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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Aug. 04, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Trading Symbol	REXR
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		55,529,647

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Land	$ 420,349,000	$ 368,033,000
Buildings and improvements	599,359,000	540,837,000
Tenant improvements	25,008,000	21,404,000
Furniture, fixtures, and equipment	188,000	188,000
Total real estate held for investment	1,044,904,000	930,462,000
Accumulated depreciation	(89,539,000)	(76,884,000)
Investments in real estate, net	955,365,000	853,578,000
Cash and cash equivalents	9,988,000	8,606,000
Note receivable	13,137,000	13,137,000
Rents and other receivables, net	2,210,000	1,812,000
Deferred rent receivable, net	6,067,000	5,165,000
Deferred leasing costs, net	4,526,000	3,608,000
Deferred loan costs, net	1,745,000	2,045,000
Acquired lease intangible assets, net	28,580,000	28,136,000
Acquired indefinite-lived intangible	5,271,000	5,271,000
Other assets	5,221,000	4,699,000
Acquisition related deposits	1,400,000	2,110,000
Investment in unconsolidated real estate entities	4,018,000	4,018,000
Total Assets	1,037,528,000	932,185,000
Liabilities
Notes payable	296,333,000	356,362,000
Interest rate swap liability	2,960,000	1,402,000
Accounts payable, accrued expenses and other liabilities	9,257,000	10,053,000
Dividends payable	6,655,000	5,244,000
Acquired lease intangible liabilities, net	2,579,000	3,016,000
Tenant security deposits	9,711,000	8,768,000
Prepaid rents	2,517,000	1,463,000
Total Liabilities	330,012,000	386,308,000
Rexford Industrial Realty, Inc. stockholders' equity
Common Stock, $0.01 par value 490,000,000 authorized and 55,459,295 and 43,702,442 outstanding as of June 30, 2015 and December 31, 2014, respectively	550,000	434,000
Additional paid in capital	720,583,000	542,318,000
Cumulative distributions in excess of earnings	(34,702,000)	(21,673,000)
Accumulated other comprehensive loss	(2,847,000)	(1,331,000)
Total stockholders' equity	683,584,000	519,748,000
Noncontrolling interests	23,932,000	26,129,000
Total Equity	707,516,000	545,877,000
Total Liabilities and Equity	$ 1,037,528,000	$ 932,185,000

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	55,459,295	43,702,442

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
RENTAL REVENUES
Rental income	$ 19,275,000	$ 12,773,000	$ 37,832,000	$ 24,401,000
Tenant reimbursements	2,844,000	1,681,000	5,028,000	3,192,000
Management, leasing and development services	161,000	249,000	293,000	483,000
Other income	162,000	15,000	352,000	57,000
TOTAL RENTAL REVENUES	22,442,000	14,718,000	43,505,000	28,133,000
Interest income	280,000	278,000	557,000	554,000
TOTAL REVENUES	22,722,000	14,996,000	44,062,000	28,687,000
OPERATING EXPENSES
Property expenses	5,874,000	3,892,000	11,645,000	8,026,000
General and administrative	3,740,000	2,780,000	7,286,000	5,385,000
Depreciation and amortization	10,490,000	6,003,000	20,374,000	12,133,000
TOTAL OPERATING EXPENSES	20,104,000	12,675,000	39,305,000	25,544,000
OTHER EXPENSE
Acquisition expenses	847,000	652,000	1,080,000	985,000
Interest expense	1,658,000	1,537,000	3,484,000	2,788,000
TOTAL OTHER EXPENSE	2,505,000	2,189,000	4,564,000	3,773,000
TOTAL EXPENSES	22,609,000	14,864,000	43,869,000	29,317,000
Equity in income (loss) from unconsolidated real estate entities	12,000	(51,000)	13,000	(6,000)
Gain on extinguishment of debt	71,000		71,000
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	196,000	81,000	277,000	(636,000)
DISCONTINUED OPERATIONS
Income from discontinued operations before gain on sale of real estate				21,000
Gain on sale of real estate				2,125,000
INCOME FROM DISCONTINUED OPERATIONS				2,146,000
NET INCOME	196,000	81,000	277,000	1,510,000
NET INCOME ATTRIBUTABLE TO:
Rexford Industrial Realty, Inc. common stockholders	139,000	49,000	166,000	1,310,000
Noncontrolling interests	8,000	8,000	12,000	160,000
Participating securities	49,000	24,000	99,000	40,000
NET INCOME	$ 196,000	$ 81,000	$ 277,000	$ 1,510,000
Income (loss) from continuing operations available to common stockholders per share - basic and diluted				$ (0.02)
Net income available to common stockholders per share - basic and diluted				$ 0.05
Weighted average shares of common stock outstanding - basic and diluted	54,963,093	25,419,757	52,835,132	25,419,588
Dividends declared per common share	$ 0.12	$ 0.12	$ 0.24	$ 0.24

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
NET INCOME	$ 196,000	$ 81,000	$ 277,000	$ 1,510,000
Other comprehensive income (loss): cash flow hedge adjustment	319,000	(759,000)	(1,558,000)	(459,000)
Comprehensive income (loss)	515,000	(678,000)	(1,281,000)	1,051,000
Less: comprehensive (income) loss attributable to noncontrolling interests	(27,000)	72,000	30,000	(111,000)
Comprehensive income (loss) attributable to common stockholders	$ 488,000	$ (606,000)	$ (1,251,000)	$ 940,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Total Stockholders' Equity	Noncontrolling Interest
Beginning Balance at Dec. 31, 2014	$ 545,877,000	$ 434,000	$ 542,318,000	$ (21,673,000)	$ (1,331,000)	$ 519,748,000	$ 26,129,000
Beginning Balance, shares at Dec. 31, 2014	43,702,442	43,702,442
Issuance of common stock	$ 184,000,000	$ 115,000	183,885,000			184,000,000
Issuance of common stock, shares		11,500,000
Offering costs	(8,027,000)		(8,027,000)			(8,027,000)
Share-based compensation	863,000		863,000			863,000
Share-based compensation, shares		115,307
Repurchase of common shares	(67,000)		(67,000)			(67,000)
Repurchase of common shares, shares		(4,225)
Conversion of units to common stock	$ 1,600,000	$ 1,000	1,611,000			1,612,000	(1,612,000)
Conversion of units to common stock, shares	145,771	145,771
NET INCOME	$ 277,000			265,000		265,000	12,000
Other comprehensive loss	(1,558,000)				(1,516,000)	(1,516,000)	(42,000)
Dividends	(13,294,000)			(13,294,000)		(13,294,000)
Distributions	(555,000)						(555,000)
Ending Balance at Jun. 30, 2015	$ 707,516,000	$ 550,000	$ 720,583,000	$ (34,702,000)	$ (2,847,000)	$ 683,584,000	$ 23,932,000
Ending Balance, shares at Jun. 30, 2015	55,459,295	55,459,295

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME	$ 277,000	$ 1,510,000
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in (income) loss of unconsolidated real estate entities	(13,000)	6,000
Depreciation and amortization	20,374,000	12,133,000
Depreciation and amortization included in discontinued operations		7,000
Amortization of above (below) market lease intangibles, net	85,000	154,000
Accretion of discount on notes receivable	(140,000)	(129,000)
Gain on extinguishment of debt	(71,000)
Gain on sale of real estate included in discontinued operations		(2,125,000)
Amortization of loan costs	418,000	273,000
Accretion of premium on notes payable	(125,000)	(46,000)
Equity based compensation expense	815,000	451,000
Change in working capital components:
Rents and other receivables	(398,000)	(538,000)
Deferred rent receivable	(977,000)	(579,000)
Deferred leasing costs	(1,654,000)	(879,000)
Other assets	(737,000)	(220,000)
Accounts payable, accrued expenses and other liabilities	(1,270,000)	(41,000)
Tenant security deposits	441,000	535,000
Prepaid rents	799,000	(1,137,000)
Net cash provided by operating activities	17,824,000	9,375,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(105,471,000)	(174,287,000)
Capital expenditures	(9,573,000)	(4,221,000)
Acquisition related deposits, net	710,000	60,000
Contributions to unconsolidated real estate entities		(105,000)
Distributions from unconsolidated real estate entities		28,000
Change in restricted cash		(54,000)
Principal repayments of notes receivable	140,000	132,000
Disposition of investment in real estate		13,790,000
Net cash used in investing activities	(114,194,000)	(164,657,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	184,000,000
Offering costs	(7,917,000)	(6,000)
Proceeds from notes payable	60,500,000	171,000,000
Repayment of notes payable	(126,262,000)	(4,137,000)
Deferred loan costs	(64,000)	(1,873,000)
Dividends paid to common stockholders	(11,883,000)	(8,434,000)
Distributions paid to common unitholders	(555,000)	(993,000)
Repurchase of common shares	(67,000)
Net cash provided by financing activities	97,752,000	155,557,000
Increase in cash and equivalents	1,382,000	275,000
Cash and cash equivalents, beginning of period	8,606,000	8,997,000
Cash and cash equivalents, end of period	9,988,000	9,272,000
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $196,000 and $0 for the six months ended June 30, 2015 and 2014, respectively)	3,197,000	2,511,000
Supplemental disclosure of noncash investing and financing transactions:
Assumption of loan in connection with acquisition of real estate including loan premium	5,874,000	10,565,000
Capital expenditure accruals	1,492,000	88,000
Accrual of dividends	6,655,000	$ 5,244,000
Accrual of offering costs	$ 110,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Statement Of Cash Flows [Abstract]
Capitalized interest, net	$ 196,000	$ 0

Organization

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, our consolidated portfolio consisted of 107 properties with approximately 10.6 million rentable square feet. We also own a 15% interest in a joint venture that owns one property with approximately 0.5 million square feet, which we also manage. In addition, we currently manage an additional 19 properties with approximately 1.2 million rentable square feet.

The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and its subsidiaries (including our Operating Partnership).

Basis of Presentation

As of June 30, 2015 and December 31, 2014 and for the three and six months ended June 30, 2015 and 2014, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

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, 2015. The interim financial statements should be read in conjunction with the combined and consolidated financial statements in our 2014 Annual Report on Form 10-K and the notes thereto. Certain prior period amounts have been reclassified to conform to current period presentation. 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 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 financial statements.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2015

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 Accounting Standards Update 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. We elected to adopt ASU 2014-08 early, beginning in the fiscal quarter ended September 30, 2014. The adoption of ASU 2014-08 has and will likely result in fewer property sales being classified as discontinued operations.

We did not have any dispositions of operating properties during the six months ended June 30, 2015. During the six months ended June 30, 2014, we sold two of our operating properties. As these properties were sold and classified as held for sale prior to the adoption of ASU 2014-08, the revenues and expenses of these properties are reported as discontinued operations in the consolidated statements of operations for all periods presented through the date of the disposition. Furthermore, the gain (loss) on sale of these properties is reported as discontinued operations in the consolidated statements of operations in the period the properties are sold. 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. We capitalized acquisition costs totaling $310,000 and $121,000 during the three months ended June 30, 2015 and 2014, respectively, and $346,000 and $163,000 during the six months ended June 30, 2015 and 2014, respectively. See Note 3.

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 interest, insurance, real estate taxes and certain general and administrative costs, including direct payroll, bonus and noncash equity compensation, 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 under Investments in Real Estate - Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an 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 regards to the underlying assets might change as market conditions and other factors change. 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 respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.

Investment in Unconsolidated Real Estate

Investments in unconsolidated real estate in which we have the ability to exercise significant influence (but not control) are accounted for under the equity method of investment. Under the equity method, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Under the equity method of accounting, our net equity investment is reflected within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within the consolidated statements of operations. See Note 12.

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. 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 and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and six months ended June 30, 2015 and 2014.

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 June 30, 2015 and December 31, 2014, 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 income in the accompanying consolidated 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 recorded a provision for doubtful accounts of approximately $0.4 million and $0.1 million for the three months ended June 30, 2015 and 2014, respectively, and approximately $0.8 million and $0.5 million for the six months ended June 30, 2015 and 2014, respectively, as a reduction to rental revenues in our consolidated statements of operations. We had a $1.7 million and $1.0 million reserve for allowance for doubtful accounts as of June 30, 2015 and December 31, 2014, respectively.

Equity Based Compensation

We account for equity-based compensation, including shares of restricted stock, in accordance with ASC Topic 718 Compensation – Stock Compensation. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. The total compensation expense for these awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. See Note 14.

Equity Offering Costs

Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital.

Earnings Per Share

We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, shares of nonvested restricted 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 nonvested 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 April 7, 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015, with early adoption permitted on a retrospective basis. We have elected to adopt ASU 2015-03 early, beginning with the quarter ended March 31, 2015. As a result of the adoption of ASU 2015-03, we have reclassified approximately $0.7 million of net debt issuance costs from an asset (previously recorded in the line item “Deferred loan costs, net” in the consolidated balance sheets) to a reduction in the carrying amount of our notes payable as of December 31, 2014. Net debt issuance costs related to establishing our revolving line of credit will continue to be presented in the line item “Deferred loan costs, net” as an asset in the consolidated balance sheets. ASU 2015-03 also expands disclosure requirements to include the face amount of the debt liability and the effective interest rate in the notes to the consolidated financial statements. See Note 6.

In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 requires reporting entities to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. This ASU affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU using: (i) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (ii) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of the ASU 2015-02 will have on our consolidated financial statements.

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. For public entities, ASU 2014-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. Early application is not permitted. In April 2015, the FASB tentatively decided to defer the effective date for one year, which would make this ASU effective for annual reporting periods beginning after December 15, 2017. ASU 2014-09 notes that lease contracts with customers are a scope exception, and accordingly, we do not expect the adoption to have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

Investments in Real Estate

6 Months Ended

Jun. 30, 2015

Investments All Other Investments [Abstract]

Investments in Real Estate

3.	Investments in Real Estate

The following table sets forth the wholly-owned industrial properties we acquired during the six months ended June 30, 2015:

Property	Submarket	Date of Acquisition	Square Feet		Number of Buildings	Purchase Price
8902-8940 Activity Road⁽¹⁾	San Diego - Central	1/21/2015		112,501	5	$	18,450,000
12907 Imperial Highway⁽²⁾	Los Angeles - Mid-counties	1/21/2015		101,080	1		12,180,000
1210 North Red Gum Street⁽³⁾	Orange County - North	3/9/2015		64,570	1		7,650,000
9401 De Soto Avenue⁽³⁾	Los Angeles - San Fernando Valley	3/18/2015		150,263	1		14,075,000
9615 Norwalk Boulevard⁽³⁾	Los Angeles - Mid-counties	4/30/2015		38,362	2		9,642,000
16221 Arthur Street⁽³⁾	Los Angeles - Mid-counties	5/1/2015		61,372	1		5,774,000
2588 & 2605 Industry Way⁽¹⁾	Los Angeles - South Bay	5/12/2015		164,662	2		22,000,000
425 South Hacienda Boulevard⁽¹⁾	Los Angeles - San Gabriel Valley	5/15/2015		51,823	1		7,000,000
6700 Alameda Street⁽⁴⁾	Los Angeles - Central LA	6/29/2015		78,280	1		14,500,000
Total 2015 Wholly-Owned Property Acquisitions				822,913	15	$	111,271,000

(1)	This acquisition was funded with borrowings under our unsecured revolving credit facility.

(2)

This acquisition was funded as follows: (i) $5.4 million from the assumption of secured debt; (ii) $2.1 million from a deposit paid during the fourth quarter of 2014 and (iii) borrowings under our unsecured revolving credit facility. The assumed debt was recorded at fair value on the acquisition date, resulting in a premium of approximately $0.5 million.

(3)	This acquisition was funded with available cash on hand.

(4)	This acquisition was funded in part by available cash on hand and in part by borrowings under our unsecured revolving credit facility.

The following table summarizes the preliminary allocation of the purchase price paid for the acquired assets and liabilities assumed of the properties in the table above as of the date of acquisition:

	Total 2015 Acquisitions
Assets:
Land⁽¹⁾	$	52,304,000
Buildings and improvements⁽²⁾		50,747,000
Tenant improvements		1,900,000
Acquired lease intangible assets⁽³⁾		7,516,000
Other acquired assets ⁽⁵⁾		92,000
Total assets acquired		112,559,000
Liabilities:
Acquired lease intangible liabilities⁽⁴⁾		212,000
Notes payable		5,874,000
Deferred rent liability		177,000
Other assumed liabilities ⁽⁵⁾		825,000
Total liabilities assumed		7,088,000
Net assets acquired	$	105,471,000

(1)	The allocation to land includes an aggregate $194,000 of capitalized acquisition costs related to the purchases of 9401 De Soto Ave., 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.

(2)	The allocation to buildings and improvements includes an aggregate $140,000 of capitalized acquisition costs related to the purchases of 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.

(3)	Represents $4,701,000 and $2,815,000 of in-place leases and above-market leases with a weighted average amortization period of 6.6 years and 14.8 years, respectively.

(4)	Represents below-market leases with a weighted average amortization period of 4.1 years.

(5)	Includes other working capital assets acquired and liabilities assumed, respectively, at the time of 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 sets forth the unaudited results of operations for the three and six months ended June 30, 2015, for each of the properties acquired during the six months ended June 30, 2015, included in the consolidated statements of operations from the date of acquisition:

	Three Months Ended June 30, 2015		Six Months Ended June 30, 2015
Revenues	$	1,203,000	$	1,673,000
Net Income	$	445,000	$	453,000

The following table sets forth unaudited pro-forma financial information as if the closing of our acquisitions during the six months ended June 30, 2015, had occurred on January 1, 2014. 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 these 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, 2014 and may not be indicative of future operating results.

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues	$	23,213,000	$	16,415,000	$	45,846,000	$	31,596,000
Net operating income	$	16,813,000	$	11,998,000	$	33,066,000	$	22,472,000
Net income	$	1,062,000	$	339,000	$	1,948,000	$	955,000

Intangible Assets

6 Months Ended

Jun. 30, 2015

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:

	June 30, 2015			December 31, 2014
Acquired Lease Intangible Assets:
In-place lease intangibles	$	42,096,000		$	37,467,000
Accumulated amortization		(19,241,000	)		(12,975,000	)
In-place lease intangibles, net		22,855,000			24,492,000

Above-market tenant leases		7,786,000			4,971,000
Accumulated amortization		(2,061,000	)		(1,327,000	)
Above-market tenant leases, net		5,725,000			3,644,000
Acquired lease intangible assets, net	$	28,580,000		$	28,136,000

Acquired Lease Intangible Liabilities:
Below-market tenant leases		(3,726,000	)		(3,514,000	)
Accumulated accretion		1,376,000			743,000
Below-market tenant leases, net		(2,350,000	)		(2,771,000	)

Above-market ground lease		(290,000	)		(290,000	)
Accumulated accretion		61,000			45,000
Above-market ground lease, net		(229,000	)		(245,000	)
Acquired lease intangible liabilities, net	$	(2,579,000	)	$	(3,016,000	)

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
In-place lease intangibles ⁽¹⁾	$	3,120,000		$	1,824,000		$	6,339,000		$	3,910,000
Net above (below) market tenant leases ⁽²⁾	$	54,000		$	81,000		$	101,000		$	170,000
Above-market ground lease ⁽³⁾	$	(8,000	)	$	(8,000	)	$	(16,000	)	$	(16,000	)

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

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

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

Note Receivable

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Note Receivable

5.	Note Receivable

As of June 30, 2015 and December 31, 2014, we had one mortgage note receivable, which is secured by an industrial property located at 32401-32803 Calle Perfecto in San Juan Capistrano (the “Calle Perfecto Note”). The Calle Perfecto Note is a 30-year amortizing loan which bears interest at a fixed rate of 6.001% and matures on May 1, 2017.

The following table summarizes the balance of our notes receivable:

	June 30, 2015			December 31, 2014

Face Amount	$	13,757,000		$	13,896,000
Unrecognized Accretable Yield		(620,000	)		(759,000	)
Note Receivable	$	13,137,000		$	13,137,000

Notes Payable

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Notes Payable

6.	Notes Payable

The following table summarizes the balance of our indebtedness as of June 30, 2015 and December 31, 2014:

	June 30, 2015			December 31, 2014
Principal amount	$	296,715,000		$	357,076,000
Less: unamortized discount and deferred loan costs⁽¹⁾		(382,000	)		(714,000	)
Carrying value	$	296,333,000		$	356,362,000

(1) Unamortized discount and deferred loan costs exclude net debt issuance costs related to establishing our unsecured credit facility. These costs are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets. See the discussion of the adoption of ASU 2015-03 in Note 2.

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2015 and December 31, 2014:

	June 30, 2015					December 31, 2014
	Principal Amount		Unamortized Discount and Deferred Loan Costs			Principal Amount		Unamortized Discount and Deferred Loan Costs			Contractual Maturity Date		Contractual Interest Rate				Effective Interest Rate ⁽¹⁾
Fixed Rate Debt
The Park	$	3,109,000	$	(157,000	)	$	3,173,000	$	(161,000	)	3/1/2031			5.125	%	⁽²⁾		5.37	%
2980 San Fernando		-		-			10,153,000		139,000		7/1/2015			5.088	%	⁽³⁾	--
12907 Imperial Highway		5,356,000		361,000			-		-		4/1/2018			5.950	%	⁽⁴⁾		3.81	%
Variable Rate Debt									-
RIF V - Glendale Commerce Center, LLC		42,750,000		-			42,750,000		-		5/1/2016	⁽⁵⁾	LIBOR + 2.00		%			2.19	%
Term Loan ⁽⁶⁾		60,000,000		(322,000	)		60,000,000		(362,000	)	8/1/2019	⁽⁷⁾	LIBOR + 1.90		%			2.22	%
Term Loan ⁽⁸⁾		48,500,000		(264,000	)		48,500,000		(330,000	)	6/24/2017	⁽⁹⁾	LIBOR + 1.55		%			2.01	%
Unsecured Term Loan Facility		100,000,000		-			100,000,000		-		6/11/2019		LIBOR + 1.25		%			1.44	%
Unsecured Credit Facility				-					-
Unsecured Credit Facility		37,000,000		-			92,500,000		-		6/11/2018	⁽⁷⁾	LIBOR + 1.30		%	⁽¹⁰⁾		1.49	%
Total	$	296,715,000	$	(382,000	)	$	357,076,000	$	(714,000	)

(1) Reflects the effective interest rate at June 30, 2015 and includes the effect of amortization of discounts/premiums and deferred loan costs.

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

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

(4) Monthly payments of interest and principal based on 30-year amortization table, with a balloon payment at maturity.

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

(6) Loan is secured by six properties. As of June 30, 2015, the interest rate with respect to $30 million of this $60 million variable-rate term loan has been effectively fixed through the use of an interest rate swap. See Note 8.

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

(8) Loan is secured by eight properties.

(9) One additional two year extension 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 unsecured revolving credit facility if the balance is under $100 million or over $100 million, respectively.

On January 21, 2015, in connection with the acquisition of the property located at 12907 Imperial Highway, we assumed a mortgage loan that is secured by the property. The assumed mortgage loan had a principal balance of $5.4 million at the acquisition date and was recorded at fair value at the date of acquisition resulting in an initial debt premium of $473,000. The loan, which was put in place in 2008 by the seller, bears interest at a fixed rate of 5.95% with amortization over 30 years, and has a maturity date of April 1, 2018.

On April 1, 2015, we repaid the $10.1 million outstanding balance on our loan secured by the property located at 2980-2990 North San Fernando Road. 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 July 1, 2015.

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts/premiums and deferred loan costs, as of June 30, 2015 and does not consider extension options available to us as noted in the table above:

July 1, 2015 - December 31, 2015	$	122,000
2016		43,002,000
2017		48,766,000
2018		42,208,000
2019		160,158,000
Thereafter		2,459,000
Total	$	296,715,000

Unsecured Credit Facility

We have a senior unsecured revolving credit facility with a borrowing capacity of $200.0 million (the “Revolver”) and a senior unsecured term loan facility (the “Term Loan Facility”) with a borrowing capacity of $100.0 million (together the “Credit Facility”). The Revolver is scheduled to mature on June 11, 2018, with one 12-month extension option available, subject to certain conditions, and the Term Loan Facility is scheduled to mature on June 11, 2019. The aggregate principal amount of the Credit 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 Credit 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 by two or more of Standard & Poor’s, Moody’s Investor Services and Fitch Ratings, the applicable LIBOR margin will range from 1.30% to 1.90% for the Revolver and 1.25% to 1.85% for the Term Loan Facility, depending on the our Leverage Ratio (as defined in the credit agreement). In February 2015, the Revolver and the Term Loan Facility were assigned an investment grade rating of BBB- by Fitch Ratings. Additionally, there is a quarterly facility fee that is paid on the undrawn portion of the Revolver in an amount equal to 0.20% or 0.30% depending on the undrawn amount of the Revolver.

The Credit 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 Credit Facility is not secured by the Company’s properties or by equity interests in the subsidiaries that hold such properties.

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 re-borrowed.

The Credit 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 Credit 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 Credit 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 June 30, 2015, we had borrowings of $37.0 million outstanding under our Revolver, leaving $163.0 million available for additional borrowings.

Debt Covenants

The Credit Facility includes a series of financial and other covenants that we must comply with in order to borrow under the Credit Facility. These include the following covenants which are tested on a quarterly basis:

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

·	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.

Additionally, the Credit Facility provides that our distributions may not exceed the greater of (i) 95.0% of our funds from operations or (ii) the amount required for us to qualify and maintain our status as a REIT and avoid the payment of federal or state income or excise tax in any 12 month period.

In addition to our Credit Facility, certain of our other loan agreements contain financial covenants to be tested quarterly. The Glendale Commerce Center loan and our $60.0 million term loan both require a minimum Debt Service Coverage Ratio (as defined in their respective loan agreements) of at least 1.10 to 1.00.

We were in compliance with all of our required quarterly debt covenants as of June 30, 2015.

Operating Leases

6 Months Ended

Jun. 30, 2015

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 statements of operations as tenant reimbursements.

Future minimum base rent under operating leases as of June 30, 2015 is summarized as follows:

Twelve months ending June 30:
2016	$	73,729,000
2017		54,298,000
2018		38,238,000
2019		27,704,000
2020		21,109,000
Thereafter		48,906,000
Total	$	263,984,000

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

6 Months Ended

Jun. 30, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

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 designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not use derivatives for trading or speculative purposes.

The effective portion of the change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income/(loss) (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives 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. 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 interest rate swap, which is effective for the period from January 15, 2015 to February 15, 2019, is currently fixing the annual interest rate payable on $30.0 million of our debt at 3.726%. 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 Credit Facility.

The following table sets forth a summary of our interest rate swaps at June 30, 2015 and December 31, 2014:

						Fair Value⁽¹⁾				Current Notional Amount⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate			June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
Liabilities:
Interest Rate Swap	1/15/2015	2/15/2019		1.826	%	$	583,000	$	457,000	$	30,000,000	$	-
Interest Rate Swap	7/15/2015	2/15/2019		2.010	%	$	756,000	$	408,000	$	-	$	-
Interest Rate Swap	8/14/2015	12/14/2018		1.790	%	$	853,000	$	277,000	$	-	$	-
Interest Rate Swap	2/16/2016	12/14/2018		2.005	%	$	768,000	$	260,000	$	-	$	-

(1)

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. As of June 30, 2015 and December 31, 2014, all of our derivatives were in a liability position, and as such, the fair value is included in the line item “Interest rate swap liability” in the consolidated balance sheets.

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

The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	194,000		$	(760,000	)	$	(1,788,000	)	$	(459,000	)
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)		(125,000	)		-			(230,000	)		-
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)		-			-			-			-

During the next twelve months, we estimate that an additional $1,760,000 will be reclassified from AOCI 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 June 30, 2015, the fair value of interest rate swaps in a net liability position, which excludes any adjustment for nonperformance risk related to these agreements, was $3,026,000. As of June 30, 2015, we have not posted any collateral related to these agreements.

- Definition

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

+ References

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2015

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 June 30, 2015, 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 June 30, 2015 and December 31, 2014, which we measure on a recurring basis by level within the fair value hierarchy.

	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)
Interest Rate Swaps at:
June 30, 2015	$	(2,960,000	)	$	-	$	(2,960,000	)	$	-
December 31, 2014	$	(1,402,000	)	$	-	$	(1,402,000	)	$	-

Financial Instruments Disclosed at Fair Value

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

The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using currently available market rates, adjusted with a credit spread, and assuming the loans are outstanding through contractual maturity date.

The table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2015 and December 31, 2014:

	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:
June 30, 2015	$	296,859,000	$	-	$	-	$	296,859,000	$	296,333,000
December 31, 2014	$	357,212,000	$	-	$	-	$	357,212,000	$	356,362,000

- Definition

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

+ References + Details

Related Party Transactions

6 Months Ended

Jun. 30, 2015

Chief Executive Officer

Related Party Transactions

10.	Related Party Transactions

Howard Schwimmer

We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management and development fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $61,000 and $63,000 for the three months ended June 30, 2015 and 2014, respectively, and $116,000 and $116,000 for the six months ended June 30, 2015 and 2014, respectively, in management, leasing and development services revenue.

- Definition

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

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2015

Commitments And Contingencies Disclosure [Abstract]

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.

During the second quarter of 2015, the Company entered into a settlement agreement with respect to previously-disclosed litigation involving certain of its pre-IPO investors. The aggregate amount paid by the Company in this settlement was not material.

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 former owner, whereby $1.3 million of the purchase price, which would have otherwise been paid to the former owner, was to be placed into an escrow account to be used to pay remediation costs. In addition, we 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 of June 30, 2015 and December 31, 2014, we have a $1.2 million contingent liability recorded in our consolidated balance sheets included in the line item “Accounts payable and accrued expenses”, reflecting the estimated remaining cost to remediate environmental liabilities that existed prior to the acquisition date. As of June 30, 2015 and December 31, 2014, we also have a $1.2 million corresponding indemnification asset recorded in our consolidated balance sheets included in the line item “Other assets”, reflecting the estimated costs we expect the former owner to cover pursuant to the Holdback Agreement.

We expect that the 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. However, we cannot assure you that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation.

Rent Expense

As of June 30, 2015, 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 June 30, 2015 is as follows:

	Office Lease		Ground Rent
July 1, 2015 - December 31, 2015	$	238,000	$	72,000
2016		520,000		144,000
2017		543,000		144,000
2018		559,000		144,000
2019		337,000		144,000
Thereafter		-		6,108,000
Total	$	2,197,000	$	6,756,000

Tenant and Construction Related

As of June 30, 2015, we had commitments of approximately $5.3 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors.

Concentrations of Credit Risk

We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of June 30, 2015, we do not believe we are exposed to significant credit risk due to the financial position of the institutions in which those deposits are held.

As of June 30, 2015, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate.

As of June 30, 2015, our 10 largest tenants represented approximately 14.6% of our annualized base rent, which is based on the monthly contracted base rent from leases in effect as of June 30, 2015, multiplied by 12, excluding billboard and antenna revenue and rent abatements. During the three and six months ended June 30, 2015, no single tenant accounted for more than 10% of our rental revenues.

Investment in Unconsolidated Real Estate

6 Months Ended

Jun. 30, 2015

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 one property located at 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 following tables present combined summarized financial information of our unconsolidated joint venture properties. Amounts provided are the total amounts attributable to the entities and do not represent our proportionate share, unless otherwise noted:

	June 30, 2015			December 31, 2014
Assets	$	23,862,000		$	23,542,000
Liabilities		(1,442,000	)		(1,274,000	)
Partners'/members' equity	$	22,420,000		$	22,268,000
Company's share of equity	$	3,363,000		$	3,340,000
Basis adjustment⁽¹⁾		655,000			678,000
Carrying value of the Company's investment in unconsolidated real estate	$	4,018,000		$	4,018,000

(1)	This amount represents the difference between our historical cost basis and the basis reflected at the joint venture level, resulting from the contribution of our equity interest as part of the formation transactions that occurred on July 24, 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues	$	685,000		$	1,921,000		$	1,348,000		$	3,733,000
Expenses		(574,000	)		(1,758,000	)		(1,196,000	)		(3,363,000	)
Net income	$	111,000		$	163,000		$	152,000		$	370,000

Fees and commissions earned from managing the JV are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $47,000 and $130,000 for the three months ended June 30, 2015 and 2014, respectively, and $91,000 and $269,000 for the six months ended June 30, 2015 and 2014, respectively, in management, leasing and development services revenue.

Discontinued Operations

6 Months Ended

Jun. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Discontinued Operations

13.	Discontinued Operations

Dispositions

We did not have any dispositions during the six months ended June 30, 2015. The table below summarizes the properties sold during the six months ended June 30, 2014.

Address

Location

Date of

Disposition

Rentable

Square Feet

Sales Price

Gain (Loss)

Recorded ⁽¹⁾

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

)

(1)	The results of operations and the gain or loss on sale of these properties are reported under Discontinued Operations in the consolidated statements of operations.

Discontinued Operations

Discontinued operations for the three and six months ended June 30, 2014 includes the results of operations (prior to disposition) and the gain (loss) on sale of real estate of the two properties in the table above. The following table summarizes the main components of income from discontinued operations for the three and six months ended June 30, 2014.

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Revenues	$	-	$	85,000
Operating expenses		-		(57,000	)
Depreciation and amortization expense		-		(7,000	)
Gain on sale of real estate		-		2,125,000
Income from discontinued operations	$	-	$	2,146,000

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Equity

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity

14.

Equity

Common Stock

On February 3, 2015, we completed a public follow-on offering of 11,500,000 shares of our common stock at a public offering price of $16.00 per share. The net proceeds of the follow-on offering were approximately $176.3 million, after deducting the underwriting discount and offering costs paid aggregating approximately $7.7 million. On February 3, 2015, we contributed the net proceeds of the offering to our Operating Partnership in exchange for 11,500,000 common units of partnership interests in the Operating Partnership (“OP Units”).

On April 17, 2015, we established an at-the-market equity offering program (the “ATM Program”) through which we may sell from time to time up to an aggregate of $125.0 million of our common stock through sales agents. In connection with the ATM program we incurred direct offering costs of approximately $0.3 million. As of June 30, 2015, we have not sold any shares of common stock under the ATM Program, and actual sales going forward, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

Noncontrolling Interests

Noncontrolling interests in our Operating Partnership relate to interests in the partnership that are not owned by us. Noncontrolling interests consisted of 2,177,573 OP Units and represented approximately 3.8% of our Operating Partnership as of June 30, 2015. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis.

During the six months ended June 30, 2015, 145,771 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of approximately $1.6 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 1,803,345 shares of common stock remain available for issuance as of June 30, 2015).

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.

We recognized equity compensation expense of $466,000 and $279,000 for the three months ended June 30, 2015 and 2014, respectively, and $815,000 and $451,000 for the six months ended June 30, 2015 and 2014, 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. We capitalized $30,000 and $41,000 of equity compensation costs related to these employees during the three months ended June 30, 2015 and 2014, respectively, and $49,000 and $70,000 of equity compensation costs related to these employees during the six months ended June 30, 2015 and 2014, respectively.

The following table sets forth our nonvested restricted stock activity for the six months ended June 30, 2015:

	Number of Nonvested Shares of Restricted Common Stock
Balance at January 1, 2015		320,017
Granted		125,614
Forfeited		(10,307	)
Vested⁽¹⁾		(27,861	)
Balance at June 30, 2015		407,463

(1)

4,225 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 table sets forth the vesting schedule of total nonvested shares of restricted stock outstanding as of June 30, 2015:

	Number of Shares
July 1, 2015 - December 31, 2015		78,893
2016		128,658
2017		139,517
2018		41,776
2019		18,619
Total nonvested shares		407,463

As of June 30, 2015, there was approximately $4.2 million of total unrecognized compensation expense related to nonvested shares of our restricted common stock expected to vest, of which approximately $0.3 million will be capitalized for employees who provide leasing and construction services. As of June 30, 2015, this total unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 32 months.

Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our accumulated other comprehensive loss balance for the six months ended June 30, 2015, which consists solely of adjustments related to our cash flow hedges:

	Accumulated Other Comprehensive Loss
Balance at January 1, 2015	$	(1,331,000	)
Other comprehensive loss before reclassifications		(1,788,000	)
Amounts reclassified from accumulated other comprehensive loss to interest expense		230,000
Net current period other comprehensive loss		(1,558,000	)
Less other comprehensive loss attributable to noncontrolling interests		42,000
Other comprehensive loss attributable to common stockholders		(1,516,000	)
Balance at June 30, 2015	$	(2,847,000	)

- Definition

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

+ References

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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Numerator:
Net income (loss) from continuing operations	$	196,000		$	81,000		$	277,000		$	(636,000	)
Net (income) loss from continuing operations attributable to noncontrolling interests		(8,000	)		(8,000	)		(12,000	)		67,000
Income from continuing operations attributable to participating securities		(49,000	)		(24,000	)		(99,000	)		(40,000	)
Income (loss) from continuing operations attributable to Rexford Industrial Realty, Inc.	$	139,000		$	49,000		$	166,000		$	(609,000	)
Income from discontinued operations		-			-			-			2,146,000
Income from discontinued operations attributable to noncontrolling interests		-			-			-			(227,000	)
Income from discontinued operations attributable to participating securities		-			-			-			-
Income from discontinued operations attributable to Rexford Industrial Realty, Inc.	$	-		$	-		$	-		$	1,919,000
Net income	$	196,000		$	81,000		$	277,000		$	1,510,000
Net income attributable to noncontrolling interests		(8,000	)		(8,000	)		(12,000	)		(160,000	)
Net income attributable to participating securities		(49,000	)		(24,000	)		(99,000	)		(40,000	)
Net income attributable to Rexford Industrial Realty, Inc.	$	139,000		$	49,000		$	166,000		$	1,310,000
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		54,963,093			25,419,757			52,835,132			25,419,588
Earnings per share - Basic and Diluted:
Net income (loss) from continuing operations attributable to common stockholders	$	-		$	-		$	-		$	(0.02	)
Net income from discontinued operations attributable to common stockholders	$	-		$	-		$	-		$	0.07
Net income attributable to common stockholders	$	-		$	-		$	-		$	0.05

Participating securities include 407,463 and 203,264 shares of nonvested restricted stock outstanding at June 30, 2015 and 2014, respectively, which participate in non-forfeitable dividends 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. In addition, as the effect of the conversion of OP Units into shares of our common stock is neither dilutive nor antidilutive, it has been excluded from our calculation of weighted average shares of common stock outstanding – diluted. As such, the number of weighted average shares of common stock outstanding, both basic and diluted, are the same for the three and six months ended June 30, 2015 and 2014.

Subsequent Events

6 Months Ended

Jun. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

16.	Subsequent Events

Acquisitions

On July 10, 2015, we acquired the property located at 12720-12860 Danielson Court in Poway, California for a contract price of $16.9 million using funds from our Revolver. The property consists of six multi-tenant industrial buildings totaling 112,062 square feet, situated on 9.23 acres of land.

On July 29, 2015, we acquired the property located at 10950 Norwalk Blvd. and 12241 Lakeland Road in Santa Fe Springs, California for a contract price of approximately $5.0 million using funds from our Revolver. The property consists of one single-tenant industrial building totaling 18,995 square feet, situated on 2.85 acres of land.

First Amendment to Amended and Restated Credit Agreement

On July 15, 2015, we entered into a First Amendment to Amended and Restated Credit Agreement (the “First Amendment”) that provides for, among other things, the following changes to the Credit Facility:

·	A maximum secured recourse debt covenant was added, which replaced the maximum recourse debt covenant in the Credit Facility;

·	The cross default threshold for defaults in other material indebtedness was increased from $20 million to $80 million with respect to recourse debt and from $50 million to $150 million with respect to non-recourse debt; and

·	The default threshold for judgments was increased from $20 million to $40 million.

Note Purchase Agreement

On July 16, 2015, we entered into a Note Purchase and Guarantee Agreement (the “NPGA”) for the private placement of $100 million of guaranteed senior notes, maturing on August 6, 2025, with a fixed annual interest rate of 4.29% (the “Notes”).

Interest on the Notes will be payable semiannually on February 6 and August 6 of each year, beginning on February 6, 2016. We may prepay at any time all or, from time to time, any part of the Notes, in amounts not less than $2.5 million of the Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the NPGA).

The NPGA contains a series of financial and other covenants with which we must comply. The financial covenants are the same as those that we must comply with under the Credit Facility (see Note 6), and as further amended by the First Amendment. Subject to the terms of the NPGA and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount, or interest under the Notes, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the NPGA, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the purchasers.

Our obligations under the Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries.

On August 6, 2015, we completed the issuance of the Notes.

Repayment of Debt

On August 6, 2015, we used a portion of the funds raised from the issuance of the Notes to pay in full the $42.75 million mortgage loan secured by our property known as the Glendale Commerce Center. We did not incur any prepayment penalties for repaying in advance of the maturity date of May 1, 2016.

On August 6 2015, we used a portion of the funds raised from the issuance of the Notes to pay in full the $48.5 million term loan secured by the first priority deed of trust on eight of our properties. We did not incur any prepayment penalties for repaying in advance of the maturity date of June 24, 2017.

OP Unit Conversions

Subsequent to June 30, 2015, 49,524 OP Units were converted into an equivalent number of shares of common stock.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2015
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 Accounting Standards Update 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. We elected to adopt ASU 2014-08 early, beginning in the fiscal quarter ended September 30, 2014. The adoption of ASU 2014-08 has and will likely result in fewer property sales being classified as discontinued operations. We did not have any dispositions of operating properties during the six months ended June 30, 2015. During the six months ended June 30, 2014, we sold two of our operating properties. As these properties were sold and classified as held for sale prior to the adoption of ASU 2014-08, the revenues and expenses of these properties are reported as discontinued operations in the consolidated statements of operations for all periods presented through the date of the disposition. Furthermore, the gain (loss) on sale of these properties is reported as discontinued operations in the consolidated statements of operations in the period the properties are sold. 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. We capitalized acquisition costs totaling $310,000 and $121,000 during the three months ended June 30, 2015 and 2014, respectively, and $346,000 and $163,000 during the six months ended June 30, 2015 and 2014, respectively. See Note 3. 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 interest, insurance, real estate taxes and certain general and administrative costs, including direct payroll, bonus and noncash equity compensation, 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 under Investments in Real Estate - Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an 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 regards to the underlying assets might change as market conditions and other factors change. 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 respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.
Investment in Unconsolidated Real Estate	Investment in Unconsolidated Real Estate Investments in unconsolidated real estate in which we have the ability to exercise significant influence (but not control) are accounted for under the equity method of investment. Under the equity method, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Under the equity method of accounting, our net equity investment is reflected within the consolidated balance sheets, and our share of net income or loss from the joint ventures is included within the consolidated statements of operations. See Note 12.
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. 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 and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three and six months ended June 30, 2015 and 2014. 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 June 30, 2015 and December 31, 2014, 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 income in the accompanying consolidated 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 recorded a provision for doubtful accounts of approximately $0.4 million and $0.1 million for the three months ended June 30, 2015 and 2014, respectively, and approximately $0.8 million and $0.5 million for the six months ended June 30, 2015 and 2014, respectively, as a reduction to rental revenues in our consolidated statements of operations. We had a $1.7 million and $1.0 million reserve for allowance for doubtful accounts as of June 30, 2015 and December 31, 2014, 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. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. The total compensation expense for these awards is based upon the fair market value of the shares on the grant date, adjusted for estimated forfeitures. See Note 14.
Equity Offering Costs	Equity Offering Costs Underwriting commissions and offering costs have been reflected as a reduction of additional paid-in capital.
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 nonvested restricted 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 nonvested 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 April 7, 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (“ASU 2015-03”). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. ASU 2015-03 is effective for annual and interim periods beginning on or after December 15, 2015, with early adoption permitted on a retrospective basis. We have elected to adopt ASU 2015-03 early, beginning with the quarter ended March 31, 2015. As a result of the adoption of ASU 2015-03, we have reclassified approximately $0.7 million of net debt issuance costs from an asset (previously recorded in the line item “Deferred loan costs, net” in the consolidated balance sheets) to a reduction in the carrying amount of our notes payable as of December 31, 2014. Net debt issuance costs related to establishing our revolving line of credit will continue to be presented in the line item “Deferred loan costs, net” as an asset in the consolidated balance sheets. ASU 2015-03 also expands disclosure requirements to include the face amount of the debt liability and the effective interest rate in the notes to the consolidated financial statements. See Note 6. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis ("ASU 2015-02"). ASU 2015-02 requires reporting entities to evaluate whether they should consolidate certain legal entities. ASU 2015-02 modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities and eliminates the presumption that a general partner should consolidate a limited partnership. This ASU affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. A reporting entity may apply the amendments in the ASU using: (i) a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption; or (ii) by applying the amendments retrospectively. We are currently assessing the potential impact that the adoption of the ASU 2015-02 will have on our consolidated financial statements. 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. For public entities, ASU 2014-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. Early application is not permitted. In April 2015, the FASB tentatively decided to defer the effective date for one year, which would make this ASU effective for annual reporting periods beginning after December 15, 2017. ASU 2014-09 notes that lease contracts with customers are a scope exception, and accordingly, we do not expect the adoption to have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2015

Investments All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table sets forth the wholly-owned industrial properties we acquired during the six months ended June 30, 2015:

Property	Submarket	Date of Acquisition	Square Feet		Number of Buildings	Purchase Price
8902-8940 Activity Road⁽¹⁾	San Diego - Central	1/21/2015		112,501	5	$	18,450,000
12907 Imperial Highway⁽²⁾	Los Angeles - Mid-counties	1/21/2015		101,080	1		12,180,000
1210 North Red Gum Street⁽³⁾	Orange County - North	3/9/2015		64,570	1		7,650,000
9401 De Soto Avenue⁽³⁾	Los Angeles - San Fernando Valley	3/18/2015		150,263	1		14,075,000
9615 Norwalk Boulevard⁽³⁾	Los Angeles - Mid-counties	4/30/2015		38,362	2		9,642,000
16221 Arthur Street⁽³⁾	Los Angeles - Mid-counties	5/1/2015		61,372	1		5,774,000
2588 & 2605 Industry Way⁽¹⁾	Los Angeles - South Bay	5/12/2015		164,662	2		22,000,000
425 South Hacienda Boulevard⁽¹⁾	Los Angeles - San Gabriel Valley	5/15/2015		51,823	1		7,000,000
6700 Alameda Street⁽⁴⁾	Los Angeles - Central LA	6/29/2015		78,280	1		14,500,000
Total 2015 Wholly-Owned Property Acquisitions				822,913	15	$	111,271,000

(1)	This acquisition was funded with borrowings under our unsecured revolving credit facility.

(2)

(3)	This acquisition was funded with available cash on hand.

(4)	This acquisition was funded in part by available cash on hand and in part by borrowings under our unsecured revolving credit facility.

Preliminary Allocation of Purchase Price

	Total 2015 Acquisitions
Assets:
Land⁽¹⁾	$	52,304,000
Buildings and improvements⁽²⁾		50,747,000
Tenant improvements		1,900,000
Acquired lease intangible assets⁽³⁾		7,516,000
Other acquired assets ⁽⁵⁾		92,000
Total assets acquired		112,559,000
Liabilities:
Acquired lease intangible liabilities⁽⁴⁾		212,000
Notes payable		5,874,000
Deferred rent liability		177,000
Other assumed liabilities ⁽⁵⁾		825,000
Total liabilities assumed		7,088,000
Net assets acquired	$	105,471,000

(1)	The allocation to land includes an aggregate $194,000 of capitalized acquisition costs related to the purchases of 9401 De Soto Ave., 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.

(2)	The allocation to buildings and improvements includes an aggregate $140,000 of capitalized acquisition costs related to the purchases of 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.

(3)	Represents $4,701,000 and $2,815,000 of in-place leases and above-market leases with a weighted average amortization period of 6.6 years and 14.8 years, respectively.

(4)	Represents below-market leases with a weighted average amortization period of 4.1 years.

(5)	Includes other working capital assets acquired and liabilities assumed, respectively, at the time of acquisition.

Proforma Financial Information

	Three Months Ended June 30, 2015		Six Months Ended June 30, 2015
Revenues	$	1,203,000	$	1,673,000
Net Income	$	445,000	$	453,000

	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Revenues	$	23,213,000	$	16,415,000	$	45,846,000	$	31,596,000
Net operating income	$	16,813,000	$	11,998,000	$	33,066,000	$	22,472,000
Net income	$	1,062,000	$	339,000	$	1,948,000	$	955,000

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2015

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities

	June 30, 2015			December 31, 2014
Acquired Lease Intangible Assets:
In-place lease intangibles	$	42,096,000		$	37,467,000
Accumulated amortization		(19,241,000	)		(12,975,000	)
In-place lease intangibles, net		22,855,000			24,492,000

Above-market tenant leases		7,786,000			4,971,000
Accumulated amortization		(2,061,000	)		(1,327,000	)
Above-market tenant leases, net		5,725,000			3,644,000
Acquired lease intangible assets, net	$	28,580,000		$	28,136,000

Acquired Lease Intangible Liabilities:
Below-market tenant leases		(3,726,000	)		(3,514,000	)
Accumulated accretion		1,376,000			743,000
Below-market tenant leases, net		(2,350,000	)		(2,771,000	)

Above-market ground lease		(290,000	)		(290,000	)
Accumulated accretion		61,000			45,000
Above-market ground lease, net		(229,000	)		(245,000	)
Acquired lease intangible liabilities, net	$	(2,579,000	)	$	(3,016,000	)

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:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
In-place lease intangibles ⁽¹⁾	$	3,120,000		$	1,824,000		$	6,339,000		$	3,910,000
Net above (below) market tenant leases ⁽²⁾	$	54,000		$	81,000		$	101,000		$	170,000
Above-market ground lease ⁽³⁾	$	(8,000	)	$	(8,000	)	$	(16,000	)	$	(16,000	)

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

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

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

Note Receivable (Tables)

6 Months Ended

Jun. 30, 2015

Receivables [Abstract]

Summary of Notes Receivable

The following table summarizes the balance of our notes receivable:

	June 30, 2015			December 31, 2014

Face Amount	$	13,757,000		$	13,896,000
Unrecognized Accretable Yield		(620,000	)		(759,000	)
Note Receivable	$	13,137,000		$	13,137,000

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2015

Debt Disclosure [Abstract]

Summary of Components and Significant Terms of Our Indebtedness

The following table summarizes the balance of our indebtedness as of June 30, 2015 and December 31, 2014:

	June 30, 2015			December 31, 2014
Principal amount	$	296,715,000		$	357,076,000
Less: unamortized discount and deferred loan costs⁽¹⁾		(382,000	)		(714,000	)
Carrying value	$	296,333,000		$	356,362,000

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2015 and December 31, 2014:

	June 30, 2015					December 31, 2014
	Principal Amount		Unamortized Discount and Deferred Loan Costs			Principal Amount		Unamortized Discount and Deferred Loan Costs			Contractual Maturity Date		Contractual Interest Rate				Effective Interest Rate ⁽¹⁾
Fixed Rate Debt
The Park	$	3,109,000	$	(157,000	)	$	3,173,000	$	(161,000	)	3/1/2031			5.125	%	⁽²⁾		5.37	%
2980 San Fernando		-		-			10,153,000		139,000		7/1/2015			5.088	%	⁽³⁾	--
12907 Imperial Highway		5,356,000		361,000			-		-		4/1/2018			5.950	%	⁽⁴⁾		3.81	%
Variable Rate Debt									-
RIF V - Glendale Commerce Center, LLC		42,750,000		-			42,750,000		-		5/1/2016	⁽⁵⁾	LIBOR + 2.00		%			2.19	%
Term Loan ⁽⁶⁾		60,000,000		(322,000	)		60,000,000		(362,000	)	8/1/2019	⁽⁷⁾	LIBOR + 1.90		%			2.22	%
Term Loan ⁽⁸⁾		48,500,000		(264,000	)		48,500,000		(330,000	)	6/24/2017	⁽⁹⁾	LIBOR + 1.55		%			2.01	%
Unsecured Term Loan Facility		100,000,000		-			100,000,000		-		6/11/2019		LIBOR + 1.25		%			1.44	%
Unsecured Credit Facility				-					-
Unsecured Credit Facility		37,000,000		-			92,500,000		-		6/11/2018	⁽⁷⁾	LIBOR + 1.30		%	⁽¹⁰⁾		1.49	%
Total	$	296,715,000	$	(382,000	)	$	357,076,000	$	(714,000	)

(1) Reflects the effective interest rate at June 30, 2015 and includes the effect of amortization of discounts/premiums and deferred loan costs.

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

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

(4) Monthly payments of interest and principal based on 30-year amortization table, with a balloon payment at maturity.

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

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

(8) Loan is secured by eight properties.

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

Summary of Aggregate Future Minimum Payments of Debt

July 1, 2015 - December 31, 2015	$	122,000
2016		43,002,000
2017		48,766,000
2018		42,208,000
2019		160,158,000
Thereafter		2,459,000
Total	$	296,715,000

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2015

Leases Operating [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

Future minimum base rent under operating leases as of June 30, 2015 is summarized as follows:

Twelve months ending June 30:
2016	$	73,729,000
2017		54,298,000
2018		38,238,000
2019		27,704,000
2020		21,109,000
Thereafter		48,906,000
Total	$	263,984,000

Interest Rate Contracts (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at June 30, 2015 and December 31, 2014:

						Fair Value⁽¹⁾				Current Notional Amount⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate			June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
Liabilities:
Interest Rate Swap	1/15/2015	2/15/2019		1.826	%	$	583,000	$	457,000	$	30,000,000	$	-
Interest Rate Swap	7/15/2015	2/15/2019		2.010	%	$	756,000	$	408,000	$	-	$	-
Interest Rate Swap	8/14/2015	12/14/2018		1.790	%	$	853,000	$	277,000	$	-	$	-
Interest Rate Swap	2/16/2016	12/14/2018		2.005	%	$	768,000	$	260,000	$	-	$	-

(1)

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

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented:

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	194,000		$	(760,000	)	$	(1,788,000	)	$	(459,000	)
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)		(125,000	)		-			(230,000	)		-
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)		-			-			-			-

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 815
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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-Topic 815
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-Section 50
-Paragraph 1A
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=56946850&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
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=56946850&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=56946850&loc=d3e41620-113959

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

+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

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

	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)
Interest Rate Swaps at:
June 30, 2015	$	(2,960,000	)	$	-	$	(2,960,000	)	$	-
December 31, 2014	$	(1,402,000	)	$	-	$	(1,402,000	)	$	-

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 June 30, 2015 and December 31, 2014:

	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:
June 30, 2015	$	296,859,000	$	-	$	-	$	296,859,000	$	296,333,000
December 31, 2014	$	357,212,000	$	-	$	-	$	357,212,000	$	356,362,000

Commitments and contingencies (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 is as follows:

	Office Lease		Ground Rent
July 1, 2015 - December 31, 2015	$	238,000	$	72,000
2016		520,000		144,000
2017		543,000		144,000
2018		559,000		144,000
2019		337,000		144,000
Thereafter		-		6,108,000
Total	$	2,197,000	$	6,756,000

- Definition

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.

+ References + Details

Investment in Unconsolidated Real Estate (Tables)

6 Months Ended

Jun. 30, 2015

Schedule Of Investments [Abstract]

Summarized Information of Our Equity Method Investment Properties

	June 30, 2015			December 31, 2014
Assets	$	23,862,000		$	23,542,000
Liabilities		(1,442,000	)		(1,274,000	)
Partners'/members' equity	$	22,420,000		$	22,268,000
Company's share of equity	$	3,363,000		$	3,340,000
Basis adjustment⁽¹⁾		655,000			678,000
Carrying value of the Company's investment in unconsolidated real estate	$	4,018,000		$	4,018,000

(1)	This amount represents the difference between our historical cost basis and the basis reflected at the joint venture level, resulting from the contribution of our equity interest as part of the formation transactions that occurred on July 24, 2013.

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues	$	685,000		$	1,921,000		$	1,348,000		$	3,733,000
Expenses		(574,000	)		(1,758,000	)		(1,196,000	)		(3,363,000	)
Net income	$	111,000		$	163,000		$	152,000		$	370,000

Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2015

Discontinued Operations And Disposal Groups [Abstract]

Summary of the Properties Sold

Dispositions

We did not have any dispositions during the six months ended June 30, 2015. The table below summarizes the properties sold during the six months ended June 30, 2014.

Address

Location

Date of

Disposition

Rentable

Square Feet

Sales Price

Gain (Loss)

Recorded ⁽¹⁾

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

)

(1)	The results of operations and the gain or loss on sale of these properties are reported under Discontinued Operations in the consolidated statements of operations.

Results of Operations

Discontinued Operations

	Three Months Ended June 30, 2014		Six Months Ended June 30, 2014
Revenues	$	-	$	85,000
Operating expenses		-		(57,000	)
Depreciation and amortization expense		-		(7,000	)
Gain on sale of real estate		-		2,125,000
Income from discontinued operations	$	-	$	2,146,000

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Section 50
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Paragraph 5B
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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-Paragraph 3A
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760

+ Details

Equity (Tables)

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our nonvested restricted stock activity for the six months ended June 30, 2015:

	Number of Nonvested Shares of Restricted Common Stock
Balance at January 1, 2015		320,017
Granted		125,614
Forfeited		(10,307	)
Vested⁽¹⁾		(27,861	)
Balance at June 30, 2015		407,463

(1)

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following table sets forth the vesting schedule of total nonvested shares of restricted stock outstanding as of June 30, 2015:

	Number of Shares
July 1, 2015 - December 31, 2015		78,893
2016		128,658
2017		139,517
2018		41,776
2019		18,619
Total nonvested shares		407,463

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

	Accumulated Other Comprehensive Loss
Balance at January 1, 2015	$	(1,331,000	)
Other comprehensive loss before reclassifications		(1,788,000	)
Amounts reclassified from accumulated other comprehensive loss to interest expense		230,000
Net current period other comprehensive loss		(1,558,000	)
Less other comprehensive loss attributable to noncontrolling interests		42,000
Other comprehensive loss attributable to common stockholders		(1,516,000	)
Balance at June 30, 2015	$	(2,847,000	)

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Numerator:
Net income (loss) from continuing operations	$	196,000		$	81,000		$	277,000		$	(636,000	)
Net (income) loss from continuing operations attributable to noncontrolling interests		(8,000	)		(8,000	)		(12,000	)		67,000
Income from continuing operations attributable to participating securities		(49,000	)		(24,000	)		(99,000	)		(40,000	)
Income (loss) from continuing operations attributable to Rexford Industrial Realty, Inc.	$	139,000		$	49,000		$	166,000		$	(609,000	)
Income from discontinued operations		-			-			-			2,146,000
Income from discontinued operations attributable to noncontrolling interests		-			-			-			(227,000	)
Income from discontinued operations attributable to participating securities		-			-			-			-
Income from discontinued operations attributable to Rexford Industrial Realty, Inc.	$	-		$	-		$	-		$	1,919,000
Net income	$	196,000		$	81,000		$	277,000		$	1,510,000
Net income attributable to noncontrolling interests		(8,000	)		(8,000	)		(12,000	)		(160,000	)
Net income attributable to participating securities		(49,000	)		(24,000	)		(99,000	)		(40,000	)
Net income attributable to Rexford Industrial Realty, Inc.	$	139,000		$	49,000		$	166,000		$	1,310,000
Denominator:
Weighted average shares of common stock outstanding - basic and diluted		54,963,093			25,419,757			52,835,132			25,419,588
Earnings per share - Basic and Diluted:
Net income (loss) from continuing operations attributable to common stockholders	$	-		$	-		$	-		$	(0.02	)
Net income from discontinued operations attributable to common stockholders	$	-		$	-		$	-		$	0.07
Net income attributable to common stockholders	$	-		$	-		$	-		$	0.05

Organization - Additional Information (Detail) ft² in Millions	Jun. 30, 2015 ft² Property
Real Estate Properties [Line Items]
Number of real estate properties \| Property	107
Area of real estate property \| ft²	10.6
Number of real estate properties additionally managed \| Property	19
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	0.5
Interest percentage owned in joint venture of real estate properties	15.00%
Number of real estate properties owned in joint venture \| Property	1

Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2014 USD ($) Property	Dec. 31, 2014 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Number of operating properties sold \| Property				2
Allocation period			1 year
Asset acquisition capitalized acquisition costs	$ 310,000	$ 121,000	$ 346,000	$ 163,000
REIT annual taxable income distribution requirement percentage			90.00%
Income tax provision	0	0	$ 0	0
Reserve for allowance for doubtful accounts	1,700,000		1,700,000		$ 1,000,000
Provision for doubtful accounts	$ 400,000	$ 100,000	$ 800,000	$ 500,000
Debt Issuance Cost					$ 700,000
Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life			20 years
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life			10 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life			30 years

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail)

6 Months Ended

Jun. 30, 2015

USD ($)

ft²

Buildings

Business Acquisition [Line Items]

Square Feet | ft²

822,913

Number of Buildings | Buildings

Purchase Price | $

$ 111,271,000

8902-8940 Activity Road

Business Acquisition [Line Items]

Submarket

San Diego - Central

^[1]

Date of Acquisition

Jan. 21, 2015

^[1]

Square Feet | ft²

112,501

^[1]

Number of Buildings | Buildings

^[1]

Purchase Price | $

$ 18,450,000

^[1]

12907 Imperial Highway

Business Acquisition [Line Items]

Submarket

Los Angeles - Mid-counties

^[2]

Date of Acquisition

Jan. 21, 2015

^[2]

Square Feet | ft²

101,080

^[2]

Number of Buildings | Buildings

^[2]

Purchase Price | $

$ 12,180,000

^[2]

1210 North Red Gum Street

Business Acquisition [Line Items]

Submarket

Orange County - North

^[3]

Date of Acquisition

Mar. 09, 2015

^[3]

Square Feet | ft²

64,570

^[3]

Number of Buildings | Buildings

^[3]

Purchase Price | $

$ 7,650,000

^[3]

9401 De Soto Avenue

Business Acquisition [Line Items]

Submarket

Los Angeles - San Fernando Valley

^[3]

Date of Acquisition

Mar. 18, 2015

^[3]

Square Feet | ft²

150,263

^[3]

Number of Buildings | Buildings

^[3]

Purchase Price | $

$ 14,075,000

^[3]

9615 Norwalk Boulevard

Business Acquisition [Line Items]

Submarket

Los Angeles - Mid-counties

^[3]

Date of Acquisition

Apr. 30, 2015

^[3]

Square Feet | ft²

38,362

^[3]

Number of Buildings | Buildings

^[3]

Purchase Price | $

$ 9,642,000

^[3]

16221 Arthur Street

Business Acquisition [Line Items]

Submarket

Los Angeles - Mid-counties

^[3]

Date of Acquisition

May 01, 2015

^[3]

Square Feet | ft²

61,372

^[3]

Number of Buildings | Buildings

^[3]

Purchase Price | $

$ 5,774,000

^[3]

2588 & 2605 Industry Way

Business Acquisition [Line Items]

Submarket

Los Angeles - South Bay

^[1]

Date of Acquisition

May 12, 2015

^[1]

Square Feet | ft²

164,662

^[1]

Number of Buildings | Buildings

^[1]

Purchase Price | $

$ 22,000,000

^[1]

425 South Hacienda Boulevard

Business Acquisition [Line Items]

Submarket

Los Angeles - San Gabriel Valley

^[1]

Date of Acquisition

May 15, 2015

^[1]

Square Feet | ft²

51,823

^[1]

Number of Buildings | Buildings

^[1]

Purchase Price | $

$ 7,000,000

^[1]

6700 Alameda Street

Business Acquisition [Line Items]

Submarket

Los Angeles - Central LA

^[4]

Date of Acquisition

Jun. 29, 2015

^[4]

Square Feet | ft²

78,280

^[4]

Number of Buildings | Buildings

^[4]

Purchase Price | $

$ 14,500,000

^[4]

[1]	This acquisition was funded with borrowings under our unsecured revolving credit facility.
[2]	This acquisition was funded as follows: (i) $5.4 million from the assumption of secured debt; (ii) $2.1 million from a deposit paid during the fourth quarter of 2014 and (iii) borrowings under our unsecured revolving credit facility. The assumed debt was recorded at fair value on the acquisition date, resulting in a premium of approximately $0.5 million.
[3]	This acquisition was funded with available cash on hand.
[4]	This acquisition was funded in part by available cash on hand and in part by borrowings under our unsecured revolving credit facility.

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Parenthetical) (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Assumption of loan in connection with acquisition of real estate	$ 5,874,000	$ 10,565,000
12907 Imperial Highway
Business Acquisition [Line Items]
Assumption of loan in connection with acquisition of real estate	5,400,000
Deposits paid	2,100,000
Premium on fair value of debt	$ 500,000

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

Jun. 30, 2015

USD ($)

ASSETS

Land

$ 52,304,000

^[1]

Buildings and improvements

50,747,000

^[2]

Tenant improvements

1,900,000

Acquired lease intangible assets

7,516,000

^[3]

Other acquired assets

92,000

^[4]

Total assets acquired

112,559,000

Liabilities

Acquired lease intangible liabilities

212,000

^[5]

Notes payable

5,874,000

Deferred rent liability

177,000

Other assumed liabilities

825,000

^[4]

Total liabilities assumed

7,088,000

Net assets acquired

$ 105,471,000

[1]	The allocation to land includes an aggregate $194,000 of capitalized acquisition costs related to the purchases of 9401 De Soto Ave., 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.
[2]	The allocation to buildings and improvements includes an aggregate $140,000 of capitalized acquisition costs related to the purchases of 16221 Arthur St. and 425 Hacienda Blvd., which were accounted for as asset acquisitions.
[3]	Represents $4,701,000 and $2,815,000 of in-place leases and above-market leases with a weighted average amortization period of 6.6 years and 14.8 years, respectively.
[4]	Includes other working capital assets acquired and liabilities assumed, respectively, at the time of acquisition.
[5]	Represents below-market leases with a weighted average amortization period of 4.1 years

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

3 Months Ended

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Business Acquisition [Line Items]

Asset acquisition capitalized acquisition costs

$ 310,000

$ 121,000

$ 346,000

$ 163,000

Acquired lease intangible assets

^[1]

7,516,000

In-place Leases

Business Acquisition [Line Items]

Acquired lease intangible assets

4,701,000

$ 4,701,000

Amortization period of acquired intangible assets

6 years 7 months 6 days

Above-Market Leases

Business Acquisition [Line Items]

Acquired lease intangible assets

$ 2,815,000

Amortization period of acquired intangible assets

14 years 9 months 18 days

Below-Market Leases

Business Acquisition [Line Items]

Amortization period of acquired intangible assets

4 years 1 month 6 days

Land | 9401 De Soto Ave., 16221 Arthur St. and 425 Hacienda Blvd

Business Acquisition [Line Items]

Asset acquisition capitalized acquisition costs

$ 194,000

Buildings and Improvements | 16221 Arthur St. and 425 Hacienda Blvd

Business Acquisition [Line Items]

Asset acquisition capitalized acquisition costs

$ 140,000

[1]	Represents $4,701,000 and $2,815,000 of in-place leases and above-market leases with a weighted average amortization period of 6.6 years and 14.8 years, respectively.

Investments in Real Estate - Summary of Combined Results from Operations of Acquisitions (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015
Business Combinations [Abstract]
Revenues	$ 1,203,000	$ 1,673,000
Net Income	$ 445,000	$ 453,000

Investments in Real Estate - Proforma Financial Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Combinations [Abstract]
Revenues	$ 23,213,000	$ 16,415,000	$ 45,846,000	$ 31,596,000
Net operating income	16,813,000	11,998,000	33,066,000	22,472,000
Net income	$ 1,062,000	$ 339,000	$ 1,948,000	$ 955,000

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 28,580,000	$ 28,136,000
Acquired lease intangible liabilities, net	(2,579,000)	(3,016,000)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	42,096,000	37,467,000
Accumulated amortization	(19,241,000)	(12,975,000)
Acquired lease intangible assets, net	22,855,000	24,492,000
Above Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	7,786,000	4,971,000
Accumulated amortization	(2,061,000)	(1,327,000)
Acquired lease intangible assets, net	5,725,000	3,644,000
Below Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(3,726,000)	(3,514,000)
Accumulated accretion	1,376,000	743,000
Acquired lease intangible liabilities, net	(2,350,000)	(2,771,000)
Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(290,000)	(290,000)
Accumulated accretion	61,000	45,000
Acquired lease intangible liabilities, net	$ (229,000)	$ (245,000)

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

3 Months Ended

6 Months Ended

Jun. 30, 2015

Jun. 30, 2014

Jun. 30, 2015

Jun. 30, 2014

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

$ 85,000

$ 154,000

Accretion Of Above Market Ground Lease Intangible

^[1]

$ (8,000)

(16,000)

In-place Lease Intangibles

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of in-place lease intangibles

^[2]

3,120,000

1,824,000

6,339,000

3,910,000

Net Above (Below) Market Tenant Leases

Acquired Finite Lived Intangible Assets [Line Items]

Amortization of above (below) market lease intangibles, net

^[3]

$ 54,000

$ 81,000

$ 101,000

$ 170,000

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

Note Receivable - Additional Information (Detail) - NoteReceivable	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Notes Receivable
Number of mortgage notes receivable	1	1
Notes receivable amortization loan period	30 years
Fixed interest rate on notes receivable	6.001%
Notes receivable maturity date	May 01, 2017

Note Receivable - Summary of Notes Receivable (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Notes Receivable
Face Amount	$ 13,757,000	$ 13,896,000
Unrecognized Accretable Yield	(620,000)	(759,000)
Note receivable	$ 13,137,000	$ 13,137,000

Notes Payable - Summary of Components and Significant Terms of Our Indebtedness (Detail) - USD ($)

6 Months Ended

Jan. 21, 2015

Jun. 30, 2015

Dec. 31, 2014

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
July 1, 2015 - December 31, 2015	$ 122,000
2016	43,002,000
2017	48,766,000
2018	42,208,000
2019	160,158,000
Thereafter	2,459,000
Total	$ 296,715,000	$ 357,076,000

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail)	Jun. 30, 2015 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2016	$ 73,729,000
2017	54,298,000
2018	38,238,000
2019	27,704,000
2020	21,109,000
Thereafter	48,906,000
Total	$ 263,984,000

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Liabilities	$ (2,960,000)	$ (1,402,000)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Liabilities	$ (2,960,000)	$ (1,402,000)

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 296,859,000	$ 357,212,000
Notes payable	296,333,000	356,362,000
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 296,859,000	$ 357,212,000

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended	6 Months Ended
	Jun. 30, 2015 USD ($) Tenant	Jun. 30, 2015 USD ($) Tenant	Dec. 31, 2014 USD ($)	Feb. 25, 2014 USD ($)
Commitments And Contingencies [Line Items]
Estimated remediation costs				$ 1,300,000
Holdback Escrow Seller Funded				1,300,000
Holdback Escrow buyer funded				100,000
Maximum seller liability remediation costs				$ 1,300,000
Contingent liability	$ 1,200,000	$ 1,200,000	$ 1,200,000
Indemnification asset	1,200,000	$ 1,200,000	$ 1,200,000
Ground lease, expiration date		Jun. 01, 2062
Other commitments	5,300,000	$ 5,300,000
Concentration risk, credit risk, financial instrument, maximum exposure	$ 250,000	$ 250,000
Concentration risk, customer		10
Number of major tenants accounting for more than 10 percent or more of annualized base rent \| Tenant	0	0
Base Rent \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration risk, percentage		14.60%

Commitment and Contingencies- Future Minimum Commitment (Detail)	Jun. 30, 2015 USD ($)
Office Lease
Operating Leased Assets [Line Items]
July 1, 2015 - December 31, 2015	$ 238,000
2016	520,000
2017	543,000
2018	559,000
2019	337,000
Total	2,197,000
Ground Rent
Operating Leased Assets [Line Items]
July 1, 2015 - December 31, 2015	72,000
2016	144,000
2017	144,000
2018	144,000
2019	144,000
Thereafter	6,108,000
Total	$ 6,756,000

Investment in Unconsolidated Real Estate - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015 USD ($) Property	Jun. 30, 2014 USD ($)	Jun. 30, 2015 USD ($) Property	Jun. 30, 2014 USD ($)
Equity Method Investments And Joint Ventures [Abstract]
Number of real estate properties \| Property	107		107
Management, leasing and development services \| $	$ 161,000	$ 249,000	$ 293,000	$ 483,000
Mission Oaks Boulevard
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest	15.00%		15.00%
Number of real estate properties \| Property	1		1
Mission Oaks Joint Venture
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development services \| $	$ 47,000	$ 130,000	$ 91,000	$ 269,000

Equity - Additional Information (Detail) - USD ($)			3 Months Ended		6 Months Ended
Equity - Additional Information (Detail) - USD ($)	Apr. 17, 2015	Feb. 03, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, shares		11,500,000
Common stock share price		$ 16.00
Issuance of common stock, net		$ 176,300,000			$ 184,000,000
Underwriting discount and offering costs		$ 7,700,000			$ 8,027,000
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units		11,500,000
Conversion of common units to common stock, shares					145,771
Conversion of common units to common stock					$ 1,600,000
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			1,803,345		1,803,345
Recognized equity compensation expense related to restricted common stock			$ 466,000	$ 279,000	$ 815,000	$ 451,000
Capitalized compensation expense related to restricted common stock			30,000	$ 41,000	49,000	$ 70,000
Unrecognized compensation expense related to non-vested shares			$ 4,200,000		4,200,000
Employee service share based compensation nonvested awards total compensation cost not yet capitalized					$ 300,000
Weighted average remaining vesting period					32 months
Noncontrolling Interest
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common units to common stock					$ (1,612,000)
Operating Partnership \| Noncontrolling Interest \| Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of operating partnership units			2,177,573		2,177,573
Noncontrolling interest percentage ownership in Operating Partnership			3.80%		3.80%
ATM Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Underwriting discount and offering costs	$ 300,000
Maximum Aggregate Offering Amount	$ 125,000,000

Equity - Schedule of Nonvested Restricted Stock Activity (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015 shares
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares tendered for tax withholding requirements	4,225

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	407,463	320,017	203,264
Restricted Stock \| July 1, 2015 - December 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	78,893
Restricted Stock \| 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	128,658
Restricted Stock \| 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	139,517
Restricted Stock \| 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	41,776
Restricted Stock \| 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	18,619

Earnings Per Share - Additional Information (Detail) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014
Earnings Per Share [Abstract]
Nonvested restricted stock	407,463	320,017	203,264

Subsequent Events - Additional Information (Detail)						6 Months Ended
Subsequent Events - Additional Information (Detail)	Aug. 06, 2015 USD ($)	Jul. 29, 2015 USD ($) ft² a Buildings	Jul. 16, 2015 USD ($) shares	Jul. 10, 2015 USD ($) ft² a Buildings	Apr. 01, 2015 USD ($)	Jun. 30, 2015 USD ($) ft² Buildings shares	Jul. 15, 2015 USD ($)
Subsequent Event [Line Items]
Purchase Price						$ 111,271,000
Number of Buildings \| Buildings						15
Area of real estate property \| ft²						10,600,000
Maturity Date						Jul. 01, 2015
Amount used to repay secured loan					$ 10,100,000
Conversion of units to common stock, shares \| shares						145,771
Subsequent Event
Subsequent Event [Line Items]
Conversion of units to common stock, shares \| shares			49,524
Subsequent Event \| Mortgage Loan
Subsequent Event [Line Items]
Maturity Date	May 01, 2016
Amount used to repay secured loan	$ 42,750,000
Subsequent Event \| Term Loan
Subsequent Event [Line Items]
Maturity Date	Jun. 24, 2017
Amount used to repay secured loan	$ 48,500,000
Subsequent Event \| Note Purchase Agreement
Subsequent Event [Line Items]
Debt instrument face amount			$ 100,000,000
Maturity Date			Aug. 06, 2025
Fixed interest rate			4.29%
Debt instrument, payment terms			Interest on the Notes will be payable semiannually on February 6 and August 6 of each year, beginning on February 6, 2016.
Minimum amount of principal that may be prepaid on notes outstanding			$ 2,500,000
Principal amount prepaid			100.00%
Subsequent Event \| Credit Facility
Subsequent Event [Line Items]
Cross default threshold in other material indebtedness with recourse debt							$ 20,000,000
Cross default threshold in other material indebtedness with non-recourse debt							50,000,000
Default threshold for judgments							20,000,000
Subsequent Event \| First Amendment To Credit Facility
Subsequent Event [Line Items]
Cross default threshold in other material indebtedness with recourse debt							80,000,000
Cross default threshold in other material indebtedness with non-recourse debt							150,000,000
Default threshold for judgments							$ 40,000,000
Subsequent Event \| 12720-12860 Danielson
Subsequent Event [Line Items]
Purchase Price				$ 16,900,000
Number of Buildings \| Buildings				6
Date of Acquisition				Jul. 10, 2015
Area of land \| a				9.23
Area of real estate property \| ft²				112,062
Subsequent Event \| 10950 Norwalk Blvd and 12241 Lakeland Road
Subsequent Event [Line Items]
Purchase Price		$ 5,000,000
Number of Buildings \| Buildings		1
Date of Acquisition		Jul. 29, 2015
Area of land \| a		2.85
Area of real estate property \| ft²		18,995