View Filing Data

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

$ (711,000)

$ (4,281,000)

$ (8,957,000)

$ (6,337,000)

Equity in (earnings) loss of unconsolidated real estate entities

(92,000)

Depreciation and amortization

8,686,000

Depreciation and amortization included in discontinued operations

92,000

Amortization of above market lease intangibles

185,000

Accretion of discount on notes receivable

(83,000)

Amortization of loan costs

216,000

Equity based compensation expense

392,000

Gain from early repayment of notes receivable

$ (1,400,000)

Change in working capital components:

Rents and other receivables

(79,000)

Deferred rent receivable

(795,000)

Leasing commissions

(622,000)

Other assets

(815,000)

Accounts payable, accrued expenses and other liabilities

1,376,000

Tenant security deposits

230,000

Prepaid rent

932,000

Net cash provided by (used in) operating activities

8,912,000

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition of investment in real estate

(78,749,000)

Capital expenditures

(1,784,000)

Acquisition related deposits

(1,310,000)

Distributions from unconsolidated real estate entities

57,000

Principal repayments of notes receivable

(36,000)

103,000

Net cash used in investing activities

(81,719,000)

CASH FLOWS FROM FINANCING ACTIVITIES:

Issuance of common stock, net of offering costs

207,477,000

Proceeds from private placement

47,016,000

Proceeds from notes payable

148,375,000

Repayment of notes payable

(312,889,000)

Deferred loan costs

(1,813,000)

Capital contributions from Predecessor members

1,156,000

40,367,000

31,987,000

Distributions to Predecessor members related to formation transactions

(4,955,000)

Repurchase of interests from unaccredited investors

(1,100,000)

Distributions to Predecessor members related to the Accommodation

(307,000)

(306,817)

Net cash provided by (used in) financing activities

81,804,000

Net increase (decrease) in cash and cash equivalents

8,997,000

Cash and cash equivalents, end of period

8,997,000

Supplemental disclosure of cash flow information:

Cash paid during the year for interest

1,870,000

Acquisition of tenant-in-common interest in La Jolla Sorrento and consolidation of property previously accounted for under the equity method of accounting:

Capital expenditure accruals

$ 550,000

CASH FLOWS FROM OPERATING ACTIVITIES:

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

$ 2,053,000

^[1]

$ (1,682,000)

$ (2,100,000)

(4,281,000)

(8,957,000)

(6,337,000)

Equity in (earnings) loss of unconsolidated real estate entities

915,000

(122,000)

(185,000)

Depreciation and amortization

7,022,000

11,921,000

9,668,000

Depreciation and amortization included in discontinued operations

776,000

1,296,000

1,019,000

Amortization of above market lease intangibles

256,000

188,000

(163,000)

Accretion of discount on notes receivable

(94,000)

(360,000)

(330,000)

Loss on extinguishment of debt

4,222,000

Amortization of loan costs

(4,989,000)

(55,000)

(2,503,000)

784,000

843,000

1,045,000

Gain on mark-to-market interest rate swaps

(49,000)

(2,361,000)

(4,185,000)

Deferred interest expense

573,000

1,065,000

176,000

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)

57,000

25,000

Deferred rent receivable

(263,000)

(843,000)

(495,000)

Accounts payable, accrued expenses and other liabilities

1,137,000

(274,000)

(512,000)

Leasing commissions

(980,000)

(1,090,000)

(736,000)

Other assets

(1,172,000)

(718,000)

117,000

942,000

662,000

133,000

Tenant security deposits

507,000

(36,000)

256,000

Prepaid rent

(172,000)

(136,000)

(342,000)

Net cash provided by (used in) operating activities

4,593,000

1,080,000

(3,349,000)

CASH FLOWS FROM INVESTING ACTIVITIES:

Acquisition of investment in real estate

(73,332,000)

(20,673,000)

(44,324,000)

Capital expenditures

(1,439,000)

(4,620,000)

(1,321,000)

Consolidation of La Jolla Sorrento

373,000

Acquisition related deposits

50,000

Contributions to unconsolidated real estate entities

(2,814,000)

(24,000)

Distributions from unconsolidated real estate entities

271,000

430,000

412,000

Principal repayments of notes receivable

408,000

210,000

(512,000)

5,516,000

207,000

217,000

Disposition of investment in real estate

21,537,000

3,482,000

3,249,000

Net cash used in investing activities

(46,616,000)

(23,778,000)

(42,303,000)

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from notes payable

55,590,000

11,984,000

46,082,000

Repayment of notes payable

(21,135,000)

(4,479,000)

(24,757,000)

Deferred loan costs

(812,000)

(935,000)

(927,000)

Prepaid offering costs

(1,504,000)

Capital contributions from Predecessor members

1,156,000

40,367,000

31,987,000

Distributions to Predecessor members

(6,825,000)

(2,842,000)

(816,000)

Reimbursements due to Predecessor members

(1,221,000)

1,221,000

Distributions to Predecessor members related to formation transactions

(26,773,000)

Net cash provided by (used in) financing activities

48,000

(47,000)

(1,476,000)

45,269,000

51,569,000

Net increase (decrease) in cash and cash equivalents

(43,499,000)

22,571,000

5,917,000

Cash and cash equivalents, beginning of period

$ 43,499,000

$ 20,928,000

43,499,000

$ 43,499,000

20,928,000

15,011,000

Cash and cash equivalents, end of period

$ 43,499,000

43,499,000

20,928,000

Supplemental disclosure of cash flow information:

Cash paid during the year for interest

8,587,000

$ 15,787,000

17,307,000

Contribution of Rexford Sponsor V, LLC and Rexford Industrial Fund V REIT, LLC:

Investment in real estate and acquired intangibles

(32,493,000)

Investment in unconsolidated real estate entities

(2,844,000)

Notes receivable

(5,305,000)

Predecessor equity and noncontrolling interests

40,642,000

Acquisition of tenant-in-common interest in La Jolla Sorrento and consolidation of property previously accounted for under the equity method of accounting:

Investments in real estate and acquired intangibles

(8,369,000)

Investment in unconsolidated real estate entities

8,654,000

Additional paid in capital

10,000

Rexford Industrial Realty, Inc. Predecessor

(6,000)

Noncontrolling Interests

$ 84,000

Assumption of loan in connection with acquisition of real estate

5,528,000

Mortgage loan satisfied in connection with deed-in-lieu of foreclosure

$ (15,068,000)

[1]	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2013

Organization and Basis of Presentation

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

NOTES TO THE FINANCIAL STATEMENTS

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 4,943,225 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 December 31, 2013 and for the period from July 24, 2013 through December 31, 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 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 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 consolidated and combined financial statements.

Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2013

Summary of Significant Accounting Policies

2.	Summary of Significant Accounting Policies

Cash and Cash Equivalents

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

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

When we acquire operating properties, with the intention to hold the investment for the long-term, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component. The components typically include land, building and improvements, intangible assets related to above and below market leases, intangible assets related to in-place leases, debt and other assumed assets and liabilities. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which typically does not exceed one year.

We allocate the purchase price to the fair value of the tangible assets by valuing the property as if it were vacant. We consider Level 3 inputs such as the replacement cost of such assets, appraisals, property condition reports, comparable market rental data and other related information.

In determining the fair value of intangible lease assets or liabilities, we consider Level 3 inputs including the value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property and lease commencement. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the 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.

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

For acquisitions that do not meet the accounting criteria to be accounted for as a business combination, we record to land and building the purchase price paid and capitalize the associated acquisition costs. During the period from July 24, 2013 through December 31, 2013, we capitalized $154,000 in acquisition costs, related to our acquisition of 2900 N. Madera Road.

Capitalization of Costs

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 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.

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

Depreciation and Amortization

Real estate, including land, building and land improvements, tenant improvements, and furniture, fixtures and equipment, leasing costs and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regards to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. Our ability to estimate the depreciable portions of our real estate assets and useful lives is critical to the determination of the appropriate amount of depreciation and amortization expense recorded and the carrying value of the underlying assets. Any change to the assets to be depreciated and the estimated depreciable lives of these assets would have an impact on the depreciation expense recognized.

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.

As discussed above in investments in real estate, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an intangible lease asset or liability and amortized to “rental revenues” over the reasonably assured term of the related leases. The unamortized balances of these assets and liabilities associated with the early termination of leases are fully amortized to their respective revenue line items in our consolidated financial statements over the shorter of the expected life of such assets and liabilities or the remaining lease term.

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. 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, 2013 and 2012, our investment in real estate has been recorded net of a cumulative impairment of $18.6 million.

Acquired Indefinite-Lived Intangibles

Acquired indefinite-lived intangibles represent the fair value of the management contracts in-place at the time of the contribution of Sponsor, RIF V REIT and their consolidated subsidiaries to the Operating Partnership. See Note 3. The asset has an indefinite life, and, accordingly, is not amortized.

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 December 31, 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 years ended December 31, 2012 and 2011. 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 December 31, 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.

Valuation of Receivables

We are subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. We specifically analyze aged receivables, customer credit-worthiness, historical bad debts and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. As a result of our periodic analysis, we maintain an allowance for estimated losses that may result from the inability of our tenants to make required payments. This estimate requires significant judgment related to the lessees’ ability to fulfill their obligations under the leases. We believe our allowance for doubtful accounts is adequate for our outstanding receivables for the periods presented. If a tenant is insolvent or files for bankruptcy protection and fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances, which include amounts recognized as straight-line revenue not realizable until future periods. We had a $0.5 million and $0.7 million reserve for allowance for doubtful accounts as of December 31, 2013 and 2012, respectively.

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 (loss) attributable to common stockholders by the weighted average shares of common shares outstanding for the period, as adjusted for the effect of 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 unvested restricted common stock using the treasury stock 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 allocation 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. There are no recently issued accounting pronouncements that are expected to have a material effect on our financial condition and results of operations in future periods.

Investments in Real Estate

12 Months Ended

Dec. 31, 2013

Investments in Real Estate

3.	Investments in Real Estate

Acquisitions

On December 24, 2013 we acquired the property located at 10635 West Vanowen Street, in Los Angeles, CA for a contract price of $3.4 million using proceeds from our revolving credit facility. The property consists of one multi-tenant industrial building totaling 31,037 square feet situated on 1.4 acres of land.

On December 17, 2013 we acquired the property located at 2900-2950 North Madera Road, in Simi Valley, CA for a contract price of $15.8 million using proceeds from our revolving credit facility. The property consists of a single-tenant industrial building and a vacant office building totaling 199,370 square feet situated on 16.3 acres of land.

On December 1, 2013 we acquired the property located at 280 West Bonita Avenue and 2743 Thompson Creek Road in Pomona, CA for a contract price of $27.2 million, using proceeds from our revolving credit facility. The property consists of two single-tenant industrial building totaling 365,859 square feet situated on 16.3 acres of land.

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 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.

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.

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 year ended December 31, 2012, our Predecessor acquired four properties (three located in Southern California and one located in Glenview, Illinois) consisting of seven buildings and approximately 353,000 square feet. The total contract price for these acquisitions was $21.5 million.

We incurred acquisition expenses in the amount of $540,000 for the period from July 24, 2013 to December 31, 2013, $724,000 for the period from January 1, 2013 to July 23, 2013, and $599,000 and $1,022,000 for the years ended December31, 2012 and 2011, respectively.

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 intangibles
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	$	2,498,000	$	5,493,000	$	435,000	$	(1,000	)	$	8,425,000	$	4,000	$	(69,000	)	$	8,360,000
22343-22349 La Palma Avenue	11/1/2013	$	6,087,000	$	5,983,000	$	608,000	$	27,000		$	12,705,000	$	2,000	$	(144,000	)	$	12,563,000
110-1170 Gilbert St., 2353-2373 La Palma Ave.⁽³⁾	11/8/2013	$	4,582,000	$	5,134,000	$	810,000	$	(45,000	)	$	10,481,000	$	-	$	(3,373,000	)	$	7,108,000
280 Bonita Ave., 2743 Thompson Creek Rd.	12/6/2013	$	8,001,000	$	17,734,000	$	1,465,000	$	-		$	27,200,000	$	22,000	$	(225,000	)	$	26,997,000
2900 N. Madera Road⁽⁴⁾	12/17/2013	$	2,421,000	$	1,849,000	$	-	$	-		$	4,270,000	$	3,000	$	-		$	4,273,000
2950 N. Madera Road	12/17/2013	$	3,601,000	$	8,033,000	$	-	$	-		$	11,634,000	$	4,000	$	(1,114,000	)	$	10,524,000
10635 W. Vanowen St.	12/24/2013	$	1,517,000	$	1,833,000	$	264,000	$	(239,000	)	$	3,375,000	$	1,000	$	(16,000	)	$	3,360,000
Total		$	30,096,000	$	49,931,000	$	3,909,000	$	(246,000	)	$	83,690,000	$	55,000	$	(4,996,000	)	$	78,749,000

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
701 Del Norte Blvd.	12/18/2012	$	3,276,000	$	5,623,000	$	532,000	$	70,000		$	9,501,000	$	7,000	$	(113,000	)	$	9,395,000
15041 Calvert St.	12/21/2012	$	3,790,000	$	1,448,000	$	382,000	$	-		$	5,620,000	$	2,000	$	(45,000	)	$	5,577,000
Total		$	10,324,000	$	9,390,000	$	1,781,000	$	50,000		$	21,545,000	$	28,000	$	(900,000	)	$	20,673,000

(1)	The weighted average amortization period of acquired in-place lease intangibles for our 2013post-IPO acquisitions was 38 months.

(2)	The weighted average amortization period of net above market leases for our 2013 post-IPO acquisitions was 54 months.

(3)	In connection with this acquisition, we assumed debt with an outstanding principal balance of $3.3 million and an initial fair value discount of $118,000.

(4)	As the purchase of 2900 N. Madera was accounted for as an asset acquisition, the total purchase price allocation includes $154,000 of capitalized acquisition costs.

The following table summarizes the combined results from operations of our 2013 acquisitions and our 2013 Predecessor acquisitions since the acquisition date included in the consolidated and combined income statements for the following period:

Period from

July 24, 2013 to

December 31, 2013

Period from

January 1, 2013 to

July 23, 2013

Revenues

4,001,000

1,718,000

Net loss

(262,000

)

(1,151,000

)

The following table presents unaudited pro-forma financial information as if the closing of our 2013 acquisitions and our 2013 Predecessor acquisitions had occurred on January 1, 2013. These unaudited pro-forma results have been prepared for comparative purposes only and include certain adjustments, such as increased depreciation and amortization expenses as a result of tangible and intangible assets acquired in the acquisitions. These unaudited pro-forma results do not purport to be indicative of what operating results would have been had the acquisitions actually occurred on January 1, 2013 and may not be indicative of future operating results.

	2013			2012
Revenues	$	53,259,000		$	46,607,000
Net operating income	$	13,248,000		$	16,339,000
Net income	$	(2,041,000	)	$	(6,081,000	)

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 (the “RIF V Contribution”), 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 estimated fair value of the assets acquired and liabilities assumed of the transactions noted above on the date of contribution or acquisition.

	Allocated Value
Land	$	73,400,000
Building and improvements		94,755,000
In-place Lease Intangibles		10,709,000
Net Above (Below) Market Lease Intangibles		872,000
Notes receivable		13,159,000
Acquired indefinite-lived intangible		5,271,000
Investment in unconsolidated real estate entities		5,652,000
Other assets and liabilities		(1,007,000	)
Total	$	202,811,000

Dispositions

During the period from July 24, 2013 to December 31, 2013 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 and the year ended December 31, 2012 is as follows:

Address	Location	Date of Disposition	Rentable Square Feet		Sales Price		Debt Satisfied ⁽¹⁾		Gain Recorded ⁽²⁾
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
639-641 Walnut Street	Carson, CA	10/16/2012		36,825	$	3,683,000	$	3,366,000	$	55,000

(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.

Assets Held for Sale

As of December 31, 2013, our property located at 1335 Park Center Drive was classified as held for sale. As of December 31, 2012, our properties located at 1335 Park Center Drive, 4578 Worth Street, 1950 East Williams Drive, 9027 Glenoaks Blvd., 2441, 2507, 2515 W. Erie Dr., & 2929 S. Fair Lane, and 1255 Knollwood Circle were classified as held for sale.

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


	December 31, 2013		December 31, 2012
Investment in real estate, net	$	6,692,000	$	23,413,000
Other		924,000		508,000
	$	7,616,000	$	23,921,000

Notes payable	$	-	$	20,690,000
Accounts payable and other liabilities		260,000		182,000
	$	260,000	$	20,872,000

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 our property located at 1335 Park Center Drive which was classified as held for sale as of December 31, 2013. Their consolidated result of operations for the period from July 24, 2013 to December 31, 2013 and combined results of operations for the period from January 1, 2013 to July 23, 2013 and the years ended December 31, 2012 and 2011 are summarized in the table below.


				The Predecessor
	Period from July 24, 2013 to December 31, 2013			Period from January 1, 2013 to July 23, 2013			The Year Ended December 31, 2012			The Year Ended December 31, 2011
Revenues	$	472,000		$	604,000		$	2,302,000		$	2,517,000
Operating expenses		(81,000	)		(312,000	)		(794,000	)		(1,322,000	)
Interest expense		-			(325,000	)		(911,000	)		(1,582,000	)
Depreciation and amortization expense		(92,000	)		(776,000	)		(1,295,000	)		(1,019,000	)
Loss on extinguishment of debt		-			(267,000	)		-			-
Gain on sale of real estate		-			4,989,000			55,000			2,503,000
Income (loss) from discontinued operations	$	299,000		$	3,913,000		$	(643,000	)	$	1,097,000

Intangible Assets

12 Months Ended

Dec. 31, 2013

Intangible Assets

4.	Intangible Assets

The following table summarizes our acquisition-related intangible assets, including the value of in-place leases and above-market tenant leases, and our acquisition-related intangible liabilities, including below-market tenant leases and above-market ground leases as follows:


	December 31,
	2013			2012
Acquired in-place lease intangibles
Gross amount	$	16,321,000		$	17,587,000
Accumulated amortization		(4,296,000	)		(14,673,000	)
Net balance	$	12,025,000		$	2,914,000

Above-market tenant leases
Gross amount	$	1,881,000		$	521,000
Accumulated amortization		(284,000	)		(342,000	)
Net balance	$	1,597,000		$	179,000

Below-market tenant leases⁽¹⁾
Gross amount	$	(1,081,000	)	$	(3,711,000	)
Accumulated accretion		198,000			3,672,000
Net balance	$	(883,000	)	$	(39,000	)

Above-market ground lease⁽¹⁾
Gross amount	$	(290,000	)	$	-
Accumulated accretion		13,000			-
Net balance	$	(277,000	)	$	-

(1)	Included in Acquired lease intangible liabilities, net in the consolidated balance sheets.

We recorded amortization of in-place lease intangibles of $3.0 million for the period from July 24, 2013 to December 31, 2013, $1.3 million for the period from January 1, 2013 to July 23, 2013, and $1.8 million and $1.0 million for the years ended December 31, 2012 and 2011, respectively, in depreciation and amortization. We recorded net amortization of above- and below- market tenant lease intangibles of $0.2 million as a decrease to rental revenues for the period from July 24, 2013 through December 31, 2013, $0.3 million as a decrease to rental revenues for the period from January 1, 2013 to July 23, 2013, $0.1 million as a decrease to rental revenues for the year ended December 31, 2012 and $0.1 million as an increase to rental revenues for the year ended December 31, 2011. We recorded accretion of above-market ground leases of $13,000 for the period from July 24, 2013 to December 31, 2013 as a decrease to property expenses.

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2013 for the next five years:

Year Ending	In-place Leases		Net Above/(Below) Market Operating Leases			Above Market Ground Lease⁽¹⁾
2014	$	5,892,000	$	390,000		$	(32,000	)
2015		3,059,000		218,000			(32,000	)
2016		1,572,000		90,000			(32,000	)
2017		976,000		(8,000	)		(32,000	)
2018		459,000		(11,000	)		(32,000	)
Thereafter		67,000		35,000			(117,000	)
Total	$	12,025,000	$	714,000		$	(277,000	)

(1)	Recorded as a decrease to property expenses in the consolidated statements of operations.

Notes Receivable

12 Months Ended

Dec. 31, 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 mortgage loan secured by 32401-32803 Calle Perfecto was contributed as part of the RIF V Contribution that occurred as part of our formation transactions (See Note 3). Accordingly, the note receivable was recorded at the estimated fair value on the date of contribution, July 24, 2013, resulting in the elimination of the unrecognized non-accretable yield.

The following table summarizes the balance of our notes receivable:

	Face Amount		Unrecognized Non-Accretable Yield			Unrecognized Accretable Yield			Note Receivable

At December 31, 2013:
32401 - 32803 Calle Perfecto	$	14,161,000	$	-		$	(1,022,000	)	$	13,139,000

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

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.

Notes Payable

12 Months Ended

Dec. 31, 2013

Notes Payable

6.	Notes Payable

The following table summarizes our notes payable:

	Rexford Industrial Realty, Inc.			Rexford Industrial Realty, Inc. Predecessor
	December 31, 2013			December 31, 2012				Contractual Maturity Date		Interest Rate
Fixed Rate Debt
RIF V - Jersey, LLC	$	5,189,000	⁽¹⁾	$	5,355,000		⁽¹⁾	1/1/2015			5.45	%	⁽²⁾
The Park		3,177,000	⁽³⁾	-				3/1/2031			5.13	%	⁽⁴⁾
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			5.15	%
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	%
RIF III Holdings, LLC (Note B)	-				410,000			8/31/2014			12.00	%
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		81,375,000		-				7/24/2016	⁽⁵⁾	LIBOR + 1.50		%	⁽⁷⁾
	$	192,491,000		$	316,109,000
Less: Mortgage Loans Associated with Real Estate Held for Sale		-			(20,690,000	)
	$	192,491,000		$	295,419,000

(1)	Includes unamortized debt premium of $50,000 at December 31, 2013 and $97,000 at December 31, 2012.

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

(3)	Includes unamortized debt discount of $118,000 at December 31, 2013.

(4)	Monthly payments of interest and principal based on 20-year amortization table.

(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.

(7)	The facility additionally bears interest at 0.30% of the daily unused commitment balance.

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 contributed as part of 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.

On November 8, 2013, in connection with the acquisition of the property located at 1100-1170 Gilbert St. and 2353-2373 La Palma Ave., we assumed a first mortgage loan that is secured by the property. The assumed mortgage loan had a principal balance of $3.3 million at the acquisition date and was recorded at fair value at the date of acquisition resulting in an initial discount of $119,000. The loan, which was put in place in 2011 by the seller, bears interest at a fixed rate of 5.13% with amortization over 20 years, and has a maturity date of March 1, 2031.

The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt discounts and premiums, as of December 31, 2013 and does not consider extension options available to us as noted above:

Twelve months ending December 31:
2014	$	248,000
2015		5,141,000
2016		124,260,000
2017		142,000
2018		150,000
Thereafter		62,618,000
Total⁽¹⁾	$	192,559,000

(1)	Includes gross principal balance of outstanding debt before impact of $68,000 net debt discount.

Unsecured Revolving Credit Facility

As of December 31, 2013 we had $81.4 million outstanding under the facility, with additional availability of $48.4 million. The amount available for us to borrow under the facility is subject to the lesser of the then applicable facility amount, a percentage of the net operating income of our properties that form the borrowing base of the facility, and a minimum implied debt service coverage ratio.

Our ability to borrow under the revolving credit facility is 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

12 Months Ended

Dec. 31, 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 consolidated and combined statements of operations as tenant reimbursements.

Future minimum base rent under operating leases as of December 31, 2013 is summarized as follows:

Twelve months ending December 31:
2014	$	41,119,000
2015		30,731,000
2016		21,954,000
2017		15,536,000
2018		9,965,000
Thereafter		24,855,000
Total	$	144,160,000

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

Interest Rate Contracts

12 Months Ended

Dec. 31, 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 $49,000 for the period from January 1, 2013 to July 23, 2013 and $2.4 and $4.2 million during the years ending December 31, 2012 and 2011, respectively.

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

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Fair Value Measurements

12 Months Ended

Dec. 31, 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 (including amounts classified as held for sale) as of December 31, 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:
December 31, 2013	$	192,492,000	$	-	$	192,492,000	$	-	$	192,491,000
December 31, 2012	$	322,802,000	$	-	$	322,802,000	$	-	$	316,109,000

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.

Related Party Transactions

Related Party Transactions

12 Months Ended

Dec. 31, 2013

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 $136,000 in management and leasing services revenue for the period from July 24, 2013 to December 31, 2013, $87,000 for the period from January 1, 2013 to July 23, 2013, and $0.2 million and $0.1 million for the years ended December 31, 2012 and 2011, respectively.

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.

Commitments and Contingencies

Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

11.	Commitments and Contingencies

Legal

From time to time, we are subject to various legal proceedings that arise in the ordinary course of business.

After the completion of our IPO, certain investors in our predecessor business (“pre-IPO investors”) contacted Messrs. Schwimmer, Frankel and Ziman to express concerns regarding our formation transactions and IPO. These concerns related to, among other things, the total value of the consideration paid to the pre-IPO investors and to management in the formation transactions, the allocation of that consideration among the five funds included in our predecessor business, or the Predecessor Funds, and the pre-IPO management companies (the “Management Companies”), and the total value of the Operating Partnership units and shares of common stock, including awards of restricted stock, received by Messrs. Schwimmer, Frankel and Ziman in conjunction with the formation transactions and the IPO.

We believe that the formation transactions and the IPO were conducted and valued properly and consistently with applicable law and with the disclosure documents and contribution and merger agreements. We also believe that the documents and disclosures set forth all information necessary for the pre-IPO investors to determine whether to approve the formation transactions. Pre-IPO investors representing more than 98% of the capital in each of the Predecessor Funds approved the formation transactions. In addition, such pre-IPO investors explicitly waived claims relating to the Predecessor Funds and the formation transactions.

Nevertheless, with the support of our board of directors, Messrs. Schwimmer, Frankel and Ziman undertook to review the concerns expressed by these pre-IPO investors and to assess whether they could address any of the concerns in their individual capacities. In undertaking this review, Messrs. Schwimmer, Frankel and Ziman and our board of directors considered a variety of factors, including that, as a newly public company, claims advanced by pre-IPO investors, whether in formal legal proceedings or otherwise, regardless of their merit, could adversely affect the Company’s business and operations, the Company’s ability to access the capital markets or the trading prices of the Company’s common stock.

After numerous discussions with pre-IPO investors from all five Predecessor Funds, Messrs. Schwimmer, Frankel and Ziman, with the support of our board of directors, undertook to offer an accommodation (the “Accommodation”) in which Messrs. Schwimmer, Frankel and Ziman, together with certain other pre-IPO owners of the Management Companies, would return up to $32.1 million that they received in connection with our IPO and formation transactions. The Accommodation would effectively reallocate up to $21.1 million in Operating Partnership units to pre-IPO investors who elected to participate in the Accommodation by signing transfer agreements containing a release of claims relating to their investment in the Predecessor Funds (“Transfer and Release Agreements”). This $21.1 million represents the aggregate value allocated to the Management Companies in the formation transactions. As part of the Accommodation, Messrs. Schwimmer, Frankel and Ziman also would cancel a percentage of their restricted stock grant (valued at $11.0 million) equal to the portion of the aggregate capital commitments in the Predecessor Funds represented by investors participating in the Accommodation. The effectiveness of the Accommodation was subject to pre-IPO investors representing at least 67.7% of the aggregate capital commitments in each of the Predecessor Funds agreeing to participate in the Accommodation by signing Transfer and Release Agreements.

The Company and Messrs. Schwimmer, Frankel and Ziman, with the agreement of our board of directors, formally communicated the proposed Accommodation to pre-IPO investors in early October. The Accommodation became effective on October 28, 2013. The pre-IPO investors were provided a reply-by date of October 30, 2013 to elect whether to participate in the Accommodation. The Board elected, effective October 29, 2013, to extend that reply-by date to November 30, 2013. There was no further extension of the reply-by date. As of December 31, 2013, the Accommodation has ended, and 97.9% of the pre-IPO investors, who collectively represent 98.5% of the aggregate capital commitments in the Predecessor Funds, participated in the Accommodation by signing Transfer and Release Agreements.

To effect the Accommodation, Messrs. Schwimmer, Frankel, Ziman and certain other pre-IPO owners of the Management Companies returned Operating Partnership units to the Company. The Company subsequently canceled such Operating Partnership units. The Company and the Operating Partnership then issued and paid to participating pre-IPO investors a number of shares of common stock, Operating Partnership units and cash that, in the aggregate, had the same value as the Operating Partnership units returned to the Company by Messrs. Schwimmer, Frankel, Ziman and the other pre-IPO owners of the Management Companies. The form of consideration received by pre-IPO investors corresponded to the form of consideration such investors elected to receive in the formation transactions, with unaccredited investors receiving cash. For purposes of the Accommodation, shares of common stock and Operating Partnership units were valued at $14.00, which was the IPO price per share of the Company’s common stock.

See Note 13 for the transactional effect with respect to our Operating Partnership units and shares of common stock related to the Accommodation. In addition, the Company incurred costs of $0.2 million during the year ended December 31, 2013 associated with negotiating and executing the Accommodation.

Separately and subsequent to the efforts and initial discussions that gave rise to the Accommodation, 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. On February 14, 2014, the plaintiffs filed an amended complaint (as amended, the “RIF III and RIF IV Action”) adding an additional individual pre-IPO investor and putative class claims on behalf of investors in RIF IV. Plaintiffs in the RIF III and RIF IV Action assert claims against the Company, RIF III, RIF IV, 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 and RIF IV, that the consideration received by investors in RIF III and RIF IV in the formation transactions was inadequate, that the Management Companies were allocated unfair value in the formation transactions and that the disclosure documents related to the formation transactions were materially misleading. The first amended complaint seeks class certification, requests to inspect the books and records of currently non-existent RIF III and RIF IV, 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 allege 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 and RIF IV Action is without merit and intend to defend the litigation vigorously, we expect to incur costs associated with defending the RIF III and RIF IV Action. At this early stage of the litigation, the ultimate outcome of the RIF III and RIF IV 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 our financial statements.

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.

Rent Expense

As of December 31, 2013, we lease a parcel of land that is currently being sub-leased to a tenant for a parking lot. The ground lease is scheduled to expire on June 1, 2062.

The future minimum commitment under our ground lease and corporate office lease as of December 31, 2013 is as follows:

Year Ending	Office Lease		Ground Rent
2014	$	182,000	$	144,000
2015		266,000		144,000
2016		274,000		144,000
2017		282,000		144,000
2018		291,000		144,000
Thereafter		173,000		6,252,000
Total	$	1,468,000	$	6,972,000

Tenant Related

As of December 31, 2013, we had commitments of $0.6 million for tenant improvement and construction work under the terms of leases with certain of our tenants.

Investment in Unconsolidated Real Estate

12 Months Ended

Dec. 31, 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. 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 December 31,
Investment Property	Ownership Interest			2013		2012
10439-10477 Roselle St.		70.00	%	$	-	$	9,988,000
3001-3223 Mission Oaks Boulevard		15.00	%		5,687,000		2,709,000
				$	5,687,000	$	12,697,000

As part of the formation transactions, on July 24, 2013, 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.

Our 15% joint venture interest in the properties located at 3001-3223 Mission Oaks Boulevard were contributed as part of the RIF V Contribution that occurred as part of the formation transactions on July 24, 2013 (See Note 3). Accordingly, the carrying value of our investment was recorded at the estimated fair value on the date of contribution, which resulted in a $2.8 million basis adjustment, which is being amortized over the estimated useful life of the underlying assets.

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 December 31, 2013⁽¹⁾		Period from January 1, 2013 to July 23, 2013⁽²⁾			Year Ended December 31, 2012⁽²⁾			Year Ended December 31, 2011⁽²⁾
Revenues	$	1,440,000	$	6,516,000		$	5,402,000		$	975,000
Expenses		226,000		(7,296,000	)		(6,110,000	)		(1,060,000	)
Net income (loss)	$	1,666,000	$	(780,000	)	$	(708,000	)	$	(85,000	)

	December 31, 2013 ⁽¹⁾			December 31, 2012 ⁽²⁾
Assets	$	61,422,000		$	71,242,000
Liabilities		(42,475,000	)		(42,265,000	)
Partners'/members' equity	$	18,947,000		$	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 $196,000 for the period from July 24, 2013 to December 31, 2013, $218,000 for the period from January 1, 2013 to July 23, 2013, and $0.3 million and $39,000 million for the years ended December 31, 2012 and 2011, respectively.

We recognized management, leasing and development revenue of $326,000 during the period from July 24, 2013 to December 31, 2013, $207,000 for the period from January 1, 2013 to July 23, 2013, and $0.2 million and $26,000 for the years ended December 31, 2012 and 2011, respectively, which has been recorded in management, leasing and development services.

Stockholder's Equity

12 Months Ended

Dec. 31, 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.

As described in Note 11, to effect the Accommodation, Messrs. Schwimmer, Frankel, Ziman and other certain pre-IPO owners of the Management Companies returned Operating Partnership units to the Company, which were subsequently cancelled. The Company and the Operating Partnership then issued and paid to participating pre-IPO investors a number of shares of common stock, Operating Partnership units and cash that, in the aggregate, had the same value as the Operating Partnership units returned.

As of December 31, 2013 the following transactions have occurred to effect the Accommodation:

·	Mr. Schwimmer has returned 525,828 Operating Partnership units to us, and we have canceled 281,395 shares of restricted stock initially granted to Mr. Schwimmer in the IPO;

·	Mr. Frankel has returned 474,306 Operating Partnership units to us, and we have canceled 281,395 shares of restricted stock initially granted to Mr. Frankel in the IPO;

·	Mr. Ziman has returned 423,044 Operating Partnership units to us, and we have canceled 211,046 shares of restricted stock initially granted to Mr. Ziman in the IPO;

·	Other individuals have returned 55,678 Operating Partnership units to us; and

·	We have issued 665,910 shares of common stock and 791,029 Operating Partnership units, and have paid $306,817 to participating pre-IPO investors.

We had 25,559,886 shares of common stock and of 3,009,259 operating partnership units outstanding as of December 31, 2013.

Noncontrolling interests in our Operating Partnership relate to interests in the partnership that are not owned by us. Noncontrolling interests represented approximately 10.6% of our Operating Partnership as of December 31, 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. As of December 31, 2013, 773,836 of these shares of restricted common stock have been cancelled pursuant to the terms of the Accommodation, as noted above. The remaining 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. The grant date fair value of the restricted stock was determined using the initial public offering price of $14.00 for grants issued on July 24, 2013.

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 December 31, 2013, we recognized net equity compensation expense of $392,000 related to the restricted common stock grants, ultimately expected to vest. Stock compensation expense is included in general and administrative and other property expenses in the accompanying consolidated statements of operations. Certain amounts of equity compensation expense are capitalized for employees who provide leasing and construction services. During the period from July 24, 2013 to December 31, 2013 we capitalized $41,000 related to these employees.

The following is a table summarizing our restricted stock activity for the period from July 24, 2013 through December 31, 2013:

	Shares
Non-vested shares outstanding at beginning of period		-
Granted		923,949
Forfeited		(783,481	)
Vested		-
Non-vested shares outstanding as of December 31, 2013		140,468

The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2013:

	Shares
Twelve months ending December 31:
2014		35,824
2015		35,824
2016		35,821
2017		32,999
		140,468

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 7.3% for non-vested restricted stock as of December 31, 2013. As of December 31, 2013, there was $1.4 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, of which $0.1 million will be capitalized for employees who provide leasing and construction services. As of December 31, 2013, this expense is expected to be recognized over a weighted average remaining period of 26 months.

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.

Reference 1: 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.(d),(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 4.E)
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Earnings Per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share

14.	Earnings Per Share

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

	Period from July 24, 2013 to December 31, 2013
Numerator:
Net loss from continuing operations	$	(1,010,000	)
Net loss from continuing operations attributable to noncontrolling interests		122,000
Numerator for basic and diluted loss from continuing operations available to common stockholders		(888,000	)
Net income from discontinued operations		299,000
Net income from discontinued operations attributable to noncontrolling interests		(36,000	)
Numerator for basic and diluted net loss available to common stockholders	$	(625,000	)
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		24,925,226
Earnings per share - Basic and Diluted:
Net loss from continuing operations available to common stockholders	$	(0.04	)
Net income from discontinued operations available to common stockholders		0.01
Net loss available to common stockholders	$	(0.03	)

Participating securities include 140,468 unvested restricted stock awards outstanding at December 31, 2013, which participate in non-forfeitable dividends of the Company. Participating security holders are not obligated to share in losses and as such, under the two class method, none of the net loss attributable to Rexford Industrial Realty, Inc. was allocated to participating securities for the period from July 24, 2013 to December 31, 2013.

The effect of including unvested restricted common stock using the treasury stock method was excluded from our calculation of weighted average shares of common stock – diluted as its inclusion would have been antidilutive to the loss from continuing operations available to common stockholders. As such, the number of weighted average shares of common stock outstanding, both basic and diluted, are the same for the period from July 24, 2013 to December 31, 2013.

Predecessor Equity

12 Months Ended

Dec. 31, 2013

Stockholder's Equity

13.	Stockholder’s Equity

As of December 31, 2013 the following transactions have occurred to effect the Accommodation:

·	Mr. Schwimmer has returned 525,828 Operating Partnership units to us, and we have canceled 281,395 shares of restricted stock initially granted to Mr. Schwimmer in the IPO;

·	Mr. Frankel has returned 474,306 Operating Partnership units to us, and we have canceled 281,395 shares of restricted stock initially granted to Mr. Frankel in the IPO;

·	Mr. Ziman has returned 423,044 Operating Partnership units to us, and we have canceled 211,046 shares of restricted stock initially granted to Mr. Ziman in the IPO;

·	Other individuals have returned 55,678 Operating Partnership units to us; and

·	We have issued 665,910 shares of common stock and 791,029 Operating Partnership units, and have paid $306,817 to participating pre-IPO investors.

We had 25,559,886 shares of common stock and of 3,009,259 operating partnership units outstanding as of December 31, 2013.

2013 Incentive Award Plan

The following is a table summarizing our restricted stock activity for the period from July 24, 2013 through December 31, 2013:

	Shares
Non-vested shares outstanding at beginning of period		-
Granted		923,949
Forfeited		(783,481	)
Vested		-
Non-vested shares outstanding as of December 31, 2013		140,468

The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2013:

	Shares
Twelve months ending December 31:
2014		35,824
2015		35,824
2016		35,821
2017		32,999
		140,468

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 $985,000 during the period from January 1, 2013 to July 23, 2013 related to these equity awards.

Schedule III – Real Estate and Accumulated Depreciation

Quarterly Information

12 Months Ended

Dec. 31, 2013

Quarterly Information

16.	Quarterly Information


	Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended⁽¹⁾			Period From⁽¹⁾						Three Months Ended⁽¹⁾
	December 31, 2013			July 24, 2013 to September 30, 2013			July 1, 2013 to July 23, 2013			June 30, 2013			March 31, 2013
Revenues from continuing operations⁽²⁾	$	12,638,000		$	8,980,000		$	2,734,000		$	10,717,000		$	9,297,000
Net income (loss) from continuing operations⁽²⁾	$	(1,185,000	)	$	175,000		$	(5,877,000	)	$	(2,750,000	)	$	434,000
Income (loss) from discontinued operations⁽²⁾	$	179,000		$	120,000		$	9,000		$	2,282,000		$	1,619,000
Net income (loss)	$	(1,006,000	)	$	295,000		$	(5,868,000	)	$	(468,000	)	$	2,053,000
Net income (loss) attributable to common stockholders	$	(881,000	)	$	256,000		$	(2,309,000	)	$	(2,286,000	)	$	327,000
Net income (loss) attributable to common stockholders per share - basic and diluted	$	(0.04	)	$	0.01		n/a			n/a			n/a

	Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Revenues from continuing operations⁽²⁾	$	8,679,000		$	8,223,000		$	8,192,000		$	7,900,000
Net income (loss) from continuing operations⁽²⁾	$	(1,548,000	)	$	(2,487,000	)	$	(2,203,000	)	$	(2,076,000	)
Income (loss) from discontinued operations⁽²⁾	$	(134,000	)	$	(215,000	)	$	(270,000	)	$	(24,000	)
Net income (loss)	$	(1,682,000	)	$	(2,702,000	)	$	(2,473,000	)	$	(2,100,000	)
Net income (loss) attributable to common stockholders	$	(1,528,000	)	$	(1,732,000	)	$	(1,464,000	)	$	(167,000	)
Net income (loss) attributable to common stockholders per share - basic and diluted	n/a			n/a			n/a			n/a

(1)	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding.

(2)	All periods have been adjusted from amounts previously disclosed in our quarterly filings on Form 10-Q and our prospectus on form S-11 to reclassify amounts related to discontinued operations (see Discontinued Operations section of Note 3 “Investments in Real Estate”).

Subsequent Events

12 Months Ended

Dec. 31, 2013

Subsequent Events

17.	Subsequent Events

On January 15, 2014, we acquired the property located at 7110 Rosecrans Avenue located in Paramount, CA for a contract price of $4.969 million using funds from our revolving credit facility. The property consists of one industrial building totaling 72,000 square foot situated on 3.25 acres of land.

On January 22, 2014, we acquired the property located at 14723-14825 Oxnard Street in Van Nuys, CA for a contract price of $8.875 million using funds from our revolving credit facility. The property consists of a six-building multi-tenant industrial business park totaling 78,000 square feet situated on 3.25 acres of land.

On January 29, 2014, we disposed of our property located at 1335 Park Center Drive in Vista, CA. We received gross proceeds from this transaction of $10.1 million. As part of a 1031 exchange, on February 12, 2014, the proceeds were partially used to acquire another property located at 845, 855, and 865 Milliken Avenue and 4317 and 4319 Santa Ana Street in Ontario, CA with a contract price of $8.55 million. The property consists of a five-building multi-tenant industrial business park totaling 113,612 square feet situated on 5.74 acres of land.

On February 26, 2014, we acquired the property located at 1500-1510 W. 228^th Street in Los Angeles, CA for a contract price of $6.6 million. A portion of the acquisition was funded with the remaining proceeds from the disposition of 1335 Park Center Drive, noted above, and the remainder of the funding was provided from availability under our revolving credit facility. The property consists of a six-building multi-tenant industrial complex totaling 88,330 square feet situated on 3.9 acres of land.

On February 4, 2014, we executed two forward interest rate swaps to mitigate our exposure to fluctuation in short-term interest rates. Each of the two swaps has a notional value of $30.0 million, and will effectively fix the interest rate on our $60.0 million term loan beginning in 2015. The first forward swap will effectively fix $30.0 million of debt at 3.726% annually from the period from January 15, 2015 to February 15, 2019. The second forward swap will effectively fix the other $30.0 million of debt at 3.91% annually from the period from July 15, 2015 to February 15, 2019.

On March 12, 2014, our board of directors approved a modification of the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program (the “The Program”), which is filed as Exhibit 10.10 to this Form 10-K. The changes to the Program are as follows: (i) the annual meeting restricted stock grant for each of the non-employee directors increased from $40,000 to $45,000 in value; (ii) the annual retainer each of the non-employee directors increased from $25,000 to $30,000; and (iii) the annual retainer for the Chair of the Audit Committee increased from $10,000 to $20,000.

On March 13, 2014, we disposed of our property located at 2500 N. Madera Road in Simi Valley, CA. We received net proceeds from this transaction of $4.1 million.

On March 20, 2014, we acquired the property located at 24105 Frampton Avenue, in Los Angeles, CA for a contract price of $3.9 million using funds from our revolving credit facility. The property consists of one single-tenant industrial building totaling 47,903 square feet situated on 2.07 acres of land.

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2013

REXFORD INDUSTRIAL REALTY, INC. AND

REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

				Initial Cost				Costs Capitalized Subsequent to Acquisition			Gross Amounts at Which Carried at Close of Period
Property Name	Location	Encumbrances		Land		Building & Improvements		Building & Improvements			Land ⁽¹⁾		Building & Improvements⁽¹⁾		Total		Accumulated Depreciation ⁽²⁾			Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA		⁽³⁾	$	3,875	$	2,407	$	8,905		$	3,875	$	11,312	$	15,187		(4,050	)	1965, 2005 / 2003	2002
300 South Lewis Rd.	Camarillo, CA		⁽³⁾		4,150		3,050		6,830			4,150		9,880		14,030		(3,788	)	1960-1963 / 2006	2003
1400 South Shamrock	Monrovia, CA	--			2,317		2,534		659			2,317		3,193		5,510		(1,680	)	1957, 1962 / 2004	2003
12910 East Mulberry Dr.	Whittier, CA	--			3,469		1,629		941			3,469		2,570		6,039		(1,172	)	1962 / 2009	2003
2220-2260 Camino del Sol	Oxnard, CA		⁽³⁾		868		-		3,972			868		3,972		4,840		(898	)	2005	2003
14250-14278 Valley Blvd.	La Puente, CA	--			2,539		2,020		2,113			2,539		4,133		6,672		(1,548	)	1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA		⁽³⁾		6,817		6,089		538			6,817		6,627		13,444		(2,527	)	1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	--			2,525		3,380		3,845			2,525		7,225		9,750		(2,199	)	1969, 2008 / 2006	2004
28340 - 28400 Avenue Crocker	Valencia, CA	--			2,666		3,343		1,468			2,666		4,811		7,477		(1,598	)	1987 / 2006	2004
21-29 West Easy St.	Simi Valley, CA	--			2,346		4,522		386			2,346		4,908		7,254		(1,936	)	1991 / 2006	2004
12345 First American Way	Poway, CA	--			2,469		2,489		2,712			800		3,670		4,470		(1,136	)	2002 / 2007	2005
10439-10477 Roselle St.	San Diego, CA	--			4,711		3,199		40			4,711		3,239		7,950		(58	)	1970 / 2007	2013
1631 N. Placentia Ave., 2350 - 2384 E. Orangethorpe Ave.	Anaheim, CA	--			4,893		1,386		857			4,893		2,243		7,136		(794	)	1973 / 2007	2005
2575 Pioneer Ave.	Vista, CA	--			1,784		2,974		1,452			1,784		4,426		6,210		(1,430	)	1988 / 2006	2004
311, 319, 329 & 333 157th St.	Gardena, CA	--			3,100		786		934			3,100		1,720		4,820		(700	)	1960-1971 / 2006-2011	2006
9375 Archibald Ave.	Rancho Cucamonga, CA	--			3,572		3,239		1,324			1,808		3,140		4,948		(1,080	)	1980 / 2007	2007
28159 Avenue Stanford	Valencia, CA	--			1,849		6,776		1,884			1,849		8,660		10,509		(2,479	)	1987 / 2008	2006
18118-18120 S. Broadway	Carson, CA	--			3,013		2,161		196			3,013		2,357		5,370		(89	)	1957 / 1989	2013
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	--			3,647		11,867		2,035			3,647		13,902		17,549		(4,922	)	1988-1989 / 2006	2006
2431-2465 Impala Dr.	Carlsbad, CA	--			5,470		7,308		1,045			5,470		8,353		13,823		(2,717	)	1983 / 2006	2006
15715 Arrow Highway	Irwindale, CA		⁽³⁾		3,604		5,056		(85	)		3,604		4,971		8,575		(1,509	)	1989	2006
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	--			3,740		260		6,858			3,740		7,118		10,858		(1,038	)	1982 / 2009	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	--			5,001		7,658		2,222			5,001		9,880		14,881		(3,453	)	1977-1988 / 2006	2005

					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Amounts at Which Carried at Close of Period
Property Name	Location	Encumbrances			Land		Building & Improvements		Building & Improvements		Land ⁽¹⁾		Building & Improvements⁽¹⁾		Total		Accumulated Depreciation ⁽²⁾			Year Build / Year Renovated	Year Acquired
6231 & 6241 Yarrow Dr.	Carlsbad, CA	--				3,473		5,119		727		3,473		5,846		9,319		(2,032	)	1977 / 2006	2006
901 W. Alameda Ave.	Burbank, CA	--				6,304		2,996		4,803		6,304		7,799		14,103		(1,914	)	1969 / 2009	2007
6750 Unit B-C - 6780 Central Ave.	Riverside, CA	--				3,323		1,118		1,001		1,441		1,595		3,036		(597	)	1978	2007
9220-9268 Hall Rd.	Downey, CA	--				6,974		2,902		58		6,974		2,960		9,934		(590	)	2008	2009
1938-1946 E. 46th St.	Vernon, CA	--				7,015		7,078		1,268		7,015		8,346		15,361		(1,923	)	1961, 1983 / 2008-2010	2007
77-700 Enfield Lane	Palm Desert, CA	--				1,110		1,189		204		397		686		1,083		(266	)	1990	2007
700 Allen Ave., 1840 Dana St., & 1830 Flower	Glendale, CA	--				4,845		1,163		1,472		4,845		2,635		7,480		(282	)	1949, 1961 / 2011-2012	2008
200-220 South Grand Ave.	Santa Ana, CA	--				2,579		667		184		2,371		805		3,176		(208	)	1973 / 2008	2007
3720-3750 W. Warner Ave.	Santa Ana, CA	--				3,028		1,058		510		3,028		1,568		4,596		(471	)	1973 / 2008	2007
6010 Paramount Ave., 2708 Seaboard Lane	Long Beach, CA	--				1,004		175		576		1,004		751		1,755		(240	)	1981-1982	2007
5803 Newton Dr.	Carlsbad, CA	--				3,152		7,155		1,007		1,692		5,042		6,734		(1,706	)	1997-1999 / 2009	2007
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	--				4,453		5,900		610		2,830		4,548		7,378		(1,262	)	1989 / 2007	2008
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.	Pasadena, CA	--				1,759		2,834		1,861		1,759		4,695		6,454		(834	)	1947, 1985 / 2009	2008
131 W. 33rd St.	National City, CA	--				2,390		5,029		148		2,390		5,177		7,567		(1,564	)	1969 / 2008	2006
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	--				3,608		2,699		16		3,608		2,715		6,323		(60	)	1987	2011
1050 Arroyo Ave.	San Fernando, CA	--				3,092		1,900		2		3,092		1,902		4,994		(47	)	1969 / 2012	2010
15041 Calvert St.	Van Nuys, CA	--				4,096		1,570		3		4,096		1,573		5,669		(31	)	1971	2012
1400 S. Campus Ave.	Ontario, CA	--				3,266		2,961		2		3,266		2,963		6,229		(394	)	1964-1966, 1973, 1987	2012
701 Del Norte Blvd.	Oxnard, CA	--				3,082		6,230		6		3,082		6,236		9,318		(116	)	2000	2012
13914-13932 Valley Blvd.	La Puente, CA	--				2,372		2,431		57		2,372		2,488		4,860		(51	)	1978, 1988 / 2012	2011
600-650 South Grand Ave.	Santa Ana, CA	--				4,298		5,075		63		4,298		5,138		9,436		(104	)	1988	2010
10700 Jersey Blvd.	Rancho Cucamonga, CA		5,189	⁽⁴⁾		3,158		4,860		60		3,158		4,920		8,078		(99	)	1988-1989	2011
3441 West MacArthur Blvd.	Santa Ana, CA	--				4,179		5,358		3		4,179		5,361		9,540		(89	)	1973	2011
20920-20950 Normandie Ave.	Torrance, CA	--				3,253		1,605		25		3,253		1,630		4,883		(36	)	1989	2011

					Initial Cost				Costs Capitalized Subsequent to Acquisition		Gross Amounts at Which Carried at Close of Period
Property Name	Location	Encumbrances			Land		Building & Improvements		Building & Improvements		Land ⁽¹⁾		Building & Improvements⁽¹⁾		Total		Accumulated Depreciation ⁽²⁾			Year Build / Year Renovated	Year Acquired
6701 & 6711 Odessa Ave.	Van Nuys, CA	--				1,582		1,856		1		1,582		1,857		3,439		(34	)	1970-1972 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	--				1,396		925		2		1,396		927		2,323		(22	)	1986	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	--				3,720		2,641		24		3,720		2,665		6,385		(60	)	1978 / 2012	2011
121-125 N. Vinedo Ave.	Pasadena, CA	--				3,481		3,530		1		3,481		3,531		7,012		(85	)	1953 / 1993	2011
500-560 Zenith Dr.	Glenview, IL	--				801		1,117		14		801		1,131		1,932		(28	)	1978	2011
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA		42,750			17,978		39,471		225		17,978		39,696		57,674		(682	)	1966, 1992, 1993, 1994	2013
8900-8980 Benson Ave., 5637 Arrow Highway	Montclair, CA	--				2,285		4,778		412		2,285		5,190		7,475		(100	)	1974	2013
1661 240th St.	Los Angeles, CA	--				3,043		2,550		169		3,043		2,719		5,762		(47	)	1975 / 1995	2013
8101-8117 Orion Avenue	Van Nuys, CA	--				1,389		3,872		32		1,389		3,904		5,293		(71	)	1978	2013
18310-18330 Oxnard Street	Tarzana, CA	--				2,497		5,494		73		2,497		5,567		8,064		(77	)	1973	2013
22343-22349 La Palma Avenue	Yorba Linda, CA	--				6,087		5,984		15		6,087		5,999		12,086		(27	)	1988	2013
1100-1170 Gilbert St., 2353-2373 La Palma Ave.	Anaheim, CA		3,177	⁽⁵⁾		4,582		5,135		20		4,582		5,155		9,737		(28	)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	--				8,001		17,734		39		8,001		17,773		25,774		-		1983	2013
2900 N. Madera Road	Simi Valley, CA	--				2,422		1,848		-		2,422		1,848		4,270		-		1988 / 2005	2013
2950 N. Madera Road	Simi Valley, CA	--				3,601		8,033		2		3,601		8,035		11,636		-		1988 / 2005	2013
10635 W. Vanowen St.	Burbank, CA	--				1,517		1,833		18,632		1,517		1,833		3,350		-		1977	2013
Investments in real estate		$	51,116		$	228,620	$	270,006	$	85,458	$	219,301	$	327,519	$	546,820	$	(58,978	)
Properties Held for Sale:
1335 Park Center Dr.	Vista, CA			⁽³⁾		3,357		4,512		744		3,357		5,256		8,613		(1,920	)	1999 / 2007	2004
Investments in real estate, including properties held for sale		$	51,116		$	231,977	$	274,518	$	86,202	$	222,658	$	332,775	$	555,433	$	(60,898	)

(1)

During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $18.6 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $18.6 million, $9.3 million in included as a reduction of "Land" in the table above, with the remaining $9.3 million included as a reduction of "Buildings and Improvements".

(2)	The depreciable life for buildings and improvements ranges from 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.

(3)	These properties secure a $60.0 million term loan.

(4)	Includes unamortized premium of $50.

(5)	Includes unamortized discount of $118.

The changes in total investments in real estate, including investments in real estate held for sale, and accumulated depreciation, including accumulated depreciation for investments in real estate held for sale, for the three years ended December 31, 2013 are as follows:

	Year ended December 31,
	2013			2012			2011
Balance, Beginning of Year	$	397,597		$	377,080		$	347,654
Acquisition of Investment in Real Estate		148,811			19,714			46,887
Construction Costs and Improvements		3,802			4,620			1,321
Step-up in Basis Adjustment		28,070			-			-
Disposition of Investment in Real Estate		(20,275	)		(3,817	)		(18,782	)
Write-off of Fully Depreciated Assets		(2,572	)		-			-
Balance, End of Year	$	555,433		$	397,597		$	377,080



	Year ended December 31,
	2013			2012			2011
Balance, Beginning of Year	$	(60,574	)	$	(50,614	)	$	(44,278	)
Depreciation of Investment in Real Estate		(11,288	)		(9,960	)		(8,378	)
Step-up in Basis Adjustment		4,357			-			-
Disposition of Investment in Real Estate		4,035			-			2,042
Write-off of Fully Depreciated Assets		2,572			-			-
Balance, End of Year	$	(60,898	)	$	(60,574	)	$	(50,614	)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2013
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short term maturity of these investments.
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 When we acquire operating properties, with the intention to hold the investment for the long-term, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component. The components typically include land, building and improvements, intangible assets related to above and below market leases, intangible assets related to in-place leases, debt and other assumed assets and liabilities. The initial allocation of the purchase price is based on management’s preliminary assessment, which may differ when final information becomes available. Subsequent adjustments made to the initial purchase price allocation are made within the allocation period, which typically does not exceed one year. We allocate the purchase price to the fair value of the tangible assets by valuing the property as if it were vacant. We consider Level 3 inputs such as the replacement cost of such assets, appraisals, property condition reports, comparable market rental data and other related information. In determining the fair value of intangible lease assets or liabilities, we consider Level 3 inputs including the value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property and lease commencement. Acquired above and below market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the term of any below market fixed rate renewal options for below market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the 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. The difference between the fair value and the face value of debt assumed in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities is based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. For acquisitions that do not meet the accounting criteria to be accounted for as a business combination, we record to land and building the purchase price paid and capitalize the associated acquisition costs. During the period from July 24, 2013 through December 31, 2013, we capitalized $154,000 in acquisition costs, related to our acquisition of 2900 N. Madera Road. Capitalization of Costs 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 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. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate a change in the useful life, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, and furniture, fixtures and equipment, leasing costs and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regards to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. Our ability to estimate the depreciable portions of our real estate assets and useful lives is critical to the determination of the appropriate amount of depreciation and amortization expense recorded and the carrying value of the underlying assets. Any change to the assets to be depreciated and the estimated depreciable lives of these assets would have an impact on the depreciation expense recognized. 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. As discussed above in investments in real estate, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an intangible lease asset or liability and amortized to “rental revenues” over the reasonably assured term of the related leases. The unamortized balances of these assets and liabilities associated with the early termination of leases are fully amortized to their respective revenue line items in our consolidated financial statements over the shorter of the expected life of such assets and liabilities or the remaining lease term. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate a change in the useful life, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets
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. 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, 2013 and 2012, our investment in real estate has been recorded net of a cumulative impairment of $18.6 million. Acquired Indefinite-Lived Intangibles Acquired indefinite-lived intangibles represent the fair value of the management contracts in-place at the time of the contribution of Sponsor, RIF V REIT and their consolidated subsidiaries to the Operating Partnership. See Note 3. The asset has an indefinite life, and, accordingly, is not amortized.
Acquired Indefinite-Lived Intangibles	Acquired Indefinite-Lived Intangibles Acquired indefinite-lived intangibles represent the fair value of the management contracts in-place at the time of the contribution of Sponsor, RIF V REIT and their consolidated subsidiaries to the Operating Partnership. See Note 3. The asset has an indefinite life, and, accordingly, is not amortized.
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 December 31, 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 years ended December 31, 2012 and 2011. 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 December 31, 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.
Valuation of Receivables	Valuation of Receivables We are subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. We specifically analyze aged receivables, customer credit-worthiness, historical bad debts and current economic trends when evaluating the adequacy of the allowance for doubtful accounts. As a result of our periodic analysis, we maintain an allowance for estimated losses that may result from the inability of our tenants to make required payments. This estimate requires significant judgment related to the lessees’ ability to fulfill their obligations under the leases. We believe our allowance for doubtful accounts is adequate for our outstanding receivables for the periods presented. If a tenant is insolvent or files for bankruptcy protection and fails to make contractual payments beyond any allowance, we may recognize additional bad debt expense in future periods equal to the net outstanding balances, which include amounts recognized as straight-line revenue not realizable until future periods. We had a $0.5 million and $0.7 million reserve for allowance for doubtful accounts as of December 31, 2013 and 2012, respectively.
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 (loss) attributable to common stockholders by the weighted average shares of common shares outstanding for the period, as adjusted for the effect of 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 unvested restricted common stock using the treasury stock 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 allocation 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. There are no recently issued accounting pronouncements that are expected to have a material effect on our financial condition and results of operations in future periods.

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 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 intangibles
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	$	2,498,000	$	5,493,000	$	435,000	$	(1,000	)	$	8,425,000	$	4,000	$	(69,000	)	$	8,360,000
22343-22349 La Palma Avenue	11/1/2013	$	6,087,000	$	5,983,000	$	608,000	$	27,000		$	12,705,000	$	2,000	$	(144,000	)	$	12,563,000
110-1170 Gilbert St., 2353-2373 La Palma Ave.⁽³⁾	11/8/2013	$	4,582,000	$	5,134,000	$	810,000	$	(45,000	)	$	10,481,000	$	-	$	(3,373,000	)	$	7,108,000
280 Bonita Ave., 2743 Thompson Creek Rd.	12/6/2013	$	8,001,000	$	17,734,000	$	1,465,000	$	-		$	27,200,000	$	22,000	$	(225,000	)	$	26,997,000
2900 N. Madera Road⁽⁴⁾	12/17/2013	$	2,421,000	$	1,849,000	$	-	$	-		$	4,270,000	$	3,000	$	-		$	4,273,000
2950 N. Madera Road	12/17/2013	$	3,601,000	$	8,033,000	$	-	$	-		$	11,634,000	$	4,000	$	(1,114,000	)	$	10,524,000
10635 W. Vanowen St.	12/24/2013	$	1,517,000	$	1,833,000	$	264,000	$	(239,000	)	$	3,375,000	$	1,000	$	(16,000	)	$	3,360,000
Total		$	30,096,000	$	49,931,000	$	3,909,000	$	(246,000	)	$	83,690,000	$	55,000	$	(4,996,000	)	$	78,749,000

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
701 Del Norte Blvd.	12/18/2012	$	3,276,000	$	5,623,000	$	532,000	$	70,000		$	9,501,000	$	7,000	$	(113,000	)	$	9,395,000
15041 Calvert St.	12/21/2012	$	3,790,000	$	1,448,000	$	382,000	$	-		$	5,620,000	$	2,000	$	(45,000	)	$	5,577,000
Total		$	10,324,000	$	9,390,000	$	1,781,000	$	50,000		$	21,545,000	$	28,000	$	(900,000	)	$	20,673,000

(1)	The weighted average amortization period of acquired in-place lease intangibles for our 2013post-IPO acquisitions was 38 months.

(2)	The weighted average amortization period of net above market leases for our 2013 post-IPO acquisitions was 54 months.

(3)	In connection with this acquisition, we assumed debt with an outstanding principal balance of $3.3 million and an initial fair value discount of $118,000.

(4)	As the purchase of 2900 N. Madera was accounted for as an asset acquisition, the total purchase price allocation includes $154,000 of capitalized acquisition costs.

Proforma Financial Information

Period from

July 24, 2013 to

December 31, 2013

Period from

January 1, 2013 to

July 23, 2013

Revenues

4,001,000

1,718,000

Net loss

(262,000

)

(1,151,000

)

	2013			2012
Revenues	$	53,259,000		$	46,607,000
Net operating income	$	13,248,000		$	16,339,000
Net income	$	(2,041,000	)	$	(6,081,000	)

Acquisition of Other Interests

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

	Allocated Value
Land	$	73,400,000
Building and improvements		94,755,000
In-place Lease Intangibles		10,709,000
Net Above (Below) Market Lease Intangibles		872,000
Notes receivable		13,159,000
Acquired indefinite-lived intangible		5,271,000
Investment in unconsolidated real estate entities		5,652,000
Other assets and liabilities		(1,007,000	)
Total	$	202,811,000

Dispositions

A summary of our property dispositions for the period from January 1, 2013 to July 23, 2013 and the year ended December 31, 2012 is as follows:

Address	Location	Date of Disposition	Rentable Square Feet		Sales Price		Debt Satisfied ⁽¹⁾		Gain Recorded ⁽²⁾
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
639-641 Walnut Street	Carson, CA	10/16/2012		36,825	$	3,683,000	$	3,366,000	$	55,000

(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.

Assets Held For Sale

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


	December 31, 2013		December 31, 2012
Investment in real estate, net	$	6,692,000	$	23,413,000
Other		924,000		508,000
	$	7,616,000	$	23,921,000

Notes payable	$	-	$	20,690,000
Accounts payable and other liabilities		260,000		182,000
	$	260,000	$	20,872,000

Discontinued Operations


				The Predecessor
	Period from July 24, 2013 to December 31, 2013			Period from January 1, 2013 to July 23, 2013			The Year Ended December 31, 2012			The Year Ended December 31, 2011
Revenues	$	472,000		$	604,000		$	2,302,000		$	2,517,000
Operating expenses		(81,000	)		(312,000	)		(794,000	)		(1,322,000	)
Interest expense		-			(325,000	)		(911,000	)		(1,582,000	)
Depreciation and amortization expense		(92,000	)		(776,000	)		(1,295,000	)		(1,019,000	)
Loss on extinguishment of debt		-			(267,000	)		-			-
Gain on sale of real estate		-			4,989,000			55,000			2,503,000
Income (loss) from discontinued operations	$	299,000		$	3,913,000		$	(643,000	)	$	1,097,000

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.

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

Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2013


	December 31,
	2013			2012
Acquired in-place lease intangibles
Gross amount	$	16,321,000		$	17,587,000
Accumulated amortization		(4,296,000	)		(14,673,000	)
Net balance	$	12,025,000		$	2,914,000

Above-market tenant leases
Gross amount	$	1,881,000		$	521,000
Accumulated amortization		(284,000	)		(342,000	)
Net balance	$	1,597,000		$	179,000

Below-market tenant leases⁽¹⁾
Gross amount	$	(1,081,000	)	$	(3,711,000	)
Accumulated accretion		198,000			3,672,000
Net balance	$	(883,000	)	$	(39,000	)

Above-market ground lease⁽¹⁾
Gross amount	$	(290,000	)	$	-
Accumulated accretion		13,000			-
Net balance	$	(277,000	)	$	-

(1)	Included in Acquired lease intangible liabilities, net in the consolidated balance sheets.

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

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2013 for the next five years:

Year Ending	In-place Leases		Net Above/(Below) Market Operating Leases			Above Market Ground Lease⁽¹⁾
2014	$	5,892,000	$	390,000		$	(32,000	)
2015		3,059,000		218,000			(32,000	)
2016		1,572,000		90,000			(32,000	)
2017		976,000		(8,000	)		(32,000	)
2018		459,000		(11,000	)		(32,000	)
Thereafter		67,000		35,000			(117,000	)
Total	$	12,025,000	$	714,000		$	(277,000	)

(1)	Recorded as a decrease to property expenses in the consolidated statements of operations.

Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Notes Receivable

The following table summarizes the balance of our notes receivable:

	Face Amount		Unrecognized Non-Accretable Yield			Unrecognized Accretable Yield			Note Receivable

At December 31, 2013:
32401 - 32803 Calle Perfecto	$	14,161,000	$	-		$	(1,022,000	)	$	13,139,000

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)

12 Months Ended

Dec. 31, 2013

Summary of Notes Payable

The following table summarizes our notes payable:

	Rexford Industrial Realty, Inc.			Rexford Industrial Realty, Inc. Predecessor
	December 31, 2013			December 31, 2012				Contractual Maturity Date		Interest Rate
Fixed Rate Debt
RIF V - Jersey, LLC	$	5,189,000	⁽¹⁾	$	5,355,000		⁽¹⁾	1/1/2015			5.45	%	⁽²⁾
The Park		3,177,000	⁽³⁾	-				3/1/2031			5.13	%	⁽⁴⁾
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			5.15	%
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	%
RIF III Holdings, LLC (Note B)	-				410,000			8/31/2014			12.00	%
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		81,375,000		-				7/24/2016	⁽⁵⁾	LIBOR + 1.50		%	⁽⁷⁾
	$	192,491,000		$	316,109,000
Less: Mortgage Loans Associated with Real Estate Held for Sale		-			(20,690,000	)
	$	192,491,000		$	295,419,000

(1)	Includes unamortized debt premium of $50,000 at December 31, 2013 and $97,000 at December 31, 2012.

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

(3)	Includes unamortized debt discount of $118,000 at December 31, 2013.

(4)	Monthly payments of interest and principal based on 20-year amortization table.

(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.

(7)	The facility additionally bears interest at 0.30% of the daily unused commitment balance.

Summary of Aggregate Future Minimum Payments of Debt

Twelve months ending December 31:
2014	$	248,000
2015		5,141,000
2016		124,260,000
2017		142,000
2018		150,000
Thereafter		62,618,000
Total⁽¹⁾	$	192,559,000

(1)	Includes gross principal balance of outstanding debt before impact of $68,000 net debt discount.

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2013

Future Minimum Base Rent Under Noncancelable Operating Leases

Future minimum base rent under operating leases as of December 31, 2013 is summarized as follows:

Twelve months ending December 31:
2014	$	41,119,000
2015		30,731,000
2016		21,954,000
2017		15,536,000
2018		9,965,000
Thereafter		24,855,000
Total	$	144,160,000

Interest Rate Contracts (Tables)

12 Months Ended

Dec. 31, 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

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.

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Recurring Measurements - Interest Rate Contracts

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

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 (including amounts classified as held for sale) as of December 31, 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:
December 31, 2013	$	192,492,000	$	-	$	192,492,000	$	-	$	192,491,000
December 31, 2012	$	322,802,000	$	-	$	322,802,000	$	-	$	316,109,000

Commitments and contingencies (Tables)

12 Months Ended

Dec. 31, 2013

Future Minimum Commitment Under Ground Lease and Corporate Office Lease

The future minimum commitment under our ground lease and corporate office lease as of December 31, 2013 is as follows:

Year Ending	Office Lease		Ground Rent
2014	$	182,000	$	144,000
2015		266,000		144,000
2016		274,000		144,000
2017		282,000		144,000
2018		291,000		144,000
Thereafter		173,000		6,252,000
Total	$	1,468,000	$	6,972,000

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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

Investment in Unconsolidated Real Estate (Tables)

12 Months Ended

Dec. 31, 2013

				Carrying Value at December 31,
Investment Property	Ownership Interest			2013		2012
10439-10477 Roselle St.		70.00	%	$	-	$	9,988,000
3001-3223 Mission Oaks Boulevard		15.00	%		5,687,000		2,709,000
				$	5,687,000	$	12,697,000

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

	Period from July 24, 2013 to December 31, 2013⁽¹⁾		Period from January 1, 2013 to July 23, 2013⁽²⁾			Year Ended December 31, 2012⁽²⁾			Year Ended December 31, 2011⁽²⁾
Revenues	$	1,440,000	$	6,516,000		$	5,402,000		$	975,000
Expenses		226,000		(7,296,000	)		(6,110,000	)		(1,060,000	)
Net income (loss)	$	1,666,000	$	(780,000	)	$	(708,000	)	$	(85,000	)

	December 31, 2013 ⁽¹⁾			December 31, 2012 ⁽²⁾
Assets	$	61,422,000		$	71,242,000
Liabilities		(42,475,000	)		(42,265,000	)
Partners'/members' equity	$	18,947,000		$	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.

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Restricted Stock Activity

The following is a table summarizing our restricted stock activity for the period from July 24, 2013 through December 31, 2013:

	Shares
Non-vested shares outstanding at beginning of period		-
Granted		923,949
Forfeited		(783,481	)
Vested		-
Non-vested shares outstanding as of December 31, 2013		140,468

Vesting Schedule of Non-Vested Shares of Restricted Stock Outstanding

The following is a vesting schedule of the total non-vested shares of restricted stock outstanding as of December 31, 2013:

	Shares
Twelve months ending December 31:
2014		35,824
2015		35,824
2016		35,821
2017		32,999
		140,468

Computation of Basic and Diluted Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2013
Numerator:
Net loss from continuing operations	$	(1,010,000	)
Net loss from continuing operations attributable to noncontrolling interests		122,000
Numerator for basic and diluted loss from continuing operations available to common stockholders		(888,000	)
Net income from discontinued operations		299,000
Net income from discontinued operations attributable to noncontrolling interests		(36,000	)
Numerator for basic and diluted net loss available to common stockholders	$	(625,000	)
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		24,925,226
Earnings per share - Basic and Diluted:
Net loss from continuing operations available to common stockholders	$	(0.04	)
Net income from discontinued operations available to common stockholders		0.01
Net loss available to common stockholders	$	(0.03	)

Quarterly Information (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Quarterly Information


	Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended⁽¹⁾			Period From⁽¹⁾						Three Months Ended⁽¹⁾
	December 31, 2013			July 24, 2013 to September 30, 2013			July 1, 2013 to July 23, 2013			June 30, 2013			March 31, 2013
Revenues from continuing operations⁽²⁾	$	12,638,000		$	8,980,000		$	2,734,000		$	10,717,000		$	9,297,000
Net income (loss) from continuing operations⁽²⁾	$	(1,185,000	)	$	175,000		$	(5,877,000	)	$	(2,750,000	)	$	434,000
Income (loss) from discontinued operations⁽²⁾	$	179,000		$	120,000		$	9,000		$	2,282,000		$	1,619,000
Net income (loss)	$	(1,006,000	)	$	295,000		$	(5,868,000	)	$	(468,000	)	$	2,053,000
Net income (loss) attributable to common stockholders	$	(881,000	)	$	256,000		$	(2,309,000	)	$	(2,286,000	)	$	327,000
Net income (loss) attributable to common stockholders per share - basic and diluted	$	(0.04	)	$	0.01		n/a			n/a			n/a

	Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended
	December 31, 2012			September 30, 2012			June 30, 2012			March 31, 2012
Revenues from continuing operations⁽²⁾	$	8,679,000		$	8,223,000		$	8,192,000		$	7,900,000
Net income (loss) from continuing operations⁽²⁾	$	(1,548,000	)	$	(2,487,000	)	$	(2,203,000	)	$	(2,076,000	)
Income (loss) from discontinued operations⁽²⁾	$	(134,000	)	$	(215,000	)	$	(270,000	)	$	(24,000	)
Net income (loss)	$	(1,682,000	)	$	(2,702,000	)	$	(2,473,000	)	$	(2,100,000	)
Net income (loss) attributable to common stockholders	$	(1,528,000	)	$	(1,732,000	)	$	(1,464,000	)	$	(167,000	)
Net income (loss) attributable to common stockholders per share - basic and diluted	n/a			n/a			n/a			n/a

·	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding.

·	All periods have been adjusted from amounts previously disclosed in our quarterly filings on Form 10-Q and our prospectus on form S-11 to reclassify amounts related to discontinued operations (see Discontinued Operations section of Note 3 “Investments in Real Estate”).

Organization and Basis of Presentation - Additional Information (Detail) - USD ($)	1 Months Ended		5 Months Ended	7 Months Ended	12 Months Ended
	Aug. 21, 2013	Jul. 31, 2013	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2013
Disclosure Overview And Background Additional Information Detail [Line Items]
Issuance of common stock, shares					665,910
Proceeds from private placement			$ 47,016,000
Issuance of Operating Partnership Units			791,029		791,029
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				4,943,225
Notes payable			$ 192,491,000		$ 192,491,000
Maximum
Disclosure Overview And Background Additional Information Detail [Line Items]
Ownership Interest			100.00%		100.00%
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
IPO
Disclosure Overview And Background Additional Information Detail [Line Items]
Issuance of common stock, shares	451,972	16,000,000			16,451,972
Proceeds from issuance of common stock	$ 5,900,000	$ 208,500,000
Private Placement
Disclosure Overview And Background Additional Information Detail [Line Items]
Shares issued in Private Placement			3,358,311		3,358,311
Proceeds from private placement			$ 47,000,000		$ 47,000,000
Operating Partnership
Disclosure Overview And Background Additional Information Detail [Line Items]
Issuance of Operating Partnership Units		2,828	3,697,086	3,697,086	3,697,086

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2009
Summary Of Significant Accounting Policies [Line Items]
Real Estate Investment Cumulative Impairment	$ 18,600,000		$ 19,600,000
REIT annual taxable income distribution requirement percentage	90.00%
Allocation period	1 year
Capitalized acquisition costs	$ 154,000
Reserve for allowance for doubtful accounts	$ 500,000
Predecessor
Summary Of Significant Accounting Policies [Line Items]
Real Estate Investment Cumulative Impairment		$ 18,600,000
Reserve for allowance for doubtful accounts		$ 700,000
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 ($)

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 24, 2013

Dec. 01, 2013

Nov. 08, 2013

Nov. 01, 2013

Aug. 07, 2013

Jul. 30, 2013

Jul. 23, 2013

$ 30,096,000

$ 73,400,000

49,931,000

94,755,000

83,690,000

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

55,000

(4,996,000)

78,749,000

202,811,000

$ 10,324,000

34,717,000

9,390,000

34,044,000

21,545,000

73,798,000

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

28,000

212,000

(900,000)

(678,000)

Leases, Acquired-in-Place

20,673,000

73,332,000

Leases, Acquired-in-Place | Predecessor

3,909,000

^[1]

10,709,000

Net Above/(Below) Market Operating Leases

^[1]

1,781,000

3,432,000

Net Above/(Below) Market Operating Leases | Predecessor

$ (246,000)

^[2]

872,000

^[2]

$ 50,000

1,605,000

Orion Avenue

Jul. 30, 2013

$ 1,389,000

3,872,000

5,600,000

$ 5,600,000

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

19,000

(55,000)

Orion Avenue | Leases, Acquired-in-Place

5,564,000

Orion Avenue | Net Above/(Below) Market Operating Leases

^[1]

327,000

^[2]

$ 12,000

Oxnard Street

Aug. 07, 2013

$ 2,498,000

5,493,000

8,425,000

$ 8,400,000

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

4,000

(69,000)

Oxnard Street | Leases, Acquired-in-Place

8,360,000

Oxnard Street | Net Above/(Below) Market Operating Leases

^[1]

435,000

^[2]

$ (1,000)

La Palma Avenue

Nov. 01, 2013

$ 6,087,000

5,983,000

12,705,000

$ 12,700,000

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

2,000

(144,000)

La Palma Avenue | Leases, Acquired-in-Place

12,563,000

La Palma Avenue | Net Above/(Below) Market Operating Leases

^[1]

608,000

Gilbert Street La Palma Avenue

^[2]

$ 27,000

^[3]

Nov. 08, 2013

^[3]

$ 4,582,000

^[3]

5,134,000

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

10,481,000

^[3]

$ 10,600,000

^[3]

(3,373,000)

Gilbert Street La Palma Avenue | Leases, Acquired-in-Place

^[3]

7,108,000

Gilbert Street La Palma Avenue | Net Above/(Below) Market Operating Leases

^[1],[3]

810,000

Bonita Avenue Thompson Creek Road

^[2],[3]

$ (45,000)

Dec. 06, 2013

$ 8,001,000

17,734,000

27,200,000

$ 27,200,000

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

22,000

(225,000)

Bonita Avenue Thompson Creek Road | Leases, Acquired-in-Place

26,997,000

^[1]

$ 1,465,000

2900 North Madera

^[4]

Dec. 17, 2013

^[4]

$ 2,421,000

^[4]

1,849,000

^[4]

4,270,000

^[4]

3,000

^[4]

$ 4,273,000

2950 North Madera

Dec. 17, 2013

$ 3,601,000

8,033,000

11,634,000

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

4,000

(1,114,000)

$ 10,524,000

West Vanowen Street

Dec. 24, 2013

$ 1,517,000

1,833,000

3,375,000

$ 3,400,000

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

1,000

(16,000)

West Vanowen Street | Leases, Acquired-in-Place

3,360,000

West Vanowen Street | Net Above/(Below) Market Operating Leases

^[1]

264,000

South Broadway | Predecessor

^[2]

$ (239,000)

Apr. 04, 2013

3,013,000

2,161,000

5,448,000

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

16,000

(57,000)

South Broadway | Leases, Acquired-in-Place | Predecessor

5,407,000

Benson Avenue Arrow Highway | Predecessor

^[1]

274,000

Apr. 09, 2013

1,817,000

4,590,000

7,150,000

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

20,000

(104,000)

Benson Avenue Arrow Highway | Leases, Acquired-in-Place | Predecessor

7,066,000

Benson Avenue Arrow Highway | Net Above/(Below) Market Operating Leases | Predecessor

^[1]

552,000

Tyburn Street North San Fernando Road | Predecessor

^[2]

191,000

Apr. 17, 2013

26,423,000

25,795,000

56,200,000

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

168,000

(500,000)

Tyburn Street North San Fernando Road | Leases, Acquired-in-Place | Predecessor

55,868,000

Tyburn Street North San Fernando Road | Net Above/(Below) Market Operating Leases | Predecessor

^[1]

2,568,000

240th Street | Predecessor

^[2]

1,414,000

May 31, 2013

3,464,000

1,498,000

5,000,000

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

8,000

(17,000)

240th Street | Leases, Acquired-in-Place | Predecessor

4,991,000

South Campus Avenue | Predecessor

^[1]

$ 38,000

Mar. 07, 2012

$ 2,600,000

1,631,000

4,799,000

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

13,000

(529,000)

South Campus Avenue | Leases, Acquired-in-Place | Predecessor

4,283,000

South Campus Avenue | Net Above/(Below) Market Operating Leases | Predecessor

^[1]

588,000

Zenith Drive | Predecessor

^[2]

$ (20,000)

May 01, 2012

$ 658,000

688,000

1,625,000

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

6,000

(213,000)

Zenith Drive | Leases, Acquired-in-Place | Predecessor

1,418,000

Del Norte Boulevard | Predecessor

^[1]

$ 279,000

Dec. 18, 2012

$ 3,276,000

5,623,000

9,501,000

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

7,000

(113,000)

Del Norte Boulevard | Leases, Acquired-in-Place | Predecessor

9,395,000

Del Norte Boulevard | Net Above/(Below) Market Operating Leases | Predecessor

^[1]

532,000

Calvert Street | Predecessor

^[2]

$ 70,000

Dec. 21, 2012

$ 3,790,000

1,448,000

5,620,000

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

2,000

(45,000)

Calvert Street | Leases, Acquired-in-Place | Predecessor

5,577,000

^[1]

$ 382,000

[1]	The weighted average amortization period of acquired in-place lease intangibles for our 2013post-IPO acquisitions was 38 months.
[2]	The weighted average amortization period of net above market leases for our 2013 post-IPO acquisitions was 54 months.
[3]	In connection with this acquisition, we assumed debt with an outstanding principal balance of $3.3 million and an initial fair value discount of $118,000.
[4]	As the purchase of 2900 N. Madera was accounted for as an asset acquisition, the total purchase price allocation includes $154,000 of capitalized acquisition costs.

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) - USD ($)	1 Months Ended	5 Months Ended	12 Months Ended
	Nov. 08, 2013	Dec. 31, 2013	Dec. 31, 2013
Business Acquisition [Line Items]
Discount on acquisition debt		$ 68,000	$ 68,000
Asset acquisition capitalized acquisition costs		154,000	154,000
Gilbert Street La Palma Avenue
Business Acquisition [Line Items]
Acquisition of outstanding debt	$ 3,300,000	3,300,000
Discount on acquisition debt	$ 119,000	118,000	118,000
2900 North Madera
Business Acquisition [Line Items]
Asset acquisition capitalized acquisition costs		$ 154,000	$ 154,000
Leases, Acquired-in-Place
Business Acquisition [Line Items]
Amortization period of acquired intangible assets			38 months
Above Market Leases
Business Acquisition [Line Items]
Amortization period of acquired intangible assets			54 months

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail 2) - USD ($)

Dec. 31, 2013

Jul. 23, 2013

Building and improvements

$ 30,096,000

$ 73,400,000

49,931,000

94,755,000

Notes receivable

13,159,000

Acquired indefinite-lived intangible

5,271,000

Investment in unconsolidated real estate entities

5,652,000

Other assets and liabilities

(1,007,000)

Leases, Acquired-in-Place

78,749,000

202,811,000

Net Above/(Below) Market Operating Leases

3,909,000

^[1]

10,709,000

$ (246,000)

^[2]

$ 872,000

[1]	The weighted average amortization period of acquired in-place lease intangibles for our 2013post-IPO acquisitions was 38 months.
[2]	The weighted average amortization period of net above market leases for our 2013 post-IPO acquisitions was 54 months.

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

5 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2013

USD ($)

Jul. 23, 2013

USD ($)

ft²

Dec. 31, 2012

USD ($)

Dec. 31, 2011

USD ($)

Predecessor | Worth Street

$ 4,989,000

$ 55,000

$ 2,503,000

Los Angeles, CA

Jan. 31, 2013

79,370

$ 4,100,000

^[1]

2,500,000

Predecessor | East Williams Drive

^[2]

$ 2,410,000

Oxnard, CA

Apr. 04, 2013

161,682

$ 8,542,000

^[1]

2,993,000

Predecessor | Glenoaks Boulevard

^[2]

$ 415,000

Los Angeles, CA

May 10, 2013

14,700

$ 1,727,000

^[1]

1,625,000

Predecessor | West Erie Drive And South Fair Lane

^[2]

$ 234,000

Tempe, AZ

May 28, 2013

83,385

$ 5,003,000

^[1]

3,531,000

Predecessor | Knollwood Circle

^[2]

$ 1,015,000

Anaheim, CA

Jun. 14, 2013

25,162

$ 2,768,000

^[1]

2,630,000

Predecessor | Walnut Street

^[2]

$ 915,000

Carson, CA

Oct. 16, 2012

36,825

$ 3,683,000

^[1]

3,366,000

Disclosure Investment In Real Estate Discontinued Operations Detail [Line Items]

^[2]

$ 55,000

[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.

Investments in Real Estate - Major Classes of Assets and Liabilities of Real Estate Held for Sale (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
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	$ 6,692,000
Other	924,000
Total assets	7,616,000
Notes payable
Accounts payable and other liabilities	260,000
Total liabilities	$ 260,000
Predecessor
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		$ 23,413,000
Other		508,000
Total assets		23,921,000
Notes payable		20,690,000
Accounts payable and other liabilities		182,000
Total liabilities		$ 20,872,000

Investments in Real Estate - Discontinued Operations (Detail) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

5 Months Ended

7 Months Ended

12 Months Ended

Jul. 23, 2013

^[1],[2]

Sep. 30, 2013

^[1],[2]

Dec. 31, 2013

^[1],[2]

Jun. 30, 2013

^[1],[2]

Mar. 31, 2013

^[1],[2]

Dec. 31, 2012

^[1]

Sep. 30, 2012

^[1]

Jun. 30, 2012

^[1]

Mar. 31, 2012

^[1]

Dec. 31, 2013

Jul. 23, 2013

Dec. 31, 2012

Dec. 31, 2011

Depreciation and amortization expense

$ 472,000

Operating expenses

(81,000)

Interest expense

(92,000)

Loss on extinguishment of debt

INCOME (LOSS) FROM DISCONTINUED OPERATIONS

$ 120,000

$ 179,000

$ 299,000

Disclosure Investment In Real Estate Discontinued Operations Detail [Line Items]

Depreciation and amortization expense

$ 604,000

$ 2,302,000

$ 2,517,000

Operating expenses

(312,000)

(794,000)

(1,322,000)

Interest expense

(325,000)

(911,000)

(1,582,000)

(776,000)

(1,296,000)

(1,019,000)

Loss on extinguishment of debt

(267,000)

INCOME (LOSS) FROM DISCONTINUED OPERATIONS

4,989,000

55,000

2,503,000

$ 9,000

$ 2,282,000

$ 1,619,000

$ (134,000)

$ (215,000)

$ (270,000)

$ (24,000)

$ 3,913,000

$ (643,000)

$ 1,097,000

[1]	All periods have been adjusted from amounts previously disclosed in our quarterly filings on Form 10-Q and our prospectus on form S-11 to reclassify amounts related to discontinued operations (see Discontinued Operations section of Note 3 “Investments in Real Estate”)
[2]	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding

Investments in Real Estate - Acquisitions - Additional Information (Detail)

1 Months Ended

5 Months Ended

7 Months Ended

12 Months Ended

Dec. 24, 2013

USD ($)

ft²

Buildings

Dec. 01, 2013

USD ($)

ft²

Buildings

Nov. 08, 2013

USD ($)

ft²

Buildings

Nov. 01, 2013

USD ($)

ft²

Buildings

Aug. 07, 2013

USD ($)

ft²

Buildings

Jul. 31, 2013

Jul. 30, 2013

USD ($)

ft²

Buildings

Dec. 31, 2013

USD ($)

Jul. 23, 2013

USD ($)

ft²

Buildings

Property

Dec. 31, 2012

USD ($)

ft²

Buildings

Property

Dec. 31, 2011

USD ($)

Dec. 17, 2013

USD ($)

ft²

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 83,690,000

Acquisition expenses

540,000

La Jolla Sorrento

Acquired tenancy-in-common interest not previously owned

30.00%

Ownership Interest

70.00%

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 73,798,000

$ 21,545,000

Number of properties acquired | Property

740,525

353,000

Acquisition expenses

$ 724,000

$ 599,000

$ 1,022,000

West Vanowen Street

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 3,400,000

3,375,000

31,037

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

1.4

North Madera Road

$ 15,800,000

199,370

Bonita Avenue Thompson Creek Road

16.3

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 27,200,000

27,200,000

365,859

Gilbert Street La Palma Avenue

16.3

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 10,600,000

10,481,000

^[1]

120,313

Assumption of first mortgage loan

6.9

$ 3,300,000

3,300,000

Business combination, Purchase price allocation used for assets

$ 7,300,000

La Palma Avenue

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

$ 12,700,000

12,705,000

115,760

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

9.13

Oxnard Street

$ 8,400,000

8,425,000

75,288

Disclosure Investment In Real Estate Acquisitions Additional Information Detail [Line Items]

3.11

Orion Avenue

$ 5,600,000

48,388

Acquired Finite Lived Intangible Assets [Line Items]

1.89

[1]	In connection with this acquisition, we assumed debt with an outstanding principal balance of $3.3 million and an initial fair value discount of $118,000.

Investments in Real Estate - Acquisitions and Predecessor Acquisions (Details) - USD ($)	5 Months Ended	7 Months Ended
	Dec. 31, 2013	Jul. 23, 2013
Business Acquisition [Line Items]
Revenues	$ 4,001,000
Net loss	$ (262,000)
Predecessor
Business Acquisition [Line Items]
Revenues		$ 1,718,000
Net loss		$ (1,151,000)

Investments in Real Estate - Proforma Financial Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Revenues	$ 53,259,000	$ 46,607,000
Net operating income	13,248,000	16,339,000
Net income	$ (2,041,000)	$ (6,081,000)

Intangible Assets - Summary of Identifiable Intangible Assets and Acquired Above/Below Market Lease Assets (Detail) - USD ($)

Dec. 31, 2013

Dec. 31, 2012

$ 14,189,000

1,597,000

(1,160,000)

Acquired Finite Lived Intangible Assets [Line Items]

$ 5,003,000

179,000

Leases, Acquired-in-Place, Market Adjustment

(39,000)

Acquired Finite Lived Intangible Assets [Line Items]

16,321,000

(4,296,000)

Leases, Acquired-in-Place, Market Adjustment | Predecessor

12,025,000

Acquired Finite Lived Intangible Assets [Line Items]

17,587,000

(14,673,000)

Above Market Tenant Leases

2,914,000

Acquired Finite Lived Intangible Assets [Line Items]

(284,000)

1,881,000

Above Market Tenant Leases | Predecessor

1,597,000

Acquired Finite Lived Intangible Assets [Line Items]

(342,000)

521,000

Below Market Tenant Leases

179,000

Acquired Finite Lived Intangible Assets [Line Items]

^[1]

(1,081,000)

Accumulated accretion

^[1]

198,000

Below Market Tenant Leases | Predecessor

^[1]

(883,000)

Acquired Finite Lived Intangible Assets [Line Items]

^[1]

(3,711,000)

Accumulated accretion

^[1]

3,672,000

Above Market Ground Lease

^[1]

$ (39,000)

Acquired Finite Lived Intangible Assets [Line Items]

^[1]

(290,000)

Accumulated accretion

^[1]

13,000

Acquired Finite Lived Intangible Assets [Line Items]

^[1],[2]

$ (277,000)

[1]	Included in Acquired lease intangible liabilities, net in the consolidated balance sheets
[2]	Recorded as a decrease to property expenses in the consolidated statements of operations

Intangiable Assets - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail)

Dec. 31, 2013

USD ($)

Leases, Acquired-in-Place

$ (1,160,000)

Acquired Finite Lived Intangible Assets [Line Items]

5,892,000

3,059,000

1,572,000

976,000

459,000

67,000

12,025,000

Net Above/(Below) Market Operating Leases

Acquired Finite Lived Intangible Assets [Line Items]

390,000

218,000

90,000

(8,000)

(11,000)

35,000

714,000

Above Market Ground Lease

Acquired Finite Lived Intangible Assets [Line Items]

2014

(32,000)

^[1]

2015

(32,000)

^[1]

2016

(32,000)

^[1]

2017

(32,000)

^[1]

2018

(32,000)

^[1]

Thereafter

(117,000)

^[1]

$ (277,000)

^[1],[2]

[1]	Recorded as a decrease to property expenses in the consolidated statements of operations
[2]	Included in Acquired lease intangible liabilities, net in the consolidated balance sheets

Intangible Assets - Additional Information (Detail) - USD ($)	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2012	Dec. 31, 2011
Acquired Finite Lived Intangible Assets [Line Items]
Net amortization (accretion) of above and below market tenant lease intangibles	$ 185,000
Accretion Of Above Market Ground Lease Intangible	13,000
Predecessor
Acquired Finite Lived Intangible Assets [Line Items]
Net amortization (accretion) of above and below market tenant lease intangibles		$ 256,000	$ 188,000	$ (163,000)
Net Above/(Below) Market Operating Leases
Acquired Finite Lived Intangible Assets [Line Items]
Net amortization (accretion) of above and below market tenant lease intangibles	200,000
Net Above/(Below) Market Operating Leases \| Predecessor
Acquired Finite Lived Intangible Assets [Line Items]
Net amortization (accretion) of above and below market tenant lease intangibles		300,000	100,000	(100,000)
Leases, Acquired-in-Place
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 3,000,000
Leases, Acquired-in-Place \| Predecessor
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles		$ 1,300,000	$ 1,800,000	$ 1,000,000

Notes Receivable - Summary of Notes Receivable (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Notes Receivables
Notes receivable	$ 13,139,000
Calle Perfecto
Notes Receivables
Face Amount	14,161,000
Unrecognized Non-Accretable Yield
Unrecognized Accretable Yield	(1,022,000)
Notes receivable	$ 13,139,000
Predecessor
Notes Receivables
Face Amount		$ 19,780,000
Unrecognized Non-Accretable Yield		(5,816,000)
Unrecognized Accretable Yield		(2,053,000)
Notes receivable		11,911,000
Predecessor \| 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
Predecessor \| 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

Notes Receivable - Additional Information (Detail)	12 Months Ended
Notes Receivable - Additional Information (Detail)	Dec. 31, 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 Payable - Summary of Notes Payable (Detail) - USD ($)

1 Months Ended

12 Months Ended

Jul. 31, 2013

Dec. 31, 2013

Jul. 23, 2013

Dec. 31, 2012

Notes payable including mortgage loans associated with real estate held for sale

$ 192,491,000

Less: Mortgage Loans Associated with Real Estate Held for Sale

Notes payable

192,491,000

Notes payable including mortgage loans associated with real estate held for sale

$ 351,300,000

$ 316,109,000

Less: Mortgage Loans Associated with Real Estate Held for Sale

(20,690,000)

Notes payable

295,419,000

Fixed Rate Debt | RIF V - Jersey, LLC

Notes payable including mortgage loans associated with real estate held for sale

^[1]

$ 5,189,000

Jan. 01, 2015

Fixed Rate Debt | The Park

^[2]

5.45%

Notes payable including mortgage loans associated with real estate held for sale

^[3]

$ 3,177,000

Mar. 01, 2031

Fixed Rate Debt | RIF I Holdings, LLC

^[4]

5.13%

May 31, 2014

Fixed Rate Debt | RIF I - Walnut, LLC

6.13%

Sep. 01, 2013

Fixed Rate Debt | RIF II - Orangethorpe, LLC

6.23%

Jul. 01, 2013

Fixed Rate Debt | RIF II - Easy Street, LLC

5.15%

Apr. 01, 2014

Fixed Rate Debt | RIF III Holdings, LLC (Note A)

5.32%

Aug. 31, 2014

Fixed Rate Debt | RIF III Holdings, LLC (Note B)

5.60%

Aug. 31, 2014

Fixed Rate Debt | RIF V - Foothill, LLC

12.00%

Sep. 01, 2014

Fixed Rate Debt | RIF V - Calle Perfecto, LLC

4.00%

Sep. 01, 2014

Fixed Rate Debt | RIF V - Arroyo, LLC

4.00%

Sep. 30, 2014

Fixed Rate Debt | Predecessor | RIF V - Jersey, LLC

4.50%

Notes payable including mortgage loans associated with real estate held for sale

5,300,000

5,355,000

^[1]

Fixed Rate Debt | Predecessor | RIF I Holdings, LLC

Notes payable including mortgage loans associated with real estate held for sale

41,238,000

Fixed Rate Debt | Predecessor | RIF I - Walnut, LLC

Notes payable including mortgage loans associated with real estate held for sale

11,350,000

Fixed Rate Debt | Predecessor | RIF II - Orangethorpe, LLC

Notes payable including mortgage loans associated with real estate held for sale

4,451,000

Fixed Rate Debt | Predecessor | RIF II - Easy Street, LLC

Notes payable including mortgage loans associated with real estate held for sale

5,310,000

Fixed Rate Debt | Predecessor | RIF III Holdings, LLC (Note A)

Notes payable including mortgage loans associated with real estate held for sale

78,338,000

Fixed Rate Debt | Predecessor | RIF III Holdings, LLC (Note B)

Notes payable including mortgage loans associated with real estate held for sale

410,000

Fixed Rate Debt | Predecessor | RIF V - Foothill, LLC

Notes payable including mortgage loans associated with real estate held for sale

2,542,000

Fixed Rate Debt | Predecessor | RIF V - Calle Perfecto, LLC

Notes payable including mortgage loans associated with real estate held for sale

5,429,000

Fixed Rate Debt | Predecessor | RIF V - Arroyo, LLC

Notes payable including mortgage loans associated with real estate held for sale

3,000,000

Variable Rate Debt | Term Loan

Notes payable including mortgage loans associated with real estate held for sale

^[5]

$ 60,000,000

^[5]

Aug. 01, 2019

Variable Rate Debt | RIF I Holdings, LLC

^[5]

LIBOR + 1.90

May 31, 2014

Variable Rate Debt | RIF V - Glendale Commerce Center, LLC

LIBOR + 1.00

Notes payable including mortgage loans associated with real estate held for sale

$ 42,750,000

^[6]

May 01, 2016

Variable Rate Debt | RIF I - Mulberry, LLC

LIBOR + 2.00

May 20, 2014

Variable Rate Debt | RIF II Holdings, LLC

LIBOR + 2.75

Jul. 01, 2013

Variable Rate Debt | RIF IV Holdings, LLC

LIBOR + 3.50

Apr. 01, 2013

Variable Rate Debt | RIF V - Grand Commerce Center, LLC

LIBOR + 4.00

Mar. 04, 2014

Variable Rate Debt | RIF V - Vinedo, LLC

LIBOR + 2.75

Aug. 04, 2014

Variable Rate Debt | RIF V - MacArthur, LLC

LIBOR + 2.75

Dec. 05, 2014

Variable Rate Debt | RIF V - Campus, LLC

LIBOR + 2.50

Jul. 01, 2015

Variable Rate Debt | RIF V - Golden Valley, LLC

LIBOR + 2.50

Jun. 01, 2015

Variable Rate Debt | RIF V - Cornerstone Portfolio

LIBOR + 2.75

Dec. 09, 2014

Variable Rate Debt | Predecessor | RIF I Holdings, LLC

LIBOR + 2.50

Notes payable including mortgage loans associated with real estate held for sale

7,605,000

Variable Rate Debt | Predecessor | RIF V - Glendale Commerce Center, LLC

Notes payable including mortgage loans associated with real estate held for sale

$ 42,800,000

Variable Rate Debt | Predecessor | RIF I - Mulberry, LLC

Notes payable including mortgage loans associated with real estate held for sale

5,978,000

Variable Rate Debt | Predecessor | RIF II Holdings, LLC

Notes payable including mortgage loans associated with real estate held for sale

40,152,000

Variable Rate Debt | Predecessor | RIF IV Holdings, LLC

Notes payable including mortgage loans associated with real estate held for sale

67,136,000

Variable Rate Debt | Predecessor | RIF V - Grand Commerce Center, LLC

Notes payable including mortgage loans associated with real estate held for sale

6,000,000

Variable Rate Debt | Predecessor | RIF V - Vinedo, LLC

Notes payable including mortgage loans associated with real estate held for sale

3,470,000

Variable Rate Debt | Predecessor | RIF V - MacArthur, LLC

Notes payable including mortgage loans associated with real estate held for sale

5,475,000

Variable Rate Debt | Predecessor | RIF V - Campus, LLC

Notes payable including mortgage loans associated with real estate held for sale

3,360,000

Variable Rate Debt | Predecessor | RIF V - Golden Valley, LLC

Notes payable including mortgage loans associated with real estate held for sale

2,900,000

Variable Rate Debt | Predecessor | RIF V - Cornerstone Portfolio

Notes payable including mortgage loans associated with real estate held for sale

$ 16,610,000

Revolving Credit Facility | Unsecured Credit Facility

Notes payable including mortgage loans associated with real estate held for sale

$ 81,375,000

^[6]

Jul. 24, 2016

LIBOR plus a margin of 135 basis points to 205 basis points

LIBOR + 1.50

^[7]

[1]	Includes unamortized debt premium of $50,000 at December 31, 2013 and $97,000 at December 31, 2012.
[2]	Monthly payments of interest and principal based on 30-year amortization table.
[3]	Includes unamortized debt discount of $118,000 at December 31, 2013.
[4]	Monthly payments of interest and principal based on 20-year amortization table.
[5]	Loan is secured by six properties and has one additional one year extension available.
[6]	Two additional one year extensions available at the borrower’s option.
[7]	The facility additionally bears interest at 0.30% of the daily unused commitment balance.

Notes Payable - Summary of Notes Payable (Parenthetical) (Detail)	7 Months Ended	12 Months Ended
	Jul. 23, 2013 USD ($) Property	Dec. 31, 2013 USD ($) Property Period	Dec. 31, 2012 USD ($) Property	Jul. 31, 2013 USD ($)
Debt Instrument [Line Items]
Unamortized debt discount		$ 68,000
Predecessor
Debt Instrument [Line Items]
Number of properties acquired \| Property	4		4
Revolving Credit Facility
Debt Instrument [Line Items]
Unsecured revolving credit facility	$ 200,000,000	$ 200,000,000
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Unsecured revolving credit facility				$ 200,000,000
Additional interest		0.30%
Variable Rate Debt \| Term Loan
Debt Instrument [Line Items]
Number of extensions \| Period		1
Extension period		1 year
Number of properties acquired \| Property		6
Riv Jersey Llc \| Fixed Rate Debt
Debt Instrument [Line Items]
Unamortized debt premium		$ 50,000
Amortization period		30 years
Riv Jersey Llc \| Fixed Rate Debt \| Predecessor
Debt Instrument [Line Items]
Unamortized debt premium			$ 97,000
The Park \| Fixed Rate Debt
Debt Instrument [Line Items]
Amortization period		20 years
Unamortized debt discount		$ 118,000
RIF V - Glendale Commerce Center, LLC \| Variable Rate Debt
Debt Instrument [Line Items]
Number of extensions \| Period		2
Extension period		1 year

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail)

Dec. 31, 2013

USD ($)

With Out Extension Option

$ 192,491,000

248,000

5,141,000

124,260,000

142,000

150,000

62,618,000

$ 192,559,000

^[1]

[1]	Includes gross principal balance of outstanding debt before impact of $68,000 net debt discount.

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Parenthetical) (Detail)	Dec. 31, 2013 USD ($)
Debt Instrument [Line Items]
Unamortized debt discount	$ 68,000

Notes Payable - Additional Information (Detail) - USD ($)

1 Months Ended

5 Months Ended

6 Months Ended

12 Months Ended

Nov. 08, 2013

Jul. 31, 2013

Dec. 31, 2013

Jul. 23, 2013

Dec. 31, 2012

Notes payable including mortgage loans associated with real estate held for sale

$ 192,491,000

Repayment of debt

$ 303,300,000

303,300,000

Unamortized debt discount

68,000

1100-1170 Gilbert St And 2353-2373 La Palma Ave

Assumption of first mortgage loan

$ 3,300,000

3,300,000

Unamortized debt discount

$ 119,000

118,000

5.13%

Amortization period

20 years

Notes payable including mortgage loans associated with real estate held for sale

$ 351,300,000

$ 316,109,000

Term Loan

Notes payable including mortgage loans associated with real estate held for sale

$ 60,000,000

60,000,000

$ 60,000,000

LIBOR plus 195

1.95%

Revolving Credit Facility

Aug. 01, 2019

Unsecured revolving credit facility

200,000,000

$ 200,000,000

200,000,000

Revolving Credit Facility | Unsecured Credit Facility

Notes payable including mortgage loans associated with real estate held for sale

81,375,000

$ 81,375,000

LIBOR plus a margin of 135 basis points to 205 basis points

LIBOR + 1.50

^[1]

Unsecured revolving credit facility

^[2]

Jul. 24, 2016

$ 200,000,000

Line of Credit Facility, Amount Outstanding

81,400,000

$ 81,400,000

Line of Credit Facility, Additional Availability

48,400,000

$ 48,400,000

48,400,000

Maximum distribution

95.00%

Revolving Credit Facility | Unsecured Credit Facility | Minimum

Revolving Credit Facility | Unsecured Credit Facility | Maximum

1.35%

Variable Rate Debt | RIF V - Glendale Commerce Center, LLC

2.05%

Notes payable including mortgage loans associated with real estate held for sale

42,750,000

$ 42,750,000

LIBOR + 2.00

Variable Rate Debt | RIF V - Glendale Commerce Center, LLC | Predecessor

^[2]

May 01, 2016

Notes payable including mortgage loans associated with real estate held for sale

42,800,000

Fixed Rate Debt | RIF V - Jersey, LLC

Notes payable including mortgage loans associated with real estate held for sale

^[3]

$ 5,189,000

Jan. 01, 2015

Fixed Rate Debt | RIF V - Jersey, LLC | Predecessor

^[4]

5.45%

Notes payable including mortgage loans associated with real estate held for sale

$ 5,300,000

$ 5,355,000

^[3]

[1]	The facility additionally bears interest at 0.30% of the daily unused commitment balance.
[2]	Two additional one year extensions available at the borrower’s option.
[3]	Includes unamortized debt premium of $50,000 at December 31, 2013 and $97,000 at December 31, 2012.
[4]	Monthly payments of interest and principal based on 30-year amortization table.

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail)	Dec. 31, 2013 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2014	$ 41,119,000
2015	30,731,000
2016	21,954,000
2017	15,536,000
2018	9,965,000
Thereafter	24,855,000
Total	$ 144,160,000

Interest Rate Contracts - Additional Information (Detail) - USD ($)	7 Months Ended	12 Months Ended
	Jul. 23, 2013	Dec. 31, 2012	Dec. 31, 2011
Predecessor
Derivative [Line Items]
Gain on mark-to-market of interest rate swaps	$ 49,000	$ 2,361,000	$ 4,185,000

Interest Rate Contracts - Summary of Predecessor's Interest Rate Swap Agreements (Detail) - Predecessor	12 Months Ended
	Dec. 31, 2012 USD ($)
Derivative [Line Items]
Interest rate contracts	$ (49,000)
Interest Rate Swap
Derivative [Line Items]
Interest rate contracts	$ (49,000)
Interest Rate Swap \| 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 Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - Predecessor	Dec. 31, 2012 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	$ 49,000
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	49,000
Interest Rate Swap \| 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
Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	49,000
Interest Rate Swap \| 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 Including Held for Sale (Detail) - USD ($)	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2012
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 192,492,000
Notes payable including mortgage loans associated with real estate held for sale	192,491,000
Predecessor
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value			$ 322,802,000
Notes payable including mortgage loans associated with real estate held for sale		$ 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
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) \| Predecessor
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	192,492,000
Significant Other Observable Inputs (Level 2) \| Predecessor
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value			322,802,000
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value
Significant Unobservable Inputs (Level 3) \| Predecessor
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value

Related Party Transactions - Additional Information (Detail) - Chief Executive Officer - USD ($)	5 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2012	Dec. 31, 2011
Related Party Transaction [Line Items]
Leasing services revenue recorded	$ 136,000
Predecessor
Related Party Transaction [Line Items]
Leasing services revenue recorded		$ 87,000	$ 200,000	$ 100,000

Commitment and Contingencies- Future Minimum Commitment (Detail) $ in Thousands	Dec. 31, 2013 USD ($)
Office Lease
Operating Leased Assets [Line Items]
2014	$ 182,000
2015	266,000
2016	274,000
2017	282,000
2018	291,000
Thereafter	173,000
Total	1,468,000
Ground Lease
Operating Leased Assets [Line Items]
2014	144,000
2015	144,000
2016	144,000
2017	144,000
2018	144,000
Thereafter	6,252,000
Total	$ 6,972,000

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2013	Oct. 28, 2013
Commitments And Contingencies [Line Items]
Commitments for tenant improvement and construction work	$ 0.6
Percentage of pre IPO investors by invested capital approving formation transactions		98.00%
Accommodation		$ 32.1
Aggregate value allocated to management companies in formation transactions		$ 21.1
Minimum participation rate based on capital commitments to effect accommodation		67.70%
Accommodation participation percentage number of pre IPO investors	97.90%
Accommodation participation percentage capital commitments of pre IPO investors	98.50%
Value of share or operating partnership unit in accommodation		$ 14.00
Accommodation related fees	$ 0.2
Restricted stock
Commitments And Contingencies [Line Items]
Accommodation		$ 11.0
Operating Partnership
Commitments And Contingencies [Line Items]
Accommodation		$ 21.1

Investment in Unconsolidated Real Estate - Ownership Interests of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values (Detail) - USD ($)	Dec. 31, 2013	Dec. 31, 2012
Schedule Of Equity Method Investments [Line Items]
Carrying Value	$ 5,687,000
Predecessor
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 12,697,000
Roselle Street
Schedule Of Equity Method Investments [Line Items]
Ownership Interest		70.00%
Carrying Value
Roselle Street \| Predecessor
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 9,988,000
Mission Oaks Boulevard
Schedule Of Equity Method Investments [Line Items]
Ownership Interest	15.00%
Carrying Value	$ 5,687,000
Mission Oaks Boulevard \| Predecessor
Schedule Of Equity Method Investments [Line Items]
Carrying Value		$ 2,709,000

Investment in Unconsolidated Real Estate - Combined Financial Information of Predecessor's Equity Method Investment Properties (Detail) - USD ($)

5 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2013

Jul. 23, 2013

Dec. 31, 2012

Dec. 31, 2011

Schedule Of Equity Method Investments [Line Items]

^[1]

$ 1,440,000

Expenses

^[1]

226,000

Partners'/members' equity

^[1]

1,666,000

Assets

^[1]

61,422,000

Liabilities

^[1]

(42,475,000)

^[1]

$ 18,947,000

Schedule Of Equity Method Investments [Line Items]

^[2]

$ 6,516,000

$ 5,402,000

$ 975,000

Expenses

^[2]

(7,296,000)

(6,110,000)

(1,060,000)

Partners'/members' equity

^[2]

$ (780,000)

(708,000)

$ (85,000)

Assets

^[2]

71,242,000

Liabilities

^[2]

(42,265,000)

^[2]

$ 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.

Investment in Unconsolidated Real Estate - Additional Information (Detail) - USD ($)	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
	Jul. 31, 2013	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2012	Dec. 31, 2011
Equity Method Investments And Joint Ventures [Abstract]
Issuance of Operating Partnership Units		791,029
Management, leasing and development fees payable		$ 196,000
Management, leasing and development fees		$ 326,000
Investment recorded at estimated fair value, basis adjustment.	$ 2,800,000
Roselle Street
Equity Method Investments And Joint Ventures [Abstract]
Acquired tenancy-in-common interest not previously owned	30.00%
Ownership Interest				70.00%
Mission Oaks Boulevard
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest		15.00%
Predecessor
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development fees payable			$ 218,000	$ 300,000	$ 39,000,000,000
Management, leasing and development fees			$ 207,000	$ 200,000	$ 26,000
Operating Partnership
Equity Method Investments And Joint Ventures [Abstract]
Issuance of Operating Partnership Units	2,828	3,697,086	3,697,086

Stockholder's Equity - Schedule of Restricted Stock Activity (Detail)	5 Months Ended
	Dec. 31, 2013 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares outstanding at beginning
Granted, Shares	923,949
Forfeited, Shares	(783,481)
Vested, Shares
Non-vested shares outstanding at ending	140,468

Stockholder's Equity - Vesting Schedule Of The Non-Vested Shares Of Restricted Stock Outstanding (Detail) - shares	Dec. 31, 2013	Jul. 23, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	140,468
2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	35,824
2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	35,824
2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	35,821
2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	32,999

Stockholder's Equity - Additional Information (Detail) - USD ($)	1 Months Ended		5 Months Ended	7 Months Ended	12 Months Ended
	Aug. 21, 2013	Jul. 31, 2013	Dec. 31, 2013	Jul. 23, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Issuance of common stock, shares					665,910
Proceeds from issuance of common stock, net of offering cost			$ 230,330,000
Proceeds from private placement			$ 47,016,000
Issuance of Operating Partnership Units			791,029		791,029
Exchange of Predecessor's equity for common stock, shares				4,943,225
Shares returned/cancelled			783,481
Common stock, shares outstanding			25,559,886		25,559,886
Vesting period					7 years
Payments to participating pre-IPO investors			$ 307,000		$ 306,817
Noncontrolling Interest
Common stock, shares outstanding
2013 Incentive Award Plan
Common stock and/or LTIP units available for issuance		2,272,689
Number of restricted shares granted			912,517
Number of restricted shares cancelled			773,836
Vesting period			4 years
Vesting description			The remaining awards will vest in four equal, annual installments on each of the first four anniversaries of the date of grant.
Initial public offering price per share		$ 14.00
Recognized compensation expense related to restricted common stock			$ 392,000
Capitalized compensation expense related to restricted common stock			$ 41,000		$ 100,000
Forfeiture rate for non-vested restricted stock			7.30%		7.30%
Unrecognized compensation expense related to non-vested shares			$ 1,400,000		$ 1,400,000
Weighted average remaining vesting period					26 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	451,972	16,000,000			16,451,972
Proceeds from issuance of common stock, net of offering cost					$ 206,100,000
Private Placement
Shares issued in Private Placement			3,358,311		3,358,311
Proceeds from private placement			$ 47,000,000		$ 47,000,000
Operating Partnership
Issuance of Operating Partnership Units		2,828	3,697,086	3,697,086	3,697,086
Operating Partnership \| Noncontrolling Interest
Noncontrolling interest percentage ownership in Operating Partnership			10.60%		10.60%
Operating Partnership \| Shareholders' Equity
Issuance of operating partnership units			3,009,259		3,009,259
Formation Transactions
Exchange of Predecessor's equity for common stock, shares					4,947,558
Schwimmer
Shares returned/cancelled					525,828
Schwimmer \| Restricted stock
Shares returned/cancelled					281,395
Frankel
Shares returned/cancelled					474,306
Frankel \| Restricted stock
Shares returned/cancelled					281,395
Ziman
Shares returned/cancelled					423,044
Ziman \| Restricted stock
Shares returned/cancelled					211,046
Other Individuals
Shares returned/cancelled					55,678

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

Sep. 30, 2013

^[2]

Dec. 31, 2013

^[2]

Dec. 31, 2013

Numerator:

Net loss from continuing operations

$ 175,000

^[1]

$ (1,185,000)

^[1]

$ (1,010,000)

Net loss from continuing operations attributable to noncontrolling interests

122,000

Numerator for basic and diluted loss from continuing operations available to common stockholders

(888,000)

Net income from discontinued operations

120,000

^[1]

179,000

^[1]

299,000

Net income from discontinued operations attributable to noncontrolling interests

(36,000)

NET LOSS ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.

$ 256,000

$ (881,000)

$ (625,000)

Denominator:

Weighted average shares of common stock outstanding - basic and diluted

24,925,226

Earnings per share - Basic and Diluted:

Net loss from continuing operations available to common stockholders

$ (0.04)

Net income from discontinued operations available to common stockholders

0.01

Net loss available to common stockholders

$ 0.01

$ (0.04)

$ (0.03)

[1]	All periods have been adjusted from amounts previously disclosed in our quarterly filings on Form 10-Q and our prospectus on form S-11 to reclassify amounts related to discontinued operations (see Discontinued Operations section of Note 3 “Investments in Real Estate”)
[2]	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares	Dec. 31, 2013	Jul. 23, 2013
Earnings Per Share Diluted [Line Items]
Unvested restricted stock awards, Outstanding	140,468

Predecessor Equity - Additional Information (Detail)	1 Months Ended	5 Months Ended	7 Months Ended	12 Months Ended
Predecessor Equity - Additional Information (Detail)	Jan. 31, 2013	Dec. 31, 2013 USD ($)	Jul. 23, 2013 USD ($)	Dec. 31, 2013 USD ($)	Dec. 31, 2012 Investor
Equity [Line Items]
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		$ 392,000
Predecessor
Equity [Line Items]
Equity interest granted to employees					9.00%
Equity based compensation expense			$ 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

Quarterly Information - Schedule of Quarterly Information (Detail) - USD ($)

1 Months Ended

2 Months Ended

3 Months Ended

5 Months Ended

7 Months Ended

12 Months Ended

Jul. 23, 2013

^[2]

Sep. 30, 2013

^[2]

Dec. 31, 2013

^[2]

Jun. 30, 2013

^[2]

Mar. 31, 2013

^[2]

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Jul. 23, 2013

Dec. 31, 2012

Dec. 31, 2011

Interim Period Costs Not Allocable [Line Items]

Revenues from continuing operations

$ 8,980,000

^[1]

$ 12,638,000

^[1]

$ 21,618,000

Net income (loss) from continuing operations

175,000

^[1]

(1,185,000)

^[1]

(1,010,000)

Net income from discontinued operations

120,000

^[1]

179,000

^[1]

299,000

Net income (loss) attributable to common stockholders

295,000

(1,006,000)

(711,000)

$ (4,281,000)

$ (8,957,000)

$ (6,337,000)

$ 256,000

$ (881,000)

$ (625,000)

Net loss available to common stockholders per share - basic and diluted

$ 0.01

$ (0.04)

$ (0.03)

Interim Period Costs Not Allocable [Line Items]

Revenues from continuing operations

$ 2,734,000

^[1]

$ 10,717,000

^[1]

$ 9,297,000

^[1]

$ 8,679,000

^[1]

$ 8,223,000

^[1]

$ 8,192,000

^[1]

$ 7,900,000

^[1]

22,747,000

32,994,000

27,739,000

Net income (loss) from continuing operations

(5,877,000)

^[1]

(2,750,000)

^[1]

434,000

^[1]

(1,548,000)

^[1]

(2,487,000)

^[1]

(2,203,000)

^[1]

(2,076,000)

^[1]

(8,194,000)

(8,314,000)

(7,434,000)

Net income from discontinued operations

9,000

^[1]

2,282,000

^[1]

1,619,000

^[1]

(134,000)

^[1]

(215,000)

^[1]

(270,000)

^[1]

(24,000)

^[1]

3,913,000

(643,000)

1,097,000

Net income (loss) attributable to common stockholders

(5,868,000)

(468,000)

2,053,000

(1,682,000)

(2,702,000)

(2,473,000)

(2,100,000)

(4,281,000)

(8,957,000)

(6,337,000)

$ (2,309,000)

$ (2,286,000)

$ 327,000

$ (1,528,000)

$ (1,732,000)

$ (1,464,000)

$ (167,000)

$ (4,266,000)

$ (4,891,000)

$ (3,752,000)

Net loss available to common stockholders per share - basic and diluted

[1]	All periods have been adjusted from amounts previously disclosed in our quarterly filings on Form 10-Q and our prospectus on form S-11 to reclassify amounts related to discontinued operations (see Discontinued Operations section of Note 3 “Investments in Real Estate”)
[2]	The summation of the quarterly financial data may not equal the annual number reported in the consolidated statements of operations due to rounding

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Net Income
-URI http://asc.fasb.org/extlink&oid=6518256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=31042434&loc=d3e3602-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.19)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.18)
-URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.22)
-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Other Comprehensive Income
-URI http://asc.fasb.org/extlink&oid=6519514

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e565-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 5

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9

Real Estate And Accumulated Depreciation [Line Items]

Subsequent Events - Additional Information (Detail)			1 Months Ended
Subsequent Events - Additional Information (Detail)	Mar. 13, 2014 USD ($)	Feb. 04, 2014 USD ($)	Mar. 20, 2014 USD ($) ft² a Buildings	Feb. 26, 2014 USD ($) ft² a Buildings	Jan. 29, 2014 USD ($) ft² a Buildings	Jan. 22, 2014 USD ($) ft² a Buildings	Jan. 15, 2014 USD ($) ft² a Buildings	Aug. 07, 2013 USD ($) ft² a Buildings	Mar. 12, 2014 USD ($)	Dec. 31, 2013 USD ($)	Jul. 23, 2013 USD ($)
Subsequent Event [Line Items]
Total Purchase Price										$ 83,690,000
Notes payable										192,491,000
Term Loan
Subsequent Event [Line Items]
Notes payable											$ 60,000,000
Oxnard Street
Subsequent Event [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
Subsequent Event
Subsequent Event [Line Items]
Net proceeds from disposal of property	$ 4,100,000
Annual Meeting Non-Employee Restricted Stock Grant Value, prior									$ 40,000
Annual Meeting Non-Employee Restricted Stock Grant Value, current									45,000
Annual Retainer Non-Employee Director, prior									25,000
Annual Retainer Non-Employee Director, current									30,000
Annual Retainer Audit Committee Chair, prior									10,000
Annual Retainer Audit Committee Chair, current									$ 20,000
Subsequent Event \| Term Loan
Subsequent Event [Line Items]
Notes payable		$ 60,000,000
Subsequent Event \| Interest Rate Swap One
Subsequent Event [Line Items]
Notional Amount		$ 30,000,000
Interest rate swaps, fix interest rate		3.726%
Effective Date		Jan. 15, 2015
Termination Date		Feb. 15, 2019
Subsequent Event \| Interest Rate Swap Two
Subsequent Event [Line Items]
Notional Amount		$ 30,000,000
Interest rate swaps, fix interest rate		3.91%
Effective Date		Jul. 15, 2015
Termination Date		Feb. 15, 2019
Subsequent Event \| Park Center Drive
Subsequent Event [Line Items]
Proceeds from disposed property					$ 10,100,000
Subsequent Event \| Rosecrans Avenue
Subsequent Event [Line Items]
Total Purchase Price							$ 4,969,000
Number of buildings acquired \| Buildings							1
Square footage of buildings acquired \| ft²							72,000
Acres of land \| a							3.25
Subsequent Event \| Oxnard Street
Subsequent Event [Line Items]
Total Purchase Price						$ 8,875,000
Number of buildings acquired \| Buildings						6
Square footage of buildings acquired \| ft²						78,000
Acres of land \| a						3.25
Subsequent Event \| Milliken Avenue And Santa Ana Street
Subsequent Event [Line Items]
Total Purchase Price					$ 8,550,000
Number of buildings acquired \| Buildings					5
Square footage of buildings acquired \| ft²					113,612
Acres of land \| a					5.74
Subsequent Event \| 1500-1510 W. 228th Street
Subsequent Event [Line Items]
Total Purchase Price				$ 6,600,000
Number of buildings acquired \| Buildings				6
Square footage of buildings acquired \| ft²				88,330
Acres of land \| a				3.9
Subsequent Event \| 24105 Frampton Avenue
Subsequent Event [Line Items]
Total Purchase Price			$ 3,900,000
Number of buildings acquired \| Buildings			1
Square footage of buildings acquired \| ft²			47,903
Acres of land \| a			2.07

Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

$ 51,116

231,977

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

274,518

86,202

^[1]

222,658

^[1]

332,775

555,433

$ 397,597

Real Estate And Accumulated Depreciation [Line Items]

$ (60,898)

^[2]

$ (60,574)

Don Julian Rd

City of Industry, CA

^[3]

3,875

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,407

8,905

^[1]

3,875

^[1]

11,312

15,187

^[2]

$ (4,050)

1965, 2005 / 2003

Real Estate And Accumulated Depreciation [Line Items]

2002

South Lewis Rd

Camarillo, CA

^[3]

4,150

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,050

6,830

^[1]

4,150

^[1]

9,880

14,030

^[2]

$ (3,788)

1960-1963 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2003

South Shamrock

Monrovia, CA

2,317

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,534

659

^[1]

2,317

^[1]

3,193

5,510

^[2]

$ (1,680)

1957, 1962 / 2004

Real Estate And Accumulated Depreciation [Line Items]

2003

East Mulberry Dr

Whittier, CA

3,469

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,629

941

^[1]

3,469

^[1]

2,570

6,039

^[2]

$ (1,172)

1962 / 2009

Real Estate And Accumulated Depreciation [Line Items]

2003

Camino Del Sol

Oxnard, CA

^[3]

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

868

3,972

^[1]

868

^[1]

3,972

4,840

^[2]

$ (898)

2005

Real Estate And Accumulated Depreciation [Line Items]

2003

Valley Blvd

La Puente, CA

2,539

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,020

2,113

^[1]

2,539

^[1]

4,133

6,672

^[2]

$ (1,548)

1974 / 2007

Real Estate And Accumulated Depreciation [Line Items]

2003

East Walnut Ave

Fullerton, CA

^[3]

6,817

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

6,089

538

^[1]

6,817

^[1]

6,627

13,444

^[2]

$ (2,527)

1985-1986 / 2005

Bledsoe St1306513081 Bradley Ave

2004

Real Estate And Accumulated Depreciation [Line Items]

Sylmar, CA

2,525

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,380

3,845

^[1]

2,525

^[1]

7,225

9,750

^[2]

$ (2,199)

1969, 2008 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2004

Avenue Crocker

Valencia, CA

2,666

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,343

1,468

^[1]

2,666

^[1]

4,811

7,477

^[2]

$ (1,598)

1987 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2004

West Easy St

Simi Valley, CA

2,346

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

4,522

386

^[1]

2,346

^[1]

4,908

7,254

^[2]

$ (1,936)

1991 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2004

First American Way

Poway, CA

2,469

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,489

2,712

^[1]

800

^[1]

3,670

4,470

^[2]

$ (1,136)

2002 / 2007

Real Estate And Accumulated Depreciation [Line Items]

2005

Roselle St

San Diego, CA

4,711

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,199

^[1]

4,711

^[1]

3,239

7,950

^[2]

$ (58)

1970 / 2007

N Placentia Ave23502384 E Orangethorpe Ave

2013

Real Estate And Accumulated Depreciation [Line Items]

Anaheim, CA

4,893

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,386

857

^[1]

4,893

^[1]

2,243

7,136

^[2]

$ (794)

1973 / 2007

Real Estate And Accumulated Depreciation [Line Items]

2005

Pioneer Ave

Vista, CA

1,784

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,974

1,452

^[1]

1,784

^[1]

4,426

6,210

^[2]

$ (1,430)

1988 / 2006

311, 319, 329 & 333 157th St.

2004

Real Estate And Accumulated Depreciation [Line Items]

Gardena, CA

3,100

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

786

934

^[1]

3,100

^[1]

1,720

4,820

^[2]

$ (700)

1960-1971 / 2006-2011

Real Estate And Accumulated Depreciation [Line Items]

2006

Archibald Ave

Rancho Cucamonga, CA

3,572

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,239

1,324

^[1]

1,808

^[1]

3,140

4,948

^[2]

$ (1,080)

1980 / 2007

Real Estate And Accumulated Depreciation [Line Items]

2007

Avenue Stanford

Valencia, CA

1,849

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

6,776

1,884

^[1]

1,849

^[1]

8,660

10,509

^[2]

$ (2,479)

1987 / 2008

Real Estate And Accumulated Depreciation [Line Items]

2006

S Broadway

Carson, CA

3,013

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,161

196

^[1]

3,013

^[1]

2,357

5,370

^[2]

$ (89)

1957 / 1989

Cleveland Ave., 10860 6th St

2013

Real Estate And Accumulated Depreciation [Line Items]

Rancho Cucamonga, CA

3,647

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

11,867

2,035

^[1]

3,647

^[1]

13,902

17,549

^[2]

$ (4,922)

1988-1989 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2006

Impala Dr

Carlsbad, CA

5,470

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

7,308

1,045

^[1]

5,470

^[1]

8,353

13,823

^[2]

$ (2,717)

1983 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2006

Arrow Highway

Irwindale, CA

^[3]

3,604

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,056

(85)

^[1]

3,604

^[1]

4,971

8,575

^[2]

$ (1,509)

1989

Real Estate And Accumulated Depreciation [Line Items]

2006

Santa Fe Springs Rd

Santa Fe Springs, CA

3,740

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

260

6,858

^[1]

3,740

^[1]

7,118

10,858

^[2]

$ (1,038)

1982 / 2009

Real Estate And Accumulated Depreciation [Line Items]

2006

6200 & 6300 Yarrow Dr.

Carlsbad, CA

5,001

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

7,658

2,222

^[1]

5,001

^[1]

9,880

14,881

^[2]

$ (3,453)

1977-1988 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2005

6231 & 6241 Yarrow Dr.

Carlsbad, CA

3,473

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,119

727

^[1]

3,473

^[1]

5,846

9,319

^[2]

$ (2,032)

1977 / 2006

Real Estate And Accumulated Depreciation [Line Items]

2006

W Alameda Ave

Burbank, CA

6,304

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,996

4,803

^[1]

6,304

^[1]

7,799

14,103

^[2]

$ (1,914)

1969 / 2009

Real Estate And Accumulated Depreciation [Line Items]

2007

Unit B C6780 Central Ave

Riverside, CA

3,323

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,118

1,001

^[1]

1,441

^[1]

1,595

3,036

^[2]

$ (597)

1978

Real Estate And Accumulated Depreciation [Line Items]

2007

Hall Rd

Downey, CA

6,974

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,902

^[1]

6,974

^[1]

2,960

9,934

^[2]

$ (590)

2008

Real Estate And Accumulated Depreciation [Line Items]

2009

E46th St

Vernon, CA

7,015

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

7,078

1,268

^[1]

7,015

^[1]

8,346

15,361

^[2]

$ (1,923)

1961, 1983 / 2008-2010

Real Estate And Accumulated Depreciation [Line Items]

2007

Enfield Lane

Palm Desert, CA

1,110

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,189

204

^[1]

397

^[1]

686

1,083

^[2]

$ (266)

1990

Allen Ave1840 Dana St1830 Flower

2007

Real Estate And Accumulated Depreciation [Line Items]

Glendale, CA

4,845

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,163

1,472

^[1]

4,845

^[1]

2,635

7,480

^[2]

$ (282)

1949, 1961 / 2011-2012

Real Estate And Accumulated Depreciation [Line Items]

2008

South Grand Ave

Santa Ana, CA

2,579

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

667

184

^[1]

2,371

^[1]

805

3,176

^[2]

$ (208)

1973 / 2008

Real Estate And Accumulated Depreciation [Line Items]

2007

W Warner Ave

Santa Ana, CA

3,028

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,058

510

^[1]

3,028

^[1]

1,568

4,596

^[2]

$ (471)

1973 / 2008

Paramount Ave2708 Seaboard Lane

2007

Real Estate And Accumulated Depreciation [Line Items]

Long Beach, CA

1,004

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

175

576

^[1]

1,004

^[1]

751

1,755

^[2]

$ (240)

1981-1982

Real Estate And Accumulated Depreciation [Line Items]

2007

Newton Dr

Carlsbad, CA

3,152

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

7,155

1,007

^[1]

1,692

^[1]

5,042

6,734

^[2]

$ (1,706)

1997-1999 / 2009

Real Estate And Accumulated Depreciation [Line Items]

2007

Poinsettia Ave

Vista, CA

4,453

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,900

610

^[1]

2,830

^[1]

4,548

7,378

^[2]

$ (1,262)

1989 / 2007

N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.

2008

Real Estate And Accumulated Depreciation [Line Items]

Pasadena, CA

1,759

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,834

1,861

^[1]

1,759

^[1]

4,695

6,454

^[2]

$ (834)

1947, 1985 / 2009

Real Estate And Accumulated Depreciation [Line Items]

2008

W. 33rd St.

National City, CA

2,390

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,029

148

^[1]

2,390

^[1]

5,177

7,567

^[2]

$ (1,564)

1969 / 2008

Arrow Highway & 5220 Fourth St.

2006

Real Estate And Accumulated Depreciation [Line Items]

Irwindale, CA

3,608

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,699

^[1]

3,608

^[1]

2,715

6,323

^[2]

$ (60)

1987

Real Estate And Accumulated Depreciation [Line Items]

2011

Arroyo Ave

San Fernando, CA

3,092

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,900

^[1]

3,092

^[1]

1,902

4,994

^[2]

$ (47)

1969 / 2012

Real Estate And Accumulated Depreciation [Line Items]

2010

Calvert St

Van Nuys, CA

4,096

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,570

^[1]

4,096

^[1]

1,573

5,669

^[2]

$ (31)

1971

Real Estate And Accumulated Depreciation [Line Items]

2012

S Campus Ave

Ontario, CA

3,266

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,961

^[1]

3,266

^[1]

2,963

6,229

^[2]

$ (394)

1964-1966, 1973, 1987

Real Estate And Accumulated Depreciation [Line Items]

2012

Del Norte Blvd

Oxnard, CA

3,082

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

6,230

^[1]

3,082

^[1]

6,236

9,318

^[2]

$ (116)

2000

One Three Nine Three Two Valley Blvd

2012

Real Estate And Accumulated Depreciation [Line Items]

La Puente, CA

2,372

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,431

^[1]

2,372

^[1]

2,488

4,860

^[2]

$ (51)

1978, 1988 / 2012

Six Five Zero South Grand Ave

2011

Real Estate And Accumulated Depreciation [Line Items]

Santa Ana, CA

4,298

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,075

^[1]

4,298

^[1]

5,138

9,436

^[2]

$ (104)

1988

Real Estate And Accumulated Depreciation [Line Items]

2010

Jersey Blvd.

Rancho Cucamonga, CA

^[4]

$ 5,189

3,158

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

4,860

^[1]

3,158

^[1]

4,920

8,078

^[2]

$ (99)

1988-1989

Real Estate And Accumulated Depreciation [Line Items]

2011

West Mac Arthur Blvd

Santa Ana, CA

4,179

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,358

^[1]

4,179

^[1]

5,361

9,540

^[2]

$ (89)

1973

Real Estate And Accumulated Depreciation [Line Items]

2011

Normandie Ave

Torrance, CA

3,253

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,605

^[1]

3,253

^[1]

1,630

4,883

^[2]

$ (36)

1989

Real Estate And Accumulated Depreciation [Line Items]

2011

Odessa Ave

Van Nuys, CA

1,582

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,856

^[1]

1,582

^[1]

1,857

3,439

^[2]

$ (34)

1970-1972 / 2012

Real Estate And Accumulated Depreciation [Line Items]

2011

Alondra Blvd

Paramount, CA

1,396

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

925

^[1]

1,396

^[1]

927

2,323

^[2]

$ (22)

1986

Real Estate And Accumulated Depreciation [Line Items]

2011

Shoemaker Ave

Santa Fe Springs, CA

3,720

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,641

^[1]

3,720

^[1]

2,665

6,385

^[2]

$ (60)

1978 / 2012

Real Estate And Accumulated Depreciation [Line Items]

2011

N Vinedo Ave

Pasadena, CA

3,481

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,530

^[1]

3,481

^[1]

3,531

7,012

^[2]

$ (85)

1953 / 1993

Real Estate And Accumulated Depreciation [Line Items]

2011

Zenith Dr

Glenview, IL

801

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,117

^[1]

801

^[1]

1,131

1,932

^[2]

$ (28)

1978

Real Estate And Accumulated Depreciation [Line Items]

2011

North San Fernando Rd

Los Angeles, CA

$ 42,750

17,978

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

39,471

225

^[1]

17,978

^[1]

39,696

57,674

^[2]

$ (682)

1966, 1992, 1993, 1994

Benson Ave., 5637 Arrow Highway

2013

Real Estate And Accumulated Depreciation [Line Items]

Montclair, CA

2,285

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

4,778

412

^[1]

2,285

^[1]

5,190

7,475

^[2]

$ (100)

1974

Real Estate And Accumulated Depreciation [Line Items]

2013

1661 240th St.

Los Angeles, CA

3,043

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

2,550

169

^[1]

3,043

^[1]

2,719

5,762

^[2]

$ (47)

1975 / 1995

Real Estate And Accumulated Depreciation [Line Items]

2013

Orion Avenue

Van Nuys, CA

1,389

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

3,872

^[1]

1,389

^[1]

3,904

5,293

^[2]

$ (71)

1978

Real Estate And Accumulated Depreciation [Line Items]

2013

Oxnard Street

Tarzana, CA

2,497

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,494

^[1]

2,497

^[1]

5,567

8,064

^[2]

$ (77)

1973

Real Estate And Accumulated Depreciation [Line Items]

2013

La Palma Avenue

Yorba Linda, CA

6,087

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,984

^[1]

6,087

^[1]

5,999

12,086

^[2]

$ (27)

1988

Gilbert St., 2353-2373 La Palma Ave.

2013

Real Estate And Accumulated Depreciation [Line Items]

Anaheim, CA

^[5]

$ 3,177

4,582

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

5,135

^[1]

4,582

^[1]

5,155

9,737

^[2]

$ (28)

1972 / 1990 / 2013

Real Estate And Accumulated Depreciation [Line Items]

2013

Thompson Creek Rd

Pomona, CA

8,001

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

17,734

^[1]

8,001

^[1]

17,773

$ 25,774

1983

Real Estate And Accumulated Depreciation [Line Items]

2013

North Madera Road

Simi Valley, CA

2,422

1,848

^[1]

2,422

^[1]

1,848

$ 4,270

1988 / 2005

Real Estate And Accumulated Depreciation [Line Items]

2013

North Madera Road2950

Simi Valley, CA

3,601

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

8,033

^[1]

3,601

^[1]

8,035

$ 11,636

1988 / 2005

Real Estate And Accumulated Depreciation [Line Items]

2013

West Vanowen Street

Burbank, CA

1,517

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

1,833

18,632

^[1]

1,517

^[1]

1,833

$ 3,350

1977

Investment in Real Estate

2013

Real Estate And Accumulated Depreciation [Line Items]

$ 51,116

228,620

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

270,006

85,458

^[1]

219,301

^[1]

327,519

546,820

Real Estate And Accumulated Depreciation [Line Items]

^[2]

$ (58,978)

Park Center Drive

Vista, CA

$ 3,357

Buildings and Improvements Costs Capitalized Subsequent to Acquisition

4,512

744

^[1]

3,357

^[1]

5,256

8,613

^[2]

$ (1,920)

1999 / 2007

Real Estate And Accumulated Depreciation [Line Items]

2004

[1]	During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $18.6 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $18.6 million, $9.3 million in included as a reduction of "Land" in the table above, with the remaining $9.3 million included as a reduction of "Buildings and Improvements".
[2]	The depreciable life for buildings and improvements ranges from 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.
[3]	These properties secure a $60.0 million term loan.
[4]	Includes unamortized premium of $50.
[5]	(5)Includes unamortized discount of $118.

Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2013	Jul. 31, 2013	Dec. 31, 2009
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Investment Cumulative Impairment	$ 18,600,000		$ 19,600,000
Notes payable including mortgage loans associated with real estate held for sale	192,491,000
Unamortized debt discount	68,000
RIF V - Jersey, LLC
Real Estate And Accumulated Depreciation [Line Items]
Unamortized debt premium	50
1100-1170 Gilbert St., 2353-2373 La Palma Ave.
Real Estate And Accumulated Depreciation [Line Items]
Unamortized debt discount	118
Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Notes payable including mortgage loans associated with real estate held for sale	$ 60,000,000	$ 60,000,000
Site Improvements
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	20 years
Buildings and Improvements
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Investment Cumulative Impairment	$ 9,300,000
Land
Real Estate And Accumulated Depreciation [Line Items]
Real Estate Investment Cumulative Impairment	$ 9,300,000
Building \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	10 years
Building \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	30 years

Schedule III - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Acquisition of Investment in Real Estate

$ 397,597

148,811

Construction Costs and Improvements

3,802

Step-up in Basis Adjustment

28,070

Write-off of Fully Depreciated Assets

(20,275)

(2,572)

555,433

$ 397,597

Depreciation of Investment in Real Estate

(60,574)

(11,288)

Step-up in Basis Adjustment

4,357

Write-off of Fully Depreciated Assets

4,035

2,572

(60,898)

^[1]

(60,574)

Real Estate And Accumulated Depreciation [Line Items]

Acquisition of Investment in Real Estate

397,597

377,080

$ 347,654

19,714

46,887

Construction Costs and Improvements

4,620

1,321

(3,817)

(18,782)

397,597

377,080

Depreciation of Investment in Real Estate

$ (60,574)

(50,614)

(44,278)

(9,960)

(8,378)

2,042