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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Jul. 20, 2020
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		123,789,199
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series A Cumulative Redeemable 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
5.875% Series B Cumulative Redeemable 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
5.625% Series C Cumulative Redeemable 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

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Land	$ 2,128,243	$ 1,927,098
Buildings and improvements	1,770,930	1,680,178
Tenant improvements	77,211	72,179
Furniture, fixtures and equipment	141	141
Construction in progress	39,860	18,794
Total real estate held for investment	4,016,385	3,698,390
Accumulated depreciation	(337,938)	(296,777)
Investments in real estate, net	3,678,447	3,401,613
Cash and cash equivalents	254,373	78,857
Restricted cash	67	0
Rents and other receivables, net	4,790	5,889
Deferred rent receivable, net	37,552	29,671
Deferred leasing costs, net	20,269	18,688
Deferred loan costs, net	2,599	695
Acquired lease intangible assets, net	71,513	73,090
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	0	766
Other assets	16,656	9,671
Acquisition related deposits	63,612	14,526
Total Assets	4,155,034	3,638,622
Liabilities
Notes payable	906,687	857,842
Interest rate swap liability	22,916	8,488
Accounts payable, accrued expenses and other liabilities	33,731	31,112
Dividends payable	27,532	21,624
Acquired lease intangible liabilities, net	61,108	59,340
Tenant security deposits	26,158	28,779
Prepaid rents	11,163	8,988
Total Liabilities	1,089,295	1,016,173
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 123,789,199 and 113,793,300 shares outstanding at June 30, 2020 and December 31, 2019, respectively	1,236	1,136
Additional paid in capital	2,820,216	2,439,007
Cumulative distributions in excess of earnings	(147,907)	(118,751)
Accumulated other comprehensive loss	(22,214)	(7,542)
Total stockholders’ equity	2,893,658	2,556,177
Noncontrolling interests	172,081	66,272
Total Equity	3,065,739	2,622,449
Total Liabilities and Equity	4,155,034	3,638,622
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at June 30, 2020 and December 31, 2019 ($90,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2020 and December 31, 2019	86,651	86,651
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at June 30, 2020 and December 31, 2019 ($75,000 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2020 and December 31, 2019	72,443	72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at June 30, 2020 and December 31, 2019 ($86,250 liquidation preference)
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at June 30, 2020 and December 31, 2019	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,050,000	10,050,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	489,950,000	489,950,000
Common stock, shares outstanding (in shares)	123,789,199	113,793,300
5.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.875%	5.875%
Preferred stock, shares outstanding (in shares)	3,600,000	3,600,000
Preferred Stock, Liquidation Preference, Value	$ 90,000,000	$ 90,000,000
5.875% Series B Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.875%	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Preferred Stock, Liquidation Preference, Value	$ 75,000,000	$ 75,000,000
5.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.625%	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Preferred Stock, Liquidation Preference, Value	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES
Rental income	$ 79,770	$ 63,613	$ 157,260	$ 123,217
Management, leasing and development services	114	109	207	211
Interest income	66	668	163	1,325
TOTAL REVENUES	79,950	64,390	157,630	124,753
OPERATING EXPENSES
Property expenses	18,884	15,139	36,998	28,951
General and administrative	8,972	7,301	18,289	14,645
Depreciation and amortization	28,381	24,522	55,904	46,518
TOTAL OPERATING EXPENSES	56,237	46,962	111,191	90,114
OTHER EXPENSES
Acquisition expenses	14	29	19	52
Interest expense	7,428	6,255	14,877	12,726
TOTAL EXPENSES	63,679	53,246	126,087	102,892
Gains on sale of real estate	0	4,810	0	4,810
NET INCOME	16,271	15,954	31,543	26,671
Less: net income attributable to noncontrolling interests	(1,084)	(569)	(1,801)	(770)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	15,187	15,385	29,742	25,901
Less: preferred stock dividends	(3,637)	(2,424)	(7,273)	(4,847)
Less: earnings allocated to participating securities	(129)	(113)	(260)	(227)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 11,421	$ 12,848	$ 22,209	$ 20,827
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.10	$ 0.12	$ 0.19	$ 0.20
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.10	$ 0.12	$ 0.19	$ 0.20
Weighted average shares of common stock outstanding - basic (in shares)	119,810,283	105,847,557	116,932,359	102,115,849
Weighted average shares of common stock outstanding - diluted (in shares)	120,068,176	106,236,309	117,191,254	102,442,780

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 16,271	$ 15,954	$ 31,543	$ 26,671
Other comprehensive loss: cash flow hedge adjustment	(226)	(8,549)	(15,194)	(13,676)
Comprehensive income	16,045	7,405	16,349	12,995
Comprehensive income attributable to noncontrolling interests	(1,122)	(382)	(1,279)	(457)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 14,923	$ 7,023	$ 15,070	$ 12,538

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8933-108599

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-URI http://asc.fasb.org/extlink&oid=116874947&loc=SL4591552-111686

+ Details

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2018	$ 1,908,423	$ 1,876,094	$ 159,094	$ 966	$ 1,798,113	$ (88,341)	$ 6,262	$ 32,329
Beginning Balance (in shares) at Dec. 31, 2018				96,810,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				12,809,666
Issuance of common stock	464,659	464,659		$ 128	464,531
Offering costs	(7,439)	(7,439)			(7,439)
Share-based compensation (in shares)				98,214
Share-based compensation	5,364	1,143		$ 1	1,142			4,221
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(23,771)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(816)	(816)			(816)
Conversion of units to common stock (in shares)				44,967
Conversion of units to common stock	0	318		$ 0	318			(318)
Net income	26,671	25,901	4,847			21,054		770
Other comprehensive income (loss)	(13,676)	(13,363)					(13,363)	(313)
Preferred stock dividends	(4,847)	(4,847)	(4,847)
Preferred unit distributions	(270)							(270)
Common stock dividends	(39,547)	(39,547)				(39,547)
Distributions	(1,050)							(1,050)
Issuance of cumulative redeemable convertible preferred units	27,359							27,359
Cumulative effect of adoption of ASC 842	(222)	(222)				(222)
Ending Balance at Jun. 30, 2019	2,364,609	2,301,881	159,094	$ 1,095	2,255,849	(107,056)	(7,101)	62,728
Ending Balance (in shares) at Jun. 30, 2019				109,739,580
Beginning Balance at Mar. 31, 2019	2,137,836	2,103,896	159,094	$ 1,038	2,042,218	(99,715)	1,261	33,940
Beginning Balance (in shares) at Mar. 31, 2019				104,028,046
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				5,660,920
Issuance of common stock	216,265	216,265		$ 57	216,208
Offering costs	(3,465)	(3,465)			(3,465)
Share-based compensation (in shares)				11,295
Share-based compensation	2,751	632		$ 0	632			2,119
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(681)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(25)	(25)			(25)
Conversion of units to common stock (in shares)				40,000
Conversion of units to common stock	0	281			281			(281)
Net income	15,954	15,385	2,424			12,961		569
Other comprehensive income (loss)	(8,549)	(8,362)					(8,362)	(187)
Preferred stock dividends	(2,424)	(2,424)	(2,424)
Preferred unit distributions	(270)							(270)
Common stock dividends	(20,302)	(20,302)				(20,302)
Distributions	(521)							(521)
Issuance of cumulative redeemable convertible preferred units	27,359							27,359
Ending Balance at Jun. 30, 2019	2,364,609	2,301,881	159,094	$ 1,095	2,255,849	(107,056)	(7,101)	62,728
Ending Balance (in shares) at Jun. 30, 2019				109,739,580
Beginning Balance at Dec. 31, 2019	$ 2,622,449	2,556,177	242,327	$ 1,136	2,439,007	(118,751)	(7,542)	66,272
Beginning Balance (in shares) at Dec. 31, 2019	113,793,300			113,793,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				9,643,270
Issuance of common stock	$ 377,336	377,336		$ 96	377,240
Offering costs	(2,954)	(2,954)			(2,954)
Issuance of OP Units	(67,482)							(67,482)
Share-based compensation (in shares)				115,782
Share-based compensation	7,392	1,558		$ 1	1,557			5,834
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(26,573)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,236)	(1,236)			(1,236)
Conversion of units to common stock (in shares)				263,420
Conversion of units to common stock	0	6,605		$ 3	6,602			(6,605)
Net income	31,543	29,742	7,273			22,469		1,801
Other comprehensive income (loss)	(15,194)	(14,672)					(14,672)	(522)
Preferred stock dividends	(7,273)	(7,273)	(7,273)
Preferred unit distributions	(1,130)							(1,130)
Common stock dividends	(51,625)	(51,625)				(51,625)
Distributions	(1,838)							(1,838)
Issuance of cumulative redeemable convertible preferred units	40,787							40,787
Ending Balance at Jun. 30, 2020	$ 3,065,739	2,893,658	242,327	$ 1,236	2,820,216	(147,907)	(22,214)	172,081
Ending Balance (in shares) at Jun. 30, 2020	123,789,199			123,789,199
Beginning Balance at Mar. 31, 2020	$ 2,778,678	2,612,970	242,327	$ 1,162	2,524,274	(132,843)	(21,950)	165,708
Beginning Balance (in shares) at Mar. 31, 2020				116,331,347
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				7,436,313
Issuance of common stock	296,522	296,522		$ 74	296,448
Offering costs	(1,571)	(1,571)			(1,571)
Issuance of OP Units	(4,205)							(4,205)
Share-based compensation (in shares)				13,507
Share-based compensation	3,765	859		$ 0	859			2,906
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(776)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(29)	(29)			(29)
Conversion of units to common stock (in shares)				8,808
Conversion of units to common stock	0	235		$ 0	235			(235)
Net income	16,271	15,187	3,637			11,550		1,084
Other comprehensive income (loss)	(226)	(264)					(264)	38
Preferred stock dividends	(3,637)	(3,637)	(3,637)
Preferred unit distributions	(707)							(707)
Common stock dividends	(26,614)	(26,614)				(26,614)
Distributions	(918)							(918)
Ending Balance at Jun. 30, 2020	$ 3,065,739	$ 2,893,658	$ 242,327	$ 1,236	$ 2,820,216	$ (147,907)	$ (22,214)	$ 172,081
Ending Balance (in shares) at Jun. 30, 2020	123,789,199			123,789,199

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Common Stock, Dividends, Per Share, Declared	$ 0.215	$ 0.185	$ 0.430	$ 0.370
5.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage			5.875%		5.875%
Preferred Stock, Dividends Per Share, Declared	0.367188	0.367188	$ 0.734376	0.734376
5.875% Series B Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage			5.875%		5.875%
Preferred Stock, Dividends Per Share, Declared	0.367188	$ 0.367188	$ 0.734376	$ 0.734376
5.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage			5.625%		5.625%
Preferred Stock, Dividends Per Share, Declared	$ 0.351563		$ 0.703126
4.00% Cumulative Redeemable Convertible Preferred Units
Preferred Stock, Dividend Rate, Percentage			4.00%
4.43937% Cumulative Redeemable Convertible Preferred Units
Preferred Stock, Dividend Rate, Percentage		4.43937%		4.43937%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 31,543	$ 26,671
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	55,904	46,518
Amortization of (below) above market lease intangibles, net	(5,071)	(3,651)
Amortization of debt issuance costs	724	689
Amortization of (premium) discount on notes payable, net	(75)	3
Gain on sale of real estate	0	4,810
Equity based compensation expense	7,279	5,288
Straight-line rent	(7,884)	(3,308)
Change in working capital components:
Rents and other receivables	1,369	1,339
Deferred leasing costs	(3,949)	(3,436)
Other assets	(5,518)	(1,222)
Accounts payable, accrued expenses and other liabilities	(1,345)	(3,112)
Tenant security deposits	(3,320)	1,516
Prepaid rents	1,522	(937)
Net cash provided by operating activities	71,179	61,548
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	117,952	458,978
Capital expenditures	(33,253)	(22,244)
Payments for deposits on real estate acquisitions	(59,112)	(4,215)
Proceeds from sale of real estate	0	11,055
Net cash used in investing activities	(210,317)	(474,382)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	374,382	457,220
Proceeds from notes payable	0	35,000
Repayment of notes payable	(225)	(35,078)
Debt issuance costs	(2,242)	0
Dividends paid to preferred stockholders	(7,273)	(4,847)
Dividends paid to common stockholders	(46,063)	(34,735)
Distributions paid to common unitholders	(1,492)	(977)
Distributions paid to preferred unitholders	(1,130)	(270)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,236)	(816)
Net cash provided by financing activities	314,721	415,497
Increase in cash, cash equivalents and restricted cash	175,583	2,663
Cash, cash equivalents and restricted cash, beginning of period	78,857	180,601
Cash, cash equivalents and restricted cash, end of period	254,440	183,264
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $1,943 and $1,682 for the six months ended June 30, 2020 and 2019, respectively)	13,901	11,884
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	0	3,262
Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to adoption of ASC 842	1,353	3,457
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate	0	27,359
Assumption of debt in connection with acquisition of real estate including loan premium	48,759	0
Accrual for capital expenditures	8,439	3,221
Accrual of dividends	27,532	20,823
OP Units
Supplemental disclosure of noncash transactions:
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate	67,482	0
4.00% Cumulative Redeemable Convertible Preferred Units
Supplemental disclosure of noncash transactions:
Issuance of operating partnership units and cumulative redeemable convertible preferred units in connection with acquisition of real estate	$ 40,787	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Interest costs capitalized	$ 1,100	$ 1,100	$ 1,943	$ 1,682
4.00% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage			4.00%
4.43937% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage		4.43937%		4.43937%

Organization	6 Months Ended
Organization	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013, and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate principally located in Southern California infill markets, and, from time to time, acquire or provide mortgage debt secured by industrial property. As of June 30, 2020, our consolidated portfolio consisted of 229 properties with approximately 27.6 million rentable square feet. In addition, we currently manage 20 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).

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

As of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

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 June 30, 2020 and December 31, 2019, 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 unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The interim financial statements should be read in conjunction with the consolidated financial statements in our 2019 Annual Report on Form 10-K and the notes thereto.

Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.

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

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 comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes 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. As of June 30, 2020, the restricted cash balance of $0.1 million was being reserved for real estate taxes related to the property located at 960-970 Knox Street. As of June 30, 2019, the restricted cash balance of $11.1 million was comprised of cash proceeds from the sale of one of our properties. As of December 31, 2019 we did not have a balance in restricted cash.

Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the six months ended June 30, 2020 and 2019 (in thousands):



	Six Months Ended June 30,
	2020		2019
Cash and cash equivalents	$	78,857	$	180,601
Restricted cash	—		—
Cash, cash equivalents and restricted cash, beginning of period	$	78,857	$	180,601

Cash and cash equivalents	$	254,373	$	172,209
Restricted cash	67		11,055
Cash, cash equivalents and restricted cash, end of period	$	254,440	$	183,264

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business (“ASU 2017-01”), 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 mortgage 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 about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the six months ended June 30, 2020, we used discount rates ranging from 5.75% to 7.00% and exit capitalization rates ranging from 4.75% to 5.75%.

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 six months ended June 30, 2020, we used an estimated average lease-up period ranging from six months to nine 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 are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. In determining the fair value of debt assumed during the six months ended June 30, 2020, we used estimated market interest rates ranging from 3.00% to 3.75%.

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 $1.1 million and $1.1 million during the three months ended June 30, 2020 and 2019, respectively, and $1.9 million and $1.7 million during the six months ended June 30, 2020 and 2019, respectively. We capitalized real estate taxes and insurance costs aggregating $0.3 million and $0.4 million during the three months ended June 30, 2020 and 2019, respectively, and $0.6 million and $0.6 million during the six months ended June 30, 2020 and 2019, respectively. We capitalized compensation costs for employees who provide construction services of $1.0 million and $0.6 million during the three months ended June 30, 2020 and 2019, respectively, and $2.0 million and $1.3 million during the six months ended June 30, 2020 and 2019, 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 the Accounting Standards Codification (“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 June 30, 2020, and December 31, 2019, we did not have any properties classified as held for sale.

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 three and six months ended June 30, 2020 and 2019, respectively.

Income Taxes

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate income tax, including any applicable alternative minimum tax for taxable years prior to 2018.

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 six months ended June 30, 2020 and 2019.

We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2020, and December 31, 2019, 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

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 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 revenue 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 these property expenses, which include real estate taxes, insurance, 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. As the timing and pattern of revenue recognition is the same, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.

We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf.

Management, leasing and development services

We provide property management services and leasing services to related party and third-party property owners, the customer, 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 $1.1 million and $0.4 million for the three months ended June 30, 2020 and 2019, respectively, and $1.5 million and $0.5 million, for the six months ended June 30, 2020 and 2019, respectively, as a reduction of rental income in the consolidated statements of operations.

Deferred Leasing Costs

We 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.

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 11.

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, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their

respective participation rights in undistributed earnings.

Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period.

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 12.

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.

ASC 842 - Cumulative-Effect Adjustment to Retained Earning

On January 1, 2019, we adopted the new lease accounting standard, ASU 2016-02, Leases (Topic 842), and the various lease-related ASUs that were subsequently issued by the Financial Accounting Standards Board (“FASB”) (collectively referred to as “ASC 842”), which together set out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors.

We adopted ASC 842 using the modified retrospective approach and applied the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, we recognized a cumulative-effect adjustment to retained earnings of $0.2 million to write off internal compensation costs that were capitalized in connection with leases that were executed but had not commenced prior to January 1, 2019, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for capitalization under ASC 842.

Leases as a Lessee

We determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6.

Adoption of New Accounting Pronouncements

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 net investments in leases arising from sales-type and direct financing leases, 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. Effective January 1, 2020 we adopted ASU 2016-13. As we did not have any financial assets within the scope of ASU 2016-13, there was no impact to our consolidated financial statements. In the

event that any of our leases were to be classified as sales-type or direct finance leases, or if we were to acquire or provide mortgage debt secured by industrial properties in the future, we would become subject to the provisions of ASU 2016-13.

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 consolidated financial statements.

Reference Rate Reform

On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.

COVID-19 Lease Concessions

On April 10, 2020, the FASB issued a staff question-and-answer document (the “Q&A”) to address some frequently asked questions about accounting for concessions related to the effects of the COVID-19 pandemic. Consequently, the Q&A permits an entity to elect to forgo the evaluation of the enforceable rights and obligations of a lease contract, which is required by ASC 842, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total rent payments in the existing lease. An entity may then elect to account for COVID-19 related lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract, or (ii) as a lease modification under ASC 842.

During the three months ended June 30, 2020, we received rent relief requests from a number of tenants claiming impacts from COVID-19, many of whom may be making such rent relief requests in response to local California governmental moratoriums on commercial tenant evictions and provisions enabling commercial tenants to defer rent. In response to these requests, for the three months ended June 30, 2020, we granted rent relief to certain tenants providing the following : (i) the application of $4.2 million of security deposits to base rents, (ii) the acceleration of $0.8 million of future rent concessions to cover base rent and (iii) the deferral of $3.6 million of base rent, with a typical deferral period of approximately one to two months and repayment generally scheduled to begin in the third or fourth quarter of 2020.

In accordance with the Q&A, we have elected to forgo the evaluation of the enforceable rights and obligations of our lease contracts and have elected to account for COVID-19 related lease concessions (which include the acceleration of future rent concessions in the original lease contract and the deferral of base rent) as lease modifications under ASC 842. As the COVID-19 related lease concessions that we provided to tenants did not substantially change the amount of consideration in the original lease contract (only the timing of rent payments has changed) and we believe that deferred rent payments remain collectible based on our tenant-by-tenant collectability assessment as of June 30, 2020, rental income recognized in each period over the term of the lease will not substantially change. Therefore, the impact of the COVID-19 related lease concessions granted above did not have a material impact on our results of operations during the three and six months ended June 30, 2020.

Investments in Real Estate

6 Months Ended

Jun. 30, 2020

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisitions

The following table summarizes the wholly-owned industrial properties we acquired during the six months ended June 30, 2020:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
701-751 Kingshill Place⁽²⁾	Los Angeles - South Bay	3/5/2020	169,069	6	$	33,251
2601-2641 Manhattan Beach Boulevard⁽²⁾	Los Angeles - South Bay	3/5/2020	126,726	6	39,481
2410-2420 Santa Fe Avenue⁽²⁾	Los Angeles - South Bay	3/5/2020	112,000	1	35,737
11600 Los Nietos Road⁽²⁾	Los Angeles - Mid-Counties	3/5/2020	103,982	1	16,626
5160 Richton Street⁽²⁾	San Bernardino - Inland Empire West	3/5/2020	94,976	1	15,653
2205 126th Street⁽²⁾	Los Angeles - South Bay	3/5/2020	63,532	1	17,712
11832-11954 La Cienega Boulevard⁽²⁾	Los Angeles - South Bay	3/5/2020	63,462	4	19,664
7612-7642 Woodwind Drive⁽²⁾	Orange County - West	3/5/2020	62,377	3	13,780
960-970 Knox Street⁽²⁾	Los Angeles - South Bay	3/5/2020	39,400	1	9,939
25781 Atlantic Ocean Drive⁽²⁾	Orange County - South	3/5/2020	27,960	1	5,516
Brady Way⁽³⁾	Orange County - West	4/1/2020	—	—	874
720-750 Vernon Avenue	Los Angeles - San Gabriel Valley	4/3/2020	71,692	3	15,515
6687 Flotilla Street	Los Angeles - Central	5/5/2020	120,000	1	21,000
1055 Sandhill Avenue	Los Angeles - South Bay	5/28/2020	—	—	14,453
22895 Eastpark Drive⁽²⁾	Orange County - North	6/19/2020	34,950	1	6,844
8745-8775 Production Avenue	San Diego - Central	6/19/2020	46,820	2	7,850
15580 Slover Avenue	San Bernardino - Inland Empire West	6/26/2020	60,127	1	9,958
Total 2020 Wholly-Owned Property Acquisitions			1,197,073	33	283,853


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

(2)

On March 5, 2020, we acquired ten properties and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company (the “Properties”) for an aggregate purchase price of $214.2 million, exclusive of closing costs, including assumed debt of approximately $47.5 million. In consideration for the Properties we (i) paid $60.4 million in cash, including a $10.0 million deposit paid in 2019, (ii) issued 1,406,170 common units of limited partnership interests in the Operating Partnership and (iii) issued 906,374 4.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units”). See Note 5 and Note 11 for further details regarding the assumption of debt and Series 2 CPOP Units, respectively.


(3)	Brady Way is a one-acre parcel of land adjacent to our property located at 12821 Knott Street.

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):



	2020 Acquisitions
Assets:
Land	$	201,145
Buildings and improvements	79,948
Tenant improvements	1,789
Acquired lease intangible assets⁽¹⁾	10,645
Other acquired assets⁽²⁾	3,082
Total assets acquired	296,609

Liabilities:
Acquired lease intangible liabilities⁽³⁾	7,487
Notes payable⁽⁴⁾	48,759
Other assumed liabilities⁽²⁾	1,352
Total liabilities assumed	57,598
Net assets acquired	$	239,011


(1)	Acquired lease intangible assets is comprised of $10.4 million of in-place lease intangibles with a weighted average amortization period of 4.5 years and $0.2 million of above-market lease intangibles with a weighted average amortization period of 7.9 years.


(2)	Includes other working capital assets acquired and liabilities assumed at the time of acquisition. In addition, it also includes personal property that we acquired as part of the acquisition of 1055 Sandhill Avenue that we are currently in the process of selling.


(3)	Represents below-market lease intangibles with a weighted average amortization period of 5.8 years.

(4)

In connection with the acquisition of the Properties, we assumed ten mortgage loans from the sellers. At the date of acquisition, the loans had an aggregate fair value of $48.8 million and an aggregate principal balance of $47.5 million.

Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

The following table summarizes our acquired lease intangible assets, including the value of in-place leases and above-market tenant leases, and our acquired lease intangible liabilities which includes below-market tenant leases (in thousands):



	June 30, 2020			December 31, 2019
Acquired Lease Intangible Assets:
In-place lease intangibles	$	164,572		$	154,370
Accumulated amortization	(99,289		)	(87,955		)
In-place lease intangibles, net	$	65,283		$	66,415

Above-market tenant leases	$	14,500		$	14,296
Accumulated amortization	(8,270		)	(7,621		)
Above-market tenant leases, net	$	6,230		$	6,675
Acquired lease intangible assets, net	$	71,513		$	73,090

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(89,140	)	$	(81,718	)
Accumulated accretion	28,032			22,378
Below-market tenant leases, net	$	(61,108	)	$	(59,340	)
Acquired lease intangible liabilities, net	$	(61,108	)	$	(59,340	)

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three and six months ended June 30, 2020 and 2019 (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
In-place lease intangibles⁽¹⁾	$	5,752		$	5,313		$	11,574		$	9,652
Net below-market tenant leases⁽²⁾	$	(2,670	)	$	(1,900	)	$	(5,071	)	$	(3,651	)


(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.

Notes Payable

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2020 and December 31, 2019 (dollars in thousands):



	June 30, 2020			December 31, 2019			Margin Above LIBOR			Interest Rate⁽¹⁾			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—		$	—		1.050	%	⁽²⁾	1.212	%	⁽³⁾	2/13/2024	⁽⁴⁾
$100M Term Loan Facility	100,000			100,000			1.200	%	⁽²⁾	2.964	%	⁽⁵⁾	2/14/2022
$225M Term Loan Facility	225,000			225,000			1.200	%	⁽²⁾	2.574	%	⁽⁵⁾	1/14/2023
$150M Term Loan Facility	150,000			150,000			1.500	%	⁽²⁾	4.263	%	⁽⁵⁾	5/22/2025
$100M Notes	100,000			100,000			n/a			4.290	%		8/6/2025
$125M Notes	125,000			125,000			n/a			3.930	%		7/13/2027
$25M Series 2019A Notes	25,000			25,000			n/a			3.880	%		7/16/2029
$75M Series 2019B Notes	75,000			75,000			n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	800,000		$	800,000

Secured Debt:
$60M Term Loan⁽⁶⁾	$	58,499		$	58,499		1.700	%		1.862	%		8/1/2023	⁽⁶⁾
Gilbert/La Palma⁽⁷⁾	2,377			2,459			n/a			5.125	%		3/1/2031
701-751 Kingshill Place⁽⁸⁾	7,100			—			n/a			3.900	%		1/5/2026
2601-2641 Manhattan Beach Boulevard⁽⁷⁾	4,120			—			n/a			4.080	%		4/5/2023
2410-2420 Santa Fe Avenue⁽⁷⁾	10,300			—			n/a			3.700	%		1/1/2028
11600 Los Nietos Road⁽⁷⁾	2,861			—			n/a			4.190	%		5/1/2024
5160 Richton Street⁽⁷⁾	4,443			—			n/a			3.790	%		11/15/2024
2205 126th Street⁽⁹⁾	5,200			—			n/a			3.910	%		12/1/2027
11832-11954 La Cienega Boulevard⁽⁸⁾	4,100			—			n/a			4.260	%		7/1/2028
7612-7642 Woodwind Drive⁽⁷⁾	3,938			—			n/a			5.240	%		1/5/2024
960-970 Knox Street^(7)(10)	2,530			—			n/a			5.000	%		11/1/2023
22895 Eastpark Drive⁽⁷⁾	2,782			—			n/a			4.330	%		11/15/2024
Total Secured Debt	$	108,250		$	60,958
Total Unsecured and Secured Debt	$	908,250		$	860,958
Less: Unamortized premium/discount and debt issuance costs⁽¹¹⁾	(1,563		)	(3,116		)
Total	$	906,687		$	857,842


(1)	Reflects the contractual interest rate under the terms of each loan as of June 30, 2020 and includes the effect of interest rate swaps that were effective as of June 30, 2020. See footnote (5) below. Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts.

(2)

The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 1.05% to 1.50% per annum for the unsecured revolving credit facility, 1.20% to 1.70% per annum for the $100.0 million term loan 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 million term loan facility, depending on our leverage ratio, which is the ratio of our outstanding consolidated indebtedness to the value of our consolidated gross asset value, which is measured on a quarterly basis.


(3)	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.


(4)	Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions.


(5)	As of June 30, 2020, interest on the $100.0 million term loan facility, $225.0 million term loan facility and $150 million term loan facility have been effectively fixed through the use of interest rate swaps. See Note 7 for details.


(6)	Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.


(7)	Fixed monthly payments of interest and principal until maturity as follows: Gilbert/La Palma ($24,008), 2601-2641 Manhattan Beach Boulevard ($23,138), 2410-2420 Santa Fe Avenue ($31,758), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 7612-7642 Woodwind Drive ($24,270), 960-970 Knox Street ($17,538), and 22895 Eastpark Drive ($15,396).


(8)	For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity. For 11832-11954 La Cienega Boulevard, fixed monthly payments of interest only through July 2020, followed by fixed monthly payments of interest and principal ($20,194) until maturity.


(9)	Fixed monthly payments of interest only.


(10)	Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street.


(11)	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.

Contractual Debt Maturities

The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts and debt issuance costs, as of June 30, 2020, and does not consider extension options available to us as noted in the table above (in thousands):



July 1, 2020 - December 31, 2020	$	418
2021	1,267
2022	101,700
2023	289,318
2024	12,886
Thereafter	502,661
Total	$	908,250

Assumption of Mortgage Loans

In connection with the acquisition of the Properties, on March 5, 2020, we assumed nine mortgage loans and on June 19, 2020, we assumed one additional mortgage loan, each secured by one of the Properties we acquired. At the date of acquisition, the assumed loans had an aggregate principal balance of $47.5 million and an aggregate fair value of $48.8 million, resulting in an aggregate initial net debt premium of $1.2 million. The mortgage loans bear interest at fixed interest rates ranging from 3.70% to 5.24% and have maturities ranging from 3.0 years to 8.3 years from the date assumed.

Third Amended and Restated Credit Facility

On February 13, 2020, we amended our $450 million credit agreement, that was scheduled to mature on February 14, 2021, 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.

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

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

The Amended Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Amended Credit 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 Amended Credit Agreement, the unpaid principal amount of all outstanding loans, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable.

On June 30, 2020, we did not have any borrowings outstanding under the Amended Revolver, leaving $500.0 million available for future borrowings.

Debt Covenants

The Amended Credit Agreement, our $225 million unsecured term loan facility (the “$225 Million Term Loan Facility”), our $150 million unsecured term loan facility (the “$150 Million Term Loan Facility”), our $100 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125 million unsecured guaranteed senior notes (the “$125 Million Notes”) and our $25 million unsecured guaranteed senior notes and $75 million unsecured guaranteed senior notes (together 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 Amended Credit Agreement, $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 (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%;


•	For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%;


•	For the Amended Credit Agreement, $225 Million Term Loan Facility and $150 Million Term Loan Facility, maintaining a minimum tangible net worth of at least the sum of (i) $2,061,865,500, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2019;


•	For the Senior Notes, 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 Amended Credit Agreement, $225 Million Term Loan Facility, $150 Million Term Loan Facility and Senior Notes also provide that our distributions may not exceed the greater of (i) 95.0% of our funds from operations or (ii) the amount required for us to qualify and maintain our status as a REIT and avoid the payment of federal or state income or excise tax in any 12-month period.

Additionally, subject to the terms of the 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 investment grade rating of the Senior Notes with a stable outlook.

Our $60 million term loan contains a financial covenant that is tested on a quarterly basis, which requires us to maintain a minimum Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.0.

We were in compliance with all of our required quarterly debt covenants as of June 30, 2020.

Operating Leases

6 Months Ended

Jun. 30, 2020

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.

For the three and six months ended June 30, 2020, we recognized $77.1 million and $152.2 million of rental income related to operating lease payments, of which $64.6 million and $127.5 million are for fixed lease payments and $12.5 million and $24.7 million are for variable lease payments, respectively. For the comparable three and six month-period ended June 30, 2019, we recognized $61.7 million and $119.6 million of rental income related to operating lease payments, of which $51.7 million and $100.3 million were for fixed lease payments and $10.0 million and $19.3 million were for variable lease payments, respectively.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2020 (in thousands):



Twelve Months Ended June 30,
2021	$	256,961
2022	216,923
2023	176,305
2024	134,294
2025	96,251
Thereafter	312,614
Total	$	1,193,348

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.

In June 2020, we executed a five-year lease for a 58,802 rentable square feet unit at our property located at 2722 Fairview Street. The lease contains an option whereby the tenant can purchase the entire 116,575 rentable square foot property at a purchase price of $20.4 million. The tenant must give us notice on or before December 10, 2020 in order to exercise its purchase option.

Lessee

We lease office space as part of conducting our day-to-day business. As of June 30, 2020, our office space leases have remaining lease terms ranging from approximately one to five years and some include options to renew. These renewal terms can extend the lease term from three to five years and are included in the lease term when it is reasonably certain that we will exercise the option.

In connection with the acquisition of 1055 Sandhill Avenue, we assumed a ground lease from the seller for a parcel of land that is adjacent to our property and used as a parking lot. The ground lease, which expires on August 11, 2023, has a remaining lease term of approximately three years, with two additional ten-year options to renew, and monthly rent of $9,000 through expiration.

As of June 30, 2020, total ROU assets and lease liabilities were approximately $4.4 million and $5.1 million, respectively. 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 for the three and six months ended June 30, 2020 and 2019, and as of June 30, 2020 and December 31, 2019.



	Three Months Ended June 30,					Six Months Ended June 30,
Lease Cost (in thousands)	2020		2019			2020		2019
Operating lease cost⁽¹⁾	$	316	$	285		$	621	$	545
Variable lease cost⁽¹⁾	12		10			24		23
Sublease income⁽²⁾	—		(79		)	—		(158		)
Total lease cost	$	328	$	216		$	645	$	410


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


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



	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	262	$	283	$	442	$	522
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	339	$	—	$	1,353	$	6,720


(1)	For the six months ended June 30, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842.



Lease Term and Discount Rate	June 30, 2020		December 31, 2019
Weighted-average remaining lease term	4.3 years		4.7 years
Weighted-average discount rate⁽¹⁾	3.6	%	3.9	%


(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 June 30, 2020 were as follows (in thousands):



July 1, 2020 - December 31, 2020	$	674
2021	1,199
2022	1,201
2023	1,198
2024	1,161
Thereafter	97
Total undiscounted lease payments	$	5,530
Less imputed interest	(440		)
Total lease liabilities	$	5,090

We have one operating lease for office space of $1.9 million which has not commenced as June 30, 2020, and as such, has not been recognized on our consolidated balance sheets. This operating lease is expected to commence in 2020 and has a 5-year lease term.

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.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of June 30, 2020 (in thousands):



Twelve Months Ended June 30,
2021	$	256,961
2022	216,923
2023	176,305
2024	134,294
2025	96,251
Thereafter	312,614
Total	$	1,193,348

Lessee

The tables below present financial information associated with our leases for the three and six months ended June 30, 2020 and 2019, and as of June 30, 2020 and December 31, 2019.



	Three Months Ended June 30,					Six Months Ended June 30,
Lease Cost (in thousands)	2020		2019			2020		2019
Operating lease cost⁽¹⁾	$	316	$	285		$	621	$	545
Variable lease cost⁽¹⁾	12		10			24		23
Sublease income⁽²⁾	—		(79		)	—		(158		)
Total lease cost	$	328	$	216		$	645	$	410


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


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



	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	262	$	283	$	442	$	522
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	339	$	—	$	1,353	$	6,720


(1)	For the six months ended June 30, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842.



Lease Term and Discount Rate	June 30, 2020		December 31, 2019
Weighted-average remaining lease term	4.3 years		4.7 years
Weighted-average discount rate⁽¹⁾	3.6	%	3.9	%


(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 June 30, 2020 were as follows (in thousands):



July 1, 2020 - December 31, 2020	$	674
2021	1,199
2022	1,201
2023	1,198
2024	1,161
Thereafter	97
Total undiscounted lease payments	$	5,530
Less imputed interest	(440		)
Total lease liabilities	$	5,090

Interest Rate Swaps

6 Months Ended

Jun. 30, 2020

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 through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings.

Derivative Instruments

Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. We do not use derivatives for trading or speculative purposes.

The 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 at June 30, 2020 and December 31, 2019 (dollars in thousands):



					Current Notional Value⁽¹⁾				Fair Value of Interest Rate Derivative Assets /(Derivative Liabilities)⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		June 30, 2020		December 31, 2019		June 30, 2020			December 31, 2019
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(2,347	)	$	489
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,966	)	$	277
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	100,000	$	100,000	$	(1,835	)	$	(332	)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(16,768	)	$	(8,156	)


(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):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of loss recognized in AOCI on derivatives	$	(1,920	)	$	(7,761	)	$	(17,318	)	$	(12,036	)
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense”	$	(1,694	)	$	788		$	(2,124	)	$	1,640
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	7,428		$	6,255		$	14,877		$	12,726

During the next twelve months, we estimate that an additional $8.3 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.

Fair Value Measurements

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

We have adopted FASB Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosure (“ASC 820”). ASC 820 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of reported balances.

ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability.

Recurring Measurements – Interest Rate Swaps

Currently, we use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves.

To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, as of June 30, 2020, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy.

The table below sets forth the estimated fair value of our interest rate swaps as of June 30, 2020 and December 31, 2019, which we measure on a recurring basis by level within the fair value hierarchy (in thousands).



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2020
Interest Rate Swap Asset	$	—		$	—	$	—		$	—
Interest Rate Swap Liability	$	(22,916	)	$	—	$	(22,916	)	$	—
December 31, 2019
Interest Rate Swap Asset	$	766		$	—	$	766		$	—
Interest Rate Swap Liability	$	(8,488	)	$	—	$	(8,488	)	$	—

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 June 30, 2020 and December 31, 2019 (in thousands):



	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Notes Payable at:
June 30, 2020	$	952,946	$	—	$	—	$	952,946	$	906,687
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842

- Definition

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

+ References + Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $0.1 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million for the six months ended June 30, 2020 and 2019, respectively, in management, leasing and development services revenue.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
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 will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. On February 25, 2014, we acquired the property located at West 228th Street. Before purchasing the property during the due diligence phase, we engaged a third-party environmental consultant to perform various environmental site assessments to determine the presence of any environmental contaminants that might warrant remediation efforts. Based on their investigation, they determined that hazardous substances existed at the property and that additional assessment and remediation work would likely be required to satisfy regulatory requirements. The total remediation costs were estimated to be $1.3 million, which includes remediation, processing and oversight costs. To address the estimated costs associated with the environmental issues at the West 228th Street property, we entered into an Environmental Holdback Escrow Agreement (the “Holdback Agreement”) with the former owner, whereby $1.4 million was placed into an escrow account to be used to pay remediation costs. To fund the $1.4 million, the escrow holder withheld $1.3 million of the purchase price, which would have otherwise been paid to the seller at closing, and the Company funded an additional $0.1 million. According to the Holdback Agreement, the seller has no liability or responsibility to pay for remediation costs in excess of $1.3 million. As of June 30, 2020 and December 31, 2019, we had a $0.6 million and $0.6 million contingent liability recorded in our consolidated balance sheets included in the line item “Accounts payable and accrued expenses,” reflecting the estimated remaining cost to remediate environmental liabilities at West 228th Street that existed prior to the acquisition date. As of June 30, 2020 and December 31, 2019, we also had a $0.6 million and $0.6 million corresponding indemnification asset recorded in our consolidated balance sheets included in the line item “Other assets,” reflecting the estimated costs we expect the former owner to cover pursuant to the Holdback Agreement. We expect that the resolution of the environmental matters relating to the above will not have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot assure you that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of June 30, 2020, we had commitments of approximately $33.1 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of June 30, 2020, 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. Concentration of Properties in Southern California As of June 30, 2020, 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 and other conditions, including the impact of the outbreak of COVID-19, which was declared a pandemic in March 2020 by the World Health Organization, and related state and local government reactions. All of our properties are concentrated in Southern California, and the state of California and certain cities, including where we own properties, reacted to the COVID-19 pandemic early on by instituting quarantines, restrictions on travel, “shelter in place” rules, restrictions on types of business that may continue to operate and/or restrictions on types of construction projects that may continue as well as moratoriums on commercial tenant evictions and provisions enabling commercial tenants to defer rent. We cannot predict when restrictions currently in place will expire or if additional restrictions will be added. Additionally, in March 2020, the Governor of California issued Executive Order N-28-20, authorizing local municipalities to impose limitations on commercial evictions for nonpayment of rent for tenants impacted by COVID-19. In response to this Executive Order, most municipalities in Southern California have, in turn, mandated a moratorium on all commercial evictions and have given tenants impacted by COVID-19 the unilateral right to defer rent while the emergency orders are in effect, with repayment generally within three to six months after the end of the local emergency. In many of the local municipalities in which we operate, the eviction restrictions are set to expire by September 30, 2020, the date that Executive Order N-28-20 is currently scheduled to expire, and in other municipalities the restrictions expire when the local emergency is lifted, although we cannot currently predict whether or not these restrictions may be extended or for how long. Some of the orders, including Executive Order N-28-20, have been extended multiple times. A number of our tenants have taken advantage of the relief provided by the local government mandates authorizing deferral of rent, and we are currently unable to predict the impact that the COVID-19 pandemic will have on our tenants or the number of tenants that will take advantage of the relief provided by the local government mandates authorizing the deferral of rent. See Note 2 “Summary of Significant Accounting Policies—COVID-19 Lease Concessions” for information related to rent relief requests received and rent relief agreements executed during the six months ended June 30, 2020. Tenant Concentration During the six months ended June 30, 2020, no single tenant accounted for more than 5% of our total consolidated rental income.

Equity

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Equity

Common Stock Offering

During the second quarter of 2020, we completed an underwritten public offering of 7,187,500 shares of our common stock, including the underwriters exercise in full of its option to purchase 937,500 shares of our common stock, at an offering price per share of $39.85. The net proceeds of the offering were approximately $285.1 million after deducting the underwriting discount and offering costs totaling $1.4 million. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 7,187,500 common units of partnership interests in the Operating Partnership.

ATM Program

On June 13, 2019, we established an 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.

During the six months ended June 30, 2020, we sold a total of 2,455,770 shares of our common stock under the $550 Million ATM Program at a weighted average price of $37.02 per share, for gross proceeds of $90.9 million, and net proceeds of $89.6 million, after deducting the sales agents’ fee.

As of June 30, 2020, we had the capacity to issue up to an additional $259.8 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 OP Units, fully-vested LTIP units, fully-vested performance units, 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “Series 1 CPOP Units”) and Series 2 CPOP Units, as more fully described below, that are not owned by us.

Operating Partnership Units

As of June 30, 2020, noncontrolling interests included 3,044,588 OP Units and 863,888 fully-vested LTIP units and performance units and represented approximately 3.1% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis.

During the six months ended June 30, 2020, 263,420 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $6.6 million of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

Issuance of OP Units and Series 2 CPOP Units in Connection with the Acquisition of the Properties

As previously described in Note 3, on March 5, 2020, we acquired ten industrial properties and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company for an aggregate purchase price of $214.2 million. As partial consideration for the Properties, we issued the Sellers 1,406,170 OP Units, valued at $67.5 million, and 906,374 newly issued 4.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units”), valued at $40.8 million.

Holders of Series 2 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 4.00% per annum of the $45.00 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2020. The holders of Series 2 CPOP Units are entitled to receive the liquidation preference, which is $45.00 per unit and approximately $40.8 million in the aggregate for all of the Series 2 CPOP Units, before the holders of OP Units are entitled to receive distributions in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership.

The Series 2 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 March 5, 2025, (the “Company Conversion Right”), in each case, into 0.7722 OP Units per Series 2 CPOP Unit, subject to adjustment to eliminate fractional units or to the extent that there are any accrued and unpaid distributions on the Series 2 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 2 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, the Series 1 CPOP Units, and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the Series 2 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 2 CPOP Units.

Pursuant to relevant accounting guidance, we analyzed the Series 2 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 2 CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the Series 2 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 2 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 2 CPOP Units require bifurcation and separate accounting, and (ii) the Series 2 CPOP Units met the criteria to be classified within equity, and accordingly are presented as noncontrolling interests within permanent equity in the consolidated balance sheets.

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 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 June 30, 2020, a total of 1,115,502 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 described in the Operating Partnership’s partnership agreement, the LTIP Units and Performance Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested LTIP Units and 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 distributions paid on OP Units.

Share-Based Award Activity

The following table sets forth our share-based award activity for the six months ended June 30, 2020:



	Unvested Awards
	Restricted Common Stock		LTIP Units		Performance Units
Balance at January 1, 2020	212,545		298,412		687,761
Granted	120,639		36,292		—
Forfeited	(4,857	)	—		—
Vested⁽¹⁾	(85,288	)	(41,953	)	—
Balance at June 30, 2020	243,039		292,751		687,761


(1)	During the six months ended June 30, 2020, 26,573 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2020:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
July 1, 2020 - December 31, 2020	2,640	154,422	188,250
2021	98,773	90,031	204,517
2022	67,586	45,740	294,994
2023	47,919	2,558	—
2024	26,121	—	—
Total	243,039	292,751	687,761

(1)

Represents the maximum number of Performance Units that would become earned and vested on December 14, 2020, in the event that the specified maximum total shareholder return (“TSR”) hurdles are achieved over the three-year performance period from December 15, 2017 through December 14, 2020, and the maximum number of Performance Units that would become earned and vested on December 31, 2021 and December 31, 2022, in the event that the specified maximum TSR and FFO per share growth hurdles are achieved over the three-year performance period from January 1, 2019 through December 31, 2021 and the three-year performance period from January 1, 2020 through December 31, 2022.

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):



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Expensed share-based compensation⁽¹⁾	$	3,709	$	2,709	$	7,279	$	5,288
Capitalized share-based compensation⁽²⁾	56		42		113		76
Total share-based compensation	$	3,765	$	2,751	$	7,392	$	5,364


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


(2)	For the three and six months ended June 30, 2020 and 2019, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

As of June 30, 2020, total unrecognized compensation cost related to all unvested share-based awards was $20.5 million and is expected to be recognized over a weighted average remaining period of 27 months.

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our AOCI balance for the six months ended June 30, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges (in thousands):



	Six Months Ended June 30,
	2020			2019
Accumulated other comprehensive (loss) income - beginning balance	$	(7,542	)	$	6,262
Other comprehensive loss before reclassifications	(17,318		)	(12,036		)
Amounts reclassified from accumulated other comprehensive loss (income) to interest expense	2,124			(1,640		)
Net current period other comprehensive loss	(15,194		)	(13,676		)
Less other comprehensive loss attributable to noncontrolling interests	522			313
Other comprehensive loss attributable to common stockholders	(14,672		)	(13,363		)
Accumulated other comprehensive (loss) income - ending balance	$	(22,214	)	$	(7,101	)

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Numerator:
Net income	$	16,271		$	15,954		$	31,543		$	26,671
Less: Preferred stock dividends	(3,637		)	(2,424		)	(7,273		)	(4,847		)
Less: Net income attributable to noncontrolling interests	(1,084		)	(569		)	(1,801		)	(770		)
Less: Net income attributable to participating securities	(129		)	(113		)	(260		)	(227		)
Net income attributable to common stockholders	$	11,421		$	12,848		$	22,209		$	20,827

Denominator:
Weighted average shares of common stock outstanding – basic	119,810,283			105,847,557			116,932,359			102,115,849
Effect of dilutive securities - performance units	257,893			388,752			258,895			326,931
Weighted average shares of common stock outstanding – diluted	120,068,176			106,236,309			117,191,254			102,442,780

Earnings per share — Basic
Net income attributable to common stockholders	$	0.10		$	0.12		$	0.19		$	0.20
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.10		$	0.12		$	0.19		$	0.20

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, Series 2 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.

Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Acquisitions

On July 1, 2020, we acquired a three-property portfolio located at 11308-11350 Penrose Street, 11076-11078 Fleetwood Street and 11529-11547 Tuxford Street in Sun Valley, California for a contract price of $35.1 million. The portfolio consists of four multi-tenant buildings with a combined 207,374 rentable square feet.

On July 1, 2020, we acquired the property located at 15650-15700 South Avalon Boulevard in Los Angeles, California for a contract price of $28.1 million. The property consists of two buildings with a combined 166,088 rentable square feet.

On July 17, 2020, we acquired the property located at 12133 Greenstone Avenue in Santa Fe Springs, California for a contract price of $5.5 million. The property consists of one single-tenant building with 12,586 rentable square feet.

Dividends Declared

On July 20, 2020, our board of directors declared the following quarterly cash dividends/distributions:



Security	Amount per Share/Unit		Record Date	Payment Date
Common stock	$	0.215	September 30, 2020	October 15, 2020
OP Units	$	0.215	September 30, 2020	October 15, 2020
5.875% Series A Cumulative Redeemable Preferred Stock	$	0.367188	September 15, 2020	September 30, 2020
5.875% Series B Cumulative Redeemable Preferred Stock	$	0.367188	September 15, 2020	September 30, 2020
5.625% Series C Cumulative Redeemable Preferred Stock	$	0.351563	September 15, 2020	September 30, 2020
4.43937% Cumulative Redeemable Convertible Preferred Units	$	0.505085	September 15, 2020	September 30, 2020
4.00% Cumulative Redeemable Convertible Preferred Units	$	0.45	September 15, 2020	September 30, 2020

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation As of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. 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 June 30, 2020 and December 31, 2019, 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 unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The interim financial statements should be read in conjunction with the consolidated financial statements in our 2019 Annual Report on Form 10-K and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
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	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 Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes 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. As of June 30, 2020, the restricted cash balance of $0.1 million was being reserved for real estate taxes related to the property located at 960-970 Knox Street. As of June 30, 2019, the restricted cash balance of $11.1 million was comprised of cash proceeds from the sale of one of our properties. As of December 31, 2019 we did not have a balance in restricted cash. Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows.
Investments in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business (“ASU 2017-01”), 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 mortgage 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 about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the six months ended June 30, 2020, we used discount rates ranging from 5.75% to 7.00% and exit capitalization rates ranging from 4.75% to 5.75%. 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 six months ended June 30, 2020, we used an estimated average lease-up period ranging from six months to nine 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 are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. In determining the fair value of debt assumed during the six months ended June 30, 2020, we used estimated market interest rates ranging from 3.00% to 3.75%. 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 $1.1 million and $1.1 million during the three months ended June 30, 2020 and 2019, respectively, and $1.9 million and $1.7 million during the six months ended June 30, 2020 and 2019, respectively. We capitalized real estate taxes and insurance costs aggregating $0.3 million and $0.4 million during the three months ended June 30, 2020 and 2019, respectively, and $0.6 million and $0.6 million during the six months ended June 30, 2020 and 2019, respectively. We capitalized compensation costs for employees who provide construction services of $1.0 million and $0.6 million during the three months ended June 30, 2020 and 2019, respectively, and $2.0 million and $1.3 million during the six months ended June 30, 2020 and 2019, 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 the Accounting Standards Codification (“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.
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.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”) commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate income tax, including any applicable alternative minimum tax for taxable years prior to 2018. 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 six months ended June 30, 2020 and 2019. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2020, and December 31, 2019, 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 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 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 revenue 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 these property expenses, which include real estate taxes, insurance, 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. As the timing and pattern of revenue recognition is the same, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management, leasing and development services We provide property management services and leasing services to related party and third-party property owners, the customer, 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.
Deferred Leasing Costs	Deferred Leasing Costs We 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.
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 11.
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, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 12.
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.
Leases as a Lessee	Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6.
Adoption of New Accounting Pronouncements; Recently Issued Accounting Pronouncements	ASC 842 - Cumulative-Effect Adjustment to Retained Earning On January 1, 2019, we adopted the new lease accounting standard, ASU 2016-02, Leases (Topic 842), and the various lease-related ASUs that were subsequently issued by the Financial Accounting Standards Board (“FASB”) (collectively referred to as “ASC 842”), which together set out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. We adopted ASC 842 using the modified retrospective approach and applied the provisions as of the date of adoption on a prospective basis. Upon adoption of ASC 842, we recognized a cumulative-effect adjustment to retained earnings of $0.2 million to write off internal compensation costs that were capitalized in connection with leases that were executed but had not commenced prior to January 1, 2019, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for capitalization under ASC 842. Adoption of New Accounting Pronouncements 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 net investments in leases arising from sales-type and direct financing leases, 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. Effective January 1, 2020 we adopted ASU 2016-13. As we did not have any financial assets within the scope of ASU 2016-13, there was no impact to our consolidated financial statements. In the event that any of our leases were to be classified as sales-type or direct finance leases, or if we were to acquire or provide mortgage debt secured by industrial properties in the future, we would become subject to the provisions of ASU 2016-13. 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 consolidated financial statements. Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
COVID-19	In accordance with the Q&A, we have elected to forgo the evaluation of the enforceable rights and obligations of our lease contracts and have elected to account for COVID-19 related lease concessions (which include the acceleration of future rent concessions in the original lease contract and the deferral of base rent) as lease modifications under ASC 842. As the COVID-19 related lease concessions that we provided to tenants did not substantially change the amount of consideration in the original lease contract (only the timing of rent payments has changed) and we believe that deferred rent payments remain collectible based on our tenant-by-tenant collectability assessment as of June 30, 2020, rental income recognized in each period over the term of the lease will not substantially change. Therefore, the impact of the COVID-19 related lease concessions granted above did not have a material impact on our results of operations during the three and six months ended June 30, 2020.

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the six months ended June 30, 2020 and 2019 (in thousands):



	Six Months Ended June 30,
	2020		2019
Cash and cash equivalents	$	78,857	$	180,601
Restricted cash	—		—
Cash, cash equivalents and restricted cash, beginning of period	$	78,857	$	180,601

Cash and cash equivalents	$	254,373	$	172,209
Restricted cash	67		11,055
Cash, cash equivalents and restricted cash, end of period	$	254,440	$	183,264

Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2020

Investments, All Other Investments [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned industrial properties we acquired during the six months ended June 30, 2020:



Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price⁽¹⁾ (in thousands)
701-751 Kingshill Place⁽²⁾	Los Angeles - South Bay	3/5/2020	169,069	6	$	33,251
2601-2641 Manhattan Beach Boulevard⁽²⁾	Los Angeles - South Bay	3/5/2020	126,726	6	39,481
2410-2420 Santa Fe Avenue⁽²⁾	Los Angeles - South Bay	3/5/2020	112,000	1	35,737
11600 Los Nietos Road⁽²⁾	Los Angeles - Mid-Counties	3/5/2020	103,982	1	16,626
5160 Richton Street⁽²⁾	San Bernardino - Inland Empire West	3/5/2020	94,976	1	15,653
2205 126th Street⁽²⁾	Los Angeles - South Bay	3/5/2020	63,532	1	17,712
11832-11954 La Cienega Boulevard⁽²⁾	Los Angeles - South Bay	3/5/2020	63,462	4	19,664
7612-7642 Woodwind Drive⁽²⁾	Orange County - West	3/5/2020	62,377	3	13,780
960-970 Knox Street⁽²⁾	Los Angeles - South Bay	3/5/2020	39,400	1	9,939
25781 Atlantic Ocean Drive⁽²⁾	Orange County - South	3/5/2020	27,960	1	5,516
Brady Way⁽³⁾	Orange County - West	4/1/2020	—	—	874
720-750 Vernon Avenue	Los Angeles - San Gabriel Valley	4/3/2020	71,692	3	15,515
6687 Flotilla Street	Los Angeles - Central	5/5/2020	120,000	1	21,000
1055 Sandhill Avenue	Los Angeles - South Bay	5/28/2020	—	—	14,453
22895 Eastpark Drive⁽²⁾	Orange County - North	6/19/2020	34,950	1	6,844
8745-8775 Production Avenue	San Diego - Central	6/19/2020	46,820	2	7,850
15580 Slover Avenue	San Bernardino - Inland Empire West	6/26/2020	60,127	1	9,958
Total 2020 Wholly-Owned Property Acquisitions			1,197,073	33	283,853


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

(2)


(3)	Brady Way is a one-acre parcel of land adjacent to our property located at 12821 Knott Street.

Summary of Fair Value of Amounts Recognized



	2020 Acquisitions
Assets:
Land	$	201,145
Buildings and improvements	79,948
Tenant improvements	1,789
Acquired lease intangible assets⁽¹⁾	10,645
Other acquired assets⁽²⁾	3,082
Total assets acquired	296,609

Liabilities:
Acquired lease intangible liabilities⁽³⁾	7,487
Notes payable⁽⁴⁾	48,759
Other assumed liabilities⁽²⁾	1,352
Total liabilities assumed	57,598
Net assets acquired	$	239,011


(1)	Acquired lease intangible assets is comprised of $10.4 million of in-place lease intangibles with a weighted average amortization period of 4.5 years and $0.2 million of above-market lease intangibles with a weighted average amortization period of 7.9 years.


(2)	Includes other working capital assets acquired and liabilities assumed at the time of acquisition. In addition, it also includes personal property that we acquired as part of the acquisition of 1055 Sandhill Avenue that we are currently in the process of selling.


(3)	Represents below-market lease intangibles with a weighted average amortization period of 5.8 years.

(4)

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities



	June 30, 2020			December 31, 2019
Acquired Lease Intangible Assets:
In-place lease intangibles	$	164,572		$	154,370
Accumulated amortization	(99,289		)	(87,955		)
In-place lease intangibles, net	$	65,283		$	66,415

Above-market tenant leases	$	14,500		$	14,296
Accumulated amortization	(8,270		)	(7,621		)
Above-market tenant leases, net	$	6,230		$	6,675
Acquired lease intangible assets, net	$	71,513		$	73,090

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(89,140	)	$	(81,718	)
Accumulated accretion	28,032			22,378
Below-market tenant leases, net	$	(61,108	)	$	(59,340	)
Acquired lease intangible liabilities, net	$	(61,108	)	$	(59,340	)

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 three and six months ended June 30, 2020 and 2019 (in thousands):



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
In-place lease intangibles⁽¹⁾	$	5,752		$	5,313		$	11,574		$	9,652
Net below-market tenant leases⁽²⁾	$	(2,670	)	$	(1,900	)	$	(5,071	)	$	(3,651	)


(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.

Notes Payable (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the components and significant terms of our indebtedness as of June 30, 2020 and December 31, 2019 (dollars in thousands):



	June 30, 2020			December 31, 2019			Margin Above LIBOR			Interest Rate⁽¹⁾			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—		$	—		1.050	%	⁽²⁾	1.212	%	⁽³⁾	2/13/2024	⁽⁴⁾
$100M Term Loan Facility	100,000			100,000			1.200	%	⁽²⁾	2.964	%	⁽⁵⁾	2/14/2022
$225M Term Loan Facility	225,000			225,000			1.200	%	⁽²⁾	2.574	%	⁽⁵⁾	1/14/2023
$150M Term Loan Facility	150,000			150,000			1.500	%	⁽²⁾	4.263	%	⁽⁵⁾	5/22/2025
$100M Notes	100,000			100,000			n/a			4.290	%		8/6/2025
$125M Notes	125,000			125,000			n/a			3.930	%		7/13/2027
$25M Series 2019A Notes	25,000			25,000			n/a			3.880	%		7/16/2029
$75M Series 2019B Notes	75,000			75,000			n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	800,000		$	800,000

Secured Debt:
$60M Term Loan⁽⁶⁾	$	58,499		$	58,499		1.700	%		1.862	%		8/1/2023	⁽⁶⁾
Gilbert/La Palma⁽⁷⁾	2,377			2,459			n/a			5.125	%		3/1/2031
701-751 Kingshill Place⁽⁸⁾	7,100			—			n/a			3.900	%		1/5/2026
2601-2641 Manhattan Beach Boulevard⁽⁷⁾	4,120			—			n/a			4.080	%		4/5/2023
2410-2420 Santa Fe Avenue⁽⁷⁾	10,300			—			n/a			3.700	%		1/1/2028
11600 Los Nietos Road⁽⁷⁾	2,861			—			n/a			4.190	%		5/1/2024
5160 Richton Street⁽⁷⁾	4,443			—			n/a			3.790	%		11/15/2024
2205 126th Street⁽⁹⁾	5,200			—			n/a			3.910	%		12/1/2027
11832-11954 La Cienega Boulevard⁽⁸⁾	4,100			—			n/a			4.260	%		7/1/2028
7612-7642 Woodwind Drive⁽⁷⁾	3,938			—			n/a			5.240	%		1/5/2024
960-970 Knox Street^(7)(10)	2,530			—			n/a			5.000	%		11/1/2023
22895 Eastpark Drive⁽⁷⁾	2,782			—			n/a			4.330	%		11/15/2024
Total Secured Debt	$	108,250		$	60,958
Total Unsecured and Secured Debt	$	908,250		$	860,958
Less: Unamortized premium/discount and debt issuance costs⁽¹¹⁾	(1,563		)	(3,116		)
Total	$	906,687		$	857,842


(1)	Reflects the contractual interest rate under the terms of each loan as of June 30, 2020 and includes the effect of interest rate swaps that were effective as of June 30, 2020. See footnote (5) below. Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts.

(2)


(3)	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.


(4)	Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions.


(5)	As of June 30, 2020, interest on the $100.0 million term loan facility, $225.0 million term loan facility and $150 million term loan facility have been effectively fixed through the use of interest rate swaps. See Note 7 for details.


(6)	Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity.


(7)	Fixed monthly payments of interest and principal until maturity as follows: Gilbert/La Palma ($24,008), 2601-2641 Manhattan Beach Boulevard ($23,138), 2410-2420 Santa Fe Avenue ($31,758), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 7612-7642 Woodwind Drive ($24,270), 960-970 Knox Street ($17,538), and 22895 Eastpark Drive ($15,396).


(8)	For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity. For 11832-11954 La Cienega Boulevard, fixed monthly payments of interest only through July 2020, followed by fixed monthly payments of interest and principal ($20,194) until maturity.


(9)	Fixed monthly payments of interest only.


(10)	Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street.


(11)	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.

Summary of Future Minimum Debt Payments



July 1, 2020 - December 31, 2020	$	418
2021	1,267
2022	101,700
2023	289,318
2024	12,886
Thereafter	502,661
Total	$	908,250

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Operating Leases (Tables)

6 Months Ended

Jun. 30, 2020

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 June 30, 2020 (in thousands):



Twelve Months Ended June 30,
2021	$	256,961
2022	216,923
2023	176,305
2024	134,294
2025	96,251
Thereafter	312,614
Total	$	1,193,348

Lease Cost

The tables below present financial information associated with our leases for the three and six months ended June 30, 2020 and 2019, and as of June 30, 2020 and December 31, 2019.



	Three Months Ended June 30,					Six Months Ended June 30,
Lease Cost (in thousands)	2020		2019			2020		2019
Operating lease cost⁽¹⁾	$	316	$	285		$	621	$	545
Variable lease cost⁽¹⁾	12		10			24		23
Sublease income⁽²⁾	—		(79		)	—		(158		)
Total lease cost	$	328	$	216		$	645	$	410


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


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



	Three Months Ended June 30,				Six Months Ended June 30,
Other Information (in thousands)	2020		2019		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	262	$	283	$	442	$	522
Right-of-use assets obtained in exchange for new operating lease liabilities⁽¹⁾	$	339	$	—	$	1,353	$	6,720


(1)	For the six months ended June 30, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842.



Lease Term and Discount Rate	June 30, 2020		December 31, 2019
Weighted-average remaining lease term	4.3 years		4.7 years
Weighted-average discount rate⁽¹⁾	3.6	%	3.9	%

(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 June 30, 2020 were as follows (in thousands):



July 1, 2020 - December 31, 2020	$	674
2021	1,199
2022	1,201
2023	1,198
2024	1,161
Thereafter	97
Total undiscounted lease payments	$	5,530
Less imputed interest	(440		)
Total lease liabilities	$	5,090

Interest Rate Swaps (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at June 30, 2020 and December 31, 2019 (dollars in thousands):



					Current Notional Value⁽¹⁾				Fair Value of Interest Rate Derivative Assets /(Derivative Liabilities)⁽²⁾
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		June 30, 2020		December 31, 2019		June 30, 2020			December 31, 2019
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(2,347	)	$	489
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,966	)	$	277
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	100,000	$	100,000	$	(1,835	)	$	(332	)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(16,768	)	$	(8,156	)


(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 Interest Rate Swaps on Consolidated Financial Statements

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of loss recognized in AOCI on derivatives	$	(1,920	)	$	(7,761	)	$	(17,318	)	$	(12,036	)
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense”	$	(1,694	)	$	788		$	(2,124	)	$	1,640
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	7,428		$	6,255		$	14,877		$	12,726

- 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.

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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy



	Fair Value Measurement Using
	Total Fair Value			Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)
June 30, 2020
Interest Rate Swap Asset	$	—		$	—	$	—		$	—
Interest Rate Swap Liability	$	(22,916	)	$	—	$	(22,916	)	$	—
December 31, 2019
Interest Rate Swap Asset	$	766		$	—	$	766		$	—
Interest Rate Swap Liability	$	(8,488	)	$	—	$	(8,488	)	$	—

Carrying Value and Estimated Fair Value of Notes Payable

The table below sets forth the carrying value and the estimated fair value of our notes payable as of June 30, 2020 and December 31, 2019 (in thousands):



	Fair Value Measurement Using
Liabilities	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Carrying Value
Notes Payable at:
June 30, 2020	$	952,946	$	—	$	—	$	952,946	$	906,687
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842

Equity (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our share-based award activity for the six months ended June 30, 2020:



	Unvested Awards
	Restricted Common Stock		LTIP Units		Performance Units
Balance at January 1, 2020	212,545		298,412		687,761
Granted	120,639		36,292		—
Forfeited	(4,857	)	—		—
Vested⁽¹⁾	(85,288	)	(41,953	)	—
Balance at June 30, 2020	243,039		292,751		687,761

(1)

During the six months ended June 30, 2020, 26,573 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of June 30, 2020:



	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units⁽¹⁾
July 1, 2020 - December 31, 2020	2,640	154,422	188,250
2021	98,773	90,031	204,517
2022	67,586	45,740	294,994
2023	47,919	2,558	—
2024	26,121	—	—
Total	243,039	292,751	687,761

(1)

Shareholders' Equity and Share-based Payments

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Expensed share-based compensation⁽¹⁾	$	3,709	$	2,709	$	7,279	$	5,288
Capitalized share-based compensation⁽²⁾	56		42		113		76
Total share-based compensation	$	3,765	$	2,751	$	7,392	$	5,364


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

(2)

For the three and six months ended June 30, 2020 and 2019, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the six months ended June 30, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges (in thousands):



	Six Months Ended June 30,
	2020			2019
Accumulated other comprehensive (loss) income - beginning balance	$	(7,542	)	$	6,262
Other comprehensive loss before reclassifications	(17,318		)	(12,036		)
Amounts reclassified from accumulated other comprehensive loss (income) to interest expense	2,124			(1,640		)
Net current period other comprehensive loss	(15,194		)	(13,676		)
Less other comprehensive loss attributable to noncontrolling interests	522			313
Other comprehensive loss attributable to common stockholders	(14,672		)	(13,363		)
Accumulated other comprehensive (loss) income - ending balance	$	(22,214	)	$	(7,101	)

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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



	Three Months Ended June 30,						Six Months Ended June 30,
	2020			2019			2020			2019
Numerator:
Net income	$	16,271		$	15,954		$	31,543		$	26,671
Less: Preferred stock dividends	(3,637		)	(2,424		)	(7,273		)	(4,847		)
Less: Net income attributable to noncontrolling interests	(1,084		)	(569		)	(1,801		)	(770		)
Less: Net income attributable to participating securities	(129		)	(113		)	(260		)	(227		)
Net income attributable to common stockholders	$	11,421		$	12,848		$	22,209		$	20,827

Denominator:
Weighted average shares of common stock outstanding – basic	119,810,283			105,847,557			116,932,359			102,115,849
Effect of dilutive securities - performance units	257,893			388,752			258,895			326,931
Weighted average shares of common stock outstanding – diluted	120,068,176			106,236,309			117,191,254			102,442,780

Earnings per share — Basic
Net income attributable to common stockholders	$	0.10		$	0.12		$	0.19		$	0.20
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.10		$	0.12		$	0.19		$	0.20

Subsequent Events Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Dividends Declared

On July 20, 2020, our board of directors declared the following quarterly cash dividends/distributions:



Security	Amount per Share/Unit		Record Date	Payment Date
Common stock	$	0.215	September 30, 2020	October 15, 2020
OP Units	$	0.215	September 30, 2020	October 15, 2020
5.875% Series A Cumulative Redeemable Preferred Stock	$	0.367188	September 15, 2020	September 30, 2020
5.875% Series B Cumulative Redeemable Preferred Stock	$	0.367188	September 15, 2020	September 30, 2020
5.625% Series C Cumulative Redeemable Preferred Stock	$	0.351563	September 15, 2020	September 30, 2020
4.43937% Cumulative Redeemable Convertible Preferred Units	$	0.505085	September 15, 2020	September 30, 2020
4.00% Cumulative Redeemable Convertible Preferred Units	$	0.45	September 15, 2020	September 30, 2020

Organization (Detail) ft² in Millions	Jun. 30, 2020 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	229
Area of real estate property (square feet) \| ft²	27.6
Number of real estate properties additionally managed \| property	20
Area of real estate property additionally managed \| ft²	1.0

Summary of Significant Accounting Policies (Detail) - USD ($)		3 Months Ended		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Summary Of Significant Accounting Policies [Line Items]
Restricted cash		$ 67,000	$ 11,055,000	$ 67,000	$ 11,055,000	$ 0	$ 0
Interest costs capitalized		1,100,000	1,100,000	1,943,000	1,682,000
Real estate taxes and insurance costs capitalized		300,000	400,000	$ 600,000	600,000
REIT annual taxable income distribution requirement percentage				90.00%
Adjustment to rental income resulting from lease collectability assessment		(1,100,000)	(400,000)	$ 1,500,000	(500,000)
Cumulative effect of adoption of ASC 842					(222,000)
Income tax provision				0	0
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized		$ 1,000,000.0	$ 600,000	$ 2,000,000.0	$ 1,300,000
Minimum \| Office Leases
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 \| Office Leases
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
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		5.75%		5.75%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		7.00%		7.00%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		4.75%		4.75%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		5.75%		5.75%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period				6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period				9 months
Estimate of Fair Value Measurement \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		3.00%		3.00%
Estimate of Fair Value Measurement \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input		3.75%		3.75%
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Cumulative effect of adoption of ASC 842	$ 200,000
Rent Relief Agreement, COVID-19 [Member]
Summary Of Significant Accounting Policies [Line Items]
Application of Security Deposits		$ 4,200,000		$ 4,200,000
Acceleration of Concessions		800,000		800,000
Deferral of Base Rent		$ 3,600,000		$ 3,600,000

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 254,373	$ 78,857	$ 172,209	$ 180,601
Restricted cash	67	0	11,055	0
Restricted Cash and Cash Equivalents	$ 254,440	$ 78,857	$ 183,264	$ 180,601

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail) $ in Thousands		3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
	Mar. 05, 2020 building shares	Jun. 30, 2020 USD ($) a ft² building	Jun. 19, 2020 USD ($) building	Jun. 30, 2020 USD ($) ft² building	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Real Estate [Line Items]
Rentable Square Feet \| ft²		1,197,073		1,197,073
Number of Buildings \| building		33		33
Acquisition Purchase Price		$ 283,853		$ 283,853
Assumption of debt in connection with acquisition of real estate including loan premium				48,759	$ 0
Noncontrolling Interests \| Operating Partnership
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares	1,406,170
Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Number of Buildings \| building	10		1
Acquisition Purchase Price		$ 214,200		214,200
Purchase price				$ 60,400
Payments for Deposits on Real Estate Acquisitions						$ 10,000
Properties Acquired on March 5, 2020 and June 19, 2020 \| Series 2 CPOP Units
Real Estate [Line Items]
Acquisition, preferred units issued (in units) \| shares	906,374
Preferred Unit, Distribution Rate, Percentage	4.00%
Properties Acquired on March 5, 2020 and June 19, 2020 \| Secured Debt
Real Estate [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium			$ 47,500
701-751 Kingshill Place(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		169,069		169,069
Number of Buildings \| building		6		6
Acquisition Purchase Price		$ 33,251		$ 33,251
2601-2641 Manhattan Beach Boulevard(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		126,726		126,726
Number of Buildings \| building		6		6
Acquisition Purchase Price		$ 39,481		$ 39,481
2410-2420 Santa Fe Avenue(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		112,000		112,000
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 35,737		$ 35,737
11600 Los Nietos Road(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		103,982		103,982
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 16,626		$ 16,626
5160 Richton Street(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		94,976		94,976
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 15,653		$ 15,653
2205 126th Street(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		63,532		63,532
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 17,712		$ 17,712
11832-11954 La Cienega Boulevard(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		63,462		63,462
Number of Buildings \| building		4		4
Acquisition Purchase Price		$ 19,664		$ 19,664
7612-7642 Woodwind Drive(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		62,377		62,377
Number of Buildings \| building		3		3
Acquisition Purchase Price		$ 13,780		$ 13,780
960-970 Knox Street(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		39,400		39,400
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 9,939		$ 9,939
25781 Atlantic Ocean Drive(2)
Real Estate [Line Items]
Date of Acquisition				Mar. 05, 2020
Rentable Square Feet \| ft²		27,960		27,960
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 5,516		$ 5,516
Brady Way
Real Estate [Line Items]
Date of Acquisition				Apr. 01, 2020
Rentable Square Feet \| ft²		0		0
Number of Buildings \| building		0		0
Acquisition Purchase Price		$ 874		$ 874
Number Of Acres \| a		1
720-750 Vernon Avenue
Real Estate [Line Items]
Date of Acquisition				Apr. 03, 2020
Rentable Square Feet \| ft²		71,692		71,692
Number of Buildings \| building		3		3
Acquisition Purchase Price		$ 15,515		$ 15,515
6687 Flotilla Street
Real Estate [Line Items]
Date of Acquisition				May 05, 2020
Rentable Square Feet \| ft²		120,000		120,000
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 21,000		$ 21,000
1055 Sandhill Avenue
Real Estate [Line Items]
Date of Acquisition				May 28, 2020
Rentable Square Feet \| ft²		0		0
Number of Buildings \| building		0		0
Acquisition Purchase Price		$ 14,453		$ 14,453
22895 Eastpark Drive(7)
Real Estate [Line Items]
Date of Acquisition				Jun. 19, 2020
Rentable Square Feet \| ft²		34,950		34,950
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 6,844		$ 6,844
8745-8775 Production Avenue
Real Estate [Line Items]
Date of Acquisition				Jun. 19, 2020
Rentable Square Feet \| ft²		46,820		46,820
Number of Buildings \| building		2		2
Acquisition Purchase Price		$ 7,850		$ 7,850
15580 Slover Avenue
Real Estate [Line Items]
Date of Acquisition				Jun. 26, 2020
Rentable Square Feet \| ft²		60,127		60,127
Number of Buildings \| building		1		1
Acquisition Purchase Price		$ 9,958		$ 9,958

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands			4 Months Ended	6 Months Ended
	Jun. 19, 2020 loan	Mar. 05, 2020 loan	Jun. 19, 2020 loan	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
ASSETS
Land				$ 201,145
Buildings and improvements				79,948
Tenant improvements				1,789
Acquired lease intangible assets				10,645
Other acquired assets				3,082
Total assets acquired				296,609
Liabilities
Acquired lease intangible liabilities				7,487
Long-term Debt, Fair Value				48,759
Other assumed liabilities				1,352
Total liabilities assumed				57,598
Net assets acquired				$ 239,011
Intangible Assets [Abstract]
Below-market lease intangibles, weighted average amortization period				5 years 9 months 18 days
Assumption of debt in connection with acquisition of real estate including loan premium				$ 48,759	$ 0
In-place lease intangibles
Intangible Assets [Abstract]
In-place lease intangibles				$ 10,400
Weighted average amortization period				4 years 6 months
Above-market tenant leases
Intangible Assets [Abstract]
Weighted average amortization period				7 years 10 months 24 days
Above-market lease intangibles				$ 200
Properties Acquired on March 5, 2020 and June 19, 2020
Intangible Assets [Abstract]
Number Of Mortgage Loans Assumed \| loan	1	9	10

Intangible Assets - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 71,513	$ 73,090
Acquired lease intangible liabilities, net	(61,108)	(59,340)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	164,572	154,370
Accumulated amortization	(99,289)	(87,955)
Acquired lease intangible assets, net	65,283	66,415
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	14,500	14,296
Accumulated amortization	(8,270)	(7,621)
Acquired lease intangible assets, net	6,230	6,675
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(89,140)	(81,718)
Accumulated accretion	28,032	22,378
Acquired lease intangible liabilities, net	$ (61,108)	$ (59,340)

Intangible Assets - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net			$ (5,071)	$ (3,651)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	$ 5,752	$ 5,313	11,574	9,652
Net below market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (2,670)	$ (1,900)	$ (5,071)	$ (3,651)

Notes Payable - Summary of Debt (Detail)		6 Months Ended
Notes Payable - Summary of Debt (Detail)	Feb. 13, 2020 extension	Jun. 30, 2020 USD ($) property extension	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 908,250,000	$ 860,958,000
Unsecured Debt		800,000,000	800,000,000
Secured Debt		108,250,000	60,958,000
Less: unamortized discount and deferred loan costs		(1,563,000)	(3,116,000)
Carrying value		$ 906,687,000	857,842,000
Revolving Credit Facility
Debt Instrument [Line Items]
Extension period		6 months
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 \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount		$ 0	0
Debt Instrument, Maturity Date		Feb. 13, 2024
$100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 100,000,000	100,000,000
Debt Instrument, Maturity Date		Feb. 14, 2022
$225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 225,000,000	225,000,000
Debt Instrument, Maturity Date		Jan. 14, 2023
$150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 150,000,000	150,000,000
Debt Instrument, Maturity Date		May 22, 2025
$60 Million Term Loan
Debt Instrument [Line Items]
Extension period		24 months
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 58,499,000	58,499,000
Debt Instrument, Maturity Date		Aug. 01, 2023
Number Of Properties Securing Loan \| property		6
Number Of Additional Extension Periods \| extension		1
Debt Instrument, Periodic Payment, Principal		$ 65,250
Senior Notes \| $100M Notes
Debt Instrument [Line Items]
Principal amount		$ 100,000,000	100,000,000
Fixed interest rate		4.29%
Debt Instrument, Maturity Date		Aug. 06, 2025
Senior Notes \| $125M Notes
Debt Instrument [Line Items]
Principal amount		$ 125,000,000	125,000,000
Fixed interest rate		3.93%
Debt Instrument, Maturity Date		Jul. 13, 2027
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Principal amount		$ 25,000,000	25,000,000
Fixed interest rate		3.88%
Debt Instrument, Maturity Date		Jul. 16, 2029
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Principal amount		$ 75,000,000	75,000,000
Fixed interest rate		4.03%
Debt Instrument, Maturity Date		Jul. 16, 2034
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension	2
Gilbert/La Palma \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,377,000	2,459,000
Fixed interest rate		5.125%
Debt Instrument, Maturity Date		Mar. 01, 2031
Debt Instrument, Periodic Payment		$ 24,008
701-751 Kingshill Place(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 7,100,000	0
Fixed interest rate		3.90%
Debt Instrument, Maturity Date		Jan. 05, 2026
Debt Instrument, Periodic Payment		$ 33,488
2601-2641 Manhattan Beach Boulevard(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,120,000	0
Fixed interest rate		4.08%
Debt Instrument, Maturity Date		Apr. 05, 2023
Debt Instrument, Periodic Payment		$ 23,138
2410-2420 Santa Fe Avenue(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 10,300,000	0
Fixed interest rate		3.70%
Debt Instrument, Maturity Date		Jan. 01, 2028
Debt Instrument, Periodic Payment		$ 31,758
11600 Los Nietos Road(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,861,000	0
Fixed interest rate		4.19%
Debt Instrument, Maturity Date		May 01, 2024
Debt Instrument, Periodic Payment		$ 22,637
5160 Richton Street(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,443,000	0
Fixed interest rate		3.79%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 23,270
2205 126th Street(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 5,200,000	0
Fixed interest rate		3.91%
Debt Instrument, Maturity Date		Dec. 01, 2027
11832-11954 La Cienega Boulevard(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,100,000	0
Fixed interest rate		4.26%
Debt Instrument, Maturity Date		Jul. 01, 2028
Debt Instrument, Periodic Payment		$ 20,194
7612-7642 Woodwind Drive(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 3,938,000	0
Fixed interest rate		5.24%
Debt Instrument, Maturity Date		Jan. 05, 2024
Debt Instrument, Periodic Payment		$ 24,270
960-970 Knox Street(2) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,530,000	0
Fixed interest rate		5.00%
Debt Instrument, Maturity Date		Nov. 01, 2023
Debt Instrument, Periodic Payment		$ 17,538
22895 Eastpark Drive(7) \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,782,000	$ 0
Fixed interest rate		4.33%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 15,396
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
Fixed interest rate		1.212%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.05%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
London Interbank Offered Rate (LIBOR) \| $100M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Fixed interest rate		2.964%
London Interbank Offered Rate (LIBOR) \| $100M Term Loan Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
London Interbank Offered Rate (LIBOR) \| $100M Term Loan Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
Fixed interest rate		2.574%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.20%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
Fixed interest rate		4.263%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.20%
London Interbank Offered Rate (LIBOR) \| $60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Fixed interest rate		1.862%

Notes Payable - Summary of Future Minimum Debt Payments (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
July 1, 2020 - December 31, 2020	$ 418
2021	1,267
2022	101,700
2023	289,318
2024	12,886
Thereafter	502,661
Total	$ 908,250	$ 860,958

Notes Payable - Additional Information (Detail)				3 Months Ended	4 Months Ended	6 Months Ended
Notes Payable - Additional Information (Detail)	Jun. 19, 2020 loan	Mar. 05, 2020 USD ($) loan	Feb. 13, 2020 USD ($) extension	Jun. 30, 2020 USD ($)	Jun. 19, 2020 USD ($) loan	Jun. 30, 2020 USD ($) property	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium						$ 48,759,000	$ 0
Principal amount				$ 908,250,000		$ 908,250,000		$ 860,958,000
$60M Term Loan
Debt Instrument [Line Items]
Extension period						24 months
Debt service coverage ratio				110.00%
Unsecured Revolving Credit Facility, $500 Million \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating			0.125%
Unsecured Revolving Credit Facility, $500 Million \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating			0.30%
Unsecured Revolving Credit Facility, $500 Million \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Unsecured Revolving Credit Facility, $500 Million \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Revolving Credit Facility, $500 Million \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.05%
Basis spread on variable rate if additional investment grade rating attained			0.725%
Unsecured Revolving Credit Facility, $500 Million \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.50%
Basis spread on variable rate if additional investment grade rating attained			1.40%
Unsecured Revolving Credit Facility, $500 Million \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.05%
Basis spread on variable rate if additional investment grade rating attained			0.00%
Unsecured Revolving Credit Facility, $500 Million \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Basis spread on variable rate if additional investment grade rating attained			0.45%
Amended Term Loan Facility, $100 Million \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			1.20%
Basis spread on variable rate if additional investment grade rating attained			0.85%
Amended Term Loan Facility, $100 Million \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.70%
Basis spread on variable rate if additional investment grade rating attained			1.65%
Amended Term Loan Facility, $100 Million \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.20%
Basis spread on variable rate if additional investment grade rating attained			0.00%
Amended Term Loan Facility, $100 Million \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.70%
Basis spread on variable rate if additional investment grade rating attained			0.65%
Revolving Credit Facility
Debt Instrument [Line Items]
Extension period						6 months
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 \| Thirty-day LIBOR plus
Debt Instrument [Line Items]
Basis spread on variable rate						1.05%
Revolving Credit Facility \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate						1.05%
Revolving Credit Facility \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate						1.50%
Term Loan \| $60M Term Loan
Debt Instrument [Line Items]
Number Of Properties Securing Loan \| property						6
Principal amount				$ 58,499,000		$ 58,499,000		$ 58,499,000
Term Loan \| $60M Term Loan \| Thirty-day LIBOR plus
Debt Instrument [Line Items]
Basis spread on variable rate						1.70%
Line of Credit \| Unsecured Credit Facility \| Senior Unsecured Credit Facility, 600 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity			$ 600,000,000.0
Debt instrument - contingent additional borrowings			900,000,000.0
Line of Credit \| Revolving Credit Facility \| Unsecured Revolving Credit Facility, $500 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity			$ 500,000,000.0
Line Of Credit Facility, Number Of Extensions \| extension			2
Line of Credit \| Term Loan \| Amended Term Loan Facility, $100 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity			$ 100,000,000.0
Unsecured Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Additional availability				500,000,000.0		$ 500,000,000.0
$100M Notes
Debt Instrument [Line Items]
Principal amount				100,000,000		100,000,000
$125M senior notes
Debt Instrument [Line Items]
Principal amount				$ 125,000,000		$ 125,000,000
The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value				60.00%		60.00%
Minimum ratio of EBITDA to fixed charges				1.5		1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool				60.00%		60.00%
Minimum ratio of NOI unsecured interest expense				1.75		1.75
Funds from operations percentage						95.00%
Credit Facility And Term Loan Facility, 225 and 150 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value				45.00%		45.00%
Minimum tangible net worth required				$ 2,061,865,500		$ 2,061,865,500
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation				75.00%		75.00%
Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value				40.00%		40.00%
Maximum ratio of recourse debt to total asset				15.00%		15.00%
Minimum tangible net worth required				$ 760,740,750		$ 760,740,750
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation				75.00%		75.00%
Secured Debt \| Minimum
Debt Instrument [Line Items]
Fixed interest rate		3.70%
Secured Debt \| Maximum
Debt Instrument [Line Items]
Fixed interest rate		5.24%
Properties Acquired on March 5, 2020 and June 19, 2020
Debt Instrument [Line Items]
Number Of Mortgage Loans Assumed \| loan	1	9			10
Properties Acquired on March 5, 2020 and June 19, 2020 \| Minimum
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, End						3 years
Properties Acquired on March 5, 2020 and June 19, 2020 \| Maximum
Debt Instrument [Line Items]
Debt Instrument, Maturity Date Range, End						8 years 3 months 18 days
Properties Acquired on March 5, 2020 and June 19, 2020 \| Secured Debt
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium					$ 47,500,000
Loans Assumed					$ 48,800,000
Debt Instrument, Unamortized Discount (Premium), Net		$ 1,200,000

Operating Leases - Narrative (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
Operating Leases - Narrative (Detail)	Jun. 30, 2020 USD ($) ft² renewal_option	Jun. 30, 2020 USD ($) ft² renewal_option	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) ft² renewal_option	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Lessor, Lease, Description [Line Items]
Operating Lease Fixed And Variable Lease Payments		$ 77,100,000	$ 61,700,000	$ 152,200,000	$ 119,600,000
Operating Lease, Lease Income, Lease Payments		64,600,000	51,700,000	127,500,000	100,300,000
Operating Lease, Variable Lease Income		$ 12,500,000	$ 10,000,000.0	$ 24,700,000	19,300,000
Rentable Square Feet \| ft²	1,197,073	1,197,073		1,197,073
Lessor, Operating Lease, Lessee Option To Purchase Underlying Asset, Purchase Price	$ 20,400,000	$ 20,400,000		$ 20,400,000
Right-of-use assets	4,400,000	4,400,000		4,400,000		$ 3,500,000
Lease liabilities	5,090,000	5,090,000		5,090,000		$ 3,800,000
Right of use asset obtained in exchange for operating lease liability upon implementation of ASC 842 on January 1, 2019				0	$ 3,262,000
Operating Lease, Liability, Payments, Leases Not Commenced	$ 1,900,000	$ 1,900,000		$ 1,900,000
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	5 years	5 years		5 years
Ground Lease
Lessor, Lease, Description [Line Items]
Remaining lease term				3 years
Renewal term	10 years	10 years		10 years
Renewal options \| renewal_option	2	2		2
Monthly rent expense				$ 9,000
Minimum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term				1 year
Renewal term	3 years	3 years		3 years
Maximum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term				5 years
Renewal term	5 years	5 years		5 years
2722 Fairview Street
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Term of Contract	5 years	5 years		5 years
Lessor, Operating Lease, Rentable Square Feet \| ft²	58,802
Rentable Square Feet \| ft²	116,575	116,575		116,575

Operating Leases - Future Minimum Base Rents Under Operating Leases - Rolling Twelve Months (Detail) $ in Thousands	Jun. 30, 2020 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2021	$ 256,961
2022	216,923
2023	176,305
2024	134,294
2025	96,251
Thereafter	312,614
Total	$ 1,193,348

Operating Leases - Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 316	$ 285	$ 621	$ 545
Variable lease cost	12	10	24	23
Sublease income	0	(79)	0	(158)
Total lease cost	$ 328	$ 216	$ 645	$ 410

Operating Leases - Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 262	$ 283	$ 442	$ 522
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 339	$ 0		6,720
Right-of-use assets obtained in exchange for new operating lease liabilities			$ 1,353	$ 3,457

Operating Leases - Lease Term and Discount Rate (Detail)	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	4 years 3 months 18 days	4 years 8 months 12 days
Weighted-average discount rate	3.60%	3.90%

Operating Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
July 1, 2020 - December 31, 2020	$ 674
2021	1,199
2022	1,201
2023	1,198
2024	1,161
Thereafter	97
Total undiscounted lease payments	5,530
Less imputed interest	(440)
Total lease liabilities	$ 5,090	$ 3,800

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.349%
Current Notional Value	$ 125,000	$ 125,000
Fair Value	$ (2,347)	489
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.406%
Current Notional Value	$ 100,000	100,000
Fair Value	$ (1,966)	277
Interest Rate Swap $100M Notional Effective December 14, 2018
Derivative [Line Items]
Interest rate swap agreement, effective date	Dec. 14, 2018
Interest rate swap agreement, maturity date	Aug. 14, 2021
Interest Strike Rate	1.764%
Current Notional Value	$ 100,000	100,000
Fair Value	$ (1,835)	(332)
Interest Rate Swap $150M Notional Effective July 22, 2019
Derivative [Line Items]
Interest rate swap agreement, effective date	Jul. 22, 2019
Interest rate swap agreement, maturity date	Nov. 22, 2024
Interest Strike Rate	2.7625%
Current Notional Value	$ 150,000	150,000
Fair Value	$ (16,768)	$ (8,156)

Interest Rate Swaps - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 7,428	$ 6,255		$ 14,877	$ 12,726
Increase in interest expense	8,300			8,300
Interest Rate Swap
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	7,428		$ 6,255	14,877	12,726
Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of loss recognized in AOCI on derivatives	(1,920)		(7,761)	(17,318)	(12,036)
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of (loss) gain reclassified from AOCI into earnings under “Interest expense”	$ (1,694)		$ 788	$ (2,124)	$ 1,640

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	$ 0	$ 766
Interest Rate Swap Liability	(22,916)	(8,488)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	766
Interest Rate Swap Liability	(22,916)	(8,488)
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring 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 Basis [Line Items]
Interest rate swap asset	0	766
Interest Rate Swap Liability	(22,916)	(8,488)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Interest Rate Swap Liability	$ 0	$ 0

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	$ 48,759
Carrying value	906,687	$ 857,842
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	952,946	882,813
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	952,946	882,813
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 906,687	$ 857,842

Related Party Transactions (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Related Party Transactions (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Commitments and Contingencies (Detail)	6 Months Ended
Commitments and Contingencies (Detail)	Jun. 30, 2020 USD ($) tenant	Dec. 31, 2019 USD ($)	Feb. 25, 2014 USD ($)
Commitments And Contingencies [Line Items]
Estimated remediation costs			$ 1,300,000
Escrow deposit			1,400,000
Holdback Escrow seller funded			1,300,000
Holdback Escrow buyer funded			100,000
Maximum seller liability remedian costs			$ 1,300,000
Commitments for tenant improvements and construction work	$ 33,100,000
Cash, FDIC Insured Amount	$ 250,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant	0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk, percentage	5.00%
Accounts Payable and Accrued Liabilities
Commitments And Contingencies [Line Items]
Contingent liability	$ (600,000)	$ (600,000)
Other Assets
Commitments And Contingencies [Line Items]
Indemnification asset	$ 600,000	$ 600,000

Equity - Common Stock (Detail) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	Jun. 13, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Offering costs		$ 1,571	$ 3,465	$ 2,954	$ 7,439
Underwritten Public Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)		7,187,500
Common stock share price (in dollars per share)		$ 39.85		$ 39.85
Net proceeds from issuance of common stock		$ 285,100
Offering costs		$ 1,400
Underwritten Public Offering, Option Securities
Class of Stock [Line Items]
Issuance of common stock (in shares)		937,500
At The Market Equity Offering Program, $550 Million
Class of Stock [Line Items]
Issuance of common stock (in shares)				2,455,770
Common stock share price (in dollars per share)		$ 37.02		$ 37.02
Net proceeds from issuance of common stock				$ 89,600
Maximum aggregate offering amount	$ 550,000
Gross proceeds from the issuance of common stock				90,900
Shares available under ATM (in shares)		$ 259,800		$ 259,800
OP Units \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Operating partnership units exchanged for (in shares)		7,187,500

Equity - Noncontrolling Interests (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Conversion of units to common stock	$ 0	$ 0	$ 0	$ 0
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of units to common stock	$ (235)	$ (281)	$ (6,605)	$ (318)
Common Stock
Class of Stock [Line Items]
Conversion of units to common stock (in shares)	8,808	40,000	263,420	44,967
Conversion of units to common stock	$ 0		$ 3	$ 0
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of units to common stock	$ 235	$ 281	$ 6,605	$ 318
Partnership Interest \| Noncontrolling Interests \| OP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	3,044,588		3,044,588
Partnership Interest \| Noncontrolling Interests \| Vested LTIP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)	863,888		863,888
Operating Partnership \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership	3.10%		3.10%

Equity - Issuance of OP Units and Series 2 CPOP Units in Connection with the Acquisition of the Properties (Details) $ / shares in Units, $ in Thousands			3 Months Ended		6 Months Ended
	Mar. 05, 2020 USD ($) building $ / shares shares	Sep. 20, 2019	Jun. 30, 2020 USD ($) building	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) building	Jun. 30, 2019 USD ($)	Jun. 19, 2020 building
Business Acquisition [Line Items]
Number of Buildings \| building			33		33
Acquisition Purchase Price			$ 283,853		$ 283,853
Issuance of 4.00% cumulative redeemable convertible preferred units			4,205		67,482
Issuance of cumulative redeemable convertible preferred units				$ 27,359	40,787	$ 27,359
Preferred Stock, Liquidation Preference, Value	$ 40,800
Partners' Capital Account, Units \| shares	0.7722
Noncontrolling Interests
Business Acquisition [Line Items]
Issuance of 4.00% cumulative redeemable convertible preferred units			4,205		67,482
Issuance of cumulative redeemable convertible preferred units				$ 27,359	40,787	$ 27,359
Operating Partnership \| Noncontrolling Interests
Business Acquisition [Line Items]
Limited Partners' Capital Account, Units Issued \| shares	1,406,170
Properties Acquired on March 5, 2020 and June 19, 2020
Business Acquisition [Line Items]
Number of Buildings \| building	10						1
Acquisition Purchase Price			$ 214,200		$ 214,200
Properties Acquired on March 5, 2020 and June 19, 2020 \| Noncontrolling Interests
Business Acquisition [Line Items]
Issuance of 4.00% cumulative redeemable convertible preferred units	$ 67,500
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Business Acquisition [Line Items]
Acquisition, preferred units issued (in units) \| shares	906,374
Preferred Stock, Dividend Rate, Percentage	4.00%
Issuance of cumulative redeemable convertible preferred units	$ 40,800
Preferred Stock, Liquidation Preference Premium \| $ / shares	$ 45.00
Series A Preferred Units
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Percentage					5.875%
Series B Preferred Units
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Percentage			5.875%
Series C Preferred Units
Business Acquisition [Line Items]
Preferred Stock, Dividend Rate, Percentage		5.625%

Equity - 2013 Incentive Award Plan (Detail) - shares	6 Months Ended
Equity - 2013 Incentive Award Plan (Detail) - shares	Jun. 30, 2020	Jun. 11, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Performance Unit Distribution Sharing Percentage	10.00%
Amended and Restated 2013 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares that may be issued (in shares)		1,770,000
Common stock, shares reserved for future issuance	1,115,502

Equity - Schedule of Nonvested Restricted Stock Activity (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares tendered in accordance with terms of plan to satisfy tax withholding (in shares)	776	681	26,573	23,771
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2020 (in shares)			212,545
Granted (in shares)			120,639
Forfeited (in shares)			(4,857)
Vested (in shares)			(85,288)
Balance at March 31, 2020 (in shares)	243,039		243,039
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2020 (in shares)			298,412
Granted (in shares)			36,292
Forfeited (in shares)			0
Vested (in shares)			(41,953)
Balance at March 31, 2020 (in shares)	292,751		292,751
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2020 (in shares)			687,761
Granted (in shares)			0
Forfeited (in shares)			0
Vested (in shares)			0
Balance at March 31, 2020 (in shares)	687,761		687,761

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares				6 Months Ended
	Jan. 01, 2019	Dec. 15, 2017	Dec. 29, 2016	Jun. 30, 2020	Dec. 31, 2019
Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				243,039	212,545
Restricted Common Stock \| July 1, 2020 - December 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				2,640
Restricted Common Stock \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				98,773
Restricted Common Stock \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				67,586
Restricted Common Stock \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				47,919
Restricted Common Stock \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				26,121
LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				292,751	298,412
LTIP Units \| July 1, 2020 - December 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				154,422
LTIP Units \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				90,031
LTIP Units \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				45,740
LTIP Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				2,558
LTIP Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				0
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				687,761	687,761
Performance period				3 years
Performance Units \| July 1, 2020 - December 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				188,250
Performance Units \| 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				204,517
Performance Units \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				294,994
Performance Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				0
Performance Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)				0
Executive Officer \| Amended 2013 Incentive Award Plan \| Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years	3 years	3 years

Equity - Share-based Awards Expensed & Capitalized Amounts (Detail) - Amended 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 3,709	$ 2,709	$ 7,279	$ 5,288
Capitalized share-based compensation	56	42	113	76
Total share-based compensation	3,765	$ 2,751	7,392	$ 5,364
Unrecognized compensation expense related to non-vested shares	$ 20,500		$ 20,500
Weighted average remaining vesting period			27 months

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 2,778,678	$ 2,137,836	$ 2,622,449	$ 1,908,423
Other comprehensive loss before reclassifications			(17,318)	(12,036)
Amounts reclassified from accumulated other comprehensive loss (income) to interest expense			2,124	(1,640)
Other comprehensive loss: cash flow hedge adjustment	(226)	(8,549)	(15,194)	(13,676)
Less other comprehensive loss attributable to noncontrolling interests			522	313
Other comprehensive loss attributable to common stockholders			(14,672)	(13,363)
Ending Balance	3,065,739	2,364,609	3,065,739	2,364,609
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(21,950)	1,261	(7,542)	6,262
Other comprehensive loss: cash flow hedge adjustment	(264)	(8,362)	(14,672)	(13,363)
Ending Balance	$ (22,214)	$ (7,101)	$ (22,214)	$ (7,101)

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income	$ 16,271	$ 15,954	$ 31,543	$ 26,671
Less: Preferred stock dividends	(3,637)	(2,424)	(7,273)	(4,847)
Less: net income attributable to noncontrolling interests	(1,084)	(569)	(1,801)	(770)
Less: Net income attributable to participating securities	(129)	(113)	(260)	(227)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 11,421	$ 12,848	$ 22,209	$ 20,827
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	119,810,283	105,847,557	116,932,359	102,115,849
Effect of dilutive securities - performance units (in shares)	257,893	388,752	258,895	326,931
Weighted average shares of common stock outstanding - diluted (in shares)	120,068,176	106,236,309	117,191,254	102,442,780
Earnings per share — Basic
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.10	$ 0.12	$ 0.19	$ 0.20
Earnings per share — Diluted
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.10	$ 0.12	$ 0.19	$ 0.20

Earnings Per Share - TSR Performance Percentile (Details)	6 Months Ended
	Jun. 30, 2020
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Subsequent Events (Detail) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 20, 2020 $ / shares	Jun. 30, 2020 USD ($) ft² building $ / shares	Jun. 30, 2019 $ / shares	Jun. 30, 2020 USD ($) ft² building $ / shares	Jun. 30, 2019 $ / shares	Dec. 31, 2019	Jul. 17, 2020 USD ($) ft² building	Jul. 01, 2020 USD ($) ft² building
Subsequent Event [Line Items]
Acquisition Purchase Price \| $		$ 283,853		$ 283,853
Number of Buildings \| building		33		33
Rentable Square Feet \| ft²		1,197,073		1,197,073
Dividends declared per common share (in dollars per share)		$ 0.215	$ 0.185	$ 0.430	$ 0.370
5.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		0.367188	0.367188	$ 0.734376	0.734376
Preferred Stock, Dividend Rate, Percentage				5.875%		5.875%
5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		0.367188	$ 0.367188	$ 0.734376	$ 0.734376
Preferred Stock, Dividend Rate, Percentage				5.875%		5.875%
5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		$ 0.351563		$ 0.703126
Preferred Stock, Dividend Rate, Percentage				5.625%		5.625%
4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage			4.43937%		4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage				4.00%
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.215
Dividends Payable, Date of Record	Sep. 30, 2020
Dividends Payable, Date to be Paid	Oct. 15, 2020
Subsequent Event \| OP Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.215
Dividends Payable, Date of Record	Sep. 30, 2020
Distribution Made to Limited Partner, Distribution Date	Oct. 15, 2020
Subsequent Event \| 5.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Sep. 15, 2020
Dividends Payable, Date to be Paid	Sep. 30, 2020
Subsequent Event \| 5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Sep. 15, 2020
Dividends Payable, Date to be Paid	Sep. 30, 2020
Subsequent Event \| 5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.351563
Dividends Payable, Date of Record	Sep. 15, 2020
Dividends Payable, Date to be Paid	Sep. 30, 2020
Subsequent Event \| 4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.505085
Dividends Payable, Date of Record	Sep. 15, 2020
Distribution Made to Limited Partner, Distribution Date	Sep. 30, 2020
Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.45
Dividends Payable, Date of Record	Sep. 15, 2020
Distribution Made to Limited Partner, Distribution Date	Sep. 30, 2020
Sun Valley \| Subsequent Event
Subsequent Event [Line Items]
Acquisition Purchase Price \| $								$ 35,100
Number of Buildings \| building								4
Rentable Square Feet \| ft²								207,374
15650-15700 S. Avalon Blvd \| Subsequent Event
Subsequent Event [Line Items]
Acquisition Purchase Price \| $								$ 28,100
Number of Buildings \| building								2
Rentable Square Feet \| ft²								166,088
12133 Greenstone Avenue \| Subsequent Event
Subsequent Event [Line Items]
Acquisition Purchase Price \| $							$ 5,500
Number of Buildings \| building							1
Rentable Square Feet \| ft²							12,586