0001571283-23-000006 | 10-K | XBRL Viewer | Rexford Industrial Realty INC

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2022	Feb. 08, 2023	Jun. 30, 2022
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9.8
Entity Common Stock, Shares Outstanding (shares)		196,733,859
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement with respect to its 2023 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001571283
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Land	$ 5,841,195	$ 4,143,021
Buildings and improvements	3,370,494	2,588,836
Tenant improvements	147,632	127,708
Furniture, fixtures, and equipment	132	132
Construction in progress	110,934	71,375
Total real estate held for investment	9,470,387	6,931,072
Accumulated depreciation	(614,332)	(473,382)
Investments in real estate, net	8,856,055	6,457,690
Cash and cash equivalents	36,786	43,987
Restricted cash	0	11
Rents and other receivables, net	15,227	11,027
Deferred rent receivable, net	88,144	61,511
Deferred leasing costs, net	45,080	32,940
Deferred loan costs, net	4,829	1,961
Acquired lease intangible assets, net	169,986	132,158
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	11,422	0
Other assets	24,973	19,066
Acquisition related deposits	1,625	8,445
Assets associated with real estate held for sale, net	0	7,213
Total Assets	9,259,283	6,781,165
Liabilities
Notes payable	1,936,381	1,399,565
Interest rate swap liability	0	7,482
Accounts payable, accrued expenses and other liabilities	97,496	65,833
Dividends and distributions payable	62,033	40,143
Acquired lease intangible liabilities, net	147,384	127,017
Tenant security deposits	71,935	57,370
Prepaid rents	20,712	15,829
Liabilities associated with real estate held for sale	0	231
Total Liabilities	2,335,941	1,713,470
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 189,114,129 and 160,511,482 shares outstanding at December 31, 2022 and December 31, 2021, respectively	1,891	1,605
Additional paid-in capital	6,646,867	4,828,292
Cumulative distributions in excess of earnings	(255,743)	(191,120)
Accumulated other comprehensive income (loss)	8,247	(9,874)
Total stockholders’ equity	6,556,938	4,784,579
Noncontrolling interests	366,404	283,116
Total Equity	6,923,342	5,067,695
Total Liabilities and Equity	9,259,283	6,781,165
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2022 and December 31, 2021 ($75,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2022 and December 31, 2021 ($86,250 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (shares)	10,050,000	10,050,000
Shares outstanding (shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	489,950,000	489,950,000
Common stock, shares outstanding (shares)	189,114,129	160,511,482
Series B Preferred Stock
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
Series C Preferred Stock
Dividend Rate	5.625%	5.625%
Shares outstanding (shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Rental income	$ 630,578	$ 451,733	$ 329,377
Management and leasing services	616	468	420
Interest income	10	37	338
TOTAL REVENUES	631,204	452,238	330,135
OPERATING EXPENSES
Property expenses	150,503	107,721	79,716
General and administrative	64,264	48,990	36,795
Depreciation and amortization	196,794	151,269	115,269
TOTAL OPERATING EXPENSES	411,561	307,980	231,780
OTHER EXPENSES
Other expenses	1,561	1,297	124
Interest expense	48,496	40,139	30,849
TOTAL EXPENSES	461,618	349,416	262,753
Loss on extinguishment of debt	(915)	(505)	(104)
Gains on sale of real estate	8,486	33,929	13,617
NET INCOME	177,157	136,246	80,895
Less: net income attributable to noncontrolling interests	(9,573)	(8,005)	(4,492)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	167,584	128,241	76,403
Less: preferred stock dividends	(9,258)	(12,563)	(14,545)
Preferred Stock Redemption Premium	0	(3,349)	0
Less: earnings allocated to participating securities	(845)	(568)	(509)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 157,481	$ 111,761	$ 61,349
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.92	$ 0.80	$ 0.51
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.92	$ 0.80	$ 0.51
Weighted average shares of common stock outstanding - basic (in shares)	170,467,365	139,294,882	120,873,624
Weighted average shares of common stock outstanding - diluted (in shares)	170,978,272	140,075,689	121,178,310

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 177,157	$ 136,246	$ 80,895
Other comprehensive income (loss): cash flow hedge adjustments	18,846	8,333	(10,880)
Comprehensive income	196,003	144,579	70,015
Less: comprehensive income attributable to noncontrolling interests	(10,298)	(8,503)	(3,779)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 185,705	$ 136,076	$ 66,236

- 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 - 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, 2019	$ 2,622,449	$ 2,556,177	$ 242,327	$ 1,136	$ 2,439,007	$ (118,751)	$ (7,542)	$ 66,272
Beginning Balance, (in shares) at Dec. 31, 2019				113,793,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	739,983	739,983		$ 173	739,810
Issuance of stock (shares)				17,253,161
Offering costs	(5,887)	(5,887)	0		(5,887)
Issuance of OP Units	179,262							179,262
Issuance of 4.00% cumulative redeemable convertible preferred units	40,787							40,787
Share-based compensation	13,094	3,291		$ 1	3,290			9,803
Share-based compensation (shares)				110,737
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,278)	(1,278)			(1,278)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(27,473)
Conversion of OP Units to common stock	0	7,660		$ 3	7,657			(7,660)
Conversion of units to common stock (shares)				296,313
Net income	80,895	76,403	14,545			61,858		4,492
Other comprehensive income	(10,880)	(10,167)					(10,167)	(713)
Dividends, Preferred Stock	(14,545)	(14,545)	(14,545)
Preferred unit distributions	(2,546)							(2,546)
Dividends, Common Stock	(106,496)	(106,496)				(106,496)
Common unit distributions	(4,246)							(4,246)
Ending Balance at Dec. 31, 2020	3,530,592	3,245,141	242,327	$ 1,313	3,182,599	(163,389)	(17,709)	285,451
Ending Balance, (in shares) at Dec. 31, 2020				131,426,038
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	1,644,697	1,644,697		$ 286	1,644,411
Issuance of stock (shares)				28,484,776
Offering costs	(18,606)	(18,606)	0		(18,606)
Share-based compensation	19,863	3,856		$ 1	3,855			16,007
Share-based compensation (shares)				108,774
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,428)	(1,428)			(1,428)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(29,305)
Conversion of OP Units to common stock	0	17,466		$ 5	17,461			(17,466)
Conversion of units to common stock (shares)				521,199
Net income	136,246	128,241	12,563			115,678		8,005
Other comprehensive income	8,333	7,835					7,835	498
Dividends, Preferred Stock	(12,563)	(12,563)	(12,563)
Preferred unit distributions	(2,832)							(2,832)
Dividends, Common Stock	(140,060)	(140,060)				(140,060)
Common unit distributions	(6,547)							(6,547)
Redemption of 5.875% series A preferred stock	(90,000)	(90,000)	(86,651)			(3,349)
Ending Balance at Dec. 31, 2021	$ 5,067,695	4,784,579	155,676	$ 1,605	4,828,292	(191,120)	(9,874)	283,116
Ending Balance, (in shares) at Dec. 31, 2021	160,511,482			160,511,482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	$ 1,831,773	1,831,773		$ 283	1,831,490
Issuance of stock (shares)				28,343,395
Offering costs	(22,542)	(22,542)			(22,542)
Issuance of OP Units	56,167							56,167
Issuance of 4.00% cumulative redeemable convertible preferred units	12,000							12,000
Share-based compensation	29,036	5,548		$ 1	5,547			23,488
Share-based compensation (shares)				123,542
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(2,156)	(2,156)			(2,156)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(31,576)
Conversion of OP Units to common stock	0	6,238		$ 2	6,236			(6,238)
Acquisition of private REIT - preferred units	122							122
Conversion of units to common stock (shares)				167,286
Net income	177,157	167,584	9,258			158,326		9,573
Other comprehensive income	18,846	18,121					18,121	725
Dividends, Preferred Stock	(9,258)	(9,258)	(9,258)
Preferred unit distributions	(3,124)							(3,124)
Dividends, Common Stock	(222,949)	(222,949)				(222,949)
Common unit distributions	(9,425)							(9,425)
Ending Balance at Dec. 31, 2022	$ 6,923,342	$ 6,556,938	$ 155,676	$ 1,891	$ 6,646,867	$ (255,743)	$ 8,247	$ 366,404
Ending Balance, (in shares) at Dec. 31, 2022	189,114,129			189,114,129

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Common stock dividends declared (in dollars per share)	$ 0.96	$ 0.86
Series C Preferred Stock
Dividend Rate	5.625%
Preferred stock dividends declared (in dollars per share)	$ 1.406252	1.406252
Series A Preferred Stock
Preferred stock dividends declared (in dollars per share)	$ 0.917970	1.468752
Debt Instrument, Redemption Price, Percentage	5.875%
Series B Preferred Stock
Dividend Rate	5.875%
Preferred stock dividends declared (in dollars per share)	$ 1.468752	$ 1.468752
Series 2 CPOP Units
Dividend Rate	4.00%	4.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 177,157	$ 136,246	$ 80,895
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	196,794	151,269	115,269
Amortization of (below) above market lease intangibles, net	(31,209)	(15,443)	(10,533)
Impairment of right-of-use asset	0	992	0
Loss on extinguishment of debt	915	505	104
Gains on sale of real estate	(8,486)	(33,929)	(13,617)
Amortization of debt issuance costs	2,689	1,919	1,505
Amortization of discount (premium) on notes payable, net	250	26	(188)
Equity based compensation expense	28,426	19,506	12,871
Straight-line rent	(31,220)	(20,903)	(11,406)
Payments for termination/settlement of interest rate derivatives	(589)	(4,045)	(1,239)
Amortization related to termination/settlement of interest rate derivatives	531	2,280	218
Change in working capital components:
Rents and other receivables	(2,858)	(745)	(4,030)
Deferred leasing costs	(17,762)	(17,473)	(10,447)
Other assets	(594)	(6,357)	(2,352)
Sales-type lease receivable	0	0	20,302
Accounts payable, accrued expenses and other liabilities	9,304	11,895	4,825
Tenant security deposits	6,294	6,776	(415)
Prepaid rents	(1,947)	(1,056)	1,232
Net cash provided by operating activities	327,695	231,463	182,994
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(2,328,430)	(1,858,413)	(928,687)
Capital expenditures	(135,095)	(102,475)	(78,765)
Payments for (Proceeds from) Deposits on Real Estate Acquisitions	(1,000)	(8,445)	(4,067)
Proceeds from sale of real estate	15,315	56,566	23,996
Net cash used in investing activities	(2,449,210)	(1,912,767)	(987,523)
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of preferred stock	0	(90,000)	0
Issuance of common stock, net	1,809,231	1,626,091	734,096
Proceeds from borrowings	2,714,000	1,264,557	471,844
Repayment of borrowings	(2,176,606)	(1,095,280)	(175,671)
Debt issuance costs	(7,300)	(4,555)	(6,085)
Dividends paid to preferred stockholders	(9,258)	(12,563)	(14,545)
Dividends paid to common stockholders	(201,902)	(129,793)	(99,292)
Distributions paid to common unitholders	(8,582)	(6,418)	(3,328)
Distributions paid to preferred unitholders	(3,124)	(2,832)	(2,546)
Repurchase of common shares to satisfy employee tax withholding requirements	(2,156)	(1,428)	(1,278)
Net cash provided by financing activities	2,114,303	1,547,779	903,195
Increase (decrease) in cash, cash equivalents and restricted cash	(7,212)	(133,525)	98,666
Cash, cash equivalents and restricted cash, beginning of period	43,998	177,523	78,857
Cash, cash equivalents and restricted cash, end of period	36,786	43,998	177,523
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $12,236, $4,550 and $3,925 for the years December 31, 2022, 2021 and 2020, respectively)	44,811	32,979	27,924
Operating lease right-of-use assets obtained in exchange for lease liabilities	6,363	0	3,204
Assumption of debt in connection with acquisition of real estate including loan premium	0	16,512	65,264
Accrual for capital expenditures	29,074	15,700	11,811
Accrual of dividends and distributions	62,033	40,143	29,747
Lease reclassification from operating lease to sales-type lease:
Sales-type lease receivable	0	0	20,302
Investments in real estate, net	0	0	(16,117)
Deferred rent receivable, net	0	0	(63)
Deferred leasing costs, net	0	0	(164)
Acquired lease intangible assets, net	0	0	(136)
Gain on sale recognized due to lease classification	0	0	3,822
Series 2 CPOP Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	0	0	40,787
Series 3 CPOP Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	12,000	0	0
Operating Partnership Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	56,167	0	179,262
Private REIT Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	$ 122	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized interest, net	$ 12,236	$ 4,550	$ 3,925
Series 2 CPOP Units
Dividend Rate	3.00%	4.00%	4.00%
Series 3 CPOP Units
Dividend Rate	3.00%

Organization	12 Months Ended
Organization	Dec. 31, 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 December 31, 2022, our consolidated portfolio consisted of 356 properties with approximately 42.4 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

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying financial statements are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2022 and 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 consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Use of Estimates

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

Cash and Cash Equivalents

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

Restricted Cash

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

Restricted cash balances are included with cash and cash equivalent balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2022 and 2021 (in thousands):


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

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally 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 rental rates, rental growth rates and comparable sales data, including land sales, for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the year ended December 31, 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 year ended December 31, 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 are 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 $12.2 million, $4.5 million and $3.9 million during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized real estate taxes and insurance aggregating $5.2 million, $2.2 million, and $1.2 million and during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized compensation costs for employees who provide construction services of $8.7 million, $6.1 million and $4.1 million during the years ended December 31, 2022, 2021 and 2020, respectively.

Depreciation and Amortization

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

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

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

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

Assets Held for Sale

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

As of December 31, 2022, we did not have any properties classified as held for sale. As of December 31, 2021, our property located at 28159 Avenue Stanford in Valencia, California 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 years ended December 31, 2022, 2021 or 2020, there were no impairment charges recorded to the carrying value of our real estate properties. During the year ended December 31, 2021, in connection with the execution of a sublease for one of our office space leases, we recorded a $1.0 million impairment charge to reduce the carrying value of the related ROU asset. The impairment charge is presented in “Other expenses” in the consolidated statements of operations. See also “Note 6 – Leases” for details.

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 for taxable years prior to 2018.

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

We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable 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. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2022, 2021 and 2020.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2022 and 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, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.4 million as a net increase adjustment to rental income and $0.5 million and $5.0 million as a net reduction to rental income in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 respectively.

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 13 – Incentive Award Plan” for details.

Equity Offerings

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

Under relevant accounting guidance, sales of our common stock under forward equity sale agreements (as discussed in “Note 11 – Stockholders’ Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Earnings Per Share

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

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

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 14 – 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 assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 6 – Leases” for additional lessee disclosures required under lease accounting standards.

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 December 31, 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 12 – Noncontrolling Interests” for additional information related to convertible instruments.

Recent Accounting Pronouncements (Issued and Not Yet Adopted)

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

Investments in Real Estate

12 Months Ended

Dec. 31, 2022

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisition Summary

The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 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(3)	Los Angeles - South Bay	3/17/2022	123,532	4	24,000
13711 Freeway Drive(4)	Los Angeles - Mid-Counties	3/18/2022	82,092	1	34,000
6245 Providence Way	San Bernardino - Inland Empire West	3/22/2022	27,636	1	9,672
7815 Van Nuys Blvd	Los Angeles - San Fernando Valley	4/19/2022	43,101	1	25,000
13535 Larwin Circle	Los Angeles - Mid-Counties	4/21/2022	56,011	1	15,500
1154 Holt Blvd	San Bernardino - Inland Empire West	4/29/2022	35,033	1	14,158
900-920 Allen Avenue	Los Angeles - San Fernando Valley	5/3/2022	68,630	2	25,000
1550-1600 Champagne Avenue	San Bernardino - Inland Empire West	5/6/2022	124,243	2	46,850
10131 Banana Avenue(2)	San Bernardino - Inland Empire West	5/6/2022	—	—	26,166
2020 Central Avenue	Los Angeles - South Bay	5/20/2022	30,233	1	10,800
14200-14220 Arminta Street(5)	Los Angeles - San Fernando Valley	5/25/2022	200,003	1	80,653
1172 Holt Blvd	San Bernardino - Inland Empire West	5/25/2022	44,004	1	17,783
1500 Raymond Avenue(4)	Orange County - North	6/1/2022	—	—	45,000
2400 Marine Avenue	Los Angeles - South Bay	6/2/2022	50,000	2	30,000
14434-14527 San Pedro Street(4)	Los Angeles - South Bay	6/3/2022	118,923	1	49,105
20900 Normandie Avenue	Los Angeles - South Bay	6/3/2022	74,038	1	39,980
15771 Red Hill Avenue	Orange County - Airport	6/9/2022	100,653	1	46,000
14350 Arminta Street	Los Angeles - San Fernando Valley	6/10/2022	18,147	1	8,400
29125 Avenue Paine	Los Angeles - San Fernando Valley	6/14/2022	175,897	1	45,000
3935-3949 Heritage Oak Court	Ventura	6/22/2022	186,726	1	56,400
620 Anaheim Street	Los Angeles - South Bay	6/23/2022	34,555	1	17,100
400 Rosecrans Avenue(4)	Los Angeles - South Bay	7/6/2022	28,006	1	8,500


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
3547-3555 Voyager Street	Los Angeles - South Bay	7/12/2022	60,248	3	20,900
6996-7044 Bandini Blvd	Los Angeles - Central	7/13/2022	111,515	2	40,500
4325 Etiwanda Avenue	Riverside / San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	Riverside / San Bernardino - Inland Empire West	7/18/2022	1,057,419	6	470,000
6000-6052 & 6027-6029 Bandini Blvd	Los Angeles - Central	7/22/2022	182,782	2	91,500
3901 Via Oro Avenue	Los Angeles - South Bay	8/12/2022	53,817	1	20,000
15650 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	43,392	1	16,226
15700 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	40,453	1	15,127
17000 Gale Avenue	Los Angeles - San Gabriel Valley	8/12/2022	29,888	1	11,176
17909 & 17929 Susana Road	Los Angeles - South Bay	8/17/2022	57,376	2	26,100
2880 Ana Street	Los Angeles - South Bay	8/25/2022	80,850	1	34,600
920 Pacific Coast Highway	Los Angeles - South Bay	9/1/2022	148,186	1	100,000
21022 & 21034 Figueroa Street	Los Angeles - South Bay	9/7/2022	51,185	1	24,200
13301 Main Street	Los Angeles - South Bay	9/14/2022	106,969	1	51,150
20851 Currier Road(4)	Los Angeles - San Gabriel Valley	10/5/2022	59,412	1	21,800
3131 Harcourt Street & 18031 Susana Road	Los Angeles - South Bay	11/15/2022	73,000	2	27,500
14400 Figueroa Street	Los Angeles - South Bay	11/22/2022	121,062	4	49,000
2130-2140 Del Amo Blvd	Los Angeles - South Bay	12/16/2022	99,064	2	41,900
19145 Gramercy Place	Los Angeles - South Bay	12/16/2022	102,143	1	37,000
20455 Reeves Avenue	Los Angeles - South Bay	12/16/2022	110,075	1	48,950
14874 Jurupa Avenue	San Bernardino - Inland Empire West	12/16/2022	158,119	1	59,250
10660 Mulberry Avenue	San Bernardino - Inland Empire West	12/16/2022	49,530	1	10,950
755 Trademark Circle	San Bernardino - Inland Empire West	12/23/2022	34,427	1	10,500
4500 Azusa Canyon Road	Los Angeles - San Gabriel Valley	12/29/2022	77,266	1	40,000
7817 Haskell Avenue	Los Angeles - San Fernando Valley	12/29/2022	7,327	1	11,050
Total 2022 Property Acquisitions			5,940,775	87	$	2,391,927

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

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

(3)The acquisition of the Long Beach Business Park was funded through a combination of cash on hand and the issuance of 164,998 3.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See “Note 12 – Noncontrolling Interests – Preferred Units – 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 wholly-owned industrial properties we acquired during the year ended December 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
15010 Don Julian Road(2)	Los Angeles - San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	San Bernardino - Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street(3)	Los Angeles - South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	Los Angeles - South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue(4)	Los Angeles - San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue(2)	San Diego - Central	2/4/2021	86,637	2	19,800
9920-10020 Pioneer Boulevard	Los Angeles - Mid-Counties	2/19/2021	157,669	7	23,500
2553 Garfield Avenue	Los Angeles - Central	3/19/2021	25,615	1	3,900
6655 East 26th Street	Los Angeles - Central	3/19/2021	47,500	1	6,500
560 Main Street	Orange County - North	3/19/2021	17,000	1	2,600
4225 Etiwanda Avenue	San Bernardino - Inland Empire West	3/23/2021	134,500	1	32,250
12118 Bloomfield Avenue(2)	Los Angeles - Mid-Counties	4/14/2021	63,000	4	16,650
256 Alondra Boulevard(3)	Los Angeles - South Bay	4/15/2021	2,456	1	11,250
19007 Reyes Avenue(2)(3)	Los Angeles - South Bay	4/23/2021	—	—	16,350
19431 Santa Fe Avenue(3)	Los Angeles - South Bay	4/30/2021	14,793	3	10,500
4621 Guasti Road	San Bernardino - Inland Empire West	5/21/2021	64,512	1	13,335
12838 Saticoy Street	Los Angeles - San Fernando Valley	6/15/2021	100,390	1	27,250
19951 Mariner Avenue	Los Angeles - South Bay	6/15/2021	89,272	1	27,400
East 12th Street	Los Angeles - Central	6/17/2021	257,976	4	93,600
29120 Commerce Center Drive	Los Angeles - San Fernando Valley	6/22/2021	135,258	1	27,052
20304 Alameda Street	Los Angeles - South Bay	6/24/2021	77,758	2	13,500
4181 Ruffin Road	San Diego - Central	7/8/2021	150,144	1	35,750
12017 Greenstone Avenue(3)	Los Angeles - Mid-Counties	7/16/2021	—	1	13,500
1901 Via Burton(2)	Orange County - North	7/26/2021	—	1	24,211
1555 Cucamonga Avenue	San Bernardino - Inland Empire West	8/4/2021	107,023	2	21,000
1800 Lomita Boulevard(3)	Los Angeles - South Bay	8/6/2021	—	—	70,000
8210-8240 Haskell Avenue	Los Angeles - San Fernando Valley	8/17/2021	53,248	3	12,425
3100 Lomita Boulevard	Los Angeles - South Bay	8/20/2021	575,976	5	202,469		(5)
2401-2421 Glassell Street	Orange County - North	8/25/2021	191,127	4	70,025
2390-2444 American Way(2)	Orange County - North	8/26/2021	—	—	16,700
500 Dupont Avenue	San Bernardino - Inland Empire West	8/26/2021	276,000	1	58,500
1801 St. Andrew Place	Orange County - Airport	9/10/2021	370,374	1	105,300
5772 Jurupa Street	San Bernardino - Inland Empire West	9/17/2021	360,000	1	54,000
2500 Victoria Street(3)	Los Angeles - South Bay	9/30/2021	—	—	232,067		(6)
1010 Belmont Street	San Bernardino - Inland Empire West	10/1/2021	61,824	1	14,500
21515 Western Avenue(2)(7)	Los Angeles - South Bay	10/12/2021	56,199	1	18,950
12027 Greenstone Avenue(3)	Los Angeles - Mid-Counties	10/28/2021	7,780	1	8,125
6027 Eastern Avenue(2)	Los Angeles - Central	11/16/2021	82,922	1	23,250


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
340-344 Bonnie Circle	San Bernadino - Inland Empire West	11/16/2021	98,000	1	27,000
14100 Vine Place	Los Angeles - Mid Counties	11/18/2021	119,145	1	48,501
2280 Ward Avenue	Ventura - Ventura	11/30/2021	242,101	1	46,411
20481 Crescent Bay Drive	Orange County - South	11/30/2021	88,355	1	19,500
334 El Encanto Road	Los Angeles - San Gabriel Valley	12/02/2021	64,368	1	10,675
17031-17037 Green Drive	Los Angeles - San Gabriel Valley	12/10/2021	51,000	1	13,770
13512 Marlay Avenue	San Bernadino - Inland Empire West	12/16/2021	199,363	1	51,000
14940 Proctor Road	Los Angeles - San Gabriel Valley	12/17/2021	111,927	1	28,596
2800 Casitas Avenue	Los Angeles - San Fernando Valley	12/22/2021	117,000	1	43,000
4240 190th Street	Los Angeles - South Bay	12/23/2021	307,487	1	75,300
2391-2393 Bateman Avenue	Los Angeles - San Gabriel Valley	12/28/2021	65,605	1	23,077
1168 Sherborn Street	San Bernardino - Inland Empire West	12/29/2021	79,515	1	23,445
3071 Coronado Street(2)	Orange County - North	12/30/2021	109,908	1	28,000
8911 Aviation Blvd	Los Angeles - South Bay	12/30/2021	100,000	1	32,000
1020 Bixby Drive	Los Angeles - San Gabriel Valley	12/31/2021	56,915	1	16,350
Total 2021 Property Acquisitions			5,650,673	80	$	1,887,797

(1)Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $17.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $1.9 billion. Each acquisition was funded with available cash on hand unless otherwise noted.

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

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

(4)The acquisition of 7817 Woodley Avenue was funded through a combination of cash on hand and the assumption of $3.2 million of debt. This property is the remaining asset in the Van Nuys Airport Industrial Center Portfolio that we acquired in December 2020.

(5)In connection with the acquisition of 3100 Lomita Boulevard, we prepaid an existing loan on the property and incurred a $20.4 million prepayment fee at closing. The acquisition price in the table above reflects this prepayment fee in addition to the $182.0 million contractual purchase price.

(6)In connection with the acquisition of 2500 Victoria Street, we entered into a long-term sale lease-back agreement with the seller/tenant. At the end of the lease, the tenant will be required to restore the site by removing all above and below ground improvements to prepare the property for subsequent development by us. The acquisition price in the table above reflects the $217.1 million contractual purchase price plus additional consideration of $15.0 million, which is payable to the tenant at the end of the lease, subject to the tenant completing its restoration obligations under the lease. The $15.0 million has been recorded in security deposits in the consolidated balance sheets.

(7)The acquisition of 21515 Western Avenue was funded through a combination of cash on hand and the assumption of $13.2 million of debt.

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		2021
Assets:
Land	$	1,698,173	$	1,514,933
Buildings and improvements	687,358		359,970
Tenant improvements	9,987		37,173
Acquired lease intangible assets(1)	82,539		71,919
Right of use asset - ground lease(2)	4,787		—
Other acquired assets(3)	558		519
Total assets acquired	$	2,483,402	$	1,984,514
Liabilities:
Acquired lease intangible liabilities(4)	$	54,085	$	76,992
Notes payable(5)	—		16,512
Deferred rent liability(6)	4,339		1,554
Lease liability - ground lease(2)	4,787		—
Other assumed liabilities(3)	15,652		26,975
Total liabilities assumed	$	78,863	$	122,033
Net assets acquired	$	2,404,539	$	1,862,481

(1)For the 2022 acquisitions, acquired lease intangible assets are comprised of $63.7 million of in-place lease intangibles with a weighted average amortization period of 5.8 years, $5.9 million of above-market lease intangibles with a weighted average amortization period of 6.9 years and a $13.0 million below-market ground lease intangible with an amortization period of 78.9 years. For the 2021 acquisitions, acquired lease intangible assets are comprised of $67.8 million of in-place lease intangibles with a weighted average amortization period of 7.2 years and $4.1 million of above-market lease intangibles with a weighted average amortization period of 9.0 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 8.9 years and 7.5 years, for the 2022 and 2021 acquisitions, respectively.

(5)In connection with the acquisition of properties, during the year ended December 31, 2021, we assumed two mortgage loans from the sellers. See “Note 5 – Notes Payable” for details.

(6)In connection with four acquisition transactions in 2022 and one acquisition transaction in 2021, 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 or pays below-market rent. 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 properties that we sold during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
2022 Dispositions:
28159 Avenue Stanford	Los Angeles - San Fernando Valley	1/13/2022	79,247	$	16,500	$	8,486

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

2020 Dispositions:
3927 Oceanic Drive	San Diego - North County	8/13/2020	54,740	$	10,300	$	2,926
121 West 33rd Street	San Diego - South County	9/18/2020	76,745	13,500		7,575
2700-2722 South Fairview Street(2)	Orange County - Airport	9/30/2020	116,575	20,400		3,268
6750 Central Avenue	San Bernardino - Inland Empire East	12/31/2020	8,666	1,300		758
Subtotal			256,726	45,500		14,527
1055 Sandhill Avenue Personal Property			—	1,854		(910)		(3)
Total			256,726	$	47,354	$	13,617

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

(2)Gain recorded reflects (i) a $3.8 million gain on sale recognized due to lease reclassification from operating lease to sales-type lease, less (ii) approximately $0.6 million of selling costs/other write-offs related to the disposition.

(3)Represents a $0.9 million loss on disposition of personal property that was originally acquired as part of the acquisition of 1055 Sandhill Avenue and valued at $2.8 million. The loss is included in the line item “Gains on sale of real estate” in our consolidated statements of operations for the year ended December 31, 2020.

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

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

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


	December 31,
	2022		2021
Acquired Lease Intangible Assets:
In-place lease intangibles	$	315,842	$	256,902
Accumulated amortization	(172,883)		(135,415)
In-place lease intangibles, net	$	142,959	$	121,487

Above-market tenant leases	$	26,851	$	21,065
Accumulated amortization	(12,671)		(10,394)
Above-market tenant leases, net	$	14,180	$	10,671

Below-market ground lease(1)	$	12,977	$	—
Accumulated amortization(1)	$	(130)	$	—
Below-market ground lease, net	$	12,847	$	—
Acquired lease intangible assets, net	$	169,986	$	132,158

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(220,646)	$	(174,686)
Accumulated accretion	73,262		47,669
Below-market tenant leases, net	$	(147,384)	$	(127,017)




Acquired lease intangible liabilities, net	$	(147,384)	$	(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 reported periods noted below (in thousands):


	Year Ended December 31,
	2022		2021		2020
In-place lease intangibles(1)	$	42,202	$	30,136	$	22,903
Net below market tenant leases(2)	$	(31,339)	$	(15,443)	$	(10,533)
Below-market ground leases(3)	$	130	$	—	$	—

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

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

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

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2022, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)		Below Market Ground Lease(3)
2023	$	38,044	$	(27,386)	$	164
2024	25,988		(21,398)		164
2025	19,430		(15,519)		164
2026	15,041		(12,568)		164
2027	10,629		(8,104)		164
Thereafter	33,827		(48,229)		12,027
Total	$	142,959	$	(133,204)	$	12,847

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

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

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

Notes Payable

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Notes Payable

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


	December 31, 2022		December 31, 2021		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.725	%	(2)	5.125	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		—		S+0.800	%	(2)	5.258	%		7/19/2024	(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	300,000		—		S+0.800	%	(2)	3.717	%	(6)	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 (green bond)	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	$	1,825,000	$	1,275,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(7)	$	3,832	$	3,951	n/a			4.080	%		4/5/2023
$60M Term Loan(8)	—		58,108		n/a			n/a			8/1/2023
960-970 Knox Street(7)	2,307		2,399		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,712		3,806		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,462		2,626		n/a			4.190	%		5/1/2024
$60M Term Loan Facility(9)	60,000		—		S+1.250	%		5.708	%		10/27/2024
5160 Richton Street(7)	4,153		4,272		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,612		2,682		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(10)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,965		15,320		n/a			3.930	%		7/1/2027
2205 126th Street(11)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(11)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,928		4,002		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,935		2,119		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	3,009		3,132		n/a			4.140	%		8/1/2039
2515 Western Avenue(12)	—		13,104		n/a			4.500	%		9/1/2042
Total Secured Debt	$	125,515	$	138,121
Total Unsecured and Secured Debt	$	1,950,515	$	1,413,121
Less: Unamortized premium/discount and debt issuance costs(13)	(14,134)		(13,556)
Total	$	1,936,381	$	1,399,565

(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2022 and includes the effect of interest rate swaps that were effective as of December 31, 2022. See footnote (6) below. 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 (“Term SOFR”) for the $300.0 million and $400.0 million unsecured term loans (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 and $400.0 million unsecured term loans, 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. In August 2022, our credit ratings were upgraded by two credit rating agencies and as a result, the applicable margin on the unsecured revolving credit facility was lowered to 0.725% from 0.775% and the applicable margin on the $300.0 million and $400.0 million unsecured term loans was lowered to 0.80% from 0.85%.

(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 ranges from 0.125% to 0.300% per annum depending upon our investment grade ratings, leverage ratio and sustainability performance metrics.

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

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

(6)As of December 31, 2022, Term SOFR related to $300.0 million of our variable rate debt has been effectively fixed through the use of interest rate swaps. Including the impact of these interest rate swaps, the hedged effective interest rate on the $300.0 million unsecured term loan is 3.717%. See Note 7 for details related to our interest rate swaps.

(7)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).

(8)In October 2022, we repaid in full the outstanding principal balance on this secured debt.

(9)Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions.

(10)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.

(11)Fixed monthly payments of interest only.

(12)In June 2022, we repaid 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.

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

Contractual Debt Maturities

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of December 31, 2022, and does not consider extension options available to us as noted in the table above (in thousands):


2023	$	7,490
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	916,984
Total	$	1,950,515

Recent Activity

New $60 Million Term Loan Facility

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

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

Credit Agreement

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

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

Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) Term SOFR plus the applicable margin; (ii) daily SOFR (“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 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 35.0%.

In addition, the Credit Agreement 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 Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed.

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

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

On December 31, 2022, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings.

Repayment of $150 Million Term Loan Facility

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

Issuance of $400 Million Notes Due 2031

On August 4, 2021, we completed an underwritten public offering of $400.0 million of 2.150% green Senior Notes due 2031 (the “$400 Million Notes due 2031”). The $400 Million Notes due 2031 were issued to the public at 99.014% of the principal amount, with a coupon rate of 2.150%. Interest on the $400 Million Notes due 2031 is payable semiannually on the first day of March and September in each year, beginning on March 1, 2022, until maturity on September 1, 2031.

We may redeem the $400 Million Notes due 2031 at our option and sole discretion, in whole at any time or in part from time to time prior to June 1, 2031 (three months prior to the maturity date of the $400 Million Notes due 2031), at a redemption price equal to the greater of (i) 100% of the principal amount of the $400 Million Notes due 2031 being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, on or after June 1, 2031 (three months prior to the maturity date of the $400 Million Notes due 2031), the redemption price will be equal to 100% of the principal amount of the $400 Million Notes due 2031 being redeemed.

Repayment of $225 Million Term Loan Facility

On August 9, 2021, we used a portion of the proceeds from the issuance of the $400 Million Notes due 2031 to repay our $225.0 million unsecured term loan facility in full. We did not incur any prepayment penalties for repaying in advance of the maturity date of January 14, 2023. In connection with the repayment of this term loan, we wrote off $0.5 million of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

Assumption of Mortgage Loans

On January 27, 2021, in connection with the acquisition of the property located at 7817 Woodley Avenue, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance of $3.2 million and a fair value of $3.3 million resulting in an initial net debt premium of $0.1 million. The mortgage loan bears interest at a fixed rate of 4.14% per annum.

On October 12, 2021, in connection with the acquisition of the property located at 2515 Western Avenue, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance and fair value of $13.2 million. The mortgage loan bears interest at a fixed rate of 4.50% per annum. In June 2022, we repaid in full the outstanding principal balance on this mortgage loan.

Debt Covenants

The Credit Agreement, $60 Million Term Loan Facility, our $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125.0 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 and $60 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than 45%;

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

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

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

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

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

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

The $400.0 million of 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 Credit Agreement, $60 Million Term Loan Facility and Senior Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the debt agreement, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either S&P, Moody’s or Fitch. Our credit ratings as of December 31, 2022, were BBB+ from S&P, BBB+ from Fitch and Baa2 from Moody’s.

We were in compliance with all of our quarterly and annual debt covenants as of December 31, 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Lessor - Operating Leases

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

For the year ended December 31, 2022, we recognized $599.2 million of rental income related to operating lease payments of which $491.1 million was for fixed lease payments and $108.1 million was for variable lease payments. For the year ended December 31, 2021, we recognized $436.3 million of rental income related to operating lease payments of which $360.2 million was for fixed lease payments and $76.1 million was for variable lease payments. For the year ended December 31, 2020, we recognized $318.8 million of rental income related to operating lease payments of which $266.1 million was for fixed lease payments and $52.7 million was for variable lease payments.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2022 (in thousands):


For the year ending December 31,
2023	$	513,582
2024	447,083
2025	381,133
2026	305,315
2027	223,512
Thereafter	817,465
Total	$	2,688,090

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.

Lessor – Sales-Type Lease

In June 2020, we executed a five-year-year lease for a 58,802 rentable square foot unit at the property located at 2722 Fairview Street (“Fairview”). The lease contained an option whereby the tenant could purchase the entire 116,757 rentable square foot property at a purchase price of $20.4 million, by executing its purchase option on or before December 10, 2020.

On September 9, 2020, the tenant exercised its option to purchase Fairview, which resulted in a change in lease classification from an operating lease to a sales-type lease. As a result of this change in classification, on September 9, 2020, we derecognized the net book value of the property, recorded a sales-type lease receivable of $20.3 million (measured as the discounted present value of the fixed purchase option price), and recognized a $3.8 million gain on sale due to lease reclassification. On September 30, 2020, the sale of Fairview closed and we collected the lease receivable and recorded $0.6 million of selling costs/write-offs, for a total net gain on sale of $3.3 million. The net proceeds from the sale of Fairview are included in net cash provided by operating activities in the consolidated statements of cash flows.

Lessee

We lease office space as part of conducting our day-to-day business. As of December 31, 2022, our office space leases have remaining lease terms ranging from approximately two years to five years with options to renew for an additional term of five years each. As of December 31, 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 38 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.

In November 2021, we executed a sublease agreement for one of our leased office spaces as a result of the implementation of a work from home flexibility program in 2021 based on the success of our virtual working environment during the earlier part of the pandemic. The term of the sublease is for a period of three years and 9 months (expiring in September 2025) and has an annual lease payment of approximately $0.3 million per year. Upon executing the sublease agreement, we reviewed the ROU asset and other assets associated with the original office space lease for recoverability and determined that the total carrying amount of these assets exceeded the undiscounted cash flows generated by the sublease income over the lease term. Accordingly, the carrying value of these assets were written down to fair value and we recorded a $1.0 million impairment charge for the year ended December 31, 2021, which is included in “Other expenses” in the accompanying consolidated statements of operations, with a corresponding adjustment to “Other assets” in the consolidated balance sheets as of December 31, 2021.

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


	Year Ended December 31,
Lease Cost(1) (in thousands)		2022		2021		2020
Operating lease cost		$	1,845	$	1,598	$	1,354
Variable lease cost		113		63		39
Sublease income		(268)		—		—
Total lease cost		$	1,690	$	1,661	$	1,393

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


	Year Ended December 31,
Other Information (in thousands)		2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,016	$	1,471	$	1,127
Right-of-use assets obtained in exchange for new operating lease liabilities		$	6,363	$	—	$	3,204


Lease Term and Discount Rate	December 31, 2022		December 31, 2021
Weighted-average remaining lease term(1)	36.5 years		3.3 years
Weighted-average discount rate(2)	3.77	%	2.95	%

(1)Includes the impact of extension options that we are reasonably certain to exercise. The weighted average remaining lease term as of December 31, 2022 includes the ground lease we assumed in the acquisition of 2970 East 50th Street in March 2022, which has a remaining lease term of approximately 78 years (including the four additional ten-year renewal options). Excluding this ground lease, the weighted average remaining lease term as of December 31, 2022, is 3.3 years.

(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 lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands):


2023	$	2,308
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	27,155
Less imputed interest	(16,266)
Total lease liabilities	$	10,889

Leases

Lessor - Operating Leases

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.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2022 (in thousands):


For the year ending December 31,
2023	$	513,582
2024	447,083
2025	381,133
2026	305,315
2027	223,512
Thereafter	817,465
Total	$	2,688,090

Lessor – Sales-Type Lease

Lessee

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


	Year Ended December 31,
Lease Cost(1) (in thousands)		2022		2021		2020
Operating lease cost		$	1,845	$	1,598	$	1,354
Variable lease cost		113		63		39
Sublease income		(268)		—		—
Total lease cost		$	1,690	$	1,661	$	1,393

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


	Year Ended December 31,
Other Information (in thousands)		2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,016	$	1,471	$	1,127
Right-of-use assets obtained in exchange for new operating lease liabilities		$	6,363	$	—	$	3,204


Lease Term and Discount Rate	December 31, 2022		December 31, 2021
Weighted-average remaining lease term(1)	36.5 years		3.3 years
Weighted-average discount rate(2)	3.77	%	2.95	%

The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands):


2023	$	2,308
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	27,155
Less imputed interest	(16,266)
Total lease liabilities	$	10,889

Interest Rate Derivatives

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swaps

Interest Rate Derivatives

The following table sets forth a summary of the terms and fair value of our interest rate swaps as of December 31, 2022 and 2021 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.


					Notional Value(2)				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(3)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate(1)		December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Interest Rate Swap	7/27/2022	5/26/2027	2.8170	%	$	150,000	$	—	$	5,720	$	—
Interest Rate Swap	7/27/2022	5/26/2027	2.8175	%	$	150,000	$	—	$	5,702	$	—
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	—	$	150,000	$	—	$	(7,482)

(1)As of December 31, 2022, our interest rate swaps were indexed to 1-month SOFR. As of December 31, 2021, our interest rate swap was indexed to 1-month LIBOR.

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

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

Transactions

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

On May 26, 2022, in conjunction with the repayment of the $150.0 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 $150.0 million of LIBOR-based variable-rate debt, and which had an unrealized loss balance of $0.6 million in AOCI at the time of termination. We are amortizing the loss on this transaction from AOCI into interest expense on a straight-line basis over the period beginning from the termination date of the interest rate swap (May 26, 2022) through the original maturity date of the interest rate swap (November 22, 2024).

On August 11, 2021, in conjunction with the repayment of the $225.0 million term loan facility, we paid $1.3 million to terminate two interest rate swaps with a combined notional amount of $225.0 million and a maturity date of January 14, 2022 (the “$225 Million Swaps”), that were used to hedge the monthly cash flows associated $225.0 million of LIBOR-based variable-rate debt, and which had an unrealized loss balance of $1.3 million in AOCI at the time of termination. We have amortized 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 $225 Million Swaps (August 9, 2021) through the original maturity date of the $225 Million Swaps (January 14, 2022).

On July 13, 2021, we executed three 10-year treasury rate lock agreements with a combined notional amount of $150.0 million at a weighted average fixed interest rate of 1.38179% (the “T-Locks”), intended to designate as a cash flow hedge against changes in interest rates on anticipated future fixed-rate unsecured borrowings. On August 9, 2021, we settled the T-Locks in connection with the issuance of the $400 Million Notes due 2031 for a payment of $2.8 million, which is included in the balance of AOCI and is being amortized into interest expense on a straight-line basis over the 10-year term of the hedged transaction.

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


	Year Ended December 31,
	2022		2021		2020
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	17,227	$	263	$	(17,212)
Amount of loss reclassified from AOCI into earnings as “Interest expense” (1)	$	(1,619)	$	(8,070)	$	(6,332)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	48,496	$	40,139	$	30,849

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

As of December 31, 2022, we estimate that approximately $5.3 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next twelve months.

Credit-risk-related Contingent Features

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

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

Fair Value Measurements

12 Months Ended

Dec. 31, 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.

The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2022 and 2021, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Interest Rate Swap Asset	$	11,422	$	—	$	11,422	$	—

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 December 31, 2022 and 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:
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381
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	12 Months Ended
Related Party Transactions	Dec. 31, 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 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 $0.6 million, $0.5 million and $0.4 million during the years ended December 31, 2022, 2021 and 2020, respectively, in management and leasing services revenue.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 generally will perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of December 31, 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 December 31, 2022, we had commitments of approximately $114.2 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of December 31, 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 December 31, 2022, all of our properties are located in the Southern California, which may expose us to risks associated with the economic, regulatory and social factors affecting the markets in which we operate. Tenant Concentration During the year ended December 31, 2022, no single tenant accounted for more than 5% of our total consolidated rental income.

Stockholder's Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholder's Equity

Stockholders’ Equity

Preferred Stock

As of December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 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

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

Redemption of Series A Preferred Stock

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

Common Stock

ATM Programs

On May 27, 2022, we established an at-the-market equity offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.0 billion (the “Current 2022 ATM Program”). The Current 2022 ATM Program replaces our previous $750.0 million ATM program, which was established on January 13, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $697.5 million through May 27, 2022. In addition, we previously established a $750.0 million ATM program on November 9, 2020, under which we had sold shares of our common stock having an aggregate gross sales price of $743.9 million through January 13, 2022, and a $550.0 million ATM program on June 13, 2019, under which we had sold shares of our common stock having an aggregate gross sales price of $296.5 million through November 9, 2020.

In connection with the ATM programs established since 2020, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

During the year ended December 31, 2022, we did not sell any shares of common stock directly through sales agents under our ATM programs. During the year ended December 31, 2021, we directly sold a total of 3,201,560 shares of our common stock under our ATM programs at a weighted average price of $52.27 per share, for gross proceeds of $167.3 million, and net proceeds of $165.2 million, after deducting the sales agents’ fees. During the year ended December 31, 2020, we directly sold a total of 3,165,661 shares of our common stock under our ATM programs, at a weighted average price of $39.96 per share, for gross proceeds of $126.5 million, and net proceeds of $124.7 million, after deducting the sales agents’ fee.

During the year ended December 31, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 23,519,219 shares of common stock at a weighted average initial forward price of $64.29 per share. During the year ended December 31, 2021, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 8,589,572 shares of our common stock at a weighted average initial forward price of $62.87 per share. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements. During the year ended December 31, 2020, we did not enter into any forward equity sale agreements under our ATM programs.

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

As of December 31, 2022, we had 636,884 shares of common stock, or approximately $35.0 million of forward net proceeds remaining for settlement to occur before the fourth quarter of 2023, based on forward sales of $55.00 per share.

As of December 31, 2022, approximately $165.4 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.

2022 Forward Equity Offering

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

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

As of December 31, 2022, we had 8,291,721 shares of common stock, or approximately $461.4 million of forward net proceeds remaining for settlement to occur by May 2024, based on a forward price of $55.65 per share.

May 2021 Forward Equity Offering

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

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

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

September 2021 Offering

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

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

2020 Offerings

During the second quarter of 2020, we completed an underwritten public offering of 7,187,500 shares of our common stock, including the underwriters’ exercise in full of their option to purchase 937,500 shares of our common stock, at a price to the underwriters of $39.67 per share, for net proceeds of approximately $285.0 million after deducting offering costs. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 7,187,500 common units of partnership interests in the Operating Partnership.

In December 2020, we completed an underwritten public offering of 6,900,000 shares of our common stock, including the underwriters’ exercise in full of their option to purchase 900,000 shares of our common stock, at a price to the underwriters of $47.15 per share, for net proceeds of approximately $325.0 million, after deducting offering costs. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 6,900,000 common units of partnership interests in the Operating Partnership.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2022		2021
Accumulated other comprehensive loss - beginning balance	$	(9,874)	$	(17,709)
Other comprehensive income before reclassifications	17,227		263
Amounts reclassified from accumulated other comprehensive loss to interest expense(1)	1,619		8,070
Net current period other comprehensive income	18,846		8,333
Less: other comprehensive income attributable to noncontrolling interests	(725)		(498)
Other comprehensive income attributable to common stockholders	18,121		7,835
Accumulated other comprehensive income (loss) - ending balance	$	8,247	$	(9,874)

(1)Amounts include $0.3 million and $2.2 million reclassifications from AOCI into interest expense for the years ended December 31, 2022 and 2021, respectively, related to terminated swaps. See “Note 7 – Interest Rate Derivatives” for additional information.

Dividends

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

The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2022, 2021 and 2020:


	Common Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.203386	100.00	%	$	1.049243	100.00	%	$	0.834238	100.00	%


Total	$	1.203386	100.00	%	$	1.049243	100.00	%	$	0.834238	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	—	—	%	$	0.917970	100.00	%	$	1.468752	100.00	%


Total	$	—	—	%	$	0.917970	100.00	%	$	1.468752	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


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


	Series C Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%


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

- Definition

The entire disclosure for 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

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2022
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units, Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units, and the private REIT units, as described below, that are not owned by us. Operating Partnership Units As of December 31, 2022, noncontrolling interests included 5,821,146 OP Units, 763,762 fully-vested LTIP units and 976,352 fully-vested performance units which represented approximately 3.8% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 13 – Incentive Award Plan” for a description of LTIP units and Performance Units. Activity On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million. As partial consideration for the property, we issued the seller 954,000 OP Units valued at $56.2 million. On March 5, 2020, we acquired ten industrial properties and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company for an aggregate purchase price of $214.2 million. As partial consideration for the acquisition of these properties, we issued the sellers 1,406,170 OP Units, valued at $67.5 million. On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million. As partial consideration for the property, we issued the seller 592,186 OP Units valued at $27.8 million. On December 31, 2020, we acquired a portfolio of four properties for an aggregate purchase price of $84.0 million. As consideration for the portfolio, we issued the seller 1,800,000 OP Units. During the years ended December 31, 2022, 2021 and 2020, we redeemed 167,286, 521,199 and 296,313 OP Units, respectively, in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, resulting in the reclassification of $6.2 million, $17.5 million, and $7.7 million, respectively, from noncontrolling interests to total stockholders’ equity. Preferred Units Series 3 CPOP Units On March 17, 2022, we acquired an industrial business park located in Long Beach, California for a contractual purchase price of approximately $24.0 million. In consideration for the property, we (i) paid approximately $12.0 million in cash and (ii) issued the seller 164,998 newly issued 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 3 CPOP Units”), valued at $12.0 million. Holders of Series 3 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 3.00% per annum of the $72.73 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2022. The holders of Series 3 CPOP Units are entitled to receive the liquidation preference, which is $72.73 per unit or approximately $12.0 million in the aggregate for all of the Series 3 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Series 2 CPOP Units On March 5, 2020, as partial consideration for the acquisition of the Properties, we issued the Sellers 906,374 newly issued 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units”), valued at $40.8 million. Holders of Series 2 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.00% per annum of the $45.00 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2020. The holders of Series 2 CPOP Units are entitled to receive the liquidation preference, which is $45.00 per unit or approximately $40.8 million in the aggregate for all of the Series 2 CPOP Units, before the holders of OP Units are entitled to receive distributions in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Series 1 CPOP Units As of December 31, 2022, we also have 593,960 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”) outstanding. Holders of Series 1 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.43937% per annum of the $45.50952 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 28, 2019. The holders of Series 1 CPOP Units are entitled to receive the liquidation preference, which is $45.50952 per unit or approximately $27.0 million in the aggregate for all of the Series 1 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Features of Series 1, Series 2 and Series 3 CPOP Units The Series 1 CPOP Units, Series 2 CPOP Units and the Series 3 CPOP Units (together, the “CPOP Units”) are convertible (i) at the option of the holder anytime from time to time (the “Holder Conversion Right”), or (ii) at the option of the Operating Partnership, at any time on or after April 10, 2024 for the Series 1 CPOP Unit, at any time on or after March 5, 2025 for the Series 2 CPOP Unit, and at any time on or after March 17, 2027 for the Series 3 CPOP Unit (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis per Series 1 CPOP Unit, into 0.7722 OP Unit per Series 2 CPOP Unit and into OP Units on a one-for-one basis per Series 3 CPOP Unit. As noted above, investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis (the “Subsequent Redemption Right”). The CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s 5.875% series B cumulative redeemable preferred units and 5.625% series C cumulative redeemable preferred units and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the CPOP Units, and junior to any other class or series of partnership interest of the Operating Partnership expressly designated as ranking senior to the CPOP Units. Pursuant to relevant accounting guidance, we analyzed the CPOP Units for any embedded derivatives that should be bifurcated and accounted for separately and also considered the conditions that would require classification of the CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the CPOP Units including the right to discretionary distributions, the Holder Conversion Right, the Company Conversion Right and the Subsequent Redemption Right to determine whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement if the CPOP Units are converted into shares of our common stock (subsequent to conversion into OP Units). Based on the results of our analyses, we concluded that (i) none of the embedded features of the CPOP Units require bifurcation and separate accounting, and (ii) the CPOP Units met the criteria to be classified within equity, and accordingly are presented as noncontrolling interests within permanent equity in the consolidated balance sheets. Private REIT Preferred Units On July 18, 2022, we acquired the Merge-West properties through the purchase of a private REIT. The private REIT has 122 units of 12% cumulative redeemable non-voting preferred units (the “private REIT units”) outstanding that are held by unaffiliated third parties. Pursuant to the REIT purchase agreement and corresponding tax indemnification agreement, we have the obligation to maintain the REIT through February 3, 2023, which would prevent us from redeeming the private REIT units until that time. Upon redemption, the private REIT units have a redemption price equal to $1,000 per unit, or an aggregate price of $122,000, plus any distributions thereon that have accrued but have not been paid at the time of such redemption (the “liquidation preference”), plus a redemption premium of $100 per unit if redeemed on or before December 31, 2024. The private REIT units have been classified as noncontrolling interests in our consolidated balance sheets and have a balance equal to the liquidation preference.

Incentive Award Plan

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Incentive Award Plan

Second Amended and Restated 2013 Incentive Award Plan

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

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

As of December 31, 2022, a total of 1,661,609 shares of common stock, LTIP units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards.

LTIP Units and Performance Units

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

The compensation committee grants awards to the Company’s named executive officers (the “NEOs”) on an annual basis in the form of LTIP units and Performance units, typically towards the end of each year. In 2022, 2021 and 2020, the compensation committee granted the NEOs a combined 167,221, 93,030, and 121,112 LTIP units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and a combined 673,188, 366,004, and 476,915 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”).

2022, 2021 and 2020 LTIP Unit Awards

Each of the 2022, 2021 and 2020 LTIP Awards are scheduled to vest one-third in equal installments on each of the first, second and third anniversaries of the grant date. Each award is subject to each executive’s continued employment through the applicable vesting date, and subject to earlier vesting upon certain termination of employment or a change in control event, as described in the award agreements. Compensation expense is recognized using the accelerated expense attribution method, with each vesting tranche valued as a separate award. The total grant date fair value of each annual LTIP award is based on the Company’s most recent closing stock price preceding the grant and the application of a discount for post-vesting restrictions and uncertainty regarding the occurrence and timing of book-up events. The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:


	2022 LTIP Award			2021 LTIP Award			2020 LTIP Award
Valuation date	November 8, 2022			December 23, 2021			December 22, 2020
Closing share price of common stock	$	53.94		$	77.50		$	48.58
Discount for post-vesting restrictions and book-up events	7.4		%	7.8		%	7.6		%
Grant date fair value (in thousands)	$	8,353		$	6,648		$	5,437

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2022, 2021 and 2020:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2019	298,412	$	34.26
Granted	157,404	$	45.86
Forfeited	(22,795)	$	38.89
Vested	(196,375)	$	34.31
Balance at December 31, 2020	236,646	$	41.49
Granted	148,533	$	62.45

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

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

2022, 2021 and 2020 Performance Unit Awards

Each of the 2022, 2021 and 2020 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below:

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

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

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

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

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


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2022 Performance Award	204,394	204,394	204,394	60,006	673,188
2021 Performance Award	113,871	113,871	113,871	24,391	366,004
2020 Performance Award	148,030	148,030	148,027	32,828	476,915

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

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


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2022 Award		<18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (1)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥40%		100	%	≥ 90th Percentile	100	%	≥24%		100	%

2021 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (2)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

2020 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	12	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	16.5	%	33.4	%	See Note (3)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	21	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 26%		100	%

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

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

(3)The performance period for the 2020 Market Performance Award is December 22, 2020 through December 21, 2023, and the performance period for the 2020 FFO Per-Share Award is January 1, 2021 through December 31, 2023.

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

Fair Value of Awards With Market-Based Vesting Conditions

The grant date fair value of each of the 2022, 2021 and 2020 Market Performance Awards is based on the sum of the following: (1) the present value of the expected payoff to the vested absolute and relative base units, (2) the present value of the 10% portion of the distribution expected to be paid during the three-year performance period, and (3) the present value of the distribution equivalent units expected to be awarded at the end of the three-year performance period. The grant date fair value of each of these awards was measured using a Monte Carlo simulation pricing model, which uses 100,000 trial simulations, to estimate the probability that the market conditions, TSR on both an absolute and relative basis, will be achieved over the three-year performance period.

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


	2022 Market Performance Award			2021 Market Performance Award			2020 Market Performance Award
Valuation date	November 8, 2022			December 23, 2021			December 22, 2020
Expected share price volatility for the Company	34.0		%	31.0		%	31.0		%
Expected share price volatility for peer group companies - low end of range(1)	18.0		%	17.0		%	17.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	1.70		%	1.90		%
Risk-free interest rate	4.57		%	0.98		%	0.19		%
Grant date fair value (in thousands)	$	11,869		$	8,962		$	6,928

(1)For the 2022 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 47.0% and 50.6%, respectively. For the 2021 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.9%, respectively. For the 2020 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.4%, respectively.

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

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

Fair Value of Awards with Performance-Based Vesting Conditions

The grant date fair value of the 2022 FFO Per-Share Award is $3.7 million, which is based on the Company’s closing stock price on the grant date ($53.94 on November 8, 2022) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2021 FFO Per-Share Award is $2.9 million, which is based on the Company’s closing stock price on the grant date ($77.50 on December 23, 2021) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2020 FFO Per-Share Award is $2.4 million, which is based on the Company’s closing stock price preceding the grant date ($48.58 on December 22, 2020) and the achievement of FFO per-share performance at the target level.

Compensation cost for the 2022, 2021 and 2020 FFO Per-Share Awards will reflect the number of units that are expected to vest based on the probable outcome of the performance condition and will be adjusted to reflect those units that ultimately vest at the end of the three-year performance period.

2019, 2018 and 2017 Performance Award Vestings

On December 31, 2022, the three-year performance period for the 2019 performance award ended and it was determined that the Company’s TSR percentage was achieved above the target level and the TSR peer group relative performance and FFO

growth both exceeded the maximum level. Based on these results, the compensation committee certified that 231,453 Performance Units were earned and vested.

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

On December 14, 2020, the three-year performance period for the 2017 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 184,502 vested Performance Units were earned and vested.

Restricted Common Stock

The compensation committee has periodically awarded grants of restricted common stock to various employees of the Company typically other than NEOs, for the purpose of attracting or retaining the services of these key individuals. These grants typically vest in four equal, annual installments on each of the first four anniversaries of the date of grant, subject to the employee’s continued service. Shares of our restricted common stock are participating securities and have full voting rights and nonforfeitable rights to dividends. During the years ended December 31, 2022, 2021 and 2020, we granted 120,662, 120,734 and 107,648 shares, respectively, of restricted common stock to non-executive employees. The grant date fair value of these awards was $8.3 million, $5.6 million and $5.0 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $52.97 and $76.55 per share, $48.14 to $62.19 per share and $39.71 to $50.18 per share, for the years ended December 31, 2022, 2021 and 2020, respectively.

In accordance with the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program, each year on the date of the annual meeting of the Company’s stockholders, we grant shares of restricted common stock to each of our non-employee directors who are re-elected for another year of service. These awards vest on the earlier of (i) the date of the annual meeting of the Company’s stockholders next following the grant date and (ii) the first anniversary of the grant date, subject to each non-employee director’s continued service. During the years ended December 31, 2022, 2021 and 2020, each of our non-employee directors were granted 2,387, 1,873 and 2,507 shares of restricted common stock with a grant date fair value of $139,998, $109,964 and $100,000 based on the $58.65, $58.71 and $39.88 closing share price, respectively, of the Company’s common stock on the date of grant.

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2022, 2021 and 2020:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2019	212,545	$	29.64
Granted	126,865	$	45.94
Forfeited	(16,128)	$	37.25
Vested(1)(2)	(90,383)	$	28.50
Balance at December 31, 2020	232,899	$	38.43
Granted	132,537	$	50.62
Forfeited	(23,763)	$	42.69
Vested(1)(2)	(92,494)	$	35.45
Balance at December 31, 2021	249,179	$	45.62
Granted	134,984	$	67.98
Forfeited	(11,442)	$	56.24
Vested(1)(2)	(98,305)	$	43.55
Balance at December 31, 2022	274,416	$	56.92

(1)The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $6.6 million, $4.6 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, respectively.

(2)Total shares vested include 31,576, 29,305 and 27,473 shares of common stock that were tendered by employees during the years ended December 31, 2022, 2021 and 2020, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Share-Based Compensation Expense

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


	Year Ended December 31,
	2022		2021		2020
Expensed share-based compensation(1)	$	28,426	$	19,506	$	12,871
Capitalized share-based compensation(2)	610		357		223
Total share-based compensation	$	29,036	$	19,863	$	13,094

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

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

During the years ended December 31, 2022, 2021 and 2020, Messrs. Schwimmer and Frankel’s elected to receive their annual bonuses partly in cash and partly in LTIP units. Accordingly, on January 17, 2023, January 18, 2022 and January 27, 2021, at the same time the cash annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 19,367, 12,824 and 15,288 fully-vested LTIP Units for the years ended December 31, 2022, 2021 and 2020, respectively. Share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 includes $2.3 million, $1.9 million and $1.5 million, respectively, for the portion of Messrs. Schwimmer and Frankel’s accrued bonuses that were settled with these fully-vested LTIP Units.

As of December 31, 2022, total unrecognized compensation cost related to all unvested share-based awards was $54.4 million and is expected to be recognized over a weighted average remaining period of 27 months.

Earnings Per Share

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	177,157	$	136,246	$	80,895
Less: Preferred stock dividends	(9,258)		(12,563)		(14,545)
Less: Original issuance costs of redeemed preferred stock	—		(3,349)		—
Less: Net income attributable to noncontrolling interests	(9,573)		(8,005)		(4,492)
Less: Net income attributable to participating securities	(845)		(568)		(509)
Net income attributable to common stockholders	$	157,481	$	111,761	$	61,349

Denominator:
Weighted average shares of common stock outstanding - basic	170,467,365		139,294,882		120,873,624
Effect of dilutive securities	510,907		780,807		304,686
Weighted average shares of common stock outstanding - diluted	170,978,272		140,075,689		121,178,310

Earnings per share - Basic
Net income attributable to common stockholders	$	0.92	$	0.80	$	0.51
Earnings per share - Diluted
Net income attributable to common stockholders	$	0.92	$	0.80	$	0.51

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS

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

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

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

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

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

Subsequent Events

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events

Acquisitions

The following table summarizes the properties we acquired subsequent to December 31, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)(1)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000





Total			1,183,440	2	$	405,000

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

Dividends Declared

On February 6, 2023, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.380

March 31, 2023

April 17, 2023

OP Units

0.380

March 31, 2023

April 17, 2023

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2023

March 31, 2023

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2023

March 31, 2023

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2023

March 31, 2023

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2023

March 31, 2023

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

March 15, 2023

March 31, 2023

Partial Settlement of 2022 Forward Offering Sale Agreements

In January 2023, we partially settled the outstanding 2022 Forward Offering Sale Agreements by issuing 7,617,013 shares of common stock in exchange for net proceeds of $425.0 million, based on a weighted average forward price of $55.80 per share at settlement.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2022

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

Schedule III – Real Estate and Accumulated Depreciation

REXFORD INDUSTRIAL REALTY, INC.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

(Dollars in thousands)


					Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances			Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA	$	—	(4)	$	3,875	$	2,407	$	10,078	$	3,875	$	12,485	$	16,360	$	(8,386)	1965, 2005 / 2003	2002
300 South Lewis Road	Camarillo, CA	—		(4)	4,150		3,050		10,151		4,150		13,201		17,351		(8,313)		1960-1963 / 2006	2003
1400 South Shamrock Ave.	Monrovia, CA	—			2,317		2,534		1,090		2,317		3,624		5,941		(2,639)		1957, 1962 / 2004	2003
2220-2260 Camino del Sol	Oxnard, CA	—		(4)	868		—		4,929		868		4,929		5,797		(2,356)		2005	2003
14250-14278 Valley Blvd.	La Puente, CA	—			2,539		2,020		3,656		2,539		5,676		8,215		(3,680)		1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA	—		(4)	6,817		6,089		2,334		6,817		8,423		15,240		(5,145)		1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	—			2,525		3,380		7,151		2,525		10,531		13,056		(5,788)		1969, 2008 / 2016	2004
28340 - 28400 Avenue Crocker	Valencia, CA	—			2,666		3,343		3,908		2,666		7,251		9,917		(4,257)		1987 / 2006 / 2015	2004
21-29 West Easy St.	Simi Valley, CA	—			2,346		4,522		2,803		2,346		7,325		9,671		(4,587)		1991 / 2006	2004
10439-10477 Roselle St.	San Diego, CA	—			4,711		3,199		3,995		4,711		7,194		11,905		(2,737)		1970 / 2007	2013
2575 Pioneer Ave.	Vista, CA	—			1,784		2,974		2,173		1,784		5,147		6,931		(3,187)		1988 / 2006	2004
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	—			3,740		260		7,228		3,740		7,488		11,228		(3,162)		1982 / 2009	2006
15715 Arrow Highway	Irwindale, CA	—		(4)	3,604		5,056		81		3,604		5,137		8,741		(3,060)		1989	2006
2431-2465 Impala Dr.	Carlsbad, CA	—			5,470		7,308		5,049		5,470		12,357		17,827		(7,710)		1983 / 2006	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	—			5,001		7,658		4,264		5,001		11,922		16,923		(7,777)		1977-1988 / 2006	2005
6231 & 6241 Yarrow Dr.	Carlsbad, CA	—			3,473		5,119		2,060		3,473		7,179		10,652		(4,189)		1977 / 2006	2006
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	—			3,647		11,867		3,394		3,647		15,261		18,908		(9,686)		1988-1989 / 2006	2006
18118-18120 S. Broadway St.	Carson, CA	—			3,013		2,161		1,091		3,013		3,252		6,265		(1,316)		1957 / 1989, 2017	2013
901 W. Alameda Ave.	Burbank, CA	—			6,304		2,996		5,642		6,304		8,638		14,942		(5,122)		1969 / 2009	2007
1938-1946 E. 46th St.	Vernon, CA	—			7,015		7,078		1,802		7,015		8,880		15,895		(4,950)		1961, 1983 / 2008-2010	2007
9220-9268 Hall Rd.	Downey, CA	—			6,974		2,902		753		6,974		3,655		10,629		(1,971)		2008	2009


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	—	4,213	5,584	933	2,678	4,661	7,339	(2,683)	1989 / 2007	2008
3720-3750 W. Warner Ave.	Santa Ana, CA	—	3,028	1,058	1,098	3,028	2,156	5,184	(1,305)	1973 / 2008	2007
6750 Unit C - 6780 Central Ave.	Riverside, CA	—	1,564	584	677	678	1,014	1,692	(642)	1978	2007
1050 Arroyo Ave.	San Fernando, CA	—	3,092	1,900	753	3,092	2,653	5,745	(1,025)	1969 / 2012	2010
600-650 South Grand Ave.	Santa Ana, CA	—	4,298	5,075	2,304	4,298	7,379	11,677	(2,864)	1988	2010
121-125 N. Vinedo Ave.	Pasadena, CA	—	3,481	3,530	188	3,481	3,718	7,199	(1,588)	1953 / 1993	2011
3441 West MacArthur Blvd.	Santa Ana, CA	—	4,179	5,358	2,388	4,179	7,746	11,925	(1,792)	1973 / 2022	2011
6701 & 6711 Odessa Ave.	Van Nuys, CA	—	1,582	1,856	1,029	1,582	2,885	4,467	(736)	1970-1972 / 2012	2011
10700 Jersey Blvd.	Rancho Cucamonga, CA	—	3,158	4,860	1,569	3,158	6,429	9,587	(2,685)	1988-1989	2011
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	—	3,608	2,699	786	3,608	3,485	7,093	(1,438)	1987	2011
20920-20950 Normandie Ave.	Torrance, CA	—	3,253	1,605	766	3,253	2,371	5,624	(1,036)	1989	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	—	3,720	2,641	780	3,720	3,421	7,141	(1,419)	1978 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	—	1,396	925	195	1,396	1,120	2,516	(436)	1986	2011
1400 S. Campus Ave.	Ontario, CA	—	3,266	2,961	10	3,266	2,971	6,237	(1,748)	1964-1966, 1973, 1987	2012
15041 Calvert St.	Van Nuys, CA	—	4,096	1,570	272	4,096	1,842	5,938	(636)	1971	2012
701 Del Norte Blvd.	Oxnard, CA	—	3,082	6,230	1,186	3,082	7,416	10,498	(2,904)	2000	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA	—	17,978	39,471	4,690	17,978	44,161	62,139	(15,918)	1966, 1992, 1993, 1994	2013
1661 240th St.	Los Angeles, CA	—	3,043	2,550	3,884	3,043	6,434	9,477	(2,593)	1975 / 1995	2013
8101-8117 Orion Ave.	Van Nuys, CA	—	1,389	3,872	719	1,389	4,591	5,980	(1,819)	1978	2013
18310-18330 Oxnard St.	Tarzana, CA	—	2,497	5,494	1,747	2,497	7,241	9,738	(2,660)	1973	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim, CA	1,935	4,582	5,135	3,093	4,582	8,228	12,810	(3,095)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	—	8,001	17,734	210	8,001	17,944	25,945	(5,968)	1983	2013


				Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
2950 Madera Rd.	Simi Valley, CA	—	(4)	3,601	8,033	2	3,601	8,035	11,636	(2,745)	1988 / 2005	2013
10635 Vanowen St.	Burbank, CA	—		1,517	1,833	1,289	1,517	3,122	4,639	(1,193)	1977	2013
7110 Rosecrans Ave.	Paramount, CA	—		3,117	1,894	2,452	3,117	4,346	7,463	(1,224)	1972 / 2015, 2019	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario, CA	—		2,260	6,043	869	2,260	6,912	9,172	(2,747)	1985	2014
1500-1510 W. 228th St.	Torrance, CA	—		2,428	4,271	6,053	2,428	10,324	12,752	(2,651)	1963 / 1968, 2017	2014
24105 Frampton Ave.	Torrance, CA	—		2,315	1,553	2,080	2,315	3,633	5,948	(1,154)	1974 / 2016	2014
1700 Saturn Way	Seal Beach, CA	—		7,935	10,525	342	7,935	10,867	18,802	(3,614)	2006	2014
2980 & 2990 N San Fernando Road	Burbank, CA	—		6,373	7,356	550	6,373	7,906	14,279	(2,902)	1950 / 2004	2014
20531 Crescent Bay Dr.	Lake Forest, CA	—		2,181	4,012	418	2,181	4,430	6,611	(1,591)	1998	2014
2610 & 2701 S. Birch Street	Santa Ana, CA	—		9,305	2,115	4,483	9,305	6,598	15,903	(2,237)	1965 / 2016	2014
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario, CA	—		3,725	6,145	469	3,725	6,614	10,339	(2,366)	2001	2014
9755 Distribution Ave.	San Diego, CA	—		1,863	3,211	89	1,863	3,300	5,163	(1,152)	1974	2014
9855 Distribution Ave	San Diego, CA	—		2,733	5,041	799	2,733	5,840	8,573	(1,810)	1983	2014
9340 Cabot Drive	San Diego, CA	—		4,311	6,126	1,130	4,311	7,256	11,567	(2,478)	1975 / 1976	2014
9404 Cabot Drive	San Diego, CA	—		2,413	3,451	302	2,413	3,753	6,166	(1,262)	1975 / 1976	2014
9455 Cabot Drive	San Diego, CA	—		4,423	6,799	600	4,423	7,399	11,822	(2,708)	1975 / 1976	2014
14955-14971 E Salt Lake Ave	City of Industry, CA	—		5,125	5,009	1,297	5,125	6,306	11,431	(2,233)	1979	2014
5235 East Hunter Ave.	Anaheim, CA	—		5,240	5,065	1,800	5,240	6,865	12,105	(2,662)	1987	2014
3880 West Valley Blvd.	Pomona, CA	—		3,982	4,796	3,599	3,982	8,395	12,377	(2,787)	1980 / 2017	2014
1601 Alton Pkwy.	Irvine, CA	—		7,638	4,946	8,533	7,638	13,479	21,117	(3,746)	1974 / 2018	2014
3116 W. Avenue 32	Los Angeles, CA	—		3,761	6,729	3,489	3,761	10,218	13,979	(3,089)	1974	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth, CA	—		7,230	9,058	3,534	7,230	12,592	19,822	(4,158)	1979 / 1980	2014
24935 & 24955 Avenue Kearny	Santa Clarita, CA	—		4,773	5,970	1,065	4,773	7,035	11,808	(2,474)	1988	2014


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
605 8th Street	San Fernando, CA	—	2,393	2,742	1,744	2,393	4,486	6,879	(1,373)	1991 / 2015, 2020	2014
9120 Mason Ave.	Chatsworth, CA	—	9,224	19,346	817	9,224	20,163	29,387	(6,163)	1967 / 1999	2014
7900 Nelson Rd.	Los Angeles, CA	—	8,495	15,948	2,604	8,495	18,552	27,047	(5,599)	1998 / 2015	2014
679-691 S Anderson St.	Los Angeles, CA	—	1,723	4,767	1,622	1,723	6,389	8,112	(1,799)	1992 / 2017	2014
10509 Business Drive	Fontana, CA	—	3,505	5,237	1,726	3,505	6,963	10,468	(2,182)	1989	2014
13231 Slover Avenue	Fontana, CA	—	2,812	4,739	1,153	2,812	5,892	8,704	(1,757)	1990	2014
240 W Ivy Avenue	Inglewood, CA	—	2,064	3,675	4,235	2,064	7,910	9,974	(2,167)	1981	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard, CA	—	2,616	8,311	1,564	2,616	9,875	12,491	(3,438)	1988	2014
1800 Eastman Ave.	Oxnard, CA	—	842	2,209	81	842	2,290	3,132	(827)	2009	2014
2360-2364 E. Sturgis Road	Oxnard, CA	—	1,128	2,726	604	1,128	3,330	4,458	(1,322)	1989	2014
201 Rice Ave. & 2400-2420 Celsius	Oxnard, CA	—	3,487	9,589	921	3,487	10,510	13,997	(3,477)	2008	2014
11120, 11160, 11200 Hindry Ave	Los Angeles, CA	—	3,478	7,834	639	3,478	8,473	11,951	(2,704)	1992 / 1994	2014
6970-7170 & 7310-7374 Convoy Ct.	San Diego, CA	—	10,805	18,426	3,127	10,805	21,553	32,358	(7,385)	1971	2014
12907 Imperial Highway	Santa Fe Springs, CA	—	5,462	6,678	418	5,462	7,096	12,558	(2,055)	1997	2015
8902-8940 Activity Road	San Diego, CA	—	9,427	8,103	2,080	9,427	10,183	19,610	(3,559)	1987 / 1997	2015
1210 N Red Gum St.	Anaheim, CA	—	3,326	4,020	1,512	3,326	5,532	8,858	(1,584)	1985 / 2020	2015
9615 Norwalk Blvd.	Santa Fe Springs, CA	—	8,508	1,134	11,730	8,508	12,864	21,372	(324)	1975	2015
16221 Arthur St.	Cerritos, CA	—	2,979	3,204	1,828	2,979	5,032	8,011	(1,186)	1979 / 2021	2015
2588 & 2605 Industry Way	Lynwood, CA	—	8,738	9,415	—	8,738	9,415	18,153	(3,102)	1969 / 1971	2015
425 S. Hacienda Blvd.	City of Industry, CA	—	4,010	3,050	117	4,010	3,167	7,177	(1,067)	1997	2015
6700 S Alameda St.	Huntington Park, CA	—	3,502	9,279	273	3,502	9,552	13,054	(3,329)	1990 / 2008	2015
12720-12860 Danielson Ct.	Poway, CA	—	6,902	8,949	910	6,902	9,859	16,761	(3,665)	1999	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs, CA	—	3,446	1,241	448	3,446	1,689	5,135	(610)	1982	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.	Oxnard, CA	—	3,310	5,806	2,254	3,310	8,060	11,370	(2,885)	1985	2015


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
10701-10719 Norwalk Blvd.	Santa Fe Springs, CA	—	3,357	3,527	190	3,357	3,717	7,074	(1,188)	2004	2015
6020 Sheila St.	Commerce, CA	—	4,590	7,772	595	4,590	8,367	12,957	(2,509)	2000	2015
9805 6th St.	Rancho Cucamonga, CA	—	3,503	3,204	1,400	3,503	4,604	8,107	(1,615)	1986	2015
16321 Arrow Hwy.	Irwindale, CA	—	3,087	4,081	453	3,087	4,534	7,621	(1,322)	1955 / 2001	2015
601-605 S. Milliken Ave.	Ontario, CA	—	5,479	7,036	1,338	5,479	8,374	13,853	(2,864)	1987 / 1988	2015
1065 E. Walnut Ave.	Carson, CA	—	10,038	4,380	4,189	10,038	8,569	18,607	(2,823)	1974	2015
12247 Lakeland Rd.	Santa Fe Springs, CA	—	3,481	776	1,168	3,481	1,944	5,425	(571)	1971 / 2016	2015
17311 Nichols Lane	Huntington Beach, CA	—	7,988	8,728	5	7,988	8,733	16,721	(2,660)	1993 / 2014	2015
8525 Camino Santa Fe	San Diego, CA	—	4,038	4,055	1,030	4,038	5,085	9,123	(1,685)	1986	2016
28454 Livingston Avenue	Valencia, CA	—	5,150	9,666	393	5,150	10,059	15,209	(2,872)	2007	2016
20 Icon	Lake Forest, CA	—	12,576	8,817	325	12,576	9,142	21,718	(3,462)	1999 / 2015	2016
16425 Gale Avenue	City of Industry, CA	—	18,803	6,029	1,284	18,803	7,313	26,116	(2,034)	1976	2016
12131 Western Avenue	Garden Grove, CA	—	15,077	11,149	4,861	15,077	16,010	31,087	(4,335)	1987 / 2007, 2017	2016
9 Holland	Irvine, CA	—	13,724	9,365	633	13,724	9,998	23,722	(2,957)	1980 / 2013	2016
15996 Jurupa Avenue	Fontana, CA	—	7,855	12,056	19	7,855	12,075	19,930	(3,368)	2015	2016
11127 Catawba Avenue	Fontana, CA	—	5,562	8,094	4	5,562	8,098	13,660	(2,269)	2015	2016
13550 Stowe Drive	Poway, CA	—	9,126	8,043	—	9,126	8,043	17,169	(2,587)	1991	2016
10750-10826 Lower Azusa Road	El Monte, CA	—	4,433	2,961	1,353	4,433	4,314	8,747	(1,364)	1975	2016
525 Park Avenue	San Fernando, CA	—	3,830	3,887	213	3,830	4,100	7,930	(1,203)	2003	2016
3233 Mission Oaks Blvd.	Camarillo, CA	—	13,791	10,017	14,991	13,791	25,008	38,799	(6,085)	1980-1982 / 2014, 2018, 2019	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.	Fullerton, CA	—	26,659	12,673	5,465	26,659	18,138	44,797	(5,679)	1968/1985	2016
14742-14750 Nelson Avenue	City of Industry, CA	—	13,463	1,680	17,063	13,463	18,743	32,206	(3,770)	1969 / 2018	2016
301-445 Figueroa Street	Wilmington, CA	—	7,126	5,728	5,136	7,126	10,864	17,990	(2,390)	1972 / 2018	2016
12320 4th Street	Rancho Cucamonga, CA	—	12,642	14,179	3	12,642	14,182	26,824	(4,187)	1997 / 2003	2016


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
9190 Activity Road	San Diego, CA	—	8,497	5,622	738	8,497	6,360	14,857	(2,109)	1986	2016
28903-28903 Avenue Paine	Valencia, CA	—	10,620	6,510	18,497	10,620	25,007	35,627	(2,528)	1999 / 2018, 2022	2017
2390 Ward Avenue	Simi Valley, CA	—	5,624	10,045	1,292	5,624	11,337	16,961	(3,206)	1989	2017
Safari Business Center(5)	Ontario, CA	—	50,807	86,065	9,487	50,807	95,552	146,359	(24,678)	1989	2017
4175 Conant Street	Long Beach, CA	—	13,785	13,440	—	13,785	13,440	27,225	(3,405)	2015	2017
5421 Argosy Avenue	Huntington Beach, CA	—	3,577	1,490	2	3,577	1,492	5,069	(583)	1976	2017
14820-14830 Carmenita Road	Norwalk, CA	—	22,938	6,738	1,142	22,938	7,880	30,818	(2,098)	1970, 2000	2017
3002-3072 Inland Empire Blvd.	Ontario, CA	—	11,980	14,439	3,150	11,980	17,589	29,569	(5,031)	1981	2017
17000 Kingsview Avenue & 800 Sandhill Avenue	Carson, CA	—	7,988	5,472	975	7,988	6,447	14,435	(1,388)	1984	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way	Rancho Dominguez, CA	—	121,329	86,776	14,739	121,329	101,515	222,844	(22,941)	1989 / 2021	2017
11190 White Birch Drive	Rancho Cucamonga, CA	—	9,405	9,840	692	9,405	10,532	19,937	(2,592)	1986	2017
4832-4850 Azusa Canyon Road	Irwindale, CA	—	5,330	8,856	9	5,330	8,865	14,195	(1,982)	2016	2017
1825 Soto Street	Los Angeles, CA	—	2,129	1,315	212	2,129	1,527	3,656	(349)	1993	2017
19402 Susana Road	Rancho Dominguez, CA	—	3,524	357	5	3,524	362	3,886	(144)	1957	2017
13225 Western Avenue	Gardena, CA	—	1,918	355	363	1,918	718	2,636	(155)	1955	2017
15401 Figueroa Street	Los Angeles, CA	—	3,255	1,248	787	3,255	2,035	5,290	(424)	1964 / 2018	2017
8542 Slauson Avenue	Pico Rivera, CA	—	8,681	576	1,089	8,681	1,665	10,346	(514)	1964	2017
687 Eucalyptus Avenue	Inglewood, CA	—	37,035	15,120	275	37,035	15,395	52,430	(3,118)	2017	2017
302 Rockefeller Avenue	Ontario, CA	—	6,859	7,185	255	6,859	7,440	14,299	(1,558)	2000	2017
4355 Brickell Street	Ontario, CA	—	7,295	5,616	71	7,295	5,687	12,982	(1,361)	2004	2017
12622-12632 Monarch Street	Garden Grove, CA	—	11,691	8,290	1,973	11,691	10,263	21,954	(2,352)	1967	2017


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
8315 Hanan Way	Pico Rivera, CA	—	8,714	4,751	180	8,714	4,931	13,645	(1,095)	1976	2017
13971 Norton Avenue	Chino, CA	—	5,293	6,377	174	5,293	6,551	11,844	(1,501)	1990	2018
1900 Proforma Avenue	Ontario, CA	—	10,214	5,127	1,084	10,214	6,211	16,425	(1,928)	1989	2018
16010 Shoemaker Avenue	Cerritos, CA	—	9,927	6,948	506	9,927	7,454	17,381	(1,538)	1985	2018
4039 Calle Platino	Oceanside, CA	—	9,476	11,394	830	9,476	12,224	21,700	(2,576)	1991	2018
851 Lawrence Drive	Thousand Oaks, CA	—	6,717	—	13,397	6,717	13,397	20,114	(904)	1968 / 2021	2018
1581 North Main Street	Orange, CA	—	4,230	3,313	44	4,230	3,357	7,587	(680)	1994	2018
1580 West Carson Street	Long Beach, CA	—	5,252	2,496	2,197	5,252	4,693	9,945	(864)	1982 / 2018	2018
660 & 664 North Twin Oaks Valley Road	San Marcos, CA	—	6,307	6,573	355	6,307	6,928	13,235	(1,515)	1978 - 1988	2018
1190 Stanford Court	Anaheim, CA	—	3,583	2,430	233	3,583	2,663	6,246	(536)	1979	2018
5300 Sheila Street	Commerce, CA	—	90,568	54,086	218	90,568	54,304	144,872	(11,472)	1975	2018
15777 Gateway Circle	Tustin, CA	—	3,815	4,292	40	3,815	4,332	8,147	(806)	2005	2018
1998 Surveyor Avenue	Simi Valley, CA	—	3,670	2,263	4,754	3,670	7,017	10,687	(1,182)	2018	2018
3100 Fujita Street	Torrance, CA	—	7,723	5,649	206	7,723	5,855	13,578	(1,258)	1970	2018
4416 Azusa Canyon Road	Irwindale, CA	—	10,762	1,567	2,914	10,762	4,481	15,243	(230)	1956	2018
1420 McKinley Avenue	Compton, CA	—	17,053	13,605	143	17,053	13,748	30,801	(2,662)	2017	2018
12154 Montague Street	Pacoima, CA	—	10,114	12,767	943	10,114	13,710	23,824	(2,289)	1974	2018
10747 Norwalk Boulevard	Santa Fe Springs, CA	—	5,646	4,966	269	5,646	5,235	10,881	(983)	1999	2018
29003 Avenue Sherman	Valencia, CA	—	3,094	6,467	1,826	3,094	8,293	11,387	(1,017)	2000 / 2019	2018
16121 Carmenita Road	Cerritos, CA	—	10,013	3,279	3,724	10,013	7,003	17,016	(981)	1969/1983, 2020	2018
1332-1340 Rocky Point Drive	Oceanside, CA	—	3,816	6,148	511	3,816	6,659	10,475	(1,130)	2009 / 2019	2018
6131-6133 Innovation Way	Carlsbad, CA	—	10,545	11,859	113	10,545	11,972	22,517	(2,252)	2017	2018
263-321 Gardena Boulevard	Carson, CA	—	14,302	1,960	199	14,302	2,159	16,461	(719)	1977 - 1982	2018
9200 Mason Avenue	Chatsworth, CA	—	4,887	4,080	—	4,887	4,080	8,967	(742)	1968	2018
9230 Mason Avenue	Chatsworth, CA	—	4,454	955	—	4,454	955	5,409	(257)	1974	2018
9250 Mason Avenue	Chatsworth, CA	—	4,034	2,464	—	4,034	2,464	6,498	(483)	1977	2018
9171 Oso Avenue	Chatsworth, CA	—	5,647	2,801	—	5,647	2,801	8,448	(609)	1980	2018
5593-5595 Fresca Drive	La Palma, CA	—	11,414	2,502	452	11,414	2,954	14,368	(632)	1973	2018


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
6100 Sheila Street	Commerce, CA	—	11,789	5,214	1,521	11,789	6,735	18,524	(1,480)	1960	2018
14421-14441 Bonelli Street	City of Industry, CA	—	12,191	7,489	330	12,191	7,819	20,010	(1,407)	1971	2018
12821 Knott Street	Garden Grove, CA	—	17,896	2,824	16,406	17,896	19,230	37,126	—	1971	2019
28510 Industry Drive	Valencia, CA	—	2,395	5,466	126	2,395	5,592	7,987	(884)	2017	2019
Conejo Spectrum Business Park	Thousand Oaks, CA	—	38,877	64,721	1,860	38,877	66,581	105,458	(10,393)	2018 / 2020	2019
2455 Ash Street	Vista, CA	—	4,273	1,966	219	4,273	2,185	6,458	(506)	1990	2019
25413 Rye Canyon Road	Santa Clarita, CA	—	3,245	2,352	2,166	3,245	4,518	7,763	(569)	1981	2019
1515 15th Street	Los Angeles, CA	—	23,363	5,208	2,424	23,363	7,632	30,995	(979)	1977	2019
13890 Nelson Avenue	City of Industry, CA	—	25,642	14,616	119	25,642	14,735	40,377	(2,377)	1982	2019
445-449 Freedom Avenue	Orange, CA	—	9,084	8,286	503	9,084	8,789	17,873	(1,395)	1980	2019
2270 Camino Vida Roble	Carlsbad, CA	—	8,102	8,179	2,926	8,102	11,105	19,207	(2,184)	1981	2019
980 Rancheros Drive	San Marcos, CA	—	2,901	4,245	255	2,901	4,500	7,401	(722)	1982	2019
1145 Arroyo Avenue	San Fernando, CA	—	19,556	9,567	896	19,556	10,463	30,019	(1,652)	1989	2019
1150 Aviation Place	San Fernando, CA	—	18,989	10,067	37	18,989	10,104	29,093	(1,813)	1989	2019
1175 Aviation Place	San Fernando, CA	—	12,367	4,858	138	12,367	4,996	17,363	(922)	1989	2019
1245 Aviation Place	San Fernando, CA	—	16,407	9,572	32	16,407	9,604	26,011	(1,629)	1989	2019
635 8th Street	San Fernando, CA	—	8,787	5,922	2,037	8,787	7,959	16,746	(847)	1989	2019
10015 Waples Court	San Diego, CA	—	12,280	9,198	5,463	12,280	14,661	26,941	(1,439)	1988 / 2020	2019
19100 Susana Road	Rancho Dominguez, CA	—	11,576	2,265	381	11,576	2,646	14,222	(561)	1956	2019
15385 Oxnard Street	Van Nuys, CA	—	11,782	5,212	204	11,782	5,416	17,198	(868)	1988	2019
9750-9770 San Fernando Road	Sun Valley, CA	—	6,718	543	72	6,718	615	7,333	(218)	1952	2019
218 S. Turnbull Canyon	City of Industry, CA	—	19,075	8,061	262	19,075	8,323	27,398	(1,495)	1999	2019
Limonite Ave. & Archibald Ave.	Eastvale, CA	—	23,848	—	31,554	23,848	31,554	55,402	(2,840)	2020	2019


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
3340 San Fernando Road	Los Angeles, CA	—	2,885	147	(115)	2,770	147	2,917	(63)	N/A	2019
5725 Eastgate Drive	San Diego, CA	—	6,543	1,732	332	6,543	2,064	8,607	(453)	1995	2019
18115 Main Street	Carson, CA	—	7,142	776	194	7,142	970	8,112	(216)	1988	2019
3150 Ana Street	Rancho Dominguez, CA	—	15,997	3,036	4	15,997	3,040	19,037	(509)	1957	2019
1402 Avenida Del Oro	Oceanside, CA	—	33,006	34,439	39	33,006	34,478	67,484	(5,311)	2016	2019
9607-9623 Imperial Highway	Downey, CA	—	9,766	865	1,669	9,766	2,534	12,300	(389)	1974	2019
12200 Bellflower Boulevard	Downey, CA	—	14,960	2,057	425	14,960	2,482	17,442	(482)	1955	2019
Storm Parkway	Torrance, CA	—	42,178	21,987	647	42,178	22,634	64,812	(3,262)	1982 - 2008	2019
2328 Teller Road	Newbury Park, CA	—	8,330	14,304	1,425	8,330	15,729	24,059	(2,320)	1970 / 2018	2019
6277-6289 Slauson Avenue	Commerce, CA	—	27,809	11,454	730	27,809	12,184	39,993	(1,854)	1962 - 1977	2019
750 Manville Street	Compton, CA	—	8,283	2,784	357	8,283	3,141	11,424	(467)	1977	2019
8985 Crestmar Point	San Diego, CA	—	6,990	1,350	530	6,990	1,880	8,870	(384)	1988	2019
404-430 Berry Way	Brea, CA	—	21,047	4,566	1,626	21,047	6,192	27,239	(1,074)	1964 - 1967	2019
415-435 Motor Avenue	Azusa, CA	—	7,364	—	10,880	7,364	10,880	18,244	(74)	1956 / 2022	2019
508 East E Street	Wilmington, CA	—	10,742	4,380	97	10,742	4,477	15,219	(659)	1988	2019
12752-12822 Monarch Street	Garden Grove, CA	—	29,404	4,262	13,182	29,404	17,444	46,848	(655)	1971	2019
1601 Mission Blvd.	Pomona, CA	—	67,623	18,962	298	67,623	19,260	86,883	(3,429)	1952	2019
2757 Del Amo Blvd.	Rancho Dominguez, CA	—	10,035	2,073	136	10,035	2,209	12,244	(405)	1967	2019
18250 Euclid Street	Fountain Valley, CA	—	11,116	3,201	—	11,116	3,201	14,317	(451)	1974	2019
701-751 Kingshill Place	Carson, CA	7,100	23,016	10,344	3,897	23,016	14,241	37,257	(1,573)	1979 / 2020	2020
2601-2641 Manhattan Beach Blvd	Redondo Beach, CA	3,832	30,333	9,427	5,288	30,333	14,715	45,048	(1,615)	1978	2020
2410-2420 Santa Fe Avenue	Redondo Beach, CA	10,300	24,310	13,128	6	24,310	13,134	37,444	(1,556)	1977	2020
11600 Los Nietos Road	Santa Fe Springs, CA	2,462	12,033	4,666	6,165	12,033	10,831	22,864	(274)	1976 / 2022	2020
5160 Richton Street	Montclair, CA	4,153	7,199	8,203	817	7,199	9,020	16,219	(1,073)	2004	2020
2205 126th Street	Hawthorne, CA	5,200	11,407	6,834	747	11,407	7,581	18,988	(1,072)	1998	2020


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
11832-11954 La Cienega Blvd	Hawthorne, CA	3,928	13,625	5,721	876	13,625	6,597	20,222	(963)	1999	2020
7612-7642 Woodwind Drive	Huntington Beach, CA	3,712	10,634	2,901	133	10,634	3,034	13,668	(420)	2001	2020
960-970 Knox Street	Torrance, CA	2,307	7,324	2,380	1,174	7,324	3,554	10,878	(470)	1976	2020
25781 Atlantic Ocean Drive	Lake Forest, CA	—	4,358	1,067	831	4,358	1,898	6,256	(175)	1996	2020
720-750 Vernon Avenue	Azusa, CA	—	14,088	1,638	4	14,088	1,642	15,730	(332)	1950	2020
6687 Flotilla Street	Commerce, CA	—	14,501	6,053	445	14,501	6,498	20,999	(745)	1956	2020
1055 Sandhill Avenue	Carson, CA	—	11,970	—	6,557	11,970	6,557	18,527	—	1973	2020
22895 Eastpark Drive	Yorba Linda, CA	2,612	5,337	1,370	—	5,337	1,370	6,707	(200)	1986	2020
8745-8775 Production Avenue	San Diego, CA	—	6,471	1,551	1,590	6,471	3,141	9,612	(405)	1974 / 2021	2020
15850 Slover Avenue	Fontana, CA	—	3,634	6,452	55	3,634	6,507	10,141	(643)	2020	2020
15650-15700 Avalon Blvd	Los Angeles, CA	—	22,353	5,988	9,241	22,353	15,229	37,582	(307)	1962 - 1978 / 2022	2020
11308-11350 Penrose Street	Sun Valley, CA	—	15,884	11,169	321	15,884	11,490	27,374	(1,239)	1974	2020
11076-11078 Fleetwood Street	Sun Valley, CA	—	3,217	1,446	1,143	3,217	2,589	5,806	(202)	1974	2020
12133 Greenstone Avenue	Santa Fe Springs, CA	—	5,900	891	5,486	5,900	6,377	12,277	(34)	1967	2020
12772 San Fernando Road	Sylmar, CA	—	17,302	3,832	894	17,302	4,726	22,028	(454)	1964 / 2013	2020
15601 Avalon Blvd	Los Angeles, CA	—	15,776	—	13,235	15,776	13,235	29,011	—	1984	2020
Gateway Pointe	Whittier, CA	—	132,659	154,250	1,150	132,659	155,400	288,059	(12,750)	2005 - 2006	2020
13943-13955 Balboa Blvd	Sylmar, CA	14,965	26,795	18,484	1,942	26,795	20,426	47,221	(1,747)	2000	2020
Van Nuys Airport Industrial Center	Van Nuys, CA	—	91,894	58,625	2,262	91,894	60,887	152,781	(5,322)	1961 - 2007	2020
4039 State Street	Montclair, CA	—	12,829	15,485	72	12,829	15,557	28,386	(1,319)	2020	2020
10156 Live Oak Avenue	Fontana, CA	—	19,779	27,186	838	19,779	28,024	47,803	(2,202)	2020	2020
10694 Tamarind Avenue	Fontana, CA	—	8,878	12,325	190	8,878	12,515	21,393	(1,032)	2020	2020
2520 Baseline Road	Rialto, CA	—	12,513	16,377	172	12,513	16,549	29,062	(1,359)	2020	2020
12211 Greenstone Avenue	Santa Fe Springs, CA	—	15,729	1,636	—	15,729	1,636	17,365	(270)	N/A	2020
East 27th Street	Los Angeles, CA	—	40,332	21,842	431	40,332	22,273	62,605	(2,037)	1961 - 2004	2020
2750 Alameda Street	Los Angeles, CA	—	24,644	5,771	723	24,644	6,494	31,138	(740)	1961 - 1980	2020
29010 Avenue Paine	Valencia, CA	—	7,401	8,168	976	7,401	9,144	16,545	(728)	2000	2020


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
29010 Commerce Center Drive	Valencia, CA	—	10,499	13,832	3	10,499	13,835	24,334	(1,134)	2002	2020
13369 Valley Blvd	Fontana, CA	—	9,675	10,393	48	9,675	10,441	20,116	(932)	2005	2020
6635 Caballero Blvd	Buena Park, CA	—	14,288	7,919	106	14,288	8,025	22,313	(684)	2003	2020
1235 South Lewis Street	Anaheim, CA	—	16,984	1,519	1,997	16,984	3,516	20,500	(166)	1956 / 2022	2020
15010 Don Julian Road	City of Industry, CA	—	24,017	—	1,871	24,017	1,871	25,888	(4)	1963	2021
5002-5018 Lindsay Court	Chino, CA	—	6,996	5,658	541	6,996	6,199	13,195	(518)	1986	2021
514 East C Street	Los Angeles, CA	—	9,114	1,205	4	9,114	1,209	10,323	(135)	2019	2021
17907-18001 Figueroa Street	Los Angeles, CA	—	18,065	1,829	523	18,065	2,352	20,417	(274)	1954 - 1960	2021
7817 Woodley Avenue	Van Nuys, CA	3,009	5,496	4,615	—	5,496	4,615	10,111	(171)	1974	2021
8888-8992 Balboa Avenue	San Diego, CA	—	20,033	—	3,322	20,033	3,322	23,355	(3)	1967	2021
9920-10020 Pioneer Blvd	Santa Fe Springs, CA	—	21,345	2,118	6,977	21,345	9,095	30,440	—	1973 - 1978	2021
2553 Garfield Avenue	Commerce, CA	—	3,846	649	133	3,846	782	4,628	(102)	1954	2021
6655 East 26th Street	Commerce, CA	—	5,195	1,780	200	5,195	1,980	7,175	(170)	1965	2021
560 Main Street	Orange, CA	—	2,660	432	130	2,660	562	3,222	(71)	1973	2021
4225 Etiwanda Avenue	Jurupa Valley, CA	—	16,287	15,537	104	16,287	15,641	31,928	(1,203)	1998	2021
12118 Bloomfield Avenue	Santa Fe Springs, CA	—	16,809	—	1,392	16,809	1,392	18,201	(4)	1955	2021
256 Alondra Blvd	Carson, CA	—	10,377	371	250	10,377	621	10,998	(99)	1954	2021
19007 Reyes Avenue	Rancho Dominguez, CA	—	16,673	—	2,115	16,673	2,115	18,788	(7)	1969 / 2021	2021
19431 Santa Fe Avenue	Rancho Dominguez, CA	—	10,066	638	788	10,066	1,426	11,492	(48)	1963	2021
4621 Guasti Road	Ontario, CA	—	8,198	5,231	429	8,198	5,660	13,858	(370)	1988	2021
12838 Saticoy Street	North Hollywood, CA	—	25,550	2,185	—	25,550	2,185	27,735	(264)	1954	2021
19951 Mariner Avenue	Torrance, CA	—	17,009	7,674	3	17,009	7,677	24,686	(736)	1986	2021
2425-2535 East 12th Street	Los Angeles, CA	—	48,409	40,756	5,290	48,409	46,046	94,455	(2,645)	1988	2021
29120 Commerce Center Drive	Valencia, CA	—	11,121	15,799	73	11,121	15,872	26,993	(1,026)	2002	2021


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
20304 Alameda Street	Rancho Dominguez, CA	—	11,987	1,663	12	11,987	1,675	13,662	(164)	1974	2021
4181 Ruffin Road	San Diego, CA	—	30,395	3,530	116	30,395	3,646	34,041	(573)	1987	2021
12017 Greenstone Avenue	Santa Fe Springs, CA	—	13,408	205	1,697	13,408	1,902	15,310	(54)	N/A	2021
1901 Via Burton	Fullerton, CA	—	24,461	—	4,137	24,461	4,137	28,598	—	1960	2021
1555 Cucamonga Avenue	Ontario, CA	—	20,153	2,134	55	20,153	2,189	22,342	(279)	1973	2021
1800 Lomita Blvd	Wilmington, CA	—	89,711	542	304	89,711	846	90,557	(107)	N/A	2021
8210-8240 Haskell Avenue	Van Nuys, CA	—	9,219	3,331	3,137	9,219	6,468	15,687	—	1962 - 1964	2021
3100 Lomita Blvd	Torrance, CA	—	124,313	65,282	(1,493)	124,313	63,789	188,102	(4,922)	1967 - 1998	2021
2401-2421 Glassell Street	Orange, CA	—	54,554	16,599	164	54,554	16,763	71,317	(1,555)	1987	2021
2390-2444 American Way	Orange, CA	—	17,214	—	2,454	17,214	2,454	19,668	—	N/A	2021
500 Dupont Avenue	Ontario, CA	—	36,810	26,489	461	36,810	26,950	63,760	(1,432)	1987	2021
1801 St Andrew Place	Santa Ana, CA	—	75,978	24,522	1,793	75,978	26,315	102,293	(1,991)	1987	2021
5772 Jurupa Street	Ontario, CA	—	36,590	20,010	11	36,590	20,021	56,611	(1,138)	1992	2021
2500 Victoria Street	Los Angeles, CA	—	232,902	—	—	232,902	—	232,902	—	N/A	2021
1010 Belmont Street	Ontario, CA	—	9,078	5,751	30	9,078	5,781	14,859	(306)	1987	2021
21515 Western Avenue	Torrance, CA	—	19,280	—	1,422	19,280	1,422	20,702	(1)	1991	2021
12027 Greenstone Avenue	Santa Fe Springs, CA	—	8,952	469	143	8,952	612	9,564	(49)	1975	2021
6027 Eastern Avenue	Commerce, CA	—	23,494	—	2,667	23,494	2,667	26,161	—	1946	2021
340-344 Bonnie Circle	Corona, CA	—	18,044	9,506	4	18,044	9,510	27,554	(483)	1994	2021
14100 Vine Place	Cerritos, CA	—	40,458	8,660	3,573	40,458	12,233	52,691	(448)	1979 / 2022	2021
2280 Ward Avenue	Simi Valley, CA	—	23,301	24,832	5	23,301	24,837	48,138	(1,262)	1995	2021
20481 Crescent Bay Drive	Lake Forest, CA	—	16,164	6,054	3	16,164	6,057	22,221	(312)	1996	2021
334 El Encanto Road	City of Industry, CA	—	9,227	1,272	123	9,227	1,395	10,622	(96)	1960	2021
17031-17037 Green Drive	City of Industry, CA	—	10,781	3,302	76	10,781	3,378	14,159	(184)	1968	2021
13512 Marlay Avenue	Fontana, CA	—	37,018	15,365	160	37,018	15,525	52,543	(744)	1960	2021
14940 Proctor Road	City of Industry, CA	—	28,861	—	70	28,861	70	28,931	—	1962	2021
2800 Casitas Avenue	Los Angeles, CA	—	33,154	10,833	253	33,154	11,086	44,240	(461)	1999	2021


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
4240 190th Street	Torrance, CA	—	67,982	9,882	18	67,982	9,900	77,882	(517)	1966	2021
2391-2393 Bateman Avenue	Irwindale, CA	—	13,363	9,811	—	13,363	9,811	23,174	(397)	2005	2021
1168 Sherborn Street	Corona, CA	—	13,747	9,796	7	13,747	9,803	23,550	(400)	2004	2021
3071 Coronado Street	Anaheim, CA	—	29,862	—	564	29,862	564	30,426	(3)	1973	2021
8911 Aviation Blvd	Los Angeles, CA	—	27,138	4,780	310	27,138	5,090	32,228	(241)	1971	2021
1020 Bixby Drive	City of Industry, CA	—	10,067	6,046	19	10,067	6,065	16,132	(274)	1977	2021
444 Quay Avenue	Los Angeles, CA	—	10,926	—	359	10,926	359	11,285	(4)	1992	2022
18455 Figueroa Street	Los Angeles, CA	—	57,186	7,420	24	57,186	7,444	64,630	(423)	1978	2022
24903 Avenue Kearny	Santa Clarita, CA	—	22,468	34,074	316	22,468	34,390	56,858	(1,195)	1988	2022
19475 Gramercy Place	Torrance, CA	—	9,753	1,678	1,772	9,753	3,450	13,203	(65)	1982 / 2022	2022
14005 Live Oak Avenue	Irwindale, CA	—	20,387	4,324	133	20,387	4,457	24,844	(377)	1992	2022
13700-13738 Slover Avenue	Fontana, CA	—	14,457	—	216	14,457	216	14,673	(2)	1982	2022
Meggitt Simi Valley	Simi Valley, CA	—	32,102	26,338	—	32,102	26,338	58,440	(947)	1984 / 2005	2022
21415-21605 Plummer Street	Chatsworth, CA	—	33,119	4,724	24	33,119	4,748	37,867	(444)	1986	2022
1501-1545 Rio Vista Avenue	Los Angeles, CA	—	16,138	11,951	351	16,138	12,302	28,440	(382)	2003	2022
17011-17027 Central Avenue	Carson, CA	—	22,235	8,241	—	22,235	8,241	30,476	(267)	1979	2022
2843 Benet Road	Oceanside, CA	—	3,459	11,559	—	3,459	11,559	15,018	(347)	1987	2022
14243 Bessemer Street	Van Nuys, CA	—	5,229	1,807	—	5,229	1,807	7,036	(61)	1987	2022
2970 East 50th Street	Vernon, CA	—	—	6,082	—	—	6,082	6,082	(192)	1949	2022
19900 Plummer Street	Chatsworth, CA	—	13,845	890	260	13,845	1,150	14,995	(103)	1983	2022
Long Beach Business Park	Long Beach, CA	—	21,664	2,960	147	21,664	3,107	24,771	(182)	1973 - 1976	2022
13711 Freeway Drive	Santa Fe Springs, CA	—	34,175	892	212	34,175	1,104	35,279	(38)	1963	2022
6245 Providence Way	Eastvale, CA	—	6,075	3,777	—	6,075	3,777	9,852	(133)	2018	2022
7815 Van Nuys Blvd	Panorama City, CA	—	19,837	6,450	48	19,837	6,498	26,335	(211)	1960	2022
13535 Larwin Circle	Santa Fe Springs, CA	—	14,580	2,750	21	14,580	2,771	17,351	(101)	1987	2022
1154 Holt Blvd	Ontario, CA	—	7,222	7,009	12	7,222	7,021	14,243	(188)	2021	2022
900-920 Allen Avenue	Glendale, CA	—	20,499	6,176	—	20,499	6,176	26,675	(180)	1942 - 1995	2022


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1550-1600 Champagne Avenue	Ontario, CA	—	29,768	19,702	10	29,768	19,712	49,480	(509)	1989	2022
10131 Banana Avenue	Fontana, CA	—	25,795	1,248	36	25,795	1,284	27,079	(67)	N/A	2022
2020 Central Avenue	Compton, CA	—	11,402	676	—	11,402	676	12,078	(41)	1972	2022
14200-14220 Arminta Street	Panorama, CA	—	50,184	33,691	—	50,184	33,691	83,875	(846)	2006	2022
1172 Holt Blvd	Ontario, CA	—	9,439	8,504	11	9,439	8,515	17,954	(214)	2021	2022
1500 Raymond Avenue	Fullerton, CA	—	46,117	—	1,832	46,117	1,832	47,949	—	n/a	2022
2400 Marine Avenue	Redondo Beach, CA	—	21,686	7,290	7	21,686	7,297	28,983	(316)	1964	2022
14434-14527 San Pedro Street	Los Angeles, CA	—	50,239	1,985	329	50,239	2,314	52,553	(85)	1971	2022
20900 Normandie Avenue	Torrance, CA	—	26,136	13,942	7	26,136	13,949	40,085	(327)	N/A	2022
15771 Red Hill Avenue	Tustin, CA	—	31,853	8,431	9	31,853	8,440	40,293	(306)	1979 / 2016	2022
14350 Arminta Street	Panorama City, CA	—	5,715	2,880	—	5,715	2,880	8,595	(67)	2006	2022
29125 Avenue Paine	Valencia, CA	—	20,388	24,125	—	20,388	24,125	44,513	(557)	2006	2022
3935-3949 Heritage Oak Court	Simi Valley, CA	—	23,693	33,149	—	23,693	33,149	56,842	(730)	1999	2022
620 Anaheim Street	Los Angeles, CA	—	15,550	2,230	732	15,550	2,962	18,512	(56)	1984	2022
400 Rosecrans Avenue	Gardena, CA	—	8,642	—	349	8,642	349	8,991	—	1967	2022
3547-3555 Voyager Street	Torrance, CA	—	19,809	924	49	19,809	973	20,782	(33)	1986	2022
6996-7044 Bandini Blvd	Commerce, CA	—	39,403	1,574	—	39,403	1,574	40,977	(47)	1968	2022
4325 Etiwanda Avenue	Jurupa Valley, CA	—	31,286	18,730	—	31,286	18,730	50,016	(357)	1998	2022
Merge-West	Eastvale, CA	—	251,443	206,055	—	251,443	206,055	457,498	(3,647)	2022	2022
6000-6052 & 6027-6029 Bandini Blvd	Commerce, CA	—	69,162	25,490	—	69,162	25,490	94,652	(501)	2016	2022
3901 Via Oro Avenue	Long Beach, CA	—	18,519	953	123	18,519	1,076	19,595	(104)	1983	2022
15650 Don Julian Road	City of Industry, CA	—	9,867	5,818	—	9,867	5,818	15,685	(93)	2003	2022
15700 Don Julian Road	City of Industry, CA	—	10,252	5,996	—	10,252	5,996	16,248	(96)	2001	2022
17000 Gale Avenue	City of Industry, CA	—	7,190	4,929	—	7,190	4,929	12,119	(77)	2008	2022
17909 & 17929 Susana Road	Compton, CA	—	26,786	—	91	26,786	91	26,877	—	1970 - 1973	2022
2880 Ana Street	Rancho Dominguez, CA	—	34,987	—	62	34,987	62	35,049	—	1970	2022


				Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
920 Pacific Coast Highway	Wilmington, CA	—		80,121		21,516		—		80,121		21,516		101,637		(254)		1954	2022
21022 & 21034 Figueroa Street	Carson, CA	—		15,551		8,871		—		15,551		8,871		24,422		(96)		2002	2022
13301 Main Street	Los Angeles, CA	—		40,434		11,915		—		40,434		11,915		52,349		(140)		1989	2022
20851 Currier Road	City of Industry, CA	—		12,549		9,471		292		12,549		9,763		22,312		—		1999	2022
3131 Harcourt Street & 18031 Susana Road	Compton, CA	—		26,268		1,419		—		26,268		1,419		27,687		(13)		1970	2022
14400 Figueroa Street	Los Angeles, CA	—		43,929		6,011		—		43,929		6,011		49,940		(36)		1967	2022
2130-2140 Del Amo Blvd	Carson, CA	—		35,494		5,246		—		35,494		5,246		40,740		(10)		1980	2022
19145 Gramercy Place	Torrance, CA	—		32,965		5,894		—		32,965		5,894		38,859		(15)		1977	2022
20455 Reeves Avenue	Carson, CA	—		40,291		6,050		—		40,291		6,050		46,341		(13)		1982	2022
14874 Jurupa Avenue	Fontana, CA	—		29,738		29,627		—		29,738		29,627		59,365		(47)		2019	2022
10660 Mulberry Avenue	Fontana, CA	—		8,744		3,024		—		8,744		3,024		11,768		(6)		1990	2022
755 Trademark Circle	Corona, CA	—		5,685		4,910		—		5,685		4,910		10,595		(8)		2001	2022
4500 Azusa Canyon Road	Irwindale, CA	—		35,173		4,991		—		35,173		4,991		40,164		(13)		1950	2022
7817 Haskell Avenue	Van Nuys, CA	—		10,565		976		—		10,565		976		11,541		(3)		1960	2022
Investments in real estate		$	65,515	$	5,843,731	$	3,050,968	$	580,212	$	5,841,195	$	3,629,192	$	9,470,387	$	(614,332)

Note: As of December 31, 2022, the aggregate cost for federal income tax purposes of investments in real estate was approximately $8.8 billion.

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

(2)During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $9.5 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $9.5 million, $2.4 million is included as a reduction of “Land” in the table above, with the remaining $2.1 million included as a reduction of “Buildings and Improvements”.

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

(4)As of December 31, 2022, these six properties secure the $60 Million Term Loan Facility.

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

The following tables reconcile the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2020 to December 31, 2022 (in thousands):


	Year Ended December 31,
Total Real Estate Held for Investment	2022		2021		2020
Balance, beginning of year	$	6,931,072	$	4,947,955	$	3,698,390
Acquisition of investment in real estate	2,395,518		1,912,076		1,210,289
Construction costs and improvements	146,508		106,721		84,392
Disposition of investment in real estate	—		(20,034)		(34,068)
Properties held for sale	—		(13,661)		(10,353)
Write-off of fully depreciated assets	(2,711)		(1,985)		(695)

Balance, end of year	$	9,470,387	$	6,931,072	$	4,947,955


	Year Ended December 31,
Accumulated Depreciation	2022		2021		2020
Balance, beginning of year	$	(473,382)	$	(375,423)	$	(296,777)
Depreciation of investment in real estate	(143,661)		(112,679)		(86,159)
Disposition of investment in real estate	—		6,078		5,270
Properties held for sale	—		6,657		1,548
Write-off of fully depreciated assets	2,711		1,985		695
Balance, end of year	$	(614,332)	$	(473,382)	$	(375,423)

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Consolidation

Basis of Presentation and Principles of Consolidation

Basis of Accounting

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 and Restricted Cash

Cash and Cash Equivalents

Restricted Cash


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

Investment in Real Estate

Investments in Real Estate

Acquisitions

Capitalization of Costs

Depreciation and Amortization

Assets Held for Sale

Impairment of Long-Lived Assets

Income Taxes

Derivative Instruments and Hedging Activities

Revenue Recognition

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

Rental Income

Management and leasing services

Gain or Loss on Sale of Real Estate

Valuation of Operating Lease Receivables

Deferred Leasing Costs

Debt Issuance Costs

Equity Based Compensation

Equity Offerings

Earnings Per Share

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

Segment Reporting

Segment ReportingManagement 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

Reference Rate Reform

Recent Accounting Pronouncements

Adoption of New Accounting Pronouncements

Recent Accounting Pronouncements (Issued and Not Yet Adopted)

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2022 and 2021 (in thousands):


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

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
444 Quay Avenue(2)	Los Angeles - South Bay	1/14/2022	29,760	1	$	10,760
18455 Figueroa Street	Los Angeles - South Bay	1/31/2022	146,765	2	64,250
24903 Avenue Kearny	Los Angeles - San Fernando Valley	2/1/2022	214,436	1	58,463
19475 Gramercy Place	Los Angeles - South Bay	2/2/2022	47,712	1	11,300
14005 Live Oak Avenue	Los Angeles - San Gabriel Valley	2/8/2022	56,510	1	25,000
13700-13738 Slover Ave(2)	San Bernardino - Inland Empire West	2/10/2022	17,862	1	13,209
Meggitt Simi Valley	Ventura	2/24/2022	285,750	3	57,000
21415-21605 Plummer Street	Los Angeles - San Fernando Valley	2/25/2022	231,769	2	42,000
1501-1545 Rio Vista Avenue	Los Angeles - Central	3/1/2022	54,777	2	28,000
17011-17027 Central Avenue	Los Angeles - South Bay	3/9/2022	52,561	3	27,363
2843 Benet Road	San Diego - North County	3/9/2022	35,000	1	12,968
14243 Bessemer Street	Los Angeles - San Fernando Valley	3/9/2022	14,299	1	6,594
2970 East 50th Street	Los Angeles - Central	3/9/2022	48,876	1	18,074
19900 Plummer Street	Los Angeles - San Fernando Valley	3/11/2022	43,472	1	15,000
Long Beach Business Park(3)	Los Angeles - South Bay	3/17/2022	123,532	4	24,000
13711 Freeway Drive(4)	Los Angeles - Mid-Counties	3/18/2022	82,092	1	34,000
6245 Providence Way	San Bernardino - Inland Empire West	3/22/2022	27,636	1	9,672
7815 Van Nuys Blvd	Los Angeles - San Fernando Valley	4/19/2022	43,101	1	25,000
13535 Larwin Circle	Los Angeles - Mid-Counties	4/21/2022	56,011	1	15,500
1154 Holt Blvd	San Bernardino - Inland Empire West	4/29/2022	35,033	1	14,158
900-920 Allen Avenue	Los Angeles - San Fernando Valley	5/3/2022	68,630	2	25,000
1550-1600 Champagne Avenue	San Bernardino - Inland Empire West	5/6/2022	124,243	2	46,850
10131 Banana Avenue(2)	San Bernardino - Inland Empire West	5/6/2022	—	—	26,166
2020 Central Avenue	Los Angeles - South Bay	5/20/2022	30,233	1	10,800
14200-14220 Arminta Street(5)	Los Angeles - San Fernando Valley	5/25/2022	200,003	1	80,653
1172 Holt Blvd	San Bernardino - Inland Empire West	5/25/2022	44,004	1	17,783
1500 Raymond Avenue(4)	Orange County - North	6/1/2022	—	—	45,000
2400 Marine Avenue	Los Angeles - South Bay	6/2/2022	50,000	2	30,000
14434-14527 San Pedro Street(4)	Los Angeles - South Bay	6/3/2022	118,923	1	49,105
20900 Normandie Avenue	Los Angeles - South Bay	6/3/2022	74,038	1	39,980
15771 Red Hill Avenue	Orange County - Airport	6/9/2022	100,653	1	46,000
14350 Arminta Street	Los Angeles - San Fernando Valley	6/10/2022	18,147	1	8,400
29125 Avenue Paine	Los Angeles - San Fernando Valley	6/14/2022	175,897	1	45,000
3935-3949 Heritage Oak Court	Ventura	6/22/2022	186,726	1	56,400
620 Anaheim Street	Los Angeles - South Bay	6/23/2022	34,555	1	17,100
400 Rosecrans Avenue(4)	Los Angeles - South Bay	7/6/2022	28,006	1	8,500


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
3547-3555 Voyager Street	Los Angeles - South Bay	7/12/2022	60,248	3	20,900
6996-7044 Bandini Blvd	Los Angeles - Central	7/13/2022	111,515	2	40,500
4325 Etiwanda Avenue	Riverside / San Bernardino - Inland Empire West	7/15/2022	124,258	1	47,500
Merge-West	Riverside / San Bernardino - Inland Empire West	7/18/2022	1,057,419	6	470,000
6000-6052 & 6027-6029 Bandini Blvd	Los Angeles - Central	7/22/2022	182,782	2	91,500
3901 Via Oro Avenue	Los Angeles - South Bay	8/12/2022	53,817	1	20,000
15650 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	43,392	1	16,226
15700 Don Julian Road	Los Angeles - San Gabriel Valley	8/12/2022	40,453	1	15,127
17000 Gale Avenue	Los Angeles - San Gabriel Valley	8/12/2022	29,888	1	11,176
17909 & 17929 Susana Road	Los Angeles - South Bay	8/17/2022	57,376	2	26,100
2880 Ana Street	Los Angeles - South Bay	8/25/2022	80,850	1	34,600
920 Pacific Coast Highway	Los Angeles - South Bay	9/1/2022	148,186	1	100,000
21022 & 21034 Figueroa Street	Los Angeles - South Bay	9/7/2022	51,185	1	24,200
13301 Main Street	Los Angeles - South Bay	9/14/2022	106,969	1	51,150
20851 Currier Road(4)	Los Angeles - San Gabriel Valley	10/5/2022	59,412	1	21,800
3131 Harcourt Street & 18031 Susana Road	Los Angeles - South Bay	11/15/2022	73,000	2	27,500
14400 Figueroa Street	Los Angeles - South Bay	11/22/2022	121,062	4	49,000
2130-2140 Del Amo Blvd	Los Angeles - South Bay	12/16/2022	99,064	2	41,900
19145 Gramercy Place	Los Angeles - South Bay	12/16/2022	102,143	1	37,000
20455 Reeves Avenue	Los Angeles - South Bay	12/16/2022	110,075	1	48,950
14874 Jurupa Avenue	San Bernardino - Inland Empire West	12/16/2022	158,119	1	59,250
10660 Mulberry Avenue	San Bernardino - Inland Empire West	12/16/2022	49,530	1	10,950
755 Trademark Circle	San Bernardino - Inland Empire West	12/23/2022	34,427	1	10,500
4500 Azusa Canyon Road	Los Angeles - San Gabriel Valley	12/29/2022	77,266	1	40,000
7817 Haskell Avenue	Los Angeles - San Fernando Valley	12/29/2022	7,327	1	11,050
Total 2022 Property Acquisitions			5,940,775	87	$	2,391,927

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

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

The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
15010 Don Julian Road(2)	Los Angeles - San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	San Bernardino - Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street(3)	Los Angeles - South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	Los Angeles - South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue(4)	Los Angeles - San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue(2)	San Diego - Central	2/4/2021	86,637	2	19,800
9920-10020 Pioneer Boulevard	Los Angeles - Mid-Counties	2/19/2021	157,669	7	23,500
2553 Garfield Avenue	Los Angeles - Central	3/19/2021	25,615	1	3,900
6655 East 26th Street	Los Angeles - Central	3/19/2021	47,500	1	6,500
560 Main Street	Orange County - North	3/19/2021	17,000	1	2,600
4225 Etiwanda Avenue	San Bernardino - Inland Empire West	3/23/2021	134,500	1	32,250
12118 Bloomfield Avenue(2)	Los Angeles - Mid-Counties	4/14/2021	63,000	4	16,650
256 Alondra Boulevard(3)	Los Angeles - South Bay	4/15/2021	2,456	1	11,250
19007 Reyes Avenue(2)(3)	Los Angeles - South Bay	4/23/2021	—	—	16,350
19431 Santa Fe Avenue(3)	Los Angeles - South Bay	4/30/2021	14,793	3	10,500
4621 Guasti Road	San Bernardino - Inland Empire West	5/21/2021	64,512	1	13,335
12838 Saticoy Street	Los Angeles - San Fernando Valley	6/15/2021	100,390	1	27,250
19951 Mariner Avenue	Los Angeles - South Bay	6/15/2021	89,272	1	27,400
East 12th Street	Los Angeles - Central	6/17/2021	257,976	4	93,600
29120 Commerce Center Drive	Los Angeles - San Fernando Valley	6/22/2021	135,258	1	27,052
20304 Alameda Street	Los Angeles - South Bay	6/24/2021	77,758	2	13,500
4181 Ruffin Road	San Diego - Central	7/8/2021	150,144	1	35,750
12017 Greenstone Avenue(3)	Los Angeles - Mid-Counties	7/16/2021	—	1	13,500
1901 Via Burton(2)	Orange County - North	7/26/2021	—	1	24,211
1555 Cucamonga Avenue	San Bernardino - Inland Empire West	8/4/2021	107,023	2	21,000
1800 Lomita Boulevard(3)	Los Angeles - South Bay	8/6/2021	—	—	70,000
8210-8240 Haskell Avenue	Los Angeles - San Fernando Valley	8/17/2021	53,248	3	12,425
3100 Lomita Boulevard	Los Angeles - South Bay	8/20/2021	575,976	5	202,469		(5)
2401-2421 Glassell Street	Orange County - North	8/25/2021	191,127	4	70,025
2390-2444 American Way(2)	Orange County - North	8/26/2021	—	—	16,700
500 Dupont Avenue	San Bernardino - Inland Empire West	8/26/2021	276,000	1	58,500
1801 St. Andrew Place	Orange County - Airport	9/10/2021	370,374	1	105,300
5772 Jurupa Street	San Bernardino - Inland Empire West	9/17/2021	360,000	1	54,000
2500 Victoria Street(3)	Los Angeles - South Bay	9/30/2021	—	—	232,067		(6)
1010 Belmont Street	San Bernardino - Inland Empire West	10/1/2021	61,824	1	14,500
21515 Western Avenue(2)(7)	Los Angeles - South Bay	10/12/2021	56,199	1	18,950
12027 Greenstone Avenue(3)	Los Angeles - Mid-Counties	10/28/2021	7,780	1	8,125
6027 Eastern Avenue(2)	Los Angeles - Central	11/16/2021	82,922	1	23,250


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
340-344 Bonnie Circle	San Bernadino - Inland Empire West	11/16/2021	98,000	1	27,000
14100 Vine Place	Los Angeles - Mid Counties	11/18/2021	119,145	1	48,501
2280 Ward Avenue	Ventura - Ventura	11/30/2021	242,101	1	46,411
20481 Crescent Bay Drive	Orange County - South	11/30/2021	88,355	1	19,500
334 El Encanto Road	Los Angeles - San Gabriel Valley	12/02/2021	64,368	1	10,675
17031-17037 Green Drive	Los Angeles - San Gabriel Valley	12/10/2021	51,000	1	13,770
13512 Marlay Avenue	San Bernadino - Inland Empire West	12/16/2021	199,363	1	51,000
14940 Proctor Road	Los Angeles - San Gabriel Valley	12/17/2021	111,927	1	28,596
2800 Casitas Avenue	Los Angeles - San Fernando Valley	12/22/2021	117,000	1	43,000
4240 190th Street	Los Angeles - South Bay	12/23/2021	307,487	1	75,300
2391-2393 Bateman Avenue	Los Angeles - San Gabriel Valley	12/28/2021	65,605	1	23,077
1168 Sherborn Street	San Bernardino - Inland Empire West	12/29/2021	79,515	1	23,445
3071 Coronado Street(2)	Orange County - North	12/30/2021	109,908	1	28,000
8911 Aviation Blvd	Los Angeles - South Bay	12/30/2021	100,000	1	32,000
1020 Bixby Drive	Los Angeles - San Gabriel Valley	12/31/2021	56,915	1	16,350
Total 2021 Property Acquisitions			5,650,673	80	$	1,887,797

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

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

(7)The acquisition of 21515 Western Avenue was funded through a combination of cash on hand and the assumption of $13.2 million of debt.

Acquisition of Other Interests


	2022		2021
Assets:
Land	$	1,698,173	$	1,514,933
Buildings and improvements	687,358		359,970
Tenant improvements	9,987		37,173
Acquired lease intangible assets(1)	82,539		71,919
Right of use asset - ground lease(2)	4,787		—
Other acquired assets(3)	558		519
Total assets acquired	$	2,483,402	$	1,984,514
Liabilities:
Acquired lease intangible liabilities(4)	$	54,085	$	76,992
Notes payable(5)	—		16,512
Deferred rent liability(6)	4,339		1,554
Lease liability - ground lease(2)	4,787		—
Other assumed liabilities(3)	15,652		26,975
Total liabilities assumed	$	78,863	$	122,033
Net assets acquired	$	2,404,539	$	1,862,481

(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 8.9 years and 7.5 years, for the 2022 and 2021 acquisitions, respectively.

(5)In connection with the acquisition of properties, during the year ended December 31, 2021, we assumed two mortgage loans from the sellers. See “Note 5 – Notes Payable” for details.

Summary of the Properties Sold

The following table summarizes information related to the properties that we sold during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
2022 Dispositions:
28159 Avenue Stanford	Los Angeles - San Fernando Valley	1/13/2022	79,247	$	16,500	$	8,486

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

2020 Dispositions:
3927 Oceanic Drive	San Diego - North County	8/13/2020	54,740	$	10,300	$	2,926
121 West 33rd Street	San Diego - South County	9/18/2020	76,745	13,500		7,575
2700-2722 South Fairview Street(2)	Orange County - Airport	9/30/2020	116,575	20,400		3,268
6750 Central Avenue	San Bernardino - Inland Empire East	12/31/2020	8,666	1,300		758
Subtotal			256,726	45,500		14,527
1055 Sandhill Avenue Personal Property			—	1,854		(910)		(3)
Total			256,726	$	47,354	$	13,617

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

Disclosure of Long Lived Assets 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)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities


	December 31,
	2022		2021
Acquired Lease Intangible Assets:
In-place lease intangibles	$	315,842	$	256,902
Accumulated amortization	(172,883)		(135,415)
In-place lease intangibles, net	$	142,959	$	121,487

Above-market tenant leases	$	26,851	$	21,065
Accumulated amortization	(12,671)		(10,394)
Above-market tenant leases, net	$	14,180	$	10,671

Below-market ground lease(1)	$	12,977	$	—
Accumulated amortization(1)	$	(130)	$	—
Below-market ground lease, net	$	12,847	$	—
Acquired lease intangible assets, net	$	169,986	$	132,158

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(220,646)	$	(174,686)
Accumulated accretion	73,262		47,669
Below-market tenant leases, net	$	(147,384)	$	(127,017)




Acquired lease intangible liabilities, net	$	(147,384)	$	(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 reported periods noted below (in thousands):


	Year Ended December 31,
	2022		2021		2020
In-place lease intangibles(1)	$	42,202	$	30,136	$	22,903
Net below market tenant leases(2)	$	(31,339)	$	(15,443)	$	(10,533)
Below-market ground leases(3)	$	130	$	—	$	—

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

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

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

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

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2022, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)		Below Market Ground Lease(3)
2023	$	38,044	$	(27,386)	$	164
2024	25,988		(21,398)		164
2025	19,430		(15,519)		164
2026	15,041		(12,568)		164
2027	10,629		(8,104)		164
Thereafter	33,827		(48,229)		12,027
Total	$	142,959	$	(133,204)	$	12,847

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

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

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

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Notes Payable

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


	December 31, 2022		December 31, 2021		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.725	%	(2)	5.125	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		—		S+0.800	%	(2)	5.258	%		7/19/2024	(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	300,000		—		S+0.800	%	(2)	3.717	%	(6)	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 (green bond)	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	$	1,825,000	$	1,275,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(7)	$	3,832	$	3,951	n/a			4.080	%		4/5/2023
$60M Term Loan(8)	—		58,108		n/a			n/a			8/1/2023
960-970 Knox Street(7)	2,307		2,399		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,712		3,806		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,462		2,626		n/a			4.190	%		5/1/2024
$60M Term Loan Facility(9)	60,000		—		S+1.250	%		5.708	%		10/27/2024
5160 Richton Street(7)	4,153		4,272		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,612		2,682		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(10)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,965		15,320		n/a			3.930	%		7/1/2027
2205 126th Street(11)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(11)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,928		4,002		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,935		2,119		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	3,009		3,132		n/a			4.140	%		8/1/2039
2515 Western Avenue(12)	—		13,104		n/a			4.500	%		9/1/2042
Total Secured Debt	$	125,515	$	138,121
Total Unsecured and Secured Debt	$	1,950,515	$	1,413,121
Less: Unamortized premium/discount and debt issuance costs(13)	(14,134)		(13,556)
Total	$	1,936,381	$	1,399,565

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

(8)In October 2022, we repaid in full the outstanding principal balance on this secured debt.

(10)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.

(11)Fixed monthly payments of interest only.

(12)In June 2022, we repaid 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 Aggregate Future Minimum Payments of Debt

Contractual Debt Maturities


2023	$	7,490
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	916,984
Total	$	1,950,515

Leases (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2022 (in thousands):


For the year ending December 31,
2023	$	513,582
2024	447,083
2025	381,133
2026	305,315
2027	223,512
Thereafter	817,465
Total	$	2,688,090

Lease Cost

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


	Year Ended December 31,
Lease Cost(1) (in thousands)		2022		2021		2020
Operating lease cost		$	1,845	$	1,598	$	1,354
Variable lease cost		113		63		39
Sublease income		(268)		—		—
Total lease cost		$	1,690	$	1,661	$	1,393

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


	Year Ended December 31,
Other Information (in thousands)		2022		2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities		$	2,016	$	1,471	$	1,127
Right-of-use assets obtained in exchange for new operating lease liabilities		$	6,363	$	—	$	3,204


Lease Term and Discount Rate	December 31, 2022		December 31, 2021
Weighted-average remaining lease term(1)	36.5 years		3.3 years
Weighted-average discount rate(2)	3.77	%	2.95	%

Maturities of Lease Liabilities

The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands):


2023	$	2,308
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	27,155
Less imputed interest	(16,266)
Total lease liabilities	$	10,889

Interest Rate Derivatives (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement


					Notional Value(2)				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(3)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate(1)		December 31, 2022		December 31, 2021		December 31, 2022		December 31, 2021
Interest Rate Swap	7/27/2022	5/26/2027	2.8170	%	$	150,000	$	—	$	5,720	$	—
Interest Rate Swap	7/27/2022	5/26/2027	2.8175	%	$	150,000	$	—	$	5,702	$	—
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	—	$	150,000	$	—	$	(7,482)

(1)As of December 31, 2022, our interest rate swaps were indexed to 1-month SOFR. As of December 31, 2021, our interest rate swap was indexed to 1-month LIBOR.

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

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

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


	Year Ended December 31,
	2022		2021		2020
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	17,227	$	263	$	(17,212)
Amount of loss reclassified from AOCI into earnings as “Interest expense” (1)	$	(1,619)	$	(8,070)	$	(6,332)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	48,496	$	40,139	$	30,849

- 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)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

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


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2022
Interest Rate Swap Asset	$	11,422	$	—	$	11,422	$	—

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 December 31, 2022 and 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:
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381
December 31, 2021	$	1,404,680	$	—	$	—	$	1,404,680	$	1,399,565

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Schedule of Cumulative Preferred Shares

As of December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 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 years ended December 31, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2022		2021
Accumulated other comprehensive loss - beginning balance	$	(9,874)	$	(17,709)
Other comprehensive income before reclassifications	17,227		263
Amounts reclassified from accumulated other comprehensive loss to interest expense(1)	1,619		8,070
Net current period other comprehensive income	18,846		8,333
Less: other comprehensive income attributable to noncontrolling interests	(725)		(498)
Other comprehensive income attributable to common stockholders	18,121		7,835
Accumulated other comprehensive income (loss) - ending balance	$	8,247	$	(9,874)

Schedule Of Federal Income Tax Treatment For Distributions


	Common Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.203386	100.00	%	$	1.049243	100.00	%	$	0.834238	100.00	%


Total	$	1.203386	100.00	%	$	1.049243	100.00	%	$	0.834238	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	—	—	%	$	0.917970	100.00	%	$	1.468752	100.00	%


Total	$	—	—	%	$	0.917970	100.00	%	$	1.468752	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


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


	Series C Preferred Stock
	Year Ended December 31,
	2022				2021				2020
Ordinary Income	$	1.406252	100.00	%	$	1.406252	100.00	%	$	1.406252	100.00	%


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

- Definition

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

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+ Details

Incentive Award Plan (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

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

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


	2022 LTIP Award			2021 LTIP Award			2020 LTIP Award
Valuation date	November 8, 2022			December 23, 2021			December 22, 2020
Closing share price of common stock	$	53.94		$	77.50		$	48.58
Discount for post-vesting restrictions and book-up events	7.4		%	7.8		%	7.6		%
Grant date fair value (in thousands)	$	8,353		$	6,648		$	5,437

Schedule of LTIP Unit Activity

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2022, 2021 and 2020:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2019	298,412	$	34.26
Granted	157,404	$	45.86
Forfeited	(22,795)	$	38.89
Vested	(196,375)	$	34.31
Balance at December 31, 2020	236,646	$	41.49
Granted	148,533	$	62.45

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

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

Summary of Units Awarded

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


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2022 Performance Award	204,394	204,394	204,394	60,006	673,188
2021 Performance Award	113,871	113,871	113,871	24,391	366,004
2020 Performance Award	148,030	148,030	148,027	32,828	476,915

Total Shareholder Return Levels And Vesting Percentages


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2022 Award		<18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (1)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥40%		100	%	≥ 90th Percentile	100	%	≥24%		100	%

2021 Award		< 18%		—	%	< 35th Percentile	—	%	< 10%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	10	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	14	%	33.4	%	See Note (2)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	18	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 24%		100	%

2020 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	12	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	16.5	%	33.4	%	See Note (3)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	21	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥ 26%		100	%

Schedule of valuation assumptions

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


	2022 Market Performance Award			2021 Market Performance Award			2020 Market Performance Award
Valuation date	November 8, 2022			December 23, 2021			December 22, 2020
Expected share price volatility for the Company	34.0		%	31.0		%	31.0		%
Expected share price volatility for peer group companies - low end of range(1)	18.0		%	17.0		%	17.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	1.70		%	1.90		%
Risk-free interest rate	4.57		%	0.98		%	0.19		%
Grant date fair value (in thousands)	$	11,869		$	8,962		$	6,928

Schedule of Unvested Restricted Stock Activity

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2022, 2021 and 2020:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2019	212,545	$	29.64
Granted	126,865	$	45.94
Forfeited	(16,128)	$	37.25
Vested(1)(2)	(90,383)	$	28.50
Balance at December 31, 2020	232,899	$	38.43
Granted	132,537	$	50.62
Forfeited	(23,763)	$	42.69
Vested(1)(2)	(92,494)	$	35.45
Balance at December 31, 2021	249,179	$	45.62
Granted	134,984	$	67.98
Forfeited	(11,442)	$	56.24
Vested(1)(2)	(98,305)	$	43.55
Balance at December 31, 2022	274,416	$	56.92

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Year Ended December 31,
	2022		2021		2020
Expensed share-based compensation(1)	$	28,426	$	19,506	$	12,871
Capitalized share-based compensation(2)	610		357		223
Total share-based compensation	$	29,036	$	19,863	$	13,094

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

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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income	$	177,157	$	136,246	$	80,895
Less: Preferred stock dividends	(9,258)		(12,563)		(14,545)
Less: Original issuance costs of redeemed preferred stock	—		(3,349)		—
Less: Net income attributable to noncontrolling interests	(9,573)		(8,005)		(4,492)
Less: Net income attributable to participating securities	(845)		(568)		(509)
Net income attributable to common stockholders	$	157,481	$	111,761	$	61,349

Denominator:
Weighted average shares of common stock outstanding - basic	170,467,365		139,294,882		120,873,624
Effect of dilutive securities	510,907		780,807		304,686
Weighted average shares of common stock outstanding - diluted	170,978,272		140,075,689		121,178,310

Earnings per share - Basic
Net income attributable to common stockholders	$	0.92	$	0.80	$	0.51
Earnings per share - Diluted
Net income attributable to common stockholders	$	0.92	$	0.80	$	0.51

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the properties we acquired subsequent to December 31, 2022:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)(1)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000





Total			1,183,440	2	$	405,000

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

Dividends Declared

On February 6, 2023, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.380

March 31, 2023

April 17, 2023

OP Units

0.380

March 31, 2023

April 17, 2023

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2023

March 31, 2023

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2023

March 31, 2023

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2023

March 31, 2023

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2023

March 31, 2023

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

March 15, 2023

March 31, 2023

Organization - Additional Information (Detail) ft² in Millions	Dec. 31, 2022 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	356
Area of real estate property (square feet) \| ft²	42.4

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Impairment of right-of-use asset	$ 0	$ 992	$ 0
Cash and cash equivalents	36,786	43,987	176,293
Restricted cash	0	11	1,230
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	36,786	43,998	177,523	$ 78,857
Interest costs capitalized	12,200	4,500	3,900
Real estate taxes and insurance costs capitalized	$ 5,200	2,200	1,200
REIT annual taxable income distribution requirement percentage	90.00%
Provision for doubtful accounts	$ 400	(500)	(5,000)
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	25 years
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 8,700	$ 6,100	$ 4,100
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	4.75%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	7.50%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	3.75%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	6.25%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	12 months

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details)									4 Months Ended	12 Months Ended
	May 25, 2022 USD ($) shares	Mar. 17, 2022 shares	Oct. 12, 2021 USD ($)	Sep. 30, 2021 USD ($)	Aug. 20, 2021 USD ($)	Jan. 27, 2021 USD ($)	Nov. 17, 2020 USD ($) shares	Mar. 05, 2020 USD ($) building shares	Jun. 19, 2020 USD ($) building	Dec. 31, 2022 USD ($) ft² property building	Dec. 31, 2021 USD ($) ft² building	Dec. 31, 2020 USD ($)
Real Estate [Line Items]
Rentable Square Feet \| ft²										5,940,775	5,650,673
Number of buildings \| building										87	80
Contractual purchase price										$ 2,391,927,000	$ 1,887,797,000
Asset Acquisition, Consideration Transferred, Transaction Cost										27,700,000	17,700,000
Asset Acquisition, Consideration Transferred Including Transaction Costs										2,420,000,000	1,900,000,000
Issuance of OP Units										56,167,000		$ 179,262,000
Assumption of debt in connection with acquisition of real estate including loan premium										0	16,512,000	65,264,000
Long-term Debt, Gross										$ 1,950,515,000	$ 1,413,121,000
15010 Don Julian Road
Real Estate [Line Items]
Date of Acquisition											Jan. 05, 2021
Rentable Square Feet \| ft²											92,925
Number of buildings \| building											1
Contractual purchase price											$ 22,200,000
5002-5018 Lindsay Court
Real Estate [Line Items]
Date of Acquisition											Jan. 11, 2021
Rentable Square Feet \| ft²											64,960
Number of buildings \| building											1
Contractual purchase price											$ 12,650,000
514 East C Street
Real Estate [Line Items]
Date of Acquisition											Jan. 14, 2021
Rentable Square Feet \| ft²											3,436
Number of buildings \| building											1
Contractual purchase price											$ 9,950,000
17907-18001 Figueroa Street
Real Estate [Line Items]
Date of Acquisition											Jan. 26, 2021
Rentable Square Feet \| ft²											74,810
Number of buildings \| building											6
Contractual purchase price											$ 20,200,000
7817 Woodley Avenue
Real Estate [Line Items]
Date of Acquisition											Jan. 27, 2021
Rentable Square Feet \| ft²											36,900
Number of buildings \| building											1
Contractual purchase price											$ 9,963,000
8888-8992 Balboa Avenue
Real Estate [Line Items]
Date of Acquisition											Feb. 04, 2021
Rentable Square Feet \| ft²											86,637
Number of buildings \| building											2
Contractual purchase price											$ 19,800,000
9920-10020 Pioneer Boulevard
Real Estate [Line Items]
Date of Acquisition											Feb. 19, 2021
Rentable Square Feet \| ft²											157,669
Number of buildings \| building											7
Contractual purchase price											$ 23,500,000
2553 Garfield Avenue
Real Estate [Line Items]
Date of Acquisition											Mar. 19, 2021
Rentable Square Feet \| ft²											25,615
Number of buildings \| building											1
Contractual purchase price											$ 3,900,000
6655 East 26th Street
Real Estate [Line Items]
Date of Acquisition											Mar. 19, 2021
Rentable Square Feet \| ft²											47,500
Number of buildings \| building											1
Contractual purchase price											$ 6,500,000
560 Main Street
Real Estate [Line Items]
Date of Acquisition											Mar. 19, 2021
Rentable Square Feet \| ft²											17,000
Number of buildings \| building											1
Contractual purchase price											$ 2,600,000
4225 Etiwanda Avenue
Real Estate [Line Items]
Date of Acquisition											Mar. 23, 2021
Rentable Square Feet \| ft²											134,500
Number of buildings \| building											1
Contractual purchase price											$ 32,250,000
12118 Bloomfield Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 14, 2021
Rentable Square Feet \| ft²											63,000
Number of buildings \| building											4
Contractual purchase price											$ 16,650,000
256 Alondra Blvd
Real Estate [Line Items]
Date of Acquisition											Apr. 15, 2021
Rentable Square Feet \| ft²											2,456
Number of buildings \| building											1
Contractual purchase price											$ 11,250,000
19007 Reyes Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 23, 2021
Rentable Square Feet \| ft²											0
Number of buildings \| building											0
Contractual purchase price											$ 16,350,000
19431 Santa Fe Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 30, 2021
Rentable Square Feet \| ft²											14,793
Number of buildings \| building											3
Contractual purchase price											$ 10,500,000
4621 Guasti Road
Real Estate [Line Items]
Date of Acquisition											May 21, 2021
Rentable Square Feet \| ft²											64,512
Number of buildings \| building											1
Contractual purchase price											$ 13,335,000
12838 Saticoy Street
Real Estate [Line Items]
Date of Acquisition											Jun. 15, 2021
Rentable Square Feet \| ft²											100,390
Number of buildings \| building											1
Contractual purchase price											$ 27,250,000
19951 Mariner Avenue
Real Estate [Line Items]
Date of Acquisition											Jun. 15, 2021
Rentable Square Feet \| ft²											89,272
Number of buildings \| building											1
Contractual purchase price											$ 27,400,000
East 12th Street
Real Estate [Line Items]
Date of Acquisition											Jun. 17, 2021
Rentable Square Feet \| ft²											257,976
Number of buildings \| building											4
Contractual purchase price											$ 93,600,000
29120 Commerce Center Drive
Real Estate [Line Items]
Date of Acquisition											Jun. 22, 2021
Rentable Square Feet \| ft²											135,258
Number of buildings \| building											1
Contractual purchase price											$ 27,052,000
20304 Alameda Street
Real Estate [Line Items]
Date of Acquisition											Jun. 24, 2021
Rentable Square Feet \| ft²											77,758
Number of buildings \| building											2
Contractual purchase price											$ 13,500,000
4181 Ruffin Road
Real Estate [Line Items]
Date of Acquisition											Jul. 08, 2021
Rentable Square Feet \| ft²											150,144
Number of buildings \| building											1
Contractual purchase price											$ 35,750,000
12017 Greenstone Avenue
Real Estate [Line Items]
Date of Acquisition											Jul. 16, 2021
Number of buildings \| building											1
Contractual purchase price											$ 13,500,000
1901 Via Burton
Real Estate [Line Items]
Date of Acquisition											Jul. 26, 2021
Number of buildings \| building											1
Contractual purchase price											$ 24,211,000
1555 Cucamonga Avenue
Real Estate [Line Items]
Date of Acquisition											Aug. 04, 2021
Rentable Square Feet \| ft²											107,023
Number of buildings \| building											2
Contractual purchase price											$ 21,000,000
1800 Lomita Blvd
Real Estate [Line Items]
Date of Acquisition											Aug. 06, 2021
Contractual purchase price											$ 70,000,000
8210-8240 Haskell Avenue
Real Estate [Line Items]
Date of Acquisition											Aug. 17, 2021
Rentable Square Feet \| ft²											53,248
Number of buildings \| building											3
Contractual purchase price											$ 12,425,000
3100 Lomita Boulevard
Real Estate [Line Items]
Date of Acquisition											Aug. 20, 2021
Rentable Square Feet \| ft²											575,976
Number of buildings \| building											5
Contractual purchase price					$ 182,000,000						$ 202,469,000
Asset Acquisition, Loan Prepayment Fee					$ 20,400,000
2401-2421 Glassell Street
Real Estate [Line Items]
Date of Acquisition											Aug. 25, 2021
Rentable Square Feet \| ft²											191,127
Number of buildings \| building											4
Contractual purchase price											$ 70,025,000
2390-2444 American Way
Real Estate [Line Items]
Date of Acquisition											Aug. 26, 2021
Contractual purchase price											$ 16,700,000
500 Dupont Avenue
Real Estate [Line Items]
Date of Acquisition											Aug. 26, 2021
Rentable Square Feet \| ft²											276,000
Number of buildings \| building											1
Contractual purchase price											$ 58,500,000
1801 St. Andrew Place
Real Estate [Line Items]
Date of Acquisition											Sep. 10, 2021
Rentable Square Feet \| ft²											370,374
Number of buildings \| building											1
Contractual purchase price											$ 105,300,000
5772 Jurupa Street
Real Estate [Line Items]
Date of Acquisition											Sep. 17, 2021
Rentable Square Feet \| ft²											360,000
Number of buildings \| building											1
Contractual purchase price											$ 54,000,000
2500 Victoria Street
Real Estate [Line Items]
Date of Acquisition											Sep. 30, 2021
Contractual purchase price				$ 217,100,000							$ 232,067,000
Asset Acquisition, Security Deposit				$ 15,000,000
1010 Belmont Street
Real Estate [Line Items]
Date of Acquisition											Oct. 01, 2021
Rentable Square Feet \| ft²											61,824
Number of buildings \| building											1
Contractual purchase price											$ 14,500,000
21515 Western Avenue
Real Estate [Line Items]
Date of Acquisition											Oct. 12, 2021
Rentable Square Feet \| ft²											56,199
Number of buildings \| building											1
Contractual purchase price											$ 18,950,000
12027 Greenstone Avenue
Real Estate [Line Items]
Date of Acquisition											Oct. 28, 2021
Rentable Square Feet \| ft²											7,780
Number of buildings \| building											1
Contractual purchase price											$ 8,125,000
6027 Eastern Avenue
Real Estate [Line Items]
Date of Acquisition											Nov. 16, 2021
Rentable Square Feet \| ft²											82,922
Number of buildings \| building											1
Contractual purchase price											$ 23,250,000
340-344 Bonnie Circle
Real Estate [Line Items]
Date of Acquisition											Nov. 16, 2021
Rentable Square Feet \| ft²											98,000
Number of buildings \| building											1
Contractual purchase price											$ 27,000,000
14100 Vine Place
Real Estate [Line Items]
Date of Acquisition											Nov. 18, 2021
Rentable Square Feet \| ft²											119,145
Number of buildings \| building											1
Contractual purchase price											$ 48,501,000
2280 Ward Avenue
Real Estate [Line Items]
Date of Acquisition											Nov. 30, 2021
Rentable Square Feet \| ft²											242,101
Number of buildings \| building											1
Contractual purchase price											$ 46,411,000
20481 Crescent Bay Drive
Real Estate [Line Items]
Date of Acquisition											Nov. 30, 2021
Rentable Square Feet \| ft²											88,355
Number of buildings \| building											1
Contractual purchase price											$ 19,500,000
334 El Encanto Road
Real Estate [Line Items]
Date of Acquisition											Dec. 02, 2021
Rentable Square Feet \| ft²											64,368
Number of buildings \| building											1
Contractual purchase price											$ 10,675,000
17031-17037 Green Drive
Real Estate [Line Items]
Date of Acquisition											Dec. 10, 2021
Rentable Square Feet \| ft²											51,000
Number of buildings \| building											1
Contractual purchase price											$ 13,770,000
13512 Marlay Avenue
Real Estate [Line Items]
Date of Acquisition											Dec. 16, 2021
Rentable Square Feet \| ft²											199,363
Number of buildings \| building											1
Contractual purchase price											$ 51,000,000
14940 Proctor Road
Real Estate [Line Items]
Date of Acquisition											Dec. 17, 2021
Rentable Square Feet \| ft²											111,927
Number of buildings \| building											1
Contractual purchase price											$ 28,596,000
2800 Casitas Avenue
Real Estate [Line Items]
Date of Acquisition											Dec. 22, 2021
Rentable Square Feet \| ft²											117,000
Number of buildings \| building											1
Contractual purchase price											$ 43,000,000
4240 190th Street
Real Estate [Line Items]
Date of Acquisition											Dec. 23, 2021
Rentable Square Feet \| ft²											307,487
Number of buildings \| building											1
Contractual purchase price											$ 75,300,000
2391-2393 Bateman Avenue
Real Estate [Line Items]
Date of Acquisition											Dec. 28, 2021
Rentable Square Feet \| ft²											65,605
Number of buildings \| building											1
Contractual purchase price											$ 23,077,000
1168 Sherborn Street
Real Estate [Line Items]
Date of Acquisition											Dec. 29, 2021
Rentable Square Feet \| ft²											79,515
Number of buildings \| building											1
Contractual purchase price											$ 23,445,000
3071 Coronado Street
Real Estate [Line Items]
Date of Acquisition											Dec. 30, 2021
Rentable Square Feet \| ft²											109,908
Number of buildings \| building											1
Contractual purchase price											$ 28,000,000
8911 Aviation Blvd
Real Estate [Line Items]
Date of Acquisition											Dec. 30, 2021
Rentable Square Feet \| ft²											100,000
Number of buildings \| building											1
Contractual purchase price											$ 32,000,000
1020 Bixby Drive
Real Estate [Line Items]
Date of Acquisition											Dec. 31, 2021
Rentable Square Feet \| ft²											56,915
Number of buildings \| building											1
Contractual purchase price											$ 16,350,000
13943-13955 Balboa Blvd
Real Estate [Line Items]
Contractual purchase price							$ 45,300,000
Issuance of OP Units							$ 27,800,000
Acquisition,OperatingPartnershipUnitsIssued \| shares							592,186
Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Number of buildings \| building								10	1
Contractual purchase price									$ 214,200,000
444 Quay Avenue
Real Estate [Line Items]
Date of Acquisition										Jan. 14, 2022
Rentable Square Feet \| ft²										29,760
Number of buildings \| property										1
Contractual purchase price										$ 10,760,000
18455 Figueroa Street
Real Estate [Line Items]
Date of Acquisition										Jan. 31, 2022
Rentable Square Feet \| ft²										146,765
Number of buildings \| property										2
Contractual purchase price										$ 64,250,000
24903 Avenue Kearny
Real Estate [Line Items]
Date of Acquisition										Feb. 01, 2022
Rentable Square Feet \| ft²										214,436
Number of buildings \| property										1
Contractual purchase price										$ 58,463,000
19475 Gramercy Place
Real Estate [Line Items]
Date of Acquisition										Feb. 02, 2022
Rentable Square Feet \| ft²										47,712
Number of buildings \| property										1
Contractual purchase price										$ 11,300,000
14005 Live Oak Avenue
Real Estate [Line Items]
Date of Acquisition										Feb. 08, 2022
Rentable Square Feet \| ft²										56,510
Number of buildings \| property										1
Contractual purchase price										$ 25,000,000
13700-13738 Slover Avenue
Real Estate [Line Items]
Date of Acquisition										Feb. 10, 2022
Rentable Square Feet \| ft²										17,862
Number of buildings \| property										1
Contractual purchase price										$ 13,209,000
Meggitt Simi Valley
Real Estate [Line Items]
Date of Acquisition										Feb. 24, 2022
Rentable Square Feet \| ft²										285,750
Number of buildings \| property										3
Contractual purchase price										$ 57,000,000
21415-21605 Plummer Street
Real Estate [Line Items]
Date of Acquisition										Feb. 25, 2022
Rentable Square Feet \| ft²										231,769
Number of buildings \| property										2
Contractual purchase price										$ 42,000,000
1501-1545 Rio Vista Avenue
Real Estate [Line Items]
Date of Acquisition										Mar. 01, 2022
Rentable Square Feet \| ft²										54,777
Number of buildings \| property										2
Contractual purchase price										$ 28,000,000
17011-17027 Central Avenue
Real Estate [Line Items]
Date of Acquisition										Mar. 09, 2022
Rentable Square Feet \| ft²										52,561
Number of buildings \| property										3
Contractual purchase price										$ 27,363,000
2843 Benet Road
Real Estate [Line Items]
Date of Acquisition										Mar. 09, 2022
Rentable Square Feet \| ft²										35,000
Number of buildings \| property										1
Contractual purchase price										$ 12,968,000
14243 Bessemer Street
Real Estate [Line Items]
Date of Acquisition										Mar. 09, 2022
Rentable Square Feet \| ft²										14,299
Number of buildings \| property										1
Contractual purchase price										$ 6,594,000
2970 East 50th Street
Real Estate [Line Items]
Date of Acquisition										Mar. 09, 2022
Rentable Square Feet \| ft²										48,876
Number of buildings \| property										1
Contractual purchase price										$ 18,074,000
19900 Plummer Street
Real Estate [Line Items]
Date of Acquisition										Mar. 11, 2022
Rentable Square Feet \| ft²										43,472
Number of buildings \| property										1
Contractual purchase price										$ 15,000,000
Long Beach Business Park
Real Estate [Line Items]
Date of Acquisition										Mar. 17, 2022
Rentable Square Feet \| ft²										123,532
Number of buildings \| property										4
Contractual purchase price										$ 24,000,000
13711 Freeway Drive
Real Estate [Line Items]
Date of Acquisition										Mar. 18, 2022
Rentable Square Feet \| ft²										82,092
Number of buildings \| property										1
Contractual purchase price										$ 34,000,000
6245 Providence Way
Real Estate [Line Items]
Date of Acquisition										Mar. 22, 2022
Rentable Square Feet \| ft²										27,636
Number of buildings \| property										1
Contractual purchase price										$ 9,672,000
7815 Van Nuys Blvd
Real Estate [Line Items]
Date of Acquisition										Apr. 19, 2022
Rentable Square Feet \| ft²										43,101
Number of buildings \| property										1
Contractual purchase price										$ 25,000,000
13535 Larwin Circle
Real Estate [Line Items]
Date of Acquisition										Apr. 21, 2022
Rentable Square Feet \| ft²										56,011
Number of buildings \| property										1
Contractual purchase price										$ 15,500,000
1154 Holt Blvd
Real Estate [Line Items]
Date of Acquisition										Apr. 29, 2022
Rentable Square Feet \| ft²										35,033
Number of buildings \| property										1
Contractual purchase price										$ 14,158,000
900-920 Allen Avenue
Real Estate [Line Items]
Date of Acquisition										May 03, 2022
Rentable Square Feet \| ft²										68,630
Number of buildings \| property										2
Contractual purchase price										$ 25,000,000
1550-1600 Champagne Avenue
Real Estate [Line Items]
Date of Acquisition										May 06, 2022
Rentable Square Feet \| ft²										124,243
Number of buildings \| property										2
Contractual purchase price										$ 46,850,000
10131 Banana Avenue
Real Estate [Line Items]
Date of Acquisition										May 06, 2022
Rentable Square Feet \| ft²										0
Number of buildings \| property										0
Contractual purchase price										$ 26,166,000
2020 Central Avenue
Real Estate [Line Items]
Date of Acquisition										May 20, 2022
Rentable Square Feet \| ft²										30,233
Number of buildings \| property										1
Contractual purchase price										$ 10,800,000
14200-14220 Arminta Street
Real Estate [Line Items]
Date of Acquisition										May 25, 2022
Rentable Square Feet \| ft²										200,003
Number of buildings \| property										1
Contractual purchase price	$ 80,700,000									$ 80,653,000
1172 Holt Blvd
Real Estate [Line Items]
Date of Acquisition										May 25, 2022
Rentable Square Feet \| ft²										44,004
Number of buildings \| property										1
Contractual purchase price										$ 17,783,000
1500 Raymond Avenue
Real Estate [Line Items]
Date of Acquisition										Jun. 01, 2022
Rentable Square Feet \| ft²										0
Number of buildings \| property										0
Contractual purchase price										$ 45,000,000
2400 Marine Avenue
Real Estate [Line Items]
Date of Acquisition										Jun. 02, 2022
Rentable Square Feet \| ft²										50,000
Number of buildings \| property										2
Contractual purchase price										$ 30,000,000
400 Rosecrans Avenue
Real Estate [Line Items]
Date of Acquisition										Jul. 06, 2022
Rentable Square Feet \| ft²										28,006
Number of buildings \| building										1
Contractual purchase price										$ 8,500,000
3547-3555 Voyager Street
Real Estate [Line Items]
Date of Acquisition										Jul. 12, 2022
Rentable Square Feet \| ft²										60,248
Number of buildings \| building										3
Contractual purchase price										$ 20,900,000
6996-7044 Bandini Blvd
Real Estate [Line Items]
Date of Acquisition										Jul. 13, 2022
Rentable Square Feet \| ft²										111,515
Number of buildings \| building										2
Contractual purchase price										$ 40,500,000
4325 Etiwanda Avenue
Real Estate [Line Items]
Date of Acquisition										Jul. 15, 2022
Rentable Square Feet \| ft²										124,258
Number of buildings \| building										1
Contractual purchase price										$ 47,500,000
Merge-West
Real Estate [Line Items]
Date of Acquisition										Jul. 18, 2022
Rentable Square Feet \| ft²										1,057,419
Number of buildings \| building										6
Contractual purchase price										$ 470,000,000
6000-6052 & 6027-6029 Bandini Blvd
Real Estate [Line Items]
Date of Acquisition										Jul. 22, 2022
Rentable Square Feet \| ft²										182,782
Number of buildings \| building										2
Contractual purchase price										$ 91,500,000
14434-14527 San Pedro Street
Real Estate [Line Items]
Date of Acquisition										Jun. 03, 2022
Rentable Square Feet \| ft²										118,923
Number of buildings \| property										1
Contractual purchase price										$ 49,105,000
20900 Normandie Avenue
Real Estate [Line Items]
Date of Acquisition										Jun. 03, 2022
Rentable Square Feet \| ft²										74,038
Number of buildings \| property										1
Contractual purchase price										$ 39,980,000
15771 Red Hill Avenue
Real Estate [Line Items]
Date of Acquisition										Jun. 09, 2022
Rentable Square Feet \| ft²										100,653
Number of buildings \| property										1
Contractual purchase price										$ 46,000,000
14350 Arminta Street
Real Estate [Line Items]
Date of Acquisition										Jun. 10, 2022
Rentable Square Feet \| ft²										18,147
Number of buildings \| property										1
Contractual purchase price										$ 8,400,000
29125 Avenue Paine
Real Estate [Line Items]
Date of Acquisition										Jun. 14, 2022
Rentable Square Feet \| ft²										175,897
Number of buildings \| property										1
Contractual purchase price										$ 45,000,000
3935-3949 Heritage Oak Court
Real Estate [Line Items]
Date of Acquisition										Jun. 22, 2022
Rentable Square Feet \| ft²										186,726
Number of buildings \| property										1
Contractual purchase price										$ 56,400,000
620 Anaheim Street
Real Estate [Line Items]
Date of Acquisition										Jun. 23, 2022
Rentable Square Feet \| ft²										34,555
Number of buildings \| property										1
Contractual purchase price										$ 17,100,000
3901 Via Oro Avenue
Real Estate [Line Items]
Date of Acquisition										Aug. 12, 2022
Rentable Square Feet \| ft²										53,817
Number of buildings \| building										1
Contractual purchase price										$ 20,000,000
15650 Don Julian Road
Real Estate [Line Items]
Date of Acquisition										Aug. 12, 2022
Rentable Square Feet \| ft²										43,392
Number of buildings \| building										1
Contractual purchase price										$ 16,226,000
15700 Don Julian Road
Real Estate [Line Items]
Date of Acquisition										Aug. 12, 2022
Rentable Square Feet \| ft²										40,453
Number of buildings \| building										1
Contractual purchase price										$ 15,127,000
17000 Gale Avenue
Real Estate [Line Items]
Date of Acquisition										Aug. 12, 2022
Rentable Square Feet \| ft²										29,888
Number of buildings \| building										1
Contractual purchase price										$ 11,176,000
17909 & 17929 Susana Road
Real Estate [Line Items]
Date of Acquisition										Aug. 17, 2022
Rentable Square Feet \| ft²										57,376
Number of buildings \| building										2
Contractual purchase price										$ 26,100,000
2880 Ana Street
Real Estate [Line Items]
Date of Acquisition										Aug. 25, 2022
Rentable Square Feet \| ft²										80,850
Number of buildings \| building										1
Contractual purchase price										$ 34,600,000
920 Pacific Coast Highway
Real Estate [Line Items]
Date of Acquisition										Sep. 01, 2022
Rentable Square Feet \| ft²										148,186
Number of buildings \| building										1
Contractual purchase price										$ 100,000,000
21022 & 21034 Figueroa Street
Real Estate [Line Items]
Date of Acquisition										Sep. 07, 2022
Rentable Square Feet \| ft²										51,185
Number of buildings \| building										1
Contractual purchase price										$ 24,200,000
13301 Main Street
Real Estate [Line Items]
Date of Acquisition										Sep. 14, 2022
Rentable Square Feet \| ft²										106,969
Number of buildings \| building										1
Contractual purchase price										$ 51,150,000
20851 Currier Road
Real Estate [Line Items]
Date of Acquisition										Oct. 05, 2022
Rentable Square Feet \| ft²										59,412
Number of buildings \| building										1
Contractual purchase price										$ 21,800,000
3131 Harcourt Street & 18031 Susana Road
Real Estate [Line Items]
Date of Acquisition										Nov. 15, 2022
Rentable Square Feet \| ft²										73,000
Number of buildings \| building										2
Contractual purchase price										$ 27,500,000
14400 Figueroa Street
Real Estate [Line Items]
Date of Acquisition										Nov. 22, 2022
Rentable Square Feet \| ft²										121,062
Number of buildings \| building										4
Contractual purchase price										$ 49,000,000
2130-2140 Del Amo Blvd
Real Estate [Line Items]
Date of Acquisition										Dec. 16, 2022
Rentable Square Feet \| ft²										99,064
Number of buildings \| building										2
Contractual purchase price										$ 41,900,000
19145 Gramercy Place
Real Estate [Line Items]
Date of Acquisition										Dec. 16, 2022
Rentable Square Feet \| ft²										102,143
Number of buildings \| building										1
Contractual purchase price										$ 37,000,000
20455 Reeves Avenue
Real Estate [Line Items]
Date of Acquisition										Dec. 16, 2022
Rentable Square Feet \| ft²										110,075
Number of buildings \| building										1
Contractual purchase price										$ 48,950,000
14874 Jurupa Avenue
Real Estate [Line Items]
Date of Acquisition										Dec. 16, 2022
Rentable Square Feet \| ft²										158,119
Number of buildings \| building										1
Contractual purchase price										$ 59,250,000
10660 Mulberry Avenue
Real Estate [Line Items]
Date of Acquisition										Dec. 16, 2022
Rentable Square Feet \| ft²										49,530
Number of buildings \| building										1
Contractual purchase price										$ 10,950,000
755 Trademark Circle
Real Estate [Line Items]
Date of Acquisition										Dec. 23, 2022
Rentable Square Feet \| ft²										34,427
Number of buildings \| building										1
Contractual purchase price										$ 10,500,000
4500 Azusa Canyon Road
Real Estate [Line Items]
Date of Acquisition										Dec. 29, 2022
Rentable Square Feet \| ft²										77,266
Number of buildings \| building										1
Contractual purchase price										$ 40,000,000
7817 Haskell Avenue
Real Estate [Line Items]
Date of Acquisition										Dec. 29, 2022
Rentable Square Feet \| ft²										7,327
Number of buildings \| building										1
Contractual purchase price										$ 11,050,000
Secured Debt \| 7817 Woodley Avenue
Real Estate [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium						$ 3,200,000
Secured Debt \| 21515 Western Avenue
Real Estate [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium			$ 13,200,000
Noncontrolling Interests
Real Estate [Line Items]
Issuance of OP Units										56,167,000		$ 179,262,000
Noncontrolling Interests \| Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Issuance of OP Units								$ 67,500,000
Noncontrolling Interests \| Operating Partnership
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares								1,406,170
Noncontrolling Interests \| Operating Partnership \| 14200-14220 Arminta Street
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares	954,000
Issuance of OP Units	$ 56,200,000
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Real Estate [Line Items]
Long-term Debt, Gross										$ 14,965,000	$ 15,320,000
Series 2 CPOP Units
Real Estate [Line Items]
Dividend Rate										3.00%	4.00%	4.00%
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares								906,374
Dividend Rate								4.00%
Series 3 CPOP Units
Real Estate [Line Items]
Dividend Rate										3.00%
Series 3 CPOP Units \| Long Beach Business Park
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares		164,998
Dividend Rate		3.00%

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) loan
Assets:
Land	$ 1,698,173	$ 1,514,933
Buildings and improvements	687,358	359,970
Tenant improvements	9,987	37,173
Acquired lease intangible assets	82,539	71,919
Right-of-use assets - ground lease	4,787	0
Other acquired assets	558	519
Total assets acquired	2,483,402	1,984,514
Liabilities:
Acquired lease intangible liabilities	54,085	76,992
Notes payable	0	16,512
Deferred rent liability	4,339	1,554
Lease liability - ground lease	4,787	0
Other assumed liabilities	15,652	26,975
Total liabilities assumed	78,863	122,033
Net assets acquired	$ 2,404,539	$ 1,862,481
Below Market Lease, Weighted Average Useful Life	8 years 10 months 24 days	7 years 6 months
Number of mortgage loans assumed \| loan		2
In-place Lease Intangibles
Liabilities:
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 63,700	$ 67,800
Amortization period of acquired intangible assets	5 years 9 months 18 days	7 years 2 months 12 days
Above-market tenant leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 5,900	$ 4,100
Amortization period of acquired intangible assets	6 years 10 months 24 days	9 years
Below-market leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 13,000
Amortization period of acquired intangible assets	78 years 10 months 24 days

Investments in Real Estate - Summary of the Properties Sold (Detail) $ in Thousands			12 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 09, 2020 USD ($)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($) ft²
Property Dispositions [Line Items]
Rentable Square Feet \| ft²			5,940,775	5,650,673
Gains (Losses) on Sales of Investment Real Estate			$ 8,486	$ 33,929	$ 13,617
Gain on sale recognized due to lease relcassification		$ 3,800	$ 0	$ 0	$ 3,822
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Dispositions [Line Items]
Rentable Square Feet \| ft²				220,684	256,726
Contract sales price				$ 59,256	$ 47,354
Gains (Losses) on Sales of Investment Real Estate				$ 33,929	$ 13,617
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 28159 Avenue Stanford
Property Dispositions [Line Items]
Date of Disposition			Jan. 13, 2022
Rentable Square Feet \| ft²			79,247
Contract sales price			$ 16,500
Gains (Losses) on Sales of Investment Real Estate			$ 8,486
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 14723-14825.25 Oxnard Street
Property Dispositions [Line Items]
Date of Disposition				Feb. 12, 2021
Rentable Square Feet \| ft²				77,790
Contract sales price				$ 19,250
Gains (Losses) on Sales of Investment Real Estate				$ 9,906
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6760 Central Avenue, Unit B
Property Dispositions [Line Items]
Date of Disposition				Mar. 15, 2021
Rentable Square Feet \| ft²				9,943
Contract sales price				$ 1,530
Gains (Losses) on Sales of Investment Real Estate				$ 954
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 11529-11547 Tuxford Street
Property Dispositions [Line Items]
Date of Disposition				May 20, 2021
Rentable Square Feet \| ft²				29,730
Contract sales price				$ 8,176
Gains (Losses) on Sales of Investment Real Estate				$ 2,750
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 5803 Newton Drive
Property Dispositions [Line Items]
Date of Disposition				Sep. 15, 2021
Rentable Square Feet \| ft²				71,602
Contract sales price				$ 18,600
Gains (Losses) on Sales of Investment Real Estate				$ 13,702
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard
Property Dispositions [Line Items]
Date of Disposition				Nov. 01, 2021
Rentable Square Feet \| ft²				31,619
Contract sales price				$ 11,700
Gains (Losses) on Sales of Investment Real Estate				$ 6,617
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 3927 Oceanic Drive
Property Dispositions [Line Items]
Date of Disposition					Aug. 13, 2020
Rentable Square Feet \| ft²					54,740
Contract sales price					$ 10,300
Gains (Losses) on Sales of Investment Real Estate					$ 2,926
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 121 West 33rd Street
Property Dispositions [Line Items]
Date of Disposition					Sep. 18, 2020
Rentable Square Feet \| ft²					76,745
Contract sales price					$ 13,500
Gains (Losses) on Sales of Investment Real Estate					$ 7,575
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2700-2722 South Fairview Street
Property Dispositions [Line Items]
Date of Disposition					Sep. 30, 2020
Rentable Square Feet \| ft²					116,575
Contract sales price					$ 20,400
Gains (Losses) on Sales of Investment Real Estate	$ 3,300				$ 3,268
Sales Of Investment Real Estate, Transaction Costs	$ (600)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6750 Central Avenue
Property Dispositions [Line Items]
Date of Disposition					Dec. 31, 2020
Rentable Square Feet \| ft²					8,666
Contract sales price					$ 1,300
Gains (Losses) on Sales of Investment Real Estate					$ 758
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Property Dispositions, Excluding Personal Property
Property Dispositions [Line Items]
Rentable Square Feet \| ft²					256,726
Contract sales price					$ 45,500
Gains (Losses) on Sales of Investment Real Estate					$ 14,527
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1055 Sandhill Avenue Personal Property
Property Dispositions [Line Items]
Rentable Square Feet \| ft²					0
Contract sales price					$ 1,854
Gains (Losses) on Sales of Investment Real Estate					(910)
Purchase price					$ 2,800

Investments in Real Estate - Real Estate Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 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	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 169,986	$ 132,158
Acquired lease intangible liabilities, net	(147,384)	(127,017)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	315,842	256,902
Accumulated amortization	(172,883)	(135,415)
Total	142,959	121,487
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	26,851	21,065
Accumulated amortization	(12,671)	(10,394)
Total	14,180	10,671
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	12,977	0
Accumulated amortization	(130)	0
Total	12,847	0
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(220,646)	(174,686)
Accumulated accretion	73,262	47,669
Acquired lease intangible liabilities, net	$ (147,384)	$ (127,017)

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (31,209)	$ (15,443)	$ (10,533)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	42,202	30,136	22,903
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(31,339)	(15,443)	(10,533)
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 130	$ 0	$ 0

Acquired Lease Intangibles - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 169,986	$ 132,158
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
2023	38,044
2024	25,988
2025	19,430
2026	15,041
2027	10,629
Thereafter	33,827
Total	142,959
Net Above/(Below) Market Operating Leases
Acquired Finite Lived Intangible Assets [Line Items]
2023	27,386
2024	21,398
2025	15,519
2026	12,568
2027	8,104
Thereafter	48,229
Total	133,204
Below Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
2023	164
2024	164
2025	164
2026	164
2027	164
Thereafter	12,027
Total	$ 12,847	$ 0

Notes Payable - Summary of Notes Payable (Detail)			1 Months Ended	12 Months Ended
Notes Payable - Summary of Notes Payable (Detail)	Jul. 19, 2022 USD ($)	Feb. 13, 2020 extension	Oct. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) property Extension extension	Oct. 27, 2022 USD ($)	May 26, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 11, 2021 USD ($)	Aug. 09, 2021 USD ($)	Aug. 04, 2021 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 1,950,515,000			$ 1,413,121,000
Unsecured Debt				1,825,000,000			1,275,000,000
Secured Debt				125,515,000			138,121,000
Less: unamortized discount and debt issuance costs				(14,134,000)			(13,556,000)
Notes payable				$ 1,936,381,000			1,399,565,000
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| Extension				2
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 0			0
Maturity date				May 26, 2026
$225 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross								$ 225,000,000	$ 225,000,000
$150 Million term loan facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 0			150,000,000
Maturity date				May 22, 2025
$150 Million term loan facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount						$ 150,000,000
Long-term Debt, Gross						$ 150,000,000
Senior Notes Due 2031
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 400,000,000
Fixed interest rate										2.15%
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 0	$ 60,000,000		58,108,000
Maturity date				Aug. 01, 2023
Number Of Properties Securing Loan \| property				6
Write off of Deferred Debt Issuance Cost			$ 38,000
$300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 300,000,000
Long-term Debt, Gross				$ 300,000,000			0
Maturity date				May 26, 2027
Effective Interest Rate				3.717%
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Extension period				1 year
$60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 60,000,000	$ 60,000,000		0
Maturity date				Oct. 27, 2024
Number Of Properties Securing Loan \| property				6
Number of extensions \| extension				3
$60 Million Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				0.25%
LIBOR \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.725%
Fixed interest rate				5.125%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Fixed interest rate				3.717%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.25%
Fixed interest rate				5.708%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Senior Notes \| $100 Million Notes
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 100,000,000			100,000,000
Fixed interest rate				4.29%
Maturity date				Aug. 06, 2025
Senior Notes \| $125 Million Notes
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 125,000,000			125,000,000
Fixed interest rate				3.93%
Maturity date				Jul. 13, 2027
Senior Notes \| Series 2019A Guaranteed Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 25,000,000			25,000,000
Fixed interest rate				3.88%
Maturity date				Jul. 16, 2029
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 400,000,000			400,000,000
Fixed interest rate				2.125%
Maturity date				Dec. 01, 2030
Senior Notes \| Senior Notes Due 2031
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 400,000,000			400,000,000
Fixed interest rate				2.15%
Maturity date				Sep. 01, 2031
Senior Notes \| Series 2019B Guaranteed Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 75,000,000			75,000,000
Fixed interest rate				4.03%
Maturity date				Jul. 16, 2034
Fixed Rate Debt \| 2601-2641 Manhattan Beach Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 3,832,000			3,951,000
Fixed interest rate				4.08%
Maturity date				Apr. 05, 2023
Debt Instrument, Periodic Payment				$ 23,138
Fixed Rate Debt \| 960-970 Knox Street
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 2,307,000			2,399,000
Fixed interest rate				5.00%
Maturity date				Nov. 01, 2023
Debt Instrument, Periodic Payment				$ 17,538
Fixed Rate Debt \| 7612-7642 Woodwind Drive
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 3,712,000			3,806,000
Fixed interest rate				5.24%
Maturity date				Jan. 05, 2024
Debt Instrument, Periodic Payment				$ 24,270
Fixed Rate Debt \| 11600 Los Nietos Road
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 2,462,000			2,626,000
Fixed interest rate				4.19%
Maturity date				May 01, 2024
Debt Instrument, Periodic Payment				$ 22,637
Fixed Rate Debt \| 5160 Richton Street
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 4,153,000			4,272,000
Fixed interest rate				3.79%
Maturity date				Nov. 15, 2024
Debt Instrument, Periodic Payment				$ 23,270
Fixed Rate Debt \| 22895 Eastpark Drive
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 2,612,000			2,682,000
Fixed interest rate				4.33%
Maturity date				Nov. 15, 2024
Debt Instrument, Periodic Payment				$ 15,396
Fixed Rate Debt \| 701-751 Kingshill Place
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 7,100,000			7,100,000
Fixed interest rate				3.90%
Maturity date				Jan. 05, 2026
Debt Instrument, Periodic Payment				$ 33,488
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 14,965,000			15,320,000
Fixed interest rate				3.93%
Maturity date				Jul. 01, 2027
Debt Instrument, Periodic Payment				$ 79,198
Fixed Rate Debt \| 2205 126th Street
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 5,200,000			5,200,000
Fixed interest rate				3.91%
Maturity date				Dec. 01, 2027
Fixed Rate Debt \| 2410-2420 Santa Fe Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 10,300,000			10,300,000
Fixed interest rate				3.70%
Maturity date				Jan. 01, 2028
Fixed Rate Debt \| 11832-11954 La Cienega Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 3,928,000			4,002,000
Fixed interest rate				4.26%
Maturity date				Jul. 01, 2028
Debt Instrument, Periodic Payment				$ 20,194
Fixed Rate Debt \| Gilbert La Palma
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 1,935,000			2,119,000
Fixed interest rate				5.125%
Maturity date				Mar. 01, 2031
Debt Instrument, Periodic Payment				$ 24,008
Fixed Rate Debt \| 7817 Woodley Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 3,009,000			3,132,000
Fixed interest rate				4.14%
Maturity date				Aug. 01, 2039
Debt Instrument, Periodic Payment				$ 20,855
Fixed Rate Debt \| 21515 Western Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 0			13,104,000
Fixed interest rate				4.50%
Maturity date				Sep. 01, 2042
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 400,000,000
Long-term Debt, Gross	$ 400,000,000						$ 0
Maturity date				Jul. 19, 2024
Number of extensions \| Extension				2
Extension period	1 year			1 year
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Fixed interest rate				5.258%
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension		6
Line of Credit \| Senior Unsecured Revolving Credit Facility, $1 Billion \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension				2
Extension period				6 months
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)				0.10%
Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Debt Instrument, Interest Rate, Increase (Decrease)				0.10%
Minimum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure		0.125%
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.725%
Minimum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				0.80%
Minimum \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.00%
Minimum \| Line of Credit \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Senior Unsecured Revolving Credit Facility, $1 Billion \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.775%
Maximum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure		0.30%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.40%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $400 Million Unsecured Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				0.85%
Maximum \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.60%

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 7,490
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	916,984
Total	$ 1,950,515	$ 1,413,121

Notes Payable - Additional Information (Detail)								1 Months Ended	3 Months Ended	12 Months Ended
Notes Payable - Additional Information (Detail)	Oct. 27, 2022 USD ($)	Jul. 19, 2022 USD ($)	Oct. 12, 2021 USD ($)	Aug. 09, 2021 USD ($)	Aug. 04, 2021 USD ($)	Jan. 27, 2021 USD ($)	Feb. 13, 2020 extension	Oct. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) Extension extension	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	May 26, 2022 USD ($)	Aug. 11, 2021 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross										$ 1,950,515,000	$ 1,413,121,000
Loss on extinguishment of debt										915,000	505,000	$ 104,000
Assumption of debt in connection with acquisition of real estate including loan premium										0	16,512,000	65,264,000
Total Fair Value										0	$ 16,512,000
Number of mortgage loans assumed \| loan											2
Repayments of Long-term Debt										$ 2,176,606,000	$ 1,095,280,000	$ 175,671,000
Series A Preferred Stock
Debt Instrument [Line Items]
Dividend Rate					5.875%
Debt Instrument, Redemption Price, Percentage											5.875%
Secured Debt \| 7817 Woodley Avenue
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium						$ 3,200,000
Total Fair Value						3,300,000
Unamortized premium						$ 100,000
Secured Debt \| 21515 Western Avenue
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium			$ 13,200,000
Senior Notes Due 2031
Debt Instrument [Line Items]
Debt Instrument, Face Amount					$ 400,000,000
Fixed interest rate					2.15%
Debt Instrument, Discount, Percentage Of Principal Amount					99.014%
Debt Instrument, Redemption Price, Percentage										100.00%
Senior Notes Due 2030 And 2031
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value										60.00%
Maximum ratio of secured debt to total asset value										40.00%
Debt service coverage ratio										150.00%
Unencumbered assets to unsecured debt ratio										150.00%
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Extension period										1 year
Minimum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure							0.125%
Maximum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure							0.30%
Senior Notes \| Senior Notes Due 2031
Debt Instrument [Line Items]
Fixed interest rate										2.15%
Maturity date										Sep. 01, 2031
Long-term Debt, Gross										$ 400,000,000	$ 400,000,000
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Fixed interest rate										2.125%
Maturity date										Dec. 01, 2030
Long-term Debt, Gross										$ 400,000,000	400,000,000
Fixed Rate Debt \| 7817 Woodley Avenue
Debt Instrument [Line Items]
Fixed interest rate										4.14%
Maturity date										Aug. 01, 2039
Long-term Debt, Gross										$ 3,009,000	3,132,000
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Debt Instrument [Line Items]
Fixed interest rate										3.93%
Maturity date										Jul. 01, 2027
Long-term Debt, Gross										$ 14,965,000	15,320,000
Amended Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value										60.00%
Minimum ratio of EBITDA to fixed charges										1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool										60.00%
Minimum ratio of NOI unsecured interest expense										1.75
Distribution Maximum Funds From Operations Percentage										95.00%
$225 and $150 Million Term Loan Facilities
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value										45.00%
Senior Notes, 100 and 125 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value										40.00%
Maximum ratio of recourse debt to total asset										15.00%
Minimum tangible net worth required										$ 760,740,750
Maximum debt to tangible net worth ratio required for equity proceeds										75.00%
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 400,000,000
Maturity date										Jul. 19, 2024
Long-term Debt, Gross		$ 400,000,000									0
Number of extensions \| Extension										2
Extension period		1 year								1 year
Base Rate \| Minimum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure										0.00%
Base Rate \| Maximum \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure										0.40%
Federal Funds Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.50%
Federal Funds Rate \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										1.25%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Line of Credit \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)										0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate										1.00%
Debt Instrument, Interest Rate, Increase (Decrease)										0.10%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Line of Credit \| Minimum \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.00%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Fixed interest rate										5.258%
Basis spread on variable rate										0.80%
Applicable Margin \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate										1.00%
Term Loan \| $225 Million Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross				$ 225,000,000										$ 225,000,000
Loss on extinguishment of debt				$ (500,000)
Term Loan \| $150 Million term loan facility
Debt Instrument [Line Items]
Maturity date										May 22, 2025
Long-term Debt, Gross										$ 0	150,000,000
Term Loan \| $60 Million Term Loan
Debt Instrument [Line Items]
Maturity date										Aug. 01, 2023
Long-term Debt, Gross	$ 60,000,000									$ 0	58,108,000
Write off of Deferred Debt Issuance Cost								$ 38,000
Repayments of Long-term Debt	57,500,000
Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Maturity date										Oct. 27, 2024
Long-term Debt, Gross	$ 60,000,000									$ 60,000,000	0
Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Fixed interest rate										5.708%
Basis spread on variable rate										1.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| Extension										2
Revolving Credit Facility \| $700 million, Amended Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity													$ 700,000,000
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Maturity date										May 26, 2026
Long-term Debt, Gross										$ 0	0
Revolving Credit Facility \| Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Number of extensions \| extension							6
Revolving Credit Facility \| Line of Credit \| Senior Unsecured Revolving Credit Facility, $1 Billion
Debt Instrument [Line Items]
Maximum borrowing capacity										1,000,000,000
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability										$ 1,000,000,000
Revolving Credit Facility \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Fixed interest rate										5.125%
Basis spread on variable rate										0.725%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate										0.725%
Revolving Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate										1.40%
Unsecured Credit Facility \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Contingent additional borrowings										$ 800,000,000
Senior Unsecured Term Loan \| $150 Million term loan facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount													150,000,000
Long-term Debt, Gross													$ 150,000,000
Loss on extinguishment of debt									$ 700,000
Senior Unsecured Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.25%
Senior Unsecured Term Loan \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount										$ 300,000,000
Maturity date										May 26, 2027
Long-term Debt, Gross										$ 300,000,000	$ 0
Senior Unsecured Term Loan \| Base Rate \| Minimum \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.00%
Senior Unsecured Term Loan \| Base Rate \| Maximum \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.60%
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										1.00%
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Fixed interest rate										3.717%
Basis spread on variable rate										0.80%
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										0.80%
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| $300 Million Unsecured Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate										1.60%
Senior Unsecured Term Loan \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate										0.85%
Senior Unsecured Credit Facility \| Line of Credit \| Senior Unsecured Revolving Credit Facility, $1 Billion
Debt Instrument [Line Items]
Loss on extinguishment of debt										$ 200,000
Number of extensions \| extension										2
Extension period										6 months
Senior Unsecured Credit Facility \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value										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%)
Senior Unsecured Credit Facility \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Line of Credit \| Minimum \| Senior Unsecured Revolving Credit Facility, $1 Billion
Debt Instrument [Line Items]
Basis spread on variable rate										0.775%

Leases - Additional Information (Detail) $ in Thousands				1 Months Ended	12 Months Ended
Leases - Additional Information (Detail) $ in Thousands	Nov. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 09, 2020 USD ($)	Jun. 30, 2020 ft²	Dec. 31, 2022 USD ($) ft² lease renewal_option	Dec. 31, 2021 USD ($) ft²	Dec. 31, 2020 USD ($) ft²
Lessee, Lease, Description [Line Items]
Operating lease, fixed and variable lease payments					$ 599,200	$ 436,300	$ 318,800
Lease income, lease payments					491,100	360,200	266,100
Variable lease payments					$ 108,100	$ 76,100	52,700
Lessor, Operating Lease, Term of Contract				5 years
Rentable Square Feet \| ft²					5,940,775	5,650,673
Lessor, Operating Lease, Lessee Option To Purchase Underlying Asset, Purchase Price							20,400
Sales-type Lease, Lease Receivable			$ 20,300
Gain on sale recognized due to lease relcassification			$ 3,800		$ 0	$ 0	3,822
Gains on sale of real estate					8,486	33,929	13,617
Lessee, Operating Lease, Sublease, Term Of Contract	3 years 9 months
Lessee, Operating Lease, Sublease, Annual Lease Payment	$ 300
Impairment of right-of-use asset					$ 0	$ 992	$ 0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]					Other assets	Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible List]					Accounts payable, accrued expenses and other liabilities	Accounts payable, accrued expenses and other liabilities
Right-of-use assets					$ 8,500	$ 3,500
Lease liabilities					$ 10,889	$ 5,000
Fairview Street, 2722
Lessee, Lease, Description [Line Items]
Lessor, Operating Lease, Rentable Square Feet \| ft²				58,802
Rentable Square Feet \| ft²				116,757
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Rentable Square Feet \| ft²						220,684	256,726
Gains on sale of real estate						$ 33,929	$ 13,617
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2700-2722 South Fairview Street
Lessee, Lease, Description [Line Items]
Rentable Square Feet \| ft²							116,575
Sales Of Investment Real Estate, Transaction Costs		$ 600
Gains on sale of real estate		$ 3,300					$ 3,268
Land
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Number Of Renewal Options \| renewal_option					2
Lessee, Operating Lease, Number Of Leases \| lease					2
Land \| 2970 East 50th Street
Lessee, Lease, Description [Line Items]
Remaining lease term					38 years
Renewal term					10 years
Lessee, Operating Lease, Number Of Renewal Options \| renewal_option					4
Land \| Ground Lease Two
Lessee, Lease, Description [Line Items]
Remaining lease term					1 year
Renewal term					10 years
Minimum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term					2 years
Maximum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term					5 years
Renewal term					5 years

Leases - Future Minimum Base Rents Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 513,582
2024	447,083
2025	381,133
2026	305,315
2027	223,512
Thereafter	817,465
Total	$ 2,688,090

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease cost	$ 1,845	$ 1,598	$ 1,354
Variable lease cost	113	63	39
Sublease Income	(268)	0	0
Total lease cost	$ 1,690	$ 1,661	$ 1,393

Leases - Other Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 2,016	$ 1,471	$ 1,127
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 6,363	$ 0	$ 3,204

Leases - Lease Term and Discount Rate (Detail)	12 Months Ended
Leases - Lease Term and Discount Rate (Detail)	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term(1)	36 years 6 months	3 years 3 months 18 days
Weighted-average discount rate	3.77%	2.95%
Operating Lease, Weighted Average Remaining Lease Term, Excluding Ground Lease	3 years 3 months 18 days
2970 East 50th Street \| Land
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Term Of Contract Including Renewal Options	78 years

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 2,308
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	27,155
Less imputed interest	(16,266)
Total lease liabilities	$ 10,889	$ 5,000

Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jul. 21, 2022	Dec. 31, 2021
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
Interest Strike Rate(1)	2.817%
Current Notional Amount	$ 150,000		$ 0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 5,720		0
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
Interest Strike Rate(1)	2.8175%
Current Notional Amount	$ 150,000		0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 5,702		0
Interest Rate Swap $150M Notional Effective July 22, 2019
Derivative [Line Items]
Effective Date	Jul. 22, 2019
Maturity Date	Nov. 22, 2024
Interest Strike Rate(1)	2.7625%
Current Notional Amount	$ 0		150,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 0		$ (7,482)
Interest Rate Swap
Derivative [Line Items]
Current Notional Amount		$ 300,000

Interest Rate Derivatives - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain (loss) recognized in AOCI on derivatives	$ 17,227	$ 263	$ (17,212)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	$ (1,619)	$ (8,070)	$ (6,332)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 48,496	$ 40,139	$ 30,849

Interest Rate Derivatives - Additional Information (Detail)				12 Months Ended
	May 26, 2022 USD ($)	Aug. 11, 2021 USD ($) derivative_instrument	Aug. 09, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jul. 21, 2022 USD ($) derivative_instrument	Jul. 13, 2021 USD ($) derivative_instrument
Derivative [Line Items]
Payments For Termination Of Cash Flow Swap, Operating				$ 589,000	$ 4,045,000	$ 1,239,000
Long-term Debt, Gross				1,950,515,000	1,413,121,000
Accumulated other comprehensive income (loss)				8,247,000	(9,874,000)
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net				(5,300,000)
Term Loan \| $225 Million Term Loan Facility
Derivative [Line Items]
Long-term Debt, Gross		$ 225,000,000	$ 225,000,000
Treasury Lock
Derivative [Line Items]
Number of derivative instruments \| derivative_instrument								3
Derivative, Notional Amount								$ 150,000,000
Derivative, Average Fixed Interest Rate								1.38179%
Payments For Termination Of Cash Flow Swap, Operating			$ 2,800,000
Interest Rate Swaps $225 Notional
Derivative [Line Items]
Derivative, Notional Amount		225,000,000
Payments For Termination Of Cash Flow Swap, Operating		1,300,000
Accumulated other comprehensive income (loss)		$ 1,300,000
Interest Rate Swap
Derivative [Line Items]
Number of derivative instruments \| derivative_instrument							5
Derivative, Notional Amount							$ 300,000,000
Derivative, Average Fixed Interest Rate							2.81725%
Payments For Termination Of Cash Flow Swap, Operating	$ 600,000
Derivative, Number Of Instruments Terminated \| derivative_instrument		2
Accumulated other comprehensive income (loss)	$ (600,000)
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Derivative, Notional Amount				$ 150,000,000	$ 0

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 11,422	$ 0
Interest Rate Swap Liability	0	(7,482)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	11,422
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 And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0
Interest Rate Swap Liability		0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	11,422
Interest Rate Swap Liability		(7,482)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 0
Interest Rate Swap Liability		$ 0

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	$ 0	$ 16,512
Notes payable	1,936,381	1,399,565
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	1,740,745	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]
Total Fair Value	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	1,740,745	1,404,680
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 1,936,381	$ 1,399,565

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.6	$ 0.5	$ 0.4

- 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 https://asc.fasb.org/extlink&oid=126975872&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 https://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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126975872&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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

+ Details

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvement and construction work	$ 114,200,000
Cash, FDIC insured amount	$ 250,000
Total Rental Revenues \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration Risk, Number of Major Customers \| tenant	0
Concentration Risk, Threshold Percentage	5.00%

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

Stockholder's Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands									1 Months Ended						3 Months Ended		4 Months Ended	12 Months Ended			14 Months Ended	17 Months Ended
	May 27, 2022	Jan. 13, 2022	Sep. 27, 2021	Aug. 16, 2021	Aug. 04, 2021	May 24, 2021	Nov. 09, 2020	Jun. 13, 2019	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2022	Jun. 30, 2020	May 27, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 12, 2022	Nov. 08, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred Stock Redemption Premium																		$ 0	$ 3,349	$ 0
Sale Of Stock, Forward Sale Agreement, Net Proceeds Remaining For Settlement										$ 35,000					$ 35,000			$ 35,000
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement										636,884					636,884			636,884
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement, Net Forward Sales price										$ 55.00					$ 55.00			$ 55.00
September 2021 Equity Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement												9,600,000
Issuance of stock (shares)			3,100,000
Sale Of Stock, Forward Sale Agreement, Gross Offering Value												$ 181,800
Common stock share price (in dollars per share)												$ 58.65
September 2021 Equity Offering, Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement												6,500,000
Issuance of stock (shares)											6,500,000
Sale Of Stock, Forward Sale Agreement, Initial Forward Price											$ 58.32	$ 58.65
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement											$ 379,100
May 2021 Equity Offering Forward Sale Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)												7,190,474	1,809,526
Sale Of Stock, Forward Sale Agreement, Initial Forward Price						$ 55.29
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers						9,000,000
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement												$ 395,000	$ 100,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share												$ 54.93	$ 55.26
At The Market Equity Offering Program, $750 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement																		23,519,219	8,589,572
At The Market Equity Offering Program, $1 Billion
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount	$ 1,000,000
Common stock, shares available under ATM										$ 165,400					$ 165,400			$ 165,400
At The Market Equity Offering Program 2022, $750 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount		$ 750,000
Proceeds from issuance of common stock																	$ 697,500
At The Market Equity Offering Program 2020, $750 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount							$ 750,000
Proceeds from issuance of common stock																					$ 743,900
At The Market Equity Offering Program 2022, $1Billion and$750 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Forward Sale Agreement, Initial Forward Price																		$ 64.29	$ 62.87
2022 Forward Equity Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)										3,554,704								8,291,721
Sale Of Stock, Forward Sale Agreement, Initial Forward Price																		$ 55.74
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers										11,846,425					11,846,425			11,846,425
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement										$ 198,700								$ 461,400
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share										$ 55.90								$ 55.65
Purchase of Common Stock, Option Exercised by Underwriters, Shares															346,425
2022 Forward Equity Offering \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)									7,617,013
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement									$ 425,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share									$ 55.80
2020 Offerings
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement														6,900,000		7,187,500
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement														$ 325,000		$ 285,000
Sale of Stock, Common Stock Underwriters Price														$ 47.15		$ 39.67
Sale of Stock, Common Units Exchanged for Partnership Interest														6,900,000		7,187,500
Purchase of Common Stock, Option Exercised by Underwriters, Shares														900,000		937,500
At The Market Equity Offering Program 2019, $550 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount								$ 550,000
Proceeds from issuance of common stock																						$ 296,500
ATM Programs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Sale Of Stock, Forward Sale Agreement, Gross Offering Value											$ 167,300			$ 126,500					$ 167,300	$ 126,500
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers											3,201,560			3,165,661					3,201,560	3,165,661
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement																			$ 165,200	$ 124,700
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share																			$ 52.27	$ 39.96
2022 and 2021 Forward Equity Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)																		24,788,691	6,683,216
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement																		$ 1,600,000	$ 405,300
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share																		$ 65.02	$ 60.65
Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share)										$ 25.00					$ 25.00			$ 25.00
Series A Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock redeemed (in shares)				3,600,000
Dividend Rate					5.875%
Preferred stock, redemption price per share (in dollars per share)				$ 25.00
Preferred stock, dividends per share (in dollars per share)				0.183594
Preferred stock, redemption price per share, including dividends (in dollars per sahre)				$ 25.183594
Preferred stock, redemption amount				$ 90,700
Preferred Stock Redemption Premium				$ 3,300

Stockholder's Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 5,067,695	$ 3,530,592	$ 2,622,449
Other comprehensive income before reclassifications	17,227	263
Amounts reclassified from accumulated other comprehensive loss to interest expense	1,619	8,070
Net current period other comprehensive income	18,846	8,333	(10,880)
Less: other comprehensive income attributable to noncontrolling interests	(725)	(498)
Other comprehensive income attributable to common stockholders	18,121	7,835
Ending Balance	6,923,342	5,067,695	3,530,592
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	(1,619)	(8,070)	(6,332)
Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	300	2,200
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(9,874)	(17,709)	(7,542)
Net current period other comprehensive income	18,121	7,835	(10,167)
Ending Balance	$ 8,247	$ (9,874)	$ (17,709)

Stockholder's Equity - Federal Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.203386	$ 1.049243	$ 0.834238
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Common Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.203386	$ 1.049243	$ 0.834238
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0.917970	$ 1.468752
Dividend, federal income tax treatment	0.00%	100.00%	100.00%
Series A Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0.917970	$ 1.468752
Dividend, federal income tax treatment	0.00%	100.00%	100.00%
Series B Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series B Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series C Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 1.406252	$ 1.406252
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series C Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 1.406252	$ 1.406252
Dividend, federal income tax treatment	100.00%	100.00%	100.00%

Noncontrolling Interests (Details)							4 Months Ended	12 Months Ended
Noncontrolling Interests (Details)	Jul. 18, 2022 USD ($) $ / shares shares	Mar. 17, 2022 shares	Dec. 31, 2020 USD ($)	Nov. 17, 2020 USD ($) shares	Mar. 05, 2020 USD ($) building $ / shares shares	Apr. 10, 2019 shares	Jun. 19, 2020 USD ($) building	Dec. 31, 2022 USD ($) property building $ / shares shares	Dec. 31, 2021 USD ($) building shares	Dec. 31, 2020 USD ($) shares
Noncontrolling Interest [Line Items]
Number of buildings \| building								87	80
Contractual purchase price								$ 2,391,927,000	$ 1,887,797,000
Issuance of OP Units								56,167,000		$ 179,262,000
Conversion of OP Units to common stock								0	0	0
Issuance of 4.00% cumulative redeemable convertible preferred units								12,000,000		40,787,000
Liquidation Preference								$ 161,250,000	$ 161,250,000
Convertible Preferred Units, Common Units Issued Upon Conversion \| shares					0.7722
13943-13955 Balboa Blvd
Noncontrolling Interest [Line Items]
Contractual purchase price				$ 45,300,000
Issuance of OP Units				$ 27,800,000
Acquisition,OperatingPartnershipUnitsIssued \| shares				592,186
Properties Acquired on December 31, 2020
Noncontrolling Interest [Line Items]
Number of buildings \| building								4
Contractual purchase price			$ 84,000,000
Acquisition,OperatingPartnershipUnitsIssued \| shares									1,800,000
Properties Acquired on March 5, 2020 and June 19, 2020
Noncontrolling Interest [Line Items]
Number of buildings \| building					10		1
Contractual purchase price							$ 214,200,000
Long Beach Business Park
Noncontrolling Interest [Line Items]
Number of buildings \| property								4
Contractual purchase price								$ 24,000,000
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP Units								56,167,000		179,262,000
Conversion of OP Units to common stock								(6,238,000)	$ (17,466,000)	(7,660,000)
Issuance of 4.00% cumulative redeemable convertible preferred units								$ 12,000,000		$ 40,787,000
Noncontrolling Interests \| Properties Acquired on March 5, 2020 and June 19, 2020
Noncontrolling Interest [Line Items]
Issuance of OP Units					$ 67,500,000
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership								3.80%
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares								5,821,146
Limited Partners' Capital Account, Units Issued \| shares					1,406,170
Noncontrolling Interests \| Operating Partnership \| LTIP Units
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares								763,762
Noncontrolling Interests \| Operating Partnership \| Performance Units
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares								976,352
Common Stock
Noncontrolling Interest [Line Items]
Conversion of units to common stock (shares) \| shares								167,286	521,199	296,313
Conversion of OP Units to common stock								$ 2,000	$ 5,000	$ 3,000
Total Stockholders’ Equity
Noncontrolling Interest [Line Items]
Conversion of OP Units to common stock								$ 6,238,000	$ 17,466,000	$ 7,660,000
Series C Preferred Stock
Noncontrolling Interest [Line Items]
Dividend Rate								5.625%	5.625%
Liquidation Preference								$ 86,250,000	$ 86,250,000
Cumulative Redeemable Non-Voting Preferred Units \| Private REIT Units
Noncontrolling Interest [Line Items]
Dividend Rate	12.00%
Preferred stock, redemption amount	$ 122,000
Preferred Stock, Redemption Premium Per Share \| $ / shares	$ 100
Asset Acquisition, Number Of Units Acquired \| shares	122
Preferred stock, redemption price per share (in dollars per share) \| $ / shares	$ 1,000
Series 2 CPOP Units
Noncontrolling Interest [Line Items]
Dividend Rate								3.00%	4.00%	4.00%
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares					906,374
Dividend Rate					4.00%
Issuance of 4.00% cumulative redeemable convertible preferred units					$ 40,800,000
Liquidation Preference					$ 40,800,000
Liquidation preference (in dollars per share) \| $ / shares					$ 45.00
Series 1 CPOP Units
Noncontrolling Interest [Line Items]
Liquidation Preference								$ 27,000,000
Liquidation preference (in dollars per share) \| $ / shares								$ 45.50952
Series 1 CPOP Units \| 1515 15th Street
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares						593,960
Dividend Rate						4.43937%
Series A Preferred Units
Noncontrolling Interest [Line Items]
Dividend Rate								5.875%
Series 3 CPOP Units
Noncontrolling Interest [Line Items]
Dividend Rate								3.00%
Series 3 CPOP Units \| Properties Acquired on March 17, 2022
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares								164,998
Dividend Rate								3.00%
Issuance of 4.00% cumulative redeemable convertible preferred units								$ 12,000,000
Liquidation Preference								$ 12,000,000
Liquidation preference (in dollars per share) \| $ / shares								$ 72.73
Series 3 CPOP Units \| Long Beach Business Park
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares		164,998
Dividend Rate		3.00%

Incentive Award Plan - Additional Information (Detail)												12 Months Ended
Incentive Award Plan - Additional Information (Detail)	Jan. 17, 2023 shares	Dec. 31, 2022 USD ($) shares	Dec. 15, 2022 shares	Nov. 08, 2022 USD ($) $ / shares shares	Jan. 18, 2022 shares	Dec. 31, 2021	Dec. 23, 2021 USD ($) $ / shares shares	Dec. 14, 2021 shares	Jan. 27, 2021 shares	Dec. 22, 2020 USD ($) $ / shares shares	Dec. 14, 2020 shares	Dec. 31, 2022 USD ($) installment $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost for all equity-based compensation arrangements \| $		$ 54,400,000										$ 54,400,000
Weighted average remaining vesting period												27 months
Second Amended and Restated 2013 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		1,661,609										1,661,609
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage												10.00%
Performance period												3 years
Distributions accruing during performance period												90.00%
Grant date fair value \| $				$ 11,869,000			$ 8,962,000			$ 6,928,000
Units vested in period (shares)			231,453					170,413			184,502
Performance Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				673,188			366,004			476,915		673,188	366,004	476,915
Performance period												3 years	3 years	3 years
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												215,058	148,533	157,404
Closing share price of common stock (in dollars per share) \| $ / shares												$ 54.04	$ 40.65	$ 34.31
Units vested in period (shares)												141,716	145,470	196,375
Number of units canceled (shares)														22,795
LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												167,221	93,030	121,112
Grant date fair value \| $				$ 8,353,000			$ 6,648,000			$ 5,437,000
Compensation expense \| $												$ 2,300,000	$ 1,900,000	$ 1,500,000
LTIP Units \| Howard Schwimmer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)					12,824				15,288
LTIP Units \| Howard Schwimmer \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	19,367
LTIP Units \| Michael S. Frankel
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)					12,824				15,288
LTIP Units \| Michael S. Frankel \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	19,367
Absolute TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				204,394			113,871			148,030
Performance period												3 years
Relative TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				204,394			113,871			148,030
Performance period												3 years
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value \| $				$ 3,700,000			$ 2,900,000			$ 2,400,000
Closing share price of common stock (in dollars per share) \| $ / shares				$ 53.94			$ 77.50			$ 48.58
FFO Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				204,394			113,871			148,027
Performance period												3 years
Distribution Equivalents \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				60,006			24,391			32,828
Performance period												3 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												134,984	132,537	126,865
Closing share price of common stock (in dollars per share) \| $ / shares												$ 43.55	$ 35.45	$ 28.50
Units vested in period (shares)												98,305	92,494	90,383
Number of vesting installment period \| installment												4
Number of units canceled (shares)												11,442	23,763	16,128
Restricted stock \| Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												120,662	120,734	107,648
Grant date fair value \| $												$ 8,300,000	$ 5,600,000	$ 5,000,000
Restricted stock \| Other Employees \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares												$ 52.97	$ 48.14	$ 39.71
Restricted stock \| Other Employees \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares												$ 76.55	$ 62.19	$ 50.18
Restricted stock \| Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												2,387	1,873	2,507
Grant date fair value \| $												$ 139,998	$ 109,964	$ 100,000
Closing share price of common stock (in dollars per share) \| $ / shares												$ 58.65	$ 58.71	$ 39.88
2013 Incentive Award Plan \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage												10.00%
2013 Incentive Award Plan \| Performance Award, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		3 years
2013 Incentive Award Plan \| Performance Award, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period						3 years
2013 Incentive Award Plan \| Performance Award, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period											3 years
First anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%
Second anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%
Third anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%

Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Nov. 08, 2022	Dec. 23, 2021	Dec. 22, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)				$ 54.14	$ 62.45	$ 45.86
Equity instruments other than options granted in period (shares)				215,058	148,533	157,404
Number of units canceled (shares)						22,795
Fair Value Assumptions and Methodology [Abstract]
Forfeited (in dollars per share)						$ 38.89
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 11,869	$ 8,962	$ 6,928
Fair Value Assumptions and Methodology [Abstract]
Expected price volatility	34.00%	31.00%	31.00%
Expected price volatility, minimum	18.00%	17.00%	17.00%
Expected price volatility, maximum	100.00%	100.00%	100.00%
Expected dividend yield	1.90%	1.70%	1.90%
Risk free interest rate	4.57%	0.98%	0.19%
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 3,700	$ 2,900	$ 2,400
Market Performance Award 2021
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies	47.00%
Expected volatility rate, average for peer group companies	50.60%
2020 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies		45.00%
Expected volatility rate, average for peer group companies		47.90%
2019 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies			45.00%
Expected volatility rate, average for peer group companies			47.40%
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)				$ 67.98	$ 50.62	$ 45.94
Equity instruments other than options granted in period (shares)				134,984	132,537	126,865
Number of units canceled (shares)				11,442	23,763	16,128
Fair Value Assumptions and Methodology [Abstract]
Forfeited (in dollars per share)				$ 56.24	$ 42.69	$ 37.25
Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount for post-vesting restrictions and book-up events	7.40%	7.80%	7.60%
Grant date fair value	$ 8,353	$ 6,648	$ 5,437
Equity instruments other than options granted in period (shares)				167,221	93,030	121,112
Executive Officers \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	673,188	366,004	476,915	673,188	366,004	476,915
Executive Officers \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	204,394	113,871	148,030
Executive Officers \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	204,394	113,871	148,030
Executive Officers \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	204,394	113,871	148,027
Executive Officers \| Distribution Equivalents
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	60,006	24,391	32,828
Absolute TSR Vesting Percentage Range One \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	0.00%	0.00%	0.00%
Absolute TSR Vesting Percentage Range Two \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	16.70%	16.70%	16.70%
Absolute TSR Vesting Percentage Range Three \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	24.00%	24.00%	24.00%
Absolute TSR Vesting Percentage	33.40%	33.40%	33.40%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	30.00%	30.00%	30.00%
Absolute TSR Vesting Percentage	66.70%	66.70%	66.70%
Absolute TSR Vesting Percentage Range Five \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	40.00%	40.00%	40.00%
Absolute TSR Vesting Percentage	100.00%	100.00%	100.00%
Relative TSR Vesting Percentage Range One \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	0.00%	0.00%	0.00%
Relative TSR Vesting Percentage Range Two \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	16.70%	16.70%	16.70%
Relative TSR Vesting Percentage Range Three \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.55%	0.55%	0.55%
Relative TSR Vesting Percentage	33.40%	33.40%	33.40%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.75%	0.75%	0.75%
Relative TSR Vesting Percentage	66.70%	66.70%	66.70%
Relative TSR Vesting Percentage Range Five \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.90%	0.90%	0.90%
Relative TSR Vesting Percentage	100.00%	100.00%	100.00%
FFO Per Share Growth Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	10.00%	10.00%	12.00%
FFO Per Share Growth Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	10.00%	10.00%	12.00%
FFO Per Share Growth Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	14.00%	14.00%	16.50%
FFO Per Share Growth Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	18.00%	18.00%	21.00%
FFO Per Share Growth Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	24.00%	24.00%	26.00%
FFO Growth Per Share Vesting Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	0.00%	0.00%	0.00%
FFO Growth Per Share Vesting Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	16.70%	16.70%	16.70%
FFO Growth Per Share Vesting Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	33.40%	33.40%	33.40%
FFO Growth Per Share Vesting Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	66.70%	66.70%	66.70%
FFO Growth Per Share Vesting Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	100.00%	100.00%	100.00%
Common Stock \| Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)	$ 53.94	$ 77.50	$ 48.58

Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LTIP Units
Number of Unvested Shares of Non-Options
Beginning balance (shares)	239,709	236,646	298,412
Granted (shares)	215,058	148,533	157,404
Forfeited (shares)			(22,795)
Vested (shares)	(141,716)	(145,470)	(196,375)
Ending balance (shares)	313,051	239,709	236,646
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 54.99	$ 41.49	$ 34.26
Granted (in dollars per share)	54.14	62.45	45.86
Forfeited (in dollars per share)			38.89
Vested (in dollars per share)	54.04	40.65	34.31
Ending balance (in dollars per share)	$ 54.84	$ 54.99	$ 41.49
Restricted stock
Number of Unvested Shares of Non-Options
Beginning balance (shares)	249,179	232,899	212,545
Granted (shares)	134,984	132,537	126,865
Forfeited (shares)	(11,442)	(23,763)	(16,128)
Vested (shares)	(98,305)	(92,494)	(90,383)
Ending balance (shares)	274,416	249,179	232,899
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 45.62	$ 38.43	$ 29.64
Granted (in dollars per share)	67.98	50.62	45.94
Forfeited (in dollars per share)	56.24	42.69	37.25
Vested (in dollars per share)	43.55	35.45	28.50
Ending balance (in dollars per share)	$ 56.92	$ 45.62	$ 38.43
Fair value of vested shares	$ 6.6	$ 4.6	$ 4.1
Shares tendered for tax withholding requirements (shares)	31,576	29,305	27,473

Incentive Award Plan - Share-based Awards Expensed & Capitalized Amounts (Details) - Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 28,426	$ 19,506	$ 12,871
Capitalized share-based compensation	610	357	223
Total share-based compensation	$ 29,036	$ 19,863	$ 13,094

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ 177,157	$ 136,246	$ 80,895
Less: Preferred stock dividends	(9,258)	(12,563)	(14,545)
Less: Original issuance costs of redeemed preferred stock	0	(3,349)	0
Less: Net income attributable to noncontrolling interests	(9,573)	(8,005)	(4,492)
Less: Net income attributable to participating securities	(845)	(568)	(509)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 157,481	$ 111,761	$ 61,349
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	170,467,365	139,294,882	120,873,624
Effect of dilutive securities - performance units (in shares)	510,907	780,807	304,686
Weighted average shares of common stock outstanding - diluted (in shares)	170,978,272	140,075,689	121,178,310
Net income attributable to common stockholders
Earnings per share- Basic (in dollars per share)	$ 0.92	$ 0.80	$ 0.51
Earnings per share- Diluted (in dollars per share)	$ 0.92	$ 0.80	$ 0.51
Performance Units
Net income attributable to common stockholders
Performance period	3 years

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands				1 Months Ended			12 Months Ended
	Feb. 06, 2023 $ / shares	Jan. 30, 2023 USD ($) ft² property	Jan. 06, 2023 USD ($) ft² property	Feb. 10, 2023 USD ($) ft² property	Jan. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) ft² building $ / shares shares	Dec. 31, 2022 USD ($) ft² building $ / shares shares	Dec. 31, 2021 USD ($) ft² building $ / shares	Dec. 31, 2020 USD ($) $ / shares
Subsequent Event [Line Items]
Rentable square feet \| ft²						5,940,775	5,940,775	5,650,673
Number of buildings \| building						87	87	80
Contractual purchase price \| $							$ 2,391,927	$ 1,887,797
Common stock dividends declared (in dollars per share)							$ 1.26	$ 0.96	$ 0.86
Issuance of common stock, net \| $							$ 1,809,231	$ 1,626,091	$ 734,096
2022 Forward Equity Offering
Subsequent Event [Line Items]
Issuance of stock (shares) \| shares						3,554,704	8,291,721
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $						$ 198,700	$ 461,400
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share						$ 55.90	$ 55.65
Subsequent Event
Subsequent Event [Line Items]
Rentable square feet \| ft²				1,183,440
Number of buildings \| property				2
Contractual purchase price \| $				$ 405,000
Subsequent Event \| 2022 Forward Equity Offering
Subsequent Event [Line Items]
Issuance of stock (shares) \| shares					7,617,013
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement \| $					$ 425,000
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share					$ 55.80
Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)	$ 0.380
Dividends Payable, Date of Record	Mar. 31, 2023
Dividends Payable, Date to be Paid	Apr. 17, 2023
Operating Partnership Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.380
Dividends Payable, Date of Record	Mar. 31, 2023
Distribution Made to Limited Partner, Distribution Date	Apr. 17, 2023
Series B Preferred Stock
Subsequent Event [Line Items]
Dividend Rate							5.875%	5.875%
Preferred stock dividends declared (in dollars per share)							$ 1.468752	$ 1.468752	$ 1.468752
Series B Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Mar. 15, 2023
Dividends Payable, Date to be Paid	Mar. 31, 2023
Series C Preferred Stock
Subsequent Event [Line Items]
Dividend Rate							5.625%	5.625%
Preferred stock dividends declared (in dollars per share)							$ 1.406252	$ 1.406252	$ 1.406252
Series C Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.351563
Dividends Payable, Date of Record	Mar. 15, 2023
Series 1 CPOP Units \| Series 1 CPOP Units
Subsequent Event [Line Items]
Dividend Rate							4.43937%
Series 1 CPOP Units \| Series 1 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.505085
Dividends Payable, Date of Record	Mar. 15, 2023
Distribution Made to Limited Partner, Distribution Date	Mar. 31, 2023
Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate							3.00%	4.00%	4.00%
Series 2 CPOP Units \| Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate							4.00%
Series 2 CPOP Units \| Series 2 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.450000
Dividends Payable, Date of Record	Mar. 15, 2023
Distribution Made to Limited Partner, Distribution Date	Mar. 31, 2023
Series 3 CPOP Units
Subsequent Event [Line Items]
Dividend Rate							3.00%
Series 3 CPOP Units \| Series 3 CPOP Units
Subsequent Event [Line Items]
Dividend Rate							3.00%
Series 3 CPOP Units \| Series 3 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)	$ 0.545462
Dividends Payable, Date of Record	Mar. 15, 2023
Distribution Made to Limited Partner, Distribution Date	Mar. 31, 2023
16752 Armstrong Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable square feet \| ft²			81,600
Number of buildings \| property			1
Contractual purchase price \| $			$ 40,000
10545 Production Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable square feet \| ft²		1,101,840
Number of buildings \| property		1
Contractual purchase price \| $		$ 365,000

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Oct. 27, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate And Accumulated Depreciation [Line Items]
Encumbrances	$ 65,515
Land, Initial Cost	5,843,731
Buildings and Improvements, Initial Cost	3,050,968
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	580,212
Land, Gross Amounts	5,841,195
Buildings and Improvements, Gross Amounts	3,629,192
Total, Gross	9,470,387
Accumulated Depreciation	(614,332)		$ (473,382)	$ (375,423)	$ (296,777)
Long-term Debt, Gross	1,950,515		1,413,121
Term Loan \| $60 Million Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Long-term Debt, Gross	$ 0	$ 60,000	$ 58,108
15241 - 15277, 15317 - 15339 Don Julian Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 3,875
Buildings and Improvements, Initial Cost	2,407
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,078
Land, Gross Amounts	3,875
Buildings and Improvements, Gross Amounts	12,485
Total, Gross	16,360
Accumulated Depreciation	$ (8,386)
Year Build / Year Renovated	1965, 2005 / 2003
Year Acquired	2002
300 South Lewis Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Camarillo, CA
Land, Initial Cost	$ 4,150
Buildings and Improvements, Initial Cost	3,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,151
Land, Gross Amounts	4,150
Buildings and Improvements, Gross Amounts	13,201
Total, Gross	17,351
Accumulated Depreciation	$ (8,313)
Year Build / Year Renovated	1960-1963 / 2006
Year Acquired	2003
1400 South Shamrock Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Monrovia, CA
Land, Initial Cost	$ 2,317
Buildings and Improvements, Initial Cost	2,534
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,090
Land, Gross Amounts	2,317
Buildings and Improvements, Gross Amounts	3,624
Total, Gross	5,941
Accumulated Depreciation	$ (2,639)
Year Build / Year Renovated	1957, 1962 / 2004
Year Acquired	2003
2220-2260 Camino del Sol
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 868
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,929
Land, Gross Amounts	868
Buildings and Improvements, Gross Amounts	4,929
Total, Gross	5,797
Accumulated Depreciation	$ (2,356)
Year Build / Year Renovated	2005
Year Acquired	2003
14250-14278 Valley Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	La Puente, CA
Land, Initial Cost	$ 2,539
Buildings and Improvements, Initial Cost	2,020
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,656
Land, Gross Amounts	2,539
Buildings and Improvements, Gross Amounts	5,676
Total, Gross	8,215
Accumulated Depreciation	$ (3,680)
Year Build / Year Renovated	1974 / 2007
Year Acquired	2003
2300-2386 East Walnut Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 6,817
Buildings and Improvements, Initial Cost	6,089
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,334
Land, Gross Amounts	6,817
Buildings and Improvements, Gross Amounts	8,423
Total, Gross	15,240
Accumulated Depreciation	$ (5,145)
Year Build / Year Renovated	1985-1986 / 2005
Year Acquired	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Land, Initial Cost	$ 2,525
Buildings and Improvements, Initial Cost	3,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,151
Land, Gross Amounts	2,525
Buildings and Improvements, Gross Amounts	10,531
Total, Gross	13,056
Accumulated Depreciation	$ (5,788)
Year Build / Year Renovated	1969, 2008 / 2016
Year Acquired	2004
28340 - 28400 Avenue Crocker
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 2,666
Buildings and Improvements, Initial Cost	3,343
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,908
Land, Gross Amounts	2,666
Buildings and Improvements, Gross Amounts	7,251
Total, Gross	9,917
Accumulated Depreciation	$ (4,257)
Year Build / Year Renovated	1987 / 2006 / 2015
Year Acquired	2004
21-29 West Easy St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 2,346
Buildings and Improvements, Initial Cost	4,522
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,803
Land, Gross Amounts	2,346
Buildings and Improvements, Gross Amounts	7,325
Total, Gross	9,671
Accumulated Depreciation	$ (4,587)
Year Build / Year Renovated	1991 / 2006
Year Acquired	2004
10439-10477 Roselle St.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,711
Buildings and Improvements, Initial Cost	3,199
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,995
Land, Gross Amounts	4,711
Buildings and Improvements, Gross Amounts	7,194
Total, Gross	11,905
Accumulated Depreciation	$ (2,737)
Year Build / Year Renovated	1970 / 2007
Year Acquired	2013
2575 Pioneer Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 1,784
Buildings and Improvements, Initial Cost	2,974
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,173
Land, Gross Amounts	1,784
Buildings and Improvements, Gross Amounts	5,147
Total, Gross	6,931
Accumulated Depreciation	$ (3,187)
Year Build / Year Renovated	1988 / 2006
Year Acquired	2004
9641 - 9657 Santa Fe Springs Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,740
Buildings and Improvements, Initial Cost	260
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7,228
Land, Gross Amounts	3,740
Buildings and Improvements, Gross Amounts	7,488
Total, Gross	11,228
Accumulated Depreciation	$ (3,162)
Year Build / Year Renovated	1982 / 2009
Year Acquired	2006
15715 Arrow Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,604
Buildings and Improvements, Initial Cost	5,056
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	81
Land, Gross Amounts	3,604
Buildings and Improvements, Gross Amounts	5,137
Total, Gross	8,741
Accumulated Depreciation	$ (3,060)
Year Build / Year Renovated	1989
Year Acquired	2006
2431-2465 Impala Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 5,470
Buildings and Improvements, Initial Cost	7,308
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,049
Land, Gross Amounts	5,470
Buildings and Improvements, Gross Amounts	12,357
Total, Gross	17,827
Accumulated Depreciation	$ (7,710)
Year Build / Year Renovated	1983 / 2006
Year Acquired	2006
6200 & 6300 Yarrow Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 5,001
Buildings and Improvements, Initial Cost	7,658
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,264
Land, Gross Amounts	5,001
Buildings and Improvements, Gross Amounts	11,922
Total, Gross	16,923
Accumulated Depreciation	$ (7,777)
Year Build / Year Renovated	1977-1988 / 2006
Year Acquired	2005
6231 & 6241 Yarrow Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 3,473
Buildings and Improvements, Initial Cost	5,119
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,060
Land, Gross Amounts	3,473
Buildings and Improvements, Gross Amounts	7,179
Total, Gross	10,652
Accumulated Depreciation	$ (4,189)
Year Build / Year Renovated	1977 / 2006
Year Acquired	2006
9160 - 9220 Cleveland Ave., 10860 6th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,647
Buildings and Improvements, Initial Cost	11,867
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,394
Land, Gross Amounts	3,647
Buildings and Improvements, Gross Amounts	15,261
Total, Gross	18,908
Accumulated Depreciation	$ (9,686)
Year Build / Year Renovated	1988-1989 / 2006
Year Acquired	2006
18118-18120 S. Broadway St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 3,013
Buildings and Improvements, Initial Cost	2,161
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,091
Land, Gross Amounts	3,013
Buildings and Improvements, Gross Amounts	3,252
Total, Gross	6,265
Accumulated Depreciation	$ (1,316)
Year Build / Year Renovated	1957 / 1989, 2017
Year Acquired	2013
901 W. Alameda Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 6,304
Buildings and Improvements, Initial Cost	2,996
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,642
Land, Gross Amounts	6,304
Buildings and Improvements, Gross Amounts	8,638
Total, Gross	14,942
Accumulated Depreciation	$ (5,122)
Year Build / Year Renovated	1969 / 2009
Year Acquired	2007
1938-1946 E. 46th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vernon, CA
Land, Initial Cost	$ 7,015
Buildings and Improvements, Initial Cost	7,078
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,802
Land, Gross Amounts	7,015
Buildings and Improvements, Gross Amounts	8,880
Total, Gross	15,895
Accumulated Depreciation	$ (4,950)
Year Build / Year Renovated	1961, 1983 / 2008-2010
Year Acquired	2007
9220-9268 Hall Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 6,974
Buildings and Improvements, Initial Cost	2,902
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	753
Land, Gross Amounts	6,974
Buildings and Improvements, Gross Amounts	3,655
Total, Gross	10,629
Accumulated Depreciation	$ (1,971)
Year Build / Year Renovated	2008
Year Acquired	2009
929, 935, 939 & 951 Poinsettia Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 4,213
Buildings and Improvements, Initial Cost	5,584
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	933
Land, Gross Amounts	2,678
Buildings and Improvements, Gross Amounts	4,661
Total, Gross	7,339
Accumulated Depreciation	$ (2,683)
Year Build / Year Renovated	1989 / 2007
Year Acquired	2008
3720-3750 W. Warner Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 3,028
Buildings and Improvements, Initial Cost	1,058
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,098
Land, Gross Amounts	3,028
Buildings and Improvements, Gross Amounts	2,156
Total, Gross	5,184
Accumulated Depreciation	$ (1,305)
Year Build / Year Renovated	1973 / 2008
Year Acquired	2007
6750 Unit C - 6780 Central Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Riverside, CA
Land, Initial Cost	$ 1,564
Buildings and Improvements, Initial Cost	584
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	677
Land, Gross Amounts	678
Buildings and Improvements, Gross Amounts	1,014
Total, Gross	1,692
Accumulated Depreciation	$ (642)
Year Build / Year Renovated	1978
Year Acquired	2007
1050 Arroyo Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 3,092
Buildings and Improvements, Initial Cost	1,900
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	753
Land, Gross Amounts	3,092
Buildings and Improvements, Gross Amounts	2,653
Total, Gross	5,745
Accumulated Depreciation	$ (1,025)
Year Build / Year Renovated	1969 / 2012
Year Acquired	2010
600-650 South Grand Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 4,298
Buildings and Improvements, Initial Cost	5,075
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,304
Land, Gross Amounts	4,298
Buildings and Improvements, Gross Amounts	7,379
Total, Gross	11,677
Accumulated Depreciation	$ (2,864)
Year Build / Year Renovated	1988
Year Acquired	2010
121-125 N. Vinedo Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pasadena, CA
Land, Initial Cost	$ 3,481
Buildings and Improvements, Initial Cost	3,530
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	188
Land, Gross Amounts	3,481
Buildings and Improvements, Gross Amounts	3,718
Total, Gross	7,199
Accumulated Depreciation	$ (1,588)
Year Build / Year Renovated	1953 / 1993
Year Acquired	2011
3441 West MacArthur Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 4,179
Buildings and Improvements, Initial Cost	5,358
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,388
Land, Gross Amounts	4,179
Buildings and Improvements, Gross Amounts	7,746
Total, Gross	11,925
Accumulated Depreciation	$ (1,792)
Year Build / Year Renovated	1973 / 2022
Year Acquired	2011
6701 & 6711 Odessa Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 1,582
Buildings and Improvements, Initial Cost	1,856
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,029
Land, Gross Amounts	1,582
Buildings and Improvements, Gross Amounts	2,885
Total, Gross	4,467
Accumulated Depreciation	$ (736)
Year Build / Year Renovated	1970-1972 / 2012
Year Acquired	2011
10700 Jersey Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,158
Buildings and Improvements, Initial Cost	4,860
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,569
Land, Gross Amounts	3,158
Buildings and Improvements, Gross Amounts	6,429
Total, Gross	9,587
Accumulated Depreciation	$ (2,685)
Year Build / Year Renovated	1988-1989
Year Acquired	2011
15705, 15709 Arrow Highway & 5220 Fourth St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,608
Buildings and Improvements, Initial Cost	2,699
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	786
Land, Gross Amounts	3,608
Buildings and Improvements, Gross Amounts	3,485
Total, Gross	7,093
Accumulated Depreciation	$ (1,438)
Year Build / Year Renovated	1987
Year Acquired	2011
20920-20950 Normandie Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 3,253
Buildings and Improvements, Initial Cost	1,605
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	766
Land, Gross Amounts	3,253
Buildings and Improvements, Gross Amounts	2,371
Total, Gross	5,624
Accumulated Depreciation	$ (1,036)
Year Build / Year Renovated	1989
Year Acquired	2011
14944, 14946, 14948 Shoemaker Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,720
Buildings and Improvements, Initial Cost	2,641
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	780
Land, Gross Amounts	3,720
Buildings and Improvements, Gross Amounts	3,421
Total, Gross	7,141
Accumulated Depreciation	$ (1,419)
Year Build / Year Renovated	1978 / 2012
Year Acquired	2011
6423-6431 & 6407-6119 Alondra Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Paramount, CA
Land, Initial Cost	$ 1,396
Buildings and Improvements, Initial Cost	925
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	195
Land, Gross Amounts	1,396
Buildings and Improvements, Gross Amounts	1,120
Total, Gross	2,516
Accumulated Depreciation	$ (436)
Year Build / Year Renovated	1986
Year Acquired	2011
1400 S. Campus Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 3,266
Buildings and Improvements, Initial Cost	2,961
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10
Land, Gross Amounts	3,266
Buildings and Improvements, Gross Amounts	2,971
Total, Gross	6,237
Accumulated Depreciation	$ (1,748)
Year Build / Year Renovated	1964-1966, 1973, 1987
Year Acquired	2012
15041 Calvert St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 4,096
Buildings and Improvements, Initial Cost	1,570
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	272
Land, Gross Amounts	4,096
Buildings and Improvements, Gross Amounts	1,842
Total, Gross	5,938
Accumulated Depreciation	$ (636)
Year Build / Year Renovated	1971
Year Acquired	2012
701 Del Norte Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,082
Buildings and Improvements, Initial Cost	6,230
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,186
Land, Gross Amounts	3,082
Buildings and Improvements, Gross Amounts	7,416
Total, Gross	10,498
Accumulated Depreciation	$ (2,904)
Year Build / Year Renovated	2000
Year Acquired	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 17,978
Buildings and Improvements, Initial Cost	39,471
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,690
Land, Gross Amounts	17,978
Buildings and Improvements, Gross Amounts	44,161
Total, Gross	62,139
Accumulated Depreciation	$ (15,918)
Year Build / Year Renovated	1966, 1992, 1993, 1994
Year Acquired	2013
1661 240th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,043
Buildings and Improvements, Initial Cost	2,550
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,884
Land, Gross Amounts	3,043
Buildings and Improvements, Gross Amounts	6,434
Total, Gross	9,477
Accumulated Depreciation	$ (2,593)
Year Build / Year Renovated	1975 / 1995
Year Acquired	2013
8101-8117 Orion Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 1,389
Buildings and Improvements, Initial Cost	3,872
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	719
Land, Gross Amounts	1,389
Buildings and Improvements, Gross Amounts	4,591
Total, Gross	5,980
Accumulated Depreciation	$ (1,819)
Year Build / Year Renovated	1978
Year Acquired	2013
18310-18330 Oxnard St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Tarzana, CA
Land, Initial Cost	$ 2,497
Buildings and Improvements, Initial Cost	5,494
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,747
Land, Gross Amounts	2,497
Buildings and Improvements, Gross Amounts	7,241
Total, Gross	9,738
Accumulated Depreciation	$ (2,660)
Year Build / Year Renovated	1973
Year Acquired	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Encumbrances	$ 1,935
Land, Initial Cost	4,582
Buildings and Improvements, Initial Cost	5,135
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,093
Land, Gross Amounts	4,582
Buildings and Improvements, Gross Amounts	8,228
Total, Gross	12,810
Accumulated Depreciation	$ (3,095)
Year Build / Year Renovated	1972 / 1990 / 2013
Year Acquired	2013
280 Bonita Ave., 2743 Thompson Creek Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 8,001
Buildings and Improvements, Initial Cost	17,734
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	210
Land, Gross Amounts	8,001
Buildings and Improvements, Gross Amounts	17,944
Total, Gross	25,945
Accumulated Depreciation	$ (5,968)
Year Build / Year Renovated	1983
Year Acquired	2013
2950 Madera Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 3,601
Buildings and Improvements, Initial Cost	8,033
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2
Land, Gross Amounts	3,601
Buildings and Improvements, Gross Amounts	8,035
Total, Gross	11,636
Accumulated Depreciation	$ (2,745)
Year Build / Year Renovated	1988 / 2005
Year Acquired	2013
10635 Vanowen St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 1,517
Buildings and Improvements, Initial Cost	1,833
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,289
Land, Gross Amounts	1,517
Buildings and Improvements, Gross Amounts	3,122
Total, Gross	4,639
Accumulated Depreciation	$ (1,193)
Year Build / Year Renovated	1977
Year Acquired	2013
7110 Rosecrans Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Paramount, CA
Land, Initial Cost	$ 3,117
Buildings and Improvements, Initial Cost	1,894
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,452
Land, Gross Amounts	3,117
Buildings and Improvements, Gross Amounts	4,346
Total, Gross	7,463
Accumulated Depreciation	$ (1,224)
Year Build / Year Renovated	1972 / 2015, 2019
Year Acquired	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 2,260
Buildings and Improvements, Initial Cost	6,043
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	869
Land, Gross Amounts	2,260
Buildings and Improvements, Gross Amounts	6,912
Total, Gross	9,172
Accumulated Depreciation	$ (2,747)
Year Build / Year Renovated	1985
Year Acquired	2014
1500-1510 W. 228th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 2,428
Buildings and Improvements, Initial Cost	4,271
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,053
Land, Gross Amounts	2,428
Buildings and Improvements, Gross Amounts	10,324
Total, Gross	12,752
Accumulated Depreciation	$ (2,651)
Year Build / Year Renovated	1963 / 1968, 2017
Year Acquired	2014
24105 Frampton Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 2,315
Buildings and Improvements, Initial Cost	1,553
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,080
Land, Gross Amounts	2,315
Buildings and Improvements, Gross Amounts	3,633
Total, Gross	5,948
Accumulated Depreciation	$ (1,154)
Year Build / Year Renovated	1974 / 2016
Year Acquired	2014
1700 Saturn Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Seal Beach, CA
Land, Initial Cost	$ 7,935
Buildings and Improvements, Initial Cost	10,525
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	342
Land, Gross Amounts	7,935
Buildings and Improvements, Gross Amounts	10,867
Total, Gross	18,802
Accumulated Depreciation	$ (3,614)
Year Build / Year Renovated	2006
Year Acquired	2014
2980 & 2990 N San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Burbank, CA
Land, Initial Cost	$ 6,373
Buildings and Improvements, Initial Cost	7,356
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	550
Land, Gross Amounts	6,373
Buildings and Improvements, Gross Amounts	7,906
Total, Gross	14,279
Accumulated Depreciation	$ (2,902)
Year Build / Year Renovated	1950 / 2004
Year Acquired	2014
20531 Crescent Bay Dr.
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 2,181
Buildings and Improvements, Initial Cost	4,012
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	418
Land, Gross Amounts	2,181
Buildings and Improvements, Gross Amounts	4,430
Total, Gross	6,611
Accumulated Depreciation	$ (1,591)
Year Build / Year Renovated	1998
Year Acquired	2014
2610 & 2701 S. Birch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 9,305
Buildings and Improvements, Initial Cost	2,115
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,483
Land, Gross Amounts	9,305
Buildings and Improvements, Gross Amounts	6,598
Total, Gross	15,903
Accumulated Depreciation	$ (2,237)
Year Build / Year Renovated	1965 / 2016
Year Acquired	2014
710 South Dupont Avenue & 4051 Santa Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 3,725
Buildings and Improvements, Initial Cost	6,145
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	469
Land, Gross Amounts	3,725
Buildings and Improvements, Gross Amounts	6,614
Total, Gross	10,339
Accumulated Depreciation	$ (2,366)
Year Build / Year Renovated	2001
Year Acquired	2014
9755 Distribution Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 1,863
Buildings and Improvements, Initial Cost	3,211
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	89
Land, Gross Amounts	1,863
Buildings and Improvements, Gross Amounts	3,300
Total, Gross	5,163
Accumulated Depreciation	$ (1,152)
Year Build / Year Renovated	1974
Year Acquired	2014
9855 Distribution Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 2,733
Buildings and Improvements, Initial Cost	5,041
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	799
Land, Gross Amounts	2,733
Buildings and Improvements, Gross Amounts	5,840
Total, Gross	8,573
Accumulated Depreciation	$ (1,810)
Year Build / Year Renovated	1983
Year Acquired	2014
9340 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,311
Buildings and Improvements, Initial Cost	6,126
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,130
Land, Gross Amounts	4,311
Buildings and Improvements, Gross Amounts	7,256
Total, Gross	11,567
Accumulated Depreciation	$ (2,478)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
9404 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 2,413
Buildings and Improvements, Initial Cost	3,451
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	302
Land, Gross Amounts	2,413
Buildings and Improvements, Gross Amounts	3,753
Total, Gross	6,166
Accumulated Depreciation	$ (1,262)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
9455 Cabot Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,423
Buildings and Improvements, Initial Cost	6,799
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	600
Land, Gross Amounts	4,423
Buildings and Improvements, Gross Amounts	7,399
Total, Gross	11,822
Accumulated Depreciation	$ (2,708)
Year Build / Year Renovated	1975 / 1976
Year Acquired	2014
14955-14971 E Salt Lake Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 5,125
Buildings and Improvements, Initial Cost	5,009
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,297
Land, Gross Amounts	5,125
Buildings and Improvements, Gross Amounts	6,306
Total, Gross	11,431
Accumulated Depreciation	$ (2,233)
Year Build / Year Renovated	1979
Year Acquired	2014
5235 East Hunter Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 5,240
Buildings and Improvements, Initial Cost	5,065
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,800
Land, Gross Amounts	5,240
Buildings and Improvements, Gross Amounts	6,865
Total, Gross	12,105
Accumulated Depreciation	$ (2,662)
Year Build / Year Renovated	1987
Year Acquired	2014
3880 West Valley Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 3,982
Buildings and Improvements, Initial Cost	4,796
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,599
Land, Gross Amounts	3,982
Buildings and Improvements, Gross Amounts	8,395
Total, Gross	12,377
Accumulated Depreciation	$ (2,787)
Year Build / Year Renovated	1980 / 2017
Year Acquired	2014
1601 Alton Pkwy.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irvine, CA
Land, Initial Cost	$ 7,638
Buildings and Improvements, Initial Cost	4,946
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	8,533
Land, Gross Amounts	7,638
Buildings and Improvements, Gross Amounts	13,479
Total, Gross	21,117
Accumulated Depreciation	$ (3,746)
Year Build / Year Renovated	1974 / 2018
Year Acquired	2014
3116 W. Avenue 32
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,761
Buildings and Improvements, Initial Cost	6,729
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,489
Land, Gross Amounts	3,761
Buildings and Improvements, Gross Amounts	10,218
Total, Gross	13,979
Accumulated Depreciation	$ (3,089)
Year Build / Year Renovated	1974
Year Acquired	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 7,230
Buildings and Improvements, Initial Cost	9,058
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,534
Land, Gross Amounts	7,230
Buildings and Improvements, Gross Amounts	12,592
Total, Gross	19,822
Accumulated Depreciation	$ (4,158)
Year Build / Year Renovated	1979 / 1980
Year Acquired	2014
24935 & 24955 Avenue Kearny
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 4,773
Buildings and Improvements, Initial Cost	5,970
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,065
Land, Gross Amounts	4,773
Buildings and Improvements, Gross Amounts	7,035
Total, Gross	11,808
Accumulated Depreciation	$ (2,474)
Year Build / Year Renovated	1988
Year Acquired	2014
605 8th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 2,393
Buildings and Improvements, Initial Cost	2,742
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,744
Land, Gross Amounts	2,393
Buildings and Improvements, Gross Amounts	4,486
Total, Gross	6,879
Accumulated Depreciation	$ (1,373)
Year Build / Year Renovated	1991 / 2015, 2020
Year Acquired	2014
9120 Mason Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 9,224
Buildings and Improvements, Initial Cost	19,346
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	817
Land, Gross Amounts	9,224
Buildings and Improvements, Gross Amounts	20,163
Total, Gross	29,387
Accumulated Depreciation	$ (6,163)
Year Build / Year Renovated	1967 / 1999
Year Acquired	2014
7900 Nelson Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 8,495
Buildings and Improvements, Initial Cost	15,948
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,604
Land, Gross Amounts	8,495
Buildings and Improvements, Gross Amounts	18,552
Total, Gross	27,047
Accumulated Depreciation	$ (5,599)
Year Build / Year Renovated	1998 / 2015
Year Acquired	2014
679-691 S Anderson St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 1,723
Buildings and Improvements, Initial Cost	4,767
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,622
Land, Gross Amounts	1,723
Buildings and Improvements, Gross Amounts	6,389
Total, Gross	8,112
Accumulated Depreciation	$ (1,799)
Year Build / Year Renovated	1992 / 2017
Year Acquired	2014
10509 Business Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 3,505
Buildings and Improvements, Initial Cost	5,237
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,726
Land, Gross Amounts	3,505
Buildings and Improvements, Gross Amounts	6,963
Total, Gross	10,468
Accumulated Depreciation	$ (2,182)
Year Build / Year Renovated	1989
Year Acquired	2014
13231 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 2,812
Buildings and Improvements, Initial Cost	4,739
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,153
Land, Gross Amounts	2,812
Buildings and Improvements, Gross Amounts	5,892
Total, Gross	8,704
Accumulated Depreciation	$ (1,757)
Year Build / Year Renovated	1990
Year Acquired	2014
240 W Ivy Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Inglewood, CA
Land, Initial Cost	$ 2,064
Buildings and Improvements, Initial Cost	3,675
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,235
Land, Gross Amounts	2,064
Buildings and Improvements, Gross Amounts	7,910
Total, Gross	9,974
Accumulated Depreciation	$ (2,167)
Year Build / Year Renovated	1981
Year Acquired	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 2,616
Buildings and Improvements, Initial Cost	8,311
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,564
Land, Gross Amounts	2,616
Buildings and Improvements, Gross Amounts	9,875
Total, Gross	12,491
Accumulated Depreciation	$ (3,438)
Year Build / Year Renovated	1988
Year Acquired	2014
1800 Eastman Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 842
Buildings and Improvements, Initial Cost	2,209
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	81
Land, Gross Amounts	842
Buildings and Improvements, Gross Amounts	2,290
Total, Gross	3,132
Accumulated Depreciation	$ (827)
Year Build / Year Renovated	2009
Year Acquired	2014
2360-2364 E. Sturgis Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 1,128
Buildings and Improvements, Initial Cost	2,726
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	604
Land, Gross Amounts	1,128
Buildings and Improvements, Gross Amounts	3,330
Total, Gross	4,458
Accumulated Depreciation	$ (1,322)
Year Build / Year Renovated	1989
Year Acquired	2014
201 Rice Ave. & 2400-2420 Celsius
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,487
Buildings and Improvements, Initial Cost	9,589
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	921
Land, Gross Amounts	3,487
Buildings and Improvements, Gross Amounts	10,510
Total, Gross	13,997
Accumulated Depreciation	$ (3,477)
Year Build / Year Renovated	2008
Year Acquired	2014
11120, 11160, 11200 Hindry Ave
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,478
Buildings and Improvements, Initial Cost	7,834
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	639
Land, Gross Amounts	3,478
Buildings and Improvements, Gross Amounts	8,473
Total, Gross	11,951
Accumulated Depreciation	$ (2,704)
Year Build / Year Renovated	1992 / 1994
Year Acquired	2014
6970-7170 & 7310-7374 Convoy Ct.
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 10,805
Buildings and Improvements, Initial Cost	18,426
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,127
Land, Gross Amounts	10,805
Buildings and Improvements, Gross Amounts	21,553
Total, Gross	32,358
Accumulated Depreciation	$ (7,385)
Year Build / Year Renovated	1971
Year Acquired	2014
12907 Imperial Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,462
Buildings and Improvements, Initial Cost	6,678
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	418
Land, Gross Amounts	5,462
Buildings and Improvements, Gross Amounts	7,096
Total, Gross	12,558
Accumulated Depreciation	$ (2,055)
Year Build / Year Renovated	1997
Year Acquired	2015
8902-8940 Activity Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 9,427
Buildings and Improvements, Initial Cost	8,103
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,080
Land, Gross Amounts	9,427
Buildings and Improvements, Gross Amounts	10,183
Total, Gross	19,610
Accumulated Depreciation	$ (3,559)
Year Build / Year Renovated	1987 / 1997
Year Acquired	2015
1210 N Red Gum St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 3,326
Buildings and Improvements, Initial Cost	4,020
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,512
Land, Gross Amounts	3,326
Buildings and Improvements, Gross Amounts	5,532
Total, Gross	8,858
Accumulated Depreciation	$ (1,584)
Year Build / Year Renovated	1985 / 2020
Year Acquired	2015
9615 Norwalk Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 8,508
Buildings and Improvements, Initial Cost	1,134
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	11,730
Land, Gross Amounts	8,508
Buildings and Improvements, Gross Amounts	12,864
Total, Gross	21,372
Accumulated Depreciation	$ (324)
Year Build / Year Renovated	1975
Year Acquired	2015
16221 Arthur St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 2,979
Buildings and Improvements, Initial Cost	3,204
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,828
Land, Gross Amounts	2,979
Buildings and Improvements, Gross Amounts	5,032
Total, Gross	8,011
Accumulated Depreciation	$ (1,186)
Year Build / Year Renovated	1979 / 2021
Year Acquired	2015
2588 & 2605 Industry Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Lynwood, CA
Land, Initial Cost	$ 8,738
Buildings and Improvements, Initial Cost	9,415
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	8,738
Buildings and Improvements, Gross Amounts	9,415
Total, Gross	18,153
Accumulated Depreciation	$ (3,102)
Year Build / Year Renovated	1969 / 1971
Year Acquired	2015
425 S. Hacienda Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 4,010
Buildings and Improvements, Initial Cost	3,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	117
Land, Gross Amounts	4,010
Buildings and Improvements, Gross Amounts	3,167
Total, Gross	7,177
Accumulated Depreciation	$ (1,067)
Year Build / Year Renovated	1997
Year Acquired	2015
6700 S Alameda St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Park, CA
Land, Initial Cost	$ 3,502
Buildings and Improvements, Initial Cost	9,279
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	273
Land, Gross Amounts	3,502
Buildings and Improvements, Gross Amounts	9,552
Total, Gross	13,054
Accumulated Depreciation	$ (3,329)
Year Build / Year Renovated	1990 / 2008
Year Acquired	2015
12720-12860 Danielson Ct.
Real Estate And Accumulated Depreciation [Line Items]
Location	Poway, CA
Land, Initial Cost	$ 6,902
Buildings and Improvements, Initial Cost	8,949
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	910
Land, Gross Amounts	6,902
Buildings and Improvements, Gross Amounts	9,859
Total, Gross	16,761
Accumulated Depreciation	$ (3,665)
Year Build / Year Renovated	1999
Year Acquired	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,446
Buildings and Improvements, Initial Cost	1,241
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	448
Land, Gross Amounts	3,446
Buildings and Improvements, Gross Amounts	1,689
Total, Gross	5,135
Accumulated Depreciation	$ (610)
Year Build / Year Renovated	1982
Year Acquired	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Oxnard, CA
Land, Initial Cost	$ 3,310
Buildings and Improvements, Initial Cost	5,806
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,254
Land, Gross Amounts	3,310
Buildings and Improvements, Gross Amounts	8,060
Total, Gross	11,370
Accumulated Depreciation	$ (2,885)
Year Build / Year Renovated	1985
Year Acquired	2015
10701-10719 Norwalk Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,357
Buildings and Improvements, Initial Cost	3,527
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	190
Land, Gross Amounts	3,357
Buildings and Improvements, Gross Amounts	3,717
Total, Gross	7,074
Accumulated Depreciation	$ (1,188)
Year Build / Year Renovated	2004
Year Acquired	2015
6020 Sheila St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 4,590
Buildings and Improvements, Initial Cost	7,772
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	595
Land, Gross Amounts	4,590
Buildings and Improvements, Gross Amounts	8,367
Total, Gross	12,957
Accumulated Depreciation	$ (2,509)
Year Build / Year Renovated	2000
Year Acquired	2015
9805 6th St.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 3,503
Buildings and Improvements, Initial Cost	3,204
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,400
Land, Gross Amounts	3,503
Buildings and Improvements, Gross Amounts	4,604
Total, Gross	8,107
Accumulated Depreciation	$ (1,615)
Year Build / Year Renovated	1986
Year Acquired	2015
16321 Arrow Hwy.
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 3,087
Buildings and Improvements, Initial Cost	4,081
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	453
Land, Gross Amounts	3,087
Buildings and Improvements, Gross Amounts	4,534
Total, Gross	7,621
Accumulated Depreciation	$ (1,322)
Year Build / Year Renovated	1955 / 2001
Year Acquired	2015
601-605 S. Milliken Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 5,479
Buildings and Improvements, Initial Cost	7,036
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,338
Land, Gross Amounts	5,479
Buildings and Improvements, Gross Amounts	8,374
Total, Gross	13,853
Accumulated Depreciation	$ (2,864)
Year Build / Year Renovated	1987 / 1988
Year Acquired	2015
1065 E. Walnut Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 10,038
Buildings and Improvements, Initial Cost	4,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,189
Land, Gross Amounts	10,038
Buildings and Improvements, Gross Amounts	8,569
Total, Gross	18,607
Accumulated Depreciation	$ (2,823)
Year Build / Year Renovated	1974
Year Acquired	2015
12247 Lakeland Rd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 3,481
Buildings and Improvements, Initial Cost	776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,168
Land, Gross Amounts	3,481
Buildings and Improvements, Gross Amounts	1,944
Total, Gross	5,425
Accumulated Depreciation	$ (571)
Year Build / Year Renovated	1971 / 2016
Year Acquired	2015
17311 Nichols Lane
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Land, Initial Cost	$ 7,988
Buildings and Improvements, Initial Cost	8,728
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5
Land, Gross Amounts	7,988
Buildings and Improvements, Gross Amounts	8,733
Total, Gross	16,721
Accumulated Depreciation	$ (2,660)
Year Build / Year Renovated	1993 / 2014
Year Acquired	2015
8525 Camino Santa Fe
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 4,038
Buildings and Improvements, Initial Cost	4,055
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,030
Land, Gross Amounts	4,038
Buildings and Improvements, Gross Amounts	5,085
Total, Gross	9,123
Accumulated Depreciation	$ (1,685)
Year Build / Year Renovated	1986
Year Acquired	2016
28454 Livingston Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 5,150
Buildings and Improvements, Initial Cost	9,666
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	393
Land, Gross Amounts	5,150
Buildings and Improvements, Gross Amounts	10,059
Total, Gross	15,209
Accumulated Depreciation	$ (2,872)
Year Build / Year Renovated	2007
Year Acquired	2016
20 Icon
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 12,576
Buildings and Improvements, Initial Cost	8,817
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	325
Land, Gross Amounts	12,576
Buildings and Improvements, Gross Amounts	9,142
Total, Gross	21,718
Accumulated Depreciation	$ (3,462)
Year Build / Year Renovated	1999 / 2015
Year Acquired	2016
16425 Gale Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 18,803
Buildings and Improvements, Initial Cost	6,029
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,284
Land, Gross Amounts	18,803
Buildings and Improvements, Gross Amounts	7,313
Total, Gross	26,116
Accumulated Depreciation	$ (2,034)
Year Build / Year Renovated	1976
Year Acquired	2016
12131 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 15,077
Buildings and Improvements, Initial Cost	11,149
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,861
Land, Gross Amounts	15,077
Buildings and Improvements, Gross Amounts	16,010
Total, Gross	31,087
Accumulated Depreciation	$ (4,335)
Year Build / Year Renovated	1987 / 2007, 2017
Year Acquired	2016
9 Holland
Real Estate And Accumulated Depreciation [Line Items]
Location	Irvine, CA
Land, Initial Cost	$ 13,724
Buildings and Improvements, Initial Cost	9,365
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	633
Land, Gross Amounts	13,724
Buildings and Improvements, Gross Amounts	9,998
Total, Gross	23,722
Accumulated Depreciation	$ (2,957)
Year Build / Year Renovated	1980 / 2013
Year Acquired	2016
15996 Jurupa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 7,855
Buildings and Improvements, Initial Cost	12,056
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19
Land, Gross Amounts	7,855
Buildings and Improvements, Gross Amounts	12,075
Total, Gross	19,930
Accumulated Depreciation	$ (3,368)
Year Build / Year Renovated	2015
Year Acquired	2016
11127 Catawba Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 5,562
Buildings and Improvements, Initial Cost	8,094
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	5,562
Buildings and Improvements, Gross Amounts	8,098
Total, Gross	13,660
Accumulated Depreciation	$ (2,269)
Year Build / Year Renovated	2015
Year Acquired	2016
13550 Stowe Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Poway, CA
Land, Initial Cost	$ 9,126
Buildings and Improvements, Initial Cost	8,043
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	9,126
Buildings and Improvements, Gross Amounts	8,043
Total, Gross	17,169
Accumulated Depreciation	$ (2,587)
Year Build / Year Renovated	1991
Year Acquired	2016
10750-10826 Lower Azusa Road
Real Estate And Accumulated Depreciation [Line Items]
Location	El Monte, CA
Land, Initial Cost	$ 4,433
Buildings and Improvements, Initial Cost	2,961
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,353
Land, Gross Amounts	4,433
Buildings and Improvements, Gross Amounts	4,314
Total, Gross	8,747
Accumulated Depreciation	$ (1,364)
Year Build / Year Renovated	1975
Year Acquired	2016
525 Park Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 3,830
Buildings and Improvements, Initial Cost	3,887
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	213
Land, Gross Amounts	3,830
Buildings and Improvements, Gross Amounts	4,100
Total, Gross	7,930
Accumulated Depreciation	$ (1,203)
Year Build / Year Renovated	2003
Year Acquired	2016
3233 Mission Oaks Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Camarillo, CA
Land, Initial Cost	$ 13,791
Buildings and Improvements, Initial Cost	10,017
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	14,991
Land, Gross Amounts	13,791
Buildings and Improvements, Gross Amounts	25,008
Total, Gross	38,799
Accumulated Depreciation	$ (6,085)
Year Build / Year Renovated	1980-1982 / 2014, 2018, 2019
Year Acquired	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 26,659
Buildings and Improvements, Initial Cost	12,673
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,465
Land, Gross Amounts	26,659
Buildings and Improvements, Gross Amounts	18,138
Total, Gross	44,797
Accumulated Depreciation	$ (5,679)
Year Build / Year Renovated	1968/1985
Year Acquired	2016
14742-14750 Nelson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 13,463
Buildings and Improvements, Initial Cost	1,680
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	17,063
Land, Gross Amounts	13,463
Buildings and Improvements, Gross Amounts	18,743
Total, Gross	32,206
Accumulated Depreciation	$ (3,770)
Year Build / Year Renovated	1969 / 2018
Year Acquired	2016
301-445 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 7,126
Buildings and Improvements, Initial Cost	5,728
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,136
Land, Gross Amounts	7,126
Buildings and Improvements, Gross Amounts	10,864
Total, Gross	17,990
Accumulated Depreciation	$ (2,390)
Year Build / Year Renovated	1972 / 2018
Year Acquired	2016
12320 4th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 12,642
Buildings and Improvements, Initial Cost	14,179
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	12,642
Buildings and Improvements, Gross Amounts	14,182
Total, Gross	26,824
Accumulated Depreciation	$ (4,187)
Year Build / Year Renovated	1997 / 2003
Year Acquired	2016
9190 Activity Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 8,497
Buildings and Improvements, Initial Cost	5,622
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	738
Land, Gross Amounts	8,497
Buildings and Improvements, Gross Amounts	6,360
Total, Gross	14,857
Accumulated Depreciation	$ (2,109)
Year Build / Year Renovated	1986
Year Acquired	2016
28903-28903 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 10,620
Buildings and Improvements, Initial Cost	6,510
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	18,497
Land, Gross Amounts	10,620
Buildings and Improvements, Gross Amounts	25,007
Total, Gross	35,627
Accumulated Depreciation	$ (2,528)
Year Build / Year Renovated	1999 / 2018, 2022
Year Acquired	2017
2390 Ward Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 5,624
Buildings and Improvements, Initial Cost	10,045
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,292
Land, Gross Amounts	5,624
Buildings and Improvements, Gross Amounts	11,337
Total, Gross	16,961
Accumulated Depreciation	$ (3,206)
Year Build / Year Renovated	1989
Year Acquired	2017
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 50,807
Buildings and Improvements, Initial Cost	86,065
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9,487
Land, Gross Amounts	50,807
Buildings and Improvements, Gross Amounts	95,552
Total, Gross	146,359
Accumulated Depreciation	$ (24,678)
Year Build / Year Renovated	1989
Year Acquired	2017
4175 Conant Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 13,785
Buildings and Improvements, Initial Cost	13,440
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	13,785
Buildings and Improvements, Gross Amounts	13,440
Total, Gross	27,225
Accumulated Depreciation	$ (3,405)
Year Build / Year Renovated	2015
Year Acquired	2017
5421 Argosy Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Land, Initial Cost	$ 3,577
Buildings and Improvements, Initial Cost	1,490
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2
Land, Gross Amounts	3,577
Buildings and Improvements, Gross Amounts	1,492
Total, Gross	5,069
Accumulated Depreciation	$ (583)
Year Build / Year Renovated	1976
Year Acquired	2017
14820-14830 Carmenita Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Norwalk, CA
Land, Initial Cost	$ 22,938
Buildings and Improvements, Initial Cost	6,738
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,142
Land, Gross Amounts	22,938
Buildings and Improvements, Gross Amounts	7,880
Total, Gross	30,818
Accumulated Depreciation	$ (2,098)
Year Build / Year Renovated	1970, 2000
Year Acquired	2017
3002-3072 Inland Empire Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 11,980
Buildings and Improvements, Initial Cost	14,439
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,150
Land, Gross Amounts	11,980
Buildings and Improvements, Gross Amounts	17,589
Total, Gross	29,569
Accumulated Depreciation	$ (5,031)
Year Build / Year Renovated	1981
Year Acquired	2017
17000 Kingsview Avenue & 800 Sandhill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 7,988
Buildings and Improvements, Initial Cost	5,472
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	975
Land, Gross Amounts	7,988
Buildings and Improvements, Gross Amounts	6,447
Total, Gross	14,435
Accumulated Depreciation	$ (1,388)
Year Build / Year Renovated	1984
Year Acquired	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 121,329
Buildings and Improvements, Initial Cost	86,776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	14,739
Land, Gross Amounts	121,329
Buildings and Improvements, Gross Amounts	101,515
Total, Gross	222,844
Accumulated Depreciation	$ (22,941)
Year Build / Year Renovated	1989 / 2021
Year Acquired	2017
11190 White Birch Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Cucamonga, CA
Land, Initial Cost	$ 9,405
Buildings and Improvements, Initial Cost	9,840
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	692
Land, Gross Amounts	9,405
Buildings and Improvements, Gross Amounts	10,532
Total, Gross	19,937
Accumulated Depreciation	$ (2,592)
Year Build / Year Renovated	1986
Year Acquired	2017
4832-4850 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 5,330
Buildings and Improvements, Initial Cost	8,856
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9
Land, Gross Amounts	5,330
Buildings and Improvements, Gross Amounts	8,865
Total, Gross	14,195
Accumulated Depreciation	$ (1,982)
Year Build / Year Renovated	2016
Year Acquired	2017
1825 Soto Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 2,129
Buildings and Improvements, Initial Cost	1,315
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	212
Land, Gross Amounts	2,129
Buildings and Improvements, Gross Amounts	1,527
Total, Gross	3,656
Accumulated Depreciation	$ (349)
Year Build / Year Renovated	1993
Year Acquired	2017
19402 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 3,524
Buildings and Improvements, Initial Cost	357
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5
Land, Gross Amounts	3,524
Buildings and Improvements, Gross Amounts	362
Total, Gross	3,886
Accumulated Depreciation	$ (144)
Year Build / Year Renovated	1957
Year Acquired	2017
13225 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Gardena, CA
Land, Initial Cost	$ 1,918
Buildings and Improvements, Initial Cost	355
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	363
Land, Gross Amounts	1,918
Buildings and Improvements, Gross Amounts	718
Total, Gross	2,636
Accumulated Depreciation	$ (155)
Year Build / Year Renovated	1955
Year Acquired	2017
15401 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 3,255
Buildings and Improvements, Initial Cost	1,248
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	787
Land, Gross Amounts	3,255
Buildings and Improvements, Gross Amounts	2,035
Total, Gross	5,290
Accumulated Depreciation	$ (424)
Year Build / Year Renovated	1964 / 2018
Year Acquired	2017
8542 Slauson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Pico Rivera, CA
Land, Initial Cost	$ 8,681
Buildings and Improvements, Initial Cost	576
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,089
Land, Gross Amounts	8,681
Buildings and Improvements, Gross Amounts	1,665
Total, Gross	10,346
Accumulated Depreciation	$ (514)
Year Build / Year Renovated	1964
Year Acquired	2017
687 Eucalyptus Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Inglewood, CA
Land, Initial Cost	$ 37,035
Buildings and Improvements, Initial Cost	15,120
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	275
Land, Gross Amounts	37,035
Buildings and Improvements, Gross Amounts	15,395
Total, Gross	52,430
Accumulated Depreciation	$ (3,118)
Year Build / Year Renovated	2017
Year Acquired	2017
302 Rockefeller Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 6,859
Buildings and Improvements, Initial Cost	7,185
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	255
Land, Gross Amounts	6,859
Buildings and Improvements, Gross Amounts	7,440
Total, Gross	14,299
Accumulated Depreciation	$ (1,558)
Year Build / Year Renovated	2000
Year Acquired	2017
4355 Brickell Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 7,295
Buildings and Improvements, Initial Cost	5,616
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	71
Land, Gross Amounts	7,295
Buildings and Improvements, Gross Amounts	5,687
Total, Gross	12,982
Accumulated Depreciation	$ (1,361)
Year Build / Year Renovated	2004
Year Acquired	2017
12622-12632 Monarch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 11,691
Buildings and Improvements, Initial Cost	8,290
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,973
Land, Gross Amounts	11,691
Buildings and Improvements, Gross Amounts	10,263
Total, Gross	21,954
Accumulated Depreciation	$ (2,352)
Year Build / Year Renovated	1967
Year Acquired	2017
8315 Hanan Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Pico Rivera, CA
Land, Initial Cost	$ 8,714
Buildings and Improvements, Initial Cost	4,751
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	180
Land, Gross Amounts	8,714
Buildings and Improvements, Gross Amounts	4,931
Total, Gross	13,645
Accumulated Depreciation	$ (1,095)
Year Build / Year Renovated	1976
Year Acquired	2017
13971 Norton Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chino, CA
Land, Initial Cost	$ 5,293
Buildings and Improvements, Initial Cost	6,377
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	174
Land, Gross Amounts	5,293
Buildings and Improvements, Gross Amounts	6,551
Total, Gross	11,844
Accumulated Depreciation	$ (1,501)
Year Build / Year Renovated	1990
Year Acquired	2018
1900 Proforma Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 10,214
Buildings and Improvements, Initial Cost	5,127
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,084
Land, Gross Amounts	10,214
Buildings and Improvements, Gross Amounts	6,211
Total, Gross	16,425
Accumulated Depreciation	$ (1,928)
Year Build / Year Renovated	1989
Year Acquired	2018
16010 Shoemaker Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 9,927
Buildings and Improvements, Initial Cost	6,948
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	506
Land, Gross Amounts	9,927
Buildings and Improvements, Gross Amounts	7,454
Total, Gross	17,381
Accumulated Depreciation	$ (1,538)
Year Build / Year Renovated	1985
Year Acquired	2018
4039 Calle Platino
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 9,476
Buildings and Improvements, Initial Cost	11,394
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	830
Land, Gross Amounts	9,476
Buildings and Improvements, Gross Amounts	12,224
Total, Gross	21,700
Accumulated Depreciation	$ (2,576)
Year Build / Year Renovated	1991
Year Acquired	2018
851 Lawrence Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Thousand Oaks, CA
Land, Initial Cost	$ 6,717
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	13,397
Land, Gross Amounts	6,717
Buildings and Improvements, Gross Amounts	13,397
Total, Gross	20,114
Accumulated Depreciation	$ (904)
Year Build / Year Renovated	1968 / 2021
Year Acquired	2018
1581 North Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 4,230
Buildings and Improvements, Initial Cost	3,313
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	44
Land, Gross Amounts	4,230
Buildings and Improvements, Gross Amounts	3,357
Total, Gross	7,587
Accumulated Depreciation	$ (680)
Year Build / Year Renovated	1994
Year Acquired	2018
1580 West Carson Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 5,252
Buildings and Improvements, Initial Cost	2,496
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,197
Land, Gross Amounts	5,252
Buildings and Improvements, Gross Amounts	4,693
Total, Gross	9,945
Accumulated Depreciation	$ (864)
Year Build / Year Renovated	1982 / 2018
Year Acquired	2018
660 & 664 North Twin Oaks Valley Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Marcos, CA
Land, Initial Cost	$ 6,307
Buildings and Improvements, Initial Cost	6,573
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	355
Land, Gross Amounts	6,307
Buildings and Improvements, Gross Amounts	6,928
Total, Gross	13,235
Accumulated Depreciation	$ (1,515)
Year Build / Year Renovated	1978 - 1988
Year Acquired	2018
1190 Stanford Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 3,583
Buildings and Improvements, Initial Cost	2,430
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	233
Land, Gross Amounts	3,583
Buildings and Improvements, Gross Amounts	2,663
Total, Gross	6,246
Accumulated Depreciation	$ (536)
Year Build / Year Renovated	1979
Year Acquired	2018
5300 Sheila Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 90,568
Buildings and Improvements, Initial Cost	54,086
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	218
Land, Gross Amounts	90,568
Buildings and Improvements, Gross Amounts	54,304
Total, Gross	144,872
Accumulated Depreciation	$ (11,472)
Year Build / Year Renovated	1975
Year Acquired	2018
15777 Gateway Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Tustin, CA
Land, Initial Cost	$ 3,815
Buildings and Improvements, Initial Cost	4,292
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	40
Land, Gross Amounts	3,815
Buildings and Improvements, Gross Amounts	4,332
Total, Gross	8,147
Accumulated Depreciation	$ (806)
Year Build / Year Renovated	2005
Year Acquired	2018
1998 Surveyor Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 3,670
Buildings and Improvements, Initial Cost	2,263
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,754
Land, Gross Amounts	3,670
Buildings and Improvements, Gross Amounts	7,017
Total, Gross	10,687
Accumulated Depreciation	$ (1,182)
Year Build / Year Renovated	2018
Year Acquired	2018
3100 Fujita Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 7,723
Buildings and Improvements, Initial Cost	5,649
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	206
Land, Gross Amounts	7,723
Buildings and Improvements, Gross Amounts	5,855
Total, Gross	13,578
Accumulated Depreciation	$ (1,258)
Year Build / Year Renovated	1970
Year Acquired	2018
4416 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 10,762
Buildings and Improvements, Initial Cost	1,567
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,914
Land, Gross Amounts	10,762
Buildings and Improvements, Gross Amounts	4,481
Total, Gross	15,243
Accumulated Depreciation	$ (230)
Year Build / Year Renovated	1956
Year Acquired	2018
1420 McKinley Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 17,053
Buildings and Improvements, Initial Cost	13,605
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	143
Land, Gross Amounts	17,053
Buildings and Improvements, Gross Amounts	13,748
Total, Gross	30,801
Accumulated Depreciation	$ (2,662)
Year Build / Year Renovated	2017
Year Acquired	2018
12154 Montague Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Pacoima, CA
Land, Initial Cost	$ 10,114
Buildings and Improvements, Initial Cost	12,767
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	943
Land, Gross Amounts	10,114
Buildings and Improvements, Gross Amounts	13,710
Total, Gross	23,824
Accumulated Depreciation	$ (2,289)
Year Build / Year Renovated	1974
Year Acquired	2018
10747 Norwalk Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,646
Buildings and Improvements, Initial Cost	4,966
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	269
Land, Gross Amounts	5,646
Buildings and Improvements, Gross Amounts	5,235
Total, Gross	10,881
Accumulated Depreciation	$ (983)
Year Build / Year Renovated	1999
Year Acquired	2018
29003 Avenue Sherman
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 3,094
Buildings and Improvements, Initial Cost	6,467
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,826
Land, Gross Amounts	3,094
Buildings and Improvements, Gross Amounts	8,293
Total, Gross	11,387
Accumulated Depreciation	$ (1,017)
Year Build / Year Renovated	2000 / 2019
Year Acquired	2018
16121 Carmenita Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 10,013
Buildings and Improvements, Initial Cost	3,279
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,724
Land, Gross Amounts	10,013
Buildings and Improvements, Gross Amounts	7,003
Total, Gross	17,016
Accumulated Depreciation	$ (981)
Year Build / Year Renovated	1969/1983, 2020
Year Acquired	2018
1332-1340 Rocky Point Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 3,816
Buildings and Improvements, Initial Cost	6,148
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	511
Land, Gross Amounts	3,816
Buildings and Improvements, Gross Amounts	6,659
Total, Gross	10,475
Accumulated Depreciation	$ (1,130)
Year Build / Year Renovated	2009 / 2019
Year Acquired	2018
6131-6133 Innovation Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 10,545
Buildings and Improvements, Initial Cost	11,859
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	113
Land, Gross Amounts	10,545
Buildings and Improvements, Gross Amounts	11,972
Total, Gross	22,517
Accumulated Depreciation	$ (2,252)
Year Build / Year Renovated	2017
Year Acquired	2018
263-321 Gardena Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 14,302
Buildings and Improvements, Initial Cost	1,960
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	199
Land, Gross Amounts	14,302
Buildings and Improvements, Gross Amounts	2,159
Total, Gross	16,461
Accumulated Depreciation	$ (719)
Year Build / Year Renovated	1977 - 1982
Year Acquired	2018
9200 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,887
Buildings and Improvements, Initial Cost	4,080
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	4,887
Buildings and Improvements, Gross Amounts	4,080
Total, Gross	8,967
Accumulated Depreciation	$ (742)
Year Build / Year Renovated	1968
Year Acquired	2018
9230 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,454
Buildings and Improvements, Initial Cost	955
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	4,454
Buildings and Improvements, Gross Amounts	955
Total, Gross	5,409
Accumulated Depreciation	$ (257)
Year Build / Year Renovated	1974
Year Acquired	2018
9250 Mason Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 4,034
Buildings and Improvements, Initial Cost	2,464
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	4,034
Buildings and Improvements, Gross Amounts	2,464
Total, Gross	6,498
Accumulated Depreciation	$ (483)
Year Build / Year Renovated	1977
Year Acquired	2018
9171 Oso Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 5,647
Buildings and Improvements, Initial Cost	2,801
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,647
Buildings and Improvements, Gross Amounts	2,801
Total, Gross	8,448
Accumulated Depreciation	$ (609)
Year Build / Year Renovated	1980
Year Acquired	2018
5593-5595 Fresca Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	La Palma, CA
Land, Initial Cost	$ 11,414
Buildings and Improvements, Initial Cost	2,502
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	452
Land, Gross Amounts	11,414
Buildings and Improvements, Gross Amounts	2,954
Total, Gross	14,368
Accumulated Depreciation	$ (632)
Year Build / Year Renovated	1973
Year Acquired	2018
6100 Sheila Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 11,789
Buildings and Improvements, Initial Cost	5,214
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,521
Land, Gross Amounts	11,789
Buildings and Improvements, Gross Amounts	6,735
Total, Gross	18,524
Accumulated Depreciation	$ (1,480)
Year Build / Year Renovated	1960
Year Acquired	2018
14421-14441 Bonelli Street
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 12,191
Buildings and Improvements, Initial Cost	7,489
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	330
Land, Gross Amounts	12,191
Buildings and Improvements, Gross Amounts	7,819
Total, Gross	20,010
Accumulated Depreciation	$ (1,407)
Year Build / Year Renovated	1971
Year Acquired	2018
12821 Knott Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 17,896
Buildings and Improvements, Initial Cost	2,824
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	16,406
Land, Gross Amounts	17,896
Buildings and Improvements, Gross Amounts	19,230
Total, Gross	37,126
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1971
Year Acquired	2019
28510 Industry Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 2,395
Buildings and Improvements, Initial Cost	5,466
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	126
Land, Gross Amounts	2,395
Buildings and Improvements, Gross Amounts	5,592
Total, Gross	7,987
Accumulated Depreciation	$ (884)
Year Build / Year Renovated	2017
Year Acquired	2019
Conejo Spectrum Business Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Thousand Oaks, CA
Land, Initial Cost	$ 38,877
Buildings and Improvements, Initial Cost	64,721
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,860
Land, Gross Amounts	38,877
Buildings and Improvements, Gross Amounts	66,581
Total, Gross	105,458
Accumulated Depreciation	$ (10,393)
Year Build / Year Renovated	2018 / 2020
Year Acquired	2019
2455 Ash Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Vista, CA
Land, Initial Cost	$ 4,273
Buildings and Improvements, Initial Cost	1,966
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	219
Land, Gross Amounts	4,273
Buildings and Improvements, Gross Amounts	2,185
Total, Gross	6,458
Accumulated Depreciation	$ (506)
Year Build / Year Renovated	1990
Year Acquired	2019
25413 Rye Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 3,245
Buildings and Improvements, Initial Cost	2,352
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,166
Land, Gross Amounts	3,245
Buildings and Improvements, Gross Amounts	4,518
Total, Gross	7,763
Accumulated Depreciation	$ (569)
Year Build / Year Renovated	1981
Year Acquired	2019
1515 15th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 23,363
Buildings and Improvements, Initial Cost	5,208
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,424
Land, Gross Amounts	23,363
Buildings and Improvements, Gross Amounts	7,632
Total, Gross	30,995
Accumulated Depreciation	$ (979)
Year Build / Year Renovated	1977
Year Acquired	2019
13890 Nelson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 25,642
Buildings and Improvements, Initial Cost	14,616
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	119
Land, Gross Amounts	25,642
Buildings and Improvements, Gross Amounts	14,735
Total, Gross	40,377
Accumulated Depreciation	$ (2,377)
Year Build / Year Renovated	1982
Year Acquired	2019
445-449 Freedom Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 9,084
Buildings and Improvements, Initial Cost	8,286
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	503
Land, Gross Amounts	9,084
Buildings and Improvements, Gross Amounts	8,789
Total, Gross	17,873
Accumulated Depreciation	$ (1,395)
Year Build / Year Renovated	1980
Year Acquired	2019
2270 Camino Vida Roble
Real Estate And Accumulated Depreciation [Line Items]
Location	Carlsbad, CA
Land, Initial Cost	$ 8,102
Buildings and Improvements, Initial Cost	8,179
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,926
Land, Gross Amounts	8,102
Buildings and Improvements, Gross Amounts	11,105
Total, Gross	19,207
Accumulated Depreciation	$ (2,184)
Year Build / Year Renovated	1981
Year Acquired	2019
980 Rancheros Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Marcos, CA
Land, Initial Cost	$ 2,901
Buildings and Improvements, Initial Cost	4,245
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	255
Land, Gross Amounts	2,901
Buildings and Improvements, Gross Amounts	4,500
Total, Gross	7,401
Accumulated Depreciation	$ (722)
Year Build / Year Renovated	1982
Year Acquired	2019
1145 Arroyo Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 19,556
Buildings and Improvements, Initial Cost	9,567
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	896
Land, Gross Amounts	19,556
Buildings and Improvements, Gross Amounts	10,463
Total, Gross	30,019
Accumulated Depreciation	$ (1,652)
Year Build / Year Renovated	1989
Year Acquired	2019
1150 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 18,989
Buildings and Improvements, Initial Cost	10,067
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	37
Land, Gross Amounts	18,989
Buildings and Improvements, Gross Amounts	10,104
Total, Gross	29,093
Accumulated Depreciation	$ (1,813)
Year Build / Year Renovated	1989
Year Acquired	2019
1175 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 12,367
Buildings and Improvements, Initial Cost	4,858
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	138
Land, Gross Amounts	12,367
Buildings and Improvements, Gross Amounts	4,996
Total, Gross	17,363
Accumulated Depreciation	$ (922)
Year Build / Year Renovated	1989
Year Acquired	2019
1245 Aviation Place
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 16,407
Buildings and Improvements, Initial Cost	9,572
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	32
Land, Gross Amounts	16,407
Buildings and Improvements, Gross Amounts	9,604
Total, Gross	26,011
Accumulated Depreciation	$ (1,629)
Year Build / Year Renovated	1989
Year Acquired	2019
635 8th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	San Fernando, CA
Land, Initial Cost	$ 8,787
Buildings and Improvements, Initial Cost	5,922
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,037
Land, Gross Amounts	8,787
Buildings and Improvements, Gross Amounts	7,959
Total, Gross	16,746
Accumulated Depreciation	$ (847)
Year Build / Year Renovated	1989
Year Acquired	2019
10015 Waples Court
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 12,280
Buildings and Improvements, Initial Cost	9,198
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,463
Land, Gross Amounts	12,280
Buildings and Improvements, Gross Amounts	14,661
Total, Gross	26,941
Accumulated Depreciation	$ (1,439)
Year Build / Year Renovated	1988 / 2020
Year Acquired	2019
19100 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 11,576
Buildings and Improvements, Initial Cost	2,265
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	381
Land, Gross Amounts	11,576
Buildings and Improvements, Gross Amounts	2,646
Total, Gross	14,222
Accumulated Depreciation	$ (561)
Year Build / Year Renovated	1956
Year Acquired	2019
15385 Oxnard Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 11,782
Buildings and Improvements, Initial Cost	5,212
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	204
Land, Gross Amounts	11,782
Buildings and Improvements, Gross Amounts	5,416
Total, Gross	17,198
Accumulated Depreciation	$ (868)
Year Build / Year Renovated	1988
Year Acquired	2019
9750-9770 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 6,718
Buildings and Improvements, Initial Cost	543
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	72
Land, Gross Amounts	6,718
Buildings and Improvements, Gross Amounts	615
Total, Gross	7,333
Accumulated Depreciation	$ (218)
Year Build / Year Renovated	1952
Year Acquired	2019
218 S. Turnbull Canyon
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 19,075
Buildings and Improvements, Initial Cost	8,061
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	262
Land, Gross Amounts	19,075
Buildings and Improvements, Gross Amounts	8,323
Total, Gross	27,398
Accumulated Depreciation	$ (1,495)
Year Build / Year Renovated	1999
Year Acquired	2019
Limonite Ave. & Archibald Ave.
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 23,848
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	31,554
Land, Gross Amounts	23,848
Buildings and Improvements, Gross Amounts	31,554
Total, Gross	55,402
Accumulated Depreciation	$ (2,840)
Year Build / Year Renovated	2020
Year Acquired	2019
3340 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 2,885
Buildings and Improvements, Initial Cost	147
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(115)
Land, Gross Amounts	2,770
Buildings and Improvements, Gross Amounts	147
Total, Gross	2,917
Accumulated Depreciation	$ (63)
Year Build / Year Renovated	N/A
Year Acquired	2019
5725 Eastgate Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,543
Buildings and Improvements, Initial Cost	1,732
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	332
Land, Gross Amounts	6,543
Buildings and Improvements, Gross Amounts	2,064
Total, Gross	8,607
Accumulated Depreciation	$ (453)
Year Build / Year Renovated	1995
Year Acquired	2019
18115 Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 7,142
Buildings and Improvements, Initial Cost	776
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	194
Land, Gross Amounts	7,142
Buildings and Improvements, Gross Amounts	970
Total, Gross	8,112
Accumulated Depreciation	$ (216)
Year Build / Year Renovated	1988
Year Acquired	2019
3150 Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 15,997
Buildings and Improvements, Initial Cost	3,036
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	15,997
Buildings and Improvements, Gross Amounts	3,040
Total, Gross	19,037
Accumulated Depreciation	$ (509)
Year Build / Year Renovated	1957
Year Acquired	2019
1402 Avenida Del Oro
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 33,006
Buildings and Improvements, Initial Cost	34,439
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	39
Land, Gross Amounts	33,006
Buildings and Improvements, Gross Amounts	34,478
Total, Gross	67,484
Accumulated Depreciation	$ (5,311)
Year Build / Year Renovated	2016
Year Acquired	2019
9607-9623 Imperial Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 9,766
Buildings and Improvements, Initial Cost	865
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,669
Land, Gross Amounts	9,766
Buildings and Improvements, Gross Amounts	2,534
Total, Gross	12,300
Accumulated Depreciation	$ (389)
Year Build / Year Renovated	1974
Year Acquired	2019
12200 Bellflower Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Downey, CA
Land, Initial Cost	$ 14,960
Buildings and Improvements, Initial Cost	2,057
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	425
Land, Gross Amounts	14,960
Buildings and Improvements, Gross Amounts	2,482
Total, Gross	17,442
Accumulated Depreciation	$ (482)
Year Build / Year Renovated	1955
Year Acquired	2019
Storm Parkway
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 42,178
Buildings and Improvements, Initial Cost	21,987
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	647
Land, Gross Amounts	42,178
Buildings and Improvements, Gross Amounts	22,634
Total, Gross	64,812
Accumulated Depreciation	$ (3,262)
Year Build / Year Renovated	1982 - 2008
Year Acquired	2019
2328 Teller Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Newbury Park, CA
Land, Initial Cost	$ 8,330
Buildings and Improvements, Initial Cost	14,304
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,425
Land, Gross Amounts	8,330
Buildings and Improvements, Gross Amounts	15,729
Total, Gross	24,059
Accumulated Depreciation	$ (2,320)
Year Build / Year Renovated	1970 / 2018
Year Acquired	2019
6277-6289 Slauson Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 27,809
Buildings and Improvements, Initial Cost	11,454
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	730
Land, Gross Amounts	27,809
Buildings and Improvements, Gross Amounts	12,184
Total, Gross	39,993
Accumulated Depreciation	$ (1,854)
Year Build / Year Renovated	1962 - 1977
Year Acquired	2019
750 Manville Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 8,283
Buildings and Improvements, Initial Cost	2,784
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	357
Land, Gross Amounts	8,283
Buildings and Improvements, Gross Amounts	3,141
Total, Gross	11,424
Accumulated Depreciation	$ (467)
Year Build / Year Renovated	1977
Year Acquired	2019
8985 Crestmar Point
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,990
Buildings and Improvements, Initial Cost	1,350
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	530
Land, Gross Amounts	6,990
Buildings and Improvements, Gross Amounts	1,880
Total, Gross	8,870
Accumulated Depreciation	$ (384)
Year Build / Year Renovated	1988
Year Acquired	2019
404-430 Berry Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Brea, CA
Land, Initial Cost	$ 21,047
Buildings and Improvements, Initial Cost	4,566
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,626
Land, Gross Amounts	21,047
Buildings and Improvements, Gross Amounts	6,192
Total, Gross	27,239
Accumulated Depreciation	$ (1,074)
Year Build / Year Renovated	1964 - 1967
Year Acquired	2019
415-435 Motor Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Azusa, CA
Land, Initial Cost	$ 7,364
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10,880
Land, Gross Amounts	7,364
Buildings and Improvements, Gross Amounts	10,880
Total, Gross	18,244
Accumulated Depreciation	$ (74)
Year Build / Year Renovated	1956 / 2022
Year Acquired	2019
508 East E Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 10,742
Buildings and Improvements, Initial Cost	4,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	97
Land, Gross Amounts	10,742
Buildings and Improvements, Gross Amounts	4,477
Total, Gross	15,219
Accumulated Depreciation	$ (659)
Year Build / Year Renovated	1988
Year Acquired	2019
12752-12822 Monarch Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Garden Grove, CA
Land, Initial Cost	$ 29,404
Buildings and Improvements, Initial Cost	4,262
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	13,182
Land, Gross Amounts	29,404
Buildings and Improvements, Gross Amounts	17,444
Total, Gross	46,848
Accumulated Depreciation	$ (655)
Year Build / Year Renovated	1971
Year Acquired	2019
1601 Mission Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Pomona, CA
Land, Initial Cost	$ 67,623
Buildings and Improvements, Initial Cost	18,962
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	298
Land, Gross Amounts	67,623
Buildings and Improvements, Gross Amounts	19,260
Total, Gross	86,883
Accumulated Depreciation	$ (3,429)
Year Build / Year Renovated	1952
Year Acquired	2019
2757 Del Amo Blvd.
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 10,035
Buildings and Improvements, Initial Cost	2,073
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	136
Land, Gross Amounts	10,035
Buildings and Improvements, Gross Amounts	2,209
Total, Gross	12,244
Accumulated Depreciation	$ (405)
Year Build / Year Renovated	1967
Year Acquired	2019
18250 Euclid Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Fountain Valley, CA
Land, Initial Cost	$ 11,116
Buildings and Improvements, Initial Cost	3,201
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	11,116
Buildings and Improvements, Gross Amounts	3,201
Total, Gross	14,317
Accumulated Depreciation	$ (451)
Year Build / Year Renovated	1974
Year Acquired	2019
701-751 Kingshill Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Encumbrances	$ 7,100
Land, Initial Cost	23,016
Buildings and Improvements, Initial Cost	10,344
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,897
Land, Gross Amounts	23,016
Buildings and Improvements, Gross Amounts	14,241
Total, Gross	37,257
Accumulated Depreciation	$ (1,573)
Year Build / Year Renovated	1979 / 2020
Year Acquired	2020
2601-2641 Manhattan Beach Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Encumbrances	$ 3,832
Land, Initial Cost	30,333
Buildings and Improvements, Initial Cost	9,427
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,288
Land, Gross Amounts	30,333
Buildings and Improvements, Gross Amounts	14,715
Total, Gross	45,048
Accumulated Depreciation	$ (1,615)
Year Build / Year Renovated	1978
Year Acquired	2020
2410-2420 Santa Fe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Encumbrances	$ 10,300
Land, Initial Cost	24,310
Buildings and Improvements, Initial Cost	13,128
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6
Land, Gross Amounts	24,310
Buildings and Improvements, Gross Amounts	13,134
Total, Gross	37,444
Accumulated Depreciation	$ (1,556)
Year Build / Year Renovated	1977
Year Acquired	2020
11600 Los Nietos Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Encumbrances	$ 2,462
Land, Initial Cost	12,033
Buildings and Improvements, Initial Cost	4,666
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,165
Land, Gross Amounts	12,033
Buildings and Improvements, Gross Amounts	10,831
Total, Gross	22,864
Accumulated Depreciation	$ (274)
Year Build / Year Renovated	1976 / 2022
Year Acquired	2020
5160 Richton Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Montclair, CA
Encumbrances	$ 4,153
Land, Initial Cost	7,199
Buildings and Improvements, Initial Cost	8,203
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	817
Land, Gross Amounts	7,199
Buildings and Improvements, Gross Amounts	9,020
Total, Gross	16,219
Accumulated Depreciation	$ (1,073)
Year Build / Year Renovated	2004
Year Acquired	2020
2205 126th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Hawthorne, CA
Encumbrances	$ 5,200
Land, Initial Cost	11,407
Buildings and Improvements, Initial Cost	6,834
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	747
Land, Gross Amounts	11,407
Buildings and Improvements, Gross Amounts	7,581
Total, Gross	18,988
Accumulated Depreciation	$ (1,072)
Year Build / Year Renovated	1998
Year Acquired	2020
11832-11954 La Cienega Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Hawthorne, CA
Encumbrances	$ 3,928
Land, Initial Cost	13,625
Buildings and Improvements, Initial Cost	5,721
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	876
Land, Gross Amounts	13,625
Buildings and Improvements, Gross Amounts	6,597
Total, Gross	20,222
Accumulated Depreciation	$ (963)
Year Build / Year Renovated	1999
Year Acquired	2020
7612-7642 Woodwind Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Huntington Beach, CA
Encumbrances	$ 3,712
Land, Initial Cost	10,634
Buildings and Improvements, Initial Cost	2,901
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	133
Land, Gross Amounts	10,634
Buildings and Improvements, Gross Amounts	3,034
Total, Gross	13,668
Accumulated Depreciation	$ (420)
Year Build / Year Renovated	2001
Year Acquired	2020
960-970 Knox Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Encumbrances	$ 2,307
Land, Initial Cost	7,324
Buildings and Improvements, Initial Cost	2,380
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,174
Land, Gross Amounts	7,324
Buildings and Improvements, Gross Amounts	3,554
Total, Gross	10,878
Accumulated Depreciation	$ (470)
Year Build / Year Renovated	1976
Year Acquired	2020
25781 Atlantic Ocean Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 4,358
Buildings and Improvements, Initial Cost	1,067
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	831
Land, Gross Amounts	4,358
Buildings and Improvements, Gross Amounts	1,898
Total, Gross	6,256
Accumulated Depreciation	$ (175)
Year Build / Year Renovated	1996
Year Acquired	2020
720-750 Vernon Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Azusa, CA
Land, Initial Cost	$ 14,088
Buildings and Improvements, Initial Cost	1,638
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	14,088
Buildings and Improvements, Gross Amounts	1,642
Total, Gross	15,730
Accumulated Depreciation	$ (332)
Year Build / Year Renovated	1950
Year Acquired	2020
6687 Flotilla Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 14,501
Buildings and Improvements, Initial Cost	6,053
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	445
Land, Gross Amounts	14,501
Buildings and Improvements, Gross Amounts	6,498
Total, Gross	20,999
Accumulated Depreciation	$ (745)
Year Build / Year Renovated	1956
Year Acquired	2020
1055 Sandhill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 11,970
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,557
Land, Gross Amounts	11,970
Buildings and Improvements, Gross Amounts	6,557
Total, Gross	18,527
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1973
Year Acquired	2020
22895 Eastpark Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Yorba Linda, CA
Encumbrances	$ 2,612
Land, Initial Cost	5,337
Buildings and Improvements, Initial Cost	1,370
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,337
Buildings and Improvements, Gross Amounts	1,370
Total, Gross	6,707
Accumulated Depreciation	$ (200)
Year Build / Year Renovated	1986
Year Acquired	2020
8745-8775 Production Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 6,471
Buildings and Improvements, Initial Cost	1,551
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,590
Land, Gross Amounts	6,471
Buildings and Improvements, Gross Amounts	3,141
Total, Gross	9,612
Accumulated Depreciation	$ (405)
Year Build / Year Renovated	1974 / 2021
Year Acquired	2020
15850 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 3,634
Buildings and Improvements, Initial Cost	6,452
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	55
Land, Gross Amounts	3,634
Buildings and Improvements, Gross Amounts	6,507
Total, Gross	10,141
Accumulated Depreciation	$ (643)
Year Build / Year Renovated	2020
Year Acquired	2020
15650-15700 Avalon Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 22,353
Buildings and Improvements, Initial Cost	5,988
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9,241
Land, Gross Amounts	22,353
Buildings and Improvements, Gross Amounts	15,229
Total, Gross	37,582
Accumulated Depreciation	$ (307)
Year Build / Year Renovated	1962 - 1978 / 2022
Year Acquired	2020
11308-11350 Penrose Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 15,884
Buildings and Improvements, Initial Cost	11,169
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	321
Land, Gross Amounts	15,884
Buildings and Improvements, Gross Amounts	11,490
Total, Gross	27,374
Accumulated Depreciation	$ (1,239)
Year Build / Year Renovated	1974
Year Acquired	2020
11076-11078 Fleetwood Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Sun Valley, CA
Land, Initial Cost	$ 3,217
Buildings and Improvements, Initial Cost	1,446
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,143
Land, Gross Amounts	3,217
Buildings and Improvements, Gross Amounts	2,589
Total, Gross	5,806
Accumulated Depreciation	$ (202)
Year Build / Year Renovated	1974
Year Acquired	2020
12133 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 5,900
Buildings and Improvements, Initial Cost	891
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,486
Land, Gross Amounts	5,900
Buildings and Improvements, Gross Amounts	6,377
Total, Gross	12,277
Accumulated Depreciation	$ (34)
Year Build / Year Renovated	1967
Year Acquired	2020
12772 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Land, Initial Cost	$ 17,302
Buildings and Improvements, Initial Cost	3,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	894
Land, Gross Amounts	17,302
Buildings and Improvements, Gross Amounts	4,726
Total, Gross	22,028
Accumulated Depreciation	$ (454)
Year Build / Year Renovated	1964 / 2013
Year Acquired	2020
15601 Avalon Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 15,776
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	13,235
Land, Gross Amounts	15,776
Buildings and Improvements, Gross Amounts	13,235
Total, Gross	29,011
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1984
Year Acquired	2020
Gateway Pointe
Real Estate And Accumulated Depreciation [Line Items]
Location	Whittier, CA
Land, Initial Cost	$ 132,659
Buildings and Improvements, Initial Cost	154,250
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,150
Land, Gross Amounts	132,659
Buildings and Improvements, Gross Amounts	155,400
Total, Gross	288,059
Accumulated Depreciation	$ (12,750)
Year Build / Year Renovated	2005 - 2006
Year Acquired	2020
13943-13955 Balboa Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Sylmar, CA
Encumbrances	$ 14,965
Land, Initial Cost	26,795
Buildings and Improvements, Initial Cost	18,484
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,942
Land, Gross Amounts	26,795
Buildings and Improvements, Gross Amounts	20,426
Total, Gross	47,221
Accumulated Depreciation	$ (1,747)
Year Build / Year Renovated	2000
Year Acquired	2020
Van Nuys Airport Industrial Center
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 91,894
Buildings and Improvements, Initial Cost	58,625
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,262
Land, Gross Amounts	91,894
Buildings and Improvements, Gross Amounts	60,887
Total, Gross	152,781
Accumulated Depreciation	$ (5,322)
Year Build / Year Renovated	1961 - 2007
Year Acquired	2020
4039 State Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Montclair, CA
Land, Initial Cost	$ 12,829
Buildings and Improvements, Initial Cost	15,485
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	72
Land, Gross Amounts	12,829
Buildings and Improvements, Gross Amounts	15,557
Total, Gross	28,386
Accumulated Depreciation	$ (1,319)
Year Build / Year Renovated	2020
Year Acquired	2020
10156 Live Oak Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 19,779
Buildings and Improvements, Initial Cost	27,186
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	838
Land, Gross Amounts	19,779
Buildings and Improvements, Gross Amounts	28,024
Total, Gross	47,803
Accumulated Depreciation	$ (2,202)
Year Build / Year Renovated	2020
Year Acquired	2020
10694 Tamarind Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 8,878
Buildings and Improvements, Initial Cost	12,325
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	190
Land, Gross Amounts	8,878
Buildings and Improvements, Gross Amounts	12,515
Total, Gross	21,393
Accumulated Depreciation	$ (1,032)
Year Build / Year Renovated	2020
Year Acquired	2020
2520 Baseline Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Rialto, CA
Land, Initial Cost	$ 12,513
Buildings and Improvements, Initial Cost	16,377
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	172
Land, Gross Amounts	12,513
Buildings and Improvements, Gross Amounts	16,549
Total, Gross	29,062
Accumulated Depreciation	$ (1,359)
Year Build / Year Renovated	2020
Year Acquired	2020
12211 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 15,729
Buildings and Improvements, Initial Cost	1,636
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	15,729
Buildings and Improvements, Gross Amounts	1,636
Total, Gross	17,365
Accumulated Depreciation	$ (270)
Year Acquired	2020
East 27th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 40,332
Buildings and Improvements, Initial Cost	21,842
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	431
Land, Gross Amounts	40,332
Buildings and Improvements, Gross Amounts	22,273
Total, Gross	62,605
Accumulated Depreciation	$ (2,037)
Year Build / Year Renovated	1961 - 2004
Year Acquired	2020
2750 Alameda Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 24,644
Buildings and Improvements, Initial Cost	5,771
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	723
Land, Gross Amounts	24,644
Buildings and Improvements, Gross Amounts	6,494
Total, Gross	31,138
Accumulated Depreciation	$ (740)
Year Build / Year Renovated	1961 - 1980
Year Acquired	2020
29010 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 7,401
Buildings and Improvements, Initial Cost	8,168
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	976
Land, Gross Amounts	7,401
Buildings and Improvements, Gross Amounts	9,144
Total, Gross	16,545
Accumulated Depreciation	$ (728)
Year Build / Year Renovated	2000
Year Acquired	2020
29010 Commerce Center Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 10,499
Buildings and Improvements, Initial Cost	13,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	10,499
Buildings and Improvements, Gross Amounts	13,835
Total, Gross	24,334
Accumulated Depreciation	$ (1,134)
Year Build / Year Renovated	2002
Year Acquired	2020
13369 Valley Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 9,675
Buildings and Improvements, Initial Cost	10,393
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	48
Land, Gross Amounts	9,675
Buildings and Improvements, Gross Amounts	10,441
Total, Gross	20,116
Accumulated Depreciation	$ (932)
Year Build / Year Renovated	2005
Year Acquired	2020
6635 Caballero Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Buena Park, CA
Land, Initial Cost	$ 14,288
Buildings and Improvements, Initial Cost	7,919
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	106
Land, Gross Amounts	14,288
Buildings and Improvements, Gross Amounts	8,025
Total, Gross	22,313
Accumulated Depreciation	$ (684)
Year Build / Year Renovated	2003
Year Acquired	2020
1235 South Lewis Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 16,984
Buildings and Improvements, Initial Cost	1,519
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,997
Land, Gross Amounts	16,984
Buildings and Improvements, Gross Amounts	3,516
Total, Gross	20,500
Accumulated Depreciation	$ (166)
Year Build / Year Renovated	1956 / 2022
Year Acquired	2020
15010 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 24,017
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,871
Land, Gross Amounts	24,017
Buildings and Improvements, Gross Amounts	1,871
Total, Gross	25,888
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1963
Year Acquired	2021
5002-5018 Lindsay Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Chino, CA
Land, Initial Cost	$ 6,996
Buildings and Improvements, Initial Cost	5,658
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	541
Land, Gross Amounts	6,996
Buildings and Improvements, Gross Amounts	6,199
Total, Gross	13,195
Accumulated Depreciation	$ (518)
Year Build / Year Renovated	1986
Year Acquired	2021
514 East C Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 9,114
Buildings and Improvements, Initial Cost	1,205
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	9,114
Buildings and Improvements, Gross Amounts	1,209
Total, Gross	10,323
Accumulated Depreciation	$ (135)
Year Build / Year Renovated	2019
Year Acquired	2021
17907-18001 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 18,065
Buildings and Improvements, Initial Cost	1,829
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	523
Land, Gross Amounts	18,065
Buildings and Improvements, Gross Amounts	2,352
Total, Gross	20,417
Accumulated Depreciation	$ (274)
Year Build / Year Renovated	1954 - 1960
Year Acquired	2021
7817 Woodley Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Encumbrances	$ 3,009
Land, Initial Cost	5,496
Buildings and Improvements, Initial Cost	4,615
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,496
Buildings and Improvements, Gross Amounts	4,615
Total, Gross	10,111
Accumulated Depreciation	$ (171)
Year Build / Year Renovated	1974
Year Acquired	2021
8888-8992 Balboa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 20,033
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,322
Land, Gross Amounts	20,033
Buildings and Improvements, Gross Amounts	3,322
Total, Gross	23,355
Accumulated Depreciation	$ (3)
Year Build / Year Renovated	1967
Year Acquired	2021
9920-10020 Pioneer Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 21,345
Buildings and Improvements, Initial Cost	2,118
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	6,977
Land, Gross Amounts	21,345
Buildings and Improvements, Gross Amounts	9,095
Total, Gross	30,440
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1973 - 1978
Year Acquired	2021
2553 Garfield Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 3,846
Buildings and Improvements, Initial Cost	649
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	133
Land, Gross Amounts	3,846
Buildings and Improvements, Gross Amounts	782
Total, Gross	4,628
Accumulated Depreciation	$ (102)
Year Build / Year Renovated	1954
Year Acquired	2021
6655 East 26th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 5,195
Buildings and Improvements, Initial Cost	1,780
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	200
Land, Gross Amounts	5,195
Buildings and Improvements, Gross Amounts	1,980
Total, Gross	7,175
Accumulated Depreciation	$ (170)
Year Build / Year Renovated	1965
Year Acquired	2021
560 Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 2,660
Buildings and Improvements, Initial Cost	432
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	130
Land, Gross Amounts	2,660
Buildings and Improvements, Gross Amounts	562
Total, Gross	3,222
Accumulated Depreciation	$ (71)
Year Build / Year Renovated	1973
Year Acquired	2021
4225 Etiwanda Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Jurupa Valley, CA
Land, Initial Cost	$ 16,287
Buildings and Improvements, Initial Cost	15,537
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	104
Land, Gross Amounts	16,287
Buildings and Improvements, Gross Amounts	15,641
Total, Gross	31,928
Accumulated Depreciation	$ (1,203)
Year Build / Year Renovated	1998
Year Acquired	2021
12118 Bloomfield Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 16,809
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,392
Land, Gross Amounts	16,809
Buildings and Improvements, Gross Amounts	1,392
Total, Gross	18,201
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1955
Year Acquired	2021
256 Alondra Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 10,377
Buildings and Improvements, Initial Cost	371
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	250
Land, Gross Amounts	10,377
Buildings and Improvements, Gross Amounts	621
Total, Gross	10,998
Accumulated Depreciation	$ (99)
Year Build / Year Renovated	1954
Year Acquired	2021
19007 Reyes Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 16,673
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,115
Land, Gross Amounts	16,673
Buildings and Improvements, Gross Amounts	2,115
Total, Gross	18,788
Accumulated Depreciation	$ (7)
Year Build / Year Renovated	1969 / 2021
Year Acquired	2021
19431 Santa Fe Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 10,066
Buildings and Improvements, Initial Cost	638
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	788
Land, Gross Amounts	10,066
Buildings and Improvements, Gross Amounts	1,426
Total, Gross	11,492
Accumulated Depreciation	$ (48)
Year Build / Year Renovated	1963
Year Acquired	2021
4621 Guasti Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 8,198
Buildings and Improvements, Initial Cost	5,231
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	429
Land, Gross Amounts	8,198
Buildings and Improvements, Gross Amounts	5,660
Total, Gross	13,858
Accumulated Depreciation	$ (370)
Year Build / Year Renovated	1988
Year Acquired	2021
12838 Saticoy Street
Real Estate And Accumulated Depreciation [Line Items]
Location	North Hollywood, CA
Land, Initial Cost	$ 25,550
Buildings and Improvements, Initial Cost	2,185
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	25,550
Buildings and Improvements, Gross Amounts	2,185
Total, Gross	27,735
Accumulated Depreciation	$ (264)
Year Build / Year Renovated	1954
Year Acquired	2021
19951 Mariner Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 17,009
Buildings and Improvements, Initial Cost	7,674
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	17,009
Buildings and Improvements, Gross Amounts	7,677
Total, Gross	24,686
Accumulated Depreciation	$ (736)
Year Build / Year Renovated	1986
Year Acquired	2021
East 12th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 48,409
Buildings and Improvements, Initial Cost	40,756
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5,290
Land, Gross Amounts	48,409
Buildings and Improvements, Gross Amounts	46,046
Total, Gross	94,455
Accumulated Depreciation	$ (2,645)
Year Build / Year Renovated	1988
Year Acquired	2021
29120 Commerce Center Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 11,121
Buildings and Improvements, Initial Cost	15,799
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	73
Land, Gross Amounts	11,121
Buildings and Improvements, Gross Amounts	15,872
Total, Gross	26,993
Accumulated Depreciation	$ (1,026)
Year Build / Year Renovated	2002
Year Acquired	2021
20304 Alameda Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 11,987
Buildings and Improvements, Initial Cost	1,663
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	12
Land, Gross Amounts	11,987
Buildings and Improvements, Gross Amounts	1,675
Total, Gross	13,662
Accumulated Depreciation	$ (164)
Year Build / Year Renovated	1974
Year Acquired	2021
4181 Ruffin Road
Real Estate And Accumulated Depreciation [Line Items]
Location	San Diego, CA
Land, Initial Cost	$ 30,395
Buildings and Improvements, Initial Cost	3,530
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	116
Land, Gross Amounts	30,395
Buildings and Improvements, Gross Amounts	3,646
Total, Gross	34,041
Accumulated Depreciation	$ (573)
Year Build / Year Renovated	1987
Year Acquired	2021
12017 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 13,408
Buildings and Improvements, Initial Cost	205
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,697
Land, Gross Amounts	13,408
Buildings and Improvements, Gross Amounts	1,902
Total, Gross	15,310
Accumulated Depreciation	$ (54)
Year Build / Year Renovated	N/A
Year Acquired	2021
1901 Via Burton
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 24,461
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4,137
Land, Gross Amounts	24,461
Buildings and Improvements, Gross Amounts	4,137
Total, Gross	28,598
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1960
Year Acquired	2021
1555 Cucamonga Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 20,153
Buildings and Improvements, Initial Cost	2,134
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	55
Land, Gross Amounts	20,153
Buildings and Improvements, Gross Amounts	2,189
Total, Gross	22,342
Accumulated Depreciation	$ (279)
Year Build / Year Renovated	1973
Year Acquired	2021
1800 Lomita Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 89,711
Buildings and Improvements, Initial Cost	542
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	304
Land, Gross Amounts	89,711
Buildings and Improvements, Gross Amounts	846
Total, Gross	90,557
Accumulated Depreciation	$ (107)
Year Build / Year Renovated	N/A
Year Acquired	2021
8210-8240 Haskell Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 9,219
Buildings and Improvements, Initial Cost	3,331
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,137
Land, Gross Amounts	9,219
Buildings and Improvements, Gross Amounts	6,468
Total, Gross	15,687
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1962 - 1964
Year Acquired	2021
3100 Lomita Boulevard
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 124,313
Buildings and Improvements, Initial Cost	65,282
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(1,493)
Land, Gross Amounts	124,313
Buildings and Improvements, Gross Amounts	63,789
Total, Gross	188,102
Accumulated Depreciation	$ (4,922)
Year Build / Year Renovated	1967 - 1998
Year Acquired	2021
2401-2421 Glassell Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 54,554
Buildings and Improvements, Initial Cost	16,599
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	164
Land, Gross Amounts	54,554
Buildings and Improvements, Gross Amounts	16,763
Total, Gross	71,317
Accumulated Depreciation	$ (1,555)
Year Build / Year Renovated	1987
Year Acquired	2021
2390-2444 American Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Orange, CA
Land, Initial Cost	$ 17,214
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,454
Land, Gross Amounts	17,214
Buildings and Improvements, Gross Amounts	2,454
Total, Gross	19,668
Accumulated Depreciation	$ 0
Year Build / Year Renovated	N/A
Year Acquired	2021
500 Dupont Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 36,810
Buildings and Improvements, Initial Cost	26,489
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	461
Land, Gross Amounts	36,810
Buildings and Improvements, Gross Amounts	26,950
Total, Gross	63,760
Accumulated Depreciation	$ (1,432)
Year Build / Year Renovated	1987
Year Acquired	2021
1801 St. Andrew Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Ana, CA
Land, Initial Cost	$ 75,978
Buildings and Improvements, Initial Cost	24,522
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,793
Land, Gross Amounts	75,978
Buildings and Improvements, Gross Amounts	26,315
Total, Gross	102,293
Accumulated Depreciation	$ (1,991)
Year Build / Year Renovated	1987
Year Acquired	2021
5772 Jurupa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 36,590
Buildings and Improvements, Initial Cost	20,010
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	11
Land, Gross Amounts	36,590
Buildings and Improvements, Gross Amounts	20,021
Total, Gross	56,611
Accumulated Depreciation	$ (1,138)
Year Build / Year Renovated	1992
Year Acquired	2021
2500 Victoria Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 232,902
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	232,902
Buildings and Improvements, Gross Amounts	0
Total, Gross	232,902
Accumulated Depreciation	$ 0
Year Build / Year Renovated	N/A
Year Acquired	2021
1010 Belmont Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 9,078
Buildings and Improvements, Initial Cost	5,751
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	30
Land, Gross Amounts	9,078
Buildings and Improvements, Gross Amounts	5,781
Total, Gross	14,859
Accumulated Depreciation	$ (306)
Year Build / Year Renovated	1987
Year Acquired	2021
21515 Western Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 19,280
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,422
Land, Gross Amounts	19,280
Buildings and Improvements, Gross Amounts	1,422
Total, Gross	20,702
Accumulated Depreciation	$ (1)
Year Build / Year Renovated	1991
Year Acquired	2021
12027 Greenstone Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 8,952
Buildings and Improvements, Initial Cost	469
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	143
Land, Gross Amounts	8,952
Buildings and Improvements, Gross Amounts	612
Total, Gross	9,564
Accumulated Depreciation	$ (49)
Year Build / Year Renovated	1975
Year Acquired	2021
6027 Eastern Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 23,494
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	2,667
Land, Gross Amounts	23,494
Buildings and Improvements, Gross Amounts	2,667
Total, Gross	26,161
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1946
Year Acquired	2021
340-344 Bonnie Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 18,044
Buildings and Improvements, Initial Cost	9,506
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	4
Land, Gross Amounts	18,044
Buildings and Improvements, Gross Amounts	9,510
Total, Gross	27,554
Accumulated Depreciation	$ (483)
Year Build / Year Renovated	1994
Year Acquired	2021
14100 Vine Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Cerritos, CA
Land, Initial Cost	$ 40,458
Buildings and Improvements, Initial Cost	8,660
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3,573
Land, Gross Amounts	40,458
Buildings and Improvements, Gross Amounts	12,233
Total, Gross	52,691
Accumulated Depreciation	$ (448)
Year Build / Year Renovated	1979 / 2022
Year Acquired	2021
2280 Ward Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 23,301
Buildings and Improvements, Initial Cost	24,832
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	5
Land, Gross Amounts	23,301
Buildings and Improvements, Gross Amounts	24,837
Total, Gross	48,138
Accumulated Depreciation	$ (1,262)
Year Build / Year Renovated	1995
Year Acquired	2021
20481 Crescent Bay Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Lake Forest, CA
Land, Initial Cost	$ 16,164
Buildings and Improvements, Initial Cost	6,054
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	3
Land, Gross Amounts	16,164
Buildings and Improvements, Gross Amounts	6,057
Total, Gross	22,221
Accumulated Depreciation	$ (312)
Year Build / Year Renovated	1996
Year Acquired	2021
334 El Encanto Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 9,227
Buildings and Improvements, Initial Cost	1,272
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	123
Land, Gross Amounts	9,227
Buildings and Improvements, Gross Amounts	1,395
Total, Gross	10,622
Accumulated Depreciation	$ (96)
Year Build / Year Renovated	1960
Year Acquired	2021
17031-17037 Green Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,781
Buildings and Improvements, Initial Cost	3,302
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	76
Land, Gross Amounts	10,781
Buildings and Improvements, Gross Amounts	3,378
Total, Gross	14,159
Accumulated Depreciation	$ (184)
Year Build / Year Renovated	1968
Year Acquired	2021
13512 Marlay Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 37,018
Buildings and Improvements, Initial Cost	15,365
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	160
Land, Gross Amounts	37,018
Buildings and Improvements, Gross Amounts	15,525
Total, Gross	52,543
Accumulated Depreciation	$ (744)
Year Build / Year Renovated	1960
Year Acquired	2021
14940 Proctor Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 28,861
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	70
Land, Gross Amounts	28,861
Buildings and Improvements, Gross Amounts	70
Total, Gross	28,931
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1962
Year Acquired	2021
2800 Casitas Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 33,154
Buildings and Improvements, Initial Cost	10,833
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	253
Land, Gross Amounts	33,154
Buildings and Improvements, Gross Amounts	11,086
Total, Gross	44,240
Accumulated Depreciation	$ (461)
Year Build / Year Renovated	1999
Year Acquired	2021
4240 190th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 67,982
Buildings and Improvements, Initial Cost	9,882
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	18
Land, Gross Amounts	67,982
Buildings and Improvements, Gross Amounts	9,900
Total, Gross	77,882
Accumulated Depreciation	$ (517)
Year Build / Year Renovated	1966
Year Acquired	2021
2391-2393 Bateman Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 13,363
Buildings and Improvements, Initial Cost	9,811
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	13,363
Buildings and Improvements, Gross Amounts	9,811
Total, Gross	23,174
Accumulated Depreciation	$ (397)
Year Build / Year Renovated	2005
Year Acquired	2021
1168 Sherborn Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 13,747
Buildings and Improvements, Initial Cost	9,796
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	13,747
Buildings and Improvements, Gross Amounts	9,803
Total, Gross	23,550
Accumulated Depreciation	$ (400)
Year Build / Year Renovated	2004
Year Acquired	2021
3071 Coronado Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Anaheim, CA
Land, Initial Cost	$ 29,862
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	564
Land, Gross Amounts	29,862
Buildings and Improvements, Gross Amounts	564
Total, Gross	30,426
Accumulated Depreciation	$ (3)
Year Build / Year Renovated	1973
Year Acquired	2021
8911 Aviation Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 27,138
Buildings and Improvements, Initial Cost	4,780
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	310
Land, Gross Amounts	27,138
Buildings and Improvements, Gross Amounts	5,090
Total, Gross	32,228
Accumulated Depreciation	$ (241)
Year Build / Year Renovated	1971
Year Acquired	2021
1020 Bixby Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,067
Buildings and Improvements, Initial Cost	6,046
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	19
Land, Gross Amounts	10,067
Buildings and Improvements, Gross Amounts	6,065
Total, Gross	16,132
Accumulated Depreciation	$ (274)
Year Build / Year Renovated	1977
Year Acquired	2021
444 Quay Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 10,926
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	359
Land, Gross Amounts	10,926
Buildings and Improvements, Gross Amounts	359
Total, Gross	11,285
Accumulated Depreciation	$ (4)
Year Build / Year Renovated	1992
Year Acquired	2022
18455 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 57,186
Buildings and Improvements, Initial Cost	7,420
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	24
Land, Gross Amounts	57,186
Buildings and Improvements, Gross Amounts	7,444
Total, Gross	64,630
Accumulated Depreciation	$ (423)
Year Build / Year Renovated	1978
Year Acquired	2022
24903 Avenue Kearny
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Clarita, CA
Land, Initial Cost	$ 22,468
Buildings and Improvements, Initial Cost	34,074
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	316
Land, Gross Amounts	22,468
Buildings and Improvements, Gross Amounts	34,390
Total, Gross	56,858
Accumulated Depreciation	$ (1,195)
Year Build / Year Renovated	1988
Year Acquired	2022
19475 Gramercy Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 9,753
Buildings and Improvements, Initial Cost	1,678
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,772
Land, Gross Amounts	9,753
Buildings and Improvements, Gross Amounts	3,450
Total, Gross	13,203
Accumulated Depreciation	$ (65)
Year Build / Year Renovated	1982 / 2022
Year Acquired	2022
14005 Live Oak Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 20,387
Buildings and Improvements, Initial Cost	4,324
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	133
Land, Gross Amounts	20,387
Buildings and Improvements, Gross Amounts	4,457
Total, Gross	24,844
Accumulated Depreciation	$ (377)
Year Build / Year Renovated	1992
Year Acquired	2022
13700-13738 Slover Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 14,457
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	216
Land, Gross Amounts	14,457
Buildings and Improvements, Gross Amounts	216
Total, Gross	14,673
Accumulated Depreciation	$ (2)
Year Build / Year Renovated	1982
Year Acquired	2022
Meggitt Simi Valley
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 32,102
Buildings and Improvements, Initial Cost	26,338
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	32,102
Buildings and Improvements, Gross Amounts	26,338
Total, Gross	58,440
Accumulated Depreciation	$ (947)
Year Build / Year Renovated	1984 / 2005
Year Acquired	2022
21415-21605 Plummer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 33,119
Buildings and Improvements, Initial Cost	4,724
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	24
Land, Gross Amounts	33,119
Buildings and Improvements, Gross Amounts	4,748
Total, Gross	37,867
Accumulated Depreciation	$ (444)
Year Build / Year Renovated	1986
Year Acquired	2022
1501-1545 Rio Vista Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 16,138
Buildings and Improvements, Initial Cost	11,951
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	351
Land, Gross Amounts	16,138
Buildings and Improvements, Gross Amounts	12,302
Total, Gross	28,440
Accumulated Depreciation	$ (382)
Year Build / Year Renovated	2003
Year Acquired	2022
17011-17027 Central Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 22,235
Buildings and Improvements, Initial Cost	8,241
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	22,235
Buildings and Improvements, Gross Amounts	8,241
Total, Gross	30,476
Accumulated Depreciation	$ (267)
Year Build / Year Renovated	1979
Year Acquired	2022
2843 Benet Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Oceanside, CA
Land, Initial Cost	$ 3,459
Buildings and Improvements, Initial Cost	11,559
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	3,459
Buildings and Improvements, Gross Amounts	11,559
Total, Gross	15,018
Accumulated Depreciation	$ (347)
Year Build / Year Renovated	1987
Year Acquired	2022
14243 Bessemer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 5,229
Buildings and Improvements, Initial Cost	1,807
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,229
Buildings and Improvements, Gross Amounts	1,807
Total, Gross	7,036
Accumulated Depreciation	$ (61)
Year Build / Year Renovated	1987
Year Acquired	2022
2970 East 50th Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Vernon, CA
Land, Initial Cost	$ 0
Buildings and Improvements, Initial Cost	6,082
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	0
Buildings and Improvements, Gross Amounts	6,082
Total, Gross	6,082
Accumulated Depreciation	$ (192)
Year Build / Year Renovated	1949
Year Acquired	2022
19900 Plummer Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Chatsworth, CA
Land, Initial Cost	$ 13,845
Buildings and Improvements, Initial Cost	890
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	260
Land, Gross Amounts	13,845
Buildings and Improvements, Gross Amounts	1,150
Total, Gross	14,995
Accumulated Depreciation	$ (103)
Year Build / Year Renovated	1983
Year Acquired	2022
Long Beach Business Park
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 21,664
Buildings and Improvements, Initial Cost	2,960
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	147
Land, Gross Amounts	21,664
Buildings and Improvements, Gross Amounts	3,107
Total, Gross	24,771
Accumulated Depreciation	$ (182)
Year Build / Year Renovated	1973 - 1976
Year Acquired	2022
13711 Freeway Drive
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 34,175
Buildings and Improvements, Initial Cost	892
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	212
Land, Gross Amounts	34,175
Buildings and Improvements, Gross Amounts	1,104
Total, Gross	35,279
Accumulated Depreciation	$ (38)
Year Build / Year Renovated	1963
Year Acquired	2022
6245 Providence Way
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 6,075
Buildings and Improvements, Initial Cost	3,777
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	6,075
Buildings and Improvements, Gross Amounts	3,777
Total, Gross	9,852
Accumulated Depreciation	$ (133)
Year Build / Year Renovated	2018
Year Acquired	2022
7815 Van Nuys Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama City, CA
Land, Initial Cost	$ 19,837
Buildings and Improvements, Initial Cost	6,450
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	48
Land, Gross Amounts	19,837
Buildings and Improvements, Gross Amounts	6,498
Total, Gross	26,335
Accumulated Depreciation	$ (211)
Year Build / Year Renovated	1960
Year Acquired	2022
13535 Larwin Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Santa Fe Springs, CA
Land, Initial Cost	$ 14,580
Buildings and Improvements, Initial Cost	2,750
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	21
Land, Gross Amounts	14,580
Buildings and Improvements, Gross Amounts	2,771
Total, Gross	17,351
Accumulated Depreciation	$ (101)
Year Build / Year Renovated	1987
Year Acquired	2022
1154 Holt Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 7,222
Buildings and Improvements, Initial Cost	7,009
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	12
Land, Gross Amounts	7,222
Buildings and Improvements, Gross Amounts	7,021
Total, Gross	14,243
Accumulated Depreciation	$ (188)
Year Build / Year Renovated	2021
Year Acquired	2022
900-920 Allen Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Glendale, CA
Land, Initial Cost	$ 20,499
Buildings and Improvements, Initial Cost	6,176
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	20,499
Buildings and Improvements, Gross Amounts	6,176
Total, Gross	26,675
Accumulated Depreciation	$ (180)
Year Build / Year Renovated	1942 - 1995
Year Acquired	2022
1550-1600 Champagne Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 29,768
Buildings and Improvements, Initial Cost	19,702
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	10
Land, Gross Amounts	29,768
Buildings and Improvements, Gross Amounts	19,712
Total, Gross	49,480
Accumulated Depreciation	$ (509)
Year Build / Year Renovated	1989
Year Acquired	2022
10131 Banana Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 25,795
Buildings and Improvements, Initial Cost	1,248
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	36
Land, Gross Amounts	25,795
Buildings and Improvements, Gross Amounts	1,284
Total, Gross	27,079
Accumulated Depreciation	$ (67)
Year Build / Year Renovated	N/A
Year Acquired	2022
2020 Central Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 11,402
Buildings and Improvements, Initial Cost	676
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	11,402
Buildings and Improvements, Gross Amounts	676
Total, Gross	12,078
Accumulated Depreciation	$ (41)
Year Build / Year Renovated	1972
Year Acquired	2022
14200-14220 Arminta Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama, CA
Land, Initial Cost	$ 50,184
Buildings and Improvements, Initial Cost	33,691
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	50,184
Buildings and Improvements, Gross Amounts	33,691
Total, Gross	83,875
Accumulated Depreciation	$ (846)
Year Build / Year Renovated	2006
Year Acquired	2022
1172 Holt Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Ontario, CA
Land, Initial Cost	$ 9,439
Buildings and Improvements, Initial Cost	8,504
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	11
Land, Gross Amounts	9,439
Buildings and Improvements, Gross Amounts	8,515
Total, Gross	17,954
Accumulated Depreciation	$ (214)
Year Build / Year Renovated	2021
Year Acquired	2022
1500 Raymond Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fullerton, CA
Land, Initial Cost	$ 46,117
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	1,832
Land, Gross Amounts	46,117
Buildings and Improvements, Gross Amounts	1,832
Total, Gross	47,949
Accumulated Depreciation	$ 0
Year Build / Year Renovated	n/a
Year Acquired	2022
2400 Marine Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Redondo Beach, CA
Land, Initial Cost	$ 21,686
Buildings and Improvements, Initial Cost	7,290
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	21,686
Buildings and Improvements, Gross Amounts	7,297
Total, Gross	28,983
Accumulated Depreciation	$ (316)
Year Build / Year Renovated	1964
Year Acquired	2022
14434-14527 San Pedro Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 50,239
Buildings and Improvements, Initial Cost	1,985
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	329
Land, Gross Amounts	50,239
Buildings and Improvements, Gross Amounts	2,314
Total, Gross	52,553
Accumulated Depreciation	$ (85)
Year Build / Year Renovated	1971
Year Acquired	2022
20900 Normandie Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 26,136
Buildings and Improvements, Initial Cost	13,942
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	7
Land, Gross Amounts	26,136
Buildings and Improvements, Gross Amounts	13,949
Total, Gross	40,085
Accumulated Depreciation	$ (327)
Year Build / Year Renovated	N/A
Year Acquired	2022
15771 Red Hill Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Tustin, CA
Land, Initial Cost	$ 31,853
Buildings and Improvements, Initial Cost	8,431
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	9
Land, Gross Amounts	31,853
Buildings and Improvements, Gross Amounts	8,440
Total, Gross	40,293
Accumulated Depreciation	$ (306)
Year Build / Year Renovated	1979 / 2016
Year Acquired	2022
14350 Arminta Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Panorama City, CA
Land, Initial Cost	$ 5,715
Buildings and Improvements, Initial Cost	2,880
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,715
Buildings and Improvements, Gross Amounts	2,880
Total, Gross	8,595
Accumulated Depreciation	$ (67)
Year Build / Year Renovated	2006
Year Acquired	2022
29125 Avenue Paine
Real Estate And Accumulated Depreciation [Line Items]
Location	Valencia, CA
Land, Initial Cost	$ 20,388
Buildings and Improvements, Initial Cost	24,125
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	20,388
Buildings and Improvements, Gross Amounts	24,125
Total, Gross	44,513
Accumulated Depreciation	$ (557)
Year Build / Year Renovated	2006
Year Acquired	2022
3935-3949 Heritage Oak Court
Real Estate And Accumulated Depreciation [Line Items]
Location	Simi Valley, CA
Land, Initial Cost	$ 23,693
Buildings and Improvements, Initial Cost	33,149
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	23,693
Buildings and Improvements, Gross Amounts	33,149
Total, Gross	56,842
Accumulated Depreciation	$ (730)
Year Build / Year Renovated	1999
Year Acquired	2022
620 Anaheim Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 15,550
Buildings and Improvements, Initial Cost	2,230
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	732
Land, Gross Amounts	15,550
Buildings and Improvements, Gross Amounts	2,962
Total, Gross	18,512
Accumulated Depreciation	$ (56)
Year Build / Year Renovated	1984
Year Acquired	2022
400 Rosecrans Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Gardena, CA
Land, Initial Cost	$ 8,642
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	349
Land, Gross Amounts	8,642
Buildings and Improvements, Gross Amounts	349
Total, Gross	8,991
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1967
Year Acquired	2022
3547-3555 Voyager Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 19,809
Buildings and Improvements, Initial Cost	924
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	49
Land, Gross Amounts	19,809
Buildings and Improvements, Gross Amounts	973
Total, Gross	20,782
Accumulated Depreciation	$ (33)
Year Build / Year Renovated	1986
Year Acquired	2022
6996-7044 Bandini Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 39,403
Buildings and Improvements, Initial Cost	1,574
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	39,403
Buildings and Improvements, Gross Amounts	1,574
Total, Gross	40,977
Accumulated Depreciation	$ (47)
Year Build / Year Renovated	1968
Year Acquired	2022
4325 Etiwanda Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Jurupa Valley, CA
Land, Initial Cost	$ 31,286
Buildings and Improvements, Initial Cost	18,730
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	31,286
Buildings and Improvements, Gross Amounts	18,730
Total, Gross	50,016
Accumulated Depreciation	$ (357)
Year Build / Year Renovated	1998
Year Acquired	2022
Merge-West
Real Estate And Accumulated Depreciation [Line Items]
Location	Eastvale, CA
Land, Initial Cost	$ 251,443
Buildings and Improvements, Initial Cost	206,055
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	251,443
Buildings and Improvements, Gross Amounts	206,055
Total, Gross	457,498
Accumulated Depreciation	$ (3,647)
Year Build / Year Renovated	2022
Year Acquired	2022
6000-6052 & 6027-6029 Bandini Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Commerce, CA
Land, Initial Cost	$ 69,162
Buildings and Improvements, Initial Cost	25,490
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	69,162
Buildings and Improvements, Gross Amounts	25,490
Total, Gross	94,652
Accumulated Depreciation	$ (501)
Year Build / Year Renovated	2016
Year Acquired	2022
3901 Via Oro Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Long Beach, CA
Land, Initial Cost	$ 18,519
Buildings and Improvements, Initial Cost	953
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	123
Land, Gross Amounts	18,519
Buildings and Improvements, Gross Amounts	1,076
Total, Gross	19,595
Accumulated Depreciation	$ (104)
Year Build / Year Renovated	1983
Year Acquired	2022
15650 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 9,867
Buildings and Improvements, Initial Cost	5,818
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	9,867
Buildings and Improvements, Gross Amounts	5,818
Total, Gross	15,685
Accumulated Depreciation	$ (93)
Year Build / Year Renovated	2003
Year Acquired	2022
15700 Don Julian Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 10,252
Buildings and Improvements, Initial Cost	5,996
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	10,252
Buildings and Improvements, Gross Amounts	5,996
Total, Gross	16,248
Accumulated Depreciation	$ (96)
Year Build / Year Renovated	2001
Year Acquired	2022
17000 Gale Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 7,190
Buildings and Improvements, Initial Cost	4,929
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	7,190
Buildings and Improvements, Gross Amounts	4,929
Total, Gross	12,119
Accumulated Depreciation	$ (77)
Year Build / Year Renovated	2008
Year Acquired	2022
17909 & 17929 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 26,786
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	91
Land, Gross Amounts	26,786
Buildings and Improvements, Gross Amounts	91
Total, Gross	26,877
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1970 - 1973
Year Acquired	2022
2880 Ana Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Rancho Dominguez, CA
Land, Initial Cost	$ 34,987
Buildings and Improvements, Initial Cost	0
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	62
Land, Gross Amounts	34,987
Buildings and Improvements, Gross Amounts	62
Total, Gross	35,049
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1970
Year Acquired	2022
920 Pacific Coast Highway
Real Estate And Accumulated Depreciation [Line Items]
Location	Wilmington, CA
Land, Initial Cost	$ 80,121
Buildings and Improvements, Initial Cost	21,516
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	80,121
Buildings and Improvements, Gross Amounts	21,516
Total, Gross	101,637
Accumulated Depreciation	$ (254)
Year Build / Year Renovated	1954
Year Acquired	2022
21022 & 21034 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 15,551
Buildings and Improvements, Initial Cost	8,871
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	15,551
Buildings and Improvements, Gross Amounts	8,871
Total, Gross	24,422
Accumulated Depreciation	$ (96)
Year Build / Year Renovated	2002
Year Acquired	2022
13301 Main Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 40,434
Buildings and Improvements, Initial Cost	11,915
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	40,434
Buildings and Improvements, Gross Amounts	11,915
Total, Gross	52,349
Accumulated Depreciation	$ (140)
Year Build / Year Renovated	1989
Year Acquired	2022
20851 Currier Road
Real Estate And Accumulated Depreciation [Line Items]
Location	City of Industry, CA
Land, Initial Cost	$ 12,549
Buildings and Improvements, Initial Cost	9,471
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	292
Land, Gross Amounts	12,549
Buildings and Improvements, Gross Amounts	9,763
Total, Gross	22,312
Accumulated Depreciation	$ 0
Year Build / Year Renovated	1999
Year Acquired	2022
3131 Harcourt Street & 18031 Susana Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Compton, CA
Land, Initial Cost	$ 26,268
Buildings and Improvements, Initial Cost	1,419
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	26,268
Buildings and Improvements, Gross Amounts	1,419
Total, Gross	27,687
Accumulated Depreciation	$ (13)
Year Build / Year Renovated	1970
Year Acquired	2022
14400 Figueroa Street
Real Estate And Accumulated Depreciation [Line Items]
Location	Los Angeles, CA
Land, Initial Cost	$ 43,929
Buildings and Improvements, Initial Cost	6,011
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	43,929
Buildings and Improvements, Gross Amounts	6,011
Total, Gross	49,940
Accumulated Depreciation	$ (36)
Year Build / Year Renovated	1967
Year Acquired	2022
2130-2140 Del Amo Blvd
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 35,494
Buildings and Improvements, Initial Cost	5,246
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	35,494
Buildings and Improvements, Gross Amounts	5,246
Total, Gross	40,740
Accumulated Depreciation	$ (10)
Year Build / Year Renovated	1980
Year Acquired	2022
19145 Gramercy Place
Real Estate And Accumulated Depreciation [Line Items]
Location	Torrance, CA
Land, Initial Cost	$ 32,965
Buildings and Improvements, Initial Cost	5,894
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	32,965
Buildings and Improvements, Gross Amounts	5,894
Total, Gross	38,859
Accumulated Depreciation	$ (15)
Year Build / Year Renovated	1977
Year Acquired	2022
20455 Reeves Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Carson, CA
Land, Initial Cost	$ 40,291
Buildings and Improvements, Initial Cost	6,050
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	40,291
Buildings and Improvements, Gross Amounts	6,050
Total, Gross	46,341
Accumulated Depreciation	$ (13)
Year Build / Year Renovated	1982
Year Acquired	2022
14874 Jurupa Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 29,738
Buildings and Improvements, Initial Cost	29,627
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	29,738
Buildings and Improvements, Gross Amounts	29,627
Total, Gross	59,365
Accumulated Depreciation	$ (47)
Year Build / Year Renovated	2019
Year Acquired	2022
10660 Mulberry Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Fontana, CA
Land, Initial Cost	$ 8,744
Buildings and Improvements, Initial Cost	3,024
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	8,744
Buildings and Improvements, Gross Amounts	3,024
Total, Gross	11,768
Accumulated Depreciation	$ (6)
Year Build / Year Renovated	1990
Year Acquired	2022
755 Trademark Circle
Real Estate And Accumulated Depreciation [Line Items]
Location	Corona, CA
Land, Initial Cost	$ 5,685
Buildings and Improvements, Initial Cost	4,910
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	5,685
Buildings and Improvements, Gross Amounts	4,910
Total, Gross	10,595
Accumulated Depreciation	$ (8)
Year Build / Year Renovated	2001
Year Acquired	2022
4500 Azusa Canyon Road
Real Estate And Accumulated Depreciation [Line Items]
Location	Irwindale, CA
Land, Initial Cost	$ 35,173
Buildings and Improvements, Initial Cost	4,991
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	35,173
Buildings and Improvements, Gross Amounts	4,991
Total, Gross	40,164
Accumulated Depreciation	$ (13)
Year Build / Year Renovated	1950
Year Acquired	2022
7817 Haskell Avenue
Real Estate And Accumulated Depreciation [Line Items]
Location	Van Nuys, CA
Land, Initial Cost	$ 10,565
Buildings and Improvements, Initial Cost	976
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	0
Land, Gross Amounts	10,565
Buildings and Improvements, Gross Amounts	976
Total, Gross	11,541
Accumulated Depreciation	$ (3)
Year Build / Year Renovated	1960
Year Acquired	2022

Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) property building	Oct. 27, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2011 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Federal income tax basis	$ 8,800,000
Real estate investment cumulative impairment	9,500			$ 19,600
Long-term Debt, Gross	1,950,515		$ 1,413,121
Term Loan \| $60 Million Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Long-term Debt, Gross	$ 0	$ 60,000	$ 58,108
Number Of Properties Securing Loan \| property	6
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Number of buildings \| building	16
Land
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	$ 2,400
Building and improvements
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	$ 2,100
Building \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	10 years
Building \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	30 years
Site Improvements \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	5 years
Site Improvements \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	25 years

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance, beginning of year	$ 6,931,072	$ 4,947,955	$ 3,698,390
Acquisition of investment in real estate	2,395,518	1,912,076	1,210,289
Construction costs and improvements	146,508	106,721	84,392
Disposition of investment in real estate(1)	0	(20,034)	(34,068)
Properties held for sale(1)	0	(13,661)	(10,353)
Write-off of fully depreciated assets	(2,711)	(1,985)	(695)
Balance, End of Year	9,470,387	6,931,072	4,947,955
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance, beginning of year	(473,382)	(375,423)	(296,777)
Depreciation of investment in real estate	(143,661)	(112,679)	(86,159)
Disposition of investment in real estate(1)	0	6,078	5,270
Properties held for sale(1)	0	6,657	1,548
Write-off of fully depreciated assets	2,711	1,985	695
Balance, end of year	$ (614,332)	$ (473,382)	$ (375,423)