View Filing Data

Buildings and improvements

$ 325,284

$ 216,078

449,566

311,118

Tenant improvements

19,186

13,239

Furniture, fixtures, and equipment

188

Total real estate held for investment

794,224

540,623

Accumulated depreciation

(71,535)

(58,950)

Investments in real estate, net

722,689

481,673

Cash and cash equivalents

60,541

8,997

Restricted cash

307

325

Notes receivable

^[1]

13,138

13,139

Rents and other receivables, net

1,738

917

Deferred rent receivable, net

4,420

3,637

Deferred leasing costs, net

3,275

2,153

Deferred loan costs, net

2,995

1,597

Acquired lease intangible assets, net

23,558

13,508

Acquired indefinite-lived intangible

5,271

Other assets

4,552

2,309

Acquisition related deposits

1,510

Investment in unconsolidated real estate entities

5,744

5,687

Assets associated with real estate held for sale

13,952

Total Assets

848,228

554,675

Liabilities

Accounts payable, accrued expenses and other liabilities

269,811

192,491

9,620

5,783

Dividends payable

5,191

5,368

Acquired lease intangible liabilities, net

1,921

1,143

Tenant security deposits

7,927

6,099

Prepaid rents

1,329

1,426

Liabilities associated with real estate held for sale

596

Total Liabilities

295,799

212,906

Rexford Industrial Realty, Inc. stockholders' equity

Common Stock, $0.01 par value 490,000,000 authorized and 43,257,883 and 25,559,886 outstanding at September 30, 2014 and December 31, 2013, respectively

431

255

Additional paid in capital

538,248

311,936

Cumulative distributions in excess of earnings

(16,574)

(5,993)

Accumulated other comprehensive income

158

Total stockholders' equity

522,263

306,198

Noncontrolling interests

30,166

35,571

Total Equity

552,429

341,769

Total Liabilities and Equity

$ 848,228

$ 554,675

[1]	This is a mortgage loan secured by 32401-32803 Calle Perfecto.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	43,257,883	25,559,886

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
RENTAL REVENUES
Rental revenues		$ 7,640,000	$ 15,516,000		$ 39,917,000
Tenant reimbursements		828,000	2,052,000		5,244,000
Management, leasing and development services		281,000	171,000		654,000
Other income		40,000	16,000		73,000
TOTAL RENTAL REVENUES		8,789,000	17,755,000		45,888,000
Interest income		191,000	281,000		835,000
TOTAL REVENUES		8,980,000	18,036,000		46,723,000
OPERATING EXPENSES
Property expenses		2,527,000	4,879,000		12,905,000
General and administrative		2,500,000	3,273,000		8,658,000
Depreciation and amortization		3,025,000	8,032,000		20,165,000
TOTAL OPERATING EXPENSES		8,052,000	16,184,000		41,728,000
OTHER (INCOME) EXPENSE
Acquisition expenses		119,000	426,000		1,411,000
Interest expense		717,000	1,957,000		4,745,000
TOTAL OTHER EXPENSE		836,000	2,383,000		6,156,000
TOTAL EXPENSES		8,888,000	18,567,000		47,884,000
Equity in income (loss) from unconsolidated real estate entities		83,000	2,000		(4,000)
Loss on sale of real estate			(150,000)		(150,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS		175,000	(679,000)		(1,315,000)
DISCONTINUED OPERATIONS
Income (loss) from discontinued operations before gain on sale of real estate and loss on extinguishment of debt		120,000			21,000
Loss on extinguishment of debt			0
Gain on sale of real estate			0		2,125,000
INCOME FROM DISCONTINUED OPERATIONS		120,000	0		2,146,000
NET INCOME (LOSS)		295,000	(679,000)		831,000
Net (income) loss attributable to noncontrolling interests		(39,000)	80,000		(80,000)
NET INCOME (LOSS) ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. STOCKHOLDERS AND PARTICIPATING SECURITIES		$ 256,000	$ (599,000)		$ 751,000
Income (loss) from continuing operations available to common stockholders per share - basic and diluted		$ 0.01	$ (0.02)		$ (0.04)
Net income (loss) available to common stockholders per share - basic and diluted		$ 0.01	$ (0.02)		$ 0.02
Weighted average shares of common stock outstanding - basic and diluted		24,574,432	33,527,183		28,151,818
Dividends declared per common share			$ 0.12		$ 0.36
Predecessor
RENTAL REVENUES
Rental revenues	$ 2,384,000			$ 19,206,000
Tenant reimbursements	254,000			2,212,000
Management, leasing and development services	13,000			444,000
Other income	20,000			187,000
TOTAL RENTAL REVENUES	2,671,000			22,049,000
Interest income	63,000			698,000
TOTAL REVENUES	2,734,000			22,747,000
OPERATING EXPENSES
Property expenses	690,000			5,924,000
General and administrative	1,885,000			4,420,000
Depreciation and amortization	887,000			7,022,000
TOTAL OPERATING EXPENSES	3,462,000			17,366,000
OTHER (INCOME) EXPENSE
Acquisition expenses	7,000			724,000
Interest expense	1,233,000			9,395,000
Gain on mark-to-market of interest rate swaps				(49,000)
TOTAL OTHER EXPENSE	1,240,000			10,070,000
TOTAL EXPENSES	4,702,000			27,436,000
Equity in income (loss) from unconsolidated real estate entities	9,000			(915,000)
Gain from early repayment of note receivable				1,365,000
Loss on extinguishment of debt	(3,918,000)			(3,955,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	(5,877,000)			(8,194,000)
DISCONTINUED OPERATIONS
Income (loss) from discontinued operations before gain on sale of real estate and loss on extinguishment of debt	26,000			(809,000)
Loss on extinguishment of debt	(17,000)			(267,000)
Gain on sale of real estate				4,989,000
INCOME FROM DISCONTINUED OPERATIONS	9,000			3,913,000
NET INCOME (LOSS)	(5,868,000)			(4,281,000)
Net (income) loss attributable to noncontrolling interests	3,559,000			15,000
NET INCOME (LOSS) ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. STOCKHOLDERS AND PARTICIPATING SECURITIES	$ (2,309,000)			$ (4,266,000)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
Net income (loss)		$ 295,000	$ (679,000)		$ 831,000
Other comprehensive income: cash flow hedge adjustment			626,000		167,000
Comprehensive (loss) income		295,000	(53,000)		998,000
Less: comprehensive loss (income) attributable to noncontrolling interests		(39,000)	22,000		(89,000)
Comprehensive (loss) income attributable to common stockholders		$ 256,000	$ (31,000)		$ 909,000
Predecessor
Net income (loss)	$ (5,868,000)			$ (4,281,000)
Comprehensive (loss) income	(5,868,000)			(4,281,000)
Less: comprehensive loss (income) attributable to noncontrolling interests	3,559,000			15,000
Comprehensive (loss) income attributable to common stockholders	$ (2,309,000)			$ (4,266,000)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2014 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Stockholders' Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2013	$ 341,769	$ 255	$ 311,936	$ (5,993)		$ 306,198	$ 35,571
Beginning Balance, shares at Dec. 31, 2013	25,559,886	25,559,886
Issuance of common stock	$ 232,875	$ 172	232,703			232,875
Issuance of common stock, shares		17,250,000
Offering costs	(11,326)		(11,326)			(11,326)
Share-based compensation	897		897			897
Share-based compensation, shares		91,693
Repurchase of common shares	(98)		(98)			(98)
Repurchase of common shares, shares		(6,928)
Conversion of common units to common stock	$ 4,100	$ 4	4,136			4,140	(4,140)
Conversion of common units to common stock, shares	363,232	363,232
Dividends	$ (11,332)			(11,332)		(11,332)
Distributions	(1,354)						(1,354)
Net income	831			751		751	80
Other comprehensive income	167				$ 158	158	9
Ending Balance at Sep. 30, 2014	$ 552,429	$ 431	$ 538,248	$ (16,574)	$ 158	$ 522,263	$ 30,166
Ending Balance, shares at Sep. 30, 2014	43,257,883	43,257,883

CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS - USD ($)	2 Months Ended	7 Months Ended	9 Months Ended
	Sep. 30, 2013	Jul. 23, 2013	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 295,000		$ 831,000
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) loss of unconsolidated real estate entities	(83,000)		4,000
Depreciation and amortization	3,025,000		20,165,000
Depreciation and amortization included in discontinued operations	37,000		7,000
Amortization of above (below) market lease intangibles, net	122,000		305,000
Accretion of discount on notes receivable	(33,000)		(195,000)
Loss on sale of real estate			150,000
Gain on sale of real estate included in discontinued operations			(2,125,000)
Amortization of loan costs	93,000		478,000
Accretion of premium on notes payable			(127,000)
Equity based compensation expense	382,000		791,000
Change in working capital components:
Rents and other receivables	(20,000)		(809,000)
Deferred rent receivable	(285,000)		(806,000)
Leasing commissions	(224,000)		(1,873,000)
Other assets	(752,000)		(675,000)
Accounts payable, accrued expenses and other liabilities	616,000		1,935,000
Tenant security deposits	72,000		841,000
Prepaid rent	272,000		(996,000)
Net cash provided by operating activities	3,517,000		17,901,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(13,924,000)		(248,472,000)
Capital expenditures	(617,000)		(8,776,000)
Acquisition related deposits	(1,235,000)		1,510,000
Contributions to unconsolidated real estate entities			(105,000)
Distributions from unconsolidated real estate entities			44,000
Change in restricted cash	(9,000)		18,000
Principal repayments of notes receivable	39,000		196,000
Disposition of investment in real estate			15,410,000
Net cash used in investing activities	(15,746,000)		(240,175,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	208,280,000		221,773,000
Proceeds from private placement	47,016,000
Proceeds from notes payable	80,875,000		209,000,000
Repayment of notes payable	(311,848,000)		(142,118,000)
Deferred loan costs	(1,702,000)		(1,876,000)
Distributions due to Predecessor members related to formation transactions	(4,953,000)
Repurchase of interests from unaccredited investors	(1,040,000)
Dividends paid to common stockholders			(11,509,000)
Distributions paid to common unitholders			(1,354,000)
Repurchase of common shares			(98,000)
Net cash provided by (used in) financing activities	16,628,000		273,818,000
Increase (Decrease) in Cash and Equivalents	4,399,000		51,544,000
Cash and cash equivalents, beginning of period			8,997,000
Cash and cash equivalents, end of period	$ 4,399,000		60,541,000	$ 4,399,000
Acquisition of tenant-in-common interest in La Jolla Sorrento and consolidation of property previously accounted for under the equity method of accounting:
Assumption of loan in connection with acquisition of real estate			$ 10,257,000
Predecessor
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)		$ (4,281,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (income) loss of unconsolidated real estate entities		915,000
Depreciation and amortization		7,022,000
Depreciation and amortization included in discontinued operations		776,000
Amortization of above (below) market lease intangibles, net		256,000
Accretion of discount on notes receivable		(94,000)
Loss on extinguishment of debt		4,222,000
Gain on sale of real estate included in discontinued operations		(4,989,000)
Amortization of loan costs		784,000
Gain on mark-to-market of interest rate swaps		(49,000)
Deferred interest expense		573,000
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)
Deferred rent receivable		(263,000)
Change in restricted cash		1,137,000
Leasing commissions		(980,000)
Other assets		(1,172,000)
Accounts payable, accrued expenses and other liabilities		942,000
Tenant security deposits		507,000
Prepaid rent		(172,000)
Net cash provided by operating activities		4,593,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate		(73,332,000)
Capital expenditures		(1,439,000)
Consolidation of La Jolla Sorrento		373,000
Acquisition related deposits		50,000
Distributions from unconsolidated real estate entities		271,000
Change in restricted cash		408,000
Principal repayments of notes receivable		5,516,000
Disposition of investment in real estate		21,537,000
Net cash used in investing activities		(46,616,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable		55,590,000
Repayment of notes payable		(21,135,000)
Deferred loan costs		(812,000)
Prepaid offering costs		(1,504,000)
Capital contributions from Predecessor members		1,156,000
Distributions to Predecessor members		(6,825,000)
Reimbursements due to Predecessor members		(1,221,000)
Distributions due to Predecessor members related to formation transactions		(26,773,000)
Change in restricted cash		48,000
Net cash provided by (used in) financing activities		(1,476,000)
Increase (Decrease) in Cash and Equivalents		(43,499,000)
Cash and cash equivalents, beginning of period		43,499,000		$ 43,499,000
Contribution of Rexford Sponsor V LLC and Rexford Industrial Fund V REIT, LLC:
Investments in real estate and acquired intangibles		(35,532,000)
Investment in unconsolidated real estate entities		(6,131,000)
Notes receivable		(5,305,000)
Predecessor equity and noncontrolling interests		46,968,000
Acquisition of 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
Rexford Industrial Realty, Inc. Predecessor equity and noncontrolling interests		48,000
Rexford Industrial Realty, Inc. noncontrolling interests		$ 40,000

Organization

9 Months Ended

Sep. 30, 2014

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization

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. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate primarily located in Southern California infill markets. As of September 30, 2014, our consolidated portfolio consisted of 86 properties with approximately 8.6 million rentable square feet. We also own a 15% interest in a joint venture that owns three properties with approximately 1.2 million square feet, which we also manage. In addition, we currently manage an additional 20 properties with approximately 1.2 million rentable square feet.

We did not have any meaningful operating activity until the consummation of our initial public offering (“IPO”) and the related acquisition of certain assets of our predecessor as part of our formation transactions on 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.

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

Basis of Presentation

As of September 30, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014, and the period from July 24, 2013 to September 30, 2013, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. The financial statements presented for the 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 unaudited interim financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The interim financial statements should be read in conjunction with the combined and consolidated financial statements in our 2013 Annual Report on Form 10-K and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

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.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2014

Accounting Policies [Abstract]

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

On April 14, 2014, the FASB issued ASU 2014-08: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. ASU 2014-08 further expands the disclosure requirements for disposals that meet the definition of a discontinued operation, and requires entities to disclose information about disposals of individually significant components. ASU 2014-08 will be applied prospectively and is effective for annual periods and interim periods within those years, beginning after December 15, 2014 with early adoption permitted. We elected to adopt ASU 2014-08 early, beginning in the fiscal quarter ended September 30, 2014. The adoption of ASU 2014-08 will likely result in fewer property sales being classified as discontinued operations.

For assets held for sale or sold prior to the adoption of ASU 2014-08, 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 addition, all amounts for all prior periods presented are reclassified from continuing operations to discontinued operations.

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. See Note 13.

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 balance sheets, which includes the reclassification of the assets and liabilities for all comparative periods. In addition, 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. See Note 13.

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, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use, 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 also consider Level 3 inputs. 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 value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property, that would be incurred to lease the property to its occupancy level at the time of its acquisition. Acquisition costs associated with the business combination are expensed in the period they are incurred.

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.

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.

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 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 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

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 September 30, 2014 and December 31, 2013, our investment in real estate has been recorded net of a cumulative impairment of $18.6 million as of the end of both periods.

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 as part of our formation transactions. The asset has an indefinite life, and, accordingly, is not amortized.

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our 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 three and nine months ended September 30, 2014 and for the period from July 24, 2013 through September 30, 2013.

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

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

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of September 30, 2014 and December 31, 2013, we have not established a liability for uncertain tax positions.

Derivative Instruments and Hedging Activities

FASB ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments.

As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 8.

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 13 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 $0.9 million and $0.5 million reserve for allowance for doubtful accounts as of September 30, 2014 and December 31, 2013, 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 14.

Earnings Per Share

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

Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding for the period. Diluted EPS is computed using the weighted average shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities, including the dilutive effect of unvested restricted common stock using the treasury stock method. See Note 15.

Segment Reporting

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

Recently Issued Accounting Pronouncements

Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASUs.

On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 establishes principles for reporting the nature, amount, timing and uncertainty of revenues and cash flows arising from an entity's contracts with customers. The core principle of the new standard is that an entity recognizes revenue to represent the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for us in the first quarter of 2017 and will replace most existing revenue recognition guidance within GAAP. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating ASU 2014-09 to determine its impact on our consolidated financial statements and related disclosures, as well as the transition method to apply the new standard.

Investments in Real Estate

9 Months Ended

Sep. 30, 2014

Investments All Other Investments [Abstract]

Investments in Real Estate

3.	Investments in Real Estate

Acquisitions

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 proceeds 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 proceeds 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 February 12, 2014, we acquired the property located at 845, 855, and 865 Milliken Avenue and 4317 and 4319 Santa Ana Street in Ontario, CA for a contract price of $8.55 million as part of a 1031 exchange using proceeds from the disposition of our property located at 1335 Park Center Drive. 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 25, 2014, we acquired the property located at 1500-1510 W. 228th 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, 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 March 20, 2014, we acquired the property located at 24105 and 24201 Frampton Avenue in Los Angeles, California for a contract price of $3.93 million using proceeds from our revolving credit facility. The property consists of one single-tenant building totaling 47,903 square feet situated on 2.07 acres of land.

On April 17, 2014, we acquired the property located at 1700 Saturn Way in Seal Beach, California for a contract price of $21.1 million using proceeds from our revolving credit facility. The property consists of one single-tenant building totaling 170,865 square feet situated on 9.25 acres of land.

On May 30, 2014, we acquired the property located at 2980 and 2990 N. San Fernando Boulevard in Burbank, California for a contract price of $15.425 million. We funded the acquisition in part by assuming a $10.3 million first mortgage loan secured by the property and used proceeds from our revolving credit facility to fund the remaining purchase price. The property consists of one single-tenant building totaling 130,800 square feet situated on 5.86 acres of land.

On May 30, 2014, we acquired the property located at 20531 Crescent Bay Drive in Lake Forest, California for a contract price of $6.48 million using proceeds from our revolving credit facility. The property consists of one single-tenant building totaling 46,178 square feet situated on 2.47 acres of land.

On June 5, 2014, we acquired the property located at 2610 and 2701 S. Birch Street in Santa Ana, California for a contract price of $11.0 million using funds from our revolving credit facility. The property consists of two single-tenant buildings totaling 98,105 square feet situated on 7.9 acres of land.

On June 24, 2014, we acquired the property located at 4051 Santa Ana Street and 701 Dupont Avenue in Ontario, California for a contract price of $10.2 million using funds from our revolving credit facility. The property consists of a two-building multi-tenant industrial business park totaling 111,890 square feet situated on 5.66 acres of land.

On June 27, 2014, we acquired an industrial portfolio consisting of nine properties located in the San Gabriel Valley, Orange County, and San Diego submarkets of California for a contract price of $88.5 million. We partially funded the acquisition with a new $48.5 million term loan secured by certain properties in the portfolio. The remaining purchase price was funded by using proceeds from our revolving credit facility. The portfolio consists of four single-tenant properties and five multi-tenant properties totaling 817,166 square feet situated on an aggregate 43.6 acres of land.

On July 8, 2014, we acquired the property located at 3116 W. Avenue 32 in Los Angeles, California for a contract price of $11.0 million using funds from our revolving credit facility. The property consists of one two-tenant building totaling 100,500 square feet situated on 2.62 acres of land.

On July 23, 2014, we acquired the Chatsworth Industrial Park located at 21019-21051 Osborne St., 9035 Independence Ave. and 21026-21040 Nordhoff St. in Chatsworth, California for a contract price of $16.8 million using funds from our revolving credit facility. The property consists of seven buildings totaling 153,212 square feet situated on 7.4 acres of land.

On July 25, 2014, we acquired the property located at 24935 and 24955 Avenue Kearney in Santa Clarita, California for a contract price of $11.5 million using funds from our revolving credit facility. The property consists of two single-tenant building totaling 138,980 square feet situated on 6.0 acres of land.

On August 26, 2014, we acquired the property located at 605 8^th Street located in San Fernando, California for a contract price of $5.075 million using cash on hand. The property consists of one two-tenant building totaling 55,516 square feet situated on 2.75 acres of land.

On September 12, 2014, we acquired the property located at 9120 Mason Avenue in Chatsworth, California for a contract price of $30.5 million using cash on hand. The property consists of one building totaling 319,348 square feet situated on 11.82 acres of land.

During the period from July 24, 2013 to September 30, 2013, we acquired two properties consisting of two buildings and approximately 124,000 square feet. The properties are located in Southern California. The total contract price for those acquisitions was $14.0 million.

During the period from January 1, 2013 to July 23, 2013 our predecessor acquired four properties consisting of 17 buildings and approximately 741,000 square feet. The properties are located throughout Southern California. The total contract price for those acquisitions was $73.8 million.

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
2014 Acquisitions
7110 Rosecrans Avenue⁽³⁾	1/15/2014	$	3,117,000	$	1,894,000	$	-	$	-		$	5,011,000	$	-	$	(321,000	)	$	4,690,000
14723-14825 Oxnard Street	1/22/2014	$	4,458,000	$	3,948,000	$	490,000	$	(21,000	)	$	8,875,000	$	-	$	(117,000	)	$	8,758,000
845, 855, & 865 Milliken Avenue and 4317 & 4319 Santa Ana Street	2/12/2014	$	2,260,000	$	6,043,000	$	431,000	$	(184,000	)	$	8,550,000	$	2,000	$	(116,000	)	$	8,436,000
1500-1510 West 228th Street⁽⁴⁾	2/25/2014	$	2,428,000	$	4,271,000	$	205,000	$	(304,000	)	$	6,600,000	$	1,180,000	$	(1,214,000	)	$	6,566,000
24105 & 24201 Frampton Avenue	3/20/2014	$	2,315,000	$	1,553,000	$	62,000	$	-		$	3,930,000	$	22,000	$	(64,000	)	$	3,888,000
1700 Saturn Way	4/17/2014	$	7,935,000	$	10,525,000	$	2,259,000	$	381,000		$	21,100,000	$	76,000	$	(73,000	)	$	21,103,000
20531 Crescent Bay Drive	5/30/2014	$	2,181,000	$	4,012,000	$	389,000	$	(102,000	)	$	6,480,000	$	4,000	$	(2,000	)	$	6,482,000
2980 & 2990 N. San Fernando Blvd.⁽⁵⁾	5/30/2014	$	6,373,000	$	7,356,000	$	1,276,000	$	728,000		$	15,733,000	$	-	$	(10,572,000	)	$	5,161,000
2610 & 2701 S. Birch Street⁽⁶⁾	6/5/2014	$	9,305,000	$	2,114,000	$	-	$	-		$	11,419,000	$	5,000	$	(299,000	)	$	11,125,000
4051 Santa Ana St. & 701 Dupont Ave.	6/24/2014	$	3,725,000	$	6,145,000	$	524,000	$	(194,000	)	$	10,200,000	$	1,000	$	(90,000	)	$	10,111,000
9755 Distribution Avenue	6/27/2014	$	1,863,000	$	3,211,000	$	451,000	$	(100,000	)	$	5,425,000	$	2,000	$	(97,000	)	$	5,330,000
9855 Distribution Avenue	6/27/2014	$	2,733,000	$	5,041,000	$	621,000	$	130,000		$	8,525,000	$	5,000	$	(39,000	)	$	8,491,000
9340 Cabot Drive	6/27/2014	$	4,311,000	$	6,126,000	$	538,000	$	-		$	10,975,000	$	2,000	$	(54,000	)	$	10,923,000
9404 Cabot Drive	6/27/2014	$	2,413,000	$	3,451,000	$	346,000	$	190,000		$	6,400,000	$	1,000	$	(6,000	)	$	6,395,000
9455 Cabot Drive	6/27/2014	$	4,423,000	$	6,799,000	$	851,000	$	27,000		$	12,100,000	$	1,000	$	(13,000	)	$	12,088,000
14955-14971 E. Salt Lake City	6/27/2014	$	5,126,000	$	5,009,000	$	800,000	$	(85,000	)	$	10,850,000	$	3,000	$	(119,000	)	$	10,734,000
5235 E. Hunter Avenue	6/27/2014	$	5,240,000	$	5,065,000	$	866,000	$	158,000		$	11,329,000	$	15,000	$	(76,000	)	$	11,268,000
3880 W. Valley Blvd.	6/27/2014	$	3,982,000	$	4,796,000	$	566,000	$	287,000		$	9,631,000	$	1,000	$	(119,000	)	$	9,513,000
1601 Alton Parkway	6/27/2014	$	7,638,000	$	4,946,000	$	419,000	$	273,000		$	13,276,000	$	1,000	$	(52,000	)	$	13,225,000
3116 West Avenue 32⁽⁷⁾	7/8/2014	$	3,761,000	$	6,730,000	$	503,000	$	61,000		$	11,055,000	$	-	$	(121,000	)	$	10,934,000
21026-21040 Nordhoff Street, 9035 Independence Avenue, & 21019, 21021, 21025, 21029, 21045-21051 Osborne Street	7/23/2014	$	7,229,000	$	9,058,000	$	650,000	$	(137,000	)	$	16,800,000	$	1,000	$	(164,000	)	$	16,637,000
24935 & 24955 Avenue Kearny	7/25/2014	$	4,773,000	$	5,970,000	$	767,000	$	-		$	11,510,000	$	-	$	(95,000	)	$	11,415,000
605 8th St.⁽⁸⁾	8/26/2014	$	2,393,000	$	2,742,000	$	-	$	-		$	5,135,000	$	-	$	(88,000	)	$	5,047,000
9120 Mason Avenue & 20355 Corisco Street	9/12/2014	$	9,224,000	$	19,346,000	$	1,620,000	$	310,000		$	30,500,000	$	-	$	(348,000	)	$	30,152,000
Total		$	109,206,000	$	136,151,000	$	14,634,000	$	1,418,000		$	261,409,000	$	1,322,000	$	(14,259,000	)	$	248,472,000


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
		$	3,887,000	$	9,365,000	$	762,000	$	11,000		$	14,025,000	$	23,000	$	(124,000	)	$	13,924,000


2013 Predecessor Acquisitions:
18118-18120 S. Broadway	4/4/2013	$	3,013,000	$	2,161,000	$	274,000	$	-		$	5,448,000	$	16,000	$	(57,000	)	$	5,407,000
8900-8980 Benson Ave., 5637 Arrow Highway	4/9/2013	$	1,817,000	$	4,590,000	$	552,000	$	191,000		$	7,150,000	$	20,000	$	(104,000	)	$	7,066,000
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	4/17/2013	$	26,423,000	$	25,795,000	$	2,568,000	$	1,414,000		$	56,200,000	$	168,000	$	(500,000	)	$	55,868,000
1661 240th St.	5/31/2013	$	3,464,000	$	1,498,000	$	38,000	$	-		$	5,000,000	$	8,000	$	(17,000	)	$	4,991,000
		$	34,717,000	$	34,044,000	$	3,432,000	$	1,605,000		$	73,798,000	$	212,000	$	(678,000	)	$	73,332,000

(1)	The weighted average amortization period of acquired in-place lease intangibles for our 2014 acquisitions was 3.4 years as of September 30, 2014.

(2)	The weighted average amortization period of net above (below) market leases for our 2014 acquisitions was 3.5 years as of September 30, 2014.

(3)	As the purchase of 7110 Rosecrans Avenue was accounted for as an asset acquisition, the total purchase price allocation includes $42,000 of capitalized acquisition costs.

(4)

As part of the acquisition of 1500-1510 West 228^th Street, we recorded a contingent liability in the amount of $1.2 million, related to the estimated cost to remediate potential environmental liabilities that existed at the acquisition date. Additionally, we recorded an indemnification asset for the same amount as the seller has placed $1.3 million into an escrow account to be used by us toward the payment of these remediation costs. See Note 11.

(5)	In connection with the acquisition of 2980 and 2990 N. San Fernando Blvd. acquisition, we assumed debt with an outstanding principal balance of $10.3 million and an initial fair value premium of $308,000.

(6)

As the purchase of 2610 and 2701 S. Birch Street was accounted for as an asset acquisition, the total purchase price allocation includes $121,000 of capitalized acquisition costs. Additionally, as part of the purchase price allocation, $299,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the six-months of free rent provided to the seller as part of the acquisition.

(7)	The purchase price allocation for the acquisition of 3116 West Avenue 32 includes $54,000 in deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.

(8)	As part of the purchase price allocation of 605 8^th St., $60,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.

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

The following table summarizes the combined results from operations of our 2014 acquisitions since the acquisition date, included in the consolidated income statement for the following period:

	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Revenues	$	4,310,000	$	6,004,000
Net Income	$	161,000	$	420,000

The following table presents unaudited pro-forma financial information as if the closing of our 2014 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, and increased interest expense for borrowings associated with our 2014 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.

	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From January 1, 2013 to July 23, 2013
Revenues	$	18,717,000	$	12,695,000	$	3,972,000		$	55,420,000	$	12,695,000	$	33,732,000
Net operating income	$	13,264,000	$	8,788,000	$	2,904,000		$	38,995,000	$	8,788,000	$	23,979,000
Net income	$	549,000	$	115,000	$	(5,928,000	)	$	3,191,000	$	115,000	$	(6,671,000	)

Intangible Assets

9 Months Ended

Sep. 30, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Intangible Assets

4.	Intangible Assets

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

	September 30, 2014			December 31, 2013
Acquired Lease Intangible Assets:
In-place lease intangibles	$	30,475,000		$	16,112,000
Accumulated amortization		(10,391,000	)		(4,201,000	)
In-place lease intangibles, net		20,084,000			11,911,000

Above-market tenant leases		4,458,000			1,881,000
Accumulated amortization		(984,000	)		(284,000	)
Above-market tenant leases, net		3,474,000			1,597,000
Acquired lease intangible assets, net	$	23,558,000		$	13,508,000

Acquired Lease Intangible Liabilities:
Below-market tenant leases		(2,191,000	)		(1,055,000	)
Accumulated accretion		523,000			189,000
Below-market tenant leases, net		(1,668,000	)		(866,000	)

Above-market ground lease		(290,000	)		(290,000	)
Accumulated accretion		37,000			13,000
Above-market ground lease, net		(253,000	)		(277,000	)
Acquired lease intangible liabilities, net	$	(1,921,000	)	$	(1,143,000	)

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below:

	Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From January 1, 2013 to July 23, 2013
In-place lease intangibles⁽¹⁾	$	2,641,000		$	1,084,000		$	174,000		$	6,552,000		$	1,084,000		$	1,238,000
Above-market tenant leases⁽²⁾	$	340,000		$	152,000		$	49,000		$	700,000		$	152,000		$	258,000
Below-market tenant leases⁽³⁾	$	(182,000	)	$	(31,000	)	$	(5,000	)	$	(371,000	)	$	(31,000	)	$	(19,000	)
Above-market ground lease⁽⁴⁾	$	(8,000	)	$	-		$	-		$	(24,000	)	$	-		$	-

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

(2)	The amortization of above-market tenant leases is recorded as a decrease to rental revenues in the consolidated and combined statements of operations for the periods presented.

(3)	The accretion of below-market tenant leases is recorded as an increase to rental revenues in the consolidated and combined statements of operations for the periods presented.

(4)	The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated and combined statements of operations for the periods presented.

Notes Receivable

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

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. Our Predecessor 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. Our Predecessor recorded a $1.4 million gain on collection of notes receivable during the period from January 1, 2013 to July 23, 2013.

The following table summarizes the balance of our notes receivable:

	September 30, 2014			December 31, 2013
Face Amount	$	13,965,000		$	14,161,000
Unrecognized Accretable Yield		(827,000	)		(1,022,000	)
Note Receivable⁽¹⁾	$	13,138,000		$	13,139,000

(1)	This is a mortgage loan secured by 32401-32803 Calle Perfecto.

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.

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Notes Payable

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Notes Payable

6.	Notes Payable

The following table summarizes our notes payable:

	September 30, 2014			December 31, 2013			Contractual Maturity Date		Interest Rate
Fixed Rate Debt
RIF V - Jersey, LLC	$	5,058,000	⁽¹⁾	$	5,189,000	⁽¹⁾	1/1/2015			5.450	%	⁽²⁾
The Park		3,089,000	⁽³⁾		3,177,000	⁽³⁾	3/1/2031			5.125	%	⁽⁴⁾
2980 San Fernando		10,414,000	⁽⁵⁾		-		7/1/2015			5.088	%	⁽²⁾
Variable Rate Debt
RIF V - Glendale Commerce Center, LLC		42,750,000			42,750,000		5/1/2016	⁽⁶⁾	LIBOR + 2.00%
Term Loan ⁽⁷⁾		60,000,000			60,000,000		8/1/2019	⁽¹⁰⁾	LIBOR + 1.90%
Term Loan⁽⁸⁾		48,500,000			-		6/24/2017	⁽⁹⁾	LIBOR + 1.55%
$100M Term Loan Facility		100,000,000			-		6/11/2019		LIBOR + 1.35%
Unsecured Credit Facility
$200M Revolving Facility		-			81,375,000		6/11/2018	⁽¹⁰⁾	LIBOR + 1.40%			⁽¹¹⁾

Total	$	269,811,000		$	192,491,000

(1)	Includes unamortized debt premium of $12,000 at September 30, 2014 and $50,000 at December 31, 2013.

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

(3)	Includes unamortized debt discount of $115,000 at September 30, 2014 and $118,000 at December 31, 2013.

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

(5)	Includes unamortized debt premium of $215,000 at September 30, 2014.

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

(7)	Loan is secured by six properties.

(8)	Loan is secured by eight properties.

(9)	One additional two-year extension available at the borrower’s option.

(10)	One additional one-year extension available at the borrower’s option.

(11)	The facility additionally bears interest at 0.30% or 0.20% of the daily undrawn amount of the revolver, if the balance is under $100 million or over $100 million, respectively.

On May 30, 2014, in connection with the acquisition of the property located at 2980 San Fernando, we assumed a first mortgage loan that is secured by the property. The assumed mortgage had a principal balance of $10.3 million at the acquisition date and was recorded at fair value at the date of acquisition resulting in an initial debt premium of $308,000. The loan, which was put in place in 2005 by the seller, bears interest at a fixed rate of 5.088% with amortization over 30 years, and has a maturity date of July 1, 2015.

On June 24, 2014, we entered into a $48.5 million term loan which bears interest at LIBOR plus 1.55% that matures on June 24, 2017, with one additional two-year extension at our option. The loan proceeds were used to partially fund the acquisition of a portfolio of nine properties. The loan is secured by the first priority deed of trust on eight of these nine properties. Additionally, the loan includes a series of customary covenants that we must comply with, in addition to a performance covenant that is tested annually and requires the achievement of a minimum in-place debt yield of 9.25% by the properties securing the loan.

The following table summarizes the stated debt maturities and scheduled amortization payments, excluding debt discounts and premiums, as of September 30, 2014 and does not consider extension options available to us as noted above:

October 1, 2014 - December 31, 2014	$	110,000
2015		15,294,000
2016		42,885,000
2017		48,642,000
2018		150,000
Thereafter		162,618,000
Total⁽¹⁾	$	269,699,000

(1)	Includes gross principal balance of outstanding debt before impact of the $112,000 net debt premium.

Amended Facility

On June 11, 2014, we amended our existing revolving credit facility by entering into an Amended and Restated Credit Agreement (the “Amended Facility”). The Amended Facility, among other matters, adds a five-year $100.0 million term loan to the existing $200.0 million revolving credit facility.

The Amended Facility has an initial principal amount of $300.0 million comprised of a senior unsecured revolving credit facility (the “Revolver”) in an initial principal amount of $200.0 million, and a senior unsecured term loan facility (the “Term Loan Facility”) in the principal amount of $100.0 million. The maturity date of the Revolver was extended to June 11, 2018 (previously July 24, 2016), with one 12-month extension option available, subject to certain conditions, and the Term Loan Facility has a maturity date of June 11, 2019. The aggregate principal amount of the Amended Facility may be increased to a total of up to $600.0 million, which may be comprised of additional revolving commitments under the Revolver or an increase to the Term Loan Facility, or any combination of the foregoing, subject to the satisfaction of specified conditions and the identification of lenders willing to make available such additional amounts.

Interest on the Amended Facility is generally to be paid based upon, at our option, either (i) LIBOR plus the applicable LIBOR margin or (ii) the applicable base rate which is the greater of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate or (c) the thirty-day LIBOR plus 1.00%, plus the applicable base rate margin. Until we attain an investment grade rating, the applicable LIBOR margin will range from 1.30% to 1.90% (previously 1.35% to 2.05%), for the Revolver and 1.25% to 1.85% for the Term Loan Facility, depending on the our Leverage Ratio (as defined in the Amended Facility). The Amended Facility requires quarterly payments of an annual unused facility fee in an amount equal to 0.20% or 0.30% depending on the undrawn amount of the Revolver.

The Amended Facility is guaranteed by the Company and by substantially all of the current and future subsidiaries of the Operating Partnership that own an unencumbered property. The Amended Facility is not secured by the Company’s properties or by equity interests in the subsidiaries that hold such properties.

The Amended Facility includes a series of financial and other covenants that we must comply with in order to borrow under the Amended Facility, including:

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

·	Maintaining a ratio of secured debt to total asset value of not more than 45%;

·	Maintaining a ratio of total recourse debt to total asset value of not more than 15%;

·	Maintaining a minimum tangible net worth of at least the sum of (i) $283,622,250, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after March 31, 2014;

·	Maintaining a ratio of adjusted EBITDA to fixed charges of at least 1.50 to 1.0;

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

·	Maintaining a ratio of unencumbered NOI to unsecured interest expense of at least 1.75 to 1.0.

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

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

On August 22, 2014, we paid down the outstanding balance of $137.5 million on our Revolver, leaving $200.0 million available for additional borrowings as of September 30, 2014.

Operating Leases

9 Months Ended

Sep. 30, 2014

Leases Operating [Abstract]

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 September 30, 2014 is summarized as follows:

Twelve months ending September 30:
2015	$	57,703,000
2016		45,147,000
2017		30,232,000
2018		20,722,000
2019		15,429,000
Thereafter		25,722,000
Total	$	194,955,000

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

9 Months Ended

Sep. 30, 2014

Interest Rate Contracts

8.	Interest Rate Contracts

Risk Management Objective of Using Derivatives

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

Derivative Instruments

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not use derivatives for trading or speculative purposes.

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. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative that is designated and that qualifies as a cash flow hedge, the effective portion of the change in fair value of the derivative is initially recorded in accumulated other comprehensive income (“AOCI”). Amounts recorded in AOCI are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of a derivative’s change in fair value is immediately recognized in earnings.

On February 4, 2014, we executed two forward-starting interest rate swap transactions to hedge the variable cash flows associated with our existing $60.0 million variable-rate term loan. Each of the two swaps has a notional value of $30.0 million, which will be in effect beginning in 2015. We are required to make certain monthly fixed rate payments calculated on notional amounts of $30.0 million for each of the swaps, while the applicable counterparty is obligated to make certain monthly floating rate payments based on LIBOR to us referencing the same notional amount. The first forward swap will effectively fix the annual interest rate payable on $30.0 million of debt at 3.726% for the period from January 15, 2015 to February 15, 2019. The second forward swap will effectively fix the annual interest rate payable on the other $30.0 million of debt at 3.91% for the period from July 15, 2015 to February 15, 2019.

On August 19, 2014, we executed two forward-starting interest rate swap transactions to hedge the variable cash flows associated with our $100.0 million Term Loan Facility. Each of the two swaps has a notional value of $50.0 million. The first swap has an effective date of August 14, 2015 and a maturity date of December 14, 2018. The second swap has an effective date of February 16, 2016 and a maturity date of December 14, 2018. We are required to make certain monthly fixed rate payments calculated on notional amounts of $50.0 million for each of the swaps, while the applicable counterparty is obligated to make certain monthly floating rate payments based on LIBOR to us referencing the same notional amount. The interest rate swaps will effectively fix the annual interest rate payable on our Term Loan Facility at 1.79% for the first swap and 2.005% for the second swap, plus an applicable margin under the terms of the Amended Facility.

Prior to our IPO, our predecessor was party to an interest rate swap that was not designated as a hedge, and as such, the changes in its fair value were recognized in earnings. This interest rate swap reached its natural termination on March 15, 2013. As of September 30, 2014 and December 31, 2013, we do not have any derivatives that are not designated as hedges.

The following table presents a summary of our derivative instruments designated as hedging instruments. We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.

						Fair Value				Notional Amount in Effect as of
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate			September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Assets:
Interest Rate Swap⁽¹⁾	8/14/2015	12/14/2018		1.790	%	$	209,000	$	-	$	-	$	-
Interest Rate Swap⁽¹⁾	2/16/2016	12/14/2018		2.005	%	$	187,000	$	-	$	-	$	-
Liabilities:
Interest Rate Swap⁽²⁾	1/15/2015	2/15/2019		1.826	%	$	132,000	$	-	$	-	$	-
Interest Rate Swap⁽²⁾	7/15/2015	2/15/2019		2.010	%	$	97,000	$	-	$	-	$	-

(1)	The fair value of this interest rate swap is included in the line item “Other assets” on the accompanying consolidated balance sheets.

(2)	The fair value of this interest rate swap is included in the line item “Accounts payable, accrued expenses and other liabilities” on the accompanying consolidated balance sheets.

The following table presents the impact of our derivative instruments on our consolidated and combined statement of operations for the periods presented:

.	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor		Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From July 1, 2013 to July 23, 2013		Nine Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From January 1, 2013 to July 23, 2013
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain recognized in AOCI on derivatives (effective portion)	$	626,000	$	-	$	-	$	167,000	$	-	$	-
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)		-		-		-		-		-		-
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)		-		-		-		-		-		-

Interest Rate Swaps Not in Cash Flow Hedging Relationships:
Amount of realized and unrealized gain recognized in earnings under "Gain on mark-to-market of interest rate swaps"		-		-		-		-		-		49,000

Amounts reported in AOCI related to derivatives will be reclassified to interest expense as interest payments and accruals are made on our variable-rate debt. During the next twelve months, we estimate that an additional $504,000 will be reclassified as an increase to interest expense.

Credit-risk-related Contingent Features

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

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

As of September 30, 2014, the fair value of derivatives in a net liability position, which excludes any adjustment for nonperformance risk, related to these agreements was $245,000. As of September 30, 2014, we have not posted any collateral related to these agreements.

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Fair Value Measurements

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

9.	Fair Value Measurements

We have adopted FASB Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosure (ASC 820). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

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

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

Recurring Measurements – Interest Rate Swaps

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

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

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, as of September 30, 2014, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below sets forth the estimated fair value of our interest rate swaps as of September 30, 2014, which we measure on a recurring basis by level within the fair value hierarchy. There were no assets or liabilities that we measure at fair value on a recurring basis as of December 31, 2013.

	Fair Value Measurement Using
At September 30, 2014	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)
Interest Rate Swap Assets	$	396,000		$	-	$	396,000		$	-
Interest Rate Swap Liabilities	$	(229,000	)	$	-	$	(229,000	)	$	-

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. Additionally, we believe the carrying value of notes receivable approximates fair value.

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 table below sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2014 and December 31, 2013:

	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value

Notes Payable at:
September 30, 2014	$	269,754,000	$	-	$	-	$	269,754,000	$	269,811,000
December 31, 2013	$	192,492,000	$	-	$	-	$	192,492,000	$	192,491,000

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

9 Months Ended

Sep. 30, 2014

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 $46,000 for the three months ended September 30, 2014, $30,000 for the period from July 24, 2013 to September 30, 2013, $8,000 for the period from July 1, 2013 to July 23, 2013, $162,000 for the nine months ended September 30, 2014 and $87,000 for the period from January 1, 2013 to July 23, 2013, in management, leasing and development services revenue.

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 Disclosure [Abstract]

Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies

11.	Commitments and Contingencies

Legal

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

On October 3, 2013, two 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, a First Amended Complaint was filed adding an additional individual pre-IPO investor and putative class claims on behalf of investors in RIF IV. This complaint also alleged that the communication of the proposed accommodation (in which Messrs. Schwimmer, Frankel and Ziman, together with certain other pre-IPO owners of the pre-IPO management companies agreed to return up to $32.1 million that they received in connection with our IPO and formation transactions) was materially misleading by not including disclosures regarding the lawsuit and claims asserted by plaintiffs. On July 15, 2014, a Second Amended Complaint was filed withdrawing the class action allegations and the allegations concerning communication of the accommodation, and adding four additional plaintiff investors. During the third quarter of 2014, the Company entered into settlement agreements with three of these four additional plaintiffs. The aggregate amounts paid by the Company in these settlements was not material. Plaintiffs assert claims against the Company, RIF III, RIF IV, RILLC and Messrs. Schwimmer, Frankel and Ziman 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 Company’s 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 pre-IPO management companies were allocated unfair value in the formation transactions and that the disclosure documents related to the formation transactions were materially misleading. Plaintiffs also request to inspect the books and records of RIF III and RIF IV, which entities no longer exist, and further seek 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. Defendants have answered the Second Amended Complaint denying all allegations and asserting affirmative defenses. While we believe that the action is without merit and intend to defend the litigation vigorously, we expect to incur costs associated with defending the action. At this early stage of the litigation, the ultimate outcome of the 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 condition.

Environmental

We generally will perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimable, we record a liability.

On February 25, 2014, we acquired the property located at West 228th Street. Before purchasing the property, during the due diligence phase, we engaged with a third party environmental consultant to perform various environmental site assessments to determine the presence of any environmental contaminants that might warrant remediation efforts. Based on their investigation, they determined that hazardous substances existed at the property and that additional assessment and remediation work would likely be required to satisfy regulatory requirements. The total remediation costs were estimated to be $1.3 million.

To address the estimated costs associated with the environmental issues at the West 228^th Street property, we entered into an Environmental Holdback Escrow Agreement (the “Holdback Agreement”) with the seller, whereby $1.3 million of the purchase price, which would have otherwise been paid to the seller, was to be placed into an escrow account to be used to pay remediation costs. In addition, we have also funded $100,000 into the escrow account. According to the Holdback Agreement, the seller has no liability or responsibility to pay for remediation costs in excess of $1.3 million.

As part of the purchase price allocation, we have recorded a contingent liability in the amount of $1.2 million in the line item Accounts payable, accrued expenses and other liabilities on the balance sheet, related to the estimated cost to remediate potential environmental liabilities that existed prior to the acquisition date. Based on the Holdback Agreement, we have recorded a corresponding $1.2 million indemnification asset in the line item Other assets on the balance sheet. We expect that resolution of the environmental matters relating to the above will not have a material impact on our consolidated financial condition, results of operations or cash flows.

Rent Expense

As of September 30, 2014, 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 September 30, 2014 is as follows:

	Office Lease		Ground Rent
October 1, 2014 - December 31, 2014	$	100,000	$	36,000
2015		434,000		144,000
2016		520,000		144,000
2017		542,000		144,000
2018		559,000		144,000
Thereafter		337,000		6,252,000
Total	$	2,492,000	$	6,864,000

Tenant Related

As of September 30, 2014, we had commitments of $1.0 million for tenant improvement and construction work under the terms of leases with certain of our tenants.

Investment in Unconsolidated Real Estate

9 Months Ended

Sep. 30, 2014

Schedule Of Investments [Abstract]

Investment in Unconsolidated Real Estate

12.	Investment in Unconsolidated Real Estate

We currently manage and hold a 15% equity interest in a joint venture (“the JV”) that indirectly owns three properties located at 3001-3233 Mission Oaks Boulevard in Ventura County. We account for this investment 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 carrying value of our JV investment includes a gross $2.8 million basis adjustment resulting from the contribution of our equity interest as part of the formation transactions that occurred on July 24, 2013. The basis adjustment is being amortized over the estimated useful life of the underlying assets.

Our Predecessor owned a 70% interest in a property located at 10439-10477 Roselle Street. This was a tenancy-in-common interest in which control was shared equally with the other 30% tenant-in-common partner. As part of the formation transactions, on July 24, 2013, we acquired the 30% interest not previously owned by us in exchange for 2,828 common units in our Operating Partnership. Before this transaction, this investment was accounted for under the equity method of accounting.

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:

	September 30, 2014			December 31, 2013
Assets	$	63,054,000		$	61,422,000
Liabilities		(42,834,000	)		(42,475,000	)
Partners'/members' equity	$	20,220,000		$	18,947,000

	Three Months Ended September 30, 2014⁽¹⁾			Period From July 24, 2013 to September 30, 2013⁽¹⁾			Period From July 1, 2013 to July 23, 2013⁽²⁾			Nine Months Ended September 30, 2014⁽¹⁾			Period From July 24, 2013 to September 30, 2013⁽¹⁾			Period From January 1, 2013 to July 23, 2013⁽²⁾
Revenues	$	2,123,000		$	5,946,000		$	2,270,000		$	5,856,000		$	5,946,000		$	6,516,000
Expenses		(1,920,000	)		(5,001,000	)		(1,928,000	)		(5,283,000	)		(5,001,000	)		(7,296,000	)
Net income (loss)	$	203,000		$	945,000		$	342,000		$	573,000		$	945,000		$	(780,000	)

(1)Includes summarized financial information for our equity method investment property located at 3001-3233 Mission Oaks Boulevard.

(2)Includes summarized financial information for properties located at 3001-3233 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 $103,000 for the three months ended September 30, 2014, $86,000 for the period from July 24, 2013 to September 30, 2013, $24,000 for the period from July 1, 2013 to July 23, 2013, $291,000 for the nine months ended September 30,2014, and $218,000 for the period from January 1, 2013 to July 23, 2013.

We recognized management, leasing and development revenue of $97,000 for the three months ended September 30, 2014, $222,000 for the period from July 24, 2013 to September 30, 2013, $0 for the period from July 1, 2013 to July 23, 2013, $366,000 for the nine months ended September 30, 2014, and $207,000 for the period from January 1, 2013 to July 23, 2013, which has been recorded in management, leasing and development services.

Discontinued Operations and Properties Held for Sale

9 Months Ended

Sep. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations and Properties Held for Sale

13.	Discontinued Operations And Properties Held For Sale

Dispositions

The table below summarizes the properties sold during the nine months ended September 30, 2014 and 2013. The results of operations and the gain or loss on sale of the property are reported under Discontinued Operations in the Consolidated and Combined Statements of Operations.

Address	Location	Date of Disposition	Rentable Square Feet		Sales Price		Debt Satisfied ⁽¹⁾		Gain (Loss) Recorded
2014 Dispositions:
1335 Park Center Drive	Vista, CA	1/29/2014		124,997	$	10,103,000	$	-	$	2,262,000
2900 N. Madera Road	Simi Valley, CA	3/13/2014		63,305	$	4,350,000	$	-	$	(137,000	)

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

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

On August 29, 2014, we sold our property located at 500-560 Zenith Drive (37,992 square feet) for $1,822,000 and recognized a loss on sale of $150,000. The results of operations and loss on sale for the property sold during the period are reported as part of Net Income (Loss) from Continuing Operations in the Consolidated and Combined Statements of Operations.

Discontinued Operations

Income from discontinued operations includes the results of operations (prior to disposition) and the gain on sale of real estate attributable to the seven properties in the table above. Their consolidated results of operations for the three and nine months ended September 30, 2014, and the period from July 24, 2013 to September 30, 2013, and combined results of operations for the period from July 1, 2013 to July 23, 2013, and the period from January 1, 2013 to July 23, 2013, are summarized in the table below.

	Rexford Industrial Realty, Inc.					Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013			Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From January 1, 2013 to July 23, 2013
Revenues	$	-	$	193,000		$	87,000		$	85,000		$	193,000		$	604,000
Operating expenses		-		(36,000	)		(10,000	)		(57,000	)		(36,000	)		(312,000	)
Interest expense		-		-			(37,000	)		-			-			(325,000	)
Depreciation and amortization expense		-		(37,000	)		(14,000	)		(7,000	)		(37,000	)		(776,000	)
Loss on extinguishment of debt		-		-			(17,000	)		-			-			(267,000	)
Gain on sale of real estate		-		-			-			2,125,000			-			4,989,000
Income from discontinued operations	$	-	$	120,000		$	9,000		$	2,146,000		$	120,000		$	3,913,000

Properties Held for Sale

As of September 30, 2014, we did not have any properties classified as held for sale. Our properties located at 1335 Park Center Drive, 2900 N. Madera Road and 500-560 Zenith Drive were sold during 2014 and classified as held for sale at December 31, 2013.

The major classes of assets and liabilities associated with real estate classified as held for sale are summarized in the table below:

	December 31, 2013
Investment in real estate, net	$	12,861,000
Other		1,091,000
Assets associated with real estate held for sale	$	13,952,000

Mortgage loan	$	-
Accounts payable and other liabilities		596,000
Liabilities associated with real estate held for sale	$	596,000

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, 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 segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1436-107760

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1510-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e957-107759

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1020-107759

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6892542&loc=d3e1012-107759

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 45
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=8077374&loc=d3e2443-110228

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2941-110230

Equity

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

Equity

14.

Equity

Common Stock

On August 19, 2014, we completed a public follow-on offering of 17,250,000 shares of our common stock at a price of $13.50 per share. The net proceeds of the follow-on offering were approximately $221.8 million, after deducting the underwriting discount and offering costs of approximately $11.1 million. On August 19, 2014, we contributed the net proceeds of the offering to our Operating Partnership in exchange for 17,250,000 common units of partnership interests in the Operating Partnership (“OP Units”).

Noncontrolling Interests

Noncontrolling interests in our Operating Partnership relate to interests in the partnership that are not owned by us. Noncontrolling interests consisted of 2,646,027 OP Units and represented approximately 5.8% of our Operating Partnership as of September 30, 2014. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis.

During the three and nine months ended September 30, 2014, 363,232 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $4.1 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders equity.

2013 Incentive Award Plan

In July 2013, we established the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), pursuant to which we may make grants of stock options, restricted stock, long term incentive plan units in our Operating Partnership and other stock based and cash awards to our non-employee directors, employees and consultants. The maximum number of shares of our common stock that may be issued or transferred pursuant to the Plan is 2,272,689 shares (of which 2,040,528 shares of common stock remain available for issuance as of September 30, 2014).

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 generally expire upon vesting. Shares of our restricted common stock have full voting rights and rights to dividends. During the three and nine months ended September 30, 2014 and the period from July 24, 2013 to September 30, 2013, we recognized net equity compensation expense of $340,000, $791,000 and $382,000, respectively, related to the restricted common stock grants ultimately expected to vest. Equity compensation expense is included in general and administrative and 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 three and nine months ended September 30, 2014, and the period from July 24, 2013 to September 30, 2013, we capitalized $36,000, $106,000 and $14,000 respectively, related to these employees.

The following is a table summarizing our unvested restricted stock activity for the three months ended September 30, 2014:

	Number of Unvested Shares of Restricted Common Stock
Balance at January 1, 2014		140,468
Granted		121,357
Forfeited		(29,664)
Vested⁽¹⁾		(34,020)
Balance at September 30, 2014		198,141

(1)

6,928 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum tax withholding requirements related to the shares of restricted common stock that have vested. We accept the return of shares at the current quoted closing share price of the Company's common stock on the NYSE to satisfy tax obligations.

The following is a vesting schedule of the total unvested shares of restricted stock outstanding as of September 30, 2014:

	Shares
October 1, 2014 - December 31, 2014		-
2015		72,640
2016		56,542
2017		53,713
2018		15,246
		198,141

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. We have estimated a forfeiture rate of 5.3% for unvested restricted stock as of September 30, 2014. As of September 30, 2014, there was $1.8 million of total unrecognized compensation expense related to the unvested shares of our restricted common stock assuming the forfeiture rate noted above, of which $0.2 million will be capitalized for employees who provide leasing and construction services. As of September 30, 2014, this expense is expected to be recognized over a weighted average remaining period of 23 months.

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our Accumulated Other Comprehensive Income balance for the nine months ended September 30, 2014, which consists solely of adjustments related to our cash flow hedges:

	Accumulated Other Comprehensive Income
Balance at January 1, 2014	$	-
Other comprehensive income before reclassifications		167,000
Amounts reclassified from accumulated other comprehensive income to interest expense		-
Net current period other comprehensive income		167,000
Less other comprehensive income attributable to noncontrolling interests		(9,000	)
Other comprehensive income attributable to common stockholders		158,000
Balance at September 30, 2014	$	158,000

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)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74512-122707

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.29-31)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB TOPIC 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

15.	Earnings Per Share

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

	Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Period from July 24, 2013 to September 30, 2013
Numerator:
Net income (loss) from continuing operations	$	(679,000	)	$	(1,315,000	)	$	175,000
Net (income) loss from continuing operations attributable to noncontrolling interests		80,000			127,000			(23,000	)
Income from continuing operations attributable to participating securities		(24,000	)		(64,000	)		(5,000	)
Income (loss) from continuing operations attributable to Rexford Industrial Realty, Inc.	$	(623,000	)	$	(1,252,000	)	$	147,000
Income from discontinued operations	$	-		$	2,146,000		$	120,000
Income from discontinued operations attributable to noncontrolling interests		-			(207,000	)		(16,000	)
Income from discontinued operations attributable to participating securities		-			-			(4,000	)
Income from discontinued operations attributable to Rexford Industrial Realty, Inc.	$	-		$	1,939,000		$	100,000
Net income (loss) attributable to Rexford Industrial Realty, Inc. and participating securities	$	(599,000	)	$	751,000		$	256,000
Net income attributable to participating securities		(24,000	)		(64,000	)		(9,000	)
Net income (loss) attributable to Rexford Industrial Realty, Inc.	$	(623,000	)	$	687,000		$	247,000
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		33,527,183			28,151,818			24,574,432
Earnings per share - Basic and Diluted:
Net income (loss) from continuing operations available to common stockholders	$	(0.02	)	$	(0.04	)	$	0.01
Net income from discontinued operations available to common stockholders	$	-		$	0.07		$	-
Net income (loss) available to common stockholders	$	(0.02	)	$	0.02		$	0.01

Participating securities include 198,141 and 920,734 shares of unvested restricted stock outstanding at September 30, 2014 and 2013, respectively, which participate in non-forfeitable dividends of the Company. As participating security holders are not obligated to share in losses of the Company, participating securities have been allocated earnings, in proportion to total weighted average shares outstanding, based upon the greater of net income or common dividends declared.

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 outstanding – diluted, as its inclusion would have been antidilutive. As such, the number of weighted average shares of common stock outstanding, both basic and diluted, are the same for the three and nine months ended September 30, 2014 and for the period from July 24, 2013 to September 30, 2013.

Predecessor Equity

9 Months Ended

Sep. 30, 2014

Equity [Line Items]

Equity

14.

Equity

Common Stock

Noncontrolling Interests

2013 Incentive Award Plan

The following is a table summarizing our unvested restricted stock activity for the three months ended September 30, 2014:

	Number of Unvested Shares of Restricted Common Stock
Balance at January 1, 2014		140,468
Granted		121,357
Forfeited		(29,664)
Vested⁽¹⁾		(34,020)
Balance at September 30, 2014		198,141

(1)

The following is a vesting schedule of the total unvested shares of restricted stock outstanding as of September 30, 2014:

	Shares
October 1, 2014 - December 31, 2014		-
2015		72,640
2016		56,542
2017		53,713
2018		15,246
		198,141

Changes in Accumulated Other Comprehensive Income

	Accumulated Other Comprehensive Income
Balance at January 1, 2014	$	-
Other comprehensive income before reclassifications		167,000
Amounts reclassified from accumulated other comprehensive income to interest expense		-
Net current period other comprehensive income		167,000
Less other comprehensive income attributable to noncontrolling interests		(9,000	)
Other comprehensive income attributable to common stockholders		158,000
Balance at September 30, 2014	$	158,000

Equity [Line Items]

Equity

16.	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 during the period from January 1, 2013 to July 23, 2013.

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.

Our Predecessor expensed $899,000 and $985,000 during the period from July 1, 2013 to July 23, 2013 and the period from January 1, 2013 to July 23, 2013, respectively, related to these equity awards.

Investments All Other Investments [Abstract]

Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events

17.	Subsequent Events

On October 1, 2014, we repaid the $5.0 million outstanding balance on our loan secured by the property located at 10700 Jersey Boulevard. We repaid the balance using available cash on hand and did not incur any prepayment penalties for repaying in advance of the maturity date of January 1, 2015.

On October 23, 2014, 59,282 shares of restricted common stock were granted to each of our named executive officers (Messrs. Frankel and Schwimmer). These shares will vest 25%, 25% and 50% on each of the first, second and third anniversaries of the date of grant.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2014
Accounting Policies [Abstract]
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 On April 14, 2014, the FASB issued ASU 2014-08: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). Under ASU 2014-08, only disposals that represent a strategic shift that has (or will have) a major effect on the entity’s results and operations would qualify as discontinued operations. ASU 2014-08 further expands the disclosure requirements for disposals that meet the definition of a discontinued operation, and requires entities to disclose information about disposals of individually significant components. ASU 2014-08 will be applied prospectively and is effective for annual periods and interim periods within those years, beginning after December 15, 2014 with early adoption permitted. We elected to adopt ASU 2014-08 early, beginning in the fiscal quarter ended September 30, 2014. The adoption of ASU 2014-08 will likely result in fewer property sales being classified as discontinued operations. For assets held for sale or sold prior to the adoption of ASU 2014-08, 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 addition, all amounts for all prior periods presented are reclassified from continuing operations to discontinued operations. 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. See Note 13.
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 balance sheets, which includes the reclassification of the assets and liabilities for all comparative periods. In addition, 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. See Note 13.
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, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use, 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 also consider Level 3 inputs. 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 value associated with leasing commissions, legal and other costs, as well as the estimated period necessary to lease such property, that would be incurred to lease the property to its occupancy level at the time of its acquisition. Acquisition costs associated with the business combination are expensed in the period they are incurred. 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. 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. 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 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 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 September 30, 2014 and December 31, 2013, our investment in real estate has been recorded net of a cumulative impairment of $18.6 million as of the end of both periods.
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 as part of our formation transactions. The asset has an indefinite life, and, accordingly, is not amortized.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our 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 three and nine months ended September 30, 2014 and for the period from July 24, 2013 through September 30, 2013. Each of RIF I, RIF II, RIF III and RIF IV are limited liability companies but have elected to be taxed as a partnership for tax purposes. As such, the allocated share of net income or loss from the limited liability companies is reportable in the income tax returns of the respective partners and investors. Accordingly, no income tax provision is included in the accompanying combined financial statements. RIF V REIT has elected to be taxed as a REIT under the Code, commencing with its tax period ended December 31, 2010. We believe that RIF V REIT met all of the REIT distribution and technical requirements for the period from July 1, 2013 to July 23, 2013 and the period from January 1, 2013 to July 23, 2013, and accordingly, has not recognized any provision for income taxes. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of September 30, 2014 and December 31, 2013, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities FASB ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 8.
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 13 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 $0.9 million and $0.5 million reserve for allowance for doubtful accounts as of September 30, 2014 and December 31, 2013, 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 14.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, shares of unrestricted stock that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average shares of common stock outstanding for the period. Diluted EPS is computed using the weighted average shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities, including the dilutive effect of unvested restricted common stock using the treasury stock method. See Note 15.
Segment Reporting	Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
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. We consider the applicability and impact of all ASUs. On May 28, 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 establishes principles for reporting the nature, amount, timing and uncertainty of revenues and cash flows arising from an entity's contracts with customers. The core principle of the new standard is that an entity recognizes revenue to represent the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This standard is effective for us in the first quarter of 2017 and will replace most existing revenue recognition guidance within GAAP. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating ASU 2014-09 to determine its impact on our consolidated financial statements and related disclosures, as well as the transition method to apply the new standard.

Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

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
2014 Acquisitions
7110 Rosecrans Avenue⁽³⁾	1/15/2014	$	3,117,000	$	1,894,000	$	-	$	-		$	5,011,000	$	-	$	(321,000	)	$	4,690,000
14723-14825 Oxnard Street	1/22/2014	$	4,458,000	$	3,948,000	$	490,000	$	(21,000	)	$	8,875,000	$	-	$	(117,000	)	$	8,758,000
845, 855, & 865 Milliken Avenue and 4317 & 4319 Santa Ana Street	2/12/2014	$	2,260,000	$	6,043,000	$	431,000	$	(184,000	)	$	8,550,000	$	2,000	$	(116,000	)	$	8,436,000
1500-1510 West 228th Street⁽⁴⁾	2/25/2014	$	2,428,000	$	4,271,000	$	205,000	$	(304,000	)	$	6,600,000	$	1,180,000	$	(1,214,000	)	$	6,566,000
24105 & 24201 Frampton Avenue	3/20/2014	$	2,315,000	$	1,553,000	$	62,000	$	-		$	3,930,000	$	22,000	$	(64,000	)	$	3,888,000
1700 Saturn Way	4/17/2014	$	7,935,000	$	10,525,000	$	2,259,000	$	381,000		$	21,100,000	$	76,000	$	(73,000	)	$	21,103,000
20531 Crescent Bay Drive	5/30/2014	$	2,181,000	$	4,012,000	$	389,000	$	(102,000	)	$	6,480,000	$	4,000	$	(2,000	)	$	6,482,000
2980 & 2990 N. San Fernando Blvd.⁽⁵⁾	5/30/2014	$	6,373,000	$	7,356,000	$	1,276,000	$	728,000		$	15,733,000	$	-	$	(10,572,000	)	$	5,161,000
2610 & 2701 S. Birch Street⁽⁶⁾	6/5/2014	$	9,305,000	$	2,114,000	$	-	$	-		$	11,419,000	$	5,000	$	(299,000	)	$	11,125,000
4051 Santa Ana St. & 701 Dupont Ave.	6/24/2014	$	3,725,000	$	6,145,000	$	524,000	$	(194,000	)	$	10,200,000	$	1,000	$	(90,000	)	$	10,111,000
9755 Distribution Avenue	6/27/2014	$	1,863,000	$	3,211,000	$	451,000	$	(100,000	)	$	5,425,000	$	2,000	$	(97,000	)	$	5,330,000
9855 Distribution Avenue	6/27/2014	$	2,733,000	$	5,041,000	$	621,000	$	130,000		$	8,525,000	$	5,000	$	(39,000	)	$	8,491,000
9340 Cabot Drive	6/27/2014	$	4,311,000	$	6,126,000	$	538,000	$	-		$	10,975,000	$	2,000	$	(54,000	)	$	10,923,000
9404 Cabot Drive	6/27/2014	$	2,413,000	$	3,451,000	$	346,000	$	190,000		$	6,400,000	$	1,000	$	(6,000	)	$	6,395,000
9455 Cabot Drive	6/27/2014	$	4,423,000	$	6,799,000	$	851,000	$	27,000		$	12,100,000	$	1,000	$	(13,000	)	$	12,088,000
14955-14971 E. Salt Lake City	6/27/2014	$	5,126,000	$	5,009,000	$	800,000	$	(85,000	)	$	10,850,000	$	3,000	$	(119,000	)	$	10,734,000
5235 E. Hunter Avenue	6/27/2014	$	5,240,000	$	5,065,000	$	866,000	$	158,000		$	11,329,000	$	15,000	$	(76,000	)	$	11,268,000
3880 W. Valley Blvd.	6/27/2014	$	3,982,000	$	4,796,000	$	566,000	$	287,000		$	9,631,000	$	1,000	$	(119,000	)	$	9,513,000
1601 Alton Parkway	6/27/2014	$	7,638,000	$	4,946,000	$	419,000	$	273,000		$	13,276,000	$	1,000	$	(52,000	)	$	13,225,000
3116 West Avenue 32⁽⁷⁾	7/8/2014	$	3,761,000	$	6,730,000	$	503,000	$	61,000		$	11,055,000	$	-	$	(121,000	)	$	10,934,000
21026-21040 Nordhoff Street, 9035 Independence Avenue, & 21019, 21021, 21025, 21029, 21045-21051 Osborne Street	7/23/2014	$	7,229,000	$	9,058,000	$	650,000	$	(137,000	)	$	16,800,000	$	1,000	$	(164,000	)	$	16,637,000
24935 & 24955 Avenue Kearny	7/25/2014	$	4,773,000	$	5,970,000	$	767,000	$	-		$	11,510,000	$	-	$	(95,000	)	$	11,415,000
605 8th St.⁽⁸⁾	8/26/2014	$	2,393,000	$	2,742,000	$	-	$	-		$	5,135,000	$	-	$	(88,000	)	$	5,047,000
9120 Mason Avenue & 20355 Corisco Street	9/12/2014	$	9,224,000	$	19,346,000	$	1,620,000	$	310,000		$	30,500,000	$	-	$	(348,000	)	$	30,152,000
Total		$	109,206,000	$	136,151,000	$	14,634,000	$	1,418,000		$	261,409,000	$	1,322,000	$	(14,259,000	)	$	248,472,000


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
		$	3,887,000	$	9,365,000	$	762,000	$	11,000		$	14,025,000	$	23,000	$	(124,000	)	$	13,924,000


2013 Predecessor Acquisitions:
18118-18120 S. Broadway	4/4/2013	$	3,013,000	$	2,161,000	$	274,000	$	-		$	5,448,000	$	16,000	$	(57,000	)	$	5,407,000
8900-8980 Benson Ave., 5637 Arrow Highway	4/9/2013	$	1,817,000	$	4,590,000	$	552,000	$	191,000		$	7,150,000	$	20,000	$	(104,000	)	$	7,066,000
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	4/17/2013	$	26,423,000	$	25,795,000	$	2,568,000	$	1,414,000		$	56,200,000	$	168,000	$	(500,000	)	$	55,868,000
1661 240th St.	5/31/2013	$	3,464,000	$	1,498,000	$	38,000	$	-		$	5,000,000	$	8,000	$	(17,000	)	$	4,991,000
		$	34,717,000	$	34,044,000	$	3,432,000	$	1,605,000		$	73,798,000	$	212,000	$	(678,000	)	$	73,332,000

(1)	The weighted average amortization period of acquired in-place lease intangibles for our 2014 acquisitions was 3.4 years as of September 30, 2014.

(2)	The weighted average amortization period of net above (below) market leases for our 2014 acquisitions was 3.5 years as of September 30, 2014.

(3)	As the purchase of 7110 Rosecrans Avenue was accounted for as an asset acquisition, the total purchase price allocation includes $42,000 of capitalized acquisition costs.

(4)

(5)	In connection with the acquisition of 2980 and 2990 N. San Fernando Blvd. acquisition, we assumed debt with an outstanding principal balance of $10.3 million and an initial fair value premium of $308,000.

(6)

(7)	The purchase price allocation for the acquisition of 3116 West Avenue 32 includes $54,000 in deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.

Proforma Financial Information

The following table summarizes the combined results from operations of our 2014 acquisitions since the acquisition date, included in the consolidated income statement for the following period:

	Three Months Ended September 30, 2014		Nine Months Ended September 30, 2014
Revenues	$	4,310,000	$	6,004,000
Net Income	$	161,000	$	420,000

	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From January 1, 2013 to July 23, 2013
Revenues	$	18,717,000	$	12,695,000	$	3,972,000		$	55,420,000	$	12,695,000	$	33,732,000
Net operating income	$	13,264,000	$	8,788,000	$	2,904,000		$	38,995,000	$	8,788,000	$	23,979,000
Net income	$	549,000	$	115,000	$	(5,928,000	)	$	3,191,000	$	115,000	$	(6,671,000	)

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2014

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities

	September 30, 2014			December 31, 2013
Acquired Lease Intangible Assets:
In-place lease intangibles	$	30,475,000		$	16,112,000
Accumulated amortization		(10,391,000	)		(4,201,000	)
In-place lease intangibles, net		20,084,000			11,911,000

Above-market tenant leases		4,458,000			1,881,000
Accumulated amortization		(984,000	)		(284,000	)
Above-market tenant leases, net		3,474,000			1,597,000
Acquired lease intangible assets, net	$	23,558,000		$	13,508,000

Acquired Lease Intangible Liabilities:
Below-market tenant leases		(2,191,000	)		(1,055,000	)
Accumulated accretion		523,000			189,000
Below-market tenant leases, net		(1,668,000	)		(866,000	)

Above-market ground lease		(290,000	)		(290,000	)
Accumulated accretion		37,000			13,000
Above-market ground lease, net		(253,000	)		(277,000	)
Acquired lease intangible liabilities, net	$	(1,921,000	)	$	(1,143,000	)

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

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below:

	Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From January 1, 2013 to July 23, 2013
In-place lease intangibles⁽¹⁾	$	2,641,000		$	1,084,000		$	174,000		$	6,552,000		$	1,084,000		$	1,238,000
Above-market tenant leases⁽²⁾	$	340,000		$	152,000		$	49,000		$	700,000		$	152,000		$	258,000
Below-market tenant leases⁽³⁾	$	(182,000	)	$	(31,000	)	$	(5,000	)	$	(371,000	)	$	(31,000	)	$	(19,000	)
Above-market ground lease⁽⁴⁾	$	(8,000	)	$	-		$	-		$	(24,000	)	$	-		$	-

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

(2)	The amortization of above-market tenant leases is recorded as a decrease to rental revenues in the consolidated and combined statements of operations for the periods presented.

(3)	The accretion of below-market tenant leases is recorded as an increase to rental revenues in the consolidated and combined statements of operations for the periods presented.

(4)	The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated and combined statements of operations for the periods presented.

Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2014

Receivables [Abstract]

Summary of Notes Receivable

The following table summarizes the balance of our notes receivable:

	September 30, 2014			December 31, 2013
Face Amount	$	13,965,000		$	14,161,000
Unrecognized Accretable Yield		(827,000	)		(1,022,000	)
Note Receivable⁽¹⁾	$	13,138,000		$	13,139,000

(1)	This is a mortgage loan secured by 32401-32803 Calle Perfecto.

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

Summary of Notes Payable

The following table summarizes our notes payable:

	September 30, 2014			December 31, 2013			Contractual Maturity Date		Interest Rate
Fixed Rate Debt
RIF V - Jersey, LLC	$	5,058,000	⁽¹⁾	$	5,189,000	⁽¹⁾	1/1/2015			5.450	%	⁽²⁾
The Park		3,089,000	⁽³⁾		3,177,000	⁽³⁾	3/1/2031			5.125	%	⁽⁴⁾
2980 San Fernando		10,414,000	⁽⁵⁾		-		7/1/2015			5.088	%	⁽²⁾
Variable Rate Debt
RIF V - Glendale Commerce Center, LLC		42,750,000			42,750,000		5/1/2016	⁽⁶⁾	LIBOR + 2.00%
Term Loan ⁽⁷⁾		60,000,000			60,000,000		8/1/2019	⁽¹⁰⁾	LIBOR + 1.90%
Term Loan⁽⁸⁾		48,500,000			-		6/24/2017	⁽⁹⁾	LIBOR + 1.55%
$100M Term Loan Facility		100,000,000			-		6/11/2019		LIBOR + 1.35%
Unsecured Credit Facility
$200M Revolving Facility		-			81,375,000		6/11/2018	⁽¹⁰⁾	LIBOR + 1.40%			⁽¹¹⁾

Total	$	269,811,000		$	192,491,000

(1)	Includes unamortized debt premium of $12,000 at September 30, 2014 and $50,000 at December 31, 2013.

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

(3)	Includes unamortized debt discount of $115,000 at September 30, 2014 and $118,000 at December 31, 2013.

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

(5)	Includes unamortized debt premium of $215,000 at September 30, 2014.

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

(7)	Loan is secured by six properties.

(8)	Loan is secured by eight properties.

(9)	One additional two-year extension available at the borrower’s option.

(10)	One additional one-year extension available at the borrower’s option.

(11)	The facility additionally bears interest at 0.30% or 0.20% of the daily undrawn amount of the revolver, if the balance is under $100 million or over $100 million, respectively.

Summary of Aggregate Future Minimum Payments of Debt

October 1, 2014 - December 31, 2014	$	110,000
2015		15,294,000
2016		42,885,000
2017		48,642,000
2018		150,000
Thereafter		162,618,000
Total⁽¹⁾	$	269,699,000

(1)	Includes gross principal balance of outstanding debt before impact of the $112,000 net debt premium.

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2014

Leases Operating [Abstract]

Future Minimum Base Rent Under Noncancelable Operating Leases

Future minimum base rent under operating leases as of September 30, 2014 is summarized as follows:

Twelve months ending September 30:
2015	$	57,703,000
2016		45,147,000
2017		30,232,000
2018		20,722,000
2019		15,429,000
Thereafter		25,722,000
Total	$	194,955,000

Interest Rate Contracts (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

						Fair Value				Notional Amount in Effect as of
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate			September 30, 2014		December 31, 2013		September 30, 2014		December 31, 2013
Assets:
Interest Rate Swap⁽¹⁾	8/14/2015	12/14/2018		1.790	%	$	209,000	$	-	$	-	$	-
Interest Rate Swap⁽¹⁾	2/16/2016	12/14/2018		2.005	%	$	187,000	$	-	$	-	$	-
Liabilities:
Interest Rate Swap⁽²⁾	1/15/2015	2/15/2019		1.826	%	$	132,000	$	-	$	-	$	-
Interest Rate Swap⁽²⁾	7/15/2015	2/15/2019		2.010	%	$	97,000	$	-	$	-	$	-

(1)	The fair value of this interest rate swap is included in the line item “Other assets” on the accompanying consolidated balance sheets.

(2)	The fair value of this interest rate swap is included in the line item “Accounts payable, accrued expenses and other liabilities” on the accompanying consolidated balance sheets.

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

The following table presents the impact of our derivative instruments on our consolidated and combined statement of operations for the periods presented:

.	Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor		Rexford Industrial Realty, Inc.				Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From July 1, 2013 to July 23, 2013		Nine Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013		Period From January 1, 2013 to July 23, 2013
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain recognized in AOCI on derivatives (effective portion)	$	626,000	$	-	$	-	$	167,000	$	-	$	-
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)		-		-		-		-		-		-
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)		-		-		-		-		-		-

Interest Rate Swaps Not in Cash Flow Hedging Relationships:
Amount of realized and unrealized gain recognized in earnings under "Gain on mark-to-market of interest rate swaps"		-		-		-		-		-		49,000

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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959

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

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959

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

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

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2014

Fair Value Disclosures [Abstract]

	Fair Value Measurement Using
At September 30, 2014	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)
Interest Rate Swap Assets	$	396,000		$	-	$	396,000		$	-
Interest Rate Swap Liabilities	$	(229,000	)	$	-	$	(229,000	)	$	-

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of September 30, 2014 and December 31, 2013:

	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value

Notes Payable at:
September 30, 2014	$	269,754,000	$	-	$	-	$	269,754,000	$	269,811,000
December 31, 2013	$	192,492,000	$	-	$	-	$	192,492,000	$	192,491,000

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2014

Commitments And Contingencies Disclosure [Abstract]

Future Minimum Commitment Under Ground Lease and Corporate Office Lease

The future minimum commitment under our ground lease and corporate office lease as of September 30, 2014 is as follows:

	Office Lease		Ground Rent
October 1, 2014 - December 31, 2014	$	100,000	$	36,000
2015		434,000		144,000
2016		520,000		144,000
2017		542,000		144,000
2018		559,000		144,000
Thereafter		337,000		6,252,000
Total	$	2,492,000	$	6,864,000

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.

Summarized Information of Our Equity Method Investment Properties

Investment in Unconsolidated Real Estate (Tables)

9 Months Ended

Sep. 30, 2014

Schedule Of Investments [Abstract]

	September 30, 2014			December 31, 2013
Assets	$	63,054,000		$	61,422,000
Liabilities		(42,834,000	)		(42,475,000	)
Partners'/members' equity	$	20,220,000		$	18,947,000

	Three Months Ended September 30, 2014⁽¹⁾			Period From July 24, 2013 to September 30, 2013⁽¹⁾			Period From July 1, 2013 to July 23, 2013⁽²⁾			Nine Months Ended September 30, 2014⁽¹⁾			Period From July 24, 2013 to September 30, 2013⁽¹⁾			Period From January 1, 2013 to July 23, 2013⁽²⁾
Revenues	$	2,123,000		$	5,946,000		$	2,270,000		$	5,856,000		$	5,946,000		$	6,516,000
Expenses		(1,920,000	)		(5,001,000	)		(1,928,000	)		(5,283,000	)		(5,001,000	)		(7,296,000	)
Net income (loss)	$	203,000		$	945,000		$	342,000		$	573,000		$	945,000		$	(780,000	)

(1)Includes summarized financial information for our equity method investment property located at 3001-3233 Mission Oaks Boulevard.

(2)Includes summarized financial information for properties located at 3001-3233 Mission Oaks Boulevard and 10439-10477 Roselle St.

Discontinued Operations and Properties Held for Sale (Tables)

9 Months Ended

Sep. 30, 2014

Discontinued Operations And Disposal Groups [Abstract]

Summary of the Properties Sold

Dispositions

Address	Location	Date of Disposition	Rentable Square Feet		Sales Price		Debt Satisfied ⁽¹⁾		Gain (Loss) Recorded
2014 Dispositions:
1335 Park Center Drive	Vista, CA	1/29/2014		124,997	$	10,103,000	$	-	$	2,262,000
2900 N. Madera Road	Simi Valley, CA	3/13/2014		63,305	$	4,350,000	$	-	$	(137,000	)

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

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

Results of Operations

Discontinued Operations

	Rexford Industrial Realty, Inc.					Rexford Industrial Realty, Inc. Predecessor			Rexford Industrial Realty, Inc.						Rexford Industrial Realty, Inc. Predecessor
	Three Months Ended September 30, 2014		Period From July 24, 2013 to September 30, 2013			Period From July 1, 2013 to July 23, 2013			Nine Months Ended September 30, 2014			Period From July 24, 2013 to September 30, 2013			Period From January 1, 2013 to July 23, 2013
Revenues	$	-	$	193,000		$	87,000		$	85,000		$	193,000		$	604,000
Operating expenses		-		(36,000	)		(10,000	)		(57,000	)		(36,000	)		(312,000	)
Interest expense		-		-			(37,000	)		-			-			(325,000	)
Depreciation and amortization expense		-		(37,000	)		(14,000	)		(7,000	)		(37,000	)		(776,000	)
Loss on extinguishment of debt		-		-			(17,000	)		-			-			(267,000	)
Gain on sale of real estate		-		-			-			2,125,000			-			4,989,000
Income from discontinued operations	$	-	$	120,000		$	9,000		$	2,146,000		$	120,000		$	3,913,000

Major Class of Assets and Liabilities Associated with Real Estate Held for Sale

Properties Held for Sale

The major classes of assets and liabilities associated with real estate classified as held for sale are summarized in the table below:

	December 31, 2013
Investment in real estate, net	$	12,861,000
Other		1,091,000
Assets associated with real estate held for sale	$	13,952,000

Mortgage loan	$	-
Accounts payable and other liabilities		596,000
Liabilities associated with real estate held for sale	$	596,000

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.

Schedule of Unvested Restricted Stock Activity

Equity (Tables)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

The following is a table summarizing our unvested restricted stock activity for the three months ended September 30, 2014:

	Number of Unvested Shares of Restricted Common Stock
Balance at January 1, 2014		140,468
Granted		121,357
Forfeited		(29,664)
Vested⁽¹⁾		(34,020)
Balance at September 30, 2014		198,141

(1)

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following is a vesting schedule of the total unvested shares of restricted stock outstanding as of September 30, 2014:

	Shares
October 1, 2014 - December 31, 2014		-
2015		72,640
2016		56,542
2017		53,713
2018		15,246
		198,141

Summary of the Components of Changes in Accumulated Other Comprehensive Income

	Accumulated Other Comprehensive Income
Balance at January 1, 2014	$	-
Other comprehensive income before reclassifications		167,000
Amounts reclassified from accumulated other comprehensive income to interest expense		-
Net current period other comprehensive income		167,000
Less other comprehensive income attributable to noncontrolling interests		(9,000	)
Other comprehensive income attributable to common stockholders		158,000
Balance at September 30, 2014	$	158,000

Computation of Basic and Diluted Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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

	Three Months Ended September 30, 2014			Nine Months Ended September 30, 2014			Period from July 24, 2013 to September 30, 2013
Numerator:
Net income (loss) from continuing operations	$	(679,000	)	$	(1,315,000	)	$	175,000
Net (income) loss from continuing operations attributable to noncontrolling interests		80,000			127,000			(23,000	)
Income from continuing operations attributable to participating securities		(24,000	)		(64,000	)		(5,000	)
Income (loss) from continuing operations attributable to Rexford Industrial Realty, Inc.	$	(623,000	)	$	(1,252,000	)	$	147,000
Income from discontinued operations	$	-		$	2,146,000		$	120,000
Income from discontinued operations attributable to noncontrolling interests		-			(207,000	)		(16,000	)
Income from discontinued operations attributable to participating securities		-			-			(4,000	)
Income from discontinued operations attributable to Rexford Industrial Realty, Inc.	$	-		$	1,939,000		$	100,000
Net income (loss) attributable to Rexford Industrial Realty, Inc. and participating securities	$	(599,000	)	$	751,000		$	256,000
Net income attributable to participating securities		(24,000	)		(64,000	)		(9,000	)
Net income (loss) attributable to Rexford Industrial Realty, Inc.	$	(623,000	)	$	687,000		$	247,000
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		33,527,183			28,151,818			24,574,432
Earnings per share - Basic and Diluted:
Net income (loss) from continuing operations available to common stockholders	$	(0.02	)	$	(0.04	)	$	0.01
Net income from discontinued operations available to common stockholders	$	-		$	0.07		$	-
Net income (loss) available to common stockholders	$	(0.02	)	$	0.02		$	0.01

Organization - Additional Information (Detail) ft² in Millions	Sep. 30, 2014 ft² Property
Real Estate Properties [Line Items]
Number of real estate properties \| Property	86
Area of real estate property \| ft²	8.6
Number of real estate properties additionally managed \| Property	20
Area of real estate property additionally managed \| ft²	1.2
Maximum
Real Estate Properties [Line Items]
Ownership Interest	100.00%
Joint Venture
Real Estate Properties [Line Items]
Area of real estate property \| ft²	1.2
Interest percentage owned in joint venture of real estate properties	15.00%
Number of real estate properties owned in joint venture \| Property	3

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
Summary Of Significant Accounting Policies [Line Items]
Allocation period			1 year
Real estate investment cumulative impairment		$ 18,600,000	$ 18,600,000	$ 18,600,000
REIT annual taxable income distribution requirement percentage			90.00%
Income tax provision	$ 0	0	$ 0
Reserve for allowance for doubtful accounts		$ 900,000	$ 900,000	$ 500,000
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 - Acquisitions - Additional Information (Detail)
$ in Thousands

2 Months Ended

7 Months Ended

9 Months Ended

Sep. 12, 2014

USD ($)

ft²

Buildings

Aug. 26, 2014

USD ($)

ft²

Buildings

Jul. 25, 2014

USD ($)

ft²

Buildings

Jul. 23, 2014

USD ($)

ft²

Buildings

Jul. 08, 2014

USD ($)

ft²

Buildings

Jun. 27, 2014

USD ($)

ft²

Property

Jun. 24, 2014

USD ($)

ft²

Buildings

Jun. 05, 2014

USD ($)

ft²

Buildings

May 30, 2014

USD ($)

ft²

Buildings

Apr. 17, 2014

USD ($)

ft²

Buildings

Mar. 20, 2014

USD ($)

ft²

Buildings

Feb. 25, 2014

USD ($)

ft²

Buildings

Feb. 12, 2014

USD ($)

ft²

Buildings

Jan. 22, 2014

USD ($)

ft²

Buildings

Jan. 15, 2014

USD ($)

ft²

Buildings

Sep. 30, 2013

USD ($)

ft²

Property

Buildings

Jul. 23, 2013

USD ($)

ft²

Property

Buildings

Sep. 30, 2014

USD ($)

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

$ 8,550

$ 14,000

$ 14,025

$ 261,409

113,612

124,000

Assumption of loan in connection with acquisition of real estate

5.74

10,257

Number of properties acquired | Property

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

$ 73,798

Number of properties acquired | Property

741,000

Rosecrans Avenue

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

$ 4,969

5,011

^[1]

72,000

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

3.25

Oxnard Street

$ 8,875

$ 8,425

8,875

78,000

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

3.25

West 228th Street

$ 6,600

6,600

^[2]

88,330

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

3.9

Frampton Avenue

$ 3,930

3,930

47,903

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

2.07

Saturn Way

$ 21,100

21,100

170,865

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

9.25

N. San Fernado Blvd.

$ 15,425

15,733

^[3]

130,800

Assumption of loan in connection with acquisition of real estate

5.86

$ 10,300

10,300

Crescent Bay Drive

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

$ 6,480

6,480

46,178

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

2.47

S. Birch Street

$ 11,000

11,419

^[4]

98,105

Santa Ana Street and Dupont Avenue

7.9

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

$ 10,200

10,200

111,890

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

5.66

West Avenue

$ 11,000

11,055

^[5]

100,500

San Gabriel Valley, Orange County and San Diego Submarkets of California

2.62

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

$ 88,500

817,166

Number of properties acquired | Property

43.6

Term loan

$ 48,500

Chatsworth Industrial Park

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

$ 16,800

153,212

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

7.4

Avenue Keamey

$ 11,500

138,980

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

6.0

2980 San Fernando

$ 5,075

55,516

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

2.75

Mason Avenue

$ 30,500

319,348

11.82

[1]	As the purchase of 7110 Rosecrans Avenue was accounted for as an asset acquisition, the total purchase price allocation includes $42,000 of capitalized acquisition costs.
[2]	As part of the acquisition of 1500-1510 West 228th Street, we recorded a contingent liability in the amount of $1.2 million, related to the estimated cost to remediate potential environmental liabilities that existed at the acquisition date. Additionally, we recorded an indemnification asset for the same amount as the seller has placed $1.3 million into an escrow account to be used by us toward the payment of these remediation costs. See Note 11.
[3]	In connection with the acquisition of 2980 and 2990 N. San Fernando Blvd. acquisition, we assumed debt with an outstanding principal balance of $10.3 million and an initial fair value premium of $308,000.
[4]	As the purchase of 2610 and 2701 S. Birch Street was accounted for as an asset acquisition, the total purchase price allocation includes $121,000 of capitalized acquisition costs. Additionally, as part of the purchase price allocation, $299,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the six-months of free rent provided to the seller as part of the acquisition.
[5]	The purchase price allocation for the acquisition of 3116 West Avenue 32 includes $54,000 in deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.

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

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 12, 2014

Jul. 08, 2014

Jun. 24, 2014

Jun. 05, 2014

May 30, 2014

Apr. 17, 2014

Mar. 20, 2014

Feb. 25, 2014

Feb. 12, 2014

Jan. 22, 2014

Jan. 15, 2014

Sep. 30, 2013

Jul. 23, 2013

$ 109,206

$ 3,887

136,151

9,365

261,409

$ 8,550

$ 14,000

14,025

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

1,322

(14,259)

(124)

248,472

13,924

34,717

34,044

73,798

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

212

(678)

In-place Lease Intangibles

73,332

In-place Lease Intangibles | Predecessor

^[1]

14,634

762

Net Above (Below) Market Lease Intangibles

^[1]

3,432

Net Above (Below) Market Lease Intangibles | Predecessor

^[2]

$ 1,418

^[2]

1,605

Rosecrans Avenue

^[3]

Jan. 15, 2014

^[3]

$ 3,117

^[3]

1,894

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

5,011

^[3]

$ 4,969

^[3]

(321)

^[3]

$ 4,690

Oxnard Street

Aug. 07, 2013

Jan. 22, 2014

$ 4,458

2,498

3,948

5,493

8,875

$ 8,875

8,425

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

(117)

(69)

Oxnard Street | In-place Lease Intangibles

8,758

8,360

Oxnard Street | Net Above (Below) Market Lease Intangibles

^[1]

490

435

Milliken Avenue and Santa Ana Street

^[2]

$ (21)

(1)

Feb. 12, 2014

$ 2,260

6,043

8,550

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

(116)

Milliken Avenue and Santa Ana Street | In-place Lease Intangibles

8,436

Milliken Avenue and Santa Ana Street | Net Above (Below) Market Lease Intangibles

^[1]

431

^[2]

$ (184)

West 228th Street

^[4]

Feb. 25, 2014

^[4]

$ 2,428

^[4]

4,271

6,600

^[4]

$ 6,600

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

^[4]

1,180

^[4]

(1,214)

West 228th Street | In-place Lease Intangibles

^[4]

6,566

West 228th Street | Net Above (Below) Market Lease Intangibles

^[1],[4]

205

^[2],[4]

$ (304)

Frampton Avenue

Mar. 20, 2014

$ 2,315

1,553

3,930

$ 3,930

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

(64)

Frampton Avenue | In-place Lease Intangibles

3,888

^[1]

$ 62

Saturn Way

Apr. 17, 2014

$ 7,935

10,525

21,100

$ 21,100

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

(73)

Saturn Way | In-place Lease Intangibles

21,103

Saturn Way | Net Above (Below) Market Lease Intangibles

^[1]

2,259

^[2]

$ 381

Crescent Bay Drive

May 30, 2014

$ 2,181

4,012

6,480

$ 6,480

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

(2)

Crescent Bay Drive | In-place Lease Intangibles

6,482

Crescent Bay Drive | Net Above (Below) Market Lease Intangibles

^[1]

389

^[2]

$ (102)

N. San Fernado Blvd.

^[5]

May 30, 2014

^[5]

$ 6,373

^[5]

7,356

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

15,733

^[5]

$ 15,425

^[5]

(10,572)

N. San Fernado Blvd. | In-place Lease Intangibles

^[5]

5,161

N. San Fernado Blvd. | Net Above (Below) Market Lease Intangibles

^[1],[5]

1,276

^[2],[5]

$ 728

S. Birch Street

^[6]

Jun. 05, 2014

^[6]

$ 9,305

^[6]

2,114

11,419

^[6]

$ 11,000

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

^[6]

^[6]

(299)

Santa Ana Street and Dupont Avenue

^[6]

$ 11,125

Jun. 24, 2014

$ 3,725

6,145

10,200

$ 10,200

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

(90)

Santa Ana Street and Dupont Avenue | In-place Lease Intangibles

10,111

Santa Ana Street and Dupont Avenue | Net Above (Below) Market Lease Intangibles

^[1]

524

^[2]

$ (194)

9755 Distribution Avenue

Jun. 27, 2014

$ 1,863

3,211

5,425

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

(97)

9755 Distribution Avenue | In-place Lease Intangibles

5,330

9755 Distribution Avenue | Net Above (Below) Market Lease Intangibles

^[1]

451

^[2]

$ (100)

9855 Distribution Avenue

Jun. 27, 2014

$ 2,733

5,041

8,525

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

(39)

9855 Distribution Avenue | In-place Lease Intangibles

8,491

9855 Distribution Avenue | Net Above (Below) Market Lease Intangibles

^[1]

621

^[2]

$ 130

9340 Cabot Drive

Jun. 27, 2014

$ 4,311

6,126

10,975

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

(54)

9340 Cabot Drive | In-place Lease Intangibles

10,923

^[1]

$ 538

9404 Cabot Drive

Jun. 27, 2014

$ 2,413

3,451

6,400

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

(6)

9404 Cabot Drive | In-place Lease Intangibles

6,395

9404 Cabot Drive | Net Above (Below) Market Lease Intangibles

^[1]

346

^[2]

$ 190

9455 Cabot Drive

Jun. 27, 2014

$ 4,423

6,799

12,100

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

(13)

9455 Cabot Drive | In-place Lease Intangibles

12,088

9455 Cabot Drive | Net Above (Below) Market Lease Intangibles

^[1]

851

^[2]

$ 27

E. Salt Lake City

Jun. 27, 2014

$ 5,126

5,009

10,850

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

(119)

E. Salt Lake City | In-place Lease Intangibles

10,734

E. Salt Lake City | Net Above (Below) Market Lease Intangibles

^[1]

800

^[2]

$ (85)

E. Hunter Avenue

Jun. 27, 2014

$ 5,240

5,065

11,329

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

(76)

E. Hunter Avenue | In-place Lease Intangibles

11,268

E. Hunter Avenue | Net Above (Below) Market Lease Intangibles

^[1]

866

^[2]

$ 158

W. Valley Blvd.

Jun. 27, 2014

$ 3,982

4,796

9,631

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

(119)

W. Valley Blvd. | In-place Lease Intangibles

9,513

W. Valley Blvd. | Net Above (Below) Market Lease Intangibles

^[1]

566

^[2]

$ 287

Alton Parkway

Jun. 27, 2014

$ 7,638

4,946

13,276

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

(52)

Alton Parkway | In-place Lease Intangibles

13,225

Alton Parkway | Net Above (Below) Market Lease Intangibles

^[1]

419

^[2]

$ 273

West Avenue

^[7]

Jul. 08, 2014

^[7]

$ 3,761

^[7]

6,730

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

11,055

^[7]

$ 11,000

^[7]

(121)

West Avenue | In-place Lease Intangibles

^[7]

10,934

West Avenue | Net Above (Below) Market Lease Intangibles

^[1],[7]

503

^[2],[7]

$ 61

Independence Avenue

Jul. 23, 2014

$ 7,229

9,058

16,800

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

(164)

Independence Avenue | In-place Lease Intangibles

16,637

Independence Avenue | Net Above (Below) Market Lease Intangibles

^[1]

650

^[2]

$ (137)

Avenue Kearny

Jul. 25, 2014

$ 4,773

5,970

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

11,510

(95)

Avenue Kearny | In-place Lease Intangibles

11,415

^[1]

$ 767

605 8th St.

^[8]

Aug. 26, 2014

^[8]

$ 2,393

^[8]

2,742

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

^[8]

5,135

^[8]

(88)

^[8]

$ 5,047

Mason Avenue

Sep. 12, 2014

$ 9,224

19,346

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

30,500

$ 30,500

(348)

Mason Avenue | In-place Lease Intangibles

30,152

Mason Avenue | Net Above (Below) Market Lease Intangibles

^[1]

1,620

^[2]

$ 310

Orion Avenue

Jul. 30, 2013

1,389

3,872

5,600

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

(55)

Orion Avenue | In-place Lease Intangibles

5,564

Orion Avenue | Net Above (Below) Market Lease Intangibles

^[1]

327

S. Broadway | Predecessor

^[2]

Apr. 04, 2013

3,013

2,161

5,448

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

(57)

S. Broadway | In-place Lease Intangibles | Predecessor

5,407

Benson Ave., Arrow Highway | Predecessor

^[1]

274

Apr. 09, 2013

1,817

4,590

7,150

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

(104)

Benson Ave., Arrow Highway | In-place Lease Intangibles | Predecessor

7,066

Benson Ave., Arrow Highway | Net Above (Below) Market Lease Intangibles | Predecessor

^[1]

552

Tyburn St., N. San Fernando Rd. | Predecessor

^[2]

191

Apr. 17, 2013

26,423

25,795

56,200

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

168

(500)

Tyburn St., N. San Fernando Rd. | In-place Lease Intangibles | Predecessor

55,868

Tyburn St., N. San Fernando Rd. | Net Above (Below) Market Lease Intangibles | Predecessor

^[1]

2,568

^[2]

1,414

240th St. | Predecessor

May 31, 2013

3,464

1,498

5,000

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

(17)

240th St. | In-place Lease Intangibles | Predecessor

4,991

^[1]

$ 38

[1]	The weighted average amortization period of acquired in-place lease intangibles for our 2014 acquisitions was 3.4 years as of September 30, 2014.
[2]	The weighted average amortization period of net above (below) market leases for our 2014 acquisitions was 3.5 years as of September 30, 2014
[3]	As the purchase of 7110 Rosecrans Avenue was accounted for as an asset acquisition, the total purchase price allocation includes $42,000 of capitalized acquisition costs.
[4]	As part of the acquisition of 1500-1510 West 228th Street, we recorded a contingent liability in the amount of $1.2 million, related to the estimated cost to remediate potential environmental liabilities that existed at the acquisition date. Additionally, we recorded an indemnification asset for the same amount as the seller has placed $1.3 million into an escrow account to be used by us toward the payment of these remediation costs. See Note 11.
[5]	In connection with the acquisition of 2980 and 2990 N. San Fernando Blvd. acquisition, we assumed debt with an outstanding principal balance of $10.3 million and an initial fair value premium of $308,000.
[6]	As the purchase of 2610 and 2701 S. Birch Street was accounted for as an asset acquisition, the total purchase price allocation includes $121,000 of capitalized acquisition costs. Additionally, as part of the purchase price allocation, $299,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the six-months of free rent provided to the seller as part of the acquisition.
[7]	The purchase price allocation for the acquisition of 3116 West Avenue 32 includes $54,000 in deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.
[8]	As part of the purchase price allocation of 605 8th St., $60,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the two months of free rent provided to the seller as part of the acquisition.

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

9 Months Ended

May 30, 2014

Sep. 30, 2014

Feb. 25, 2014

Jul. 23, 2013

Holdback Escrow Seller Funded

Contingent liability

$ 1,200

$ 1,300

Assumption of loan in connection with acquisition of real estate

$ 10,257

14,259

$ 124

Rosecrans Avenue

Asset acquisition capitalized acquisition costs

^[1]

321

N. San Fernado Blvd.

Assumption of loan in connection with acquisition of real estate

Unamortized debt premium

308

$ 10,300

10,300

^[2]

10,572

West 228th Street

Holdback Escrow Seller Funded

Contingent liability

1,200

1,300

^[3]

1,214

Avenue 32

8th St.

S. Birch Street

Asset acquisition capitalized acquisition costs

121

In-place Lease Intangibles

^[4]

$ 299

Amortization period of acquired intangible assets

3 years 3 months 18 days

Net Above (Below) Market Lease Intangibles

Amortization period of acquired intangible assets

3 years 4 months 24 days

[1]	As the purchase of 7110 Rosecrans Avenue was accounted for as an asset acquisition, the total purchase price allocation includes $42,000 of capitalized acquisition costs.
[2]	In connection with the acquisition of 2980 and 2990 N. San Fernando Blvd. acquisition, we assumed debt with an outstanding principal balance of $10.3 million and an initial fair value premium of $308,000.
[3]	As part of the acquisition of 1500-1510 West 228th Street, we recorded a contingent liability in the amount of $1.2 million, related to the estimated cost to remediate potential environmental liabilities that existed at the acquisition date. Additionally, we recorded an indemnification asset for the same amount as the seller has placed $1.3 million into an escrow account to be used by us toward the payment of these remediation costs. See Note 11.
[4]	As the purchase of 2610 and 2701 S. Birch Street was accounted for as an asset acquisition, the total purchase price allocation includes $121,000 of capitalized acquisition costs. Additionally, as part of the purchase price allocation, $299,000 was allocated to deferred liabilities (located in Accounts payable, accrued expenses and other liabilities on the balance sheet), related to the six-months of free rent provided to the seller as part of the acquisition.

Summary of Combined Results from Operations of Acquisitions (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Business Combinations [Abstract]
Revenues	$ 4,310	$ 6,004
Net Income	$ 161	$ 420

Investments in Real Estate - Proforma Financial Information (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Revenues		$ 12,695	$ 18,717		$ 55,420
Net operating income		8,788	13,264		38,995
Net income		$ 115	$ 549		$ 3,191
Predecessor
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items]
Revenues	$ 3,972			$ 33,732
Net operating income	2,904			23,979
Net income	$ (5,928)			$ (6,671)

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 23,558	$ 13,508
Acquired lease intangible liabilities, net	(1,921)	(1,143)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	30,475	16,112
Accumulated amortization	(10,391)	(4,201)
Acquired lease intangible assets, net	20,084	11,911
Above Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	4,458	1,881
Accumulated amortization	(984)	(284)
Acquired lease intangible assets, net	3,474	1,597
Below Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(2,191)	(1,055)
Accumulated accretion	523	189
Acquired lease intangible liabilities, net	(1,668)	(866)
Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(290)	(290)
Accumulated accretion	37	13
Acquired lease intangible liabilities, net	$ (253)	$ (277)

Intangible Assets - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($)
$ in Thousands

1 Months Ended

2 Months Ended

3 Months Ended

7 Months Ended

9 Months Ended

Jul. 23, 2013

Sep. 30, 2013

Sep. 30, 2014

Jul. 23, 2013

Sep. 30, 2014

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

$ 122

$ 305

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

$ 256

In-place Lease Intangibles

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of in-place lease intangibles

^[1]

1,084

$ 2,641

6,552

In-place Lease Intangibles | Predecessor

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of in-place lease intangibles

^[1]

$ 174

1,238

Above Market Tenant Leases

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

^[2]

152

340

700

Above Market Tenant Leases | Predecessor

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

^[2]

258

Below Market Tenant Leases

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

^[3]

$ (31)

(182)

(371)

Below Market Tenant Leases | Predecessor

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

^[3]

$ (5)

$ (19)

Above Market Ground Lease

Acquired Finite Lived Intangible Assets [Line Items]

Accretion Of Above Market Ground Lease Intangible

^[4]

$ (8)

$ (24)

[1]	The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated and combined statements of operations for the periods presented.
[2]	The amortization of above-market tenant leases is recorded as a decrease to rental revenues in the consolidated and combined statements of operations for the periods presented.
[3]	The accretion of below-market tenant leases is recorded as an increase to rental revenues in the consolidated and combined statements of operations for the periods presented.
[4]	The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated and combined statements of operations for the periods presented.

Notes Receivable - Additional Information (Detail) - USD ($)	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2014
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
Predecessor
Notes Receivables
Gain from early repayment of note receivable	$ 1,365,000

Notes Receivable - Summary of Notes Receivable (Detail) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

Notes Receivables

Face Amount

$ 13,965

$ 14,161

Unrecognized Accretable Yield

(827)

(1,022)

Notes receivable

^[1]

$ 13,138

$ 13,139

[1]	This is a mortgage loan secured by 32401-32803 Calle Perfecto.

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

9 Months Ended

Sep. 30, 2014

Dec. 31, 2013

$ 269,811

$ 192,491

Jan. 01, 2015

Term Loan One

Debt Instrument, description of variable rate basis

^[1]

LIBOR

Term Loan One | LIBOR

^[1]

1.90%

Term Loan

Debt Instrument, description of variable rate basis

^[2]

LIBOR

Term Loan | LIBOR

^[2]

1.55%

Term Loan Facility

Debt Instrument, description of variable rate basis

LIBOR

Term Loan Facility | LIBOR

RIF V - Glendale Commerce Center, LLC

1.35%

Debt Instrument, description of variable rate basis

LIBOR

RIF V - Glendale Commerce Center, LLC | LIBOR

Fixed Rate Debt | RIF V - Jersey, LLC

2.00%

^[3]

$ 5,058

5,189

Fixed Rate Debt | The Park

Jan. 01, 2015

Fixed interest rate

^[4]

5.45%

^[5]

$ 3,089

3,177

Fixed Rate Debt | 2980 San Fernando

Mar. 01, 2031

Fixed interest rate

^[6]

5.125%

^[7]

$ 10,414

Variable Rate Debt | Term Loan One

Jul. 01, 2015

Fixed interest rate

^[4]

5.088%

^[1]

$ 60,000

60,000

Variable Rate Debt | Term Loan

^[1],[8]

Aug. 01, 2019

^[2]

$ 48,500

Variable Rate Debt | Term Loan Facility

^[2]

Jun. 24, 2017

$ 100,000

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

Jun. 11, 2019

$ 42,750

42,750

Revolving Credit Facility | Unsecured Credit Facility

^[9]

May 01, 2016

$ 81,375

Debt Instrument, description of variable rate basis

Jun. 11, 2018

^[10]

LIBOR

Revolving Credit Facility | Unsecured Credit Facility | LIBOR

^[10]

1.40%

[1]	Loan is secured by six properties.
[2]	(1) Loan is secured by eight properties.
[3]	Includes unamortized debt premium of $12,000 at September 30, 2014 and $50,000 at December 31, 2013.
[4]	Monthly payments of interest and principal based on 30-year amortization table
[5]	Includes unamortized debt discount of $115,000 at September 30, 2014 and $118,000 at December 31, 2013.
[6]	Monthly payments of interest and principal based on 20-year amortization table.
[7]	(1) Includes unamortized debt premium of $215,000 at September 30, 2014.
[8]	(1) One additional one-year extension available at the borrower’s option.
[9]	Two additional one year extensions available at the borrower’s option.
[10]	The facility additionally bears interest at 0.30% or 0.20% of the daily undrawn amount of the revolver, if the balance is under $100 million or over $100 million, respectively.

Notes Payable - Summary of Notes Payable (Parenthetical) (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2014 USD ($) Property Period	Dec. 31, 2013 USD ($)
Variable Rate Debt \| Term Loan One
Debt Instrument [Line Items]
Number of properties securing loan \| Property	6
Variable Rate Debt \| Term Loan
Debt Instrument [Line Items]
Number of extensions \| Period	1
Extension period	2 years
Number of properties securing loan \| Property	8
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Number of extensions \| Period	1
Extension period	1 year
RIF V - Jersey, LLC \| Fixed Rate Debt
Debt Instrument [Line Items]
Unamortized debt premium	$ 12	$ 50
Amortization period	30 years
The Park \| Fixed Rate Debt
Debt Instrument [Line Items]
Amortization period	20 years
Unamortized debt discount	$ 115	$ 118
2980 San Fernando \| Fixed Rate Debt
Debt Instrument [Line Items]
Unamortized debt premium	$ 215
RIF V - Glendale Commerce Center, LLC \| Variable Rate Debt
Debt Instrument [Line Items]
Number of extensions \| Period	2
Extension period	1 year
Maximum \| Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional interest	0.30%
Line of credit facility, amount outstanding	$ 100,000
Minimum \| Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional interest	0.20%
Line of credit facility, amount outstanding	$ 100,000

Notes Payable - Additional Information (Detail)

3 Months Ended

9 Months Ended

Aug. 22, 2014

USD ($)

Jun. 24, 2014

USD ($)

Property

May 30, 2014

USD ($)

Sep. 30, 2014

USD ($)

Sep. 30, 2014

USD ($)

Jun. 11, 2014

USD ($)

Assumption of loan in connection with acquisition of real estate

$ 10,257,000

Amended facility maximum future borrowing capacity

$ 600,000,000

Line of Credit Facility, Additional Availability

$ 200,000,000

Revolving Credit Facility

Current borrowing capacity

Jun. 11, 2018

200,000,000

Revolving Credit Facility | Minimum

Revolving Credit Facility | Maximum

1.35%

1.30%

2.05%

1.90%

Amended Facility

Current borrowing capacity

300,000,000

Maximum ratio of total indebtedness to total asset value

60.00%

Maximum ratio of secured debt to total asset value

45.00%

Maximum ratio of recourse debt to total asset

15.00%

Minimum tangible net worth required

$ 283,622,250

Maximum debt to tangible net worth ratio required for equity proceeds

75.00%

Minimum ratio of EBITDA to fixed charges

1.50%

Maximum ratio of unsecured debt to the value of the unencumbered asset pool

60.00%

Minimum ratio of NOI unsecured interest expense

1.75%

Amended Facility | Minimum

Amended Facility | Maximum

0.20%

0.30%

Term Loan

Debt Instrument, description of variable rate basis

Jun. 24, 2017

Jun. 11, 2019

Term loan

$ 48,500,000

LIBOR

Number of properties securing loan | Property

Minimum in-place debt yield

9.25%

Current borrowing capacity

$ 100,000,000

Term Loan | Minimum

1.25%

Term Loan | Maximum

1.85%

Term Loan | LIBOR

1.55%

Federal Funds Rate Plus

Thirty Day L I B O R Rate

0.50%

Unsecured Credit Facility | Revolving Credit Facility

1.00%

Debt Instrument, description of variable rate basis

^[1]

LIBOR

Line of Credit Facility, cash paid

$ 137,500,000

Unsecured Credit Facility | Revolving Credit Facility | Minimum

Unsecured Credit Facility | Revolving Credit Facility | Maximum

0.20%

Unsecured Credit Facility | LIBOR | Revolving Credit Facility

0.30%

^[1]

1.40%

San Fernando Rd

Assumption of loan in connection with acquisition of real estate

$ 10,300,000

$ 308,000

5.088%

30 years

Jul. 01, 2015

[1]	The facility additionally bears interest at 0.30% or 0.20% of the daily undrawn amount of the revolver, if the balance is under $100 million or over $100 million, respectively.

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($)
$ in Thousands

Sep. 30, 2014

Dec. 31, 2013

With Out Extension Option

Total

$ 269,811

$ 192,491

October 1, 2014 - December 31, 2014

110

15,294

42,885

48,642

150

162,618

^[1]

$ 269,699

[1]	Includes gross principal balance of outstanding debt before impact of the $112,000 net debt premium.

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Parenthetical) (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Debt Disclosure [Abstract]
Debt instrument, unamortized premium net	$ 112

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2015	$ 57,703
2016	45,147
2017	30,232
2018	20,722
2019	15,429
Thereafter	25,722
Total	$ 194,955

Interest Rate Contracts - Additional Information (Detail)
$ in Thousands

9 Months Ended

Sep. 30, 2014

USD ($)

Swap

Aug. 19, 2014

USD ($)

Feb. 04, 2014

USD ($)

Dec. 31, 2013

USD ($)

Number of derivative instruments | Swap

Additional amount reclassified from AOCI as an increase to interest expense

$ 269,811

$ 192,491

504

Fair value of derivatives in a net liability position

245

Variable Rate Debt | Term Loan One

Variable Rate Debt | Term Loan Facility

^[1]

60,000

$ 60,000

$ 100,000

Interest Rate Swap 3

$ 30,000

Jan. 15, 2015

Feb. 15, 2019

3.726%

Interest Rate Swap 4

$ 30,000

Jul. 15, 2015

Feb. 15, 2019

3.91%

Interest Rate Swap 1

$ 50,000

Aug. 14, 2015

Dec. 14, 2018

1.79%

Interest Rate Swap 2

$ 50,000

Feb. 16, 2016

Dec. 14, 2018

2.005%

[1]	Loan is secured by six properties.

Interest Rate Contracts - Summary of Interest Rate Swap Agreements (Detail) - USD ($)

9 Months Ended

Sep. 30, 2014

Aug. 19, 2014

Feb. 04, 2014

Dec. 31, 2013

Sep. 30, 2013

$ 396,000

$ 229,000

Interest Rate Swap 1

Aug. 14, 2015

Dec. 14, 2018

^[1]

$ 209,000

Interest Rate Swap 1 | Derivative Financial Instruments, Assets

$ 50,000,000

^[1]

Aug. 14, 2015

^[1]

Dec. 14, 2018

^[1]

1.79%

Interest Rate Swap 2

Feb. 16, 2016

Dec. 14, 2018

^[1]

$ 187,000

$ 0

Interest Rate Swap 2 | Derivative Financial Instruments, Assets

$ 50,000,000

^[1]

Feb. 16, 2016

^[1]

Dec. 14, 2018

^[1]

2.005%

^[1]

$ 0

Interest Rate Swap 3

Jan. 15, 2015

Feb. 15, 2019

$ 30,000,000

Interest Rate Swap 3 | Derivative Financial Instruments, Liabilities

^[2]

$ 132,000

$ 0

^[2]

Jan. 15, 2015

^[2]

Feb. 15, 2019

^[2]

1.826%

^[2]

$ 0

Interest Rate Swap 4

Jul. 15, 2015

Feb. 15, 2019

$ 30,000,000

Interest Rate Swap 4 | Derivative Financial Instruments, Liabilities

^[2]

$ 97,000

$ 0

^[2]

Jul. 15, 2015

^[2]

Feb. 15, 2019

^[2]

2.01%

Schedule Of Equity Method Investments [Line Items]

^[2]

$ 0

[1]	The fair value of this interest rate swap is included in the line item “Other assets” on the accompanying consolidated balance sheets.
[2]	The fair value of this interest rate swap is included in the line item “Accounts payable, accrued expenses and other liabilities” on the accompanying consolidated balance sheets.

Interest Rate Contracts - Impact of Derivative Instruments on Consolidated and Combined Statement of Operations - (Detail) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
Derivative [Line Items]
Amount of gain recognized in AOCI on derivatives (effective portion)			$ 626,000		$ 167,000
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)		$ 0	0		0
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)		$ 0	$ 0		$ 0
Predecessor
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)	$ 0			$ 0
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)	$ 0			0
Interest Rate Swaps Not in Cash Flow Hedging Relationships:
Amount of realized and unrealized gain recognized in earnings under "Gain on mark-to-market of interest rate swaps"				$ 49,000

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, fair value	$ 396
Interest Rate Swap Liabilities	(229)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap, fair value	396
Interest Rate Swap Liabilities	$ (229)

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2014	Dec. 31, 2013
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 269,754	$ 192,492
Notes payable	269,811	192,491
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	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	0	0
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 269,754	$ 192,492

Related Party Transactions - Additional Information (Detail) - Chief Executive Officer - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
Related Party Transaction [Line Items]
Revenue from management, leasing and development services	$ 8		$ 46		$ 162
Predecessor
Related Party Transaction [Line Items]
Revenue from management, leasing and development services		$ 30		$ 87

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2014	Feb. 25, 2014
Commitments And Contingencies Disclosure [Abstract]
Accommodation	$ 32,100
Estimated remedian costs		$ 1,300
Holdback Escrow Seller Funded		1,300
Holdback escrow buyer funded		100
Maximum seller liability remedian costs		1,300
Contingent liability		1,200
Indemnification asset		$ 1,200
Ground lease, expiration date	Jun. 01, 2062
Commitments for tenant improvement and construction work	$ 1,000

Commitment and Contingencies- Future Minimum Commitment (Detail) $ in Thousands	Sep. 30, 2014 USD ($)
Office Lease
Operating Leased Assets [Line Items]
October 1, 2014 - December 31, 2014	$ 100
2015	434
2016	520
2017	542
2018	559
Thereafter	337
Total	2,492
Ground Rent
Operating Leased Assets [Line Items]
October 1, 2014 - December 31, 2014	36
2015	144
2016	144
2017	144
2018	144
Thereafter	6,252
Total	$ 6,864

Investment in Unconsolidated Real Estate - Additional Information (Detail)	1 Months Ended		2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 24, 2013 shares	Jul. 23, 2013 USD ($)	Sep. 30, 2013 USD ($)	Sep. 30, 2014 USD ($) Property	Jul. 23, 2013 USD ($)	Sep. 30, 2014 USD ($) Property
Equity Method Investments And Joint Ventures [Abstract]
Number of real estate properties \| Property				86		86
Management, leasing and development fees payable		$ 24,000	$ 86,000	$ 103,000		$ 291,000
Management, leasing and development fees		$ 0	$ 222,000	$ 97,000		$ 366,000
Predecessor
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development fees payable					$ 218,000
Management, leasing and development fees					$ 207,000
Operating Partnership
Equity Method Investments And Joint Ventures [Abstract]
Issuance of Operating Partnership Units \| shares	2,828
Mission Oaks Boulevard
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest				15.00%		15.00%
Number of real estate properties \| Property				3		3
Carrying value of JV investment gross basis adjustment						$ 2,800,000
Roselle Street
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest		70.00%			70.00%
Acquired tenancy-in-common interest not previously owned	30.00%

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

1 Months Ended

2 Months Ended

3 Months Ended

7 Months Ended

9 Months Ended

Jul. 23, 2013

Sep. 30, 2013

Sep. 30, 2014

Jul. 23, 2013

Sep. 30, 2014

Dec. 31, 2013

Revenues

^[1]

$ 5,946

$ 2,123

$ 5,856

Expenses

^[1]

(5,001)

(1,920)

(5,283)

Net income (loss)

^[1]

$ 945

203

573

Schedule Of Equity Method Investments [Line Items]

Assets

63,054

$ 61,422

Liabilities

(42,834)

(42,475)

Partners'/members' equity

$ 20,220

$ 18,947

Revenues

^[2]

$ 2,270

$ 6,516

Expenses

^[2]

(1,928)

(7,296)

Net income (loss)

^[2]

$ 342

$ (780)

[1]	Includes summarized financial information for our equity method investment property located at 3001-3233 Mission Oaks Boulevard.
[2]	Includes summarized financial information for properties located at 3001-3233 Mission Oaks Boulevard and 10439-10477 Roselle St.

Discontinued Operations and Properties Held for Sale - Summary of the Properties Sold (Detail)

3 Months Ended

7 Months Ended

9 Months Ended

Aug. 29, 2014

USD ($)

ft²

Sep. 30, 2014

USD ($)

ft²

Jul. 23, 2013

USD ($)

Sep. 30, 2014

USD ($)

ft²

Sep. 30, 2013

USD ($)

ft²

Aug. 29, 2014

37,992

$ 1,822,000

$ 0

$ 2,125,000

2014 Dispositions | Predecessor | Park Center Drive

$ 4,989,000

Vista, CA

Jan. 29, 2014

124,997

$ 10,103,000

2014 Dispositions | Predecessor | N. Madera Road

$ 2,262,000

Simi Valley, CA

Mar. 13, 2014

63,305

$ 4,350,000

2013 Dispositions | Predecessor | Worth Street

$ (137,000)

Los Angeles, CA

Jan. 31, 2013

79,370

$ 4,100,000

^[1]

2,500,000

2013 Dispositions | Predecessor | E. Williams Drive

$ 2,410,000

Oxnard, CA

Apr. 04, 2013

161,682

$ 8,542,000

^[1]

2,993,000

2013 Dispositions | Predecessor | Glenoaks Blvd

$ 415,000

Los Angeles, CA

May 10, 2013

14,700

$ 1,727,000

^[1]

1,625,000

2013 Dispositions | Predecessor | W. Erie Dr. & S. Fair Lane

$ 234,000

Tempe, AZ

May 28, 2013

83,385

$ 5,003,000

^[1]

3,531,000

2013 Dispositions | Predecessor | Knollwood Circle

$ 1,015,000

Anaheim, CA

Jun. 14, 2013

25,162

$ 2,768,000

^[1]

2,630,000

Balance at January 1, 2014

$ 915,000

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

Discontinued Operations and Properties Held for Sale - Additional Information (Detail)		9 Months Ended
	Aug. 29, 2014 USD ($) ft²	Sep. 30, 2014
Investment In Real Estate [Abstract]
Date of disposition		Aug. 29, 2014
Rentable square feet \| ft²	37,992
Sales price	$ 1,822,000
Loss on sale of property	$ 150,000

Discontinued Operations and Properties Held for Sale - Results of Operations (Detail) - USD ($)	1 Months Ended	2 Months Ended	3 Months Ended	7 Months Ended	9 Months Ended
	Jul. 23, 2013	Sep. 30, 2013	Sep. 30, 2014	Jul. 23, 2013	Sep. 30, 2014
Disclosure Investment In Real Estate Discontinued Operations Detail [Line Items]
Revenues		$ 193,000	$ 0		$ 85,000
Operating expenses		(36,000)	0		(57,000)
Interest expense			0
Depreciation and amortization expense		(37,000)	0		(7,000)
Loss on extinguishment of debt			0
Gain on sale of real estate			0		2,125,000
INCOME FROM DISCONTINUED OPERATIONS		$ 120,000	$ 0		$ 2,146,000
Predecessor
Disclosure Investment In Real Estate Discontinued Operations Detail [Line Items]
Revenues	$ 87,000			$ 604,000
Operating expenses	(10,000)			(312,000)
Interest expense	(37,000)			(325,000)
Depreciation and amortization expense	(14,000)			(776,000)
Loss on extinguishment of debt	(17,000)			(267,000)
Gain on sale of real estate				4,989,000
INCOME FROM DISCONTINUED OPERATIONS	$ 9,000			$ 3,913,000

Discontinued Operations and Properties Held for Sale - Major Class of Assets and Liabilities Associated With Real Estate Held for Sale (Detail)	Dec. 31, 2013 USD ($)
Discontinued Operations And Disposal Groups [Abstract]
Investment in real estate, net	$ 12,861,000
Other	1,091,000
Assets associated with real estate held for sale	13,952,000
Mortgage loan	0
Accounts payable and other liabilities	596,000
Liabilities associated with real estate held for sale	$ 596,000

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands		2 Months Ended	3 Months Ended	9 Months Ended
	Aug. 19, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, shares	17,250,000
Common stock share price	$ 13.50
Issuance of common stock, net	$ 221,800	$ 208,280		$ 221,773
Underwriting discount and offering costs	$ 11,100			$ 11,326
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units	17,250,000
Conversion of common units to common stock, shares			363,232	363,232
Conversion of common units to common stock				$ 4,100
2013 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock and/or LTIP units available for issuance			2,272,689	2,272,689
Common stock, shares reserved for future issuance			2,040,528	2,040,528
Recognized equity compensation expense related to restricted common stock		382	$ 340	$ 791
Capitalized compensation expense related to restricted common stock		$ 14	$ 36	$ 106
Forfeiture rate for non-vested restricted stock			5.30%	5.30%
Unrecognized compensation expense related to non-vested shares			$ 1,800	$ 1,800
Employee service share based compensation nonvested awards total compensation cost not yet capitalized				$ 200
Weighted average remaining vesting period				23 months
Noncontrolling Interest
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common units to common stock				$ (4,140)
Operating Partnership \| Noncontrolling Interest \| Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of operating partnership units			2,646,027	2,646,027
Noncontrolling interest percentage ownership in Operating Partnership			5.80%	5.80%

Equity - Schedule of Unvested Restricted Stock Activity (Detail)

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

140,468

Granted

121,357

Forfeited

(29,664)

Vested

(34,020)

^[1]

Balance at September 30, 2014

198,141

[1]

Equity - Schedule of Unvested Restricted Stock Activity (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2014 shares
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares tendered for tax withholding requirements	6,928

Equity - Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding (Detail) - shares	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	198,141	140,468	920,734
October 1, 2014 - December 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0
2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	72,640
2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	56,542
2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	53,713
2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	15,246

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
Equity [Abstract]
Balance at January 1, 2014
Other comprehensive income before reclassifications		167,000
Amounts reclassified from accumulated other comprehensive income to interest expense		0
Net current period other comprehensive income	$ 626,000	167,000
Less other comprehensive income attributable to noncontrolling interests		(9,000)
Other comprehensive income attributable to common stockholders		158,000
Balance at September 30, 2014	$ 158,000	$ 158,000

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