the 2023 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 29.0% and 34.0%, respectively. For the 2022 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 47.0% and 50.6%, respectively. For the 2021 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.9%, respectively.

The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on our average historical dividend yield and our dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period.

Compensation cost for the awards with market-based vesting conditions is recognized ratably over the requisite service period, regardless of whether the TSR performance levels are achieved and any awards ultimately vest. Compensation expense will only be reversed if the holder of an award with market-based vesting conditions forfeits the award by leaving the employment of the Company prior to vesting.

Fair Value of Awards with Performance-Based Vesting Conditions

The grant date fair value of the 2023 FFO Per-Share Award is $3.9 million, which is based on the Company’s closing stock price on the grant date ($55.59 on December 21, 2023) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2022 FFO Per-Share Award is $3.7 million, which is based on the Company’s closing stock price on the grant date ($53.94 on November 8, 2022) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2021 FFO Per-Share Award is $2.9 million, which is based on the Company’s closing stock price preceding the grant date ($77.50 on December 23, 2021) and the achievement of FFO per-share performance at the target level.

Compensation cost for the 2023, 2022 and 2021 FFO Per-Share Awards will reflect the number of units that are expected to vest based on the probable outcome of the performance condition and will be adjusted to reflect those units that ultimately vest at the end of the three-year performance period.

2020, 2019 and 2018 Performance Award Vestings

On December 31, 2023, the three-year performance period for the 2020 performance award ended and it was determined that the Company’s absolute TSR performance was achieved below the threshold level, relative TSR performance was achieved

above the target level and FFO per share growth was achieved at the maximum level. Based on these results, the compensation committee certified that 219,607 Performance Units were earned and vested.

On December 31, 2022, the three-year performance period for the 2019 performance award ended and it was determined that the Company’s absolute TSR performance was achieved above the target level and both relative TSR performance and FFO per share growth were achieved at the maximum level. Based on these results, the compensation committee certified that 231,453 Performance Units were earned and vested.

On December 31, 2021, the three-year performance period for the 2018 performance award ended and it was determined that both the Company’s absolute TSR performance and relative TSR performance were achieved at the maximum level. Based on these results, the compensation committee certified that 170,413 vested Performance Units were earned and vested.

Restricted Common Stock

The compensation committee has periodically awarded grants of restricted common stock to various employees of the Company, typically other than NEOs, for the purpose of attracting or retaining the services of these key individuals. These grants typically vest in four equal, annual installments on each of the first four anniversaries of the date of grant, subject to the employee’s continued service. Shares of our restricted common stock are participating securities and have full voting rights and nonforfeitable rights to dividends. During the years ended December 31, 2023, 2022 and 2021, we granted 188,468, 120,662 and 120,734 shares, respectively, of restricted common stock to non-executive employees. The grant date fair value of these awards was $11.2 million, $8.3 million and $5.6 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $47.10 and $64.39 per share, $52.97 to $76.55 per share and $48.14 to $62.19 per share, for the years ended December 31, 2023, 2022 and 2021, respectively.

In accordance with the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program, each year on the date of the annual meeting of the Company’s stockholders, we grant shares of restricted common stock to each of our non-employee directors who are re-elected for another year of service. These awards vest on the earlier of (i) the date of the annual meeting of the Company’s stockholders next following the grant date and (ii) the first anniversary of the grant date, subject to each non-employee director’s continued service. During the years ended December 31, 2023, 2022 and 2021, each of our non-employee directors were granted 2,843, 2,387 and 1,873 shares of restricted common stock with a grant date fair value of $149,997, $139,998 and $109,964 based on the $52.76, $58.65 and 58.71 closing share price, respectively, of the Company’s common stock on the date of grant.

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2023, 2022 and 2021:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2020	232,899	$	38.43
Granted	132,537	$	50.62
Forfeited	(23,763)	$	42.69
Vested(1)(2)	(92,494)	$	35.45
Balance at December 31, 2021	249,179	$	45.62
Granted	134,984	$	67.98
Forfeited	(11,442)	$	56.24
Vested(1)(2)	(98,305)	$	43.55
Balance at December 31, 2022	274,416	$	56.92
Granted	205,526	$	58.93
Forfeited	(21,532)	$	62.84
Vested(1)(2)	(109,970)	$	52.69
Balance at December 31, 2023	348,440	$	59.07

(1)The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $6.4 million, $6.6 million and $4.6 million for the years ended December 31, 2023, 2022 and 2021, respectively.

(2)Total shares vested include 32,507, 31,576 and 29,305 shares of common stock that were tendered by employees during the years ended December 31, 2023, 2022 and 2021, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Share-Based Compensation Expense

The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):


	Year Ended December 31,
	2023		2022		2021
Expensed share-based compensation(1)	$	33,638	$	28,426	$	19,506
Capitalized share-based compensation(2)	1,017		610		357
Total share-based compensation	$	34,655	$	29,036	$	19,863

(1)Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.

(2)Amounts capitalized relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets.

During the years ended December 31, 2023, 2022 and 2021, Messrs. Schwimmer and Frankel’s elected to receive their annual bonuses partly in cash and partly in LTIP units. Accordingly, on January 17, 2024, January 17, 2023 and January 18, 2022, at the same time the cash annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 15,340, 19,367 and 12,824 fully-vested LTIP Units for the years ended December 31, 2023, 2022 and 2021, respectively. Share-based compensation expense for the years ended December 31, 2023, 2022 and 2021 includes $1.7 million, $2.3 million and $1.9 million, respectively, for the portion of Messrs. Schwimmer and Frankel’s accrued bonuses that were settled with these fully-vested LTIP Units.

As of December 31, 2023, total unrecognized compensation cost related to all unvested share-based awards was $62.6 million and is expected to be recognized over a weighted average remaining period of 27 months.

Investments in Real Estate - Summary of the Properties Sold (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft²	Oct. 26, 2023 a
Property Dispositions [Line Items]
Rentable Square Feet	4,270,727	5,940,775		150
Gains (Losses) on Sales of Investment Real Estate	$ 19,001	$ 8,486	$ 33,929
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Dispositions [Line Items]
Rentable Square Feet \| ft²	87,037		220,684
Contract sales price	$ 28,275		$ 59,256
Gains (Losses) on Sales of Investment Real Estate	$ 19,001		$ 33,929
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 28159 Avenue Stanford
Property Dispositions [Line Items]
Date of Disposition		Jan. 13, 2022
Rentable Square Feet \| ft²		79,247
Contract sales price		$ 16,500
Gains (Losses) on Sales of Investment Real Estate		$ 8,486
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 14723-14825.25 Oxnard Street
Property Dispositions [Line Items]
Date of Disposition			Feb. 12, 2021
Rentable Square Feet \| ft²			77,790
Contract sales price			$ 19,250
Gains (Losses) on Sales of Investment Real Estate			$ 9,906
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6760 Central Avenue, Unit B
Property Dispositions [Line Items]
Date of Disposition			Mar. 15, 2021
Rentable Square Feet \| ft²			9,943
Contract sales price			$ 1,530
Gains (Losses) on Sales of Investment Real Estate			$ 954
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 11529-11547 Tuxford Street
Property Dispositions [Line Items]
Date of Disposition			May 20, 2021
Rentable Square Feet \| ft²			29,730
Contract sales price			$ 8,176
Gains (Losses) on Sales of Investment Real Estate			$ 2,750
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 5803 Newton Drive
Property Dispositions [Line Items]
Date of Disposition			Sep. 15, 2021
Rentable Square Feet \| ft²			71,602
Contract sales price			$ 18,600
Gains (Losses) on Sales of Investment Real Estate			$ 13,702
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard
Property Dispositions [Line Items]
Date of Disposition			Nov. 01, 2021
Rentable Square Feet \| ft²			31,619
Contract sales price			$ 11,700
Gains (Losses) on Sales of Investment Real Estate			$ 6,617
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 8101-8117 Orion Ave.
Property Dispositions [Line Items]
Date of Disposition	Mar. 28, 2023
Rentable Square Feet \| ft²	48,394
Contract sales price	$ 17,000
Gains (Losses) on Sales of Investment Real Estate	$ 12,133
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 3720-3750 W. Warner Avenue
Property Dispositions [Line Items]
Date of Disposition	Dec. 05, 2023
Rentable Square Feet \| ft²	38,643
Contract sales price	$ 11,275
Gains (Losses) on Sales of Investment Real Estate	$ 6,868

Investments in Real Estate

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisition Summary

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2023:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000
3520 Challenger Street	Los Angeles - South Bay	2/28/2023	49,336	1	14,200
9000 Airport Boulevard(2)	Los Angeles - South Bay	3/28/2023	38,680	1	143,000
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(3)	San Diego - Central	3/30/2023	515,382	5	200,000
13925 Benson Avenue	San Bernardino - Inland Empire West	4/7/2023	38,143	1	27,500
19301 Santa Fe Avenue	Los Angeles - South Bay	4/14/2023	41,638	3	14,600
2395-2399 Bateman Avenue	Los Angeles - San Gabriel Valley	4/21/2023	134,952	3	41,203
27712 & 27756 Avenue Mentry	Los Angeles - San Fernando Valley	7/13/2023	220,752	2	38,010
5630 Cerritos Avenue	Orange County - West	7/14/2023	76,032	1	21,350
9400-9500 Santa Fe Springs Road	Los Angeles - Mid-Counties	7/20/2023	595,304	2	210,000
422 Rosecrans Avenue(4)	Los Angeles - South Bay	7/26/2023	9,350	1	2,850
14650 Hoover Street	Orange County - West	7/27/2023	59,679	1	22,300
2500 Thompson Street	Los Angeles - South Bay	8/18/2023	174,691	1	20,250
15801 West 1st Street(5)	Los Angeles - San Gabriel Valley	10/26/2023	993,142	1	120,000
600-708 Vermont Avenue	Orange County - North	12/15/2023	133,836	4	57,025
11234 Rush Street(4)	Los Angeles - San Gabriel Valley	12/28/2023	6,370	1	12,500
Total 2023 Property Acquisitions			4,270,727	30	$	1,349,788

(1)Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition related costs. Including $3.8 million of capitalized closing costs and acquisition related costs net of certain credits, the total aggregate initial investment was $1.354 billion. Each acquisition was funded with available cash on hand unless otherwise noted.

(2)Represents the acquisition of 18.4 acres of industrial zoned land.

(3)Represents the acquisition of three properties in one consolidated transaction.

(4)Represents acquisition of a current or near-term (within 24 months) redevelopment site.

(5)This property was acquired through a sale-leaseback transaction in which the seller and tenant are under common control. The transaction was entered into at off-market terms where the contractual purchase price was less than the fair value of the acquired property. The difference was recognized as “Tenant prepaid rent” in the consolidated balance sheets.

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
444 Quay Avenue(2)	Los Angeles - South Bay	1/14/2022	29,760	1	$	10,760
18455 Figueroa Street	Los Angeles - South Bay	1/31/2022	146,765	2	64,250
24903 Avenue Kearny	Los Angeles - San Fernando Valley	2/1/2022	214,436	1	58,463
19475 Gramercy Place	Los Angeles - South Bay	2/2/2022	47,712	1	11,300


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
14005 Live Oak Avenue	Los Angeles - San Gabriel Valley	2/8/2022	56,510	1	25,000
13700-13738 Slover Ave(2)	San Bernardino - Inland Empire West	2/10/2022	17,862	1	13,209
Meggitt Simi Valley	Ventura	2/24/2022	285,750	3	57,000
21415-21605 Plummer Street	Los Angeles - San Fernando Valley	2/25/2022	231,769	2	42,000
1501-1545 Rio Vista Avenue	Los Angeles - Central	3/1/2022	54,777	2	28,000
17011-17027 Central Avenue	Los Angeles - South Bay	3/9/2022	52,561	3	27,363
2843 Benet Road	San Diego - North County	3/9/2022	35,000	1	12,968
14243 Bessemer Street	Los Angeles - San Fernando Valley	3/9/2022	14,299	1	6,594
2970 East 50th Street	Los Angeles - Central	3/9/2022	48,876	1	18,074
19900 Plummer Street	Los Angeles - San Fernando Valley	3/11/2022	43,472	1	15,000
Long Beach Business Park(3)	Los Angeles - South Bay	3/17/2022	123,532	4	24,000
13711 Freeway Drive(4)	Los Angeles - Mid-Counties	3/18/2022	82,092	1	34,000
6245 Providence Way	San Bernardino - Inland Empire West	3/22/2022	27,636	1	9,672
7815 Van Nuys Blvd	Los Angeles - San Fernando Valley	4/19/2022	43,101	1	25,000
13535 Larwin Circle	Los Angeles - Mid-Counties	4/21/2022	56,011	1	15,500
1154 Holt Blvd	San Bernardino - Inland Empire West	4/29/2022	35,033	1	14,158
900-920 Allen Avenue	Los Angeles - San Fernando Valley	5/3/2022	68,630	2	25,000
1550-1600 Champagne Avenue	San Bernardino - Inland Empire West	5/6/2022	124,243	2	46,850
10131 Banana Avenue(2)	San Bernardino - Inland Empire West	5/6/2022	—	—	26,166
2020 Central Avenue	Los Angeles - South Bay	5/20/2022	30,233	1	10,800
14200-14220 Arminta Street(5)	Los Angeles - San Fernando Valley	5/25/2022	200,003	1	80,653
1172 Holt Blvd	San Bernardino - Inland Empire West	5/25/2022	44,004	1	17,783
1500 Raymond Avenue(4)	Orange County - North	6/1/2022	—	—	45,000
2400 Marine Avenue	Los Angeles - South Bay	6/2/2022	50,000	2	30,000
14434-14527 San Pedro Street(4)	Los Angeles - South Bay	6/3/2022	118,923	1	49,105
20900 Normandie Avenue	Los Angeles - South Bay	6/3/2022	74,038	1	39,980
15771 Red Hill Avenue	Orange County - Airport	6/9/2022	100,653	1	46,000
14350 Arminta Street	Los Angeles - San Fernando Valley	6/10/2022	18,147	1	8,400
29125 Avenue Paine	Los Angeles - San Fernando Valley	6/14/2022	175,897	1	45,000
3935-3949 Heritage Oak Court	Ventura	6/22/2022	186,726	1	56,400
620 Anaheim Street	Los Angeles - South Bay	6/23/2022	34,555	1	17,100
400 Rosecrans Avenue(4)	Los Angeles - South Bay	7/6/2022	28,006	1	8,500
3547-3555 Voyager Street	Los Angeles - South Bay	7/12/2022	60,248	3	20,900
6996-7044 Bandini Blvd	Los Angeles - Central	7/13/2022	111,515	2	40,500
4325 Etiwanda Avenue	Riverside / San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	Riverside / San Bernardino - Inland Empire West	7/18/2022	1,057,419	6	470,000
6000-6052 & 6027-6029 Bandini Blvd	Los Angeles - Central	7/22/2022	182,782	2	91,500
3901 Via Oro Avenue	Los Angeles - South Bay	8/12/2022	53,817	1	20,000
15650 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	43,392	1	16,226
15700 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	40,453	1	15,127
17000 Gale Avenue	Los Angeles - San Gabriel Valley	8/12/2022	29,888	1	11,176


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
17909 & 17929 Susana Road	Los Angeles - South Bay	8/17/2022	57,376	2	26,100
2880 Ana Street	Los Angeles - South Bay	8/25/2022	80,850	1	34,600
920 Pacific Coast Highway	Los Angeles - South Bay	9/1/2022	148,186	1	100,000
21022 & 21034 Figueroa Street	Los Angeles - South Bay	9/7/2022	51,185	1	24,200
13301 Main Street	Los Angeles - South Bay	9/14/2022	106,969	1	51,150
20851 Currier Road(4)	Los Angeles - San Gabriel Valley	10/5/2022	59,412	1	21,800
3131 Harcourt Street & 18031 Susana Road	Los Angeles - South Bay	11/15/2022	73,000	2	27,500
14400 Figueroa Street	Los Angeles - South Bay	11/22/2022	121,062	4	49,000
2130-2140 Del Amo Blvd	Los Angeles - South Bay	12/16/2022	99,064	2	41,900
19145 Gramercy Place	Los Angeles - South Bay	12/16/2022	102,143	1	37,000
20455 Reeves Avenue	Los Angeles - South Bay	12/16/2022	110,075	1	48,950
14874 Jurupa Avenue	San Bernardino - Inland Empire West	12/16/2022	158,119	1	59,250
10660 Mulberry Avenue	San Bernardino - Inland Empire West	12/16/2022	49,530	1	10,950
755 Trademark Circle	San Bernardino - Inland Empire West	12/23/2022	34,427	1	10,500
4500 Azusa Canyon Road	Los Angeles - San Gabriel Valley	12/29/2022	77,266	1	40,000
7817 Haskell Avenue	Los Angeles - San Fernando Valley	12/29/2022	7,327	1	11,050
Total 2022 Property Acquisitions			5,940,775	87	$	2,391,927

(1)Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $27.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $2.42 billion. Each acquisition was funded with available cash on hand unless otherwise noted.

(2)Represents acquisition of an industrial outdoor storage site.

(3)The acquisition of the Long Beach Business Park was funded through a combination of cash on hand and the issuance of 164,998 3.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See “Note 13 – Noncontrolling Interests – Preferred Units – Series 3 CPOP Units” for additional details.

(4)Represents acquisition of a current or near-term (within 24 months) redevelopment site.

(5)On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand and the issuance of 954,000 common units of limited partnership interests in the Operating Partnership valued at $56.2 million.

The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisitions noted in the table above, as of the date of each acquisition (in thousands):


	2023		2022
Assets:
Land	$	978,844	$	1,698,173
Buildings and improvements	435,288		687,358
Tenant improvements	5,685		9,987
Acquired lease intangible assets(1)	29,528		82,539
Right of use asset - ground lease(2)	—		4,787
Other acquired assets(3)	925		558
Total assets acquired	$	1,450,270	$	2,483,402
Liabilities:
Acquired lease intangible liabilities(4)	$	32,984	$	54,085
Lease liability - ground lease(2)	—		4,787

Other deferred rent (off-market terms)(5)	62,813		4,339
Other assumed liabilities(3)(6)	40,763		15,652
Total liabilities assumed	$	136,560	$	78,863
Net assets acquired	$	1,313,710	$	2,404,539

(1)For the 2023 acquisitions, acquired lease intangible assets are comprised of $29.4 million of in-place lease intangibles with a weighted average amortization period of 11.9 years and $0.1 million of above-market lease intangibles with a weighted average amortization period of 5.2 years. For the 2022 acquisitions, acquired lease intangible assets are comprised of $63.7 million of in-place lease intangibles with a weighted average amortization period of 5.8 years, $5.9 million of above-market lease intangibles with a weighted average amortization period of 6.9 years and a $13.0 million below-market ground lease intangible with an amortization period of 78.9 years.

(2)The ROU asset and lease liability relate to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street.

(3)Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations.

(4)Represents below-market lease intangibles with a weighted average amortization period of 20.8 years and 8.9 years, for the 2023 and 2022 acquisitions, respectively.

(5)In connection with the acquisition of 15801 West 1st Street in 2023 and four acquisition transactions in 2022, we simultaneously entered into leaseback agreements with each seller/tenant in which the sale-leaseback transaction had off-market terms (sale price or leaseback payments were less than fair value). Amounts are recorded in the line item “Tenant prepaid rent” in the consolidated balance sheets and are recognized into rental income on a straight-line basis over the term of each respective lease, which is 17.4 years for the 2023 leaseback at 15801 West 1st Street and a weighted average lease term of one year for the 2022 leasebacks.

(6)In addition to other liabilities assumed at the time of acquisition, the amount for 2023 includes one-year of prepaid rent totaling $23.9 million paid by a seller/tenant at the time of closing not related to off-market transaction terms.

Dispositions

The following table summarizes information related to the properties that we sold during the years ended December 31, 2023, 2022, and 2021 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
2023 Dispositions:
8101-8117 Orion Ave.	Los Angeles - San Fernando Valley	3/28/2023	48,394	$	17,000	$	12,133
3720-3750 W. Warner Avenue	Orange County Airport	12/05/2023	38,643	11,275		6,868
			87,037	28,275		19,001
2022 Dispositions:
28159 Avenue Stanford	Los Angeles - San Fernando Valley	1/13/2022	79,247	$	16,500	$	8,486

2021 Dispositions:
14723-14825.25 Oxnard Street	Los Angeles - San Fernando Valley	2/12/2021	77,790	$	19,250	$	9,906
6760 Central Avenue, Unit B	San Bernardino - Inland Empire East	3/15/2021	9,943	1,530		954
11529-11547 Tuxford Street	Los Angeles - San Fernando Valley	5/20/2021	29,730	8,176		2,750
5803 Newton Drive	San Diego - North	9/15/2021	71,602	18,600		13,702
2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard	Los Angeles - San Fernando Valley	11/01/2021	31,619	11,700		6,617
Total			220,684	$	59,256	$	33,929

(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.

Notes Payable

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of December 31, 2023 and 2022 (dollars in thousands):


	December 31, 2023		December 31, 2022		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.685	%	(2)	6.165	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		400,000		S+0.760	%	(2)	4.832	%	(5)	7/19/2024	(4)
$100M Senior Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan	300,000		300,000		S+0.760	%	(2)	3.677	%	(6)	5/26/2027
$125M Senior Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$300M Senior Notes due 2028	300,000		—		n/a			5.000	%		6/15/2028
$25M Series 2019A Senior Notes	25,000		25,000		n/a			3.880	%		7/16/2029
$400M Senior Notes due 2030	400,000		400,000		n/a			2.125	%		12/1/2030
$400M Senior Notes due 2031 (green bond)	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Senior Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	2,125,000	$	1,825,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard	$	—	$	3,832	n/a			4.080	%		4/5/2023
960-970 Knox Street	—		2,307		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,613		3,712		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,290		2,462		n/a			4.190	%		5/1/2024
$60M Term Loan(8)	60,000		60,000		S+1.250	%		5.060	%	(8)	10/27/2024
5160 Richton Street(7)	4,029		4,153		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,539		2,612		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	6,984		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,596		14,965		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(10)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,852		3,928		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,741		1,935		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	2,881		3,009		n/a			4.140	%		8/1/2039
Total Secured Debt	$	118,025	$	125,515
Total Unsecured and Secured Debt	$	2,243,025	$	1,950,515
Less: Unamortized premium/discount and debt issuance costs(11)	(17,111)		(14,134)
Total	$	2,225,914	$	1,936,381

(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2023 and includes the effect of interest rate swaps that were effective as of December 31, 2023. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.

(2)As of December 31, 2023, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the

$300.0 million and $400.0 million unsecured term loans, based on our leverage ratio and investment grade ratings, minus a sustainability-related interest rate adjustment of 0.04%. These loans are also subject to a 0% SOFR floor.

(3)The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of December 31, 2023, the applicable facility fee is 0.125% per annum, less a sustainability-related interest rate adjustment of 0.01%.

(4)The unsecured revolving credit facility has two six-month extensions and the $400.0 million unsecured term loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions.

(5)Effective April 3, 2023, daily SOFR for our $400.0 million unsecured term loan has been swapped to a fixed rate of 3.97231%, resulting in an all-in fixed rate of 4.83231% after adding the SOFR adjustment and applicable margin and subtracting the sustainability-related interest rate adjustment.

(6)Effective July 27, 2022, Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.67725% after adding the SOFR adjustment and applicable margin and subtracting the sustainability-related interest rate adjustment.

(7)Fixed monthly payments of interest and principal until maturity as follows: 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).

(8)The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions. Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. Effective April 3, 2023, Term SOFR for this loan has been swapped to a fixed rate of 3.710%, resulting in an all-in fixed rate of 5.060% after adding the SOFR adjustment and applicable margin.

(9)For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity.

(10)Fixed monthly payments of interest only.

(11)Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets.

Contractual Debt Maturities

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of December 31, 2023, and does not consider extension options available to us as noted in the table above (in thousands):


2024	$	473,403
2025	100,973
2026	7,587
2027	444,078
2028	314,218
Thereafter	902,766
Total	$	2,243,025

Recent Activity

Issuance of $300 Million Notes Due 2028

On March 28, 2023, we completed an underwritten public offering of $300.0 million of 5.000% Senior Notes due 2028 (the “$300 Million Notes”). The $300 Million Notes were priced at 98.975% of the principal amount, with a coupon rate of 5.000%. Interest on the $300 Million Notes is payable semiannually on June 15 and December 15 in each year, beginning on June 15, 2023, until the maturity date of June 15, 2028.

We may redeem the $300 Million Notes at our option and sole discretion, in whole at any time or in part from time to time prior to May 15, 2028 (one month prior to the maturity date of the $300 Million Notes) (the “Par Call Date”), at a redemption price equal to the greater of (i) the sum of the present values of the remaining scheduled payments of principal and interest on the $300 Million Notes discounted to the redemption date (assuming the notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the Third Supplemental Indenture) plus 25 basis points, less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the $300 Million Notes being redeemed. Notwithstanding the foregoing, on or after the Par Call Date, the redemption price will be equal to 100% of the principal amount of the $300 Million Notes being redeemed, plus accrued and unpaid interest.

New $60 Million Term Loan

On October 27, 2022, we entered into a credit agreement for a $60.0 million term loan facility (the “$60 Million Term Loan”) that permits aggregate borrowings of up to $60.0 million, the total of which we borrowed the same day at closing. The $60 Million Term Loan is secured by six properties, matures on October 27, 2024, and has three one-year extension options available. Interest on the $60 Million Term Loan is generally to be paid based upon, at our option, either (i) Term SOFR increased by a 0.10% SOFR adjustment plus a margin of 1.25% per annum, or (ii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, and (c) the sum of adjusted Term SOFR plus 1.00%) plus a margin of 0.25% per annum.

On October 27, 2022, we used the proceeds from the $60 Million Term Loan to repay our previous amortizing $60.0 million term loan in full, which had a balance of $57.5 million at the time of repayment. We did not incur any prepayment penalties for repaying in advance of the maturity date of August 1, 2023. In connection with the repayment of the amortizing term loan, we wrote off $38 thousand of unamortized debt issuance costs during the year ended December 31, 2022. This write-off is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

Credit Agreement

On May 26, 2022, we amended our credit agreement, which was comprised of a $700.0 million unsecured revolving credit facility that was scheduled to mature on February 13, 2024, by entering into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement initially provided for (i) a senior unsecured term loan facility that permits aggregate borrowings of up to $300.0 million (the “$300 Million Term Loan”), all of which was borrowed at closing on May 26, 2022, and (ii) a senior unsecured revolving credit facility (the “Revolver”) in the aggregate principal amount of $1.0 billion. On July 19, 2022, we exercised the accordion option under the Credit Agreement to add a $400.0 million unsecured term loan (the “$400 Million Term Loan” and together with the $300 Million Term Loan, the “Term Facility”). Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $800.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing.

The Revolver is scheduled to mature on May 26, 2026 and has two six-month extension options available. The $400 Million Term Loan is scheduled to mature on July 19, 2024 and has two one-year extension options available. The $300 Million Term Loan matures on May 26, 2027.

Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) Term SOFR plus the applicable margin; (ii) daily SOFR plus the applicable margin or (iii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) one percent (1.00%)) plus the applicable margin. Additionally, Term SOFR and daily SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans, depending on our leverage ratio and investment grade ratings. The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and 0.00% to 0.40% per annum for base rate loans, depending on our leverage ratio and investment grade ratings. In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable credit facility fee on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our leverage ratio and investment grade ratings.

In addition, the Credit Agreement also features a sustainability-linked pricing component whereby the applicable margin and applicable credit facility fee can decrease by 0.04% and 0.01%, respectively, or increase by 0.04% and 0.01%, respectively, from year to year if we meet, or do not meet, certain annual sustainability performance targets, as applicable. In February 2023, after certifying that our sustainability performance target was met for 2022, the applicable margin decreased by 0.040% to 0.685% and 0.760% for the Revolver and Term Facility, respectively, and the credit facility fee decreased by 0.010% to 0.115%.

The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed.

The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults. If an event of default occurs and is continuing under the Credit Agreement, the unpaid principal amount of all outstanding loans, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

In connection with the amendment of our credit agreement, we wrote off $0.2 million of unamortized debt issuance costs attributable to one of the creditors departing the unsecured revolving credit facility during the year ended December 31, 2022. This write-off is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

On December 31, 2023, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings.

Repayment of $150 Million Term Loan Facility

On May 26, 2022, we used a portion of the borrowing proceeds from the $300 Million Term Loan to repay our $150.0 million unsecured term loan facility (the “$150 Million Term Loan”) in full. We did not incur any prepayment penalties for repaying in advance of the maturity date of May 22, 2025. In connection with the repayment of the $150 Million Term Loan, we wrote off $0.7 million of unamortized debt issuance costs during the year ended December 31, 2022. This write-off is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

Debt Covenants

The Credit Agreement, $60 Million Term Loan, $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:

•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;

•For the Credit Agreement and $60 Million Term Loan, maintaining a ratio of secured debt to total asset value of not more than 45%;

•For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%;

•For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%;

•For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016;

•Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.5 to 1.0;

•For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and

•For the Credit Agreement and Senior Notes, maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00.

The $300 Million Notes, $400.0 million of 2.125% Senior Notes due 2030 and $400 million of 2.150% Senior Notes due 2031 (together the “Registered Notes”) contain the following covenants (as defined in the indentures) that we must comply with:

•Maintaining a ratio of total indebtedness to total asset value of not more than 60%;

•Maintaining a ratio of secured debt to total asset value of not more than 40%;

•Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and

•Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.

Subject to the terms of the Credit Agreement, $60 Million Term Loan, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness, and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either Standard and Poor’s Ratings

Services (“S&P”), Moody’s Investors Services (“Moody’s”) or Fitch Ratings. Our credit ratings as of December 31, 2023, were BBB+ from S&P, BBB+ from Fitch Ratings and Baa2 from Moody’s.

We were in compliance with all of our quarterly and annual debt covenants as of December 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Incentive Award Plan (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule Of Share Based Payment Award, Equity Instruments Other Than Options, Fair Value Assumptions And Grant Date Fair Value

The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:


	2023 LTIP Award			2022 LTIP Award			2021 LTIP Award
Valuation date	December 21, 2023			November 8, 2022			December 23, 2021
Closing share price of common stock	$	55.59		$	53.94		$	77.5
Discount for post-vesting restrictions and book-up events	6.9		%	7.4		%	7.8		%
Grant date fair value (in thousands)	$	8,867		$	8,353		$	6,648

Schedule of LTIP Unit Activity

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2023, 2022 and 2021:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2020	236,646	$	41.49
Granted	148,533	$	62.45

Vested	(145,470)	$	40.65
Balance at December 31, 2021	239,709	$	54.99
Granted	215,058	$	54.14

Vested	(141,716)	$	54.04
Balance at December 31, 2022	313,051	$	54.84
Granted	236,046	$	53.26

Vested	(180,192)	$	54.10
Balance at December 31, 2023	368,905	$	54.19

Summary of Units Awarded

The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Awards:


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2023 Performance Award	209,480	209,480	209,480	72,585	701,025
2022 Performance Award	204,394	204,394	204,394	60,006	673,188
2021 Performance Award	113,871	113,871	113,871	24,391	366,004

Total Shareholder Return Levels And Vesting Percentages


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2023 Award		<18%		—	%	< 35th Percentile	—	%	< 8%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	8	%	16.7	%
	“Target Level”	24	%	33.3	%	55th Percentile	33.3	%	12	%	33.3	%	See Note (1)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	16	%	66.7	%
	“Maximum Level”	≥40%		100	%	≥ 90th Percentile	100	%	≥22%		100	%

2022 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (2)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

2021 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (3)
	“High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

Schedule of valuation assumptions

The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions.


	2023 Market Performance Award			2022 Market Performance Award			2021 Market Performance Award
Valuation date	December 21, 2023			November 8, 2022			December 23, 2021
Expected share price volatility for the Company	27.0		%	34.0		%	31.0		%
Expected share price volatility for peer group companies - low end of range(1)	16.0		%	18.0		%	17.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	2.20		%	1.90		%	1.70		%
Risk-free interest rate	4.13		%	4.57		%	0.98		%
Grant date fair value (in thousands)	$	12,657		$	11,869		$	8,962

Schedule of Unvested Restricted Stock Activity

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2023, 2022 and 2021:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2020	232,899	$	38.43
Granted	132,537	$	50.62
Forfeited	(23,763)	$	42.69
Vested(1)(2)	(92,494)	$	35.45
Balance at December 31, 2021	249,179	$	45.62
Granted	134,984	$	67.98
Forfeited	(11,442)	$	56.24
Vested(1)(2)	(98,305)	$	43.55
Balance at December 31, 2022	274,416	$	56.92
Granted	205,526	$	58.93
Forfeited	(21,532)	$	62.84
Vested(1)(2)	(109,970)	$	52.69
Balance at December 31, 2023	348,440	$	59.07

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):


	Year Ended December 31,
	2023		2022		2021
Expensed share-based compensation(1)	$	33,638	$	28,426	$	19,506
Capitalized share-based compensation(2)	1,017		610		357
Total share-based compensation	$	34,655	$	29,036	$	19,863

(1)Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations.

(2)Amounts capitalized relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets.

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities

The following table summarizes our acquisition-related intangible assets, including the value of in-place tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition-related intangible liabilities, including below-market tenant leases (in thousands):


	December 31,
	2023		2022
Acquired Lease Intangible Assets:
In-place lease intangibles	$	338,001	$	315,842
Accumulated amortization	(207,804)		(172,883)
In-place lease intangibles, net	$	130,197	$	142,959

Above-market tenant leases	$	25,598	$	26,851
Accumulated amortization	(14,808)		(12,671)
Above-market tenant leases, net	$	10,790	$	14,180

Below-market ground lease(1)	$	12,978	$	12,977
Accumulated amortization(1)	(295)		(130)
Below-market ground lease, net	$	12,683	$	12,847
Acquired lease intangible assets, net	$	153,670	$	169,986

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(249,853)	$	(220,646)
Accumulated accretion	102,292		73,262
Below-market tenant leases, net	$	(147,561)	$	(147,384)




Acquired lease intangible liabilities, net	$	(147,561)	$	(147,384)

(1)The below-market lease intangible relates to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street.

Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands):


	Year Ended December 31,
	2023		2022		2021
In-place lease intangibles(1)	$	42,168	$	42,202	$	30,136
Net below market tenant leases(2)	$	(29,295)	$	(31,339)	$	(15,443)
Below-market ground leases(3)	$	164	$	130	$	—

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The amortization of the below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Summary of Estimated Net Amortization Expense of Above Market Leases and In-place Lease Intangibles

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2023, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)		Below Market Ground Lease(3)
2024	$	29,246	$	(23,867)	$	164
2025	22,983		(18,072)		164
2026	18,089		(14,416)		164
2027	13,427		(9,558)		164
2028	11,300		(8,406)		164
Thereafter	35,152		(62,452)		11,863
Total	$	130,197	$	(136,771)	$	12,683

(1)Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations.

(2)Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations.

(3)Estimated amounts of amortization will be recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820: Fair Value Measurement (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Recurring Measurements – Interest Rate Swaps

We use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2023 and 2022, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2023
Interest Rate Swap Asset	$	9,896	$	—	$	9,896	$	—

December 31, 2022
Interest Rate Swap Asset	$	11,422	$	—	$	11,422	$	—

Financial Instruments Disclosed at Fair Value

The carrying amounts of cash and cash equivalents, rents and other receivables, other assets, accounts payable, accrued expenses and other liabilities, and tenant security deposits approximate fair value because of their short-term nature.

The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date.

The fair value of our loan receivable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and based on certain assumptions regarding the collection of principal and interest.

The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of December 31, 2023 and 2022 (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Loan Receivable at:
December 31, 2023	$	129,908	$	—	$	—	$	129,908	$	122,784

Notes Payable at:
December 31, 2023	$	2,077,169	$	—	$	—	$	2,077,169	$	2,225,914
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 249,591	$ 177,157	$ 136,246
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	244,510	196,794	151,269
Amortization of net (below) above market lease intangibles and other deferred rent on certain below-market leases	(29,882)	(31,209)	(15,443)
Accretion of net loan origination fees and costs	(84)	0	0
Impairment of right-of-use asset	188	0	992
Loss on extinguishment of debt	0	915	505
Gains on sale of real estate	(19,001)	(8,486)	(33,929)
Amortization of debt issuance costs	3,856	2,689	1,919
Amortization of discount (premium) on notes payable, net	688	250	26
Equity based compensation expense	33,638	28,426	19,506
Straight-line rent	(36,587)	(31,220)	(20,903)
Payments for termination/settlement of interest rate derivatives	(161)	(589)	(4,045)
Amortization related to termination/settlement of interest rate derivatives	540	531	2,280
Change in working capital components:
Rents and other receivables	(2,227)	(2,858)	(745)
Deferred leasing costs	(25,807)	(17,762)	(17,473)
Other assets	(1,092)	(594)	(6,357)
Accounts payable, accrued expenses and other liabilities	4,658	9,304	11,895
Tenant security deposits	3,450	6,294	6,776
Tenant prepaid rents	1,270	(1,947)	(1,056)
Net cash provided by operating activities	427,548	327,695	231,463
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(1,312,085)	(2,328,430)	(1,858,413)
Issuance of loan receivable, net	(122,700)	0	0
Capital expenditures	(266,564)	(135,095)	(102,475)
Payments for (Proceeds from) Deposits on Real Estate Acquisitions	(2,125)	(1,000)	(8,445)
Proceeds from sale of real estate	27,028	15,315	56,566
Net cash used in investing activities	(1,676,446)	(2,449,210)	(1,912,767)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of preferred stock	0	0	(90,000)
Issuance of common stock, net	1,275,732	1,809,231	1,626,091
Proceeds from borrowings	646,925	2,714,000	1,264,557
Repayment of borrowings	(357,491)	(2,176,606)	(1,095,280)
Debt issuance costs	(3,042)	(7,300)	(4,555)
Dividends paid to preferred stockholders	(9,258)	(9,258)	(12,563)
Dividends paid to common stockholders	(290,728)	(201,902)	(129,793)
Distributions paid to common unitholders	(11,460)	(8,582)	(6,418)
Distributions paid to preferred unitholders	(3,208)	(3,124)	(2,832)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,914)	(2,156)	(1,428)
Net cash provided by financing activities	1,245,556	2,114,303	1,547,779
Increase (decrease) in cash, cash equivalents and restricted cash	(3,342)	(7,212)	(133,525)
Cash, cash equivalents and restricted cash, beginning of period	36,786	43,998	177,523
Cash, cash equivalents and restricted cash, end of period	33,444	36,786	43,998
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $23,611, $12,236 and $4,550 for the years December 31, 2023, 2022 and 2021, respectively)	54,617	44,811	32,979
Operating lease right-of-use assets obtained in exchange for lease liabilities	0	6,363	0
Assumption of debt in connection with acquisition of real estate including loan premium	0	0	16,152
Accrual for capital expenditures	55,344	29,074	15,700
Accrual of dividends and distributions	83,733	62,033	40,143
Series 3 CPOP Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	0	12,000	0
Operating Partnership Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	0	56,167	0
Private REIT Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	$ 0	$ 122	$ 0

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Revenues	$ 797,826	$ 631,204	$ 452,238
Chief Executive Officer
Related Party Transaction [Line Items]
Revenues	$ 700	$ 600	$ 500

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Mar. 21, 2023	Dec. 31, 2022	Jul. 21, 2022
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
Interest Strike Rate	2.817%
Current Notional Amount	$ 150,000		$ 150,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 3,894		5,720
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
Interest Strike Rate	2.8175%
Current Notional Amount	$ 150,000		150,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 3,886		5,702
Interest Rate Swap
Derivative [Line Items]
Current Notional Amount		$ 400,000		$ 300,000
Interest Rate Swap $200M Notional, Strike Rate 3.98500%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
Interest Strike Rate	3.985%
Current Notional Amount	$ 200,000		0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 951		0
Interest Rate Swap $100M Notional, Strike Rate 3.96625%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
Interest Strike Rate	3.96625%
Current Notional Amount	$ 100,000		0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 503		0
Interest Rate Swap $100M Notional, Strike Rate 3.95300%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
Interest Strike Rate	3.953%
Current Notional Amount	$ 100,000		0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 522		0
Interest Rate Swap $60M Notional, Strike Rate 3.71000%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jul. 30, 2026
Interest Strike Rate	3.71%
Current Notional Amount	$ 60,000	$ 60,000	0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 140		$ 0

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units, Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units, and the private REIT units, as described below, that are not owned by us. Operating Partnership Units As of December 31, 2023, noncontrolling interests included 5,552,307 OP Units, 919,086 fully-vested LTIP units and 1,160,454 fully-vested performance units which represented approximately 3.5% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 14 – Incentive Award Plan” for a description of LTIP units and Performance Units. Activity On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million. As partial consideration for the property, we issued the seller 954,000 OP Units valued at $56.2 million. During the years ended December 31, 2023, 2022 and 2021, we redeemed 329,212, 167,286 and 521,199 OP Units, respectively, in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, resulting in the reclassification of $13.0 million, $6.2 million, and $17.5 million, respectively, from noncontrolling interests to total stockholders’ equity. Preferred Units Series 3 CPOP Units On March 17, 2022, we acquired an industrial business park located in Long Beach, California for a contractual purchase price of approximately $24.0 million. In consideration for the property, we (i) paid approximately $12.0 million in cash and (ii) issued the seller 164,998 newly issued 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 3 CPOP Units”), valued at $12.0 million. Holders of Series 3 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 3.00% per annum of the $72.73 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2022. The holders of Series 3 CPOP Units are entitled to receive the liquidation preference, which is $72.73 per unit or approximately $12.0 million in the aggregate for all of the Series 3 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Series 2 CPOP Units As of December 31, 2023, we have 906,374 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 2 CPOP Units”) outstanding. Holders of Series 2 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.00% per annum of the $45.00 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2020. The holders of Series 2 CPOP Units are entitled to receive the liquidation preference, which is $45.00 per unit or approximately $40.8 million in the aggregate for all of the Series 2 CPOP Units, before the holders of OP Units are entitled to receive distributions in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Series 1 CPOP Units As of December 31, 2023, we also have 593,960 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”) outstanding. Holders of Series 1 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.43937% per annum of the $45.50952 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 28, 2019. The holders of Series 1 CPOP Units are entitled to receive the liquidation preference, which is $45.50952 per unit or approximately $27.0 million in the aggregate for all of the Series 1 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Features of Series 1, Series 2 and Series 3 CPOP Units The Series 1 CPOP Units, Series 2 CPOP Units and the Series 3 CPOP Units (together, the “CPOP Units”) are convertible (i) at the option of the holder anytime from time to time (the “Holder Conversion Right”), or (ii) at the option of the Operating Partnership, at any time on or after April 10, 2024 for the Series 1 CPOP Unit, at any time on or after March 5, 2025 for the Series 2 CPOP Unit, and at any time on or after March 17, 2027 for the Series 3 CPOP Unit (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis per Series 1 CPOP Unit, into 0.7722 OP Unit per Series 2 CPOP Unit and into OP Units on a one-for-one basis per Series 3 CPOP Unit. As noted above, investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis (the “Subsequent Redemption Right”). The CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s 5.875% series B cumulative redeemable preferred units and 5.625% series C cumulative redeemable preferred units and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the CPOP Units, and junior to any other class or series of partnership interest of the Operating Partnership expressly designated as ranking senior to the CPOP Units. Pursuant to relevant accounting guidance, we analyzed the CPOP Units for any embedded derivatives that should be bifurcated and accounted for separately and also considered the conditions that would require classification of the CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the CPOP Units including the right to discretionary distributions, the Holder Conversion Right, the Company Conversion Right and the Subsequent Redemption Right to determine whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement if the CPOP Units are converted into shares of our common stock (subsequent to conversion into OP Units). Based on the results of our analyses, we concluded that (i) none of the embedded features of the CPOP Units require bifurcation and separate accounting, and (ii) the CPOP Units met the criteria to be classified within equity, and accordingly are presented as noncontrolling interests within permanent equity in the consolidated balance sheets. Private REIT Preferred Units On July 18, 2022, we acquired the Merge-West properties through the purchase of a private REIT. The private REIT has 122 units of 12% cumulative redeemable non-voting preferred units (the “private REIT units”) outstanding that are held by unaffiliated third parties. The private REIT units have a redemption price equal to $1,000 per unit upon redemption, or an aggregate price of $122,000, plus any distributions thereon that have accrued but have not been paid at the time of such redemption (the “liquidation preference”), plus a redemption premium of $100 per unit if redeemed on or before December 31, 2024. The private REIT units have been classified as noncontrolling interests in our consolidated balance sheets and have a balance equal to the liquidation preference.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Capitalized interest, net	$ 23,611	$ 12,236	$ 4,550
Series 2 CPOP Units
Dividend Rate		3.00%
Series 3 CPOP Units
Dividend Rate	3.00%

Stockholder's Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Stockholder's Equity

Stockholders’ Equity

Preferred Stock

As of December 31, 2023 and 2022, we had the following series of Cumulative Redeemable Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 2023			December 31, 2022
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference

Series B	November 13, 2022	5.875	%	3,000,000	$	75,000	3,000,000	$	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				6,450,000	$	161,250	6,450,000	$	161,250

Dividends on our Preferred Stock are cumulative and payable quarterly in arrears on or about the last day of March, June, September and December of each year. Our Preferred Stock has no stated maturity dates and is not subject to mandatory redemption or any sinking funds. The holders of our Preferred Stock rank senior to the holders of our common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. The holders of our Preferred Stock generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly dividend periods (whether or not consecutive). Upon the occurrence of a specified change of control transaction, we may, at our option, redeem each series of Preferred Stock in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share in cash, plus any accrued and unpaid distributions through the date of redemption. If we do not exercise our right to redeem the Preferred Stock, upon the occurrence of a specified change of control transaction, the holders of our Preferred Stock have the right to convert some or all of their shares into a number of the Company’s common shares equivalent to $25.00 plus accrued and unpaid dividends, divided by the average closing price per share of the Company’s common stock for the 10 trading days preceding the date of the change of control, but not to exceed a certain capped number of shares of common stock per share of Preferred Stock, subject to certain adjustments.

Redemption of Series A Preferred Stock

On August 16, 2021 (the “Redemption Date”), we redeemed all 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”). The redemption price for the Series A Preferred Stock was equal to $25.00 per share, plus all accrued and unpaid dividends on such shares up to but not including the Redemption Date, in an amount equal to $0.183594 per share, for a total payment of $25.183594 per share, or $90.7 million. In connection with the redemption of the Series A Preferred Stock on August 16, 2021, we incurred an associated non-cash charge of $3.3 million as a reduction to net income available to common stockholders for the related original issuance costs.

Common Stock

ATM Programs

On February 17, 2023, we established an at-the-market equity offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.25 billion (the “2023 ATM Program”). The 2023 ATM Program replaces our previous $1.0 billion ATM program, which was established on May 27, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $834.6 million through February 17, 2023. In addition, we previously established a $750.0 million ATM program on January 13, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $697.5 million through May 27, 2022, and a $750.0 million ATM program on November 9, 2020, under which we had sold shares of our common stock having an aggregate gross sales price of $743.9 million through January 13, 2022.

In connection with our ATM programs, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

During the year ended December 31, 2023, we sold 449,227 shares of common stock directly through sales agents under the 2023 ATM Program at a weighted average price of $60.84 per share, for gross proceeds of $27.3 million, and net proceeds of $27.0 million, after deducting the sales agents’ fees. During the year ended December 31, 2022, we did not sell any shares of common stock directly through sales agents under our ATM programs. During the year ended December 31, 2021, we sold 3,201,560 shares of common stock directly through sales agents under our ATM programs at a weighted average price of $52.27 per share, for gross proceeds of $167.3 million, and net proceeds of $165.2 million, after deducting the sales agents’ fees.

During the years ended December 31, 2023, 2022 and 2021, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 5,137,392 shares, 23,519,219 shares and 8,589,572 shares of our common stock at a weighted average initial forward price of $56.70, $64.29 and $62.87 per share, respectively. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements.

During the year ended December 31, 2023, we physically settled a portion of the 2023 forward equity sale agreements and the outstanding forward equity sale agreement from 2022 by issuing 2,763,708 shares of common stock for net proceeds of $163.2 million, based on a weighted average forward price of $59.04 per share at settlement. During the year ended December 31, 2022, we physically settled a portion of the 2022 forward equity sale agreements and the outstanding forward equity sale agreement from 2021 by issuing 24,788,691 shares of common stock for net proceeds of $1.6 billion, based on a weighted average forward price of $65.02 per share at settlement. During the year ended December 31, 2021, we physically settled a portion of the 2021 forward equity sale agreements by issuing 6,683,216 shares of common stock for net proceeds of $405.3 million, based on a weighted average forward price of $60.65 per share at settlement.

As of December 31, 2023, we had 3,010,568 shares of common stock, or approximately $163.0 million of forward net proceeds related to the 2023 ATM program remaining for settlement to occur by the fourth quarter of 2024, based on a weighted average forward price of $54.13 per share.

As of December 31, 2023, approximately $927.4 million of common stock remains available to be sold under the 2023 ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

May 2023 Forward Equity Offering

On May 10, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 13,500,000 shares of common stock (the “May 2023 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 13,500,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering. The net forward sale price that we will receive upon physical settlement of the agreements, which was initially $55.24 per share, will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the term of the forward sale agreements.

During the year ended December 31, 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 11,246,966 shares of common stock for net proceeds of $623.6 million, based on a weighted average forward price of $55.45 per share at settlement. As of December 31, 2023, we had 2,253,034 shares of our common stock, or approximately $125.4 million of forward net proceeds remaining for settlement, based on a forward price of $55.67. See “Note 16 – Subsequent Events” for details related to the settlement of the remaining shares under the May 2023 Forward Sales Agreements subsequent to December 31, 2023.

2022 Forward Equity Offering

On November 10, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 11,846,425 shares of common stock, including 346,425 shares related to the partial exercise of the underwriters’ option to purchase additional shares, at an initial forward price of $55.74 per share (the “2022 Forward Offering Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 11,846,425 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.

In December 2022, we partially settled the 2022 Forward Offering Sale Agreements by issuing 3,554,704 shares of common stock for net proceeds of $198.7 million, based on a weighted average forward price of $55.90 per share at settlement.

During the year ended December 31, 2023, we settled the remaining shares under the 2022 Forward Sale Agreements by issuing 8,291,721 shares of common stock for net proceeds of $462.8 million, based on a weighted average forward price of $55.81 per share at settlement.

May 2021 Forward Equity Offering

On May 24, 2021, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 9,000,000 shares of common stock at an initial forward price of $55.29 per share (the “May 2021 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 9,000,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.

In June 2021, we partially settled the May 2021 Forward Sale Agreements by issuing 1,809,526 shares of common stock for net proceeds of $100.0 million, based on a weighted average forward price of $55.26 per share at settlement.

In September 2021, we settled the remaining shares under the May 2021 Forward Sale Agreements by issuing 7,190,474 shares of common stock for net proceeds of $395.0 million, based on a weighted average forward price of $54.93 per share at settlement.

September 2021 Offering

In September 2021, we completed an underwritten public offering of 9,600,000 shares of common stock in which we (i) issued an aggregate of 3,100,000 shares of common stock to the underwriters at a purchase price of $58.65 per share for proceeds of $181.8 million, and (ii) entered into forward equity sale agreements with certain financial institutions acting as forward purchasers for 6,500,000 shares of common stock at an initial forward price of $58.65 per share (the “September 2021 Forward Sale Agreements”), pursuant to which the forward purchasers borrowed and sold an aggregate of 6,500,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering.

In December 2021, we fully settled the September 2021 Forward Sale Agreements by issuing 6,500,000 shares of common stock for net proceeds of $379.1 million, based on a forward price of $58.32 per share at settlement.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2023 and 2022, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2023		2022
Accumulated other comprehensive income (loss) - beginning balance	$	8,247	$	(9,874)
Other comprehensive income before reclassifications	9,307		17,227
Amounts reclassified from accumulated other comprehensive (income) loss to interest expense(1)	(10,454)		1,619
Net current period other comprehensive (loss) income	(1,147)		18,846
Less: other comprehensive loss (income) attributable to noncontrolling interests	72		(725)
Other comprehensive (loss) income attributable to common stockholders	(1,075)		18,121
Accumulated other comprehensive income - ending balance	$	7,172	$	8,247

Dividends

Earnings and profits, which determine the taxability of dividends to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense.


	Common Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.325610	100.00	%	$	1.203386	100.00	%	$	1.049243	100.00	%


Total	$	1.325610	100.00	%	$	1.203386	100.00	%	$	1.049243	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	—	—	%	$	—	—	%	$	0.917970	100.00	%


Total	$	—	—	%	$	—	—	%	$	0.917970	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


	Series C Preferred Stock
	Year Ended December 31,
	2023				2022				2021
Ordinary Income	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%


Total	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 249,591	$ 177,157	$ 136,246
Less: Preferred stock dividends	(9,258)	(9,258)	(12,563)
Less: Original issuance costs of redeemed preferred stock	0	0	(3,349)
Less: Net income attributable to noncontrolling interests	(11,575)	(9,573)	(8,005)
Less: Net income attributable to participating securities	(1,309)	(845)	(568)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 227,449	$ 157,481	$ 111,761
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	202,883,704	170,467,365	139,294,882
Effect of dilutive securities - (in shares)	227,289	510,907	780,807
Weighted average shares of common stock outstanding - diluted (in shares)	203,110,993	170,978,272	140,075,689
Net income attributable to common stockholders
Earnings per share- Basic (in dollars per share)	$ 1.12	$ 0.92	$ 0.80
Earnings per share- Diluted (in dollars per share)	$ 1.12	$ 0.92	$ 0.80
Performance Units
Net income attributable to common stockholders
Performance period	3 years

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 05, 2024 $ / shares	Jan. 31, 2024 USD ($) ft² property shares	Jan. 31, 2024 USD ($) ft² property $ / shares shares	Dec. 31, 2023 USD ($) ft² building $ / shares shares	Dec. 31, 2023 USD ($) ft² building $ / shares shares	Dec. 31, 2022 USD ($) ft² building $ / shares	Dec. 31, 2021 USD ($) $ / shares	Oct. 26, 2023 a
Subsequent Event [Line Items]
Rentable square feet				4,270,727	4,270,727	5,940,775		150
Number of buildings \| building				30	30	87
Contractual purchase price \| $					$ 1,349,788	$ 2,391,927
Common stock dividends declared (in dollars per share)					$ 1.52	$ 1.26	$ 0.96
Issuance of common stock, net \| $					$ 1,275,732	$ 1,809,231	$ 1,626,091
May 2023 Forward Sale Agreement
Subsequent Event [Line Items]
Issuance of stock (shares) \| shares				11,246,966
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $				$ 623,600
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share				$ 55.45
2023 Forward Equity Offering
Subsequent Event [Line Items]
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $					$ 125,400
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers \| shares				2,253,034	2,253,034
Subsequent Event \| May 2023 Forward Sale Agreement
Subsequent Event [Line Items]
Issuance of stock (shares) \| shares			2,253,034
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $			$ 125,700
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share			$ 55.79
Subsequent Event \| 2023 Forward Equity Offering
Subsequent Event [Line Items]
Issuance of stock (shares) \| shares			466,953
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $			$ 26,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share			$ 55.68
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers \| shares		2,543,615	2,543,615
Sale Of Stock, Net Forward Proceeds From Settlement Of Forward Sale Agreement \| $			$ 137,800
Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.4175
Dividends Payable, Date of Record	Mar. 28, 2024
Dividends Payable, Date to be Paid	Apr. 15, 2024
Operating Partnership Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.4175
Dividends Payable, Date of Record	Mar. 28, 2024
Distribution Made to Limited Partner, Distribution Date	Apr. 15, 2024
Series B Preferred Stock
Subsequent Event [Line Items]
Dividend Rate					5.875%	5.875%
Preferred stock dividends declared (in dollars per share)					$ 1.468752	$ 1.468752	$ 1.468752
Series B Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Mar. 15, 2024
Dividends Payable, Date to be Paid	Mar. 28, 2024
Series C Preferred Stock
Subsequent Event [Line Items]
Dividend Rate					5.625%	5.625%
Preferred stock dividends declared (in dollars per share)					$ 1.406252	$ 1.406252	$ 1.406252
Series C Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.351563
Dividends Payable, Date of Record	Mar. 15, 2024
Series 1 CPOP Units \| Series 1 CPOP Units
Subsequent Event [Line Items]
Dividend Rate					4.43937%
Series 1 CPOP Units \| Series 1 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.505085
Dividends Payable, Date of Record	Mar. 15, 2024
Dividends Payable, Date to be Paid	Mar. 28, 2024
Distribution Made to Limited Partner, Distribution Date	Mar. 28, 2024
Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate						3.00%
Series 2 CPOP Units \| Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate					4.00%
Series 2 CPOP Units \| Series 2 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.450000
Dividends Payable, Date of Record	Mar. 15, 2024
Distribution Made to Limited Partner, Distribution Date	Mar. 28, 2024
Series 3 CPOP Units
Subsequent Event [Line Items]
Dividend Rate					3.00%
Series 3 CPOP Units \| Series 3 CPOP Units
Subsequent Event [Line Items]
Dividend Rate					3.00%
Series 3 CPOP Units \| Series 3 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.545462
Dividends Payable, Date of Record	Mar. 15, 2024
Distribution Made to Limited Partner, Distribution Date	Mar. 28, 2024
5000 & 5010 Azusa Canyon Rd \| Subsequent Event
Subsequent Event [Line Items]
Rentable square feet \| ft²		233,984	233,984
Number of buildings \| property		2	2
Contractual purchase price \| $		$ 84,000

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Consolidation

Basis of Presentation and Principles of Consolidation

The accompanying financial statements are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant 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 are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2023 and 2022, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.

Basis of Accounting

The accompanying consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC” or “Codification”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.

Restricted Cash

Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”).

Restricted cash balances are included with cash and cash equivalent balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	36,786	$	43,987
Restricted cash	—		11
Cash, cash equivalents and restricted cash, beginning of period	$	36,786	$	43,998

Cash and cash equivalents	$	33,444	$	36,786
Restricted cash	—		—
Cash, cash equivalents and restricted cash, end of period	$	33,444	$	36,786

Investment in Real Estate

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the revised definition of a business and accordingly are accounted for as asset acquisitions.

For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs.

We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rental rates, rental growth rates and comparable sales data, including land sales, for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the year ended December 31, 2023, we used discount rates ranging from 6.00% to 9.50% and exit capitalization rates ranging from 4.75% to 7.75%.

In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases determined to be reasonably certain of exercise, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 2023, we used an estimated average lease-up period ranging from six months to eighteen months.

From time to time, we may engage in a sale-leaseback transaction whereby we execute a lease with the seller/tenant simultaneously with the acquisition of a property. Sale-leaseback transactions entered into at off-market terms are adjusted so that the transaction is recorded at fair value. If the purchase price is less than the fair value of the acquired property, or the present value of contractual leaseback payments is less than the present value of market rental payments, the difference is recognized as “Tenant prepaid rent” in the consolidated balance sheets and is recognized as rental income on a straight-line basis over the term of the lease.

The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date.

Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred.

Capitalization of Costs

We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred.

We capitalized interest costs of $23.6 million, $12.2 million and $4.5 million during the years ended December 31, 2023, 2022 and 2021, respectively. We capitalized real estate taxes and insurance aggregating $7.1 million, $5.2 million, and $2.2 million and during the years ended December 31, 2023, 2022 and 2021, respectively. We capitalized compensation costs for employees who provide construction services of $11.1 million, $8.7 million and $6.1 million during the years ended December 31, 2023, 2022 and 2021, respectively.

Depreciation and Amortization

Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense.

The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements.

As discussed above in —Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases.

Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.

Assets Held for Sale

We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell.

As of December 31, 2023 and 2022, we did not have any properties classified as held for sale.

Impairment of Long-Lived Assets

In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets and other long-lived assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows.

To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business.

If our analysis indicates that the carrying value of the real estate asset and other long-lived assets is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. During the years ended December 31, 2023, 2022 or 2021, there were no impairment charges recorded to the carrying value of our real estate properties.

During the year ended December 31, 2021, in connection with the execution of a sublease for one of our office space leases, we recorded a $1.0 million impairment charge to reduce the carrying value of the related ROU asset. In February 2023, the sublease was early terminated resulting in further impairment charge of $0.2 million recorded in the year ended December 31, 2023. These impairment charges are presented in “Other expenses” in the consolidated statements of operations. See also “Note 7 – Leases” for details.

Leases as a Lessor

Leases as Lessor

We evaluate new leases originated or leases assumed as part of an acquisition transaction under ASC Topic 842: Leases to determine lease classification. Generally, all of our leases have historically been classified as operating leases. A lease is classified by a lessor as a sales-type lease if the significant risks and rewards of ownership reside with the tenant. This situation is met if, among other things, there is an automatic transfer of title during the lease, there is a purchase option that the tenant is reasonably certain to exercise, the lease term, including extension options that the tenant is reasonably certain to exercise, is for more than a major part of the remaining economic useful life of the asset (e.g., equal to or greater than 75%), if the present value of the minimum lease payments represents substantially all (e.g., equal to or greater than 90%) of the leased property’s fair value at lease inception, or if the asset is so specialized in nature that it provides no alternative use to the lessor (and therefore would not provide any future value to the lessor) after the lease term. Further, such new leases would be evaluated to consider whether they would be failed sale-leaseback transactions and accounted for as financing transactions by the lessor, if applicable. As of and for the year ended December 31, 2023, 2022 and 2021, we did not have any leases that were classified as sales-type or financing leases under sale-leaseback rules.

Leases as a Lessee

We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease

components, such as common area maintenance, from associated lease components. See “Note 7 – Leases” for additional lessee disclosures required under lease accounting standards.

Income Taxes

We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax on our taxable income.

We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to regular federal corporate income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions.

We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2023, 2022 and 2021.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2023 and 2022, we have not established a liability for uncertain tax positions.

Derivative Instruments and Hedging Activities

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings.

In accordance with ASC Topic 815: Derivatives and Hedging, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting.

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 8 – Interest Rate Derivatives” for details.

Revenue Recognition

Our primary sources of income are rental income, management and leasing services, gains on sale of real estate and interest income.

Rental Income

We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants.

Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.

We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf.

Management and leasing services

We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers.

Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component.

Gain or Loss on Sale of Real Estate

We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize

a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset.

When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is reasonably certain, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate.

Interest Income

Interest income on our loan receivable is recognized on an accrual basis over the life of the loan using the interest method. Loan origination fees, net of origination costs, are accreted or amortized over the term of the loan as an adjustment to interest income using the effective interest method. Generally, a loan is placed on nonaccrual status when delinquent for more than 90 days or when determined not to be probable of full collection. Interest income recognition is suspended when loans are placed on nonaccrual status. Interest accrued, but not collected, at the date loans are placed on nonaccrual status is reversed and subsequently recognized only to the extent it is received in cash or until it qualifies for return to accrual status. However, when there is doubt regarding the ultimate collectability of loan principal, all cash received is applied to reduce the carrying value of such loans. Loans are restored to accrual status only when contractually current or the collection of future payments is reasonably assured.

Valuation of Operating Lease Receivables

We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $3.6 million as a net reduction adjustment, $0.4 million as a net increase adjustment and $0.5 million as a net reduction adjustment to rental income in the consolidated statements of operations for the years ended December 31, 2023, 2022, and 2021, respectively.

Loan Receivable

Our loan receivable is reflected at amortized cost in the consolidated balance sheets. The amortized cost of our loan receivable is the outstanding unpaid principal balance, net of unamortized costs and fees directly associated with the origination of the loan.

Accrued interest receivable related to our loan receivable is recorded at the net amount expected to be collected within “Rents and other receivables, net” in the consolidated balance sheets.

The current expected credit losses approach under ASC Topic 326: Financial Instruments-Credit Losses requires an estimate of the credit losses expected over the life of a loan. We assess the need for an allowance for credit losses related to our loan receivable and the related interest receivable by evaluating the following: (i) asset-specific risks, which include the nature of the collateral, current loan-to-value ratio and the potential future changes in the collateral’s fair value, (ii) other relevant available information, from internal and external sources, relating to current conditions that may affect the borrower’s ability to repay the loan upon maturity, such as the borrower’s current financial condition and credit rating, and (iii) historical losses (adjusted for current conditions and reasonable and supportable forecasts) for financial assets secured with similar collateral (all taken together, the “credit loss evaluation criteria”). See “Note 5 – Loan Receivable” for details.

Deferred Leasing Costs

We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 6 – Notes Payable” for details.

Equity Based Compensation

We account for equity-based compensation in accordance with ASC Topic 718: Compensation – Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value of the equity instrument issued on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See “Note 14 – Incentive Award Plan” for details.

Equity Offerings

Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering programs have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance.

Under relevant accounting guidance, sales of our common stock under forward equity sale agreements (as discussed in “Note 12 – Stockholders’ Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Earnings Per Share

We calculate earnings per share (“EPS”) in accordance with ASC 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings.

Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 15 – Earnings Per Share” for details.

Segment Reporting

Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.

Recent Accounting Pronouncements

Recent Accounting Pronouncements (Issued and Not Yet Adopted)

In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale as a separate unit of account. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2022-03.

In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative (“ASU 2023-06”). ASU 2023-06 was issued in response to the SEC’s final amendments in Release No. 33-10532, Disclosure Update and Simplification that updated and simplified disclosure

requirements that the SEC believed were duplicative, overlapping, or outdated, and to align the requirements in the Codification with the SEC’s disclosure requirements. The effective date for each amendment in ASU 2023-06 will be the date on which the SEC’s removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We do not expect the adoption of ASU 2023-06 to have a material impact on our consolidated financial statements and related disclosures.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III – Real Estate and Accumulated Depreciation

REXFORD INDUSTRIAL REALTY, INC.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

(Dollars in thousands)


					Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances			Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA	$	—	(4)	$	3,875	$	2,407	$	10,764	$	3,875	$	13,171	$	17,046	$	(8,939)	1965, 2005 / 2003	2002
300 South Lewis Road	Camarillo, CA	—		(4)	4,150		3,050		10,675		4,150		13,725		17,875		(9,063)		1960-1963 / 2006	2003
1400 South Shamrock Ave.	Monrovia, CA	—			2,317		2,534		1,383		2,317		3,917		6,234		(2,878)		1957, 1962 / 2004	2003
2220-2260 Camino del Sol	Oxnard, CA	—		(4)	868		—		5,480		868		5,480		6,348		(2,598)		2005	2003
14250-14278 Valley Blvd.	La Puente, CA	—			2,539		2,020		3,872		2,539		5,892		8,431		(3,994)		1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA	—		(4)	6,817		6,089		3,443		6,817		9,532		16,349		(5,614)		1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	—			2,525		3,380		7,414		2,525		10,794		13,319		(6,315)		1969, 2008 / 2016	2004
28340 - 28400 Avenue Crocker	Valencia, CA	—			2,666		3,343		4,279		2,666		7,622		10,288		(4,566)		1987 / 2006 / 2015	2004
21-29 West Easy St.	Simi Valley, CA	—			2,346		4,522		3,578		2,346		8,100		10,446		(4,964)		1991 / 2006	2004
10439-10477 Roselle St.	San Diego, CA	—			4,711		3,199		4,660		4,711		7,859		12,570		(3,294)		1970 / 2007	2013
2575 Pioneer Ave.	Vista, CA	—			1,784		2,974		2,511		1,784		5,485		7,269		(3,408)		1988 / 2006	2004
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	—			3,740		260		7,200		3,740		7,460		11,200		(3,406)		1982 / 2009	2006
15715 Arrow Highway	Irwindale, CA	—		(4)	3,604		5,056		1,018		3,604		6,074		9,678		(3,238)		1989	2006
2431-2465 Impala Dr.	Carlsbad, CA	—			5,470		7,308		7,253		5,470		14,561		20,031		(8,342)		1983 / 2006	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	—			5,001		7,658		4,940		5,001		12,598		17,599		(8,285)		1977-1988 / 2006	2005
6231 & 6241 Yarrow Dr.	Carlsbad, CA	—			3,473		5,119		2,651		3,473		7,770		11,243		(4,574)		1977 / 2006	2006
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	—			3,647		11,867		3,479		3,647		15,346		18,993		(10,246)		1988-1989 / 2006	2006
18118-18120 S. Broadway St.	Carson, CA	—			3,013		2,161		1,146		3,013		3,307		6,320		(1,457)		1957 / 1989, 2017	2013
901 W. Alameda Ave.	Burbank, CA	—			6,304		2,996		6,170		6,304		9,166		15,470		(5,424)		1969 / 2009	2007
1938-1946 E. 46th St.	Vernon, CA	—			7,015		7,078		1,962		7,015		9,040		16,055		(5,304)		1961, 1983 / 2008-2010	2007
9220-9268 Hall Rd.	Downey, CA	—			6,974		2,902		1,162		6,974		4,064		11,038		(2,177)		2008	2009


				Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	—		4,213	5,584	1,627	2,678	5,355	8,033	(2,858)	1989 / 2007	2008
6750 Unit C - 6780 Central Ave.	Riverside, CA	—		1,564	584	911	678	1,248	1,926	(645)	1978	2007
1050 Arroyo Ave.	San Fernando, CA	—		3,092	1,900	762	3,092	2,662	5,754	(1,128)	1969 / 2012	2010
600-650 South Grand Ave.	Santa Ana, CA	—		4,298	5,075	2,596	4,298	7,671	11,969	(3,249)	1988	2010
121-125 N. Vinedo Ave.	Pasadena, CA	—		3,481	3,530	411	3,481	3,941	7,422	(1,713)	1953 / 1993	2011
3441 West MacArthur Blvd.	Santa Ana, CA	—		4,179	5,358	2,421	4,179	7,779	11,958	(1,917)	1973 / 2022	2011
6701 & 6711 Odessa Ave.	Van Nuys, CA	—		1,582	1,856	1,087	1,582	2,943	4,525	(1,064)	1970-1972 / 2012	2011
10700 Jersey Blvd.	Rancho Cucamonga, CA	—		3,158	4,860	1,989	3,158	6,849	10,007	(3,082)	1988-1989	2011
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	—		3,608	2,699	1,668	3,608	4,367	7,975	(1,676)	1987	2011
20920-20950 Normandie Ave.	Torrance, CA	—		3,253	1,605	905	3,253	2,510	5,763	(1,161)	1989	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	—		3,720	2,641	872	3,720	3,513	7,233	(1,617)	1978 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	—		1,396	925	241	1,396	1,166	2,562	(486)	1986	2011
1400 S. Campus Ave.	Ontario, CA	—		3,266	2,961	10	3,266	2,971	6,237	(1,817)	1964-1966, 1973, 1987	2012
15041 Calvert St.	Van Nuys, CA	—		4,096	1,570	272	4,096	1,842	5,938	(707)	1971	2012
701 Del Norte Blvd.	Oxnard, CA	—		3,082	6,230	1,408	3,082	7,638	10,720	(3,266)	2000	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA	—		17,978	39,471	6,876	17,978	46,347	64,325	(17,712)	1966, 1992, 1993, 1994	2013
1661 240th St.	Los Angeles, CA	—		3,043	2,550	3,969	3,043	6,519	9,562	(2,863)	1975 / 1995	2013
18310-18330 Oxnard St.	Tarzana, CA	—		2,497	5,494	2,119	2,497	7,613	10,110	(3,087)	1973	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim, CA	1,741		4,582	5,135	3,275	4,582	8,410	12,992	(3,571)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	—		8,001	17,734	368	8,001	18,102	26,103	(6,656)	1983	2013
2950 Madera Rd.	Simi Valley, CA	—	(4)	3,601	8,033	160	3,601	8,193	11,794	(3,051)	1988 / 2005	2013
10635 Vanowen St.	Burbank, CA	—		1,517	1,833	1,287	1,517	3,120	4,637	(1,357)	1977	2013
7110 Rosecrans Ave.	Paramount, CA	—		3,117	1,894	2,461	3,117	4,355	7,472	(1,421)	1972 / 2015, 2019	2014


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario, CA	—	2,260	6,043	1,247	2,260	7,290	9,550	(3,086)	1985	2014
1500-1510 W. 228th St.	Torrance, CA	—	2,428	4,271	6,230	2,428	10,501	12,929	(3,174)	1963 / 1968, 2017	2014
24105 Frampton Ave.	Torrance, CA	—	2,315	1,553	2,083	2,315	3,636	5,951	(1,337)	1974 / 2016	2014
1700 Saturn Way	Seal Beach, CA	—	7,935	10,525	342	7,935	10,867	18,802	(4,025)	2006	2014
2980 & 2990 N San Fernando Road	Burbank, CA	—	6,373	7,356	575	6,373	7,931	14,304	(3,191)	1950 / 2004	2014
20531 Crescent Bay Dr.	Lake Forest, CA	—	2,181	4,012	502	2,181	4,514	6,695	(1,767)	1998	2014
2610 & 2701 S. Birch Street	Santa Ana, CA	—	9,305	2,115	4,483	9,305	6,598	15,903	(2,595)	1965 / 2016	2014
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario, CA	—	3,725	6,145	775	3,725	6,920	10,645	(2,627)	2001	2014
9755 Distribution Ave.	San Diego, CA	—	1,863	3,211	1,660	1,863	4,871	6,734	(1,293)	1974 / 2023	2014
9855 Distribution Ave	San Diego, CA	—	2,733	5,041	843	2,733	5,884	8,617	(2,054)	1983	2014
9340 Cabot Drive	San Diego, CA	—	4,311	6,126	1,421	4,311	7,547	11,858	(2,809)	1975 / 1976	2014
9404 Cabot Drive	San Diego, CA	—	2,413	3,451	430	2,413	3,881	6,294	(1,433)	1975 / 1976	2014
9455 Cabot Drive	San Diego, CA	—	4,423	6,799	708	4,423	7,507	11,930	(3,002)	1975 / 1976	2014
14955-14971 E Salt Lake Ave	City of Industry, CA	—	5,125	5,009	1,375	5,125	6,384	11,509	(2,535)	1979	2014
5235 East Hunter Ave.	Anaheim, CA	—	5,240	5,065	2,757	5,240	7,822	13,062	(3,017)	1987	2014
3880 West Valley Blvd.	Pomona, CA	—	3,982	4,796	3,606	3,982	8,402	12,384	(3,135)	1980 / 2017	2014
1601 Alton Pkwy.	Irvine, CA	—	7,638	4,946	8,577	7,638	13,523	21,161	(4,456)	1974 / 2018	2014
3116 W. Avenue 32	Los Angeles, CA	—	3,761	6,729	3,489	3,761	10,218	13,979	(3,624)	1974	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth, CA	—	7,230	9,058	4,395	7,230	13,453	20,683	(4,826)	1979 / 1980	2014
24935 & 24955 Avenue Kearny	Santa Clarita, CA	—	4,773	5,970	1,307	4,773	7,277	12,050	(2,760)	1988	2014
605 8th Street	San Fernando, CA	—	2,393	2,742	1,804	2,393	4,546	6,939	(1,569)	1991 / 2015, 2020	2014
9120 Mason Ave.	Chatsworth, CA	—	9,224	19,346	824	9,224	20,170	29,394	(6,905)	1967 / 1999	2014
7900 Nelson Rd.	Los Angeles, CA	—	8,495	15,948	2,630	8,495	18,578	27,073	(6,344)	1998 / 2015	2014


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
679-691 S Anderson St.	Los Angeles, CA	—	1,723	4,767	1,780	1,723	6,547	8,270	(2,095)	1992 / 2017	2014
10509 Business Drive	Fontana, CA	—	3,505	5,237	1,726	3,505	6,963	10,468	(2,480)	1989	2014
13231 Slover Avenue	Fontana, CA	—	2,812	4,739	1,194	2,812	5,933	8,745	(2,065)	1990	2014
240 W Ivy Avenue	Inglewood, CA	—	2,064	3,675	4,410	2,064	8,085	10,149	(2,616)	1981	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard, CA	—	2,616	8,311	1,972	2,616	10,283	12,899	(3,948)	1988	2014
1800 Eastman Ave.	Oxnard, CA	—	842	2,209	81	842	2,290	3,132	(908)	2009	2014
2360-2364 E. Sturgis Road	Oxnard, CA	—	1,128	2,726	1,231	1,128	3,957	5,085	(1,496)	1989	2014
201 Rice Ave. & 2400-2420 Celsius	Oxnard, CA	—	3,487	9,589	924	3,487	10,513	14,000	(3,958)	2008	2014
11120, 11160, 11200 Hindry Ave	Los Angeles, CA	—	3,478	7,834	689	3,478	8,523	12,001	(3,046)	1992 / 1994	2014
6970-7170 & 7310-7374 Convoy Ct.	San Diego, CA	—	10,805	18,426	4,655	10,805	23,081	33,886	(8,484)	1971	2014
12907 Imperial Highway	Santa Fe Springs, CA	—	5,462	6,678	621	5,462	7,299	12,761	(2,341)	1997	2015
8902-8940 Activity Road	San Diego, CA	—	9,427	8,103	3,809	9,427	11,912	21,339	(4,052)	1987 / 1997	2015
1210 N Red Gum St.	Anaheim, CA	—	3,326	4,020	1,510	3,326	5,530	8,856	(1,806)	1985 / 2020	2015
9615 Norwalk Blvd.	Santa Fe Springs, CA	—	8,508	1,134	22,014	8,508	23,148	31,656	(324)	1975	2015
16221 Arthur St.	Cerritos, CA	—	2,979	3,204	1,828	2,979	5,032	8,011	(1,422)	1979 / 2021	2015
2588 & 2605 Industry Way	Lynwood, CA	—	8,738	9,415	—	8,738	9,415	18,153	(3,506)	1969 / 1971	2015
425 S. Hacienda Blvd.	City of Industry, CA	—	4,010	3,050	121	4,010	3,171	7,181	(1,209)	1997	2015
6700 S Alameda St.	Huntington Park, CA	—	3,502	9,279	283	3,502	9,562	13,064	(3,663)	1990 / 2008	2015
12720-12860 Danielson Ct.	Poway, CA	—	6,902	8,949	1,284	6,902	10,233	17,135	(4,084)	1999	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs, CA	—	3,446	1,241	448	3,446	1,689	5,135	(717)	1982	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.	Oxnard, CA	—	3,310	5,806	2,408	3,310	8,214	11,524	(3,485)	1985	2015
10701-10719 Norwalk Blvd.	Santa Fe Springs, CA	—	3,357	3,527	253	3,357	3,780	7,137	(1,329)	2004	2015
6020 Sheila St.	Commerce, CA	—	4,590	7,772	595	4,590	8,367	12,957	(2,859)	2000	2015
9805 6th St.	Rancho Cucamonga, CA	—	3,503	3,204	1,544	3,503	4,748	8,251	(1,841)	1986	2015


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
16321 Arrow Hwy.	Irwindale, CA	—	3,087	4,081	453	3,087	4,534	7,621	(1,485)	1955 / 2001	2015
601-605 S. Milliken Ave.	Ontario, CA	—	5,479	7,036	2,195	5,479	9,231	14,710	(3,262)	1987 / 1988	2015
1065 E. Walnut Ave.	Carson, CA	—	10,038	4,380	4,728	10,038	9,108	19,146	(3,135)	1974	2015
12247 Lakeland Rd.	Santa Fe Springs, CA	—	3,481	776	1,168	3,481	1,944	5,425	(658)	1971 / 2016	2015
17311 Nichols Lane	Huntington Beach, CA	—	7,988	8,728	239	7,988	8,967	16,955	(3,044)	1993 / 2014	2015
8525 Camino Santa Fe	San Diego, CA	—	4,038	4,055	1,746	4,038	5,801	9,839	(1,964)	1986	2016
28454 Livingston Avenue	Valencia, CA	—	5,150	9,666	524	5,150	10,190	15,340	(3,299)	2007	2016
20 Icon	Lake Forest, CA	—	12,576	8,817	943	12,576	9,760	22,336	(3,855)	1999 / 2015	2016
16425 Gale Avenue	City of Industry, CA	—	18,803	6,029	1,284	18,803	7,313	26,116	(2,339)	1976	2016
12131 Western Avenue	Garden Grove, CA	—	15,077	11,149	4,861	15,077	16,010	31,087	(5,077)	1987 / 2007, 2017	2016
9 Holland	Irvine, CA	—	13,724	9,365	1,378	13,724	10,743	24,467	(3,379)	1980 / 2013	2016
15996 Jurupa Avenue	Fontana, CA	—	7,855	12,056	153	7,855	12,209	20,064	(3,857)	2015	2016
11127 Catawba Avenue	Fontana, CA	—	5,562	8,094	127	5,562	8,221	13,783	(2,596)	2015	2016
13550 Stowe Drive	Poway, CA	—	9,126	8,043	—	9,126	8,043	17,169	(2,929)	1991	2016
10750-10826 Lower Azusa Road	El Monte, CA	—	4,433	2,961	1,595	4,433	4,556	8,989	(1,576)	1975	2016
525 Park Avenue	San Fernando, CA	—	3,830	3,887	242	3,830	4,129	7,959	(1,375)	2003	2016
3233 Mission Oaks Blvd.	Camarillo, CA	—	13,791	10,017	29,931	13,791	39,948	53,739	(7,415)	1980-1982 / 2014, 2018, 2019	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.	Fullerton, CA	—	26,659	12,673	5,606	26,659	18,279	44,938	(6,570)	1968/1985	2016
14742-14750 Nelson Avenue	City of Industry, CA	—	13,463	1,680	17,435	13,463	19,115	32,578	(4,730)	1969 / 2018	2016
301-445 Figueroa Street	Wilmington, CA	—	7,126	5,728	5,366	7,126	11,094	18,220	(2,892)	1972 / 2018	2016
12320 4th Street	Rancho Cucamonga, CA	—	12,642	14,179	39	12,642	14,218	26,860	(4,878)	1997 / 2003	2016
9190 Activity Road	San Diego, CA	—	8,497	5,622	928	8,497	6,550	15,047	(2,383)	1986	2016
28903-28903 Avenue Paine	Valencia, CA	—	10,620	6,510	19,872	10,620	26,382	37,002	(3,756)	1999 / 2018, 2022	2017
2390 Ward Avenue	Simi Valley, CA	—	5,624	10,045	2,262	5,624	12,307	17,931	(3,781)	1989	2017
Safari Business Center(5)	Ontario, CA	—	50,807	86,065	19,526	50,807	105,591	156,398	(29,711)	1989	2017


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
4175 Conant Street	Long Beach, CA	—	13,785	13,440	—	13,785	13,440	27,225	(4,020)	2015	2017
5421 Argosy Avenue	Huntington Beach, CA	—	3,577	1,490	2	3,577	1,492	5,069	(624)	1976	2017
14820-14830 Carmenita Road	Norwalk, CA	—	22,938	6,738	1,416	22,938	8,154	31,092	(2,450)	1970, 2000	2017
3002-3072 Inland Empire Blvd.	Ontario, CA	—	11,980	14,439	3,327	11,980	17,766	29,746	(5,821)	1981	2017
17000 Kingsview Avenue & 800 Sandhill Avenue	Carson, CA	—	7,988	5,472	1,135	7,988	6,607	14,595	(1,633)	1984	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way	Rancho Dominguez, CA	—	121,329	86,776	19,225	121,329	106,001	227,330	(27,408)	1989 / 2021	2017
11190 White Birch Drive	Rancho Cucamonga, CA	—	9,405	9,840	692	9,405	10,532	19,937	(3,094)	1986	2017
4832-4850 Azusa Canyon Road	Irwindale, CA	—	5,330	8,856	215	5,330	9,071	14,401	(2,324)	2016	2017
1825 Soto Street	Los Angeles, CA	—	2,129	1,315	215	2,129	1,530	3,659	(424)	1993	2017
19402 Susana Road	Rancho Dominguez, CA	—	3,524	357	8	3,524	365	3,889	(158)	1957	2017
13225 Western Avenue	Gardena, CA	—	1,918	355	363	1,918	718	2,636	(185)	1955	2017
15401 Figueroa Street	Los Angeles, CA	—	3,255	1,248	838	3,255	2,086	5,341	(518)	1964 / 2018	2017
8542 Slauson Avenue	Pico Rivera, CA	—	8,681	576	1,089	8,681	1,665	10,346	(612)	1964	2017
687 Eucalyptus Avenue	Inglewood, CA	—	37,035	15,120	275	37,035	15,395	52,430	(3,735)	2017	2017
302 Rockefeller Avenue	Ontario, CA	—	6,859	7,185	597	6,859	7,782	14,641	(1,893)	2000	2017
4355 Brickell Street	Ontario, CA	—	7,295	5,616	643	7,295	6,259	13,554	(1,630)	2004	2017
12622-12632 Monarch Street	Garden Grove, CA	—	11,691	8,290	1,954	11,691	10,244	21,935	(2,878)	1967	2017
8315 Hanan Way	Pico Rivera, CA	—	8,714	4,751	193	8,714	4,944	13,658	(1,314)	1976	2017
13971 Norton Avenue	Chino, CA	—	5,293	6,377	385	5,293	6,762	12,055	(1,787)	1990	2018
1900 Proforma Avenue	Ontario, CA	—	10,214	5,127	1,490	10,214	6,617	16,831	(2,251)	1989	2018
16010 Shoemaker Avenue	Cerritos, CA	—	9,927	6,948	515	9,927	7,463	17,390	(1,880)	1985	2018
4039 Calle Platino	Oceanside, CA	—	9,476	11,394	3,968	9,476	15,362	24,838	(3,184)	1991	2018


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
851 Lawrence Drive	Thousand Oaks, CA	—	6,717	—	13,508	6,717	13,508	20,225	(1,582)	1968 / 2021	2018
1581 North Main Street	Orange, CA	—	4,230	3,313	263	4,230	3,576	7,806	(827)	1994	2018
1580 West Carson Street	Long Beach, CA	—	5,252	2,496	2,254	5,252	4,750	10,002	(1,135)	1982 / 2018	2018
660 & 664 North Twin Oaks Valley Road	San Marcos, CA	—	6,307	6,573	351	6,307	6,924	13,231	(1,848)	1978 - 1988	2018
1190 Stanford Court	Anaheim, CA	—	3,583	2,430	233	3,583	2,663	6,246	(668)	1979	2018
5300 Sheila Street	Commerce, CA	—	90,568	54,086	302	90,568	54,388	144,956	(13,957)	1975	2018
15777 Gateway Circle	Tustin, CA	—	3,815	4,292	43	3,815	4,335	8,150	(982)	2005	2018
1998 Surveyor Avenue	Simi Valley, CA	—	3,670	2,263	4,754	3,670	7,017	10,687	(1,502)	2018	2018
3100 Fujita Street	Torrance, CA	—	7,723	5,649	474	7,723	6,123	13,846	(1,528)	1970	2018
4416 Azusa Canyon Road	Irwindale, CA	—	10,762	1,567	3,287	10,762	4,854	15,616	(4)	1956	2018
1420 McKinley Avenue	Compton, CA	—	17,053	13,605	143	17,053	13,748	30,801	(3,241)	2017	2018
12154 Montague Street	Pacoima, CA	—	10,114	12,767	956	10,114	13,723	23,837	(2,846)	1974	2018
10747 Norwalk Boulevard	Santa Fe Springs, CA	—	5,646	4,966	301	5,646	5,267	10,913	(1,216)	1999	2018
29003 Avenue Sherman	Valencia, CA	—	3,094	6,467	1,826	3,094	8,293	11,387	(1,382)	2000 / 2019	2018
16121 Carmenita Road	Cerritos, CA	—	10,013	3,279	4,209	10,013	7,488	17,501	(1,305)	1969/1983, 2020	2018
1332-1340 Rocky Point Drive	Oceanside, CA	—	3,816	6,148	519	3,816	6,667	10,483	(1,432)	2009 / 2019	2018
6131-6133 Innovation Way	Carlsbad, CA	—	10,545	11,859	428	10,545	12,287	22,832	(2,791)	2017	2018
263-321 Gardena Boulevard	Carson, CA	—	14,302	1,960	407	14,302	2,367	16,669	(779)	1977 - 1982	2018
9200 Mason Avenue	Chatsworth, CA	—	4,887	4,080	48	4,887	4,128	9,015	(896)	1968	2018
9230 Mason Avenue	Chatsworth, CA	—	4,454	955	23	4,454	978	5,432	(287)	1974	2018
9250 Mason Avenue	Chatsworth, CA	—	4,034	2,464	31	4,034	2,495	6,529	(578)	1977	2018
9171 Oso Avenue	Chatsworth, CA	—	5,647	2,801	21	5,647	2,822	8,469	(715)	1980	2018
5593-5595 Fresca Drive	La Palma, CA	—	11,414	2,502	705	11,414	3,207	14,621	(775)	1973	2018
6100 Sheila Street	Commerce, CA	—	11,789	5,214	2,124	11,789	7,338	19,127	(1,791)	1960	2018
14421-14441 Bonelli Street	City of Industry, CA	—	12,191	7,489	330	12,191	7,819	20,010	(1,741)	1971	2018
12821 Knott Street	Garden Grove, CA	—	17,896	2,824	17,376	17,896	20,200	38,096	(526)	1971 / 2023	2019
28510 Industry Drive	Valencia, CA	—	2,395	5,466	126	2,395	5,592	7,987	(1,118)	2017	2019


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
Conejo Spectrum Business Park	Thousand Oaks, CA	—	38,877	64,721	1,795	38,877	66,516	105,393	(13,122)	2018 / 2020	2019
2455 Ash Street	Vista, CA	—	4,273	1,966	327	4,273	2,293	6,566	(651)	1990	2019
25413 Rye Canyon Road	Santa Clarita, CA	—	3,245	2,352	2,558	3,245	4,910	8,155	(787)	1981	2019
1515 15th Street	Los Angeles, CA	—	23,363	5,208	2,424	23,363	7,632	30,995	(1,314)	1977	2019
13890 Nelson Avenue	City of Industry, CA	—	25,642	14,616	150	25,642	14,766	40,408	(3,014)	1982	2019
445-449 Freedom Avenue	Orange, CA	—	9,084	8,286	517	9,084	8,803	17,887	(1,815)	1980	2019
2270 Camino Vida Roble	Carlsbad, CA	—	8,102	8,179	3,059	8,102	11,238	19,340	(2,898)	1981	2019
980 Rancheros Drive	San Marcos, CA	—	2,901	4,245	346	2,901	4,591	7,492	(929)	1982	2019
1145 Arroyo Avenue	San Fernando, CA	—	19,556	9,567	1,404	19,556	10,971	30,527	(2,119)	1989	2019
1150 Aviation Place	San Fernando, CA	—	18,989	10,067	15	18,989	10,082	29,071	(2,303)	1989	2019
1175 Aviation Place	San Fernando, CA	—	12,367	4,858	188	12,367	5,046	17,413	(1,182)	1989	2019
1245 Aviation Place	San Fernando, CA	—	16,407	9,572	87	16,407	9,659	26,066	(2,065)	1989	2019
635 8th Street	San Fernando, CA	—	8,787	5,922	2,121	8,787	8,043	16,830	(1,182)	1989	2019
10015 Waples Court	San Diego, CA	—	12,280	9,198	5,463	12,280	14,661	26,941	(2,102)	1988 / 2020	2019
19100 Susana Road	Rancho Dominguez, CA	—	11,576	2,265	460	11,576	2,725	14,301	(727)	1956	2019
15385 Oxnard Street	Van Nuys, CA	—	11,782	5,212	204	11,782	5,416	17,198	(1,111)	1988	2019
9750-9770 San Fernando Road	Sun Valley, CA	—	6,718	543	88	6,718	631	7,349	(279)	1952	2019
218 S. Turnbull Canyon	City of Industry, CA	—	19,075	8,061	1,250	19,075	9,311	28,386	(1,933)	1999	2019
Limonite Ave. & Archibald Ave.	Eastvale, CA	—	23,848	—	31,554	23,848	31,554	55,402	(4,430)	2020	2019
3340 San Fernando Road	Los Angeles, CA	—	2,885	147	(115)	2,770	147	2,917	(82)	N/A	2019
5725 Eastgate Drive	San Diego, CA	—	6,543	1,732	332	6,543	2,064	8,607	(588)	1995	2019
18115 Main Street	Carson, CA	—	7,142	776	96	7,142	872	8,014	(284)	1988	2019
3150 Ana Street	Rancho Dominguez, CA	—	15,997	3,036	25	15,997	3,061	19,058	(661)	1957	2019


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1402 Avenida Del Oro	Oceanside, CA	—	33,006	34,439	39	33,006	34,478	67,484	(6,887)	2016	2019
9607-9623 Imperial Highway	Downey, CA	—	9,766	865	2,291	9,766	3,156	12,922	(564)	1974	2019
12200 Bellflower Boulevard	Downey, CA	—	14,960	2,057	425	14,960	2,482	17,442	(638)	1955	2019
Storm Parkway	Torrance, CA	—	42,178	21,987	1,106	42,178	23,093	65,271	(4,286)	1982 - 2008	2019
2328 Teller Road	Newbury Park, CA	—	8,330	14,304	1,655	8,330	15,959	24,289	(3,111)	1970 / 2018	2019
6277-6289 Slauson Avenue	Commerce, CA	—	27,809	11,454	1,484	27,809	12,938	40,747	(2,424)	1962 - 1977	2019
750 Manville Street	Compton, CA	—	8,283	2,784	612	8,283	3,396	11,679	(628)	1977	2019
8985 Crestmar Point	San Diego, CA	—	6,990	1,350	686	6,990	2,036	9,026	(514)	1988	2019
404-430 Berry Way	Brea, CA	—	21,047	4,566	1,675	21,047	6,241	27,288	(1,401)	1964 - 1967	2019
415-435 Motor Avenue	Azusa, CA	—	7,364	—	10,880	7,364	10,880	18,244	(623)	1956 / 2022	2019
508 East E Street	Wilmington, CA	—	10,742	4,380	(3,805)	10,742	575	11,317	—	1988	2019
12752-12822 Monarch Street	Garden Grove, CA	—	29,404	4,262	21,448	29,404	25,710	55,114	(1,256)	1971 / 2023	2019
1601 Mission Blvd.	Pomona, CA	—	67,623	18,962	633	67,623	19,595	87,218	(4,516)	1952	2019
2757 Del Amo Blvd.	Rancho Dominguez, CA	—	10,035	2,073	617	10,035	2,690	12,725	(550)	1967	2019
18250 Euclid Street	Fountain Valley, CA	—	11,116	3,201	—	11,116	3,201	14,317	(599)	1974	2019
701-751 Kingshill Place	Carson, CA	6,984	23,016	10,344	3,929	23,016	14,273	37,289	(2,243)	1979 / 2020	2020
2601-2641 Manhattan Beach Blvd	Redondo Beach, CA	—	30,333	9,427	6,113	30,333	15,540	45,873	(2,578)	1978	2020
2410-2420 Santa Fe Avenue	Redondo Beach, CA	10,300	24,310	13,128	6	24,310	13,134	37,444	(2,113)	1977	2020
11600 Los Nietos Road	Santa Fe Springs, CA	2,290	12,033	4,666	6,165	12,033	10,831	22,864	(589)	1976 / 2022	2020
5160 Richton Street	Montclair, CA	4,029	7,199	8,203	792	7,199	8,995	16,194	(1,488)	2004	2020
2205 126th Street	Hawthorne, CA	5,200	11,407	6,834	1,158	11,407	7,992	19,399	(1,494)	1998	2020
11832-11954 La Cienega Blvd	Hawthorne, CA	3,852	13,625	5,721	1,153	13,625	6,874	20,499	(1,333)	1999	2020
7612-7642 Woodwind Drive	Huntington Beach, CA	3,613	10,634	2,901	253	10,634	3,154	13,788	(577)	2001	2020
960-970 Knox Street	Torrance, CA	—	7,324	2,380	1,188	7,324	3,568	10,892	(768)	1976	2020
25781 Atlantic Ocean Drive	Lake Forest, CA	—	4,358	1,067	831	4,358	1,898	6,256	(266)	1996	2020


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
720-750 Vernon Avenue	Azusa, CA	—	14,088	1,638	4	14,088	1,642	15,730	(454)	1950	2020
6687 Flotilla Street	Commerce, CA	—	14,501	6,053	581	14,501	6,634	21,135	(1,019)	1956	2020
1055 Sandhill Avenue	Carson, CA	—	11,970	—	17,432	11,970	17,432	29,402	—	1973	2020
22895 Eastpark Drive	Yorba Linda, CA	2,539	5,337	1,370	199	5,337	1,569	6,906	(284)	1986	2020
8745-8775 Production Avenue	San Diego, CA	—	6,471	1,551	1,602	6,471	3,153	9,624	(631)	1974 / 2021	2020
15850 Slover Avenue	Fontana, CA	—	3,634	6,452	55	3,634	6,507	10,141	(899)	2020	2020
15650-15700 Avalon Blvd	Los Angeles, CA	—	22,353	5,988	9,429	22,353	15,417	37,770	(766)	1962 - 1978 / 2022	2020
11308-11350 Penrose Street	Sun Valley, CA	—	15,884	11,169	4,863	15,884	16,032	31,916	(1,687)	1974	2020
11076-11078 Fleetwood Street	Sun Valley, CA	—	3,217	1,446	1,168	3,217	2,614	5,831	(324)	1974	2020
12133 Greenstone Avenue	Santa Fe Springs, CA	—	5,900	891	5,939	5,900	6,830	12,730	(281)	1967 / 2023	2020
12772 San Fernando Road	Sylmar, CA	—	17,302	3,832	(713)	17,302	3,119	20,421	(21)	1964 / 2013	2020
15601 Avalon Blvd	Los Angeles, CA	—	15,776	—	13,579	15,776	13,579	29,355	(491)	1984 / 2023	2020
Gateway Pointe	Whittier, CA	—	132,659	154,250	1,561	132,659	155,811	288,470	(18,796)	2005 - 2006	2020
13943-13955 Balboa Blvd	Sylmar, CA	14,596	26,795	18,484	1,973	26,795	20,457	47,252	(2,648)	2000	2020
Van Nuys Airport Industrial Center	Van Nuys, CA	—	91,894	58,625	5,749	91,894	64,374	156,268	(8,143)	1961 - 2007	2020
4039 State Street	Montclair, CA	—	12,829	15,485	72	12,829	15,557	28,386	(1,974)	2020	2020
10156 Live Oak Avenue	Fontana, CA	—	19,779	27,186	838	19,779	28,024	47,803	(3,457)	2020	2020
10694 Tamarind Avenue	Fontana, CA	—	8,878	12,325	190	8,878	12,515	21,393	(1,546)	2020	2020
2520 Baseline Road	Rialto, CA	—	12,513	16,377	172	12,513	16,549	29,062	(2,028)	2020	2020
12211 Greenstone Avenue	Santa Fe Springs, CA	—	15,729	1,636	46	15,729	1,682	17,411	(404)	N/A	2020
East 27th Street	Los Angeles, CA	—	40,332	21,842	1,784	40,332	23,626	63,958	(3,020)	1961 - 2004	2020
2750 Alameda Street	Los Angeles, CA	—	24,644	5,771	1,189	24,644	6,960	31,604	(1,126)	1961 - 1980	2020
29010 Avenue Paine	Valencia, CA	—	7,401	8,168	1,067	7,401	9,235	16,636	(1,137)	2000	2020
29010 Commerce Center Drive	Valencia, CA	—	10,499	13,832	3	10,499	13,835	24,334	(1,690)	2002	2020
13369 Valley Blvd	Fontana, CA	—	9,675	10,393	676	9,675	11,069	20,744	(1,361)	2005	2020
6635 Caballero Blvd	Buena Park, CA	—	14,288	7,919	615	14,288	8,534	22,822	(1,024)	2003	2020
1235 South Lewis Street	Anaheim, CA	—	16,984	1,519	1,997	16,984	3,516	20,500	(374)	1956 / 2022	2020


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
15010 Don Julian Road	City of Industry, CA	—	24,017	—	6,385	24,017	6,385	30,402	(4)	1963	2021
5002-5018 Lindsay Court	Chino, CA	—	6,996	5,658	651	6,996	6,309	13,305	(823)	1986	2021
514 East C Street	Los Angeles, CA	—	9,114	1,205	19	9,114	1,224	10,338	(204)	2019	2021
17907-18001 Figueroa Street	Los Angeles, CA	—	18,065	1,829	174	18,065	2,003	20,068	(77)	1954 - 1960	2021
7817 Woodley Avenue	Van Nuys, CA	2,881	5,496	4,615	—	5,496	4,615	10,111	(171)	1974	2021
8888-8992 Balboa Avenue	San Diego, CA	—	20,033	—	12,213	20,033	12,213	32,246	(3)	1967	2021
9920-10020 Pioneer Blvd	Santa Fe Springs, CA	—	21,345	2,118	26,641	21,345	28,759	50,104	—	1973 - 1978	2021
2553 Garfield Avenue	Commerce, CA	—	3,846	649	307	3,846	956	4,802	(164)	1954	2021
6655 East 26th Street	Commerce, CA	—	5,195	1,780	212	5,195	1,992	7,187	(273)	1965	2021
560 Main Street	Orange, CA	—	2,660	432	393	2,660	825	3,485	(114)	1973	2021
4225 Etiwanda Avenue	Jurupa Valley, CA	—	16,287	15,537	322	16,287	15,859	32,146	(1,881)	1998	2021
12118 Bloomfield Avenue	Santa Fe Springs, CA	—	16,809	—	4,885	16,809	4,885	21,694	(4)	1955	2021
256 Alondra Blvd	Carson, CA	—	10,377	371	250	10,377	621	10,998	(161)	1954	2021
19007 Reyes Avenue	Rancho Dominguez, CA	—	16,673	—	2,329	16,673	2,329	19,002	(75)	1969 / 2021	2021
19431 Santa Fe Avenue	Rancho Dominguez, CA	—	10,066	638	2,813	10,066	3,451	13,517	(57)	1963 / 2023	2021
4621 Guasti Road	Ontario, CA	—	8,198	5,231	481	8,198	5,712	13,910	(637)	1988	2021
12838 Saticoy Street	North Hollywood, CA	—	25,550	2,185	—	25,550	2,185	27,735	(435)	1954	2021
19951 Mariner Avenue	Torrance, CA	—	17,009	7,674	3	17,009	7,677	24,686	(1,214)	1986	2021
2425-2535 East 12th Street	Los Angeles, CA	—	48,409	40,756	6,801	48,409	47,557	95,966	(4,471)	1988	2021
29120 Commerce Center Drive	Valencia, CA	—	11,121	15,799	1,314	11,121	17,113	28,234	(1,696)	2002	2021
20304 Alameda Street	Rancho Dominguez, CA	—	11,987	1,663	50	11,987	1,713	13,700	(272)	1974	2021
4181 Ruffin Road	San Diego, CA	—	30,395	3,530	574	30,395	4,104	34,499	(798)	1987	2021
12017 Greenstone Avenue	Santa Fe Springs, CA	—	13,408	205	3,389	13,408	3,594	17,002	(94)	N/A	2021


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1901 Via Burton	Fullerton, CA	—	24,461	—	16,059	24,461	16,059	40,520	—	1960	2021
1555 Cucamonga Avenue	Ontario, CA	—	20,153	2,134	234	20,153	2,368	22,521	(485)	1973	2021
1800 Lomita Blvd	Wilmington, CA	—	89,711	542	347	89,711	889	90,600	(216)	N/A	2021
8210-8240 Haskell Avenue	Van Nuys, CA	—	9,219	3,331	3,692	9,219	7,023	16,242	(266)	1962 - 1964 / 2023	2021
3100 Lomita Blvd	Torrance, CA	—	124,313	65,282	(1,290)	124,313	63,992	188,305	(8,623)	1967 - 1998	2021
2401-2421 Glassell Street	Orange, CA	—	54,554	16,599	215	54,554	16,814	71,368	(2,691)	1987	2021
2390-2444 American Way	Orange, CA	—	17,214	—	17,547	17,214	17,547	34,761	—	N/A	2021
500 Dupont Avenue	Ontario, CA	—	36,810	26,489	10,552	36,810	37,041	73,851	(1,432)	1987	2021
1801 St Andrew Place	Santa Ana, CA	—	75,978	24,522	2,481	75,978	27,003	102,981	(3,637)	1987	2021
5772 Jurupa Street	Ontario, CA	—	36,590	20,010	24	36,590	20,034	56,624	(2,019)	1992	2021
2500 Victoria Street	Los Angeles, CA	—	232,902	—	—	232,902	—	232,902	—	N/A	2021
1010 Belmont Street	Ontario, CA	—	9,078	5,751	225	9,078	5,976	15,054	(554)	1987	2021
21515 Western Avenue	Torrance, CA	—	19,280	—	4,535	19,280	4,535	23,815	(1)	1991	2021
12027 Greenstone Avenue	Santa Fe Springs, CA	—	8,952	469	503	8,952	972	9,924	(91)	1975	2021
6027 Eastern Avenue	Commerce, CA	—	23,494	—	12,095	23,494	12,095	35,589	—	1946	2021
340-344 Bonnie Circle	Corona, CA	—	18,044	9,506	130	18,044	9,636	27,680	(915)	1994	2021
14100 Vine Place	Cerritos, CA	—	40,458	8,660	3,936	40,458	12,596	53,054	(1,002)	1979 / 2022	2021
2280 Ward Avenue	Simi Valley, CA	—	23,301	24,832	40	23,301	24,872	48,173	(2,384)	1995	2021
20481 Crescent Bay Drive	Lake Forest, CA	—	16,164	6,054	3	16,164	6,057	22,221	(590)	1996	2021
334 El Encanto Road	City of Industry, CA	—	9,227	1,272	253	9,227	1,525	10,752	(166)	1960	2021
17031-17037 Green Drive	City of Industry, CA	—	10,781	3,302	549	10,781	3,851	14,632	(369)	1968	2021
13512 Marlay Avenue	Fontana, CA	—	37,018	15,365	167	37,018	15,532	52,550	(1,468)	1960	2021
14940 Proctor Road	City of Industry, CA	—	28,861	—	989	28,861	989	29,850	(4)	1962	2021
2800 Casitas Avenue	Los Angeles, CA	—	33,154	10,833	9,558	33,154	20,391	53,545	(479)	1999 / 2023	2021
4240 190th Street	Torrance, CA	—	67,982	9,882	18	67,982	9,900	77,882	(1,023)	1966	2021
2391-2393 Bateman Avenue	Irwindale, CA	—	13,363	9,811	70	13,363	9,881	23,244	(779)	2005	2021
1168 Sherborn Street	Corona, CA	—	13,747	9,796	7	13,747	9,803	23,550	(785)	2004	2021
3071 Coronado Street	Anaheim, CA	—	29,862	—	15,391	29,862	15,391	45,253	(3)	1973	2021
8911 Aviation Blvd	Los Angeles, CA	—	27,138	4,780	496	27,138	5,276	32,414	(474)	1971	2021


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1020 Bixby Drive	City of Industry, CA	—	10,067	6,046	281	10,067	6,327	16,394	(519)	1977	2021
444 Quay Avenue	Los Angeles, CA	—	10,926	—	7,875	10,926	7,875	18,801	(4)	1992	2022
18455 Figueroa Street	Los Angeles, CA	—	57,186	7,420	139	57,186	7,559	64,745	(869)	1978	2022
24903 Avenue Kearny	Santa Clarita, CA	—	22,468	34,074	325	22,468	34,399	56,867	(2,577)	1988	2022
19475 Gramercy Place	Torrance, CA	—	9,753	1,678	1,733	9,753	3,411	13,164	(223)	1982 / 2022	2022
14005 Live Oak Avenue	Irwindale, CA	—	20,387	4,324	1,073	20,387	5,397	25,784	(814)	1992	2022
13700-13738 Slover Avenue	Fontana, CA	—	14,457	—	431	14,457	431	14,888	(9)	1982	2022
Meggitt Simi Valley	Simi Valley, CA	—	32,102	26,338	—	32,102	26,338	58,440	(2,030)	1984 / 2005	2022
21415-21605 Plummer Street	Chatsworth, CA	—	33,119	4,724	296	33,119	5,020	38,139	(917)	1986	2022
1501-1545 Rio Vista Avenue	Los Angeles, CA	—	16,138	11,951	506	16,138	12,457	28,595	(957)	2003	2022
17011-17027 Central Avenue	Carson, CA	—	22,235	8,241	—	22,235	8,241	30,476	(604)	1979	2022
2843 Benet Road	Oceanside, CA	—	3,459	11,559	—	3,459	11,559	15,018	(785)	1987	2022
14243 Bessemer Street	Van Nuys, CA	—	5,229	1,807	—	5,229	1,807	7,036	(138)	1987	2022
2970 East 50th Street	Vernon, CA	—	—	6,082	7	—	6,089	6,089	(435)	1949	2022
19900 Plummer Street	Chatsworth, CA	—	13,845	890	771	13,845	1,661	15,506	(2)	1983	2022
Long Beach Business Park	Long Beach, CA	—	21,664	2,960	323	21,664	3,283	24,947	(399)	1973 - 1976	2022
13711 Freeway Drive	Santa Fe Springs, CA	—	34,175	892	701	34,175	1,593	35,768	(86)	1963	2022
6245 Providence Way	Eastvale, CA	—	6,075	3,777	6	6,075	3,783	9,858	(302)	2018	2022
7815 Van Nuys Blvd	Panorama City, CA	—	19,837	6,450	275	19,837	6,725	26,562	(510)	1960	2022
13535 Larwin Circle	Santa Fe Springs, CA	—	14,580	2,750	21	14,580	2,771	17,351	(244)	1987	2022
1154 Holt Blvd	Ontario, CA	—	7,222	7,009	19	7,222	7,028	14,250	(456)	2021	2022
900-920 Allen Avenue	Glendale, CA	—	20,499	6,176	213	20,499	6,389	26,888	(474)	1942 - 1995	2022
1550-1600 Champagne Avenue	Ontario, CA	—	29,768	19,702	613	29,768	20,315	50,083	(1,332)	1989	2022
10131 Banana Avenue	Fontana, CA	—	25,795	1,248	677	25,795	1,925	27,720	(135)	N/A	2022
2020 Central Avenue	Compton, CA	—	11,402	676	—	11,402	676	12,078	(107)	1972	2022
14200-14220 Arminta Street	Panorama, CA	—	50,184	33,691	42	50,184	33,733	83,917	(2,200)	2006	2022
1172 Holt Blvd	Ontario, CA	—	9,439	8,504	17	9,439	8,521	17,960	(557)	2021	2022


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1500 Raymond Avenue	Fullerton, CA	—	46,117	—	6,690	46,117	6,690	52,807	—	n/a	2022
2400 Marine Avenue	Redondo Beach, CA	—	21,686	7,290	(52)	21,686	7,238	28,924	(709)	1964	2022
14434-14527 San Pedro Street	Los Angeles, CA	—	50,239	1,985	3,471	50,239	5,456	55,695	(107)	1971	2022
20900 Normandie Avenue	Torrance, CA	—	26,136	13,942	277	26,136	14,219	40,355	(911)	N/A	2022
15771 Red Hill Avenue	Tustin, CA	—	31,853	8,431	205	31,853	8,636	40,489	(879)	1979 / 2016	2022
14350 Arminta Street	Panorama City, CA	—	5,715	2,880	—	5,715	2,880	8,595	(190)	2006	2022
29125 Avenue Paine	Valencia, CA	—	20,388	24,125	1,389	20,388	25,514	45,902	(1,586)	2006	2022
3935-3949 Heritage Oak Court	Simi Valley, CA	—	23,693	33,149	—	23,693	33,149	56,842	(2,077)	1999	2022
620 Anaheim Street	Los Angeles, CA	—	15,550	2,230	736	15,550	2,966	18,516	(193)	1984	2022
400 Rosecrans Avenue	Gardena, CA	—	8,642	—	439	8,642	439	9,081	—	1967	2022
3547-3555 Voyager Street	Torrance, CA	—	19,809	924	423	19,809	1,347	21,156	(109)	1986	2022
6996-7044 Bandini Blvd	Commerce, CA	—	39,403	1,574	—	39,403	1,574	40,977	(150)	1968	2022
4325 Etiwanda Avenue	Jurupa Valley, CA	—	31,286	18,730	31	31,286	18,761	50,047	(1,137)	1998	2022
Merge-West	Eastvale, CA	—	251,443	206,055	1,083	251,443	207,138	458,581	(11,606)	2022	2022
6000-6052 & 6027-6029 Bandini Blvd	Commerce, CA	—	69,162	25,490	83	69,162	25,573	94,735	(1,596)	2016	2022
3901 Via Oro Avenue	Long Beach, CA	—	18,519	953	582	18,519	1,535	20,054	(377)	1983	2022
15650 Don Julian Road	City of Industry, CA	—	9,867	5,818	6	9,867	5,824	15,691	(340)	2003	2022
15700 Don Julian Road	City of Industry, CA	—	10,252	5,996	7	10,252	6,003	16,255	(353)	2001	2022
17000 Gale Avenue	City of Industry, CA	—	7,190	4,929	5	7,190	4,934	12,124	(284)	2008	2022
17909 & 17929 Susana Road	Compton, CA	—	26,786	—	23	26,786	23	26,809	(2)	1970 - 1973	2022
2880 Ana Street	Rancho Dominguez, CA	—	34,987	—	1,860	34,987	1,860	36,847	(2)	1970	2022
920 Pacific Coast Highway	Wilmington, CA	—	80,121	21,516	—	80,121	21,516	101,637	(1,123)	1954	2022
21022 & 21034 Figueroa Street	Carson, CA	—	15,551	8,871	1,047	15,551	9,918	25,469	(443)	2002	2022
13301 Main Street	Los Angeles, CA	—	40,434	11,915	1	40,434	11,916	52,350	(618)	1989	2022
20851 Currier Road	City of Industry, CA	—	12,549	9,471	2,319	12,549	11,790	24,339	(253)	1999 / 2023	2022


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
3131 Harcourt Street & 18031 Susana Road	Compton, CA	—	26,268	1,419	342	26,268	1,761	28,029	(122)	1970	2022
14400 Figueroa Street	Los Angeles, CA	—	43,929	6,011	2,501	43,929	8,512	52,441	(181)	1967	2022
2130-2140 Del Amo Blvd	Carson, CA	—	35,494	5,246	204	35,494	5,450	40,944	(262)	1980	2022
19145 Gramercy Place	Torrance, CA	—	32,965	5,894	—	32,965	5,894	38,859	(387)	1977	2022
20455 Reeves Avenue	Carson, CA	—	40,291	6,050	38	40,291	6,088	46,379	(322)	1982	2022
14874 Jurupa Avenue	Fontana, CA	—	29,738	29,627	23	29,738	29,650	59,388	(1,169)	2019	2022
10660 Mulberry Avenue	Fontana, CA	—	8,744	3,024	277	8,744	3,301	12,045	(154)	1990	2022
755 Trademark Circle	Corona, CA	—	5,685	4,910	6	5,685	4,916	10,601	(205)	2001	2022
4500 Azusa Canyon Road	Irwindale, CA	—	35,173	4,991	1	35,173	4,992	40,165	(314)	1950	2022
7817 Haskell Avenue	Van Nuys, CA	—	10,565	976	—	10,565	976	11,541	(81)	1960	2022
16752 Armstrong Avenue	Irvine, CA	—	29,662	8,699	—	29,662	8,699	38,361	(708)	1970/2012	2023
10545 Production Avenue	Fontana, CA	—	215,378	149,927	35	215,378	149,962	365,340	(5,602)	2006	2023
3520 Challenger Street	Torrance, CA	—	11,616	1,859	4	11,616	1,863	13,479	(204)	1990	2023
9000 Airport Blvd	Los Angeles, CA	—	139,564	4,976	777	139,564	5,753	145,317	(361)	1981	2023
9223 Balboa Avenue	San Diego, CA	—	50,919	97,621	9	50,919	97,630	148,549	(2,960)	2020	2023
9323 Balboa Avenue	San Diego, CA	—	27,254	—	280	27,254	280	27,534	(1)	1978-1980	2023
4285 Ponderosa Avenue	San Diego, CA	—	16,495	8,207	6	16,495	8,214	24,709	(278)	1969	2023
13925 Benson Avenue	Chino, CA	—	26,442	1,446	326	26,442	1,772	28,214	(80)	1989	2023
19301 Santa Fe Avenue	Rancho Dominguez, CA	—	14,899	—	201	14,899	201	15,100	(1)	1954/1989	2023
2395-2399 Bateman Avenue	Irwindale, CA	—	28,663	12,964	599	28,663	13,563	42,226	(384)	2002	2023
27712 & 27756 Avenue Mentry	Santa Clarita, CA	—	20,084	36,540	1	20,084	36,540	56,624	(636)	1988	2023
422 Rosecrans Avenue	Gardena, CA	—	3,067	—	—	3,067	—	3,067	—	1968	2023
14650 Hoover Street	Westminster, CA	—	13,814	8,721	—	13,814	8,721	22,535	(157)	2001	2023
5630 Cerritos Avenue	Cypress, CA	—	16,635	6,103	—	16,635	6,103	22,738	(124)	1989	2023
9400-9500 Santa Fe Springs Road	Santa Fe Springs, CA	—	132,157	67,189	—	132,157	67,189	199,346	(1,209)	1980/1990	2023
2500 Thompson Street	Long Beach, CA	—	19,567	5,268	—	19,567	5,268	24,835	(98)	1970	2023
15801 West 1st Street	Irwindale, CA	—	142,497	31,453	—	142,497	31,453	173,950	(329)	1977/1980	2023
600-708 Vermont Avenue	Anaheim, CA	—	57,394	—	—	57,394	—	57,394	—	1960	2023


				Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
11234 Rush Street	South El Monte, CA	—		12,737		—		—		12,737		—		12,737		—		1960	2023
Investments in real estate		$	58,025	$	6,818,158	$	3,487,011	$	855,749	$	6,815,622	$	4,340,772	$	11,156,394	$	(782,461)

Note: As of December 31, 2023, the aggregate cost for federal income tax purposes of investments in real estate was approximately $10.2 billion.

(1)Costs capitalized subsequent to acquisition are net of the write-off of fully depreciated assets and include construction in progress.

(2)During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $4.5 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $4.5 million, $2.4 million is included as a reduction of “Land” in the table above, with the remaining $2.1 million included as a reduction of “Buildings and Improvements”.

(3)The depreciable life for buildings and improvements typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.

(4)As of December 31, 2023, these six properties secure the $60 Million Term Loan.

(5)Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.

The following tables reconcile the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2021 to December 31, 2023 (in thousands):


	Year Ended December 31,
Total Real Estate Held for Investment	2023		2022		2021
Balance, beginning of year	$	9,470,387	$	6,931,072	$	4,947,955
Acquisition of investment in real estate	1,419,817		2,395,518		1,912,076
Construction costs and improvements	293,850		146,508		106,721
Disposition of investment in real estate	(11,360)		—		(20,034)
Properties held for sale	—		—		(13,661)
Write-off of fully depreciated assets	(16,300)		(2,711)		(1,985)

Balance, end of year	$	11,156,394	$	9,470,387	$	6,931,072


	Year Ended December 31,
Accumulated Depreciation	2023		2022		2021
Balance, beginning of year	$	(614,332)	$	(473,382)	$	(375,423)
Depreciation of investment in real estate	(187,722)		(143,661)		(112,679)
Disposition of investment in real estate	3,293		—		6,078
Properties held for sale	—		—		6,657
Write-off of fully depreciated assets	16,300		2,711		1,985
Balance, end of year	$	(782,461)	$	(614,332)	$	(473,382)

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

Acquisitions

The following table summarizes the properties we acquired subsequent to December 31, 2023:

Property

Submarket

Date of Acquisition

Rentable Square Feet

Number of Buildings

Contractual Purchase Price

(in thousands)(1)

5000 & 5010 Azusa Canyon Rd

Los Angeles - San Gabriel Valley

1/31/2024

233,984

84,000

(1)Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs.

Dividends Declared

On February 5, 2024, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.4175

March 28, 2024

April 15, 2024

OP Units

0.4175

March 28, 2024

April 15, 2024

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2024

March 28, 2024

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2024

March 28, 2024

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2024

March 28, 2024

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2024

March 28, 2024

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

March 15, 2024

March 28, 2024

Settlement of Outstanding 2023 Forward Equity Sale Agreements

In January 2024, we settled the outstanding May 2023 Forward Sales Agreements by issuing 2,253,034 shares of common stock in exchange for net proceeds of $125.7 million, based on a weighted average forward price of $55.79 per share at settlement.

In January 2024, we partially settled the outstanding forward equity sale agreements under our 2023 ATM program by issuing 466,953 shares of common stock in exchange for net proceeds of $26.0 million, based on a weighted average forward price of $55.68 per share at settlement, leaving 2,543,615 shares of common stock, or approximately $137.8 million of net forward proceeds remaining for settlement prior to December 2024.

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
2024	$ 473,403
2025	100,973
2026	7,587
2027	444,078
2028	314,218
Thereafter	902,766
Total	$ 2,243,025	$ 1,950,515

Acquired Lease Intangibles - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 153,670	$ 169,986
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
2024	29,246
2025	22,983
2026	18,089
2027	13,427
2028	11,300
Thereafter	35,152
Total	130,197
Net Above/(Below) Market Operating Leases
Acquired Finite Lived Intangible Assets [Line Items]
2024	23,867
2025	18,072
2026	14,416
2027	9,558
2028	8,406
Thereafter	62,452
Total	136,771
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
2024	164
2025	164
2026	164
2027	164
2028	164
Thereafter	11,863
Total	$ 12,683	$ 12,847

Organization	12 Months Ended
Organization	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	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 December 31, 2023, our consolidated portfolio consisted of 373 properties with approximately 45.9 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).

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 07, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.5
Entity Common Stock, Shares Outstanding (shares)		215,086,313
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement with respect to its 2024 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001571283
Document Financial Statement Error Correction [Flag]	false
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

Leases - Future Minimum Base Rents Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 623,397
2025	547,078
2026	450,431
2027	353,743
2028	281,041
Thereafter	954,156
Total	$ 3,209,846

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 249,591	$ 177,157	$ 136,246
Other comprehensive (loss) income: cash flow hedge adjustments	(1,147)	18,846	8,333
Comprehensive income	248,444	196,003	144,579
Less: comprehensive income attributable to noncontrolling interests	(11,503)	(10,298)	(8,503)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 236,941	$ 185,705	$ 136,076

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Incentive Award Plan - Additional Information (Detail)										12 Months Ended
Incentive Award Plan - Additional Information (Detail)	Jan. 17, 2024 shares	Dec. 31, 2023 USD ($) shares	Dec. 21, 2023 USD ($) $ / shares shares	Jan. 17, 2023 shares	Dec. 31, 2022	Nov. 08, 2022 USD ($) $ / shares shares	Jan. 18, 2022 shares	Dec. 23, 2021 USD ($) $ / shares shares	Dec. 14, 2021 shares	Dec. 31, 2023 USD ($) installment $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost for all equity-based compensation arrangements \| $		$ 62,600,000								$ 62,600,000
Weighted average remaining vesting period										27 months
Second Amended and Restated 2013 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		797,852								797,852
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage										10.00%
Performance period										3 years
Distributions accruing during performance period										90.00%
Grant date fair value \| $			$ 12,657,000			$ 11,869,000		$ 8,962,000
Units vested in period (shares)									170,413	219,607	231,453
Performance Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			701,025			673,188		366,004		701,025	673,188	366,004
Performance period										3 years	3 years	3 years
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)										236,046	215,058	148,533
Closing share price of common stock (in dollars per share) \| $ / shares										$ 54.10	$ 54.04	$ 40.65
Units vested in period (shares)										180,192	141,716	145,470
LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)										171,341	167,221	93,030
Grant date fair value \| $			$ 8,867,000			$ 8,353,000		$ 6,648,000
Compensation expense \| $										$ 1,700,000	$ 2,300,000	$ 1,900,000
LTIP Units \| Howard Schwimmer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				19,367			12,824
LTIP Units \| Howard Schwimmer \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	15,340
LTIP Units \| Michael S. Frankel
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				19,367			12,824
LTIP Units \| Michael S. Frankel \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	15,340
Absolute TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			209,480			204,394		113,871
Performance period										3 years
Relative TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			209,480			204,394		113,871
Performance period										3 years
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value \| $			$ 3,900,000			$ 3,700,000		$ 2,900,000
Closing share price of common stock (in dollars per share) \| $ / shares			$ 55.59			$ 53.94		$ 77.50
FFO Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			209,480			204,394		113,871
Performance period										3 years
Distribution Equivalents \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			72,585			60,006		24,391
Performance period										3 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)										205,526	134,984	132,537
Closing share price of common stock (in dollars per share) \| $ / shares										$ 52.69	$ 43.55	$ 35.45
Units vested in period (shares)										109,970	98,305	92,494
Number of vesting installment period \| installment										4
Number of units canceled (shares)										21,532	11,442	23,763
Restricted stock \| Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)										188,468	120,662	120,734
Grant date fair value \| $										$ 11,200,000	$ 8,300,000	$ 5,600,000
Restricted stock \| Other Employees \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares										$ 47.10	$ 52.97	$ 48.14
Restricted stock \| Other Employees \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares										$ 64.39	$ 76.55	$ 62.19
Restricted stock \| Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)										2,843	2,387	1,873
Grant date fair value \| $										$ 149,997	$ 139,998	$ 109,964
Closing share price of common stock (in dollars per share) \| $ / shares										$ 52.76	$ 58.65	$ 58.71
2013 Incentive Award Plan \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage										10.00%
2013 Incentive Award Plan \| Performance Award, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		3 years
2013 Incentive Award Plan \| Performance Award, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					3 years
2013 Incentive Award Plan \| Performance Award, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period												3 years
First anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments										33.33%	33.33%	33.33%
Second anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments										33.33%	33.33%	33.33%
Third anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments										33.33%	33.33%	33.33%

Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LTIP Units
Number of Unvested Shares of Non-Options
Beginning balance (shares)	313,051	239,709	236,646
Granted (shares)	236,046	215,058	148,533
Vested (shares)	(180,192)	(141,716)	(145,470)
Ending balance (shares)	368,905	313,051	239,709
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 54.84	$ 54.99	$ 41.49
Granted (in dollars per share)	53.26	54.14	62.45
Vested (in dollars per share)	54.10	54.04	40.65
Ending balance (in dollars per share)	$ 54.19	$ 54.84	$ 54.99
Restricted stock
Number of Unvested Shares of Non-Options
Beginning balance (shares)	274,416	249,179	232,899
Granted (shares)	205,526	134,984	132,537
Forfeited (shares)	(21,532)	(11,442)	(23,763)
Vested (shares)	(109,970)	(98,305)	(92,494)
Ending balance (shares)	348,440	274,416	249,179
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 56.92	$ 45.62	$ 38.43
Granted (in dollars per share)	58.93	67.98	50.62
Forfeited (in dollars per share)	62.84	56.24	42.69
Vested (in dollars per share)	52.69	43.55	35.45
Ending balance (in dollars per share)	$ 59.07	$ 56.92	$ 45.62
Fair value of vested shares	$ 6.4	$ 6.6	$ 4.6
Shares tendered for tax withholding requirements (shares)	32,507	31,576	29,305

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Restricted Cash


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	36,786	$	43,987
Restricted cash	—		11
Cash, cash equivalents and restricted cash, beginning of period	$	36,786	$	43,998

Cash and cash equivalents	$	33,444	$	36,786
Restricted cash	—		—
Cash, cash equivalents and restricted cash, end of period	$	33,444	$	36,786

Investments in Real Estate

Acquisitions

Capitalization of Costs

Depreciation and Amortization

Assets Held for Sale

As of December 31, 2023 and 2022, we did not have any properties classified as held for sale.

Impairment of Long-Lived Assets

Accounting for Leases

Leases as Lessor

Leases as a Lessee

components, such as common area maintenance, from associated lease components. See “Note 7 – Leases” for additional lessee disclosures required under lease accounting standards.

Income Taxes

Derivative Instruments and Hedging Activities

Revenue Recognition

Our primary sources of income are rental income, management and leasing services, gains on sale of real estate and interest income.

Rental Income

We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants.

Management and leasing services

Gain or Loss on Sale of Real Estate

Interest Income

Valuation of Operating Lease Receivables

Loan Receivable

Accrued interest receivable related to our loan receivable is recorded at the net amount expected to be collected within “Rents and other receivables, net” in the consolidated balance sheets.

Deferred Leasing Costs

Debt Issuance Costs

Equity Based Compensation

Equity Offerings

Earnings Per Share

Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Segment Reporting

Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.

Recent Accounting Pronouncements (Issued and Not Yet Adopted)

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,297
2025	1,122
2026	681
2027	696
2028	164
Thereafter	19,887
Total undiscounted lease payments	24,847
Less imputed interest	(15,927)
Total lease liabilities	$ 8,920	$ 10,900

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance, beginning of year	$ 9,470,387	$ 6,931,072	$ 4,947,955
Acquisition of investment in real estate	1,419,817	2,395,518	1,912,076
Construction costs and improvements	293,850	146,508	106,721
Disposition of investment in real estate(1)	(11,360)	0	(20,034)
Properties held for sale(1)	0	0	(13,661)
Write-off of fully depreciated assets	(16,300)	(2,711)	(1,985)
Balance, End of Year	11,156,394	9,470,387	6,931,072
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance, beginning of year	(614,332)	(473,382)	(375,423)
Depreciation of investment in real estate	(187,722)	(143,661)	(112,679)
Disposition of investment in real estate(1)	3,293	0	6,078
Properties held for sale(1)	0	0	6,657
Write-off of fully depreciated assets	16,300	2,711	1,985
Balance, end of year	$ (782,461)	$ (614,332)	$ (473,382)

Leases - Other Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,308	$ 2,016	$ 1,471
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 6,363	$ 0

Leases - Lease Term and Discount Rate (Detail)	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term(1)	43 years 4 months 24 days	36 years 6 months
Weighted-average discount rate	3.84%	3.77%

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (shares)	10,050,000	10,050,000
Shares outstanding (shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	489,950,000	489,950,000
Common stock, shares outstanding (shares)	212,346,450	189,114,129
Series B Preferred Stock
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
Series C Preferred Stock
Dividend Rate	5.625%	5.625%
Shares outstanding (shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

Leases - Additional Information (Detail) $ in Thousands		12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Nov. 30, 2021	Dec. 31, 2023 USD ($) ft² renewal_option	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft²	Oct. 26, 2023 a
Lessee, Lease, Description [Line Items]
Operating lease, fixed and variable lease payments		$ 762,100	$ 599,200	$ 436,300
Lease income, lease payments		626,700	491,100	360,200
Variable lease payments		$ 135,300	$ 108,200	76,100
Rentable Square Feet		4,270,727	5,940,775		150
Gains on sale of real estate		$ 19,001	$ 8,486	33,929
Lessee, Operating Lease, Sublease, Term Of Contract	3 years 9 months
Impairment of right-of-use asset		$ 188	$ 0	$ 992
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]		Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]		Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Right-of-use assets		$ 7,000	$ 8,500
Lease liabilities		$ 8,920	$ 10,900
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Rentable Square Feet \| ft²		87,037		220,684
Gains on sale of real estate		$ 19,001		$ 33,929
Land [Member] \| 2970 East 50th Street
Lessee, Lease, Description [Line Items]
Remaining lease term		37 years
Renewal term		10 years
Lessee, Operating Lease, Number Of Renewal Options \| renewal_option		4
Minimum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term		4 years
Renewal term		5 years

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations. Environmental We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of December 31, 2023, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of December 31, 2023, we had commitments of approximately $245.9 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of December 31, 2023, we do not believe we are exposed to significant credit risk due to the financial position of the institutions in which those deposits are held. Concentration of Properties in Southern California As of December 31, 2023, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions. Tenant Concentration During the year ended December 31, 2023, no single tenant accounted for more than 5% of our total consolidated rental income.

Interest Rate Derivatives (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement


					Notional Value(1)				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(2)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
Interest Rate Swaps	7/27/2022	5/26/2027	2.81700	%	$	150,000	$	150,000	$	3,894	$	5,720
Interest Rate Swaps	7/27/2022	5/26/2027	2.81750	%	$	150,000	$	150,000	$	3,886	$	5,702
Interest Rate Swaps	4/3/2023	6/30/2025	3.98500	%	$	200,000	$	—	$	951	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.96625	%	$	100,000	$	—	$	503	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.95300	%	$	100,000	$	—	$	522	$	—
Interest Rate Swap	4/3/2023	7/30/2026	3.71000	%	$	60,000	$	—	$	140	$	—

(1)Represents the notional value of swaps that are effective as of the balance sheet date presented.

(2)The fair value of derivative assets is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.

Summary of Impact of Derivative Instruments on Consolidated and Combined Financial Statements

The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain recognized in AOCI on derivatives	$	9,307	$	17,227	$	263
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense” (1)	$	10,454	$	(1,619)	$	(8,070)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	61,400	$	48,496	$	40,139

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Stockholder's Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 6,923,342	$ 5,067,695	$ 3,530,592
Other comprehensive income before reclassifications	9,307	17,227
Amounts reclassified from accumulated other comprehensive loss to interest expense	(10,454)	1,619
Net current period other comprehensive (loss) income	(1,147)	18,846	8,333
Less: other comprehensive loss (income) attributable to noncontrolling interests	72	(725)
Other comprehensive (loss) income attributable to common stockholders	(1,075)	18,121
Ending Balance	8,143,905	6,923,342	5,067,695
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	10,454	(1,619)	(8,070)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	200	300
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	8,247	(9,874)	(17,709)
Net current period other comprehensive (loss) income	(1,075)	18,121	7,835
Ending Balance	$ 7,172	$ 8,247	$ (9,874)

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 238,016	$ 167,584	$ 128,241

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of net (below) above market lease intangibles and other deferred rent on certain below-market leases	$ (29,882)	$ (31,209)	$ (15,443)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	42,168	42,202	30,136
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of net (below) above market lease intangibles and other deferred rent on certain below-market leases	(29,295)	(31,339)	(15,443)
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 164	$ 130	$ 0

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 1,766	$ 1,845	$ 1,598
Variable lease cost	142	113	63
Sublease Income	0	(268)	0
Total lease cost	$ 1,908	$ 1,690	$ 1,661

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUES
Rental income	$ 791,383	$ 630,578	$ 451,733
Management and leasing services	682	616	468
Interest income	5,761	10	37
TOTAL REVENUES	797,826	631,204	452,238
OPERATING EXPENSES
Property expenses	184,479	150,503	107,721
General and administrative	75,027	64,264	48,990
Depreciation and amortization	244,510	196,794	151,269
TOTAL OPERATING EXPENSES	504,016	411,561	307,980
OTHER EXPENSES
Other expenses	1,820	1,561	1,297
Interest expense	61,400	48,496	40,139
TOTAL EXPENSES	567,236	461,618	349,416
Loss on extinguishment of debt	0	(915)	(505)
Gains on sale of real estate	19,001	8,486	33,929
NET INCOME	249,591	177,157	136,246
Less: net income attributable to noncontrolling interests	(11,575)	(9,573)	(8,005)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	238,016	167,584	128,241
Less: preferred stock dividends	(9,258)	(9,258)	(12,563)
Preferred Stock Redemption Premium	0	0	(3,349)
Less: earnings allocated to participating securities	(1,309)	(845)	(568)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 227,449	$ 157,481	$ 111,761
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 1.12	$ 0.92	$ 0.80
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 1.12	$ 0.92	$ 0.80
Weighted average shares of common stock outstanding - basic (in shares)	202,883,704	170,467,365	139,294,882
Weighted average shares of common stock outstanding - diluted (in shares)	203,110,993	170,978,272	140,075,689

Notes Payable - Summary of Notes Payable (Detail)		1 Months Ended	12 Months Ended
Notes Payable - Summary of Notes Payable (Detail)	Jul. 19, 2022 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) property extension	Mar. 28, 2023 USD ($)	Mar. 21, 2023	Dec. 31, 2022 USD ($)	Oct. 27, 2022 USD ($)	May 26, 2022 USD ($)	Feb. 13, 2020
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,243,025,000			$ 1,950,515,000
Unsecured Debt			2,125,000,000			1,825,000,000
Secured Debt			118,025,000			125,515,000
Less: unamortized discount and debt issuance costs			(17,111,000)			(14,134,000)
Notes payable			$ 2,225,914,000			1,936,381,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate					3.97231%
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension			2
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 0			0
Maturity date			May 26, 2026
$150 Million term loan facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount								$ 150,000,000
Long-term Debt, Gross								150,000,000
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross							$ 60,000,000
Number Of Properties Securing Loan \| property			6
Write off of Deferred Debt Issuance Cost		$ 38,000
Additional extension Periods, Term			1 year
$60 Million Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Effective Interest Rate			5.06%
$60 Million Term Loan \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			3.71%
$400 Million Unsecured Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Effective Interest Rate			4.83231%
$300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 300,000,000
Long-term Debt, Gross			$ 300,000,000			300,000,000		$ 300,000,000
Maturity date			May 26, 2027
Effective Interest Rate			3.67725%
$300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			2.81725%
$60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 60,000,000			60,000,000	$ 60,000,000
Maturity date			Oct. 27, 2024
Number Of Properties Securing Loan \| property			6
Number of extensions \| extension			3
$60 Million Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			0.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			0.76%
Fixed interest rate			3.677%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			1.25%
Fixed interest rate			5.06%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.685%
Fixed interest rate			6.165%
Senior Notes \| $100 Million Notes
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 100,000,000			100,000,000
Fixed interest rate			4.29%
Maturity date			Aug. 06, 2025
Senior Notes \| $125 Million Notes
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 125,000,000			125,000,000
Fixed interest rate			3.93%
Maturity date			Jul. 13, 2027
Senior Notes \| Series 2019A Guaranteed Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 25,000,000
Long-term Debt, Gross			$ 25,000,000			25,000,000
Fixed interest rate			3.88%
Maturity date			Jul. 16, 2029
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 400,000,000			400,000,000
Fixed interest rate			2.125%
Maturity date			Dec. 01, 2030
Senior Notes \| Senior Notes Due 2031
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 400,000,000
Long-term Debt, Gross			$ 400,000,000			400,000,000
Fixed interest rate			2.15%
Maturity date			Sep. 01, 2031
Senior Notes \| Series 2019B Guaranteed Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount			$ 75,000,000
Long-term Debt, Gross			$ 75,000,000			75,000,000
Fixed interest rate			4.03%
Maturity date			Jul. 16, 2034
Senior Notes \| $300 Million Notes Due 2028
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 300,000,000	$ 300,000,000		0
Fixed interest rate			5.00%	5.00%
Maturity date			Jun. 15, 2028
Fixed Rate Debt \| 2601-2641 Manhattan Beach Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 0			3,832,000
Fixed interest rate			4.08%
Maturity date			Apr. 05, 2023
Fixed Rate Debt \| 960-970 Knox Street
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 0			2,307,000
Fixed interest rate			5.00%
Maturity date			Nov. 01, 2023
Fixed Rate Debt \| 7612-7642 Woodwind Drive
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 3,613,000			3,712,000
Fixed interest rate			5.24%
Maturity date			Jan. 05, 2024
Debt Instrument, Periodic Payment			$ 24,270
Fixed Rate Debt \| 11600 Los Nietos Road
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,290,000			2,462,000
Fixed interest rate			4.19%
Maturity date			May 01, 2024
Debt Instrument, Periodic Payment			$ 22,637
Fixed Rate Debt \| 5160 Richton Street
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 4,029,000			4,153,000
Fixed interest rate			3.79%
Maturity date			Nov. 15, 2024
Debt Instrument, Periodic Payment			$ 23,270
Fixed Rate Debt \| 22895 Eastpark Drive
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,539,000			2,612,000
Fixed interest rate			4.33%
Maturity date			Nov. 15, 2024
Debt Instrument, Periodic Payment			$ 15,396
Fixed Rate Debt \| 701-751 Kingshill Place
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 6,984,000			7,100,000
Fixed interest rate			3.90%
Maturity date			Jan. 05, 2026
Debt Instrument, Periodic Payment			$ 33,488
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 14,596,000			14,965,000
Fixed interest rate			3.93%
Maturity date			Jul. 01, 2027
Debt Instrument, Periodic Payment			$ 79,198
Fixed Rate Debt \| 2205 126th Street
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 5,200,000			5,200,000
Fixed interest rate			3.91%
Maturity date			Dec. 01, 2027
Fixed Rate Debt \| 2410-2420 Santa Fe Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 10,300,000			10,300,000
Fixed interest rate			3.70%
Maturity date			Jan. 01, 2028
Fixed Rate Debt \| 11832-11954 La Cienega Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 3,852,000			3,928,000
Fixed interest rate			4.26%
Maturity date			Jul. 01, 2028
Debt Instrument, Periodic Payment			$ 20,194
Fixed Rate Debt \| Gilbert La Palma
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 1,741,000			1,935,000
Fixed interest rate			5.125%
Maturity date			Mar. 01, 2031
Debt Instrument, Periodic Payment			$ 24,008
Fixed Rate Debt \| 7817 Woodley Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross			$ 2,881,000			3,009,000
Fixed interest rate			4.14%
Maturity date			Aug. 01, 2039
Debt Instrument, Periodic Payment			$ 20,855
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000,000		$ 400,000,000			$ 400,000,000
Maturity date			Jul. 19, 2024
Number of extensions \| extension			2
Extension period	1 year		1 year
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			0.76%
Fixed interest rate			4.832%
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions									6
Line of Credit \| Senior Unsecured Revolving Credit Facility, $1 Billion \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension			2
Extension period			6 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)			0.10%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Debt Instrument, Interest Rate, Increase (Decrease)			0.10%
Minimum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure			0.125%
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.725%
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%
Minimum \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Maximum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure			0.30%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%

Notes Payable - Issuance of $300 Million Notes Due 2028 (Details) $ in Thousands	Mar. 28, 2023 USD ($) basis_point	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 2,243,025	$ 1,950,515
$300 Million Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 300,000	$ 300,000	$ 0
Fixed interest rate	5.00%	5.00%
Senior Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount, Portion Actually Paid	98.975%
Senior Notes Due 2028 \| 5.000% Senior Notes \| Measurement Input, Basis Spread
Debt Instrument [Line Items]
Debt Securities, Trading, Measurement Input \| basis_point	0.25
Debt Instrument, Redemption Price, Percentage	100.00%

Schedule IV – Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]

Schedule IV – Mortgage Loans on Real Estate

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

(Dollars in thousands)


Description	Contractual Interest Rate			Maturity Date	Periodic Payment Terms	Prior Liens	Face Amount of Mortgages		Carrying Amount of Mortgages(1)		Principal Amount of Loans Subject to Delinquent Principal or Interest
First Mortgage Loan:
Industrial development site in California	7.50	%	(2)	10/26/2028	(3)	None	$	125,000	$	122,784	$	—
							$	125,000	$	122,784	$	—

(1)The cost for federal income tax purposes was $125.0 million as of December 31, 2023.

(2)The loan has an effective interest rate of 8.0% including the impact of loan origination costs and fees.

(3)Interest is due monthly and principal is due at the maturity date.

The following table reconciles the carrying value of mortgage loans on real estate from January 1, 2023 to December 31, 2023 (in thousands):


	Year Ended December 31,
	2023
Balance, beginning of year	$	—
Additions during period:
New loan originated	125,000
Amortization of net deferred origination fees	84
Deductions during period:
Deferred loan origination fees, net	(2,300)

Balance, end of year	$	122,784

Notes Payable - Repayment of $150 Million Term Loan Facility (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 28, 2023	Oct. 27, 2022	May 26, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,243,025,000	$ 1,950,515,000
Loss on extinguishment of debt	0	915,000	$ 505,000
$100 Million Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	100,000,000
$125M senior notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 125,000,000
Amended Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value	60.00%
Minimum ratio of EBITDA to fixed charges	1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	60.00%
Minimum ratio of NOI unsecured interest expense	1.75
$225 and $150 Million Term Loan Facilities
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value	45.00%
Senior Notes, 100 and 125 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value	40.00%
Maximum ratio of recourse debt to total asset	15.00%
Minimum tangible net worth required	$ 760,740,750
Maximum debt to tangible net worth ratio required for equity proceeds	75.00%
Series 2019A Guaranteed Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 25,000,000
Long-term Debt, Gross	$ 25,000,000	25,000,000
Fixed interest rate	3.88%
Series 2019B Guaranteed Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 75,000,000
Long-term Debt, Gross	$ 75,000,000	75,000,000
Fixed interest rate	4.03%
$300 Million Notes Due 2028 \| Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 300,000,000	0		$ 300,000,000
Fixed interest rate	5.00%			5.00%
Senior Notes Due 2030 \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000,000
Fixed interest rate	2.125%
Senior Notes Due 2031 \| Senior Notes
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 400,000,000
Long-term Debt, Gross	$ 400,000,000	400,000,000
Fixed interest rate	2.15%
Senior Notes Due 2030 And 2031
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value	60.00%
Maximum ratio of secured debt to total asset value	40.00%
Debt service coverage ratio	150.00%
Unencumbered assets to unsecured debt ratio	150.00%
Senior Unsecured Term Loan \| $150 Million term loan facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 150,000,000
Long-term Debt, Gross						150,000,000
Loss on extinguishment of debt		700,000
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 300,000,000
Long-term Debt, Gross	300,000,000	300,000,000				$ 300,000,000
Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 60,000,000	$ 60,000,000			$ 60,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of December 31, 2023 and 2022 (dollars in thousands):


	December 31, 2023		December 31, 2022		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.685	%	(2)	6.165	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		400,000		S+0.760	%	(2)	4.832	%	(5)	7/19/2024	(4)
$100M Senior Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan	300,000		300,000		S+0.760	%	(2)	3.677	%	(6)	5/26/2027
$125M Senior Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$300M Senior Notes due 2028	300,000		—		n/a			5.000	%		6/15/2028
$25M Series 2019A Senior Notes	25,000		25,000		n/a			3.880	%		7/16/2029
$400M Senior Notes due 2030	400,000		400,000		n/a			2.125	%		12/1/2030
$400M Senior Notes due 2031 (green bond)	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Senior Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	2,125,000	$	1,825,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard	$	—	$	3,832	n/a			4.080	%		4/5/2023
960-970 Knox Street	—		2,307		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,613		3,712		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,290		2,462		n/a			4.190	%		5/1/2024
$60M Term Loan(8)	60,000		60,000		S+1.250	%		5.060	%	(8)	10/27/2024
5160 Richton Street(7)	4,029		4,153		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,539		2,612		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	6,984		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,596		14,965		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(10)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,852		3,928		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,741		1,935		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	2,881		3,009		n/a			4.140	%		8/1/2039
Total Secured Debt	$	118,025	$	125,515
Total Unsecured and Secured Debt	$	2,243,025	$	1,950,515
Less: Unamortized premium/discount and debt issuance costs(11)	(17,111)		(14,134)
Total	$	2,225,914	$	1,936,381

(9)For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity.

(10)Fixed monthly payments of interest only.

Summary of Aggregate Future Minimum Payments of Debt

Contractual Debt Maturities


2024	$	473,403
2025	100,973
2026	7,587
2027	444,078
2028	314,218
Thereafter	902,766
Total	$	2,243,025

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2023

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2023:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000
3520 Challenger Street	Los Angeles - South Bay	2/28/2023	49,336	1	14,200
9000 Airport Boulevard(2)	Los Angeles - South Bay	3/28/2023	38,680	1	143,000
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(3)	San Diego - Central	3/30/2023	515,382	5	200,000
13925 Benson Avenue	San Bernardino - Inland Empire West	4/7/2023	38,143	1	27,500
19301 Santa Fe Avenue	Los Angeles - South Bay	4/14/2023	41,638	3	14,600
2395-2399 Bateman Avenue	Los Angeles - San Gabriel Valley	4/21/2023	134,952	3	41,203
27712 & 27756 Avenue Mentry	Los Angeles - San Fernando Valley	7/13/2023	220,752	2	38,010
5630 Cerritos Avenue	Orange County - West	7/14/2023	76,032	1	21,350
9400-9500 Santa Fe Springs Road	Los Angeles - Mid-Counties	7/20/2023	595,304	2	210,000
422 Rosecrans Avenue(4)	Los Angeles - South Bay	7/26/2023	9,350	1	2,850
14650 Hoover Street	Orange County - West	7/27/2023	59,679	1	22,300
2500 Thompson Street	Los Angeles - South Bay	8/18/2023	174,691	1	20,250
15801 West 1st Street(5)	Los Angeles - San Gabriel Valley	10/26/2023	993,142	1	120,000
600-708 Vermont Avenue	Orange County - North	12/15/2023	133,836	4	57,025
11234 Rush Street(4)	Los Angeles - San Gabriel Valley	12/28/2023	6,370	1	12,500
Total 2023 Property Acquisitions			4,270,727	30	$	1,349,788

(2)Represents the acquisition of 18.4 acres of industrial zoned land.

(3)Represents the acquisition of three properties in one consolidated transaction.

(4)Represents acquisition of a current or near-term (within 24 months) redevelopment site.

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
444 Quay Avenue(2)	Los Angeles - South Bay	1/14/2022	29,760	1	$	10,760
18455 Figueroa Street	Los Angeles - South Bay	1/31/2022	146,765	2	64,250
24903 Avenue Kearny	Los Angeles - San Fernando Valley	2/1/2022	214,436	1	58,463
19475 Gramercy Place	Los Angeles - South Bay	2/2/2022	47,712	1	11,300


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
14005 Live Oak Avenue	Los Angeles - San Gabriel Valley	2/8/2022	56,510	1	25,000
13700-13738 Slover Ave(2)	San Bernardino - Inland Empire West	2/10/2022	17,862	1	13,209
Meggitt Simi Valley	Ventura	2/24/2022	285,750	3	57,000
21415-21605 Plummer Street	Los Angeles - San Fernando Valley	2/25/2022	231,769	2	42,000
1501-1545 Rio Vista Avenue	Los Angeles - Central	3/1/2022	54,777	2	28,000
17011-17027 Central Avenue	Los Angeles - South Bay	3/9/2022	52,561	3	27,363
2843 Benet Road	San Diego - North County	3/9/2022	35,000	1	12,968
14243 Bessemer Street	Los Angeles - San Fernando Valley	3/9/2022	14,299	1	6,594
2970 East 50th Street	Los Angeles - Central	3/9/2022	48,876	1	18,074
19900 Plummer Street	Los Angeles - San Fernando Valley	3/11/2022	43,472	1	15,000
Long Beach Business Park(3)	Los Angeles - South Bay	3/17/2022	123,532	4	24,000
13711 Freeway Drive(4)	Los Angeles - Mid-Counties	3/18/2022	82,092	1	34,000
6245 Providence Way	San Bernardino - Inland Empire West	3/22/2022	27,636	1	9,672
7815 Van Nuys Blvd	Los Angeles - San Fernando Valley	4/19/2022	43,101	1	25,000
13535 Larwin Circle	Los Angeles - Mid-Counties	4/21/2022	56,011	1	15,500
1154 Holt Blvd	San Bernardino - Inland Empire West	4/29/2022	35,033	1	14,158
900-920 Allen Avenue	Los Angeles - San Fernando Valley	5/3/2022	68,630	2	25,000
1550-1600 Champagne Avenue	San Bernardino - Inland Empire West	5/6/2022	124,243	2	46,850
10131 Banana Avenue(2)	San Bernardino - Inland Empire West	5/6/2022	—	—	26,166
2020 Central Avenue	Los Angeles - South Bay	5/20/2022	30,233	1	10,800
14200-14220 Arminta Street(5)	Los Angeles - San Fernando Valley	5/25/2022	200,003	1	80,653
1172 Holt Blvd	San Bernardino - Inland Empire West	5/25/2022	44,004	1	17,783
1500 Raymond Avenue(4)	Orange County - North	6/1/2022	—	—	45,000
2400 Marine Avenue	Los Angeles - South Bay	6/2/2022	50,000	2	30,000
14434-14527 San Pedro Street(4)	Los Angeles - South Bay	6/3/2022	118,923	1	49,105
20900 Normandie Avenue	Los Angeles - South Bay	6/3/2022	74,038	1	39,980
15771 Red Hill Avenue	Orange County - Airport	6/9/2022	100,653	1	46,000
14350 Arminta Street	Los Angeles - San Fernando Valley	6/10/2022	18,147	1	8,400
29125 Avenue Paine	Los Angeles - San Fernando Valley	6/14/2022	175,897	1	45,000
3935-3949 Heritage Oak Court	Ventura	6/22/2022	186,726	1	56,400
620 Anaheim Street	Los Angeles - South Bay	6/23/2022	34,555	1	17,100
400 Rosecrans Avenue(4)	Los Angeles - South Bay	7/6/2022	28,006	1	8,500
3547-3555 Voyager Street	Los Angeles - South Bay	7/12/2022	60,248	3	20,900
6996-7044 Bandini Blvd	Los Angeles - Central	7/13/2022	111,515	2	40,500
4325 Etiwanda Avenue	Riverside / San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	Riverside / San Bernardino - Inland Empire West	7/18/2022	1,057,419	6	470,000
6000-6052 & 6027-6029 Bandini Blvd	Los Angeles - Central	7/22/2022	182,782	2	91,500
3901 Via Oro Avenue	Los Angeles - South Bay	8/12/2022	53,817	1	20,000
15650 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	43,392	1	16,226
15700 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	40,453	1	15,127
17000 Gale Avenue	Los Angeles - San Gabriel Valley	8/12/2022	29,888	1	11,176


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
17909 & 17929 Susana Road	Los Angeles - South Bay	8/17/2022	57,376	2	26,100
2880 Ana Street	Los Angeles - South Bay	8/25/2022	80,850	1	34,600
920 Pacific Coast Highway	Los Angeles - South Bay	9/1/2022	148,186	1	100,000
21022 & 21034 Figueroa Street	Los Angeles - South Bay	9/7/2022	51,185	1	24,200
13301 Main Street	Los Angeles - South Bay	9/14/2022	106,969	1	51,150
20851 Currier Road(4)	Los Angeles - San Gabriel Valley	10/5/2022	59,412	1	21,800
3131 Harcourt Street & 18031 Susana Road	Los Angeles - South Bay	11/15/2022	73,000	2	27,500
14400 Figueroa Street	Los Angeles - South Bay	11/22/2022	121,062	4	49,000
2130-2140 Del Amo Blvd	Los Angeles - South Bay	12/16/2022	99,064	2	41,900
19145 Gramercy Place	Los Angeles - South Bay	12/16/2022	102,143	1	37,000
20455 Reeves Avenue	Los Angeles - South Bay	12/16/2022	110,075	1	48,950
14874 Jurupa Avenue	San Bernardino - Inland Empire West	12/16/2022	158,119	1	59,250
10660 Mulberry Avenue	San Bernardino - Inland Empire West	12/16/2022	49,530	1	10,950
755 Trademark Circle	San Bernardino - Inland Empire West	12/23/2022	34,427	1	10,500
4500 Azusa Canyon Road	Los Angeles - San Gabriel Valley	12/29/2022	77,266	1	40,000
7817 Haskell Avenue	Los Angeles - San Fernando Valley	12/29/2022	7,327	1	11,050
Total 2022 Property Acquisitions			5,940,775	87	$	2,391,927

(2)Represents acquisition of an industrial outdoor storage site.

(4)Represents acquisition of a current or near-term (within 24 months) redevelopment site.

Acquisition of Other Interests


	2023		2022
Assets:
Land	$	978,844	$	1,698,173
Buildings and improvements	435,288		687,358
Tenant improvements	5,685		9,987
Acquired lease intangible assets(1)	29,528		82,539
Right of use asset - ground lease(2)	—		4,787
Other acquired assets(3)	925		558
Total assets acquired	$	1,450,270	$	2,483,402
Liabilities:
Acquired lease intangible liabilities(4)	$	32,984	$	54,085
Lease liability - ground lease(2)	—		4,787

Other deferred rent (off-market terms)(5)	62,813		4,339
Other assumed liabilities(3)(6)	40,763		15,652
Total liabilities assumed	$	136,560	$	78,863
Net assets acquired	$	1,313,710	$	2,404,539

(2)The ROU asset and lease liability relate to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street.

(3)Includes other working capital assets acquired and liabilities assumed at the time of acquisition, including prorations.

(4)Represents below-market lease intangibles with a weighted average amortization period of 20.8 years and 8.9 years, for the 2023 and 2022 acquisitions, respectively.

Summary of the Properties Sold

The following table summarizes information related to the properties that we sold during the years ended December 31, 2023, 2022, and 2021 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
2023 Dispositions:
8101-8117 Orion Ave.	Los Angeles - San Fernando Valley	3/28/2023	48,394	$	17,000	$	12,133
3720-3750 W. Warner Avenue	Orange County Airport	12/05/2023	38,643	11,275		6,868
			87,037	28,275		19,001
2022 Dispositions:
28159 Avenue Stanford	Los Angeles - San Fernando Valley	1/13/2022	79,247	$	16,500	$	8,486

2021 Dispositions:
14723-14825.25 Oxnard Street	Los Angeles - San Fernando Valley	2/12/2021	77,790	$	19,250	$	9,906
6760 Central Avenue, Unit B	San Bernardino - Inland Empire East	3/15/2021	9,943	1,530		954
11529-11547 Tuxford Street	Los Angeles - San Fernando Valley	5/20/2021	29,730	8,176		2,750
5803 Newton Drive	San Diego - North	9/15/2021	71,602	18,600		13,702
2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard	Los Angeles - San Fernando Valley	11/01/2021	31,619	11,700		6,617
Total			220,684	$	59,256	$	33,929

(1)Represents the gross contractual sales price before commissions, prorations, credits and other closing costs.

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts):


	Year Ended December 31,
	2023		2022		2021
Numerator:
Net income	$	249,591	$	177,157	$	136,246
Less: Preferred stock dividends	(9,258)		(9,258)		(12,563)
Less: Original issuance costs of redeemed preferred stock	—		—		(3,349)
Less: Net income attributable to noncontrolling interests	(11,575)		(9,573)		(8,005)
Less: Net income attributable to participating securities	(1,309)		(845)		(568)
Net income attributable to common stockholders	$	227,449	$	157,481	$	111,761

Denominator:
Weighted average shares of common stock outstanding - basic	202,883,704		170,467,365		139,294,882
Effect of dilutive securities	227,289		510,907		780,807
Weighted average shares of common stock outstanding - diluted	203,110,993		170,978,272		140,075,689

Earnings per share - Basic
Net income attributable to common stockholders	$	1.12	$	0.92	$	0.80
Earnings per share - Diluted
Net income attributable to common stockholders	$	1.12	$	0.92	$	0.80

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management and leasing services” in the consolidated statements of operations. We recorded $0.7 million, $0.6 million and $0.5 million during the years ended December 31, 2023, 2022 and 2021, respectively, in management and leasing services revenue.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Stockholder's Equity - Federal Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.325610	$ 1.203386	$ 1.049243
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Common Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.325610	$ 1.203386	$ 1.049243
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0.917970
Dividend, federal income tax treatment	0.00%	0.00%	100.00%
Series A Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0.917970
Dividend, federal income tax treatment	0.00%	0.00%	100.00%
Series B Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series B Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series C Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 1.406252	$ 1.406252
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series C Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 1.406252	$ 1.406252
Dividend, federal income tax treatment	100.00%	100.00%	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ASSETS
Land	$ 6,815,622	$ 5,841,195
Buildings and improvements	3,933,379	3,370,494
Tenant improvements	167,251	147,632
Furniture, fixtures, and equipment	132	132
Construction in progress	240,010	110,934
Total real estate held for investment	11,156,394	9,470,387
Accumulated depreciation	(782,461)	(614,332)
Investments in real estate, net	10,373,933	8,856,055
Cash and cash equivalents	33,444	36,786
Loan receivable, net	122,784	0
Rents and other receivables, net	17,494	15,227
Deferred rent receivable, net	123,325	88,144
Deferred leasing costs, net	59,351	45,080
Deferred loan costs, net	3,426	4,829
Acquired lease intangible assets, net	153,670	169,986
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	9,896	11,422
Other assets	25,225	24,973
Acquisition related deposits	2,125	1,625
Total Assets	10,929,829	9,259,283
Liabilities
Notes payable	2,225,914	1,936,381
Accounts payable, accrued expenses and other liabilities	128,842	97,496
Dividends and distributions payable	83,733	62,033
Acquired lease intangible liabilities, net	147,561	147,384
Tenant security deposits	84,872	71,935
Tenant prepaid rents	115,002	20,712
Total Liabilities	2,785,924	2,335,941
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 212,346,450 and 189,114,129 shares outstanding at December 31, 2023 and December 31, 2022, respectively	2,123	1,891
Additional paid-in capital	7,940,781	6,646,867
Cumulative distributions in excess of earnings	(338,835)	(255,743)
Accumulated other comprehensive income	7,172	8,247
Total stockholders’ equity	7,766,917	6,556,938
Noncontrolling interests	376,988	366,404
Total Equity	8,143,905	6,923,342
Total Liabilities and Equity	10,929,829	9,259,283
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2023 and December 31, 2022 ($75,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2023 and December 31, 2022 ($86,250 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands										1 Months Ended						3 Months Ended		4 Months Ended	9 Months Ended	12 Months Ended			14 Months Ended
	May 10, 2023	Feb. 17, 2023	May 27, 2022	Jan. 13, 2022	Sep. 27, 2021	Aug. 16, 2021	Aug. 04, 2021	May 24, 2021	Nov. 09, 2020	Jan. 31, 2024	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	May 26, 2022	Feb. 17, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 12, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred Stock Redemption Premium																				$ 0	$ 0	$ 3,349
Sale Of Stock, Forward Sale Agreement, Net Proceeds Remaining For Settlement																$ 163,000				$ 163,000
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement																3,010,568				3,010,568
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement, Net Forward Sales price																$ 54.13				$ 54.13
September 2021 Equity Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement														9,600,000
Issuance of stock (shares)					3,100,000
Sale Of Stock, Forward Sale Agreement, Gross Offering Value														$ 181,800
Common stock share price (in dollars per share)														$ 58.65
September 2021 Equity Offering, Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement														6,500,000
Issuance of stock (shares)													6,500,000
Sale Of Stock, Forward Sale Agreement, Initial Forward Price													$ 58.32	$ 58.65
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement													$ 379,100
May 2021 Equity Offering Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)														7,190,474	1,809,526
Sale Of Stock, Forward Sale Agreement, Initial Forward Price								$ 55.29
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers								9,000,000
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement														$ 395,000	$ 100,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share														$ 54.93	$ 55.26
At The Market Equity Offering Program, $750 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement																				5,137,392	23,519,219	8,589,572
Maximum aggregate offering amount				$ 750,000
Proceeds from issuance of common stock																		$ 697,500
At The Market Equity Offering Program, $1 Billion
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount			$ 1,000,000
Proceeds from issuance of common stock																			$ 834,600
Common stock, shares available under ATM																$ 927,400				$ 927,400
At The Market Equity Offering Program 2020, $750 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount									$ 750,000
Proceeds from issuance of common stock																							$ 743,900
At The Market Equity Offering Program 2022, $1Billion and$750 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Forward Sale Agreement, Initial Forward Price																				$ 56.70	$ 64.29	$ 62.87
2022 Forward Equity Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)											8,291,721	3,554,704
Sale Of Stock, Forward Sale Agreement, Initial Forward Price																					$ 55.74
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers												11,846,425					11,846,425				11,846,425
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement											$ 462,800	$ 198,700
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share											$ 55.81	$ 55.90
Purchase of Common Stock, Option Exercised by Underwriters, Shares																	346,425
ATM Programs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)																				449,227	0	3,201,560
Common stock share price (in dollars per share)													$ 52.27			$ 60.84				$ 60.84		$ 52.27
Proceeds from issuance of common stock																				$ 27,300		$ 167,300
Proceeds From Issuance Of Common Stock, Net																				27,000		$ 165,200
2022 and 2021 Forward Equity Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)																					24,788,691	6,683,216
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement																				$ 163,200	$ 1,600,000	$ 405,300
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share																				$ 59.04	$ 65.02	$ 60.65
May 2023 Equity Offering Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Forward Sale Agreement, Initial Forward Price	$ 55.24
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers	13,500,000
May 2023 Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)																11,246,966
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement																$ 623,600
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share																$ 55.45
May 2023 Forward Sale Agreement \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)										2,253,034
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement										$ 125,700
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share										$ 55.79
2023 Forward Equity Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers																2,253,034				2,253,034
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement																				$ 125,400
Sale Of Stock, Forward Sale Agreement, Net Forward Price																				$ 55.67
2023 Forward Equity Offering \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)										466,953
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers										2,543,615
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement										$ 26,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share										$ 55.68
2023 and 2022 Forward Equity Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)																				2,763,708
At The Market Equity Offering Program, $1.25 Billion
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount		$ 1,250,000
Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share)																$ 25.00				$ 25.00
Series A Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock redeemed (in shares)						3,600,000
Dividend Rate							5.875%
Preferred stock, redemption price per share (in dollars per share)						$ 25.00
Preferred stock, dividends per share (in dollars per share)						0.183594
Preferred stock, redemption price per share, including dividends (in dollars per sahre)						$ 25.183594
Preferred stock, redemption amount						$ 90,700
Preferred Stock Redemption Premium						$ 3,300

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Impairment of right-of-use asset	$ 188	$ 0	$ 992
Cash and cash equivalents	33,444	36,786	43,987
Restricted cash	0	0	11
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	33,444	36,786	43,998	$ 177,523
Interest costs capitalized	23,600	12,200	4,500
Real estate taxes and insurance costs capitalized	$ 7,100	5,200	2,200
REIT annual taxable income distribution requirement percentage	90.00%
Provision for doubtful accounts	$ (3,600)	400	(500)
Lease Term to Lease Useful Life, Threshold	0.75
Minimum Lease Payment to Property Fair Value at Inception, Threshold	0.90
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	25 years
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 11,100	$ 8,700	$ 6,100
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	6.00%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	9.50%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	4.75%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	7.75%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	18 months

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares		12 Months Ended
	Aug. 04, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Common stock dividends declared (in dollars per share)		$ 1.52	$ 1.26	$ 0.96
Series C Preferred Stock
Dividend Rate		5.625%	5.625%
Preferred stock dividends declared (in dollars per share)		$ 1.406252	$ 1.406252	$ 1.406252
Series A Preferred Stock
Debt Instrument, Redemption Price, Percentage				5.875%
Dividend Rate	5.875%
Preferred stock dividends declared (in dollars per share)				$ 0.917970
Series B Preferred Stock
Dividend Rate		5.875%	5.875%
Preferred stock dividends declared (in dollars per share)		$ 1.468752	$ 1.468752	$ 1.468752
Series 2 CPOP Units
Dividend Rate			3.00%

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Assets Measures at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2023
Interest Rate Swap Asset	$	9,896	$	—	$	9,896	$	—

December 31, 2022
Interest Rate Swap Asset	$	11,422	$	—	$	11,422	$	—

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our loan receivable and notes payable as of December 31, 2023 and 2022 (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Loan Receivable at:
December 31, 2023	$	129,908	$	—	$	—	$	129,908	$	122,784

Notes Payable at:
December 31, 2023	$	2,077,169	$	—	$	—	$	2,077,169	$	2,225,914
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Cash and cash equivalents	$	36,786	$	43,987
Restricted cash	—		11
Cash, cash equivalents and restricted cash, beginning of period	$	36,786	$	43,998

Cash and cash equivalents	$	33,444	$	36,786
Restricted cash	—		—
Cash, cash equivalents and restricted cash, end of period	$	33,444	$	36,786

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles


	December 31,
	2023		2022
Acquired Lease Intangible Assets:
In-place lease intangibles	$	338,001	$	315,842
Accumulated amortization	(207,804)		(172,883)
In-place lease intangibles, net	$	130,197	$	142,959

Above-market tenant leases	$	25,598	$	26,851
Accumulated amortization	(14,808)		(12,671)
Above-market tenant leases, net	$	10,790	$	14,180

Below-market ground lease(1)	$	12,978	$	12,977
Accumulated amortization(1)	(295)		(130)
Below-market ground lease, net	$	12,683	$	12,847
Acquired lease intangible assets, net	$	153,670	$	169,986

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(249,853)	$	(220,646)
Accumulated accretion	102,292		73,262
Below-market tenant leases, net	$	(147,561)	$	(147,384)




Acquired lease intangible liabilities, net	$	(147,561)	$	(147,384)

(1)The below-market lease intangible relates to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street.

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands):


	Year Ended December 31,
	2023		2022		2021
In-place lease intangibles(1)	$	42,168	$	42,202	$	30,136
Net below market tenant leases(2)	$	(29,295)	$	(31,339)	$	(15,443)
Below-market ground leases(3)	$	164	$	130	$	—

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The amortization of the below-market ground lease is recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2023, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)		Below Market Ground Lease(3)
2024	$	29,246	$	(23,867)	$	164
2025	22,983		(18,072)		164
2026	18,089		(14,416)		164
2027	13,427		(9,558)		164
2028	11,300		(8,406)		164
Thereafter	35,152		(62,452)		11,863
Total	$	130,197	$	(136,771)	$	12,683

(1)Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations.

(2)Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations.

(3)Estimated amounts of amortization will be recorded as an increase to property expenses in the consolidated statements of operations for the periods presented.

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 2,225,914	$ 1,936,381
Loan receivable, net	122,800
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	2,077,169	1,740,745
Loans Receivable, Fair Value Disclosure	129,908
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	0	0
Loans Receivable, Fair Value Disclosure	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	0	0
Loans Receivable, Fair Value Disclosure	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	2,077,169	1,740,745
Loans Receivable, Fair Value Disclosure	129,908
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	2,225,914	$ 1,936,381
Loan receivable, net	$ 122,784

Loan Receivable (Details) $ in Millions	Dec. 31, 2023 USD ($) ft²	Oct. 26, 2023 USD ($) a extension	Dec. 31, 2022 ft²
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans receivable		$ 125.0
Rentable Square Feet	4,270,727	150	5,940,775
Loan to value ratio		60.00%
Loans receivable, stated interest rate		7.50%
Loans receivable, effective interest rate		8.00%
Number of loan extensions available \| extension		1
Loan receivable, term extension		1 year
Loan receivable, term extension fee, percentage		0.25%
Loan receivable, net	$ 122.8
Loans receivable, unamortized origination fees and costs	$ (2.2)
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable, prepayment penalty, percentage		1.00%
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loan receivable, prepayment penalty, percentage		2.00%