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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2013	Nov. 12, 2013
Document Document And Entity Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q3
Trading Symbol	REXR
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25,626,596

CONSOLIDATED AND COMBINED BALANCE SHEETS - USD ($)	Sep. 30, 2013	Dec. 31, 2012
ASSETS
Land	$ 216,519,000
Buildings and improvements	268,240,000
Tenant improvements	11,726,000
Furniture, fixtures, and equipment	188,000
Total real estate held for investment	496,673,000
Accumulated depreciation	(57,912,000)
Investments in real estate, net	438,761,000
Cash and cash equivalents	4,399,000
Restricted cash	298,000
Notes receivable	13,153,000	$ 11,911,000
Rents and other receivables, net	869,000
Deferred rent receivable	3,746,000
Deferred leasing costs and in-place lease intangibles, net	11,601,000
Deferred loan costs, net	1,609,000
Acquired above-market leases, net	1,888,000
Other assets	2,321,000
Acquisition related deposits	1,435,000
Investment in unconsolidated real estate entities	8,982,000	12,697,000
Assets associated with real estate held for sale		16,500,000
Total Assets	489,062,000
Liabilities
Notes payable	122,857,000
Accounts payable, accrued expenses and other liabilities	4,602,000
Acquired below-market leases, net	535,000
Tenant security deposits	4,942,000
Prepaid rents	524,000
Liabilities associated with real estate held for sale		13,433,000
Total Liabilities	133,460,000
Equity
Rexford Industrial Realty, Inc. stockholders' equity and Predecessor equity Common Stock, $0.01 par value 490,000,000 authorized and 25,678,575 outstanding	257,000
Additional paid in capital	308,937,000
Retained earnings	256,000
Total stockholders' equity	309,450,000
Noncontrolling interests	46,152,000
Total Equity	355,602,000	96,248,000
Total Liabilities and Equity	$ 489,062,000
Rexford Industrial Realty, Inc. Predecessor
ASSETS
Land		154,413,000
Buildings and improvements		210,657,000
Tenant improvements		12,330,000
Furniture, fixtures, and equipment		188,000
Total real estate held for investment		377,588,000
Accumulated depreciation		(56,626,000)
Investments in real estate, net		320,962,000
Cash and cash equivalents		43,499,000
Restricted cash		1,882,000
Notes receivable		11,911,000
Rents and other receivables, net		560,000
Deferred rent receivable		3,768,000
Deferred leasing costs and in-place lease intangibles, net		5,012,000
Deferred loan costs, net		1,396,000
Acquired above-market leases, net		179,000
Other assets		1,870,000
Acquisition related deposits		260,000
Investment in unconsolidated real estate entities		12,697,000
Assets associated with real estate held for sale		16,500,000
Total Assets		420,496,000
Liabilities
Notes payable		302,830,000
Accounts payable, accrued expenses and other liabilities		2,589,000
Due to members		1,221,000
Interest rate contracts		49,000
Acquired below-market leases, net		39,000
Tenant security deposits		3,753,000
Prepaid rents		334,000
Liabilities associated with real estate held for sale		13,433,000
Total Liabilities		324,248,000
Equity
Predecessor equity		(12,691,000)
Noncontrolling interests		108,939,000
Total Equity		96,248,000
Total Liabilities and Equity		$ 420,496,000

CONSOLIDATED AND COMBINED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2013	Dec. 31, 2012
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	25,678,575	25,678,575

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2012	Jul. 23, 2013	Sep. 30, 2012
RENTAL REVENUES
Rental revenues		$ 7,798,000
Tenant reimbursements		863,000
Management, leasing and development services		281,000
Other income		40,000
TOTAL RENTAL REVENUES		8,982,000
Interest income		191,000
TOTAL REVENUES		9,173,000
OPERATING EXPENSES
Property expenses		2,060,000
General and administrative		2,500,000
Depreciation and amortization		3,062,000
Other property expenses		503,000
TOTAL OPERATING EXPENSES		8,125,000
OTHER EXPENSE (INCOME)
Acquisition expenses		119,000
Interest expense		717,000
Gain on mark-to-market of interest rate swaps			$ (600,000)
TOTAL OTHER EXPENSE		836,000
TOTAL EXPENSES		8,961,000
Equity in (loss) income from unconsolidated real estate entities		83,000
NET LOSS FROM CONTINUING OPERATIONS		295,000
DISCONTINUED OPERATIONS
NET INCOME (LOSS)		295,000		$ (4,281,000)
Net (income) loss attributable to noncontrolling interests		(39,000)
Net income (loss) attributable to common stockholders		$ 256,000
Net income attributable to common stockholders per share - basic		$ 0.01
Net income attributable to common stockholders per share - diluted		$ 0.01
Rexford Industrial Realty, Inc. Predecessor
RENTAL REVENUES
Rental revenues	$ 2,460,000		6,875,000	19,392,000	$ 20,658,000
Tenant reimbursements	265,000		770,000	2,239,000	2,184,000
Management, leasing and development services	13,000		174,000	444,000	344,000
Other income	20,000		28,000	187,000	78,000
TOTAL RENTAL REVENUES	2,758,000		7,847,000	22,262,000	23,264,000
Interest income	63,000		397,000	698,000	1,182,000
TOTAL REVENUES	2,821,000		8,244,000	22,960,000	24,446,000
OPERATING EXPENSES
Property expenses	576,000		2,073,000	5,139,000	6,241,000
General and administrative	1,885,000		1,727,000	4,420,000	3,884,000
Depreciation and amortization	901,000		3,037,000	7,641,000	9,240,000
Other property expenses	124,000		316,000	904,000	945,000
TOTAL OPERATING EXPENSES	3,486,000		7,153,000	18,104,000	20,310,000
OTHER EXPENSE (INCOME)
Acquisition expenses	7,000		11,000	724,000	245,000
Interest expense	1,270,000		4,426,000	9,593,000	12,931,000
Gain on mark-to-market of interest rate swaps			(611,000)	(49,000)	(1,835,000)
TOTAL OTHER EXPENSE	1,277,000		3,826,000	10,268,000	11,341,000
TOTAL EXPENSES	4,763,000		10,979,000	28,372,000	31,651,000
Equity in (loss) income from unconsolidated real estate entities	9,000		99,000	(915,000)	66,000
Gain from early repayment of note receivable				1,365,000
Loss on extinguishment of debt	(3,935,000)			(3,972,000)
NET LOSS FROM CONTINUING OPERATIONS	(5,868,000)		(2,636,000)	(8,934,000)	(7,139,000)
DISCONTINUED OPERATIONS
Loss from discontinued operations before gains on sale of real estate			(68,000)	(86,000)	(136,000)
Loss on extinguishment of debt				(250,000)
Gain on sale of real estate				4,989,000
(LOSS) INCOME FROM DISCONTINUED OPERATIONS			(68,000)	4,653,000	(136,000)
NET INCOME (LOSS)	(5,868,000)		(2,704,000)	(4,281,000)	(7,275,000)
Net (income) loss attributable to noncontrolling interests	3,559,000		970,000	15,000	3,912,000
Net income (loss) attributable to common stockholders	$ (2,309,000)		$ (1,734,000)	$ (4,266,000)	$ (3,363,000)

CONSOLIDATED AND COMBINED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Total Stockholders' Equity	Noncontrolling Interest
Beginning Balance (Rexford Industrial Realty, Inc. Predecessor) at Dec. 31, 2012	$ 96,248,000				$ (12,691,000)	$ 108,939,000
Beginning Balance at Dec. 31, 2012	$ 96,248,000
Beginning Balance, shares at Dec. 31, 2012	25,678,575
Capital contributions \| Rexford Industrial Realty, Inc. Predecessor	$ 1,156,000				6,000	1,150,000
Capital contributions	1,156,000
Equity based compensation expense \| Rexford Industrial Realty, Inc. Predecessor						1,000,000
Equity based compensation expense	1,000,000
Net loss \| Rexford Industrial Realty, Inc. Predecessor	(4,281,000)				(4,266,000)	(15,000)
Net loss	(4,281,000)
Distributions \| Rexford Industrial Realty, Inc. Predecessor					(2,096,000)	(4,729,000)
Distributions	(6,825,000)
Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V REIT, LLC \| Rexford Industrial Realty, Inc. Predecessor					1,160,000	45,856,000
Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V REIT, LLC	47,016,000
Distributions \| Rexford Industrial Realty, Inc. Predecessor					(708,000)	(31,020,000)
Distributions	(31,728,000)
Repurchase of interests from unaccredited investors \| Rexford Industrial Realty, Inc. Predecessor					(96,000)	(944,000)
Repurchase of interests from unaccredited investors	(1,040,000)
Exchange of common units to acquire tenant-in-common	$ 40,000					40,000
Exchange of Predecessor's equity for common stock and units \| Rexford Industrial Realty, Inc. Predecessor					18,691,000	(120,237,000)
Exchange of Predecessor's equity for common stock and units		$ 49,000	$ 55,424,000		55,473,000	46,073,000
Exchange of Predecessor's equity for common stock, shares	4,947,558	4,947,558
Ending Balance at Jul. 23, 2013	$ 101,586,000	$ 49,000	55,424,000		55,473,000	46,113,000
Ending Balance, shares at Jul. 23, 2013		4,947,658
Net loss	295,000			$ 256,000	256,000	39,000
Ending Balance at Sep. 30, 2013	$ 355,602,000	$ 257,000	308,937,000		309,450,000	$ 46,152,000
Ending Balance, shares at Sep. 30, 2013	25,678,575	25,678,575
Issuance of common stock, shares		16,451,972
Issuance of common stock, net of offering costs	$ 206,309,000	$ 165,000	206,144,000		206,309,000
Proceeds from private placement	47,016,000	$ 34,000	46,982,000		47,016,000
Shares issued in Private Placement		3,358,311
Repurchase of common stock, shares		(100)
Issuance of restricted stock		$ 9,000	(9,000)
Issuance of restricted stock, shares		920,734
Amortization of stock based compensation	$ 396,000		$ 396,000		$ 396,000

COMBINED STATEMENTS OF CASH FLOWS - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
COMBINED STATEMENTS OF CASH FLOWS - USD ($)	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2012	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ 295,000		$ (4,281,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) loss of unconsolidated real estate entities		(83,000)
Depreciation and amortization		3,062,000
Amortization of above market lease intangibles		122,000
Accretion of discount on notes receivable		(33,000)
Amortization of loan costs		93,000
Gain on mark-to-market of interest rate swaps			$ (600,000)
Equity based compensation expense	$ 899,000	382,000			$ 985,000
Gain from early repayment of notes receivable					(1,400,000)
Change in working capital components:
Rents and other receivables		(20,000)
Deferred rent receivable		(285,000)
Leasing commissions		(224,000)
Other assets		(752,000)
Accounts payable, accrued expenses and other liabilities		616,000
Tenant security deposits		72,000
Prepaid rent		272,000
Net cash provided by operating activities		3,517,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investment in real estate		(13,924,000)
Capital expenditures		(617,000)
Acquisition related deposits		(1,235,000)
Change in restricted cash		(9,000)
Principal repayments of notes receivable		39,000
Net cash used in investing activities		(15,746,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Initial Public Offering		208,280,000
Proceeds from private placement		47,016,000
Proceeds from notes payable		80,875,000
Repayment of notes payable		(311,848,000)
Deferred loan costs		(1,702,000)
Capital contributions				1,156,000
Distributions due to Predecessor members related to formation transactions		(4,953,000)
Repurchase of interests from unaccredited investors		(1,040,000)
Net cash provided by financing activities		16,628,000
Net increase (decrease) in cash and cash equivalents		4,399,000
Cash and cash equivalents, end of period		4,399,000			4,399,000
Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V, REIT LLC:
Notes receivable
Rexford Industrial Realty, Inc. Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	(5,868,000)		(2,704,000)	(4,281,000)		$ (7,275,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) loss of unconsolidated real estate entities	(9,000)		(99,000)	915,000		(66,000)
Depreciation and amortization	$ 901,000		3,037,000	7,641,000		9,240,000
Depreciation and amortization included in discontinued operations			295,000	157,000		883,000
Amortization of above market lease intangibles				256,000		133,000
Accretion of discount on notes receivable				(94,000)		(267,000)
Loss on extinguishment of debt				4,222,000
Gain on sale of real estate				(4,989,000)
Amortization of loan costs				784,000		604,000
Gain on mark-to-market of interest rate swaps			(611,000)	(49,000)		(1,835,000)
Deferred interest expense				573,000		797,000
Equity based compensation expense				985,000
Gain from early repayment of notes receivable				(1,365,000)
Change in working capital components:
Rents and other receivables				(161,000)		(195,000)
Deferred rent receivable				(263,000)		(222,000)
Change in restricted cash				1,137,000		(532,000)
Leasing commissions				(980,000)		(883,000)
Other assets				(1,172,000)		(77,000)
Accounts payable, accrued expenses and other liabilities				5,897,000		1,898,000
Tenant security deposits				507,000		(138,000)
Prepaid rent				(172,000)		(265,000)
Net cash provided by operating activities				4,593,000		1,800,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investment in real estate				(73,332,000)		(5,701,000)
Capital expenditures				(1,439,000)		(4,215,000)
Consolidation of La Jolla Sorrento				373,000
Acquisition related deposits				50,000		(325,000)
Contributions to unconsolidated real estate entities						(2,814,000)
Distributions from unconsolidated real estate entities				271,000		309,000
Change in restricted cash				408,000		248,000
Principal repayments of notes receivable				5,516,000		153,000
Disposition of investment in real estate				21,537,000		100,000
Net cash used in investing activities				(46,616,000)		(12,245,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable				55,590,000		8,277,000
Repayment of notes payable				(21,135,000)		(760,000)
Deferred loan costs				(812,000)		(496,000)
Prepaid offering costs				(1,504,000)
Capital contributions				1,156,000		14,923,000
Distributions to Predecessor members				(6,825,000)		(2,024,000)
Reimbursements due to Predecessor members				(1,221,000)
Distributions due to Predecessor members related to formation transactions				(26,773,000)
Change in restricted cash				48,000		(70,000)
Net cash provided by financing activities				(1,476,000)		19,850,000
Net increase (decrease) in cash and cash equivalents				(43,499,000)		9,405,000
Cash and cash equivalents, beginning of period				43,499,000	$ 43,499,000	20,928,000
Cash and cash equivalents, end of period			$ 30,333,000			$ 30,333,000
Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V, REIT LLC:
Investment in real estate and acquisition related intangibles				(35,532,000)
Investment in unconsolidated real estate entities				(6,131,000)
Notes receivable				(5,305,000)
Predecessor equity and noncontrolling interests				46,968,000
Acquisition of the 30% tenant-in-common interest and subsequent consolidation of La Jolla Sorrento property:
Investment in real estate and acquisition related intangibles				(8,369,000)
Investment in unconsolidated real estate entities				8,654,000
Predecessor equity and noncontrolling interests				48,000
Rexford Industrial Realty, Inc. noncontrolling interests				$ 40,000

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2013

Organization and Basis of Presentation

1. 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. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments 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 are focused on owning and operating industrial properties in Southern California infill markets.

On July 24, 2013 we acquired our Predecessor and certain other entities with the closing of our initial public offering (“IPO”) and completed the following transactions:

In our IPO we issued a total of 16,000,000 shares of our common stock in exchange for net proceeds of approximately $208.5 million after deducting the underwriters’ discount.
In our concurrent private placement we issued a total of 3,358,311 shares of our common stock in exchange for gross proceeds of $47.0 million cash.
In our formation transactions, we acquired certain assets of our Predecessor in exchange for the assumption or discharge of $303.3 million in indebtedness, the payment of $7.2 million in cash, the issuance of 3,697,086 common units of our Operating Partnership and 4,947,558 shares of our common stock.
We entered into a $60.0 million term loan and a $200.0 million senior unsecured revolving credit facility.

Additionally, on August 21, 2013, we issued an additional 451,972 shares of our common stock for an additional $5.9 million of net proceeds in connection with the partial exercise of the over-allotment option granted to the underwriters in the IPO.

Because the transactions referenced above occurred on or after July 24, 2013, the historical financial results in these financial statements for periods prior to July 24, 2013 relate to our accounting predecessor. Our Predecessor is comprised of Rexford Industrial, LLC (“RILLC”), Rexford Sponsor V, LLC (“Sponsor”), Rexford Industrial Fund V REIT, LLC (“RIF V REIT”) and their consolidated subsidiaries, which consist of Rexford Industrial Fund I, LLC (“RIF I”), Rexford Industrial Fund II, LLC (“RIF II”), Rexford Industrial Fund III, LLC (“RIF III”), Rexford Industrial Fund IV, LLC (“RIF IV”), Rexford Industrial Fund V, LP (“RIF V”) and their subsidiaries (collectively the “Predecessor Funds”). The entities comprising Rexford Industrial Realty, Inc. Predecessor are combined on the basis of common management and common ownership.

We have determined that one of the entities, RILLC, was the acquirer for accounting purposes in our formation transactions. In addition, we have concluded that any interests contributed by the members of the other entities comprising the Predecessor (Sponsor, RIF V REIT and their consolidated subsidiaries), was a business combination since these entities have common management and ownership, but are not under common control with RILLC. RILLC was controlled by one of the principals of Rexford Industrial Realty, Inc. Predecessor, while Sponsor and RIF V REIT were jointly controlled by the principals of Rexford Industrial Realty, Inc. Predecessor. As a result, the contribution of interests in RILLC as the accounting acquirer has been recorded at historical cost, and the contribution or acquisition of interests in entities other than those owned or controlled by RILLC in the formation transactions, including Sponsor, RIF V REIT and their consolidated subsidiaries, has been accounted for as an acquisition under the acquisition method of accounting and recognized at the estimated fair value of acquired assets and assumed liabilities on the date of such contribution or acquisition. See Note 3.

The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and its subsidiaries (including our Operating Partnership) subsequent to our IPO on July 24, 2013 and our predecessor prior to that date (“Predecessor” or “Rexford Industrial Realty, Inc. Predecessor”).

Basis of Presentation

As of September 30, 2013 and for the period from July 24, 2013 through September 30, 2013, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. The financial statements presented for periods prior to July 24, 2013 are the combined financial statements of our Predecessor. All of the outside ownership interests in entities that our Predecessor consolidates are included in non-controlling interests. All significant intercompany balances and transactions have been eliminated in the consolidated and combined financial statements.

The accompanying interim financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). The accompanying financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein.

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 and combined financial statements and accompanying notes. Actual results could differ from those estimates.

We consolidate all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our combined financial statements.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2013

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Discontinued Operations

The revenue, expenses, impairment and/or gain on sale of operating properties that meet the applicable criteria are reported as discontinued operations in the consolidated and combined statements of operations for all periods presented. A gain on sale, if any, is recognized in the period during which the property is disposed.

In determining whether to report the results of operations, impairment and/or gain on sale of operating properties as discontinued operations, we evaluate whether we have any significant continuing involvement in the operations, leasing or management of the property after disposition. If we determine that we have significant continuing involvement after disposition, we report the revenue, expenses, impairment and/or gain on sale as part of continuing operations.

Held for Sale Assets

We classify properties as held for sale when certain criteria set forth in the Long-Lived Assets Classified as Held for Sale Subsections of ASC Topic 360: Property, Plant, and Equipment, are met. At that time, the assets and liabilities of the property held for sale are presented separately in the consolidated and combined balance sheets and we cease recording depreciation and amortization expense at the time a property is classified as held for sale. Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell.

Investment in Real Estate

Acquisitions of properties are accounted for utilizing the purchase accounting method and accordingly, the results of operations of acquired properties are included in our results of operations from the respective dates of acquisition. Transaction costs related to acquisitions are expensed, rather than included with the consideration paid. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, and acquired above- and below-market leases. Initial valuations are subject to change until such information is finalized, but no later than 12 months from the acquisition date.

The fair values of tangible assets are determined on an “as-if-vacant” basis. The “as-if-vacant” fair value is allocated to land, where applicable, buildings, tenant improvements and equipment based on comparable sales and other relevant information obtained in connection with the acquisition of the property.

The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which is generally six months.

Above- and below-market in-place lease intangibles are recorded as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant lease, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancelable term of the lease and bargain renewal periods for below market in-place lease intangibles, if applicable.

We capitalize costs incurred in developing, renovating, rehabilitating, and improving real estate assets as part of the investment basis. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. During the land development and construction periods, we capitalize interest costs, insurance, real estate taxes and certain general and administrative costs of the personnel performing development, renovations, and rehabilitation if such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. Capitalized costs are included in the investment basis of real estate assets.

When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in operations for the period.

The values allocated to land, buildings, site improvements, in-place leases, tenant improvements and leasing costs are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 20 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.

Impairment of Long-Lived Assets

In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360: Property, Plant, and Equipment, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.

Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order 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 regard to the underlying assets might change as market conditions change, as well as other factors, especially in the current global economic environment. 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 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 regard to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.

At December 31, 2012, our investment in real estate has been recorded net of a cumulative impairment of $19.6 million.

Income Taxes

We will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ending 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 REIT qualifying 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 federal income tax at regular corporate rates, including any applicable alternative minimum tax.

In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities (including limited partnerships and S-Corporations) is reportable in the income tax returns of the respective partners and stockholders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the period from July 24, 2013 to September 30, 2013.

Each of RIF I, RIF II, RIF III and RIF IV are limited liability companies but have elected to be taxed as a partnership for tax purposes. As such, the allocated share of net income or loss from the limited liability companies is reportable in the income tax returns of the respective partners and investors. Accordingly, no income tax provision is included in the accompanying combined financial statements.

RIF V REIT has elected to be taxed as a REIT under the Code, commencing with its tax period ended December 31, 2010. We believe that RIF V REIT has met all of the REIT distribution and technical requirements for the period from January 1, 2013 to July 23, 2013 and the nine months ended September 30, 2012. Accordingly, we have not recognized any provision for income taxes.

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, 2013 and December 31, 2012, we have not established a liability for uncertain tax positions.

Revenue Recognition

We recognize revenue from rent, tenant reimbursements and other revenue sources once all of the following criteria are met: persuasive evidence of an arrangement exists, the delivery has occurred or services rendered, the fee is fixed and determinable and collectability is reasonably assured. Minimum annual rental revenues are recognized in rental revenues on a straight-line basis over the term of the related lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.

Estimated reimbursements from tenants for real estate taxes, 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. Lease termination fees, which are included in rental revenues in the accompanying consolidated and combined statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant.

Revenues from management, leasing and development services are recognized when the related services have been provided and earned.

The recognition of gains on sales of real estate requires us to measure the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, we further analyze whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, we defer the gain and recognize it when the criteria are met or use the installment or cost recovery method as appropriate under the circumstances. See Note 3 for discussion of dispositions.

Equity Based Compensation

We account for equity-based compensation, including shares of restricted stock, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires us to recognize an expense for the fair value of equity-based compensation awards. The estimated fair value of shares of restricted stock are amortized over their respective vesting periods. See Note 13.

Earnings Per Share

Basic earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average of common shares and participating securities outstanding during the period. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the two class method. See Note 14.

Segment Reporting

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

Recently Issued Accounting Pronouncements

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.

In April 2013, the FASB issued ASU No. 2013-07 to Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. This amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when it ceases operating and begins selling assets to settle debts with creditors. This ASU is effective for fiscal years beginning after December 15, 2012, with early adoption permitted, and should be applied prospectively from the day that liquidation becomes imminent. We do not expect the adoption of this accounting standard to have a material impact on our Consolidated and Combined Financial Statements.

In December 2011, the FASB issued ASU No. 2011-10 to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of a subsidiary that is in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of this accounting standard update on January 1, 2013 did not have a material impact on our Consolidated and Combined Financial Statements.

Investments in Real Estate

9 Months Ended

Sep. 30, 2013

Investments in Real Estate

3. Investments in Real Estate

Acquisitions

On July 30, 2013 we acquired the property located at 8101-8117 Orion Avenue in Van Nuys, CA for a contract price of $5.6 million, using proceeds from our revolving credit facility. The property consists of one multi-tenant industrial building totaling 48,388 square feet situated on 1.89 acres of land.

On August 7, 2013 we acquired the property located at 18310-18330 Oxnard Street in Tarzana, CA for a contract price of $8.4 million, using proceeds from our revolving credit facility. The property consists of one multi-tenant industrial building totaling 75,288 square feet situated on 3.11 acres of land.

During the period from January 1, 2013 to July 23, 2013, our Predecessor acquired four properties consisting of 17 buildings and approximately 740,525 square feet. The properties are located throughout Southern California. The total contract price for these acquisitions was $73.8 million.

During the nine months ended September 30, 2012, our Predecessor acquired two properties (one located in Southern California and one located in Glenview, Illinois) consisting of five buildings and approximately 145,853 square feet. The total contract price for these acquisitions was $6.4 million.

We incurred acquisition expenses in the amount of $119,000 for the period from July 24, 2013 to September 30, 2013, $7,000 for the period from July 1, 2013 to July 23, 2013, $11,000 for the three months ended September 30, 2012, $724,000 for the period from January 1, 2013 to July 23, 2013, and $245,000 for the nine months ended September 30, 2012.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

			Real estate assets:						Acquisition-related
Address	Acquisition Date		Land			Buildings and improvements			In‑place Lease Intangibles (1)			Net Above (Below) Market Lease Intangibles (2)				Total Purchase Price			Other Assets			Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits				Net Assets Acquired
2013 Acquisitions:
8101‑8117 Orion Avenue		7/30/2013	$	1,389,000	$		3,872,000	$		327,000	$		12,000		$		5,600,000	$		19,000	$		(55,000	)	$		5,564,000
18310‑18330 Oxnard Street		8/7/2013	$	2,497,000	$		5,494,000	$		435,000	$		(1,000	)	$		8,425,000	$		4,000	$		(69,000	)	$		8,360,000
Total			$	3,886,000	$		9,366,000	$		762,000	$		11,000		$		14,025,000	$		23,000	$		(124,000	)	$		13,924,000
2013 Predecessor Acquisitions:
18118‑18120 S. Broadway		4/4/2013	$	3,013,000	$		2,161,000	$		274,000	$		—		$		5,448,000	$		16,000	$		(57,000	)	$		5,407,000
8900‑8980 Benson Ave., 5637 Arrow Highway		4/9/2013	$	1,817,000	$		4,590,000	$		552,000	$		191,000		$		7,150,000	$		20,000	$		(104,000	)	$		7,066,000
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.		4/17/2013	$	26,423,000	$		25,795,000	$		2,568,000	$		1,414,000		$		56,200,000	$		168,000	$		(500,000	)	$		55,868,000
1661 240th St.		5/31/2013	$	3,464,000	$		1,498,000	$		38,000	$		—		$		5,000,000	$		8,000	$		(17,000	)	$		4,991,000
Total			$	34,717,000	$		34,044,000	$		3,432,000	$		1,605,000		$		73,798,000	$		212,000	$		(678,000	)	$		73,332,000
2012 Acquisitions:
1400 S. Campus Ave.		3/7/2012	$	2,600,000	$		1,631,000	$		588,000	$		(20,000	)	$		4,799,000	$		13,000	$		(529,000	)	$		4,283,000
500‑560 Zenith Dr.		5/1/2012	$	658,000	$		688,000	$		279,000	$		—		$		1,625,000	$		6,000	$		(213,000	)	$		1,418,000
Total			$	3,258,000	$		2,319,000	$		867,000	$		(20,000	)	$		6,424,000	$		19,000	$		(742,000	)	$		5,701,000

(1) The weighted average amortization period of acquired in-place lease intangibles for our 2013 acquisitions was 2.5 years as of September 30, 2013.

(2) The weighted average amortization period of net above market leases for our 2013 acquisitions was 2.6 years as of September 30, 2013.

Acquisition of Other Interests

As part of the formation transactions, we accounted for the contribution of Sponsor RIF V REIT and their consolidated subsidiaries in exchange for shares of common stock, common units in our Operating Partnership and paid cash, as a business combination in accordance with ASC Section 805-10, Business Combinations (“ASC 805-10”), by recognizing the estimated fair value of acquired assets and assumed liabilities on July 24, 2013, the date of the contribution.

In addition, through a contribution transaction, we acquired the 30% tenant-in-common interest in the La Jolla Sorrento property that we did not previously own. This transaction was also accounted for in accordance with ASC 805-10 by re-measuring our preexisting 70% equity in the La Jolla Sorrento property to its acquisition-date fair value, and subsequently recording the estimated fair value of the assets and assumed liabilities at their full fair value.

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed of the transactions noted above on the date of contribution or acquisition.

		Allocated Value
Land	$	93,472,000
Building and acquisition related intangibles		94,458,000
Notes receivable		13,159,000
Investment in unconsolidated real estate entities		8,939,000
Other assets and liabilities		(991,000	)
Total	$	209,037,000

The preliminary allocation of the purchase price is based upon a preliminary valuation and our estimates and assumptions are subject to change within the purchase price allocation period (generally one year from the acquisition date).

Dispositions

During the period from July 24, 2013 to September 30, 2013 and the nine months ended September 30, 2012 we did not make any dispositions of properties.

A summary of our property dispositions for the period from January 1, 2013 to July 23, 2013 is as follows:

Address	Location			Sales Price
4578 Worth Street	Los Angeles, CA	1/31/2013	79,370	$	4,100,000	$	2,500,000	$	2,410,000
1950 E. Williams Drive	Oxnard, CA	4/4/2013	161,682	$	8,542,000	$	2,993,000	$	415,000
9027 Glenoaks Blvd.	Los Angeles, CA	5/10/2013	14,700	$	1,727,000	$	1,625,000	$	234,000
2515, 2507, 2441 W. Erie Dr. & 2929 S. Fair Lane	Tempe, AZ	5/28/2013	83,385	$	5,003,000	$	3,531,000	$	1,015,000
1255 Knollwood Circle	Anaheim, CA	6/14/2013	25,162	$	2,768,000	$	2,630,000	$	915,000

(1) Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan.

(2) Gain on sale of real estate is recorded as part of discontinued operations for the period from January 1, 2013 to July 23, 2013.

Assets Held for Sale

As of September 30, 2013, we did not have any properties classified as held for sale. As of December 31, 2012, Worth Bonnie Beach, Williams, Glenoaks, Interstate Commerce Center, and Knollwood properties were classified as held for sale.

The major classes of assets and liabilities of real estate held for sale were as follows:

	December 31, 2012
Investment in real estate, net	$	16,058,000
Other		442,000
	$	16,500,000
Notes payable	$	13,279,000
Accounts payable and other liabilities		154,000
	$	13,433,000

Discontinued Operations

Income (loss) from discontinued operations includes the results of operations and the gain on sale of real estate related to the Predecessor disposition properties noted above, as well as the results of operations of the Long Carson property which was disposed of on October 16, 2012. Their combined results of operations for the three months ended September 30, 2012 and the period from January 1, 2013 to July 23, 2013 and the nine months ended September 30, 2012 are summarized in the table below. We did not record any income (loss) from discontinued operations for the period from July 24, 2013 through September 30, 2013.

	The Predecessor
	Three Months Ended September 30, 2012			Period from January 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2012
Revenues	$	555,000		$	391,000		$	1,700,000
Operating expenses		(180,000	)		(193,000	)		(518,000	)
Interest expense		(148,000	)		(127,000	)		(435,000	)
Depreciation expense		(295,000	)		(157,000	)		(883,000	)
Loss on extinguishment of debt		—			(250,000	)		—
Gain on sale of real estate		—			4,989,000			—
Income (loss) from discontinued operations	$	(68,000	)	$	4,653,000		$	(136,000	)

Intangible Assets

9 Months Ended

Sep. 30, 2013

Intangible Assets

4. Intangible Assets

The following summarizes our identifiable intangible assets and acquired above/below market lease assets as of:

	September 30, 2013			December 31, 2012
Acquired in-place lease intangibles
Gross amount	$	12,323,000		$	18,074,000
Accumulated amortization		(3,084,000	)		(15,160,000	)
Net balance	$	9,239,000		$	2,914,000
Acquired above market leases
Gross amount	$	2,221,000		$	565,000
Accumulated amortization		(333,000	)		(386,000	)
Net balance	$	1,888,000		$	179,000
Below market leases
Gross amount	$	(680,000	)	$	(3,711,000	)
Accumulated amortization		145,000			3,672,000
Net balance	$	(535,000	)	$	(39,000	)

Notes Receivable

9 Months Ended

Sep. 30, 2013

Notes Receivable

5. Notes Receivable

On February 8, 2013 the mortgage note borrower for the 2824 E. Foothill Blvd. loan repaid, ahead of schedule, the outstanding principal in full. We received gross proceeds from this payoff of $5.4 million, including $6,310 in per diem interest, of which $2.5 million was used to repay the loan secured by this note. The remaining proceeds were paid as a distribution to investors in RIF V. We recorded a $1.4 million gain on collection of notes receivable during the period from January 1, 2013 to July 23, 2013.

The following table summarizes the balance of our notes receivable:

	Face Amount
At September 30, 2013:
32401 - 32803 Calle Perfecto	$	14,225,000	$	—		$	(1,072,000	)	$	13,153,000
At December 31, 2012:
2824 E. Foothill Blvd.	$	5,370,000		—		$	(1,394,000	)	$	3,976,000
32401 - 32803 Calle Perfecto		14,410,000		(5,816,000	)		(659,000	)		7,935,000
Total	$	19,780,000	$	(5,816,000	)	$	(2,053,000	)	$	11,911,000

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Notes Payable

9 Months Ended

Sep. 30, 2013

Notes Payable

6. Notes Payable

The following table summarizes our notes payable:

	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	September 30, 2013				December 31, 2012				Contractual Maturity Date				Interest Rate
Fixed Rate Debt
RIV V - Jersey, LLC		5,232,000	(1	)		5,355,000	(1	)		1/1/2015				5.45	% (2)
RIF I Holdings, LLC		—				41,238,000				5/31/2014				6.13	%
RIF I - Walnut, LLC		—				11,350,000				9/1/2013				6.23	%
RIF II - Orangethorpe, LLC		—				4,451,000				7/1/2013				5.147	%
RIF II - Easy Street, LLC		—				5,310,000				4/1/2014				5.32	%
RIF III Holdings, LLC (Note A)		—				78,338,000				8/31/2014				5.60	% (3)
RIF III Holdings, LLC (Note B)		—				410,000				8/31/2014				12.00	% (4)
RIF V - Foothill, LLC		—				2,542,000				9/1/2014				4.00	%
RIF V - Calle Perfecto, LLC		—				5,429,000				9/1/2014				4.00	%
RIF V - Arroyo, LLC		—				3,000,000				9/30/2014				4.50	%
Variable Rate Debt
RIF V - Glendale Commerce Center, LLC		42,750,000				—				5/1/2016	(5	)		LIBOR + 2.00	%
Term Loan (6)		60,000,000				—				8/1/2019				LIBOR + 1.90	%
RIF I Holdings, LLC		—				7,605,000				5/31/2014				LIBOR + 1.00	%
RIF I - Mulberry, LLC		—				5,978,000				5/20/2014				LIBOR + 2.75	%
RIF II Holdings, LLC		—				40,152,000				7/1/2013				LIBOR + 3.50	%
RIF IV Holdings, LLC		—				67,136,000				4/1/2013				LIBOR + 4.00	%
RIF V - Grand Commerce Center, LLC		—				6,000,000				3/4/2014				LIBOR + 2.75	%
RIF V - Vinedo, LLC		—				3,470,000				8/4/2014				LIBOR + 2.75	%
RIF V - MacArthur, LLC		—				5,475,000				12/5/2014				LIBOR + 2.50	%
RIF V - Campus, LLC		—				3,360,000				7/1/2015				LIBOR + 2.50	%
RIF V - Golden Valley, LLC		—				2,900,000				6/1/2015				LIBOR + 2.75	%
RIF V - Cornerstone Portfolio		—				16,610,000				12/9/2014				LIBOR + 2.50	%
Unsecured Credit Facility
$200M Facility	$	14,875,000				—				7/24/2016	(5	)		LIBOR + 1.50	%
	$	122,857,000			$	316,109,000
Less: Mortgage Loans Associated with Real Estate Held for Sale		—				(13,279,000	)
	$	122,857,000			$	302,830,000

(1) Includes unamortized debt premium of $62,000 at September 30, 2013 and $97,000 December 31, 2012.

(2) Monthly payments of interest and principal based on 30-year amortization table.

(3) Loan bears interest at 5.60%, with the option to pay a minimum interest rate of 4.25% per annum and to have the remaining 1.35% of the interest added to the principal outstanding.

(4) Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00% per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

(5) Two additional one year extensions available at the borrower’s option.

(6) Loan is secured by six properties and has one additional one year extension available.

On July 24, 2013, the day that we consummated our IPO, we entered into a $60.0 million term loan which bears interest at a rate of LIBOR plus 195 basis points per annum, and matures August 1, 2019. On the same day, we also entered into a $200.0 million senior unsecured revolving credit facility which bears interest at a rate of LIBOR plus a margin of 135 basis points to 205 basis points per annum, depending on our leverage ratio, and matures on July 24, 2016.

Using proceeds from our IPO, concurrent private placement, term loan and revolving credit facility, on July 24, 2013 we repaid $303.3 million of the $351.3 million outstanding indebtedness secured by the properties we acquired in our formation transactions. The remaining outstanding indebtedness, which consisted of the $42.8 million Glendale Commerce note and the $5.3 million RIF V – Jersey note, were assumed by us as part of the formation transactions.

The following table summarizes aggregate future principal payments of debt as of September 30, 2013 and does not consider extension options available to us as noted above:

October - December 2013	$	31,000
2014		126,000
2015		5,013,000
2016		57,625,000
2017		—
Thereafter		60,000,000
Total (1)	$	122,795,000

(1) Includes gross principal balance of outstanding debt before impact of $62,000 debt premium.

Revolving Credit Facility

As of September 30, 2013 we had $14.9 million outstanding under the facility. Our ability to borrow under the revolving credit facility will be subject to our ongoing compliance with a number of customary restrictive covenants, including a maximum leverage ratio, a maximum secured leverage ratio, a maximum recourse debt ratio, a minimum fixed charge coverage ratio, an unencumbered debt yield ratio, and a minimum tangible net worth requirement. Additionally, under the revolving credit facility, 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. If a default or event of default occurs and is continuing, we may be precluded from making certain distributions (other than those required to allow us to qualify and maintain our status as a REIT). The revolving credit facility also includes cross-default provisions with respect to certain of our other indebtedness.

Operating Leases

9 Months Ended

Sep. 30, 2013

Operating Leases

7. Operating Leases

We lease space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement for certain operating expenses. Operating expense reimbursements are reflected in the combined statements of operations as tenant reimbursements.

Future minimum base rent under operating leases as of September 30, 2013 is summarized as follows:

Twelve months ending September 30,
2014	$	35,266,000
2015		25,507,000
2016		17,596,000
2017		11,849,000
2018		8,215,000
Thereafter		18,779,000
Total	$	117,212,000

The future minimum lease payments in the table above exclude (i) tenant reimbursements, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles and (ii) assume that the termination options in some leases, which generally require payment of a termination fee, are not exercised.

Interest Rate Contracts

9 Months Ended

Sep. 30, 2013

Interest Rate Contracts

8. Interest Rate Contracts

We use interest rate swap agreements to manage our exposure to interest rate movements associated with certain of our existing LIBOR-based variable rate debt. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. None of the interest rate swaps are designated as hedges, and as such, changes in fair value are recognized in earnings under “Gain on mark-to-market of interest rate swaps.” We recognized a gain on mark-to-market interest rate swaps of $0.6 million during the three months ending September 30, 2012, $49,000 for the period from January 1, 2013 to July 23, 2013 and $1.8 million during the nine months ending September 30, 2012.

The fair value of each interest rate swap agreement is obtained through independent third-party valuation sources that use widely accepted valuation techniques including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair values of our interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which have determined to be insignificant to the overall fair value of our interest rate swap agreements. We recognize our interest rate swap agreements as either assets or liabilities on the balance sheet at fair value, disclosed as “Interest rate contracts.”

The following table is a summary of our interest rate swap agreements as of December 31, 2012:

Description			Effective Date				Termination Date					Interest Strike Rate					Fair Value					Notional Amount in Effect
Rexford Industrial Fund III, LLC				11/15/2006					3/15/2013				5.1100		%		$		(49,000	)		$		5,000,000

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2013

Fair Value Measurements

9. Fair Value Measurements

The FASB fair value framework includes a hierarchy that distinguishes between assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market-based inputs. Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable either directly or indirectly for similar assets and liabilities in active markets. Level 3 inputs are unobservable assumptions generated by the reporting entity.

Recurring Measurements – Interest Rate Contracts

The valuation of our interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected future 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 and implied volatilities. 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.

The following table sets forth the liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as December 31, 2012:

	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)
Liabilities
Interest rate swap at:
December 31, 2012	$	49,000	$	—	$		49,000	$		—

Financial Instruments Disclosed at Fair Value

The carrying amounts of cash and cash equivalents, restricted cash, 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 secured notes payable was estimated by calculating the present value of principal and interest payments, using currently available market rates, adjusted with a credit spread, and assuming the loans are outstanding through maturity.

The following table sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2013 and December 31, 2012:

	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Carrying Value
Liabilities
Notes Payable at:
September 30, 2013	$	123,002,000	$		—	$		123,002,000	$		—	$		122,857,000
December 31, 2012	$	322,802,000	$		—	$		322,802,000	$		—	$		316,109,000

- Definition

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

+ References + Details

Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions

10. Related Party Transactions

Howard Schwimmer

We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management and development fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in management, leasing and development services in the consolidated and combined statements of operations. We recorded $30,000 in management and leasing services revenue for the period from July 24, 2013 to September 30, 2013, $8,000 for the period from July 1, 2013 to July 23, 2013, $38,000 for the three months ended September 30, 2012, $87,000 for the period from January 1, 2013 to July 23, 2013, and $135,000 for the nine months ended September 30, 2012.

- 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 + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

11. Commitments and Contingencies

Legal

From time to time, we are subject to various legal proceedings that arise in the ordinary course of business. As of September 30, 2013 management is not aware of any legal proceedings where the likelihood of a loss contingency is reasonably possible and the amount or range of reasonably possible losses is material to our results of operations, financial condition or cash flows. See Note 16 Subsequent Events.

Environmental

We monitor our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liability with respect to the properties that would have a material effect on our combined financial condition, results of operations and cash flows. Further, we are not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency.

Investment in Unconsolidated Real Estate

9 Months Ended

Sep. 30, 2013

Investment in Unconsolidated Real Estate

12. Investment in Unconsolidated Real Estate

Our Predecessor owned interests in two industrial properties through noncontrolling interests (i) in joint venture entities that that it did not control but over which it exercised significant influence or (ii) as tenants-in-common subject to common control. As part of the IPO, we acquired the 30% tenancy-in-common interest of the property located at 10439-10477 Roselle St. not previously owned by us in exchange for 2,828 units in our Operating Partnership. These investments are accounted for under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from other-than-temporary impairments, if applicable).

The following table sets forth the ownership interests of our equity method investments in real estate and their respective carrying values. The carrying values of these investments are affected by the timing and nature of distributions:

				Carrying Value at
Investment Property	Ownership Interest			September 30, 2013		December 31, 2012
10439-10477 Roselle St.(1)		70.00	%	$	—	$	9,988,000
3001-3223 Mission Oaks Boulevard		15.00	%		8,982,000		2,709,000
				$	8,982,000	$	12,697,000

(1) This is a tenancy-in-common interest in which control is shared equally with the other tenant-in-common partners. As part of the IPO, we acquired the 30% tenancy-in-common interest not previously owned by us.

The following tables present combined summarized financial information of our equity method investment properties. Amounts provided are the total amounts attributable to the entities and do not represent our proportionate share:

	Period from July 24, 2013 to September 30, 2013 (1)			Period from July 1, 2013 to July 23, 2013 (2)			Three Months Ended September 30, 2012 (2)			Period from January 1, 2013 to July 23, 2013 (2)			Nine Months Ended September 30, 2012 (2)
Revenues	$	5,946,000		$	2,270,000		$	2,433,000		$	6,516,000		$	3,004,000
Expenses		(5,001,000	)		(1,928,000	)		(1,888,000	)		(7,296,000	)		(3,545,000	)
Net income (loss)	$	945,000		$	342,000		$	545,000		$	(780,000	)	$	(541,000	)

	September 30, 2013 (1)			December 31, 2012 (2)
Assets	$	61,528,000		$	71,242,000
Liabilities		(42,522,000	)		(42,265,000	)
Partners'/members' equity	$	19,006,000		$	28,977,000

(1) Includes summarized financial information for our equity method investment property located at 3001-3223 Mission Oaks Boulevard.

(2) Includes summarized financial information for properties located at 3001-3223 Mission Oaks Boulevard and 10439-10477 Roselle St.

Our unconsolidated real estate entities incurred management, leasing and development fees, which were payable to us, of $86,000 during the period from July 24, 2013 to September 30, 2013, $24,000 for the period from July 1, 2013 to July 23, 2013, $116,000 for the three months ended September 30, 2012, $218,000 for the period from January 1, 2013 to July 23, 2013, and $134,000 for the nine months ended September 30, 2012.

We recognized management, leasing and development revenue of $222,000 during the period from July 24, 2013 to September 30, 2013, $0 for the period from July 1, 2013 to July 23, 2013, $83,000 for the three months ended September 30, 2012, $430,000 for the period from January 1, 2013 to July 23, 2013, and $96,000 for the nine months ended September 30, 2012, which has been recorded in management, leasing and development services.

Stockholder's Equity

9 Months Ended

Sep. 30, 2013

Stockholder's Equity

13. Stockholder’s Equity

We issued 16,451,972 shares in conjunction with the IPO resulting in net proceeds of approximately $206.1 million after deducting the underwriters’ discount and offering expenses. As part of our concurrent private placement, we issued a total of 3,358,311 shares in exchange for gross proceeds of $47.0 million. Additionally, in conjunction with the formation transactions, we issued 3,697,086 common units of our Operating Partnership and 4,947,558 shares of our common stock.

Noncontrolling Interests

Noncontrolling interests in our Operating Partnership relate to interests in the partnership that are not owned by us. Noncontrolling interests consisted of 3,697,086 Operating Partnership units and represented approximately 13.0% of our Operating Partnership as of September 30, 2013. Operating Partnership units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own units in our Operating Partnership 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.

2013 Incentive Award Plan

In July 2013, our board of directors adopted the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”). The plan permits us to make grants of stock options, restricted stock, long term incentive plan units in our Operating Partnership (“LTIP units”), and other stock based and cash awards to our non-employee directors, employees and consultants. The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”). The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions.

The aggregate number of shares of our common stock and/or LTIP units that were initially available for issuance under awards granted pursuant to the Plan is 2,272,689 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP 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/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan.

On July 24, 2013, 912,517 shares of restricted common stock were issued to our executive officers, other employees and Mr. Ziman, one of our non-employee directors. These awards will vest in four equal, annual installments on each of the first four anniversaries of the date of grant. On July 24, 2013, 2,858 shares of restricted common stock were issued to each non-employee director, other than Mr. Ziman. These awards will vest in equal one-third installments on each of the first, second and third anniversaries of the grant date, subject to continued service on our board of directors through the applicable vesting date.

Shares of our restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent or the administrator of the Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of our restricted common stock have full voting rights and rights to dividends. During the period from July 24, 2013 to September 30, 2013, we recognized net compensation expense of $382,000 related to the restricted common stock grants, ultimately expected to vest. ASC Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated a forfeiture rate of 69.4% for non-vested restricted stock as of September 30, 2013. Stock compensation expense is included in general and administrative and other property expenses in the accompanying consolidated statements of operations.

As of September 30, 2013, there was $3.4 million of total unrecognized compensation expense related to the non-vested shares of the Company’s restricted common stock assuming the forfeiture rate noted above. As of September 30, 2013, this expense is expected to be recognized over a weighted average remaining period of 28 months.

- Definition

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

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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share

14. Earnings Per Share

Basic earnings per share is computed by dividing income attributable to common stockholders by the weighted average shares of common stock outstanding, as adjusted for the effect of participating securities. Unvested restricted common stock awards are considered participating securities as they contain rights to receive nonforfeitable dividends prior to the awards being vested. The impact of unvested restricted common stock awards on earnings per share has been calculated using the two-class method. Under the two-class method, we allocate net income after amounts attributable to noncontrolling interests to common stockholders and unvested restricted stock awards based on their respective participation rights to dividends declared (or accumulated) and undistributed earnings. For the period from July 24, 2013 to September 30, 2013, there were no dividends declared or distributions paid on any of our common shares and participating securities. Diluted earnings per share is computed using the weighted average shares of common stock outstanding determined for the basic earnings per share computation plus the effect of any dilutive securities, including the dilutive effect of stock options using the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share:

	Period from July 24, 2013 to September 30, 2013
Numerator:
Net income	$	295,000
Net income attributable to noncontrolling interests		(39,000	)
Allocation of net income to participating unvested restricted common stock		(9,000	)
Numerator for basic and diluted net income available to common stockholders	$	247,000
Denominator:
Weighted average shares of common stock outstanding—basic and diluted		24,574,432
Basic earnings per share:
Net income available to common stockholders per share	$	0.01
Diluted earnings per share:
Net income available to common stockholders per share	$	0.01

Predecessor Equity	9 Months Ended
Predecessor Equity	Sep. 30, 2013
Stockholder's Equity	13. Stockholder’s Equity We issued 16,451,972 shares in conjunction with the IPO resulting in net proceeds of approximately $206.1 million after deducting the underwriters’ discount and offering expenses. As part of our concurrent private placement, we issued a total of 3,358,311 shares in exchange for gross proceeds of $47.0 million. Additionally, in conjunction with the formation transactions, we issued 3,697,086 common units of our Operating Partnership and 4,947,558 shares of our common stock. Noncontrolling Interests Noncontrolling interests in our Operating Partnership relate to interests in the partnership that are not owned by us. Noncontrolling interests consisted of 3,697,086 Operating Partnership units and represented approximately 13.0% of our Operating Partnership as of September 30, 2013. Operating Partnership units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own units in our Operating Partnership 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. 2013 Incentive Award Plan In July 2013, our board of directors adopted the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”). The plan permits us to make grants of stock options, restricted stock, long term incentive plan units in our Operating Partnership (“LTIP units”), and other stock based and cash awards to our non-employee directors, employees and consultants. The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”). The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions. The aggregate number of shares of our common stock and/or LTIP units that were initially available for issuance under awards granted pursuant to the Plan is 2,272,689 shares/LTIP units. Shares and units granted under the Plan may be authorized but unissued shares/LTIP 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/LTIP units subject to such award may, to the extent of such forfeiture, expiration or cash settlement, be used again for new grants under the Plan. On July 24, 2013, 912,517 shares of restricted common stock were issued to our executive officers, other employees and Mr. Ziman, one of our non-employee directors. These awards will vest in four equal, annual installments on each of the first four anniversaries of the date of grant. On July 24, 2013, 2,858 shares of restricted common stock were issued to each non-employee director, other than Mr. Ziman. These awards will vest in equal one-third installments on each of the first, second and third anniversaries of the grant date, subject to continued service on our board of directors through the applicable vesting date. Shares of our restricted common stock generally may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution or, subject to the consent or the administrator of the Plan, a domestic relations order, unless and until all restrictions applicable to such shares have lapsed. Such restrictions expire upon vesting. Shares of our restricted common stock have full voting rights and rights to dividends. During the period from July 24, 2013 to September 30, 2013, we recognized net compensation expense of $382,000 related to the restricted common stock grants, ultimately expected to vest. ASC Topic 718, Compensation — Stock Compensation, requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company has estimated a forfeiture rate of 69.4% for non-vested restricted stock as of September 30, 2013. Stock compensation expense is included in general and administrative and other property expenses in the accompanying consolidated statements of operations. As of September 30, 2013, there was $3.4 million of total unrecognized compensation expense related to the non-vested shares of the Company’s restricted common stock assuming the forfeiture rate noted above. As of September 30, 2013, this expense is expected to be recognized over a weighted average remaining period of 28 months.
Rexford Industrial Realty, Inc. Predecessor
Stockholder's Equity	15. Predecessor Equity Controlling interests in our Predecessor include the interests owned by partners of RILLC, and Rexford Sponsor V LLC, and any interests held by their spouses and children (“RILLC and Affiliates”). Noncontrolling interests relate to all other interests not held by RILLC and Affiliates. Noncontrolling interests also includes the 27.76% interest of 10 investors in RIF I—Walnut, LLC, and the 3.23% interest of one investor in RIF IV—Burbank, LLC, both consolidated subsidiaries in our Predecessor’s financial statements as of December 31, 2012. Equity distributions by our Predecessor Funds are allocated between the general partner and limited partners (collectively “Partners”) in accordance with each fund’s operating agreements. Generally this provides for distributions to be allocated to Partners, pari passu, in accordance with their respective percentage interests. After Partners have exceeded certain cash distribution thresholds, as defined in each Predecessor Fund’s operating agreement, then the general partner may receive incentive promote cash distributions commensurate with the cash return performance hurdles also detailed in the Predecessor Fund’s operating agreement. Each fund’s operating agreement generally provides for income, expenses, gains and losses to be allocated in a manner consistent with cash distributions described above. During November and December 2012, our predecessor granted to its employees a 9.0% equity interest in Rexford Fund V Manager, LLC’s (“Fund V Manager”) profits interest in RIF V. An additional 2.0% equity interest was granted in January 2013. Fund V Manager is the controlling member of RIF V and is a wholly-owned subsidiary of Sponsor. The fair value of these interests was estimated to be approximately $1.0 million at the time they were granted. The equity interests are considered performance-based equity interests and are subject to graded vesting over the shorter of a 7-year period or the dissolution date of Fund V Manager. On July 24, 2013, the day we consummated our IPO, Fund V Manager was dissolved. We expensed $899,000 during the period from July 1, 2013 to July 23, 2013 and $985,000 during the period from January 1, 2013 to September 30, 2013 related to these equity awards.

- Definition

+ References

+ Details

Subsequent Events

9 Months Ended

Sep. 30, 2013

Subsequent Events

16. Subsequent Events

On November 8, 2013 we acquired the property located at 1100-1170 Gilbert Street and 2353-2373 La Palma Avenue in Anaheim, CA for a contract price of $10.6 million. We funded the acquisition in part by assuming a $3.3 million first mortgage loan secured by the property and used proceeds from our revolving credit facility to fund the remaining $7.3 million purchase price. The property consists of six multi-tenant industrial buildings totaling 120,313 square feet situated on 6.9 acres of land.

On November 1, 2013 we acquired the property located at 22343-22349 La Palma Avenue in Yorba Linda, CA for a contract price of $12.7 million, using proceeds from our revolving credit facility. The property consists of four multi-tenant industrial buildings totaling 115,760 square feet situated on 9.13 acres of land.

On October 28, 2013, the accommodation whereby Messrs. Schwimmer, Frankel and Ziman and certain other individuals would return up to $32.1 million that they received in connection with our IPO and formation transactions, by reallocating up to $21.1 million in Operating Partnership units to pre-IPO investors and canceling up to $11.0 million in restricted stock grants (the “Accommodation”), became effective. For more information, please see Part II. Item 1, “Legal Proceedings.”

On October 3, 2013, one husband and wife couple who were pre-IPO investors filed a putative class action purportedly brought on behalf of the investors in RIF III in the Los Angeles County Superior Court (the “RIF III Action”). Plaintiffs assert claims against the Company, RIF III, RILLC and Messrs. Schwimmer, Frankel and Ziman (“Defendants”) for breach of fiduciary duty, violation of certain California securities laws, negligent misrepresentation, and fraud. Plaintiffs allege, among other things, that the terms of the formation transactions were unfair to investors in RIF III, that the consideration received by investors in RIF III in the formation transactions was inadequate, that the Management Companies (as defined below) were allocated unfair value in the formation transactions and that the disclosure documents related to the formation transactions were materially misleading. The complaint seeks class certification, requests to inspect the books and records of currently non-existent RIF III, and further seeks declaratory relief, unspecified recessionary damages, disgorgement, compensatory, punitive and exemplary damages, an accounting for unjust enrichment, and an award of costs including pre-judgment interest, attorneys’ and experts’ fees, and other unspecified relief. Plaintiffs also asserted in court filings that the formal communication of the proposed Accommodation was materially misleading by not including disclosures regarding the lawsuit and claims asserted by plaintiffs. While we believe that the RIF III Action is without merit and intend to defend the litigation vigorously, we expect to incur costs associated with defending the RIF III Action. At this early stage of the litigation, the ultimate outcome of the RIF III action is uncertain and we cannot reasonably assess the timing or outcome, or estimate the amount of loss, if any, or its effect, if any, on its financial statements. The Accommodation was not made in response to the RIF III Action, as the discussions leading to the Accommodation predate the RIF III Action.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Discontinued Operations	Discontinued Operations The revenue, expenses, impairment and/or gain on sale of operating properties that meet the applicable criteria are reported as discontinued operations in the consolidated and combined statements of operations for all periods presented. A gain on sale, if any, is recognized in the period during which the property is disposed. In determining whether to report the results of operations, impairment and/or gain on sale of operating properties as discontinued operations, we evaluate whether we have any significant continuing involvement in the operations, leasing or management of the property after disposition. If we determine that we have significant continuing involvement after disposition, we report the revenue, expenses, impairment and/or gain on sale as part of continuing operations.
Held for Sale Assets	Held for Sale Assets We classify properties as held for sale when certain criteria set forth in the Long-Lived Assets Classified as Held for Sale Subsections of ASC Topic 360: Property, Plant, and Equipment, are met. At that time, the assets and liabilities of the property held for sale are presented separately in the consolidated and combined balance sheets and we cease recording depreciation and amortization expense at the time a property is classified as held for sale. Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell.
Investment in Real Estate	Investment in Real Estate Acquisitions of properties are accounted for utilizing the purchase accounting method and accordingly, the results of operations of acquired properties are included in our results of operations from the respective dates of acquisition. Transaction costs related to acquisitions are expensed, rather than included with the consideration paid. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, and acquired above- and below-market leases. Initial valuations are subject to change until such information is finalized, but no later than 12 months from the acquisition date. The fair values of tangible assets are determined on an “as-if-vacant” basis. The “as-if-vacant” fair value is allocated to land, where applicable, buildings, tenant improvements and equipment based on comparable sales and other relevant information obtained in connection with the acquisition of the property. The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which is generally six months. Above- and below-market in-place lease intangibles are recorded as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant lease, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancelable term of the lease and bargain renewal periods for below market in-place lease intangibles, if applicable. We capitalize costs incurred in developing, renovating, rehabilitating, and improving real estate assets as part of the investment basis. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. During the land development and construction periods, we capitalize interest costs, insurance, real estate taxes and certain general and administrative costs of the personnel performing development, renovations, and rehabilitation if such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. Capitalized costs are included in the investment basis of real estate assets. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in operations for the period. The values allocated to land, buildings, site improvements, in-place leases, tenant improvements and leasing costs are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 20 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.
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 Topic 360: Property, Plant, and Equipment, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order 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 regard to the underlying assets might change as market conditions change, as well as other factors, especially in the current global economic environment. 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 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 regard to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. At December 31, 2012, our investment in real estate has been recorded net of a cumulative impairment of $19.6 million.
Income Taxes	Income Taxes We will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ending 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 REIT qualifying 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 federal income tax at regular corporate rates, including any applicable alternative minimum tax. In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities (including limited partnerships and S-Corporations) is reportable in the income tax returns of the respective partners and stockholders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the period from July 24, 2013 to September 30, 2013. Each of RIF I, RIF II, RIF III and RIF IV are limited liability companies but have elected to be taxed as a partnership for tax purposes. As such, the allocated share of net income or loss from the limited liability companies is reportable in the income tax returns of the respective partners and investors. Accordingly, no income tax provision is included in the accompanying combined financial statements. RIF V REIT has elected to be taxed as a REIT under the Code, commencing with its tax period ended December 31, 2010. We believe that RIF V REIT has met all of the REIT distribution and technical requirements for the period from January 1, 2013 to July 23, 2013 and the nine months ended September 30, 2012. Accordingly, we have not recognized any provision for income taxes. 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, 2013 and December 31, 2012, we have not established a liability for uncertain tax positions.
Revenue Recognition	Revenue Recognition We recognize revenue from rent, tenant reimbursements and other revenue sources once all of the following criteria are met: persuasive evidence of an arrangement exists, the delivery has occurred or services rendered, the fee is fixed and determinable and collectability is reasonably assured. Minimum annual rental revenues are recognized in rental revenues on a straight-line basis over the term of the related lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Estimated reimbursements from tenants for real estate taxes, 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. Lease termination fees, which are included in rental revenues in the accompanying consolidated and combined statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant. Revenues from management, leasing and development services are recognized when the related services have been provided and earned. The recognition of gains on sales of real estate requires us to measure the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, we defer gain recognition and account for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, we further analyze whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, we defer the gain and recognize it when the criteria are met or use the installment or cost recovery method as appropriate under the circumstances. See Note 3 for discussion of dispositions.
Equity Based Compensation	Equity Based Compensation We account for equity-based compensation, including shares of restricted stock, in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires us to recognize an expense for the fair value of equity-based compensation awards. The estimated fair value of shares of restricted stock are amortized over their respective vesting periods. See Note 13.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average of common shares and participating securities outstanding during the period. Diluted earnings per share is calculated by dividing the net income attributable to common stockholders for the period by the weighted average number of common and dilutive instruments outstanding during the period using the two class method. See Note 14.
Segment Reporting	Segment Reporting Management views the Company as a single segment based on its method of internal reporting in addition to its allocations of capital and resources.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial. In April 2013, the FASB issued ASU No. 2013-07 to Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. This amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when it ceases operating and begins selling assets to settle debts with creditors. This ASU is effective for fiscal years beginning after December 15, 2012, with early adoption permitted, and should be applied prospectively from the day that liquidation becomes imminent. We do not expect the adoption of this accounting standard to have a material impact on our Consolidated and Combined Financial Statements. In December 2011, the FASB issued ASU No. 2011-10 to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of a subsidiary that is in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of this accounting standard update on January 1, 2013 did not have a material impact on our Consolidated and Combined Financial Statements.

Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2013

Acquisitions

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

			Real estate assets:						Acquisition-related
Address	Acquisition Date		Land			Buildings and improvements			In‑place Lease Intangibles (1)			Net Above (Below) Market Lease Intangibles (2)				Total Purchase Price			Other Assets			Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits				Net Assets Acquired
2013 Acquisitions:
8101‑8117 Orion Avenue		7/30/2013	$	1,389,000	$		3,872,000	$		327,000	$		12,000		$		5,600,000	$		19,000	$		(55,000	)	$		5,564,000
18310‑18330 Oxnard Street		8/7/2013	$	2,497,000	$		5,494,000	$		435,000	$		(1,000	)	$		8,425,000	$		4,000	$		(69,000	)	$		8,360,000
Total			$	3,886,000	$		9,366,000	$		762,000	$		11,000		$		14,025,000	$		23,000	$		(124,000	)	$		13,924,000
2013 Predecessor Acquisitions:
18118‑18120 S. Broadway		4/4/2013	$	3,013,000	$		2,161,000	$		274,000	$		—		$		5,448,000	$		16,000	$		(57,000	)	$		5,407,000
8900‑8980 Benson Ave., 5637 Arrow Highway		4/9/2013	$	1,817,000	$		4,590,000	$		552,000	$		191,000		$		7,150,000	$		20,000	$		(104,000	)	$		7,066,000
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.		4/17/2013	$	26,423,000	$		25,795,000	$		2,568,000	$		1,414,000		$		56,200,000	$		168,000	$		(500,000	)	$		55,868,000
1661 240th St.		5/31/2013	$	3,464,000	$		1,498,000	$		38,000	$		—		$		5,000,000	$		8,000	$		(17,000	)	$		4,991,000
Total			$	34,717,000	$		34,044,000	$		3,432,000	$		1,605,000		$		73,798,000	$		212,000	$		(678,000	)	$		73,332,000
2012 Acquisitions:
1400 S. Campus Ave.		3/7/2012	$	2,600,000	$		1,631,000	$		588,000	$		(20,000	)	$		4,799,000	$		13,000	$		(529,000	)	$		4,283,000
500‑560 Zenith Dr.		5/1/2012	$	658,000	$		688,000	$		279,000	$		—		$		1,625,000	$		6,000	$		(213,000	)	$		1,418,000
Total			$	3,258,000	$		2,319,000	$		867,000	$		(20,000	)	$		6,424,000	$		19,000	$		(742,000	)	$		5,701,000

(1) The weighted average amortization period of acquired in-place lease intangibles for our 2013 acquisitions was 2.5 years as of September 30, 2013.

(2) The weighted average amortization period of net above market leases for our 2013 acquisitions was 2.6 years as of September 30, 2013.

Acquisition of Other Interests

The following table summarizes the preliminary estimated fair values of the assets acquired and liabilities assumed of the transactions noted above on the date of contribution or acquisition.

		Allocated Value
Land	$	93,472,000
Building and acquisition related intangibles		94,458,000
Notes receivable		13,159,000
Investment in unconsolidated real estate entities		8,939,000
Other assets and liabilities		(991,000	)
Total	$	209,037,000

Dispositions

A summary of our property dispositions for the period from January 1, 2013 to July 23, 2013 is as follows:

Address	Location			Sales Price
4578 Worth Street	Los Angeles, CA	1/31/2013	79,370	$	4,100,000	$	2,500,000	$	2,410,000
1950 E. Williams Drive	Oxnard, CA	4/4/2013	161,682	$	8,542,000	$	2,993,000	$	415,000
9027 Glenoaks Blvd.	Los Angeles, CA	5/10/2013	14,700	$	1,727,000	$	1,625,000	$	234,000
2515, 2507, 2441 W. Erie Dr. & 2929 S. Fair Lane	Tempe, AZ	5/28/2013	83,385	$	5,003,000	$	3,531,000	$	1,015,000
1255 Knollwood Circle	Anaheim, CA	6/14/2013	25,162	$	2,768,000	$	2,630,000	$	915,000

(1) Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan.

(2) Gain on sale of real estate is recorded as part of discontinued operations for the period from January 1, 2013 to July 23, 2013.

Assets Held For Sale

The major classes of assets and liabilities of real estate held for sale were as follows:

	December 31, 2012
Investment in real estate, net	$	16,058,000
Other		442,000
	$	16,500,000
Notes payable	$	13,279,000
Accounts payable and other liabilities		154,000
	$	13,433,000

Discontinued Operations

	The Predecessor
	Three Months Ended September 30, 2012			Period from January 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2012
Revenues	$	555,000		$	391,000		$	1,700,000
Operating expenses		(180,000	)		(193,000	)		(518,000	)
Interest expense		(148,000	)		(127,000	)		(435,000	)
Depreciation expense		(295,000	)		(157,000	)		(883,000	)
Loss on extinguishment of debt		—			(250,000	)		—
Gain on sale of real estate		—			4,989,000			—
Income (loss) from discontinued operations	$	(68,000	)	$	4,653,000		$	(136,000	)

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

+ References + Details

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Predecessor's Identifiable Intangible Assets and Acquired Above/Below Market Lease Assets

The following summarizes our identifiable intangible assets and acquired above/below market lease assets as of:

	September 30, 2013			December 31, 2012
Acquired in-place lease intangibles
Gross amount	$	12,323,000		$	18,074,000
Accumulated amortization		(3,084,000	)		(15,160,000	)
Net balance	$	9,239,000		$	2,914,000
Acquired above market leases
Gross amount	$	2,221,000		$	565,000
Accumulated amortization		(333,000	)		(386,000	)
Net balance	$	1,888,000		$	179,000
Below market leases
Gross amount	$	(680,000	)	$	(3,711,000	)
Accumulated amortization		145,000			3,672,000
Net balance	$	(535,000	)	$	(39,000	)

Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Notes Receivable

The following table summarizes the balance of our notes receivable:

	Face Amount
At September 30, 2013:
32401 - 32803 Calle Perfecto	$	14,225,000	$	—		$	(1,072,000	)	$	13,153,000
At December 31, 2012:
2824 E. Foothill Blvd.	$	5,370,000		—		$	(1,394,000	)	$	3,976,000
32401 - 32803 Calle Perfecto		14,410,000		(5,816,000	)		(659,000	)		7,935,000
Total	$	19,780,000	$	(5,816,000	)	$	(2,053,000	)	$	11,911,000

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Notes Payable

The following table summarizes our notes payable:

	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	September 30, 2013				December 31, 2012				Contractual Maturity Date				Interest Rate
Fixed Rate Debt
RIV V - Jersey, LLC		5,232,000	(1	)		5,355,000	(1	)		1/1/2015				5.45	% (2)
RIF I Holdings, LLC		—				41,238,000				5/31/2014				6.13	%
RIF I - Walnut, LLC		—				11,350,000				9/1/2013				6.23	%
RIF II - Orangethorpe, LLC		—				4,451,000				7/1/2013				5.147	%
RIF II - Easy Street, LLC		—				5,310,000				4/1/2014				5.32	%
RIF III Holdings, LLC (Note A)		—				78,338,000				8/31/2014				5.60	% (3)
RIF III Holdings, LLC (Note B)		—				410,000				8/31/2014				12.00	% (4)
RIF V - Foothill, LLC		—				2,542,000				9/1/2014				4.00	%
RIF V - Calle Perfecto, LLC		—				5,429,000				9/1/2014				4.00	%
RIF V - Arroyo, LLC		—				3,000,000				9/30/2014				4.50	%
Variable Rate Debt
RIF V - Glendale Commerce Center, LLC		42,750,000				—				5/1/2016	(5	)		LIBOR + 2.00	%
Term Loan (6)		60,000,000				—				8/1/2019				LIBOR + 1.90	%
RIF I Holdings, LLC		—				7,605,000				5/31/2014				LIBOR + 1.00	%
RIF I - Mulberry, LLC		—				5,978,000				5/20/2014				LIBOR + 2.75	%
RIF II Holdings, LLC		—				40,152,000				7/1/2013				LIBOR + 3.50	%
RIF IV Holdings, LLC		—				67,136,000				4/1/2013				LIBOR + 4.00	%
RIF V - Grand Commerce Center, LLC		—				6,000,000				3/4/2014				LIBOR + 2.75	%
RIF V - Vinedo, LLC		—				3,470,000				8/4/2014				LIBOR + 2.75	%
RIF V - MacArthur, LLC		—				5,475,000				12/5/2014				LIBOR + 2.50	%
RIF V - Campus, LLC		—				3,360,000				7/1/2015				LIBOR + 2.50	%
RIF V - Golden Valley, LLC		—				2,900,000				6/1/2015				LIBOR + 2.75	%
RIF V - Cornerstone Portfolio		—				16,610,000				12/9/2014				LIBOR + 2.50	%
Unsecured Credit Facility
$200M Facility	$	14,875,000				—				7/24/2016	(5	)		LIBOR + 1.50	%
	$	122,857,000			$	316,109,000
Less: Mortgage Loans Associated with Real Estate Held for Sale		—				(13,279,000	)
	$	122,857,000			$	302,830,000

(1) Includes unamortized debt premium of $62,000 at September 30, 2013 and $97,000 December 31, 2012.

(2) Monthly payments of interest and principal based on 30-year amortization table.

(3) Loan bears interest at 5.60%, with the option to pay a minimum interest rate of 4.25% per annum and to have the remaining 1.35% of the interest added to the principal outstanding.

(4) Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00% per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

(5) Two additional one year extensions available at the borrower’s option.

(6) Loan is secured by six properties and has one additional one year extension available.

Summary of Aggregate Future Minimum Payments of Debt

The following table summarizes aggregate future principal payments of debt as of September 30, 2013 and does not consider extension options available to us as noted above:

October - December 2013	$	31,000
2014		126,000
2015		5,013,000
2016		57,625,000
2017		—
Thereafter		60,000,000
Total (1)	$	122,795,000

Includes gross principal balance of outstanding debt before impact of $62,000 debt premium.

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2013

Future Minimum Base Rent Under Noncancelable Operating Leases

Future minimum base rent under operating leases as of September 30, 2013 is summarized as follows:

Twelve months ending September 30,
2014	$	35,266,000
2015		25,507,000
2016		17,596,000
2017		11,849,000
2018		8,215,000
Thereafter		18,779,000
Total	$	117,212,000

Interest Rate Contracts (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Predecessor's Interest Rate Swap Agreement

The following table is a summary of our interest rate swap agreements as of December 31, 2012:

Description			Effective Date				Termination Date					Interest Strike Rate					Fair Value					Notional Amount in Effect
Rexford Industrial Fund III, LLC				11/15/2006					3/15/2013				5.1100		%		$		(49,000	)		$		5,000,000

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2013

Recurring Measurements - Interest Rate Contracts

The following table sets forth the liabilities that we measure at fair value on a recurring basis by level within the fair value hierarchy as December 31, 2012:

	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)
Liabilities
Interest rate swap at:
December 31, 2012	$	49,000	$	—	$		49,000	$		—

Financial Instruments Disclosed at Fair Value

The following table sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2013 and December 31, 2012:

	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Carrying Value
Liabilities
Notes Payable at:
September 30, 2013	$	123,002,000	$		—	$		123,002,000	$		—	$		122,857,000
December 31, 2012	$	322,802,000	$		—	$		322,802,000	$		—	$		316,109,000

Investment in Unconsolidated Real Estate (Tables)

9 Months Ended

Sep. 30, 2013

Ownership Interest of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values

				Carrying Value at
Investment Property	Ownership Interest			September 30, 2013		December 31, 2012
10439-10477 Roselle St.(1)		70.00	%	$	—	$	9,988,000
3001-3223 Mission Oaks Boulevard		15.00	%		8,982,000		2,709,000
				$	8,982,000	$	12,697,000

Summary of Financial Information of Predecessor's Equity Method Investment Properties

	Period from July 24, 2013 to September 30, 2013 (1)			Period from July 1, 2013 to July 23, 2013 (2)			Three Months Ended September 30, 2012 (2)			Period from January 1, 2013 to July 23, 2013 (2)			Nine Months Ended September 30, 2012 (2)
Revenues	$	5,946,000		$	2,270,000		$	2,433,000		$	6,516,000		$	3,004,000
Expenses		(5,001,000	)		(1,928,000	)		(1,888,000	)		(7,296,000	)		(3,545,000	)
Net income (loss)	$	945,000		$	342,000		$	545,000		$	(780,000	)	$	(541,000	)

	September 30, 2013 (1)			December 31, 2012 (2)
Assets	$	61,528,000		$	71,242,000
Liabilities		(42,522,000	)		(42,265,000	)
Partners'/members' equity	$	19,006,000		$	28,977,000

(1) Includes summarized financial information for our equity method investment property located at 3001-3223 Mission Oaks Boulevard.

(2) Includes summarized financial information for properties located at 3001-3223 Mission Oaks Boulevard and 10439-10477 Roselle St.

Computation of Basic and Diluted Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2013

Computation of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Period from July 24, 2013 to September 30, 2013
Numerator:
Net income	$	295,000
Net income attributable to noncontrolling interests		(39,000	)
Allocation of net income to participating unvested restricted common stock		(9,000	)
Numerator for basic and diluted net income available to common stockholders	$	247,000
Denominator:
Weighted average shares of common stock outstanding—basic and diluted		24,574,432
Basic earnings per share:
Net income available to common stockholders per share	$	0.01
Diluted earnings per share:
Net income available to common stockholders per share	$	0.01

Organization and Basis of Presentation - Additional Information (Detail) - USD ($)		1 Months Ended		2 Months Ended	7 Months Ended	9 Months Ended
	Jul. 25, 2013	Aug. 21, 2013	Jul. 25, 2013	Sep. 30, 2013	Jul. 23, 2013	Sep. 30, 2013	Jul. 31, 2013
Disclosure Overview And Background Additional Information Detail [Line Items]
Proceeds from issuance of common stock		$ 5,900,000
Proceeds from private placement				$ 47,016,000
Repayment of debt			$ 303,300,000			$ 303,300,000
Cash paid in connection with formation transactions					$ 7,200,000
Exchange of Predecessor's equity for common stock, shares					4,947,558
Notes payable				$ 122,857,000		$ 122,857,000
IPO
Disclosure Overview And Background Additional Information Detail [Line Items]
Issuance of common stock, shares	16,000,000	451,972		16,451,972
Proceeds from issuance of common stock	$ 208,500,000
Private Placement
Disclosure Overview And Background Additional Information Detail [Line Items]
Shares issued in Private Placement				3,358,311
Proceeds from private placement				$ 47,000,000
Term Loan
Disclosure Overview And Background Additional Information Detail [Line Items]
Notes payable					$ 60,000,000
Revolving Credit Facility
Disclosure Overview And Background Additional Information Detail [Line Items]
Unsecured revolving credit facility	$ 200,000,000		$ 200,000,000		$ 200,000,000
Operating Partnership
Disclosure Overview And Background Additional Information Detail [Line Items]
Issuance of Operating Partnership Units					3,697,086		2,828
Maximum
Disclosure Overview And Background Additional Information Detail [Line Items]
Ownership Interest				100.00%		100.00%

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]
Real Estate Investment Cumulative Impairment		$ 19.6
REIT annual taxable income distribution requirement percentage	90.00%
Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	20 years
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($)

9 Months Ended

Sep. 30, 2013

Sep. 30, 2012

Aug. 07, 2013

Jul. 30, 2013

Jul. 23, 2013

Business Acquisition [Line Items]

Land

$ 3,886,000

$ 93,472,000

Buildings and improvements

9,366,000

94,458,000

Total Purchase Price

14,025,000

Other Assets

23,000

13,159,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(124,000)

Net Assets Acquired

13,924,000

209,037,000

Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Land

34,717,000

$ 3,258,000

Buildings and improvements

34,044,000

2,319,000

Total Purchase Price

73,798,000

6,424,000

$ 73,800,000

Other Assets

212,000

19,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(678,000)

(742,000)

Net Assets Acquired

73,332,000

5,701,000

Leases, Acquired-in-Place

Business Acquisition [Line Items]

Leased Intangibles

^[1]

762,000

Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

3,432,000

867,000

Above Market Leases

Business Acquisition [Line Items]

Leased Intangibles

^[2]

11,000

Above Market Leases | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ 1,605,000

$ (20,000)

Orion Avenue

Business Acquisition [Line Items]

Acquisition Date

Jul. 30, 2013

Land

$ 1,389,000

Buildings and improvements

3,872,000

Total Purchase Price

5,600,000

$ 5,600,000

Other Assets

19,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(55,000)

Net Assets Acquired

5,564,000

Orion Avenue | Leases, Acquired-in-Place

Business Acquisition [Line Items]

Leased Intangibles

^[1]

327,000

Orion Avenue | Above Market Leases

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ 12,000

Oxnard Street

Business Acquisition [Line Items]

Acquisition Date

Aug. 07, 2013

Land

$ 2,497,000

Buildings and improvements

5,494,000

Total Purchase Price

8,425,000

$ 8,400,000

Other Assets

4,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(69,000)

Net Assets Acquired

8,360,000

Oxnard Street | Leases, Acquired-in-Place

Business Acquisition [Line Items]

Leased Intangibles

^[1]

435,000

Oxnard Street | Above Market Leases

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ (1,000)

South Broadway | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

Apr. 04, 2013

Land

$ 3,013,000

Buildings and improvements

2,161,000

Total Purchase Price

5,448,000

Other Assets

16,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(57,000)

Net Assets Acquired

5,407,000

South Broadway | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

$ 274,000

Benson Avenue Arrow Highway | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

Apr. 09, 2013

Land

$ 1,817,000

Buildings and improvements

4,590,000

Total Purchase Price

7,150,000

Other Assets

20,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(104,000)

Net Assets Acquired

7,066,000

Benson Avenue Arrow Highway | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

552,000

Benson Avenue Arrow Highway | Above Market Leases | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ 191,000

Tyburn Street North San Fernando Road | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

Apr. 17, 2013

Land

$ 26,423,000

Buildings and improvements

25,795,000

Total Purchase Price

56,200,000

Other Assets

168,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(500,000)

Net Assets Acquired

55,868,000

Tyburn Street North San Fernando Road | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

2,568,000

Tyburn Street North San Fernando Road | Above Market Leases | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ 1,414,000

240th Street | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

May 31, 2013

Land

$ 3,464,000

Buildings and improvements

1,498,000

Total Purchase Price

5,000,000

Other Assets

8,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(17,000)

Net Assets Acquired

4,991,000

240th Street | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

$ 38,000

South Campus Avenue | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

Mar. 07, 2013

Land

$ 2,600,000

Buildings and improvements

1,631,000

Total Purchase Price

4,799,000

Other Assets

13,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(529,000)

Net Assets Acquired

4,283,000

South Campus Avenue | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

588,000

South Campus Avenue | Above Market Leases | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[2]

$ (20,000)

Zenith Drive | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Acquisition Date

May 01, 2012

Land

$ 658,000

Buildings and improvements

688,000

Total Purchase Price

1,625,000

Other Assets

6,000

Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits

(213,000)

Net Assets Acquired

1,418,000

Zenith Drive | Leases, Acquired-in-Place | Rexford Industrial Realty, Inc. Predecessor

Business Acquisition [Line Items]

Leased Intangibles

^[1]

$ 279,000

[1]	The weighted average amortization period of acquired in-place lease intangibles for our 2013 acquisitions was 2.5 years as of September 30, 2013.
[2]	The weighted average amortization period of net above market leases for our 2013 acquisitions was 2.6 years as of September 30, 2013.

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2013
Leases, Acquired-in-Place
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	2 years 6 months
Above Market Leases
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	2 years 7 months 6 days

Investments in Real Estate - Summary of Predecessor Property Dispositions (Detail)

7 Months Ended

Jul. 23, 2013

USD ($)

ft²

Worth Street

Property Dispositions [Line Items]

Location

Los Angeles, CA

Date of Disposition

Jan. 31, 2013

Rentable Square Feet | ft²

79,370

Sales Price

$ 4,100,000

Debt Satisfied

2,500,000

^[1]

Gain on sale of real estate

$ 2,410,000

^[2]

East Williams Drive

Property Dispositions [Line Items]

Location

Oxnard, CA

Date of Disposition

Apr. 04, 2013

Rentable Square Feet | ft²

161,682

Sales Price

$ 8,542,000

Debt Satisfied

2,993,000

^[1]

Gain on sale of real estate

$ 415,000

^[2]

Glenoaks Boulevard

Property Dispositions [Line Items]

Location

Los Angeles, CA

Date of Disposition

May 10, 2013

Rentable Square Feet | ft²

14,700

Sales Price

$ 1,727,000

Debt Satisfied

1,625,000

^[1]

Gain on sale of real estate

$ 234,000

^[2]

West Erie Drive And South Fair Lane

Property Dispositions [Line Items]

Location

Tempe, AZ

Date of Disposition

May 28, 2013

Rentable Square Feet | ft²

83,385

Sales Price

$ 5,003,000

Debt Satisfied

3,531,000

^[1]

Gain on sale of real estate

$ 1,015,000

^[2]

Knollwood Circle

Property Dispositions [Line Items]

Location

Anaheim, CA

Date of Disposition

Jun. 14, 2013

Rentable Square Feet | ft²

25,162

Sales Price

$ 2,768,000

Debt Satisfied

2,630,000

^[1]

Gain on sale of real estate

$ 915,000

^[2]

[1]	Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan.
[2]	Gain on sale of real estate is recorded as part of discontinued operations for the period from January 1, 2013 to July 23, 2013.

Investments in Real Estate - Major Classes of Assets and Liabilities of Real Estate Held for Sale (Detail)	Dec. 31, 2012 USD ($)
Disclosure Investment In Real Estate Major Classes Of Assets And Liabilities Of Real Estate Held For Sale Detail [Line Items]
Investment in real estate, net	$ 16,058,000
Other	442,000
Total assets	16,500,000
Notes payable	13,279,000
Accounts payable and other liabilities	154,000
Total liabilities	$ 13,433,000

Investments in Real Estate - Discontinued Operations (Detail) - Rexford Industrial Realty, Inc. Predecessor - USD ($)	3 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2012	Jul. 23, 2013	Sep. 30, 2012
Disclosure Investment In Real Estate Discontinued Operations Detail [Line Items]
Revenues	$ 555,000	$ 391,000	$ 1,700,000
Operating expenses	(180,000)	(193,000)	(518,000)
Interest expense	(148,000)	(127,000)	(435,000)
Depreciation expense	(295,000)	(157,000)	(883,000)
Loss on extinguishment of debt		(250,000)
Gain on sale of real estate		4,989,000
(LOSS) INCOME FROM DISCONTINUED OPERATIONS	$ (68,000)	$ 4,653,000	$ (136,000)

Investments in Real Estate - Acquisitions - Additional Information (Detail)	1 Months Ended				2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Aug. 07, 2013 USD ($) ft² a Buildings	Jul. 31, 2013	Jul. 30, 2013 USD ($) ft² a Buildings	Jul. 23, 2013 USD ($) ft²	Sep. 30, 2013 USD ($)	Sep. 30, 2012 USD ($) ft²	Jul. 23, 2013 USD ($) ft² Buildings Property	Sep. 30, 2012 USD ($) ft² Buildings Property
Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]
Total Purchase Price					$ 14,025,000
Acquisition expenses					119,000
La Jolla Sorrento
Schedule Of Equity Method Investments [Line Items]
Acquired tenancy-in-common interest not previously owned		30.00%
Ownership Interest				70.00%			70.00%
Rexford Industrial Realty, Inc. Predecessor
Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]
Total Purchase Price				$ 73,800,000	73,798,000	$ 6,424,000	$ 73,800,000	$ 6,424,000
Number of buildings acquired \| Buildings							17	5
Square footage of buildings acquired \| ft²				740,525		145,853	740,525	145,853
Number of properties acquired \| Property							4	2
Acquisition expenses				$ 7,000		$ 11,000	$ 724,000	$ 245,000
Orion Avenue
Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]
Total Purchase Price			$ 5,600,000		5,600,000
Number of buildings acquired \| Buildings			1
Square footage of buildings acquired \| ft²			48,388
Acres of land \| a			1.89
Oxnard Street
Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]
Total Purchase Price	$ 8,400,000				$ 8,425,000
Number of buildings acquired \| Buildings	1
Square footage of buildings acquired \| ft²	75,288
Acres of land \| a	3.11

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail 2) - USD ($)	Sep. 30, 2013	Jul. 23, 2013
Business Acquisition [Line Items]
Land	$ 3,886,000	$ 93,472,000
Buildings and improvements	9,366,000	94,458,000
Notes receivable	23,000	13,159,000
Investment in unconsolidated real estate entities		8,939,000
Other assets and liabilities		(991,000)
Net Assets Acquired	$ 13,924,000	$ 209,037,000

Intangible Assets - Summary of Predecessor's Identifiable Intangible Assets and Acquired Above Below Market Lease Assets (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Acquired Finite Lived Intangible Assets [Line Items]
Net balance	$ 11,601,000
Below market leases, gross amount	(680,000)	$ (3,711,000)
Below market leases, accumulated amortization	145,000	3,672,000
Net balance	(535,000)	(39,000)
Leases, Acquired-in-Place, Market Adjustment
Acquired Finite Lived Intangible Assets [Line Items]
Acquired above market leases, gross amount	12,323,000	18,074,000
Accumulated amortization	(3,084,000)	(15,160,000)
Net balance	9,239,000	2,914,000
Above Market Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired above market leases, gross amount	2,221,000	565,000
Accumulated amortization	(333,000)	(386,000)
Net balance	$ 1,888,000	$ 179,000

Notes Receivable - Additional Information (Detail)	9 Months Ended
Notes Receivable - Additional Information (Detail)	Sep. 30, 2013 USD ($)
Notes Receivables
Proceeds from collection of mortgage note	$ 5,400,000
Interest received from mortgage note	6,310
Amount used to repay secured loan	2,500,000
Gain from early repayment of note receivable	$ 1,400,000

Notes Receivable - Summary of Notes Receivable (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Notes Receivables
Face Amount	$ 14,225,000	$ 19,780,000
Unrecognized Non-Accretable Yield		(5,816,000)
Unrecognized Accretable Yield	(1,072,000)	(2,053,000)
Notes receivable	$ 13,153,000	11,911,000
East Foothill Boulevard
Notes Receivables
Face Amount		5,370,000
Unrecognized Non-Accretable Yield
Unrecognized Accretable Yield		(1,394,000)
Notes receivable		3,976,000
Calle Perfecto
Notes Receivables
Face Amount		14,410,000
Unrecognized Non-Accretable Yield		(5,816,000)
Unrecognized Accretable Yield		(659,000)
Notes receivable		$ 7,935,000

Notes Payable - Summary of Notes Payable (Detail) - USD ($)

9 Months Ended

Sep. 30, 2013

Jul. 23, 2013

Jun. 30, 2013

Dec. 31, 2012

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Parenthetical) (Detail)	Sep. 30, 2013 USD ($)
Disclosure - Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Parenthetical) (Detail) [Line Items]
Unamortized debt premium	$ 62,000

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail)	Sep. 30, 2013 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2014	$ 35,266,000
2015	25,507,000
2016	17,596,000
2017	11,849,000
2018	8,215,000
Thereafter	18,779,000
Total	$ 117,212,000

Interest Rate Contracts - Summary of Predecessor's Interest Rate Swap Agreements (Detail) - Interest Rate Swap - USD ($)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Interest rate contracts		$ (49,000)
Rexford Industrial Fund Third Llc
Derivative [Line Items]
Effective Date	Nov. 15, 2006
Termination Date	Mar. 15, 2013
Interest Strike Rate	5.11%
Interest rate contracts		(49,000)
Notional Amount		$ 5,000,000

Fair Value Measurements - Liabilities that Predecessor Measures at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - Interest Rate Swap	Dec. 31, 2012 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	$ 49,000
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	49,000
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts

Fair Value Measurements - Carrying Value and Estimated Fair Value of Predecessor's Notes Payable (Detail) - USD ($)	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2012
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 123,002,000		$ 322,802,000
Notes payable including mortgage loans associated with real estate held for sale	122,857,000	$ 351,300,000	316,109,000
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	123,002,000		322,802,000
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value

Investment in Unconsolidated Real Estate - Ownership Interests of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values (Parenthetical) (Detail)	1 Months Ended
	Jul. 31, 2013
Roselle Street
Schedule Of Equity Method Investments [Line Items]
Acquired tenancy-in-common interest not previously owned	30.00%

Stockholder's Equity - Additional Information (Detail)		1 Months Ended	2 Months Ended	7 Months Ended	9 Months Ended
Stockholder's Equity - Additional Information (Detail)	Jul. 25, 2013 shares	Aug. 21, 2013 shares	Sep. 30, 2013 USD ($) Installment shares	Jul. 23, 2013 shares	Sep. 30, 2013 USD ($) shares	Jul. 31, 2013 shares
Issuance of common stock, net of offering costs \| $			$ 206,309,000
Proceeds from private placement \| $			$ 47,016,000
Exchange of Predecessor's equity for common stock, shares				4,947,558
2013 Incentive Award Plan
Common stock and/or LTIP units granted	2,272,689
Number of restricted shares granted			912,517
Vesting period \| Installment			4
Vesting description			These awards will vest in four equal, annual installments on each of the first four anniversaries of the date of grant.
Recognized compensation expense related to restricted common stock \| $			$ 382,000
Forfeiture rate for non-vested restricted stock			69.40%		69.40%
Unrecognized compensation expense related to non-vested shares \| $			$ 3,400,000		$ 3,400,000
Weighted average remaining vesting period					28 months
2013 Incentive Award Plan \| Non-employee Director
Number of restricted shares granted			2,858
Vesting description			These awards will vest in equal one-third installments on each of the first, second and third anniversaries of the grant date, subject to continued service on our board of directors through the applicable vesting date.
IPO
Issuance of common stock, shares	16,000,000	451,972	16,451,972
Issuance of common stock, net of offering costs \| $			$ 206,100,000
Private Placement
Shares issued in Private Placement			3,358,311
Proceeds from private placement \| $			$ 47,000,000
Operating Partnership
Issuance of Operating Partnership Units				3,697,086		2,828
Operating Partnership \| Noncontrolling Interest
Operating partnership units held by noncontrolling interests			3,697,086		3,697,086
Noncontrolling interest percentage ownership in Operating Partnership			13.00%		13.00%
Formation Transactions1
Exchange of Predecessor's equity for common stock, shares				4,947,558

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)	2 Months Ended	7 Months Ended
	Sep. 30, 2013	Jul. 23, 2013
Numerator:
Net income	$ 295,000	$ (4,281,000)
Net (income) loss attributable to noncontrolling interests	(39,000)
Allocation of net income to participating unvested restricted common stock	(9,000)
Numerator for basic and diluted net income available to common stockholders	$ 247,000
Denominator:
Weighted average shares of common stock outstanding—basic and diluted	24,574,432
Basic earnings per share:
Net income attributable to common stockholders per share - basic	$ 0.01
Diluted earnings per share:
Net income attributable to common stockholders per share - diluted	$ 0.01

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2013 $ / shares
Earnings Per Share Diluted [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0
Common Stock, Dividends, Per Share, Cash Paid	$ 0

Predecessor Equity - Additional Information (Detail)	1 Months Ended		2 Months Ended		9 Months Ended
Predecessor Equity - Additional Information (Detail)	Jul. 23, 2013 USD ($)	Jan. 31, 2013	Sep. 30, 2013 USD ($)	Dec. 31, 2012 Investor	Sep. 30, 2013 USD ($)
Equity [Line Items]
Equity interest granted to employees				9.00%
Additional equity interest granted		2.00%
Fair value of equity interest \| $					$ 1,000,000
Performance-based equity interest, vesting period					7 years
Equity based compensation expense \| $	$ 899,000		$ 382,000		$ 985,000
RIF I - Walnut, LLC
Equity [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership				27.76%
Number of investors included in noncontrolling interest \| Investor				10
RIF IV - Burbank, LLC
Equity [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership				3.23%
Number of investors included in noncontrolling interest \| Investor				1

Subsequent Events - Additional Information (Detail) - Subsequent Event $ in Millions	1 Months Ended
	Nov. 08, 2013 USD ($) ft² a Buildings	Nov. 01, 2013 USD ($) ft² a Buildings	Oct. 28, 2013 USD ($)
Subsequent Event [Line Items]
Contract price to acquire property	$ 10.6	$ 12.7
Number of buildings acquired \| Buildings	6	4
Area of real estate property acquired \| ft²	120,313	115,760
Acres of land \| a	6.9	9.13
Cash paid in connection with formation transaction			$ 32.1
Operating partnership units to pre-IPO			21.1
Canceling of restricted stock grants			$ 11.0
First mortage
Subsequent Event [Line Items]
Assumption of First Mortgage Loan	$ 3.3
Second mortage
Subsequent Event [Line Items]
Proceeds From Revolving Credit Facility	$ 7.3