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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May 04, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
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	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		66,018,161

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
ASSETS
Land	$ 501,972	$ 492,704
Buildings and improvements	667,675	650,075
Tenant improvements	30,305	28,977
Furniture, fixtures, and equipment	188	188
Construction in progress	17,662	16,822
Total real estate held for investment	1,217,802	1,188,766
Accumulated depreciation	(111,167)	(103,623)
Investments in real estate, net	1,106,635	1,085,143
Cash and cash equivalents	6,402	5,201
Rents and other receivables, net	2,939	3,040
Deferred rent receivable, net	8,670	7,827
Deferred leasing costs, net	6,001	5,331
Deferred loan costs, net	1,296	1,445
Acquired lease intangible assets, net	28,802	30,383
Acquired indefinite-lived intangible	5,271	5,271
Other assets	5,580	5,523
Acquisition related deposits	400	0
Investment in unconsolidated real estate entities	4,144	4,087
Total Assets	1,176,140	1,153,251
Liabilities
Notes payable	444,010	418,154
Interest rate swap liability	4,949	3,144
Accounts payable, accrued expenses and other liabilities	14,897	12,631
Dividends payable	7,814	7,806
Acquired lease intangible liabilities, net	3,307	3,387
Tenant security deposits	11,995	11,539
Prepaid rents	2,667	2,846
Total Liabilities	489,639	459,507
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value 490,000,000 authorized and 55,657,428 and 55,598,684 outstanding as of March 31, 2016 and December 31, 2015, respectively	554	553
Additional paid in capital	723,074	722,722
Cumulative distributions in excess of earnings	(54,192)	(48,103)
Accumulated other comprehensive loss	(4,728)	(3,033)
Total stockholders’ equity	664,708	672,139
Noncontrolling interests	21,793	21,605
Total Equity	686,501	693,744
Total Liabilities and Equity	$ 1,176,140	$ 1,153,251

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
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	55,657,428	55,598,684

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
RENTAL REVENUES
Rental income	$ 23,499	$ 18,557
Tenant reimbursements	3,558	2,184
Other income	313	190
TOTAL RENTAL REVENUES	27,370	20,931
Management, leasing and development services	134	132
Interest income	0	277
TOTAL REVENUES	27,504	21,340
OPERATING EXPENSES
Property expenses	7,543	5,771
General and administrative	3,602	3,546
Depreciation and amortization	11,214	9,884
TOTAL OPERATING EXPENSES	22,359	19,201
OTHER EXPENSE
Acquisition expenses	475	233
Interest expense	3,254	1,826
TOTAL OTHER EXPENSE	3,729	2,059
TOTAL EXPENSES	26,088	21,260
Equity in income from unconsolidated real estate entities	61	1
NET INCOME (LOSS)	1,477	81
Less: net income attributable to noncontrolling interest	(52)	(4)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	1,425	77
Less: earnings allocated to participating securities	(78)	(50)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,347	$ 27
Net income attributable to common stockholders (in shares)	$ 0.02	$ 0.00
Weighted average shares of common stock outstanding - basic (in shares)	55,269,598	50,683,528
Weighted average shares of common stock outstanding - diluted (in shares)	55,416,947	50,683,528
Dividends declared per common share (in dollars per share)	$ 0.135	$ 0.12

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 1,477	$ 81
Other comprehensive loss: cash flow hedge adjustment	(1,757)	(1,877)
Comprehensive loss	(280)	(1,796)
Less: comprehensive loss attributable to noncontrolling interests	10	57
Comprehensive loss attributable to common stockholders	$ (270)	$ (1,739)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2014	$ 545,877	$ 434	$ 542,318	$ (21,673)	$ (1,331)	$ 519,748	$ 26,129
Beginning Balance, shares at Dec. 31, 2014		43,702,442
Issuance of common stock	184,000	$ 115	183,885			184,000
Issuance of common stock, shares		11,500,000
Offering costs	(7,668)		(7,668)			(7,668)
Share-based compensation	367		367			367
Share-based compensation, shares		100,263
Conversion of units to common stock		$ 0	297			297	(297)
Conversion of units to common stock, shares		26,658
Dividends	(6,639)			(6,639)		(6,639)
Distributions	(279)						(279)
Net income	81			77		77	4
Other comprehensive loss	(1,877)				(1,816)	(1,816)	(61)
Ending Balance at Mar. 31, 2015	713,862	$ 549	719,199	(28,235)	(3,147)	688,366	25,496
Ending Balance, shares at Mar. 31, 2015		55,329,363
Beginning Balance at Dec. 31, 2015	$ 693,744	$ 553	722,722	(48,103)	(3,033)	672,139	21,605
Beginning Balance, shares at Dec. 31, 2015	55,598,684	55,598,684
Share-based compensation	$ 966	$ 1	467			468	498
Share-based compensation, shares		65,529
Repurchase of common shares	(115)		(115)			(115)
Repurchase of common shares, shares		(6,785)
Dividends	(7,514)			(7,514)		(7,514)
Distributions	(300)						(300)
Net income	1,477			1,425		1,425	52
Other comprehensive loss	(1,757)				(1,695)	(1,695)	(62)
Ending Balance at Mar. 31, 2016	$ 686,501	$ 554	$ 723,074	$ (54,192)	$ (4,728)	$ 664,708	$ 21,793
Ending Balance, shares at Mar. 31, 2016	55,657,428	55,657,428

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,477	$ 81
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income of unconsolidated real estate entities	(61)	(1)
Depreciation and amortization	11,214	9,884
Amortization of above (below) market lease intangibles, net	(4)	39
Accretion of discount on notes receivable	0	(69)
Amortization of loan costs	221	209
Accretion of premium on notes payable	(59)	(92)
Equity based compensation expense	934	348
Straight-line rent	(1,095)	(365)
Change in working capital components:
Rents and other receivables	101	(80)
Deferred leasing costs	(929)	(492)
Other assets	167	(927)
Accounts payable, accrued expenses and other liabilities	1,960	1,508
Tenant security deposits	418	137
Prepaid rents	(214)	(405)
Net cash provided by operating activities	14,130	9,775
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(24,289)	(46,705)
Capital expenditures	(6,279)	(4,487)
Acquisition related deposits	(400)	1,860
Distributions from unconsolidated real estate entities	0	6
Principal repayments of notes receivable	0	71
Net cash used in investing activities	(30,968)	(49,255)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock	0	184,000
Offering costs	0	(7,400)
Proceeds from notes payable	143,000	23,500
Repayment of notes payable	(116,088)	(116,098)
Deferred loan costs	(952)	(64)
Dividends paid to common stockholders	(7,506)	(5,244)
Distributions paid to common unitholders	(300)	(279)
Repurchase of common shares	(115)	0
Net cash provided by financing activities	18,039	78,415
Increase in cash and cash equivalents	1,201	38,935
Cash and cash equivalents, beginning of period	5,201	8,606
Cash and cash equivalents, end of period	6,402	47,541
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $439 and $10 for the three months ended March 31, 2016 and 2015, respectively)	3,858	2,622
Supplemental disclosure of noncash investing and financing transactions:
Assumption of loan in connection with acquisition of real estate including loan premium	0	5,401
Capital expenditure accruals	1,624	1,028
Accrual of dividends	7,814	6,639
Accrual of offering costs	$ 0	$ 268

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Cash Flows [Abstract]
Capitalized interest, net	$ 449	$ 10

Organization	3 Months Ended
Organization	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate located in Southern California infill markets. As of March 31, 2016, our consolidated portfolio consisted of 121 properties with approximately 12.2 million rentable square feet. We also own a 15% interest in a joint venture that owns one property with approximately 0.5 million rentable 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 March 31, 2016, and December 31, 2015, and for the three months ended March 31, 2016 and 2015, 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 United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. The interim financial statements should be read in conjunction with the combined and consolidated financial statements in our 2015 Annual Report on Form 10-K and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated 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	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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. 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, tenant improvements, intangible assets related to above and below market leases, intangible assets related to in-place leases, debt and other assumed assets and liabilities. Because of the timing or complexity of completing certain fair value adjustments, the initial purchase price allocation may be incomplete at the end of a reporting period, in which case we may record provisional purchase price allocation amounts based on information available at the acquisition date. Subsequent adjustments to provisional amounts are recognized during the measurement period, which cannot exceed one year from the date of acquisition. We allocate the purchase price to the fair value of the tangible assets of a property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for acquisitions completed during the three months ended March 31, 2016, we used discount rates ranging from 7.50% to 8.00% and a 6.25% capitalization rate. 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. In determining the fair value for acquisitions completed during the three months ended March 31, 2016, we used an estimated average lease-up period ranging from six to nine months. 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 did not capitalize any acquisition costs during the three months ended March 31, 2016, as our acquisitions were accounted for as business combinations, however, we capitalized acquisition costs of $36 thousand during the three months ended March 31, 2015. See Note 3. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $0.4 million and $10 thousand during the three months ended March 31, 2016 and 2015, respectively. We capitalized real estate taxes and insurance costs aggregating $0.2 million and $0.2 million during the three months ended March 31, 2016 and 2015, respectively. We capitalized compensation costs for employees who provide construction services of $0.2 million and $0.2 million during the three months ended March 31, 2016 and 2015, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with 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. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental revenues” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate a change in the useful life, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. Deferred Leasing Costs We capitalize costs directly related to the successful origination of a lease. These costs include leasing commissions paid to third parties for new leases or lease renewals, as well as an allocation of compensation costs, including payroll, bonus and non-cash equity compensation of employees who spend time on lease origination activities. In determining the amount of compensation costs to be capitalized for these employees, allocations are made based on estimates of the actual amount of time spent working on successful leases in comparison to time spent on unsuccessful origination efforts. We capitalized compensation costs for these employees of $0.1 million and $0.1 million during the three months ended March 31, 2016 and 2015, respectively. 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 venture is included within the consolidated statements of operations. See Note 11. 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 months ended March 31, 2016 and 2015. 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 March 31, 2016 and December 31, 2015, 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 7. 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. 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 $0.5 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively, as a reduction to rental revenues in our consolidated statements of operations. We had a $2.4 million and $2.0 million reserve for allowance for doubtful accounts as of March 31, 2016 and December 31, 2015, respectively. Equity Based Compensation We account for equity based compensation in accordance with ASC Topic 718 Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market or performance condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. See Note 12. 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, nonvested share-based payment awards 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 number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13. 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 March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to amend and simplify several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences, (ii) classification of awards as equity or liabilities and (iii) classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. On February 25, 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged under ASU 2016-02. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to 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 July 2015, the FASB deferred the implementation date by 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. Adoption of New Accounting Pronouncements Effective January 1, 2016, we adopted ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which changes the way an entity evaluates whether they should consolidate certain legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. Under the provisions of ASU 2015-02, we concluded that (1) our Operating Partnership is a VIE of the Company because the holders of limited partnership interests do not have substantive kick-out or participating rights and (2) the Company is the primary beneficiary of the VIE, which requires us to consolidate the Operating Partnership. However, as we already consolidate our Operating Partnership under prior consolidation guidance, the adoption of ASU 2015-02 did not have an effect on our consolidated financial statements. Additionally, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. On September 25, 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. ASU 2015-16 also requires that an acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective prospectively for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. We early-adopted ASU 2015-16, beginning with the quarter ended September 30, 2015. The adoption of ASU 2015-16 did not have a material impact on our consolidated financial statements. 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. For line of credit arrangements, however, entities may present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. 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 early-adopted ASU 2015-03, beginning with the quarter ended March 31, 2015. The adoption of ASU 2015-03 did not have a material impact on our consolidated financial statements. See Note 5.

Investments in Real Estate

3 Months Ended

Mar. 31, 2016

Investments, All Other Investments [Abstract]

Investments in Real Estate

The following table sets forth the wholly-owned industrial properties we acquired during the three months ended March 31, 2016:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Purchase Price (in thousands)
8525 Camino Santa Fe⁽¹⁾	San Diego - Central	3/15/2016	59,399	1	$	8,450
28454 Livingston Avenue⁽¹⁾	Los Angeles - San Fernando Valley	3/29/2016	134,287	1	16,000
Total 2016 Wholly-Owned Property Acquisitions			193,686	2	$	24,450


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

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



	Total 2016 Acquisitions
Assets:
Land	$	9,268
Buildings and improvements	13,469
Tenant improvements	290
Acquired lease intangible assets⁽¹⁾	1,712
Other acquired assets⁽²⁾	75
Total assets acquired	24,814
Liabilities:
Acquired lease intangible liabilities⁽³⁾	332
Other assumed liabilities⁽²⁾	193
Total liabilities assumed	525
Net assets acquired	$	24,289


(1)	Represents in-place leases with a weighted average amortization period of 4.6 years.


(2)	Includes other working capital assets acquired (prepaid expenses and other assets) and liabilities assumed (tenant security deposits, prepaid rent and other payables), respectively, at the time of acquisition.


(3)	Represents below-market leases with a weighted average amortization period of 4.3 years.

The following table sets forth the unaudited results of operations for the three months ended March 31, 2016, for each of the properties acquired during the three months ended March 31, 2016, included in the consolidated statements of operations from the date of acquisition (in thousands):



	Three Months Ended March 31, 2016
Total revenues	$	35
Net income	$	27

The following table sets forth unaudited pro-forma financial information (in thousands) as if the closing of our acquisitions during the three months ended March 31, 2016, had occurred on January 1, 2015. 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, 2015, and may not be indicative of future operating results.



	Three Months Ended March 31,
	2016		2015
Total revenues	$	27,946	$	21,784
Net operating income	$	20,165	$	15,503
Net income (loss)	$	1,683	$	(116	)

Intangible Assets

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

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 (in thousands):



	March 31, 2016			December 31, 2015
Acquired Lease Intangible Assets:
In-place lease intangibles	$	50,774		$	49,265
Accumulated amortization	(27,790		)	(25,107		)
In-place lease intangibles, net	22,984			24,158
Above-market tenant leases	9,051			9,062
Accumulated amortization	(3,233		)	(2,837		)
Above-market tenant leases, net	5,818			6,225
Acquired lease intangible assets, net	$	28,802		$	30,383
Acquired Lease Intangible Liabilities:
Below-market tenant leases	(5,241		)	(5,227		)
Accumulated accretion	2,139			2,053
Below-market tenant leases, net	(3,102		)	(3,174		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	85			77
Above-market ground lease, net	(205		)	(213		)
Acquired lease intangible liabilities, net	$	(3,307	)	$	(3,387	)

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



	Three Months Ended March 31,
	2016			2015
In-place lease intangibles⁽¹⁾	$	2,886		$	3,218
Net above (below) market tenant leases⁽²⁾	$	4		$	47
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)


(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.

Notes Payable

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the balance of our indebtedness as of March 31, 2016, and December 31, 2015 (in thousands):



	March 31, 2016			December 31, 2015
Principal amount	$	445,611		$	418,698
Less: unamortized discount and deferred loan costs⁽¹⁾	(1,601		)	(544		)
Carrying value	$	444,010		$	418,154


(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.

The following table summarizes the components and significant terms of our indebtedness as of March 31, 2016, and December 31, 2015 (dollars in thousands):



	March 31, 2016					December 31, 2015
	Principal Amount		Unamortized Discount and Deferred Loan Costs			Principal Amount		Unamortized Discount and Deferred Loan Costs			Contractual Maturity Date		Stated Interest Rate⁽¹⁾			Effective Interest Rate ⁽²⁾
Secured Debt
Term Loan⁽³⁾	$	60,000	$	(263	)	$	60,000	$	(283	)	8/1/2019	⁽⁴⁾	LIBOR + 1.90%			3.95	%
Gilbert/La Palma	3,011		(151		)	3,044		(153		)	3/1/2031		5.125	%	⁽⁵⁾	5.38	%
12907 Imperial Highway	5,271		273			5,299		303			4/1/2018		5.95	%	⁽⁶⁾	3.66	%
1065 Walnut Street	9,829		266			9,855		292			2/1/2019	⁽⁷⁾	4.55	%	⁽⁸⁾	3.54	%
Unsecured Debt
$100M Term Loan Facility	100,000		—			100,000		—			6/11/2019		LIBOR + 1.35%		⁽⁹⁾	3.25	%	⁽¹⁰⁾
Revolving Credit Facility	42,500		—			140,500		—			6/11/2018	⁽⁴⁾	LIBOR + 1.40%		^(9)(11)	1.84	%
$125M Term Loan Facility	125,000		(1,036		)	—		—			1/14/2023		LIBOR + 1.60%		⁽⁹⁾	2.15	%
Guaranteed Senior Notes	100,000		(690		)	100,000		(703		)	8/6/2025		4.29	%		4.36	%
Total	$	445,611	$	(1,601	)	$	418,698	$	(544	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of March 31, 2016.


(2)	Reflects the effective interest rate as of March 31, 2016, which includes the effect of the amortization of discounts/premiums and deferred loan costs and the effect of interest rate swaps that are effective as of March 31, 2016.


(3)	Loan is secured by six properties. As of March 31, 2016, the interest rate on the $60 million variable-rate term loan has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


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


(5)	Monthly payments of interest and principal based on 20 years amortization table.


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


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


(8)	Monthly payments of interest and principal based on 25 years amortization table, with a balloon payment at maturity.


(9)	The LIBOR margin will range from 1.25% to 1.85% for the $100 million term loan facility, 1.30% to 1.90% for the revolving credit facility and 1.50% to 2.25% for the $125 million term loan facility depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, which is measured on a quarterly basis.


(10)	As of March 31, 2016, the interest on the $100 million term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


(11)	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.

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts/premiums and deferred loan costs, as of March 31, 2016, and does not consider extension options available to us as noted in the table above (in thousands):



April 1, 2016 - December 31, 2016	$	309
2017	430
2018	47,880
2019	169,533
2020	166
Thereafter	227,293
Total	$	445,611

Credit Agreement

On January 14, 2016, we entered into a credit agreement for a senior unsecured term loan facility that permits aggregate borrowings of up to $125 million, the total of which we borrowed the same day at closing (the “$125 Million Term Loan Facility”). Under the terms of the $125 Million Term Loan Facility, we are permitted to add one or more incremental term loans in an aggregate amount not to exceed $100 million, subject to the satisfaction of specified conditions. The maturity date of the $125 Million Term Loan Facility is January 14, 2023.

Interest on the $125 Million Term Loan Facility accrues based upon, at our option, either (i) LIBOR plus the applicable Eurodollar rate 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 obtain an investment grade rating by two or more of Standard & Poor’s, Moody’s Investor Services and Fitch Ratings, and elect to use the alternative rates based on our debt rating, the applicable Eurodollar rate margin will range from 1.50% to 2.25% per annum, and the applicable base rate margin will range from 0.50% to 1.25% per annum, depending on the our Leverage Ratio (as defined in the credit agreement).

We have the option to voluntarily prepay any amounts borrowed under the $125 Million Term Loan Facility in whole or in part at any time, subject to certain notice requirements. To the extent that we prepay all or any portion of a loan on or prior to January 14, 2018, we will pay a prepayment premium equal to (i) if such prepayment occurs prior to January 14, 2017, 2.00% of the principal amount so prepaid and (ii) if such prepayment occurs on or after January 14, 2017, but prior to January 14, 2018, 1.00% of the principal amount so prepaid. Amounts borrowed under the $125 Million Term Loan Facility and repaid or prepaid may not be reborrowed.

The $125 Million Term Loan 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 agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults. If an event of default occurs and is continuing under the $125 Million Term Loan Facility, all outstanding principal amounts, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

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 “$100 Million 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 $100 Million 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 $100 Million 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 accrues, at our option, at 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, and elect to use the alternative rates based on our debt rating, the applicable LIBOR margin will range from 1.30% to 1.90% for the Revolver and 1.25% to 1.85% for the $100 Million Term Loan Facility, depending on the our Leverage Ratio (as defined in the credit agreement). In February 2015, the Revolver and the $100 Million 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 $100 Million Term Loan Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the $100 Million 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.

On March 31, 2016, we had borrowings of $42.5 million outstanding under our Revolver, leaving $157.5 million available for additional borrowings.

Debt Covenants

The $125 Million Term Loan Facility and the Credit Facility both include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:


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


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


•	Maintaining a ratio of total secured 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 $125 Million Term Loan Facility and the Credit Facility provide that our distributions may not exceed the greater of (i) 95.0% of our funds from operations or (ii) the amount required for us to qualify and maintain our status as a REIT and avoid the payment of federal or state income or excise tax in any 12 month period.

Our $100 million unsecured guaranteed senior notes (the “Notes”) contain a series of financial and other covenants with which we must comply. The financial covenants, which are tested on a quarterly basis, are the same as those that we must comply with under the $125 Million Term Loan Facility and the Credit Facility, as detailed above. Subject to the terms of the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, make-whole payment 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 Notes agreement, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest and the make-whole payment amount on the outstanding Notes will become due and payable at the option of the purchasers.

Our $60.0 million term loan contains a financial covenant that is tested on a quarterly basis, which requires us to maintain a minimum Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.00.

We were in compliance with all of our required quarterly debt covenants as of March 31, 2016.

Operating Leases

3 Months Ended

Mar. 31, 2016

Leases, Operating [Abstract]

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 March 31, 2016 is summarized as follows (in thousands):



Three months ended March 31:
2017	$	83,522
2018	64,346
2019	49,050
2020	38,472
2021	26,983
Thereafter	60,842
Total	$	323,215

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

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Contracts


.	Interest Rate Contracts

Risk Management Objective of Using Derivatives

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and 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 24, 2016, we entered into an interest rate swap transaction to manage our exposure to fluctuations in variable interest rate associated with amounts borrowed under the $125 Million Term Loan Facility. The interest rate swap has a notional amount of $125.0 million with a forward start date of February 14, 2018 and a termination date of January 14, 2022. Under the terms of the interest rate swap, we are required to make certain monthly fixed rate payments on a notional amount of $125.0 million while the counterparty is obligated to make certain monthly floating rate payments based on LIBOR to us referencing the same notional amount. The interest rate swap will effectively fix the annual interest rate payable on this notional amount of the Company’s debt which may exist under the $125 Million Term Loan Facility to 1.349% plus an applicable margin under the terms of the $125 Million Term Loan Facility.

The following table sets forth a summary of our interest rate swaps at March 31, 2016 and December 31, 2015. 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 (dollars in thousands):



					Fair Value				Current Notional Amount⁽¹⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Assets:
Interest Rate Swap ⁽²⁾	2/14/2018	1/14/2022	1.349	%	$	48	$	—	$	—	$	—
Liabilities:
Interest Rate Swap ⁽³⁾	1/15/2015	2/15/2019	1.826	%	$	890	$	538	$	30,000	$	30,000
Interest Rate Swap ⁽³⁾	7/15/2015	2/15/2019	2.010	%	$	1,019	$	698	$	30,000	$	30,000
Interest Rate Swap ⁽³⁾	8/14/2015	12/14/2018	1.790	%	$	1,377	$	849	$	50,000	$	50,000
Interest Rate Swap ⁽³⁾	2/16/2016	12/14/2018	2.005	%	$	1,663	$	1,059	$	50,000	$	—


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


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


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

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



	Three Months Ended March 31,
	2016			2015
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	(2,258	)	$	(1,982	)
Amount of gain (loss) reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(501	)	$	(105	)
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 $2.1 million will be reclassified from AOCI as an increase to interest expense.

Credit-risk-related Contingent Features

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

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

As of March 31, 2016, the fair value of interest rate swaps in a net liability position, which excludes any adjustment for nonperformance risk related to these agreements, was $4.9 million. As of March 31, 2016, 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

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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 March 31, 2016, 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 March 31, 2016 and December 31, 2015, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
March 31, 2016
Interest Rate Swap Asset	$	48		$	—	$	48		$	—
Interest Rate Swap Liability	$	(4,949	)	$	—	$	(4,949	)	$	—

December 31, 2015
Interest Rate Swap Asset	$	—		$	—	$	—		$	—
Interest Rate Swap Liability	$	(3,144	)	$	—	$	(3,144	)	$	—

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 March 31, 2016 and December 31, 2015 (in thousands):



	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Notes Payable at:
March 31, 2016	$	447,581	$	—	$	—	$	447,581	$	444,010
December 31, 2015	$	416,497	$	—	$	—	$	416,497	$	418,154

- 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	3 Months Ended
Related Party Transactions	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management 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 $0.1 million and $0.1 million for the three months ended March 31, 2016 and 2015, 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

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal

From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. Excluding ordinary routine litigation incidental to our business, we are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations.

Environmental

We 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, which includes remediation, processing and oversight costs.

To address the estimated costs associated with the environmental issues at the West 228th Street property, we entered into an Environmental Holdback Escrow Agreement (the “Holdback Agreement”) with the former owner, whereby $1.4 million was placed into an escrow account to be used to pay remediation costs. To fund the $1.4 million, the escrow holder withheld $1.3 million of the purchase price, which would have otherwise been paid to the seller at closing, and the Company funded an additional $0.1 million. 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 March 31, 2016, and December 31, 2015, 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 at West 228th Street that existed prior to the acquisition date. As of March 31, 2016, and December 31, 2015, 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 March 31, 2016, 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 and satellite office leases as of March 31, 2016, is as follows (in thousands):



	Office Leases		Ground Lease
April 1, 2016 through December 31, 2016	$	466	$	108
2017	635		144
2018	622		144
2019	337		144
2020	—		144
Thereafter	—		5,964
Total	$	2,060	$	6,648

Tenant and Construction Related

As of March 31, 2016, we had commitments of approximately $7.3 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 March 31, 2016, 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 March 31, 2016, 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 March 31, 2016, our 10 largest tenants represented approximately 13.9% of our annualized base rent, which is based on the monthly contracted base rent from leases in effect as of March 31, 2016, multiplied by 12, excluding billboard and antenna revenue and rent abatements. During the three months ended March 31, 2016, no single tenant accounted for more than 2.2% of our annualized base rent.

Investment in Unconsolidated Real Estate Entities

3 Months Ended

Mar. 31, 2016

Schedule of Investments [Abstract]

Investment in Unconsolidated Real Estate Entities

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 (in thousands).



	March 31, 2016			December 31, 2015
Assets	$	24,570		$	24,280
Liabilities	(1,082		)	(1,250		)
Partners’/members’ equity	$	23,488		$	23,030
Company’s share of equity	$	3,523		$	3,455
Basis adjustment⁽¹⁾	621			632
Carrying value of the Company’s investment in unconsolidated real estate	$	4,144		$	4,087


(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 March 31,
	2016			2015
Revenues	$	632		$	663
Expenses	(174		)	(622		)
Net income	$	458		$	41

Fees and commissions earned from managing the JV are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $34 thousand and $44 thousand in management, leasing and development services revenue for the three months ended March 31, 2016 and 2015, respectively.

Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

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 $176.3 million, after deducting the underwriting discount and offering costs paid aggregating $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 million of our common stock through sales agents. During the three months ended March 31, 2016, we did not utilize the ATM Program, and as of March 31, 2016, we have issued a total of 500 shares of common stock under the ATM Program. Future sales, 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 Operating Partnership that are not owned by us. Noncontrolling interests consisted of 2,026,642 OP Units and represented approximately 3.5% of our Operating Partnership as of March 31, 2016. 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 three months ended March 31, 2016, there were no redemptions of OP Units for an equivalent number of shares of common stock.

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, dividend equivalents, stock payments, restricted stock units, performance shares, LTIP units of partnership interest in our Operating Partnership (“LTIP units”), performance units in our Operating Partnership (“Performance Units”), and other stock based and cash awards to our non-employee directors, employees and consultants. The aggregate number of shares of our common stock, LTIP units and Performance Units that may be issued or transferred pursuant to the Plan is 2,272,689 shares (of which 1,250,278 shares of common stock, LTIP Units and Performance Units remain available for issuance as of March 31, 2016).

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 are participating securities and have full voting rights and nonforfeitable rights to dividends.

LTIP units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP units and performance units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership’s partnership agreement, the LTIP units and performance units can over time achieve full parity with the common units for all purposes. If such parity is reached, vested LTIP units and performance units may be converted into an equal number of OP Units, and, upon conversion, enjoy all rights of OP Units. LTIP Units, whether vested or not, receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock. Performance units that have not vested receive a quarterly per-unit distribution equal to 10% of the distributions paid on OP Units.

The following table sets forth our share-based award activity for the three months ended March 31, 2016:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2016	333,441		166,669	315,998
Granted	74,151		—	—
Forfeited	(8,622	)	—	—
Vested⁽¹⁾	(18,109	)	—	—
Balance at March 31, 2016	380,861		166,669	315,998


(1)	6,785 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 all unvested share-based awards outstanding as of March 31, 2016:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
April 1, 2016 - December 31, 2016	108,134	41,668	—
2017	155,555	41,666	—
2018	60,672	41,668	315,998
2019	37,963	41,667	—
2020	18,537	—	—
Total	380,861	166,669	315,998

(1)

Represents the maximum number of Performance Units that would be earned in the event that specified maximum total shareholder return (“TSR”) goals are achieved over the three-year performance period from December 15, 2015 through December 14, 2018 (the “performance period”). The number of performance unit awards that ultimately vest will be based on both the Company’s absolute TSR and TSR performance relative to a peer group over the performance period. The maximum number of Performance Units will be earned under the awards if the Company both (i) achieves 50% or higher absolute TSR, inclusive of all dividends paid, over the performance period and (ii) finishes in the 75th or greater percentile of the peer group for TSR over the performance period.

The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods noted below:



	Three Months Ended March 31,
	2016		2015
Expensed share-based compensation⁽¹⁾	$	934	$	349
Capitalized share-based compensation⁽²⁾	32		18
Total share-based compensation	$	966	$	367


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


(2)	Amounts capitalized, which relate to employees who provide construction and leasing services, and are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets.

As of March 31, 2016, there was $8.1 million of total unrecognized compensation expense related to all unvested share-based award expected to vest, of which we estimate $0.5 million will be capitalized for employees who provide leasing and construction services. As of March 31, 2016, this total unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 31 months.

Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our accumulated other comprehensive loss balance for the three months ended March 31, 2016, which consists solely of adjustments related to our cash flow hedges (in thousands):



	Accumulated Other Comprehensive Loss
Balance at January 1, 2016	$	(3,033	)
Other comprehensive loss before reclassifications	(2,258		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	501
Net current period other comprehensive loss	(1,757		)
Less other comprehensive loss attributable to noncontrolling interests	62
Other comprehensive loss attributable to common stockholders	(1,695		)
Balance at March 31, 2016	$	(4,728	)

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/presentationRef
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-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended March 31,
	2016			2015
Numerator:
Net income	$	1,477		$	81
Less: Net income attributable to noncontrolling interests	(52		)	(4		)
Less: Net income attributable to participating securities	(78		)	(50		)
Net income attributable to common stockholders	$	1,347		$	27
Denominator:
Weighted average shares of common stock outstanding – basic	55,269,598			50,683,528
Effect of dilutive securities - performance units	147,349			—
Weighted average shares of common stock outstanding – diluted	55,416,947			50,683,528

Earnings per share — Basic
Net income attributable to common stockholders	$	0.02		$	—
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.02		$	—

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain conditions have been met at the reporting date for unvested Performance Units.

The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive.

Performance units, which are subject to vesting based on the Company outperforming certain absolute and relative TSR, are only included in the calculation of diluted EPS when any of the specific levels of TSR have been achieved as of the end of the applicable reporting period and their effect would have been dilutive. As of March 31, 2016, the Company’s TSR performance relative to a peer group was in the 70th percentile, which was between the target and maximum levels, and the Company’s absolute TSR was below the threshold level. The corresponding number of dilutive securities have been included in the computation of the weighted average diluted shares above.

In addition, as the effect of the conversion of OP Units into shares of our common stock is neither dilutive nor anti-dilutive, it has been excluded from our calculation of weighted average shares of common stock outstanding - diluted.

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Equity Offering On April 15, 2016, we completed a follow-on public offering (the “Equity Offering”) of 10,350,000 shares of our common stock, including the underwriters exercise in full of its option to purchase 1,350,000 shares of our common stock, at an offering price per share of $17.65. The net proceeds were approximately $175.1 million, after deducting the underwriting discount and offering costs totaling $7.6 million. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 10,350,000 OP Units. A portion of the net proceeds from this offering were used to repay amounts outstanding under our Revolver and to partially fund the REIT Portfolio Acquisition discussed in greater detail below. Incremental Term Loan As described in Note 5, on January 14, 2016, we entered into a credit agreement for the $125 Million Term Loan Facility, which permits us to add one or more incremental term loans in an aggregate amount not to exceed $100 million (the “Accordion”). On April 15, 2016, we exercised the Accordion in full and established a new incremental term loan in an aggregate principal amount of $100.0 million (the “Incremental Term Loan”). We used the proceeds of the Incremental Term Loan to repay amounts outstanding under our Revolver and to partially fund the REIT Portfolio Acquisition discussed in further detail below. REIT Portfolio Acquisition On April 11, 2016, we entered into a stock purchase agreement (the “Stock Purchase Agreement”) to acquire a private real estate investment trust that owns a portfolio of nine industrial properties totaling approximately 1.53 million rentable square feet from a third-party seller in exchange for approximately $191.0 million in cash, exclusive of closing costs (the “REIT Portfolio Acquisition”). On April 15, 2016, pursuant to the Stock Purchase Agreement, we consummated the transaction. As part of the REIT Portfolio Acquisition, we acquired 100% of the private REIT’s common stock and 575 of 700 issued and outstanding shares of the private REIT’S 12.5% preferred stock (the “preferred stock”). The remaining 125 shares of the preferred stock are held by unaffiliated third parties and will remain outstanding in order to help us comply with federal income tax regulations applicable to REITs. These shares of preferred stock may be redeemed by us at any time, subject to procedural requirements, for an aggregate price of approximately $125,000 plus any dividends thereon that have accrued but have not been repaid at the time of such redemption. We funded the purchase price and related transaction costs with available cash and the proceeds from the Incremental Term Loan and the Equity Offering. 1031 Exchange Transaction On May 3, 2016, we disposed of our property located at 6010 N. Paramount Boulevard in Long Beach, California. We received gross proceeds from this transaction of $2.5 million. As part of a 1031 exchange, the proceeds from the sale were used to partially fund the acquisition of another property located at 10750-10826 Lower Azusa Road in El Monte, California with a contract price of $7.66 million. The property is a four building industrial complex totaling 79,050 rentable square feet, situated on 3.12 acres of land.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2016
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.
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, tenant improvements, intangible assets related to above and below market leases, intangible assets related to in-place leases, debt and other assumed assets and liabilities. Because of the timing or complexity of completing certain fair value adjustments, the initial purchase price allocation may be incomplete at the end of a reporting period, in which case we may record provisional purchase price allocation amounts based on information available at the acquisition date. Subsequent adjustments to provisional amounts are recognized during the measurement period, which cannot exceed one year from the date of acquisition. We allocate the purchase price to the fair value of the tangible assets of a property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for acquisitions completed during the three months ended March 31, 2016, we used discount rates ranging from 7.50% to 8.00% and a 6.25% capitalization rate. 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. In determining the fair value for acquisitions completed during the three months ended March 31, 2016, we used an estimated average lease-up period ranging from six to nine months. 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 did not capitalize any acquisition costs during the three months ended March 31, 2016, as our acquisitions were accounted for as business combinations, however, we capitalized acquisition costs of $36 thousand during the three months ended March 31, 2015. See Note 3. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $0.4 million and $10 thousand during the three months ended March 31, 2016 and 2015, respectively. We capitalized real estate taxes and insurance costs aggregating $0.2 million and $0.2 million during the three months ended March 31, 2016 and 2015, respectively. We capitalized compensation costs for employees who provide construction services of $0.2 million and $0.2 million during the three months ended March 31, 2016 and 2015, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with 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. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental revenues” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate a change in the useful life, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Deferred Leasing Costs	Deferred Leasing Costs We capitalize costs directly related to the successful origination of a lease. These costs include leasing commissions paid to third parties for new leases or lease renewals, as well as an allocation of compensation costs, including payroll, bonus and non-cash equity compensation of employees who spend time on lease origination activities. In determining the amount of compensation costs to be capitalized for these employees, allocations are made based on estimates of the actual amount of time spent working on successful leases in comparison to time spent on unsuccessful origination efforts. We capitalized compensation costs for these employees of $0.1 million and $0.1 million during the three months ended March 31, 2016 and 2015, respectively.
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 venture is included within the consolidated statements of operations. See Note 11.
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 months ended March 31, 2016 and 2015. 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 March 31, 2016 and December 31, 2015, 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 7.
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.
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 $0.5 million and $0.4 million for the three months ended March 31, 2016 and 2015, respectively, as a reduction to rental revenues in our consolidated statements of operations. We had a $2.4 million and $2.0 million reserve for allowance for doubtful accounts as of March 31, 2016 and December 31, 2015, respectively.
Equity Based Compensation	Equity Based Compensation We account for equity based compensation in accordance with ASC Topic 718 Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market or performance condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. See Note 12.
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, nonvested share-based payment awards 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 number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13.
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 March 30, 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting (ASU 2016-09), to amend and simplify several aspects of the accounting for share-based payment award transactions, including: (i) income tax consequences, (ii) classification of awards as equity or liabilities and (iii) classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those fiscal years, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. On February 25, 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02), which requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Lessor accounting is largely unchanged under ASU 2016-02. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to 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 July 2015, the FASB deferred the implementation date by 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. Adoption of New Accounting Pronouncements Effective January 1, 2016, we adopted ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), which changes the way an entity evaluates whether they should consolidate certain legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (“VIEs”) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership and (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships. Under the provisions of ASU 2015-02, we concluded that (1) our Operating Partnership is a VIE of the Company because the holders of limited partnership interests do not have substantive kick-out or participating rights and (2) the Company is the primary beneficiary of the VIE, which requires us to consolidate the Operating Partnership. However, as we already consolidate our Operating Partnership under prior consolidation guidance, the adoption of ASU 2015-02 did not have an effect on our consolidated financial statements. Additionally, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. On September 25, 2015, the FASB issued ASU 2015-16, Business Combinations: Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The effect on earnings of changes in depreciation or amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, must be recorded in the reporting period in which the adjustment amounts are determined rather than retrospectively. ASU 2015-16 also requires that an acquirer present separately on the face of the income statement, or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective prospectively for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. We early-adopted ASU 2015-16, beginning with the quarter ended September 30, 2015. The adoption of ASU 2015-16 did not have a material impact on our consolidated financial statements. 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. For line of credit arrangements, however, entities may present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. 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 early-adopted ASU 2015-03, beginning with the quarter ended March 31, 2015. The adoption of ASU 2015-03 did not have a material impact on our consolidated financial statements. See Note 5.

Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2016

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 three months ended March 31, 2016:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Purchase Price (in thousands)
8525 Camino Santa Fe⁽¹⁾	San Diego - Central	3/15/2016	59,399	1	$	8,450
28454 Livingston Avenue⁽¹⁾	Los Angeles - San Fernando Valley	3/29/2016	134,287	1	16,000
Total 2016 Wholly-Owned Property Acquisitions			193,686	2	$	24,450


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

Summary of Fair Value of Amounts Recognized



	Total 2016 Acquisitions
Assets:
Land	$	9,268
Buildings and improvements	13,469
Tenant improvements	290
Acquired lease intangible assets⁽¹⁾	1,712
Other acquired assets⁽²⁾	75
Total assets acquired	24,814
Liabilities:
Acquired lease intangible liabilities⁽³⁾	332
Other assumed liabilities⁽²⁾	193
Total liabilities assumed	525
Net assets acquired	$	24,289


(1)	Represents in-place leases with a weighted average amortization period of 4.6 years.


(2)	Includes other working capital assets acquired (prepaid expenses and other assets) and liabilities assumed (tenant security deposits, prepaid rent and other payables), respectively, at the time of acquisition.


(3)	Represents below-market leases with a weighted average amortization period of 4.3 years.

Proforma Financial Information



	Three Months Ended March 31, 2016
Total revenues	$	35
Net income	$	27



	Three Months Ended March 31,
	2016		2015
Total revenues	$	27,946	$	21,784
Net operating income	$	20,165	$	15,503
Net income (loss)	$	1,683	$	(116	)

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities



	March 31, 2016			December 31, 2015
Acquired Lease Intangible Assets:
In-place lease intangibles	$	50,774		$	49,265
Accumulated amortization	(27,790		)	(25,107		)
In-place lease intangibles, net	22,984			24,158
Above-market tenant leases	9,051			9,062
Accumulated amortization	(3,233		)	(2,837		)
Above-market tenant leases, net	5,818			6,225
Acquired lease intangible assets, net	$	28,802		$	30,383
Acquired Lease Intangible Liabilities:
Below-market tenant leases	(5,241		)	(5,227		)
Accumulated accretion	2,139			2,053
Below-market tenant leases, net	(3,102		)	(3,174		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	85			77
Above-market ground lease, net	(205		)	(213		)
Acquired lease intangible liabilities, net	$	(3,307	)	$	(3,387	)

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 (in thousands):



	Three Months Ended March 31,
	2016			2015
In-place lease intangibles⁽¹⁾	$	2,886		$	3,218
Net above (below) market tenant leases⁽²⁾	$	4		$	47
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)


(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.

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2016

Debt Disclosure [Abstract]

Summary of Components and Significant Terms of Our Indebtedness

The following table summarizes the balance of our indebtedness as of March 31, 2016, and December 31, 2015 (in thousands):



	March 31, 2016			December 31, 2015
Principal amount	$	445,611		$	418,698
Less: unamortized discount and deferred loan costs⁽¹⁾	(1,601		)	(544		)
Carrying value	$	444,010		$	418,154


(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.

The following table summarizes the components and significant terms of our indebtedness as of March 31, 2016, and December 31, 2015 (dollars in thousands):



	March 31, 2016					December 31, 2015
	Principal Amount		Unamortized Discount and Deferred Loan Costs			Principal Amount		Unamortized Discount and Deferred Loan Costs			Contractual Maturity Date		Stated Interest Rate⁽¹⁾			Effective Interest Rate ⁽²⁾
Secured Debt
Term Loan⁽³⁾	$	60,000	$	(263	)	$	60,000	$	(283	)	8/1/2019	⁽⁴⁾	LIBOR + 1.90%			3.95	%
Gilbert/La Palma	3,011		(151		)	3,044		(153		)	3/1/2031		5.125	%	⁽⁵⁾	5.38	%
12907 Imperial Highway	5,271		273			5,299		303			4/1/2018		5.95	%	⁽⁶⁾	3.66	%
1065 Walnut Street	9,829		266			9,855		292			2/1/2019	⁽⁷⁾	4.55	%	⁽⁸⁾	3.54	%
Unsecured Debt
$100M Term Loan Facility	100,000		—			100,000		—			6/11/2019		LIBOR + 1.35%		⁽⁹⁾	3.25	%	⁽¹⁰⁾
Revolving Credit Facility	42,500		—			140,500		—			6/11/2018	⁽⁴⁾	LIBOR + 1.40%		^(9)(11)	1.84	%
$125M Term Loan Facility	125,000		(1,036		)	—		—			1/14/2023		LIBOR + 1.60%		⁽⁹⁾	2.15	%
Guaranteed Senior Notes	100,000		(690		)	100,000		(703		)	8/6/2025		4.29	%		4.36	%
Total	$	445,611	$	(1,601	)	$	418,698	$	(544	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of March 31, 2016.


(2)	Reflects the effective interest rate as of March 31, 2016, which includes the effect of the amortization of discounts/premiums and deferred loan costs and the effect of interest rate swaps that are effective as of March 31, 2016.


(3)	Loan is secured by six properties. As of March 31, 2016, the interest rate on the $60 million variable-rate term loan has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


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


(5)	Monthly payments of interest and principal based on 20 years amortization table.


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


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


(8)	Monthly payments of interest and principal based on 25 years amortization table, with a balloon payment at maturity.


(9)	The LIBOR margin will range from 1.25% to 1.85% for the $100 million term loan facility, 1.30% to 1.90% for the revolving credit facility and 1.50% to 2.25% for the $125 million term loan facility depending on the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, which is measured on a quarterly basis.


(10)	As of March 31, 2016, the interest on the $100 million term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


(11)	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.

Summary of Aggregate Future Minimum Payments of Debt



April 1, 2016 - December 31, 2016	$	309
2017	430
2018	47,880
2019	169,533
2020	166
Thereafter	227,293
Total	$	445,611

Operating Leases (Tables)

3 Months Ended

Mar. 31, 2016

Leases, Operating [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

Future minimum base rent under operating leases as of March 31, 2016 is summarized as follows (in thousands):



Three months ended March 31:
2017	$	83,522
2018	64,346
2019	49,050
2020	38,472
2021	26,983
Thereafter	60,842
Total	$	323,215

Interest Rate Contracts (Tables)

3 Months Ended

Mar. 31, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement



					Fair Value				Current Notional Amount⁽¹⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		March 31, 2016		December 31, 2015		March 31, 2016		December 31, 2015
Assets:
Interest Rate Swap ⁽²⁾	2/14/2018	1/14/2022	1.349	%	$	48	$	—	$	—	$	—
Liabilities:
Interest Rate Swap ⁽³⁾	1/15/2015	2/15/2019	1.826	%	$	890	$	538	$	30,000	$	30,000
Interest Rate Swap ⁽³⁾	7/15/2015	2/15/2019	2.010	%	$	1,019	$	698	$	30,000	$	30,000
Interest Rate Swap ⁽³⁾	8/14/2015	12/14/2018	1.790	%	$	1,377	$	849	$	50,000	$	50,000
Interest Rate Swap ⁽³⁾	2/16/2016	12/14/2018	2.005	%	$	1,663	$	1,059	$	50,000	$	—


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


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


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

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

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



	Three Months Ended March 31,
	2016			2015
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	(2,258	)	$	(1,982	)
Amount of gain (loss) reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(501	)	$	(105	)
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
-SubTopic 10
-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
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=56946850&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=56946850&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=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
-SubTopic 10
-Section 50
-Paragraph 1
-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)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

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



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
March 31, 2016
Interest Rate Swap Asset	$	48		$	—	$	48		$	—
Interest Rate Swap Liability	$	(4,949	)	$	—	$	(4,949	)	$	—

December 31, 2015
Interest Rate Swap Asset	$	—		$	—	$	—		$	—
Interest Rate Swap Liability	$	(3,144	)	$	—	$	(3,144	)	$	—

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 March 31, 2016 and December 31, 2015 (in thousands):



	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Notes Payable at:
March 31, 2016	$	447,581	$	—	$	—	$	447,581	$	444,010
December 31, 2015	$	416,497	$	—	$	—	$	416,497	$	418,154

Commitments and contingencies (Tables)

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Commitment Under Ground Lease and Corporate Office Lease

he future minimum commitment under our ground lease and corporate and satellite office leases as of March 31, 2016, is as follows (in thousands):



	Office Leases		Ground Lease
April 1, 2016 through December 31, 2016	$	466	$	108
2017	635		144
2018	622		144
2019	337		144
2020	—		144
Thereafter	—		5,964
Total	$	2,060	$	6,648

- 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)

3 Months Ended

Mar. 31, 2016

Schedule of Investments [Abstract]

Summarized Information of Our Equity Method Investment Properties



	March 31, 2016			December 31, 2015
Assets	$	24,570		$	24,280
Liabilities	(1,082		)	(1,250		)
Partners’/members’ equity	$	23,488		$	23,030
Company’s share of equity	$	3,523		$	3,455
Basis adjustment⁽¹⁾	621			632
Carrying value of the Company’s investment in unconsolidated real estate	$	4,144		$	4,087


(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 March 31,
	2016			2015
Revenues	$	632		$	663
Expenses	(174		)	(622		)
Net income	$	458		$	41

Equity (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our share-based award activity for the three months ended March 31, 2016:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2016	333,441		166,669	315,998
Granted	74,151		—	—
Forfeited	(8,622	)	—	—
Vested⁽¹⁾	(18,109	)	—	—
Balance at March 31, 2016	380,861		166,669	315,998


(1)	6,785 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

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of March 31, 2016:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
April 1, 2016 - December 31, 2016	108,134	41,668	—
2017	155,555	41,666	—
2018	60,672	41,668	315,998
2019	37,963	41,667	—
2020	18,537	—	—
Total	380,861	166,669	315,998

(1)

Shareholders' Equity and Share-based Payments

The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods noted below:



	Three Months Ended March 31,
	2016		2015
Expensed share-based compensation⁽¹⁾	$	934	$	349
Capitalized share-based compensation⁽²⁾	32		18
Total share-based compensation	$	966	$	367


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


(2)	Amounts capitalized, which relate to employees who provide construction and leasing services, and are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets.

Summary of the Components of Changes in Accumulated Other Comprehensive Loss



	Accumulated Other Comprehensive Loss
Balance at January 1, 2016	$	(3,033	)
Other comprehensive loss before reclassifications	(2,258		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	501
Net current period other comprehensive loss	(1,757		)
Less other comprehensive loss attributable to noncontrolling interests	62
Other comprehensive loss attributable to common stockholders	(1,695		)
Balance at March 31, 2016	$	(4,728	)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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



	Three Months Ended March 31,
	2016			2015
Numerator:
Net income	$	1,477		$	81
Less: Net income attributable to noncontrolling interests	(52		)	(4		)
Less: Net income attributable to participating securities	(78		)	(50		)
Net income attributable to common stockholders	$	1,347		$	27
Denominator:
Weighted average shares of common stock outstanding – basic	55,269,598			50,683,528
Effect of dilutive securities - performance units	147,349			—
Weighted average shares of common stock outstanding – diluted	55,416,947			50,683,528

Earnings per share — Basic
Net income attributable to common stockholders	$	0.02		$	—
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.02		$	—

Organization - Additional Information (Detail) ft² in Millions	Mar. 31, 2016 ft² property
Real Estate Properties [Line Items]
Number of real estate properties \| property	121
Area of real estate property \| ft²	12.2
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) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Summary Of Significant Accounting Policies [Line Items]
Allocation period	1 year
Fair value inputs, capitalization rate	6.25%
Asset acquisition capitalized acquisition costs		$ 36,000
Interest and real estate tax capitalized	$ 400,000	10,000
Real estate taxes and insurance costs capitalized	$ 200,000	200,000
REIT annual taxable income distribution requirement percentage	90.00%
Income tax provision	$ 0	0
Provision for doubtful accounts	500,000	400,000
Reserve for allowance for doubtful accounts	$ (2,400,000)		$ (2,000,000)
Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	7.50%
Property average lease-up period	6 months
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years
Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	8.00%
Property average lease-up period	9 months
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	20 years
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 200,000	200,000
Leasing Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 100,000	$ 100,000

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) a ft² building
Business Acquisition [Line Items]
Rentable Square Feet \| ft²	193,686
Number of Buildings \| building	2
Purchase Price \| $	$ 24,450
8525 Camino Santa Fe
Business Acquisition [Line Items]
Submarket	San Diego - Central
Date of Acquisition	Mar. 15, 2016
Rentable Square Feet \| a	59,399
Number of Buildings \| building	1
Purchase Price \| $	$ 8,450
28454 Livingston Avenue
Business Acquisition [Line Items]
Submarket	Los Angeles - San Fernando Valley
Date of Acquisition	Mar. 29, 2016
Rentable Square Feet \| a	134,287
Number of Buildings \| building	1
Purchase Price \| $	$ 16,000

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
ASSETS
Land	$ 9,268
Buildings and improvements	13,469
Tenant improvements	290
Acquired lease intangible assets	1,712
Other acquired assets	75
Total assets acquired	24,814
Liabilities
Acquired lease intangible liabilities	332
Other assumed liabilities	193
Total liabilities assumed	525
Net assets acquired	$ 24,289
In-place Leases
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	4 years 7 months 6 days
Below-Market Leases
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	4 years 3 months 18 days

Investments in Real Estate - Summary of Combined Results from Operations of Acquisitions (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Investments, All Other Investments [Abstract]
Total revenues	$ 35
Net income	$ 27

Investments in Real Estate - Proforma Financial Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investments, All Other Investments [Abstract]
Total revenues	$ 27,946	$ 21,784
Net operating income	20,165	15,503
Net income (loss)	$ 1,683	$ (116)

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 28,802	$ 30,383
Acquired lease intangible liabilities, net	(3,307)	(3,387)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	50,774	49,265
Accumulated amortization	(27,790)	(25,107)
Acquired lease intangible assets, net	22,984	24,158
Above Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	9,051	9,062
Accumulated amortization	(3,233)	(2,837)
Acquired lease intangible assets, net	5,818	6,225
Below Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(5,241)	(5,227)
Accumulated accretion	2,139	2,053
Acquired lease intangible liabilities, net	(3,102)	(3,174)
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(290)	(290)
Accumulated accretion	85	77
Acquired lease intangible liabilities, net	$ (205)	$ (213)

Intangible Assets - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of above (below) market lease intangibles, net	$ (4)	$ 39
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	2,886	3,218
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of above (below) market lease intangibles, net	4	47
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Accretion of above-market ground lease intangibles	$ (8)	$ (8)

Notes Payable - Summary of Components and Significant Terms of Our Indebtedness (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($) property swap extension	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 445,611,000	$ 418,698,000
Less: unamortized discount and deferred loan costs	(1,601,000)	(544,000)
Carrying value	$ 444,010,000	418,154,000
LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
LIBOR \| Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.90%
LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Principal amount	$ 100,000,000	100,000,000
Less: unamortized discount and deferred loan costs	$ 0	0
Contractual Maturity Date	Jun. 11, 2019
Debt Instrument, description of variable rate basis	LIBOR
Effective Interest Rate	3.25%
Debt instrument, basis spread on variable rate	1.35%
LIBOR \| $125M Term Loan Facility
Debt Instrument [Line Items]
Principal amount	$ 125,000,000	0
Less: unamortized discount and deferred loan costs	$ (1,036,000)	0
Contractual Maturity Date	Jan. 14, 2023
Debt Instrument, description of variable rate basis	LIBOR
Effective Interest Rate	2.15%
Debt instrument, basis spread on variable rate	1.60%
Fixed Rate Debt \| Gilbert/La Palma
Debt Instrument [Line Items]
Principal amount	$ 3,011,000	3,044,000
Less: unamortized discount and deferred loan costs	$ (151,000)	(153,000)
Contractual Maturity Date	Mar. 01, 2031
Fixed interest rate	5.125%
Effective Interest Rate	5.38%
Amortization period	20 years
Fixed Rate Debt \| 12907 Imperial Highway
Debt Instrument [Line Items]
Principal amount	$ 5,271,000	5,299,000
Less: unamortized discount and deferred loan costs	$ 273,000	303,000
Contractual Maturity Date	Apr. 01, 2018
Fixed interest rate	5.95%
Effective Interest Rate	3.66%
Number of extensions \| extension	1
Extension period	5 years
Amortization period	30 years
Fixed Rate Debt \| 1065 Walnut Street
Debt Instrument [Line Items]
Principal amount	$ 9,829,000	9,855,000
Less: unamortized discount and deferred loan costs	$ 266,000	292,000
Contractual Maturity Date	Feb. 01, 2019
Fixed interest rate	4.55%
Effective Interest Rate	3.54%
Amortization period	25 years
Fixed Rate Debt \| LIBOR \| Term Loan
Debt Instrument [Line Items]
Principal amount	$ 60,000,000	60,000,000
Less: unamortized discount and deferred loan costs	$ (263,000)	(283,000)
Contractual Maturity Date	Aug. 01, 2019
Debt Instrument, description of variable rate basis	LIBOR
Effective Interest Rate	3.95%
Number of properties securing loan \| property	6
Number of derivative instruments \| swap	2
Guaranteed Senior Notes
Debt Instrument [Line Items]
Principal amount	$ 100,000,000	100,000,000
Less: unamortized discount and deferred loan costs	$ (690,000)	(703,000)
Contractual Maturity Date	Aug. 06, 2025
Fixed interest rate	4.29%
Effective Interest Rate	4.36%
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Principal amount	$ 42,500,000	140,500,000
Less: unamortized discount and deferred loan costs	$ 0	$ 0
Contractual Maturity Date	Jun. 11, 2018
Debt Instrument, description of variable rate basis	LIBOR
Effective Interest Rate	1.837%
Number of extensions \| extension	1
Extension period	1 year
Debt instrument, basis spread on variable rate	1.40%
Minimum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Minimum \| LIBOR \| $125M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.50%
Minimum \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.30%
Additional interest	0.30%
Line of credit facility, amount outstanding	$ 100,000,000
Maximum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.85%
Maximum \| LIBOR \| $125M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	2.25%
Maximum \| Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.90%
Additional interest	0.20%
Line of credit facility, amount outstanding	$ 100,000,000

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
April 1, 2016 - December 31, 2016	$ 309
2017	430
2018	47,880
2019	169,533
2020	166
Thereafter	227,293
Total	$ 445,611	$ 418,698

Notes Payable - Credit Agreement (Details)		3 Months Ended
Notes Payable - Credit Agreement (Details)	Jan. 14, 2016 USD ($) loan	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 445,611,000	$ 418,698,000
Credit facility maximum future borrowing capacity		$ 600,000,000
LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Federal Funds Rate Plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
$125M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 125,000,000	$ 0
Number of additional incremental loans (one or more) \| loan	1
Credit facility maximum future borrowing capacity	$ 100,000,000	$ 100,000,000
Debt instrument, basis spread on variable rate		1.60%
Minimum \| $125M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Maximum \| $125M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
Term Loan \| Line of Credit \| $125M Term Loan Facility \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Prepayment premium, percent	2.00%
Term Loan \| Line of Credit \| $125M Term Loan Facility \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Prepayment premium, percent	1.00%
Term Loan \| Line of Credit \| $125M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Term Loan \| Line of Credit \| $125M Term Loan Facility \| Federal Funds Rate Plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan \| Minimum \| Line of Credit \| $125M Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan \| Maximum \| Line of Credit \| $125M Term Loan Facility \| Eurodollar
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%

Notes Payable - Additional Information (Detail) - USD ($)		3 Months Ended
	Jul. 16, 2015	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Principal amount		$ 445,611,000	$ 418,698,000
Credit facility maximum future borrowing capacity		600,000,000
Line of Credit Facility, Additional Availability		157,500,000
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount		42,500,000
Current borrowing capacity		$ 200,000,000
Maturity Date		Jun. 11, 2018
Unsecured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.20%
Credit Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value		60.00%
Maximum ratio of secured debt to total asset value		45.00%
Maximum ratio of recourse debt to total asset		15.00%
Minimum tangible net worth required		$ 283,622,250
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation		75.00%
Minimum ratio of EBITDA to fixed charges		1.50
Maximum ratio of unsecured debt to the value of the unencumbered asset pool		60.00%
Minimum ratio of NOI unsecured interest expense		1.75
Funds from operations percentage		95.00%
Variable Rate Debt \| Unsecured Term Loan Facility
Debt Instrument [Line Items]
Principal amount		$ 100,000,000
Maturity Date		Jun. 11, 2019
Variable Rate Debt \| Term Loan One
Debt Instrument [Line Items]
Principal amount		$ 60,000,000
Debt service coverage ratio		110.00%
Federal Funds Rate Plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
Thirty-day LIBOR plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Thirty-day LIBOR plus \| Unsecured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.30%
Thirty-day LIBOR plus \| Unsecured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.90%
Thirty-day LIBOR plus \| Unsecured Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.25%
Thirty-day LIBOR plus \| Unsecured Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.85%
Unsecured Credit Facility Under Hundred Million \| Unsecured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage		0.30%
Note Purchase Agreement
Debt Instrument [Line Items]
Debt instrument, payment terms		Interest is payable semiannually on February 6 and August 6 of each year, beginning on February 6, 2016
Principal amount prepaid	100.00%
Guaranteed Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 100,000,000	$ 100,000,000
Fixed interest rate		4.29%
Maturity Date		Aug. 06, 2025

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2017	$ 83,522
2018	64,346
2019	49,050
2020	38,472
2021	26,983
Thereafter	60,842
Total	$ 323,215

Interest Rate Contracts - Additional Information (Detail) - USD ($)	Mar. 31, 2016	Feb. 24, 2016
Derivative [Line Items]
Additional amount reclassified from AOCI as an increase to interest expense	$ 2,100,000
Aggregate fair value	$ 4,900,000
Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreement, notional amount		$ 125,000,000
Other Assets \| Interest Rate Swap
Derivative [Line Items]
Interest rate swap, fixed interest rate	1.349%

Interest Rate Contracts - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Feb. 24, 2016	Dec. 31, 2015
Derivative [Line Items]
Interest Rate Swap Asset	$ 48,000		$ 0
Interest Rate Swap Liability	$ 4,949,000		3,144,000
Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreement, notional amount		$ 125,000,000
Other Assets \| Interest Rate Swap
Derivative [Line Items]
Interest Strike Rate	1.349%
Other Assets \| Interest Rate Swap \| Derivative Financial Instruments, Assets
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 14, 2018
Interest rate swap agreement, termination date	Jan. 14, 2022
Interest Strike Rate	1.349%
Interest Rate Swap Asset	$ 48,000		0
Interest rate swap agreement, notional amount	$ 0		0
interest Rate Swap Liability \| Interest Rate Swap 1 \| Derivative Financial Instruments, Liabilities
Derivative [Line Items]
Interest rate swap agreement, effective date	Jan. 15, 2015
Interest rate swap agreement, termination date	Feb. 15, 2019
Interest Strike Rate	1.826%
Interest Rate Swap Liability	$ 890,000		538,000
Interest rate swap agreement, notional amount	$ 30,000,000		30,000,000
interest Rate Swap Liability \| Interest Rate Swap 2 \| Derivative Financial Instruments, Liabilities
Derivative [Line Items]
Interest rate swap agreement, effective date	Jul. 15, 2015
Interest rate swap agreement, termination date	Feb. 15, 2019
Interest Strike Rate	2.01%
Interest Rate Swap Liability	$ 1,019,000		698,000
Interest rate swap agreement, notional amount	$ 30,000,000		30,000,000
interest Rate Swap Liability \| Interest Rate Swap 3 \| Derivative Financial Instruments, Liabilities
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2015
Interest rate swap agreement, termination date	Dec. 14, 2018
Interest Strike Rate	1.79%
Interest Rate Swap Liability	$ 1,377,000		849,000
Interest rate swap agreement, notional amount	$ 50,000,000		50,000,000
interest Rate Swap Liability \| Interest Rate Swap 4 \| Derivative Financial Instruments, Liabilities
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 16, 2016
Interest rate swap agreement, termination date	Dec. 14, 2018
Interest Strike Rate	2.005%
Interest Rate Swap Liability	$ 1,663,000		1,059,000
Interest rate swap agreement, notional amount	$ 50,000,000		$ 0

Interest Rate Contracts - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into earnings under "Interest expense" (effective portion)	$ (501)	$ (105)
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)	0	0
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$ (2,258)	$ (1,982)

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 48	$ 0
Interest Rate Swap Liability	(4,949)	(3,144)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	48	0
Interest Rate Swap Liability	$ (4,949)	$ (3,144)

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 447,581	$ 416,497
Notes payable	444,010	418,154
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 447,581	$ 416,497

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.1	$ 0.1

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($) tenant	Dec. 31, 2015 USD ($)	Feb. 25, 2014 USD ($)
Commitments And Contingencies [Line Items]
Estimated remediation, processing and oversight costs			$ 1,300,000
Holdback Escrow total funded			1,400,000
Holdback Escrow seller funded			1,300,000
Holdback Escrow buyer funded			100,000
Maximum seller liability remediation costs			$ 1,300,000.0
Contingent liability	$ 1,200,000	$ 1,200,000
Indemnification asset	$ 1,200,000	$ 1,200,000
Ground lease, expiration date	Jun. 01, 2062
Other commitments	$ 7,300,000
Concentration risk, credit risk, financial instrument, maximum exposure	$ 250,000
Base Rent \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Number of major tenants accounting for more than 10 percent or more of annualized base rent \| tenant	0
Ten Largest Customers \| Base Rent \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration risk, percentage	13.90%

Commitment and Contingencies- Future Minimum Commitment (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Office Leases
Operating Leased Assets [Line Items]
April 1, 2016 through December 31, 2016	$ 466
2017	635
2018	622
2019	337
2020	0
Thereafter	0
Total	2,060
Ground Lease
Operating Leased Assets [Line Items]
April 1, 2016 through December 31, 2016	108
2017	144
2018	144
2019	144
2020	144
Thereafter	5,964
Total	$ 6,648

Investment in Unconsolidated Real Estate - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($) property	Mar. 31, 2015 USD ($)
Equity Method Investments And Joint Ventures [Abstract]
Number of real estate properties \| property	121
Management, leasing and development services \| $	$ 134	$ 132
Mission Oaks Boulevard
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest	15.00%
Number of real estate properties \| property	1
Mission Oaks Joint Venture
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development services \| $	$ 34	$ 44

Investment in Unconsolidated Real Estate - Combined Financial Information of Predecessor's Equity Method Investment Properties (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Investments [Abstract]
Assets	$ 24,570		$ 24,280
Liabilities	(1,082)		(1,250)
Partners'/members' equity	23,488		23,030
Company's share of equity	3,523		3,455
Basis adjustment	621		632
Carrying value of the Company’s investment in unconsolidated real estate	4,144		$ 4,087
Revenues	632	$ 663
Expenses	(174)	(622)
Net income	$ 458	$ 41

Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 17, 2015	Feb. 03, 2015	Mar. 31, 2016	Mar. 31, 2015
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	$ 0	$ 184,000
Underwriting discount and offering costs		$ 7,700		7,668
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units		11,500,000
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
Common stock, shares reserved for future issuance			1,250,278
Expensed share-based compensation			$ 934	349
Capitalized share-based compensation			32	18
Total share-based compensation			966	$ 367
Unrecognized compensation expense related to non-vested shares			8,100
Employee service share based compensation nonvested awards total compensation cost not yet capitalized			$ 500
Weighted average remaining vesting period			31 months
Operating Partnership \| Noncontrolling Interests \| Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of operating partnership units			2,026,642
Noncontrolling interest percentage ownership in Operating Partnership			3.50%
ATM Program
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock, shares			500
Maximum Aggregate Offering Amount	$ 125,000

Equity - Schedule of Nonvested Restricted Stock Activity (Detail)	3 Months Ended
	Mar. 31, 2016 shares
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at January 1, 2016	333,441
Granted	74,151
Forfeited	(8,622)
Vested	(18,109)
March 31, 2016	380,861
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at January 1, 2016	166,669
Granted	0
Forfeited	0
Vested	0
March 31, 2016	166,669
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Balance at January 1, 2016	315,998
Granted	0
Forfeited	0
Vested	0
March 31, 2016	315,998
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Repurchase of common shares, shares	(6,785)

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Restricted Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	380,861	333,441
Restricted Common Stock \| April 1, 2016 - December 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	108,134
Restricted Common Stock \| 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	155,555
Restricted Common Stock \| 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	60,672
Restricted Common Stock \| 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	37,963
Restricted Common Stock \| 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	18,537
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	166,669	166,669
LTIP Units \| April 1, 2016 - December 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	41,668
LTIP Units \| 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	41,666
LTIP Units \| 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	41,668
LTIP Units \| 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	41,667
LTIP Units \| 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
Non-vested shares	315,998	315,998
Performance Units \| April 1, 2016 - December 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0
Performance Units \| 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0
Performance Units \| 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	315,998
Performance Units \| 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0
Performance Units \| 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares	0

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 693,744	$ 545,877
Net current period other comprehensive loss	(1,757)	(1,877)
Ending Balance	686,501	713,862
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(3,033)	(1,331)
Net current period other comprehensive loss	(1,695)	(1,816)
Ending Balance	(4,728)	$ (3,147)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive loss before reclassifications	(2,258)
Amounts reclassified from accumulated other comprehensive loss to interest expense	501
Net current period other comprehensive loss	(1,757)
Less other comprehensive loss attributable to noncontrolling interests	62
Other comprehensive loss attributable to common stockholders	$ (1,695)

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net income	$ 1,477	$ 81
Less: Net income attributable to noncontrolling interests	(52)	(4)
Less: Net income attributable to participating securities	(78)	(50)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 1,347	$ 27
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	55,269,598	50,683,528
Effect of dilutive securities - performance units	147,349	0
Weighted average shares of common stock outstanding - diluted (in shares)	55,416,947	50,683,528
Earnings Per Share, Basic [Abstract]
Net income attributable to common stockholders (in shares)	$ 0.02	$ 0.00
Earnings Per Share, Diluted [Abstract]
Net income attributable to common stockholders (in shares)	$ 0.02	$ 0.00

Earnings Per Share - TSR Performance Percentile (Details)	Mar. 31, 2016
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
TSR performance percentage relative to peer group	70.00%

Subsequent Events - Additional Information (Detail)						3 Months Ended
Subsequent Events - Additional Information (Detail)	May 03, 2016 USD ($) a ft²	Apr. 15, 2016 USD ($) $ / shares shares	Apr. 11, 2016 USD ($) ft² property	Jan. 14, 2016 USD ($) loan	Feb. 03, 2015 USD ($) $ / shares shares	Mar. 31, 2016 USD ($) ft² property	Mar. 31, 2015 USD ($)
Subsequent Event [Line Items]
Issuance of common stock, shares \| shares					11,500,000
Common stock share price \| $ / shares					$ 16.00
Issuance of common stock, net					$ 176,300,000	$ 0	$ 184,000,000
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units \| shares					11,500,000
Credit facility maximum future borrowing capacity						$ 600,000,000
Number of real estate properties \| property						121
Rentable square feet \| ft²						193,686
Payments to acquire real estate						$ 24,289,000	$ 46,705,000
Area of real estate property \| ft²						12,200,000
Follow-on Public Offer (Equity Offering) \| Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock, shares \| shares		10,350,000
Issuance of common stock, net		$ 175,100,000
Underwriting discount and offering costs		$ 7,600,000
Underwriters \| Follow-on Public Offer (Equity Offering) \| Subsequent Event
Subsequent Event [Line Items]
Common stock share price \| $ / shares		$ 17.65
Underwriters \| Over-Allotment Option \| Subsequent Event
Subsequent Event [Line Items]
Issuance of common stock, shares \| shares		1,350,000
Operating Partnership Units \| Follow-on Public Offer (Equity Offering) \| Subsequent Event
Subsequent Event [Line Items]
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units \| shares		10,350,000
LIBOR \| $125M Term Loan Facility
Subsequent Event [Line Items]
Number of additional incremental loans (one or more) \| loan				1
Credit facility maximum future borrowing capacity				$ 100,000,000		$ 100,000,000
LIBOR \| Incremental Term Loan \| Subsequent Event
Subsequent Event [Line Items]
Principal amount		$ 100,000,000
6010 N Paramount Boulevard \| Subsequent Event
Subsequent Event [Line Items]
Proceeds from sale of real estate	$ 2,500,000
REIT Portfolio Acquisition \| Subsequent Event
Subsequent Event [Line Items]
Number of real estate properties \| property			9
Rentable square feet \| ft²			1,530,000
Payments to acquire real estate investment trust			$ 191,000,000
10750-10826 Lower Azusa Road \| Subsequent Event
Subsequent Event [Line Items]
Rentable square feet \| ft²	79,050
Payments to acquire real estate	$ 7,660,000
Area of real estate property \| a	3.12
Common Stock \| REIT Portfolio Acquisition \| Subsequent Event
Subsequent Event [Line Items]
Ownership Interest acquired		100.00%
12.5% Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares issued \| shares		700
Preferred stock, shares outstanding \| shares		700
12.5% Preferred Stock \| REIT Portfolio Acquisition \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares outstanding \| shares		575
Preferred stock, dividend rate, percentage		12.50%
Preferred stock, redemption amount		$ 125,000
12.5% Preferred Stock \| REIT Portfolio Acquisition \| Unaffiliated Third Parties [Member] \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock, shares outstanding \| shares		125