View Filing Data

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2
Trading Symbol	REXR
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		71,092,052

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Land	$ 763,622	$ 683,919
Buildings and improvements	923,760	811,614
Tenant improvements	43,717	38,644
Furniture, fixtures and equipment	167	174
Construction in progress	25,792	17,778
Total real estate held for investment	1,757,058	1,552,129
Accumulated depreciation	(153,163)	(135,140)
Investments in real estate, net	1,603,895	1,416,989
Cash and cash equivalents	13,118	15,525
Note receivable, net	0	5,934
Rents and other receivables, net	2,644	2,749
Deferred rent receivable, net	13,628	11,873
Deferred leasing costs, net	9,448	8,672
Deferred loan costs, net	2,239	847
Acquired lease intangible assets, net	41,087	36,365
Acquired indefinite-lived intangible	5,156	5,170
Interest rate swap asset	4,399	5,594
Other assets	7,388	5,290
Acquisition related deposits	2,250	0
Total Assets	1,705,252	1,515,008
Liabilities
Notes payable	561,530	500,184
Interest rate swap liability	1,094	2,045
Accounts payable, accrued expenses and other liabilities	14,298	13,585
Dividends payable	10,642	9,282
Acquired lease intangible liabilities, net	10,785	9,130
Tenant security deposits	16,721	15,187
Prepaid rents	5,204	3,455
Total Liabilities	620,274	552,868
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 shares outstanding at June 30, 2017 and December 31, 2016	86,651	86,651
Common Stock, $0.01 par value 490,000,000 shares authorized and 71,122,902 and 66,454,375 shares outstanding at June 30, 2017 and December 31, 2016, respectively	708	662
Additional paid in capital	1,027,282	907,834
Cumulative distributions in excess of earnings	(56,992)	(59,277)
Accumulated other comprehensive income	3,216	3,445
Total stockholders’ equity	1,060,865	939,315
Noncontrolling interests	24,113	22,825
Total Equity	1,084,978	962,140
Total Liabilities and Equity	$ 1,705,252	$ 1,515,008

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	490,000,000	490,000,000
Common stock, shares outstanding (in shares)	71,122,902	66,454,375
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 (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	3,600,000	3,600,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
RENTAL REVENUES
Rental income	$ 31,132	$ 26,119	$ 60,746	$ 49,618
Tenant reimbursements	5,172	4,119	10,327	7,677
Other income	115	259	347	572
TOTAL RENTAL REVENUES	36,419	30,497	71,420	57,867
Management, leasing and development services	145	111	271	245
Interest income	218	0	445	0
TOTAL REVENUES	36,782	30,608	72,136	58,112
OPERATING EXPENSES
Property expenses	9,536	7,959	18,758	15,502
General and administrative	5,123	4,521	10,209	8,123
Depreciation and amortization	14,515	12,610	28,114	23,824
TOTAL OPERATING EXPENSES	29,174	25,090	57,081	47,449
OTHER EXPENSES
Acquisition expenses	20	635	405	1,110
Interest expense	4,302	3,716	8,300	6,970
TOTAL OTHER EXPENSES	4,322	4,351	8,705	8,080
TOTAL EXPENSES	33,496	29,441	65,786	55,529
Equity in income from unconsolidated real estate entities	0	62	11	123
Loss on extinguishment of debt	0	0	(22)	0
Gains on sale of real estate	16,569	11,563	19,237	11,563
NET INCOME	19,855	12,792	25,576	14,269
Less: net income attributable to noncontrolling interest	(531)	(418)	(663)	(470)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	19,324	12,374	24,913	13,799
Less: preferred stock dividends	(1,322)	0	(2,644)	0
Less: earnings allocated to participating securities	(156)	(75)	(247)	(153)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 17,846	$ 12,299	$ 22,022	$ 13,646
Net income available to common stockholders per share - basic and diluted (in dollars per share)	$ 0.26	$ 0.19	$ 0.33	$ 0.23
Weighted average shares of common stock outstanding - basic (in shares)	67,920,773	64,063,337	67,135,319	59,666,468
Weighted average shares of common stock outstanding - diluted (in shares)	68,331,234	64,304,713	67,483,100	59,860,831
Dividends declared per common share (in dollars per share)	$ 0.145	$ 0.135	$ 0.29	$ 0.270

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 19,855	$ 12,792	$ 25,576	$ 14,269
Other comprehensive loss: cash flow hedge adjustment	(996)	(2,650)	(244)	(4,407)
Comprehensive income	18,859	10,142	25,332	9,862
Comprehensive income attributable to noncontrolling interests	(495)	(368)	(648)	(358)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 18,364	$ 9,774	$ 24,684	$ 9,504

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 Income (Loss)	Noncontrolling Interests	Common Stock	Common Stock Total Stockholders’ Equity	Common Stock Common Stock	Common Stock Additional Paid-in Capital
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock									$ 182,677	$ 182,677	$ 103	$ 182,574
Issuance of common stock, shares											10,350,000
Offering costs	(8,352)	(8,352)			(8,352)
Share-based compensation	1,961	965		$ 1	964			996
Share-based compensation, shares				71,650
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(204)	(204)			(204)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock, shares				(11,681)
Conversion of units to common stock		287			287			(287)
Noncontrolling Interest, Increase from Business Combination	125							125
Conversion of units to common stock, shares				27,079
Net income	14,269	13,799				13,799		470
Other comprehensive loss	(4,407)	(4,295)					(4,295)	(112)
Common stock dividends	(16,429)	(16,429)				(16,429)
Distributions	(600)							(600)
Ending Balance at Jun. 30, 2016	862,784	840,587	0	$ 657	897,991	(50,733)	(7,328)	22,197
Ending Balance, shares at Jun. 30, 2016				66,035,732
Beginning Balance at Dec. 31, 2016	$ 962,140	939,315	86,651	$ 662	907,834	(59,277)	3,445	22,825
Beginning Balance, shares at Dec. 31, 2016	66,454,375			66,454,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock									$ 120,535	$ 120,535	$ 45	$ 120,490
Issuance of common stock, shares											4,567,161
Offering costs	$ (2,181)	(2,181)			(2,181)
Share-based compensation	2,853	1,198		$ 1	1,197			1,655
Share-based compensation, shares				84,439
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(404)	(404)			(404)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock, shares				(17,253)
Conversion of units to common stock		346			346			(346)
Conversion of units to common stock, shares				34,180
Net income	25,576	24,913	2,644			22,269		663
Other comprehensive loss	(244)	(229)					(229)	(15)
Preferred stock dividends	(2,644)	(2,644)	(2,644)
Common stock dividends	(19,984)	(19,984)				(19,984)
Distributions	(669)							(669)
Ending Balance at Jun. 30, 2017	$ 1,084,978	$ 1,060,865	$ 86,651	$ 708	$ 1,027,282	$ (56,992)	$ 3,216	$ 24,113
Ending Balance, shares at Jun. 30, 2017	71,122,902			71,122,902

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25,576	$ 14,269
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income from unconsolidated real estate entities	(11)	(123)
Provision for doubtful accounts	629	814
Depreciation and amortization	28,114	23,824
Amortization of (below) above market lease intangibles, net	(318)	56
Accretion of loan origination fees	(150)	0
Deferred interest income on notes receivable	84	0
Loss on extinguishment of debt	22	0
Gain on sale of real estate	(19,237)	(11,563)
Amortization of debt issuance costs	563	485
Accretion of premium on notes payable	(94)	(118)
Equity based compensation expense	2,740	1,887
Straight-line rent	(1,952)	(2,017)
Change in working capital components:
Rents and other receivables	(524)	(774)
Deferred leasing costs	(2,069)	(2,245)
Other assets	(2,364)	(48)
Accounts payable, accrued expenses and other liabilities	(1,768)	(1,119)
Tenant security deposits	680	1,171
Prepaid rents	1,359	(144)
Net cash provided by operating activities	31,280	24,355
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(240,447)	(228,131)
Capital expenditures	(16,883)	(15,305)
Acquisition related deposits	(2,250)	(400)
Distributions from unconsolidated real estate entities	11	0
Principal repayments of note receivable	6,000	0
Proceeds from sale of real estate	64,406	20,435
Net cash used in investing activities	(189,163)	(223,401)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	118,354	174,439
Proceeds from notes payable	265,000	263,000
Repayment of notes payable	(203,234)	(178,690)
Debt issuance costs	(2,110)	(1,924)
Debt extinguishment costs	(193)	0
Dividends paid to preferred stockholders	(2,644)	0
Dividends paid to common stockholders	(18,643)	(15,020)
Distributions paid to common unitholders	(650)	(600)
Repurchase of common shares to satisfy employee tax withholding requirements	(404)	(204)
Net cash provided by financing activities	155,476	241,001
Increase in cash, cash equivalents and restricted cash	(2,407)	41,955
Cash, cash equivalents and restricted cash, beginning of period	15,525	5,201
Cash, cash equivalents and restricted cash, end of period	13,118	47,156
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $924 and $882 for the six months ended June 30, 2017 and 2016, respectively)	8,073	6,404
Supplemental disclosure of noncash investing and financing transactions:
Capital expenditure accruals	2,363	1,278
Accrual of dividends	10,642	9,212
Accrual Of Offering Costs	$ 0	$ 114

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Capitalized interest, net	$ 500	$ 400	$ 924	$ 882

Organization	6 Months Ended
Organization	Jun. 30, 2017
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 principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial property. As of June 30, 2017, our consolidated portfolio consisted of 139 properties with approximately 16.2 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 June 30, 2017, and December 31, 2016, and for the three and six months ended June 30, 2017 and 2016, 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, 2017. The interim financial statements should be read in conjunction with the consolidated financial statements in our 2016 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

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

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.

Restricted Cash

Restricted cash is generally comprised of cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”). As of June 30, 2017, and December 31, 2016, we did not have a balance in restricted cash.

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, that was subsequently repaid by the borrower on June 23, 2017. In connection with this origination, we collected a $0.3 million loan fee from the borrower. The loan bore interest at 10% per annum and had a stated maturity date of June 30, 2017. Additionally, the borrower had 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. At the time of repayment, the outstanding principal balance on the loan was $6.2 million.

Investments in Real Estate

Acquisitions

On January 5, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business (“ASU 2017-01’), which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 clarifies that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar assets, the set of assets and activities is not a business. ASU 2017-01 also revises the definition of a business to include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted.

Effective January 1, 2017, we early adopted ASU 2017-01. We evaluated the acquisitions that we completed during the six months ended June 30, 2017, and determined that under the new framework these transactions should be accounted for as asset acquisitions. See Note 3.

We evaluate each of our property acquisitions to determine whether the acquired set of assets and activities (collectively referred to as a “set”) meets the definition of a business and will need to be accounted for as a business combination. A set would fail to qualify as a business if either (i) substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets or (ii) the set is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. An acquired process is considered substantive if (i) the process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process, (ii) the process cannot be replaced without significant cost, effort, or delay or (iii) the process is considered unique or scarce.

We expect that most of our property acquisitions will generally not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or because the acquisition does not include a substantive process.

When we acquire a property that meets the business combination accounting criteria, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component on the acquisition date. 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. Acquisition related costs are expensed as incurred. 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.

For acquisitions that do not meet the business combination accounting criteria, we allocate the cost of the acquisition, which includes any associated acquisition costs, to the individual assets and liabilities assumed on a relative fair value basis. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets should be finalized in the period in which the acquisition occurred.

We determine the fair value of the tangible assets of an acquired 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 the properties we acquired during the six months ended June 30, 2017, we used discount rates ranging from 6.25% to 9.50% and capitalization rates ranging from of 5.25% 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 of acquisitions completed during the six months ended June 30, 2017, we used an estimated average lease-up period ranging from six to eighteen months.

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.

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 $0.5 million and $0.4 million during the three months ended June 30, 2017 and 2016, respectively, and $0.9 million and $0.9 million during the six months ended June 30, 2017 and 2016, respectively. We capitalized real estate taxes and insurance costs aggregating $0.3 million and $0.2 million during the three months ended June 30, 2017 and 2016, respectively, and $0.6 million and $0.4 million during the six months ended June 30, 2017 and 2016, respectively. We capitalized compensation costs for employees who provide construction services of $0.5 million and $0.3 million during the three months ended June 30, 2017 and 2016, respectively, and $0.8 million and $0.5 million during the six months ended June 30, 2017 and 2016, 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 has occurred, 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 $0.2 million and $0.1 million during the three months ended June 30, 2017 and 2016, respectively, and $0.4 million and $0.2 million during the six months ended June 30, 2017 and 2016, 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 entities 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. Furthermore, distributions received from equity method investments are classified as either operating cash inflows or investing cash inflows in the consolidated statements of cash flows using the “nature of the distribution approach,” in which each distribution is evaluated on the basis of the source of the payment. 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 six months ended June 30, 2017 and 2016.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2017, and December 31, 2016, 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.

Rents and other receivables, net and deferred rent receivable, net consisted of the following as of June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Rents and other receivables	$	4,910		$	5,565
Allowance for doubtful accounts	(2,266		)	(2,816		)
Rents and other receivables, net	$	2,644		$	2,749

Deferred rent receivable	$	13,694		$	11,903
Allowance for doubtful accounts	(66		)	(30		)
Deferred rent receivable, net	$	13,628		$	11,873

We recorded the following provision for doubtful accounts, including amounts related to deferred rents, as a reduction to rental revenues in our consolidated statements of operations for the three and six months ended June 30, 2017 and 2016 (in thousands):



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Provision for doubtful accounts	$	340	$	368	$	666	$	833

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. Forfeitures are recognized in the period in which they occur. 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 the computation of 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 May 10, 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which clarifies the scope of modification accounting for share-based compensation arrangements by providing guidance on the types of changes to the terms and conditions of share-based compensation awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements.

On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“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. The ASU also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only these costs that are incurred due to the execution of a lease. As a result, compensation costs related to employees who spend time on lease origination activities, regardless of whether their time leads to a successful lease, will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. 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) except to the extent the lease contract contains non-leasing components. 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 have formed an implementation project team and are currently working on the evaluation and implementation of the guidance as it relates to property management and leasing services revenue and other property-related revenues that may fall under the scope of ASU 2014-09. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method.

Adoption of New Accounting Pronouncements

On November 17, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”), which requires an entity’s reconciliation of the beginning of period and end of period amounts shown in the statement of cash flows to include with cash and cash equivalents, amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We early adopted ASU 2016-18, effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, we have included restricted cash with cash and cash equivalents in our reconciliation of beginning of period and end of period amounts shown in our consolidated statements of cash flows for all periods presented. As a result of the adoption of ASU 2016-18, changes in restricted cash are no longer presented as a separate line item within cash flows from investing activities in our consolidated statements of cash flows since we have included restricted cash with cash and cash equivalents in our reconciliation of beginning and end of period amounts shown in our consolidated statements of cash flows. As a result, for the six months ended June 30, 2016, we had net cash used in investing activities of $223.4 million instead of $241.4 million as previously reported, since we had $18.0 million of restricted cash at June 30, 2016. This $18.0 million of restricted cash represented proceeds from the sale of two properties that were being held in a qualified intermediary account in anticipation of a 1031 Exchange.

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 early adopted ASU 2016-15, effective July 1, 2016, and elected, as part of the adoption, 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 affect have a material impact on our consolidated statements of cash flows.

Investments in Real Estate

6 Months Ended

Jun. 30, 2017

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisitions

The following table summarizes the wholly-owned industrial property we acquired during the six months ended June 30, 2017:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
28903 Avenue Paine⁽²⁾	Los Angeles - San Fernando Valley	2/17/2017	111,346	1	$	17,060
2390 Ward Avenue⁽³⁾	Ventura	4/28/2017	138,700	1	16,499
Safari Business Center⁽⁴⁾	Inland Empire - West	5/24/2017	1,138,090	16	141,200
4175 Conant Street⁽⁵⁾	Los Angeles - South Bay	6/14/2017	142,593	1	30,600
5421 Argosy Avenue⁽⁵⁾	Orange County - West	6/15/2017	35,321	1	5,300
14820-14830 Carmenita Road⁽²⁾	Los Angeles - Mid-counties	6/30/2017	198,062	3	30,650
Total 2017 Wholly-Owned Property Acquisitions			1,764,112	23	$	241,309


(1)	Represents the gross contractual purchase price before prorations and closing costs. Does not include capitalized acquisition costs totaling $0.6 million.


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


(3)	This acquisition was partially funded through a 1031 Exchange using $6.5 million of net cash proceeds from the sale of our property located at 9375 Archibald Avenue and borrowings under our unsecured revolving credit facility.


(4)	This acquisition was partially funded through a 1031 Exchange using $39.7 million of net cash proceeds from the sale of our property located at 2535 Midway Drive, borrowings under our unsecured revolving credit facility and available cash on hand.


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

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



	Total 2017 Acquisitions
Assets:
Land	$	107,350
Buildings and improvements	120,364
Tenant improvements	3,924
Acquired lease intangible assets⁽¹⁾	12,867
Other acquired assets⁽²⁾	143
Total assets acquired	244,648
Liabilities:
Acquired lease intangible liabilities⁽³⁾	2,687
Other assumed liabilities⁽²⁾	1,514
Total liabilities assumed	4,201
Net assets acquired	$	240,447


(1)	Represents in-place leases and above-market leases with weighted average amortization periods of 5.1 years and 11.2 years, respectively.


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


(3)	Represents below-market leases with a weighted average amortization period of 3.2 years.

The following table sets forth the results of operations for the three and six months ended June 30, 2017, for the properties acquired during the six months ended June 30, 2017, included in the consolidated statements of operations from the date of acquisition (in thousands):



	Three Months Ended June 30, 2017			Six Months Ended June 30, 2017
Total revenues	$	1,391		$	1,391
Net income	$	(262	)	$	(280	)

The following table sets forth unaudited pro-forma financial information (in thousands) as if the closing of our acquisitions during the six months ended June 30, 2017, had occurred on January 1, 2016. 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 and (iii) increased interest expense for borrowings associated with these acquisitions. These pro-forma results have not been adjusted for property sales completed during the six months ended June 30, 2017. 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, 2016, and may not be indicative of future operating results.



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Total revenues	$	39,222	$	34,134	$	78,324	$	65,170
Net income attributable to common stockholders	$	18,664	$	11,541	$	22,748	$	12,195
Net income attributable to common stockholders per share - basic	$	0.27	$	0.18	$	0.34	$	0.19
Net income attributable to common stockholders per share - diluted	$	0.27	$	0.18	$	0.34	$	0.19

Dispositions

The following table summarizes the property we sold during the six months ended June 30, 2017:



Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price⁽¹⁾ (in thousands)		Gain Recorded (in thousands)
9375 Archibald Avenue	Inland Empire West	3/31/2017	62,677	$	6,875	$	2,668
2535 Midway Drive	San Diego - Central	5/17/2017	373,744	$	40,050	$	15,974
2811 Harbor Boulevard	Orange County - Airport	6/28/2017	126,796	$	18,700	$	595
Total			563,217	$	65,625	$	19,237


(1)	Represents the gross contractual sales price before commissions, prorations and other closing costs.

- 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

6 Months Ended

Jun. 30, 2017

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):



	June 30, 2017			December 31, 2016
Acquired Lease Intangible Assets:
In-place lease intangibles	$	78,873		$	68,234
Accumulated amortization	(43,633		)	(37,648		)
In-place lease intangibles, net	35,240			30,586
Above-market tenant leases	10,901			10,191
Accumulated amortization	(5,054		)	(4,412		)
Above-market tenant leases, net	5,847			5,779
Acquired lease intangible assets, net	$	41,087		$	36,365
Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(15,112	)	$	(12,426	)
Accumulated accretion	4,492			3,477
Below-market tenant leases, net	(10,620		)	(8,949		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	125			109
Above-market ground lease, net	(165		)	(181		)
Acquired lease intangible liabilities, net	$	(10,785	)	$	(9,130	)

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
In-place lease intangibles⁽¹⁾	$	3,149		$	3,402		$	6,105		$	6,288
Net above (below)-market tenant leases⁽²⁾	$	(193	)	$	67		$	(302	)	$	72
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)	$	(16	)	$	(16	)


(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

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the balance of our indebtedness as of June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Principal amount	$	564,242		$	502,476
Less: unamortized discount and debt issuance costs⁽¹⁾	(2,712		)	(2,292		)
Carrying value	$	561,530		$	500,184


(1)	Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which 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 June 30, 2017, and December 31, 2016 (dollars in thousands):



	June 30, 2017					December 31, 2016
	Principal Amount		Unamortized Discount and Debt Issuance Costs			Principal Amount		Unamortized Discount and Debt Issuance Costs			Contractual Maturity Date		Stated Interest Rate⁽¹⁾			Effective Interest Rate ⁽²⁾
Secured Debt
$60M Term Loan⁽³⁾	$	59,282	$	(165	)	$	59,674	$	(204	)	8/1/2019	⁽⁴⁾	LIBOR+1.90%			3.95	%
Gilbert/La Palma⁽⁵⁾	2,839		(141		)	2,909		(145		)	3/1/2031		5.125	%		5.41	%
12907 Imperial Highway⁽⁶⁾	5,121		115			5,182		180			4/1/2018		5.950	%		3.38	%
1065 Walnut Street	—		—			9,711		192			2/1/2019		N/A			N/A
Unsecured Debt
$100M Term Loan Facility	100,000		(384		)	100,000		—			2/14/2022		LIBOR+1.20%		⁽⁷⁾	3.18	%	⁽⁸⁾
Revolving Credit Facility	72,000		—			—		—			2/12/2021	⁽⁹⁾	LIBOR+1.10%		^(7)(10)	2.32	%
$225M Term Loan Facility	225,000		(1,539		)	225,000		(1,680		)	1/14/2023		LIBOR+1.50%		⁽⁷⁾	2.85	%
Guaranteed Senior Notes	100,000		(598		)	100,000		(635		)	8/6/2025		4.290	%		4.36	%
Total	$	564,242	$	(2,712	)	$	502,476	$	(2,292	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of June 30, 2017.


(2)	Reflects the effective interest rate as of June 30, 2017, which includes the effect of the amortization of discounts/premiums and debt issuance costs and the effect of interest rate swaps that are effective as of June 30, 2017.


(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 June 30, 2017, 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)	The LIBOR margin will range from 1.20% to 1.70% for the $100.0 million term loan facility, 1.10% to 1.50% 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, or leverage ratio, which is measured on a quarterly basis.


(8)	As of June 30, 2017, 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.


(9)	Two additional six-month extensions available at the borrower’s option.


(10)	The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee will range from 0.15% to 0.30% depending upon our leverage ratio.

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts/premiums and debt issuance costs, as of June 30, 2017, and does not consider extension options available to us as noted in the table above (in thousands):



July 1, 2017 - December 31, 2017	$	526
2018	5,991
2019	58,266
2020	166
2021	72,175
Thereafter	427,118
Total	$	564,242

Loan Repayment

On March 20, 2017, we repaid the $9.7 million outstanding balance on the 1065 Walnut Street mortgage loan in advance of the February 1, 2019 maturity date. In connection with the repayment, we incurred prepayment fees of $0.2 million which is included in loss on extinguishment of debt in the accompanying consolidated statements of operations. The loss on extinguishment of debt also includes the write-off of the unamortized debt premium of $0.2 million.

Amended Credit Agreement

On February 14, 2017, we amended our $300.0 million senior unsecured credit facility by entering into a second amended and restated credit agreement (the “Amended Credit Agreement”), which provides for a $450.0 million senior unsecured credit facility, comprised of a $350.0 million unsecured revolving credit facility (the "Amended Revolver") and a $100.0 million unsecured term loan facility (the "Amended Term Loan"). The Amended Revolver is scheduled to mature on February 12, 2021, and has two six-month extension options available, and the Amended Term Loan is scheduled to mature on February 14, 2022. Under the terms of the Amended Credit Agreement, we may request additional lender commitments up to an additional aggregate $550.0 million, which may be comprised of additional revolving commitments under the Amended Revolver, an increase to the Amended Term Loan, additional term loan tranches or any combination of the foregoing.

Interest on the Amended Credit Agreement, is generally to be paid based upon, at our option, either (i) LIBOR plus an applicable margin that is based upon our leverage ratio or (ii) the Base Rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate or (c) the Eurodollar Rate plus 1.00%) plus an applicable margin that is based on our leverage ratio. The margins for the Amended Revolver range in amount from 1.10% to 1.50% for LIBOR-based loans and 0.10% to 0.50% for Base Rate-based loans, depending on our leverage ratio. The margins for the Amended Term Loan range in amount from 1.20% to 1.70% for LIBOR-based loans and 0.20% to 0.70% for Base Rate-based loans, depending on our leverage ratio.

If we attain one additional investment grade rating by one or more of Standard & Poor’s or Moody’s Investor Services to complement our current investment grade Fitch rating, we may elect to convert the pricing structure under the Amended Credit Agreement to be based on such rating. In that event, the margins for the Amended Revolver will range in amount from 0.825% to 1.55% for LIBOR-based loans and 0.00% to 0.55% for Base Rate-based loans, depending on such rating. The margins for the Amended Term Loan will range in amount from 0.90% to 1.75% for LIBOR-based loans and 0.00% to 0.75% for Base Rate-based loans, depending on such rating.

In addition to the interest payable on amounts outstanding under the Amended Revolver, we are required to pay an applicable facility fee, based upon our leverage ratio, on each lender's commitment amount under the Amended Revolver, regardless of usage. The applicable facility fee will range in amount from 0.15% to 0.30%, depending on our leverage ratio. In the event that we convert the pricing structure to be based on an investment-grade rating, the applicable facility fee will range in amount from 0.125% to 0.30%, depending on such rating.

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

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

The Amended 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 Amended 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 Amended 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 June 30, 2017, we had $72.0 million outstanding under the Amended Revolver, leaving $278.0 million available for additional borrowings.

Debt Covenants

The Amended Credit Facility, the $225 million unsecured term loan facility (the “$225 Million Term Loan Facility”) and the $100 million unsecured guaranteed senior notes (the “$100 Million Notes”), all 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%;


•	For the Amended Credit Facility and the $225 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than 45%;


•	For the $100 Million Notes, maintaining a ratio of secured debt to total asset value of not more than 40%;


•	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) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016;


•	Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) 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 (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.0.

The Amended Credit Facility, the $225 Million Term Loan Facility and the $100 Million Notes also 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.

Additionally, subject to the terms of the $100 Million 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 $100 Million 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 June 30, 2017.

Operating Leases

6 Months Ended

Jun. 30, 2017

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 June 30, 2017, is summarized as follows (in thousands):



Twelve months ended June 30,
2018	$	119,416
2019	102,034
2020	83,231
2021	60,653
2022	39,417
Thereafter	97,154
Total	$	501,905

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

6 Months Ended

Jun. 30, 2017

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.

The following table sets forth a summary of our interest rate swaps at June 30, 2017 and December 31, 2016 (dollars in thousands):



					Fair Value				Current Notional Value⁽¹⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		June 30, 2017		December 31, 2016		June 30, 2017		December 31, 2016
Assets⁽²⁾:
Interest Rate Swap	2/14/2018	1/14/2022	1.349	%	$	2,588	$	3,245	$	—	$	—
Interest Rate Swap	8/14/2018	1/14/2022	1.406	%	$	1,811	$	2,349	$	—	$	—
Liabilities⁽³⁾:
Interest Rate Swap	1/15/2015	2/15/2019	1.826	%	$	175	$	338	$	30,000	$	30,000
Interest Rate Swap	7/15/2015	2/15/2019	2.010	%	$	253	$	440	$	29,282	$	29,674
Interest Rate Swap	8/14/2015	12/14/2018	1.790	%	$	255	$	529	$	50,000	$	50,000
Interest Rate Swap	2/16/2016	12/14/2018	2.005	%	$	411	$	738	$	50,000	$	50,000


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


(2)	The fair value of these interest rate swaps is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.


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

Derivative instruments that are subject to master netting arrangements and qualify for net presentation in the consolidated balance sheets are presented on a gross basis in the consolidated balance sheets as of June 30, 2017 and December 31, 2016. As of June 30, 2017, if we had recognized these derivative instruments on a net basis, we would have reported an interest rate swap asset of $3.7 million and an interest rate swap liability of $0.4 million, which represent the net balances after the effect of offsetting with counterparties where we had both derivative assets and derivative liabilities.

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of loss recognized in AOCI on derivatives (effective portion)	$	(1,358	)	$	(3,243	)	$	(1,054	)	$	(5,501	)
Amount of loss reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(362	)	$	(593	)	$	(810	)	$	(1,094	)
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 $0.8 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.

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

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

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

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

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

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

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

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

+ Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2017

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 June 30, 2017, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below sets forth the estimated fair value of our interest rate swaps as of June 30, 2017 and December 31, 2016, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2017
Interest Rate Swap Asset	$	4,399		$	—	$	4,399		$	—
Interest Rate Swap Liability	$	(1,094	)	$	—	$	(1,094	)	$	—
December 31, 2016
Interest Rate Swap Asset	$	5,594		$	—	$	5,594		$	—
Interest Rate Swap Liability	$	(2,045	)	$	—	$	(2,045	)	$	—

Financial Instruments Disclosed at Fair Value

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

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

The table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2017 and December 31, 2016 (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:
June 30, 2017	$	568,495	$	—	$	—	$	568,495	$	561,530
December 31, 2016	$	507,733	$	—	$	—	$	507,733	$	500,184

- Definition

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

+ References + Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2017
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 fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $0.1 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $0.2 million and $0.1 million for the six months ended in June 30, 2017 and 2016, respectively, in management, leasing and development services revenue.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

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. 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 estimated, 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 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 June 30, 2017, and December 31, 2016, we had a $1.1 million and $1.1 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 June 30, 2017, and December 31, 2016, we also had a $1.1 million and $1.1 million corresponding indemnification asset recorded in our consolidated balance sheets included in the line item “Other assets,” reflecting the estimated costs we expect the former owner to cover pursuant to the Holdback Agreement.

We expect that the resolution of the environmental matters relating to the above will not have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot assure you that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation.

Rent Expense

As of June 30, 2017, we lease a parcel of land that is currently being sub-leased to a tenant for a parking lot. The ground lease is scheduled to expire on June 1, 2062. We recognized rental expense for our ground lease in the amount of $36 thousand and $36 thousand for the three months ended June 30, 2017 and 2016, respectively, and $0.1 million and $0.1 million for the six months ended June 30, 2017 and 2016, respectively. As part of conducting our day-to-day business, we also lease office space under operating leases. We recognized rental expense for our corporate and satellite office leases in the amount of $0.1 million and $0.1 million for the three months ended June 30, 2017 and 2016, respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2017 and 2016, respectively.

The future minimum commitment under our ground lease and corporate and satellite office leases as of June 30, 2017, is as follows (in thousands):



	Office Leases		Ground Lease
July 1, 2017 through December 31, 2017	$	314	$	72
2018	676		144
2019	459		144
2020	126		144
2021	120		144
Thereafter	—		5,820
Total	$	1,695	$	6,468

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, with the intention to develop buildings on the site. Under the terms of the ground lease, we had up to 420 days from the Effective Date, subject to certain conditions, to satisfy and waive certain contingencies, or terminate the ground lease for any reason. On March 13, 2017, we terminated the ground lease. As a result of the termination, we wrote-off $0.3 million of previously incurred transaction costs to the line item “Acquisition expenses” in the consolidated statements of operations.

Tenant and Construction Related

As of June 30, 2017, we had commitments of approximately $11.9 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors.

Concentrations of Credit Risk

We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of June 30, 2017, we do not believe we are exposed to significant credit risk due to the financial position of the institutions in which those deposits are held.

As of June 30, 2017, 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 six months ended June 30, 2017, no single tenant accounted for more than 5% of our total consolidated rental revenues.

Investment in Unconsolidated Real Estate Entities	6 Months Ended
Investment in Unconsolidated Real Estate Entities	Jun. 30, 2017
Schedule of Investments [Abstract]
Investment in Unconsolidated Real Estate Entities	Investment in Unconsolidated Real Estate Entities On July 6, 2016, we acquired the property located at 3233 Mission Oaks Boulevard (the “JV Property”) from our joint venture (the “JV”) for a contract price of $25.7 million. Prior to the acquisition, our ownership interest in the JV property was 15.0%. As a result of the acquisition, we own 100% of the JV property and are accounting for it on a consolidated basis. Following the sale of the JV 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. During the six months ended June 30, 2017, the remaining assets were liquidated by the JV and we received a final distribution in the amount of $11 thousand which is reported in the line item “Equity in income from unconsolidated real estate entities” in the consolidated statements of operations. Management Services During the time that the JV owned the JV Property, we performed property and construction management services for the JV Property. We earned fees and commissions for these services totaling zero and $18 thousand for the three months ended June 30, 2017 and 2016, respectively, and zero and $0.1 million for the six months ended June 30, 2017 and 2016, respectively, which are included in the line item “Management, leasing and development services” in the consolidated statements of operations.

Equity

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Equity

Common Stock

On June 12, 2017, we established a new at-the-market equity offering program (the “$150 Million ATM Program”) pursuant to which we may sell from time to time up to an aggregate of $150.0 million of our common stock through sales agents. The ATM Program replaces our previous $125.0 million at-the-market equity offering program, which was established on April 17, 2015 (the “$125 Million ATM Program”). As of June 30, 2017, all $125.0 million of shares of our common stock under the Prior ATM Program have been sold.

During the six months ended June 30, 2017, we sold 4,390,917 shares of our common stock under the $125 Million ATM Program, at a weighted average price of $26.35 per share, for gross proceeds of $115.7 million, and net proceeds of $114.0 million, after deducting the sales agents’ fee. During the six months ended June 30, 2017, we also sold 176,244 shares of our common stock under the $150 Million ATM Program, at a weighted average price of $27.51 per share, for gross proceeds of $4.8 million, and net proceeds of $4.8 million, after deducting the sales agents’ fee. As of June 30, 2017, we had the capacity to issue up to an additional $145.2 million of common stock under the $150 Million ATM Program. Actual sales going forward, if any, will depend on a variety of factors, 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. As of June 30, 2017, noncontrolling interests consisted of 1,932,816 OP Units and 41,668 fully-vested LTIP units and represented approximately 2.7% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis.

During the six months ended June 30, 2017, 34,180 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $0.3 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

2013 Incentive Award Plan

In July 2013, we established the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), pursuant to which we may make grants of stock options, restricted stock, 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 835,942 shares of common stock, LTIP units and Performance Units remain available for issuance as of June 30, 2017).

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 OP 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 six months ended June 30, 2017:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2017	287,827		241,691	514,998
Granted	99,584		—	—
Forfeited	(15,145	)	—	—
Vested⁽¹⁾	(59,887	)	—	—
Balance at June 30, 2017	312,379		241,691	514,998


(1)	During the six months ended June 30, 2017, 17,253 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2017:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
July 1, 2017 - December 31, 2017	119,198	70,837	—
2018	76,911	70,842	315,998
2019	55,595	70,838	199,000
2020	40,066	29,174	—
2021	20,609	—	—
Total	312,379	241,691	514,998

(1)

Represents the maximum number of Performance Units that would be earned on December 14, 2018 and December 29, 2019, 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 and the three-year performance period from December 29, 2016 through December 28, 2019, respectively. The number of Performance Units that ultimately vest will be based on both the Company’s absolute TSR and TSR performance relative to a peer group over each three-year 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 each performance period and (ii) finishes in the 75th or greater percentile of the peer group for TSR over each three-year 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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Expensed share-based compensation⁽¹⁾	$	1,394	$	954	$	2,740	$	1,887
Capitalized share-based compensation⁽²⁾	64		41		113		74
Total share-based compensation	$	1,458	$	995	$	2,853	$	1,961


(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 June 30, 2017, there was $9.1 million of total unrecognized compensation expense related to all unvested share-based awards expected to vest, of which we estimate $0.6 million will be capitalized for employees who provide construction and leasing services. As of June 30, 2017, this total unrecognized compensation expense is expected to be recognized over a weighted average remaining period of 28 months.

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our accumulated other comprehensive income balance for the six months ended June 30, 2017 and 2016, which consists solely of adjustments related to our cash flow hedges (in thousands):



	Six Months Ended June 30,
	2017			2016
Beginning Balance	$	3,445		$	(3,033	)
Other comprehensive income before reclassifications	(1,054		)	(5,501		)
Amounts reclassified from accumulated other comprehensive income to interest expense	810			1,094
Net current period other comprehensive income	(244		)	(4,407		)
Less other comprehensive income attributable to noncontrolling interests	15			112
Other comprehensive income attributable to common stockholders	(229		)	(4,295		)
Ending Balance	$	3,216		$	(7,328	)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.E)
-URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707

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

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 4
-Subparagraph (SAB Topic 4.C)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

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

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Preferred Stock
-URI http://asc.fasb.org/extlink&oid=6521494

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

+ Details

Earnings Per Share

6 Months Ended

Jun. 30, 2017

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Numerator:
Net income	$	19,855		$	12,792		$	25,576		$	14,269
Less: Preferred stock dividends	(1,322		)	—			(2,644		)	—
Less: Net income attributable to noncontrolling interests	(531		)	(418		)	(663		)	(470		)
Less: Net income attributable to participating securities	(156		)	(75		)	(247		)	(153		)
Net income attributable to common stockholders	$	17,846		$	12,299		$	22,022		$	13,646

Denominator:
Weighted average shares of common stock outstanding – basic	67,920,773			64,063,337			67,135,319			59,666,468
Effect of dilutive securities - performance units	410,461			241,376			347,781			194,363
Weighted average shares of common stock outstanding – diluted	68,331,234			64,304,713			67,483,100			59,860,831

Earnings per share — Basic
Net income attributable to common stockholders	$	0.26		$	0.19		$	0.33		$	0.23
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.26		$	0.19		$	0.33		$	0.23

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 market 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 levels over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. As of June 30, 2017, for the performance awards granted in 2015, the Company’s TSR performance relative to a designated peer group was above the 75th percentile, or maximum level, and the Company’s absolute TSR was above the maximum level. As of June 30, 2017, for the performance awards granted in 2016, the Company’s TSR performance relative to a designated peer group was above the 75th percentile, or maximum level, and the Company’s absolute TSR was below the threshold level. The corresponding number of dilutive securities have been included in the computation of the weighted average diluted shares above, since they were more dilutive than using the two-class method of computing EPS.

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	6 Months Ended
Subsequent Events	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Acquisitions On July 3, 2017, we acquired a property located at 3002-3072 Inland Empire Boulevard in Ontario, California for a contract price of $26.9 million using cash proceeds drawn from our Amended Revolver. The property consists of four multi-tenant building totaling 218,407 rentable square feet. On July 11, 2017, we acquired a property located at 17000 Kingsview Avenue and 800 Sandhill Avenue in Carson, California for a contract price of $14.0 million using cash proceeds drawn from our Amended Revolver. The property consists of one multi-tenant building totaling 100,121 rentable square feet. On July 18, 2017, we acquired the Rancho Pacifica Industrial Park located in Rancho Dominguez, California for a contract price of $210.5 million. The acquisition was funded with cash proceeds from the issuance of $125.0 million of senior guaranteed notes and by drawing on our Amended Revolver. The property consists of six multi-tenant buildings totaling 1.2 million rentable square feet. On July 20, 2017, we acquired a property located at 11190 White Birch Drive in Rancho Cucamonga, California for a contract price of $19.8 million using cash proceeds drawn from our Amended Revolver. The property consists of one single-tenant building with 201,035 rentable square feet. On July 28, 2017, we acquired a property located at 4832-4850 Azusa Canyon Road in Irwindale, California for a contract price of $14.6 million using cash proceeds drawn from our Amended Revolver. The property consists of one single-tenant building with 87,421 rentable square feet. Note Purchase Agreement On July 13, 2017, we entered into a Note Purchase and Guarantee Agreement (the “NPGA”) which provides for the private placement of $125.0 million of our Operating Partnership’s senior guaranteed notes, maturing on July 13, 2027, with a fixed annual interest rate of 3.93% (the “$125 Million Notes”). On July 13, 2017, we completed the issuance of the $125 Million Notes. Interest on the $125 Million Notes will be payable quarterly on the thirteenth day of January, April, July and October in each year, commencing on October 13, 2017. We may prepay at any time all or, from time to time, any part of the $125 Million Notes, in amounts not less than $2.5 million of the $125 Million Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the NPGA). The NPGA contains a series of financial and other covenants with which we must comply. The financial covenants are the same as those that we must comply with under the $100 Million Notes (see Note 5). Subject to the terms of the NPGA and the $125 Million Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount, or interest under the $125 Million Notes, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the NPGA, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding $125 Million Notes will become due and payable at the option of the purchasers. Our obligations under the $125 Million Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries. Dividends Declared On July 31, 2017, our board of directors declared a quarterly cash dividend of $0.145 per share of common stock and a quarterly cash distribution of $0.145 per OP Unit, to be paid on October 16, 2017, to holders of record as of September 29, 2017. Also on July 31, 2017, our board of directors declared a quarterly cash dividend of $0.36719 per share of our 5.875% Series A Cumulative Redeemable Preferred Stock, to be paid on September 29, 2017, to preferred stockholders of record as of September 15, 2017.

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2017
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.
Restricted Cash Policy	Restricted Cash Restricted cash is generally comprised of cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code (“1031 Exchange”). As of June 30, 2017, and December 31, 2016, we did not have a balance in restricted cash.
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 On January 5, 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business (“ASU 2017-01’), which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 clarifies that when substantially all of the fair value of the gross assets acquired or disposed of is concentrated in a single identifiable asset or a group of similar assets, the set of assets and activities is not a business. ASU 2017-01 also revises the definition of a business to include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create an output. ASU 2017-01 is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years, and early adoption is permitted. Effective January 1, 2017, we early adopted ASU 2017-01. We evaluated the acquisitions that we completed during the six months ended June 30, 2017, and determined that under the new framework these transactions should be accounted for as asset acquisitions. See Note 3. We evaluate each of our property acquisitions to determine whether the acquired set of assets and activities (collectively referred to as a “set”) meets the definition of a business and will need to be accounted for as a business combination. A set would fail to qualify as a business if either (i) substantially all of the fair value of the gross assets acquired is concentrated in either a single identifiable asset or a group of similar identifiable assets or (ii) the set is lacking, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. An acquired process is considered substantive if (i) the process includes an organized workforce (or includes an acquired contract that provides access to an organized workforce), that is skilled, knowledgeable, and experienced in performing the process, (ii) the process cannot be replaced without significant cost, effort, or delay or (iii) the process is considered unique or scarce. We expect that most of our property acquisitions will generally not meet the revised definition of a business because substantially all of the fair value is concentrated in a single identifiable asset or group of similar identifiable assets or because the acquisition does not include a substantive process. When we acquire a property that meets the business combination accounting criteria, we allocate the purchase price to the various components of the acquisition based upon the fair value of each component on the acquisition date. 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. Acquisition related costs are expensed as incurred. 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. For acquisitions that do not meet the business combination accounting criteria, we allocate the cost of the acquisition, which includes any associated acquisition costs, to the individual assets and liabilities assumed on a relative fair value basis. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets should be finalized in the period in which the acquisition occurred. We determine the fair value of the tangible assets of an acquired 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 the properties we acquired during the six months ended June 30, 2017, we used discount rates ranging from 6.25% to 9.50% and capitalization rates ranging from of 5.25% 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 of acquisitions completed during the six months ended June 30, 2017, we used an estimated average lease-up period ranging from six to eighteen months. 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. 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 $0.5 million and $0.4 million during the three months ended June 30, 2017 and 2016, respectively, and $0.9 million and $0.9 million during the six months ended June 30, 2017 and 2016, respectively. We capitalized real estate taxes and insurance costs aggregating $0.3 million and $0.2 million during the three months ended June 30, 2017 and 2016, respectively, and $0.6 million and $0.4 million during the six months ended June 30, 2017 and 2016, respectively. We capitalized compensation costs for employees who provide construction services of $0.5 million and $0.3 million during the three months ended June 30, 2017 and 2016, respectively, and $0.8 million and $0.5 million during the six months ended June 30, 2017 and 2016, 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 has occurred, 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 entities 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. Furthermore, distributions received from equity method investments are classified as either operating cash inflows or investing cash inflows in the consolidated statements of cash flows using the “nature of the distribution approach,” in which each distribution is evaluated on the basis of the source of the payment. 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 six months ended June 30, 2017 and 2016. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2017, and December 31, 2016, 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. Forfeitures are recognized in the period in which they occur. See Note 12.
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 the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13.
Segment Reporting	Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASUs. On May 10, 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which clarifies the scope of modification accounting for share-based compensation arrangements by providing guidance on the types of changes to the terms and conditions of share-based compensation awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and early adoption is permitted. We are currently assessing the impact of the guidance on our consolidated financial statements and notes to our consolidated financial statements. On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“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. The ASU also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. Additionally, ASU 2016-02 will require that lessees and lessors capitalize, as initial direct costs, only these costs that are incurred due to the execution of a lease. As a result, compensation costs related to employees who spend time on lease origination activities, regardless of whether their time leads to a successful lease, will no longer be capitalized as initial direct costs and instead will be expensed as incurred. Lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. 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) except to the extent the lease contract contains non-leasing components. 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 have formed an implementation project team and are currently working on the evaluation and implementation of the guidance as it relates to property management and leasing services revenue and other property-related revenues that may fall under the scope of ASU 2014-09. We expect to adopt ASU 2014-09 on January 1, 2018, using the modified retrospective transition method. Adoption of New Accounting Pronouncements On November 17, 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash (“ASU 2016-18”), which requires an entity’s reconciliation of the beginning of period and end of period amounts shown in the statement of cash flows to include with cash and cash equivalents, amounts generally described as restricted cash and restricted cash equivalents. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early adoption permitted. We early adopted ASU 2016-18, effective January 1, 2017, with retrospective application to our consolidated statements of cash flows. Accordingly, we have included restricted cash with cash and cash equivalents in our reconciliation of beginning of period and end of period amounts shown in our consolidated statements of cash flows for all periods presented. As a result of the adoption of ASU 2016-18, changes in restricted cash are no longer presented as a separate line item within cash flows from investing activities in our consolidated statements of cash flows since we have included restricted cash with cash and cash equivalents in our reconciliation of beginning and end of period amounts shown in our consolidated statements of cash flows. As a result, for the six months ended June 30, 2016, we had net cash used in investing activities of $223.4 million instead of $241.4 million as previously reported, since we had $18.0 million of restricted cash at June 30, 2016. This $18.0 million of restricted cash represented proceeds from the sale of two properties that were being held in a qualified intermediary account in anticipation of a 1031 Exchange. 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 early adopted ASU 2016-15, effective July 1, 2016, and elected, as part of the adoption, 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 affect have a material impact on our consolidated statements of cash flows.

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Rents and other receivables, net and deferred rent receivable, net consisted of the following as of June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Rents and other receivables	$	4,910		$	5,565
Allowance for doubtful accounts	(2,266		)	(2,816		)
Rents and other receivables, net	$	2,644		$	2,749

Deferred rent receivable	$	13,694		$	11,903
Allowance for doubtful accounts	(66		)	(30		)
Deferred rent receivable, net	$	13,628		$	11,873



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Provision for doubtful accounts	$	340	$	368	$	666	$	833

Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned industrial property we acquired during the six months ended June 30, 2017:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
28903 Avenue Paine⁽²⁾	Los Angeles - San Fernando Valley	2/17/2017	111,346	1	$	17,060
2390 Ward Avenue⁽³⁾	Ventura	4/28/2017	138,700	1	16,499
Safari Business Center⁽⁴⁾	Inland Empire - West	5/24/2017	1,138,090	16	141,200
4175 Conant Street⁽⁵⁾	Los Angeles - South Bay	6/14/2017	142,593	1	30,600
5421 Argosy Avenue⁽⁵⁾	Orange County - West	6/15/2017	35,321	1	5,300
14820-14830 Carmenita Road⁽²⁾	Los Angeles - Mid-counties	6/30/2017	198,062	3	30,650
Total 2017 Wholly-Owned Property Acquisitions			1,764,112	23	$	241,309


(1)	Represents the gross contractual purchase price before prorations and closing costs. Does not include capitalized acquisition costs totaling $0.6 million.


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


(3)	This acquisition was partially funded through a 1031 Exchange using $6.5 million of net cash proceeds from the sale of our property located at 9375 Archibald Avenue and borrowings under our unsecured revolving credit facility.


(4)	This acquisition was partially funded through a 1031 Exchange using $39.7 million of net cash proceeds from the sale of our property located at 2535 Midway Drive, borrowings under our unsecured revolving credit facility and available cash on hand.


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

Summary of Fair Value of Amounts Recognized



	Total 2017 Acquisitions
Assets:
Land	$	107,350
Buildings and improvements	120,364
Tenant improvements	3,924
Acquired lease intangible assets⁽¹⁾	12,867
Other acquired assets⁽²⁾	143
Total assets acquired	244,648
Liabilities:
Acquired lease intangible liabilities⁽³⁾	2,687
Other assumed liabilities⁽²⁾	1,514
Total liabilities assumed	4,201
Net assets acquired	$	240,447


(1)	Represents in-place leases and above-market leases with weighted average amortization periods of 5.1 years and 11.2 years, respectively.


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

Business Acquisition, Pro Forma Information [Table Text Block]



	Three Months Ended June 30, 2017			Six Months Ended June 30, 2017
Total revenues	$	1,391		$	1,391
Net income	$	(262	)	$	(280	)



	Three Months Ended June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Total revenues	$	39,222	$	34,134	$	78,324	$	65,170
Net income attributable to common stockholders	$	18,664	$	11,541	$	22,748	$	12,195
Net income attributable to common stockholders per share - basic	$	0.27	$	0.18	$	0.34	$	0.19
Net income attributable to common stockholders per share - diluted	$	0.27	$	0.18	$	0.34	$	0.19

Summary of Disposed Properties

The following table summarizes the property we sold during the six months ended June 30, 2017:



Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price⁽¹⁾ (in thousands)		Gain Recorded (in thousands)
9375 Archibald Avenue	Inland Empire West	3/31/2017	62,677	$	6,875	$	2,668
2535 Midway Drive	San Diego - Central	5/17/2017	373,744	$	40,050	$	15,974
2811 Harbor Boulevard	Orange County - Airport	6/28/2017	126,796	$	18,700	$	595
Total			563,217	$	65,625	$	19,237


(1)	Represents the gross contractual sales price before commissions, prorations and other closing costs.

- 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

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64862545&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64862545&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-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)

6 Months Ended

Jun. 30, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities



	June 30, 2017			December 31, 2016
Acquired Lease Intangible Assets:
In-place lease intangibles	$	78,873		$	68,234
Accumulated amortization	(43,633		)	(37,648		)
In-place lease intangibles, net	35,240			30,586
Above-market tenant leases	10,901			10,191
Accumulated amortization	(5,054		)	(4,412		)
Above-market tenant leases, net	5,847			5,779
Acquired lease intangible assets, net	$	41,087		$	36,365
Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(15,112	)	$	(12,426	)
Accumulated accretion	4,492			3,477
Below-market tenant leases, net	(10,620		)	(8,949		)
Above-market ground lease	(290		)	(290		)
Accumulated accretion	125			109
Above-market ground lease, net	(165		)	(181		)
Acquired lease intangible liabilities, net	$	(10,785	)	$	(9,130	)

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
In-place lease intangibles⁽¹⁾	$	3,149		$	3,402		$	6,105		$	6,288
Net above (below)-market tenant leases⁽²⁾	$	(193	)	$	67		$	(302	)	$	72
Above-market ground lease⁽³⁾	$	(8	)	$	(8	)	$	(16	)	$	(16	)


(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)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Summary of Components and Significant Terms of Our Indebtedness

The following table summarizes the balance of our indebtedness as of June 30, 2017 and December 31, 2016 (in thousands):



	June 30, 2017			December 31, 2016
Principal amount	$	564,242		$	502,476
Less: unamortized discount and debt issuance costs⁽¹⁾	(2,712		)	(2,292		)
Carrying value	$	561,530		$	500,184


(1)	Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which 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 June 30, 2017, and December 31, 2016 (dollars in thousands):



	June 30, 2017					December 31, 2016
	Principal Amount		Unamortized Discount and Debt Issuance Costs			Principal Amount		Unamortized Discount and Debt Issuance Costs			Contractual Maturity Date		Stated Interest Rate⁽¹⁾			Effective Interest Rate ⁽²⁾
Secured Debt
$60M Term Loan⁽³⁾	$	59,282	$	(165	)	$	59,674	$	(204	)	8/1/2019	⁽⁴⁾	LIBOR+1.90%			3.95	%
Gilbert/La Palma⁽⁵⁾	2,839		(141		)	2,909		(145		)	3/1/2031		5.125	%		5.41	%
12907 Imperial Highway⁽⁶⁾	5,121		115			5,182		180			4/1/2018		5.950	%		3.38	%
1065 Walnut Street	—		—			9,711		192			2/1/2019		N/A			N/A
Unsecured Debt
$100M Term Loan Facility	100,000		(384		)	100,000		—			2/14/2022		LIBOR+1.20%		⁽⁷⁾	3.18	%	⁽⁸⁾
Revolving Credit Facility	72,000		—			—		—			2/12/2021	⁽⁹⁾	LIBOR+1.10%		^(7)(10)	2.32	%
$225M Term Loan Facility	225,000		(1,539		)	225,000		(1,680		)	1/14/2023		LIBOR+1.50%		⁽⁷⁾	2.85	%
Guaranteed Senior Notes	100,000		(598		)	100,000		(635		)	8/6/2025		4.290	%		4.36	%
Total	$	564,242	$	(2,712	)	$	502,476	$	(2,292	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of June 30, 2017.


(2)	Reflects the effective interest rate as of June 30, 2017, which includes the effect of the amortization of discounts/premiums and debt issuance costs and the effect of interest rate swaps that are effective as of June 30, 2017.


(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 June 30, 2017, 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)	The LIBOR margin will range from 1.20% to 1.70% for the $100.0 million term loan facility, 1.10% to 1.50% 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, or leverage ratio, which is measured on a quarterly basis.


(8)	As of June 30, 2017, 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.


(9)	Two additional six-month extensions available at the borrower’s option.


(10)	The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee will range from 0.15% to 0.30% depending upon our leverage ratio.

Summary of Aggregate Future Minimum Payments of Debt



July 1, 2017 - December 31, 2017	$	526
2018	5,991
2019	58,266
2020	166
2021	72,175
Thereafter	427,118
Total	$	564,242

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2017

Leases, Operating [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

Future minimum base rent under operating leases as of June 30, 2017, is summarized as follows (in thousands):



Twelve months ended June 30,
2018	$	119,416
2019	102,034
2020	83,231
2021	60,653
2022	39,417
Thereafter	97,154
Total	$	501,905

Interest Rate Swaps (Tables)

6 Months Ended

Jun. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at June 30, 2017 and December 31, 2016 (dollars in thousands):



					Fair Value				Current Notional Value⁽¹⁾
Derivative Instrument	Effective Date	Maturity Date	Interest Strike Rate		June 30, 2017		December 31, 2016		June 30, 2017		December 31, 2016
Assets⁽²⁾:
Interest Rate Swap	2/14/2018	1/14/2022	1.349	%	$	2,588	$	3,245	$	—	$	—
Interest Rate Swap	8/14/2018	1/14/2022	1.406	%	$	1,811	$	2,349	$	—	$	—
Liabilities⁽³⁾:
Interest Rate Swap	1/15/2015	2/15/2019	1.826	%	$	175	$	338	$	30,000	$	30,000
Interest Rate Swap	7/15/2015	2/15/2019	2.010	%	$	253	$	440	$	29,282	$	29,674
Interest Rate Swap	8/14/2015	12/14/2018	1.790	%	$	255	$	529	$	50,000	$	50,000
Interest Rate Swap	2/16/2016	12/14/2018	2.005	%	$	411	$	738	$	50,000	$	50,000


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


(2)	The fair value of these interest rate swaps is included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets.


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

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of loss recognized in AOCI on derivatives (effective portion)	$	(1,358	)	$	(3,243	)	$	(1,054	)	$	(5,501	)
Amount of loss reclassified from AOCI into earnings under “Interest expense” (effective portion)	$	(362	)	$	(593	)	$	(810	)	$	(1,094	)
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)

6 Months Ended

Jun. 30, 2017

Fair Value Disclosures [Abstract]

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



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2017
Interest Rate Swap Asset	$	4,399		$	—	$	4,399		$	—
Interest Rate Swap Liability	$	(1,094	)	$	—	$	(1,094	)	$	—
December 31, 2016
Interest Rate Swap Asset	$	5,594		$	—	$	5,594		$	—
Interest Rate Swap Liability	$	(2,045	)	$	—	$	(2,045	)	$	—

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2017 and December 31, 2016 (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:
June 30, 2017	$	568,495	$	—	$	—	$	568,495	$	561,530
December 31, 2016	$	507,733	$	—	$	—	$	507,733	$	500,184

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30, 2017, is as follows (in thousands):



	Office Leases		Ground Lease
July 1, 2017 through December 31, 2017	$	314	$	72
2018	676		144
2019	459		144
2020	126		144
2021	120		144
Thereafter	—		5,820
Total	$	1,695	$	6,468

- 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

Equity (Tables)

6 Months Ended

Jun. 30, 2017

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our share-based award activity for the six months ended June 30, 2017:



	Unvested Awards
	Restricted Common Stock		LTIP Units	Performance Units
Balance at January 1, 2017	287,827		241,691	514,998
Granted	99,584		—	—
Forfeited	(15,145	)	—	—
Vested⁽¹⁾	(59,887	)	—	—
Balance at June 30, 2017	312,379		241,691	514,998


(1)	During the six months ended June 30, 2017, 17,253 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

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 June 30, 2017:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
July 1, 2017 - December 31, 2017	119,198	70,837	—
2018	76,911	70,842	315,998
2019	55,595	70,838	199,000
2020	40,066	29,174	—
2021	20,609	—	—
Total	312,379	241,691	514,998

(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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Expensed share-based compensation⁽¹⁾	$	1,394	$	954	$	2,740	$	1,887
Capitalized share-based compensation⁽²⁾	64		41		113		74
Total share-based compensation	$	1,458	$	995	$	2,853	$	1,961


(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



	Six Months Ended June 30,
	2017			2016
Beginning Balance	$	3,445		$	(3,033	)
Other comprehensive income before reclassifications	(1,054		)	(5,501		)
Amounts reclassified from accumulated other comprehensive income to interest expense	810			1,094
Net current period other comprehensive income	(244		)	(4,407		)
Less other comprehensive income attributable to noncontrolling interests	15			112
Other comprehensive income attributable to common stockholders	(229		)	(4,295		)
Ending Balance	$	3,216		$	(7,328	)

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2017

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 June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
Numerator:
Net income	$	19,855		$	12,792		$	25,576		$	14,269
Less: Preferred stock dividends	(1,322		)	—			(2,644		)	—
Less: Net income attributable to noncontrolling interests	(531		)	(418		)	(663		)	(470		)
Less: Net income attributable to participating securities	(156		)	(75		)	(247		)	(153		)
Net income attributable to common stockholders	$	17,846		$	12,299		$	22,022		$	13,646

Denominator:
Weighted average shares of common stock outstanding – basic	67,920,773			64,063,337			67,135,319			59,666,468
Effect of dilutive securities - performance units	410,461			241,376			347,781			194,363
Weighted average shares of common stock outstanding – diluted	68,331,234			64,304,713			67,483,100			59,860,831

Earnings per share — Basic
Net income attributable to common stockholders	$	0.26		$	0.19		$	0.33		$	0.23
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.26		$	0.19		$	0.33		$	0.23

Organization (Detail) ft² in Millions	Jun. 30, 2017 ft² property
Real Estate Properties [Line Items]
Number of real estate properties \| property	139
Area of real estate property (square feet) \| ft²	16.2
Number of real estate properties additionally managed \| property	19
Area of real estate property additionally managed \| ft²	1.2
Maximum
Real Estate Properties [Line Items]
Ownership Interest	100.00%

Summary of Significant Accounting Policies (Detail)		3 Months Ended		6 Months Ended
Summary of Significant Accounting Policies (Detail)	Jul. 01, 2016 USD ($) a	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 23, 2017 USD ($)	Dec. 31, 2016 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Rentable square feet \| ft²		1,764,112		1,764,112
Allocation period		1 year
Interest capitalized		$ 500,000	$ 400,000	$ 924,000	$ 882,000
Real estate taxes and insurance costs capitalized		$ 300,000	200,000	600,000	400,000
REIT annual taxable income distribution requirement percentage		90.00%
Income tax provision		$ 0	0	0	0
Rents and other receivables		4,910,000		4,910,000			$ 5,565,000
Allowance for doubtful accounts		(2,266,000)		(2,266,000)			(2,816,000)
Rents and other receivables, net		2,644,000		2,644,000			2,749,000
Deferred rent receivable		13,694,000		13,694,000			11,903,000
Allowance for doubtful accounts		(66,000)		(66,000)			(30,000)
Deferred rent receivable, net		13,628,000		13,628,000			$ 11,873,000
Provision for doubtful accounts		340,000	368,000	666,000	833,000
Net cash used in investing activities				(189,163,000)	(223,401,000)
Restricted cash			18,000,000		18,000,000
Previously Reported
Summary Of Significant Accounting Policies [Line Items]
Net cash used in investing activities					241,400,000
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		500,000	300,000	800,000	500,000
Leasing Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		$ 200,000	$ 100,000	$ 400,000	$ 200,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate		6.25%
Fair value inputs, capitalization rate		5.25%
Estimated 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		9.50%
Fair value inputs, capitalization rate		7.50%
Estimated average lease-up period					18 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
Rancho Cucamonga, CA
Summary Of Significant Accounting Policies [Line Items]
Mortgage loan, face amount	$ 6,000,000
Rentable square feet \| a	64,965
Proceeds from fees received	$ 300,000
Interest rate	10.00%
Deferred interest	$ 14,000
Mortgage loans, carrying amount						$ 6,200,000

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 28, 2017 USD ($)	Jun. 30, 2017 USD ($) ft² $ / shares	Jun. 30, 2016 USD ($) $ / shares	Jun. 30, 2017 USD ($) ft² building $ / shares	Jun. 30, 2016 USD ($) $ / shares
Business Acquisition [Line Items]
Business Acquisition, Pro Forma Revenue		$ 39,222	$ 34,134	$ 78,324	$ 65,170
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual		$ 1,391		$ 1,391
Rentable Square Feet \| ft²		1,764,112		1,764,112
Number of Buildings \| building				23
Purchase Price				$ 241,309
Capitalized acquisition costs		$ 600
Payments to acquire real estate				240,447	228,131
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual		(262)		(280)
Business Acquisition, Pro Forma Net Income (Loss)		$ 18,664	$ 11,541	$ 22,748	$ 12,195
Business Acquisition, Pro Forma Earnings Per Share, Basic \| $ / shares		$ 0.27	$ 0.18	$ 0.34	$ 0.19
Business Acquisition, Pro Forma Earnings Per Share, Diluted \| $ / shares		$ 0.27	$ 0.18	$ 0.34	$ 0.19
Below Market Lease, Weighted Average Useful Life				3 years 1 month 29 days
28903 Avenue Paine
Business Acquisition [Line Items]
Date of Acquisition				Feb. 17, 2017
Rentable Square Feet \| ft²		111,346		111,346
Number of Buildings \| building				1
Purchase Price				$ 17,060
2390 Ward Avenue
Business Acquisition [Line Items]
Date of Acquisition				Apr. 28, 2017
Rentable Square Feet \| ft²		138,700		138,700
Number of Buildings \| building				1
Purchase Price				$ 16,499
Safari Business Center
Business Acquisition [Line Items]
Date of Acquisition				May 24, 2017
Rentable Square Feet \| ft²		1,138,090		1,138,090
Number of Buildings \| building				16
Purchase Price				$ 141,200
4175 Conant Street
Business Acquisition [Line Items]
Date of Acquisition				Jun. 14, 2017
Rentable Square Feet \| ft²		142,593		142,593
Number of Buildings \| building				1
Purchase Price				$ 30,600
5421 Argosy Avenue
Business Acquisition [Line Items]
Date of Acquisition				Jun. 15, 2017
Rentable Square Feet \| ft²		35,321		35,321
Number of Buildings \| building				1
Purchase Price				$ 5,300
14820-14830 Carmenita Road
Business Acquisition [Line Items]
Date of Acquisition				Jun. 30, 2017
Rentable Square Feet \| ft²		198,062		198,062
Number of Buildings \| building				3
Purchase Price				$ 30,650
2535 Midway Drive
Business Acquisition [Line Items]
Payments to acquire real estate				$ 39,700
Archibald Ave
Business Acquisition [Line Items]
Payments to acquire real estate	$ 6,500
In-place lease intangibles
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				5 years 1 month 7 days
Above Market Leases
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				11 years 2 months 30 days

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands	Jun. 30, 2017 USD ($)
ASSETS
Land	$ 107,350
Buildings and improvements	120,364
Tenant improvements	3,924
Acquired lease intangible assets	12,867
Other acquired assets	143
Total assets acquired	244,648
Liabilities
Acquired lease intangible liabilities	2,687
Other assumed liabilities	1,514
Total liabilities assumed	4,201
Net assets acquired	$ 240,447

Investments in Real Estate - Dispositions (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	1,764,112		1,764,112
Gains on sale of real estate	$ 16,569	$ 11,563	$ 19,237	$ 11,563
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	563,217		563,217
Contractual Sales Price	$ 65,625		$ 65,625
Gains on sale of real estate	$ 19,237
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Archibald Ave
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	62,677		62,677
Contractual Sales Price	$ 6,875		$ 6,875
Gains on sale of real estate	$ 2,668
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2535 Midway Drive
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	373,744		373,744
Contractual Sales Price	$ 40,050		$ 40,050
Gains on sale of real estate	$ 15,974
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2811 Harbor Boulevard
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable square feet \| ft²	126,796		126,796
Contractual Sales Price	$ 18,700		$ 18,700
Gains on sale of real estate	$ 595

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 41,087	$ 36,365
Acquired lease intangible liabilities, net	(10,785)	(9,130)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	78,873	68,234
Accumulated amortization	(43,633)	(37,648)
Acquired lease intangible assets, net	35,240	30,586
Above Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	10,901	10,191
Accumulated amortization	(5,054)	(4,412)
Acquired lease intangible assets, net	5,847	5,779
Below Market Tenant Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(15,112)	(12,426)
Accumulated accretion	4,492	3,477
Acquired lease intangible liabilities, net	(10,620)	(8,949)
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(290)	(290)
Accumulated accretion	125	109
Acquired lease intangible liabilities, net	$ (165)	$ (181)

Intangible Assets - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net			$ (318)	$ 56
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 3,149	$ 3,402	6,105	6,288
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(193)	67	(302)	72
Above-market ground lease
Acquired Finite Lived Intangible Assets [Line Items]
Accretion of above-market ground lease intangibles	$ (8)	$ (8)	$ (16)	$ (16)

Notes Payable - Summary of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Principal amount	$ 564,242	$ 502,476
Less: unamortized discount and deferred loan costs	(2,712)	(2,292)
Carrying value	$ 561,530	$ 500,184

Notes Payable - Summary of Components and Significant Terms of Our Indebtedness (Detail) $ in Thousands		3 Months Ended
	Feb. 14, 2017	Jun. 30, 2017 USD ($) property swap extension	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 564,242	$ 502,476
Less: unamortized discount and deferred loan costs		(2,712)	(2,292)
Guaranteed Senior Notes
Debt Instrument [Line Items]
Principal amount		100,000	100,000
Less: unamortized discount and deferred loan costs		$ (598)	(635)
Contractual Maturity Date		Aug. 06, 2025
Stated Interest Rate		4.29%
Effective Interest Rate		4.36%
Revolving Credit Facility [Member] \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 72,000	0
Less: unamortized discount and deferred loan costs		$ 0	0
Contractual Maturity Date		Feb. 12, 2021
Description of variable rate basis		LIBOR
Basis spread on variable rate		1.10%
Effective Interest Rate		2.32%
Revolving Credit Facility [Member] \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Revolving Credit Facility [Member] \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Gilbert/La Palma(5) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,839	2,909
Less: unamortized discount and deferred loan costs		$ (141)	(145)
Contractual Maturity Date		Mar. 01, 2031
Stated Interest Rate		5.125%
Effective Interest Rate		5.41%
Amortization period		20 years
12907 Imperial Highway(6) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 5,121	5,182
Less: unamortized discount and deferred loan costs		$ 115	180
Contractual Maturity Date		Apr. 01, 2018
Stated Interest Rate		5.95%
Effective Interest Rate		3.38%
Amortization period		30 years
1065 Walnut Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 0	9,711
Less: unamortized discount and deferred loan costs		$ 0	(192)
Contractual Maturity Date		Feb. 01, 2019
$60M Term Loan \| LIBOR
Debt Instrument [Line Items]
Description of variable rate basis		LIBOR
Basis spread on variable rate		1.90%
Number of extensions \| extension		1
Extension period		1 year
$60M Term Loan \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 60,000
Amortization period		30 years
$60M Term Loan \| Fixed Rate Debt \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 59,282	59,674
Less: unamortized discount and deferred loan costs		$ (165)	(204)
Contractual Maturity Date		Aug. 01, 2019
Effective Interest Rate		3.95%
Number of properties securing loan \| property		6
Number of derivative instruments \| swap		2
$100M Term Loan Facility \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 100,000	100,000
Less: unamortized discount and deferred loan costs		$ (384)	0
Contractual Maturity Date		Feb. 14, 2022
Description of variable rate basis		LIBOR
Basis spread on variable rate		1.20%
Effective Interest Rate		3.18%
$100M Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%	1.20%
Number of derivative instruments \| swap		2
$100M Term Loan Facility \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%	1.70%
$225M Term Loan Facility \| Minimum \| LIBOR
Debt Instrument [Line Items]
Number of derivative instruments \| swap		2
$225M Term Loan Facility \| Term Loan \| Line of Credit \| LIBOR
Debt Instrument [Line Items]
Principal amount		$ 225,000	225,000
Less: unamortized discount and deferred loan costs		$ (1,539)	$ (1,680)
Contractual Maturity Date		Jan. 14, 2023
Description of variable rate basis		LIBOR
Basis spread on variable rate		1.50%
Effective Interest Rate		2.85%
$225M Term Loan Facility \| Term Loan \| Line of Credit \| Minimum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
$225M Term Loan Facility \| Term Loan \| Line of Credit \| Maximum \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate		2.25%

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
July 1, 2017 - December 31, 2017	$ 526
2018	5,991
2019	58,266
2020	166
2021	72,175
Thereafter	427,118
Total	$ 564,242	$ 502,476

Notes Payable - Additional Information (Detail)			3 Months Ended
Notes Payable - Additional Information (Detail)	Mar. 20, 2017 USD ($)	Feb. 14, 2017 USD ($)	Jun. 30, 2017 USD ($) extension	Mar. 31, 2017	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 550,000,000
Principal amount			$ 564,242,000		$ 502,476,000
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Number of extensions \| extension			2
Extension period			6 months
Unsecured Revolving Credit Facility [Member] \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage		0.15%
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.125%
Unsecured Revolving Credit Facility [Member] \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage		0.30%
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		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%	40.00%
Maximum ratio of recourse debt to total asset			15.00%
Minimum tangible net worth required			$ 760,740,750
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%
Thirty-day LIBOR plus \| Unsecured Revolving Credit Facility [Member] \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Basis spread on variable rate if additional investment grade rating attained		0.825%
Thirty-day LIBOR plus \| Unsecured Revolving Credit Facility [Member] \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Basis spread on variable rate if additional investment grade rating attained		1.55%
Thirty-day LIBOR plus \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
Principal amount			$ 100,000,000		100,000,000
Thirty-day LIBOR plus \| $100M Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%	1.20%
Basis spread on variable rate if additional investment grade rating attained		0.90%
Thirty-day LIBOR plus \| $100M Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%	1.70%
Basis spread on variable rate if additional investment grade rating attained		1.75%
Thirty-day LIBOR plus \| $60M Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
Number of extensions \| extension			1
Extension period			1 year
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Base Rate \| Unsecured Revolving Credit Facility [Member] \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.10%
Basis spread on variable rate if additional investment grade rating attained		0.00%
Base Rate \| Unsecured Revolving Credit Facility [Member] \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.50%
Basis spread on variable rate if additional investment grade rating attained		0.55%
Base Rate \| $100M Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.20%
Basis spread on variable rate if additional investment grade rating attained		0.00%
Base Rate \| $100M Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		0.70%
Basis spread on variable rate if additional investment grade rating attained		0.75%
Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility [Member] \| Thirty-day LIBOR plus
Debt Instrument [Line Items]
Basis spread on variable rate			1.10%
Principal amount			$ 72,000,000		0
Revolving Credit Facility [Member] \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.10%
Revolving Credit Facility [Member] \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Guaranteed Senior Notes
Debt Instrument [Line Items]
Principal amount			$ 100,000,000		100,000,000
Line of Credit \| 300 Million Credit Facility
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity			$ 300,000,000.0
Line of Credit \| Unsecured Credit Facility \| 450 Million Senior Credit Facility
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 450,000,000
Line of Credit \| Term Loan \| $100M Term Loan Facility
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		100,000,000
Line of Credit \| Term Loan \| Thirty-day LIBOR plus \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Principal amount			$ 225,000,000		225,000,000
Line of Credit \| Term Loan \| Thirty-day LIBOR plus \| $225M Term Loan Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Line of Credit \| Term Loan \| Thirty-day LIBOR plus \| $225M Term Loan Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			2.25%
Line of Credit \| Revolving Credit Facility [Member] \| Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 350,000,000
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]
Principal amount			$ 59,282,000		$ 59,674,000
Unsecured Credit Facility \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount			72,000,000
Additional availability			$ 278,000,000
1065 Walnut Street
Debt Instrument [Line Items]
Repayments of debt	$ 9,700,000
Prepayment Fees \| 1065 Walnut Street
Debt Instrument [Line Items]
Prepayment penalties	200,000
Debt Premium Write Off \| 1065 Walnut Street
Debt Instrument [Line Items]
Prepayment penalties	$ 200,000

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail) $ in Thousands	Jun. 30, 2017 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2018	$ 119,416
2019	102,034
2020	83,231
2021	60,653
2022	39,417
Thereafter	97,154
Total	$ 501,905

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($)	3 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Fair Value	$ 1,094,000	$ 2,045,000
Interest Rate Swap 1
Derivative [Line Items]
Fair Value	$ 400,000
Derivative Financial Instruments, Liabilities \| Interest Rate Swap 5
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2015
Interest rate swap agreement, maturity date	Dec. 14, 2018
Interest Strike Rate	1.79%
Fair Value	$ 255,000	529,000
Current Notional Value	$ 50,000,000	50,000,000
Derivative Financial Instruments, Liabilities \| Interest Rate Swap 3
Derivative [Line Items]
Interest rate swap agreement, effective date	Jan. 15, 2015
Interest rate swap agreement, maturity date	Feb. 15, 2019
Interest Strike Rate	1.826%
Fair Value	$ 175,000	338,000
Current Notional Value	$ 30,000,000	30,000,000
Derivative Financial Instruments, Liabilities \| Interest Rate Swap 4
Derivative [Line Items]
Interest rate swap agreement, effective date	Jul. 15, 2015
Interest rate swap agreement, maturity date	Feb. 15, 2019
Interest Strike Rate	2.01%
Fair Value	$ 253,000	440,000
Current Notional Value	$ 29,282,000	29,674,000
Derivative Financial Instruments, Liabilities \| Interest Rate Swap Six [Member]
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 16, 2016
Interest rate swap agreement, maturity date	Dec. 14, 2018
Interest Strike Rate	2.005%
Fair Value	$ 411,000	738,000
Current Notional Value	$ 50,000,000	50,000,000
Derivative Financial Instruments, Assets [Member] \| Interest Rate Swap 1
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.349%
Fair Value	$ 2,588,000	3,245,000
Current Notional Value	$ 0	0
Derivative Financial Instruments, Assets [Member] \| Interest Rate Swap 2
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.406%
Fair Value	$ 1,811,000	2,349,000
Current Notional Value	$ 0	$ 0

Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Interest rate swap asset	$ 4,399	$ 5,594
Interest rate swap liability	1,094	$ 2,045
Additional amount reclassified from AOCI as an increase to interest expense	800
Interest Rate Swap 4
Derivative [Line Items]
Interest rate swap asset	3,700
Interest Rate Swap 1
Derivative [Line Items]
Interest rate swap liability	$ 400

Interest Rate Swaps - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivative [Line Items]
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense” (effective portion)	$ (362)	$ (593)	$ (810)	$ (1,094)
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)	$ (1,358)	$ (3,243)	$ (1,054)

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap asset	$ 4,399	$ 5,594
Interest Rate Swap Liability	(1,094)	(2,045)
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate swap asset	4,399	5,594
Interest Rate Swap Liability	$ (1,094)	$ (2,045)

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 568,495	$ 507,733
Carrying value	561,530	500,184
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$ 568,495	$ 507,733

Related Party Transactions (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Related Party Transactions (Detail) - USD ($) $ in Millions	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.1	$ 0.1	$ 0.2	$ 0.1

Commitments and Contingencies (Detail) a in Thousands, ft² in Millions		3 Months Ended		6 Months Ended
	Sep. 14, 2016 a	Jun. 30, 2017 USD ($) ft² tenant	Jun. 30, 2016 USD ($)	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Dec. 31, 2016 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		$ 1,100,000		$ 1,100,000		$ 1,100,000
Indemnification asset		$ 1,100,000		$ 1,100,000		$ 1,100,000
Ground lease, expiration date		Jun. 01, 2062
Area of real estate property (square feet) \| ft²		16.2		16.2
Other commitments		$ 11,900,000		$ 11,900,000
Cash, FDIC Insured Amount		$ 250,000		250,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant		0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk, percentage		5.00%
Ground Lease
Commitments And Contingencies [Line Items]
Rent expense		$ 36,000	$ 36,000	100,000	$ 100,000
Ground Lease \| Corona, CA
Commitments And Contingencies [Line Items]
Area of real estate property (square feet) \| a	1,580
Contingency period	420 days
Corona Lease Transaction Costs		300,000
Office Leases
Commitments And Contingencies [Line Items]
Rent expense		$ 100,000	$ 100,000	$ 200,000	$ 300,000

Commitments and Contingencies - Future Minimum Commitment (Detail) $ in Thousands	Jun. 30, 2017 USD ($)
Office Leases
Operating Leased Assets [Line Items]
July 1, 2017 through December 31, 2017	$ 314
2018	676
2019	459
2020	126
2021	120
Thereafter	0
Total	1,695
Ground Lease
Operating Leased Assets [Line Items]
July 1, 2017 through December 31, 2017	72
2018	144
2019	144
2020	144
2021	144
Thereafter	5,820
Total	$ 6,468

Investment in Unconsolidated Real Estate Entities (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Jul. 06, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jul. 05, 2016
Schedule Of Equity Method Investments [Line Items]
Payments to acquire real estate				$ 240,447,000	$ 228,131,000
Equity in income from unconsolidated real estate entities		$ 0	$ 62,000	11,000	123,000
Management, leasing and development services		145,000	111,000	271,000	245,000
Mission Oaks Joint Venture
Schedule Of Equity Method Investments [Line Items]
Management, leasing and development services		$ 0	$ 18,000	$ 0	$ 100,000
3255 Mission Oaks Blvd
Schedule Of Equity Method Investments [Line Items]
Payments to acquire real estate	$ 25,700,000
Ownership Interest acquired	100.00%
3255 Mission Oaks Blvd \| 3255 Mission Oaks Blvd
Schedule Of Equity Method Investments [Line Items]
Ownership Interest acquired						15.00%

Equity - Common Stock (Details) - USD ($)			6 Months Ended
Equity - Common Stock (Details) - USD ($)	Jun. 12, 2017	Apr. 17, 2015	Jun. 30, 2017	Jun. 30, 2016
Class of Stock [Line Items]
Issuance of common stock, net			$ 118,354,000	$ 174,439,000
ATM Program
Class of Stock [Line Items]
Maximum aggregate offering amount	$ 150,000,000
Common stock, shares, issued (in shares)			176,244
Common stock share price (in dollars per share)			$ 27.51
Issuance of common stock, net			$ 4,800,000
Net proceeds from issuance of common stock			4,800,000
Shares available under ATM (in shares)			$ 145,200,000
Previous ATM Program
Class of Stock [Line Items]
Maximum aggregate offering amount		$ 125,000,000
Common stock, shares, issued (in shares)			4,390,917
Common stock share price (in dollars per share)			$ 26.35
Issuance of common stock, net			$ 115,700,000
Net proceeds from issuance of common stock			$ 114,000,000

Equity - Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Class of Stock [Line Items]
Conversion of units to common stock	$ 300
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of units to common stock		$ (346)	$ (287)
Common Stock
Class of Stock [Line Items]
Conversion of units to common stock, shares		34,180	27,079
Partnership Interest \| Equity \| Noncontrolling Interests
Class of Stock [Line Items]
Issuance of operating partnership units	1,932,816	1,932,816
Noncontrolling interest percentage ownership in Operating Partnership	2.70%	2.70%
LTIP Units
Class of Stock [Line Items]
Non-vested shares	241,691	241,691		241,691
LTIP Units \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Non-vested shares	41,668	41,668

Equity - 2013 Incentive Award Plan (Details)	Jun. 30, 2017 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested OP Unit Distribution Percentage	10.00%
2013 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,272,689
Common stock, shares reserved for future issuance	835,942

Equity - Schedule of Nonvested Restricted Stock Activity (Detail) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
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 (in shares)	17,253	17,253	11,681
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, 2017 (in shares)		287,827
Granted (in shares)	99,584
Forfeited (in shares)	(15,145)
Vested (in shares)	(59,887)
March 31, 2017 (in shares)	312,379	312,379
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, 2017 (in shares)		241,691
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	0
March 31, 2017 (in shares)	241,691	241,691
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, 2017 (in shares)		514,998
Granted (in shares)	0
Forfeited (in shares)	0
Vested (in shares)	0
March 31, 2017 (in shares)	514,998	514,998

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR Target Percentage		50.00%
Performance period	3 years
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	312,379	312,379	287,827
Restricted Common Stock \| July 1, 2017 - December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	119,198	119,198
Restricted Common Stock \| 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	76,911	76,911
Restricted Common Stock \| 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	55,595	55,595
Restricted Common Stock \| 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	40,066	40,066
Restricted Common Stock \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	20,609	20,609
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	241,691	241,691	241,691
LTIP Units \| July 1, 2017 - December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	70,837	70,837
LTIP Units \| 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	70,842	70,842
LTIP Units \| 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	70,838	70,838
LTIP Units \| 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	29,174	29,174
LTIP Units \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	0	0
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	514,998	514,998	514,998
Performance period	3 years
TSR performance percentage relative to peer group	75.00%	75.00%
Performance Units \| July 1, 2017 - December 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	0	0
Performance Units \| 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	315,998	315,998
Performance Units \| 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	199,000	199,000
Performance Units \| 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	0	0
Performance Units \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares	0	0

Equity - Share-based Awards Expensed & Capitalized Amounts (Details) - 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 1,394	$ 954	$ 2,740	$ 1,887
Capitalized share-based compensation	64	41	113	74
Total share-based compensation	1,458	$ 995	2,853	$ 1,961
Unrecognized compensation expense related to non-vested shares	9,100		$ 9,100
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Capitalized	$ 600
Weighted average remaining vesting period	28 months

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			$ 962,140	$ 693,744
Other comprehensive income before reclassifications			(1,054)	(5,501)
Amounts reclassified from accumulated other comprehensive income to interest expense			810	1,094
Net current period other comprehensive income	$ (996)	$ (2,650)	(244)	(4,407)
Less other comprehensive income attributable to noncontrolling interests			15	(112)
Ending Balance	1,084,978	862,784	1,084,978	862,784
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance			3,445	(3,033)
Net current period other comprehensive income			(229)	(4,295)
Other comprehensive income attributable to common stockholders			(229)	(4,295)
Ending Balance	$ 3,216	$ (7,328)	$ 3,216	$ (7,328)

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator:
Net income	$ 19,855	$ 12,792	$ 25,576	$ 14,269
Less: Preferred stock dividends	(1,322)	0	(2,644)	0
Less: net income attributable to noncontrolling interest	(531)	(418)	(663)	(470)
Less: Net income attributable to participating securities	(156)	(75)	(247)	(153)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 17,846	$ 12,299	$ 22,022	$ 13,646
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	67,920,773	64,063,337	67,135,319	59,666,468
Effect of dilutive securities - performance units (in shares)	410,461	241,376	347,781	194,363
Weighted average shares of common stock outstanding - diluted (in shares)	68,331,234	64,304,713	67,483,100	59,860,831
Earnings per share — Basic
Net income attributable to common stockholders (in dollars per share)	$ 0.26	$ 0.19	$ 0.33	$ 0.23
Earnings per share — Diluted
Net income attributable to common stockholders (in dollars per share)	$ 0.26	$ 0.19	$ 0.33	$ 0.23

Earnings Per Share - TSR Performance Percentile (Details)	3 Months Ended
	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years
TSR performance percentage relative to peer group	75.00%

Subsequent Events (Detail)						3 Months Ended	6 Months Ended		12 Months Ended
Subsequent Events (Detail)	Jul. 28, 2017 USD ($) ft² building	Jul. 20, 2017 USD ($) ft² building	Jul. 18, 2017 USD ($) ft² building	Jul. 11, 2017 USD ($) ft² building	Jul. 03, 2017 USD ($) ft² building	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2017 USD ($) ft² building	Jun. 30, 2016 USD ($)	Dec. 31, 2016 USD ($)	Jul. 31, 2017 $ / shares	Jul. 13, 2017 USD ($)
Subsequent Event [Line Items]
Payments to acquire real estate							$ 240,447,000	$ 228,131,000
Rentable square feet \| ft²						1,764,112	1,764,112
Principal amount						$ 564,242,000	$ 564,242,000		$ 502,476,000
Number of Buildings \| building							23
Preferred Stock, Dividend Rate, Percentage						5.875%			5.875%
Series A Preferred Stock
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage						5.875%
Subsequent Event
Subsequent Event [Line Items]
Prepayment of principal minimum amount											$ 2,500,000
Principal Prepayment Percentage											100.00%
Subsequent Event \| Operating Partnership Units
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares										$ 0.145
Subsequent Event \| Series A Preferred Stock
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares										0.36719
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends Payable, Amount Per Share \| $ / shares										$ 0.145
Subsequent Event \| 4832 Azusa Canyon Road [Member]
Subsequent Event [Line Items]
Payments to acquire real estate	$ 14,600,000
Rentable square feet \| ft²	87,421
Number of Buildings \| building	1
Subsequent Event \| 11190 White Birch Drive [Member]
Subsequent Event [Line Items]
Payments to acquire real estate		$ 19,800,000
Rentable square feet \| ft²		201,035
Number of Buildings \| building		1
Subsequent Event \| 3002-3072 Inland Empire Boulevard [Member]
Subsequent Event [Line Items]
Payments to acquire real estate					$ 26,900,000
Rentable square feet \| ft²					218,407
Number of Buildings \| building					4
Subsequent Event \| 17000 Kingsview Avenue and 800 Sandhill Avenue [Member]
Subsequent Event [Line Items]
Payments to acquire real estate				$ 14,000,000
Rentable square feet \| ft²				100,121
Number of Buildings \| building				1
Subsequent Event \| Rancho Pacifica Industrial Park [Member]
Subsequent Event [Line Items]
Payments to acquire real estate			$ 210,500,000
Rentable square feet \| ft²			1,200,000
Number of Buildings \| building			6
$125M senior notes [Member]
Subsequent Event [Line Items]
Principal amount						$ 125,000,000.0	$ 125,000,000.0
$125M senior notes [Member] \| Subsequent Event
Subsequent Event [Line Items]
Principal amount											$ 125,000,000.0
Stated Interest Rate											3.93%
Guaranteed Senior Notes
Subsequent Event [Line Items]
Principal amount						$ 100,000,000	$ 100,000,000		$ 100,000,000
Stated Interest Rate						4.29%	4.29%