0001571283-22-000030 | 10-Q | XBRL Viewer | Rexford Industrial Realty INC

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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Jul. 22, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		171,067,048
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series B Cumulative Redeemable 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
5.625% Series C Cumulative Redeemable 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

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ASSETS
Land	$ 4,896,343	$ 4,143,021
Buildings and improvements	2,923,571	2,588,836
Tenant improvements	136,905	127,708
Furniture, fixtures and equipment	132	132
Construction in progress	90,192	71,375
Total real estate held for investment	8,047,143	6,931,072
Accumulated depreciation	(538,711)	(473,382)
Investments in real estate, net	7,508,432	6,457,690
Cash and cash equivalents	34,317	43,987
Restricted cash	0	11
Rents and other receivables, net	10,382	11,027
Deferred rent receivable, net	75,024	61,511
Deferred leasing costs, net	37,343	32,940
Deferred loan costs, net	5,532	1,961
Acquired lease intangible assets, net	164,764	132,158
Acquired indefinite-lived intangible	5,156	5,156
Other assets	19,513	19,066
Acquisition related deposits	18,475	8,445
Assets associated with real estate held for sale	0	7,213
Total Assets	7,878,938	6,781,165
Liabilities
Notes payable	1,660,521	1,399,565
Interest rate swap liability	0	7,482
Accounts payable, accrued expenses and other liabilities	81,742	65,833
Dividends and distributions payable	56,300	40,143
Acquired lease intangible liabilities, net	149,580	127,017
Tenant security deposits	64,436	57,370
Prepaid rents	14,661	15,829
Liabilities associated with real estate held for sale	0	231
Total Liabilities	2,027,240	1,713,470
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 171,064,419 and 160,511,482 shares outstanding at June 30, 2022 and December 31, 2021, respectively	1,711	1,605
Additional paid in capital	5,556,819	4,828,292
Cumulative distributions in excess of earnings	(216,588)	(191,120)
Accumulated other comprehensive loss	(2,974)	(9,874)
Total stockholders’ equity	5,494,644	4,784,579
Noncontrolling interests	357,054	283,116
Total Equity	5,851,698	5,067,695
Total Liabilities and Equity	7,878,938	6,781,165
5.875% Series B Cumulative Redeemable Preferred Stock
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
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,050,000	10,050,000
Preferred stock, shares outstanding (in 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 (in shares)	489,950,000	489,950,000
Common stock, shares outstanding (in shares)	171,064,419	160,511,482
5.875% Series B Cumulative Redeemable Preferred Stock
Dividend Rate	5.875%	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Dividend Rate	5.625%	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
REVENUES
Rental income	$ 148,987	$ 104,236	$ 289,575	$ 203,880
Management and leasing services	130	109	293	214
Interest income	1	15	2	29
TOTAL REVENUES	149,118	104,360	289,870	204,123
OPERATING EXPENSES
Property expenses	35,405	24,555	68,834	48,130
General and administrative	14,863	10,695	29,580	22,175
Depreciation and amortization	46,609	36,228	89,080	71,372
TOTAL OPERATING EXPENSES	96,877	71,478	187,494	141,677
OTHER EXPENSES
Other expenses	295	2	333	31
Interest expense	10,168	9,593	19,851	19,345
TOTAL EXPENSES	107,340	81,073	207,678	161,053
Loss on extinguishment of debt	(877)	0	(877)	0
Gains on sale of real estate	0	2,750	8,486	13,610
NET INCOME	40,901	26,037	89,801	56,680
Less: net income attributable to noncontrolling interests	(2,290)	(1,710)	(4,774)	(3,679)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	38,611	24,327	85,027	53,001
Less: preferred stock dividends	(2,315)	(3,637)	(4,629)	(7,273)
Less: earnings allocated to participating securities	(203)	(139)	(404)	(280)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 36,093	$ 20,551	$ 79,994	$ 45,448
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.49	$ 0.34
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.22	$ 0.15	$ 0.49	$ 0.34
Weighted average shares of common stock outstanding - basic (in shares)	164,895,701	134,312,672	162,774,059	132,970,234
Weighted average shares of common stock outstanding - diluted (in shares)	165,200,577	134,819,742	163,136,372	133,296,701

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 40,901	$ 26,037	$ 89,801	$ 56,680
Other comprehensive income: cash flow hedge adjustments	716	1,797	7,167	5,706
Comprehensive income	41,617	27,834	96,968	62,386
Comprehensive income attributable to noncontrolling interests	(2,306)	(1,830)	(5,041)	(3,995)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 39,311	$ 26,004	$ 91,927	$ 58,391

- 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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- Definition

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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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	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 common stock	313,176	313,176		$ 61	313,115
Issuance of common stock (in shares)				6,022,699
Offering costs	(3,732)	(3,732)			(3,732)
Share-based compensation	8,898	1,791		$ 1	1,790			7,107
Share-based compensation (in shares)				92,791
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,365)	(1,365)			(1,365)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(28,334)
Conversion of OP Units to common stock	0	7,218		$ 2	7,216			(7,218)
Conversion of OP units to common stock (in shares)				214,804
Net income	56,680	53,001	7,273			45,728		3,679
Other comprehensive income (loss)	5,706	5,390					5,390	316
Dividends, Preferred Stock	(7,273)	(7,273)	(7,273)
Preferred unit distributions	(1,416)							(1,416)
Dividends, Common Stock	(65,190)	(65,190)				(65,190)
Distributions	(3,304)							(3,304)
Ending Balance at Jun. 30, 2021	3,832,772	3,548,157	242,327	$ 1,377	3,499,623	(182,851)	(12,319)	284,615
Ending Balance (in shares) at Jun. 30, 2021				137,727,998
Beginning Balance at Mar. 31, 2021	3,648,218	3,359,515	242,327	$ 1,338	3,300,333	(170,487)	(13,996)	288,703
Beginning Balance (in shares) at Mar. 31, 2021				133,897,360
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	193,341	193,341		$ 37	193,304
Issuance of common stock (in shares)				3,607,313
Offering costs	(2,144)	(2,144)			(2,144)
Share-based compensation	4,559	963			963			3,596
Share-based compensation (in shares)				9,896
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(10)	(10)			(10)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(188)
Conversion of OP Units to common stock	0	7,179		$ 2	7,177			(7,179)
Conversion of OP units to common stock (in shares)				213,617
Net income	26,037	24,327	3,637			20,690		1,710
Other comprehensive income (loss)	1,797	1,677					1,677	120
Dividends, Preferred Stock	(3,637)	(3,637)	(3,637)
Preferred unit distributions	(708)							(708)
Dividends, Common Stock	(33,054)	(33,054)				(33,054)
Distributions	(1,627)							(1,627)
Ending Balance at Jun. 30, 2021	3,832,772	3,548,157	242,327	$ 1,377	3,499,623	(182,851)	(12,319)	284,615
Ending Balance (in shares) at Jun. 30, 2021				137,727,998
Beginning Balance at Dec. 31, 2021	$ 5,067,695	4,784,579	155,676	$ 1,605	4,828,292	(191,120)	(9,874)	283,116
Beginning Balance (in shares) at Dec. 31, 2021	160,511,482			160,511,482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 736,023	736,023		$ 104	735,919
Issuance of common stock (in shares)	10,369,893			10,369,893
Offering costs	$ (11,246)	(11,246)			(11,246)
Issuance of OP Units	56,167							56,167
Issuance of cumulative redeemable convertible preferred units	12,000							12,000
Share-based compensation	12,681	2,655		$ 1	2,654			10,026
Share-based compensation (in shares)				125,114
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(2,025)	(2,025)			(2,025)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(29,238)
Conversion of OP Units to common stock	0	3,226		$ 1	3,225			(3,226)
Conversion of OP units to common stock (in shares)				87,168
Net income	89,801	85,027	4,629			80,398		4,774
Other comprehensive income (loss)	7,167	6,900					6,900	267
Dividends, Preferred Stock	(4,629)	(4,629)	(4,629)
Preferred unit distributions	(1,521)							(1,521)
Dividends, Common Stock	(105,866)	(105,866)				(105,866)
Distributions	(4,549)							(4,549)
Ending Balance at Jun. 30, 2022	$ 5,851,698	5,494,644	155,676	$ 1,711	5,556,819	(216,588)	(2,974)	357,054
Ending Balance (in shares) at Jun. 30, 2022	171,064,419			171,064,419
Beginning Balance at Mar. 31, 2022	$ 5,387,760	5,088,528	155,676	$ 1,650	5,133,875	(198,999)	(3,674)	299,232
Beginning Balance (in shares) at Mar. 31, 2022				165,017,587
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 425,410	425,410		$ 60	425,350
Issuance of common stock (in shares)	5,967,783			5,967,783
Offering costs	$ (6,339)	(6,339)			(6,339)
Issuance of OP Units	56,167							56,167
Share-based compensation	6,506	1,457			1,457			5,049
Share-based compensation (in shares)				13,827
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(10)	(10)			(10)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(136)
Conversion of OP Units to common stock	0	2,487		$ 1	2,486			(2,487)
Conversion of OP units to common stock (in shares)				65,358
Net income	40,901	38,611	2,315			36,296		2,290
Other comprehensive income (loss)	716	700					700	16
Dividends, Preferred Stock	(2,315)	(2,315)	(2,315)
Preferred unit distributions	(798)							(798)
Dividends, Common Stock	(53,885)	(53,885)				(53,885)
Distributions	(2,415)							(2,415)
Ending Balance at Jun. 30, 2022	$ 5,851,698	$ 5,494,644	$ 155,676	$ 1,711	$ 5,556,819	$ (216,588)	$ (2,974)	$ 357,054
Ending Balance (in shares) at Jun. 30, 2022	171,064,419			171,064,419

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Common Stock, Dividends, Per Share, Declared	$ 0.24	$ 0.48
Series A Preferred Stock
Preferred Stock, Dividends Per Share, Declared	0.367188	0.734376
5.875% Series B Cumulative Redeemable Preferred Stock
Preferred Stock, Dividends Per Share, Declared	0.367188	0.734376
5.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, Dividends Per Share, Declared	$ 0.351563	$ 0.703126

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 89,801	$ 56,680
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	89,080	71,372
Amortization of (below) above market lease intangibles, net	(11,217)	(6,098)
Amortization of debt issuance costs	1,083	894
Amortization of discount (premium) on notes payable, net	123	(57)
Loss on extinguishment of debt	877	0
Gain on sale of real estate	(8,486)	(13,610)
Equity based compensation expense	12,394	8,724
Straight-line rent	(15,342)	(9,039)
Payments for termination/settlement of interest rate derivatives	(589)	0
Amortization related to termination/settlement of interest rate derivatives	274	820
Change in working capital components:
Rents and other receivables	1,987	2,059
Deferred leasing costs	(3,140)	(6,701)
Other assets	5,636	(4,506)
Accounts payable, accrued expenses and other liabilities	(607)	(3,270)
Tenant security deposits	3,641	5,117
Prepaid rents	(2,608)	(708)
Net cash provided by operating activities	162,907	101,677
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(992,482)	(412,819)
Capital expenditures	(55,217)	(49,514)
Payments for deposits on real estate acquisitions, net	(17,850)	(14,540)
Proceeds from sale of real estate	15,315	27,715
Net cash used in investing activities	(1,050,234)	(449,158)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	724,777	309,444
Proceeds from borrowings	1,252,000	15,000
Repayment of borrowings	(991,185)	(15,652)
Debt issuance costs	(5,513)	(975)
Dividends paid to preferred stockholders	(4,629)	(7,273)
Dividends paid to common stockholders	(90,504)	(60,392)
Distributions paid to common unitholders	(3,754)	(3,168)
Distributions paid to preferred unitholders	(1,521)	(1,416)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,025)	(1,365)
Net cash provided by financing activities	877,646	234,203
Increase (decrease) in cash, cash equivalents and restricted cash	(9,681)	(113,278)
Cash, cash equivalents and restricted cash, beginning of period	43,998	177,523
Cash, cash equivalents and restricted cash, end of period	34,317	64,245
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $4,402 and $1,625 for the six months ended June 30, 2022 and 2021, respectively)	18,482	18,118
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities	6,363	0
Assumption of debt in connection with acquisition of real estate including loan premium	0	3,346
Accrual for capital expenditures	16,420	11,915
Accrual of dividends and distributions	56,300	34,681
OP Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	56,167	0
Series 3 CPOP Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	$ 12,000	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Class of Stock [Line Items]
Interest costs capitalized	$ 2,400	$ 900	$ 4,402	$ 1,625
Series 3 CPOP Units
Class of Stock [Line Items]
Dividend Rate			3.00%

Organization	6 Months Ended
Organization	Jun. 30, 2022
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 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 property. As of June 30, 2022, our consolidated portfolio consisted of 330 properties with approximately 39.4 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).

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

As of June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 2022 and 2021, the financial statements presented 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 June 30, 2022 and December 31, 2021, 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.

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021 and the notes thereto.

Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

Reclassifications

Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications relate to acquisition expenses for the prior period presented that have been reclassified to “Other expenses” to conform to the current period’s presentation and they have no effect on net income or stockholders’ equity as previously reported.

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

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 equivalents 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 six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash and cash equivalents	$	43,987	$	176,293
Restricted cash	11		1,230
Cash, cash equivalents and restricted cash, beginning of period	$	43,998	$	177,523

Cash and cash equivalents	$	34,317	$	64,219
Restricted cash	—		26
Cash, cash equivalents and restricted cash, end of period	$	34,317	$	64,245

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under Accounting Standards Update (“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 no longer 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 rents and comparable sales data 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 six months ended June 30, 2022, we used discount rates ranging from 4.75% to 7.50% and exit capitalization rates ranging from 3.75% to 6.25%.

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, 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 six months ended June 30, 2022, we used an estimated average lease-up period ranging from six months to twelve months.

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 is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date.

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 $2.4 million and $0.9 million during the three months ended June 30, 2022 and 2021, respectively, and $4.4 million and $1.6 million during the six months ended June 30, 2022 and 2021 respectively. We capitalized real estate taxes and insurance costs aggregating $1.3 million and $0.4 million during the three months ended June 30, 2022 and 2021, respectively, and $2.3 million and $0.8 million during the six months ended June 30, 2022 and 2021, respectively. We capitalized compensation costs for employees who provide construction services of $2.1 million and $1.4 million during the three months ended June 30, 2022 and 2021, respectively, and $4.1 million and $2.7 million during the six months ended June 30, 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 the Accounting Standards Codification (“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 June 30, 2022, we did not have any properties classified as held for sale. As of December 31, 2021, our property located at 28159 Avenue Stanford was classified as held for sale. See “Note 3 – Investments in Real Estate” for details.

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 three and six months ended June 30, 2022 and 2021, there were no impairment charges recorded to the carrying value of our properties.

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.

In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT 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. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and six months ended June 30, 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 June 30, 2022, and December 31, 2021, 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 7 – Interest Rate Derivatives” for details.

Revenue Recognition

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

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.

Valuation of Operating Lease Receivables

We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases, including deferred rent receivables arising from straight-line recognition of rental income. 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 $0.2 million as a net increase adjustment to rental income and $0.1 million as a net reduction adjustment to rental income for the three months ended June 30, 2022 and 2021, respectively, and $0.2 million as a net increase adjustment and $0.6 million as a net reduction adjustment to rental income for the six months ended June 30, 2022 and 2021, respectively, in the consolidated statements of operations.

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 5 – 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 12 – 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 program 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 11 – 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 13 – 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.

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 asset 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 6 – Leases” for additional lessee disclosures required under lease accounting guidance.

Reference Rate Reform

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As of June 30, 2022, all our derivatives impacted by this guidance have been terminated.

Adoption of New Accounting Pronouncements

In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates two of the three accounting models that require separate accounting for embedded conversion features in convertible instruments, simplifies the contract assessment for equity classification, requires the use of the if-converted method for all convertible instruments in diluted EPS calculations and expands disclosure requirements. ASU 2020-06 is effective for fiscal periods beginning after December 15, 2021, including interim periods within those fiscal years. On January 1, 2022, we adopted ASU 2020-06. The adoption of ASU 2020-06 did not have any impact on our consolidated financial statements or overall EPS calculation. We continue to account for each of our various convertible instruments as a single equity instrument measured at historical cost as they do not have embedded features requiring bifurcation and separate accounting. See “Note 11 – Equity” for additional information related to convertible instruments.

Investments in Real Estate

6 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisitions

The following table summarizes the wholly-owned properties we acquired during the six months ended June 30, 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
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	Los Angeles - South Bay	3/17/2022	123,532	4	24,000		(3)
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	1	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	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
Total 2022 Property Acquisitions			2,873,006	45	$	1,056,548

(1)Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition related costs. Including $16.5 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $1.07 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 11 – Equity – Noncontrolling Interests – Issuance of Series 3 CPOP Units” for additional details.

(4)Represents acquisition of a current or near-term 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):


	2022 Acquisitions
Assets:
Land	$	753,321
Buildings and improvements	299,798
Tenant improvements	7,159
Acquired lease intangible assets(1)	51,966
Right of use asset - ground lease(2)	4,787
Other acquired assets(3)	496
Total assets acquired	$	1,117,527

Liabilities:
Acquired lease intangible liabilities(4)	$	34,842

Deferred rent liabilities(5)	4,339
Lease liability - ground lease(2)	4,787
Other assumed liabilities(3)	5,091
Total liabilities assumed	$	49,059
Net assets acquired	$	1,068,468

(1)Acquired lease intangible assets is comprised of (i) $34.8 million of in-place lease intangibles with a weighted average amortization period of 6.7 years, (ii) $4.2 million of above-market lease intangibles with a weighted average amortization period of 8.5 years and (iii) $13.0 million of below-market ground lease intangibles with a weighted average 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.

(4)Represents below-market lease intangibles with a weighted average amortization period of 11.5 years.

(5)In connection with four of our acquisition transactions, we entered into short-term leaseback agreements with each seller/tenant where the seller/tenant does not pay any base rent for the lease term. The amounts allocated to “Deferred rent liabilities” in the table above represent the present value of lease payments using prevailing market rental rates, which will be amortized into rental income over the term of each respective lease.

Dispositions

The following table summarizes information related to the property that was sold during the six months ended June 30, 2022.

Property

Submarket

Date of Disposition

Rentable Square Feet

Contractual Sales Price(1)

(in thousands)

Gain Recorded
(in thousands)

28159 Avenue Stanford

Los Angeles - San Fernando Valley

1/13/2022

79,247

16,500

8,486

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

Real Estate Held for Sale

As of June 30, 2022, we did not have any properties classified as held for sale. As of December 31, 2021, the property located at 28159 Avenue Stanford in Valencia, California was classified as held for sale.

The following table summarizes the major classes of assets and liabilities associated with real estate property classified as held for sale as of December 31, 2021 (dollars in thousands).


	December 31, 2021
Land	$	1,849
Building and improvements	10,753
Tenant improvements	1,059

Real estate held for sale	13,661
Accumulated depreciation	(6,657)
Real estate held for sale, net	7,004
Other assets associated with real estate held for sale	209
Total assets associated with real estate held for sale, net	$	7,213

Tenant security deposits	$	177
Other liabilities associated with real estate held for sale	54
Total liabilities associated with real estate held for sale	$	231

Acquired Lease Intangibles

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

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


	June 30, 2022		December 31, 2021
Acquired Lease Intangible Assets:
In-place lease intangibles	$	290,055	$	256,902
Accumulated amortization	(152,030)		(135,415)
In-place lease intangibles, net	$	138,025	$	121,487

Above-market tenant leases	$	25,115	$	21,065
Accumulated amortization	(11,305)		(10,394)
Above-market tenant leases, net	$	13,810	$	10,671

Below-market ground lease(1)	$	12,977	$	—
Accumulated amortization(1)	(48)		—
Below-market ground lease, net	$	12,929	$	—
Acquired lease intangible assets, net	$	164,764	$	132,158

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(208,831)	$	(174,686)
Accumulated accretion	59,251		47,669
Below-market tenant leases, net	$	(149,580)	$	(127,017)




Acquired lease intangible liabilities, net	$	(149,580)	$	(127,017)

(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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
In-place lease intangibles(1)	$	10,160	$	7,379	$	18,298	$	14,697
Net below-market tenant leases(2)	$	(6,168)	$	(3,386)	$	(11,265)	$	(6,098)
Below-market ground leases(3)	$	41	$	—	$	48	$	—

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

Notes Payable

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2022 and December 31, 2021 (dollars in thousands):


	June 30, 2022		December 31, 2021		Margin Above LIBOR/SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	125,000	$	—	S+0.775	%	(2)	2.375	%	(3)	5/26/2026	(4)
$150M Term Loan Facility(5)	—		150,000		n/a			n/a			5/22/2025
$100M Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan Facility	300,000		—		S+0.850	%	(2)	2.636	%		5/26/2027
$125M Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$25M Series 2019A 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	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	1,550,000	$	1,275,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	3,892	$	3,951	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	57,716		58,108		L+1.700	%		3.487	%		8/1/2023	(7)
960-970 Knox Street(6)	2,354		2,399		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,760		3,806		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,545		2,626		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,213		4,272		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,648		2,682		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(8)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,144		15,320		n/a			3.930	%		7/1/2027
2205 126th Street(9)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(9)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	3,965		4,002		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,028		2,119		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(6)	3,071		3,132		n/a			4.140	%		8/1/2039
2515 Western Avenue(10)	—		13,104		n/a			4.500	%		9/1/2042
Total Secured Debt	$	123,936	$	138,121
Total Unsecured and Secured Debt	$	1,673,936	$	1,413,121
Less: Unamortized premium/discount and debt issuance costs(11)	(13,415)		(13,556)
Total	$	1,660,521	$	1,399,565

(1)Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts.

(2)The interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for the unsecured revolving credit facility and 1-month term SOFR for the $300.0 million term loan facility (in each case increased by a 0.10% SOFR adjustment) plus an applicable margin ranging from 0.725% to 1.400% per annum for the unsecured revolving credit facility and 0.80% to 1.60% per annum for the $300.0 million term loan facility, depending on our investment grade ratings, leverage ratio and sustainability performance metrics, which may change from time to time. 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. The applicable facility fee will range from 0.125% to 0.300% per annum depending upon our investment grade rating, leverage ratio and sustainability performance metrics.

(4)Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions.

(5)In May 2022, we paid in full the outstanding principal balance on this unsecured debt.

(6)Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 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).

(7)Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.

(8)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.

(9)Fixed monthly payments of interest only.

(10)In June 2022, we paid in full the outstanding principal balance on this secured debt and incurred no penalty for the prepayment in advance of its maturity date of September 1, 2042.

(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 June 30, 2022, and does not consider extension options available to us as noted in the table above (in thousands):


July 1, 2022 - December 31, 2022	$	1,096
2023	64,815
2024	13,403
2025	100,973
2026	132,587
Thereafter	1,361,062
Total	$	1,673,936

Fourth Amended and Restated 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 provides for (i) a senior unsecured term loan facility (the “Term Loan Facility”) that permits aggregate borrowings of up to $300 million, 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. The maturity date of the Term Loan Facility is May 26, 2027, and the maturity date of the Revolver is May 26, 2026 (with two extensions options of six months each). The Credit Agreement has an accordion option that permits us to request additional lender commitments up to an additional $1.2 billion, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Loan Facility, additional term loan tranches or any combination of the foregoing, subject to certain terms and conditions.

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 Simple 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 Simple SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Loan 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 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 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 investment grade ratings. The interest rate under the Credit Agreement is also subject to a favorable leverage-based adjustment if our ratio of total indebtedness to total asset value is less than 35%.

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, if we meet, or do not meet, certain sustainability performance targets, as applicable.

The Revolver and the Term Loan Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Loan 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. This write-off is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

On June 30, 2022, we had $125.0 million borrowings outstanding under the Revolver, leaving $875.0 million 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 Term Loan Facility to repay our $150 million unsecured term loan facility in full. We did not incur any prepayment penalties for repaying the $150 million unsecured term loan facility in advance of the maturity date of May 22, 2025. In connection with the repayment of the $150 million unsecured term loan facility, we wrote off $0.7 million of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

Debt Covenants

The Credit Agreement, our $100 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125 million unsecured guaranteed senior notes (the “$125 Million Notes”) and our $25 million unsecured guaranteed senior notes and $75 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, 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;

•Maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and

•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 $400.0 million 2.125% senior notes due 2030 and $400 Million Notes due 2031 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.

The Credit Agreement and Senior Notes also provide that our distributions may not exceed the greater of (i) 95.0% of our funds from operations or (ii) the amount required for us to qualify and maintain our status as a REIT and avoid the payment of federal or state income or excise tax in any 12-month period.

Subject to the terms of the Senior Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, make-whole payment amount, or interest under the Senior Notes, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the Senior Notes agreement, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest and the make-whole payment amount on the outstanding Senior Notes will become due and payable at the option of the purchasers. 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, Moody’s Investors Services or Fitch Ratings.

Our $60 million term loan contains a financial covenant that is tested on a quarterly basis, which requires us to maintain a minimum Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.0.

We were in compliance with all of our required quarterly debt covenants as of June 30, 2022.

- 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://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Leases

6 Months Ended

Jun. 30, 2022

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 three and six months ended June 30, 2022, we recognized $142.8 million and $278.3 million of rental income related to operating lease payments, of which $116.9 million and $227.4 million are for fixed lease payments and $25.9 million and $50.9 million are for variable lease payments, respectively. For the comparable three and six month-period ended June 30, 2021, we recognized $100.9 million and $197.8 million of rental income related to operating lease payments, of which $83.5

million and $163.6 million were for fixed lease payments and $17.4 million and $34.2 million were for variable lease payments, respectively.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2022 (in thousands):


Twelve Months Ended June 30,
2023	$	450,366
2024	396,238
2025	330,319
2026	269,677
2027	196,923
Thereafter	759,505
Total	$	2,403,028

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 June 30, 2022, our office space leases have current remaining lease terms ranging from approximately three years to six years and some include options to renew for an additional term of five years. As of June 30, 2022, we also have two ground leases, one of which is a lease we assumed in the acquisition of 2970 East 50th Street in March 2022 which has a current remaining lease term of approximately 39 years and four additional ten-year options to renew. The second ground lease is for a parcel of land that is adjacent to one of our properties and is used as a parking lot. This ground lease has a current remaining term of approximately one year and two additional ten-year options to renew.

As of June 30, 2022, total ROU assets and lease liabilities were approximately $9.2 million and $11.9 million, respectively. As of December 31, 2021, total ROU assets and lease liabilities were approximately $3.5 million and $5.0 million, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost(1) (in thousands)	2022		2021		2022		2021
Operating lease cost	$	483	$	402	$	932	$	804
Variable lease cost	37		15		60		31
Sublease income	(67)		—		(134)		—
Total lease cost	$	453	$	417	$	858	$	835

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


	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2022		2021		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	497	$	375	$	906	$	681
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	6,363	$	—


Lease Term and Discount Rate	June 30, 2022		December 31, 2021
Weighted-average remaining lease term(1)	34.1 years		3.3 years
Weighted-average discount rate(2)	3.74	%	2.95	%

(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.

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of June 30, 2022 (in thousands):


	June 30, 2022
July 1, 2022 - December 31, 2022	$	1,151
2023	2,308
2024	2,298
2025	1,123
2026	682
Thereafter	20,750
Total undiscounted lease payments	$	28,312
Less imputed interest	(16,451)
Total lease liabilities	$	11,861

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.

million and $163.6 million were for fixed lease payments and $17.4 million and $34.2 million were for variable lease payments, respectively.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2022 (in thousands):


Twelve Months Ended June 30,
2023	$	450,366
2024	396,238
2025	330,319
2026	269,677
2027	196,923
Thereafter	759,505
Total	$	2,403,028

Lessee

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


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost(1) (in thousands)	2022		2021		2022		2021
Operating lease cost	$	483	$	402	$	932	$	804
Variable lease cost	37		15		60		31
Sublease income	(67)		—		(134)		—
Total lease cost	$	453	$	417	$	858	$	835

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


	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2022		2021		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	497	$	375	$	906	$	681
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	6,363	$	—


Lease Term and Discount Rate	June 30, 2022		December 31, 2021
Weighted-average remaining lease term(1)	34.1 years		3.3 years
Weighted-average discount rate(2)	3.74	%	2.95	%

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

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of June 30, 2022 (in thousands):


	June 30, 2022
July 1, 2022 - December 31, 2022	$	1,151
2023	2,308
2024	2,298
2025	1,123
2026	682
Thereafter	20,750
Total undiscounted lease payments	$	28,312
Less imputed interest	(16,451)
Total lease liabilities	$	11,861

Interest Rate Derivatives

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Derivatives

The following table sets forth a summary of the terms and fair value of our interest rate swap at June 30, 2022 and December 31, 2021 (dollars in thousands):


					Notional Value				Fair Value of Interest Rate Derivative Liabilities
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021


Interest Rate Swap(1)	7/22/2019	11/22/2024	2.7625	%	$	—	$	150,000	$	—	$	(7,482)

(1)As of December 31, 2021, our interest rate swap was in a liability position and as such, the fair value is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets. On May 26, 2022, we terminated our interest rate swap. We held no interest rate swap as of June 30, 2022.

On May 26, 2022, in conjunction with the repayment of the $150 Million Term Loan Facility, we paid $0.6 million to terminate the interest rate swap that was used to hedge the monthly cash flows associated with $150 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).

Prior to termination, our interest rate swap was designated and qualified as a cash flow hedge. 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 derivatives on our financial statements for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	123	$	(347)	$	5,417	$	1,458
Amount of loss reclassified from AOCI into earnings under “Interest expense”(1)	$	(593)	$	(2,144)	$	(1,750)	$	(4,248)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	10,168	$	9,593	$	19,851	$	19,345

(1)Includes losses that have been reclassified from AOCI into interest expense related to (i) the treasury rate lock agreements that were settled in August 2021 and for which amounts will continue to be reclassified over the ten-year term of the hedged transaction, (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.

During the next twelve months, we estimate that an additional $0.5 million of unrealized loss balance in AOCI related to the terminated swap and previously settled treasury rate lock agreements will be reclassified from AOCI into earnings as an increase to interest expense.

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.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

ASC Topic 820: Fair Value Measurements and Disclosure (“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.

As of June 30, 2022, we have no interest rate swaps outstanding. The table below sets forth the estimated fair value of our interest rate swap as of December 31, 2021, which we measured 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, 2021

Interest Rate Swap Liability	$	(7,482)	$	—	$	(7,482)	$	—

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 table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2022 and December 31, 2021 (in thousands):


	Fair Value Measurement Using
Liabilities	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
Notes Payable at:
June 30, 2022	$	1,504,397	$	—	$	—	$	1,504,397	$	1,660,521
December 31, 2021	$	1,404,680	$	—	$	—	$	1,404,680	$	1,399,565

- 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

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2022
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 19 properties with approximately 1.0 million rentable square feet owned by 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 $0.1 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively, and $0.3 million and $0.2 million for the six months ended June 30, 2022 and 2021, respectively, in management and leasing services revenue.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2022
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 June 30, 2022, 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 June 30, 2022, we had commitments of approximately $77.7 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 June 30, 2022, 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 June 30, 2022, 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 six months ended June 30, 2022, no single tenant accounted for more than 5% of our total consolidated rental income.

Equity

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Equity

Preferred Stock

At June 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands):


				June 30, 2022			December 31, 2021
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

On August 16, 2021, we redeemed all 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, plus all accrued and unpaid dividends on such shares up to but not including the redemption date.

Common Stock

ATM Program

On May 27, 2022, we established a new at-the-market equity offering 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 $1.0 billion (the “Current 2022 ATM Program”). The Current 2022 ATM Program replaces our previous $750.0 million at-the-market equity offering program, which was established on January 13, 2022 (the “Prior 2022 ATM Program”), under which we had sold shares of our common stock having an aggregate gross sales price of $697.5 million through May 27, 2022. In addition, we previously established a $750.0 million at-the-market equity offering program on November 9, 2020 (the “2020 ATM Program”), under which we had sold shares of our common stock having an aggregate gross sales price of $743.9 million through January 13, 2022. 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 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.

During the three and six months ended June 30, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under the Current 2022 ATM Program and Prior 2022 ATM Program with respect to 12,002,480 and 17,754,748 shares of common stock at a weighted average initial forward sale price of $61.73 and $64.49 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 three months ended June 30, 2022, we physically settled a portion of the forward equity sale agreements under the Current 2022 ATM Program and Prior 2022 ATM Program by issuing 5,967,783 shares of our common stock for net proceeds of $419.4 million. During the six months ended June 30, 2022, we physically settled the forward equity sale agreement that was outstanding as of December 31, 2021 under the 2020 ATM Program and a portion of the forward equity sale agreements under the Current 2022 ATM Program and Prior 2022 ATM Program by issuing 10,369,893 shares of our common stock for net proceeds of $725.4 million. The net proceeds for the three and six months ended June 30, 2022 were calculated based on a weighted average net forward sale price at the time of settlement of $70.28 and $69.95 per share, respectively. As of June 30, 2022, we had 9,291,211 shares of common stock, or approximately $552.1 million of forward net proceeds remaining for settlement to occur before the third quarter of 2023, based on net forward sales price of $59.42 per share.

As of June 30, 2022, approximately $536.5 million of common stock remains available to be sold under the Current 2022 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.

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our AOCI balance for the six months ended June 30, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges (in thousands):


	Six Months Ended June 30,
	2022		2021
Accumulated other comprehensive loss - beginning balance	$	(9,874)	$	(17,709)
Other comprehensive income before reclassifications	5,417		1,458
Amounts reclassified from accumulated other comprehensive loss to interest expense	1,750		4,248
Net current period other comprehensive income	7,167		5,706
Less: other comprehensive income attributable to noncontrolling interests	(267)		(316)
Other comprehensive income attributable to common stockholders	6,900		5,390
Accumulated other comprehensive loss - ending balance	$	(2,974)	$	(12,319)

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, 4.43937% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership, 4.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership and 3.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (the “Series 3 CPOP Units”), as more fully described below, that are not owned by us.

Operating Partnership Units

As of June 30, 2022, noncontrolling interests included 5,901,264 OP Units, 659,586 fully-vested LTIP units and 744,899 fully-vested performance units, and represented approximately 4.1% 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 and 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.

During the six months ended June 30, 2022, 87,168 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $3.2 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

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.

Issuance of 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 million in cash and (ii) issued the seller 164,998 newly issued 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 and 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.

The Series 3 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 March 17, 2027 (the “Company Conversion Right”), in each case, into OP Units on a one-for one basis, subject to adjustment to eliminate fractional units or to the extent that there are any accrued and unpaid distributions on the Series 3 CPOP Units. 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 our common stock, or, at our election, shares of our common stock on a one for-one basis (the “Subsequent Redemption Right”).

The Series 3 CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s other currently outstanding preferred and CPOP units.

Pursuant to relevant accounting guidance, we analyzed the Series 3 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 Series 3 CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the Series 3 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 Series 3 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 Series 3 CPOP Units require bifurcation and separate accounting, and (ii) the Series 3 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Incentive Award Plan

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [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.

As of June 30, 2022, a total of 2,477,999 shares of common stock, LTIP Units, Performance Units and other stock based award 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 described in the Operating Partnership’s partnership agreement, the LTIP Units and Performance Units can over time achieve full parity with the 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. 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. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distributions paid on OP Units.

Share-Based Award Activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the six months ended June 30, 2022:


	Unvested Awards
	Restricted Common Stock			LTIP Units
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2022	249,179	$	45.62	239,709	$	54.99
Granted	130,847	68.34		47,837	68.79
Forfeited	(5,733)	55.30		—	—
Vested(1)	(91,682)	42.83		(37,540)	61.34
Balance at June 30, 2022	282,611	$	56.85	250,006	$	56.68

(1)During the six months ended June 30, 2022, 29,238 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2022:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
July 1, 2022 - December 31, 2022	6,749	104,176	253,900
2023	112,390	85,717	476,915
2024	78,737	42,788	366,004
2025	56,077	11,778	—
2026	28,658	5,547	—
Total	282,611	250,006	1,096,819

(1)Represents the maximum number of Performance Units that would become earned and vested in December of 2022, 2023 and 2024, in the event that the specified maximum total shareholder return (“TSR”) and FFO per share growth hurdles are achieved at the end of the three-year performance period for awards that were initially granted in December of 2019, 2020, and 2021, respectively.

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Expensed share-based compensation(1)	$	6,342	$	4,463	$	12,394	$	8,724
Capitalized share-based compensation(2)	164		96		287		174
Total share-based compensation	$	6,506	$	4,559	$	12,681	$	8,898

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

(2)For the three and six months ended June 30, 2022 and 2021, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

As of June 30, 2022, total unrecognized compensation cost related to all unvested share-based awards was $39.9 million and is expected to be recognized over a weighted average remaining period of 27 months.

Earnings Per Share

6 Months Ended

Jun. 30, 2022

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income	$	40,901	$	26,037	$	89,801	$	56,680
Less: Preferred stock dividends	(2,315)		(3,637)		(4,629)		(7,273)

Less: Net income attributable to noncontrolling interests	(2,290)		(1,710)		(4,774)		(3,679)
Less: Net income attributable to participating securities	(203)		(139)		(404)		(280)
Net income attributable to common stockholders –basic and diluted	$	36,093	$	20,551	$	79,994	$	45,448



Denominator:
Weighted average shares of common stock outstanding – basic	164,895,701		134,312,672		162,774,059		132,970,234
Effect of dilutive securities	304,876		507,070		362,313		326,467

Weighted average shares of common stock outstanding – diluted	165,200,577		134,819,742		163,136,372		133,296,701

Earnings per share — Basic
Net income attributable to common stockholders	$	0.22	$	0.15	$	0.49	$	0.34
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.22	$	0.15	$	0.49	$	0.34

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 when their inclusion is dilutive. These units were not dilutive for the periods presented above.

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

Acquisitions

The following table summarizes the properties we acquired subsequent to June 30, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
400 Rosecrans Avenue	Los Angeles - South Bay	7/06/2022	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	San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	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
Total Subsequent Acquisitions			1,564,228	15	$	678,900

Amended Credit Agreement

On July 19, 2022, we exercised the accordion option under the Credit Agreement to add a $400.0 million unsecured term loan with a maturity date of July 19, 2024 (with two extensions options of one year each).

Interest Rate Swap Agreements

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 1-month term SOFR related to a portion of our variable-rate debt. These swaps, which are effective commencing on July 27, 2022, and mature on May 26, 2027, will effectively fix 1-month term SOFR at a weighted average rate of 2.81725%. We have designated these interest rate swaps as cash flow hedges.

Dividends and Distributions Declared

On July 18, 2022, our board of directors declared the quarterly cash dividends/distributions, record dates and payment dates, and on July 25, 2022, adjusted the common stock dividend and OP Unit distribution payment dates as set forth below.

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.315

September 30, 2022

October 14, 2022

OP Units

0.315

September 30, 2022

October 14, 2022

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

September 15, 2022

September 30, 2022

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

September 15, 2022

September 30, 2022

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

September 15, 2022

September 30, 2022

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

September 15, 2022

September 30, 2022

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

September 15, 2022

September 30, 2022

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation As of June 30, 2022 and December 31, 2021, and for the three and six months ended June 30, 2022 and 2021, the financial statements presented 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 June 30, 2022 and December 31, 2021, 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. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2021 and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Reclassifications	ReclassificationsCertain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation. These reclassifications relate to acquisition expenses for the prior period presented that have been reclassified to “Other expenses” to conform to the current period’s presentation and they have no effect on net income or stockholders’ equity as previously reported.
Use of Estimates	Use of EstimatesThe 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	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 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 equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows.
Investments in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“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 no longer 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 rents and comparable sales data 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 six months ended June 30, 2022, we used discount rates ranging from 4.75% to 7.50% and exit capitalization rates ranging from 3.75% to 6.25%. 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, 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 six months ended June 30, 2022, we used an estimated average lease-up period ranging from six months to twelve months. 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 is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. 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 $2.4 million and $0.9 million during the three months ended June 30, 2022 and 2021, respectively, and $4.4 million and $1.6 million during the six months ended June 30, 2022 and 2021 respectively. We capitalized real estate taxes and insurance costs aggregating $1.3 million and $0.4 million during the three months ended June 30, 2022 and 2021, respectively, and $2.3 million and $0.8 million during the six months ended June 30, 2022 and 2021, respectively. We capitalized compensation costs for employees who provide construction services of $2.1 million and $1.4 million during the three months ended June 30, 2022 and 2021, respectively, and $4.1 million and $2.7 million during the six months ended June 30, 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	Assets Held for SaleWe classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“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.
Impairment of Long-Lived Assets	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.
Income Taxes	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. In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT 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. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and six months ended June 30, 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 June 30, 2022, and December 31, 2021, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	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 7 – Interest Rate Derivatives” for details.
Revenue Recognition	Revenue Recognition Our primary sources of income are rental income, management and leasing services and gains on sale of real estate. 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.
Valuation of Operating Lease Receivables	Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases, including deferred rent receivables arising from straight-line recognition of rental income. 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.
Deferred Leasing Costs	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 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 5 – Notes Payable” for details.
Equity Based Compensation	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 12 – Incentive Award Plan” for details.
Equity Offerings	Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering program 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 11 – 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	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 13 – Earnings Per Share” for details.
Segment Reporting	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.
Leases as a Lessee	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 asset 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 6 – Leases” for additional lessee disclosures required under lease accounting guidance.
Reference Rate Reform; Adoption of Accounting Pronouncements	Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As of June 30, 2022, all our derivatives impacted by this guidance have been terminated. Adoption of New Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates two of the three accounting models that require separate accounting for embedded conversion features in convertible instruments, simplifies the contract assessment for equity classification, requires the use of the if-converted method for all convertible instruments in diluted EPS calculations and expands disclosure requirements. ASU 2020-06 is effective for fiscal periods beginning after December 15, 2021, including interim periods within those fiscal years. On January 1, 2022, we adopted ASU 2020-06. The adoption of ASU 2020-06 did not have any impact on our consolidated financial statements or overall EPS calculation. We continue to account for each of our various convertible instruments as a single equity instrument measured at historical cost as they do not have embedded features requiring bifurcation and separate accounting. See “Note 11 – Equity” for additional information related to convertible instruments.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the six months ended June 30, 2022 and 2021 (in thousands):


	Six Months Ended June 30,
	2022		2021
Cash and cash equivalents	$	43,987	$	176,293
Restricted cash	11		1,230
Cash, cash equivalents and restricted cash, beginning of period	$	43,998	$	177,523

Cash and cash equivalents	$	34,317	$	64,219
Restricted cash	—		26
Cash, cash equivalents and restricted cash, end of period	$	34,317	$	64,245

Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2022

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned properties we acquired during the six months ended June 30, 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
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	Los Angeles - South Bay	3/17/2022	123,532	4	24,000		(3)
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	1	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	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
Total 2022 Property Acquisitions			2,873,006	45	$	1,056,548

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

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

Summary of Fair Value of Amounts Recognized


	2022 Acquisitions
Assets:
Land	$	753,321
Buildings and improvements	299,798
Tenant improvements	7,159
Acquired lease intangible assets(1)	51,966
Right of use asset - ground lease(2)	4,787
Other acquired assets(3)	496
Total assets acquired	$	1,117,527

Liabilities:
Acquired lease intangible liabilities(4)	$	34,842

Deferred rent liabilities(5)	4,339
Lease liability - ground lease(2)	4,787
Other assumed liabilities(3)	5,091
Total liabilities assumed	$	49,059
Net assets acquired	$	1,068,468

(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.

(4)Represents below-market lease intangibles with a weighted average amortization period of 11.5 years.

Summary of Properties Sold

The following table summarizes information related to the property that was sold during the six months ended June 30, 2022.

Property

Submarket

Date of Disposition

Rentable Square Feet

Contractual Sales Price(1)

(in thousands)

Gain Recorded
(in thousands)

28159 Avenue Stanford

Los Angeles - San Fernando Valley

1/13/2022

79,247

16,500

8,486

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

Disclosure of Assets and Liabilities Associated with Real Estate Held for Sale

The following table summarizes the major classes of assets and liabilities associated with real estate property classified as held for sale as of December 31, 2021 (dollars in thousands).


	December 31, 2021
Land	$	1,849
Building and improvements	10,753
Tenant improvements	1,059

Real estate held for sale	13,661
Accumulated depreciation	(6,657)
Real estate held for sale, net	7,004
Other assets associated with real estate held for sale	209
Total assets associated with real estate held for sale, net	$	7,213

Tenant security deposits	$	177
Other liabilities associated with real estate held for sale	54
Total liabilities associated with real estate held for sale	$	231

Acquired Lease Intangibles (Tables)

6 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities


	June 30, 2022		December 31, 2021
Acquired Lease Intangible Assets:
In-place lease intangibles	$	290,055	$	256,902
Accumulated amortization	(152,030)		(135,415)
In-place lease intangibles, net	$	138,025	$	121,487

Above-market tenant leases	$	25,115	$	21,065
Accumulated amortization	(11,305)		(10,394)
Above-market tenant leases, net	$	13,810	$	10,671

Below-market ground lease(1)	$	12,977	$	—
Accumulated amortization(1)	(48)		—
Below-market ground lease, net	$	12,929	$	—
Acquired lease intangible assets, net	$	164,764	$	132,158

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(208,831)	$	(174,686)
Accumulated accretion	59,251		47,669
Below-market tenant leases, net	$	(149,580)	$	(127,017)




Acquired lease intangible liabilities, net	$	(149,580)	$	(127,017)

(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 three and six months ended June 30, 2022 and 2021 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
In-place lease intangibles(1)	$	10,160	$	7,379	$	18,298	$	14,697
Net below-market tenant leases(2)	$	(6,168)	$	(3,386)	$	(11,265)	$	(6,098)
Below-market ground leases(3)	$	41	$	—	$	48	$	—

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

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Summary of Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2022 and December 31, 2021 (dollars in thousands):


	June 30, 2022		December 31, 2021		Margin Above LIBOR/SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	125,000	$	—	S+0.775	%	(2)	2.375	%	(3)	5/26/2026	(4)
$150M Term Loan Facility(5)	—		150,000		n/a			n/a			5/22/2025
$100M Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan Facility	300,000		—		S+0.850	%	(2)	2.636	%		5/26/2027
$125M Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$25M Series 2019A 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	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	1,550,000	$	1,275,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	3,892	$	3,951	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	57,716		58,108		L+1.700	%		3.487	%		8/1/2023	(7)
960-970 Knox Street(6)	2,354		2,399		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,760		3,806		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,545		2,626		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,213		4,272		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,648		2,682		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(8)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,144		15,320		n/a			3.930	%		7/1/2027
2205 126th Street(9)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(9)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	3,965		4,002		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,028		2,119		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(6)	3,071		3,132		n/a			4.140	%		8/1/2039
2515 Western Avenue(10)	—		13,104		n/a			4.500	%		9/1/2042
Total Secured Debt	$	123,936	$	138,121
Total Unsecured and Secured Debt	$	1,673,936	$	1,413,121
Less: Unamortized premium/discount and debt issuance costs(11)	(13,415)		(13,556)
Total	$	1,660,521	$	1,399,565

(1)Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts.

(4)Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions.

(5)In May 2022, we paid in full the outstanding principal balance on this unsecured debt.

(8)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.

(9)Fixed monthly payments of interest only.

(10)In June 2022, we paid in full the outstanding principal balance on this secured debt and incurred no penalty for the prepayment in advance of its maturity date of September 1, 2042.

Summary of Future Minimum Debt Payments


July 1, 2022 - December 31, 2022	$	1,096
2023	64,815
2024	13,403
2025	100,973
2026	132,587
Thereafter	1,361,062
Total	$	1,673,936

Leases (Tables)

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 (in thousands):


Twelve Months Ended June 30,
2023	$	450,366
2024	396,238
2025	330,319
2026	269,677
2027	196,923
Thereafter	759,505
Total	$	2,403,028

Lease Cost

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


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost(1) (in thousands)	2022		2021		2022		2021
Operating lease cost	$	483	$	402	$	932	$	804
Variable lease cost	37		15		60		31
Sublease income	(67)		—		(134)		—
Total lease cost	$	453	$	417	$	858	$	835

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


	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2022		2021		2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	497	$	375	$	906	$	681
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	6,363	$	—


Lease Term and Discount Rate	June 30, 2022		December 31, 2021
Weighted-average remaining lease term(1)	34.1 years		3.3 years
Weighted-average discount rate(2)	3.74	%	2.95	%

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

Maturities of Lease Liabilities

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of June 30, 2022 (in thousands):


	June 30, 2022
July 1, 2022 - December 31, 2022	$	1,151
2023	2,308
2024	2,298
2025	1,123
2026	682
Thereafter	20,750
Total undiscounted lease payments	$	28,312
Less imputed interest	(16,451)
Total lease liabilities	$	11,861

Interest Rate Derivatives (Tables)

6 Months Ended

Jun. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of the terms and fair value of our interest rate swap at June 30, 2022 and December 31, 2021 (dollars in thousands):


					Notional Value				Fair Value of Interest Rate Derivative Liabilities
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021


Interest Rate Swap(1)	7/22/2019	11/22/2024	2.7625	%	$	—	$	150,000	$	—	$	(7,482)

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	123	$	(347)	$	5,417	$	1,458
Amount of loss reclassified from AOCI into earnings under “Interest expense”(1)	$	(593)	$	(2,144)	$	(1,750)	$	(4,248)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	10,168	$	9,593	$	19,851	$	19,345

- 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.

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy

The table below sets forth the estimated fair value of our interest rate swap as of December 31, 2021, which we measured 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, 2021

Interest Rate Swap Liability	$	(7,482)	$	—	$	(7,482)	$	—

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2022 and December 31, 2021 (in thousands):


	Fair Value Measurement Using
Liabilities	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
Notes Payable at:
June 30, 2022	$	1,504,397	$	—	$	—	$	1,504,397	$	1,660,521
December 31, 2021	$	1,404,680	$	—	$	—	$	1,404,680	$	1,399,565

Equity (Tables)

6 Months Ended

Jun. 30, 2022

Equity [Abstract]

Schedule of Preferred Stock

At June 30, 2022 and December 31, 2021, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands):


				June 30, 2022			December 31, 2021
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 six months ended June 30, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges (in thousands):


	Six Months Ended June 30,
	2022		2021
Accumulated other comprehensive loss - beginning balance	$	(9,874)	$	(17,709)
Other comprehensive income before reclassifications	5,417		1,458
Amounts reclassified from accumulated other comprehensive loss to interest expense	1,750		4,248
Net current period other comprehensive income	7,167		5,706
Less: other comprehensive income attributable to noncontrolling interests	(267)		(316)
Other comprehensive income attributable to common stockholders	6,900		5,390
Accumulated other comprehensive loss - ending balance	$	(2,974)	$	(12,319)

- 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.

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+ Details

Incentive Award Plan (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of unvested restricted stock and LTIP unit activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the six months ended June 30, 2022:


	Unvested Awards
	Restricted Common Stock			LTIP Units
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2022	249,179	$	45.62	239,709	$	54.99
Granted	130,847	68.34		47,837	68.79
Forfeited	(5,733)	55.30		—	—
Vested(1)	(91,682)	42.83		(37,540)	61.34
Balance at June 30, 2022	282,611	$	56.85	250,006	$	56.68

Summary of vesting schedule

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2022:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
July 1, 2022 - December 31, 2022	6,749	104,176	253,900
2023	112,390	85,717	476,915
2024	78,737	42,788	366,004
2025	56,077	11,778	—
2026	28,658	5,547	—
Total	282,611	250,006	1,096,819

Summary of 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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Expensed share-based compensation(1)	$	6,342	$	4,463	$	12,394	$	8,724
Capitalized share-based compensation(2)	164		96		287		174
Total share-based compensation	$	6,506	$	4,559	$	12,681	$	8,898

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

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2022

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):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Net income	$	40,901	$	26,037	$	89,801	$	56,680
Less: Preferred stock dividends	(2,315)		(3,637)		(4,629)		(7,273)

Less: Net income attributable to noncontrolling interests	(2,290)		(1,710)		(4,774)		(3,679)
Less: Net income attributable to participating securities	(203)		(139)		(404)		(280)
Net income attributable to common stockholders –basic and diluted	$	36,093	$	20,551	$	79,994	$	45,448



Denominator:
Weighted average shares of common stock outstanding – basic	164,895,701		134,312,672		162,774,059		132,970,234
Effect of dilutive securities	304,876		507,070		362,313		326,467

Weighted average shares of common stock outstanding – diluted	165,200,577		134,819,742		163,136,372		133,296,701

Earnings per share — Basic
Net income attributable to common stockholders	$	0.22	$	0.15	$	0.49	$	0.34
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.22	$	0.15	$	0.49	$	0.34

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the properties we acquired subsequent to June 30, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
400 Rosecrans Avenue	Los Angeles - South Bay	7/06/2022	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	San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	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
Total Subsequent Acquisitions			1,564,228	15	$	678,900

Dividends Declared

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.315

September 30, 2022

October 14, 2022

OP Units

0.315

September 30, 2022

October 14, 2022

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

September 15, 2022

September 30, 2022

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

September 15, 2022

September 30, 2022

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

September 15, 2022

September 30, 2022

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

September 15, 2022

September 30, 2022

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

September 15, 2022

September 30, 2022

Organization (Detail) ft² in Millions	Jun. 30, 2022 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	330
Area of real estate property (square feet) \| ft²	39.4

Summary of Significant Accounting Policies (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 2,400,000	$ 900,000	$ 4,402,000	$ 1,625,000
Real estate taxes and insurance costs capitalized	1,300,000	400,000	2,300,000	800,000
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss	0	0	$ 0	0
REIT annual taxable income distribution requirement percentage			90.00%
Income tax provision	0	0	$ 0	0
Adjustment to rental income resulting from lease collectability assessment	200,000	(100,000)	200,000	(600,000)
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 2,100,000	$ 1,400,000	$ 4,100,000	$ 2,700,000
Minimum \| Buildings
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 \| Buildings
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
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	4.75%		4.75%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	7.50%		7.50%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	3.75%		3.75%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	6.25%		6.25%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period			6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period			12 months

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 34,317	$ 43,987	$ 64,219	$ 176,293
Restricted cash	0	11	26	1,230
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 34,317	$ 43,998	$ 64,245	$ 177,523

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands			3 Months Ended	6 Months Ended
	May 25, 2022 USD ($) shares	Mar. 17, 2022 USD ($) shares	Jun. 30, 2022 USD ($) ft² property building	Jun. 30, 2022 USD ($) ft² property building
Real Estate [Line Items]
Rentable Square Feet \| ft²			2,873,006	2,873,006
Number of Buildings \| building			45	45
Contractual purchase price				$ 1,056,548
Capitalized closing costs and acquisition related costs				16,500
Aggregate initial investment				1,070,000
Value of units			$ 56,167	56,167
Noncontrolling Interests
Real Estate [Line Items]
Value of units			$ 56,167	$ 56,167
444 Quay Avenue
Real Estate [Line Items]
Date of Acquisition				Jan. 14, 2022
Rentable Square Feet \| ft²			29,760	29,760
Number of Buildings \| property			1	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	146,765
Number of Buildings \| property			2	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	214,436
Number of Buildings \| property			1	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	47,712
Number of Buildings \| property			1	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	56,510
Number of Buildings \| property			1	1
Contractual purchase price				$ 25,000
13700-13738 Slover Ave
Real Estate [Line Items]
Date of Acquisition				Feb. 10, 2022
Rentable Square Feet \| ft²			17,862	17,862
Number of Buildings \| property			1	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	285,750
Number of Buildings \| property			3	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	231,769
Number of Buildings \| property			2	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	54,777
Number of Buildings \| property			2	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	52,561
Number of Buildings \| property			3	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	35,000
Number of Buildings \| property			1	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	14,299
Number of Buildings \| property			1	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	48,876
Number of Buildings \| property			1	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	43,472
Number of Buildings \| property			1	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	123,532
Number of Buildings \| property			4	4
Contractual purchase price		$ 24,000		$ 24,000
Long Beach Business Park \| Series 3 CPOP Units
Real Estate [Line Items]
Acquisition, preferred units issued (in units) \| shares		164,998
Dividend Rate		3.00%
Value of units		$ 12,000
13711 Freeway Drive
Real Estate [Line Items]
Date of Acquisition				Mar. 18, 2022
Rentable Square Feet \| ft²			82,092	82,092
Number of Buildings \| property			1	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	27,636
Number of Buildings \| property			1	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	43,101
Number of Buildings \| property			1	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	56,011
Number of Buildings \| property			1	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	35,033
Number of Buildings \| property			1	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	68,630
Number of Buildings \| property			2	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	124,243
Number of Buildings \| property			1	1
Contractual purchase price				$ 46,850
10131 Banana Avenue
Real Estate [Line Items]
Date of Acquisition				May 06, 2022
Rentable Square Feet \| ft²			0	0
Number of Buildings \| property			0	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	30,233
Number of Buildings \| property			1	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	200,003
Number of Buildings \| property			1	1
Contractual purchase price	$ 80,700			$ 80,653
14200-14220 Arminta Street \| Noncontrolling Interests \| Operating Partnership
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares	954,000
Value of units	$ 56,200
1172 Holt Blvd
Real Estate [Line Items]
Date of Acquisition				May 25, 2022
Rentable Square Feet \| ft²			44,004	44,004
Number of Buildings \| property			1	1
Contractual purchase price				$ 17,783
1500 Raymond Avenue
Real Estate [Line Items]
Date of Acquisition				Jun. 01, 2022
Rentable Square Feet \| ft²			0	0
Number of Buildings \| property			0	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	50,000
Number of Buildings \| property			2	2
Contractual purchase price				$ 30,000
14434-14527 San Pedro Street
Real Estate [Line Items]
Date of Acquisition				Jun. 03, 2022
Rentable Square Feet \| ft²			118,923	118,923
Number of Buildings \| property			1	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	74,038
Number of Buildings \| property			1	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	100,653
Number of Buildings \| property			1	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	18,147
Number of Buildings \| property			1	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	175,897
Number of Buildings \| property			1	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	186,726
Number of Buildings \| property			1	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	34,555
Number of Buildings \| property			1	1
Contractual purchase price				$ 17,100

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
ASSETS
Land	$ 753,321
Buildings and improvements	299,798
Tenant improvements	7,159
Acquired lease intangible assets	51,966
Right of use asset - ground lease	4,787
Other acquired assets	496
Total assets acquired	1,117,527
Liabilities
Acquired lease intangible liabilities	34,842
Deferred rent liabilities	4,339
Lease liability - ground lease	4,787
Other assumed liabilities	5,091
Total liabilities assumed	49,059
Net assets acquired	$ 1,068,468
Intangible Assets [Abstract]
Below-market lease intangibles, weighted average amortization period	11 years 6 months
In-place lease intangibles
Intangible Assets [Abstract]
In-place lease intangibles	$ 34,800
Weighted average amortization period	6 years 8 months 12 days
Above-market tenant leases
Intangible Assets [Abstract]
Weighted average amortization period	8 years 6 months
Lease intangibles	$ 4,200
Below Market Leases
Intangible Assets [Abstract]
Lease intangibles	$ 13,000
Below-market lease intangibles, weighted average amortization period	78 years 10 months 24 days

Investments in Real Estate - Dispositions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft²	Jun. 30, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet \| ft²	2,873,006		2,873,006
Gain on sale of real estate	$ 0	$ 2,750	$ 8,486	$ 13,610
28159 Avenue Stanford \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			Jan. 13, 2022
Rentable Square Feet \| ft²	79,247		79,247
Contractual Sales Price	$ 16,500		$ 16,500
Gain on sale of real estate			$ 8,486

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=123605587&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123605564&loc=d3e23415-158514

+ Details

Investments in Real Estate - Real Estate Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale		$ 13,661
Accumulated depreciation		(6,657)
Real estate held for sale, net		7,004
Other assets associated with real estate held for sale		209
Total assets associated with real estate held for sale, net	$ 0	7,213
Tenant security deposits		177
Other liabilities associated with real estate held for sale		54
Total liabilities associated with real estate held for sale	$ 0	231
Land
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale		1,849
Building and improvements
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale		10,753
Tenant improvements
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale		$ 1,059

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 164,764	$ 132,158
Acquired lease intangible liabilities, net	(149,580)	(127,017)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	290,055	256,902
Accumulated amortization	(152,030)	(135,415)
Acquired lease intangible assets, net	138,025	121,487
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	25,115	21,065
Accumulated amortization	(11,305)	(10,394)
Acquired lease intangible assets, net	13,810	10,671
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	12,977	0
Accumulated amortization	(48)	0
Acquired lease intangible assets, net	12,929	0
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(208,831)	(174,686)
Accumulated accretion	59,251	47,669
Acquired lease intangible liabilities, net	$ (149,580)	$ (127,017)

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net			$ (11,217)	$ (6,098)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 10,160	$ 7,379	18,298	14,697
Net below market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(6,168)	(3,386)	(11,265)	(6,098)
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 41	$ 0	$ 48	$ 0

Notes Payable - Summary of Debt (Detail)	6 Months Ended
Notes Payable - Summary of Debt (Detail)	Jun. 30, 2022 USD ($) property extension	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 1,673,936,000	$ 1,413,121,000
Unsecured Debt	1,550,000,000	1,275,000,000
Secured Debt	123,936,000	138,121,000
Less: unamortized discount and deferred loan costs	(13,415,000)	(13,556,000)
Carrying value	$ 1,660,521,000	1,399,565,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension	2
Extension period	6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 125,000,000	0
Debt Instrument, Maturity Date	May 26, 2026
$150M Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	$ 0	150,000,000
Debt Instrument, Maturity Date	May 22, 2025
$300M Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	$ 300,000,000	0
Debt Instrument, Maturity Date	May 26, 2027
$60 Million Term Loan
Debt Instrument [Line Items]
Extension period	24 months
$60 Million Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	$ 57,716,000	58,108,000
Debt Instrument, Maturity Date	Aug. 01, 2023
Number Of Properties Securing Loan \| property	6
Number Of Additional Extension Periods \| extension	1
Debt Instrument, Periodic Payment, Principal	$ 65,250
Senior Notes \| $100M Notes
Debt Instrument [Line Items]
Principal amount	$ 100,000,000	100,000,000
Fixed interest rate	4.29%
Debt Instrument, Maturity Date	Aug. 06, 2025
Senior Notes \| $125M Notes
Debt Instrument [Line Items]
Principal amount	$ 125,000,000	125,000,000
Fixed interest rate	3.93%
Debt Instrument, Maturity Date	Jul. 13, 2027
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Principal amount	$ 25,000,000	25,000,000
Fixed interest rate	3.88%
Debt Instrument, Maturity Date	Jul. 16, 2029
Senior Notes \| $400M Senior Notes due 2030
Debt Instrument [Line Items]
Principal amount	$ 400,000,000	400,000,000
Fixed interest rate	2.125%
Debt Instrument, Maturity Date	Dec. 01, 2030
Senior Notes \| $400M Senior Notes due 2031
Debt Instrument [Line Items]
Principal amount	$ 400,000,000	400,000,000
Fixed interest rate	2.15%
Debt Instrument, Maturity Date	Sep. 01, 2031
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Principal amount	$ 75,000,000	75,000,000
Fixed interest rate	4.03%
Debt Instrument, Maturity Date	Jul. 16, 2034
2601-2641 Manhattan Beach Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 3,892,000	3,951,000
Fixed interest rate	4.08%
Debt Instrument, Maturity Date	Apr. 05, 2023
Debt Instrument, Periodic Payment	$ 23,138
960-970 Knox Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 2,354,000	2,399,000
Fixed interest rate	5.00%
Debt Instrument, Maturity Date	Nov. 01, 2023
Debt Instrument, Periodic Payment	$ 17,538
7612-7642 Woodwind Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 3,760,000	3,806,000
Fixed interest rate	5.24%
Debt Instrument, Maturity Date	Jan. 05, 2024
Debt Instrument, Periodic Payment	$ 24,270
11600 Los Nietos Road \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 2,545,000	2,626,000
Fixed interest rate	4.19%
Debt Instrument, Maturity Date	May 01, 2024
Debt Instrument, Periodic Payment	$ 22,637
5160 Richton Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 4,213,000	4,272,000
Fixed interest rate	3.79%
Debt Instrument, Maturity Date	Nov. 15, 2024
Debt Instrument, Periodic Payment	$ 23,270
22895 Eastpark Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 2,648,000	2,682,000
Fixed interest rate	4.33%
Debt Instrument, Maturity Date	Nov. 15, 2024
Debt Instrument, Periodic Payment	$ 15,396
13943-13955 Balboa Boulevard \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 15,144,000	15,320,000
Fixed interest rate	3.93%
Debt Instrument, Maturity Date	Jul. 01, 2027
Debt Instrument, Periodic Payment	$ 79,198
701-751 Kingshill Place \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 7,100,000	7,100,000
Fixed interest rate	3.90%
Debt Instrument, Maturity Date	Jan. 05, 2026
Debt Instrument, Periodic Payment	$ 33,488
2205 126th Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 5,200,000	5,200,000
Fixed interest rate	3.91%
Debt Instrument, Maturity Date	Dec. 01, 2027
2410-2420 Santa Fe Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 10,300,000	10,300,000
Fixed interest rate	3.70%
Debt Instrument, Maturity Date	Jan. 01, 2028
11832-11954 La Cienega Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 3,965,000	4,002,000
Fixed interest rate	4.26%
Debt Instrument, Maturity Date	Jul. 01, 2028
Debt Instrument, Periodic Payment	$ 20,194
Gilbert/La Palma \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 2,028,000	2,119,000
Fixed interest rate	5.125%
Debt Instrument, Maturity Date	Mar. 01, 2031
Debt Instrument, Periodic Payment	$ 24,008
7817 Woodley Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 3,071,000	3,132,000
Fixed interest rate	4.14%
Debt Instrument, Maturity Date	Aug. 01, 2039
Debt Instrument, Periodic Payment	$ 20,855
2515 Western Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 0	$ 13,104,000
Fixed interest rate	4.50%
Debt Instrument, Maturity Date	Sep. 01, 2042
SOFR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.775%
Fixed interest rate	2.375%
SOFR \| $300M Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Fixed interest rate	2.636%
SOFR \| $300M Term Loan Facility \| Senior Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
SOFR \| $300M Term Loan Facility \| Senior Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	1.60%
SOFR \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)	0.10%
Basis spread on variable rate	1.00%
SOFR \| Line of Credit \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.00%
LIBOR \| $60 Million Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Fixed interest rate	3.487%

Notes Payable - Summary of Future Minimum Debt Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
July 1, 2022 - December 31, 2022	$ 1,096
2023	64,815
2024	13,403
2025	100,973
2026	132,587
Thereafter	1,361,062
Total	$ 1,673,936	$ 1,413,121

Notes Payable - Additional Information (Detail)	3 Months Ended		6 Months Ended
Notes Payable - Additional Information (Detail)	Jun. 30, 2022 USD ($) extension	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) extension	Jun. 30, 2021 USD ($)	May 26, 2022 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt	$ 877,000	$ 0	$ 877,000	$ 0
Principal amount	$ 1,673,936,000		$ 1,673,936,000			$ 1,413,121,000
Senior Notes Due 2030 and 2031
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value	60.00%		60.00%
Maximum ratio of secured debt to total asset value	40.00%		40.00%
Debt service coverage ratio			150.00%
Debt Instrument Covenant Ratio, Unencumbered Assets To Unsecured Debt, Minimum			150.00%
$60M Term Loan
Debt Instrument [Line Items]
Extension period			24 months
Debt service coverage ratio			110.00%
Senior Unsecured Term Loan \| $300M Term Loan Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					$ 300,000,000
Principal amount	$ 300,000,000		$ 300,000,000			0
Senior Unsecured Term Loan \| $300M Term Loan Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			0.85%
Senior Unsecured Term Loan \| $300M Term Loan Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.80%
Senior Unsecured Term Loan \| $300M Term Loan Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.60%
Senior Unsecured Term Loan \| $300M Term Loan Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Senior Unsecured Term Loan \| $300M Term Loan Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.60%
Senior Unsecured Term Loan \| $150M Term Loan Facility
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 700,000
Principal amount	0		0			150,000,000
Senior Unsecured Term Loan \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount	57,716,000		$ 57,716,000			$ 58,108,000
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.40%
Line of Credit \| Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Line of Credit \| Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit \| Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Line of Credit \| Credit Facility \| Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Line of Credit \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit	125,000,000		$ 125,000,000
Additional availability	$ 875,000,000		875,000,000
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity					1,000,000,000
Loss on extinguishment of debt			$ 200,000
Line Of Credit Facility, Number Of Extensions \| extension	2		2
Extension period			6 months
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating			0.125%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating			0.30%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.725%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Debt instrument - additional borrowings					$ 1,200,000,000
Maximum ratio of total indebtedness to total asset value	35.00%		35.00%
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%
Maximum ratio of secured debt to total asset value	45.00%		45.00%
$100M Notes
Debt Instrument [Line Items]
Principal amount	$ 100,000,000		$ 100,000,000
$125M senior notes
Debt Instrument [Line Items]
Principal amount	$ 125,000,000		$ 125,000,000
The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value	60.00%		60.00%
Minimum ratio of EBITDA to fixed charges	1.5		1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool	60.00%		60.00%
Minimum ratio of NOI unsecured interest expense	1.75		1.75
Funds from operations percentage			95.00%
Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value	40.00%		40.00%
Maximum ratio of recourse debt to total asset	15.00%		15.00%
Minimum tangible net worth required	$ 760,740,750		$ 760,740,750
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation	75.00%		75.00%

Leases - Narrative (Detail) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Narrative (Detail) $ in Thousands	Jun. 30, 2022 USD ($) lease renewal_option	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) lease renewal_option	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Lessor, Lease, Description [Line Items]
Operating Lease Fixed And Variable Lease Payments	$ 142,800	$ 100,900	$ 278,300	$ 197,800
Operating Lease, Lease Income, Lease Payments	116,900	83,500	227,400	163,600
Operating Lease, Variable Lease Income	25,900	$ 17,400	50,900	$ 34,200
Right-of-use assets	9,200		9,200		$ 3,500
Lease liabilities	$ 11,861		$ 11,861		$ 5,000
Ground Lease
Lessor, Lease, Description [Line Items]
Number of leases \| lease	2		2
Ground Lease \| 2970 East 50th Street
Lessor, Lease, Description [Line Items]
Remaining lease term			39 years
Renewal term	10 years		10 years
Renewal options \| renewal_option	4		4
Ground Lease \| Ground Lease Two
Lessor, Lease, Description [Line Items]
Remaining lease term			1 year
Renewal term	10 years		10 years
Renewal options \| renewal_option	2		2
Minimum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term			3 years
Maximum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term			6 years
Renewal term	5 years		5 years

Leases - Future Minimum Base Rents Under Operating Leases - Rolling Twelve Months (Detail) $ in Thousands	Jun. 30, 2022 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2023	$ 450,366
2024	396,238
2025	330,319
2026	269,677
2027	196,923
Thereafter	759,505
Total	$ 2,403,028

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease cost	$ 483	$ 402	$ 932	$ 804
Variable lease cost	37	15	60	31
Sublease income	(67)	0	(134)	0
Total lease cost	$ 453	$ 417	$ 858	$ 835

Leases - Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 497	$ 375	$ 906	$ 681
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 6,363	$ 0

Leases - Lease Term and Discount Rate (Detail)	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term	34 years 1 month 6 days	3 years 3 months 18 days
Weighted-average discount rate	3.74%	2.95%

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Leases [Abstract]
July 1, 2022 - December 31, 2022	$ 1,151
2023	2,308
2024	2,298
2025	1,123
2026	682
Thereafter	20,750
Total undiscounted lease payments	28,312
Less imputed interest	(16,451)
Total lease liabilities	$ 11,861	$ 5,000

Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - Interest Rate Swap - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Effective Date	Jul. 22, 2019
Maturity Date	Nov. 22, 2024
LIBOR Interest Strike Rate	2.7625%
Current Notional Value	$ 0	$ 150,000
Fair Value	$ 0	$ (7,482)

Interest Rate Derivatives - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 10,168	$ 9,593	$ 19,851	$ 19,345
Interest Rate Swap
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	10,168	9,593	19,851	19,345
Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives	123	(347)	5,417	1,458
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of loss reclassified from AOCI into earnings under “Interest expense”	$ (593)	$ (2,144)	$ (1,750)	$ (4,248)

Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands	May 26, 2022	Jun. 30, 2022	Dec. 31, 2021
Derivative [Line Items]
Accumulated other comprehensive loss		$ (2,974)	$ (9,874)
Amount estimated to be reclassified during next 12 months from AOCI into earnings as an increase to interest expense		$ 500
Interest Rate Swap
Derivative [Line Items]
Payments For Termination Of Cash Flow Swap, Operating	$ 600
Accumulated other comprehensive loss	$ (600)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability	$ 0	$ (7,482)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability		(7,482)
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability		0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability		(7,482)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability		$ 0

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 1,660,521	$ 1,399,565
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	1,504,397	1,404,680
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
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	1,504,397	1,404,680
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 1,660,521	$ 1,399,565

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Related Party Transactions (Detail) - Chief Executive Officer ft² in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($) ft² property	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) ft² property	Jun. 30, 2021 USD ($)
Related Party Transaction [Line Items]
Number of real estate properties additionally managed \| property	19		19
Area of real estate property additionally managed \| ft²	1.0		1.0
Revenue from management and leasing services \| $	$ 0.1	$ 0.1	$ 0.3	$ 0.2

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Commitments and Contingencies (Detail)	6 Months Ended
Commitments and Contingencies (Detail)	Jun. 30, 2022 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvements and construction work	$ 77,700,000
Cash, FDIC Insured Amount	$ 250,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant	0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk percentage	5.00%

Equity - Preferred Stock (Details) - USD ($)		6 Months Ended	12 Months Ended
Equity - Preferred Stock (Details) - USD ($)	Aug. 16, 2021	Jun. 30, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)		6,450,000	6,450,000
Liquidation Preference		$ 161,250,000	$ 161,250,000
5.875% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.875%	5.875%
Preferred stock, shares outstanding (in shares)		3,000,000	3,000,000
Liquidation Preference		$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate		5.625%	5.625%
Preferred stock, shares outstanding (in shares)		3,450,000	3,450,000
Liquidation Preference		$ 86,250,000	$ 86,250,000
Series A Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%
Shares redeemed (in shares)	3,600,000
Redemption price (in dollars per share)	$ 25.00

Equity - Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended	4 Months Ended	6 Months Ended	14 Months Ended
	May 27, 2022	Jan. 13, 2022	Nov. 09, 2020	Jun. 30, 2022	May 27, 2022	Jun. 30, 2022	Jan. 12, 2022
Class of Stock [Line Items]
Issuance of common stock (in shares)				5,967,783		10,369,893
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement				$ 419.4		$ 725.4
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share				$ 70.28		$ 69.95
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement				9,291,211		9,291,211
Sale Of Stock, Forward Sale Agreement, Net Proceeds Remaining For Settlement				$ 552.1		$ 552.1
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement, Net Forward Sales price				$ 59.42		$ 59.42
At The Market Equity Offering Program, $1 Billion
Class of Stock [Line Items]
Maximum aggregate offering amount	$ 1,000.0
Value of shares available under ATM				$ 536.5		$ 536.5
At The Market Equity Offering Program, $750 Million
Class of Stock [Line Items]
Maximum aggregate offering amount		$ 750.0
Proceeds from issuance of common stock					$ 697.5
At The Market Equity Offering Program 2020, $750 Million
Class of Stock [Line Items]
Maximum aggregate offering amount			$ 750.0
Proceeds from issuance of common stock							$ 743.9
At The Market Equity Offering Program 2022, $1Billion and$750 Million
Class of Stock [Line Items]
Number of shares subject to forward sale agreement (in shares)				12,002,480		17,754,748
Sale Of Stock, Forward Sale Agreement, Initial Forward Price				$ 61.73		$ 64.49

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 5,387,760	$ 3,648,218	$ 5,067,695	$ 3,530,592
Other comprehensive income before reclassifications			5,417	1,458
Amounts reclassified from accumulated other comprehensive loss to interest expense			1,750	4,248
Net current period other comprehensive income	716	1,797	7,167	5,706
Less: other comprehensive income attributable to noncontrolling interests			(267)	(316)
Other comprehensive income attributable to common stockholders			6,900	5,390
Ending Balance	5,851,698	3,832,772	5,851,698	3,832,772
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(3,674)	(13,996)	(9,874)	(17,709)
Net current period other comprehensive income	700	1,677	6,900	5,390
Ending Balance	$ (2,974)	$ (12,319)	$ (2,974)	$ (12,319)

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 45
-Paragraph 24
-URI http://asc.fasb.org/extlink&oid=124436220&loc=d3e21930-107793

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Equity - Noncontrolling Interests (Detail) - USD ($)				3 Months Ended		6 Months Ended
Equity - Noncontrolling Interests (Detail) - USD ($)	May 25, 2022	Mar. 17, 2022	Mar. 05, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Class of Stock [Line Items]
Conversion of OP Units to common stock				$ 0	$ 0	$ 0	$ 0
Contractual purchase price						1,056,548,000
Value of units				56,167,000		56,167,000
Liquidation Preference				$ 161,250,000		161,250,000		$ 161,250,000
Long Beach Business Park
Class of Stock [Line Items]
Contractual purchase price		$ 24,000,000				24,000,000
Cash paid		$ 12,000,000
14200-14220 Arminta Street
Class of Stock [Line Items]
Contractual purchase price	$ 80,700,000					$ 80,653,000
4.43937% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Dividend Rate						4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Class of Stock [Line Items]
Dividend Rate			4.00%
Series 3 CPOP Units
Class of Stock [Line Items]
Preferred Stock, Liquidation Preference Per Share				$ 72.73		$ 72.73
Liquidation Preference				$ 12,000,000		$ 12,000,000
Series 3 CPOP Units \| Long Beach Business Park
Class of Stock [Line Items]
Dividend Rate		3.00%
Value of units		$ 12,000,000
Acquisition, preferred units issued (in units)		164,998
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of OP Units to common stock				(2,487,000)	$ (7,179,000)	(3,226,000)	$ (7,218,000)
Value of units				$ 56,167,000		$ 56,167,000
Noncontrolling Interests \| LTIP Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)				659,586		659,586
Noncontrolling Interests \| Performance Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)				744,899		744,899
Noncontrolling Interests \| 14200-14220 Arminta Street \| Operating Partnership
Class of Stock [Line Items]
Limited Partners' Capital Account, Units Issued	954,000
Value of units	$ 56,200,000
Common Stock
Class of Stock [Line Items]
Conversion of OP units to common stock (in shares)				65,358	213,617	87,168	214,804
Conversion of OP Units to common stock				$ 1,000	$ 2,000	$ 1,000	$ 2,000
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units to common stock				$ 2,487,000	$ 7,179,000	$ 3,226,000	$ 7,218,000
Partnership Interest \| Noncontrolling Interests \| OP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)				5,901,264		5,901,264
Operating Partnership \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership				4.10%		4.10%

Incentive Award Plan - Narrative (Details) $ in Millions	6 Months Ended
Incentive Award Plan - Narrative (Details) $ in Millions	Jun. 30, 2022 USD ($) shares
Second Amended and Restated 2013 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock, shares reserved for future issuance \| shares	2,477,999
Unrecognized compensation expense related to non-vested shares \| $	$ 39.9
Weighted average remaining vesting period	27 months
Performance Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Unvested Units, Quarterly Distribution Per Unit, Percentage Of OP Units distribution Paid	10.00%

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares tendered in accordance with terms of plan to satisfy tax withholding (in shares)	136	188	29,238	28,334
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			249,179
Granted (in shares)			130,847
Forfeited (in shares)			(5,733)
Vested (in shares)			(91,682)
Ending balance (in shares)	282,611		282,611
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 45.62
Granted (in dollars per share)			68.34
Forfeited (in dollars per share)			55.30
Vested (in dollars per share)			42.83
Ending balance (in dollars per share)	$ 56.85		$ 56.85
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			239,709
Granted (in shares)			47,837
Forfeited (in shares)			0
Vested (in shares)			(37,540)
Ending balance (in shares)	250,006		250,006
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 54.99
Granted (in dollars per share)			68.79
Forfeited (in dollars per share)			0
Vested (in dollars per share)			61.34
Ending balance (in dollars per share)	$ 56.68		$ 56.68

Incentive Award Plan - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	282,611	249,179
Restricted Common Stock \| July 1, 2022 - December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	6,749
Restricted Common Stock \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	112,390
Restricted Common Stock \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	78,737
Restricted Common Stock \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	56,077
Restricted Common Stock \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	28,658
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	250,006	239,709
LTIP Units \| July 1, 2022 - December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	104,176
LTIP Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	85,717
LTIP Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	42,788
LTIP Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	11,778
LTIP Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	5,547
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,096,819
Performance period	3 years
Performance Units \| July 1, 2022 - December 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	253,900
Performance Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	476,915
Performance Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	366,004
Performance Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0
Performance Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0

Incentive Award Plan - Compensation Expense (Details) - Second Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expensed share-based compensation	$ 6,342	$ 4,463	$ 12,394	$ 8,724
Capitalized share-based compensation	164	96	287	174
Total share-based compensation	$ 6,506	$ 4,559	$ 12,681	$ 8,898

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Numerator:
Net income	$ 40,901	$ 26,037	$ 89,801	$ 56,680
Less: Preferred stock dividends	(2,315)	(3,637)	(4,629)	(7,273)
Less: net income attributable to noncontrolling interests	(2,290)	(1,710)	(4,774)	(3,679)
Less: Net income attributable to participating securities	(203)	(139)	(404)	(280)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	36,093	20,551	79,994	45,448
Net income attributable to common stockholders - diluted	$ 36,093	$ 20,551	$ 79,994	$ 45,448
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	164,895,701	134,312,672	162,774,059	132,970,234
Effect of dilutive securities (in shares)	304,876	507,070	362,313	326,467
Weighted average shares of common stock outstanding - diluted (in shares)	165,200,577	134,819,742	163,136,372	133,296,701
Earnings per share — Basic
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.22	$ 0.15	$ 0.49	$ 0.34
Earnings per share — Diluted
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.22	$ 0.15	$ 0.49	$ 0.34

Earnings Per Share - TSR Performance Percentile (Details)	6 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Subsequent Events (Detail) $ / shares in Units, $ in Thousands				3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 25, 2022 USD ($) ft² building	Jul. 19, 2022 USD ($) extension	Jul. 18, 2022 USD ($) ft² building $ / shares	Jun. 30, 2022 USD ($) ft² building extension $ / shares	Jun. 30, 2021 $ / shares	Jun. 30, 2022 USD ($) ft² building extension $ / shares	Jun. 30, 2021 $ / shares	Dec. 31, 2021 USD ($)	Jul. 22, 2022 USD ($) ft² building	Jul. 21, 2022 USD ($) derivative_instrument	Jul. 15, 2022 USD ($) ft² building	Jul. 13, 2022 USD ($) ft² building	Jul. 12, 2022 USD ($) ft² building	Jul. 06, 2022 USD ($) ft² building
Subsequent Event [Line Items]
Rentable Square Feet \| ft²				2,873,006		2,873,006
Number of Buildings \| building				45		45
Dividends declared per common share (in dollars per share) \| $ / shares				$ 0.315	$ 0.24	$ 0.63	$ 0.48
Interest Rate Swap
Subsequent Event [Line Items]
Derivative, Notional Amount \| $				$ 0		$ 0		$ 150,000
Revolving Credit Facility
Subsequent Event [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension				2		2
Extension period						6 months
4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						4.43937%
5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share) \| $ / shares				$ 0.367188	0.367188	$ 0.734376	0.734376
Dividend Rate						5.875%		5.875%
5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share) \| $ / shares				$ 0.351563	$ 0.351563	$ 0.703126	$ 0.703126
Dividend Rate						5.625%		5.625%
4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						4.00%
3.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						3.00%
3.00% Cumulative Redeemable Convertible Preferred Units \| 3.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						3.00%
Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²	1,564,228
Number of Buildings \| building	15
Acquisition Purchase Price \| $	$ 678,900
Subsequent Event \| Interest Rate Swap
Subsequent Event [Line Items]
Derivative, Number of Instruments Held \| derivative_instrument										5
Derivative, Notional Amount \| $										$ 300,000
Derivative, Average Fixed Interest Rate										2.81725%
Subsequent Event \| Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Subsequent Event [Line Items]
Principal amount \| $		$ 400,000
Subsequent Event \| Senior Unsecured Credit Facility \| Revolving Credit Facility
Subsequent Event [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension		2
Subsequent Event \| Senior Unsecured Credit Facility \| Credit Facility
Subsequent Event [Line Items]
Extension period		1 year
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share) \| $ / shares			$ 0.315
Dividends Payable, Date of Record			Sep. 30, 2022
Dividends Payable, Date to be Paid	Oct. 14, 2022
Subsequent Event \| OP Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share) \| $ / shares			$ 0.315
Dividends Payable, Date of Record			Sep. 30, 2022
Distribution Made to Limited Partner, Distribution Date	Oct. 14, 2022
Subsequent Event \| 5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share) \| $ / shares			$ 0.367188
Dividends Payable, Date of Record			Sep. 15, 2022
Dividends Payable, Date to be Paid			Sep. 30, 2022
Subsequent Event \| 5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share) \| $ / shares			$ 0.351563
Dividends Payable, Date of Record			Sep. 15, 2022
Dividends Payable, Date to be Paid			Sep. 30, 2022
Subsequent Event \| 4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share) \| $ / shares			$ 0.505085
Dividends Payable, Date of Record			Sep. 15, 2022
Distribution Made to Limited Partner, Distribution Date			Sep. 30, 2022
Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share) \| $ / shares			$ 0.45
Dividends Payable, Date of Record			Sep. 15, 2022
Distribution Made to Limited Partner, Distribution Date			Sep. 30, 2022
Subsequent Event \| 3.00% Cumulative Redeemable Convertible Preferred Units \| 3.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share) \| $ / shares			$ 0.545462
Dividends Payable, Date of Record			Sep. 15, 2022
Distribution Made to Limited Partner, Distribution Date			Sep. 30, 2022
400 Rosecrans Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²														28,006
Number of Buildings \| building														1
Acquisition Purchase Price \| $														$ 8,500
3547-3555 Voyager Street \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²													60,248
Number of Buildings \| building													3
Acquisition Purchase Price \| $													$ 20,900
6996-7044 Bandini Blvd \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²												111,515
Number of Buildings \| building												2
Acquisition Purchase Price \| $												$ 40,500
4325 Etiwanda Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²											124,258
Number of Buildings \| building											1
Acquisition Purchase Price \| $											$ 47,500
Merge-West \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²			1,057,419
Number of Buildings \| building			6
Acquisition Purchase Price \| $			$ 470,000
6000-6052 & 6027-6029 Bandini Blvd \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²									182,782
Number of Buildings \| building									2
Acquisition Purchase Price \| $									$ 91,500