0001571283-23-000042 | 10-Q | XBRL Viewer | Rexford Industrial Realty INC

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Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 154,036	$ 169,986
Acquired lease intangible liabilities, net	(155,582)	(147,384)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	328,763	315,842
Accumulated amortization	(198,853)	(172,883)
Acquired lease intangible assets, net	129,910	142,959
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	25,598	26,851
Accumulated amortization	(14,196)	(12,671)
Acquired lease intangible assets, net	11,402	14,180
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	12,977	12,977
Accumulated amortization	(253)	(130)
Acquired lease intangible assets, net	12,724	12,847
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(250,292)	(220,646)
Accumulated accretion	94,710	73,262
Acquired lease intangible liabilities, net	$ (155,582)	$ (147,384)

Leases - Narrative (Detail) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
Leases - Narrative (Detail) $ in Thousands	Feb. 28, 2023 USD ($)	Sep. 30, 2023 USD ($) renewal_option	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) renewal_option	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Operating Lease Fixed And Variable Lease Payments		$ 196,900	$ 155,500	$ 561,600	$ 433,800
Operating Lease, Lease Income, Lease Payments		161,500	127,300	461,300	354,700
Operating Lease, Variable Lease Income		35,400	$ 28,200	100,300	79,100
Right-of-use assets		7,300		7,300		$ 8,500
Lease liabilities		$ 9,408		9,408		$ 10,900
Impairment of right-of-use asset	$ 200			$ 188	$ 0
Ground Lease \| 2970 East 50th Street [Member]
Lessor, Lease, Description [Line Items]
Remaining lease term				37 years 3 months 18 days
Renewal term		10 years		10 years
Renewal options \| renewal_option		4		4
Minimum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term				1 year
Maximum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term				4 years
Renewal term		5 years		5 years

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 2,227,637	$ 1,936,381
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	2,012,830	1,740,745
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	2,012,830	1,740,745
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying Value	$ 2,227,637	$ 1,936,381

- Definition

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

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 58,966	$ 39,280	$ 173,665	$ 124,307

- Definition

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

+ References

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+ Details

Incentive Award Plan - Compensation Expense (Details) - Second Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expensed share-based compensation	$ 8,166	$ 6,316	$ 24,300	$ 18,710
Capitalized share-based compensation	275	167	740	454
Total share-based compensation	$ 8,441	$ 6,483	$ 25,040	$ 19,164

Interest Rate Derivatives - Additional Information (Detail) $ in Thousands			9 Months Ended
	Mar. 29, 2023 USD ($)	Mar. 28, 2023 USD ($) agreement	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Mar. 21, 2023 USD ($) derivative_instrument	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Payments For Termination Of Cash Flow Swap, Operating			$ 161	$ 589
Accumulated other comprehensive income			21,142			$ 8,247
Amount estimated to be reclassified during next 12 months from AOCI into earnings as an increase to interest expense			(13,000)
Principal amount			$ 2,245,605			$ 1,950,515
Number of Executed Treasury Rate Lock Agreements \| agreement		3
Interest Rate Swap
Derivative [Line Items]
Derivative, Number of Instruments Held \| derivative_instrument					4
Derivative, Notional Amount					$ 400,000
Derivative, Average Fixed Interest Rate					3.97231%
Treasury Lock
Derivative [Line Items]
Derivative, Notional Amount		$ 250,000
Derivative, Average Fixed Interest Rate		3.64313%
Payments For Termination Of Cash Flow Swap, Operating	$ 200
Derivative, Term of Contract		5 years

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 61,790	$ 41,648	$ 182,270	$ 131,449
Other comprehensive income: cash flow hedge adjustments	4,760	12,694	13,313	19,861
Comprehensive income	66,550	54,342	195,583	151,310
Comprehensive income attributable to noncontrolling interests	(2,967)	(2,865)	(9,023)	(7,906)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 63,583	$ 51,477	$ 186,560	$ 143,404

- 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.

+ References + Details

- 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.

+ References + Details

- Definition

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

+ References

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- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Notes Payable - Summary of Future Minimum Debt Payments (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
October 1, 2023 - December 31, 2023	$ 2,580
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	1,216,984
Total	$ 2,245,605	$ 1,950,515

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	61,790	$	41,648	$	182,270	$	131,449
Less: Preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)

Less: Net income attributable to noncontrolling interests	(2,824)		(2,368)		(8,605)		(7,142)
Less: Net income attributable to participating securities	(314)		(201)		(952)		(605)
Net income attributable to common stockholders – basic and diluted	$	56,338	$	36,765	$	165,770	$	116,759



Denominator:
Weighted average shares of common stock outstanding – basic	205,279,681		171,908,895		200,455,490		165,852,466
Effect of dilutive securities	167,851		922,278		212,083		548,968

Weighted average shares of common stock outstanding – diluted	205,447,532		172,831,173		200,667,573		166,401,434

Earnings per share — Basic
Net income attributable to common stockholders	$	0.27	$	0.21	$	0.83	$	0.70
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.27	$	0.21	$	0.83	$	0.70

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2021	$ 5,067,695	$ 4,784,579	$ 155,676	$ 1,605	$ 4,828,292	$ (191,120)	$ (9,874)	$ 283,116
Beginning Balance (in shares) at Dec. 31, 2021				160,511,482
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				21,885,446
Issuance of common stock	1,441,725	1,441,725		$ 219	1,441,506
Offering costs	(20,122)	(20,122)			(20,122)
Issuance of OP Units	56,167							56,167
Issuance of cumulative redeemable convertible preferred units	12,000							12,000
Share-based compensation (in shares)				123,840
Share-based compensation	19,164	4,091		$ 1	4,090			15,073
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(31,230)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(2,138)	(2,138)			(2,138)
Conversion of OP units to common stock (in shares)				87,168
Conversion of OP Units to common stock	0	3,226		$ 1	3,225			(3,226)
Acquisition of private REIT - preferred units	122							122
Net income	131,449	124,307	6,943			117,364		7,142
Other comprehensive income (loss)	19,861	19,097					19,097	764
Dividends, Preferred Stock	(6,943)	(6,943)	(6,943)
Preferred unit distributions	(2,319)							(2,319)
Dividends, Common Stock	(163,379)	(163,379)				(163,379)
Common unit distributions	(6,962)							(6,962)
Ending Balance at Sep. 30, 2022	6,546,320	6,184,443	155,676	$ 1,826	6,254,853	(237,135)	9,223	361,877
Ending Balance (in shares) at Sep. 30, 2022				182,576,706
Beginning Balance at Jun. 30, 2022	5,851,698	5,494,644	155,676	$ 1,711	5,556,819	(216,588)	(2,974)	357,054
Beginning Balance (in shares) at Jun. 30, 2022				171,064,419
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				11,515,553
Issuance of common stock	705,702	705,702		$ 115	705,587
Offering costs	(8,876)	(8,876)			(8,876)
Share-based compensation (in shares)				(1,274)
Share-based compensation	6,483	1,436		$ 0	1,436			5,047
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(1,992)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(113)	(113)			(113)
Acquisition of private REIT - preferred units	122							122
Net income	41,648	39,280	2,314			36,966		2,368
Other comprehensive income (loss)	12,694	12,197					12,197	497
Dividends, Preferred Stock	(2,314)	(2,314)	(2,314)
Preferred unit distributions	(798)							(798)
Dividends, Common Stock	(57,513)	(57,513)				(57,513)
Common unit distributions	(2,413)							(2,413)
Ending Balance at Sep. 30, 2022	6,546,320	6,184,443	155,676	$ 1,826	6,254,853	(237,135)	9,223	361,877
Ending Balance (in shares) at Sep. 30, 2022				182,576,706
Beginning Balance at Dec. 31, 2022	$ 6,923,342	6,556,938	155,676	$ 1,891	6,646,867	(255,743)	8,247	366,404
Beginning Balance (in shares) at Dec. 31, 2022	189,114,129			189,114,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				16,904,656
Issuance of common stock	$ 956,899	956,899		$ 169	956,730
Offering costs	(6,165)	(6,165)			(6,165)
Share-based compensation (in shares)				183,739
Share-based compensation	25,040	5,422		$ 2	5,420			19,618
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(32,028)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,891)	(1,891)			(1,891)
Conversion of OP units to common stock (in shares)				313,791
Conversion of OP Units to common stock	0	12,396		$ 3	12,393			(12,396)
Net income	182,270	173,665	6,943			166,722		8,605
Other comprehensive income (loss)	13,313	12,895					12,895	418
Dividends, Preferred Stock	(6,943)	(6,943)	(6,943)
Preferred unit distributions	(2,406)							(2,406)
Dividends, Common Stock	(231,159)	(231,159)				(231,159)
Common unit distributions	(8,996)							(8,996)
Ending Balance at Sep. 30, 2023	$ 7,843,304	7,472,057	155,676	$ 2,065	7,613,354	(320,180)	21,142	371,247
Ending Balance (in shares) at Sep. 30, 2023	206,484,287			206,484,287
Beginning Balance at Jun. 30, 2023	$ 7,554,814	7,187,302	155,676	$ 2,010	7,311,458	(298,367)	16,525	367,512
Beginning Balance (in shares) at Jun. 30, 2023				201,041,741
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				5,400,000
Issuance of common stock	300,240	300,240		$ 54	300,186
Offering costs	(2,103)	(2,103)			(2,103)
Share-based compensation (in shares)				(5,946)
Share-based compensation	8,441	1,887		$ 0	1,887			6,554
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(2,016)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(103)	(103)			(103)
Conversion of OP units to common stock (in shares)				50,508
Conversion of OP Units to common stock	0	2,030		$ 1	2,029			(2,030)
Net income	61,790	58,966	2,314			56,652		2,824
Other comprehensive income (loss)	4,760	4,617					4,617	143
Dividends, Preferred Stock	(2,314)	(2,314)	(2,314)
Preferred unit distributions	(802)							(802)
Dividends, Common Stock	(78,465)	(78,465)				(78,465)
Common unit distributions	(2,954)							(2,954)
Ending Balance at Sep. 30, 2023	$ 7,843,304	$ 7,472,057	$ 155,676	$ 2,065	$ 7,613,354	$ (320,180)	$ 21,142	$ 371,247
Ending Balance (in shares) at Sep. 30, 2023	206,484,287			206,484,287

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Rental income	$ 204,212	$ 162,581	$ 583,474	$ 452,156
Management and leasing services	158	163	519	456
Interest income	1,029	3	3,408	5
TOTAL REVENUES	205,399	162,747	587,401	452,617
OPERATING EXPENSES
Property expenses	48,085	39,614	135,220	108,448
General and administrative	18,575	14,951	55,039	44,531
Depreciation and amortization	60,449	51,146	178,671	140,226
TOTAL OPERATING EXPENSES	127,109	105,711	368,930	293,205
OTHER EXPENSES
Other expenses	551	413	1,504	746
Interest expense	15,949	14,975	46,830	34,826
TOTAL EXPENSES	143,609	121,099	417,264	328,777
Loss on extinguishment of debt	0	0	0	(877)
Gains on sale of real estate	0	0	12,133	8,486
NET INCOME	61,790	41,648	182,270	131,449
Less: net income attributable to noncontrolling interests	(2,824)	(2,368)	(8,605)	(7,142)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	58,966	39,280	173,665	124,307
Less: preferred stock dividends	(2,314)	(2,314)	(6,943)	(6,943)
Less: earnings allocated to participating securities	(314)	(201)	(952)	(605)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 56,338	$ 36,765	$ 165,770	$ 116,759
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.27	$ 0.21	$ 0.83	$ 0.70
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.27	$ 0.21	$ 0.83	$ 0.70
Weighted average shares of common stock outstanding - basic (in shares)	205,279,681	171,908,895	200,455,490	165,852,466
Weighted average shares of common stock outstanding - diluted (in shares)	205,447,532	172,831,173	200,667,573	166,401,434

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock, Dividends, Per Share, Declared	$ 0.38	$ 0.315	$ 1.14	$ 0.945
Series 2 CPOP Units
Dividend Rate				3.00%
5.875% Series B Cumulative Redeemable Preferred Stock
Dividend Rate			5.875%
Preferred Stock, Dividends Per Share, Declared	0.367188	0.367188	$ 1.101564	$ 1.101564
5.625% Series C Cumulative Redeemable Preferred Stock
Dividend Rate			5.625%
Preferred Stock, Dividends Per Share, Declared	$ 0.351563	$ 0.351563	$ 1.054689	$ 1.054689

Equity - Noncontrolling Interests (Detail) - USD ($)	3 Months Ended	9 Months Ended
Equity - Noncontrolling Interests (Detail) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Conversion of OP Units to common stock	$ 0	$ 0	$ 0
Contractual purchase price		1,160,263,000
Liquidation Preference	161,250,000	$ 161,250,000		$ 161,250,000
4.43937% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Dividend Rate		4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Class of Stock [Line Items]
Dividend Rate		4.00%
Series 3 CPOP Units \| Long Beach Business Park [Member]
Class of Stock [Line Items]
Dividend Rate		3.00%
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of OP Units to common stock	$ (2,030,000)	$ (12,396,000)	$ (3,226,000)
Noncontrolling Interests \| LTIP Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	792,646	792,646
Noncontrolling Interests \| Performance Units \| Operating Partnership
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	940,847	940,847
Common Stock
Class of Stock [Line Items]
Conversion of OP units to common stock (in shares)	50,508	313,791	87,168
Conversion of OP Units to common stock	$ 1,000	$ 3,000	$ 1,000
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP Units to common stock	$ 2,030,000	$ 12,396,000	$ 3,226,000
Partnership Interest \| Noncontrolling Interests \| OP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	5,567,048	5,567,048
Operating Partnership \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership	3.40%	3.40%

Related Party Transactions (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Revenues	$ 205,399	$ 162,747	$ 587,401	$ 452,617
Chief Executive Officer
Related Party Transaction [Line Items]
Revenues	$ 200	$ 200	$ 500	$ 400

- Definition

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

+ References

+ Details

Interest Rate Derivatives

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Derivatives

The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2023 and December 31, 2022 (dollars in thousands):


					Notional Value				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(1)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Interest Rate Swaps	7/27/2022	5/26/2027	2.81700	%	$	150,000	$	150,000	$	8,143	$	5,720
Interest Rate Swaps	7/27/2022	5/26/2027	2.81750	%	$	150,000	$	150,000	$	8,126	$	5,702


Interest Rate Swaps	4/3/2023	6/30/2025	3.98500	%	$	200,000	$	—	$	3,368	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.96625	%	$	100,000	$	—	$	1,715	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.95300	%	$	100,000	$	—	$	1,737	$	—
Interest Rate Swap	4/3/2023	7/30/2026	3.71000	%	$	60,000	$	—	$	1,405	$	—

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

Transactions

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

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	7,997	$	12,326	$	20,354	$	17,743
Amount of gain (loss) reclassified from AOCI into earnings under “Interest expense”(1)	$	3,237	$	(368)	$	7,041	$	(2,118)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	15,949	$	14,975	$	46,830	$	34,826

(1)Includes losses that have been reclassified from AOCI into interest expense related to (i) the T-Locks described above, (ii) the treasury rate lock agreements that were settled in August 2021 and for which amounts will continue to be reclassified over the ten-year term of the hedged transaction, (iii) the interest rate swaps that were terminated in August 2021 and for which amounts have been fully reclassified into interest expense through their original maturity date (January 2022), and (iv) the interest rate swap that was terminated in May 2022 and for which amounts will continue to be reclassified into interest expense through its original maturity date (November 2024).

As of September 30, 2023, we estimate that approximately $13.0 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next 12 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.

Notes Payable - Summary of Debt (Detail)	3 Months Ended	9 Months Ended
Notes Payable - Summary of Debt (Detail)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) property extension	Sep. 30, 2023	Sep. 30, 2023 Extension	Sep. 30, 2023 extension	Mar. 21, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 2,245,605,000	$ 2,245,605,000					$ 1,950,515,000
Unsecured Debt	2,125,000,000	2,125,000,000					1,825,000,000
Secured Debt	120,605,000	120,605,000					125,515,000
Less: unamortized discount and deferred loan costs	(17,968,000)	(17,968,000)					(14,134,000)
Carrying value	2,227,637,000	$ 2,227,637,000					1,936,381,000
Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate						3.97231%
Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| Extension				2
Extension period		6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit	0	$ 0
Principal amount							0
Debt Instrument, Maturity Date		May 26, 2026
$300M Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	300,000,000	$ 300,000,000					300,000,000
Debt Instrument, Maturity Date		May 26, 2027
Debt Instrument, Interest Rate, Effective Percentage			3.67725%
Principal amount	300,000,000	$ 300,000,000
$300M Term Loan \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			2.81725%
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Principal amount	60,000,000	$ 60,000,000					60,000,000
Debt Instrument, Maturity Date		Oct. 27, 2024
Number Of Properties Securing Loan \| property		6
Number Of Additional Extension Periods \| extension		3
Additional extension Periods, Term		1 year
$60 Million Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			5.06%
$60 Million Term Loan \| Senior Unsecured Term Loan \| Interest Rate Swap
Debt Instrument [Line Items]
Derivative, Average Fixed Interest Rate			3.71%
$400 Million Unsecured Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Effective Percentage			4.83231%
Senior Notes \| $100M Senior Notes
Debt Instrument [Line Items]
Principal amount	100,000,000	$ 100,000,000					100,000,000
Fixed interest rate			4.29%
Debt Instrument, Maturity Date		Aug. 06, 2025
Senior Notes \| $125M Senior Notes
Debt Instrument [Line Items]
Principal amount	125,000,000	$ 125,000,000					125,000,000
Fixed interest rate			3.93%
Debt Instrument, Maturity Date		Jul. 13, 2027
Senior Notes \| $300M Senior Notes due 2028
Debt Instrument [Line Items]
Principal amount	300,000,000	$ 300,000,000					0
Fixed interest rate			5.00%
Debt Instrument, Maturity Date		Jun. 15, 2028
Senior Notes \| $25M Series 2019A Senior Notes
Debt Instrument [Line Items]
Principal amount	25,000,000	$ 25,000,000					25,000,000
Fixed interest rate			3.88%
Debt Instrument, Maturity Date		Jul. 16, 2029
Principal amount	25,000,000	$ 25,000,000
Senior Notes \| $400M Senior Notes due 2030
Debt Instrument [Line Items]
Principal amount	400,000,000	$ 400,000,000					400,000,000
Fixed interest rate			2.125%
Debt Instrument, Maturity Date		Dec. 01, 2030
Principal amount	400,000,000	$ 400,000,000
Senior Notes \| $400M Senior Notes due 2031
Debt Instrument [Line Items]
Principal amount	400,000,000	$ 400,000,000					400,000,000
Fixed interest rate			2.15%
Debt Instrument, Maturity Date		Sep. 01, 2031
Principal amount	400,000,000	$ 400,000,000
Senior Notes \| $75M Series 2019B Senior Notes
Debt Instrument [Line Items]
Principal amount	75,000,000	$ 75,000,000					75,000,000
Fixed interest rate			4.03%
Debt Instrument, Maturity Date		Jul. 16, 2034
Principal amount	75,000,000	$ 75,000,000
Line of Credit \| $60 Million Term Loan
Debt Instrument [Line Items]
Principal amount	60,000,000	$ 60,000,000
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension					2
Extension period		6 months
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.125%
Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.30%
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Principal amount	400,000,000	$ 400,000,000					400,000,000
Debt Instrument, Maturity Date		Jul. 19, 2024
Line Of Credit Facility, Number Of Extensions				2	2
Extension period		1 year
Principal amount	400,000,000	$ 400,000,000
2601-2641 Manhattan Beach Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	0	$ 0					3,832,000
Fixed interest rate			4.08%
Debt Instrument, Maturity Date		Apr. 05, 2023
Debt Instrument, Periodic Payment		$ 23,138
960-970 Knox Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	2,234,000	$ 2,234,000					2,307,000
Fixed interest rate			5.00%
Debt Instrument, Maturity Date		Nov. 01, 2023
Debt Instrument, Periodic Payment		$ 17,538
7612-7642 Woodwind Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	3,638,000	$ 3,638,000					3,712,000
Fixed interest rate			5.24%
Debt Instrument, Maturity Date		Jan. 05, 2024
Debt Instrument, Periodic Payment		$ 24,270
11600 Los Nietos Road \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	2,333,000	$ 2,333,000					2,462,000
Fixed interest rate			4.19%
Debt Instrument, Maturity Date		May 01, 2024
Debt Instrument, Periodic Payment		$ 22,637
5160 Richton Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	4,060,000	$ 4,060,000					4,153,000
Fixed interest rate			3.79%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 23,270
22895 Eastpark Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	2,558,000	$ 2,558,000					2,612,000
Fixed interest rate			4.33%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 15,396
13943-13955 Balboa Boulevard \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	14,690,000	$ 14,690,000					14,965,000
Fixed interest rate			3.93%
Debt Instrument, Maturity Date		Jul. 01, 2027
Debt Instrument, Periodic Payment		$ 79,198
701-751 Kingshill Place \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	7,016,000	$ 7,016,000					7,100,000
Fixed interest rate			3.90%
Debt Instrument, Maturity Date		Jan. 05, 2026
Debt Instrument, Periodic Payment		$ 33,488
2205 126th Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	5,200,000	$ 5,200,000					5,200,000
Fixed interest rate			3.91%
Debt Instrument, Maturity Date		Dec. 01, 2027
2410-2420 Santa Fe Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	10,300,000	$ 10,300,000					10,300,000
Fixed interest rate			3.70%
Debt Instrument, Maturity Date		Jan. 01, 2028
11832-11954 La Cienega Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	3,871,000	$ 3,871,000					3,928,000
Fixed interest rate			4.26%
Debt Instrument, Maturity Date		Jul. 01, 2028
Debt Instrument, Periodic Payment		$ 20,194
Gilbert/La Palma \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	1,791,000	$ 1,791,000					1,935,000
Fixed interest rate			5.125%
Debt Instrument, Maturity Date		Mar. 01, 2031
Debt Instrument, Periodic Payment		$ 24,008
7817 Woodley Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount	$ 2,914,000	$ 2,914,000					$ 3,009,000
Fixed interest rate			4.14%
Debt Instrument, Maturity Date		Aug. 01, 2039
Debt Instrument, Periodic Payment		$ 20,855
SOFR \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.685%
Fixed interest rate			6.095%
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Fixed interest rate			3.677%
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
SOFR \| $300M Term Loan \| Senior Unsecured Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
SOFR \| $60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Fixed interest rate			5.06%
SOFR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
SOFR \| Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
SOFR \| Line of Credit \| Unsecured Revolving Credit Facility, $1 billion \| Senior Unsecured Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
SOFR \| Line of Credit \| Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Debt Instrument, Interest Rate, Increase (Decrease)		0.10%
SOFR \| Line of Credit \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
SOFR \| Line of Credit \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		0.10%
SOFR \| Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Fixed interest rate			4.832%

Investments in Real Estate

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisitions

The following table summarizes the wholly-owned properties we acquired during the nine months ended September 30, 2023:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000
3520 Challenger Street	Los Angeles - South Bay	2/28/2023	49,336	1	14,200
9000 Airport Boulevard(2)	Los Angeles - South Bay	3/28/2023	38,680	1	143,000
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(3)	San Diego - Central	3/30/2023	515,382	5	200,000
13925 Benson Avenue	San Bernardino - Inland Empire West	4/7/2023	38,143	1	27,500
19301 Santa Fe Avenue	Los Angeles - South Bay	4/14/2023	41,638	3	14,600
2395-2399 Bateman Avenue	Los Angeles - San Gabriel Valley	4/21/2023	134,952	3	41,203
27712 & 27756 Avenue Mentry	Los Angeles - San Fernando Valley	7/13/2023	220,752	2	38,010
5630 Cerritos Avenue	Orange County - West	7/14/2023	76,032	1	21,350
9400-9500 Santa Fe Springs Road	Los Angeles - Mid-Counties	7/20/2023	595,304	2	210,000
422 Rosecrans Avenue(4)	Los Angeles - South Bay	7/26/2023	9,350	1	2,850
14650 Hoover Street	Orange County - West	7/27/2023	59,679	1	22,300
2500 Thompson Street	Los Angeles - South Bay	8/18/2023	174,691	1	20,250
Total 2023 Property Acquisitions			3,137,379	24	$	1,160,263

(1)Represents the gross contractual purchase price before certain credits, prorations, closing costs and other acquisition related costs. Including $2.3 million of capitalized closing costs and acquisition related costs net of certain credits, the total aggregate initial investment was $1.163 billion. Each acquisition was funded with available cash on hand unless otherwise noted.

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

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

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

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


	2023 Acquisitions
Assets:
Land	$	770,448
Buildings and improvements	401,183
Tenant improvements	4,105
Acquired lease intangible assets(1)	19,830

Other acquired assets(2)	915
Total assets acquired	$	1,196,481

Liabilities:
Acquired lease intangible liabilities(3)	$	32,984



Other assumed liabilities(4)	40,098
Total liabilities assumed	$	73,082
Net assets acquired	$	1,123,399

(1)Acquired lease intangible assets is comprised of (i) $19.7 million of in-place lease intangibles with a weighted average amortization period of 9.2 years and (ii) $0.1 million of above-market lease intangibles with a weighted average amortization period of 5.2 years.

(2)Includes other working capital assets acquired at the time of acquisition.

(3)Represents below-market lease intangibles with a weighted average amortization period of 20.8 years.

(4)Includes $29.7 million of prepaid rent paid by seller/tenants in sale-leaseback transactions and other liabilities assumed at the time of acquisition.

Dispositions

The following table summarizes information related to the property that was sold during the nine months ended September 30, 2023.

Property

Submarket

Date of Disposition

Rentable Square Feet

Contractual Sales Price(1)

(in thousands)

Gain Recorded
(in thousands)

8101-8117 Orion Ave.

Los Angeles - San Fernando Valley

3/28/2023

48,394

17,000

12,133

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

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Summary of Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of September 30, 2023 and December 31, 2022 (dollars in thousands):


	September 30, 2023		December 31, 2022		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.685	%	(2)	6.095	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		400,000		S+0.760	%	(2)	4.832	%	(5)	7/19/2024	(4)
$100M Senior Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan	300,000		300,000		S+0.760	%	(2)	3.677	%	(6)	5/26/2027
$125M Senior Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$300M Senior Notes due 2028	300,000		—		n/a			5.000	%		6/15/2028
$25M Series 2019A Senior Notes	25,000		25,000		n/a			3.880	%		7/16/2029
$400M Senior Notes due 2030	400,000		400,000		n/a			2.125	%		12/1/2030
$400M Senior Notes due 2031	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Senior Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	2,125,000	$	1,825,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(7)	$	—	$	3,832	n/a			4.080	%		4/5/2023
960-970 Knox Street(7)	2,234		2,307		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,638		3,712		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,333		2,462		n/a			4.190	%		5/1/2024
$60M Term Loan(8)	60,000		60,000		S+1.250	%		5.060	%	(8)	10/27/2024
5160 Richton Street(7)	4,060		4,153		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,558		2,612		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(7)	7,016		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,690		14,965		n/a			3.930	%		7/1/2027
2205 126th Street(9)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(9)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,871		3,928		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,791		1,935		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	2,914		3,009		n/a			4.140	%		8/1/2039
Total Secured Debt	$	120,605	$	125,515
Total Unsecured and Secured Debt	$	2,245,605	$	1,950,515
Less: Unamortized premium/discount and debt issuance costs(10)	(17,968)		(14,134)
Total	$	2,227,637	$	1,936,381

(1)Reflects the contractual interest rate under the terms of each loan as of September 30, 2023, and includes the effect of interest rate swaps that were effective as of September 30, 2023. The interest rate is not adjusted to include the amortization of debt issuance costs or unamortized fair market value premiums and discounts.

(2)As of September 30, 2023, the interest rates on these loans are comprised of daily Secured Overnight Financing Rate (“SOFR”) for both the unsecured revolving credit facility and $400.0 million unsecured term loan, and 1-month term SOFR (“Term SOFR”) for the $300.0 million unsecured term loan (in each case increased by a 0.10% SOFR adjustment), plus an applicable margin of 0.725% per annum for the unsecured revolving credit facility and 0.80% per annum for the $300.0 million and $400.0 million unsecured term loans, based on our leverage ratio and investment grade ratings, minus a sustainability-related interest rate adjustment of 0.04%. These loans are also subject to a 0% SOFR floor.

(3)The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. As of September 30, 2023, the applicable facility fee is 0.125%, less a sustainability-related interest rate adjustment of 0.01%.

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

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

(6)As of September 30, 2023, Term SOFR for our $300.0 million unsecured term loan has been swapped to a fixed rate of 2.81725%, resulting in an all-in fixed rate of 3.67725% after adding the SOFR adjustment and applicable margin and subtracting the sustainability-related interest rate adjustment.

(7)Fixed monthly payments of interest and principal until maturity as follows: 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), 701-751 Kingshill Place ($33,488), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).

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

(9)Fixed monthly payments of interest only.

(10)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.

Summary of Future Minimum Debt Payments

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of September 30, 2023, and does not consider extension options available to us as noted in the table above (in thousands):


October 1, 2023 - December 31, 2023	$	2,580
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	1,216,984
Total	$	2,245,605

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator:
Net income	$ 61,790	$ 41,648	$ 182,270	$ 131,449
Less: Preferred stock dividends	(2,314)	(2,314)	(6,943)	(6,943)
Less: net income attributable to noncontrolling interests	(2,824)	(2,368)	(8,605)	(7,142)
Less: Net income attributable to participating securities	(314)	(201)	(952)	(605)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	56,338	36,765	165,770	116,759
Net income attributable to common stockholders - diluted	$ 56,338	$ 36,765	$ 165,770	$ 116,759
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	205,279,681	171,908,895	200,455,490	165,852,466
Effect of dilutive securities (in shares)	167,851	922,278	212,083	548,968
Weighted average shares of common stock outstanding - diluted (in shares)	205,447,532	172,831,173	200,667,573	166,401,434
Earnings per share — Basic
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.27	$ 0.21	$ 0.83	$ 0.70
Earnings per share — Diluted
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.27	$ 0.21	$ 0.83	$ 0.70

Investments in Real Estate - Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) ft²	Sep. 30, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet \| ft²	3,137,379		3,137,379
Gains on sale of real estate	$ 0	$ 0	$ 12,133	$ 8,486
8101-8117 Orion Avenue \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition			Mar. 28, 2023
Rentable Square Feet \| ft²	48,394		48,394
Contractual Sales Price	$ 17,000		$ 17,000
Gains on sale of real estate			$ 12,133

- Definition

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

+ References + Details

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Oct. 19, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		211,097,319
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series B Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
5.625% Series C Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

Incentive Award Plan - Narrative (Details) $ in Millions	9 Months Ended
Incentive Award Plan - Narrative (Details) $ in Millions	Sep. 30, 2023 USD ($) shares
Second Amended and Restated 2013 Incentive Award Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock, shares reserved for future issuance \| shares	1,413,165
Unrecognized compensation expense related to non-vested shares \| $	$ 42.8
Weighted average remaining vesting period	25 months
Performance Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement By Share-Based Payment Award, Unvested Units, Quarterly Distribution Per Unit, Percentage Of OP Units distribution Paid	10.00%

Subsequent Events (Detail) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 16, 2023	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)			$ 0.38	$ 0.315	$ 1.14	$ 0.945
4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate					4.43937%
5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)			0.367188	0.367188	$ 1.101564	1.101564
Dividend Rate					5.875%
5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)			$ 0.351563	$ 0.351563	$ 1.054689	$ 1.054689
Dividend Rate					5.625%
4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate						3.00%
3.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Dividend Rate					3.00%
Subsequent Event
Subsequent Event [Line Items]
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share		$ 55.54
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement		$ 256.1
Issuance of common stock (in shares)		4,611,653
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.38
Dividends Payable, Date of Record	Dec. 29, 2023
Dividends Payable, Date to be Paid	Jan. 16, 2024
Subsequent Event \| OP Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.38
Dividends Payable, Date of Record	Dec. 29, 2023
Distribution Made to Limited Partner, Distribution Date	Jan. 16, 2024
Subsequent Event \| 5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Dec. 15, 2023
Dividends Payable, Date to be Paid	Dec. 29, 2023
Dividend Rate	5.875%
Subsequent Event \| 5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.351563
Dividends Payable, Date of Record	Dec. 15, 2023
Dividends Payable, Date to be Paid	Dec. 29, 2023
Dividend Rate	5.625%
Subsequent Event \| 4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.505085
Dividends Payable, Date of Record	Dec. 15, 2023
Dividends Payable, Date to be Paid	Dec. 29, 2023
Dividend Rate	4.43937%
Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.45
Dividends Payable, Date of Record	Dec. 15, 2023
Distribution Made to Limited Partner, Distribution Date	Dec. 29, 2023
Dividend Rate	4.00%
Subsequent Event \| 3.00% Cumulative Redeemable Convertible Preferred Units \| 3.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.545462
Dividends Payable, Date of Record	Dec. 15, 2023
Distribution Made to Limited Partner, Distribution Date	Dec. 29, 2023
Dividend Rate	3.00%

Leases - Future Minimum Base Rents Under Operating Leases - Rolling Twelve Months (Detail) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2024	$ 605,099
2025	534,771
2026	442,600
2027	339,798
2028	267,098
Thereafter	981,101
Total	$ 3,170,467

Notes Payable - Additional Information (Detail)	3 Months Ended	9 Months Ended
Notes Payable - Additional Information (Detail)	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2023	Sep. 30, 2023 Extension	Sep. 30, 2023 extension	Sep. 30, 2023 basis_point	Mar. 28, 2023 USD ($)	Feb. 28, 2023	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 2,245,605,000	$ 2,245,605,000							$ 1,950,515,000
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%
Debt Instrument Covenant Ratio, Unencumbered Assets To Unsecured Debt, Minimum		150.00%
Senior Unsecured Term Loan \| $300M Term Loan
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	300,000,000	$ 300,000,000
Principal amount	300,000,000	300,000,000							300,000,000
Principal amount	$ 300,000,000	$ 300,000,000
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Fixed interest rate			3.677%
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.80%
Senior Unsecured Term Loan \| $300M Term Loan \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.60%
Senior Unsecured Term Loan \| $300M Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Senior Unsecured Term Loan \| $300M Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.60%
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.40%
Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| Extension				2
Extension period		6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Line of Credit	$ 0	$ 0
Principal amount									0
Revolving Credit Facility \| Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.685%
Fixed interest rate			6.095%
Term Loan \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount	60,000,000	$ 60,000,000							60,000,000
Term Loan \| $60M Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.25%
Fixed interest rate			5.06%
Line of Credit \| Credit Facility \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Line of Credit \| Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit \| Credit Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Line of Credit \| Credit Facility \| Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Line of Credit \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount	60,000,000	$ 60,000,000
Line of Credit \| Senior Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability	1,000,000,000	1,000,000,000
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Line Of Credit Facility, Number Of Extensions \| extension					2
Extension period		6 months
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.125%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.30%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
Line of Credit \| Senior Unsecured Credit Facility \| Unsecured Revolving Credit Facility, $1 billion \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility
Debt Instrument [Line Items]
Debt instrument - additional borrowings	$ 800,000,000	$ 800,000,000
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin			(0.04%)
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Credit Facility Fee								0.01%
Credit Agreement, Sustainability Linked Pricing Component, Increase In Applicable Margin			0.04%
Credit Agreement, Sustainability Linked Pricing Component, Increase In Credit Facility Fee			0.01%
Maximum ratio of secured debt to total asset value			45.00%
Line of Credit \| Senior Unsecured Credit Facility \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Credit Facility Fee								0.115%
Line of Credit \| Revolving Credit Facility \| Credit Facility \| Minimum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin								(0.04%)
Line of Credit \| Revolving Credit Facility \| Credit Facility \| Maximum
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin								(0.685%)
Line of Credit \| Term Loan \| Credit Facility
Debt Instrument [Line Items]
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin								(0.76%)
$100M Senior Notes
Debt Instrument [Line Items]
Principal amount	100,000,000	100,000,000
$125M senior notes
Debt Instrument [Line Items]
Principal amount	125,000,000	$ 125,000,000
The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value			60.00%
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
Funds from operations percentage		95.00%
Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value			40.00%
Maximum ratio of recourse debt to total asset			15.00%
Minimum tangible net worth required	760,740,750	$ 760,740,750
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation			75.00%
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions				2	2
Extension period		1 year
Principal amount	400,000,000	$ 400,000,000							400,000,000
Principal amount	400,000,000	$ 400,000,000
Senior Unsecured Term Loan \| $400 Million Unsecured Term Loan \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate		0.76%
Fixed interest rate			4.832%
Senior Notes \| $25M Series 2019A Senior Notes
Debt Instrument [Line Items]
Principal amount	25,000,000	$ 25,000,000							25,000,000
Fixed interest rate			3.88%
Principal amount	25,000,000	25,000,000
Senior Notes \| $75M Series 2019B Senior Notes
Debt Instrument [Line Items]
Principal amount	75,000,000	75,000,000							75,000,000
Fixed interest rate			4.03%
Principal amount	75,000,000	75,000,000
Senior Notes \| $400M Senior Notes due 2030
Debt Instrument [Line Items]
Principal amount	400,000,000	400,000,000							400,000,000
Fixed interest rate			2.125%
Principal amount	400,000,000	400,000,000
Senior Notes \| $400M Senior Notes due 2031
Debt Instrument [Line Items]
Principal amount	400,000,000	400,000,000							$ 400,000,000
Fixed interest rate			2.15%
Principal amount	$ 400,000,000	$ 400,000,000
Senior Notes \| Senior Notes Due 2028
Debt Instrument [Line Items]
Fixed interest rate			5.00%
Debt Instrument, Face Amount, Portion Actually Paid			98.975%
5.000% Senior Notes \| Senior Notes Due 2028
Debt Instrument [Line Items]
Principal amount							$ 300,000,000
5.000% Senior Notes \| Senior Notes Due 2028 \| Measurement Input, Basis Spread
Debt Instrument [Line Items]
Debt Securities, Trading, Measurement Input \| basis_point						0.25

Interest Rate Derivatives (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of the terms and fair value of our interest rate swaps at September 30, 2023 and December 31, 2022 (dollars in thousands):


					Notional Value				Fair Value of Interest Rate Derivative Assets/ (Liabilities)(1)
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Interest Rate Swaps	7/27/2022	5/26/2027	2.81700	%	$	150,000	$	150,000	$	8,143	$	5,720
Interest Rate Swaps	7/27/2022	5/26/2027	2.81750	%	$	150,000	$	150,000	$	8,126	$	5,702


Interest Rate Swaps	4/3/2023	6/30/2025	3.98500	%	$	200,000	$	—	$	3,368	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.96625	%	$	100,000	$	—	$	1,715	$	—
Interest Rate Swap	4/3/2023	6/30/2025	3.95300	%	$	100,000	$	—	$	1,737	$	—
Interest Rate Swap	4/3/2023	7/30/2026	3.71000	%	$	60,000	$	—	$	1,405	$	—

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

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	7,997	$	12,326	$	20,354	$	17,743
Amount of gain (loss) reclassified from AOCI into earnings under “Interest expense”(1)	$	3,237	$	(368)	$	7,041	$	(2,118)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	15,949	$	14,975	$	46,830	$	34,826

- Definition

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

+ References + Details

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and cash equivalents	$ 83,268	$ 36,786	$ 37,141	$ 43,987
Restricted cash	0	0	0	11
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 83,268	$ 36,786	$ 37,141	$ 43,998

Organization (Detail) ft² in Millions	Sep. 30, 2023 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	371
Area of real estate property (square feet) \| ft²	45.0

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Numerator:
Net income	$	61,790	$	41,648	$	182,270	$	131,449
Less: Preferred stock dividends	(2,314)		(2,314)		(6,943)		(6,943)

Less: Net income attributable to noncontrolling interests	(2,824)		(2,368)		(8,605)		(7,142)
Less: Net income attributable to participating securities	(314)		(201)		(952)		(605)
Net income attributable to common stockholders – basic and diluted	$	56,338	$	36,765	$	165,770	$	116,759



Denominator:
Weighted average shares of common stock outstanding – basic	205,279,681		171,908,895		200,455,490		165,852,466
Effect of dilutive securities	167,851		922,278		212,083		548,968

Weighted average shares of common stock outstanding – diluted	205,447,532		172,831,173		200,667,573		166,401,434

Earnings per share — Basic
Net income attributable to common stockholders	$	0.27	$	0.21	$	0.83	$	0.70
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.27	$	0.21	$	0.83	$	0.70

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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity - Preferred Stock (Details) - USD ($)	9 Months Ended
Equity - Preferred Stock (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Preferred stock, shares outstanding (in shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
5.875% Series B Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 182,270	$ 131,449
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	178,671	140,226
Amortization of (below) above market lease intangibles, net	(21,763)	(18,250)
Amortization of debt issuance costs	2,856	1,849
Amortization of discount (premium) on notes payable, net	474	186
Impairment of right-of-use asset	188	0
Loss on extinguishment of debt	0	877
Gains on sale of real estate	(12,133)	(8,486)
Equity based compensation expense	24,300	18,710
Straight-line rent	(28,073)	(23,753)
Payments for termination/settlement of interest rate derivatives	(161)	(589)
Amortization related to termination/settlement of interest rate derivatives	402	403
Change in working capital components:
Rents and other receivables	(3,735)	(223)
Deferred leasing costs	(18,579)	(10,240)
Other assets	(7,308)	(3,159)
Accounts payable, accrued expenses and other liabilities	32,263	25,047
Tenant security deposits	2,122	6,354
Prepaid rents	(20,233)	542
Net cash provided by operating activities	311,561	260,943
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(1,121,774)	(1,973,307)
Capital expenditures	(167,245)	(90,260)
Payments for deposits on real estate acquisitions, net	0	(7,575)
Proceeds from sale of real estate	16,239	15,315
Net cash used in investing activities	(1,272,780)	(2,055,827)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	950,734	1,421,603
Proceeds from borrowings	646,925	2,654,000
Repayment of borrowings	(354,911)	(2,118,731)
Debt issuance costs	(3,042)	(6,887)
Dividends paid to preferred stockholders	(6,943)	(6,943)
Dividends paid to common stockholders	(212,265)	(144,389)
Distributions paid to common unitholders	(8,504)	(6,169)
Distributions paid to preferred unitholders	(2,402)	(2,319)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,891)	(2,138)
Net cash provided by financing activities	1,007,701	1,788,027
Increase (decrease) in cash, cash equivalents and restricted cash	46,482	(6,857)
Cash, cash equivalents and restricted cash, beginning of period	36,786	43,998
Cash, cash equivalents and restricted cash, end of period	83,268	37,141
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $16,060 and $8,021 for the nine months ended September 30, 2023 and 2022, respectively)	39,826	33,330
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities	0	6,363
Accrual for capital expenditures	53,249	26,059
Accrual of dividends and distributions	81,423	59,926
OP Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	0	56,167
Series 3 CPOP Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	0	12,000
Private REIT
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	$ 0	$ 122

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease cost	$ 425	$ 455	$ 1,351	$ 1,387
Variable lease cost	44	27	112	87
Sublease income	0	(67)	0	(201)
Total lease cost	$ 469	$ 415	$ 1,463	$ 1,273

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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

The table below sets forth the estimated fair value of our interest rate swaps as of September 30, 2023 and December 31, 2022, which we measured on a recurring basis by level within the fair value hierarchy (in thousands).


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
September 30, 2023
Interest Rate Swap Asset	$	24,494	$	—	$	24,494	$	—

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

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2023 and December 31, 2022 (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:
September 30, 2023	$	2,012,830	$	—	$	—	$	2,012,830	$	2,227,637
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381

Summary of Significant Accounting Policies (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized		$ 6,200,000	$ 3,600,000	$ 16,060,000	$ 8,021,000
Real estate taxes and insurance costs capitalized		1,900,000	1,500,000	5,000,000	3,900,000
Impaired Assets to be Disposed of by Method Other than Sale, Amount of Impairment Loss				$ 0	0
REIT annual taxable income distribution requirement percentage				90.00%
Income tax provision		0	0	$ 0	0
Adjustment to rental income resulting from lease collectability assessment		(1,000,000)	100,000	(2,600,000)	300,000
Impairment of right-of-use asset	$ 200,000			188,000	0
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		$ 2,800,000	$ 2,300,000	$ 8,000,000	$ 6,400,000
Minimum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life		10 years		10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life		5 years		5 years
Maximum \| Buildings
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life		30 years		30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life		25 years		25 years
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		6.00%		6.00%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		9.50%		9.50%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		4.75%		4.75%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		7.75%		7.75%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period				6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period				18 months

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2023 (in thousands):


Twelve Months Ended September 30,
2024	$	605,099
2025	534,771
2026	442,600
2027	339,798
2028	267,098
Thereafter	981,101
Total	$	3,170,467

Lease Cost

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost(1) (in thousands)	2023		2022		2023		2022
Operating lease cost	$	425	$	455	$	1,351	$	1,387
Variable lease cost	44		27		112		87
Sublease income	—		(67)		—		(201)
Total lease cost	$	469	$	415	$	1,463	$	1,273

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Other Information (in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	573	$	547	$	1,741	$	1,450
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	—	$	6,363


Lease Term and Discount Rate	September 30, 2023		December 31, 2022
Weighted-average remaining lease term(1)	41.3 years		36.5 years
Weighted-average discount rate(2)	3.82	%	3.77	%

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

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

Maturities of Lease Liabilities

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2023 (in thousands):


	September 30, 2023
October 1, 2023 - December 31, 2023	$	567
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	25,414
Less imputed interest	(16,006)
Total lease liabilities	$	9,408

Leases - Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 573	$ 547	$ 1,741	$ 1,450
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 0	$ 0	$ 6,363

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation As of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of September 30, 2023 and December 31, 2022, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.
Restricted Cash	Restricted Cash Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows.
Investments in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it was 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 nine months ended September 30, 2023, we used discount rates ranging from 6.00% to 9.50% and exit capitalization rates ranging from 4.75% to 7.75%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, 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 nine months ended September 30, 2023, we used an estimated average lease-up period ranging from six months to eighteen months. The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. Demolition costs incurred in conjunction with the acquisition of real estate are capitalized as part of the cost of the acquisition if the demolition (i) is contemplated as part of the acquisition and (ii) occurs within a reasonable period of time after the acquisition. If demolition was not contemplated as part of the acquisition or the demolition does not occur within a reasonable period of time after the acquisition, the costs of the demolition are expensed as incurred. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $6.2 million and $3.6 million during the three months ended September 30, 2023 and 2022, respectively, and $16.1 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively. We capitalized real estate taxes and insurance costs aggregating $1.9 million and $1.5 million during the three months ended September 30, 2023 and 2022, respectively, and $5.0 million and $3.9 million during the nine months ended September 30, 2023 and 2022, respectively. We capitalized compensation costs for employees who provide construction services of $2.8 million and $2.3 million during the three months ended September 30, 2023 and 2022, respectively, and $8.0 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Assets Held for Sale	Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of September 30, 2023 and December 31, 2022, we did not have any properties classified as held for sale.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets and other long-lived assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset and other long-lived assets is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax on our taxable income. We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to regular federal corporate income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions. We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and nine months ended September 30, 2023 and 2022. 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 September 30, 2023, and December 31, 2022, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings. In accordance with ASC Topic 815: Derivatives and Hedging, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 7 – Interest Rate Derivatives” for details.
Revenue Recognition	Revenue Recognition Our primary sources of income are rental income, management and leasing services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession of or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management and leasing services We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is reasonably certain, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate.
Valuation of Operating Lease Receivables	Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases, including deferred rent receivables arising from straight-line recognition of rental income. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations.
Deferred Leasing Costs	Deferred Leasing Costs We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 5 – Notes Payable” for details.
Equity Based Compensation	Equity Based Compensation We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value of the equity instrument issued on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See “Note 12 – Incentive Award Plan” for details.
Equity Offerings	Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering 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 – Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 13 – Earnings Per Share” for details.
Segment Reporting	Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
Leases as a Lessee	Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU asset and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 6 – Leases” for additional lessee disclosures required under lease accounting standards.
Reference Rate Reform; Adoption of Accounting Pronouncements	Recent Accounting Pronouncements (Issued and Not Yet Adopted) In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale as a separate unit of account. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2022-03.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations. Environmental We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of September 30, 2023, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of September 30, 2023, we had commitments of approximately $223.4 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 and high credit quality of the institutions in which those deposits are held. Concentration of Properties in Southern California As of September 30, 2023, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions. Tenant Concentration During the nine months ended September 30, 2023, no single tenant accounted for more than 5% of our total consolidated rental income.

Equity

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Equity

Preferred Stock

At September 30, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands):


				September 30, 2023			December 31, 2022
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference
Series B	November 13, 2022	5.875	%	3,000,000	$	75,000	3,000,000	$	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				6,450,000	$	161,250	6,450,000	$	161,250

Common Stock

ATM Program

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

In connection with our ATM programs, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under 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 three months ended September 30, 2023, we did not sell any shares of common stock directly through sales agents under the 2023 ATM Program. During the nine months ended September 30, 2023, we sold 449,227 shares of common stock directly through sales agents under the 2023 ATM Program at a weighted average price of $60.84 per share, for gross proceeds of $27.3 million, and net proceeds of $27.0 million after deducting the sales agents’ fees.

During the three months ended September 30, 2023, we did not enter into any forward equity sale agreements under the 2023 ATM Program. During the nine months ended September 30, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under the 2023 ATM Program with respect to 2,126,824 shares of common stock at a weighted average initial forward sale price of $60.09 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 nine months ended September 30, 2023, we physically settled the forward equity sale agreement that was outstanding as of December 31, 2022 under our previous ATM Program and all of the forward equity sale agreements under the 2023 ATM Program by issuing 2,763,708 shares of our common stock for net proceeds of $163.2 million, based on a weighted average forward price of $59.04 per share at settlement.

As of September 30, 2023, approximately $1.1 billion of common stock remains available to be sold under the 2023 ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

May 2023 Forward Equity Offering

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

During the third quarter of 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 5,400,000 shares of common stock for net proceeds of $298.4 million, based on a weighted average forward price of $55.26 per share at settlement. We currently expect to physically settle the remaining 8,100,000 shares by issuing shares of our common stock in exchange for cash proceeds upon one or more settlement dates, at our discretion, prior to the scheduled maturity date of October 11, 2024. As of September 30, 2023, the net forward sale price was $55.41 and would result in $448.8 million in cash proceeds upon physical settlement of the shares under the May 2023 Forward Sales Agreements. See “Note 14 – Subsequent Events” for details related to the partial settlement of the May 2023 Forward Sales Agreements subsequent to September 30, 2023.

Settlement of 2022 Forward Equity Offering Sale Agreements

On November 10, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 11,846,425 shares of common stock at an initial forward price of $55.74 per share (the “2022 Forward Sale Agreements”), pursuant to which the forward purchasers borrowed and sold an aggregate of 11,846,425 shares of common stock in the offering. In December 2022, we partially settled the 2022 Forward Sale Agreements by issuing 3,554,704 shares of common stock, leaving a remaining 8,291,721 shares of common stock for settlement as of December 31, 2022.

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

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our AOCI balance for the three and nine months ended September 30, 2023 and 2022, which consists solely of adjustments related to our cash flow hedges (in thousands):


	Three Months Ended September 30, 2023				Nine Months Ended September 30,
	2023		2022		2023		2022
Accumulated other comprehensive income (loss) - beginning balance	$	16,525	$	(2,974)	$	8,247	$	(9,874)
Other comprehensive income before reclassifications	7,997		12,326		20,354		17,743
Amounts reclassified from accumulated other comprehensive (income) loss to interest expense	(3,237)		368		(7,041)		2,118
Net current period other comprehensive income	4,760		12,694		13,313		19,861
Less: other comprehensive income attributable to noncontrolling interests	(143)		(497)		(418)		(764)
Other comprehensive income attributable to common stockholders	4,617		12,197		12,895		19,097
Accumulated other comprehensive income (loss) - ending balance	$	21,142	$	9,223	$	21,142	$	9,223

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, our three series of preferred units of partnership interest in the Operating Partnership (comprised of 4.43937%, 4.00% and 3.00% Cumulative Redeemable Convertible Preferred Units (the “CPOP Units”)), and the preferred units of the private REIT that we acquired on July 18, 2022, that are not owned by us.

Operating Partnership Units

As of September 30, 2023, noncontrolling interests included 5,567,048 OP Units, 792,646 fully-vested LTIP units and 940,847 fully-vested performance units, and represented approximately 3.4% of our Operating Partnership (excluding CPOP Units). OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See “Note 12 – Incentive Award Plan” for a description of LTIP units and Performance Units.

During the nine months ended September 30, 2023, 313,791 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $12.4 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
October 1, 2023 - December 31, 2023	$ 567
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	25,414
Less imputed interest	(16,006)
Total lease liabilities	$ 9,408	$ 10,900

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class of Stock [Line Items]
Interest costs capitalized	$ 6,200	$ 3,600	$ 16,060	$ 8,021
Series 3 CPOP Units
Class of Stock [Line Items]
Dividend Rate			3.00%

- Definition

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

+ References

+ Details

Commitments and Contingencies (Detail)	9 Months Ended
Commitments and Contingencies (Detail)	Sep. 30, 2023 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvements and construction work	$ 223,400,000
Cash, FDIC Insured Amount	$ 250,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant	0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk percentage	5.00%

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

Lessor

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

For the three and nine months ended September 30, 2023, we recognized $196.9 million and $561.6 million of rental income related to operating lease payments, of which $161.5 million and $461.3 million are for fixed lease payments and $35.4 million and $100.3 million are for variable lease payments, respectively. For the comparable three and nine month-period ended September 30, 2022, we recognized $155.5 million and $433.8 million of rental income related to operating lease payments, of which $127.3 million and $354.7 million were for fixed lease payments and $28.2 million and $79.1 million were for variable lease payments, respectively.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2023 (in thousands):


Twelve Months Ended September 30,
2024	$	605,099
2025	534,771
2026	442,600
2027	339,798
2028	267,098
Thereafter	981,101
Total	$	3,170,467

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

Lessee

We lease office space as part of conducting our day-to-day business. As of September 30, 2023, our office space leases have current remaining lease terms ranging from approximately one year to four years with options to renew for an additional term of five years each. As of September 30, 2023, we also have a ground lease which we assumed in the acquisition of 2970 East 50th Street in March 2022 that has a current remaining lease term of approximately 37.3 years and four additional ten-year options to renew.

In November 2021, we executed a sublease agreement for one of our leased office spaces as a result of the implementation of a work from home flexibility program in 2021. In February 2023, the sublease was terminated prior to its September 2025 expiration. As a result, we recorded a $0.2 million impairment charge for the write down of the ROU asset associated with the original office space lease during the nine months ended September 30, 2023, 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 September 30, 2023, total ROU assets and lease liabilities were approximately $7.3 million and $9.4 million, respectively. As of December 31, 2022, total ROU assets and lease liabilities were approximately $8.5 million and $10.9 million, respectively.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost(1) (in thousands)	2023		2022		2023		2022
Operating lease cost	$	425	$	455	$	1,351	$	1,387
Variable lease cost	44		27		112		87
Sublease income	—		(67)		—		(201)
Total lease cost	$	469	$	415	$	1,463	$	1,273

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Other Information (in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	573	$	547	$	1,741	$	1,450
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	—	$	6,363


Lease Term and Discount Rate	September 30, 2023		December 31, 2022
Weighted-average remaining lease term(1)	41.3 years		36.5 years
Weighted-average discount rate(2)	3.82	%	3.77	%

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

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2023 (in thousands):


	September 30, 2023
October 1, 2023 - December 31, 2023	$	567
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	25,414
Less imputed interest	(16,006)
Total lease liabilities	$	9,408

Leases

Lessor

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of September 30, 2023 (in thousands):


Twelve Months Ended September 30,
2024	$	605,099
2025	534,771
2026	442,600
2027	339,798
2028	267,098
Thereafter	981,101
Total	$	3,170,467

Lessee

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost(1) (in thousands)	2023		2022		2023		2022
Operating lease cost	$	425	$	455	$	1,351	$	1,387
Variable lease cost	44		27		112		87
Sublease income	—		(67)		—		(201)
Total lease cost	$	469	$	415	$	1,463	$	1,273

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


	Three Months Ended September 30,				Nine Months Ended September 30,
Other Information (in thousands)	2023		2022		2023		2022
Cash paid for amounts included in the measurement of operating lease liabilities	$	573	$	547	$	1,741	$	1,450
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	—	$	—	$	6,363


Lease Term and Discount Rate	September 30, 2023		December 31, 2022
Weighted-average remaining lease term(1)	41.3 years		36.5 years
Weighted-average discount rate(2)	3.82	%	3.77	%

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

The following table summarizes the maturity of operating of lease liabilities under our corporate office leases and ground leases as of September 30, 2023 (in thousands):


	September 30, 2023
October 1, 2023 - December 31, 2023	$	567
2024	2,297
2025	1,122
2026	681
2027	696
Thereafter	20,051
Total undiscounted lease payments	$	25,414
Less imputed interest	(16,006)
Total lease liabilities	$	9,408

Incentive Award Plan - Schedule of Nonvested Restricted Stock Activity (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares tendered in accordance with terms of plan to satisfy tax withholding (in shares)	2,016	1,992	32,028	31,230
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			274,416
Granted (in shares)			204,147
Forfeited (in shares)			(20,408)
Vested (in shares)			(108,598)
Ending balance (in shares)	349,557		349,557
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 56.92
Granted (in dollars per share)			59.01
Forfeited (in dollars per share)			62.92
Vested (in dollars per share)			52.68
Ending balance (in dollars per share)	$ 59.10		$ 59.10
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)			313,051
Granted (in shares)			64,705
Forfeited (in shares)			0
Vested (in shares)			(53,072)
Ending balance (in shares)	324,684		324,684
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Beginning balance (in dollars per share)			$ 54.84
Granted (in dollars per share)			57.24
Forfeited (in dollars per share)			0
Vested (in dollars per share)			55.81
Ending balance (in dollars per share)	$ 55.16		$ 55.16

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management and leasing services” in the consolidated statements of operations. We recorded $0.2 million and $0.2 million for the three months ended September 30, 2023 and 2022, respectively, and $0.5 million and $0.4 million for the nine months ended September 30, 2023 and 2022, respectively, in management and leasing services revenue.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2023

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned properties we acquired during the nine months ended September 30, 2023:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
16752 Armstrong Avenue	Orange County - Airport	1/6/2023	81,600	1	$	40,000
10545 Production Avenue	San Bernardino - Inland Empire West	1/30/2023	1,101,840	1	365,000
3520 Challenger Street	Los Angeles - South Bay	2/28/2023	49,336	1	14,200
9000 Airport Boulevard(2)	Los Angeles - South Bay	3/28/2023	38,680	1	143,000
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue(3)	San Diego - Central	3/30/2023	515,382	5	200,000
13925 Benson Avenue	San Bernardino - Inland Empire West	4/7/2023	38,143	1	27,500
19301 Santa Fe Avenue	Los Angeles - South Bay	4/14/2023	41,638	3	14,600
2395-2399 Bateman Avenue	Los Angeles - San Gabriel Valley	4/21/2023	134,952	3	41,203
27712 & 27756 Avenue Mentry	Los Angeles - San Fernando Valley	7/13/2023	220,752	2	38,010
5630 Cerritos Avenue	Orange County - West	7/14/2023	76,032	1	21,350
9400-9500 Santa Fe Springs Road	Los Angeles - Mid-Counties	7/20/2023	595,304	2	210,000
422 Rosecrans Avenue(4)	Los Angeles - South Bay	7/26/2023	9,350	1	2,850
14650 Hoover Street	Orange County - West	7/27/2023	59,679	1	22,300
2500 Thompson Street	Los Angeles - South Bay	8/18/2023	174,691	1	20,250
Total 2023 Property Acquisitions			3,137,379	24	$	1,160,263

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

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

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

Summary of Fair Value of Amounts Recognized


	2023 Acquisitions
Assets:
Land	$	770,448
Buildings and improvements	401,183
Tenant improvements	4,105
Acquired lease intangible assets(1)	19,830

Other acquired assets(2)	915
Total assets acquired	$	1,196,481

Liabilities:
Acquired lease intangible liabilities(3)	$	32,984



Other assumed liabilities(4)	40,098
Total liabilities assumed	$	73,082
Net assets acquired	$	1,123,399

(2)Includes other working capital assets acquired at the time of acquisition.

(3)Represents below-market lease intangibles with a weighted average amortization period of 20.8 years.

(4)Includes $29.7 million of prepaid rent paid by seller/tenants in sale-leaseback transactions and other liabilities assumed at the time of acquisition.

Summary of Properties Sold

The following table summarizes information related to the property that was sold during the nine months ended September 30, 2023.

Property

Submarket

Date of Disposition

Rentable Square Feet

Contractual Sales Price(1)

(in thousands)

Gain Recorded
(in thousands)

8101-8117 Orion Ave.

Los Angeles - San Fernando Valley

3/28/2023

48,394

17,000

12,133

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

Leases - Lease Term and Discount Rate (Detail) - renewal_option	Sep. 30, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease term	41 years 3 months 18 days	36 years 6 months
Weighted-average discount rate	3.82%	3.77%
2970 East 50th Street [Member] \| Ground Lease
Lessee, Lease, Description [Line Items]
Renewal term	10 years
Renewal options	4

Acquired Lease Intangibles

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

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


	September 30, 2023		December 31, 2022
Acquired Lease Intangible Assets:
In-place lease intangibles	$	328,763	$	315,842
Accumulated amortization	(198,853)		(172,883)
In-place lease intangibles, net	$	129,910	$	142,959

Above-market tenant leases	$	25,598	$	26,851
Accumulated amortization	(14,196)		(12,671)
Above-market tenant leases, net	$	11,402	$	14,180

Below-market ground lease	$	12,977	$	12,977
Accumulated amortization	(253)		(130)
Below-market ground lease, net	$	12,724	$	12,847
Acquired lease intangible assets, net	$	154,036	$	169,986

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(250,292)	$	(220,646)
Accumulated accretion	94,710		73,262
Below-market tenant leases, net	$	(155,582)	$	(147,384)




Acquired lease intangible liabilities, net	$	(155,582)	$	(147,384)

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
In-place lease intangibles(1)	$	10,024	$	10,855	$	32,757	$	29,154
Net below-market tenant leases(2)	$	(7,282)	$	(7,074)	$	(21,886)	$	(18,339)
Below-market ground leases(3)	$	41	$	41	$	123	$	89

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

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

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

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
ASSETS
Land	$ 6,606,022	$ 5,841,195
Buildings and improvements	3,869,303	3,370,494
Tenant improvements	160,108	147,632
Furniture, fixtures and equipment	132	132
Construction in progress	188,079	110,934
Total real estate held for investment	10,823,644	9,470,387
Accumulated depreciation	(739,369)	(614,332)
Investments in real estate, net	10,084,275	8,856,055
Cash and cash equivalents	83,268	36,786
Restricted cash	0	0
Rents and other receivables, net	18,973	15,227
Deferred rent receivable, net	114,927	88,144
Deferred leasing costs, net	56,735	45,080
Deferred loan costs, net	3,783	4,829
Acquired lease intangible assets, net	154,036	169,986
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	24,494	11,422
Other assets	31,817	24,973
Acquisition related deposits	0	1,625
Total Assets	10,577,464	9,259,283
Liabilities
Notes payable	2,227,637	1,936,381
Accounts payable, accrued expenses and other liabilities	155,103	97,496
Dividends and distributions payable	81,423	62,033
Acquired lease intangible liabilities, net	155,582	147,384
Tenant security deposits	83,643	71,935
Prepaid rents	30,772	20,712
Total Liabilities	2,734,160	2,335,941
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 206,484,287 and 189,114,129 shares outstanding at September 30, 2023 and December 31, 2022, respectively	2,065	1,891
Additional paid-in capital	7,613,354	6,646,867
Cumulative distributions in excess of earnings	(320,180)	(255,743)
Accumulated other comprehensive income	21,142	8,247
Total stockholders’ equity	7,472,057	6,556,938
Noncontrolling interests	371,247	366,404
Total Equity	7,843,304	6,923,342
Total Liabilities and Equity	10,577,464	9,259,283
5.875% Series B Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	72,443	72,443
5.625% Series C Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized:	$ 83,233	$ 83,233

Subsequent Events

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Dividends and Distributions Declared

On October 16, 2023, our board of directors declared the following quarterly cash dividends/distributions, record dates and payment dates.

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.38

December 29, 2023

January 16, 2024

OP Units

0.38

December 29, 2023

January 16, 2024

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

December 15, 2023

December 29, 2023

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

December 15, 2023

December 29, 2023

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

December 15, 2023

December 29, 2023

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

December 15, 2023

December 29, 2023

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

December 15, 2023

December 29, 2023

Partial Settlement of May 2023 Forward Sale Agreements

In October 2023, we partially settled the May 2023 Forward Sale Agreements by issuing 4,611,653 shares of common stock in exchange for net proceeds of $256.1 million, based on a weighted average forward price of $55.54 per share at settlement.

Incentive Award Plan (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of unvested restricted stock and LTIP unit activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the nine months ended September 30, 2023:


	Unvested Awards
	Restricted Common Stock			LTIP Units
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2023	274,416	$	56.92	313,051	$	54.84
Granted	204,147	$	59.01	64,705	$	57.24
Forfeited	(20,408)	$	62.92	—	$	—
Vested(1)	(108,598)	$	52.68	(53,072)	$	55.81
Balance at September 30, 2023	349,557	$	59.10	324,684	$	55.16

(1)During the nine months ended September 30, 2023, 32,028 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Summary of vesting schedule

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of September 30, 2023:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
October 1, 2023 - December 31, 2023	1,403	127,120	476,915
2024	136,375	105,022	366,004
2025	97,127	74,010	673,188
2026	71,030	12,040	—
2027	43,622	6,492	—
Total	349,557	324,684	1,516,107

(1)Represents the maximum number of Performance Units that would become earned and vested in December of 2023, December of 2024, and November/December of 2025, in the event that the specified maximum total shareholder return (“TSR”) and FFO per share growth hurdles are achieved at the end of the three-year performance period for awards that were initially granted in December of 2020, December of 2021, and November of 2022, respectively.

Summary of compensation expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Expensed share-based compensation(1)	$	8,166	$	6,316	$	24,300	$	18,710
Capitalized share-based compensation(2)	275		167		740		454
Total share-based compensation	$	8,441	$	6,483	$	25,040	$	19,164

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

(2)For the three and nine months ended September 30, 2023 and 2022, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

Subsequent Events (Tables)

9 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Dividends Declared

On October 16, 2023, our board of directors declared the following quarterly cash dividends/distributions, record dates and payment dates.

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.38

December 29, 2023

January 16, 2024

OP Units

0.38

December 29, 2023

January 16, 2024

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

December 15, 2023

December 29, 2023

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

December 15, 2023

December 29, 2023

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

December 15, 2023

December 29, 2023

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

December 15, 2023

December 29, 2023

3.00% Cumulative Redeemable Convertible Preferred Units

0.545462

December 15, 2023

December 29, 2023

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) ft² property building	Apr. 07, 2023 a
Real Estate [Line Items]
Rentable Square Feet \| ft²	3,137,379
Number of Buildings \| building	24
Contractual purchase price	$ 1,160,263
Capitalized closing costs and acquisition related costs	(2,300)
Aggregate initial investment	$ 1,163,000
16752 Armstrong Avenue
Real Estate [Line Items]
Date of Acquisition	Jan. 06, 2023
Rentable Square Feet \| ft²	81,600
Number of Buildings \| building	1
Contractual purchase price	$ 40,000
10545 Production Avenue
Real Estate [Line Items]
Date of Acquisition	Jan. 30, 2023
Rentable Square Feet \| ft²	1,101,840
Number of Buildings \| building	1
Contractual purchase price	$ 365,000
3520 Challenger Street
Real Estate [Line Items]
Date of Acquisition	Feb. 28, 2023
Rentable Square Feet \| ft²	49,336
Number of Buildings \| building	1
Contractual purchase price	$ 14,200
9000 Airport Blvd
Real Estate [Line Items]
Date of Acquisition	Mar. 28, 2023
Rentable Square Feet \| ft²	38,680
Number of Buildings \| building	1
Contractual purchase price	$ 143,000
9223-33 & 9323 Balboa Avenue and 4285 Ponderosa Avenue
Real Estate [Line Items]
Date of Acquisition	Mar. 30, 2023
Rentable Square Feet \| ft²	515,382
Number of Buildings \| building	5
Contractual purchase price	$ 200,000
Number of Properties Acquired \| property	3
13925 Benson Avenue
Real Estate [Line Items]
Date of Acquisition	Apr. 07, 2023
Rentable Square Feet	38,143	18.4
Number of Buildings \| building	1
Contractual purchase price	$ 27,500
19301 Santa Fe Avenue
Real Estate [Line Items]
Date of Acquisition	Apr. 14, 2023
Rentable Square Feet \| ft²	41,638
Number of Buildings \| building	3
Contractual purchase price	$ 14,600
2395-2399 Bateman Avenue
Real Estate [Line Items]
Date of Acquisition	Apr. 21, 2023
Rentable Square Feet \| ft²	134,952
Number of Buildings \| building	3
Contractual purchase price	$ 41,203
27712 & 27756 Avenue Mentry
Real Estate [Line Items]
Date of Acquisition	Jul. 13, 2023
Rentable Square Feet \| ft²	220,752
Number of Buildings \| building	2
Contractual purchase price	$ 38,010
5630 Cerritos Avenue
Real Estate [Line Items]
Date of Acquisition	Jul. 14, 2023
Rentable Square Feet \| ft²	76,032
Number of Buildings \| building	1
Contractual purchase price	$ 21,350
9400-9500 Santa Fe Springs Road
Real Estate [Line Items]
Date of Acquisition	Jul. 20, 2023
Rentable Square Feet \| ft²	595,304
Number of Buildings \| building	2
Contractual purchase price	$ 210,000
422 Rosecrans Avenue
Real Estate [Line Items]
Date of Acquisition	Jul. 26, 2023
Rentable Square Feet \| ft²	9,350
Number of Buildings \| building	1
Contractual purchase price	$ 2,850
14650 Hoover Street
Real Estate [Line Items]
Date of Acquisition	Jul. 27, 2023
Rentable Square Feet \| ft²	59,679
Number of Buildings \| building	1
Contractual purchase price	$ 22,300
2500 Thompson Street
Real Estate [Line Items]
Date of Acquisition	Aug. 18, 2023
Rentable Square Feet \| ft²	174,691
Number of Buildings \| building	1
Contractual purchase price	$ 20,250

Organization	9 Months Ended
Organization	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013, and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire, reposition and redevelop industrial real estate principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial zoned property or property suitable for industrial development. As of September 30, 2023, our consolidated portfolio consisted of 371 properties with approximately 45.0 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).

Notes Payable

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of September 30, 2023 and December 31, 2022 (dollars in thousands):


	September 30, 2023		December 31, 2022		Margin Above SOFR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	S+0.685	%	(2)	6.095	%	(3)	5/26/2026	(4)
$400M Term Loan	400,000		400,000		S+0.760	%	(2)	4.832	%	(5)	7/19/2024	(4)
$100M Senior Notes	100,000		100,000		n/a			4.290	%		8/6/2025
$300M Term Loan	300,000		300,000		S+0.760	%	(2)	3.677	%	(6)	5/26/2027
$125M Senior Notes	125,000		125,000		n/a			3.930	%		7/13/2027
$300M Senior Notes due 2028	300,000		—		n/a			5.000	%		6/15/2028
$25M Series 2019A Senior Notes	25,000		25,000		n/a			3.880	%		7/16/2029
$400M Senior Notes due 2030	400,000		400,000		n/a			2.125	%		12/1/2030
$400M Senior Notes due 2031	400,000		400,000		n/a			2.150	%		9/1/2031
$75M Series 2019B Senior Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	2,125,000	$	1,825,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(7)	$	—	$	3,832	n/a			4.080	%		4/5/2023
960-970 Knox Street(7)	2,234		2,307		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(7)	3,638		3,712		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(7)	2,333		2,462		n/a			4.190	%		5/1/2024
$60M Term Loan(8)	60,000		60,000		S+1.250	%		5.060	%	(8)	10/27/2024
5160 Richton Street(7)	4,060		4,153		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(7)	2,558		2,612		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(7)	7,016		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(7)	14,690		14,965		n/a			3.930	%		7/1/2027
2205 126th Street(9)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(9)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(7)	3,871		3,928		n/a			4.260	%		7/1/2028
Gilbert/La Palma(7)	1,791		1,935		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(7)	2,914		3,009		n/a			4.140	%		8/1/2039
Total Secured Debt	$	120,605	$	125,515
Total Unsecured and Secured Debt	$	2,245,605	$	1,950,515
Less: Unamortized premium/discount and debt issuance costs(10)	(17,968)		(14,134)
Total	$	2,227,637	$	1,936,381

(9)Fixed monthly payments of interest only.

Contractual Debt Maturities


October 1, 2023 - December 31, 2023	$	2,580
2024	473,403
2025	100,973
2026	7,587
2027	444,078
Thereafter	1,216,984
Total	$	2,245,605

Issuance of $300 Million Notes Due 2028

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

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

Credit Agreement

As of September 30, 2023, under the Fourth Amended and Restated Credit Agreement (the “Credit Agreement”), we have a $1.0 billion unsecured revolving credit facility (the “Revolver”), a $300.0 million unsecured term loan facility (the “$300 Million Term Loan”) and a $400.0 million unsecured term loan facility (the “$400 Million Term Loan” and together with the $300 Million Term Loan, the “Term Facility”). Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $800.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing.

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

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

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

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

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

On September 30, 2023, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings.

Debt Covenants

The Credit Agreement, $60.0 million term loan facility (“$60 Million Term Loan”), $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and $25.0 million unsecured guaranteed senior notes and $75.0 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:

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

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

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

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

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

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

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

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

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

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

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

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

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

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, Senior Notes and Registered Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness and (iii) a default in compliance with the covenants set forth in the debt agreement, the principal and accrued and unpaid interest on the outstanding debt may be declared immediately due and payable at the option of the administrative agent, lenders, trustee and/or noteholders, as applicable, and in the event of bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either Standard and Poor’s Ratings Services (“S&P), Moody’s Investors Services (“Moody’s”) or Fitch Ratings. Our credit ratings as of September 30, 2023, were BBB+ from S&P, BBB+ from Fitch Ratings and Baa2 from Moody’s.

We were in compliance with all of our required quarterly debt covenants as of September 30, 2023.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Equity (Tables)

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Schedule of Preferred Stock

At September 30, 2023 and December 31, 2022, we had the following series of Cumulative Preferred Shares outstanding (dollars in thousands):


				September 30, 2023			December 31, 2022
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference
Series B	November 13, 2022	5.875	%	3,000,000	$	75,000	3,000,000	$	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				6,450,000	$	161,250	6,450,000	$	161,250

Summary of the Components of Changes in Accumulated Other Comprehensive Loss


	Three Months Ended September 30, 2023				Nine Months Ended September 30,
	2023		2022		2023		2022
Accumulated other comprehensive income (loss) - beginning balance	$	16,525	$	(2,974)	$	8,247	$	(9,874)
Other comprehensive income before reclassifications	7,997		12,326		20,354		17,743
Amounts reclassified from accumulated other comprehensive (income) loss to interest expense	(3,237)		368		(7,041)		2,118
Net current period other comprehensive income	4,760		12,694		13,313		19,861
Less: other comprehensive income attributable to noncontrolling interests	(143)		(497)		(418)		(764)
Other comprehensive income attributable to common stockholders	4,617		12,197		12,895		19,097
Accumulated other comprehensive income (loss) - ending balance	$	21,142	$	9,223	$	21,142	$	9,223

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
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+ Details

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	$ 24,494	$ 11,422
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	24,494	11,422
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	24,494	11,422
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	$ 0	$ 0

Acquired Lease Intangibles (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities


	September 30, 2023		December 31, 2022
Acquired Lease Intangible Assets:
In-place lease intangibles	$	328,763	$	315,842
Accumulated amortization	(198,853)		(172,883)
In-place lease intangibles, net	$	129,910	$	142,959

Above-market tenant leases	$	25,598	$	26,851
Accumulated amortization	(14,196)		(12,671)
Above-market tenant leases, net	$	11,402	$	14,180

Below-market ground lease	$	12,977	$	12,977
Accumulated amortization	(253)		(130)
Below-market ground lease, net	$	12,724	$	12,847
Acquired lease intangible assets, net	$	154,036	$	169,986

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(250,292)	$	(220,646)
Accumulated accretion	94,710		73,262
Below-market tenant leases, net	$	(155,582)	$	(147,384)




Acquired lease intangible liabilities, net	$	(155,582)	$	(147,384)

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

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
In-place lease intangibles(1)	$	10,024	$	10,855	$	32,757	$	29,154
Net below-market tenant leases(2)	$	(7,282)	$	(7,074)	$	(21,886)	$	(18,339)
Below-market ground leases(3)	$	41	$	41	$	123	$	89

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

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

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

Equity - Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions					1 Months Ended	3 Months Ended		9 Months Ended
	May 10, 2023	Feb. 17, 2023	Nov. 10, 2022	May 27, 2022	Dec. 31, 2022	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Feb. 17, 2023
At The Market Equity Offering Program, $1 Billion
Class of Stock [Line Items]
Maximum aggregate offering amount				$ 1,000.0
Proceeds from issuance of common stock									$ 834.6
At The Market Equity Offering Program, $1.25 Billion
Class of Stock [Line Items]
Maximum aggregate offering amount		$ 1,250.0
Proceeds from issuance of common stock								$ 27.3
Number of shares subject to forward sale agreement (in shares)						2,126,824
Sale Of Stock, Forward Sale Agreement, Net Forward Price						$ 60.09
Issuance of common stock (in shares)						0		449,227
Value of shares available under ATM						$ 1,100.0		$ 1,100.0
Net Proceeds From Issuance Of Common Stock								$ 27.0
Sale Of Stock, Net Sale Price Per Share								$ 60.84
ATM Programs
Class of Stock [Line Items]
Issuance of common stock (in shares)								2,763,708
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement								$ 163.2
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share								$ 59.04
2022 Forward Equity Offering
Class of Stock [Line Items]
Sale Of Stock, Forward Sale Agreement, Net Forward Price			$ 55.74
Issuance of common stock (in shares)					3,554,704		8,291,721
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement							$ 462.8
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share							$ 55.81
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers			11,846,425
Stock Remaining For Settlement, Shares					8,291,721
2023 Forward Equity Offering
Class of Stock [Line Items]
Sale Of Stock, Forward Sale Agreement, Net Forward Price	$ 55.24							$ 55.41
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement								$ 448.8
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers	13,500,000					8,100,000		8,100,000
May 2023 Forward Sale Agreement
Class of Stock [Line Items]
Issuance of common stock (in shares)						5,400,000
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement						$ 298.4
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share						$ 55.26

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash and cash equivalents	$	36,786	$	43,987
Restricted cash	—		11
Cash, cash equivalents and restricted cash, beginning of period	$	36,786	$	43,998

Cash and cash equivalents	$	83,268	$	37,141
Restricted cash	—		—
Cash, cash equivalents and restricted cash, end of period	$	83,268	$	37,141

Earnings Per Share - TSR Performance Percentile (Details)	9 Months Ended
	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

- Definition

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

+ References

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+ Details

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

As of September 30, 2023 and December 31, 2022, and for the three and nine months ended September 30, 2023 and 2022, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of September 30, 2023 and December 31, 2022, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2022 and the notes thereto.

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

Use of Estimates

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

Cash and Cash Equivalents

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

Restricted Cash

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

Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the nine months ended September 30, 2023 and 2022 (in thousands):


	Nine Months Ended September 30,
	2023		2022
Cash and cash equivalents	$	36,786	$	43,987
Restricted cash	—		11
Cash, cash equivalents and restricted cash, beginning of period	$	36,786	$	43,998

Cash and cash equivalents	$	83,268	$	37,141
Restricted cash	—		—
Cash, cash equivalents and restricted cash, end of period	$	83,268	$	37,141

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions.

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

We determine the fair value of the tangible assets of an acquired property by valuing the property as if it was 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 nine months ended September 30, 2023, we used discount rates ranging from 6.00% to 9.50% and exit capitalization rates ranging from 4.75% to 7.75%.

In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, 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 nine months ended September 30, 2023, we used an estimated average lease-up period ranging from six months to eighteen months.

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

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

Capitalization of Costs

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

We capitalized interest costs of $6.2 million and $3.6 million during the three months ended September 30, 2023 and 2022, respectively, and $16.1 million and $8.0 million during the nine months ended September 30, 2023 and 2022, respectively. We capitalized real estate taxes and insurance costs aggregating $1.9 million and $1.5 million during the three months ended September 30, 2023 and 2022, respectively, and $5.0 million and $3.9 million during the nine months ended September 30, 2023 and 2022, respectively. We capitalized compensation costs for employees who provide construction services of $2.8 million and $2.3 million during the three months ended September 30, 2023 and 2022, respectively, and $8.0 million and $6.4 million during the nine months ended September 30, 2023 and 2022, respectively.

Depreciation and Amortization

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

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

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

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

Assets Held for Sale

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

amount or its estimated fair value less cost to sell. As of September 30, 2023 and December 31, 2022, we did not have any properties classified as held for sale.

Impairment of Long-Lived Assets

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

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

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

Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. During the three and nine months ended September 30, 2023 and 2022, there were no impairment charges recorded to the carrying value of our properties. In connection with the early termination of a sublease for one of our office space leases in February 2023, we recorded a $0.2 million impairment charge during the first quarter of 2023 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 on our taxable income.

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

We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), our non-taxable subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and nine months ended September 30, 2023 and 2022.

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 September 30, 2023, and December 31, 2022, we have not established a liability for uncertain tax positions.

Derivative Instruments and Hedging Activities

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

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

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 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 of or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants.

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

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

Management and leasing services

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

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

Gain or Loss on Sale of Real Estate

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

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

Valuation of Operating Lease Receivables

We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases, including deferred rent receivables arising from straight-line recognition of rental income. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $1.0 million as a net reduction adjustment and $0.1 million as a net increase adjustment to rental income for the three months ended September 30, 2023 and 2022, respectively, and $2.6 million as a net reduction adjustment and $0.3 million as a net increase adjustment to rental income for the nine months ended September 30, 2023 and 2022, respectively, in the consolidated statements of operations.

Deferred Leasing Costs

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

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 5 – Notes Payable” for details.

Equity Based Compensation

We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value of the equity instrument issued on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See “Note 12 – Incentive Award Plan” for details.

Equity Offerings

Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering 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 – Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Earnings Per Share

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

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

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 13 – Earnings Per Share” for details.

Segment Reporting

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

Leases as a Lessee

We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU asset and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 6 – Leases” for additional lessee disclosures required under lease accounting standards.

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 - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
ASSETS
Land	$ 770,448
Buildings and improvements	401,183
Tenant improvements	4,105
Acquired lease intangible assets	19,830
Other acquired assets	915
Total assets acquired	1,196,481
Liabilities
Acquired lease intangible liabilities	32,984
Other assumed liabilities	40,098
Total liabilities assumed	73,082
Net assets acquired	$ 1,123,399
Intangible Assets [Abstract]
Weighted-average amortization period	20 years 9 months 18 days
Prepaid Rent	$ 29,700
In-place lease intangibles
Intangible Assets [Abstract]
In-place lease intangibles	$ 19,700
Weighted average amortization period	9 years 2 months 12 days
Above-market tenant leases
Intangible Assets [Abstract]
Weighted average amortization period	5 years 2 months 12 days
Lease intangibles	$ 100

Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Mar. 21, 2023	Dec. 31, 2022
Interest Rate Swap $150M Notional, Strike Rate 2.87100%
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
interest Strike Rate	2.817%
Current Notional Value	$ 150,000		$ 150,000
Fair Value	$ 8,143		5,720
Interest Rate Swap $150M Notional, Strike Rate 2.87150%
Derivative [Line Items]
Effective Date	Jul. 27, 2022
Maturity Date	May 26, 2027
interest Strike Rate	2.8175%
Current Notional Value	$ 150,000		150,000
Fair Value	$ 8,126		5,702
Interest Rate Swap $200M Notional, Strike Rate 3.98500%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.985%
Current Notional Value	$ 200,000		0
Fair Value	$ 3,368		0
Interest Rate Swap $100M Notional, Strike Rate 3.96625%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.96625%
Current Notional Value	$ 100,000		0
Fair Value	$ 1,715		0
Interest Rate Swap $100M Notional, Strike Rate 3.95300%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jun. 30, 2025
interest Strike Rate	3.953%
Current Notional Value	$ 100,000		0
Fair Value	$ 1,737		0
Interest Rate Swap $60M Notional, Strike Rate 3.71000%
Derivative [Line Items]
Effective Date	Apr. 03, 2023
Maturity Date	Jul. 30, 2026
interest Strike Rate		3.71%
Current Notional Value	$ 60,000	$ 60,000	0
Fair Value	$ 1,405		$ 0

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,050,000	10,050,000
Preferred stock, shares outstanding (in shares)	6,450,000	6,450,000
Liquidation Preference	$ 161,250,000	$ 161,250,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	489,950,000	489,950,000
Common stock, shares outstanding (in shares)	206,484,287	189,114,129
5.875% Series B Cumulative Redeemable Preferred Stock
Dividend Rate	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Dividend Rate	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net			$ (21,763)	$ (18,250)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 10,024	$ 10,855	32,757	29,154
Net below market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(7,282)	(7,074)	(21,886)	(18,339)
Below-market ground leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 41	$ 41	$ 123	$ 89

Interest Rate Derivatives - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 15,949	$ 14,975	$ 46,830	$ 34,826
Derivative, Reclassification Period			10 years
Interest Rate Swap
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	15,949	14,975	$ 46,830	34,826
Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives	7,997	12,326	20,354	17,743
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of loss reclassified from AOCI into earnings under “Interest expense”	$ 3,237	$ (368)	$ 7,041	$ (2,118)

- Definition

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

+ References + Details

Incentive Award Plan

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Incentive Award Plan

Second Amended and Restated 2013 Incentive Award Plan

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

As of September 30, 2023, a total of 1,413,165 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 described in the Operating Partnership’s partnership agreement, the LTIP Units and Performance Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested LTIP Units and vested Performance Units may be converted into an equal number of OP Units, and upon conversion, enjoy all rights of OP Units. 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. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distributions paid on OP Units.

Share-Based Award Activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the nine months ended September 30, 2023:


	Unvested Awards
	Restricted Common Stock			LTIP Units
	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2023	274,416	$	56.92	313,051	$	54.84
Granted	204,147	$	59.01	64,705	$	57.24
Forfeited	(20,408)	$	62.92	—	$	—
Vested(1)	(108,598)	$	52.68	(53,072)	$	55.81
Balance at September 30, 2023	349,557	$	59.10	324,684	$	55.16

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of September 30, 2023:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
October 1, 2023 - December 31, 2023	1,403	127,120	476,915
2024	136,375	105,022	366,004
2025	97,127	74,010	673,188
2026	71,030	12,040	—
2027	43,622	6,492	—
Total	349,557	324,684	1,516,107

Compensation Expense

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Expensed share-based compensation(1)	$	8,166	$	6,316	$	24,300	$	18,710
Capitalized share-based compensation(2)	275		167		740		454
Total share-based compensation	$	8,441	$	6,483	$	25,040	$	19,164

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

As of September 30, 2023, total unrecognized compensation cost related to all unvested share-based awards was $42.8 million and is expected to be recognized over a weighted average remaining period of 25 months.

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 7,554,814	$ 5,851,698	$ 6,923,342	$ 5,067,695
Other comprehensive income before reclassifications	7,997	12,326	20,354	17,743
Amounts reclassified from accumulated other comprehensive (income) loss to interest expense	(3,237)	368	(7,041)	2,118
Net current period other comprehensive income	4,760	12,694	13,313	19,861
Less: other comprehensive income attributable to noncontrolling interests	(143)	(497)	(418)	(764)
Other comprehensive income attributable to common stockholders	4,617	12,197	12,895	19,097
Ending Balance	7,843,304	6,546,320	7,843,304	6,546,320
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	16,525	(2,974)	8,247	(9,874)
Net current period other comprehensive income	4,617	12,197	12,895	19,097
Ending Balance	$ 21,142	$ 9,223	$ 21,142	$ 9,223

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Incentive Award Plan - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	349,557	274,416
Restricted Common Stock \| October 1, 2023 - December 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,403
Restricted Common Stock \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	136,375
Restricted Common Stock \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	97,127
Restricted Common Stock \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	71,030
Restricted Common Stock \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	43,622
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	324,684	313,051
LTIP Units \| October 1, 2023 - December 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	127,120
LTIP Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	105,022
LTIP Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	74,010
LTIP Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	12,040
LTIP Units \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	6,492
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	1,516,107
Performance period	3 years
Performance Units \| October 1, 2023 - December 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	476,915
Performance Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	366,004
Performance Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	673,188
Performance Units \| 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0
Performance Units \| 2027
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0

Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

Recurring Measurements – Interest Rate Swaps

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

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

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


	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)
September 30, 2023
Interest Rate Swap Asset	$	24,494	$	—	$	24,494	$	—

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

Financial Instruments Disclosed at Fair Value

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

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

The table below sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2023 and December 31, 2022 (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:
September 30, 2023	$	2,012,830	$	—	$	—	$	2,012,830	$	2,227,637
December 31, 2022	$	1,740,745	$	—	$	—	$	1,740,745	$	1,936,381

- Definition

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

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