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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q3
Trading Symbol	REXR
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		66,040,267

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Land	$ 659,641	$ 492,704
Buildings and improvements	778,066	650,075
Tenant improvements	36,687	28,977
Furniture, fixtures, and equipment	175	188
Construction in progress	23,300	16,822
Total real estate held for investment	1,497,869	1,188,766
Accumulated depreciation	(126,601)	(103,623)
Investments in real estate, net	1,371,268	1,085,143
Cash and cash equivalents	55,263	5,201
Note receivable, net	5,817	0
Rents and other receivables, net	2,633	3,040
Deferred rent receivable, net	10,913	7,827
Deferred leasing costs, net	8,064	5,331
Deferred loan costs, net	996	1,445
Acquired lease intangible assets, net	38,093	30,383
Acquired indefinite-lived intangible	5,215	5,271
Other assets	5,522	5,523
Acquisition related deposits	400	0
Investment in unconsolidated real estate entities	0	4,087
Total Assets	1,504,184	1,153,251
Liabilities
Notes payable	500,428	418,154
Interest rate swap liability	5,938	3,144
Accounts payable, accrued expenses and other liabilities	18,433	12,631
Dividends payable	9,214	7,806
Acquired lease intangible liabilities, net	5,722	3,387
Tenant security deposits	14,946	11,539
Prepaid rents	3,945	2,846
Total Liabilities	558,626	459,507
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized; 5.875% series A cumulative redeemable preferred stock, liquidation preference $25.00 per share, 3,600,000 and zero shares outstanding at September 30, 2016 and December 31, 2015, respectively	86,664	0
Common Stock, $0.01 par value 490,000,000 shares authorized and 66,048,341 and 55,598,684 shares outstanding at September 30, 2016 and December 31, 2015, respectively	658	553
Additional paid in capital	898,354	722,722
Cumulative distributions in excess of earnings	(56,651)	(48,103)
Accumulated other comprehensive loss	(5,764)	(3,033)
Total stockholders’ equity	923,261	672,139
Noncontrolling interests	22,297	21,605
Total Equity	945,558	693,744
Total Liabilities and Equity	$ 1,504,184	$ 1,153,251

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares outstanding	66,048,341	55,598,684
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, dividend rate, percentage	5.875%	5.875%
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	3,600,000	0

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
RENTAL REVENUES
Rental income	$ 28,285	$ 20,617	$ 77,903	$ 58,449
Tenant reimbursements	4,467	2,377	12,144	7,405
Other income	192	341	764	693
TOTAL RENTAL REVENUES	32,944	23,335	90,811	66,547
Management, leasing and development services	131	186	376	479
Interest income	228	153	228	710
TOTAL REVENUES	33,303	23,674	91,415	67,736
OPERATING EXPENSES
Property expenses	8,978	6,237	24,480	17,882
General and administrative	5,067	3,778	13,190	11,064
Depreciation and amortization	13,341	10,642	37,165	31,016
TOTAL OPERATING EXPENSES	27,386	20,657	74,835	59,962
OTHER EXPENSES
Acquisition expenses	380	528	1,490	1,608
Interest expense	3,804	2,245	10,774	5,729
TOTAL OTHER EXPENSES	4,184	2,773	12,264	7,337
TOTAL EXPENSES	31,570	23,430	87,099	67,299
Equity in income from unconsolidated real estate entities	1,328	45	1,451	58
Gain from early repayment of note receivable	0	581	0	581
Loss on extinguishment of debt	0	(253)	0	(182)
Gains on sale of real estate	0	0	11,563	0
NET INCOME (LOSS)	3,061	617	17,330	894
Less: net income attributable to noncontrolling interest	(63)	(24)	(533)	(36)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	2,998	593	16,797	858
Less: preferred stock dividends	(661)	0	(661)	0
Less: earnings allocated to participating securities	(70)	(53)	(223)	(152)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 2,267	$ 540	$ 15,913	$ 706
Net income available to common stockholders per share - basic and diluted (in dollars per share)	$ 0.03	$ 0.01	$ 0.26	$ 0.01
Weighted average shares of common stock outstanding - basic (in shares)	65,707,476	55,145,963	61,694,835	53,613,874
Weighted average shares of common stock outstanding - diluted (in shares)	67,985,177	55,145,963	61,919,976	53,613,874
Dividends declared per common share (in dollars per share)	$ 0.135	$ 0.135	$ 0.405	$ 0.375

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 3,061	$ 617	$ 17,330	$ 894
Other comprehensive income (loss): cash flow hedge adjustment	1,613	(1,756)	(2,794)	(3,314)
Comprehensive income (loss)	4,674	(1,139)	14,536	(2,420)
Comprehensive (income) loss attributable to noncontrolling interests	(112)	33	(470)	63
Comprehensive income (loss) attributable to common stockholders	$ 4,562	$ (1,106)	$ 14,066	$ (2,357)

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Series A Preferred Stock	Series A Preferred Stock Total Stockholders’ Equity	Series A Preferred Stock Preferred Stock	Common Stock	Common Stock Total Stockholders’ Equity	Common Stock Common Stock	Common Stock Additional Paid-in Capital
Beginning Balance at Dec. 31, 2014	$ 545,877	$ 519,748	$ 0	$ 434	$ 542,318	$ (21,673)	$ (1,331)	$ 26,129
Beginning Balance, shares at Dec. 31, 2014				43,702,442
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock									$ 0	$ 0	$ 0	$ 184,007	$ 184,007	$ 115	$ 183,892
Issuance of common stock, shares														11,500,500
Offering costs	(8,114)	(8,114)			(8,114)
Share-based compensation	1,332	1,332			1,332
Share-based compensation, shares				138,207
Repurchase of common shares	(148)	(148)			(148)
Repurchase of common shares, shares				(9,886)
Conversion of units to common stock		2,825		$ 3	2,822			(2,825)
Conversion of units to common stock, shares				256,640
Dividends	(20,798)	(20,798)				(20,798)
Distributions	(816)							(816)
Net income	894	858				858		36
Other comprehensive loss	(3,314)	(3,215)					(3,215)	(99)
Ending Balance at Sep. 30, 2015	698,920	676,495	0	$ 552	722,102	(41,613)	(4,546)	22,425
Ending Balance, shares at Sep. 30, 2015				55,587,903
Beginning Balance at Dec. 31, 2015	$ 693,744	672,139	0	$ 553	722,722	(48,103)	(3,033)	21,605
Beginning Balance, shares at Dec. 31, 2015	55,598,684			55,598,684
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock									$ 90,000	$ 90,000	$ 90,000	$ 182,678	$ 182,678	$ 104	$ 182,574
Issuance of common stock, shares														10,350,000
Offering costs	$ (11,771)	(11,771)	(3,336)		(8,435)
Share-based compensation	2,990	1,490		$ 1	1,489			1,500
Share-based compensation, shares				77,093
Repurchase of common shares	(501)	(501)			(501)
Repurchase of common shares, shares				(25,236)
Conversion of units to common stock		505		$ 0	505			(505)
Conversion of units to common stock, shares				47,800
Acquisition of real estate portfolio	125							125
Dividends	(25,345)	(25,345)				(25,345)
Distributions	(898)							(898)
Net income	17,330	16,797				16,797		533
Other comprehensive loss	(2,794)	(2,731)					(2,731)	(63)
Ending Balance at Sep. 30, 2016	$ 945,558	$ 923,261	$ 86,664	$ 658	$ 898,354	$ (56,651)	$ (5,764)	$ 22,297
Ending Balance, shares at Sep. 30, 2016	66,048,341			66,048,341

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 17,330	$ 894
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income from unconsolidated real estate entities	(1,451)	(58)
Provision for doubtful accounts	1,105	1,156
Depreciation and amortization	37,165	31,016
Amortization of above (below) market lease intangibles, net	17	154
Accretion of loan origination fee	(75)	0
Accretion of loan origination fee	0	(178)
Deferred interest income on notes receivable	(42)	0
Gain from early repayment of note receivable	0	(581)
Loss on extinguishment of debt	0	182
Gain on sale of real estate	(11,563)	0
Amortization of loan costs	748	618
Accretion of premium on notes payable	(178)	(158)
Equity based compensation expense	2,879	1,258
Straight-line rent	(3,412)	(2,016)
Change in working capital components:
Rents and other receivables	(688)	(1,565)
Deferred leasing costs	(3,787)	(2,635)
Other assets	(10)	(1,141)
Accounts payable, accrued expenses and other liabilities	3,910	3,559
Tenant security deposits	1,830	937
Prepaid rents	232	118
Net cash provided by operating activities	44,010	31,560
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(308,277)	(162,970)
Capital expenditures	(23,687)	(15,931)
Acquisition related deposits	(400)	860
Distributions from unconsolidated real estate entities	5,530	0
Issuance of notes receivable	(5,700)	0
Principal repayments of note receivable	0	13,896
Proceeds from sale of real estate	20,435	0
Net cash used in investing activities	(312,099)	(164,145)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of preferred stock	90,000	0
Issuance of common stock	182,678	184,007
Offering costs	(11,344)	(8,073)
Proceeds from notes payable	263,000	199,000
Repayment of notes payable	(178,923)	(225,572)
Deferred loan costs	(1,924)	(796)
Debt extinguishment costs	0	(2)
Dividends paid to common stockholders	(23,935)	(18,538)
Distributions paid to common unitholders	(900)	(816)
Repurchase of common shares	(501)	(148)
Net cash provided by financing activities	318,151	129,062
Increase in cash and cash equivalents	50,062	(3,523)
Cash and cash equivalents, beginning of period	5,201	8,606
Cash and cash equivalents, end of period	55,263	5,083
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $1,315 and $449 for the nine months ended September 30, 2016 and 2015, respectively)	11,125	4,681
Supplemental disclosure of noncash investing and financing transactions:
Assumption of loan in connection with acquisition of real estate including loan premium	0	5,874
Capital expenditure accruals	2,886	1,480
Accrual of dividends	9,214	7,504
Accrual of offering costs	$ 427	$ 41

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Capitalized interest, net	$ 400	$ 300	$ 1,315	$ 449

Organization	9 Months Ended
Organization	Sep. 30, 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, and from time to time, acquire or provide mortgage debt secured by industrial property. As of September 30, 2016, our consolidated portfolio consisted of 133 properties with approximately 14.6 million rentable square feet. In addition, we currently manage 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 September 30, 2016, and December 31, 2015, and for the three and nine months ended September 30, 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	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 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. Notes Receivable We record notes receivable at the unpaid principal balance, net of any deferred origination fees, purchase discounts or premiums and valuation allowances, as applicable. We amortize net deferred origination fees, which are comprised of loan fees collected from the borrower, and purchase discounts or premiums over the contractual life of the loan using the effective interest method and immediately recognize in income any unamortized balances if the loan is repaid before its contractual maturity. On July 1, 2016, we made a $6.0 million mortgage loan secured by a 64,965 rentable square foot industrial property located in Rancho Cucamonga, California. In connection with this origination, we collected a $0.3 million loan fee from the borrower. The loan bears interest at 10% per annum and matures on June 30, 2017, with one additional six-month extension option available. The borrower has the option to voluntarily prepay any amounts outstanding under the loan at any time, in whole or in part, subject to certain notice requirements, provided that we have received at least six months of interest payments in aggregate, notwithstanding the date of such prepayment. In addition, the borrower has the option to defer up to $14 thousand of interest, otherwise payable per month, to be added to the principal to be paid in full on the maturity date. As of September 30, 2016, the note had a carrying value of $5.8 million, which represented the original principal amount of $6.0 million, plus $42 thousand of accrued interest added to the principal, less the unamortized origination fee balance of $0.2 million. Investments 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 nine months ended September 30, 2016, we used discount rates ranging from 6.75% to 8.50% and capitalization rates ranging from 5.50% to 7.50%. 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 nine months ended September 30, 2016, we used an estimated average lease-up period ranging from six to twelve months. Acquisition costs associated with business combinations 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 allocate the cost of the acquisition, which includes any associated acquisition costs, to the individual assets (typically land and building) and liabilities assumed on a relative fair value basis. We capitalized total acquisition costs of $0.1 million and $0.1 million during the three months ended September 30, 2016 and 2015, respectively, and $0.1 million and $0.5 million during the nine months ended September 30, 2016 and 2015, respectively. 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 $0.3 million during the three months ended September 30, 2016 and 2015, respectively, and $1.3 million and $0.4 million during the nine months ended September 30, 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 September 30, 2016 and 2015, respectively, and $0.6 million and $0.6 million during the nine months ended September 30, 2016 and 2015, respectively. We capitalized compensation costs for employees who provide construction services of $0.3 million and $0.2 million during the three months ended September 30, 2016 and 2015, respectively, and $0.8 million and $0.6 million during the nine months ended September 30, 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 income” 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 September 30, 2016 and 2015, respectively, and $0.4 million and $0.4 million during the nine months ended September 30, 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 Entities Investment in unconsolidated real estate entities 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 and nine months ended September 30, 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 September 30, 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 may be 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 $0.2 million and $0.3 million for the three months ended September 30, 2016 and 2015, respectively, and $1.1 million and $1.2 million for the nine months ended September 30, 2016 and 2015, respectively, as a reduction to rental revenues in our consolidated statements of operations. We had a $3.0 million and $2.0 million reserve for allowance for doubtful accounts as of September 30, 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 related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuance have been reflected as a direct reduction of the preferred stock balance. 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 do not expect the adoption of ASU 2016-09 to have a material impact on our consolidated financial statements or 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. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. 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. ASU 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). For public entities, ASU 2014-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early application is permitted for annual periods beginning after December 15, 2016. ASU 2014-09 permits the use of either the full retrospective transition method or a modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method, and are currently evaluating the effect that the guidance will have on our consolidated financial statements and notes to our consolidated financial statements. Adoption of New Accounting Pronouncements On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which addresses certain classification issues related to the statement of cash flows, including: (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination and (iii) distributions received from equity method investees. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We have elected to early adopt ASU 2016-15, beginning with the quarter ended September 30, 2016. As part of the adoption of ASU 2016-15, we have elected to classify distributions received from equity method investees under the “nature of the distribution approach,” in which each distribution is evaluated on the basis of the source of the payment and classified as either operating cash inflows or investing cash inflows. The adoption of ASU 2016-15 did not have a material impact on our statement of cash flows. 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

9 Months Ended

Sep. 30, 2016

Investments, All Other Investments [Abstract]

Investments in Real Estate

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 1.5 million rentable square feet (the “REIT Portfolio”) from a third-party seller in exchange for approximately $191.0 million in cash, exclusive of closing costs and credits (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% cumulative non-voting 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 $125,000 plus any dividends thereon that have accrued but have not been repaid at the time of such redemption.

Acquisition Summary

The following table sets forth the wholly-owned industrial properties we acquired during the nine months ended September 30, 2016:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual 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
REIT Portfolio⁽²⁾	Various⁽²⁾	4/15/2016	1,530,814	9	191,000
10750-10826 Lower Azusa Road⁽³⁾	Los Angeles - San Gabriel Valley	5/3/2016	79,050	4	7,660
525 Park Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	6/30/2016	63,403	1	7,550
3233 Mission Oaks Boulevard⁽⁵⁾	Ventura	7/6/2016	457,693	1	25,700
1600 E. Orangethorpe Avenue⁽⁴⁾	Orange County - North	8/24/2016	345,756	6	40,137
14742-14750 Nelson Avenue⁽⁴⁾	Los Angeles - San Gabriel Valley	9/8/2016	145,531	2	15,000
Total 2016 Wholly-Owned Property Acquisitions			2,815,933	25	$	311,497


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

(2)

The REIT Portfolio Acquisition was funded with available cash on hand, proceeds from a $100.0 million term loan borrowing and proceeds from an equity offering of 10.35 million shares of our common stock. See Notes 5 and 12 for additional information. The REIT Portfolio consists of nine properties located in four of our core submarkets, including Orange County, Los Angeles - San Gabriel Valley, Inland Empire West and Central San Diego.


(3)	This acquisition was partially funded through a tax-deferred like-kind exchange under Section 1031 of the Internal Revenue Code (“1031 Exchange”) using $2.5 million of net cash proceeds from the sale of our property located at 6010 North Paramount Boulevard and available cash on hand.


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


(5)	This acquisition consisted of our purchase of the remaining 85% ownership interest in this property (see Note 11) and was partially funded through a 1031 Exchange using $18.0 million of net cash proceeds from the sale of our properties located at 1840 Dana Street and 12910 East Mulberry Drive and available cash on hand.

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):



	REIT Portfolio		Other 2016 Acquisitions		Total 2016 Acquisitions
Assets:
Land⁽¹⁾	$	101,530	$	71,339	$	172,869
Buildings and improvements⁽¹⁾	74,586		43,299		117,885
Tenant improvements	2,875		1,640		4,515
Acquired lease intangible assets⁽²⁾	12,103		6,726		18,829
Other acquired assets⁽³⁾	222		210		432
Total assets acquired	191,316		123,214		314,530
Liabilities:
Acquired lease intangible liabilities⁽⁴⁾	934		2,656		3,590
Other assumed liabilities⁽³⁾	1,519		1,019		2,538
Total liabilities assumed	2,453		3,675		6,128
Net assets acquired	$	188,863	$	119,539	$	308,402


(1)	The allocation to land and building and improvements includes $0.1 million of capitalized acquisition costs related to the purchase of 14742-14750 Nelson Avenue, which was accounted for as an asset acquisition.

(2)

For the REIT Portfolio, acquired lease intangible assets consist of $11.1 million of in-place lease intangibles with a weighted average amortization period of 5.0 years and $1.0 million of above-market lease intangibles with a weighted average amortization period of 7.6 years. For the other 2016 acquisitions, acquired lease intangible assets consist of $6.5 million of in-place lease intangibles with a weighted average amortization period of 3.7 years and $0.3 million of above-market lease intangibles with a weighted average amortization period of 2.4 years.


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


(4)	Represents below-market lease intangibles with a weighted average amortization period of 4.8 years and 5.3 years for the REIT Portfolio and the other 2016 acquisitions, respectively.

The following table sets forth the results of operations for the three and nine months ended September 30, 2016, for the properties acquired during the nine months ended September 30, 2016, included in the consolidated statements of operations from the date of acquisition (in thousands):



	Three Months Ended September 30, 2016		Nine Months Ended September 30, 2016
Total revenues	$	5,407	$	9,071
Net income	$	1,504	$	2,848

The following table sets forth unaudited pro-forma financial information (in thousands) as if the closing of our acquisitions during the nine months ended September 30, 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 (i) increased rental revenues for the amortization of the net amount of above- and -below-market rents acquired in the acquisitions, (ii) increased depreciation and amortization expenses as a result of tangible and intangible assets acquired in the acquisitions, (iii) increased interest expense for borrowings associated with these acquisitions, (iv) the elimination of acquisition costs that are directly related to these acquisitions and (v) the elimination of equity in income/loss from unconsolidated real estate entities related to our acquisition of the remaining 85% ownership interest in the property located at 3233 Mission Oaks Boulevard from our joint venture. 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 September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Total revenues	$	33,639	$	28,174		$	98,875	$	81,382
Net income (loss) attributable to common stockholders	$	1,383	$	(242	)	$	16,844	$	(1,528	)
Net income (loss) attributable to common stockholders per share - basic	$	0.02	$	—		$	0.27	$	(0.03	)
Net income (loss) attributable to common stockholders per share - diluted	$	0.02	$	—		$	0.27	$	(0.03	)

Dispositions

The following table summarizes the properties we sold during the nine months ended September 30, 2016:



Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price (in thousands)		Gain Recorded (in thousands)
6010 North Paramount Boulevard	Los Angeles - South Bay	5/2/2016	16,534	$	2,480	$	944
1840 Dana Street	Los Angeles - San Fernando Valley	5/25/2016	13,497	$	4,250	$	1,445
12910 East Mulberry Drive	Los Angeles - Mid-Counties	6/7/2016	153,080	$	15,000	$	9,174
Total			183,111	$	21,730	$	11,563

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

Intangible Assets

9 Months Ended

Sep. 30, 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):



	September 30, 2016			December 31, 2015
Acquired Lease Intangible Assets:
In-place lease intangibles	$	66,562		$	49,265
Accumulated amortization	(34,674		)	(25,107		)
In-place lease intangibles, net	31,888			24,158
Above-market tenant leases	10,262			9,062
Accumulated amortization	(4,057		)	(2,837		)
Above-market tenant leases, net	6,205			6,225
Acquired lease intangible assets, net	$	38,093		$	30,383
Acquired Lease Intangible Liabilities:
Below-market tenant leases	(8,499		)	(5,227		)
Accumulated accretion	2,966			2,053
Below-market tenant leases, net	(5,533		)	(3,174		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	101			77
Above-market ground lease, net	(189		)	(213		)
Acquired lease intangible liabilities, net	$	(5,722	)	$	(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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
In-place lease intangibles⁽¹⁾	$	3,561		$	3,166		$	9,849		$	9,504
Net above (below)-market tenant leases⁽²⁾	$	(31	)	$	77		$	41		$	178
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)	$	(24	)	$	(24	)


(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 (increase) 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

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the balance of our indebtedness as of September 30, 2016, and December 31, 2015 (in thousands):



	September 30, 2016			December 31, 2015
Principal amount	$	502,776		$	418,698
Less: unamortized discount and deferred loan costs⁽¹⁾	(2,348		)	(544		)
Carrying value	$	500,428		$	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 September 30, 2016, and December 31, 2015 (dollars in thousands):



	September 30, 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
$60M Term Loan⁽³⁾	$	59,870	$	(224	)	$	60,000	$	(283	)	8/1/2019	⁽⁴⁾	LIBOR + 1.90%			3.95	%
Gilbert/La Palma	2,943		(147		)	3,044		(153		)	3/1/2031		5.125	%	⁽⁵⁾	5.39	%
12907 Imperial Highway	5,212		211			5,299		303			4/1/2018		5.95	%	⁽⁶⁾	3.55	%
1065 Walnut Street	9,751		217			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	—		—			140,500		—			6/11/2018	⁽⁴⁾	LIBOR + 1.40%		^(9)(11)	1.93	%
$225M Term Loan Facility	225,000		(1,752		)	—		—			1/14/2023		LIBOR + 1.60%		⁽⁹⁾	2.25	%
Guaranteed Senior Notes	100,000		(653		)	100,000		(703		)	8/6/2025		4.29	%		4.36	%
Total	$	502,776	$	(2,348	)	$	418,698	$	(544	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of September 30, 2016.


(2)	Reflects the effective interest rate as of September 30, 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 September 30, 2016.


(3)	This term loan is secured by six properties. Beginning August 15, 2016, monthly payments of interest and principal are based on a 30-year amortization table. As of September 30, 2016, the interest rate on this variable-rate term loan has been effectively fixed through the use of two interest rate swaps, one of which is an amortizing swap. See Note 7 for details.


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


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


(6)	Monthly payments of interest and principal are based on a 30-year 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 are based on a 25-year amortization table, with a balloon payment at maturity.


(9)	The LIBOR margin will range from 1.25% to 1.85% for the $100.0 million term loan facility, 1.30% to 1.90% for the revolving credit facility and 1.50% to 2.25% for the $225.0 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 September 30, 2016, the interest on the $100.0 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 $100.0 million or over $100.0 million, respectively.

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts/premiums and deferred loan costs, as of September 30, 2016, and does not consider extension options available to us as noted in the table above (in thousands):



October 1, 2016 - December 31, 2016	$	300
2017	1,213
2018	6,163
2019	167,641
2020	166
Thereafter	327,293
Total	$	502,776

$225 Million Term Loan Facility

On January 14, 2016, we entered into a credit agreement for a senior unsecured term loan facility (the “$225 Million Term Loan Facility”) that initially permits aggregate borrowings of up to $125.0 million, the total of which we borrowed the same day at closing. Under the terms of the credit agreement, we are permitted to add one or more incremental term loans in an aggregate amount not to exceed $100.0 million (the “Accordion”), subject to the satisfaction of specified conditions. On April 15, 2016, we exercised the Accordion in full, thereby increasing the aggregate amount outstanding under the $225 Million Term Loan Facility to $225.0 million. The maturity date of the $225 Million Term Loan Facility is January 14, 2023.

Interest on the $225 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 our Leverage Ratio (as defined in the credit agreement).

We have the option to voluntarily prepay any amounts borrowed under the $225 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 $225 Million Term Loan Facility and repaid or prepaid may not be reborrowed.

The $225 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 $225 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 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 September 30, 2016, we did not have any borrowings outstanding under our Revolver, leaving $200.0 million available for additional borrowings.

Debt Covenants

The $225 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 $225 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 $100.0 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 $225 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 September 30, 2016.

Operating Leases

9 Months Ended

Sep. 30, 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 September 30, 2016, is summarized as follows (in thousands):



Twelve months ended September 30,
2017	$	102,520
2018	83,577
2019	69,122
2020	53,268
2021	38,869
Thereafter	74,237
Total	$	421,593

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 Swaps

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swaps

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 value. 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 the $125.0 million initially borrowed under the $225 Million Term Loan Facility. The interest rate swap has a notional value of $125.0 million with an effective date of February 14, 2018 and a maturity 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 value 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 value. The interest rate swap will effectively fix the annual interest rate payable on this notional value of the Company’s debt which may exist under the $225 Million Term Loan Facility at 1.349% plus an applicable margin under the terms of the $225 Million Term Loan Facility.

On May 12, 2016, we entered into a second interest rate swap transaction to manage our exposure to fluctuations in variable interest rate associated with the incremental $100.0 million borrowed under the $225 Million Term Loan Facility. The interest rate swap has a notional value of $100.0 million with an effective date of August 14, 2018, and a maturity 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 value of $100.0 million while the counterparty is obligated to make certain monthly floating rate payments based on LIBOR to us referencing the same notional value. The interest rate swap will effectively fix the annual interest rate payable on this notional value of the Company’s debt which may exist under the $225 Million Term Loan Facility at 1.406% plus an applicable margin under the terms of the $225 Million Term Loan Facility.

The following table sets forth a summary of our interest rate swaps at September 30, 2016, and December 31, 2015 (dollars in thousands):



					Fair Value⁽¹⁾				Current Notional Value⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		September 30, 2016		December 31, 2015		September 30, 2016		December 31, 2015
Liabilities:
Interest Rate Swap	1/15/2015	2/15/2019	1.826	%	$	723	$	538	$	30,000	$	30,000
Interest Rate Swap	7/15/2015	2/15/2019	2.010	%	$	824	$	698	$	29,870	$	30,000
Interest Rate Swap	8/14/2015	12/14/2018	1.790	%	$	1,097	$	849	$	50,000	$	50,000
Interest Rate Swap	2/16/2016	12/14/2018	2.005	%	$	1,332	$	1,059	$	50,000	$	—
Interest Rate Swap	2/14/2018	1/14/2022	1.349	%	$	1,119	$	—	$	—	$	—
Interest Rate Swap	8/14/2018	1/14/2022	1.406	%	$	843	$	—	$	—	$	—

(1)

We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. As of September 30, 2016, and December 31, 2015, all of our derivatives were in a liability position, and as such, the fair value is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.


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

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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	1,036		$	(2,105	)	$	(4,465	)	$	(3,893	)
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(577	)	$	(349	)	$	(1,671	)	$	579
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 $2.0 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 September 30, 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 $5.9 million. As of September 30, 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

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+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 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
Liabilities	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest Rate Swaps at:
September 30, 2016	$	(5,938	)	$	—	$	(5,938	)	$	—
December 31, 2015	$	(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 September 30, 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:
September 30, 2016	$	506,176	$	—	$	—	$	506,176	$	500,428
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	9 Months Ended
Related Party Transactions	Sep. 30, 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 September 30, 2016 and 2015, respectively, and $0.2 million and $0.2 million for the nine months ended September 30, 2016 and 2015, respectively, in management, leasing and development services revenue.

Commitments and Contingencies

9 Months Ended

Sep. 30, 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 September 30, 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 September 30, 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 September 30, 2016, we lease a parcel of land that is currently being sub-leased to a tenant for use as 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 September 30, 2016, is as follows (in thousands):



	Office Leases		Ground Lease
October 1, 2016 through December 31, 2016	$	158	$	36
2017	635		144
2018	622		144
2019	337		144
2020	—		144
Thereafter	—		5,964
Total	$	1,752	$	6,576

On September 14, 2016 (the “Effective Date”), we entered into a ground lease for approximately 1.58 million square feet of land located in Corona, California. We intend to develop buildings on the site. Under the terms of the ground lease, we have up to 420 days from the Effective Date, subject to certain conditions, to satisfy and waive certain contingencies (the “Contingencies”). We can terminate the ground lease for any reason during this 420-day contingency period. Then the ground lease will commence 30 days after all of the Contingencies are waived, with no further termination right. Additionally, the commencement date can be delayed by up to 24 months, subject to certain conditions. The term of the ground lease is 99 years following the commencement date. Base ground rent payments will begin nine months from the commencement date. During the first ten years of the ground lease, base ground rent will be approximately $956,000 per year, and once at the beginning of every ten-year period thereafter, base ground rent will increase by 15.0%, subject to certain caps.

Tenant and Construction Related

As of September 30, 2016, we had commitments of approximately $7.0 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 September 30, 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 September 30, 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.

During the three and nine months ended September 30, 2016, no single tenant accounted for more than 5% of our total consolidated rental revenues.

Investment in Unconsolidated Real Estate Entities

9 Months Ended

Sep. 30, 2016

Schedule of Investments [Abstract]

Investment in Unconsolidated Real Estate Entities

On July 6, 2016, we acquired the property located at 3233 Mission Oaks Boulevard from our joint venture (the “JV”) for a contract price of $25.7 million. Prior to the acquisition, our ownership interest in the property was 15.0%. As a result of the acquisition, we own 100% of the property and are accounting for it on a consolidated basis (See Note 3). In connection with the JV’s sale of the property, we wrote-off the related $0.6 million unamortized basis adjustment. Immediately after the sale of the property, the carrying value of our investment in unconsolidated real estate entities was $3.6 million.

Following the sale of the property, the JV distributed all of its available cash, with the exception of a small amount of working capital which was retained to cover any residual costs associated with the winding down of the JV. Our share of the JV distributions totaled $5.5 million, which exceeded the $3.6 million carrying value of our investment immediately after the sale of the property. We recorded the $1.9 million of excess distributions as a realized gain in the line item “Equity in income from unconsolidated real estate entities” in the consolidated statements of operations.

The following table presents the combined summarized balance sheet of our unconsolidated joint venture. Amounts provided are attributable to the JV and do not represent our proportionate share (in thousands).



	September 30, 2016			December 31, 2015
Assets	$	103		$	24,280
Liabilities	(68		)	(1,250		)
Partners’/members’ equity	$	35		$	23,030

The following table presents the combined summarized results of operations of our unconsolidated joint venture. These amounts include the JV property’s results of operations during the period prior to July 6, 2016, when we acquired the remaining 85% ownership interest. Amounts provided are attributable to the JV and do not represent our proportionate share (in thousands).



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Revenues	$	8		$	695		$	1,296		$	2,043
Expenses	(36		)	(364		)	(401		)	(1,560		)
Gain on sale of property	3,396			—			3,396			—
Net income	$	3,368		$	331		$	4,291		$	483

Management Services

During the time that the JV owned the property located at 3233 Mission Oaks Boulevard, we performed property management services. Fees and commissions earned from managing the JV have been included in “Management, leasing and development services” in the consolidated statements of operations. We recorded zero and $0.1 million for the three months ended September 30, 2016 and 2015, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2016 and 2015, respectively.

Equity

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Equity

Preferred Stock

On August 16, 2016, we completed an underwritten public offering of 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") at a price of $25.00 per share. The net proceeds from the offering were approximately $86.7 million after deducting the underwriting discount and other incurred offering costs totaling $3.3 million. The Series A Preferred Stock is presented in stockholders' equity on the consolidated balance sheet net of issuance costs.

Dividends on our Series A Preferred Stock are cumulative from the date of original issuance and are payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on December 31, 2016, at a rate of 5.875% per annum of its $25.00 per share liquidation preference (equivalent to $1.46875 per share per annum). The Series A Preferred Stock has no stated maturity date and is not subject to any mandatory redemption or sinking fund. The holders of our Series A Preferred Stock rank senior to the holders of our common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. The holders of our Series A Preferred Stock generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly dividend periods (whether or not consecutive). We may not redeem the Series A Preferred Stock prior to August 16, 2021, except in limited circumstances to preserve our status as a REIT or pursuant to a specified change of control transaction. On or after August 16, 2021, we may redeem our Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a specified change of control transaction, we may, at our option, redeem the Series A Preferred Stock in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share in cash, plus any accrued and unpaid distributions through the date of redemption. If we do not exercise our right to redeem the Series A Preferred Stock, upon the occurrence of a specified change of control transaction, the holders of Series A Preferred Stock have the right to convert some or all of their shares into a number of the Company’s common shares equivalent to $25.00 plus accrued and unpaid dividends, but not to exceed a cap of 2.2738 shares of common stock per share of Series A Preferred Stock, subject to certain adjustments.

Common Stock

On April 15, 2016, we completed a public follow-on 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 of the follow-on offering were approximately $174.4 million, after deducting the underwriting discount and offering costs totaling $8.3 million. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 10,350,000 common units of partnership interests in the Operating Partnership (“OP Units”).

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 totaling $7.7 million. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 11,500,000 OP Units.

On April 17, 2015, we established an at-the-market equity offering program (the “ATM Program”) through which we may sell from time to time up to an aggregate of $125.0 million of our common stock through sales agents. During the nine months ended September 30, 2016, we did not utilize the ATM Program. As of September 30, 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 1,978,842 OP Units and represented approximately 2.9% of our Operating Partnership as of September 30, 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 nine months ended September 30, 2016, 47,800 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $0.5 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

As described in Note 3, 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% cumulative non-voting preferred stock. The remaining 125 shares of preferred stock (the “noncontrolling preferred stock”) may be redeemed by us at any time, subject to procedural requirements, at a redemption price equal to $1,000 per share, or an aggregate price of $125,000, plus any dividends thereon that have accrued but have not been repaid at the time of such redemption (the “redemption price”). The noncontrolling preferred stock is entitled to a liquidation preference that is equal to the redemption price noted above. The noncontrolling preferred stock has been classified as noncontrolling interests in our consolidated balance sheets and has a balance equal to its liquidation preference.

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 1,238,714 shares of common stock, LTIP Units and Performance Units remain available for issuance as of September 30, 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 nine months ended September 30, 2016:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2016	333,441		166,669	315,998
Granted	97,659		—	—
Forfeited	(20,566	)	—	—
Vested⁽¹⁾	(87,697	)	—	—
Balance at September 30, 2016	322,837		166,669	315,998

(1)

During the nine months ended September 30, 2016, 25,236 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 September 30, 2016:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
October 1, 2016 - December 31, 2016	37,653	41,668	—
2017	166,405	41,666	—
2018	59,846	41,668	315,998
2019	38,538	41,667	—
2020	20,395	—	—
Total	322,837	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 presented below (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Expensed share-based compensation⁽¹⁾	$	991	$	444	$	2,879	$	1,258
Capitalized share-based compensation⁽²⁾	38		25		111		74
Total share-based compensation	$	1,029	$	469	$	2,990	$	1,332


(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, are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets.

As of September 30, 2016, there was $6.4 million of total unrecognized compensation expense related to all unvested share-based awards expected to vest, of which we estimate $0.4 million will be capitalized for employees who provide construction and leasing services. As of September 30, 2016, this total unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 26 months.

Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our accumulated other comprehensive loss balance for the nine months ended September 30, 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	(4,465		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	1,671
Net current period other comprehensive loss	(2,794		)
Less other comprehensive loss attributable to noncontrolling interests	63
Other comprehensive loss attributable to common stockholders	(2,731		)
Balance at September 30, 2016	$	(5,764	)

- 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
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator:
Net income	$	3,061		$	617		$	17,330		$	894
Less: Preferred stock dividends	(661		)	—			(661		)	—
Less: Net income attributable to noncontrolling interests	(63		)	(24		)	(533		)	(36		)
Less: Net income attributable to participating securities	(70		)	(53		)	(223		)	(152		)
Numerator for basic net income attributable to common stockholders	$	2,267		$	540		$	15,913		$	706
Add back: net income attributable to noncontrolling interests	63			—			—			—
Numerator for diluted net income attributable to common stockholders	$	2,330		$	540		$	15,913		$	706

Denominator:
Weighted average shares of common stock outstanding – basic	65,707,476			55,145,963			61,694,835			53,613,874
Effect of dilutive securities - performance units	286,697			—			225,141			—
Effect of dilutive securities - operating partnership units	1,991,004			—			—			—
Weighted average shares of common stock outstanding – diluted	67,985,177			55,145,963			61,919,976			53,613,874

Earnings per share — Basic
Net income attributable to common stockholders	$	0.03		$	0.01		$	0.26		$	0.01
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.03		$	0.01		$	0.26		$	0.01

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 September 30, 2016, the Company’s TSR performance relative to a peer group was above the 75th percentile, or maximum level, and the Company’s absolute TSR was approximately 48%, which is between the target and maximum levels. The corresponding number of dilutive securities have been included in the computation of the weighted average diluted shares above.

We also consider the effect of other potentially dilutive securities, including OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS when their inclusion is dilutive.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 21, 2016, we acquired the property located at 3927 Oceanic Drive in Oceanside, California for a contract price of $7.2 million using available cash on hand. The property consists of one single-tenant building totaling 54,740 rentable square feet. On November 4, 2016, we acquired the property located at 301-445 North Figueroa in Wilmington, California for a contract price of $13.0 million using available cash on hand. The property consists of one multi-tenant building totaling 133,925 rentable square feet. On November 1, 2016, our board of directors declared a quarterly cash dividend of $0.135 per share of common stock and a quarterly cash distribution of $0.135 per OP Unit, to be paid on January 17, 2017, to holders of record as of December 30, 2016. Also on November 1, 2016, our board of directors declared an initial quarterly cash dividend of $0.55078 per share of our Series A Preferred Stock, reflecting a pro-rata dividend from August 16, 2016, the original issue date, to and including December 31, 2016. The dividend will be paid on December 30, 2016, to preferred stockholders of record as of December 15, 2016.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 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.
Notes Receivable	Notes Receivable We record notes receivable at the unpaid principal balance, net of any deferred origination fees, purchase discounts or premiums and valuation allowances, as applicable. We amortize net deferred origination fees, which are comprised of loan fees collected from the borrower, and purchase discounts or premiums over the contractual life of the loan using the effective interest method and immediately recognize in income any unamortized balances if the loan is repaid before its contractual maturity.
Investments in Real Estate	Investments 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 nine months ended September 30, 2016, we used discount rates ranging from 6.75% to 8.50% and capitalization rates ranging from 5.50% to 7.50%. 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 nine months ended September 30, 2016, we used an estimated average lease-up period ranging from six to twelve months. Acquisition costs associated with business combinations 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 allocate the cost of the acquisition, which includes any associated acquisition costs, to the individual assets (typically land and building) and liabilities assumed on a relative fair value basis. We capitalized total acquisition costs of $0.1 million and $0.1 million during the three months ended September 30, 2016 and 2015, respectively, and $0.1 million and $0.5 million during the nine months ended September 30, 2016 and 2015, respectively. 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 $0.3 million during the three months ended September 30, 2016 and 2015, respectively, and $1.3 million and $0.4 million during the nine months ended September 30, 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 September 30, 2016 and 2015, respectively, and $0.6 million and $0.6 million during the nine months ended September 30, 2016 and 2015, respectively. We capitalized compensation costs for employees who provide construction services of $0.3 million and $0.2 million during the three months ended September 30, 2016 and 2015, respectively, and $0.8 million and $0.6 million during the nine months ended September 30, 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 income” 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.
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 Entities	Investment in Unconsolidated Real Estate Entities Investment in unconsolidated real estate entities 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 and nine months ended September 30, 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 September 30, 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 may be 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.
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.
Equity Offering Costs	Equity Offering Costs Underwriting commissions and offering costs related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuance have been reflected as a direct reduction of the preferred stock balance.
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.
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 do not expect the adoption of ASU 2016-09 to have a material impact on our consolidated financial statements or 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. ASU 2016-02 requires the use of a modified retrospective approach for all leases existing at, or entered into after, the beginning of the earliest period presented in the consolidated financial statements, with certain practical expedients available. 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. ASU 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). For public entities, ASU 2014-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early application is permitted for annual periods beginning after December 15, 2016. ASU 2014-09 permits the use of either the full retrospective transition method or a modified retrospective transition method. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method, and are currently evaluating the effect that the guidance will have on our consolidated financial statements and notes to our consolidated financial statements. Adoption of New Accounting Pronouncements On August 26, 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which addresses certain classification issues related to the statement of cash flows, including: (i) debt prepayment or debt extinguishment costs, (ii) contingent consideration payments made after a business combination and (iii) distributions received from equity method investees. ASU 2016-15 is effective for public business entities for annual and interim periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. We have elected to early adopt ASU 2016-15, beginning with the quarter ended September 30, 2016. As part of the adoption of ASU 2016-15, we have elected to classify distributions received from equity method investees under the “nature of the distribution approach,” in which each distribution is evaluated on the basis of the source of the payment and classified as either operating cash inflows or investing cash inflows. The adoption of ASU 2016-15 did not have a material impact on our statement of cash flows. 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)

9 Months Ended

Sep. 30, 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 nine months ended September 30, 2016:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual 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
REIT Portfolio⁽²⁾	Various⁽²⁾	4/15/2016	1,530,814	9	191,000
10750-10826 Lower Azusa Road⁽³⁾	Los Angeles - San Gabriel Valley	5/3/2016	79,050	4	7,660
525 Park Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	6/30/2016	63,403	1	7,550
3233 Mission Oaks Boulevard⁽⁵⁾	Ventura	7/6/2016	457,693	1	25,700
1600 E. Orangethorpe Avenue⁽⁴⁾	Orange County - North	8/24/2016	345,756	6	40,137
14742-14750 Nelson Avenue⁽⁴⁾	Los Angeles - San Gabriel Valley	9/8/2016	145,531	2	15,000
Total 2016 Wholly-Owned Property Acquisitions			2,815,933	25	$	311,497


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

(2)


(3)	This acquisition was partially funded through a tax-deferred like-kind exchange under Section 1031 of the Internal Revenue Code (“1031 Exchange”) using $2.5 million of net cash proceeds from the sale of our property located at 6010 North Paramount Boulevard and available cash on hand.


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


(5)	This acquisition consisted of our purchase of the remaining 85% ownership interest in this property (see Note 11) and was partially funded through a 1031 Exchange using $18.0 million of net cash proceeds from the sale of our properties located at 1840 Dana Street and 12910 East Mulberry Drive and available cash on hand.

Summary of Fair Value of Amounts Recognized



	REIT Portfolio		Other 2016 Acquisitions		Total 2016 Acquisitions
Assets:
Land⁽¹⁾	$	101,530	$	71,339	$	172,869
Buildings and improvements⁽¹⁾	74,586		43,299		117,885
Tenant improvements	2,875		1,640		4,515
Acquired lease intangible assets⁽²⁾	12,103		6,726		18,829
Other acquired assets⁽³⁾	222		210		432
Total assets acquired	191,316		123,214		314,530
Liabilities:
Acquired lease intangible liabilities⁽⁴⁾	934		2,656		3,590
Other assumed liabilities⁽³⁾	1,519		1,019		2,538
Total liabilities assumed	2,453		3,675		6,128
Net assets acquired	$	188,863	$	119,539	$	308,402


(1)	The allocation to land and building and improvements includes $0.1 million of capitalized acquisition costs related to the purchase of 14742-14750 Nelson Avenue, which was accounted for as an asset acquisition.

(2)


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


(4)	Represents below-market lease intangibles with a weighted average amortization period of 4.8 years and 5.3 years for the REIT Portfolio and the other 2016 acquisitions, respectively.

Proforma Financial Information



	Three Months Ended September 30, 2016		Nine Months Ended September 30, 2016
Total revenues	$	5,407	$	9,071
Net income	$	1,504	$	2,848



	Three Months Ended September 30,					Nine Months Ended September 30,
	2016		2015			2016		2015
Total revenues	$	33,639	$	28,174		$	98,875	$	81,382
Net income (loss) attributable to common stockholders	$	1,383	$	(242	)	$	16,844	$	(1,528	)
Net income (loss) attributable to common stockholders per share - basic	$	0.02	$	—		$	0.27	$	(0.03	)
Net income (loss) attributable to common stockholders per share - diluted	$	0.02	$	—		$	0.27	$	(0.03	)

Summary of Disposed Properties

The following table summarizes the properties we sold during the nine months ended September 30, 2016:



Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price (in thousands)		Gain Recorded (in thousands)
6010 North Paramount Boulevard	Los Angeles - South Bay	5/2/2016	16,534	$	2,480	$	944
1840 Dana Street	Los Angeles - San Fernando Valley	5/25/2016	13,497	$	4,250	$	1,445
12910 East Mulberry Drive	Los Angeles - Mid-Counties	6/7/2016	153,080	$	15,000	$	9,174
Total			183,111	$	21,730	$	11,563

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

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-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities



	September 30, 2016			December 31, 2015
Acquired Lease Intangible Assets:
In-place lease intangibles	$	66,562		$	49,265
Accumulated amortization	(34,674		)	(25,107		)
In-place lease intangibles, net	31,888			24,158
Above-market tenant leases	10,262			9,062
Accumulated amortization	(4,057		)	(2,837		)
Above-market tenant leases, net	6,205			6,225
Acquired lease intangible assets, net	$	38,093		$	30,383
Acquired Lease Intangible Liabilities:
Below-market tenant leases	(8,499		)	(5,227		)
Accumulated accretion	2,966			2,053
Below-market tenant leases, net	(5,533		)	(3,174		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	101			77
Above-market ground lease, net	(189		)	(213		)
Acquired lease intangible liabilities, net	$	(5,722	)	$	(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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
In-place lease intangibles⁽¹⁾	$	3,561		$	3,166		$	9,849		$	9,504
Net above (below)-market tenant leases⁽²⁾	$	(31	)	$	77		$	41		$	178
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)	$	(24	)	$	(24	)


(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 (increase) 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)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Summary of Components and Significant Terms of Our Indebtedness

The following table summarizes the balance of our indebtedness as of September 30, 2016, and December 31, 2015 (in thousands):



	September 30, 2016			December 31, 2015
Principal amount	$	502,776		$	418,698
Less: unamortized discount and deferred loan costs⁽¹⁾	(2,348		)	(544		)
Carrying value	$	500,428		$	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 September 30, 2016, and December 31, 2015 (dollars in thousands):



	September 30, 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
$60M Term Loan⁽³⁾	$	59,870	$	(224	)	$	60,000	$	(283	)	8/1/2019	⁽⁴⁾	LIBOR + 1.90%			3.95	%
Gilbert/La Palma	2,943		(147		)	3,044		(153		)	3/1/2031		5.125	%	⁽⁵⁾	5.39	%
12907 Imperial Highway	5,212		211			5,299		303			4/1/2018		5.95	%	⁽⁶⁾	3.55	%
1065 Walnut Street	9,751		217			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	—		—			140,500		—			6/11/2018	⁽⁴⁾	LIBOR + 1.40%		^(9)(11)	1.93	%
$225M Term Loan Facility	225,000		(1,752		)	—		—			1/14/2023		LIBOR + 1.60%		⁽⁹⁾	2.25	%
Guaranteed Senior Notes	100,000		(653		)	100,000		(703		)	8/6/2025		4.29	%		4.36	%
Total	$	502,776	$	(2,348	)	$	418,698	$	(544	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of September 30, 2016.


(2)	Reflects the effective interest rate as of September 30, 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 September 30, 2016.


(3)	This term loan is secured by six properties. Beginning August 15, 2016, monthly payments of interest and principal are based on a 30-year amortization table. As of September 30, 2016, the interest rate on this variable-rate term loan has been effectively fixed through the use of two interest rate swaps, one of which is an amortizing swap. See Note 7 for details.


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


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


(6)	Monthly payments of interest and principal are based on a 30-year 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 are based on a 25-year amortization table, with a balloon payment at maturity.


(9)	The LIBOR margin will range from 1.25% to 1.85% for the $100.0 million term loan facility, 1.30% to 1.90% for the revolving credit facility and 1.50% to 2.25% for the $225.0 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 September 30, 2016, the interest on the $100.0 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 $100.0 million or over $100.0 million, respectively.

Summary of Aggregate Future Minimum Payments of Debt



October 1, 2016 - December 31, 2016	$	300
2017	1,213
2018	6,163
2019	167,641
2020	166
Thereafter	327,293
Total	$	502,776

Operating Leases (Tables)

9 Months Ended

Sep. 30, 2016

Leases, Operating [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

Future minimum base rent under operating leases as of September 30, 2016, is summarized as follows (in thousands):



Twelve months ended September 30,
2017	$	102,520
2018	83,577
2019	69,122
2020	53,268
2021	38,869
Thereafter	74,237
Total	$	421,593

Interest Rate Swaps (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at September 30, 2016, and December 31, 2015 (dollars in thousands):



					Fair Value⁽¹⁾				Current Notional Value⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		September 30, 2016		December 31, 2015		September 30, 2016		December 31, 2015
Liabilities:
Interest Rate Swap	1/15/2015	2/15/2019	1.826	%	$	723	$	538	$	30,000	$	30,000
Interest Rate Swap	7/15/2015	2/15/2019	2.010	%	$	824	$	698	$	29,870	$	30,000
Interest Rate Swap	8/14/2015	12/14/2018	1.790	%	$	1,097	$	849	$	50,000	$	50,000
Interest Rate Swap	2/16/2016	12/14/2018	2.005	%	$	1,332	$	1,059	$	50,000	$	—
Interest Rate Swap	2/14/2018	1/14/2022	1.349	%	$	1,119	$	—	$	—	$	—
Interest Rate Swap	8/14/2018	1/14/2022	1.406	%	$	843	$	—	$	—	$	—

(1)


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

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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives (effective portion)	$	1,036		$	(2,105	)	$	(4,465	)	$	(3,893	)
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(577	)	$	(349	)	$	(1,671	)	$	579
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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&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=64837297&loc=SL5624171-113959

Reference 8: 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=64837297&loc=SL5579240-113959

Reference 9: 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=64837297&loc=d3e41620-113959

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

+ Details

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

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



	Fair Value Measurement Using
Liabilities	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
Interest Rate Swaps at:
September 30, 2016	$	(5,938	)	$	—	$	(5,938	)	$	—
December 31, 2015	$	(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 September 30, 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:
September 30, 2016	$	506,176	$	—	$	—	$	506,176	$	500,428
December 31, 2015	$	416,497	$	—	$	—	$	416,497	$	418,154

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Commitment Under Ground Lease and Corporate Office Lease

The future minimum commitment under our ground lease and corporate and satellite office leases as of September 30, 2016, is as follows (in thousands):



	Office Leases		Ground Lease
October 1, 2016 through December 31, 2016	$	158	$	36
2017	635		144
2018	622		144
2019	337		144
2020	—		144
Thereafter	—		5,964
Total	$	1,752	$	6,576

- 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 Entities (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Investments [Abstract]

Summarized Information of Our Equity Method Investment Properties



	September 30, 2016			December 31, 2015
Assets	$	103		$	24,280
Liabilities	(68		)	(1,250		)
Partners’/members’ equity	$	35		$	23,030



	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Revenues	$	8		$	695		$	1,296		$	2,043
Expenses	(36		)	(364		)	(401		)	(1,560		)
Gain on sale of property	3,396			—			3,396			—
Net income	$	3,368		$	331		$	4,291		$	483

Equity (Tables)

9 Months Ended

Sep. 30, 2016

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our share-based award activity for the nine months ended September 30, 2016:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2016	333,441		166,669	315,998
Granted	97,659		—	—
Forfeited	(20,566	)	—	—
Vested⁽¹⁾	(87,697	)	—	—
Balance at September 30, 2016	322,837		166,669	315,998

(1)

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 September 30, 2016:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
October 1, 2016 - December 31, 2016	37,653	41,668	—
2017	166,405	41,666	—
2018	59,846	41,668	315,998
2019	38,538	41,667	—
2020	20,395	—	—
Total	322,837	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 presented below (in thousands):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
Expensed share-based compensation⁽¹⁾	$	991	$	444	$	2,879	$	1,258
Capitalized share-based compensation⁽²⁾	38		25		111		74
Total share-based compensation	$	1,029	$	469	$	2,990	$	1,332


(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, 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	(4,465		)
Amounts reclassified from accumulated other comprehensive loss to interest expense	1,671
Net current period other comprehensive loss	(2,794		)
Less other comprehensive loss attributable to noncontrolling interests	63
Other comprehensive loss attributable to common stockholders	(2,731		)
Balance at September 30, 2016	$	(5,764	)

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 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 September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
Numerator:
Net income	$	3,061		$	617		$	17,330		$	894
Less: Preferred stock dividends	(661		)	—			(661		)	—
Less: Net income attributable to noncontrolling interests	(63		)	(24		)	(533		)	(36		)
Less: Net income attributable to participating securities	(70		)	(53		)	(223		)	(152		)
Numerator for basic net income attributable to common stockholders	$	2,267		$	540		$	15,913		$	706
Add back: net income attributable to noncontrolling interests	63			—			—			—
Numerator for diluted net income attributable to common stockholders	$	2,330		$	540		$	15,913		$	706

Denominator:
Weighted average shares of common stock outstanding – basic	65,707,476			55,145,963			61,694,835			53,613,874
Effect of dilutive securities - performance units	286,697			—			225,141			—
Effect of dilutive securities - operating partnership units	1,991,004			—			—			—
Weighted average shares of common stock outstanding – diluted	67,985,177			55,145,963			61,919,976			53,613,874

Earnings per share — Basic
Net income attributable to common stockholders	$	0.03		$	0.01		$	0.26		$	0.01
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.03		$	0.01		$	0.26		$	0.01

Organization (Detail) ft² in Millions	Sep. 30, 2016 ft² property
Real Estate Properties [Line Items]
Number of real estate properties \| property	133
Area of real estate property (square feet) \| ft²	14.6
Number of real estate properties additionally managed \| property	19
Area of real estate property additionally managed \| ft²	1.2
Maximum
Real Estate Properties [Line Items]
Ownership Interest	100.00%

Summary of Significant Accounting Policies (Detail)		3 Months Ended		9 Months Ended
Summary of Significant Accounting Policies (Detail)	Jul. 01, 2016 USD ($) a extension	Sep. 30, 2016 USD ($) ft²	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) ft²	Sep. 30, 2015 USD ($)	Dec. 31, 2015 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Rentable square feet \| ft²		2,815,933		2,815,933
Allocation period				1 year
Asset acquisition capitalized acquisition costs			$ 100,000	$ 100,000	$ 500,000
Interest capitalized		$ 400,000	300,000	1,315,000	449,000
Real estate taxes and insurance costs capitalized		200,000	200,000	$ 600,000	600,000
REIT annual taxable income distribution requirement percentage				90.00%
Income tax provision				$ 0	0
Provision for doubtful accounts		200,000	300,000	1,061,000	1,157,000
Reserve for allowance for doubtful accounts		(3,000,000)		$ (3,000,000)		$ (2,000,000)
Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate				6.75%
Fair value inputs, capitalization rate				5.50%
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				8.50%
Fair value inputs, capitalization rate				7.50%
Property average lease-up period				12 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		300,000	200,000	$ 800,000	600,000
Leasing Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		100,000	$ 100,000	400,000	$ 400,000
Rancho Cucamonga, CA
Summary Of Significant Accounting Policies [Line Items]
Mortgage loan, face amount	$ 6,000,000	6,000,000		6,000,000
Rentable square feet \| a	64,965
Proceeds from fees received	$ 300,000
Interest rate	10.00%
Number of extensions \| extension	1
Extension term	6 months
Deferred interest	$ 14,000
Mortgage loans, carrying amount		5,800,000		5,800,000
Accrued interest		42,000		42,000
Unamortized origination fee		$ 200,000		$ 200,000

Investments in Real Estate - REIT Portfolio Acquisition (Details) $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Apr. 15, 2016 USD ($) shares	Sep. 30, 2016 ft² property shares	Sep. 30, 2016 USD ($) ft² property shares	Dec. 31, 2015 shares	Apr. 11, 2016 ft² property
Business Acquisition [Line Items]
Number of industrial properties \| property		133	133
Rentable square feet \| ft²		2,815,933	2,815,933
Purchase Price \| $			$ 311,497
Preferred stock, shares outstanding		3,600,000	3,600,000	0
Preferred stock, dividend rate, percentage		5.875%		5.875%
REIT Portfolio Acquisition
Business Acquisition [Line Items]
Number of industrial properties \| property					9
Rentable square feet \| ft²					1,530,814
Purchase Price \| $			$ 191,000
REIT Portfolio Acquisition \| Common Stock
Business Acquisition [Line Items]
Ownership Interest acquired	100.00%
REIT Portfolio Acquisition \| 12.5% Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding	575
Preferred stock, shares issued	700
Preferred stock, dividend rate, percentage	12.50%
Preferred stock, redemption amount \| $	$ 125
Unaffiliated Third Parties \| REIT Portfolio Acquisition \| 12.5% Preferred Stock
Business Acquisition [Line Items]
Preferred stock, shares outstanding	125

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail) $ in Thousands					3 Months Ended	9 Months Ended
	Jul. 06, 2016 USD ($)	May 03, 2016 USD ($)	Apr. 15, 2016 shares	Feb. 03, 2015 shares	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) ft² building	Sep. 30, 2015 USD ($)	Apr. 11, 2016 ft²
Business Acquisition [Line Items]
Asset acquisition capitalized acquisition costs					$ 100	$ 100	$ 500
Rentable Square Feet \| ft²						2,815,933
Number of Buildings \| building						25
Purchase Price						$ 311,497
Issuance of common stock, shares \| shares				11,500,000
Payments to acquire real estate						$ 308,277	$ 162,970
8525 Camino Santa Fe
Business Acquisition [Line Items]
Submarket						San Diego - Central
Date of Acquisition						Mar. 15, 2016
Rentable Square Feet \| ft²						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 \| ft²						134,287
Number of Buildings \| building						1
Purchase Price						$ 16,000
REIT Portfolio Acquisition
Business Acquisition [Line Items]
Submarket						Various(2)
Date of Acquisition						Apr. 15, 2016
Rentable Square Feet \| ft²								1,530,814
Number of Buildings \| building						9
Purchase Price						$ 191,000
10750-10826 Lower Azusa Road
Business Acquisition [Line Items]
Submarket						Los Angeles - San Gabriel Valley
Date of Acquisition						May 03, 2016
Rentable Square Feet \| ft²						79,050
Number of Buildings \| building						4
Purchase Price						$ 7,660
Payments to acquire real estate		$ 2,500
525 Park Avenue
Business Acquisition [Line Items]
Submarket						Los Angeles - San Fernando Valley
Date of Acquisition						Jun. 30, 2016
Rentable Square Feet \| ft²						63,403
Number of Buildings \| building						1
Purchase Price						$ 7,550
3255 Mission Oaks Blvd
Business Acquisition [Line Items]
Submarket						Ventura
Date of Acquisition						Jul. 06, 2016
Rentable Square Feet \| ft²						457,693
Number of Buildings \| building						1
Purchase Price						$ 25,700
Payments to acquire real estate	$ 25,700
Ownership Interest acquired	85.00%
1600 E. Orangethorpe Avenue
Business Acquisition [Line Items]
Submarket						Orange County - North
Date of Acquisition						Aug. 24, 2016
Rentable Square Feet \| ft²						345,756
Number of Buildings \| building						6
Purchase Price						$ 40,137
14742-14750 Nelson Avenue
Business Acquisition [Line Items]
Submarket						Los Angeles - San Gabriel Valley
Date of Acquisition						Sep. 08, 2016
Rentable Square Feet \| ft²						145,531
Number of Buildings \| building						2
Purchase Price						$ 15,000
Follow-on Public Offer (Equity Offering)
Business Acquisition [Line Items]
Issuance of common stock, shares \| shares			10,350,000
Follow-on Public Offer (Equity Offering) \| REIT Portfolio Acquisition
Business Acquisition [Line Items]
Issuance of common stock, shares \| shares			10,350,000.00
1840 Dana Street And 12910 East Mulberry Drive
Business Acquisition [Line Items]
Proceeds from sale of property	$ 18,000

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)
ASSETS
Land	$ 172,869
Buildings and improvements	117,885
Tenant improvements	4,515
Acquired lease intangible assets	18,829
Other acquired assets	432
Total assets acquired	314,530
Liabilities
Acquired lease intangible liabilities	3,590
Other assumed liabilities	2,538
Total liabilities assumed	6,128
Net assets acquired	308,402
REIT Portfolio Acquisition
ASSETS
Land	101,530
Buildings and improvements	74,586
Tenant improvements	2,875
Acquired lease intangible assets	12,103
Other acquired assets	222
Total assets acquired	191,316
Liabilities
Acquired lease intangible liabilities	934
Other assumed liabilities	1,519
Total liabilities assumed	2,453
Net assets acquired	$ 188,863
Amortization period of below-market leases	4 years 9 months 18 days
REIT Portfolio Acquisition \| In-place Leases
ASSETS
Acquired lease intangible assets	$ 11,100
Liabilities
Amortization period of acquired intangible assets	5 years
REIT Portfolio Acquisition \| Above Market Tenant Leases
ASSETS
Acquired lease intangible assets	$ 1,000
Liabilities
Amortization period of acquired intangible assets	7 years 7 months 6 days
Other 2016 Acquisitions
ASSETS
Land	$ 71,339
Buildings and improvements	43,299
Tenant improvements	1,640
Acquired lease intangible assets	6,726
Other acquired assets	210
Total assets acquired	123,214
Liabilities
Acquired lease intangible liabilities	2,656
Other assumed liabilities	1,019
Total liabilities assumed	3,675
Net assets acquired	$ 119,539
Amortization period of below-market leases	5 years 3 months 18 days
Other 2016 Acquisitions \| In-place Leases
ASSETS
Acquired lease intangible assets	$ 6,500
Liabilities
Amortization period of acquired intangible assets	3 years 8 months 12 days
Other 2016 Acquisitions \| Above Market Tenant Leases
ASSETS
Acquired lease intangible assets	$ 300
Liabilities
Amortization period of acquired intangible assets	2 years 4 months 24 days

Investments in Real Estate - Summary of Combined Results from Operations of Acquisitions (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Total revenues	$ 5,407	$ 9,071
Net income	$ 1,504	$ 2,848

Investments in Real Estate - Proforma Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Total revenues	$ 33,639	$ 28,174	$ 98,875	$ 81,382
Net income (loss) attributable to common stockholders	$ 1,383	$ (242)	$ 16,844	$ (1,528)
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.02	$ 0.00	$ 0.27	$ (0.03)
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.02	$ 0.00	$ 0.27	$ (0.03)

Investments in Real Estate - Dispositions (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016 USD ($) ft²	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) ft²	Sep. 30, 2015 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	2,815,933		2,815,933
Gains on sale of real estate	$ 0	$ 0	$ 11,563	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	183,111		183,111
Contractual Sales Price	$ 21,730		$ 21,730
Gains on sale of real estate			$ 11,563
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6010 North Paramount Boulevard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	16,534		16,534
Contractual Sales Price	$ 2,480		$ 2,480
Gains on sale of real estate			$ 944
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1840 Dana Street
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	13,497		13,497
Contractual Sales Price	$ 4,250		$ 4,250
Gains on sale of real estate			$ 1,445
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 12910 East Mulberry Drive
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	153,080		153,080
Contractual Sales Price	$ 15,000		$ 15,000
Gains on sale of real estate			$ 9,174

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 38,093	$ 30,383
Acquired lease intangible liabilities, net	(5,722)	(3,387)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	66,562	49,265
Accumulated amortization	(34,674)	(25,107)
Acquired lease intangible assets, net	31,888	24,158
Above Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	10,262	9,062
Accumulated amortization	(4,057)	(2,837)
Acquired lease intangible assets, net	6,205	6,225
Below Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(8,499)	(5,227)
Accumulated accretion	2,966	2,053
Acquired lease intangible liabilities, net	(5,533)	(3,174)
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(290)	(290)
Accumulated accretion	101	77
Acquired lease intangible liabilities, net	$ (189)	$ (213)

Intangible Assets - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of above (below) market lease intangibles, net			$ 17	$ 154
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 3,561	$ 3,166	9,849	9,504
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of above (below) market lease intangibles, net	(31)	77	41	178
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Accretion of above-market ground lease intangibles	$ (8)	$ (8)	$ (24)	$ (24)

Notes Payable - Summary of Components and Significant Terms of Our Indebtedness (Detail)		9 Months Ended
	Jan. 14, 2016	Sep. 30, 2016 USD ($) property swap extension	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 502,776,000	$ 418,698,000
Less: unamortized discount and deferred loan costs		(2,348,000)	(544,000)
Carrying value		$ 500,428,000	418,154,000
$100M Term Loan Facility
Debt Instrument [Line Items]
Contractual Maturity Date		Jun. 11, 2019
LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
LIBOR \| $60M Term Loan
Debt Instrument [Line Items]
Debt Instrument, description of variable rate basis		LIBOR
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%
Fixed Rate Debt \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount		$ 60,000,000
Amortization period		30 years
Fixed Rate Debt \| Gilbert/La Palma
Debt Instrument [Line Items]
Principal amount		$ 2,943,000	3,044,000
Less: unamortized discount and deferred loan costs		$ (147,000)	(153,000)
Contractual Maturity Date		Mar. 01, 2031
Fixed interest rate		5.125%
Effective Interest Rate		5.39%
Amortization period		20 years
Fixed Rate Debt \| 12907 Imperial Highway
Debt Instrument [Line Items]
Principal amount		$ 5,212,000	5,299,000
Less: unamortized discount and deferred loan costs		$ 211,000	303,000
Contractual Maturity Date		Apr. 01, 2018
Fixed interest rate		5.95%
Effective Interest Rate		3.55%
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		$ 9,751,000	9,855,000
Less: unamortized discount and deferred loan costs		$ 217,000	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 \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount		$ 59,870,000	60,000,000
Less: unamortized discount and deferred loan costs		$ (224,000)	(283,000)
Contractual Maturity Date		Aug. 01, 2019
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		$ (653,000)	(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		$ 0	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		1.93%
Number of extensions \| extension		1
Extension period		1 year
Debt instrument, basis spread on variable rate		1.40%
Term Loan \| Line of Credit \| $225M Term Loan Facility
Debt Instrument [Line Items]
Principal amount		$ 225,000,000
Term Loan \| Line of Credit \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Principal amount		225,000,000	0
Less: unamortized discount and deferred loan costs		$ (1,752,000)	$ 0
Contractual Maturity Date		Jan. 14, 2023
Debt Instrument, description of variable rate basis		LIBOR
Effective Interest Rate		2.25%
Debt instrument, basis spread on variable rate	1.00%	1.60%
Minimum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Number of derivative instruments \| swap		2
Debt instrument, basis spread on variable rate		1.25%
Minimum \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Number of derivative instruments \| swap		2
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
Minimum \| Term Loan \| Line of Credit \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Maximum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.85%
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
Maximum \| Term Loan \| Line of Credit \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
October 1, 2016 - December 31, 2016	$ 300
2017	1,213
2018	6,163
2019	167,641
2020	166
Thereafter	327,293
Total	$ 502,776	$ 418,698

Notes Payable - 225 Million Term Loan Facility (Details)		9 Months Ended
	Jan. 14, 2016	Sep. 30, 2016 USD ($) loan	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 600,000,000
Principal amount		$ 502,776,000	$ 418,698,000
Federal Funds Rate Plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.50%
LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
$225M Term Loan Facility
Debt Instrument [Line Items]
Number of additional incremental loans (one or more) \| loan		1
Credit facility maximum future borrowing capacity		$ 100,000,000
Term Loan \| Line of Credit \| $225M Term Loan Facility
Debt Instrument [Line Items]
Principal amount		225,000,000
Term Loan \| Line of Credit \| $225M Term Loan Facility \| Redemption period prior to January 14, 2017
Debt Instrument [Line Items]
Prepayment premium, percent	2.00%
Term Loan \| Line of Credit \| $225M Term Loan Facility \| Redemption period on or after January 14, 2017
Debt Instrument [Line Items]
Prepayment premium, percent	1.00%
Term Loan \| Line of Credit \| $225M Term Loan Facility \| Federal Funds Rate Plus
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan \| Line of Credit \| $225M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 225,000,000	$ 0
Debt instrument, basis spread on variable rate	1.00%	1.60%
Term Loan \| Minimum \| Line of Credit \| $225M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.50%
Term Loan \| Minimum \| Line of Credit \| $225M Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Term Loan \| Maximum \| Line of Credit \| $225M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		2.25%
Term Loan \| Maximum \| Line of Credit \| $225M Term Loan Facility \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%

Notes Payable - Additional Information (Detail)	9 Months Ended
Notes Payable - Additional Information (Detail)	Sep. 30, 2016 USD ($) extension	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity	$ 600,000,000
Principal amount	502,776,000	$ 418,698,000
$100M Term Loan Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 100,000,000
Maturity Date	Jun. 11, 2019
Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Current borrowing capacity	$ 200,000,000.0
Maturity Date	Jun. 11, 2018
Number of extensions \| extension	1
Extension period	1 year
Additional availability	$ 200,000,000
Unsecured Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage	0.20%
Unsecured Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage	0.30%
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%
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 \| $100M Term Loan Facility
Debt Instrument [Line Items]
Maturity Date	Jun. 11, 2019
Debt instrument, basis spread on variable rate	1.35%
Principal amount	$ 100,000,000	100,000,000
Thirty-day LIBOR plus \| $100M Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Thirty-day LIBOR plus \| $100M Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.85%
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 \| $60M Term Loan
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.90%
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
Guaranteed Senior Notes
Debt Instrument [Line Items]
Maturity Date	Aug. 06, 2025
Principal amount	$ 100,000,000	100,000,000
Fixed Rate Debt \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount	$ 60,000,000
Debt service coverage ratio	110.00%
Fixed Rate Debt \| Thirty-day LIBOR plus \| $60M Term Loan
Debt Instrument [Line Items]
Maturity Date	Aug. 01, 2019
Principal amount	$ 59,870,000	$ 60,000,000

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail) $ in Thousands	Sep. 30, 2016 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2017	$ 102,520
2018	83,577
2019	69,122
2020	53,268
2021	38,869
Thereafter	74,237
Total	$ 421,593

Interest Rate Swaps (Detail) - USD ($)	May 12, 2016	Sep. 30, 2016	Feb. 24, 2016	Dec. 31, 2015
Derivative [Line Items]
Principal amount		$ 502,776,000		$ 418,698,000
Additional amount reclassified from AOCI as an increase to interest expense		2,000,000
Aggregate fair value		$ 5,900,000
Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreement, notional amount	$ 100,000,000		$ 125,000,000
Other Assets \| Interest Rate Swap
Derivative [Line Items]
Interest rate swap, fixed interest rate	1.406%		1.349%
Term Loan \| $225M Term Loan Facility
Derivative [Line Items]
Principal amount			$ 125,000,000.0
Proceeds from lines of credit	$ 100,000,000

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	May 12, 2016	Feb. 24, 2016	Dec. 31, 2015
Derivative [Line Items]
Interest Rate Swap Liability	$ 5,938,000			$ 3,144,000
Interest Rate Swap
Derivative [Line Items]
Interest rate swap agreement, notional amount		$ 100,000,000	$ 125,000,000
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	$ 723,000			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	$ 824,000			698,000
Interest rate swap agreement, notional amount	$ 29,869,500.0			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	$ 1,097,000			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	$ 1,332,000			1,059,000
Interest rate swap agreement, notional amount	$ 50,000,000			0
interest Rate Swap Liability \| Interest Rate Swap 5 \| Derivative Financial Instruments, Liabilities
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 Liability	$ 1,119,000			0
Interest rate swap agreement, notional amount	$ 0			0
interest Rate Swap Liability \| Interest Rate Swap \| Derivative Financial Instruments, Liabilities
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2018
Interest rate swap agreement, termination date	Jan. 14, 2022
Interest Strike Rate	1.406%
Interest Rate Swap Liability	$ 843,000			0
Interest rate swap agreement, notional amount	$ 0			$ 0

Interest Rate Swaps - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Derivative [Line Items]
Amount of gain (loss) reclassified from AOCI into earnings under Interest expense (effective portion)	$ (577)	$ (349)	$ (1,671)	$ 579
Amount of gain (loss) recognized in earnings under "Interest expense" (ineffective portion and amount excluded from effectiveness testing)	0	0	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)	$ 1,036	$ (2,105)	$ (4,465)	$ (3,893)

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Liability	$ (5,938)	$ (3,144)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Liability	$ (5,938)	$ (3,144)

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 506,176	$ 416,497
Notes payable	500,428	418,154
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 506,176	$ 416,497

Related Party Transactions (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Related Party Transactions (Detail) - USD ($) $ in Millions	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Commitments and Contingencies (Detail) a in Thousands, ft² in Millions		3 Months Ended	9 Months Ended
	Sep. 14, 2016 USD ($) a	Sep. 30, 2016 USD ($) ft² tenant	Sep. 30, 2016 USD ($) ft² tenant	Dec. 31, 2015 USD ($)	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	$ 1,200,000
Indemnification asset		$ 1,200,000	$ 1,200,000	$ 1,200,000
Ground lease, expiration date			Jun. 01, 2062
Area of real estate property (square feet) \| ft²		14.6	14.6
Other commitments		$ 7,000,000	$ 7,000,000
Base Rent \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant		0	0
Total Rental Revenues \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration risk, percentage		5.00%	5.00%
Corona, CA \| Ground Lease
Commitments And Contingencies [Line Items]
Area of real estate property (square feet) \| a	1,580
Contingency period	420 days
Lease commencement period after contingencies	30 days
Lease commencement delay period	24 months
Term of contract	99 years
Period from commencement to rent payments	9 months
Period of base rent without increase	10 years
Minimum rent expense	$ 956,000
Percent increase in rent (every ten year period)	15.00%

Commitments and Contingencies - Future Minimum Commitment (Detail) $ in Thousands	Sep. 30, 2016 USD ($)
Office Leases
Operating Leased Assets [Line Items]
October 1, 2016 through December 31, 2016	$ 158
2017	635
2018	622
2019	337
2020	0
Thereafter	0
Total	1,752
Ground Lease
Operating Leased Assets [Line Items]
October 1, 2016 through December 31, 2016	36
2017	144
2018	144
2019	144
2020	144
Thereafter	5,964
Total	$ 6,576

Investment in Unconsolidated Real Estate Entities (Detail) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 06, 2016	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jul. 05, 2016	Dec. 31, 2015
Schedule Of Equity Method Investments [Line Items]
Payments to acquire real estate				$ 308,277	$ 162,970
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development services		$ 131	$ 186	376	479
Investment in unconsolidated real estate entities		0		0			$ 4,087
Distributions from unconsolidated real estate entities				5,530	0
3255 Mission Oaks Blvd
Equity Method Investments And Joint Ventures [Abstract]
Ownership Interest acquired						15.00%
Mission Oaks Joint Venture
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development services		$ 0	$ 51	100	$ 100
3255 Mission Oaks Blvd
Schedule Of Equity Method Investments [Line Items]
Payments to acquire real estate	$ 25,700
Equity Method Investments And Joint Ventures [Abstract]
Write off of unamortized basis adjustment	600
Investment in unconsolidated real estate entities	3,600
Distributions from unconsolidated real estate entities				$ 5,500
Excess distributions, realized gain	$ 1,900
Ownership Interest acquired	85.00%

Investment in Unconsolidated Real Estate Entities - Combined Financial Information of Predecessor's Equity Method Investment Properties (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Schedule of Investments [Abstract]
Assets	$ 103		$ 103		$ 24,280
Liabilities	(68)		(68)		(1,250)
Partners’/members’ equity	35		35		$ 23,030
Revenues	8	$ 695	1,296	$ 2,043
Expenses	(36)	(364)	(401)	(1,560)
Gain on sale of property	3,396	0	3,396	0
Net income	$ 3,368	$ 331	$ 4,291	$ 483

Equity - Preferred Stock (Details) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Aug. 16, 2016 USD ($) $ / shares	Sep. 30, 2016 $ / shares shares	Sep. 30, 2016 USD ($) $ / shares shares	Sep. 30, 2015 USD ($)	Dec. 31, 2015 $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares outstanding \| shares		3,600,000	3,600,000		0
Preferred stock, dividend rate, percentage		5.875%			5.875%
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 25	$ 25		$ 25
Stock issuance costs \| $			$ 11,344	$ 8,073
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding \| shares		3,600,000	3,600,000
Preferred stock, dividend rate, percentage		5.875%
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 25	$ 25
Preferred stock, dividend rate (in dollars per share) \| $ / shares	$ 1.46875
Proceeds from issuance of preferred stock, net of offering costs \| $	$ 86,700
Stock issuance costs \| $	$ 3,300
Preferred stock, liquidation preference, limitation on share conversations (cap amount)		2.2738	2.2738

Equity - Common Stock (Details) - USD ($)				9 Months Ended
Equity - Common Stock (Details) - USD ($)	Apr. 15, 2016	Apr. 17, 2015	Feb. 03, 2015	Sep. 30, 2016	Sep. 30, 2015
Class of Stock [Line Items]
Issuance of common stock, shares			11,500,000
Common stock share price (in dollars per share)			$ 16.00
Issuance of common stock, net			$ 176,300,000	$ 182,678,000	$ 184,007,000
Underwriting discount and offering costs			$ 7,700,000
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units			11,500,000
Follow-on Public Offer (Equity Offering)
Class of Stock [Line Items]
Issuance of common stock, shares	10,350,000
Issuance of common stock, net	$ 174,400,000
Underwriting discount and offering costs	$ 8,300,000
ATM Program
Class of Stock [Line Items]
Maximum aggregate offering amount		$ 125,000,000
Common stock, shares, issued				500
Underwriters \| Follow-on Public Offer (Equity Offering)
Class of Stock [Line Items]
Common stock share price (in dollars per share)	$ 17.65
Underwriters \| Over-Allotment Option
Class of Stock [Line Items]
Issuance of common stock, shares	1,350,000
Operating Partnership Units \| Follow-on Public Offer (Equity Offering)
Class of Stock [Line Items]
Net proceeds from public offering used in exchange for common units of partnership interests in OP Units	10,350,000

Equity - Noncontrolling Interests (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended		12 Months Ended
	Apr. 15, 2016	Sep. 30, 2016	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Class of Stock [Line Items]
Preferred stock, shares outstanding		3,600,000	3,600,000		0
Preferred stock, dividend rate, percentage		5.875%			5.875%
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of units to common stock			$ (505)	$ (2,825)
Common Stock
Class of Stock [Line Items]
Conversion of units to common stock, shares			47,800	256,640
Conversion of units to common stock			$ 0	$ 3
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of units to common stock			$ 505	$ 2,825
Partnership Interest \| Equity \| Noncontrolling Interests
Class of Stock [Line Items]
Issuance of operating partnership units		1,978,842	1,978,842
Noncontrolling interest percentage ownership in Operating Partnership		2.90%	2.90%
REIT Portfolio Acquisition \| 12.5% Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	575
Preferred stock, shares issued	700
Preferred stock, dividend rate, percentage	12.50%
Preferred stock, redemption price per share (in dollars per share)	$ 1,000
Preferred stock, redemption amount	$ 125
REIT Portfolio Acquisition \| Common Stock
Class of Stock [Line Items]
Ownership Interest acquired	100.00%
Unaffiliated Third Parties \| REIT Portfolio Acquisition \| 12.5% Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares outstanding	125

Equity - 2013 Incentive Award Plan (Details) - 2013 Incentive Award Plan $ in Millions	9 Months Ended
	Sep. 30, 2016 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock and/or LTIP units available for issuance \| shares	2,272,689
Common stock, shares reserved for future issuance \| shares	1,238,714
Unrecognized compensation expense related to non-vested shares \| $	$ 6.4
Employee service share based compensation nonvested awards total compensation cost not yet capitalized \| $	$ 0.4
Weighted average remaining vesting period	26 months

Equity - Schedule of Nonvested Restricted Stock Activity (Detail) - shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares tendered in accordance with terms of plan to satisfy tax withholding	25,236	9,886
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2016	333,441
Granted	97,659
Forfeited	(20,566)
Vested	(87,697)
September 30, 2016	322,837
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2016	166,669
Granted	0
Forfeited	0
Vested	0
September 30, 2016	166,669
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2016	315,998
Granted	0
Forfeited	0
Vested	0
September 30, 2016	315,998

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	322,837	333,441
Restricted Common Stock \| October 1, 2016 - December 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	37,653
Restricted Common Stock \| 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	166,405
Restricted Common Stock \| 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	59,846
Restricted Common Stock \| 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	38,538
Restricted Common Stock \| 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	20,395
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	166,669	166,669
LTIP Units \| October 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]
TSR performance percentage relative to peer group	75.00%
Performance period	3 years
Non-vested shares	315,998	315,998
Performance Units \| October 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 - Share-based Awards Expensed & Capitalized Amounts (Details) - 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 991	$ 444	$ 2,879	$ 1,258
Capitalized share-based compensation	38	25	111	74
Total share-based compensation	$ 1,029	$ 469	$ 2,990	$ 1,332

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ 693,744	$ 545,877
Other comprehensive loss before reclassifications			(4,465)
Amounts reclassified from accumulated other comprehensive loss to interest expense			1,671
Net current period other comprehensive loss	$ 1,613	$ (1,756)	(2,794)	(3,314)
Less other comprehensive loss attributable to noncontrolling interests			63
Ending Balance	945,558	698,920	945,558	698,920
Accumulated Other Comprehensive Loss
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			(3,033)	(1,331)
Net current period other comprehensive loss			(2,731)	(3,215)
Other comprehensive loss attributable to common stockholders			(2,731)
Ending Balance	$ (5,764)	$ (4,546)	$ (5,764)	$ (4,546)

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net income	$ 3,061	$ 617	$ 17,330	$ 894
Less: Preferred stock dividends	(661)	0	(661)	0
Less: net income attributable to noncontrolling interest	(63)	(24)	(533)	(36)
Less: Net income attributable to participating securities	(70)	(53)	(223)	(152)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	2,267	540	15,913	706
Add back: net income attributable to noncontrolling interests	63	24	533	36
Numerator for diluted net income attributable to common stockholders	$ 2,330	$ 540	$ 15,913	$ 706
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	65,707,476	55,145,963	61,694,835	53,613,874
Effect of dilutive securities - performance units (in shares)	286,697	0	225,141	0
Effect of dilutive securities - operating partnership units (in shares)	1,991,004	0	0	0
Weighted average shares of common stock outstanding - diluted (in shares)	67,985,177	55,145,963	61,919,976	53,613,874
Earnings per share — Basic
Net income attributable to common stockholders (in dollars per share)	$ 0.03	$ 0.01	$ 0.26	$ 0.01
Earnings per share — Diluted
Net income attributable to common stockholders (in dollars per share)	$ 0.03	$ 0.01	$ 0.26	$ 0.01

Earnings Per Share - TSR Performance Percentile (Details) - Performance Units	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR performance percentage relative to peer group	75.00%
Absolute TSR percentage	48.00%

Subsequent Events (Detail) $ / shares in Units, $ in Thousands			9 Months Ended
	Nov. 04, 2016 USD ($) ft² building	Oct. 21, 2016 USD ($) ft² building	Sep. 30, 2016 USD ($) ft² building	Sep. 30, 2015 USD ($)	Nov. 01, 2016 $ / shares
Subsequent Event [Line Items]
Number of Buildings \| building			25
Rentable square feet \| ft²			2,815,933
Payments to acquire real estate \| $			$ 308,277	$ 162,970
Subsequent Event \| Operating Partnership Units
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares					$ 0.135
Subsequent Event \| Series A Preferred Stock
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares					0.55078
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares					$ 0.135
Subsequent Event \| 3927 Oceanic Drive in Oceanside, California
Subsequent Event [Line Items]
Number of Buildings \| building		1
Rentable square feet \| ft²		54,740
Payments to acquire real estate \| $		$ 7,200
Subsequent Event \| 301-445 North Figueroa in Wilmington, California
Subsequent Event [Line Items]
Number of Buildings \| building	1
Rentable square feet \| ft²	133,925
Payments to acquire real estate \| $	$ 13,000