View Filing Data

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2019

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2019 and 2018, which consists solely of adjustments related to our cash flow hedges:



	Year Ended December 31,
	2019			2018
Accumulated other comprehensive income - beginning balance	$	6,262		$	6,799
Other comprehensive (loss) income before reclassifications	(12,103		)	649
Amounts reclassified from accumulated other comprehensive income to interest expense	(2,038		)	(1,204		)
Net current period other comprehensive loss	(14,141		)	(555		)
Less: other comprehensive loss attributable to noncontrolling interests	337			18
Other comprehensive loss attributable to common stockholders	(13,804		)	(537		)
Accumulated other comprehensive (loss) income - ending balance	$	(7,542	)	$	6,262

Schedule Of Federal Income Tax Treatment For Distributions

The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2019, 2018 and 2017:



	Common Stock
	Year Ended December 31,
	2019				2018				2017
Ordinary Income	$	0.783269	100.00	%	$	0.623496	99.76	%	$	0.498827	95.68	%
Return of Capital	—		—	%	0.001504		0.24	%	0.022526		4.32	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	0.783269	100.00	%	$	0.625000	100.00	%	$	0.521353	100.00	%



	Series A Preferred Stock
	Year Ended December 31,
	2019				2018				2017
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%



	Series B Preferred Stock								Series C Preferred Stock
	Year Ended December 31,								Year Ended December 31,
	2019				2018				2019
Ordinary Income	$	1.468752	100.00	%	$	1.664585	100.00	%	$	0.394531	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.664585	100.00	%	$	0.394531	100.00	%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
ASSETS
Land	$ 1,927,098	$ 1,298,957
Buildings and improvements	1,680,178	1,332,438
Tenant improvements	72,179	60,024
Furniture, fixtures, and equipment	141	149
Construction in progress	18,794	24,515
Total real estate held for investment	3,698,390	2,716,083
Accumulated depreciation	(296,777)	(228,742)
Investments in real estate, net	3,401,613	2,487,341
Cash and cash equivalents	78,857	180,601
Rents and other receivables, net	5,889	4,944
Deferred rent receivable, net	29,671	22,228
Deferred leasing costs, net	18,688	14,002
Deferred loan costs, net	695	1,312
Acquired lease intangible assets, net	73,090	55,683
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	766	8,770
Other assets	9,671	6,723
Acquisition related deposits	14,526	925
Total Assets	3,638,622	2,787,685
Liabilities
Notes payable	857,842	757,371
Interest rate swap liability	8,488	2,351
Accounts payable, accrued expenses and other liabilities	31,112	21,074
Dividends payable	21,624	15,938
Acquired lease intangible liabilities, net	59,340	52,727
Tenant security deposits	28,779	23,262
Prepaid rents	8,988	6,539
Total Liabilities	1,016,173	879,262
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 and 490,000,000 authorized and 113,793,300 and 96,810,504 shares outstanding at December 31, 2019 and December 31, 2018, respectively	1,136	966
Additional paid in capital	2,439,007	1,798,113
Cumulative distributions in excess of earnings	(118,751)	(88,341)
Accumulated other comprehensive income	(7,542)	6,262
Total stockholders’ equity	2,556,177	1,876,094
Noncontrolling interests	66,272	32,329
Total Equity	2,622,449	1,908,423
Total Liabilities and Equity	3,638,622	2,787,685
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at December 31, 2019 and December 31, 2018 ($90,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 and 10,000,000 shares authorized, at December 31, 2019 and December 31, 2018, respectively	86,651	86,651
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2019 and December 31, 2018 ($75,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 and 10,000,000 shares authorized, at December 31, 2019 and December 31, 2018, respectively	72,443	72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 and zero shares outstanding at December 31, 2019 and December 31, 2018, respectively ($86,250 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 and 10,000,000 shares authorized, at December 31, 2019 and December 31, 2018, respectively	$ 83,233	$ 0

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 64,001	$ 47,075	$ 41,700
Other comprehensive (loss) income: cash flow hedge adjustment	(14,141)	(555)	3,425
Comprehensive income	49,860	46,520	45,125
Less: comprehensive income attributable to noncontrolling interests	(1,685)	(847)	(1,059)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 48,175	$ 45,673	$ 44,066

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=118930883&loc=SL7669625-108580

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591551-111686

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118932676&loc=d3e3000-108585

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

Operating Leases - Lease Cost (Detail) $ in Thousands	12 Months Ended
Operating Leases - Lease Cost (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
Operating lease cost	$ 1,044
Variable lease cost	54
Sublease income	(162)
Total lease cost	$ 936

Subsequent Events - Additional Information (Detail)					12 Months Ended
Subsequent Events - Additional Information (Detail)	Feb. 13, 2020 USD ($) extension	Feb. 10, 2020 $ / shares	Sep. 20, 2019	Nov. 13, 2017	Dec. 31, 2019 USD ($) ft² building $ / shares	Dec. 31, 2018 USD ($) ft² building $ / shares	Dec. 31, 2017 $ / shares
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $					$ 970,697,000	$ 492,850,000
Number of buildings \| building					57	35
Rentable square feet \| ft²					5,365,929	3,062,487
Common stock dividends declared (in dollars per share)					$ 0.74	$ 0.64	$ 0.58
Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share)		$ 0.215
Operating Partnership Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)		0.215
Series A Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)					$ 1.468752	$ 1.468752	$ 1.468752
Preferred stock, interest					5.875%	5.875%
Series A Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.367188
Series B Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)					$ 1.468752	$ 1.664585
Preferred stock, interest				5.875%	5.875%	5.875%
Series B Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.367188
Series C Preferred Stock
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)					$ 0.394531
Preferred stock, interest			5.625%		5.625%
Series C Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share)		0.351563
Series 1 CPOP Units \| Series 1 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share)		$ 0.505085
Line of Credit \| Unsecured Credit Facility \| $600 million, senior unsecured credit facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity \| $	$ 600,000,000.0
Contingent additional borrowings \| $	900,000,000.0
Line of Credit \| Revolving Credit Facility \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity \| $	$ 500,000,000.0
Number of extensions \| extension	2
Extension duration period	6 months
Line of Credit \| Term Loan \| $100 million, Amended Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity \| $	$ 100,000,000.0
Federal Funds Rate \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.50%
Eurodollar \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.00%
LIBOR \| Revolving Credit Facility
Subsequent Event [Line Items]
Basis spread on variable rate					1.10%
Minimum \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Commitment fee percentage investment grade rating pricing structure	0.125%
Minimum \| Revolving Credit Facility
Subsequent Event [Line Items]
Commitment fee percentage					0.15%
Minimum \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Commitment fee percentage	0.15%
Minimum \| LIBOR \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.05%
Basis spread on variable rate investment grade rating pricing structure	0.725%
Minimum \| LIBOR \| $100 million, Amended Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.20%
Basis spread on variable rate investment grade rating pricing structure	0.85%
Minimum \| LIBOR \| Revolving Credit Facility
Subsequent Event [Line Items]
Basis spread on variable rate					1.10%
Minimum \| Base Rate \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.05%
Basis spread on variable rate investment grade rating pricing structure	0.00%
Minimum \| Base Rate \| $100 million, Amended Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.20%
Basis spread on variable rate investment grade rating pricing structure	0.00%
Maximum \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Commitment fee percentage investment grade rating pricing structure	0.30%
Maximum \| Revolving Credit Facility
Subsequent Event [Line Items]
Commitment fee percentage					0.30%
Maximum \| Revolving Credit Facility \| Subsequent Event
Subsequent Event [Line Items]
Commitment fee percentage	0.30%
Maximum \| LIBOR \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.50%
Basis spread on variable rate investment grade rating pricing structure	1.40%
Maximum \| LIBOR \| $100 million, Amended Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	1.70%
Basis spread on variable rate investment grade rating pricing structure	1.65%
Maximum \| LIBOR \| Revolving Credit Facility
Subsequent Event [Line Items]
Basis spread on variable rate					1.50%
Maximum \| Base Rate \| $500 million, Amended Revolver \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.50%
Basis spread on variable rate investment grade rating pricing structure	0.45%
Maximum \| Base Rate \| $100 million, Amended Term Loan Facility \| Subsequent Event
Subsequent Event [Line Items]
Basis spread on variable rate	0.70%
Basis spread on variable rate investment grade rating pricing structure	0.65%

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 64,001	$ 47,075	$ 41,700
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in income from unconsolidated real estate entities	0	0	(11)
Depreciation and amortization	98,891	80,042	64,852
Amortization of (below) above market lease intangibles, net	(7,907)	(5,981)	(2,270)
Amortization of loan origination fees	0	0	(150)
Deferred interest income on notes receivable	0	0	84
Gain on extinguishment of debt	0	0	(25)
Gain on sale of real estate	(16,297)	(17,222)	(29,573)
Amortization of debt issuance costs	1,383	1,332	1,147
Amortization of discount (premium) on notes payable, net	6	5	(169)
Equity based compensation expense	10,756	10,147	5,398
Straight-line rent	(7,588)	(6,477)	(4,737)
Change in working capital components:
Rents and other receivables	(875)	(1,249)	(946)
Deferred leasing costs	(8,317)	(6,212)	(5,693)
Other assets	1,024	(1,271)	(1,491)
Accounts payable, accrued expenses and other liabilities	1,573	651	4,203
Tenant security deposits	2,855	2,731	2,580
Prepaid rents	9	(796)	1,751
Net cash provided by operating activities	139,514	102,775	76,650
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(943,382)	(494,202)	(664,361)
Capital expenditures	(47,169)	(57,951)	(42,313)
Payments for deposits on real estate acquisitions	(14,526)	(25)	(2,475)
Distributions from unconsolidated real estate entities	0	0	11
Principal repayments of notes receivable	0	0	6,000
Proceeds from deposit on real estate sale	0	0	250
Proceeds from sale of real estate	32,335	44,965	95,988
Net cash used in investing activities	(972,742)	(507,213)	(606,900)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of preferred stock, net	83,233	0	72,475
Issuance of common stock, net	638,900	556,520	330,900
Proceeds from notes payable	135,000	401,000	612,000
Repayment of notes payable	(35,158)	(311,541)	(442,818)
Debt issuance costs	(143)	(1,748)	(2,268)
Debt extinguishment costs	0	0	(193)
Redemption of preferred stock in connection with liquidation of private REIT	0	0	(125)
Dividends paid to preferred stockholders	(11,055)	(10,281)	(5,288)
Dividends paid to common stockholders	(75,550)	(53,691)	(40,207)
Distributions paid to common unitholders	(2,019)	(1,496)	(1,313)
Distributions paid to preferred unitholders	(870)	0	0
Repurchase of common shares to satisfy employee tax withholding requirements	(854)	(594)	(1,568)
Net cash provided by financing activities	731,484	578,169	521,595
(Decrease) increase in cash, cash equivalents and restricted cash	(101,744)	173,731	(8,655)
Cash, cash equivalents and restricted cash, beginning of period	180,601	6,870	15,525
Cash, cash equivalents and restricted cash, end of period	78,857	180,601	6,870
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $3,860, $2,053, and $1,694 for 2019, 2018 and 2017, respectively)	23,494	23,791	18,423
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	3,262	0	0
Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to January 1, 2019	3,457	0	0
Issuance of 4.43937% cumulative redeemable convertible preferred units in connection with property acquisition	27,359	0	0
Accrual for capital expenditures	6,407	3,581	3,500
Accrual of dividends	$ 21,624	$ 15,938	$ 11,727

Incentive Award Plan - Additional Information (Detail)								12 Months Ended
Incentive Award Plan - Additional Information (Detail)	Dec. 28, 2019 shares	Dec. 16, 2019 USD ($) $ / shares shares	Feb. 15, 2019 shares	Dec. 15, 2018 USD ($) shares	Dec. 14, 2018 USD ($) $ / shares shares	Feb. 21, 2018 USD ($) shares	Dec. 15, 2017 USD ($) shares	Dec. 31, 2019 USD ($) installment $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 $ / shares shares	Jun. 11, 2018 shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost for all equity-based compensation arrangements \| $								$ 21,400,000
Weighted average remaining vesting period								27 months
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage								10.00%
Performance period								3 years
Distributions accruing during performance period								90.00%
Grant date fair value \| $		$ 3,922,000		$ 2,090,000			$ 2,714,000
Units vested in period (shares)	195,628				307,986
Performance Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		294,994		204,517			188,250
Performance period		3 years		3 years			3 years
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)								179,758	190,318	122,631
Closing share price of common stock (in dollars per share) \| $ / shares								$ 26.14	$ 23.29	$ 17.48
Units vested in period (shares)								208,394	156,755	70,837
LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		120,243		132,875			122,631
Grant date fair value \| $		$ 5,148,000		$ 3,853,000			$ 3,563,000
Compensation expense \| $						$ 1,200,000		$ 1,800,000	$ 1,700,000
LTIP Units \| Howard Schwimmer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			24,641			22,517
LTIP Units \| Michael S. Frankel
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)			24,641			22,517
Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units vested in period (shares)	74,000				115,600
Absolute TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		118,339		63,473			70,000
Performance period								3 years
Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units vested in period (shares)	111,000				173,399
Relative TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		74,033		63,473			105,000
Performance period								3 years
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value \| $		$ 2,000,000.0			$ 2,000,000.0
Closing share price of common stock (in dollars per share) \| $ / shares		$ 45.74			$ 31.42
FFO Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		85,898		63,471			0
Performance period								3 years
Distribution Equivalents
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Units vested in period (shares)	10,628				18,987
Number of units canceled (shares)	3,372				8,012
Distribution Equivalents \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		16,724		14,100			13,250
Performance period								3 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)								110,711	104,560	104,727
Closing share price of common stock (in dollars per share) \| $ / shares								$ 23.23	$ 19.40	$ 15.43
Units vested in period (shares)								81,277	81,826	165,900
Number of units canceled (shares)								17,287	13,031	35,959
Number of vesting installment period \| installment								4
Restricted stock \| Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)								97,527
Grant date fair value \| $								$ 3,400,000
Restricted stock \| Other Employees \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares								$ 34.20
Restricted stock \| Other Employees \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares								$ 47.90
Restricted stock \| Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)								2,264
Grant date fair value \| $								$ 85,000
Closing share price of common stock (in dollars per share) \| $ / shares								$ 37.54
Restricted stock \| Board of Directors Chairman [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)								1,864
Grant date fair value \| $								$ 70,000
Amended and Restated 2013 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock and/or LTIP units available for issuance (shares)											1,770,000
Common stock, shares reserved for future issuance (shares)								1,267,576
Amended and Restated 2013 Incentive Award Plan \| Performance Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		294,994
2013 Incentive Award Plan \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage								10.00%
2013 Incentive Award Plan \| Performance Award, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period	3 years
2013 Incentive Award Plan \| Performance Award, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period					3 years
First anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments		33.33%		33.33%
First anniversary \| 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments							33.33%
Second anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments		33.33%		33.33%
Second anniversary \| 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments							33.33%
Third anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments		33.33%		33.33%
Third anniversary \| 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments							33.33%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Absolute TSR Vesting Percentage	100.00%	100.00%		100.00%	100.00%		100.00%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Relative TSR Vesting Percentage	100.00%	100.00%		100.00%	100.00%		100.00%

Notes Payable - Additional Information (Detail)								12 Months Ended
Notes Payable - Additional Information (Detail)	May 22, 2020	May 22, 2019	Jun. 27, 2018 USD ($)	May 22, 2018 USD ($)	Jan. 16, 2018 USD ($)	Feb. 14, 2017 USD ($) extension	Jul. 24, 2013	Dec. 31, 2019 USD ($) property extension	Dec. 31, 2018 USD ($)	Jul. 16, 2019 USD ($)
Debt Instrument [Line Items]
Principal amount								$ 860,958,000	$ 761,116,000
$150M Term Loan Facility
Debt Instrument [Line Items]
Principal amount				$ 150,000,000.0
Contingent additional borrowings				$ 100,000,000.0
Prepayment premium, percent		2.00%
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Principal amount			$ 60,000,000.0
Extension period								24 months
Interest only payment extension period			36 months
Principal payments			$ 65,250
Debt service coverage ratio								110.00%
Unencumbered liquid assets								$ 5,000,000
Long-term line of credit availability								8,000,000
Unencumbered liquid assets cash and cash equivalents								2,000,000
Minimum fair market net worth								$ 75,000,000
Minimum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure						0.125%
Maximum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure						0.30%
Amended Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value								60.00%
Maximum ratio of recourse debt to total asset								15.00%
Minimum tangible net worth required								$ 760,740,750
Maximum debt to tangible net worth ratio required for equity proceeds								75.00%
Minimum ratio of EBITDA to fixed charges								1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool								60.00%
Minimum ratio of NOI unsecured interest expense								1.75
Maximum distribution amount per Credit Facility, percent								95.00%
$225 and $150 Million Term Loan Facilities
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value								45.00%
Senior Notes, 100 and 125 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value								40.00%
Series 2019A and 2019B Notes
Debt Instrument [Line Items]
Principal amount										$ 100,000,000.0
Prepayment of principal, minimum amount										$ 2,500,000
Principal prepayment percentage										100.00%
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Principal amount								$ 25,000,000	0	$ 25,000,000.0
Percentage rate										3.88%
Maturity date								Jul. 16, 2029
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Principal amount								$ 75,000,000	$ 0	$ 75,000,000.0
Percentage rate										4.03%
Maturity date								Jul. 16, 2034
LIBOR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate							1.90%
LIBOR \| Minimum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate									1.50%
LIBOR \| Minimum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.10%
Basis spread on variable rate investment grade rating pricing structure						0.825%
LIBOR \| Minimum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.20%
Basis spread on variable rate investment grade rating pricing structure						0.90%
LIBOR \| Maximum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate									2.25%
LIBOR \| Maximum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Basis spread on variable rate investment grade rating pricing structure						1.55%
LIBOR \| Maximum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.70%
Basis spread on variable rate investment grade rating pricing structure						1.75%
Base Rate \| Minimum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.20%				0.50%
Base Rate \| Minimum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Basis spread on variable rate investment grade rating pricing structure				0.40%
Base Rate \| Minimum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						0.10%
Basis spread on variable rate investment grade rating pricing structure						0.00%
Base Rate \| Minimum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate						0.20%
Basis spread on variable rate investment grade rating pricing structure						0.00%
Base Rate \| Maximum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.70%				1.25%
Base Rate \| Maximum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.20%
Basis spread on variable rate investment grade rating pricing structure				1.35%
Base Rate \| Maximum \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
Basis spread on variable rate investment grade rating pricing structure						0.55%
Base Rate \| Maximum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate						0.70%
Basis spread on variable rate investment grade rating pricing structure						0.75%
Eurodollar \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%
Eurodollar \| Minimum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure				1.40%
Eurodollar \| Maximum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Basis spread on variable rate investment grade rating pricing structure				2.35%
Federal Funds Rate \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				0.50%
Federal Funds Rate \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
Term Loan \| $225M Term Loan Facility
Debt Instrument [Line Items]
Principal amount					$ 225,000,000.0			$ 225,000,000	$ 225,000,000
Maturity date								Jan. 14, 2023
Term Loan \| $150M Term Loan Facility
Debt Instrument [Line Items]
Principal amount								$ 150,000,000	150,000,000
Maturity date								May 22, 2025
Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Number Of Properties Securing Loan \| property								6
Principal amount								$ 58,499,000	58,499,000
Maturity date								Aug. 01, 2023
Number of extensions \| extension								1
Term Loan \| $100M Term Loan Facility
Debt Instrument [Line Items]
Principal amount								$ 100,000,000	$ 100,000,000
Maturity date								Feb. 14, 2022
Term Loan \| Line of Credit \| $100M Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 100,000,000.0
Term Loan \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Term Loan \| LIBOR \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.50%
Term Loan \| LIBOR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.70%
Term Loan \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Term Loan \| LIBOR \| Minimum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Term Loan \| LIBOR \| Minimum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Term Loan \| LIBOR \| Minimum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.20%
Term Loan \| LIBOR \| Maximum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.70%
Term Loan \| LIBOR \| Maximum \| $150M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate				2.20%
Term Loan \| LIBOR \| Maximum \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate								1.70%
Unsecured Credit Facility \| Line of Credit \| $450 Million Senior Credit Facility
Debt Instrument [Line Items]
Contingent additional borrowings						550,000,000.0
Maximum borrowing capacity						450,000,000.0
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage								0.15%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage								0.30%
Revolving Credit Facility \| Line of Credit \| Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 350,000,000.0
Number of extensions \| extension						2
Extension duration period						6 months
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability								$ 350,000,000.0
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate								1.10%
Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate								1.10%
Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate								1.50%
Scenario, Forecast \| $150M Term Loan Facility
Debt Instrument [Line Items]
Prepayment premium, percent	1.00%
External Credit Rating, Additional Investment Grade Rating \| LIBOR \| Minimum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.90%			1.40%
External Credit Rating, Additional Investment Grade Rating \| LIBOR \| Maximum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					1.75%			2.35%
External Credit Rating, Additional Investment Grade Rating \| Base Rate \| Minimum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.00%			0.40%
External Credit Rating, Additional Investment Grade Rating \| Base Rate \| Maximum \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					0.75%			1.35%

Operating Leases

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Leases

Lessor

We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred.

We recognized $256.3 million of rental income related to operating lease payments of which $214.5 million are for fixed lease payments and $41.8 million are for variable lease payments for the year ended December 31, 2019.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2019 (in thousands):



For the year ending December 31,
2020	$	232,304
2021	198,408
2022	160,341
2023	125,869
2024	89,630
Thereafter	307,584
Total	$	1,114,136

The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles.

Lessee

ASC 842 Current Period Disclosures

Prior to July 3, 2019, we leased a parcel of land located at 3340 North San Fernando Road under a long-term ground lease, with an expiration date of June 1, 2062, no options to renew, no purchase option, and ground rent, which reset every 10 years, equal to 8.0% of the fair market value of the land, subject to a minimum monthly rent of $12,000. On July 3, 2019, we both acquired the fee title to the parcel of land and assumed the related ground lease from the seller/lessor, such that we became both the ground lessor and the ground lessee under the ground lease.

We lease office space as part of conducting our day-to-day business. As of December 31, 2019, our office space leases have remaining lease terms ranging from approximately 4 months to 5 years and some include options to renew. These renewal terms can extend the lease term from 3 to 5 years and are included in the lease term when it is reasonably certain that we will exercise the option.

Upon the adoption of ASC 842 on January 1, 2019, we recognized lease liabilities of $3.6 million (in “Accounts payable, accrued expenses and other liabilities”) and related ROU assets of $3.3 million (in “Other assets”) on our consolidated balance sheets, based on the present value of lease payments for the remaining term of our existing leases. Operating lease

ROU assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. Upon acquisition of the parcel of land noted above, we reclassified the ROU asset to land and recorded the difference between the purchase price and the carrying amount of the lease liability immediately before the purchase as an adjustment of the carrying value of the land. As of December 31, 2019, total ROU assets and lease liabilities were approximately $3.5 million and $3.8 million, respectively. All operating lease expense is recognized on a straight-line basis over the lease term.

The tables below present financial information associated with our leases. This information is only presented as of, and for year ended December 31, 2019 because, as previously noted, we adopted ASC 842 on a prospective basis which does not require application to periods prior to adoption.



Lease Cost (in thousands)	Year Ended December 31, 2019
Operating lease cost⁽¹⁾	$	1,044
Variable lease cost⁽¹⁾	54
Sublease income⁽²⁾	(162		)
Total lease cost	$	936


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


(2)	Amount is included in “Rental income” in the accompanying consolidated statement of operations.



Other Information (in thousands)	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	6,720


(1)	The reported amount includes $3.3 million for operating leases existing on January 1, 2019.



Lease Term and Discount Rate	December 31, 2019
Weighted-average remaining lease term	4.7
Weighted-average discount rate⁽¹⁾	3.92	%


(1)	Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



2020	$	805
2021	888
2022	779
2023	807
2024	826
Thereafter	69
Total undiscounted lease payments	$	4,174
Less imputed interest	(398		)
Total lease liabilities	$	3,776

We have additional operating leases for office space of $3.4 million which have not commenced as December 31, 2019, and as such, have not been recognized on our consolidated balance sheets. These operating leases are expected to commence in 2020 and have lease terms of approximately 5 years.

ASC 840 Comparative Period Disclosure

As we elected to apply the provisions of ASC 842 on a prospective basis, the following comparative period disclosure is being presented in accordance with ASC 840. The future minimum commitments under our office space leases and ground lease as of December 31, 2018, were as follows (in thousands):



	Office Leases		Ground Lease
2019	$	668	$	144
2020	257		144
2021	167		144
2022	—		144
2023	—		144
Thereafter	—		5,532
Total	$	1,092	$	6,252

We recognized rental expense for our ground lease in the amount of $0.1 million and $0.1 million for the years ended December 31, 2018 and 2017, respectively. We recognized rental expense for our office space leases in the amount of $0.7 million and $0.5 million for the years ended December 31, 2018 and 2017, respectively.

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 leases 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.

Operating Leases

Lessor

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2019 (in thousands):



For the year ending December 31,
2020	$	232,304
2021	198,408
2022	160,341
2023	125,869
2024	89,630
Thereafter	307,584
Total	$	1,114,136

Lessee

ASC 842 Current Period Disclosures



Lease Cost (in thousands)	Year Ended December 31, 2019
Operating lease cost⁽¹⁾	$	1,044
Variable lease cost⁽¹⁾	54
Sublease income⁽²⁾	(162		)
Total lease cost	$	936


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


(2)	Amount is included in “Rental income” in the accompanying consolidated statement of operations.



Other Information (in thousands)	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	6,720


(1)	The reported amount includes $3.3 million for operating leases existing on January 1, 2019.



Lease Term and Discount Rate	December 31, 2019
Weighted-average remaining lease term	4.7
Weighted-average discount rate⁽¹⁾	3.92	%


(1)	Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



2020	$	805
2021	888
2022	779
2023	807
2024	826
Thereafter	69
Total undiscounted lease payments	$	4,174
Less imputed interest	(398		)
Total lease liabilities	$	3,776

ASC 840 Comparative Period Disclosure



	Office Leases		Ground Lease
2019	$	668	$	144
2020	257		144
2021	167		144
2022	—		144
2023	—		144
Thereafter	—		5,532
Total	$	1,092	$	6,252

Stockholder's Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 1,908,423	$ 1,365,254	$ 962,140
Other comprehensive (loss) income before reclassifications	(12,103)	649
Amounts reclassified from accumulated other comprehensive income to interest expense	(2,038)	(1,204)
Net current period other comprehensive loss	(14,141)	(555)	3,425
Less: other comprehensive loss attributable to noncontrolling interests	337	18
Other comprehensive loss attributable to common stockholders	(13,804)	(537)
Ending Balance	2,622,449	1,908,423	1,365,254
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	6,262	6,799	3,445
Net current period other comprehensive loss	(13,804)	(537)	3,354
Ending Balance	$ (7,542)	$ 6,262	$ 6,799

Operating Leases - Other Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 961
Right-of-use assets obtained in exchange for new operating lease liabilities	6,720
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	$ 3,262	$ 0	$ 0

Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LTIP Units
Number of Unvested Shares of Non-Options
Beginning balance (shares)	327,048	293,485	241,691
Granted (shares)	179,758	190,318	122,631
Vested (shares)	(208,394)	(156,755)	(70,837)
Ending balance (shares)	298,412	327,048	293,485
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 26.12	$ 23.10	$ 18.43
Granted (in dollars per share)	39.67	28.43	29.05
Vested (in dollars per share)	26.14	23.29	17.48
Ending balance (in dollars per share)	$ 34.26	$ 26.12	$ 23.10
Restricted stock
Number of Unvested Shares of Non-Options
Beginning balance (shares)	200,398	190,695	287,827
Granted (shares)	110,711	104,560	104,727
Forfeited (shares)	(17,287)	(13,031)	(35,959)
Vested (shares)	(81,277)	(81,826)	(165,900)
Ending balance (shares)	212,545	200,398	190,695
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 24.17	$ 20.13	$ 15.92
Granted (in dollars per share)	34.85	27.72	23.78
Forfeited (in dollars per share)	29.71	23.51	18.74
Vested (in dollars per share)	23.23	19.40	15.43
Ending balance (in dollars per share)	$ 29.64	$ 24.17	$ 20.13
Fair value of vested shares	$ 2.9	$ 2.4	$ 4.5
Shares tendered for tax withholding requirements (shares)	24,618	21,324	57,444

Quarterly Information (unaudited)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information (unaudited)

The following tables set forth selected quarterly information for the years ended December 31, 2019 and 2018 (in thousands except per share amounts):



	Three Months Ended
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Total revenues	$	74,399	$	68,061	$	64,390	$	60,363
Net income	$	24,382	$	12,948	$	15,954	$	10,717
Net income attributable to common stockholders	$	19,904	$	9,746	$	12,848	$	7,979
Net income attributable to common stockholders per share - basic	$	0.18	$	0.09	$	0.12	$	0.08
Net income attributable to common stockholders per share - diluted	$	0.18	$	0.09	$	0.12	$	0.08



	Three Months Ended
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Total revenues	$	57,008	$	55,194	$	51,756	$	48,536
Net income	$	15,207	$	8,965	$	7,819	$	15,084
Net income attributable to common stockholders	$	12,413	$	6,307	$	5,172	$	12,246
Net income attributable to common stockholders per share - basic	$	0.13	$	0.07	$	0.06	$	0.16
Net income attributable to common stockholders per share - diluted	$	0.13	$	0.07	$	0.06	$	0.15

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (7,907)	$ (5,981)	$ (2,270)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	20,936	18,135	15,598
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(7,907)	(5,949)	(2,238)
Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Accretion of above market ground lease intangible	$ 0	$ (32)	$ (32)

Earnings Per Share

12 Months Ended

Dec. 31, 2019

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):



	Year Ended December 31,
	2019			2018			2017
Numerator:
Net income	$	64,001		$	47,075		$	41,700
Less: Preferred stock dividends	(11,055		)	(9,694		)	(5,875		)
Less: Net income attributable to noncontrolling interests	(2,022		)	(865		)	(988		)
Less: Net income attributable to participating securities	(447		)	(378		)	(410		)
Net income attributable to common stockholders	$	50,477		$	36,138		$	34,427

Denominator:
Weighted average shares of common stock outstanding - basic	106,407,283			86,824,235			71,198,862
Effect of dilutive securities - performance units	391,765			511,514			399,792
Weighted average shares of common stock outstanding - diluted	106,799,048			87,335,749			71,598,654

Earnings per share - Basic
Net income attributable to common stockholders	$	0.47		$	0.42		$	0.48
Earnings per share - Diluted:
Net income attributable to common stockholders	$	0.47		$	0.41		$	0.48

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 achieving certain 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.

We also consider the effect of other potentially dilutive securities, including the Series 1 CPOP Units and 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.

Operating Leases - Additional Information (Detail) a in Thousands, ft² in Millions			6 Months Ended	12 Months Ended
	Mar. 13, 2017 USD ($)	Sep. 14, 2016 a	Jul. 02, 2019 USD ($)	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Jan. 01, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, fixed and variable lease payments				$ 256,300,000
Lease income, lease payments				214,500,000
Variable lease payments				41,800,000
Lease liabilities				3,776,000			$ 3,600,000
Right-of-use assets				3,500,000			$ 3,300,000
Operating leases, not yet commenced				$ 3,400,000
Operating leases, not yet commenced, term				5 years
Area of real estate property (square feet) \| ft²				26.6
Land
Lessee, Lease, Description [Line Items]
Ground lease, expiration date			Jun. 01, 2062
Rent adjustment term			10 years
Rent adjustment percentage			8.00%
Minimum monthly rent expense			$ 12,000
Minimum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term				4 months
Renewal term				3 years
Maximum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term				5 years
Renewal term				5 years
Ground Lease
Lessee, Lease, Description [Line Items]
Rent expense					$ 100,000	$ 100,000
Office Lease
Lessee, Lease, Description [Line Items]
Rent expense					$ 700,000	$ 500,000
Corona, CA \| Ground Lease
Lessee, Lease, Description [Line Items]
Area of real estate property (square feet) \| a		1,580
Operating leases, contingency period		420 days
Corona lease transaction costs	$ 300,000

Operating Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2020	$ 805
2021	888
2022	779
2023	807
2024	826
Thereafter	69
Total undiscounted lease payments	4,174
Less imputed interest	(398)
Total lease liabilities	$ 3,776	$ 3,600
Office Building
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019			$ 668
2020			257
2021			167
2022			0
2023			0
Thereafter			0
Total			1,092
Land
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019			144
2020			144
2021			144
2022			144
2023			144
Thereafter			5,532
Total			$ 6,252

Interest Rate Swaps - Additional Information (Detail) $ in Millions	Dec. 31, 2019 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 1.4

Notes Payable - Summary of Notes Payable (Detail) $ in Thousands				12 Months Ended
	May 22, 2018 USD ($)	Feb. 14, 2017	Jul. 24, 2013	Dec. 31, 2019 USD ($) swap extension	Dec. 31, 2018 USD ($)	Jul. 16, 2019 USD ($)	Jun. 27, 2018 USD ($)	Jan. 16, 2018 USD ($)
Debt Instrument [Line Items]
Principal amount				$ 860,958	$ 761,116
Less: unamortized discount and debt issuance costs				(3,116)	(3,745)
Notes payable				$ 857,842	757,371
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Principal amount							$ 60,000
Extension period				24 months
$60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount				$ 58,499	58,499
Less: unamortized discount and debt issuance costs				$ (179)	(230)
Maturity date				Aug. 01, 2023
Number of extensions \| extension				1
$100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount				$ 100,000	100,000
Less: unamortized discount and debt issuance costs				$ (177)	(260)
Maturity date				Feb. 14, 2022
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount				$ 0	0
Less: unamortized discount and debt issuance costs				$ 0	0
Maturity date				Feb. 12, 2021
Number of extensions \| extension				2
Extension duration period				6 months
$225M Term Loan Facility
Debt Instrument [Line Items]
Number of derivative instruments \| swap				2
$225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount				$ 225,000	225,000			$ 225,000
Less: unamortized discount and debt issuance costs				$ (1,104)	(1,476)
Maturity date				Jan. 14, 2023
$150M Term Loan Facility
Debt Instrument [Line Items]
Principal amount	$ 150,000
$150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount				$ 150,000	150,000
Less: unamortized discount and debt issuance costs				$ (866)	(1,028)
Maturity date				May 22, 2025
LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Basis spread on variable rate				1.10%
LIBOR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate			1.90%
LIBOR \| $60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Basis spread on variable rate				1.70%
Effective Interest Rate				3.55%
LIBOR \| $100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Basis spread on variable rate				1.20%
Effective Interest Rate				3.05%
LIBOR \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Effective Interest Rate				2.86%
LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Basis spread on variable rate				1.20%
Effective Interest Rate				2.74%
LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Variable rate basis				LIBOR
Basis spread on variable rate				1.50%
Effective Interest Rate				4.37%
Fixed Rate Debt \| Gilbert La Palma
Debt Instrument [Line Items]
Principal amount				$ 2,459	2,617
Less: unamortized discount and debt issuance costs				$ (121)	(129)
Maturity date				Mar. 01, 2031
Fixed interest rate				5.125%
Effective Interest Rate				5.48%
Amortization period				20 years
Senior Notes \| $100M Notes
Debt Instrument [Line Items]
Principal amount				$ 100,000	100,000
Less: unamortized discount and debt issuance costs				$ (424)	(500)
Maturity date				Aug. 06, 2025
Fixed interest rate				4.29%
Effective Interest Rate				4.37%
Senior Notes \| $125M Notes
Debt Instrument [Line Items]
Principal amount				$ 125,000	125,000
Less: unamortized discount and debt issuance costs				$ (108)	(122)
Maturity date				Jul. 13, 2027
Fixed interest rate				3.93%
Effective Interest Rate				3.94%
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Principal amount				$ 25,000	0	$ 25,000
Less: unamortized discount and debt issuance costs				$ (34)	0
Maturity date				Jul. 16, 2029
Fixed interest rate				3.88%
Effective Interest Rate				3.89%
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Principal amount				$ 75,000	0	$ 75,000
Less: unamortized discount and debt issuance costs				$ (103)	$ 0
Maturity date				Jul. 16, 2034
Fixed interest rate				4.03%
Effective Interest Rate				4.04%
Minimum \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage				0.15%
Minimum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.10%
Minimum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Minimum \| LIBOR \| $100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.20%
Minimum \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					1.50%
Minimum \| LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.20%
Minimum \| LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Maximum \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage				0.30%
Maximum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				1.50%
Maximum \| LIBOR \| $100M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Maximum \| LIBOR \| $100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.70%
Maximum \| LIBOR \| $225M Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate					2.25%
Maximum \| LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate				1.70%
Maximum \| LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	2.20%
Amortizing Swap \| Fixed Rate Debt \| $100M Term Loan Facility
Debt Instrument [Line Items]
Number of derivative instruments \| swap				1

Commitments and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Feb. 25, 2014
Commitments And Contingencies [Line Items]
Estimated remedian costs			$ 1,300,000
Deposits paid			1,400,000
Holdback escrow seller funded			1,300,000
Holdback escrow buyer funded			100,000
Maximum seller liability remediation costs			$ 1,300,000
Commitments for tenant improvement and construction work	$ 31,900,000
Cash, FDIC insured amount	250,000
Accounts Payable and Accrued Expenses
Commitments And Contingencies [Line Items]
Contingent liability	(600,000)	$ (1,000,000.0)
Other Assets
Commitments And Contingencies [Line Items]
Indemnification asset	$ 600,000	$ 1,000,000.0
Total Rental Revenues \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration risk, percentage	5.00%

Quarterly Information (unaudited) - Schedule of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 74,399	$ 68,061	$ 64,390	$ 60,363	$ 57,008	$ 55,194	$ 51,756	$ 48,536	$ 267,213	$ 212,494	$ 161,355
Net income	24,382	12,948	15,954	10,717	15,207	8,965	7,819	15,084	64,001	47,075	41,700
Net income attributable to common stockholders	$ 19,904	$ 9,746	$ 12,848	$ 7,979	$ 12,413	$ 6,307	$ 5,172	$ 12,246	$ 50,477	$ 36,138	$ 34,427
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.13	$ 0.07	$ 0.06	$ 0.16	$ 0.47	$ 0.42	$ 0.48
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.13	$ 0.07	$ 0.06	$ 0.15	$ 0.47	$ 0.41	$ 0.48

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=117327953&loc=d3e4984-109258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1252-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-URI http://asc.fasb.org/extlink&oid=116637391&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=117326831&loc=d3e1337-109256

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=117326831&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-URI http://asc.fasb.org/extlink&oid=116637232&loc=SL114874131-224263

+ Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2019
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 $0.4 million, $0.4 million and $0.4 million during the years ended December 31, 2019, 2018 and 2017, respectively, in management, leasing and development services revenue. Purchase and Sale Agreement On November 30, 2017, we entered into a purchase and sale agreement (the "Agreement") with 6110-6114 Cahuenga Avenue, LLC (the "Buyer"), which was subsequently amended on January 2, 2018, for the sale of our property located at 200-220 South Grand Avenue for a contract price of approximately $4.5 million. Larry Schwimmer is the general partner of the Buyer and father of Howard Schwimmer, our Co-Chief Executive Officer. Prior to entering into the Agreement, the relevant facts and circumstances relating to this transaction were presented to our audit committee, in accordance with our corporate governance guidelines, and to our board of directors. This transaction was unanimously approved by our audit committee in accordance with our corporate governance guidelines. On March 7, 2018, the sale of this property was completed. On March 7, 2018, we also entered into management agreements with the Buyer and Howard Schwimmer to provide property management and leasing services for the property. Fees and commissions earned from managing this property are included in “Management, leasing and development services” in the consolidated statements of operations.

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 166
2021	566
2022	100,967
2023	282,518
2024	204
Thereafter	476,537
Total	$ 860,958	$ 761,116

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

The following table summarizes our acquisition-related intangible assets, including the value of in-place leases and above-market tenant leases, and our acquisition-related intangible liabilities, including below-market tenant leases and above-market ground leases (in thousands):



	December 31,
	2019			2018
Acquired Lease Intangible Assets:
In-place lease intangibles	$	154,370		$	119,517
Accumulated amortization	(87,955		)	(68,481		)
In-place lease intangibles, net	$	66,415		$	51,036

Above-market tenant leases	$	14,296		$	11,125
Accumulated amortization	(7,621		)	(6,478		)
Above-market tenant leases, net	$	6,675		$	4,647
Acquired lease intangible assets, net	$	73,090		$	55,683

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(81,718	)	$	(66,388	)
Accumulated accretion	22,378			13,778
Below-market tenant leases, net	$	(59,340	)	$	(52,610	)

Above-market ground lease⁽¹⁾	$	—		$	(290	)
Accumulated accretion⁽¹⁾	—			173
Above-market ground lease, net⁽¹⁾	$	—		$	(117	)
Acquired lease intangible liabilities, net	$	(59,340	)	$	(52,727	)


(1)	In connection with the adoption of ASC 842 on January 1, 2019, we derecognized the net above-market ground lease intangible liability of $0.1 million and adjusted the carrying amount of the ground lease right-of-use asset by a corresponding amount. See Note 2 for additional details related to the adoption of ASC 842.

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



	Year Ended December 31,
	2019			2018			2017
In-place lease intangibles⁽¹⁾	$	20,936		$	18,135		$	15,598
Net below market tenant leases⁽²⁾	$	(7,907	)	$	(5,949	)	$	(2,238	)
Above-market ground lease⁽³⁾	$	—		$	(32	)	$	(32	)


(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 below market tenant leases is recorded as an increase to rental income 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.

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2019, for the next five years and thereafter (in thousands):



Year Ending	In-place Leases⁽¹⁾		Net Above/(Below) Market Operating Leases⁽²⁾
2020	$	18,687	$	(8,790	)
2021	11,713		(5,416		)
2022	7,278		(3,693		)
2023	5,750		(3,081		)
2024	4,045		(2,479		)
Thereafter	18,942		(29,206		)
Total	$	66,415	$	(52,665	)


(1)	Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations.

(2)

Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations.

Stockholder's Equity

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Stockholder's Equity

Stockholders’ Equity

Preferred Stock

On September 20, 2019, we completed an underwritten public offering of 3,450,000 shares of our 5.625% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") at a price of $25.00 per share. The net proceeds from the offering were approximately $83.2 million after deducting the underwriters’ discount and offering costs totaling $3.0 million. The Series C Preferred Stock has a liquidation preference of $25.00 per share and may be redeemed at the option of the Company on or after September 20, 2024, or earlier upon certain circumstances.

On November 13, 2017, we completed an underwritten public offering of 3,000,000 shares of our 5.875% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") at a price of $25.00 per share. The net proceeds from

the offering were approximately $72.5 million after deducting the underwriters’ discount and offering costs totaling $2.5 million. The Series B Preferred Stock has a liquidation preference of $25.00 per share and may be redeemed at the option of the Company on or after November 13, 2022, or earlier upon certain circumstances.

As of December 31, 2019 and 2018, we had 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock (the "Series A Preferred Stock") issued and outstanding. The Series A Preferred Stock has a liquidation preference of $25.00 per share and may be redeemed at the option of the Company on or after August 16, 2021, or earlier upon certain circumstances.

Dividends on the Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock (collectively, the “Series A, B and C Preferred Stock”) are cumulative and will be payable quarterly in arrears on or about the last day of March, June, September and December of each year. The Series A, B and C Preferred Stock have no stated maturity dates and will not be subject to mandatory redemption or any sinking funds. The holders of our Series A, B and C Preferred Stock rank senior to the holders of our common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. The holders of our Series A, B and C Preferred Stock generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly dividend periods (whether or not consecutive). Upon the occurrence of a specified change of control transaction, we may, at our option, redeem the Series A, B and C Preferred Stock in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share in cash, plus any accrued and unpaid distributions through the date of redemption. If we do not exercise our right to redeem the Series A, B and C Preferred Stock, upon the occurrence of a specified change of control transaction, the holders of Series A, B and C Preferred Stock have the right to convert some or all of their shares into a number of the Company’s common shares equivalent to $25.00 plus accrued and unpaid dividends, divided by the average closing price per share of the Company’s common stock for the 10 trading days preceding the date of the change of control, but not to exceed a certain capped number of shares of common stock per share of Series A, B and C Preferred Stock, subject to certain adjustments.

Common Stock

On June 13, 2019, we established a new at-the-market equity offering program (the “$550 Million ATM Program”) pursuant to which we may sell from time to time up to an aggregate of $550.0 million of our common stock through sales agents. The $550 Million ATM Program replaces our previous $450.0 million at-the-market equity offering program which was established on February 19, 2019. In addition, we previously established a $400.0 million at-the-market equity offering program on June 13, 2018, a $300.0 million at-the-market equity offering program on September 21, 2017, a $150 million at-the-market program on June 12, 2017, and a $125 million at-the-market program on April 17, 2015. Substantially all available shares of common stock under each of the previous at-the-market programs were sold prior to establishing new programs.

During the year ended December 31, 2019, we sold a total of 16,817,930 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $38.61 per share, for gross proceeds of $649.3 million, and net proceeds of $639.6 million, after deducting the sales agents’ fee. During the year ended December 31, 2018, we sold 18,177,242 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $31.12 per share, for gross proceeds of $565.6 million, and net proceeds of $557.1 million , after deducting the sales agents’ fee. During the year ended December 31, 2017, we sold 11,968,927 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $28.13 per share, for gross proceeds of $336.6 million, and net proceeds of $331.6 million, after deducting the sales agent’s fee.

As of December 31, 2019, we had the capacity to issue up to an additional $350.7 million of common stock under the $550 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 relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units and Series 1 CPOP Units, as described below, that are not owned by us.

Operating Partnership Units

As of December 31, 2019, noncontrolling interests consisted of 1,832,226 OP Units and 891,547 fully-vested LTIP units and performance units which represented approximately 2.3% 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 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. See Note 14 for a description of LTIP units and Performance Units.

During the years ended December 31, 2019, 2018 and 2017, we redeemed 96,060, 67,175 and 61,256 OP Units, respectively, in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, resulting in the reclassification of $0.7 million, $0.6 million, and $0.6 million, respectively, from noncontrolling interests to total stockholders’ equity.

Preferred Units - Series 1 CPOP Units

On April 10, 2019, we acquired from an unaffiliated seller (the “Seller”) an industrial property located at 1515 East 15th Street for a purchase price of $28.1 million. In consideration for the property, we issued the Seller 593,960 newly issued 4.43937% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”), valued at $27.4 million, plus the payment of certain closing costs, including $0.7 million of closing costs typically attributable to the Seller.

The transaction was priced based upon a common stock price of $31.56, equal to the trailing 30-day average closing price of our common stock as of the letter of intent date (the “Average Value”). Holders of Series 1 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.43937% per annum of the $45.50952 per unit liquidation preference (a 44.2% conversion premium to the Average Value described above), payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 28, 2019. The holders of Series 1 CPOP Units are entitled to receive the liquidation preference, which is $45.50952 per unit or approximately $27.0 million in the aggregate for all of the Series 1 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership.

The Series 1 CPOP Units are convertible (i) at the option of the holder anytime from time to time (the “Holder Conversion Right”), or (ii) at the option of the Operating Partnership, at any time on or after April 10, 2024 (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis, subject to adjustment to eliminate fractional units or to the extent that there are any accrued and unpaid distributions on the Series 1 CPOP Units. As noted above, 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 (the “Subsequent Redemption Right”).

The Series 1 CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s 5.875% series A and series B cumulative redeemable preferred units and 5.625% series C cumulative redeemable preferred units and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the Series 1 CPOP Units, and junior to any other class or series of partnership interest of the Operating Partnership expressly designated as ranking senior to the Series 1 CPOP Units.

Pursuant to relevant accounting guidance, we analyzed the Series 1 CPOP Units for any embedded derivatives that should be bifurcated and accounted for separately and also considered the conditions that would require classification of the Series 1 CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the Series 1 CPOP Units including the right to discretionary distributions, the Holder Conversion Right, the Company Conversion Right and the Subsequent Redemption Right to determine whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement if the Series 1 CPOP Units are converted into shares of our common stock (subsequent to conversion into OP Units). Based on the results of our analyses, we concluded that (i) none of the embedded features of the Series 1 CPOP Units require bifurcation and separate accounting, and (ii) the Series 1 CPOP Units met the criteria to be classified within equity, and accordingly are presented as noncontrolling interests within permanent equity in the consolidated balance sheet.

Private REIT Portfolio Preferred Stock

On April 11, 2016, we entered into a stock purchase agreement (the “Stock Purchase Agreement”) to acquire a private real estate investment trust (the “private REIT”) that owned a portfolio of nine industrial properties totaling approximately 1.5 million rentable square feet (the “REIT Portfolio”) from a third-party seller in exchange for approximately $191.0 million in cash, exclusive of closing costs and credits (the “REIT Portfolio Acquisition”). On April 15, 2016, pursuant to the Stock Purchase Agreement, we consummated the transaction. As part of the REIT Portfolio Acquisition, we acquired 100% of the private REIT’s common stock and 575 of 700 issued and outstanding shares of the private REIT’s 12.5% cumulative non-voting preferred stock. The remaining 125 shares of preferred stock that were not immediately redeemed by us, were classified as noncontrolling interests in our consolidated balance sheets, with a balance equal to its liquidation preference of $1,000 per share, or an aggregate liquidation preference of $125,000.

On June 22, 2017, we adopted a plan of liquidation and dissolution of the private REIT, and on December 31, 2017, we completed the liquidation of the private REIT, by distributing all assets to the Operating Partnership. As part of the liquidation process, we paid a liquidating distribution of $1,000 per share, or an aggregate liquidating distribution of $125,000, as payment in full for the redemption of the remaining 125 shares of preferred stock not held by us.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2019 and 2018, which consists solely of adjustments related to our cash flow hedges:



	Year Ended December 31,
	2019			2018
Accumulated other comprehensive income - beginning balance	$	6,262		$	6,799
Other comprehensive (loss) income before reclassifications	(12,103		)	649
Amounts reclassified from accumulated other comprehensive income to interest expense	(2,038		)	(1,204		)
Net current period other comprehensive loss	(14,141		)	(555		)
Less: other comprehensive loss attributable to noncontrolling interests	337			18
Other comprehensive loss attributable to common stockholders	(13,804		)	(537		)
Accumulated other comprehensive (loss) income - ending balance	$	(7,542	)	$	6,262

Dividends

Earnings and profits, which determine the taxability of dividends to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense.



	Common Stock
	Year Ended December 31,
	2019				2018				2017
Ordinary Income	$	0.783269	100.00	%	$	0.623496	99.76	%	$	0.498827	95.68	%
Return of Capital	—		—	%	0.001504		0.24	%	0.022526		4.32	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	0.783269	100.00	%	$	0.625000	100.00	%	$	0.521353	100.00	%



	Series A Preferred Stock
	Year Ended December 31,
	2019				2018				2017
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%



	Series B Preferred Stock								Series C Preferred Stock
	Year Ended December 31,								Year Ended December 31,
	2019				2018				2019
Ordinary Income	$	1.468752	100.00	%	$	1.664585	100.00	%	$	0.394531	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.664585	100.00	%	$	0.394531	100.00	%

Notes Payable

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the balance of our indebtedness as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019			December 31, 2018
Principal amount	$	860,958		$	761,116
Less: unamortized discount and debt issuance costs⁽¹⁾	(3,116		)	(3,745		)
Carrying value	$	857,842		$	757,371

(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 December 31, 2019 and 2018 (dollars in thousands):



	December 31, 2019					December 31, 2018
	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⁾	$	58,499	$	(179	)	$	58,499	$	(230	)	8/1/2023	⁽³⁾	LIBOR+1.70%			3.55	%
Gilbert/La Palma⁽⁴⁾	2,459		(121		)	2,617		(129		)	3/1/2031		5.125	%		5.48	%
Unsecured Debt
$100M Term Loan Facility	100,000		(177		)	100,000		(260		)	2/14/2022		LIBOR+1.20%		⁽⁵⁾	3.05	%	⁽⁶⁾
Revolving Credit Facility	—		—			—		—			2/12/2021	⁽⁷⁾	LIBOR+1.10%		⁽⁵⁾⁽⁸⁾	2.86	%
$225M Term Loan Facility	225,000		(1,104		)	225,000		(1,476		)	1/14/2023		LIBOR+1.20%		⁽⁵⁾	2.74	%	⁽⁹⁾
$150M Term Loan Facility	150,000		(866		)	150,000		(1,028		)	5/22/2025		LIBOR+1.50%		⁽⁵⁾	4.37	%	⁽¹⁰⁾
$100M Notes	100,000		(424		)	100,000		(500		)	8/6/2025		4.290	%		4.37	%
$125M Notes	125,000		(108		)	125,000		(122		)	7/13/2027		3.930	%		3.94	%
$25M Series 2019A Notes	25,000		(34		)	—		—			7/16/2029		3.880	%		3.89	%
$75M Series 2019B Notes	75,000		(103		)	—		—			7/16/2034		4.030	%		4.04	%
Total	$	860,958	$	(3,116	)	$	761,116	$	(3,745	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of December 31, 2019.


(2)	Reflects the effective interest rate as of December 31, 2019, which includes the effect of the amortization of discounts and debt issuance costs and the effect of interest rate swaps that are effective as of December 31, 2019.


(3)	This term loan is secured by six properties. One 24-month extension available at the borrower’s option, subject to certain terms and conditions.


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

(5)

The LIBOR margin will range from 1.20% to 1.70% per annum for the $100.0 million term loan facility, 1.10% to 1.50% per annum for the unsecured revolving credit facility, 1.20% to 1.70% per annum for the $225.0 million term loan facility and 1.50% to 2.20% per annum for the $150.0 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.


(6)	As of December 31, 2019, interest on the $100.0 million term loan facility has been effectively fixed through the use of one interest rate swap. See Note 7 for details.


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


(8)	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% per annum depending upon our leverage ratio.


(9)	As of December 31, 2019, interest on the $225.0 million term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


(10)	As of December 31, 2019, interest on the $150.0 million term loan facility has been effectively fixed through the use of one interest rate swap. See Note 7 for details.

Contractual Debt Maturities

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts and debt issuance costs, as of December 31, 2019, and does not consider extension options available to us as noted in the table above (in thousands):



2020	$	166
2021	566
2022	100,967
2023	282,518
2024	204
Thereafter	476,537
Total	$	860,958

Note Purchase and Guarantee Agreement

On July 16, 2019, we entered into a Note Purchase and Guarantee Agreement (the “NPGA”) which provides for the private placement of $100.0 million of guaranteed senior notes, of which (i) $25.0 million are designated as 3.88% Series 2019A Guaranteed Senior Notes due July 16, 2029 (the "Series 2019A Notes") and (ii) $75.0 million are designated as 4.03% Series 2019B Guaranteed Senior Notes due July 16, 2034 (the "Series 2019B Notes" and, together with the Series 2019A Notes, the "Series 2019A and 2019B Notes"). On July 16, 2019, we completed the issuance of the Series 2019A and 2019B Notes.

Interest on the Series 2019A and 2019B Notes will be payable semiannually on the sixteenth day of January and July in each year, beginning on January 16, 2020, until maturity.

We may prepay at any time all, or from time to time any part of, the Series 2019A and 2019B Notes, in amounts not less than $2.5 million of the Series 2019A and 2019B Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the NPGA).

Our obligations under the Series 2019A and 2019B Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries.

Fourth Amendment to Credit Agreement

On January 16, 2018, we entered into the Fourth Amendment to Credit Agreement (the “Fourth Amendment”) to amend our Credit Agreement, dated as of January 14, 2016 (as amended from time to time) for our $225.0 million unsecured term loan facility (the “$225 Million Term Loan Facility”).

Amounts outstanding under the $225 Million Term Loan Facility bear interest at a rate equal to, at our option, either (i) LIBOR plus an applicable margin that is based upon our leverage ratio or (ii) the Base Rate, as defined in the $225 Million Term Loan Facility, plus an applicable margin that is based on our leverage ratio. The Fourth Amendment decreases the applicable margin for LIBOR-based borrowings from a range of 1.50% to 2.25% per annum to a range of 1.20% to 1.70% per annum and decreases the applicable margin for Base Rate-based borrowings from a range of 0.50% to 1.25% per annum to a range of 0.20% to 0.70% per annum.

If we obtain one additional investment grade rating by one or more of Standard & Poor's Financial Services (“S&P”) or Moody's Investor Services (“Moody’s”) to complement our current investment grade Fitch rating, we may elect to convert the pricing structure under the $225 Million Term Loan Facility to be based on such rating. Under this pricing structure, the Fourth Amendment decreases the applicable margin for LIBOR-based borrowings from a range of 1.40% to 2.35% per annum to a range of 0.90% to 1.75% per annum and decreases the applicable margin for Base Rate-based borrowings from a range of 0.40% to 1.35% per annum to a range of 0.00% to 0.75% per annum.

$150 Million Term Loan Facility

On May 22, 2018, we entered into a credit agreement for a senior unsecured term loan facility (the “$150 Million Term Loan Facility”) that initially permits aggregate borrowings of up to $150.0 million, the total of which we borrowed the same day at closing. Under the terms of the $150 Million Term Loan Facility, we may request additional incremental term loans in an aggregate amount not to exceed $100.0 million. Any increase in borrowings is subject to the satisfaction of specified conditions and the identification of lenders willing to make available such additional amounts. The maturity date of the $150 Million Term Loan Facility is May 22, 2025.

Interest on the $150 Million Term Loan Facility is generally to be paid based upon, at our option, either (i) LIBOR plus an applicable Eurodollar rate margin 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 base rate margin. The applicable Eurodollar rate margin will range from 1.50% to 2.20% per annum for LIBOR-based borrowings and the applicable base rate margin will range from 0.50% to 1.20% per annum for Base Rate-based loans, depending on our leverage ratio.

If we obtain one additional investment grade rating from one or more of S&P or Moody's to complement our current investment grade Fitch rating, we may elect to convert the pricing structure under the $150 Million Term Loan Facility to be based on such rating. Under this pricing structure, the applicable Eurodollar rate margin will range from 1.40% to 2.35% per annum and the applicable base rate margin will range from 0.40% to 1.35% per annum.

We have the option to voluntarily prepay any amounts borrowed under the $150 Million Term Loan Facility in whole or in part at any time, subject to certain notice requirements. To the extent that we prepay all or any portion of a loan prior to May 22, 2020, we will pay a prepayment premium equal to (i) if such prepayment occurs prior to May 22, 2019, 2.00% of the principal amount so prepaid, and (ii) if such prepayment occurs on or after May 22, 2019, but prior to May 22, 2020, 1.00% of the principal amount so prepaid. Amounts borrowed under the $150 Million Term Loan Facility and repaid or prepaid may not be reborrowed.

The $150 Million Term Loan Facility contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the credit agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults. If an event of default occurs and is continuing under the $150 Million Term Loan Facility, all outstanding principal amounts, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

Modification of $60 Million Term Loan

On June 27, 2018, we entered into the Second Modification Agreement (the “Modification Agreement”) to amend our Term Loan Agreement, dated as of July 24, 2013 (as amended from time to time) for our $60.0 million term loan (the “$60 Million Term Loan”)

The Modification Agreement, among other things, (i) extends the maturity date of the $60 Million Term Loan from August 1, 2019, to August 1, 2023, (ii) decreases the interest rate from LIBOR plus 1.90% per annum to LIBOR plus 1.70% per annum, (iii) provides for one 24-month extension option at the borrower’s option, subject to certain terms and conditions, and (iv) amends the repayment schedule of the $60 Million Term Loan by adding 36 months of interest only payments, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.

Credit Facility

As of December 31, 2019, we have a $450.0 million senior unsecured credit facility (the “Credit Facility”), comprised of a $350.0 million unsecured revolving credit facility (the “Revolver”) and a $100.0 million unsecured term loan facility (the “$100 Million Term Loan Facility”). The Revolver is scheduled to mature on February 12, 2021, and has two six-month extension options available, and the $100 Million Term Loan Facility is scheduled to mature on February 14, 2022. Under the terms of the Credit Facility, we may request additional lender commitments up to an additional aggregate $550.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the $100 Million Term Loan Facility, additional term loan tranches or any combination of the foregoing.

Interest on the Credit Facility, 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 Revolver range in amount from 1.10% to 1.50% per annum for LIBOR-based loans and 0.10% to 0.50% per annum for Base Rate-based loans, depending on our leverage ratio. The margins for the $100 Million Term Loan Facility range in amount from 1.20% to 1.70% per annum for LIBOR-based loans and 0.20% to 0.70% per annum for Base Rate-based loans, depending on our leverage ratio.

If we attain one additional investment grade rating by one or more of S&P or Moody’s to complement our current investment grade Fitch rating, we may elect to convert the pricing structure under the Credit Facility to be based on such rating. In that event, the margins for the Revolver will range in amount from 0.825% to 1.55% per annum for LIBOR-based loans and 0.00% to 0.55% per annum for Base Rate-based loans, depending on such rating, and the margins for the $100 Million Term Loan Facility will range in amount from 0.90% to 1.75% per annum for LIBOR-based loans and 0.00% to 0.75% per annum for Base Rate-based loans, depending on such rating.

In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable facility fee, based upon our leverage ratio, on each lender's commitment amount under the Revolver, regardless of usage. The applicable facility fee will range in amount from 0.15% to 0.30% per annum, 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% per annum, depending on such rating.

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

The Revolver and the $100 Million Term Loan Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the $100 Million Term Loan Facility and repaid or prepaid may not be reborrowed.

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

As of December 31, 2019, we did not have any borrowings outstanding under the Revolver, leaving $350.0 million available for future borrowings.

On February 13, 2020, we amended and expanded the Credit Facility. For additional details see Note 16 – Subsequent Events.

Debt Covenants

The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, our $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and the Series 2019A and 2019B 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 Credit Facility, $225 Million Term Loan Facility and $150 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than 45%;


•	For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B 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 1.5 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 1.00.

The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes and the Series 2019A and 2019B 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.

Subject to the terms of the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior 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 Senior 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 Senior 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 Senior Notes will become due and payable at the option of the purchasers. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either S&P, Moody’s or Fitch. In November 2019, Fitch affirmed the BBB rating of the Senior Notes with a stable outlook.

The $60 Million Term Loan contains the following financial covenants:


•	Maintaining a Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.00, to be tested quarterly;


•	Maintaining Unencumbered Liquid Assets (as defined in the term loan agreement) of not less than (i) $5,000,000, or (ii) $8,000,000 if we elect to have Line of Credit Availability (as defined in the term loan agreement) included in the calculation, of which $2,000,000 must be cash or cash equivalents, to be tested annually as of December 31 of each year;


•	Maintaining a minimum Fair Market Net Worth (as defined in the term loan agreement) of at least $75,000,000, to be tested annually as of December 31 of each year.

We were in compliance with all of our quarterly and annual debt covenants as of December 31, 2019.

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance, beginning of year	$ 2,716,083	$ 2,161,965	$ 1,552,129
Acquisition of investment in real estate	952,981	513,511	649,019
Construction costs and improvements	50,169	58,207	44,451
Disposition of investment in real estate(1)	(19,956)	(17,060)	(69,616)
Properties held for sale(1)	0	0	(13,296)
Write-off of fully depreciated assets	(772)	(540)	(722)
Other	(115)	0	0
Balance, End of Year	3,698,390	2,716,083	2,161,965
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance, beginning of year	(228,742)	(173,541)	(135,140)
Depreciation of investment in real estate	(72,505)	(57,312)	(45,469)
Disposition of investment in real estate(1)	3,698	1,571	4,737
Properties held for sale(1)	0	0	1,609
Write-off of fully depreciated assets	772	540	722
Balance, end of year	(296,777)	(228,742)	$ (173,541)
Contractual purchase price	970,697	$ 492,850
3340 San Fernando Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Contractual purchase price	$ 3,000

Operating Leases - Lease Term and Discount Rate (Detail)	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	4 years 8 months 12 days
Weighted-average discount rate	3.92%

Organization - Additional Information (Detail) ft² in Millions	Dec. 31, 2019 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	213
Area of real estate property (square feet) \| ft²	26.6
Number of real estate properties additionally managed \| property	19
Area of real estate property additionally managed \| ft²	1.0

Dispositions (Tables)

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Summary of the Properties Sold

The table below summarizes the properties we sold during the years ended December 31, 2019, 2018 and 2017 (dollars in thousands).



Property	Submarket	Date of Disposition	Rentable Square Feet	Contract Sales Price⁽¹⁾		Gain Recorded
2019 Dispositions:
2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue	Orange County - North	6/27/2019	62,395	$	11,575	$	4,810
939 Poinsettia Avenue - Unit 301	San Diego - North County	7/31/2019	6,562	$	1,263	$	895
13914-13932 East Valley Boulevard	Los Angeles - San Gabriel Valley	10/11/2019	58,084	$	11,180	$	6,233
2350-2380 Eastman Avenue	Ventura	12/20/2019	55,321	$	9,581	$	4,359
Total			182,362	$	33,599	$	16,297

2018 Dispositions:
8900-8980 Benson Avenue and 5637 Arrow Highway	Inland Empire West	1/2/2018	88,016	$	11,440	$	4,029
700 Allen Avenue and 1851 Flower Street	Los Angeles - San Fernando Valley	1/17/2018	25,168	$	10,900	$	4,753
200-220 South Grand Avenue	Orange County - Airport	3/7/2018	27,200	$	4,515	$	1,201
6770 Central Avenue—Building B	Inland Empire West	4/9/2018	11,808	$	1,676	$	1,113
1910-1920 Archibald Avenue	Inland Empire West	5/9/2018	78,243	$	9,050	$	495
311 East 157th Street	Los Angeles - South Bay	12/12/2018	12,000	$	3,000	$	1,578
329 East 157th Street	Los Angeles - South Bay	12/20/2018	12,000	$	2,675	$	1,597
319 East 157th Street	Los Angeles - South Bay	12/27/2018	24,000	$	4,763	$	2,456
Total			278,435	$	48,019	$	17,222

2017 Dispositions:
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	$	16,026
2811 Harbor Boulevard	Orange County - Airport	6/28/2017	126,796	$	18,700	$	594
12345 First American Way	San Diego - Central	10/31/2017	40,022	$	7,600	$	4,146
9401 De Soto Avenue	Los Angeles - San Fernando Valley	11/2/2017	150,831	$	23,000	$	4,748
77-700 Enfield Lane	Inland Empire East	11/29/2017	21,607	$	2,431	$	1,391
Total			775,677	$	98,656	$	29,573

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

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands											12 Months Ended
	Dec. 27, 2019 USD ($)	Nov. 05, 2019 USD ($)	Aug. 30, 2019 USD ($)	Apr. 10, 2019 USD ($) shares	Dec. 28, 2018 USD ($)	May 18, 2018 USD ($) ft²	Apr. 26, 2018 USD ($)	Apr. 04, 2018 USD ($)	Feb. 23, 2018 USD ($)	Jan. 17, 2018 USD ($)	Dec. 31, 2019 USD ($) ft² property building	Dec. 31, 2018 USD ($) ft² building	Dec. 31, 2017 USD ($) ft²
Real Estate [Line Items]
Rentable Square Feet \| ft²											5,365,929	3,062,487
Number of buildings \| building											57	35
Contractual Purchase Price (in thousands)											$ 970,697	$ 492,850
Payments to acquire real estate											$ 943,382	$ 494,202	$ 664,361
12821 Knott Street
Real Estate [Line Items]
Date of Acquisition											Jan. 15, 2019
Rentable Square Feet \| ft²											120,800
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 19,800
28510 Industry Drive
Real Estate [Line Items]
Date of Acquisition											Jan. 17, 2019
Rentable Square Feet \| ft²											46,778
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 7,765
Conejo Spectrum Business Park
Real Estate [Line Items]
Date of Acquisition											Jan. 28, 2019
Rentable Square Feet \| ft²											531,378
Number of buildings \| building											9
Contractual Purchase Price (in thousands)											$ 106,250
2455 Ash Street
Real Estate [Line Items]
Date of Acquisition											Mar. 05, 2019
Rentable Square Feet \| ft²											42,508
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 6,680
25413 Rye Canyon Road
Real Estate [Line Items]
Date of Acquisition											Mar. 12, 2019
Rentable Square Feet \| ft²											48,075
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 5,529
1515 15th Street
Real Estate [Line Items]
Date of Acquisition											Apr. 10, 2019
Rentable Square Feet \| ft²											238,015
Number of buildings \| building											1
Contractual Purchase Price (in thousands)				$ 28,100							$ 28,100
13890 Nelson Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 12, 2019
Rentable Square Feet \| ft²											256,993
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 41,810
445-449 Freedom Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 12, 2019
Rentable Square Feet \| ft²											92,647
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 17,960
2270 Camino Vida Roble
Real Estate [Line Items]
Date of Acquisition											Apr. 12, 2019
Rentable Square Feet \| ft²											106,311
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 16,791
980 Rancheros Drive
Real Estate [Line Items]
Date of Acquisition											Apr. 16, 2019
Rentable Square Feet \| ft²											48,878
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 7,895
1145 Arroyo Avenue
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											147,019
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 29,862
1150 Aviation Place
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											147,000
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 29,694
1175 Aviation Place
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											92,455
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 17,844
1245 Aviation Place
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											132,936
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 26,055
635 8th Street
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											72,250
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 14,659
10015 Waples Court
Real Estate [Line Items]
Date of Acquisition											Apr. 25, 2019
Rentable Square Feet \| ft²											106,412
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 21,300
19100 Susana Road
Real Estate [Line Items]
Date of Acquisition											Apr. 30, 2019
Rentable Square Feet \| ft²											52,714
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 13,510
15385 Oxnard Street
Real Estate [Line Items]
Date of Acquisition											May 03, 2019
Rentable Square Feet \| ft²											71,467
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 16,800
9750-9770 San Fernando Road
Real Estate [Line Items]
Date of Acquisition											May 16, 2019
Rentable Square Feet \| ft²											35,624
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 7,440
218 S. Turnbull Canyon
Real Estate [Line Items]
Date of Acquisition											May 31, 2019
Rentable Square Feet \| ft²											190,900
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 27,100
The Merge [Member]
Real Estate [Line Items]
Date of Acquisition											Jun. 06, 2019
Rentable Square Feet \| ft²											0
Number of buildings \| building											0
Contractual Purchase Price (in thousands)											$ 23,200
Future rentable area \| ft²											334,000
Buildings to be constructed \| building											6
Purchase Price Selller Developer Escrow Holdback											$ 5,100
3340 San Fernando Road
Real Estate [Line Items]
Date of Acquisition											Jul. 03, 2019
Rentable Square Feet \| ft²											0
Number of buildings \| building											0
Contractual Purchase Price (in thousands)											$ 3,000
5725 Eastgate Drive
Real Estate [Line Items]
Date of Acquisition											Jul. 31, 2019
Rentable Square Feet \| ft²											27,267
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 8,150
18115 Main Street
Real Estate [Line Items]
Date of Acquisition											Aug. 29, 2019
Rentable Square Feet \| ft²											42,270
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 6,750
3150 Ana Street
Real Estate [Line Items]
Date of Acquisition											Aug. 29, 2019
Rentable Square Feet \| ft²											105,970
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 18,800
1402 Avenida Del Oro
Real Estate [Line Items]
Date of Acquisition											Aug. 30, 2019
Rentable Square Feet \| ft²											311,995
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 73,550
9607-9623 Imperial Highway
Real Estate [Line Items]
Date of Acquisition											Sep. 05, 2019
Rentable Square Feet \| ft²											7,466
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 10,510
12200 Bellflower Boulevard
Real Estate [Line Items]
Date of Acquisition											Sep. 05, 2019
Rentable Square Feet \| ft²											54,161
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 16,325
Storm Parkway
Real Estate [Line Items]
Date of Acquisition											Sep. 17, 2019
Rentable Square Feet \| ft²											267,503
Number of buildings \| building											8
Contractual Purchase Price (in thousands)											$ 66,165
2328 Teller Road
Real Estate [Line Items]
Date of Acquisition											Sep. 25, 2019
Rentable Square Feet \| ft²											126,317
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 23,273
6277-6289 Slauson Avenue
Real Estate [Line Items]
Date of Acquisition											Oct. 03, 2019
Rentable Square Feet \| ft²											336,085
Number of buildings \| building											3
Contractual Purchase Price (in thousands)											$ 41,263
750 Manville Street
Real Estate [Line Items]
Date of Acquisition											Oct. 04, 2019
Rentable Square Feet \| ft²											59,996
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 11,510
8985 Crestmar Point
Real Estate [Line Items]
Date of Acquisition											Oct. 25, 2019
Rentable Square Feet \| ft²											55,816
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 7,985
404-430 Berry Way
Real Estate [Line Items]
Date of Acquisition											Nov. 05, 2019
Rentable Square Feet \| ft²											120,250
Number of buildings \| building											3
Contractual Purchase Price (in thousands)											$ 27,600
415-435 Motor Avenue
Real Estate [Line Items]
Date of Acquisition											Nov. 13, 2019
Rentable Square Feet \| ft²											63,900
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 7,200
508 East E Street
Real Estate [Line Items]
Date of Acquisition											Nov. 20, 2019
Rentable Square Feet \| ft²											57,522
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 14,892
12752-12822 Monarch Street
Real Estate [Line Items]
Date of Acquisition											Nov. 22, 2019
Rentable Square Feet \| ft²											276,585
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 34,000
1601 Mission Blvd.
Real Estate [Line Items]
Date of Acquisition											Dec. 10, 2019
Rentable Square Feet \| ft²											751,528
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 87,780
2757 Del Amo Blvd.
Real Estate [Line Items]
Date of Acquisition											Dec. 11, 2019
Rentable Square Feet \| ft²											57,300
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 11,900
18250 Euclid Street
Real Estate [Line Items]
Date of Acquisition											Dec. 27, 2019
Rentable Square Feet \| ft²											62,838
Number of buildings \| building											1
Contractual Purchase Price (in thousands)											$ 14,000
13971 Norton Avenue
Real Estate [Line Items]
Date of Acquisition												Jan. 17, 2018
Rentable Square Feet \| ft²												103,208
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 11,364
1900 Proforma Avenue
Real Estate [Line Items]
Date of Acquisition												Feb. 23, 2018
Rentable Square Feet \| ft²												213,603
Number of buildings \| building												3
Contractual Purchase Price (in thousands)												$ 24,122
16010 Shoemaker Avenue
Real Estate [Line Items]
Date of Acquisition												Mar. 13, 2018
Rentable Square Feet \| ft²												115,600
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 17,218
4039 Calle Platino
Real Estate [Line Items]
Date of Acquisition												Apr. 04, 2018
Rentable Square Feet \| ft²												143,274
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 20,000
851 Lawrence Drive
Real Estate [Line Items]
Date of Acquisition												Apr. 05, 2018
Rentable Square Feet \| ft²												49,976
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 6,600
1581 North Main Street
Real Estate [Line Items]
Date of Acquisition												Apr. 06, 2018
Rentable Square Feet \| ft²												39,661
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 7,150
1580 West Carson Street
Real Estate [Line Items]
Date of Acquisition												Apr. 26, 2018
Rentable Square Feet \| ft²												43,787
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 7,500
660 & 664 North Twin Oaks Valley Road
Real Estate [Line Items]
Date of Acquisition												Apr. 26, 2018
Rentable Square Feet \| ft²												96,993
Number of buildings \| building												2
Contractual Purchase Price (in thousands)												$ 14,000
1190 Stanford Court
Real Estate [Line Items]
Date of Acquisition												May 08, 2018
Rentable Square Feet \| ft²												34,494
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 6,080
5300 Sheila Street
Real Estate [Line Items]
Date of Acquisition												May 09, 2018
Rentable Square Feet \| ft²												695,120
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 121,000
15777 Gateway Circle
Real Estate [Line Items]
Date of Acquisition												May 17, 2018
Rentable Square Feet \| ft²												37,592
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 8,050
1998 Surveyor Avenue
Real Estate [Line Items]
Date of Acquisition												May 18, 2018
Rentable Square Feet \| ft²												0
Number of buildings \| building												0
Contractual Purchase Price (in thousands)												$ 5,821
Payments to acquire real estate						$ 5,800
Assumed construction contract						$ 4,400
3100 Fujita Street
Real Estate [Line Items]
Date of Acquisition												May 31, 2018
Rentable Square Feet \| ft²												91,516
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 14,037
4416 Azusa Canyon Road
Real Estate [Line Items]
Date of Acquisition												Jun. 08, 2018
Rentable Square Feet \| ft²												70,510
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 12,000
1420 McKinley Avenue
Real Estate [Line Items]
Date of Acquisition												Jun. 12, 2018
Rentable Square Feet \| ft²												136,685
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 30,000
12154 Montague Street
Real Estate [Line Items]
Date of Acquisition												Jun. 29, 2018
Rentable Square Feet \| ft²												122,868
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 22,525
10747 Norwalk Boulevard
Real Estate [Line Items]
Date of Acquisition												Jul. 18, 2018
Rentable Square Feet \| ft²												52,691
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 10,835
29003 Avenue Sherman
Real Estate [Line Items]
Date of Acquisition												Jul. 19, 2018
Rentable Square Feet \| ft²												68,123
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 9,500
16121 Carmenita Road
Real Estate [Line Items]
Date of Acquisition												Aug. 14, 2018
Rentable Square Feet \| ft²												108,500
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 13,300
1332-1340 Rocky Point Drive
Real Estate [Line Items]
Date of Acquisition												Oct. 17, 2018
Rentable Square Feet \| ft²												73,747
Number of buildings \| building												3
Contractual Purchase Price (in thousands)												$ 10,170
6131-6133 Innovation Way
Real Estate [Line Items]
Date of Acquisition												Nov. 06, 2018
Rentable Square Feet \| ft²												114,572
Number of buildings \| building												2
Contractual Purchase Price (in thousands)												$ 24,200
263-321 Gardena Boulevard
Real Estate [Line Items]
Date of Acquisition												Nov. 08, 2018
Rentable Square Feet \| ft²												55,238
Number of buildings \| building												2
Contractual Purchase Price (in thousands)												$ 16,101
9200 Mason Avenue
Real Estate [Line Items]
Date of Acquisition												Nov. 30, 2018
Rentable Square Feet \| ft²												80,410
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 9,041
9230 Mason Avenue
Real Estate [Line Items]
Date of Acquisition												Nov. 30, 2018
Rentable Square Feet \| ft²												54,000
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 5,300
9250 Mason Avenue
Real Estate [Line Items]
Date of Acquisition												Nov. 30, 2018
Rentable Square Feet \| ft²												56,292
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 6,626
9171 Oso Avenue
Real Estate [Line Items]
Date of Acquisition												Nov. 30, 2018
Rentable Square Feet \| ft²												65,560
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 8,565
5593-5595 Fresca Drive
Real Estate [Line Items]
Date of Acquisition												Nov. 30, 2018
Rentable Square Feet \| ft²												115,200
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 14,000
6100 Sheila Street
Real Estate [Line Items]
Date of Acquisition												Dec. 07, 2018
Rentable Square Feet \| ft²												74,527
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 18,245
14421-14441 Bonelli Street
Real Estate [Line Items]
Date of Acquisition												Dec. 28, 2018
Rentable Square Feet \| ft²												148,740
Number of buildings \| building												1
Contractual Purchase Price (in thousands)												$ 19,500
1900 Proforma Avenue and 1910-1920 Archibald Avenue
Real Estate [Line Items]
Number of buildings \| property											2
1031 Exchange \| 1402 Avenida Del Oro
Real Estate [Line Items]
Payments to acquire real estate			$ 12,300
1031 Exchange \| 404-430 Berry Way
Real Estate [Line Items]
Payments to acquire real estate		$ 10,600
1031 Exchange \| 18250 Euclid Street
Real Estate [Line Items]
Payments to acquire real estate	$ 9,400
1031 Exchange \| 13971 Norton Avenue
Real Estate [Line Items]
Payments to acquire real estate										$ 10,700
1031 Exchange \| 1900 Proforma Avenue
Real Estate [Line Items]
Payments to acquire real estate									$ 10,300
1031 Exchange \| 4039 Calle Platino
Real Estate [Line Items]
Payments to acquire real estate								$ 4,200
1031 Exchange \| 1580 West Carson Street
Real Estate [Line Items]
Payments to acquire real estate							$ 1,600
1031 Exchange \| 14421-14441 Bonelli Street
Real Estate [Line Items]
Payments to acquire real estate					$ 9,800
Construction in progress \| 1998 Surveyor Avenue
Real Estate [Line Items]
Rentable Square Feet \| ft²						56,306
Series 1 CPOP Units \| 1515 15th Street
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares				593,960
Preferred stock, interest				4.43937%
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate [Line Items]
Rentable Square Feet \| ft²											182,362	278,435	775,677
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 311 East 157th Street, 329 East 157th Street and 319 East 157th Street
Real Estate [Line Items]
Number of buildings sold \| building											3

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2019	Feb. 13, 2020	Jun. 28, 2019
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Public Float			$ 4,416
Entity Common Stock, Shares Outstanding (shares)		113,939,438
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement with respect to its 2020 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PA
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

Operating Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Future Minimum Base Rent Under Non-cancelable Operating Leases

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2019 (in thousands):



For the year ending December 31,
2020	$	232,304
2021	198,408
2022	160,341
2023	125,869
2024	89,630
Thereafter	307,584
Total	$	1,114,136

Lease Cost



Lease Cost (in thousands)	Year Ended December 31, 2019
Operating lease cost⁽¹⁾	$	1,044
Variable lease cost⁽¹⁾	54
Sublease income⁽²⁾	(162		)
Total lease cost	$	936


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


(2)	Amount is included in “Rental income” in the accompanying consolidated statement of operations.



Other Information (in thousands)	Year Ended December 31, 2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	6,720


(1)	The reported amount includes $3.3 million for operating leases existing on January 1, 2019.



Lease Term and Discount Rate	December 31, 2019
Weighted-average remaining lease term	4.7
Weighted-average discount rate⁽¹⁾	3.92	%

(1)

Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements.

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands):



2020	$	805
2021	888
2022	779
2023	807
2024	826
Thereafter	69
Total undiscounted lease payments	$	4,174
Less imputed interest	(398		)
Total lease liabilities	$	3,776

Schedule of Future Minimum Rental Payments for Operating Leases

The future minimum commitments under our office space leases and ground lease as of December 31, 2018, were as follows (in thousands):



	Office Leases		Ground Lease
2019	$	668	$	144
2020	257		144
2021	167		144
2022	—		144
2023	—		144
Thereafter	—		5,532
Total	$	1,092	$	6,252

Dispositions

12 Months Ended

Dec. 31, 2019

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

The table below summarizes the properties we sold during the years ended December 31, 2019, 2018 and 2017 (dollars in thousands).



Property	Submarket	Date of Disposition	Rentable Square Feet	Contract Sales Price⁽¹⁾		Gain Recorded
2019 Dispositions:
2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue	Orange County - North	6/27/2019	62,395	$	11,575	$	4,810
939 Poinsettia Avenue - Unit 301	San Diego - North County	7/31/2019	6,562	$	1,263	$	895
13914-13932 East Valley Boulevard	Los Angeles - San Gabriel Valley	10/11/2019	58,084	$	11,180	$	6,233
2350-2380 Eastman Avenue	Ventura	12/20/2019	55,321	$	9,581	$	4,359
Total			182,362	$	33,599	$	16,297

2018 Dispositions:
8900-8980 Benson Avenue and 5637 Arrow Highway	Inland Empire West	1/2/2018	88,016	$	11,440	$	4,029
700 Allen Avenue and 1851 Flower Street	Los Angeles - San Fernando Valley	1/17/2018	25,168	$	10,900	$	4,753
200-220 South Grand Avenue	Orange County - Airport	3/7/2018	27,200	$	4,515	$	1,201
6770 Central Avenue—Building B	Inland Empire West	4/9/2018	11,808	$	1,676	$	1,113
1910-1920 Archibald Avenue	Inland Empire West	5/9/2018	78,243	$	9,050	$	495
311 East 157th Street	Los Angeles - South Bay	12/12/2018	12,000	$	3,000	$	1,578
329 East 157th Street	Los Angeles - South Bay	12/20/2018	12,000	$	2,675	$	1,597
319 East 157th Street	Los Angeles - South Bay	12/27/2018	24,000	$	4,763	$	2,456
Total			278,435	$	48,019	$	17,222

2017 Dispositions:
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	$	16,026
2811 Harbor Boulevard	Orange County - Airport	6/28/2017	126,796	$	18,700	$	594
12345 First American Way	San Diego - Central	10/31/2017	40,022	$	7,600	$	4,146
9401 De Soto Avenue	Los Angeles - San Fernando Valley	11/2/2017	150,831	$	23,000	$	4,748
77-700 Enfield Lane	Inland Empire East	11/29/2017	21,607	$	2,431	$	1,391
Total			775,677	$	98,656	$	29,573

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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (shares)	10,050,000	10,000,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	489,950,000	490,000,000
Common stock, shares outstanding (shares)	113,793,300	96,810,504
Series A Preferred Stock
Preferred stock, interest	5.875%	5.875%
Preferred Stock, Liquidation Preference, Value	$ 90,000,000	$ 90,000,000
Shares outstanding (shares)	3,600,000	3,600,000
Series B Preferred Stock
Preferred stock, interest	5.875%	5.875%
Preferred Stock, Liquidation Preference, Value	$ 75,000,000	$ 75,000,000
Shares outstanding (shares)	3,000,000	3,000,000
Series C Preferred Stock
Preferred stock, interest	5.625%
Preferred Stock, Liquidation Preference, Value	$ 86,250,000
Shares outstanding (shares)	3,450,000

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common stock dividends declared (in dollars per share)	$ 0.74	$ 0.64	$ 0.58
Series A Preferred Stock
Preferred stock dividends declared (in dollars per share)	1.468752	1.468752	$ 1.468752
Series B Preferred Stock
Preferred stock dividends declared (in dollars per share)	1.468752	$ 1.664585
Series C Preferred Stock
Preferred stock dividends declared (in dollars per share)	$ 0.394531

Quarterly Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2019

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Information

The following tables set forth selected quarterly information for the years ended December 31, 2019 and 2018 (in thousands except per share amounts):



	Three Months Ended
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Total revenues	$	74,399	$	68,061	$	64,390	$	60,363
Net income	$	24,382	$	12,948	$	15,954	$	10,717
Net income attributable to common stockholders	$	19,904	$	9,746	$	12,848	$	7,979
Net income attributable to common stockholders per share - basic	$	0.18	$	0.09	$	0.12	$	0.08
Net income attributable to common stockholders per share - diluted	$	0.18	$	0.09	$	0.12	$	0.08



	Three Months Ended
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Total revenues	$	57,008	$	55,194	$	51,756	$	48,536
Net income	$	15,207	$	8,965	$	7,819	$	15,084
Net income attributable to common stockholders	$	12,413	$	6,307	$	5,172	$	12,246
Net income attributable to common stockholders per share - basic	$	0.13	$	0.07	$	0.06	$	0.16
Net income attributable to common stockholders per share - diluted	$	0.13	$	0.07	$	0.06	$	0.15

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Dividends Declared On February 10, 2020, our board of directors declared a quarterly cash dividend in the amount of $0.215 per share of common stock and a quarterly cash distribution in the amount of $0.215 per OP Unit, to be paid on April 15, 2020, to holders of record as of March 31, 2020. Also on February 10, 2020, our board of directors declared a quarterly cash dividend in the amount of $0.367188 per share of the Series A Preferred Stock, $0.367188 per share of the Series B Preferred Stock, $0.351563 per share of the Series C Preferred Stock and $0.505085 per Series 1 CPOP Unit to be paid on March 31, 2020, to holders of record as of March 13, 2020. Third Amended and Restated Credit Facility On February 13, 2020, we amended our existing $450 million Credit Facility by entering into a Third Amended and Restated Credit Agreement (the “Amended Credit Agreement”), which provides for a $600.0 million senior unsecured credit facility, comprised of a $500.0 million unsecured revolving credit facility (the "Amended Revolver") and a $100.0 million unsecured term loan facility (the "Amended Term Loan Facility"). The Amended Revolver is scheduled to mature on February 13, 2024, and has two six-month extension options available, and the Amended Term Loan Facility is scheduled to mature on February 14, 2022. Subject to certain terms and conditions set forth in the Amended Credit Agreement, we may request additional lender commitments up to an additional aggregate $900.0 million, which may be comprised of additional revolving commitments under the Amended Revolver, an increase to the Amended Term Loan Facility, 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 1.05% to 1.50% per annum for LIBOR-based loans and 0.05% to 0.50% per annum for Base Rate-based loans, depending on our leverage ratio. The margins for the Amended Term Loan Facility range in amount from 1.20% to 1.70% per annum 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 S&P or Moody’s 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 0.725% to 1.40% for LIBOR-based loans and 0.00% to 0.45% for Base Rate-based loans, depending on such rating. The margins for the Amended Term Loan Facility will range in amount from 0.85% to 1.65% per annum for LIBOR-based loans and 0.00% to 0.65% per annum 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% per annum, 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% per annum, depending on such rating.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

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

The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2019 and 2018, 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)
December 31, 2019
Interest Rate Swap Asset	$	766		$	—	$	766		$	—
Interest Rate Swap Liability	$	(8,488	)	$	—	$	(8,488	)	$	—
December 31, 2018
Interest Rate Swap Asset	$	8,770		$	—	$	8,770		$	—
Interest Rate Swap Liability	$	(2,351	)	$	—	$	(2,351	)	$	—

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 December 31, 2019 and 2018 (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:
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842
December 31, 2018	$	759,491	$	—	$	—	$	759,491	$	757,371

Fair Value Measurements

12 Months Ended

Dec. 31, 2019

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 December 31, 2019, 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.



	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)
December 31, 2019
Interest Rate Swap Asset	$	766		$	—	$	766		$	—
Interest Rate Swap Liability	$	(8,488	)	$	—	$	(8,488	)	$	—
December 31, 2018
Interest Rate Swap Asset	$	8,770		$	—	$	8,770		$	—
Interest Rate Swap Liability	$	(2,351	)	$	—	$	(2,351	)	$	—

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 discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date.

The table below sets forth the carrying value and the estimated fair value of our notes payable as of December 31, 2019 and 2018 (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:
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842
December 31, 2018	$	759,491	$	—	$	—	$	759,491	$	757,371

- 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

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Schedule III – Real Estate and Accumulated Depreciation

REXFORD INDUSTRIAL REALTY, INC.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

(Dollars in thousands)



				Initial Cost				Costs Capitalized Subsequent to Acquisition⁽¹⁾			Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements			Land ⁽²⁾		Building & Improvements ⁽²⁾		Total		Accumulated Depreciation ⁽³⁾			Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA	--	⁽⁴⁾	$	3,875	$	2,407	$	9,869		$	3,875	$	12,276	$	16,151	$	(6,855	)	1965, 2005 / 2003	2002
300 South Lewis Road	Camarillo, CA	--	⁽⁴⁾	4,150		3,050		8,709			4,150		11,759		15,909		(6,438		)	1960-1963 / 2006	2003
1400 South Shamrock Ave.	Monrovia, CA	--		2,317		2,534		921			2,317		3,455		5,772		(2,262		)	1957, 1962 / 2004	2003
2220-2260 Camino del Sol	Oxnard, CA	--	⁽⁴⁾	868		—		4,178			868		4,178		5,046		(1,803		)	2005	2003
14250-14278 Valley Blvd.	La Puente, CA	--		2,539		2,020		3,002			2,539		5,022		7,561		(2,806		)	1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA	--	⁽⁴⁾	6,817		6,089		1,188			6,817		7,277		14,094		(4,096		)	1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	--		2,525		3,380		6,481			2,525		9,861		12,386		(4,331		)	1969, 2008 / 2016	2004
28340 - 28400 Avenue Crocker	Valencia, CA	--		2,666		3,343		3,723			2,666		7,066		9,732		(3,455		)	1987 / 2006 / 2015	2004
21-29 West Easy St.	Simi Valley, CA	--		2,346		4,522		2,312			2,346		6,834		9,180		(3,663		)	1991 / 2006	2004
10439-10477 Roselle St.	San Diego, CA	--		4,711		3,199		3,133			4,711		6,332		11,043		(1,380		)	1970 / 2007	2013
2575 Pioneer Ave.	Vista, CA	--		1,784		2,974		1,955			1,784		4,929		6,713		(2,610		)	1988 / 2006	2004
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	--		3,740		260		7,022			3,740		7,282		11,022		(2,395		)	1982 / 2009	2006
28159 Avenue Stanford	Valencia, CA	--		1,849		6,776		4,933			1,849		11,709		13,558		(5,456		)	1987 / 2008 / 2015	2006
15715 Arrow Highway	Irwindale, CA	--	⁽⁴⁾	3,604		5,056		(85		)	3,604		4,971		8,575		(2,531		)	1989	2006
2431-2465 Impala Dr.	Carlsbad, CA	--		5,470		7,308		4,031			5,470		11,339		16,809		(5,878		)	1983 / 2006	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	--		5,001		7,658		3,732			5,001		11,390		16,391		(6,329		)	1977-1988 / 2006	2005
6231 & 6241 Yarrow Dr.	Carlsbad, CA	--		3,473		5,119		1,157			3,473		6,276		9,749		(3,396		)	1977 / 2006	2006
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	--		3,647		11,867		2,737			3,647		14,604		18,251		(8,160		)	1988-1989 / 2006	2006
18118-18120 S. Broadway St.	Carson, CA	--		3,013		2,161		867			3,013		3,028		6,041		(824		)	1957 / 1989, 2017	2013



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
901 W. Alameda Ave.	Burbank, CA	--	6,304	2,996	5,327	6,304	8,323	14,627	(4,249	)	1969 / 2009	2007
1938-1946 E. 46th St.	Vernon, CA	--	7,015	7,078	1,705	7,015	8,783	15,798	(3,902	)	1961, 1983 / 2008-2010	2007
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.	Pasadena, CA	--	1,759	2,834	2,028	1,759	4,862	6,621	(1,917	)	1947, 1985 / 2009	2008
9220-9268 Hall Rd.	Downey, CA	--	6,974	2,902	226	6,974	3,128	10,102	(1,520	)	2008	2009
131 W. 33rd St.	National City, CA	--	2,390	5,029	535	2,390	5,564	7,954	(2,839	)	1969 / 2008	2006
5803 Newton Dr.	Carlsbad, CA	--	3,152	7,155	1,709	1,692	5,744	7,436	(3,150	)	1997-1999 / 2009	2007
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	--	4,213	5,584	859	2,678	4,587	7,265	(2,226	)	1989 / 2007	2008
3720-3750 W. Warner Ave.	Santa Ana, CA	--	3,028	1,058	1,016	3,028	2,074	5,102	(993	)	1973 / 2008	2007
6750 Unit C - 6780 Central Ave.	Riverside, CA	--	2,659	911	1,104	1,153	1,595	2,748	(823	)	1978	2007
1050 Arroyo Ave.	San Fernando, CA	--	3,092	1,900	536	3,092	2,436	5,528	(687	)	1969 / 2012	2010
600-650 South Grand Ave.	Santa Ana, CA	--	4,298	5,075	1,406	4,298	6,481	10,779	(1,853	)	1988	2010
121-125 N. Vinedo Ave.	Pasadena, CA	--	3,481	3,530	15	3,481	3,545	7,026	(1,225	)	1953 / 1993	2011
3441 West MacArthur Blvd.	Santa Ana, CA	--	4,179	5,358	5	4,179	5,363	9,542	(1,356	)	1973	2011
6701 & 6711 Odessa Ave.	Van Nuys, CA	--	1,582	1,856	145	1,582	2,001	3,583	(493	)	1970-1972 / 2012	2011
10700 Jersey Blvd.	Rancho Cucamonga, CA	--	3,158	4,860	865	3,158	5,725	8,883	(1,609	)	1988-1989	2011
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	--	3,608	2,699	388	3,608	3,087	6,695	(913	)	1987	2011
20920-20950 Normandie Ave.	Torrance, CA	--	3,253	1,605	588	3,253	2,193	5,446	(641	)	1989	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	--	3,720	2,641	577	3,720	3,218	6,938	(945	)	1978 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	--	1,396	925	184	1,396	1,109	2,505	(274	)	1986	2011
1400 S. Campus Ave.	Ontario, CA	--	3,266	2,961	2	3,266	2,963	6,229	(1,540	)	1964-1966, 1973, 1987	2012
15041 Calvert St.	Van Nuys, CA	--	4,096	1,570	272	4,096	1,842	5,938	(422	)	1971	2012



				Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements		Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
701 Del Norte Blvd.	Oxnard, CA	--		3,082	6,230	919		3,082	7,149	10,231	(1,819	)	2000	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA	--		17,978	39,471	3,244		17,978	42,715	60,693	(10,819	)	1966, 1992, 1993, 1994	2013
1661 240th St.	Los Angeles, CA	--		3,043	2,550	3,904		3,043	6,454	9,497	(1,734	)	1975 / 1995	2013
8101-8117 Orion Ave.	Van Nuys, CA	--		1,389	3,872	439		1,389	4,311	5,700	(1,130	)	1978	2013
18310-18330 Oxnard St.	Tarzana, CA	--		2,497	5,494	1,089		2,497	6,583	9,080	(1,752	)	1973	2013
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim, CA	2,338	⁽⁵⁾	4,582	5,135	1,798		4,582	6,933	11,515	(1,767	)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	--		8,001	17,734	39		8,001	17,773	25,774	(4,023	)	1983	2013
2950 Madera Rd.	Simi Valley, CA	--	⁽⁴⁾	3,601	8,033	2		3,601	8,035	11,636	(1,832	)	1988 / 2005	2013
10635 Vanowen St.	Burbank, CA	--		1,517	1,833	765		1,517	2,598	4,115	(697	)	1977	2013
7110 Rosecrans Ave.	Paramount, CA	--		3,117	1,894	2,165		3,117	4,059	7,176	(662	)	1972 / 2015, 2019	2014
14723-14825 Oxnard St.	Van Nuys, CA	--		4,458	3,948	1,718		4,458	5,666	10,124	(1,285	)	1964 / 1968	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario, CA	--		2,260	6,043	638		2,260	6,681	8,941	(1,772	)	1985	2014
1500-1510 W. 228th St.	Torrance, CA	--		2,428	4,271	4,217		2,428	8,488	10,916	(1,382	)	1963 / 1968, 2017	2014
24105 Frampton Ave.	Torrance, CA	--		2,315	1,553	2,071		2,315	3,624	5,939	(607	)	1974 / 2016	2014
1700 Saturn Way	Seal Beach, CA	--		7,935	10,525	328		7,935	10,853	18,788	(2,386	)	2006	2014
2980 & 2990 N San Fernando Road	Burbank, CA	--		6,373	7,356	550		6,373	7,906	14,279	(2,036	)	1950 / 2004	2014
20531 Crescent Bay Dr.	Lake Forest, CA	--		2,181	4,012	417		2,181	4,429	6,610	(1,034	)	1998	2014
2610 & 2701 S. Birch Street	Santa Ana, CA	--		9,305	2,115	4,390		9,305	6,505	15,810	(1,192	)	1965 / 2016	2014
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario, CA	--		3,725	6,145	224		3,725	6,369	10,094	(1,543	)	2001	2014
9755 Distribution Ave.	San Diego, CA	--		1,863	3,211	(45	)	1,863	3,166	5,029	(696	)	1974	2014
9855 Distribution Ave	San Diego, CA	--		2,733	5,041	87		2,733	5,128	7,861	(1,172	)	1983	2014



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
9340 Cabot Drive	San Diego, CA	--	4,311	6,126	951	4,311	7,077	11,388	(1,514	)	1975 / 1976	2014
9404 Cabot Drive	San Diego, CA	--	2,413	3,451	147	2,413	3,598	6,011	(788	)	1975 / 1976	2014
9455 Cabot Drive	San Diego, CA	--	4,423	6,799	346	4,423	7,145	11,568	(1,859	)	1975 / 1976	2014
14955-14971 E Salt Lake Ave	City of Industry, CA	--	5,125	5,009	816	5,125	5,825	10,950	(1,418	)	1979	2014
5235 East Hunter Ave.	Anaheim, CA	--	5,240	5,065	779	5,240	5,844	11,084	(1,612	)	1987	2014
3880 West Valley Blvd.	Pomona, CA	--	3,982	4,796	3,599	3,982	8,395	12,377	(1,742	)	1980 / 2017	2014
1601 Alton Pkwy.	Irvine, CA	--	7,638	4,946	8,436	7,638	13,382	21,020	(1,656	)	1974 / 2018	2014
3116 W. Avenue 32	Los Angeles, CA	--	3,761	6,729	2,403	3,761	9,132	12,893	(1,642	)	1974	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth, CA	--	7,230	9,058	1,951	7,230	11,009	18,239	(2,578	)	1979 / 1980	2014
24935 & 24955 Avenue Kearny	Santa Clarita, CA	--	4,773	5,970	756	4,773	6,726	11,499	(1,644	)	1988	2014
605 8th Street	San Fernando, CA	--	2,393	2,742	1,744	2,393	4,486	6,879	(788	)	1991 / 2015	2014
9120 Mason Ave.	Chatsworth, CA	--	9,224	19,346	1	9,224	19,347	28,571	(3,986	)	1967 / 1999	2014
7900 Nelson Rd.	Los Angeles, CA	--	8,495	15,948	2,071	8,495	18,019	26,514	(3,416	)	1998 / 2015	2014
679-691 S Anderson St.	Los Angeles, CA	--	1,723	4,767	1,342	1,723	6,109	7,832	(1,005	)	1992 / 2017	2014
10509 Business Drive	Fontana, CA	--	3,505	5,237	554	3,505	5,791	9,296	(1,296	)	1989	2014
13231 Slover Avenue	Fontana, CA	--	2,812	4,739	598	2,812	5,337	8,149	(1,092	)	1990	2014
240 W Ivy Avenue	Inglewood, CA	--	2,064	3,675	3,065	2,064	6,740	8,804	(962	)	1981	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard, CA	--	2,616	8,311	847	2,616	9,158	11,774	(2,039	)	1988	2014
1800 Eastman Ave.	Oxnard, CA	--	842	2,209	70	842	2,279	3,121	(587	)	2009	2014
2360-2364 E. Sturgis Road	Oxnard, CA	--	1,128	2,726	501	1,128	3,227	4,355	(821	)	1989	2014
201 Rice Ave. & 2400-2420 Celsius	Oxnard, CA	--	3,487	9,589	345	3,487	9,934	13,421	(2,190	)	2008	2014
11120, 11160, 11200 Hindry Ave	Los Angeles, CA	--	3,478	7,834	327	3,478	8,161	11,639	(1,689	)	1992 / 1994	2014



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
6970-7170 & 7310-7374 Convoy Ct.	San Diego, CA	--	10,805	18,426	1,766	10,805	20,192	30,997	(4,455	)	1971	2014
12907 Imperial Highway	Santa Fe Springs, CA	--	5,462	6,678	—	5,462	6,678	12,140	(1,316	)	1997	2015
8902-8940 Activity Road	San Diego, CA	--	9,427	8,103	1,640	9,427	9,743	19,170	(2,070	)	1987 / 1997	2015
1210 N Red Gum St.	Anaheim, CA	--	3,326	4,020	238	3,326	4,258	7,584	(998	)	1985	2015
9615 Norwalk Blvd.	Santa Fe Springs, CA	--	8,508	1,134	837	8,508	1,971	10,479	(400	)	1975	2015
16221 Arthur St.	Cerritos, CA	--	2,979	3,204	190	2,979	3,394	6,373	(687	)	1979	2015
2588 & 2605 Industry Way	Lynwood, CA	--	8,738	9,415	—	8,738	9,415	18,153	(1,889	)	1969 / 1971	2015
425 S. Hacienda Blvd.	City of Industry, CA	--	4,010	3,050	117	4,010	3,167	7,177	(640	)	1997	2015
6700 S Alameda St.	Huntington Park, CA	--	3,502	9,279	257	3,502	9,536	13,038	(2,243	)	1990 / 2008	2015
12720-12860 Danielson Ct.	Poway, CA	--	6,902	8,949	477	6,902	9,426	16,328	(2,486	)	1999	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs, CA	--	3,446	1,241	84	3,446	1,325	4,771	(372	)	1982	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.	Oxnard, CA	--	3,310	5,806	892	3,310	6,698	10,008	(1,618	)	1985	2015
10701-10719 Norwalk Blvd.	Santa Fe Springs, CA	--	3,357	3,527	124	3,357	3,651	7,008	(718	)	2004	2015
6020 Sheila St.	Commerce, CA	--	4,590	7,772	581	4,590	8,353	12,943	(1,453	)	2000	2015
9805 6th St.	Rancho Cucamonga, CA	--	3,503	3,204	820	3,503	4,024	7,527	(939	)	1986	2015
16321 Arrow Hwy.	Irwindale, CA	--	3,087	4,081	453	3,087	4,534	7,621	(783	)	1955 / 2001	2015
601-605 S. Milliken Ave.	Ontario, CA	--	5,479	7,036	1,003	5,479	8,039	13,518	(1,781	)	1987 / 1988	2015
1065 E. Walnut Ave.	Carson, CA	--	10,038	4,380	3,580	10,038	7,960	17,998	(1,703	)	1974	2015
12247 Lakeland Rd.	Santa Fe Springs, CA	--	3,481	776	1,159	3,481	1,935	5,416	(305	)	1971 / 2016	2015
17311 Nichols Lane	Huntington Beach, CA	--	7,988	8,728	3	7,988	8,731	16,719	(1,519	)	1993 / 2014	2015
8525 Camino Santa Fe	San Diego, CA	--	4,038	4,055	774	4,038	4,829	8,867	(839	)	1986	2016
28454 Livingston Avenue	Valencia, CA	--	5,150	9,666	68	5,150	9,734	14,884	(1,598	)	2007	2016



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
20 Icon	Lake Forest, CA	--	12,576	8,817	128	12,576	8,945	21,521	(2,030	)	1999 / 2015	2016
16425 Gale Avenue	City of Industry, CA	--	18,803	6,029	315	18,803	6,344	25,147	(1,114	)	1976	2016
2700_2722 Fairview Street	Santa Ana, CA	--	10,144	5,989	1,323	10,144	7,312	17,456	(1,082	)	1964 / 1984, 2018	2016
12131 Western Avenue	Garden Grove, CA	--	15,077	11,149	4,685	15,077	15,834	30,911	(2,145	)	1987 / 2007, 2017	2016
9 Holland	Irvine, CA	--	13,724	9,365	78	13,724	9,443	23,167	(1,623	)	1980 / 2013	2016
15996 Jurupa Avenue	Fontana, CA	--	7,855	12,056	4	7,855	12,060	19,915	(1,869	)	2015	2016
11127 Catawba Avenue	Fontana, CA	--	5,562	8,094	4	5,562	8,098	13,660	(1,261	)	2015	2016
13550 Stowe Drive	Poway, CA	--	9,126	8,043	—	9,126	8,043	17,169	(1,562	)	1991	2016
10750-10826 Lower Azusa Road	El Monte, CA	--	4,433	2,961	1,148	4,433	4,109	8,542	(680	)	1975	2016
525 Park Avenue	San Fernando, CA	--	3,830	3,887	113	3,830	4,000	7,830	(657	)	2003	2016
3233 Mission Oaks Blvd.	Camarillo, CA	--	13,791	10,017	13,022	13,791	23,039	36,830	(2,248	)	1980-1982 / 2014, 2018, 2019	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.	Fullerton, CA	--	26,659	12,673	3,592	26,659	16,265	42,924	(2,816	)	1968/1985	2016
14742-14750 Nelson Avenue	City of Industry, CA	--	13,463	1,680	16,917	13,463	18,597	32,060	(875	)	1969 / 2018	2016
3927 Oceanic Drive	Oceanside, CA	--	2,667	4,581	281	2,667	4,862	7,529	(624	)	2004	2016
301-445 Figueroa Street	Wilmington, CA	--	7,126	5,728	4,895	7,126	10,623	17,749	(1,010	)	1972 / 2018	2016
12320 4th Street	Rancho Cucamonga, CA	--	12,642	14,179	3	12,642	14,182	26,824	(2,122	)	1997 / 2003	2016
9190 Activity Road	San Diego, CA	--	8,497	5,622	681	8,497	6,303	14,800	(1,017	)	1986	2016
28903-28903 Avenue Paine	Valencia, CA	--	10,620	6,510	7,154	10,620	13,664	24,284	(428	)	1999 / 2018	2017
2390 Ward Avenue	Simi Valley, CA	--	5,624	10,045	386	5,624	10,431	16,055	(1,504	)	1989	2017
Safari Business Center⁽⁶⁾	Ontario, CA	--	50,807	86,065	5,796	50,807	91,861	142,668	(10,705	)	1989	2017
4175 Conant Street	Long Beach, CA	--	13,785	13,440	—	13,785	13,440	27,225	(1,562	)	2015	2017



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
5421 Argosy Avenue	Huntington Beach, CA	--	3,577	1,490	2	3,577	1,492	5,069	(314	)	1976	2017
14820-14830 Carmenita Road	Norwalk, CA	--	22,938	6,738	293	22,938	7,031	29,969	(950	)	1970, 2000	2017
3002-3072 Inland Empire Blvd.	Ontario, CA	--	12,031	14,439	2,693	12,031	17,132	29,163	(1,903	)	1981	2017
17000 Kingsview Avenue & 800 Sandhill Avenue	Carson, CA	--	7,988	5,472	942	7,988	6,414	14,402	(606	)	1984	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way	Rancho Dominguez, CA	--	121,329	86,776	3,318	121,329	90,094	211,423	(9,997	)	1989	2017
11190 White Birch Drive	Rancho Cucamonga, CA	--	9,405	9,840	48	9,405	9,888	19,293	(1,168	)	1986	2017
4832-4850 Azusa Canyon Road	Irwindale, CA	--	5,330	8,856	7	5,330	8,863	14,193	(916	)	2016	2017
1825 Soto Street	Los Angeles, CA	--	2,129	1,315	—	2,129	1,315	3,444	(159	)	1993	2017
19402 Susana Road	Rancho Dominguez, CA	--	3,524	357	5	3,524	362	3,886	(79	)	1957	2017
13225 Western Avenue	Gardena, CA	--	1,918	355	363	1,918	718	2,636	(59	)	1955	2017
15401 Figueroa Street	Los Angeles, CA	--	3,255	1,248	731	3,255	1,979	5,234	(141	)	1964 / 2018	2017
8542 Slauson Avenue	Pico Rivera, CA	--	8,681	576	775	8,681	1,351	10,032	(142	)	1964	2017
687 Eucalyptus Avenue	Inglewood, CA	--	37,035	15,120	275	37,035	15,395	52,430	(1,267	)	2017	2017
302 Rockefeller Avenue	Ontario, CA	--	6,859	7,185	14	6,859	7,199	14,058	(668	)	2000	2017
4355 Brickell Street	Ontario, CA	--	7,295	5,616	71	7,295	5,687	12,982	(558	)	2004	2017
12622-12632 Monarch Street	Garden Grove, CA	--	11,691	8,290	96	11,691	8,386	20,077	(870	)	1967	2017
8315 Hanan Way	Pico Rivera, CA	--	8,714	4,751	180	8,714	4,931	13,645	(436	)	1976	2017
13971 Norton Avenue	Chino, CA	--	5,293	6,377	96	5,293	6,473	11,766	(607	)	1990	2018
1900 Proforma Avenue	Ontario, CA	--	10,214	5,127	750	10,214	5,877	16,091	(698	)	1989	2018
16010 Shoemaker Avenue	Cerritos, CA	--	9,927	6,948	123	9,927	7,071	16,998	(607	)	1985	2018
4039 Calle Platino	Oceanside, CA	--	9,476	11,394	366	9,476	11,760	21,236	(890	)	1991	2018



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
851 Lawrence Drive	Thousand Oaks, CA	--	6,717	—	1,200	6,717	1,200	7,917	—		1968	2018
1581 North Main Street	Orange, CA	--	4,230	3,313	4	4,230	3,317	7,547	(261	)	1994	2018
1580 West Carson Street	Long Beach, CA	--	5,252	2,496	1,501	5,252	3,997	9,249	(176	)	1982 / 2018	2018
660 & 664 North Twin Oaks Valley Road	San Marcos, CA	--	6,307	6,573	79	6,307	6,652	12,959	(564	)	1978 - 1988	2018
1190 Stanford Court	Anaheim, CA	--	3,583	2,430	8	3,583	2,438	6,021	(182	)	1979	2018
5300 Sheila Street	Commerce, CA	--	90,568	54,086	220	90,568	54,306	144,874	(4,020	)	1975	2018
15777 Gateway Circle	Tustin, CA	--	3,815	4,292	20	3,815	4,312	8,127	(282	)	2005	2018
1998 Surveyor Avenue	Simi Valley, CA	--	3,670	2,263	4,754	3,670	7,017	10,687	(221	)	2018	2018
3100 Fujita Street	Torrance, CA	--	7,723	5,649	180	7,723	5,829	13,552	(435	)	1970	2018
4416 Azusa Canyon Road	Irwindale, CA	--	10,762	1,567	27	10,762	1,594	12,356	(138	)	1956	2018
1420 McKinley Avenue	Compton, CA	--	17,053	13,605	124	17,053	13,729	30,782	(897	)	2017	2018
12154 Montague Street	Pacoima, CA	--	10,114	12,767	506	10,114	13,273	23,387	(746	)	1974	2018
10747 Norwalk Boulevard	Santa Fe Springs, CA	--	5,646	4,966	8	5,646	4,974	10,620	(310	)	1999	2018
29003 Avenue Sherman	Valencia, CA	--	3,094	6,467	1,776	3,094	8,243	11,337	—		2000 / 2019	2018
16121 Carmenita Road	Cerritos, CA	--	10,013	3,279	2,412	10,013	5,691	15,704	(117	)	1969	2018
1332-1340 Rocky Point Drive	Oceanside, CA	--	3,816	6,148	363	3,816	6,511	10,327	(241	)	2009 / 2019	2018
6131-6133 Innovation Way	Carlsbad, CA	--	10,545	11,859	23	10,545	11,882	22,427	(607	)	2017	2018
263-321 Gardena Boulevard	Carson, CA	--	14,302	1,960	201	14,302	2,161	16,463	(200	)	1977 - 1982	2018
9200 Mason Avenue	Chatsworth, CA	--	4,887	4,080	—	4,887	4,080	8,967	(228	)	1968	2018
9230 Mason Avenue	Chatsworth, CA	--	4,454	955	—	4,454	955	5,409	(90	)	1974	2018
9250 Mason Avenue	Chatsworth, CA	--	4,034	2,464	—	4,034	2,464	6,498	(150	)	1977	2018
9171 Oso Avenue	Chatsworth, CA	--	5,647	2,801	—	5,647	2,801	8,448	(173	)	1980	2018
5593-5595 Fresca Drive	La Palma, CA	--	11,414	2,502	11	11,414	2,513	13,927	(191	)	1973	2018
6100 Sheila Street	Commerce, CA	--	11,789	5,214	40	11,789	5,254	17,043	(448	)	1960	2018



			Initial Cost		Costs Capitalized Subsequent to Acquisition⁽¹⁾	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land ⁽²⁾	Building & Improvements ⁽²⁾	Total	Accumulated Depreciation ⁽³⁾		Year Build / Year Renovated	Year Acquired
14421-14441 Bonelli Street	City of Industry, CA	--	12,191	7,489	1	12,191	7,490	19,681	(384	)	1971	2018
12821 Knott Street	Garden Grove, CA	--	16,991	2,824	1,189	16,991	4,013	21,004	—		1971	2019
28510 Industry Drive	Valencia, CA	--	2,395	5,466	1	2,395	5,467	7,862	(203	)	2017	2019
Conejo Spectrum Business Park	Thousand Oaks, CA	--	38,877	64,721	1,659	38,877	66,380	105,257	(2,084	)	2018	2019
2455 Ash Street	Vista, CA	--	4,273	1,966	25	4,273	1,991	6,264	(97	)	1990	2019
25413 Rye Canyon Road	Santa Clarita, CA	--	3,245	2,352	583	3,245	2,935	6,180	(90	)	1981	2019
1515 15th Street	Los Angeles, CA	--	23,363	5,208	797	23,363	6,005	29,368	(137	)	1977	2019
13890 Nelson Avenue	City of Industry, CA	--	25,642	14,616	3	25,642	14,619	40,261	(500	)	1982	2019
445-449 Freedom Avenue	Orange, CA	--	9,084	8,286	78	9,084	8,364	17,448	(264	)	1980	2019
2270 Camino Vida Roble	Carlsbad, CA	--	8,102	8,179	307	8,102	8,486	16,588	(279	)	1981	2019
980 Rancheros Drive	San Marcos, CA	--	2,901	4,245	32	2,901	4,277	7,178	(131	)	1982	2019
1145 Arroyo Avenue	San Fernando, CA	--	19,556	9,567	—	19,556	9,567	29,123	(323	)	1989	2019
1150 Aviation Place	San Fernando, CA	--	18,989	10,067	—	18,989	10,067	29,056	(346	)	1989	2019
1175 Aviation Place	San Fernando, CA	--	12,367	4,858	—	12,367	4,858	17,225	(170	)	1989	2019
1245 Aviation Place	San Fernando, CA	--	16,407	9,572	—	16,407	9,572	25,979	(310	)	1989	2019
635 8th Street	San Fernando, CA	--	8,787	5,922	844	8,787	6,766	15,553	—		1989	2019
10015 Waples Court	San Diego, CA	--	12,280	9,198	1,976	12,280	11,174	23,454	—		1988	2019
19100 Susana Road	Rancho Dominguez, CA	--	11,576	2,265	112	11,576	2,377	13,953	(97	)	1956	2019
15385 Oxnard Street	Van Nuys, CA	--	11,782	5,212	115	11,782	5,327	17,109	(145	)	1988	2019
9750-9770 San Fernando Road	Sun Valley, CA	--	6,718	543	72	6,718	615	7,333	(36	)	1952	2019
218 S. Turnbull Canyon	City of Industry, CA	--	19,075	8,061	2	19,075	8,063	27,138	(239	)	1999	2019
Limonite Ave. & Archibald Ave.⁽⁷⁾	Eastvale, CA	--	23,848	—	3,985	23,848	3,985	27,833	—		N/A	2019



				Initial Cost				Costs Capitalized Subsequent to Acquisition⁽¹⁾			Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements			Land ⁽²⁾		Building & Improvements ⁽²⁾		Total		Accumulated Depreciation ⁽³⁾			Year Build / Year Renovated	Year Acquired
3340 San Fernando Road	Los Angeles, CA	--		2,885		147		(115		)	2,770		147		2,917		(8		)	N/A	2019
5725 Eastgate Drive	San Diego, CA	--		6,543		1,732		301			6,543		2,033		8,576		(55		)	1995	2019
18115 Main Street	Carson, CA	--		7,142		776		2			7,142		778		7,920		(23		)	1988	2019
3150 Ana Street	Rancho Dominguez, CA	--		15,997		3,036		—			15,997		3,036		19,033		(57		)	1957	2019
1402 Avenida Del Oro	Oceanside, CA	--		33,006		34,439		—			33,006		34,439		67,445		(590		)	2016	2019
9607-9623 Imperial Highway	Downey, CA	--		9,766		865		44			9,766		909		10,675		(20		)	1974	2019
12200 Bellflower Boulevard	Downey, CA	--		14,960		2,057		5			14,960		2,062		17,022		(42		)	1955	2019
Storm Parkway	Torrance, CA	--		42,178		21,987		—			42,178		21,987		64,165		(283		)	1982 - 2008	2019
2328 Teller Road	Newbury Park, CA	--		8,330		14,304		33			8,330		14,337		22,667		(184		)	1970 / 2018	2019
6277-6289 Slauson Avenue	Commerce, CA	--		27,809		11,454		31			27,809		11,485		39,294		(115		)	1962 - 1977	2019
750 Manville Street	Compton, CA	--		8,283		2,784		—			8,283		2,784		11,067		(26		)	1977	2019
8985 Crestmar Point	San Diego, CA	--		6,990		1,350		—			6,990		1,350		8,340		(20		)	1988	2019
404-430 Berry Way	Brea, CA	--		21,047		4,566		5			21,047		4,571		25,618		(37		)	1964 - 1967	2019
415-435 Motor Avenue	Azusa, CA	--		7,364		—		76			7,364		76		7,440		—			1956	2019
508 East E Street	Wilmington, CA	--		10,742		4,380		—			10,742		4,380		15,122		(26		)	1988	2019
12752-12822 Monarch Street	Garden Grove, CA	--		29,404		4,262		6			29,404		4,268		33,672		(29		)	1971	2019
1601 Mission Blvd.	Pomona, CA	--		67,623		18,962		—			67,623		18,962		86,585		(48		)	1952	2019
2757 Del Amo Blvd.	Rancho Dominguez, CA	--		10,035		2,073		—			10,035		2,073		12,108		(6		)	1967	2019
18250 Euclid Street	Fountain Valley, CA	--		11,116		3,201		—			11,116		3,201		14,317		(6		)	1974	2019
Investments in real estate		$	2,338	$	1,931,714	$	1,514,246	$	262,327		$	1,927,098	$	1,771,292	$	3,698,390	$	(296,777	)

Note: As of December 31, 2019, the aggregate cost for federal income tax purposes of investments in real estate was approximately $3.7 billion.


(1)	Costs capitalized subsequent to acquisition are net of the write-off of fully depreciated assets and include construction in progress.

(2)

During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $9.9 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $9.9 million, $4.5 million is included as a reduction of “Land” in the table above, with the remaining $5.4 million included as a reduction of “Buildings and Improvements”.


(3)	The depreciable life for buildings and improvements ranges from 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.


(4)	These six properties secure a term loan that had a balance of $58.5 million as of December 31, 2019.


(5)	Includes unamortized discount of $0.1 million.


(6)	Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street.

(7)

As of December 31, 2019, we are in the process of constructing six industrial buildings at the fully entitled industrial development site located at Limonite Avenue and Archibald Avenue in Eastvale, California.

The following tables reconcile the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2017 to December 31, 2019 (in thousands):



	Year Ended December 31,
Total Real Estate Held for Investment	2019			2018			2017
Balance, beginning of year	$	2,716,083		$	2,161,965		$	1,552,129
Acquisition of investment in real estate	952,981			513,511			649,019
Construction costs and improvements	50,169			58,207			44,451
Disposition of investment in real estate	(19,956		)	(17,060		)	(69,616		)
Properties held for sale	—			—			(13,296		)
Write-off of fully depreciated assets	(772		)	(540		)	(722		)
Other⁽¹⁾	(115		)	—			—
Balance, end of year	$	3,698,390		$	2,716,083		$	2,161,965



	Year Ended December 31,
Accumulated Depreciation	2019			2018			2017
Balance, beginning of year	$	(228,742	)	$	(173,541	)	$	(135,140	)
Depreciation of investment in real estate	(72,505		)	(57,312		)	(45,469		)
Disposition of investment in real estate	3,698			1,571			4,737
Properties held for sale	—			—			1,609
Write-off of fully depreciated assets	772			540			722
Balance, end of year	$	(296,777	)	$	(228,742	)	$	(173,541	)

(1)

On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. The $115 thousand adjustment to the carrying value of the land is the difference between the purchase price of the land parcel and the carrying amount of the ground lease liability immediately before the acquisition.

Interest Rate Swaps

12 Months Ended

Dec. 31, 2019

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

The 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 from AOCI into earnings in the period that the hedged forecasted transaction affects earnings.

The following table sets forth a summary of our interest rate swaps as of December 31, 2019 and 2018 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.



					Current Notional Amount⁽¹⁾				Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		December 31, 2019		December 31, 2018		December 31, 2019			December 31, 2018
Interest Rate Swap	1/15/2015	2/15/2019	1.8260	%	$	—	$	30,000	$	—		$	25
Interest Rate Swap	7/15/2015	2/15/2019	2.0100	%	$	—	$	28,108	$	—		$	17
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	489		$	3,974
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	277		$	3,023
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	100,000	$	100,000	$	(332	)	$	1,731
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	—	$	(8,156	)	$	(2,351	)


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


(2)	The fair value of derivative assets are included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) are included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

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



	Year Ended December 31,
	2019			2018		2017
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of (loss) gain recognized in AOCI on derivatives	$	(12,103	)	$	649	$	2,084
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense”	$	2,038		$	1,204	$	(1,341	)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	26,875		$	25,416	$	20,209

During the next twelve months, we estimate that an additional $1.4 million will be reclassified from AOCI into earnings 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.

Incentive Award Plan

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Incentive Award Plan

Amended and Restated 2013 Incentive Award Plan

On June 11, 2018, our stockholders approved the Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), superseding and replacing the Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Prior Plan”). Pursuant to the Plan, we may continue to 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 Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”), subject to certain limitations. The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions.

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 1,770,000 plus any shares that have not been issued under the Prior Plan, including shares subject to outstanding awards under the Prior Plan that are not issued or delivered to a participant for any reason or that are forfeited by a participant prior to vesting. As of December 31, 2019, a total of 1,267,576 shares of common stock, LTIP units and Performance Units remain available for issuance. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards.

LTIP Units and Performance Units

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 more fully described in the Operating Partnership’s partnership agreement (“book-up events”), the LTIP units and Performance Units can over time achieve full parity with the common units for all purposes. If such parity is reached, vested LTIP units and vested 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 per-unit distribution paid on OP Units.

On December 16, 2019, the compensation committee awarded 120,243 LTIP units to Messrs. Howard Schwimmer, Michael S. Frankel, Adeel Khan and David Lanzer (collectively, the “executives”) that are subject to time-based vesting conditions (the “2019 LTIP Award”) and 294,994 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (the “2019 Performance Award”).

On December 15, 2018, the compensation committee awarded 132,875 LTIP units to the executives that are subject to time-based vesting conditions (the “2018 LTIP Award”) and 204,517 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (the “2018 Performance Award”).

On December 15, 2017, the compensation committee awarded 122,631 LTIP units to the executives that are subject to time-based vesting requirements (the “2017 LTIP Award”) and 188,250 Performance Units that are subject to market-based vesting conditions (the “2017 Market Performance Award”).

2019, 2018, and 2017 LTIP Unit Awards

Each of the 2019, 2018 and 2017 LTIP Awards are scheduled to vest one-third in equal installments on each of the first, second and third anniversaries of the grant date. Each award is subject to each executive’s continued employment through the applicable vesting date, and subject to earlier vesting upon certain termination of employment or a change in control event, as described in the award agreements. Compensation expense will be recognized using the accelerated expense attribution method, with each vesting tranche valued as a separate award. The total grant date fair value of each annual LTIP award is based on the Company’s most recent closing stock price preceding the grant and the application of a discount for post-vesting restrictions and uncertainty regarding the occurrence and timing of book-up events. The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:



	2019 LTIP Award			2018 LTIP Award			2017 LTIP Award
Valuation date	December 16, 2019			December 15, 2018			December 15, 2017
Closing share price of common stock	$	45.74		$	31.42		$	30.58
Discount for post-vesting restrictions and book-up events	6.4		%	7.7		%	5.0		%
Grant date fair value (in thousands)	$	5,148		$	3,853		$	3,563

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2019, 2018 and 2017:



	Number of Unvested LTIP Units		Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2016	241,691		$	18.43
Granted	122,631		$	29.05
Vested	(70,837	)	$	17.48
Balance at December 31, 2017	293,485		$	23.10
Granted	190,318		$	28.43
Vested	(156,755	)	$	23.29
Balance at December 31, 2018	327,048		$	26.12
Granted	179,758		$	39.67
Vested	(208,394	)	$	26.14
Balance at December 31, 2019	298,412		$	34.26

2019, 2018 and 2017 Performance Unit Awards

Each of the 2019, 2018 and 2017 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below:

•

Absolute TSR Base Units - base units that will vest based on varying levels of the Company’s total shareholder return (“TSR”) over the three -year performance period of an award. TSR is measured as the appreciation in the price per share of a company’s common stock plus dividends paid during the three-year performance period, assuming the reinvestment in common stock of all dividends paid during the performance period.


•	Relative TSR Base Units - base units that will vest based on the Company’s TSR as compared to the TSR percentage of a selected peer group of companies over the three-year performance period.


•	FFO Per-Share Base Units - base units that will vest based on the Company’s FFO per share growth over the three-year performance period.

•

Distribution Equivalent Units - Performance Units that have not vested will receive 10% of the distributions paid on OP units. The remaining 90% of the distributions will accrue (assuming the reinvestment in common stock of these distributions) during the three-year performance period and a portion will be paid out as distribution equivalent units based upon the number of base units that ultimately vest.

The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Unit awards:



	Absolute TSR Base Units⁽¹⁾	Relative TSR Base Units⁽¹⁾	FFO Per-Share Base Units⁽¹⁾	Distribution Equivalent Units	Total Performance Units
2019 Performance Award	118,339	74,033	85,898	16,724	294,994
2018 Performance Award	63,473	63,473	63,471	14,100	204,517
2017 Performance Award	70,000	105,000	—	13,250	188,250


(1)	For each Performance Award, a number of the base units are designated as Absolute TSR Base Units and Relative TSR Base Units (combined, a “Market Performance Award”) and a number of units are designated as FFO Per-Share Base Units (each an “FFO Per-Share Award”).

The following table summarizes the performance levels and vesting percentages for the Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units, and the three-year performance period for each of the Performance Unit awards:



		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2019 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2020
	“Target Level”	24	%	50	%	55th Percentile	50	%	16.5	%	50	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2022

2018 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2019
	“Target Level”	24	%	60	%	55th Percentile	60	%	16.5	%	60	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2021

2017 Award		< 18%		—	%	< 35th Percentile	—	%	--		--
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	--		--		Dec 15, 2017
	“Target Level”	27	%	60	%	55th Percentile	60	%	--		--		to
	“Maximum Level”	≥ 36%		100	%	≥ 75th Percentile	100	%	--		--		Dec 14, 2020

If the Company’s TSR percentage, peer group relative performance or FFO per share growth falls between the levels specified in the tables above, the percentage of Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units that vest will be determined using straight-line interpolation between such levels.

Fair Value of Awards With Market-Based Vesting Conditions

The grant date fair value of each of the 2019, 2018 and 2017 Market Performance Awards is based on the sum of the following: (1) the present value of the expected payoff to the vested absolute and relative base units, (2) the present value of the 10% portion of the distribution expected to be paid during the three-year performance period, and (3) the present value of the distribution equivalent units expected to be awarded at the end of the three-year performance period. The grant date fair value of each of these awards was measured using a Monte Carlo simulation pricing model, which uses 100,000 trial simulations, to estimate the probability that the market conditions, TSR on both an absolute and relative basis, will be achieved over the three-year performance period.

The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions.



	2019 Market Performance Award			2018 Market Performance Award			2017 Market Performance Award
Valuation date	December 16, 2019			December 15, 2018			December 15, 2017
Expected share price volatility for the Company	18.0		%	20.0		%	18.0		%
Expected share price volatility for peer group companies - low end of range⁽¹⁾	12.0		%	16.0		%	15.0		%
Expected share price volatility for peer group companies - high end of range⁽¹⁾	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	2.50		%	2.40		%
Risk-free interest rate	1.74		%	2.80		%	1.96		%
Grant date fair value (in thousands)	$	3,922		$	2,090		$	2,714

(1)

For the 2019 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 21.0% and 24.4%, respectively. For the 2018 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 23.0% and 27.1%, respectively. For the 2017 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 21.0% and 25.3%, respectively.

The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on our average historical dividend yield and our dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period.

Compensation cost for the awards with market-based vesting conditions will be recognized ratably over the requisite service period, regardless of whether the TSR performance levels are achieved and any awards ultimately vest. Compensation expense will only be reversed if the holder of an award with market-based vesting conditions forfeits the award by leaving the employment of the Company prior to vesting.

Fair Value of Awards with Performance-Based Vesting Conditions

The grant date fair value of the 2019 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price on the grant date ($45.74 on December 16, 2019) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2018 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price preceding the grant date ($31.42 on December 14, 2018) and the achievement of FFO per-share performance at the maximum level.

Compensation cost for the 2019 and 2018 FFO Per-Share Awards will reflect the number of units that are expected to vest based on the probable outcome of the performance condition and will be adjusted to reflect those units that ultimately vest at the end of the three-year performance period.

2016 and 2015 Performance Award Vestings

On December 28, 2019, the three-year performance period for the 2016 performance award ended, and the following Performance Units vested: (i) 100% of the 74,000 Absolute TSR Base Units based on the Company achieving a TSR greater than 50%, the maximum level, (ii) 100% of the 111,000 Relative TSR Base Units based on the Company finishing in the 75th or greater percentile, the maximum level, of the peer group of companies included in the SNL U.S. Equity REIT Index (with respect to entities with an implied market capitalization of $1 billion to $2 billion), and (iii) 10,628 distribution equivalents, for a total of 195,628 vested Performance Units. On December 28, 2019, we canceled the remaining 3,372 distribution equivalents that did not vest.

On December 14, 2018, the three-year performance period for the 2015 performance award ended, and the following Performance Units vested: (i) 100% of the 115,600 Absolute TSR Base Units based on the Company achieving a TSR greater than 50%, the maximum level, (ii) 100% of the 173,399 Relative TSR Base Units based on the Company finishing in the 75th or greater percentile, the maximum level, of the peer group of companies included in the SNL U.S. Equity REIT Index (with respect to entities with an implied market capitalization of $500 million to $1 billion), and (iii) 18,987 distribution equivalents, for a total of 307,986 vested Performance Units. On December 14, 2018, we canceled the remaining 8,012 distribution equivalents that did not vest.

Restricted Common Stock

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 plan administrator, 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.

The compensation committee has periodically awarded grants of restricted common stock to various employees of the Company, other than executives, for the purpose of attracting or retaining the services of these key individuals. These grants typically vest in four equal, annual installments on each of the first four anniversaries of the date of grant, subject to the employee’s continued service. During the year ended December 31, 2019, we granted 97,527 shares of restricted common stock to non-executive employees. The grant date fair value of these awards was $3.4 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $34.20 to $47.90 per share.

In accordance with the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program, each year on the date of the annual meeting of the Company’s stockholders, we grant shares of restricted common stock to each of our non-employee directors who are re-elected for another year of service. These awards vest on the earlier of (i) the date of the annual meeting of the Company’s stockholders next following the grant date and (ii) the first anniversary of the grant date, subject to each non-employee director’s continued service. During the year ended December 31, 2019, each of our non-employee directors (other than Mr. Ziman) were granted 2,264 shares of restricted common stock with a grant date fair value of $85,000 and Mr. Ziman was granted 1,864 shares of restricted common stock with a grant date fair value of $70,000, based on the $37.54 closing share price of the Company’s common stock on the date of grant.

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2019, 2018 and 2017:



	Number of Unvested Shares of Restricted Common Stock		Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2016	287,827		$	15.92
Granted	104,727		$	23.78
Forfeited	(35,959	)	$	18.74
Vested⁽¹⁾⁽²⁾	(165,900	)	$	15.43
Balance at December 31, 2017	190,695		$	20.13
Granted	104,560		$	27.72
Forfeited	(13,031	)	$	23.51
Vested⁽¹⁾⁽²⁾	(81,826	)	$	19.40
Balance at December 31, 2018	200,398		$	24.17
Granted	110,711		$	34.85
Forfeited	(17,287	)	$	29.71
Vested⁽¹⁾⁽²⁾	(81,277	)	$	23.23
Balance at December 31, 2019	212,545		$	29.64


(1)	The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $2.9 million, $2.4 million and $4.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.


(2)	Total shares vested include 24,618, 21,324 and 57,444 shares of common stock that were tendered by employees during the years ended December 31, 2019, 2018 and 2017, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Share-Based Compensation Expense

The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands):



	Year Ended December 31,
	2019		2018		2017
Expensed share-based compensation⁽¹⁾	$	10,756	$	10,147	$	5,398
Capitalized share-based compensation⁽²⁾	174		255		162
Total share-based compensation	$	10,930	$	10,402	$	5,560


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

(2)

For the years ended December 31, 2018 and 2017, amounts capitalized relate to employees who provide construction or leasing services and are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets. For the year ended December 31, 2019, amounts capitalized only relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets.

In April 2019, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2019 annual bonuses partly in cash and partly in LTIP units. Share-based compensation expense for the year ended December 31, 2019, includes $1.8 million for the portion of Messrs. Schwimmer and Frankel’s 2019 accrued bonus that was settled with the grant of fully-vested LTIP Units in February 2020.

In May 2018, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2018 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 15, 2019, at the same time that annual bonuses were paid to the executives, Messrs. Schwimmer and Frankel were each granted 24,641 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2018, includes $1.7 million for the portion of Messrs. Schwimmer and Frankel’s 2018 accrued bonus that was settled with these fully-vested LTIP Units.

In February 2018, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2017 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 21, 2018, at the same time that annual bonuses were paid to the executives, Messrs. Schwimmer and Frankel were each granted 22,517 LTIP units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2018, includes $1.2 million for the portion of Messrs. Schwimmer and Frankel’s 2017 accrued bonus that was settled with these fully-vested LTIP Units.

As of December 31, 2019, total unrecognized compensation cost related to all unvested share-based awards was $21.4 million and is expected to be recognized over a weighted average remaining period of 27 months.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES
Rental income	$ 264,252	$ 210,643	$ 160,417
Management, leasing and development services	406	473	493
Interest income	2,555	1,378	445
TOTAL REVENUES	267,213	212,494	161,355
OPERATING EXPENSES
Property expenses	63,272	51,671	42,139
General and administrative	30,300	25,194	21,610
Depreciation and amortization	98,891	80,042	64,852
TOTAL OPERATING EXPENSES	192,463	156,907	128,601
OTHER EXPENSES
Acquisition expenses	171	318	454
Interest expense	26,875	25,416	20,209
TOTAL EXPENSES	219,509	182,641	149,264
Equity in income from unconsolidated real estate entities	0	0	11
Gain on extinguishment of debt	0	0	25
Gain on sale of real estate	16,297	17,222	29,573
NET INCOME	64,001	47,075	41,700
Less: net income attributable to noncontrolling interests	(2,022)	(865)	(988)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	61,979	46,210	40,712
Less: preferred stock dividends	(11,055)	(9,694)	(5,875)
Less: earnings allocated to participating securities	(447)	(378)	(410)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 50,477	$ 36,138	$ 34,427
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.47	$ 0.42	$ 0.48
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.47	$ 0.41	$ 0.48
Weighted average shares of common stock outstanding - basic (in shares)	106,407,283	86,824,235	71,198,862
Weighted average shares of common stock outstanding - diluted (in shares)	106,799,048	87,335,749	71,598,654

Interest Rate Swaps - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of (loss) gain recognized in AOCI on derivatives	$ (12,103)	$ 649	$ 2,084
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense”	2,038	1,204	(1,341)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 26,875	$ 25,416	$ 20,209

Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) building	Dec. 31, 2018 USD ($)	Dec. 31, 2009 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Federal income tax basis	$ 3,700,000
Real estate investment cumulative impairment	9,900		$ 19,600
Notes payable	857,842	$ 757,371
Contractual purchase price	970,697	$ 492,850
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	262,327
22343-22349 La Palma Avenue
Real Estate And Accumulated Depreciation [Line Items]
Unamortized debt discount (premium)	$ 100
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Number of buildings \| building	16
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	$ 5,796
Limonite Ave. & Archibald Ave.(7)
Real Estate And Accumulated Depreciation [Line Items]
Buildings to be constructed \| building	6
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	$ 3,985
3340 San Fernando Road
Real Estate And Accumulated Depreciation [Line Items]
Buildings and Improvements Costs Capitalized Subsequent to Acquisition	(115)
Land
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	4,500
Buildings and improvements
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment	$ 5,400
Building \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	10 years
Building \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	30 years
Site Improvements \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	5 years
Site Improvements \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life	20 years	20 years
6 Properties Secured \| Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Notes payable	$ 58,500

Incentive Award Plan - Share-based Awards Expensed & Capitalized Amounts (Details) - Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 10,756	$ 10,147	$ 5,398
Capitalized share-based compensation	174	255	162
Total share-based compensation	$ 10,930	$ 10,402	$ 5,560

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 December 31, 2019 and 2018, we had a $0.6 million and $1.0 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 December 31, 2019 and 2018, we also had a $0.6 million and $1.0 million corresponding indemnification asset recorded in our consolidated balance sheets 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 be sure 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. Tenant and Construction Related Commitments As of December 31, 2019, we had commitments of approximately $31.9 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 December 31, 2019, 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 December 31, 2019, 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 year ended December 31, 2019, no single tenant accounted for more than 5% of our total consolidated rental income.

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 857,842	$ 757,371
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	882,813	759,491
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	882,813	759,491
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 857,842	$ 757,371

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table sets forth the wholly-owned industrial properties we acquired during the year ended December 31, 2019:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
12821 Knott Street⁽²⁾	Orange County - West	1/15/2019	120,800	1	$	19,800
28510 Industry Drive⁽²⁾	Los Angeles - San Fernando Valley	1/17/2019	46,778	1	7,765
Conejo Spectrum Business Park⁽²⁾	Ventura	1/28/2019	531,378	9	106,250
2455 Ash Street⁽²⁾	San Diego - North County	3/5/2019	42,508	1	6,680
25413 Rye Canyon Road⁽²⁾	Los Angeles - San Fernando Valley	3/12/2019	48,075	1	5,529
1515 East 15th Street⁽³⁾	Los Angeles - Central LA	4/10/2019	238,015	1	28,100
13890 Nelson Avenue⁽²⁾	Los Angeles - San Gabriel Valley	4/12/2019	256,993	1	41,810
445-449 Freedom Avenue⁽²⁾	Orange County - North	4/12/2019	92,647	1	17,960
2270 Camino Vida Roble⁽²⁾	San Diego - North County	4/12/2019	106,311	1	16,791
980 Rancheros Drive⁽²⁾	San Diego - North County	4/16/2019	48,878	1	7,895
1145 Arroyo Avenue⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	147,019	1	29,862
1150 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	147,000	1	29,694
1175 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	92,455	1	17,844
1245 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	132,936	1	26,055
635 8th Street⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	72,250	1	14,659
10015 Waples Court⁽²⁾	San Diego - Central County	4/25/2019	106,412	1	21,300
19100 Susana Road⁽²⁾	Los Angeles - South Bay	4/30/2019	52,714	1	13,510
15385 Oxnard Street⁽²⁾	Los Angeles - San Fernando Valley	5/3/2019	71,467	1	16,800
9750-9770 San Fernando Road⁽²⁾	Los Angeles - San Fernando Valley	5/16/2019	35,624	1	7,440
218 Turnbull Canyon⁽²⁾	Los Angeles - San Gabriel Valley	5/31/2019	190,900	1	27,100
The Merge⁽²⁾⁽⁴⁾	San Bernardino - Inland Empire West	6/6/2019	—	—	23,200
3340 San Fernando Road⁽²⁾⁽⁵⁾	Los Angeles - San Fernando Valley	7/3/2019	—	—	3,000
5725 Eastgate Drive⁽²⁾	San Diego - Central County	7/31/2019	27,267	1	8,150
18115 Main Street⁽²⁾	Los Angeles - South Bay	8/29/2019	42,270	1	6,750
3150 Ana Street⁽²⁾	Los Angeles - South Bay	8/29/2019	105,970	1	18,800
1402 Avenida Del Oro⁽⁶⁾	San Diego - North County	8/30/2019	311,995	1	73,550
9607-9623 Imperial Highway⁽²⁾	Los Angeles - Mid-Counties	9/5/2019	7,466	1	10,510
12200 Bellflower Boulevard⁽²⁾	Los Angeles - Mid-Counties	9/5/2019	54,161	1	16,325
Storm Parkway⁽²⁾	Los Angeles - South Bay	9/17/2019	267,503	8	66,165
2328 Teller Road⁽²⁾	Ventura	9/25/2019	126,317	1	23,273
6277-6289 Slauson Avenue⁽²⁾	Los Angeles - Central LA	10/3/2019	336,085	3	41,263
750 Manville Street⁽²⁾	Los Angeles - South Bay	10/4/2019	59,996	1	11,510
8985 Crestmar Point⁽²⁾	San Diego - Central County	10/25/2019	55,816	1	7,985



404-430 Berry Way⁽⁷⁾	Orange County - North	11/5/2019	120,250	3	27,600
415-435 Motor Avenue⁽²⁾	Los Angeles - San Gabriel Valley	11/13/2019	63,900	1	7,200
508 East E Street⁽²⁾	Los Angeles - South Bay	11/20/2019	57,522	1	14,892
12752-12822 Monarch Street⁽²⁾	Orange County - West	11/22/2019	276,585	1	34,000
1601 West Mission Boulevard⁽²⁾	Los Angeles - San Gabriel Valley	12/10/2019	751,528	1	87,780
2757 East Del Amo Boulevard⁽²⁾	Los Angeles - South Bay	12/11/2019	57,300	1	11,900
18250 Euclid Street⁽⁸⁾	Orange County - West	12/27/2019	62,838	1	14,000
Total 2019 Property Acquisitions			5,365,929	57	$	970,697


(1)	Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.


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


(3)	In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See Note 12 for additional details.


(4)	The Merge is a fully entitled development site on which we are constructing a 334,000 rentable square foot six-building industrial complex. We have retained the seller as fee developer to construct the project. The purchase price includes $5.1 million of consideration held back in escrow to be released to the seller/developer upon meeting certain development milestones.


(5)	On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. See Note 6 for additional details related to the ground lease.


(6)	This acquisition was partially funded through a 1031 Exchange using $12.3 million of net cash proceeds from the sale of our properties located at (i) 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue and (ii) 939 Poinsettia Avenue - Unit 301 and available cash on hand.


(7)	This acquisition was partially funded through a 1031 Exchange using $10.6 million of net cash proceeds from the sale of our property located at 13914-13932 East Valley Boulevard and available cash on hand.


(8)	This acquisition was partially funded through a 1031 Exchange using $9.4 million of net cash proceeds from the sale of our property located at 2350-2380 Eastman Avenue and available cash on hand.

The following table sets forth the wholly-owned industrial properties we acquired during the year ended December 31, 2018:



Property	Submarket	Date of Acquisition	Rentable Square Feet		Number of Buildings		Contractual Purchase Price⁽¹⁾(in thousands)
13971 Norton Avenue⁽²⁾	Inland Empire West	1/17/2018	103,208		1		$	11,364
Ontario Airport Commerce Center⁽³⁾	Inland Empire West	2/23/2018	213,603		3		24,122
16010 Shoemaker Avenue⁽⁴⁾	Los Angeles - Mid-Counties	3/13/2018	115,600		1		17,218
4039 Calle Platino⁽⁵⁾	San Diego - North County	4/4/2018	143,274		1		20,000
851 Lawrence Drive⁽⁶⁾	Ventura	4/5/2018	49,976		1		6,600
1581 North Main Street⁽⁶⁾	Orange County - North	4/6/2018	39,661		1		7,150
1580 West Carson Street⁽⁷⁾	Los Angeles - South Bay	4/26/2018	43,787		1		7,500
660 & 664 North Twin Oaks Valley Road⁽⁶⁾	San Diego - North County	4/26/2018	96,993		2		14,000
1190 Stanford Court⁽⁶⁾	Orange County - North	5/8/2018	34,494		1		6,080
5300 Sheila Street⁽⁶⁾	Los Angeles - Central	5/9/2018	695,120		1		121,000
15777 Gateway Circle⁽⁴⁾	Orange County - Airport	5/17/2018	37,592		1		8,050
1998 Surveyor Avenue⁽⁴⁾⁽⁸⁾	Ventura	5/18/2018	—	⁽⁸⁾	—	⁽⁸⁾	5,821
3100 Fujita Street⁽⁴⁾	Los Angeles - South Bay	5/31/2018	91,516		1		14,037
4416 Azusa Canyon Road⁽⁴⁾	Los Angeles - San Gabriel Valley	6/8/2018	70,510		1		12,000
1420 Mckinley Avenue⁽⁴⁾	Los Angeles - South Bay	6/12/2018	136,685		1		30,000
12154 Montague Street⁽⁴⁾	Los Angeles - San Fernando Valley	6/29/2018	122,868		1		22,525
10747 Norwalk Boulevard⁽⁴⁾	Los Angeles - Mid-Counties	7/18/2018	52,691		1		10,835
29003 Avenue Sherman⁽⁴⁾	Los Angeles - San Fernando Valley	7/19/2018	68,123		1		9,500
16121 Carmenita Road⁽⁴⁾	Los Angeles - Mid-Counties	8/14/2018	108,500		1		13,300
1332-1340 Rocky Point Drive⁽⁴⁾	San Diego - North County	10/17/2018	73,747		3		10,170
6131-6133 Innovation Way⁽⁴⁾	San Diego - North County	11/6/2018	114,572		2		24,200
263-321 Gardena Boulevard⁽⁴⁾	Los Angeles - South Bay	11/8/2018	55,238		2		16,101
9200 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	80,410		1		9,041
9230 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	54,000		1		5,300
9250 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	56,292		1		6,626
9171 Oso Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	65,560		1		8,565
5593-5595 Fresca Drive⁽⁴⁾	Orange County - North	11/30/2018	115,200		1		14,000
6100 Sheila Street⁽⁴⁾	Los Angeles - Central	12/7/2018	74,527		1		18,245
14421-14441 Bonelli Street⁽⁹⁾	Los Angeles - San Gabriel Valley	12/28/2018	148,740		1		19,500
Total 2018 Property Acquisitions			3,062,487		35		$	492,850


(1)	Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.


(2)	This acquisition was partially funded through a 1031 Exchange using $10.7 million of net cash proceeds from the sale of our property located at 8900-8980 Benson Avenue and 5637 Arrow Highway and borrowings under our unsecured revolving credit facility.

(3)

The Ontario Airport Commerce Center is an industrial park which includes two properties located at 1900 Proforma Avenue and 1910-1920 Archibald Avenue. This acquisition was partially funded through a 1031 Exchange using $10.3 million of net cash proceeds from the sale of our property located at 700 Allen Avenue and 1851 Flower Street, borrowings under our unsecured revolving credit facility and available cash on hand. On May 9, 2018, we sold the property located at 1910-1920 Archibald Avenue (see Note 11).


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


(5)	This acquisition was partially funded through a 1031 Exchange using $4.2 million of net cash proceeds from the sale of our property located at 200-220 South Grand Avenue and borrowings under our unsecured revolving credit facility.


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


(7)	This acquisition was partially funded through a 1031 Exchange using $1.6 million of net cash proceeds from the sale of our property located at 6770 Central Avenue—Building B and borrowings under our unsecured revolving credit facility.


(8)	We acquired 1998 Surveyor Avenue as an under-construction building for a cost of $5.8 million and the assumption of the seller’s fixed-price construction contracts with approximately $4.4 million of remaining costs. During 2019, construction and lease-up of the 56,306 rentable square foot single-tenant building was completed.

(9)

This acquisition was partially funded through a 1031 Exchange using $9.8 million of net cash proceeds from the sale of three buildings located at 311 East 157th Street, 329 East 157th Street and 319 East 157th Street and available cash on hand.

Acquisition of Other Interests

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):



	2019		2018
Assets:
Land	$	637,478	$	312,410
Buildings and improvements	308,950		198,362
Tenant improvements	6,553		2,739
Acquired lease intangible assets⁽¹⁾	39,502		26,085
Other acquired assets⁽²⁾	747		206
Total assets acquired	$	993,230	$	539,802
Liabilities:
Acquired lease intangible liabilities⁽³⁾	15,796		41,778
Other assumed liabilities⁽²⁾	5,768		2,247
Total liabilities assumed	$	21,564	$	44,025
Net assets acquired	$	971,666	$	495,777

(1)

For the 2019 acquisitions, acquired lease intangible assets are comprised of $36.3 million of in-place lease intangibles with a weighted average amortization period of 6.2 years and $3.2 million of above-market lease intangibles with a weighted average amortization period of 8.7 years. For the 2018 acquisitions, acquired lease intangible assets are comprised of $25.5 million of in-place lease intangibles with a weighted average amortization period of 14.8 years and $0.6 million of above-market lease intangibles with a weighted average amortization period of 7.1 years.


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

(3)

Represents below-market lease intangibles with a weighted average amortization period of 6.1 years and 26.3 years, for the 2019 and 2018 acquisitions, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Cash Flows [Abstract]
Capitalized interest, net	$ 3,860	$ 2,053	$ 1,694

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying financial statements 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. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2019 and 2018, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Use of Estimates 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. Reclassifications In connection with the adoption of the new lease accounting standard on January 1, 2019, as further described below under—Adoption of New Accounting Pronouncements—Leases, tenant reimbursements and other income related to leases have been reclassified to “Rental income” in the consolidated statements of operations for the years ended December 31, 2018 and 2017 to conform to the 2019 financial statement presentation. 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”). We include restricted cash with cash and cash equivalents in the consolidated statements of cash flows and provide a reconciliation between the balance sheet and the statement of cash flows provided that we have outstanding restricted cash balances. At December 31, 2019 and 2018, we did not have restricted cash balances. Investments in Real Estate Acquisitions We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. 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 with respect to 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 year ended December 31, 2019, we used discount rates ranging from 5.75% to 7.75% and capitalization rates ranging from 4.50% to 7.25%. 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 estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 2019, we used an estimated average lease-up period ranging from six months to twelve months. The difference between the fair value and the face value of debt assumed, if any, 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 $3.9 million, $2.1 million and $1.7 million during the years ended December 31, 2019, 2018 and 2017, respectively. We capitalized real estate taxes and insurance aggregating $1.3 million, $0.9 million, and $1.2 million and during the years ended December 31, 2019, 2018 and 2017, respectively. We capitalized compensation costs for employees who provide construction services of $2.7 million, $2.2 million and $1.9 million during the years ended December 31, 2019, 2018 and 2017, 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 regard 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 that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of December 31, 2019 and 2018, we did not have any properties classified as held for sale. Deferred Leasing Costs Subsequent to the adoption of the new lease accounting standard on January 1, 2019, we only capitalize incremental direct costs of a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs on a go-forward basis, will generally only include third-party broker commissions. Prior to January 1, 2019, under prior lease accounting guidance, we capitalized all initial direct costs which included third third-party broker commissions, as well as an allocation of internal compensation costs, including payroll, bonus and non-cash equity compensation, of employees who spent time on lease origination activities. In determining the amount of compensation costs to be capitalized for these employees, allocations were 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 $1.0 million and $1.0 million during the years ended December 31, 2018 and 2017, respectively. Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, 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. 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. There were no impairment charges recorded to the carrying value of our properties during the years ended December 31, 2019, 2018 or 2017. Investment in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities in which we have the ability to exercise significant influence (but not control) are accounted for under the equity method of investment. Under the equity method, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Under the equity method of accounting, our net equity investment is reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture is included within the consolidated statements of operations. 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. We previously held a noncontrolling interest in a property through a joint venture (the “JV”). In 2016, following the sale of the JV’s final property, the JV distributed all of its available cash, with the exception of a small amount of working capital which was retained to cover the residual costs associated with the winding down of the JV. During the year ended December 31, 2017, all 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. As of December 31, 2019 and 2018, we did not have any investments in unconsolidated real estate entities. Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, 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 years ended December 31, 2019, 2018 and 2017. 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 December 31, 2019 and 2018, we have not established a liability for uncertain tax positions. Derivative Instruments and Hedging Activities 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 Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate. Rental Income Minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due. Rental income recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. 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. Management, leasing and development services We provide property management services and leasing services to related party and third-party property owners in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. Valuation of Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases. 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. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.7 million and $1.2 million, $1.1 million for the years ended December 31, 2019, 2018, and 2017 respectively, as a reduction of rental income in the consolidated statements of operations. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5. 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 condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 13. 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 issuances have been reflected as a direct reduction of the preferred stock balance. Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 14. 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. Adoption of New Accounting Pronouncements Leases On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 was subsequently amended by the following updates: (i) ASU 2018-10, Leases: Codification Improvements to Topic 842, (ii) ASU 2018-11, Leases: Targeted Improvements, (iii) ASU 2018-20, Leases: Narrow-Scope Improvements for Lessors and (iv) ASU 2019-01, Leases: Codification Improvements (collectively referred to as “ASC 842”). ASC 842 supersedes prior lease accounting guidance contained in ASC Topic 840, Leases (“ASC 840”). On January 1, 2019, we adopted ASC 842 using the modified retrospective approach and elected to apply the provisions as of the date of adoption on a prospective basis. In making this election, we have continued to apply ASC 840 to comparative periods, including providing disclosures required by ASC 840 for these periods, and we recognized the effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019, as described below under “Lessor”. Upon adoption of ASC 842, we elected the “package of practical expedients” which allowed us to not reassess (a) whether expired or existing contracts as of January 1, 2019 are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As we elected the package of practical expedients, our existing leases as of January 1, 2019, continue to be accounted for as operating leases. Upon adoption of ASC 842, we elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. We assessed the criteria above with respect to our operating leases and determined that they qualify for the non-separation practical expedient. As a result, we have accounted for and presented all rental income earned pursuant to operating leases, including tenant reimbursements, as a single line item “Rental income” in the consolidated statement of operations for the year ended December 31, 2019. Prior to the adoption of ASC 842, we presented rental income, tenant reimbursements and other income related to leases separately in our consolidated statements of operations. For comparability, we have adjusted our comparative consolidated statement of operations for the years ended December 31, 2018 and 2017, to conform to the 2019 financial statement presentation. Under ASC 842, lessors are required to record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed by a lessee. Conversely, lessors are required to record revenues and expenses on a net basis for lessor costs when they are paid by a lessee directly to a third party on behalf of the lessor. Prior to the adoption of ASC 842, we recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to us by a tenant or paid directly by a tenant to the taxing authorities on our behalf. Effective January 1, 2019, we are recording these costs in accordance with ASC 842. ASC 842 only allows lessors to capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Prior to January 1, 2019, under ASC 840, we capitalized incremental direct costs, which included an allocation of internal compensation costs of employees who spent time on successful lease origination activities. Effective January 1, 2019, such costs will no longer be capitalized as initial direct costs and instead will be expensed as incurred. For leases that commenced prior to January 1, 2019, capitalized internal compensation costs will continue to be amortized over the remaining life of the lease. For leases that were executed but had not commenced prior to January 1, 2019, we recognized a cumulative-effect adjustment to “Cumulative distributions in excess of earnings” of $0.2 million to write off these capitalized internal compensation costs, as these costs were capitalized in accordance with ASC 840, as noted above, and do not qualify for capitalization under ASC 842. See “Deferred Leasing Costs” above for a summary of employee related compensation costs capitalized during the years ended December 31, 2018 and 2017. See Note 6 for additional lessor disclosures required under ASC 842. Lessee ASC 842 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 (“ROU 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. ASC 842 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. As of January 1, 2019, we were the lessee on one ground lease and multiple office space leases, which were classified as operating leases under ASC 840. As we elected the package of practical expedients, we were not required to reassess the classification of these existing leases and as such, these leases continue to be accounted for as operating leases. In the event we modify our existing leases or enter into new leases in the future, such leases may be classified as finance leases. On January 1, 2019, we recognized ROU assets and lease liabilities for these leases on our consolidated balance sheets, and on a go-forward basis, lease expense will be recognized on a straight-line basis over the remaining term of the lease. Upon adoption of ASC 842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components for our ground and office space leases. See Note 6 for additional lessee disclosures required under ASC 842. Derivatives On August 28, 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 simplifies hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. For cash flow hedges, ASU 2017-12 requires all changes in the fair value of the hedging instrument to be deferred in other comprehensive income and recognized in earnings at the same time that the hedged item affects earnings. ASU 2017-12 also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. ASU 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. Effective January 1, 2018, we early adopted ASU 2017-12 using the modified retrospective approach. We did not record a cumulative effect adjustment to eliminate ineffectiveness amounts as we did not have any ineffectiveness in our historical consolidated financial statements. In addition, certain provisions of ASU 2017-12 require modifications to existing presentation and disclosure requirements on a prospective basis. See Note 7 for disclosures relating to our derivative instruments. 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. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that we expect to be applicable and have a material impact on our financial statements. Allowance for Credit Losses On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses for certain financial instruments. ASU 2016-13 introduced the “current expected credit losses” (CECL) model, which requires companies to estimate credit losses immediately upon exposure. The guidance applies to financial assets measured at amortized cost including financing receivables (loans) and trade receivables. On November 26, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that operating lease receivables are outside the scope of ASC Topic 326 and instead should be accounted for under ASC 842. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 766	$ 8,770
Interest Rate Swap Liability	(8,488)	(2,351)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	766	8,770
Interest Rate Swap Liability	(8,488)	(2,351)
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	0
Interest Rate Swap Liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	766	8,770
Interest Rate Swap Liability	(8,488)	(2,351)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	0
Interest Rate Swap Liability	$ 0	$ 0

Acquired Lease Intangibles - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 73,090	$ 55,683
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
2020	18,687
2021	11,713
2022	7,278
2023	5,750
2024	4,045
Thereafter	18,942
Total	66,415
Net Above/(Below) Market Operating Leases
Acquired Finite Lived Intangible Assets [Line Items]
2020	8,790
2021	5,416
2022	3,693
2023	3,081
2024	2,479
Thereafter	29,206
Total	$ 52,665

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities



	December 31,
	2019			2018
Acquired Lease Intangible Assets:
In-place lease intangibles	$	154,370		$	119,517
Accumulated amortization	(87,955		)	(68,481		)
In-place lease intangibles, net	$	66,415		$	51,036

Above-market tenant leases	$	14,296		$	11,125
Accumulated amortization	(7,621		)	(6,478		)
Above-market tenant leases, net	$	6,675		$	4,647
Acquired lease intangible assets, net	$	73,090		$	55,683

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(81,718	)	$	(66,388	)
Accumulated accretion	22,378			13,778
Below-market tenant leases, net	$	(59,340	)	$	(52,610	)

Above-market ground lease⁽¹⁾	$	—		$	(290	)
Accumulated accretion⁽¹⁾	—			173
Above-market ground lease, net⁽¹⁾	$	—		$	(117	)
Acquired lease intangible liabilities, net	$	(59,340	)	$	(52,727	)

(1)

In connection with the adoption of ASC 842 on January 1, 2019, we derecognized the net above-market ground lease intangible liability of $0.1 million and adjusted the carrying amount of the ground lease right-of-use asset by a corresponding amount. See Note 2 for additional details related to the adoption of ASC 842.

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):



	Year Ended December 31,
	2019			2018			2017
In-place lease intangibles⁽¹⁾	$	20,936		$	18,135		$	15,598
Net below market tenant leases⁽²⁾	$	(7,907	)	$	(5,949	)	$	(2,238	)
Above-market ground lease⁽³⁾	$	—		$	(32	)	$	(32	)


(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 below market tenant leases is recorded as an increase to rental income 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.

Summary of Estimated Net Amortization Expense of Above Market Leases and In-place Lease Intangibles

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2019, for the next five years and thereafter (in thousands):



Year Ending	In-place Leases⁽¹⁾		Net Above/(Below) Market Operating Leases⁽²⁾
2020	$	18,687	$	(8,790	)
2021	11,713		(5,416		)
2022	7,278		(3,693		)
2023	5,750		(3,081		)
2024	4,045		(2,479		)
Thereafter	18,942		(29,206		)
Total	$	66,415	$	(52,665	)


(1)	Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations.

(2)

Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations.

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Interest Rate Swap $30M Notional Effective January 15, 2015
Derivative [Line Items]
Effective Date	Jan. 15, 2015
Maturity Date	Feb. 15, 2019
LIBOR Interest Strike Rate	1.826%
Current Notional Amount	$ 0	$ 30,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 0	25
Interest Rate Swap $30M Notional Effective July 15, 2015
Derivative [Line Items]
Effective Date	Jul. 15, 2015
Maturity Date	Feb. 15, 2019
LIBOR Interest Strike Rate	2.01%
Current Notional Amount	$ 0	28,108
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 0	17
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Effective Date	Feb. 14, 2018
Maturity Date	Jan. 14, 2022
LIBOR Interest Strike Rate	1.349%
Current Notional Amount	$ 125,000	125,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 489	3,974
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Effective Date	Aug. 14, 2018
Maturity Date	Jan. 14, 2022
LIBOR Interest Strike Rate	1.406%
Current Notional Amount	$ 100,000	100,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 277	3,023
Interest Rate Swap $100M Notional Effective December 14, 2018
Derivative [Line Items]
Effective Date	Dec. 14, 2018
Maturity Date	Aug. 14, 2021
LIBOR Interest Strike Rate	1.764%
Current Notional Amount	$ 100,000	100,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ (332)	1,731
Interest Rate Swap $150M Notional Effective July 22, 2019
Derivative [Line Items]
Effective Date	Jul. 22, 2019
Maturity Date	Nov. 22, 2024
LIBOR Interest Strike Rate	2.7625%
Current Notional Amount	$ 150,000	0
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ (8,156)	$ (2,351)

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation	Basis of Presentation and Principles of Consolidation The accompanying financial statements 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. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2019 and 2018, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.
Basis of Accounting	The accompanying consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.
Use of Estimates	Use of Estimates 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.
Cash and Cash Equivalents and Restricted Cash	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”). We include restricted cash with cash and cash equivalents in the consolidated statements of cash flows and provide a reconciliation between the balance sheet and the statement of cash flows provided that we have outstanding restricted cash balances.
Investment in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. 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 with respect to 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 year ended December 31, 2019, we used discount rates ranging from 5.75% to 7.75% and capitalization rates ranging from 4.50% to 7.25%. 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 estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 2019, we used an estimated average lease-up period ranging from six months to twelve months. The difference between the fair value and the face value of debt assumed, if any, 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 $3.9 million, $2.1 million and $1.7 million during the years ended December 31, 2019, 2018 and 2017, respectively. We capitalized real estate taxes and insurance aggregating $1.3 million, $0.9 million, and $1.2 million and during the years ended December 31, 2019, 2018 and 2017, respectively. We capitalized compensation costs for employees who provide construction services of $2.7 million, $2.2 million and $1.9 million during the years ended December 31, 2019, 2018 and 2017, 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 regard 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 that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Assets Held for Sale	Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of December 31, 2019 and 2018, we did not have any properties classified as held for sale.
Deferred Leasing Costs	Deferred Leasing Costs Subsequent to the adoption of the new lease accounting standard on January 1, 2019, we only capitalize incremental direct costs of a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs on a go-forward basis, will generally only include third-party broker commissions. Prior to January 1, 2019, under prior lease accounting guidance, we capitalized all initial direct costs which included third third-party broker commissions, as well as an allocation of internal compensation costs, including payroll, bonus and non-cash equity compensation, of employees who spent time on lease origination activities. In determining the amount of compensation costs to be capitalized for these employees, allocations were 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 360, 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. 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. There were no impairment charges recorded to the carrying value of our properties during the years ended December 31, 2019, 2018 or 2017.
Investment in Unconsolidated Real Estate	Investment in Unconsolidated Real Estate Entities Investments in unconsolidated real estate entities in which we have the ability to exercise significant influence (but not control) are accounted for under the equity method of investment. Under the equity method, we initially record our investment at cost, and subsequently adjust for equity in earnings or losses and cash contributions and distributions. Any difference between the carrying amount of these investments on the balance sheet and the underlying equity in net assets is amortized as an adjustment to equity in income (loss) from unconsolidated real estate over the life of the related asset. Under the equity method of accounting, our net equity investment is reflected within the consolidated balance sheets, and our share of net income or loss from the joint venture is included within the consolidated statements of operations. 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. We previously held a noncontrolling interest in a property through a joint venture (the “JV”). In 2016, following the sale of the JV’s final property, the JV distributed all of its available cash, with the exception of a small amount of working capital which was retained to cover the residual costs associated with the winding down of the JV. During the year ended December 31, 2017, all 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. As of December 31, 2019 and 2018, we did not have any investments in unconsolidated real estate entities.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our REIT qualifying activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, 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 years ended December 31, 2019, 2018 and 2017. 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 December 31, 2019 and 2018, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities 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 Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate. Rental Income Minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due. Rental income recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. 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. Management, leasing and development services We provide property management services and leasing services to related party and third-party property owners in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset.
Valuation of Receivables	Valuation of Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases. 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. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.7 million and $1.2 million, $1.1 million for the years ended December 31, 2019, 2018, and 2017 respectively, as a reduction of rental income in the consolidated statements of operations.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5.
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 condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 13.
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 issuances have been reflected as a direct reduction of the preferred stock balance.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 14.
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	Adoption of New Accounting Pronouncements Leases On February 25, 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which sets out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. ASU 2016-02 was subsequently amended by the following updates: (i) ASU 2018-10, Leases: Codification Improvements to Topic 842, (ii) ASU 2018-11, Leases: Targeted Improvements, (iii) ASU 2018-20, Leases: Narrow-Scope Improvements for Lessors and (iv) ASU 2019-01, Leases: Codification Improvements (collectively referred to as “ASC 842”). ASC 842 supersedes prior lease accounting guidance contained in ASC Topic 840, Leases (“ASC 840”). On January 1, 2019, we adopted ASC 842 using the modified retrospective approach and elected to apply the provisions as of the date of adoption on a prospective basis. In making this election, we have continued to apply ASC 840 to comparative periods, including providing disclosures required by ASC 840 for these periods, and we recognized the effects of applying ASC 842 as a cumulative-effect adjustment to retained earnings as of January 1, 2019, as described below under “Lessor”. Upon adoption of ASC 842, we elected the “package of practical expedients” which allowed us to not reassess (a) whether expired or existing contracts as of January 1, 2019 are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As we elected the package of practical expedients, our existing leases as of January 1, 2019, continue to be accounted for as operating leases. Upon adoption of ASC 842, we elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. If both criteria are met, the combined component is accounted for in accordance with ASC 842 if the lease component is the predominant component of the combined component; otherwise, the combined component is accounted for in accordance with the revenue recognition standard. We assessed the criteria above with respect to our operating leases and determined that they qualify for the non-separation practical expedient. As a result, we have accounted for and presented all rental income earned pursuant to operating leases, including tenant reimbursements, as a single line item “Rental income” in the consolidated statement of operations for the year ended December 31, 2019. Prior to the adoption of ASC 842, we presented rental income, tenant reimbursements and other income related to leases separately in our consolidated statements of operations. For comparability, we have adjusted our comparative consolidated statement of operations for the years ended December 31, 2018 and 2017, to conform to the 2019 financial statement presentation. Under ASC 842, lessors are required to record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed by a lessee. Conversely, lessors are required to record revenues and expenses on a net basis for lessor costs when they are paid by a lessee directly to a third party on behalf of the lessor. Prior to the adoption of ASC 842, we recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to us by a tenant or paid directly by a tenant to the taxing authorities on our behalf. Effective January 1, 2019, we are recording these costs in accordance with ASC 842. ASC 842 only allows lessors to capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Prior to January 1, 2019, under ASC 840, we capitalized incremental direct costs, which included an allocation of internal compensation costs of employees who spent time on successful lease origination activities. Effective January 1, 2019, such costs will no longer be capitalized as initial direct costs and instead will be expensed as incurred. For leases that commenced prior to January 1, 2019, capitalized internal compensation costs will continue to be amortized over the remaining life of the lease. For leases that were executed but had not commenced prior to January 1, 2019, we recognized a cumulative-effect adjustment to “Cumulative distributions in excess of earnings” of $0.2 million to write off these capitalized internal compensation costs, as these costs were capitalized in accordance with ASC 840, as noted above, and do not qualify for capitalization under ASC 842. See “Deferred Leasing Costs” above for a summary of employee related compensation costs capitalized during the years ended December 31, 2018 and 2017. See Note 6 for additional lessor disclosures required under ASC 842. Lessee ASC 842 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 (“ROU 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. ASC 842 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. As of January 1, 2019, we were the lessee on one ground lease and multiple office space leases, which were classified as operating leases under ASC 840. As we elected the package of practical expedients, we were not required to reassess the classification of these existing leases and as such, these leases continue to be accounted for as operating leases. In the event we modify our existing leases or enter into new leases in the future, such leases may be classified as finance leases. On January 1, 2019, we recognized ROU assets and lease liabilities for these leases on our consolidated balance sheets, and on a go-forward basis, lease expense will be recognized on a straight-line basis over the remaining term of the lease. Upon adoption of ASC 842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components for our ground and office space leases. See Note 6 for additional lessee disclosures required under ASC 842. Derivatives On August 28, 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 simplifies hedge accounting by eliminating the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. For cash flow hedges, ASU 2017-12 requires all changes in the fair value of the hedging instrument to be deferred in other comprehensive income and recognized in earnings at the same time that the hedged item affects earnings. ASU 2017-12 also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. ASU 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018, with early adoption permitted. Effective January 1, 2018, we early adopted ASU 2017-12 using the modified retrospective approach. We did not record a cumulative effect adjustment to eliminate ineffectiveness amounts as we did not have any ineffectiveness in our historical consolidated financial statements. In addition, certain provisions of ASU 2017-12 require modifications to existing presentation and disclosure requirements on a prospective basis. See Note 7 for disclosures relating to our derivative instruments. 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. Other than the ASUs discussed below, the FASB has not recently issued any other ASUs that we expect to be applicable and have a material impact on our financial statements. Allowance for Credit Losses On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses for certain financial instruments. ASU 2016-13 introduced the “current expected credit losses” (CECL) model, which requires companies to estimate credit losses immediately upon exposure. The guidance applies to financial assets measured at amortized cost including financing receivables (loans) and trade receivables. On November 26, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that operating lease receivables are outside the scope of ASC Topic 326 and instead should be accounted for under ASC 842. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. We do not expect the adoption of ASU 2016-13 to have a material impact on our consolidated financial statements or notes to our consolidated financial statements.

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	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	Preferred Stock	Preferred Stock Total Stockholders’ Equity	Preferred Stock Preferred Stock	Common Stock	Common Stock Total Stockholders’ Equity	Common Stock Common Stock	Common Stock Additional Paid-in Capital	Series C Preferred Stock	Series C Preferred Stock Total Stockholders’ Equity	Series C Preferred Stock Preferred Stock
Beginning Balance at Dec. 31, 2016	$ 962,140,000	$ 939,315,000	$ 86,651,000	$ 662,000	$ 907,834,000	$ (59,277,000)	$ 3,445,000	$ 22,825,000
Beginning Balance, (in shares) at Dec. 31, 2016				66,454,375
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock									$ 75,000,000	$ 75,000,000	$ 75,000,000	$ 336,634,000	$ 336,634,000	$ 119,000	$ 336,515,000
Issuance of stock (shares)														11,968,927
Offering costs	(8,259,000)	(8,259,000)	(2,525,000)		(5,734,000)
Share-based compensation	5,560,000	2,146,000		$ 1,000	2,145,000			3,414,000
Share-based compensation (shares)				68,768
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,568,000)	(1,568,000)			(1,568,000)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(57,444)
Conversion of units to common stock	0	618,000			618,000			(618,000)
Redemption of preferred stock in connection with liquidation of private REIT	(125,000)							(125,000)
Conversion of units to common stock (shares)				61,256
Net income	41,700,000	40,712,000	5,875,000			34,837,000		988,000
Other comprehensive loss	3,425,000	3,354,000					3,354,000	71,000
Preferred stock dividends ($1.468752 per series A preferred share and $1.664585 per series B preferred share)	(5,288,000)	(5,288,000)	(5,288,000)
Common stock dividends ($0.74 per share)	(42,618,000)	(42,618,000)				(42,618,000)
Distributions	(1,347,000)							(1,347,000)
Ending Balance at Dec. 31, 2017	1,365,254,000	1,340,046,000	159,713,000	$ 782,000	1,239,810,000	(67,058,000)	6,799,000	25,208,000
Ending Balance, (in shares) at Dec. 31, 2017				78,495,882
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	565,629,000	565,629,000		$ 182,000	565,447,000
Issuance of stock (shares)				18,177,242
Offering costs	(9,109,000)	(9,109,000)	(32,000)		(9,077,000)
Share-based compensation	10,402,000	1,905,000		$ 1,000	1,904,000			8,497,000
Share-based compensation (shares)				91,529
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(594,000)	(594,000)			(594,000)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(21,324)
Conversion of units to common stock	0	624,000		$ 1,000	623,000			(624,000)
Conversion of units to common stock (shares)				67,175
Net income	47,075,000	46,210,000	9,694,000			36,516,000		865,000
Other comprehensive loss	(555,000)	(537,000)					(537,000)	(18,000)
Preferred stock dividends ($1.468752 per series A preferred share and $1.664585 per series B preferred share)	(10,281,000)	(10,281,000)	(10,281,000)
Common stock dividends ($0.74 per share)	(57,799,000)	(57,799,000)				(57,799,000)
Distributions	(1,599,000)							(1,599,000)
Ending Balance at Dec. 31, 2018	$ 1,908,423,000	1,876,094,000	159,094,000	$ 966,000	1,798,113,000	(88,341,000)	6,262,000	32,329,000
Ending Balance, (in shares) at Dec. 31, 2018	96,810,504			96,810,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock												$ 649,291,000	$ 649,291,000	$ 168,000	$ 649,123,000	$ 86,250,000	$ 86,250,000	$ 86,250,000
Issuance of stock (shares)														16,817,930
Offering costs	$ (13,408,000)	(13,408,000)	(3,017,000)		(10,391,000)
Share-based compensation	10,930,000	2,353,000		$ 1,000	2,352,000			8,577,000
Share-based compensation (shares)				93,424
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(854,000)	(854,000)			(854,000)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)				(24,618)
Conversion of units to common stock	0	665,000		$ 1,000	664,000			(665,000)
Conversion of units to common stock (shares)				96,060
Net income	64,001,000	61,979,000	11,055,000			50,924,000		2,022,000
Other comprehensive loss	(14,141,000)	(13,804,000)					(13,804,000)	(337,000)
Preferred stock dividends ($1.468752 per series A preferred share and $1.664585 per series B preferred share)	(11,055,000)	(11,055,000)	(11,055,000)
Common stock dividends ($0.74 per share)	(81,112,000)	(81,112,000)				(81,112,000)
Distributions	(2,143,000)							(2,143,000)
Cumulative effect of adoption of ASC 842	(222,000)	(222,000)				(222,000)
Issuance of 4.43937% cumulative redeemable convertible preferred units	27,359,000							27,359,000
Preferred unit distributions	870,000							870,000
Ending Balance at Dec. 31, 2019	$ 2,622,449,000	$ 2,556,177,000	$ 242,327,000	$ 1,136,000	$ 2,439,007,000	$ (118,751,000)	$ (7,542,000)	$ 66,272,000
Ending Balance, (in shares) at Dec. 31, 2019	113,793,300			113,793,300

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 0
Interest costs capitalized		3,900,000	$ 2,100,000	$ 1,700,000
Real estate taxes and insurance costs capitalized		1,300,000	900,000	1,200,000
Distributions from unconsolidated real estate entities		$ 0	0	11,000
REIT annual taxable income distribution requirement percentage		90.00%
Provision for doubtful accounts		$ 700,000	$ 1,200,000	1,100,000
Cumulative effect of adoption of ASC 842		$ (222,000)
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 \| 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	20 years
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		$ 2,700,000	$ 2,200,000	1,900,000
Leasing Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized			$ 1,000,000.0	1,000,000.0
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate		5.75%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate		7.75%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate		4.50%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate		7.25%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period		6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period		12 months
3233 Mission Oaks Blvd.
Summary Of Significant Accounting Policies [Line Items]
Distributions from unconsolidated real estate entities				$ 11,000
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of adoption of ASC 842	$ (200,000)

Interest Rate Swaps (Tables)

12 Months Ended

Dec. 31, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement



					Current Notional Amount⁽¹⁾				Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		December 31, 2019		December 31, 2018		December 31, 2019			December 31, 2018
Interest Rate Swap	1/15/2015	2/15/2019	1.8260	%	$	—	$	30,000	$	—		$	25
Interest Rate Swap	7/15/2015	2/15/2019	2.0100	%	$	—	$	28,108	$	—		$	17
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	489		$	3,974
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	277		$	3,023
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	100,000	$	100,000	$	(332	)	$	1,731
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	—	$	(8,156	)	$	(2,351	)


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

(2)

The fair value of derivative assets are included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) are included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

Summary of Impact of Derivative Instruments on Consolidated and Combined 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):



	Year Ended December 31,
	2019			2018		2017
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of (loss) gain recognized in AOCI on derivatives	$	(12,103	)	$	649	$	2,084
Amount of gain (loss) reclassified from AOCI into earnings as “Interest expense”	$	2,038		$	1,204	$	(1,341	)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	26,875		$	25,416	$	20,209

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-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

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959

+ Details

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Assets:
Land	$ 637,478	$ 312,410
Buildings and improvements	308,950	198,362
Tenant improvements	6,553	2,739
Acquired lease intangible assets	39,502	26,085
Other acquired assets	747	206
Total assets acquired	993,230	539,802
Liabilities:
Acquired lease intangible liabilities	15,796	41,778
Other assumed liabilities	5,768	2,247
Total liabilities assumed	21,564	44,025
Net assets acquired	$ 971,666	$ 495,777
Below Market Lease, Weighted Average Useful Life	6 years 1 month 6 days	26 years 3 months 18 days
In-place Lease Intangibles
Liabilities:
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 36,300	$ 25,500
Amortization period of acquired intangible assets	6 years 2 months 12 days	14 years 9 months 18 days
Above-market tenant leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 3,200	$ 600
Amortization period of acquired intangible assets	8 years 8 months 12 days	7 years 1 month 6 days

Stockholder's Equity - Additional Information (Detail)											12 Months Ended
Stockholder's Equity - Additional Information (Detail)	Sep. 20, 2019 USD ($) $ / shares shares	Jun. 13, 2019 USD ($)	Apr. 10, 2019 USD ($) $ / shares shares	Feb. 19, 2019 USD ($)	Jun. 13, 2018 USD ($)	Nov. 13, 2017 USD ($) $ / shares shares	Sep. 21, 2017 USD ($)	Jun. 12, 2017 USD ($)	Apr. 15, 2016 USD ($) $ / shares shares	Apr. 17, 2015 USD ($)	Dec. 31, 2019 USD ($) ft² property $ / shares shares	Dec. 31, 2018 USD ($) ft² $ / shares shares	Dec. 31, 2017 USD ($) $ / shares shares	Dec. 31, 2016 shares	Apr. 11, 2016 USD ($) ft² property
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common units to common stock											$ 0	$ 0	$ 0
Number of real estate properties \| property											213
Rentable square feet \| ft²											5,365,929	3,062,487
Contractual Purchase Price (in thousands)											$ 970,697,000	$ 492,850,000
Issuance of 4.43937% cumulative redeemable convertible preferred units											$ 27,359,000
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares (shares) \| shares											298,412	327,048	293,485	241,691
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares) \| shares												18,177,242
Conversion of common units to common stock (shares) \| shares											96,060	67,175	61,256
Conversion of common units to common stock											$ 1,000	$ 1,000
Noncontrolling Interests
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common units to common stock											(665,000)	(624,000)	$ (618,000)
Issuance of 4.43937% cumulative redeemable convertible preferred units											27,359,000
Parent
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Conversion of common units to common stock											$ 665,000	624,000	618,000
Operating Partnership \| Noncontrolling Interests
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of operating partnership units (shares) \| shares											1,832,226
Noncontrolling interest percentage ownership in Operating Partnership											2.30%
Operating Partnership \| Noncontrolling Interests \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Non-vested shares (shares) \| shares											891,547
At The Market Equity Offering Program, $550 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount		$ 550,000,000.0
Common stock, shares available under ATM											$ 350,700,000
At The Market Equity Offering Program, $450 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount				$ 450,000,000.0
At-The-Market Equity Offering Program $400M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount					$ 400,000,000.0
At-The-Market Equity Offering Program $300M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock							$ 300,000,000.0
At-The-Market Equity Offering Program $150M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount								$ 150,000,000
At The Market Equity Offering Program $125M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount										$ 125,000,000
At The Market Equity Offering Program, $550 Million and $450 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock											$ 649,300,000
Issuance of stock (shares) \| shares											16,817,930
Common stock share price (in dollars per share) \| $ / shares											$ 38.61
Proceeds from issuance of common stock, net											$ 639,600,000
At The Market Equity Offering Program, $400 And $300 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock												$ 565,600,000
Issuance of stock (shares) \| shares												18,177,242
Common stock share price (in dollars per share) \| $ / shares												$ 31.12
Proceeds from issuance of common stock, net												$ 557,100,000
At The Market Equity Offering Program, $125, $150 and $300 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock													$ 336,600,000
Issuance of stock (shares) \| shares													11,968,927
Common stock share price (in dollars per share) \| $ / shares													$ 28.13
Proceeds from issuance of common stock, net													$ 331,600,000
Series C Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock issued (shares) \| shares	3,450,000
Preferred stock, interest	5.625%										5.625%
Liquidation preference (in dollars per share) \| $ / shares	$ 25.00
Proceeds from issuance of preferred stock and preference stock, net of offering costs	$ 83,200,000
Payments of stock issuance costs	$ 3,000,000.0
Shares outstanding (shares) \| shares											3,450,000
Preferred Stock, Liquidation Preference, Value											$ 86,250,000
Series B Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, interest						5.875%					5.875%	5.875%
Liquidation preference (in dollars per share) \| $ / shares						$ 25.00
Proceeds from issuance of preferred stock and preference stock, net of offering costs						$ 72,500,000
Payments of stock issuance costs						$ 2,500,000
Shares outstanding (shares) \| shares						3,000,000					3,000,000	3,000,000
Preferred Stock, Liquidation Preference, Value											$ 75,000,000	$ 75,000,000
Series A Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, interest											5.875%	5.875%
Liquidation preference (in dollars per share) \| $ / shares											$ 25.00
Shares outstanding (shares) \| shares											3,600,000	3,600,000
Preferred Stock, Liquidation Preference, Value											$ 90,000,000	$ 90,000,000
Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share) \| $ / shares	$ 25.00
Common Stock \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares) \| shares											16,817,930		11,968,927
12.5% Preferred Stock \| Noncontrolling Interests
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock redeemed (in shares) \| shares													125
REIT Portfolio Acquisition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of real estate properties \| property															9
Rentable square feet \| ft²															1,500,000
Contractual Purchase Price (in thousands)															$ 191,000,000.0
REIT Portfolio Acquisition \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of voting interests acquired									100.00%
REIT Portfolio Acquisition \| 12.5% Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock issued (shares) \| shares									700
Preferred stock, interest									12.50%
Shares outstanding (shares) \| shares									575				125
Preferred stock, redemption price per share (in dollars per share) \| $ / shares									$ 1,000
Preferred stock, redemption amount									$ 125,000
1515 15th Street
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Rentable square feet \| ft²											238,015
Contractual Purchase Price (in thousands)			$ 28,100,000								$ 28,100,000
Closing Costs for Acquisition of 1515 East 15th Street			$ 700,000
Series 1 CPOP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share) \| $ / shares											$ 45.50952
Preferred Stock, Liquidation Preference Premium											44.20%
Preferred Stock, Liquidation Preference, Value											$ 27,000,000.0
Series 1 CPOP Units \| 1515 15th Street
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, interest			4.43937%
Acquisition, Preferred Units, Issued \| shares			593,960
Issuance of 4.43937% cumulative redeemable convertible preferred units			$ 27,400,000
Acquisition, Equity Interests Issued, 30-day Average Closing Price of Common Stock \| $ / shares			$ 31.56
Series A Preferred Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, interest											5.875%

Incentive Award Plan (Tables)

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Schedule Of Share Based Payment Award, Equity Instruments Other Than Options, Fair Value Assumptions And Grant Date Fair Value

The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:



	2019 LTIP Award			2018 LTIP Award			2017 LTIP Award
Valuation date	December 16, 2019			December 15, 2018			December 15, 2017
Closing share price of common stock	$	45.74		$	31.42		$	30.58
Discount for post-vesting restrictions and book-up events	6.4		%	7.7		%	5.0		%
Grant date fair value (in thousands)	$	5,148		$	3,853		$	3,563

Schedule of LTIP Unit Activity

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2019, 2018 and 2017:



	Number of Unvested LTIP Units		Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2016	241,691		$	18.43
Granted	122,631		$	29.05
Vested	(70,837	)	$	17.48
Balance at December 31, 2017	293,485		$	23.10
Granted	190,318		$	28.43
Vested	(156,755	)	$	23.29
Balance at December 31, 2018	327,048		$	26.12
Granted	179,758		$	39.67
Vested	(208,394	)	$	26.14
Balance at December 31, 2019	298,412		$	34.26

Summary of Units Awarded

The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Unit awards:



	Absolute TSR Base Units⁽¹⁾	Relative TSR Base Units⁽¹⁾	FFO Per-Share Base Units⁽¹⁾	Distribution Equivalent Units	Total Performance Units
2019 Performance Award	118,339	74,033	85,898	16,724	294,994
2018 Performance Award	63,473	63,473	63,471	14,100	204,517
2017 Performance Award	70,000	105,000	—	13,250	188,250

(1)

For each Performance Award, a number of the base units are designated as Absolute TSR Base Units and Relative TSR Base Units (combined, a “Market Performance Award”) and a number of units are designated as FFO Per-Share Base Units (each an “FFO Per-Share Award”).

Total Shareholder Return Levels And Vesting Percentages



		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2019 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2020
	“Target Level”	24	%	50	%	55th Percentile	50	%	16.5	%	50	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2022

2018 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2019
	“Target Level”	24	%	60	%	55th Percentile	60	%	16.5	%	60	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2021

2017 Award		< 18%		—	%	< 35th Percentile	—	%	--		--
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	--		--		Dec 15, 2017
	“Target Level”	27	%	60	%	55th Percentile	60	%	--		--		to
	“Maximum Level”	≥ 36%		100	%	≥ 75th Percentile	100	%	--		--		Dec 14, 2020

Schedule of valuation assumptions

The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions.



	2019 Market Performance Award			2018 Market Performance Award			2017 Market Performance Award
Valuation date	December 16, 2019			December 15, 2018			December 15, 2017
Expected share price volatility for the Company	18.0		%	20.0		%	18.0		%
Expected share price volatility for peer group companies - low end of range⁽¹⁾	12.0		%	16.0		%	15.0		%
Expected share price volatility for peer group companies - high end of range⁽¹⁾	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	2.50		%	2.40		%
Risk-free interest rate	1.74		%	2.80		%	1.96		%
Grant date fair value (in thousands)	$	3,922		$	2,090		$	2,714

(1)

Schedule of Unvested Restricted Stock Activity

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2019, 2018 and 2017:



	Number of Unvested Shares of Restricted Common Stock		Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2016	287,827		$	15.92
Granted	104,727		$	23.78
Forfeited	(35,959	)	$	18.74
Vested⁽¹⁾⁽²⁾	(165,900	)	$	15.43
Balance at December 31, 2017	190,695		$	20.13
Granted	104,560		$	27.72
Forfeited	(13,031	)	$	23.51
Vested⁽¹⁾⁽²⁾	(81,826	)	$	19.40
Balance at December 31, 2018	200,398		$	24.17
Granted	110,711		$	34.85
Forfeited	(17,287	)	$	29.71
Vested⁽¹⁾⁽²⁾	(81,277	)	$	23.23
Balance at December 31, 2019	212,545		$	29.64


(1)	The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $2.9 million, $2.4 million and $4.5 million for the years ended December 31, 2019, 2018 and 2017, respectively.

(2)

Total shares vested include 24,618, 21,324 and 57,444 shares of common stock that were tendered by employees during the years ended December 31, 2019, 2018 and 2017, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

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):



	Year Ended December 31,
	2019		2018		2017
Expensed share-based compensation⁽¹⁾	$	10,756	$	10,147	$	5,398
Capitalized share-based compensation⁽²⁾	174		255		162
Total share-based compensation	$	10,930	$	10,402	$	5,560


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

(2)

Operating Leases - Future Minimum Base Rents Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2019 USD ($)
Leases [Abstract]
2020	$ 232,304
2021	198,408
2022	160,341
2023	125,869
2024	89,630
Thereafter	307,584
Total	$ 1,114,136

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Mar. 07, 2018
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.4	$ 0.4	$ 0.4
6110-6114 Cahuenga Avenue, LLC \| Immediate Family Member of Management or Principal Owner
Related Party Transaction [Line Items]
Contract sales price				$ 4.5

Organization	12 Months Ended
Organization	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. As of December 31, 2019, our consolidated portfolio consisted of 213 properties with approximately 26.6 million rentable square feet. In addition, we currently manage an additional 19 properties with approximately 1.0 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).

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2019

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):



	Year Ended December 31,
	2019			2018			2017
Numerator:
Net income	$	64,001		$	47,075		$	41,700
Less: Preferred stock dividends	(11,055		)	(9,694		)	(5,875		)
Less: Net income attributable to noncontrolling interests	(2,022		)	(865		)	(988		)
Less: Net income attributable to participating securities	(447		)	(378		)	(410		)
Net income attributable to common stockholders	$	50,477		$	36,138		$	34,427

Denominator:
Weighted average shares of common stock outstanding - basic	106,407,283			86,824,235			71,198,862
Effect of dilutive securities - performance units	391,765			511,514			399,792
Weighted average shares of common stock outstanding - diluted	106,799,048			87,335,749			71,598,654

Earnings per share - Basic
Net income attributable to common stockholders	$	0.47		$	0.42		$	0.48
Earnings per share - Diluted:
Net income attributable to common stockholders	$	0.47		$	0.41		$	0.48

Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Dec. 28, 2019	Dec. 16, 2019	Dec. 15, 2018	Dec. 14, 2018	Dec. 15, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)						$ 39.67	$ 28.43	$ 29.05
Equity instruments other than options granted in period (shares)						179,758	190,318	122,631
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value		$ 3,922	$ 2,090		$ 2,714
Performance period						3 years
Fair Value Assumptions and Methodology [Abstract]
Expected price volatility		18.00%	20.00%		18.00%
Expected price volatility, minimum		12.00%	16.00%		15.00%
Expected price volatility, maximum		100.00%	100.00%		100.00%
Expected dividend yield		1.90%	2.50%		2.40%
Risk free interest rate		1.74%	2.80%		1.96%
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value		$ 2,000		$ 2,000
2019 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies		21.00%
Expected volatility rate, average for peer group companies		24.40%
2018 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies			23.00%
Expected volatility rate, average for peer group companies			27.10%
2017 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies					21.00%
Expected volatility rate, average for peer group companies					25.30%
Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount for post-vesting restrictions and book-up events		6.40%	7.70%		5.00%
Grant date fair value		$ 5,148	$ 3,853		$ 3,563
Equity instruments other than options granted in period (shares)		120,243	132,875		122,631
Executive Officers \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		294,994	204,517		188,250
Performance period		3 years	3 years		3 years
Executive Officers \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		118,339	63,473		70,000
Performance period						3 years
Executive Officers \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		74,033	63,473		105,000
Performance period						3 years
Executive Officers \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		85,898	63,471		0
Performance period						3 years
Executive Officers \| Distribution Equivalents
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		16,724	14,100		13,250
Performance period						3 years
Absolute TSR Vesting Percentage Range One \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage		18.00%	18.00%		18.00%
Absolute TSR Vesting Percentage		0.00%	0.00%		0.00%
Absolute TSR Vesting Percentage Range Two \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage		18.00%	18.00%		18.00%
Absolute TSR Vesting Percentage		25.00%	25.00%		25.00%
Absolute TSR Vesting Percentage Range Three \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage		24.00%	24.00%		27.00%
Absolute TSR Vesting Percentage		50.00%	60.00%		60.00%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage		30.00%	30.00%		36.00%
Absolute TSR Vesting Percentage	100.00%	100.00%	100.00%	100.00%	100.00%
Relative TSR Vesting Percentage Range One \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance		35.00%	35.00%		35.00%
Relative TSR Vesting Percentage		0.00%	0.00%		0.00%
Relative TSR Vesting Percentage Range Two \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance		35.00%	35.00%		35.00%
Relative TSR Vesting Percentage		25.00%	25.00%		25.00%
Relative TSR Vesting Percentage Range Three \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance		55.00%	55.00%		55.00%
Relative TSR Vesting Percentage		50.00%	60.00%		60.00%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance		75.00%	75.00%		75.00%
Relative TSR Vesting Percentage	100.00%	100.00%	100.00%	100.00%	100.00%
FFO Per Share Growth Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth		12.00%	12.00%
FFO Per Share Growth Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth		12.00%	12.00%
FFO Per Share Growth Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth		16.50%	16.50%
FFO Per Share Growth Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth		21.00%	21.00%
FFO Growth Per Share Vesting Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage		0.00%	0.00%
FFO Growth Per Share Vesting Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage		25.00%	25.00%
FFO Growth Per Share Vesting Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage		50.00%	60.00%
FFO Growth Per Share Vesting Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage		100.00%	100.00%
Common Stock \| Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)		$ 45.74	$ 31.42		$ 30.58

Dispositions - Summary of the Properties Sold (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($) ft²	Dec. 31, 2017 USD ($) ft²
Property Dispositions [Line Items]
Rentable Square Feet \| ft²	5,365,929	3,062,487
Gain Recorded	$ 16,297	$ 17,222	$ 29,573
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Dispositions [Line Items]
Rentable Square Feet \| ft²	182,362	278,435	775,677
Contract sales price	$ 33,599	$ 48,019	$ 98,656
Gain Recorded	$ 16,297	$ 17,222	$ 29,573
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue
Property Dispositions [Line Items]
Date of Disposition	Jun. 27, 2019
Rentable Square Feet \| ft²	62,395
Contract sales price	$ 11,575
Gain Recorded	$ 4,810
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 939 Poinsettia Avenue - Unit 301
Property Dispositions [Line Items]
Date of Disposition	Jul. 31, 2019
Rentable Square Feet \| ft²	6,562
Contract sales price	$ 1,263
Gain Recorded	$ 895
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 13914-13932 East Valley Boulevard
Property Dispositions [Line Items]
Date of Disposition	Oct. 11, 2019
Rentable Square Feet \| ft²	58,084
Contract sales price	$ 11,180
Gain Recorded	$ 6,233
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2350-2380 Eastman Avenue
Property Dispositions [Line Items]
Date of Disposition	Dec. 20, 2019
Rentable Square Feet \| ft²	55,321
Contract sales price	$ 9,581
Gain Recorded	$ 4,359
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 8900-8980 Benson Avenue and 5637 Arrow Highway
Property Dispositions [Line Items]
Date of Disposition		Jan. 02, 2018
Rentable Square Feet \| ft²		88,016
Contract sales price		$ 11,440
Gain Recorded		$ 4,029
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 700 Allen Avenue and 1851 Flower Street
Property Dispositions [Line Items]
Date of Disposition		Jan. 17, 2018
Rentable Square Feet \| ft²		25,168
Contract sales price		$ 10,900
Gain Recorded		$ 4,753
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 200-220 South Grand Avenue
Property Dispositions [Line Items]
Date of Disposition		Mar. 07, 2018
Rentable Square Feet \| ft²		27,200
Contract sales price		$ 4,515
Gain Recorded		$ 1,201
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6770 Central Avenue—Building B
Property Dispositions [Line Items]
Date of Disposition		Apr. 09, 2018
Rentable Square Feet \| ft²		11,808
Contract sales price		$ 1,676
Gain Recorded		$ 1,113
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1910-1920 Archibald Avenue
Property Dispositions [Line Items]
Date of Disposition		May 09, 2018
Rentable Square Feet \| ft²		78,243
Contract sales price		$ 9,050
Gain Recorded		$ 495
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 311 East 157th Street
Property Dispositions [Line Items]
Date of Disposition		Dec. 12, 2018
Rentable Square Feet \| ft²		12,000
Contract sales price		$ 3,000
Gain Recorded		$ 1,578
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 329 East 157th Street
Property Dispositions [Line Items]
Date of Disposition		Dec. 20, 2018
Rentable Square Feet \| ft²		12,000
Contract sales price		$ 2,675
Gain Recorded		$ 1,597
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 319 East 157th Street
Property Dispositions [Line Items]
Date of Disposition		Dec. 27, 2018
Rentable Square Feet \| ft²		24,000
Contract sales price		$ 4,763
Gain Recorded		$ 2,456
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 9375 Archibald Avenue
Property Dispositions [Line Items]
Date of Disposition			Mar. 31, 2017
Rentable Square Feet \| ft²			62,677
Contract sales price			$ 6,875
Gain Recorded			$ 2,668
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2535 Midway Drive
Property Dispositions [Line Items]
Date of Disposition			May 17, 2017
Rentable Square Feet \| ft²			373,744
Contract sales price			$ 40,050
Gain Recorded			$ 16,026
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2811 Harbor Boulevard
Property Dispositions [Line Items]
Date of Disposition			Jun. 28, 2017
Rentable Square Feet \| ft²			126,796
Contract sales price			$ 18,700
Gain Recorded			$ 594
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 12345 First American Way
Property Dispositions [Line Items]
Date of Disposition			Oct. 31, 2017
Rentable Square Feet \| ft²			40,022
Contract sales price			$ 7,600
Gain Recorded			$ 4,146
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 9401 De Soto Avenue
Property Dispositions [Line Items]
Date of Disposition			Nov. 02, 2017
Rentable Square Feet \| ft²			150,831
Contract sales price			$ 23,000
Gain Recorded			$ 4,748
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 77-700 Enfield Lane
Property Dispositions [Line Items]
Date of Disposition			Nov. 29, 2017
Rentable Square Feet \| ft²			21,607
Contract sales price			$ 2,431
Gain Recorded			$ 1,391

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Summary of Notes Payable

The following table summarizes the balance of our indebtedness as of December 31, 2019 and 2018 (in thousands):



	December 31, 2019			December 31, 2018
Principal amount	$	860,958		$	761,116
Less: unamortized discount and debt issuance costs⁽¹⁾	(3,116		)	(3,745		)
Carrying value	$	857,842		$	757,371

The following table summarizes the components and significant terms of our indebtedness as of December 31, 2019 and 2018 (dollars in thousands):



	December 31, 2019					December 31, 2018
	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⁾	$	58,499	$	(179	)	$	58,499	$	(230	)	8/1/2023	⁽³⁾	LIBOR+1.70%			3.55	%
Gilbert/La Palma⁽⁴⁾	2,459		(121		)	2,617		(129		)	3/1/2031		5.125	%		5.48	%
Unsecured Debt
$100M Term Loan Facility	100,000		(177		)	100,000		(260		)	2/14/2022		LIBOR+1.20%		⁽⁵⁾	3.05	%	⁽⁶⁾
Revolving Credit Facility	—		—			—		—			2/12/2021	⁽⁷⁾	LIBOR+1.10%		⁽⁵⁾⁽⁸⁾	2.86	%
$225M Term Loan Facility	225,000		(1,104		)	225,000		(1,476		)	1/14/2023		LIBOR+1.20%		⁽⁵⁾	2.74	%	⁽⁹⁾
$150M Term Loan Facility	150,000		(866		)	150,000		(1,028		)	5/22/2025		LIBOR+1.50%		⁽⁵⁾	4.37	%	⁽¹⁰⁾
$100M Notes	100,000		(424		)	100,000		(500		)	8/6/2025		4.290	%		4.37	%
$125M Notes	125,000		(108		)	125,000		(122		)	7/13/2027		3.930	%		3.94	%
$25M Series 2019A Notes	25,000		(34		)	—		—			7/16/2029		3.880	%		3.89	%
$75M Series 2019B Notes	75,000		(103		)	—		—			7/16/2034		4.030	%		4.04	%
Total	$	860,958	$	(3,116	)	$	761,116	$	(3,745	)


(1)	Reflects the contractual interest rate under the terms of the loan, as of December 31, 2019.


(2)	Reflects the effective interest rate as of December 31, 2019, which includes the effect of the amortization of discounts and debt issuance costs and the effect of interest rate swaps that are effective as of December 31, 2019.


(3)	This term loan is secured by six properties. One 24-month extension available at the borrower’s option, subject to certain terms and conditions.


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

(5)


(6)	As of December 31, 2019, interest on the $100.0 million term loan facility has been effectively fixed through the use of one interest rate swap. See Note 7 for details.


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


(8)	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% per annum depending upon our leverage ratio.


(9)	As of December 31, 2019, interest on the $225.0 million term loan facility has been effectively fixed through the use of two interest rate swaps. See Note 7 for details.


(10)	As of December 31, 2019, interest on the $150.0 million term loan facility has been effectively fixed through the use of one interest rate swap. See Note 7 for details.

Summary of Aggregate Future Minimum Payments of Debt

Contractual Debt Maturities



2020	$	166
2021	566
2022	100,967
2023	282,518
2024	204
Thereafter	476,537
Total	$	860,958

Investments in Real Estate

12 Months Ended

Dec. 31, 2019

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisition Summary

The following table sets forth the wholly-owned industrial properties we acquired during the year ended December 31, 2019:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
12821 Knott Street⁽²⁾	Orange County - West	1/15/2019	120,800	1	$	19,800
28510 Industry Drive⁽²⁾	Los Angeles - San Fernando Valley	1/17/2019	46,778	1	7,765
Conejo Spectrum Business Park⁽²⁾	Ventura	1/28/2019	531,378	9	106,250
2455 Ash Street⁽²⁾	San Diego - North County	3/5/2019	42,508	1	6,680
25413 Rye Canyon Road⁽²⁾	Los Angeles - San Fernando Valley	3/12/2019	48,075	1	5,529
1515 East 15th Street⁽³⁾	Los Angeles - Central LA	4/10/2019	238,015	1	28,100
13890 Nelson Avenue⁽²⁾	Los Angeles - San Gabriel Valley	4/12/2019	256,993	1	41,810
445-449 Freedom Avenue⁽²⁾	Orange County - North	4/12/2019	92,647	1	17,960
2270 Camino Vida Roble⁽²⁾	San Diego - North County	4/12/2019	106,311	1	16,791
980 Rancheros Drive⁽²⁾	San Diego - North County	4/16/2019	48,878	1	7,895
1145 Arroyo Avenue⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	147,019	1	29,862
1150 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	147,000	1	29,694
1175 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	92,455	1	17,844
1245 Aviation Place⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	132,936	1	26,055
635 8th Street⁽²⁾	Los Angeles - San Fernando Valley	4/25/2019	72,250	1	14,659
10015 Waples Court⁽²⁾	San Diego - Central County	4/25/2019	106,412	1	21,300
19100 Susana Road⁽²⁾	Los Angeles - South Bay	4/30/2019	52,714	1	13,510
15385 Oxnard Street⁽²⁾	Los Angeles - San Fernando Valley	5/3/2019	71,467	1	16,800
9750-9770 San Fernando Road⁽²⁾	Los Angeles - San Fernando Valley	5/16/2019	35,624	1	7,440
218 Turnbull Canyon⁽²⁾	Los Angeles - San Gabriel Valley	5/31/2019	190,900	1	27,100
The Merge⁽²⁾⁽⁴⁾	San Bernardino - Inland Empire West	6/6/2019	—	—	23,200
3340 San Fernando Road⁽²⁾⁽⁵⁾	Los Angeles - San Fernando Valley	7/3/2019	—	—	3,000
5725 Eastgate Drive⁽²⁾	San Diego - Central County	7/31/2019	27,267	1	8,150
18115 Main Street⁽²⁾	Los Angeles - South Bay	8/29/2019	42,270	1	6,750
3150 Ana Street⁽²⁾	Los Angeles - South Bay	8/29/2019	105,970	1	18,800
1402 Avenida Del Oro⁽⁶⁾	San Diego - North County	8/30/2019	311,995	1	73,550
9607-9623 Imperial Highway⁽²⁾	Los Angeles - Mid-Counties	9/5/2019	7,466	1	10,510
12200 Bellflower Boulevard⁽²⁾	Los Angeles - Mid-Counties	9/5/2019	54,161	1	16,325
Storm Parkway⁽²⁾	Los Angeles - South Bay	9/17/2019	267,503	8	66,165
2328 Teller Road⁽²⁾	Ventura	9/25/2019	126,317	1	23,273
6277-6289 Slauson Avenue⁽²⁾	Los Angeles - Central LA	10/3/2019	336,085	3	41,263
750 Manville Street⁽²⁾	Los Angeles - South Bay	10/4/2019	59,996	1	11,510
8985 Crestmar Point⁽²⁾	San Diego - Central County	10/25/2019	55,816	1	7,985



404-430 Berry Way⁽⁷⁾	Orange County - North	11/5/2019	120,250	3	27,600
415-435 Motor Avenue⁽²⁾	Los Angeles - San Gabriel Valley	11/13/2019	63,900	1	7,200
508 East E Street⁽²⁾	Los Angeles - South Bay	11/20/2019	57,522	1	14,892
12752-12822 Monarch Street⁽²⁾	Orange County - West	11/22/2019	276,585	1	34,000
1601 West Mission Boulevard⁽²⁾	Los Angeles - San Gabriel Valley	12/10/2019	751,528	1	87,780
2757 East Del Amo Boulevard⁽²⁾	Los Angeles - South Bay	12/11/2019	57,300	1	11,900
18250 Euclid Street⁽⁸⁾	Orange County - West	12/27/2019	62,838	1	14,000
Total 2019 Property Acquisitions			5,365,929	57	$	970,697


(1)	Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.


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


(3)	In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See Note 12 for additional details.


(4)	The Merge is a fully entitled development site on which we are constructing a 334,000 rentable square foot six-building industrial complex. We have retained the seller as fee developer to construct the project. The purchase price includes $5.1 million of consideration held back in escrow to be released to the seller/developer upon meeting certain development milestones.


(5)	On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. See Note 6 for additional details related to the ground lease.


(6)	This acquisition was partially funded through a 1031 Exchange using $12.3 million of net cash proceeds from the sale of our properties located at (i) 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue and (ii) 939 Poinsettia Avenue - Unit 301 and available cash on hand.


(7)	This acquisition was partially funded through a 1031 Exchange using $10.6 million of net cash proceeds from the sale of our property located at 13914-13932 East Valley Boulevard and available cash on hand.


(8)	This acquisition was partially funded through a 1031 Exchange using $9.4 million of net cash proceeds from the sale of our property located at 2350-2380 Eastman Avenue and available cash on hand.

The following table sets forth the wholly-owned industrial properties we acquired during the year ended December 31, 2018:



Property	Submarket	Date of Acquisition	Rentable Square Feet		Number of Buildings		Contractual Purchase Price⁽¹⁾(in thousands)
13971 Norton Avenue⁽²⁾	Inland Empire West	1/17/2018	103,208		1		$	11,364
Ontario Airport Commerce Center⁽³⁾	Inland Empire West	2/23/2018	213,603		3		24,122
16010 Shoemaker Avenue⁽⁴⁾	Los Angeles - Mid-Counties	3/13/2018	115,600		1		17,218
4039 Calle Platino⁽⁵⁾	San Diego - North County	4/4/2018	143,274		1		20,000
851 Lawrence Drive⁽⁶⁾	Ventura	4/5/2018	49,976		1		6,600
1581 North Main Street⁽⁶⁾	Orange County - North	4/6/2018	39,661		1		7,150
1580 West Carson Street⁽⁷⁾	Los Angeles - South Bay	4/26/2018	43,787		1		7,500
660 & 664 North Twin Oaks Valley Road⁽⁶⁾	San Diego - North County	4/26/2018	96,993		2		14,000
1190 Stanford Court⁽⁶⁾	Orange County - North	5/8/2018	34,494		1		6,080
5300 Sheila Street⁽⁶⁾	Los Angeles - Central	5/9/2018	695,120		1		121,000
15777 Gateway Circle⁽⁴⁾	Orange County - Airport	5/17/2018	37,592		1		8,050
1998 Surveyor Avenue⁽⁴⁾⁽⁸⁾	Ventura	5/18/2018	—	⁽⁸⁾	—	⁽⁸⁾	5,821
3100 Fujita Street⁽⁴⁾	Los Angeles - South Bay	5/31/2018	91,516		1		14,037
4416 Azusa Canyon Road⁽⁴⁾	Los Angeles - San Gabriel Valley	6/8/2018	70,510		1		12,000
1420 Mckinley Avenue⁽⁴⁾	Los Angeles - South Bay	6/12/2018	136,685		1		30,000
12154 Montague Street⁽⁴⁾	Los Angeles - San Fernando Valley	6/29/2018	122,868		1		22,525
10747 Norwalk Boulevard⁽⁴⁾	Los Angeles - Mid-Counties	7/18/2018	52,691		1		10,835
29003 Avenue Sherman⁽⁴⁾	Los Angeles - San Fernando Valley	7/19/2018	68,123		1		9,500
16121 Carmenita Road⁽⁴⁾	Los Angeles - Mid-Counties	8/14/2018	108,500		1		13,300
1332-1340 Rocky Point Drive⁽⁴⁾	San Diego - North County	10/17/2018	73,747		3		10,170
6131-6133 Innovation Way⁽⁴⁾	San Diego - North County	11/6/2018	114,572		2		24,200
263-321 Gardena Boulevard⁽⁴⁾	Los Angeles - South Bay	11/8/2018	55,238		2		16,101
9200 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	80,410		1		9,041
9230 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	54,000		1		5,300
9250 Mason Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	56,292		1		6,626
9171 Oso Avenue⁽⁴⁾	Los Angeles - San Fernando Valley	11/30/2018	65,560		1		8,565
5593-5595 Fresca Drive⁽⁴⁾	Orange County - North	11/30/2018	115,200		1		14,000
6100 Sheila Street⁽⁴⁾	Los Angeles - Central	12/7/2018	74,527		1		18,245
14421-14441 Bonelli Street⁽⁹⁾	Los Angeles - San Gabriel Valley	12/28/2018	148,740		1		19,500
Total 2018 Property Acquisitions			3,062,487		35		$	492,850


(1)	Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs.


(2)	This acquisition was partially funded through a 1031 Exchange using $10.7 million of net cash proceeds from the sale of our property located at 8900-8980 Benson Avenue and 5637 Arrow Highway and borrowings under our unsecured revolving credit facility.

(3)


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


(5)	This acquisition was partially funded through a 1031 Exchange using $4.2 million of net cash proceeds from the sale of our property located at 200-220 South Grand Avenue and borrowings under our unsecured revolving credit facility.


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


(7)	This acquisition was partially funded through a 1031 Exchange using $1.6 million of net cash proceeds from the sale of our property located at 6770 Central Avenue—Building B and borrowings under our unsecured revolving credit facility.


(8)	We acquired 1998 Surveyor Avenue as an under-construction building for a cost of $5.8 million and the assumption of the seller’s fixed-price construction contracts with approximately $4.4 million of remaining costs. During 2019, construction and lease-up of the 56,306 rentable square foot single-tenant building was completed.


(9)	This acquisition was partially funded through a 1031 Exchange using $9.8 million of net cash proceeds from the sale of three buildings located at 311 East 157th Street, 329 East 157th Street and 319 East 157th Street and available cash on hand.



	2019		2018
Assets:
Land	$	637,478	$	312,410
Buildings and improvements	308,950		198,362
Tenant improvements	6,553		2,739
Acquired lease intangible assets⁽¹⁾	39,502		26,085
Other acquired assets⁽²⁾	747		206
Total assets acquired	$	993,230	$	539,802
Liabilities:
Acquired lease intangible liabilities⁽³⁾	15,796		41,778
Other assumed liabilities⁽²⁾	5,768		2,247
Total liabilities assumed	$	21,564	$	44,025
Net assets acquired	$	971,666	$	495,777

(1)


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

(3)

Represents below-market lease intangibles with a weighted average amortization period of 6.1 years and 26.3 years, for the 2019 and 2018 acquisitions, respectively.

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 73,090		$ 55,683
Acquired lease intangible liabilities, net	(59,340)		(52,727)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	154,370		119,517
Accumulated amortization	(87,955)		(68,481)
Total	66,415		51,036
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	14,296		11,125
Accumulated amortization	(7,621)		(6,478)
Total	6,675		4,647
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(81,718)		(66,388)
Accumulated accretion	22,378		13,778
Acquired lease intangible liabilities, net	(59,340)		(52,610)
Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	0		(290)
Accumulated accretion	0		173
Acquired lease intangible liabilities, net	$ 0		$ (117)
Accounting Standards Update 2016-02 \| Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, net		$ (100)

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Numerator:
Net income	$ 24,382	$ 12,948	$ 15,954	$ 10,717	$ 15,207	$ 8,965	$ 7,819	$ 15,084	$ 64,001	$ 47,075	$ 41,700
Less: Preferred stock dividends									(11,055)	(9,694)	(5,875)
Less: Net income attributable to noncontrolling interests									(2,022)	(865)	(988)
Less: Net income attributable to participating securities									(447)	(378)	(410)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 19,904	$ 9,746	$ 12,848	$ 7,979	$ 12,413	$ 6,307	$ 5,172	$ 12,246	$ 50,477	$ 36,138	$ 34,427
Denominator:
Weighted average shares of common stock outstanding - basic and diluted (in shares)									106,407,283	86,824,235	71,198,862
Effect of dilutive securities - performance units (in shares)									391,765	511,514	399,792
Weighted average shares of common stock outstanding - diluted (in shares)									106,799,048	87,335,749	71,598,654
Net income attributable to common stockholders
Earnings per share- Basic (in dollars per share)	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.13	$ 0.07	$ 0.06	$ 0.16	$ 0.47	$ 0.42	$ 0.48
Earnings per share- Diluted (in dollars per share)	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.13	$ 0.07	$ 0.06	$ 0.15	$ 0.47	$ 0.41	$ 0.48
Performance Units
Net income attributable to common stockholders
Performance period									3 years