0001571283-21-000010 | 10-K | XBRL Viewer | Rexford Industrial Realty INC

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 16, 2021	Jun. 30, 2020
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 5,100
Entity Common Stock, Shares Outstanding (shares)		131,429,915
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement with respect to its 2021 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K.
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001571283
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
Series A Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PA
Security Exchange Name	NYSE
Series B Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
ASSETS
Land	$ 2,636,816	$ 1,927,098
Buildings and improvements	2,201,187	1,680,178
Tenant improvements	84,462	72,179
Furniture, fixtures, and equipment	132	141
Construction in progress	25,358	18,794
Total real estate held for investment	4,947,955	3,698,390
Accumulated depreciation	(375,423)	(296,777)
Investments in real estate, net	4,572,532	3,401,613
Cash and cash equivalents	176,293	78,857
Restricted cash	1,230	0
Rents and other receivables, net	10,208	5,889
Deferred rent receivable, net	40,893	29,671
Deferred leasing costs, net	23,148	18,688
Deferred loan costs, net	2,240	695
Acquired lease intangible assets, net	92,172	73,090
Acquired indefinite-lived intangible	5,156	5,156
Interest rate swap asset	0	766
Other assets	14,390	9,671
Acquisition related deposits	4,067	14,526
Assets associated with real estate held for sale, net	8,845	0
Total Assets	4,951,174	3,638,622
Liabilities
Notes payable	1,216,160	857,842
Interest rate swap liability	17,580	8,488
Accounts payable, accrued expenses and other liabilities	45,384	31,112
Dividends and distributions payable	29,747	21,624
Acquired lease intangible liabilities, net	67,256	59,340
Tenant security deposits	31,602	28,779
Prepaid rents	12,660	8,988
Liabilities associated with real estate held for sale	193	0
Total Liabilities	1,420,582	1,016,173
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 131,426,038 and 113,793,300 shares outstanding at December 31, 2020 and December 31, 2019, respectively	1,313	1,136
Additional paid in capital	3,182,599	2,439,007
Cumulative distributions in excess of earnings	(163,389)	(118,751)
Accumulated other comprehensive loss	(17,709)	(7,542)
Total stockholders’ equity	3,245,141	2,556,177
Noncontrolling interests	285,451	66,272
Total Equity	3,530,592	2,622,449
Total Liabilities and Equity	4,951,174	3,638,622
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at December 31, 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 December 31, 2020 and December 31, 2019	86,651	86,651
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 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 December 31, 2020 and December 31, 2019	72,443	72,443
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 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 December 31, 2020 and December 31, 2019	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Shares authorized (shares)	10,050,000	10,050,000
Dividend Rate		4.43937%
Shares outstanding (shares)	10,050,000	10,050,000
Liquidation Preference	$ 251,250,000	$ 251,250,000
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	489,950,000	489,950,000
Common stock, shares outstanding (shares)	131,426,038	113,793,300
Series A Preferred Stock
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,600,000	3,600,000
Liquidation Preference	$ 90,000,000	$ 90,000,000
Series B Preferred Stock
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
Series C Preferred Stock
Dividend Rate	5.625%	5.625%
Shares outstanding (shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
REVENUES
Rental income	$ 329,377	$ 264,252	$ 210,643
Management, leasing and development services	420	406	473
Interest income	338	2,555	1,378
TOTAL REVENUES	330,135	267,213	212,494
OPERATING EXPENSES
Property expenses	79,716	63,272	51,671
General and administrative	36,795	30,300	25,194
Depreciation and amortization	115,269	98,891	80,042
TOTAL OPERATING EXPENSES	231,780	192,463	156,907
OTHER EXPENSES
Acquisition expenses	124	171	318
Interest expense	30,849	26,875	25,416
TOTAL EXPENSES	262,753	219,509	182,641
Loss on extinguishment of debt	(104)	0	0
Gain on sale of real estate	13,617	16,297	17,222
NET INCOME	80,895	64,001	47,075
Less: net income attributable to noncontrolling interests	(4,492)	(2,022)	(865)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	76,403	61,979	46,210
Less: preferred stock dividends	(14,545)	(11,055)	(9,694)
Less: earnings allocated to participating securities	(509)	(447)	(378)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 61,349	$ 50,477	$ 36,138
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.51	$ 0.47	$ 0.42
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.51	$ 0.47	$ 0.41
Weighted average shares of common stock outstanding - basic (in shares)	120,873,624	106,407,283	86,824,235
Weighted average shares of common stock outstanding - diluted (in shares)	121,178,310	106,799,048	87,335,749

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 80,895	$ 64,001	$ 47,075
Other comprehensive loss: cash flow hedge adjustment	(10,880)	(14,141)	(555)
Comprehensive income	70,015	49,860	46,520
Less: comprehensive income attributable to noncontrolling interests	(3,779)	(1,685)	(847)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 66,236	$ 48,175	$ 45,673

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series C Preferred Stock	Cumulative Effect, Period of Adoption, Adjustment	Total Stockholders’ Equity	Total Stockholders’ Equity Series C Preferred Stock	Total Stockholders’ Equity Cumulative Effect, Period of Adoption, Adjustment	Preferred Stock	Preferred Stock Series C Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Cumulative Distributions in Excess of Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2017	$ 1,365,254			$ 1,340,046			$ 159,713		$ 782	$ 1,239,810	$ (67,058)		$ 6,799	$ 25,208
Beginning Balance, (in shares) at Dec. 31, 2017									78,495,882
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	565,629			565,629					$ 182	565,447
Issuance of stock (shares)									18,177,242
Offering costs	(9,109)			(9,109)			(32)			(9,077)
Share-based compensation	10,402			1,905					$ 1	1,904				8,497
Share-based compensation (shares)									91,529
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(594)			(594)						(594)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)									(21,324)
Conversion of units to common stock	0			624					$ 1	623				(624)
Conversion of units to common stock (shares)									67,175
Net income	47,075			46,210			9,694				36,516			865
Other comprehensive loss	(555)			(537)									(537)	(18)
Dividends, Preferred Stock	(10,281)			(10,281)			(10,281)
Dividends, Common Stock	(57,799)			(57,799)							(57,799)
Distributions	(1,599)													(1,599)
Ending Balance at Dec. 31, 2018	1,908,423		$ (222)	1,876,094		$ (222)	159,094		$ 966	1,798,113	(88,341)	$ (222)	6,262	32,329
Ending Balance, (in shares) at Dec. 31, 2018									96,810,504
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	649,291	$ 86,250		649,291	$ 86,250			$ 86,250	$ 168	649,123
Issuance of stock (shares)									16,817,930
Offering costs	(13,408)			(13,408)			(3,017)			(10,391)
Share-based compensation	10,930			2,353					$ 1	2,352				8,577
Share-based compensation (shares)									93,424
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(854)			(854)						(854)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)									(24,618)
Conversion of units to common stock	0			665					$ 1	664				(665)
Conversion of units to common stock (shares)									96,060
Net income	64,001			61,979			11,055				50,924			2,022
Other comprehensive loss	(14,141)			(13,804)									(13,804)	(337)
Dividends, Preferred Stock	(11,055)			(11,055)			(11,055)
Dividends, Common Stock	(81,112)			(81,112)							(81,112)
Distributions	(2,143)													(2,143)
Issuance of cumulative redeemable convertible preferred units	27,359													27,359
Preferred unit distributions	(870)													(870)
Ending Balance at Dec. 31, 2019	$ 2,622,449			2,556,177			242,327		$ 1,136	2,439,007	(118,751)		(7,542)	66,272
Ending Balance, (in shares) at Dec. 31, 2019	113,793,300								113,793,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of stock	$ 739,983			739,983					$ 173	739,810
Issuance of stock (shares)									17,253,161
Offering costs	(5,887)			(5,887)						(5,887)
Share-based compensation	13,094			3,291					$ 1	3,290				9,803
Share-based compensation (shares)									110,737
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,278)			(1,278)						(1,278)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares)									(27,473)
Conversion of units to common stock	0			7,660					$ 3	7,657				(7,660)
Conversion of units to common stock (shares)									296,313
Net income	80,895			76,403			14,545				61,858			4,492
Other comprehensive loss	(10,880)			(10,167)									(10,167)	(713)
Dividends, Preferred Stock	(14,545)			(14,545)			(14,545)
Dividends, Common Stock	(106,496)			(106,496)							(106,496)
Distributions	(4,246)													(4,246)
Issuance of OP units	179,262													179,262
Issuance of cumulative redeemable convertible preferred units	40,787													40,787
Preferred unit distributions	(2,546)													(2,546)
Ending Balance at Dec. 31, 2020	$ 3,530,592			$ 3,245,141			$ 242,327		$ 1,313	$ 3,182,599	$ (163,389)		$ (17,709)	$ 285,451
Ending Balance, (in shares) at Dec. 31, 2020	131,426,038								131,426,038

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividend Rate		4.43937%
Common stock dividends declared (in dollars per share)	$ 0.86	$ 0.74	$ 0.64
Series A Preferred Stock
Dividend Rate	5.875%	5.875%
Preferred stock dividends declared (in dollars per share)	$ 1.468752	$ 1.468752	1.468752
Series B Preferred Stock
Dividend Rate	5.875%	5.875%
Preferred stock dividends declared (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.664585
Series C Preferred Stock
Dividend Rate	5.625%	5.625%
Preferred stock dividends declared (in dollars per share)	$ 1.406252	$ 0.394531
Series 1 CPOP Units
Dividend Rate		4.43937%
Series 2 CPOP Units
Dividend Rate	4.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 80,895	$ 64,001	$ 47,075
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	115,269	98,891	80,042
Amortization of (below) above market lease intangibles, net	(10,533)	(7,907)	(5,981)
Loss on extinguishment of debt	104	0	0
Gain on sale of real estate	(13,617)	(16,297)	(17,222)
Amortization of debt issuance costs	1,505	1,383	1,332
Amortization of (premium) discount on notes payable, net	(188)	6	5
Equity based compensation expense	12,871	10,756	10,147
Straight-line rent	(11,406)	(7,588)	(6,477)
Payments for termination of cash flow swap	(1,239)	0	0
Amortization of payments for termination of cash flow swap	218	0	0
Change in working capital components:
Rents and other receivables	(4,030)	(875)	(1,249)
Deferred leasing costs	(10,447)	(8,317)	(6,212)
Other assets	(2,352)	1,024	(1,271)
Sales-type lease receivable	20,302	0	0
Accounts payable, accrued expenses and other liabilities	4,825	1,573	651
Tenant security deposits	(415)	2,855	2,731
Prepaid rents	1,232	9	(796)
Net cash provided by operating activities	182,994	139,514	102,775
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(928,687)	(943,382)	(494,202)
Capital expenditures	(78,765)	(47,169)	(57,951)
Payment for deposits on real estate acquisitions	(4,067)	(14,526)	(25)
Proceeds from sale of real estate	23,996	32,335	44,965
Net cash used in investing activities	(987,523)	(972,742)	(507,213)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of preferred stock, net	0	83,233	0
Issuance of common stock, net	734,096	638,900	556,520
Proceeds from issuance of notes payable	471,844	135,000	401,000
Repayment of notes payable	(175,671)	(35,158)	(311,541)
Debt issuance costs	(6,085)	(143)	(1,748)
Dividends paid to preferred stockholders	(14,545)	(11,055)	(10,281)
Dividends paid to common stockholders	(99,292)	(75,550)	(53,691)
Distributions paid to common unitholders	(3,328)	(2,019)	(1,496)
Distributions paid to preferred unitholders	(2,546)	(870)	0
Repurchase of common shares to satisfy employee tax withholding requirements	(1,278)	(854)	(594)
Net cash provided by financing activities	903,195	731,484	578,169
Increase (decrease) in cash, cash equivalents and restricted cash	98,666	(101,744)	173,731
Cash, cash equivalents and restricted cash, beginning of period	78,857	180,601	6,870
Cash, cash equivalents and restricted cash, end of period	177,523	78,857	180,601
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $3,925, $3,860 and $2,053 for the years December 31, 2020, 2019 and 2018, respectively)	27,924	23,494	23,791
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	0	3,262	0
Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to January 1, 2019	3,204	3,457	0
Issuance of preferred units in connection with acquisition of real estate	0	27,359	0
Assumption of debt in connection with acquisition of real estate including loan premium	65,264	0	0
Accrual for capital expenditures	11,811	6,407	3,581
Accrual of dividends and distributions	29,747	21,624	15,938
Lease reclassification from operating lease to sales-type lease:
Sales-type lease receivable	20,302	0	0
Investments in real estate, net	(16,117)	0	0
Deferred rent receivable, net	(63)	0	0
Deferred leasing costs, net	(164)	0	0
Acquired lease intangible assets, net	(136)	0	0
Gain on sale recognized due to lease relcassification	3,822	0	0
Series 2 CPOP Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	40,787	0	0
Operating Partnership Units
Supplemental disclosure of cash flow information:
Issuance of preferred units in connection with acquisition of real estate	$ 179,262	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Capitalized interest, net	$ 3,925	$ 3,860	$ 2,053
Dividend Rate		4.43937%
Payments For Termination Of Cash Flow Swap, Operating	$ 1,239	$ 0	$ 0
Series 2 CPOP Units
Dividend Rate	4.00%

Organization	12 Months Ended
Organization	Dec. 31, 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 December 31, 2020, our consolidated portfolio consisted of 248 properties with approximately 31.5 million rentable square feet. In addition, we currently manage an additional 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, unless the context requires otherwise, its subsidiaries (including our Operating Partnership).

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

The accompanying financial statements are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2020 and 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 consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

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 of 1986, as amended (the “Code”). As of December 31, 2020, the restricted cash balance of $1.2 million was comprised of $1.2 million of net cash proceeds from the sale of one of our properties and $26 thousand of reserves for real estate taxes related to the property located at 960-970 Knox Street. As of December 31, 2019, we did not have a balance in restricted cash.

Restricted cash balances are included with cash and cash equivalent 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 years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	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	$	176,293	$	78,857
Restricted cash	1,230		—
Cash, cash equivalents and restricted cash, end of period	$	177,523	$	78,857

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the 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 with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rental rates and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the year ended December 31, 2020, we used discount rates ranging from 4.75% to 7.00% and exit capitalization rates ranging from 4.00% to 6.00%.

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 rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 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 year ended December 31, 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 $3.9 million, $3.9 million and $2.1 million during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized real estate taxes and insurance aggregating $1.2 million, $1.3 million, and $0.9 million and during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized compensation costs for employees who provide construction services of $4.1 million, $2.7 million and $2.2 million during the years ended December 31, 2020, 2019 and 2018, respectively.

Depreciation and Amortization

Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense.

The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements.

As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases.

Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.

Assets Held for Sale

We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell.

As of December 31, 2020, our property located at 14723-14825.25 Oxnard Street in Van Nuys, California was classified as held for sale. As of 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 years ended December 31, 2020, 2019 or 2018.

Income Taxes

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

In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2020, 2019 and 2018.

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

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.

When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is likely, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate.

Valuation of Operating Lease Receivables

We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, 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. During 2020, our assessment has specifically included the impact of the COVID-19 pandemic, including but not limited to tenants who have requested and/or received rent relief as further described below under “—COVID-19 Lease Concessions.” 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 $5.0 million, $0.7 million, and $1.2 million for the years ended December 31, 2020, 2019, and 2018 respectively, as a net reduction of rental income in the consolidated statements of operations.

Leases

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 have applied the provisions as of January 1, 2019, on a prospective basis.

Upon adoption of ASC 842, we elected the “package of practical expedients” which allowed us to not reassess (a) whether expired or existing contracts as of January 1, 2019, are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019.

Lessor

ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases, and operating leases.

Upon adoption of ASC 842, we elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. We have assessed the criteria above with respect to our operating leases and believe that they qualify for the non-separation practical expedient. As a result, we present all rental income earned pursuant to operating leases, including tenant reimbursements, as a single line item “Rental income” in the consolidated statement of operations for all periods presented.

Effective January 1, 2019, 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. Prior to the adoption of ASC 842, we recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to us by a tenant or paid directly by a tenant to the taxing authorities on our behalf.

ASC 842 only allows lessors to capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Prior to January 1, 2019, under prior lease accounting guidance, we capitalized incremental direct costs, which included an allocation of internal compensation costs of employees who spent time on successful lease origination activities. Effective January 1, 2019, such costs are no longer capitalized as initial direct costs and are instead expensed as incurred. During the year ended December 31, 2018, we capitalized compensation costs for leasing employees of $1.0 million.

For leases that commenced prior to January 1, 2019, capitalized internal compensation costs will continue to be amortized over the remaining life of the lease. For leases that were executed but had not commenced prior to January 1, 2019, we recognized a cumulative-effect adjustment to “Cumulative distributions in excess of earnings” of $0.2 million to write off these capitalized internal compensation costs, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for similar treatment under ASC 842.

See Note 6 for additional lessor disclosures required under ASC 842.

Lessee

ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease.

Upon the adoption of ASC 842, we recognized lease liabilities of $3.6 million (in “Accounts payable, accrued expenses and other liabilities”) and related ROU assets of $3.3 million (in “Other assets”) on our consolidated balance sheets, based on the present value of lease payments for the remaining term of our existing leases. Operating lease ROU assets and liabilities commencing after January 1, 2019, are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Upon adoption of ASC

842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components.

See Note 6 for additional lessee disclosures required under ASC 842.

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 14.

Equity Offering Costs

Underwriting commissions and offering costs related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance.

Earnings Per Share

We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings.

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

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 15.

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.

Recent 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 at the time of adoption, 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. During the year ended December 31, 2020, there was a lease modification that resulted in a lease being reclassified as a sales-type lease. Due to the short-term nature of the sales-type lease, there was no credit loss impact to 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.

Beginning in March 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, during the year ended December 31, 2020, we granted the following forms of rent relief to certain tenants: (a) application of security deposits to contractual base rent, (b) acceleration of future existing contractual rent concessions to cover contractual base rent and (c) deferral of contractual base rent with a typical deferral period of approximately one to two months and repayment beginning in the third or fourth quarter of 2020.

The following table summarizes COVID-19 related rent relief provided to tenants during the year ended December 31, 2020:


	Rent Relief
	Security Deposits		Acceleration of Concessions		Deferral of Base Rent


Year ended December 31, 2020	$	4,578	$	825	$	4,570

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 generally did not substantially change the amount of consideration in the original lease contract (only the timing of rent payments has changed), to the extent amounts remain collectable, rental income recognized in each period over the term of the lease will not substantially change.

Investments in Real Estate

12 Months Ended

Dec. 31, 2020

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisition Summary

The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 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
15650-15700 Avalon Boulevard	Los Angeles - South Bay	7/1/2020	166,088	2	28,079
11308-11350 Penrose Street	Los Angeles - San Fernando Valley	7/1/2020	151,604	2	25,427
11076-11078 Fleetwood Street	Los Angeles - San Fernando Valley	7/1/2020	26,040	1	4,711
11529-11547 Tuxford Street	Los Angeles - San Fernando Valley	7/1/2020	29,730	1	5,005
12133 Greenstone Avenue	Los Angeles - Mid-Counties	7/17/2020	12,586	1	5,483
12772-12746 San Fernando Road	Los Angeles - San Fernando Valley	10/14/2020	140,837	2	22,050
15601 Avalon Boulevard	Los Angeles - South Bay	10/26/2020	63,690	2	15,500
Gateway Pointe Industrial Park(4)	Los Angeles - Mid-Counties	11/17/2020	989,195	4	296,590
13943-13955 Balboa Boulevard(5)	Los Angeles - San Fernando Valley	11/17/2020	200,632	1	45,340
Van Nuys Airport Industrial Center	Los Angeles - San Fernando Valley	12/3/2020	426,466	18	154,637
4039 State Street	San Bernardino - Inland Empire West	12/4/2020	139,000	1	29,665
10156 Live Oak Avenue	San Bernardino - Inland Empire West	12/4/2020	236,912	1	46,814
10694 Tamarind Avenue	San Bernardino - Inland Empire West	12/4/2020	99,999	1	22,390
2520 Baseline Road	San Bernardino - Inland Empire West	12/4/2020	156,586	1	30,531
12211 Greenstone Avenue	Los Angeles - Mid-Counties	12/9/2020	—	—	16,800


1921, 2011, 2055, 2099, 2040 East 27th Street	Los Angeles - Central	12/15/2020	300,389	4	63,403
2750 & 2800 Alameda Street	Los Angeles - Central	12/15/2020	164,026	2	30,369
29010 Avenue Paine(6)	Los Angeles - San Fernando Valley	12/31/2020	100,157	1	16,037
29010 Commerce Center Drive(6)	Los Angeles - San Fernando Valley	12/31/2020	117,151	1	24,480
13369 Valley Boulevard(6)	San Bernardino - Inland Empire West	12/31/2020	105,041	1	20,660
6635 Caballero Boulevard(6)	Los Angeles - Mid-Counties	12/31/2020	92,395	1	22,802
1235 South Lewis Street	Orange County - North	12/31/2020	62,607	1	16,800
Total 2020 Property Acquisitions			4,978,204	82	$	1,227,426

(1)Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted.

(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. See Note 5 and Note 13 for further details regarding the assumption of debt and issuance of common and preferred units, respectively.

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

(4)This acquisition was partially funded through a 1031 Exchange using $42.4 million of net cash proceeds from the sale of our properties located at (i) 3927 Oceanic Drive, (ii) 121 West 33rd Street and (iii) 2700-2722 South Fairview Street.

(5)On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand, the assumption of approximately $15.7 million of debt and the issuance of 592,186 common units of limited partnership interests in the Operating Partnership

(6)On December 31, 2020, we acquired four properties for an aggregate purchase price of $84.0 million, exclusive of closing costs. The acquisition was funded through the issuance of 1,800,000 common units of limited partnership interests in the Operating Partnership.

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


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
12821 Knott Street	Orange County - West	1/15/2019	120,800	1	$	19,800
28510 Industry Drive	Los Angeles - San Fernando Valley	1/17/2019	46,778	1	7,765
Conejo Spectrum Business Park	Ventura	1/28/2019	531,378	9	106,250
2455 Ash Street	San Diego - North County	3/5/2019	42,508	1	6,680
25413 Rye Canyon Road	Los Angeles - San Fernando Valley	3/12/2019	48,075	1	5,529
1515 East 15th Street(2)	Los Angeles - Central LA	4/10/2019	238,015	1	28,100
13890 Nelson Avenue	Los Angeles - San Gabriel Valley	4/12/2019	256,993	1	41,810
445-449 Freedom Avenue	Orange County - North	4/12/2019	92,647	1	17,960
2270 Camino Vida Roble	San Diego - North County	4/12/2019	106,311	1	16,791
980 Rancheros Drive	San Diego - North County	4/16/2019	48,878	1	7,895
1145 Arroyo Avenue	Los Angeles - San Fernando Valley	4/25/2019	147,019	1	29,862
1150 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	147,000	1	29,694
1175 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	92,455	1	17,844
1245 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	132,936	1	26,055
635 8th Street	Los Angeles - San Fernando Valley	4/25/2019	72,250	1	14,659
10015 Waples Court	San Diego - Central County	4/25/2019	106,412	1	21,300
19100 Susana Road	Los Angeles - South Bay	4/30/2019	52,714	1	13,510
15385 Oxnard Street	Los Angeles - San Fernando Valley	5/3/2019	71,467	1	16,800
9750-9770 San Fernando Road	Los Angeles - San Fernando Valley	5/16/2019	35,624	1	7,440
218 Turnbull Canyon	Los Angeles - San Gabriel Valley	5/31/2019	190,900	1	27,100
The Merge(3)	San Bernardino - Inland Empire West	6/6/2019	—	—	23,200
3340 San Fernando Road(4)	Los Angeles - San Fernando Valley	7/3/2019	—	—	3,000
5725 Eastgate Drive	San Diego - Central County	7/31/2019	27,267	1	8,150
18115 Main Street	Los Angeles - South Bay	8/29/2019	42,270	1	6,750
3150 Ana Street	Los Angeles - South Bay	8/29/2019	105,970	1	18,800
1402 Avenida Del Oro(5)	San Diego - North County	8/30/2019	311,995	1	73,550
9607-9623 Imperial Highway	Los Angeles - Mid-Counties	9/5/2019	7,466	1	10,510
12200 Bellflower Boulevard	Los Angeles - Mid-Counties	9/5/2019	54,161	1	16,325
Storm Parkway	Los Angeles - South Bay	9/17/2019	267,503	8	66,165
2328 Teller Road	Ventura	9/25/2019	126,317	1	23,273
6277-6289 Slauson Avenue	Los Angeles - Central LA	10/3/2019	336,085	3	41,263
750 Manville Street	Los Angeles - South Bay	10/4/2019	59,996	1	11,510
8985 Crestmar Point	San Diego - Central County	10/25/2019	55,816	1	7,985
404-430 Berry Way(6)	Orange County - North	11/5/2019	120,250	3	27,600
415-435 Motor Avenue	Los Angeles - San Gabriel Valley	11/13/2019	63,900	1	7,200
508 East E Street	Los Angeles - South Bay	11/20/2019	57,522	1	14,892
12752-12822 Monarch Street	Orange County - West	11/22/2019	276,585	1	34,000
1601 West Mission Boulevard	Los Angeles - San Gabriel Valley	12/10/2019	751,528	1	87,780
2757 East Del Amo Boulevard	Los Angeles - South Bay	12/11/2019	57,300	1	11,900
18250 Euclid Street(7)	Orange County - West	12/27/2019	62,838	1	14,000
Total 2019 Property Acquisitions			5,365,929	57	$	970,697

(2)In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 13 under “Series 1 CPOP Units” for further details regarding the preferred units.

(3)The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020.

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

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

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

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

The following table 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		2019
Assets:
Land	$	729,649	$	637,478
Buildings and improvements	475,853		308,950
Tenant improvements	4,787		6,553
Acquired lease intangible assets(1)	43,378		39,502
Other acquired assets(2)	3,390		747
Total assets acquired	$	1,257,057	$	993,230
Liabilities:
Acquired lease intangible liabilities(3)	$	19,705	$	15,796
Notes payable(4)	65,264		—
Other assumed liabilities(2)	6,062		5,768
Total liabilities assumed	$	91,031	$	21,564
Net assets acquired	$	1,166,026	$	971,666

(1)For the 2020 acquisitions, acquired lease intangible assets are comprised of $40.5 million of in-place lease intangibles with a weighted average amortization period of 4.7 years and $2.9 million of above-market lease intangibles with a weighted average amortization period of 7.4 years. For the 2019 acquisitions, acquired lease intangible assets are comprised of $36.3 million of in-place lease intangibles with a weighted average amortization period of 6.2 years and $3.2 million of above-market lease intangibles with a weighted average amortization period of 8.7 years.

(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 during 2020 that was subsequently sold.

(3)Represents below-market lease intangibles with a weighted average amortization period of 5.6 years and 6.1 years, for the 2020 and 2019 acquisitions, respectively.

(4)During the year ended December 31, 2020, in connection with the acquisition of the Properties and 13943-13955 Balboa Boulevard, we assumed 11 mortgage loans from the sellers. See Note 5 for details

Acquired Lease Intangibles

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

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


	December 31,
	2020		2019
Acquired Lease Intangible Assets:
In-place lease intangibles	$	193,653	$	154,370
Accumulated amortization	(109,789)		(87,955)
In-place lease intangibles, net	$	83,864	$	66,415

Above-market tenant leases	$	17,079	$	14,296
Accumulated amortization	(8,771)		(7,621)
Above-market tenant leases, net	$	8,308	$	6,675
Acquired lease intangible assets, net	$	92,172	$	73,090

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(101,297)	$	(81,718)
Accumulated accretion	34,041		22,378
Below-market tenant leases, net	$	(67,256)	$	(59,340)




Acquired lease intangible liabilities, net	$	(67,256)	$	(59,340)

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


	Year Ended December 31,
	2020		2019		2018
In-place lease intangibles(1)	$	22,903	$	20,936	$	18,135
Net below market tenant leases(2)	$	(10,533)	$	(7,907)	$	(5,949)
Above-market ground lease(3)	$	—	$	—	$	(32)

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented.

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2020, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)
2021	$	23,091	$	(9,382)
2022	15,296		(6,691)
2023	11,217		(5,554)
2024	7,992		(4,534)
2025	5,668		(3,028)
Thereafter	20,600		(29,759)
Total	$	83,864	$	(58,948)

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

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

Notes Payable

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Notes Payable

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


	December 31, 2020		December 31, 2019		Margin Above LIBOR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	0.850	%	(2)	0.994	%	(3)	2/13/2024	(4)
$100M Term Loan Facility	—		100,000		n/a			n/a			2/14/2022
$225M Term Loan Facility	225,000		225,000		1.100	%	(2)	2.474	%	(5)	1/14/2023
$150M Term Loan Facility	150,000		150,000		1.550	%	(2)	4.313	%	(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
$400M Senior Notes	400,000		—		n/a			2.125	%		12/1/2030
$75M Series 2019B Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	1,100,000	$	800,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	4,065	$	—	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	58,499		58,499		1.700	%		1.844	%		8/1/2023	(7)
960-970 Knox Street(6)(8)	2,488		—		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,895		—		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,785		—		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,387		—		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,749		—		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	7,100		—		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,661		—		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		—		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(6)	10,300		—		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	4,072		—		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,293		2,459		n/a			5.125	%		3/1/2031
Total Secured Debt	$	123,494	$	60,958
Total Unsecured and Secured Debt	$	1,223,494	$	860,958
Less: Unamortized premium/discount and debt issuance costs(11)	(7,334)		(3,116)
Total	$	1,216,160	$	857,842

(1)Reflects the contractual interest rate under the terms of each loan as of December 31, 2020 and includes the effect of interest rate swaps that were effective as of December 31, 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 0.725% to 1.400% per annum for the unsecured revolving credit facility, 0.90% to 1.75% per annum for the $225.0 million term loan facility and 1.40% to 2.35% per annum for the $150.0 million term loan facility, depending on our investment grade rating, which may change from time to time.

(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 ranges from 0.125% to 0.30% per annum depending upon our investment grade rating.

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

(5)As of December 31, 2020, interest on the, $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 related to our interest rate swaps.

(6)Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 2410-2420 Santa Fe Avenue ($31,758), 11832-11954 La Cienega Boulevard ($20,194) and Gilbert/La Palma ($24,008).

(7)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.

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

(9)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.

(10)Fixed monthly payments of interest only.

(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 December 31, 2020, and does not consider extension options available to us as noted in the table above (in thousands):


2021	$	1,609
2022	2,054
2023	289,687
2024	13,270
2025	100,833
Thereafter	816,041
Total	$	1,223,494

Recent Activity

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 “Credit Agreement”), which provides for a $600.0 million senior unsecured credit facility, comprised of a $500.0 million unsecured revolving credit facility (the “Revolver”) and a $100.0 million unsecured term loan facility (the “$100 Million Term Loan Facility”) which was fully drawn under the prior credit agreement. The Revolver is scheduled to mature on February 13, 2024, and has two six-month extension options available. The $100 Million Term Loan Facility, which was scheduled to mature on February 14, 2022, was fully repaid without premium or penalty on November 16, 2020, and the repaid amount may not be reborrowed. Subject to certain terms and conditions set forth in the 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 Revolver, additional term loan tranches or a combination of the foregoing.

In October 2020 we received an investment grade rating of Baa3 from Moody’s Investors Services (“Moody’s) and an investment grade rating of BBB from Standard and Poor’s Ratings Services (“S&P”), complementing our current BBB rating received from Fitch Ratings (“Fitch”). As a result of obtaining these ratings, effective October 29, 2020, we elected to convert the pricing structure under the Credit Agreement to be based on such ratings, whereas the pricing structure was previously based upon

our leverage ratio. As such, as of December 31, 2020, interest on the Credit Agreement is based upon, at our option, either (i) LIBOR plus an applicable margin that is based upon our investment grade ratings 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 investment grade ratings. The margins for the Revolver range in amount from 0.725% to 1.40% per annum for LIBOR-based loans and 0.00% to 0.45% per annum for Base Rate-based loans, depending on our investment grade ratings. At the time of repayment, the margins for the $100 Million Term Loan Facility ranged 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 our investment grade ratings.

In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable facility fee, based upon our credit ratings, on each lender's commitment amount under the Revolver, regardless of usage. The applicable facility fee ranges in amount from 0.125% to 0.30% per annum, depending on our investment grade rating.

The Revolver may be voluntarily prepaid in whole or in part at any time without premium or penalty.

The 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 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 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 December 31, 2020, we did not have any borrowings outstanding under the Revolver, leaving $500.0 million available for future borrowings.

Issuance of $400 Million Notes

On November 16, 2020, we completed an underwritten public offering of $400.0 million of 2.125% senior notes due 2030 (the “$400 Million Notes”). The $400 Million Notes were issued at 99.211% of the principal amount, with a coupon rate of 2.125%. Interest on the $400 Million Notes is payable semiannually on the first day of June and December in each year, beginning on June 1, 2021, until maturity on December 1, 2030.

We may redeem the $400 Million Notes at our option and sole discretion, in whole at any time or in part from time to time prior to September 1, 2030 (three months prior to the maturity date of the $400 Million Notes), at a redemption price equal to the greater of (i) 100% of the principal amount of the $400 Million Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, on or after September 1, 2030 (three months prior to the maturity date of the $400 Million Notes), the redemption price will be equal to 100% of the principal amount of the $400 Million Notes being redeemed.

Repayment of $100 Million Term Loan Facility

On November 16, 2020, we used a portion of the net proceeds from the issuance of the $400 Million Notes to repay the $100 Million Term Loan Facility in full. We did not incur any prepayment penalties for repaying the $100 Million Term Loan Facility in advance of the maturity date of February 14, 2022. In connection with the repayment of the $100 Million Term Loan, we wrote-off $0.1 million of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations.

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.

On November 17, 2020, in connection with the acquisition of the property located at 13943-13955 Balboa Boulevard, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance of $15.7 million and a fair value of $16.5 million resulting in an initial net debt premium of $0.8 million. The mortgage loan bears interest at a fixed rate of 3.93%.

Note Purchase and Guarantee Agreement

On July 16, 2019, we entered into a Note Purchase and Guarantee Agreement (the “NPGA”) which provides for the private placement of $100.0 million of guaranteed senior notes, of which (i) $25.0 million are designated as 3.88% Series 2019A

Guaranteed Senior Notes due July 16, 2029 (the "Series 2019A Notes") and (ii) $75.0 million are designated as 4.03% Series 2019B Guaranteed Senior Notes due July 16, 2034 (the "Series 2019B Notes" and, together with the Series 2019A Notes, the "Series 2019A and 2019B Notes"). On July 16, 2019, we completed the issuance of the Series 2019A and 2019B Notes.

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

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

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

Debt Covenants

The Credit Agreement, $225 Million Term Loan Facility, $150 Million Term Loan Facility, our $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and the Series 2019A and 2019B Notes all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:

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

•For the Credit 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 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 $400 Million Notes contains the following covenants (as defined in the indentures) that we must comply with:

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

•Maintaining a ratio of secured debt to total asset value of not more than 40%;

•Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and

•Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0.

The 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.

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. As noted above, in October 2020 we received an investment grade rating of Baa3 from Moody’s and an investment grade rating of BBB from S&P, complementing our current BBB rating from Fitch.

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

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

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

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

We were in compliance with all of our quarterly and annual debt covenants as of December 31, 2020.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Lessor – Operating Leases

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 year ended December 31, 2020, we recognized $318.8 million of rental income related to operating lease payments of which $266.1 million was for fixed lease payments and $52.7 million was for variable lease payments. For the year ended December 31, 2019 we recognized $256.3 million of rental income related to operating lease payments of which $214.5 million was for fixed lease payments and $41.8 million was for variable lease payments.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2020 (in thousands):


For the year ending December 31,
2021	$	289,940
2022	254,168
2023	205,669
2024	156,684
2025	116,156
Thereafter	325,081
Total	$	1,347,698

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.

Lessor – Sales-Type Lease

In June 2020, we executed a five-year lease for a 58,802 rentable square foot unit at the property located at 2722 Fairview Street (“Fairview”). The lease contained an option whereby the tenant could purchase the entire 116,575 rentable square foot property at a purchase price of $20.4 million, by executing its purchase option on or before December 10, 2020.

On September 9, 2020, the tenant exercised its option to purchase Fairview, which resulted in a change in lease classification from an operating lease to a sales-type lease. As a result of this change in classification, on September 9, 2020, we derecognized the net book value of the property, recorded a sales-type lease receivable of $20.3 million (measured as the discounted present value of the fixed purchase option price), and recognized a $3.8 million gain on sale due to lease reclassification. On September 30, 2020, the sale of Fairview closed and we collected the lease receivable and recorded $0.6 million of selling costs/write-offs, for a total net gain on sale of $3.3 million. The net proceeds from the sale of Fairview are included in net cash provided by operating activities in the consolidated statements of cash flows.

Lessee

We lease office space as part of conducting our day-to-day business. As of December 31, 2020, our office space leases have remaining lease terms ranging from approximately six months 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.

On May 28, 2020, 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 is 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 December 31, 2020, total ROU assets and lease liabilities were approximately $5.6 million and $6.4 million, respectively. As of December 31, 2019, total ROU assets and lease liabilities were approximately $3.5 million and $3.8 million, respectively.

The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019.


	Year Ended December 31,
Lease Cost (in thousands)		2020		2019
Operating lease cost(1)		1,354		1,044
Variable lease cost(1)		39		54
Sublease income(2)		—		(162)
Total lease cost		$	1,393	$	936

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

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


	Year Ended December 31,
Other Information (in thousands)		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities		$	1,127	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities(1)		$	3,204	$	6,720

(1)For the year ended December 31, 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	December 31, 2020		December 31, 2019
Weighted-average remaining lease term	4.2 years		4.7 years
Weighted-average discount rate(1)	2.99	%	3.92	%

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

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


2021	$	1,468
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,779
Less imputed interest	(421)
Total lease liabilities	$	6,358

Leases

Lessor – Operating Leases

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 December 31, 2020 (in thousands):


For the year ending December 31,
2021	$	289,940
2022	254,168
2023	205,669
2024	156,684
2025	116,156
Thereafter	325,081
Total	$	1,347,698

Lessor – Sales-Type Lease

Lessee

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.

The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019.


	Year Ended December 31,
Lease Cost (in thousands)		2020		2019
Operating lease cost(1)		1,354		1,044
Variable lease cost(1)		39		54
Sublease income(2)		—		(162)
Total lease cost		$	1,393	$	936

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

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


	Year Ended December 31,
Other Information (in thousands)		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities		$	1,127	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities(1)		$	3,204	$	6,720

(1)For the year ended December 31, 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	December 31, 2020		December 31, 2019
Weighted-average remaining lease term	4.2 years		4.7 years
Weighted-average discount rate(1)	2.99	%	3.92	%

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


2021	$	1,468
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,779
Less imputed interest	(421)
Total lease liabilities	$	6,358

Interest Rate Swaps

12 Months Ended

Dec. 31, 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 the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings.

Derivative Instruments

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

The change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income/(loss) (“AOCI”) and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transaction affects earnings.

The following table sets forth a summary of our interest rate swaps as of December 31, 2020 and 2019 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities.


					Current Notional Amount(1)				Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)(2)
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(1,591)	$	489
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,333)	$	277
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	—	$	100,000	$	—	$	(332)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(14,656)	$	(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):


	Year Ended December 31,
	2020		2019		2018
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of (loss) gain recognized in AOCI on derivatives	$	(17,212)	$	(12,103)	$	649
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	$	(6,332)	$	2,038	$	1,204
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	30,849	$	26,875	$	25,416

We had an interest rate swap with a notional amount of $100.0 million and maturity date of August 14, 2021 (the “Swap”), that was used to hedge the monthly cash flows associated with $100 million of LIBOR-based variable-rate debt. In November 2020, in conjunction with the repayment of the $100 Million Term Loan Facility, we paid $1.2 million to terminate the

Swap, which had an unrealized loss balance of $1.2 million in AOCI at the time of termination. Beginning from the termination date of the Swap (November 12, 2020) through the original maturity date of the Swap (August 14, 2021), we are amortizing the loss on this transaction from AOCI into interest expense on a straight-line basis. During the year ended December 31, 2020, we amortized $0.2 million of the $1.2 million loss from AOCI into interest expense and we will amortize the remaining $1.0 million loss into interest expense through August 14, 2021.

During the next twelve months, we estimate that an additional $7.8 million (including the remaining $1.0 million loss noted above) 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

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

Recurring Measurements – Interest Rate Swaps

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

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

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, as of December 31, 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 December 31, 2020 and 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)
December 31, 2020
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(17,580)	$	—	$	(17,580)	$	—
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 December 31, 2020 and 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:
December 31, 2020	$	1,276,217	$	—	$	—	$	1,276,217	$	1,216,160
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	12 Months Ended
Related Party Transactions	Dec. 31, 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 $0.4 million, $0.4 million and $0.4 million during the years ended December 31, 2020, 2019 and 2018, respectively, in management, leasing and development services revenue. Purchase and Sale Agreement On November 30, 2017, we entered into a purchase and sale agreement (the "Agreement") with 6110-6114 Cahuenga Avenue, LLC (the "Buyer"), which was subsequently amended on January 2, 2018, for the sale of our property located at 200-220 South Grand Avenue for a contract price of approximately $4.5 million. Larry Schwimmer is the general partner of the Buyer and father of Howard Schwimmer, our Co-Chief Executive Officer. Prior to entering into the Agreement, the relevant facts and circumstances relating to this transaction were presented to our audit committee, in accordance with our corporate governance guidelines, and to our board of directors. This transaction was unanimously approved by our audit committee in accordance with our corporate governance guidelines. On March 7, 2018, the sale of this property was completed. On March 7, 2018, we also entered into management agreements with the Buyer and Howard Schwimmer to provide property management and leasing services for the property. Fees and commissions earned from managing this property are included in “Management, leasing and development services” in the consolidated statements of operations

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 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 generally will perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of December 31, 2020, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of December 31, 2020, we had commitments of approximately $40.2 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of December 31, 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 December 31, 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. 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. The State of California and certain municipalities, 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 some commercial tenants to defer rent. We cannot predict when restrictions currently in place will expire, if additional restrictions will be added, or whether restrictions previously lifted will be reimplemented as infection rates fluctuate. Most municipalities in Southern California, including many municipalities in which we own properties have 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 six to twelve months after the end of the local emergency. Only a small number of municipalities have allowed their local orders to expire or modified the orders to exclude some tenants (based on the tenant’s number of employees, being a publicly traded company or multinational company, or other characteristics), and in many of the local municipalities in which we operate, the eviction restrictions and rent deferment rights are set to expire by March 31, 2021, while in other municipalities the restrictions expire when the local emergency is lifted. We cannot currently predict whether or not these restrictions may be extended or for how long. Some of the orders 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, irrespective of certain such tenants’ actual ability to pay such 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. Tenant Concentration During the year ended December 31, 2020, no single tenant accounted for more than 5% of our total consolidated rental income.

Dispositions and Real Estate Held for Sale

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Real Estate Held for Sale

Dispositions

The table below summarizes the properties we sold during the years ended December 31, 2020, 2019 and 2018 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contract Sales Price(1)		Gain (Loss) Recorded
2020 Dispositions:
3927 Oceanic Drive	San Diego - North County	8/13/2020	54,740	$	10,300	$	2,926
121 West 33rd Street	San Diego - South County	9/18/2020	76,745	13,500		7,575
2700-2722 South Fairview(2)	Orange County - Airport	9/30/2020	116,575	20,400		3,268
6750 Central Avenue	Inland Empire East	12/31/2020	8,666	1,300		758
Subtotal			256,726	45,500		14,527
1055 Sandhill Avenue Personal Property			—	1,854		(910)		(3)
Total			256,726	$	47,354	$	13,617

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

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

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

(2)Gain recorded reflects (i) a $3.8 million gain on sale recognized due to lease reclassification from operating lease to sales-type lease, less (ii) approximately $0.6 million of selling costs/other write-offs related to the disposition. See Note 6 for additional information.

(3)Represents a $0.9 million loss on disposition of personal property that was originally acquired as part of the acquisition of 1055 Sandhill Avenue and valued at $2.8 million. The loss is included in the line item “Gain on sale of real estate” in our consolidated statements of operations for the year ended December 31, 2020.

Real Estate Held for Sale

The following table summarizes the major classes of assets and liabilities associated with real estate properties classified as held for sale as of December 31, 2020 (dollars in thousands).:


	December 31, 2020
Land	$	4,458
Building and improvements	5,452
Tenant improvements	443

Real estate held for sale	10,353
Accumulated depreciation	(1,548)
Real estate held for sale, net	8,805
Other assets associated with real estate held for sale	40
Total assets associated with real estate held for sale, net	$	8,845

Tenant security deposits	$	137
Other liabilities associated with real estate held for sale	56
Total liabilities associated with real estate held for sale	$	193

Subsequent to December 31, 2020, we completed the sale of 14723-14825.25 Oxnard Street. See Note 17.

Stockholder's Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholder's Equity

Stockholders’ Equity

Preferred Stock

As of December 31, 2020 and 2019, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 2020			December 31, 2019
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference
Series A	August 16, 2021	5.875	%	3,600,000	$	90,000	3,600,000	$	90,000
Series B	November 13, 2022	5.875	%	3,000,000	75,000		3,000,000	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				10,050,000	$	251,250	10,050,000	$	251,250

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

Recent Activity

In 2019, we issued 3,450,000 shares of our 5.625% Series C Cumulative Redeemable Preferred Stock at a price of $25.00 per share for net proceeds of $83.2 million after deducting the underwriters’ discount and offering costs totaling $3.0 million.

Common Stock

Offerings

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 their option to purchase 937,500 shares of our common stock, at a price to the underwriters of $39.67 per share, for net proceeds of approximately $285.0 million after deducting offering costs. 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.

In December 2020, we completed an underwritten public offering of 6,900,000 shares of our common stock, including the underwriters’ exercise in full of their option to purchase 900,000 shares of our common stock, at a price to the underwriters of $47.15 per share, for net proceeds of approximately $325.0 million, after deducting offering costs. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 6,900,000 common units of partnership interests in the Operating Partnership.

ATM Program

On November 9, 2020, we established a new at-the-market equity offering program (the “$750 Million ATM Program”) pursuant to which we may sell from time to time up to an aggregate of $750.0 million of our common stock through sales agents or forward sellers. The $750 Million ATM Program replaces our previous $550.0 million at-the-market equity offering program which was established on June 13, 2019 (the “Prior ATM Program”). Under the Prior ATM Program, we had offered and sold shares of our common stock having an aggregate gross sales price of $296.5 million through November 9, 2020. In addition, we previously established a $450.0 million at-the-market equity offering program on February 19, 2019, a $400.0 million at-the-market equity offering program on June 13, 2018 and a $300.0 million at-the-market equity offering program on September 21, 2017. Substantially all available shares of common stock under each of these previous at-the-market programs were sold prior to establishing new programs.

During the year ended December 31, 2020, we sold a total of 3,165,661 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $39.96 per share, for gross proceeds of $126.5 million, and net proceeds of $124.7 million, after deducting the sales agents’ fee. During the year ended December 31, 2019, we sold a total of 16,817,930 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $38.61 per share, for gross proceeds of $649.3 million, and net proceeds of $639.6 million, after deducting the sales agents’ fee. During the year ended December 31, 2018, we sold 18,177,242 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $31.12 per share, for gross proceeds of $565.6 million, and net proceeds of $557.1 million, after deducting the sales agents’ fee.

As of December 31, 2020, we had the capacity to issue up to an additional $720.7 million of common stock under the $750 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.

Changes in Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2020		2019
Accumulated other comprehensive (loss) income - beginning balance	$	(7,542)	$	6,262
Other comprehensive loss before reclassifications	(17,212)		(12,103)
Amounts reclassified from accumulated other comprehensive loss to interest expense(1)	6,332		(2,038)
Net current period other comprehensive loss	(10,880)		(14,141)
Less: other comprehensive loss attributable to noncontrolling interests	713		337
Other comprehensive loss attributable to common stockholders	(10,167)		(13,804)
Accumulated other comprehensive loss - ending balance	$	(17,709)	$	(7,542)

(1)For the year ended December 31, 2020, amount includes a $0.2 million reclassification from AOCI into interest expense related to the Swap that was terminated in November 2020. See Note 7 for additional information.

Dividends

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

The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018:


	Common Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	0.834238	100.00	%	$	0.783269	100.00	%	$	0.623496	99.76	%
Return of Capital	—		—	%	—		—	%	0.001504		0.24	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	0.834238	100.00	%	$	0.783269	100.00	%	$	0.625000	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.664585	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.664585	100.00	%


	Series C Preferred Stock
	Year Ended December 31,
	2020				2019
Ordinary Income	$	1.406252	100.00	%	$	0.394531	100.00	%
Return of Capital	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%
Total	$	1.406252	100.00	%	$	0.394531	100.00	%

Noncontrolling Interests	12 Months Ended
Noncontrolling Interests	Dec. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units and Series 1 CPOP Units and Series 2 CPOP Units, as described below, that are not owned by us. Operating Partnership Units As of December 31, 2020, noncontrolling interests included 5,403,881 OP Units and 1,202,812 fully-vested LTIP units and performance units which represented approximately 4.8% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See Note 14 for a description of LTIP units and Performance Units. Activity 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 acquisition of the Properties, we issued the Sellers 1,406,170 OP Units, valued at $67.5 million. On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million. As partial consideration for the property, we issued the seller 592,186 OP Units valued at $27.8 million. On December 31, 2020, we acquired a portfolio of four properties for an aggregate purchase price of $84.0 million. As consideration for the portfolio, we issued the seller 1,800,000 OP Units. During the years ended December 31, 2020, 2019 and 2018, we redeemed 296,313, 96,060 and 67,175 OP Units, respectively, in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, resulting in the reclassification of $7.7 million, $0.7 million, and $0.6 million, respectively, from noncontrolling interests to total stockholders’ equity. Preferred Units Series 2 CPOP Units On March 5, 2020, as partial consideration for the acquisition of the Properties, we issued the Sellers 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 or 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. Series 1 CPOP Units On April 10, 2019, we acquired the property located at 1515 East 15th Street for a purchase price of $28.1 million. In consideration for the property, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”), valued at $27.4 million, plus the payment of certain closing costs, including $0.7 million of closing costs typically attributable to the seller. Holders of Series 1 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.43937% per annum of the $45.50952 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 28, 2019. The holders of Series 1 CPOP Units are entitled to receive the liquidation preference, which is $45.50952 per unit or approximately $27.0 million in the aggregate for all of the Series 1 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Features of Series 1 and Series 2 CPOP Units The Series 1 CPOP Units and the Series 2 CPOP Units (together, the “CPOP Units”) are convertible (i) at the option of the holder anytime from time to time (the “Holder Conversion Right”), or (ii) at the option of the Operating Partnership, at any time on or after April 10, 2024 for the Series 1 CPOP Unit, or at any time on or after March 5, 2025, for the Series 2 CPOP Unit (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis per Series 1 CPOP Unit, and into 0.7722 OP Units per Series 2 CPOP Unit. 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 CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s 5.875% series A and series B cumulative redeemable preferred units and 5.625% series C cumulative redeemable preferred units and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the CPOP Units, and junior to any other class or series of partnership interest of the Operating Partnership expressly designated as ranking senior to the CPOP Units. Pursuant to relevant accounting guidance, we analyzed the 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 CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the 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 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 CPOP Units require bifurcation and separate accounting, and (ii) the 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.

Incentive Award Plan

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Incentive Award Plan

Amended and Restated 2013 Incentive Award Plan

We maintain one share-based incentive compensation plan, the Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), pursuant to which, we may make grants of restricted stock, LTIP units of partnership interest in our Operating Partnership (“LTIP units”), performance units in our Operating Partnership (“Performance Units”), dividend equivalents and other stock based and cash awards to our non-employee directors, employees and consultants.

The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”), subject to certain limitations. The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions.

As of December 31, 2020, a total of 619,757 shares of common stock, LTIP units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards.

LTIP Units and Performance Units

LTIP units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP units and Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events more fully described in the Operating Partnership’s partnership agreement (“book-up events”), the LTIP units and Performance Units can over time achieve full parity with 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 per-unit distribution paid on OP Units.

The compensation committee grants awards to the Company’s named executive officers (the “NEOs”) on an annual basis in the form of LTIP units and Performance units, typically in December of each year. In December of 2020, 2019 and 2018, the compensation committee granted the NEOs a combined 121,112, 120,243, and 132,875 LTIP units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and a combined 476,915, 294,994, and 204,517 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”).

2020, 2019, and 2018 LTIP Unit Awards

Each of the 2020, 2019 and 2018 LTIP Awards are scheduled to vest one-third in equal installments on each of the first, second and third anniversaries of the grant date. Each award is subject to each executive’s continued employment through the applicable vesting date, and subject to earlier vesting upon certain termination of employment or a change in control event, as described in the award agreements. Compensation expense is recognized using the accelerated expense attribution method, with each vesting tranche valued as a separate award. The total grant date fair value of each annual LTIP award is based on the Company’s most recent closing stock price preceding the grant and the application of a discount for post-vesting restrictions and uncertainty regarding the occurrence and timing of book-up events. The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award:


	2020 LTIP Award			2019 LTIP Award			2018 LTIP Award
Valuation date	December 22, 2020			December 16, 2019			December 15, 2018
Closing share price of common stock	$	48.58		$	45.74		$	31.42
Discount for post-vesting restrictions and book-up events	7.6		%	6.4		%	7.7		%
Grant date fair value (in thousands)	$	5,437		$	5,148		$	3,853

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2020, 2019 and 2018:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2017	293,485	$	23.10
Granted	190,318	$	28.43

Vested	(156,755)	$	23.29
Balance at December 31, 2018	327,048	$	26.12
Granted	179,758	$	39.67

Vested	(208,394)	$	26.14
Balance at December 31, 2019	298,412	$	34.26
Granted	157,404	$	45.86
Forfeited	(22,795)	$	38.89
Vested	(196,375)	$	34.31
Balance at December 31, 2020	236,646	$	41.49

2020, 2019, and 2018 Performance Unit Awards

Each of the 2020, 2019 and 2018 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below:

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

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

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

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

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


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2020 Performance Award	148,030	148,030	148,027	32,828	476,915
2019 Performance Award(2)	118,339	74,033	85,898	16,724	294,994
2018 Performance Award(2)	63,473	63,473	63,471	14,100	204,517

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

(2)On December 31, 2020, 41,094 Performance Units initially granted in December 2019 and 29,600 Performance Units initially granted in December 2018 were canceled due to the termination of employment of our former Chief Financial Officer.

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


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2020 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	12	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	16.5	%	33.4	%	See Note (1)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	21	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥26%		100	%

2019 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2020
	“Target Level”	24	%	50	%	55th Percentile	50	%	16.5	%	50	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2022

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

(1)The performance period for the 2020 Market Performance Award is December 22, 2020 through December 21, 2023, and the performance period for the 2020 FFO Per-Share Award is January 1, 2021 through December 31, 2023.

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

Fair Value of Awards With Market-Based Vesting Conditions

The grant date fair value of each of the 2020, 2019 and 2018 Market Performance Awards is based on the sum of the following: (1) the present value of the expected payoff to the vested absolute and relative base units, (2) the present value of the 10% portion of the distribution expected to be paid during the three-year performance period, and (3) the present value of the distribution equivalent units expected to be awarded at the end of the three-year performance period. The grant date fair value of each of these awards was measured using a Monte Carlo simulation pricing model, which uses 100,000 trial simulations, to estimate the probability that the market conditions, TSR on both an absolute and relative basis, will be achieved over the three-year performance period.

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


	2020 Market Performance Award			2019 Market Performance Award			2018 Market Performance Award
Valuation date	December 22, 2020			December 16, 2019			December 15, 2018
Expected share price volatility for the Company	31.0		%	18.0		%	20.0		%
Expected share price volatility for peer group companies - low end of range(1)	17.0		%	12.0		%	16.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	1.90		%	2.50		%
Risk-free interest rate	0.19		%	1.74		%	2.80		%
Grant date fair value (in thousands)	$	6,928		$	3,922		$	2,090

(1)For the 2020 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.4%, respectively. For the 2019 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 21.0% and 24.4%, respectively. For the 2018 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 23.0% and 27.1%, respectively.

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

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

Fair Value of Awards with Performance-Based Vesting Conditions

The grant date fair value of the 2020 FFO Per-Share Award is $2.4 million, which is based on the Company’s closing stock price on the grant date ($48.58 on December 22, 2020) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2019 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price on the grant date ($45.74 on December 16, 2019) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2018 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price preceding the grant date ($31.42 on December 14, 2018) and the achievement of FFO per-share performance at the maximum level.

Compensation cost for the 2020, 2019 and 2018 FFO Per-Share Awards will reflect the number of units that are expected to vest based on the probable outcome of the performance condition and will be adjusted to reflect those units that ultimately vest at the end of the three-year performance period.

2017, 2016 and 2015 Performance Award Vestings

On December 14, 2020, the three-year performance period for the 2017 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 184,502 Performance Units were earned and vested.

On December 28, 2019, the three-year performance period for the 2016 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 195,628 Performance Units were earned and vested.

On December 14, 2018, the three-year performance period for the 2015 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 307,986 vested Performance Units were earned and vested.

Restricted Common Stock

The compensation committee has periodically awarded grants of restricted common stock to various employees of the Company typically other than NEOs, for the purpose of attracting or retaining the services of these key individuals. These grants typically vest in four equal, annual installments on each of the first four anniversaries of the date of grant, subject to the employee’s continued service. Shares of our restricted common stock are participating securities and have full voting rights and nonforfeitable rights to dividends. During the year ended December 31, 2020, we granted 107,648 shares of restricted common stock to non-executive employees. The grant date fair value of these awards was $5.0 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $39.71 to $50.18 per share. On September 1, 2020, we granted Ms. Laura Clark 3,497 shares of restricted common stock as a sign-on incentive award, which vests in three equal annual installments on each of the first three anniversaries. The grant date fair value of this award was approximately $167,000 based on the Company’s closing share price of $47.65 on the date of grant.

In accordance with the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program, each year on the date of the annual meeting of the Company’s stockholders, we grant shares of restricted common stock to each of our non-employee directors who are re-elected for another year of service. These awards vest on the earlier of (i) the date of the annual meeting of the Company’s stockholders next following the grant date and (ii) the first anniversary of the grant date, subject to each non-employee director’s continued service. During the year ended December 31, 2020, each of our non-employee directors were granted 2,507 shares of restricted common stock with a grant date fair value of $100,000 based on the $39.88 closing share price of the Company’s common stock on the date of grant.

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2020, 2019 and 2018:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2017	190,695	$	20.13
Granted	104,560	$	27.72
Forfeited	(13,031)	$	23.51
Vested(1)(2)	(81,826)	$	19.40
Balance at December 31, 2018	200,398	$	20.13
Granted	110,711	$	34.85
Forfeited	(17,287)	$	29.71
Vested(1)(2)	(81,277)	$	23.23
Balance at December 31, 2019	212,545	$	29.64
Granted	126,865	$	45.94
Forfeited	(16,128)	$	37.25
Vested(1)(2)	(90,383)	$	28.50
Balance at December 31, 2020	232,899	$	38.43

(1)The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $4.1 million, $2.9 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively.

(2)Total shares vested include 27,473, 24,618 and 21,324 shares of common stock that were tendered by employees during the years ended December 31, 2020, 2019 and 2018, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

Share-Based Compensation Expense

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


	Year Ended December 31,
	2020		2019		2018
Expensed share-based compensation(1)	$	12,871	$	10,756	$	10,147
Capitalized share-based compensation(2)	223		174		255
Total share-based compensation	$	13,094	$	10,930	$	10,402

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

(2)For the years ended December 31, 2020 and 2019, amounts capitalized only relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets. For the year ended December 31, 2018, amounts capitalized relate to employees who provide construction or leasing services and are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets.

In August 2020, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2020 annual bonuses partly in cash and partly in LTIP units. Accordingly, on January 27, 2021, at the same time that annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 15,288 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2020, includes $1.5 million for the portion of Messrs. Schwimmer and Frankel’s 2020 accrued bonus that was settled with these fully-vested LTIP Units.

In April 2019, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2019 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 4, 2020, at the same time that annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 18,146 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2019, includes $1.8 million for the portion of Messrs. Schwimmer and Frankel’s 2019 accrued bonus that was settled with these fully-vested LTIP Units.

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

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

As of December 31, 2020, total unrecognized compensation cost related to all unvested share-based awards was $27.6 million and is expected to be recognized over a weighted average remaining period of 29 months.

Earnings Per Share

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income	$	80,895	$	64,001	$	47,075
Less: Preferred stock dividends	(14,545)		(11,055)		(9,694)
Less: Net income attributable to noncontrolling interests	(4,492)		(2,022)		(865)
Less: Net income attributable to participating securities	(509)		(447)		(378)
Net income attributable to common stockholders	$	61,349	$	50,477	$	36,138

Denominator:
Weighted average shares of common stock outstanding - basic	120,873,624		106,407,283		86,824,235
Effect of dilutive securities - performance units	304,686		391,765		511,514
Weighted average shares of common stock outstanding - diluted	121,178,310		106,799,048		87,335,749

Earnings per share - Basic
Net income attributable to common stockholders	$	0.51	$	0.47	$	0.42
Earnings per share - Diluted
Net income attributable to common stockholders	$	0.51	$	0.47	$	0.41

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 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.

Quarterly Information (unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Information (unaudited)

The following tables set forth selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands except per share amounts):


	Three Months Ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Total revenues	$	88,649	$	83,856	$	79,950	$	77,680
Net income	$	18,155	$	31,197	$	16,271	$	15,272
Net income attributable to common stockholders	$	13,239	$	25,901	$	11,421	$	10,788
Net income attributable to common stockholders per share - basic	$	0.11	$	0.21	$	0.10	$	0.09
Net income attributable to common stockholders per share - diluted	$	0.10	$	0.21	$	0.10	$	0.09


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

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

Acquisition Summary

The following table summarizes the industrial properties we acquired subsequent to December 31, 2020:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
15010 Don Julian Road(1)	San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street(2)	South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue	Greater San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue(3)	Central San Diego	2/4/2021	86,637	1	19,800
Total			359,668	11	$	94,763

(1)Represents acquisition of a 10.97 acre redevelopment site.

(2)Represents acquisition of a 2.5 acre industrial outdoor storage site.

(3)Represents acquisition of a 5.6 acre redevelopment site.

Dispositions

On February 12, 2021, we completed the sale of our property located at 14723-14825.25 Oxnard Street for a contract price of $19.3 million. At December 31, 2020, this property was classified as held for sale.

Dividends Declared

On February 8, 2021, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.24

March 31, 2021

April 15, 2021

OP Units

0.24

March 31, 2021

April 15, 2021

5.875% Series A Cumulative Redeemable Preferred Stock

0.367188

March 15, 2021

March 31, 2021

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2021

March 31, 2021

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2021

March 31, 2021

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2021

March 31, 2021

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2021

March 31, 2021

Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2020

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

Schedule III – Real Estate and Accumulated Depreciation

REXFORD INDUSTRIAL REALTY, INC.

SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION

(Dollars in thousands)


				Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
15241 - 15277, 15317 - 15339 Don Julian Rd.	City of Industry, CA	—	(4)	$	3,875	$	2,407	$	9,968	$	3,875	$	12,375	$	16,250	$	(7,379)	1965, 2005 / 2003	2002
300 South Lewis Road	Camarillo, CA	—	(4)	4,150		3,050		9,406		4,150		12,456		16,606		(6,991)		1960-1963 / 2006	2003
1400 South Shamrock Ave.	Monrovia, CA	—		2,317		2,534		975		2,317		3,509		5,826		(2,384)		1957, 1962 / 2004	2003
2220-2260 Camino del Sol	Oxnard, CA	—	(4)	868		—		4,594		868		4,594		5,462		(1,932)		2005	2003
14250-14278 Valley Blvd.	La Puente, CA	—		2,539		2,020		3,248		2,539		5,268		7,807		(3,080)		1974 / 2007	2003
2300-2386 East Walnut Ave.	Fullerton, CA	—	(4)	6,817		6,089		1,540		6,817		7,629		14,446		(4,406)		1985-1986 / 2005	2004
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave.	Sylmar, CA	—		2,525		3,380		6,811		2,525		10,191		12,716		(4,790)		1969, 2008 / 2016	2004
28340 - 28400 Avenue Crocker	Valencia, CA	—		2,666		3,343		3,790		2,666		7,133		9,799		(3,717)		1987 / 2006 / 2015	2004
21-29 West Easy St.	Simi Valley, CA	—		2,346		4,522		2,470		2,346		6,992		9,338		(3,948)		1991 / 2006	2004
10439-10477 Roselle St.	San Diego, CA	—		4,711		3,199		3,303		4,711		6,502		11,213		(1,751)		1970 / 2007	2013
2575 Pioneer Ave.	Vista, CA	—		1,784		2,974		1,974		1,784		4,948		6,732		(2,795)		1988 / 2006	2004
9641 - 9657 Santa Fe Springs Rd.	Santa Fe Springs, CA	—		3,740		260		7,060		3,740		7,320		11,060		(2,640)		1982 / 2009	2006
28159 Avenue Stanford	Valencia, CA	—		1,849		6,776		5,015		1,849		11,791		13,640		(6,084)		1987 / 2008 / 2015	2006
15715 Arrow Highway	Irwindale, CA	—	(4)	3,604		5,056		(85)		3,604		4,971		8,575		(2,704)		1989	2006
2431-2465 Impala Dr.	Carlsbad, CA	—		5,470		7,308		4,319		5,470		11,627		17,097		(6,489)		1983 / 2006	2006
6200 & 6300 Yarrow Dr.	Carlsbad, CA	—		5,001		7,658		3,791		5,001		11,449		16,450		(6,776)		1977-1988 / 2006	2005
6231 & 6241 Yarrow Dr.	Carlsbad, CA	—		3,473		5,119		1,163		3,473		6,282		9,755		(3,642)		1977 / 2006	2006
9160 - 9220 Cleveland Ave., 10860 6th St.	Rancho Cucamonga, CA	—		3,647		11,867		2,855		3,647		14,722		18,369		(8,629)		1988-1989 / 2006	2006
18118-18120 S. Broadway St.	Carson, CA	—		3,013		2,161		1,057		3,013		3,218		6,231		(959)		1957 / 1989, 2017	2013
901 W. Alameda Ave.	Burbank, CA	—		6,304		2,996		5,384		6,304		8,380		14,684		(4,565)		1969 / 2009	2007
1938-1946 E. 46th St.	Vernon, CA	—		7,015		7,078		1,715		7,015		8,793		15,808		(4,245)		1961, 1983 / 2008-2010	2007


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St.	Pasadena, CA	—	1,759	2,834	2,121	1,759	4,955	6,714	(2,104)	1947, 1985 / 2009	2008
9220-9268 Hall Rd.	Downey, CA	—	6,974	2,902	282	6,974	3,184	10,158	(1,654)	2008	2009
5803 Newton Dr.	Carlsbad, CA	—	3,152	7,155	1,719	1,692	5,754	7,446	(3,357)	1997-1999 / 2009	2007
929, 935, 939 & 951 Poinsettia Ave.	Vista, CA	—	4,213	5,584	859	2,678	4,587	7,265	(2,385)	1989 / 2007	2008
3720-3750 W. Warner Ave.	Santa Ana, CA	—	3,028	1,058	1,023	3,028	2,081	5,109	(1,102)	1973 / 2008	2007
6750 Unit C - 6780 Central Ave.	Riverside, CA	—	2,151	1,671	—	932	1,331	2,263	(742)	1978	2007
1050 Arroyo Ave.	San Fernando, CA	—	3,092	1,900	537	3,092	2,437	5,529	(802)	1969 / 2012	2010
600-650 South Grand Ave.	Santa Ana, CA	—	4,298	5,075	1,500	4,298	6,575	10,873	(2,198)	1988	2010
121-125 N. Vinedo Ave.	Pasadena, CA	—	3,481	3,530	15	3,481	3,545	7,026	(1,341)	1953 / 1993	2011
3441 West MacArthur Blvd.	Santa Ana, CA	—	4,179	5,358	5	4,179	5,363	9,542	(1,554)	1973	2011
6701 & 6711 Odessa Ave.	Van Nuys, CA	—	1,582	1,856	145	1,582	2,001	3,583	(571)	1970-1972 / 2012	2011
10700 Jersey Blvd.	Rancho Cucamonga, CA	—	3,158	4,860	1,204	3,158	6,064	9,222	(1,944)	1988-1989	2011
15705, 15709 Arrow Highway & 5220 Fourth St.	Irwindale, CA	—	3,608	2,699	542	3,608	3,241	6,849	(1,073)	1987	2011
20920-20950 Normandie Ave.	Torrance, CA	—	3,253	1,605	606	3,253	2,211	5,464	(772)	1989	2011
14944, 14946, 14948 Shoemaker Ave.	Santa Fe Springs, CA	—	3,720	2,641	589	3,720	3,230	6,950	(1,118)	1978 / 2012	2011
6423-6431 & 6407-6119 Alondra Blvd.	Paramount, CA	—	1,396	925	192	1,396	1,117	2,513	(329)	1986	2011
1400 S. Campus Ave.	Ontario, CA	—	3,266	2,961	2	3,266	2,963	6,229	(1,609)	1964-1966, 1973, 1987	2012
15041 Calvert St.	Van Nuys, CA	—	4,096	1,570	272	4,096	1,842	5,938	(493)	1971	2012
701 Del Norte Blvd.	Oxnard, CA	—	3,082	6,230	1,033	3,082	7,263	10,345	(2,173)	2000	2012
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.	Los Angeles, CA	—	17,978	39,471	3,375	17,978	42,846	60,824	(12,530)	1966, 1992, 1993, 1994	2013
1661 240th St.	Los Angeles, CA	—	3,043	2,550	3,884	3,043	6,434	9,477	(2,049)	1975 / 1995	2013
8101-8117 Orion Ave.	Van Nuys, CA	—	1,389	3,872	640	1,389	4,512	5,901	(1,334)	1978	2013
18310-18330 Oxnard St.	Tarzana, CA	—	2,497	5,494	1,384	2,497	6,878	9,375	(1,998)	1973	2013


				Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
1100-1170 Gilbert St. & 2353-2373 La Palma Ave.	Anaheim, CA	2,293		4,582	5,135	2,041	4,582	7,176	11,758	(2,172)	1972 / 1990 / 2013	2013
280 Bonita Ave., 2743 Thompson Creek Rd.	Pomona, CA	—		8,001	17,734	40	8,001	17,774	25,775	(4,674)	1983	2013
2950 Madera Rd.	Simi Valley, CA	—	(4)	3,601	8,033	2	3,601	8,035	11,636	(2,137)	1988 / 2005	2013
10635 Vanowen St.	Burbank, CA	—		1,517	1,833	923	1,517	2,756	4,273	(864)	1977	2013
7110 Rosecrans Ave.	Paramount, CA	—		3,117	1,894	2,166	3,117	4,060	7,177	(847)	1972 / 2015, 2019	2014
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St.	Ontario, CA	—		2,260	6,043	710	2,260	6,753	9,013	(2,088)	1985	2014
1500-1510 W. 228th St.	Torrance, CA	—		2,428	4,271	4,923	2,428	9,194	11,622	(1,731)	1963 / 1968, 2017	2014
24105 Frampton Ave.	Torrance, CA	—		2,315	1,553	2,071	2,315	3,624	5,939	(789)	1974 / 2016	2014
1700 Saturn Way	Seal Beach, CA	—		7,935	10,525	342	7,935	10,867	18,802	(2,794)	2006	2014
2980 & 2990 N San Fernando Road	Burbank, CA	—		6,373	7,356	550	6,373	7,906	14,279	(2,325)	1950 / 2004	2014
20531 Crescent Bay Dr.	Lake Forest, CA	—		2,181	4,012	417	2,181	4,429	6,610	(1,227)	1998	2014
2610 & 2701 S. Birch Street	Santa Ana, CA	—		9,305	2,115	4,398	9,305	6,513	15,818	(1,538)	1965 / 2016	2014
710 South Dupont Avenue & 4051 Santa Ana Street	Ontario, CA	—		3,725	6,145	268	3,725	6,413	10,138	(1,811)	2001	2014
9755 Distribution Ave.	San Diego, CA	—		1,863	3,211	(16)	1,863	3,195	5,058	(846)	1974	2014
9855 Distribution Ave	San Diego, CA	—		2,733	5,041	208	2,733	5,249	7,982	(1,380)	1983	2014
9340 Cabot Drive	San Diego, CA	—		4,311	6,126	1,054	4,311	7,180	11,491	(1,835)	1975 / 1976	2014
9404 Cabot Drive	San Diego, CA	—		2,413	3,451	211	2,413	3,662	6,075	(940)	1975 / 1976	2014
9455 Cabot Drive	San Diego, CA	—		4,423	6,799	554	4,423	7,353	11,776	(2,131)	1975 / 1976	2014
14955-14971 E Salt Lake Ave	City of Industry, CA	—		5,125	5,009	863	5,125	5,872	10,997	(1,656)	1979	2014
5235 East Hunter Ave.	Anaheim, CA	—		5,240	5,065	1,338	5,240	6,403	11,643	(1,888)	1987	2014
3880 West Valley Blvd.	Pomona, CA	—		3,982	4,796	3,599	3,982	8,395	12,377	(2,091)	1980 / 2017	2014
1601 Alton Pkwy.	Irvine, CA	—		7,638	4,946	8,454	7,638	13,400	21,038	(2,339)	1974 / 2018	2014
3116 W. Avenue 32	Los Angeles, CA	—		3,761	6,729	3,351	3,761	10,080	13,841	(2,065)	1974	2014
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street	Chatsworth, CA	—		7,230	9,058	1,981	7,230	11,039	18,269	(3,086)	1979 / 1980	2014


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
24935 & 24955 Avenue Kearny	Santa Clarita, CA	—	4,773	5,970	785	4,773	6,755	11,528	(1,917)	1988	2014
605 8th Street	San Fernando, CA	—	2,393	2,742	1,744	2,393	4,486	6,879	(984)	1991 / 2015, 2020	2014
9120 Mason Ave.	Chatsworth, CA	—	9,224	19,346	271	9,224	19,617	28,841	(4,712)	1967 / 1999	2014
7900 Nelson Rd.	Los Angeles, CA	—	8,495	15,948	2,079	8,495	18,027	26,522	(4,133)	1998 / 2015	2014
679-691 S Anderson St.	Los Angeles, CA	—	1,723	4,767	1,469	1,723	6,236	7,959	(1,257)	1992 / 2017	2014
10509 Business Drive	Fontana, CA	—	3,505	5,237	568	3,505	5,805	9,310	(1,587)	1989	2014
13231 Slover Avenue	Fontana, CA	—	2,812	4,739	743	2,812	5,482	8,294	(1,325)	1990	2014
240 W Ivy Avenue	Inglewood, CA	—	2,064	3,675	4,219	2,064	7,894	9,958	(1,292)	1981	2014
3000 Paseo Mercado, 3120-3150 Paseo Mercado	Oxnard, CA	—	2,616	8,311	1,328	2,616	9,639	12,255	(2,470)	1988	2014
1800 Eastman Ave.	Oxnard, CA	—	842	2,209	70	842	2,279	3,121	(666)	2009	2014
2360-2364 E. Sturgis Road	Oxnard, CA	—	1,128	2,726	520	1,128	3,246	4,374	(986)	1989	2014
201 Rice Ave. & 2400-2420 Celsius	Oxnard, CA	—	3,487	9,589	374	3,487	9,963	13,450	(2,592)	2008	2014
11120, 11160, 11200 Hindry Ave	Los Angeles, CA	—	3,478	7,834	387	3,478	8,221	11,699	(2,026)	1992 / 1994	2014
6970-7170 & 7310-7374 Convoy Ct.	San Diego, CA	—	10,805	18,426	2,232	10,805	20,658	31,463	(5,375)	1971	2014
12907 Imperial Highway	Santa Fe Springs, CA	—	5,462	6,678	—	5,462	6,678	12,140	(1,559)	1997	2015
8902-8940 Activity Road	San Diego, CA	—	9,427	8,103	1,714	9,427	9,817	19,244	(2,575)	1987 / 1997	2015
1210 N Red Gum St.	Anaheim, CA	—	3,326	4,020	1,441	3,326	5,461	8,787	(1,154)	1985 / 2020	2015
9615 Norwalk Blvd.	Santa Fe Springs, CA	—	8,508	1,134	1,025	8,508	2,159	10,667	(493)	1975	2015
16221 Arthur St.	Cerritos, CA	—	2,979	3,204	429	2,979	3,633	6,612	(838)	1979	2015
2588 & 2605 Industry Way	Lynwood, CA	—	8,738	9,415	—	8,738	9,415	18,153	(2,293)	1969 / 1971	2015
425 S. Hacienda Blvd.	City of Industry, CA	—	4,010	3,050	117	4,010	3,167	7,177	(782)	1997	2015
6700 S Alameda St.	Huntington Park, CA	—	3,502	9,279	257	3,502	9,536	13,038	(2,662)	1990 / 2008	2015
12720-12860 Danielson Ct.	Poway, CA	—	6,902	8,949	450	6,902	9,399	16,301	(2,898)	1999	2015
10950 Norwalk Blvd & 12241 Lakeland Rd.	Santa Fe Springs, CA	—	3,446	1,241	84	3,446	1,325	4,771	(450)	1982	2015
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd.	Oxnard, CA	—	3,310	5,806	1,066	3,310	6,872	10,182	(1,989)	1985	2015


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
10701-10719 Norwalk Blvd.	Santa Fe Springs, CA	—	3,357	3,527	147	3,357	3,674	7,031	(873)	2004	2015
6020 Sheila St.	Commerce, CA	—	4,590	7,772	583	4,590	8,355	12,945	(1,804)	2000	2015
9805 6th St.	Rancho Cucamonga, CA	—	3,503	3,204	833	3,503	4,037	7,540	(1,173)	1986	2015
16321 Arrow Hwy.	Irwindale, CA	—	3,087	4,081	453	3,087	4,534	7,621	(983)	1955 / 2001	2015
601-605 S. Milliken Ave.	Ontario, CA	—	5,479	7,036	1,137	5,479	8,173	13,652	(2,176)	1987 / 1988	2015
1065 E. Walnut Ave.	Carson, CA	—	10,038	4,380	3,530	10,038	7,910	17,948	(2,192)	1974	2015
12247 Lakeland Rd.	Santa Fe Springs, CA	—	3,481	776	1,159	3,481	1,935	5,416	(401)	1971 / 2016	2015
17311 Nichols Lane	Huntington Beach, CA	—	7,988	8,728	3	7,988	8,731	16,719	(1,900)	1993 / 2014	2015
8525 Camino Santa Fe	San Diego, CA	—	4,038	4,055	818	4,038	4,873	8,911	(1,124)	1986	2016
28454 Livingston Avenue	Valencia, CA	—	5,150	9,666	200	5,150	9,866	15,016	(2,028)	2007	2016
20 Icon	Lake Forest, CA	—	12,576	8,817	160	12,576	8,977	21,553	(2,588)	1999 / 2015	2016
16425 Gale Avenue	City of Industry, CA	—	18,803	6,029	1,006	18,803	7,035	25,838	(1,435)	1976	2016
12131 Western Avenue	Garden Grove, CA	—	15,077	11,149	4,685	15,077	15,834	30,911	(2,869)	1987 / 2007, 2017	2016
9 Holland	Irvine, CA	—	13,724	9,365	142	13,724	9,507	23,231	(2,070)	1980 / 2013	2016
15996 Jurupa Avenue	Fontana, CA	—	7,855	12,056	4	7,855	12,060	19,915	(2,379)	2015	2016
11127 Catawba Avenue	Fontana, CA	—	5,562	8,094	4	5,562	8,098	13,660	(1,605)	2015	2016
13550 Stowe Drive	Poway, CA	—	9,126	8,043	—	9,126	8,043	17,169	(1,903)	1991	2016
10750-10826 Lower Azusa Road	El Monte, CA	—	4,433	2,961	1,163	4,433	4,124	8,557	(924)	1975	2016
525 Park Avenue	San Fernando, CA	—	3,830	3,887	164	3,830	4,051	7,881	(837)	2003	2016
3233 Mission Oaks Blvd.	Camarillo, CA	—	13,791	10,017	13,282	13,791	23,299	37,090	(3,518)	1980-1982 / 2014, 2018, 2019	2016
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave.	Fullerton, CA	—	26,659	12,673	3,755	26,659	16,428	43,087	(3,795)	1968/1985	2016
14742-14750 Nelson Avenue	City of Industry, CA	—	13,463	1,680	16,946	13,463	18,626	32,089	(1,835)	1969 / 2018	2016
301-445 Figueroa Street	Wilmington, CA	—	7,126	5,728	4,891	7,126	10,619	17,745	(1,464)	1972 / 2018	2016
12320 4th Street	Rancho Cucamonga, CA	—	12,642	14,179	3	12,642	14,182	26,824	(2,810)	1997 / 2003	2016
9190 Activity Road	San Diego, CA	—	8,497	5,622	682	8,497	6,304	14,801	(1,375)	1986	2016


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
28903-28903 Avenue Paine	Valencia, CA	—	10,620	6,510	7,456	10,620	13,966	24,586	(977)	1999 / 2018	2017
2390 Ward Avenue	Simi Valley, CA	—	5,624	10,045	845	5,624	10,890	16,514	(2,067)	1989	2017
Safari Business Center(5)	Ontario, CA	—	50,807	86,065	6,925	50,807	92,990	143,797	(15,228)	1989	2017
4175 Conant Street	Long Beach, CA	—	13,785	13,440	—	13,785	13,440	27,225	(2,176)	2015	2017
5421 Argosy Avenue	Huntington Beach, CA	—	3,577	1,490	2	3,577	1,492	5,069	(438)	1976	2017
14820-14830 Carmenita Road	Norwalk, CA	—	22,938	6,738	798	22,938	7,536	30,474	(1,332)	1970, 2000	2017
3002-3072 Inland Empire Blvd.	Ontario, CA	—	11,980	14,439	2,726	11,980	17,165	29,145	(2,956)	1981	2017
17000 Kingsview Avenue & 800 Sandhill Avenue	Carson, CA	—	7,988	5,472	975	7,988	6,447	14,435	(875)	1984	2017
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way	Rancho Dominguez, CA	—	121,329	86,776	5,150	121,329	91,926	213,255	(14,346)	1989	2017
11190 White Birch Drive	Rancho Cucamonga, CA	—	9,405	9,840	280	9,405	10,120	19,525	(1,638)	1986	2017
4832-4850 Azusa Canyon Road	Irwindale, CA	—	5,330	8,856	7	5,330	8,863	14,193	(1,288)	2016	2017
1825 Soto Street	Los Angeles, CA	—	2,129	1,315	3	2,129	1,318	3,447	(220)	1993	2017
19402 Susana Road	Rancho Dominguez, CA	—	3,524	357	5	3,524	362	3,886	(113)	1957	2017
13225 Western Avenue	Gardena, CA	—	1,918	355	363	1,918	718	2,636	(94)	1955	2017
15401 Figueroa Street	Los Angeles, CA	—	3,255	1,248	731	3,255	1,979	5,234	(240)	1964 / 2018	2017
8542 Slauson Avenue	Pico Rivera, CA	—	8,681	576	940	8,681	1,516	10,197	(257)	1964	2017
687 Eucalyptus Avenue	Inglewood, CA	—	37,035	15,120	275	37,035	15,395	52,430	(1,884)	2017	2017
302 Rockefeller Avenue	Ontario, CA	—	6,859	7,185	14	6,859	7,199	14,058	(965)	2000	2017
4355 Brickell Street	Ontario, CA	—	7,295	5,616	71	7,295	5,687	12,982	(825)	2004	2017
12622-12632 Monarch Street	Garden Grove, CA	—	11,691	8,290	1,002	11,691	9,292	20,983	(1,313)	1967	2017
8315 Hanan Way	Pico Rivera, CA	—	8,714	4,751	180	8,714	4,931	13,645	(655)	1976	2017
13971 Norton Avenue	Chino, CA	—	5,293	6,377	96	5,293	6,473	11,766	(922)	1990	2018
1900 Proforma Avenue	Ontario, CA	—	10,214	5,127	969	10,214	6,096	16,310	(1,116)	1989	2018
16010 Shoemaker Avenue	Cerritos, CA	—	9,927	6,948	128	9,927	7,076	17,003	(919)	1985	2018


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
4039 Calle Platino	Oceanside, CA	—	9,476	11,394	632	9,476	12,026	21,502	(1,474)	1991	2018
851 Lawrence Drive	Thousand Oaks, CA	—	6,717	—	7,242	6,717	7,242	13,959	—	1968	2018
1581 North Main Street	Orange, CA	—	4,230	3,313	4	4,230	3,317	7,547	(402)	1994	2018
1580 West Carson Street	Long Beach, CA	—	5,252	2,496	1,705	5,252	4,201	9,453	(387)	1982 / 2018	2018
660 & 664 North Twin Oaks Valley Road	San Marcos, CA	—	6,307	6,573	82	6,307	6,655	12,962	(903)	1978 - 1988	2018
1190 Stanford Court	Anaheim, CA	—	3,583	2,430	97	3,583	2,527	6,110	(295)	1979	2018
5300 Sheila Street	Commerce, CA	—	90,568	54,086	218	90,568	54,304	144,872	(6,503)	1975	2018
15777 Gateway Circle	Tustin, CA	—	3,815	4,292	20	3,815	4,312	8,127	(457)	2005	2018
1998 Surveyor Avenue	Simi Valley, CA	—	3,670	2,263	4,754	3,670	7,017	10,687	(541)	2018	2018
3100 Fujita Street	Torrance, CA	—	7,723	5,649	206	7,723	5,855	13,578	(709)	1970	2018
4416 Azusa Canyon Road	Irwindale, CA	—	10,762	1,567	217	10,762	1,784	12,546	(230)	1956	2018
1420 McKinley Avenue	Compton, CA	—	17,053	13,605	143	17,053	13,748	30,801	(1,485)	2017	2018
12154 Montague Street	Pacoima, CA	—	10,114	12,767	546	10,114	13,313	23,427	(1,250)	1974	2018
10747 Norwalk Boulevard	Santa Fe Springs, CA	—	5,646	4,966	184	5,646	5,150	10,796	(525)	1999	2018
29003 Avenue Sherman	Valencia, CA	—	3,094	6,467	1,735	3,094	8,202	11,296	(307)	2000 / 2019	2018
16121 Carmenita Road	Cerritos, CA	—	10,013	3,279	3,622	10,013	6,901	16,914	(155)	1969/1983, 2020	2018
1332-1340 Rocky Point Drive	Oceanside, CA	—	3,816	6,148	363	3,816	6,511	10,327	(541)	2009 / 2019	2018
6131-6133 Innovation Way	Carlsbad, CA	—	10,545	11,859	98	10,545	11,957	22,502	(1,153)	2017	2018
263-321 Gardena Boulevard	Carson, CA	—	14,302	1,960	199	14,302	2,159	16,461	(384)	1977 - 1982	2018
9200 Mason Avenue	Chatsworth, CA	—	4,887	4,080	—	4,887	4,080	8,967	(399)	1968	2018
9230 Mason Avenue	Chatsworth, CA	—	4,454	955	—	4,454	955	5,409	(148)	1974	2018
9250 Mason Avenue	Chatsworth, CA	—	4,034	2,464	—	4,034	2,464	6,498	(261)	1977	2018
9171 Oso Avenue	Chatsworth, CA	—	5,647	2,801	—	5,647	2,801	8,448	(327)	1980	2018
5593-5595 Fresca Drive	La Palma, CA	—	11,414	2,502	14	11,414	2,516	13,930	(361)	1973	2018
6100 Sheila Street	Commerce, CA	—	11,789	5,214	327	11,789	5,541	17,330	(858)	1960	2018
14421-14441 Bonelli Street	City of Industry, CA	—	12,191	7,489	16	12,191	7,505	19,696	(753)	1971	2018
12821 Knott Street	Garden Grove, CA	—	17,896	2,824	3,746	17,896	6,570	24,466	—	1971	2019
28510 Industry Drive	Valencia, CA	—	2,395	5,466	124	2,395	5,590	7,985	(416)	2017	2019


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
Conejo Spectrum Business Park	Thousand Oaks, CA	—	38,877	64,721	1,784	38,877	66,505	105,382	(4,821)	2018 / 2020	2019
2455 Ash Street	Vista, CA	—	4,273	1,966	221	4,273	2,187	6,460	(222)	1990	2019
25413 Rye Canyon Road	Santa Clarita, CA	—	3,245	2,352	897	3,245	3,249	6,494	(233)	1981	2019
1515 15th Street	Los Angeles, CA	—	23,363	5,208	2,237	23,363	7,445	30,808	(358)	1977	2019
13890 Nelson Avenue	City of Industry, CA	—	25,642	14,616	45	25,642	14,661	40,303	(1,134)	1982	2019
445-449 Freedom Avenue	Orange, CA	—	9,084	8,286	105	9,084	8,391	17,475	(633)	1980	2019
2270 Camino Vida Roble	Carlsbad, CA	—	8,102	8,179	2,751	8,102	10,930	19,032	(754)	1981	2019
980 Rancheros Drive	San Marcos, CA	—	2,901	4,245	247	2,901	4,492	7,393	(324)	1982	2019
1145 Arroyo Avenue	San Fernando, CA	—	19,556	9,567	286	19,556	9,853	29,409	(767)	1989	2019
1150 Aviation Place	San Fernando, CA	—	18,989	10,067	—	18,989	10,067	29,056	(835)	1989	2019
1175 Aviation Place	San Fernando, CA	—	12,367	4,858	113	12,367	4,971	17,338	(411)	1989	2019
1245 Aviation Place	San Fernando, CA	—	16,407	9,572	22	16,407	9,594	26,001	(749)	1989	2019
635 8th Street	San Fernando, CA	—	8,787	5,922	2,037	8,787	7,959	16,746	(181)	1989	2019
10015 Waples Court	San Diego, CA	—	12,280	9,198	5,332	12,280	14,530	26,810	(127)	1988 / 2020	2019
19100 Susana Road	Rancho Dominguez, CA	—	11,576	2,265	337	11,576	2,602	14,178	(239)	1956	2019
15385 Oxnard Street	Van Nuys, CA	—	11,782	5,212	204	11,782	5,416	17,198	(382)	1988	2019
9750-9770 San Fernando Road	Sun Valley, CA	—	6,718	543	72	6,718	615	7,333	(97)	1952	2019
218 S. Turnbull Canyon	City of Industry, CA	—	19,075	8,061	193	19,075	8,254	27,329	(637)	1999	2019
Limonite Ave. & Archibald Ave.	Eastvale, CA	—	23,848	—	32,411	23,848	32,411	56,259	(1)	2020	2019
3340 San Fernando Road	Los Angeles, CA	—	2,885	147	(115)	2,770	147	2,917	(27)	N/A	2019
5725 Eastgate Drive	San Diego, CA	—	6,543	1,732	308	6,543	2,040	8,583	(186)	1995	2019
18115 Main Street	Carson, CA	—	7,142	776	42	7,142	818	7,960	(86)	1988	2019
3150 Ana Street	Rancho Dominguez, CA	—	15,997	3,036	—	15,997	3,036	19,033	(207)	1957	2019
1402 Avenida Del Oro	Oceanside, CA	—	33,006	34,439	22	33,006	34,461	67,467	(2,162)	2016	2019


			Initial Cost		Costs Capitalized Subsequent to Acquisition(1)	Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances	Land	Building and Improvements	Building and Improvements	Land (2)	Building & Improvements (2)	Total	Accumulated Depreciation (3)	Year Build / Year Renovated	Year Acquired
9607-9623 Imperial Highway	Downey, CA	—	9,766	865	396	9,766	1,261	11,027	(103)	1974	2019
12200 Bellflower Boulevard	Downey, CA	—	14,960	2,057	12	14,960	2,069	17,029	(189)	1955	2019
Storm Parkway	Torrance, CA	—	42,178	21,987	199	42,178	22,186	64,364	(1,251)	1982 - 2008	2019
2328 Teller Road	Newbury Park, CA	—	8,330	14,304	747	8,330	15,051	23,381	(832)	1970 / 2018	2019
6277-6289 Slauson Avenue	Commerce, CA	—	27,809	11,454	540	27,809	11,994	39,803	(673)	1962 - 1977	2019
750 Manville Street	Compton, CA	—	8,283	2,784	389	8,283	3,173	11,456	(159)	1977	2019
8985 Crestmar Point	San Diego, CA	—	6,990	1,350	248	6,990	1,598	8,588	(125)	1988	2019
404-430 Berry Way	Brea, CA	—	21,047	4,566	1,018	21,047	5,584	26,631	(349)	1964 - 1967	2019
415-435 Motor Avenue	Azusa, CA	—	7,364	—	1,067	7,364	1,067	8,431	—	1956	2019
508 East E Street	Wilmington, CA	—	10,742	4,380	31	10,742	4,411	15,153	(239)	1988	2019
12752-12822 Monarch Street	Garden Grove, CA	—	29,404	4,262	1,097	29,404	5,359	34,763	(268)	1971	2019
1601 Mission Blvd.	Pomona, CA	—	67,623	18,962	71	67,623	19,033	86,656	(1,200)	1952	2019
2757 Del Amo Blvd.	Rancho Dominguez, CA	—	10,035	2,073	2	10,035	2,075	12,110	(141)	1967	2019
18250 Euclid Street	Fountain Valley, CA	—	11,116	3,201	—	11,116	3,201	14,317	(154)	1974	2019
701-751 Kingshill Place	Carson, CA	7,100	23,016	10,344	2,160	23,016	12,504	35,520	(365)	1979 / 2020	2020
2601-2641 Manhattan Beach Blvd	Redondo Beach, CA	4,065	30,333	9,427	916	30,333	10,343	40,676	(400)	1978	2020
2410-2420 Santa Fe Avenue	Redondo Beach, CA	10,300	24,310	13,128	1	24,310	13,129	37,439	(441)	1977	2020
11600 Los Nietos Road	Santa Fe Springs, CA	2,785	12,033	4,666	116	12,033	4,782	16,815	(186)	1976	2020
5160 Richton Street	Montclair, CA	4,387	7,199	8,203	330	7,199	8,533	15,732	(276)	2004	2020
2205 126th Street	Hawthorne, CA	5,200	11,407	6,834	737	11,407	7,571	18,978	(247)	1998	2020
11832-11954 La Cienega Blvd	Hawthorne, CA	4,072	13,625	5,721	195	13,625	5,916	19,541	(248)	1999	2020
7612-7642 Woodwind Drive	Huntington Beach, CA	3,895	10,634	2,901	27	10,634	2,928	13,562	(120)	2001	2020
960-970 Knox Street	Torrance, CA	2,488	7,324	2,380	189	7,324	2,569	9,893	(100)	1976	2020
25781 Atlantic Ocean Drive	Lake Forest, CA	—	4,358	1,067	—	4,358	1,067	5,425	(48)	1996	2020
720-750 Vernon Avenue	Azusa, CA	—	14,088	1,638	4	14,088	1,642	15,730	(87)	1950	2020
6687 Flotilla Street	Commerce, CA	—	14,501	6,053	436	14,501	6,489	20,990	(187)	1956	2020


				Initial Cost				Costs Capitalized Subsequent to Acquisition(1)		Gross Amounts at Which Carried at Close of Period
Property Address	Location	Encumbrances		Land		Building and Improvements		Building and Improvements		Land (2)		Building & Improvements (2)		Total		Accumulated Depreciation (3)		Year Build / Year Renovated	Year Acquired
1055 Sandhill Avenue	Carson, CA	—		11,970		—		861		11,970		861		12,831		—		1973	2020
22895 Eastpark Drive	Yorba Linda, CA	2,749		5,337		1,370		—		5,337		1,370		6,707		(43)		1986	2020
8745-8775 Production Avenue	San Diego, CA	—		6,471		1,551		104		6,471		1,655		8,126		(43)		1974	2020
15850 Slover Avenue	Fontana, CA	—		3,634		6,452		11		3,634		6,463		10,097		(135)		2020	2020
15650-15700 Avalon Blvd	Los Angeles, CA	—		22,353		5,988		140		22,353		6,128		28,481		(123)		1962 - 1978	2020
11308-11350 Penrose Street	Sun Valley, CA	—		15,884		11,169		11		15,884		11,180		27,064		(231)		1974	2020
11076-11078 Fleetwood Street	Sun Valley, CA	—		3,217		1,446		69		3,217		1,515		4,732		(29)		1974	2020
11529-11547 Tuxford Street	Sun Valley, CA	—		3,173		1,767		47		3,173		1,814		4,987		(35)		1976	2020
12133 Greenstone Avenue	Santa Fe Springs, CA	—		5,900		891		197		5,900		1,088		6,988		(42)		1967	2020
12772 San Fernando Road	Sylmar, CA	—		17,302		3,832		12		17,302		3,844		21,146		(42)		1964 / 2013	2020
15601 Avalon Blvd	Los Angeles, CA	—		15,776		—		222		15,776		222		15,998		—		1984	2020
Gateway Pointe	Whittier, CA	—		132,659		154,250		1		132,659		154,251		286,910		(741)		2005 - 2006	2020
13943-13955 Balboa Blvd	Sylmar, CA	15,661		26,795		18,484		—		26,795		18,484		45,279		(104)		2000	2020
Van Nuys Airport Industrial Center	Van Nuys, CA	—		91,894		58,625		—		91,894		58,625		150,519		(104)		1961 - 2007	2020
4039 State Street	Montclair, CA	—		12,829		15,485		—		12,829		15,485		28,314		(27)		2020	2020
10156 Live Oak Avenue	Fontana, CA	—		19,779		27,186		—		19,779		27,186		46,965		(43)		2020	2020
10694 Tamarind Avenue	Fontana, CA	—		8,878		12,325		—		8,878		12,325		21,203		(20)		2020	2020
2520 Baseline Road	Rialto, CA	—		12,513		16,377		—		12,513		16,377		28,890		(27)		2020	2020
12211 Greenstone Avenue	Santa Fe Springs, CA	—		15,729		1,636		—		15,729		1,636		17,365		(6)		N/A	2020
East 27th Street	Los Angeles, CA	—		40,332		21,842		—		40,332		21,842		62,174		(41)		1961 - 2004	2020
2750 Alameda Street	Los Angeles, CA	—		24,644		5,771		—		24,644		5,771		30,415		(15)		1961 - 1980	2020
29010 Avenue Paine	Valencia, CA	—		7,401		8,168		—		7,401		8,168		15,569		(15)		2000	2020
29010 Commerce Center Drive	Valencia, CA	—		10,499		13,832		—		10,499		13,832		24,331		(23)		2002	2020
13369 Valley Blvd	Fontana, CA	—		9,675		10,393		—		9,675		10,393		20,068		(19)		2005	2020
6635 Caballero Blvd	Buena Park, CA	—		14,288		7,919		—		14,288		7,919		22,207		(13)		2003	2020
1235 South Lewis Street	Anaheim, CA	—		16,984		1,519		—		16,984		1,519		18,503		(5)		1956	2020
Investments in real estate		$	64,995	$	2,641,145	$	1,976,099	$	340,241	$	2,636,816	$	2,311,139	$	4,947,955	$	(375,423)

Note: As of December 31, 2020, the aggregate cost for federal income tax purposes of investments in real estate was approximately $4.7 billion.

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

(2)During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $9.5 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $9.5 million, $4.2 million is included as a reduction of “Land” in the table above, with the remaining $5.3 million included as a reduction of “Buildings and Improvements”.

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

(4)These six properties secure a term loan that had a balance of $58.5 million as of December 31, 2020.

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

The following tables reconcile the historical cost of total real estate held for investment and accumulated depreciation from January 1, 2018 to December 31, 2020 (in thousands):


	Year Ended December 31,
Total Real Estate Held for Investment	2020		2019		2018
Balance, beginning of year	$	3,698,390	$	2,716,083	$	2,161,965
Acquisition of investment in real estate	1,210,289		952,981		513,511
Construction costs and improvements	84,392		50,169		58,207
Disposition of investment in real estate	(34,068)		(19,956)		(17,060)
Properties held for sale	(10,353)		—		—
Write-off of fully depreciated assets	(695)		(772)		(540)
Other(1)	—		(115)		—
Balance, end of year	$	4,947,955	$	3,698,390	$	2,716,083


	Year Ended December 31,
Accumulated Depreciation	2020		2019		2018
Balance, beginning of year	$	(296,777)	$	(228,742)	$	(173,541)
Depreciation of investment in real estate	(86,159)		(72,505)		(57,312)
Disposition of investment in real estate	5,270		3,698		1,571
Properties held for sale	1,548		—		—
Write-off of fully depreciated assets	695		772		540
Balance, end of year	$	(375,423)	$	(296,777)	$	(228,742)

(1)On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. The $0.1 million adjustment to the carrying value of the land is the difference between the purchase price of the land parcel and the carrying amount of the ground lease liability immediately before the acquisition.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation

Basis of Presentation and Principles of Consolidation

Basis of Accounting

Use of Estimates

Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents

Restricted Cash


	Year Ended December 31,
	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	$	176,293	$	78,857
Restricted cash	1,230		—
Cash, cash equivalents and restricted cash, end of period	$	177,523	$	78,857

Investment in Real Estate

Investments in Real Estate

Acquisitions

Capitalization of Costs

Depreciation and Amortization

Assets Held for Sale

Impairment of Long-Lived Assets

Income Taxes

Derivative Instruments and Hedging Activities

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

Management, leasing and development services

Gain or Loss on Sale of Real Estate

Valuation of Receivables

Valuation of Operating Lease Receivables

Lessor

Leases

Lessor

ASC 842 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases, and operating leases.

See Note 6 for additional lessor disclosures required under ASC 842.

Lessee

842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components.

See Note 6 for additional lessee disclosures required under ASC 842.

Debt Issuance Costs

Equity Based Compensation

Equity Offering Costs

Earnings Per Share

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.

Segment Reporting

Segment ReportingManagement views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.

Recently Issued Accounting Pronouncements

Recent Accounting Pronouncements

Allowance for Credit Losses

Reference Rate Reform

COVID-19 Lease Concessions

The following table summarizes COVID-19 related rent relief provided to tenants during the year ended December 31, 2020:


	Rent Relief
	Security Deposits		Acceleration of Concessions		Deferral of Base Rent


Year ended December 31, 2020	$	4,578	$	825	$	4,570

Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 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 year ended December 31, 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
15650-15700 Avalon Boulevard	Los Angeles - South Bay	7/1/2020	166,088	2	28,079
11308-11350 Penrose Street	Los Angeles - San Fernando Valley	7/1/2020	151,604	2	25,427
11076-11078 Fleetwood Street	Los Angeles - San Fernando Valley	7/1/2020	26,040	1	4,711
11529-11547 Tuxford Street	Los Angeles - San Fernando Valley	7/1/2020	29,730	1	5,005
12133 Greenstone Avenue	Los Angeles - Mid-Counties	7/17/2020	12,586	1	5,483
12772-12746 San Fernando Road	Los Angeles - San Fernando Valley	10/14/2020	140,837	2	22,050
15601 Avalon Boulevard	Los Angeles - South Bay	10/26/2020	63,690	2	15,500
Gateway Pointe Industrial Park(4)	Los Angeles - Mid-Counties	11/17/2020	989,195	4	296,590
13943-13955 Balboa Boulevard(5)	Los Angeles - San Fernando Valley	11/17/2020	200,632	1	45,340
Van Nuys Airport Industrial Center	Los Angeles - San Fernando Valley	12/3/2020	426,466	18	154,637
4039 State Street	San Bernardino - Inland Empire West	12/4/2020	139,000	1	29,665
10156 Live Oak Avenue	San Bernardino - Inland Empire West	12/4/2020	236,912	1	46,814
10694 Tamarind Avenue	San Bernardino - Inland Empire West	12/4/2020	99,999	1	22,390
2520 Baseline Road	San Bernardino - Inland Empire West	12/4/2020	156,586	1	30,531
12211 Greenstone Avenue	Los Angeles - Mid-Counties	12/9/2020	—	—	16,800


1921, 2011, 2055, 2099, 2040 East 27th Street	Los Angeles - Central	12/15/2020	300,389	4	63,403
2750 & 2800 Alameda Street	Los Angeles - Central	12/15/2020	164,026	2	30,369
29010 Avenue Paine(6)	Los Angeles - San Fernando Valley	12/31/2020	100,157	1	16,037
29010 Commerce Center Drive(6)	Los Angeles - San Fernando Valley	12/31/2020	117,151	1	24,480
13369 Valley Boulevard(6)	San Bernardino - Inland Empire West	12/31/2020	105,041	1	20,660
6635 Caballero Boulevard(6)	Los Angeles - Mid-Counties	12/31/2020	92,395	1	22,802
1235 South Lewis Street	Orange County - North	12/31/2020	62,607	1	16,800
Total 2020 Property Acquisitions			4,978,204	82	$	1,227,426

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

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


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
12821 Knott Street	Orange County - West	1/15/2019	120,800	1	$	19,800
28510 Industry Drive	Los Angeles - San Fernando Valley	1/17/2019	46,778	1	7,765
Conejo Spectrum Business Park	Ventura	1/28/2019	531,378	9	106,250
2455 Ash Street	San Diego - North County	3/5/2019	42,508	1	6,680
25413 Rye Canyon Road	Los Angeles - San Fernando Valley	3/12/2019	48,075	1	5,529
1515 East 15th Street(2)	Los Angeles - Central LA	4/10/2019	238,015	1	28,100
13890 Nelson Avenue	Los Angeles - San Gabriel Valley	4/12/2019	256,993	1	41,810
445-449 Freedom Avenue	Orange County - North	4/12/2019	92,647	1	17,960
2270 Camino Vida Roble	San Diego - North County	4/12/2019	106,311	1	16,791
980 Rancheros Drive	San Diego - North County	4/16/2019	48,878	1	7,895
1145 Arroyo Avenue	Los Angeles - San Fernando Valley	4/25/2019	147,019	1	29,862
1150 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	147,000	1	29,694
1175 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	92,455	1	17,844
1245 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	132,936	1	26,055
635 8th Street	Los Angeles - San Fernando Valley	4/25/2019	72,250	1	14,659
10015 Waples Court	San Diego - Central County	4/25/2019	106,412	1	21,300
19100 Susana Road	Los Angeles - South Bay	4/30/2019	52,714	1	13,510
15385 Oxnard Street	Los Angeles - San Fernando Valley	5/3/2019	71,467	1	16,800
9750-9770 San Fernando Road	Los Angeles - San Fernando Valley	5/16/2019	35,624	1	7,440
218 Turnbull Canyon	Los Angeles - San Gabriel Valley	5/31/2019	190,900	1	27,100
The Merge(3)	San Bernardino - Inland Empire West	6/6/2019	—	—	23,200
3340 San Fernando Road(4)	Los Angeles - San Fernando Valley	7/3/2019	—	—	3,000
5725 Eastgate Drive	San Diego - Central County	7/31/2019	27,267	1	8,150
18115 Main Street	Los Angeles - South Bay	8/29/2019	42,270	1	6,750
3150 Ana Street	Los Angeles - South Bay	8/29/2019	105,970	1	18,800
1402 Avenida Del Oro(5)	San Diego - North County	8/30/2019	311,995	1	73,550
9607-9623 Imperial Highway	Los Angeles - Mid-Counties	9/5/2019	7,466	1	10,510
12200 Bellflower Boulevard	Los Angeles - Mid-Counties	9/5/2019	54,161	1	16,325
Storm Parkway	Los Angeles - South Bay	9/17/2019	267,503	8	66,165
2328 Teller Road	Ventura	9/25/2019	126,317	1	23,273
6277-6289 Slauson Avenue	Los Angeles - Central LA	10/3/2019	336,085	3	41,263
750 Manville Street	Los Angeles - South Bay	10/4/2019	59,996	1	11,510
8985 Crestmar Point	San Diego - Central County	10/25/2019	55,816	1	7,985
404-430 Berry Way(6)	Orange County - North	11/5/2019	120,250	3	27,600
415-435 Motor Avenue	Los Angeles - San Gabriel Valley	11/13/2019	63,900	1	7,200
508 East E Street	Los Angeles - South Bay	11/20/2019	57,522	1	14,892
12752-12822 Monarch Street	Orange County - West	11/22/2019	276,585	1	34,000
1601 West Mission Boulevard	Los Angeles - San Gabriel Valley	12/10/2019	751,528	1	87,780
2757 East Del Amo Boulevard	Los Angeles - South Bay	12/11/2019	57,300	1	11,900
18250 Euclid Street(7)	Orange County - West	12/27/2019	62,838	1	14,000
Total 2019 Property Acquisitions			5,365,929	57	$	970,697

(3)The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020.

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

The following table summarizes the industrial properties we acquired subsequent to December 31, 2020:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
15010 Don Julian Road(1)	San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street(2)	South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue	Greater San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue(3)	Central San Diego	2/4/2021	86,637	1	19,800
Total			359,668	11	$	94,763

(1)Represents acquisition of a 10.97 acre redevelopment site.

(2)Represents acquisition of a 2.5 acre industrial outdoor storage site.

(3)Represents acquisition of a 5.6 acre redevelopment site.

Acquisition of Other Interests


	2020		2019
Assets:
Land	$	729,649	$	637,478
Buildings and improvements	475,853		308,950
Tenant improvements	4,787		6,553
Acquired lease intangible assets(1)	43,378		39,502
Other acquired assets(2)	3,390		747
Total assets acquired	$	1,257,057	$	993,230
Liabilities:
Acquired lease intangible liabilities(3)	$	19,705	$	15,796
Notes payable(4)	65,264		—
Other assumed liabilities(2)	6,062		5,768
Total liabilities assumed	$	91,031	$	21,564
Net assets acquired	$	1,166,026	$	971,666

(3)Represents below-market lease intangibles with a weighted average amortization period of 5.6 years and 6.1 years, for the 2020 and 2019 acquisitions, respectively.

Acquired Lease Intangibles (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities


	December 31,
	2020		2019
Acquired Lease Intangible Assets:
In-place lease intangibles	$	193,653	$	154,370
Accumulated amortization	(109,789)		(87,955)
In-place lease intangibles, net	$	83,864	$	66,415

Above-market tenant leases	$	17,079	$	14,296
Accumulated amortization	(8,771)		(7,621)
Above-market tenant leases, net	$	8,308	$	6,675
Acquired lease intangible assets, net	$	92,172	$	73,090

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(101,297)	$	(81,718)
Accumulated accretion	34,041		22,378
Below-market tenant leases, net	$	(67,256)	$	(59,340)




Acquired lease intangible liabilities, net	$	(67,256)	$	(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 reported periods noted below (in thousands):


	Year Ended December 31,
	2020		2019		2018
In-place lease intangibles(1)	$	22,903	$	20,936	$	18,135
Net below market tenant leases(2)	$	(10,533)	$	(7,907)	$	(5,949)
Above-market ground lease(3)	$	—	$	—	$	(32)

(1)The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented.

(2)The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented.

(3)The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented.

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

The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2020, for the next five years and thereafter (in thousands):


Year Ending	In-place Leases(1)		Net Above/(Below) Market Operating Leases(2)
2021	$	23,091	$	(9,382)
2022	15,296		(6,691)
2023	11,217		(5,554)
2024	7,992		(4,534)
2025	5,668		(3,028)
Thereafter	20,600		(29,759)
Total	$	83,864	$	(58,948)

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

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

Notes Payable (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Summary of Notes Payable

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


	December 31, 2020		December 31, 2019		Margin Above LIBOR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt:
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	0.850	%	(2)	0.994	%	(3)	2/13/2024	(4)
$100M Term Loan Facility	—		100,000		n/a			n/a			2/14/2022
$225M Term Loan Facility	225,000		225,000		1.100	%	(2)	2.474	%	(5)	1/14/2023
$150M Term Loan Facility	150,000		150,000		1.550	%	(2)	4.313	%	(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
$400M Senior Notes	400,000		—		n/a			2.125	%		12/1/2030
$75M Series 2019B Notes	75,000		75,000		n/a			4.030	%		7/16/2034
Total Unsecured Debt	$	1,100,000	$	800,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	4,065	$	—	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	58,499		58,499		1.700	%		1.844	%		8/1/2023	(7)
960-970 Knox Street(6)(8)	2,488		—		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,895		—		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,785		—		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,387		—		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,749		—		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	7,100		—		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,661		—		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		—		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(6)	10,300		—		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	4,072		—		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,293		2,459		n/a			5.125	%		3/1/2031
Total Secured Debt	$	123,494	$	60,958
Total Unsecured and Secured Debt	$	1,223,494	$	860,958
Less: Unamortized premium/discount and debt issuance costs(11)	(7,334)		(3,116)
Total	$	1,216,160	$	857,842

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

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

(9)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.

(10)Fixed monthly payments of interest only.

Summary of Aggregate Future Minimum Payments of Debt

Contractual Debt Maturities


2021	$	1,609
2022	2,054
2023	289,687
2024	13,270
2025	100,833
Thereafter	816,041
Total	$	1,223,494

Leases (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2020 (in thousands):


For the year ending December 31,
2021	$	289,940
2022	254,168
2023	205,669
2024	156,684
2025	116,156
Thereafter	325,081
Total	$	1,347,698

Lease Cost

The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019.


	Year Ended December 31,
Lease Cost (in thousands)		2020		2019
Operating lease cost(1)		1,354		1,044
Variable lease cost(1)		39		54
Sublease income(2)		—		(162)
Total lease cost		$	1,393	$	936

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

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


	Year Ended December 31,
Other Information (in thousands)		2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities		$	1,127	$	961
Right-of-use assets obtained in exchange for new operating lease liabilities(1)		$	3,204	$	6,720

(1)For the year ended December 31, 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	December 31, 2020		December 31, 2019
Weighted-average remaining lease term	4.2 years		4.7 years
Weighted-average discount rate(1)	2.99	%	3.92	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands):


2021	$	1,468
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,779
Less imputed interest	(421)
Total lease liabilities	$	6,358

Interest Rate Swaps (Tables)

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement


					Current Notional Amount(1)				Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)(2)
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		December 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(1,591)	$	489
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,333)	$	277
Interest Rate Swap	12/14/2018	8/14/2021	1.7640	%	$	—	$	100,000	$	—	$	(332)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(14,656)	$	(8,156)

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

Summary of Impact of Derivative Instruments on Consolidated and Combined Financial Statements

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


	Year Ended December 31,
	2020		2019		2018
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of (loss) gain recognized in AOCI on derivatives	$	(17,212)	$	(12,103)	$	649
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	$	(6,332)	$	2,038	$	1,204
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	30,849	$	26,875	$	25,416

- 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)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

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


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
December 31, 2020
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(17,580)	$	—	$	(17,580)	$	—
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 December 31, 2020 and 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:
December 31, 2020	$	1,276,217	$	—	$	—	$	1,276,217	$	1,216,160
December 31, 2019	$	882,813	$	—	$	—	$	882,813	$	857,842

Dispositions and Real Estate Held for Sale (Tables)

12 Months Ended

Dec. 31, 2020

Discontinued Operations and Disposal Groups [Abstract]

Summary of the Properties Sold

The table below summarizes the properties we sold during the years ended December 31, 2020, 2019 and 2018 (dollars in thousands).


Property	Submarket	Date of Disposition	Rentable Square Feet	Contract Sales Price(1)		Gain (Loss) Recorded
2020 Dispositions:
3927 Oceanic Drive	San Diego - North County	8/13/2020	54,740	$	10,300	$	2,926
121 West 33rd Street	San Diego - South County	9/18/2020	76,745	13,500		7,575
2700-2722 South Fairview(2)	Orange County - Airport	9/30/2020	116,575	20,400		3,268
6750 Central Avenue	Inland Empire East	12/31/2020	8,666	1,300		758
Subtotal			256,726	45,500		14,527
1055 Sandhill Avenue Personal Property			—	1,854		(910)		(3)
Total			256,726	$	47,354	$	13,617

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

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

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

Disclosure of Long Lived Assets Held-for-sale

The following table summarizes the major classes of assets and liabilities associated with real estate properties classified as held for sale as of December 31, 2020 (dollars in thousands).:


	December 31, 2020
Land	$	4,458
Building and improvements	5,452
Tenant improvements	443

Real estate held for sale	10,353
Accumulated depreciation	(1,548)
Real estate held for sale, net	8,805
Other assets associated with real estate held for sale	40
Total assets associated with real estate held for sale, net	$	8,845

Tenant security deposits	$	137
Other liabilities associated with real estate held for sale	56
Total liabilities associated with real estate held for sale	$	193

Stockholder's Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Schedule of Cumulative Preferred Shares

As of December 31, 2020 and 2019, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands):


				December 31, 2020			December 31, 2019
Series	Earliest Redemption Date	Dividend Rate		Shares Outstanding	Liquidation Preference		Shares Outstanding	Liquidation Preference
Series A	August 16, 2021	5.875	%	3,600,000	$	90,000	3,600,000	$	90,000
Series B	November 13, 2022	5.875	%	3,000,000	75,000		3,000,000	75,000
Series C	September 20, 2024	5.625	%	3,450,000	86,250		3,450,000	86,250
Total Preferred Shares				10,050,000	$	251,250	10,050,000	$	251,250

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the years ended December 31, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges:


	Year Ended December 31,
	2020		2019
Accumulated other comprehensive (loss) income - beginning balance	$	(7,542)	$	6,262
Other comprehensive loss before reclassifications	(17,212)		(12,103)
Amounts reclassified from accumulated other comprehensive loss to interest expense(1)	6,332		(2,038)
Net current period other comprehensive loss	(10,880)		(14,141)
Less: other comprehensive loss attributable to noncontrolling interests	713		337
Other comprehensive loss attributable to common stockholders	(10,167)		(13,804)
Accumulated other comprehensive loss - ending balance	$	(17,709)	$	(7,542)

Schedule Of Federal Income Tax Treatment For Distributions


	Common Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	0.834238	100.00	%	$	0.783269	100.00	%	$	0.623496	99.76	%
Return of Capital	—		—	%	—		—	%	0.001504		0.24	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	0.834238	100.00	%	$	0.783269	100.00	%	$	0.625000	100.00	%


	Series A Preferred Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.468752	100.00	%


	Series B Preferred Stock
	Year Ended December 31,
	2020				2019				2018
Ordinary Income	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.664585	100.00	%
Return of Capital	—		—	%	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%	—		—	%
Total	$	1.468752	100.00	%	$	1.468752	100.00	%	$	1.664585	100.00	%


	Series C Preferred Stock
	Year Ended December 31,
	2020				2019
Ordinary Income	$	1.406252	100.00	%	$	0.394531	100.00	%
Return of Capital	—		—	%	—		—	%
Capital Gain	—		—	%	—		—	%
Total	$	1.406252	100.00	%	$	0.394531	100.00	%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Incentive Award Plan (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

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

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


	2020 LTIP Award			2019 LTIP Award			2018 LTIP Award
Valuation date	December 22, 2020			December 16, 2019			December 15, 2018
Closing share price of common stock	$	48.58		$	45.74		$	31.42
Discount for post-vesting restrictions and book-up events	7.6		%	6.4		%	7.7		%
Grant date fair value (in thousands)	$	5,437		$	5,148		$	3,853

Schedule of LTIP Unit Activity

The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2020, 2019 and 2018:


	Number of Unvested LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at December 31, 2017	293,485	$	23.10
Granted	190,318	$	28.43

Vested	(156,755)	$	23.29
Balance at December 31, 2018	327,048	$	26.12
Granted	179,758	$	39.67

Vested	(208,394)	$	26.14
Balance at December 31, 2019	298,412	$	34.26
Granted	157,404	$	45.86
Forfeited	(22,795)	$	38.89
Vested	(196,375)	$	34.31
Balance at December 31, 2020	236,646	$	41.49

Summary of Units Awarded

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


	Absolute TSR Base Units(1)	Relative TSR Base Units(1)	FFO Per-Share Base Units(1)	Distribution Equivalent Units	Total Performance Units
2020 Performance Award	148,030	148,030	148,027	32,828	476,915
2019 Performance Award(2)	118,339	74,033	85,898	16,724	294,994
2018 Performance Award(2)	63,473	63,473	63,471	14,100	204,517

Total Shareholder Return Levels And Vesting Percentages


		Absolute TSR Base Units				Relative TSR Base Units			FFO Per-Share Base Units
	Performance Level	Company TSR Percentage		Absolute TSR Vesting Percentage		Peer Group Relative Performance	Relative TSR Vesting Percentage		FFO per Share Growth		FFO Vesting Percentage		Three-Year Performance Period
2020 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	16.7	%	35th Percentile	16.7	%	12	%	16.7	%
	“Target Level”	24	%	33.4	%	55th Percentile	33.4	%	16.5	%	33.4	%	See Note (1)
	“ High Level”	30	%	66.7	%	75th Percentile	66.7	%	21	%	66.7	%
	“Maximum Level”	≥ 40%		100	%	≥ 90th Percentile	100	%	≥26%		100	%

2019 Award		< 18%		—	%	< 35th Percentile	—	%	< 12%		—	%
	“Threshold Level”	18	%	25	%	35th Percentile	25	%	12	%	25	%	Jan 1, 2020
	“Target Level”	24	%	50	%	55th Percentile	50	%	16.5	%	50	%	to
	“Maximum Level”	≥ 30%		100	%	≥ 75th Percentile	100	%	≥ 21%		100	%	Dec 31, 2022

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

Schedule of valuation assumptions

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


	2020 Market Performance Award			2019 Market Performance Award			2018 Market Performance Award
Valuation date	December 22, 2020			December 16, 2019			December 15, 2018
Expected share price volatility for the Company	31.0		%	18.0		%	20.0		%
Expected share price volatility for peer group companies - low end of range(1)	17.0		%	12.0		%	16.0		%
Expected share price volatility for peer group companies - high end of range(1)	100.0		%	100.0		%	100.0		%
Expected dividend yield	1.90		%	1.90		%	2.50		%
Risk-free interest rate	0.19		%	1.74		%	2.80		%
Grant date fair value (in thousands)	$	6,928		$	3,922		$	2,090

Schedule of Unvested Restricted Stock Activity

The following table sets forth our unvested restricted stock activity for the years ended December 31, 2020, 2019 and 2018:


	Number of Unvested Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share
Balance at December 31, 2017	190,695	$	20.13
Granted	104,560	$	27.72
Forfeited	(13,031)	$	23.51
Vested(1)(2)	(81,826)	$	19.40
Balance at December 31, 2018	200,398	$	20.13
Granted	110,711	$	34.85
Forfeited	(17,287)	$	29.71
Vested(1)(2)	(81,277)	$	23.23
Balance at December 31, 2019	212,545	$	29.64
Granted	126,865	$	45.94
Forfeited	(16,128)	$	37.25
Vested(1)(2)	(90,383)	$	28.50
Balance at December 31, 2020	232,899	$	38.43

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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


	Year Ended December 31,
	2020		2019		2018
Expensed share-based compensation(1)	$	12,871	$	10,756	$	10,147
Capitalized share-based compensation(2)	223		174		255
Total share-based compensation	$	13,094	$	10,930	$	10,402

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

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 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):


	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income	$	80,895	$	64,001	$	47,075
Less: Preferred stock dividends	(14,545)		(11,055)		(9,694)
Less: Net income attributable to noncontrolling interests	(4,492)		(2,022)		(865)
Less: Net income attributable to participating securities	(509)		(447)		(378)
Net income attributable to common stockholders	$	61,349	$	50,477	$	36,138

Denominator:
Weighted average shares of common stock outstanding - basic	120,873,624		106,407,283		86,824,235
Effect of dilutive securities - performance units	304,686		391,765		511,514
Weighted average shares of common stock outstanding - diluted	121,178,310		106,799,048		87,335,749

Earnings per share - Basic
Net income attributable to common stockholders	$	0.51	$	0.47	$	0.42
Earnings per share - Diluted
Net income attributable to common stockholders	$	0.51	$	0.47	$	0.41

Quarterly Information (unaudited) (Tables)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Schedule of Quarterly Information

The following tables set forth selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands except per share amounts):


	Three Months Ended
	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Total revenues	$	88,649	$	83,856	$	79,950	$	77,680
Net income	$	18,155	$	31,197	$	16,271	$	15,272
Net income attributable to common stockholders	$	13,239	$	25,901	$	11,421	$	10,788
Net income attributable to common stockholders per share - basic	$	0.11	$	0.21	$	0.10	$	0.09
Net income attributable to common stockholders per share - diluted	$	0.10	$	0.21	$	0.10	$	0.09


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

Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Summary of Acquired Wholly Owned Property Acquisitions

The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 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
15650-15700 Avalon Boulevard	Los Angeles - South Bay	7/1/2020	166,088	2	28,079
11308-11350 Penrose Street	Los Angeles - San Fernando Valley	7/1/2020	151,604	2	25,427
11076-11078 Fleetwood Street	Los Angeles - San Fernando Valley	7/1/2020	26,040	1	4,711
11529-11547 Tuxford Street	Los Angeles - San Fernando Valley	7/1/2020	29,730	1	5,005
12133 Greenstone Avenue	Los Angeles - Mid-Counties	7/17/2020	12,586	1	5,483
12772-12746 San Fernando Road	Los Angeles - San Fernando Valley	10/14/2020	140,837	2	22,050
15601 Avalon Boulevard	Los Angeles - South Bay	10/26/2020	63,690	2	15,500
Gateway Pointe Industrial Park(4)	Los Angeles - Mid-Counties	11/17/2020	989,195	4	296,590
13943-13955 Balboa Boulevard(5)	Los Angeles - San Fernando Valley	11/17/2020	200,632	1	45,340
Van Nuys Airport Industrial Center	Los Angeles - San Fernando Valley	12/3/2020	426,466	18	154,637
4039 State Street	San Bernardino - Inland Empire West	12/4/2020	139,000	1	29,665
10156 Live Oak Avenue	San Bernardino - Inland Empire West	12/4/2020	236,912	1	46,814
10694 Tamarind Avenue	San Bernardino - Inland Empire West	12/4/2020	99,999	1	22,390
2520 Baseline Road	San Bernardino - Inland Empire West	12/4/2020	156,586	1	30,531
12211 Greenstone Avenue	Los Angeles - Mid-Counties	12/9/2020	—	—	16,800


1921, 2011, 2055, 2099, 2040 East 27th Street	Los Angeles - Central	12/15/2020	300,389	4	63,403
2750 & 2800 Alameda Street	Los Angeles - Central	12/15/2020	164,026	2	30,369
29010 Avenue Paine(6)	Los Angeles - San Fernando Valley	12/31/2020	100,157	1	16,037
29010 Commerce Center Drive(6)	Los Angeles - San Fernando Valley	12/31/2020	117,151	1	24,480
13369 Valley Boulevard(6)	San Bernardino - Inland Empire West	12/31/2020	105,041	1	20,660
6635 Caballero Boulevard(6)	Los Angeles - Mid-Counties	12/31/2020	92,395	1	22,802
1235 South Lewis Street	Orange County - North	12/31/2020	62,607	1	16,800
Total 2020 Property Acquisitions			4,978,204	82	$	1,227,426

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

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


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
12821 Knott Street	Orange County - West	1/15/2019	120,800	1	$	19,800
28510 Industry Drive	Los Angeles - San Fernando Valley	1/17/2019	46,778	1	7,765
Conejo Spectrum Business Park	Ventura	1/28/2019	531,378	9	106,250
2455 Ash Street	San Diego - North County	3/5/2019	42,508	1	6,680
25413 Rye Canyon Road	Los Angeles - San Fernando Valley	3/12/2019	48,075	1	5,529
1515 East 15th Street(2)	Los Angeles - Central LA	4/10/2019	238,015	1	28,100
13890 Nelson Avenue	Los Angeles - San Gabriel Valley	4/12/2019	256,993	1	41,810
445-449 Freedom Avenue	Orange County - North	4/12/2019	92,647	1	17,960
2270 Camino Vida Roble	San Diego - North County	4/12/2019	106,311	1	16,791
980 Rancheros Drive	San Diego - North County	4/16/2019	48,878	1	7,895
1145 Arroyo Avenue	Los Angeles - San Fernando Valley	4/25/2019	147,019	1	29,862
1150 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	147,000	1	29,694
1175 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	92,455	1	17,844
1245 Aviation Place	Los Angeles - San Fernando Valley	4/25/2019	132,936	1	26,055
635 8th Street	Los Angeles - San Fernando Valley	4/25/2019	72,250	1	14,659
10015 Waples Court	San Diego - Central County	4/25/2019	106,412	1	21,300
19100 Susana Road	Los Angeles - South Bay	4/30/2019	52,714	1	13,510
15385 Oxnard Street	Los Angeles - San Fernando Valley	5/3/2019	71,467	1	16,800
9750-9770 San Fernando Road	Los Angeles - San Fernando Valley	5/16/2019	35,624	1	7,440
218 Turnbull Canyon	Los Angeles - San Gabriel Valley	5/31/2019	190,900	1	27,100
The Merge(3)	San Bernardino - Inland Empire West	6/6/2019	—	—	23,200
3340 San Fernando Road(4)	Los Angeles - San Fernando Valley	7/3/2019	—	—	3,000
5725 Eastgate Drive	San Diego - Central County	7/31/2019	27,267	1	8,150
18115 Main Street	Los Angeles - South Bay	8/29/2019	42,270	1	6,750
3150 Ana Street	Los Angeles - South Bay	8/29/2019	105,970	1	18,800
1402 Avenida Del Oro(5)	San Diego - North County	8/30/2019	311,995	1	73,550
9607-9623 Imperial Highway	Los Angeles - Mid-Counties	9/5/2019	7,466	1	10,510
12200 Bellflower Boulevard	Los Angeles - Mid-Counties	9/5/2019	54,161	1	16,325
Storm Parkway	Los Angeles - South Bay	9/17/2019	267,503	8	66,165
2328 Teller Road	Ventura	9/25/2019	126,317	1	23,273
6277-6289 Slauson Avenue	Los Angeles - Central LA	10/3/2019	336,085	3	41,263
750 Manville Street	Los Angeles - South Bay	10/4/2019	59,996	1	11,510
8985 Crestmar Point	San Diego - Central County	10/25/2019	55,816	1	7,985
404-430 Berry Way(6)	Orange County - North	11/5/2019	120,250	3	27,600
415-435 Motor Avenue	Los Angeles - San Gabriel Valley	11/13/2019	63,900	1	7,200
508 East E Street	Los Angeles - South Bay	11/20/2019	57,522	1	14,892
12752-12822 Monarch Street	Orange County - West	11/22/2019	276,585	1	34,000
1601 West Mission Boulevard	Los Angeles - San Gabriel Valley	12/10/2019	751,528	1	87,780
2757 East Del Amo Boulevard	Los Angeles - South Bay	12/11/2019	57,300	1	11,900
18250 Euclid Street(7)	Orange County - West	12/27/2019	62,838	1	14,000
Total 2019 Property Acquisitions			5,365,929	57	$	970,697

(3)The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020.

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

The following table summarizes the industrial properties we acquired subsequent to December 31, 2020:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
15010 Don Julian Road(1)	San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street(2)	South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue	Greater San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue(3)	Central San Diego	2/4/2021	86,637	1	19,800
Total			359,668	11	$	94,763

(1)Represents acquisition of a 10.97 acre redevelopment site.

(2)Represents acquisition of a 2.5 acre industrial outdoor storage site.

(3)Represents acquisition of a 5.6 acre redevelopment site.

Dividends Declared

On February 8, 2021, our board of directors declared the following quarterly cash dividends/distributions:

Security

Amount per Share/Unit

Record Date

Payment Date

Common stock

0.24

March 31, 2021

April 15, 2021

OP Units

0.24

March 31, 2021

April 15, 2021

5.875% Series A Cumulative Redeemable Preferred Stock

0.367188

March 15, 2021

March 31, 2021

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

March 15, 2021

March 31, 2021

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

March 15, 2021

March 31, 2021

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

March 15, 2021

March 31, 2021

4.00% Cumulative Redeemable Convertible Preferred Units

0.450000

March 15, 2021

March 31, 2021

Organization - Additional Information (Detail) ft² in Millions	Dec. 31, 2020 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	248
Area of real estate property (square feet) \| ft²	31.5
Number of real estate properties additionally managed \| property	20
Area of real estate property additionally managed \| ft²	1.0

Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 01, 2019 USD ($)	Dec. 31, 2017 USD ($)
Summary Of Significant Accounting Policies [Line Items]
Restricted cash	$ 1,200
Proceeds from Sale of Real Estate	$ 1,200
Number Of Real Estate Properties Sold \| property	1
Cash and cash equivalents	$ 176,293	$ 78,857	$ 180,601
Restricted cash	1,230	0	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	177,523	78,857	180,601		$ 6,870
Interest costs capitalized	3,900	3,900	2,100
Real estate taxes and insurance costs capitalized	$ 1,200	1,300	900
REIT annual taxable income distribution requirement percentage	90.00%
Provision for doubtful accounts	$ 5,000	700	1,200
Lease liabilities	6,358	3,800		$ 3,600
Right-of-use assets	5,600	3,500		$ 3,300
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	$ 0	$ 3,262	0
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent		us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
960-970 Knox Street
Summary Of Significant Accounting Policies [Line Items]
Deposits paid	$ 26
Rent Relief Agreement, COVID-19 [Member]
Summary Of Significant Accounting Policies [Line Items]
Security Deposits	4,578
Acceleration of Concessions	825
Deferral of Base Rent	$ 4,570
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	20 years
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 4,100	$ 2,700	2,200
Leasing Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized			1,000
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	4.75%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	7.00%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	4.00%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	6.00%
Property Average Lease Up Period \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	6 months
Property Average Lease Up Period \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Property average lease up period	9 months
Fair Value, Concentration of Risk, Market Risk Management, Gap Analysis \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	3.00%
Fair Value, Concentration of Risk, Market Risk Management, Gap Analysis \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Fair value inputs, discount rate	3.75%
Accounting Standards Update 2016-02
Summary Of Significant Accounting Policies [Line Items]
Retained Earnings (Accumulated Deficit)			$ (200)

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands							3 Months Ended	4 Months Ended	12 Months Ended
	Nov. 17, 2020 USD ($) shares	Mar. 05, 2020 building shares	Dec. 27, 2019 USD ($)	Nov. 05, 2019 USD ($)	Aug. 30, 2019 USD ($)	Apr. 10, 2019 USD ($) shares	Dec. 31, 2020 USD ($) ft² a building shares	Jun. 19, 2020 USD ($) building	Dec. 31, 2020 USD ($) ft² building shares	Dec. 31, 2019 USD ($) ft² building	Dec. 31, 2018 USD ($)
Real Estate [Line Items]
Rentable Square Feet \| ft²							4,978,204		4,978,204	5,365,929
Number of buildings \| building							82		82	57
Contractual Purchase Price (in thousands)							$ 1,227,426		$ 1,227,426	$ 970,697
Dividend Rate										4.43937%
Long-term Debt, Gross							1,223,494		1,223,494	$ 860,958
Assumption of debt in connection with acquisition of real estate including loan premium									65,264	0	$ 0
Noncontrolling Interests \| Operating Partnership
Real Estate [Line Items]
Limited Partners' Capital Account, Units Issued \| shares		1,406,170
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Real Estate [Line Items]
Long-term Debt, Gross							$ 15,661		$ 15,661	$ 0
Assumption of debt in connection with acquisition of real estate including loan premium								$ 15,700
701-751 Kingshill Place
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							169,069		169,069
Number of buildings \| building							6		6
Contractual Purchase Price (in thousands)							$ 33,251		$ 33,251
2601-2641 Manhattan Beach Blvd
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							126,726		126,726
Number of buildings \| building							6		6
Contractual Purchase Price (in thousands)							$ 39,481		$ 39,481
2410-2420 Santa Fe Avenue
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							112,000		112,000
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 35,737		$ 35,737
11600 Los Nietos Road
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							103,982		103,982
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 16,626		$ 16,626
5160 Richton Street
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							94,976		94,976
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 15,653		$ 15,653
2205 126th Street
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							63,532		63,532
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 17,712		$ 17,712
11832-11954 La Cienega Blvd
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							63,462		63,462
Number of buildings \| building							4		4
Contractual Purchase Price (in thousands)							$ 19,664		$ 19,664
7612-7642 Woodwind Drive
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							62,377		62,377
Number of buildings \| building							3		3
Contractual Purchase Price (in thousands)							$ 13,780		$ 13,780
960-970 Knox Street
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							39,400		39,400
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 9,939		$ 9,939
25781 Atlantic Ocean Drive
Real Estate [Line Items]
Date of Acquisition									Mar. 05, 2020
Rentable Square Feet \| ft²							27,960		27,960
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 14,453		$ 14,453
22895 Eastpark Drive
Real Estate [Line Items]
Date of Acquisition									Jun. 19, 2020
Rentable Square Feet \| ft²							34,950		34,950
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 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
Contractual Purchase Price (in thousands)							$ 9,958		$ 9,958
15650-15700 Avalon Boulevard
Real Estate [Line Items]
Date of Acquisition									Jul. 01, 2020
Rentable Square Feet \| ft²							166,088		166,088
Number of buildings \| building							2		2
Contractual Purchase Price (in thousands)							$ 28,079		$ 28,079
11308-11350 Penrose Street
Real Estate [Line Items]
Date of Acquisition									Jul. 01, 2020
Rentable Square Feet \| ft²							151,604		151,604
Number of buildings \| building							2		2
Contractual Purchase Price (in thousands)							$ 25,427		$ 25,427
11076-11078 Fleetwood Street
Real Estate [Line Items]
Date of Acquisition									Jul. 01, 2020
Rentable Square Feet \| ft²							26,040		26,040
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 4,711		$ 4,711
11529-11547 Tuxford Street
Real Estate [Line Items]
Date of Acquisition									Jul. 01, 2020
Rentable Square Feet \| ft²							29,730		29,730
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 5,005		$ 5,005
12133 Greenstone Avenue
Real Estate [Line Items]
Date of Acquisition									Jul. 17, 2020
Rentable Square Feet \| ft²							12,586		12,586
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 5,483		$ 5,483
12772-12746 San Fernando Road
Real Estate [Line Items]
Date of Acquisition									Oct. 14, 2020
Rentable Square Feet \| ft²							140,837		140,837
Number of buildings \| building							2		2
Contractual Purchase Price (in thousands)							$ 22,050		$ 22,050
15601 Avalon Boulevard
Real Estate [Line Items]
Date of Acquisition									Oct. 26, 2020
Rentable Square Feet \| ft²							63,690		63,690
Number of buildings \| building							2		2
Contractual Purchase Price (in thousands)							$ 15,500		$ 15,500
Gateway Pointe
Real Estate [Line Items]
Date of Acquisition									Nov. 17, 2020
Rentable Square Feet \| ft²							989,195		989,195
Number of buildings \| building							4		4
Contractual Purchase Price (in thousands)							$ 296,590		$ 296,590
13943-13955 Balboa Blvd
Real Estate [Line Items]
Date of Acquisition									Nov. 17, 2020
Rentable Square Feet \| ft²							200,632		200,632
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 45,340		$ 45,340
Acquisition,OperatingPartnershipUnitsIssued \| shares	592,186
Van Nuys Airport Industrial Center
Real Estate [Line Items]
Date of Acquisition									Dec. 03, 2020
Rentable Square Feet \| ft²							426,466		426,466
Number of buildings \| building							18		18
Contractual Purchase Price (in thousands)							$ 154,637		$ 154,637
4039 State Street
Real Estate [Line Items]
Date of Acquisition									Dec. 04, 2020
Rentable Square Feet \| ft²							139,000		139,000
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 29,665		$ 29,665
10156 Live Oak Avenue
Real Estate [Line Items]
Date of Acquisition									Dec. 04, 2020
Rentable Square Feet \| ft²							236,912		236,912
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 46,814		$ 46,814
10694 Tamarind Avenue
Real Estate [Line Items]
Date of Acquisition									Dec. 04, 2020
Rentable Square Feet \| ft²							99,999		99,999
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 22,390		$ 22,390
2520 Baseline Road
Real Estate [Line Items]
Date of Acquisition									Dec. 04, 2020
Rentable Square Feet \| ft²							156,586		156,586
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 30,531		$ 30,531
12211 Greenstone Avenue
Real Estate [Line Items]
Date of Acquisition									Dec. 09, 2020
Rentable Square Feet \| ft²							0		0
Number of buildings \| building							0		0
Contractual Purchase Price (in thousands)							$ 16,800		$ 16,800
1921, 2011, 2055, 2099, 2040 East 27th Street
Real Estate [Line Items]
Date of Acquisition									Dec. 15, 2020
Rentable Square Feet \| ft²							300,389		300,389
Number of buildings \| building							4		4
Contractual Purchase Price (in thousands)							$ 63,403		$ 63,403
2750 & 2800 Alameda Street
Real Estate [Line Items]
Date of Acquisition									Dec. 15, 2020
Rentable Square Feet \| ft²							164,026		164,026
Number of buildings \| building							2		2
Contractual Purchase Price (in thousands)							$ 30,369		$ 30,369
29010 Avenue Paine
Real Estate [Line Items]
Date of Acquisition									Dec. 31, 2020
Rentable Square Feet \| ft²							100,157		100,157
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 16,037		$ 16,037
29010 Commerce Center Drive
Real Estate [Line Items]
Date of Acquisition									Dec. 31, 2020
Rentable Square Feet \| ft²							117,151		117,151
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 24,480		$ 24,480
13369 Valley Blvd
Real Estate [Line Items]
Date of Acquisition									Dec. 31, 2020
Rentable Square Feet \| ft²							105,041		105,041
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 20,660		$ 20,660
6635 Caballero Blvd
Real Estate [Line Items]
Date of Acquisition									Dec. 31, 2020
Rentable Square Feet \| ft²							92,395		92,395
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 22,802		$ 22,802
1235 South Lewis Street
Real Estate [Line Items]
Date of Acquisition									Dec. 31, 2020
Rentable Square Feet \| ft²							62,607		62,607
Number of buildings \| building							1		1
Contractual Purchase Price (in thousands)							$ 16,800		$ 16,800
12821 Knott Street
Real Estate [Line Items]
Date of Acquisition										Jan. 15, 2019
Rentable Square Feet \| ft²										120,800
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 19,800
28510 Industry Drive
Real Estate [Line Items]
Date of Acquisition										Jan. 17, 2019
Rentable Square Feet \| ft²										46,778
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 7,765
Conejo Spectrum Business Park
Real Estate [Line Items]
Date of Acquisition										Jan. 28, 2019
Rentable Square Feet \| ft²										531,378
Number of buildings \| building										9
Contractual Purchase Price (in thousands)										$ 106,250
2455 Ash Street
Real Estate [Line Items]
Date of Acquisition										Mar. 05, 2019
Rentable Square Feet \| ft²										42,508
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 6,680
25413 Rye Canyon Road
Real Estate [Line Items]
Date of Acquisition										Mar. 12, 2019
Rentable Square Feet \| ft²										48,075
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 5,529
1515 15th Street
Real Estate [Line Items]
Date of Acquisition										Apr. 10, 2019
Rentable Square Feet \| ft²										238,015
Number of buildings \| building										1
Contractual Purchase Price (in thousands)						$ 28,100				$ 28,100
13890 Nelson Avenue
Real Estate [Line Items]
Date of Acquisition										Apr. 12, 2019
Rentable Square Feet \| ft²										256,993
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 41,810
445-449 Freedom Avenue
Real Estate [Line Items]
Date of Acquisition										Apr. 12, 2019
Rentable Square Feet \| ft²										92,647
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 17,960
2270 Camino Vida Roble
Real Estate [Line Items]
Date of Acquisition										Apr. 12, 2019
Rentable Square Feet \| ft²										106,311
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 16,791
980 Rancheros Drive
Real Estate [Line Items]
Date of Acquisition										Apr. 16, 2019
Rentable Square Feet \| ft²										48,878
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 7,895
1145 Arroyo Avenue
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										147,019
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 29,862
1150 Aviation Place
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										147,000
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 29,694
1175 Aviation Place
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										92,455
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 17,844
1245 Aviation Place
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										132,936
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 26,055
635 8th Street
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										72,250
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 14,659
10015 Waples Court
Real Estate [Line Items]
Date of Acquisition										Apr. 25, 2019
Rentable Square Feet \| ft²										106,412
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 21,300
19100 Susana Road
Real Estate [Line Items]
Date of Acquisition										Apr. 30, 2019
Rentable Square Feet \| ft²										52,714
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 13,510
15385 Oxnard Street
Real Estate [Line Items]
Date of Acquisition										May 03, 2019
Rentable Square Feet \| ft²										71,467
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 16,800
9750-9770 San Fernando Road
Real Estate [Line Items]
Date of Acquisition										May 16, 2019
Rentable Square Feet \| ft²										35,624
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 7,440
218 S. Turnbull Canyon
Real Estate [Line Items]
Date of Acquisition										May 31, 2019
Rentable Square Feet \| ft²										190,900
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 27,100
The Merge [Member]
Real Estate [Line Items]
Date of Acquisition										Jun. 06, 2019
Rentable Square Feet \| ft²										0
Number of buildings \| building							6		6	0
Contractual Purchase Price (in thousands)										$ 23,200
Future rentable area \| ft²							334,000		334,000
3340 San Fernando Road
Real Estate [Line Items]
Date of Acquisition										Jul. 03, 2019
Rentable Square Feet \| ft²										0
Number of buildings \| building										0
Contractual Purchase Price (in thousands)										$ 3,000
5725 Eastgate Drive
Real Estate [Line Items]
Date of Acquisition										Jul. 31, 2019
Rentable Square Feet \| ft²										27,267
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 8,150
18115 Main Street
Real Estate [Line Items]
Date of Acquisition										Aug. 29, 2019
Rentable Square Feet \| ft²										42,270
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 6,750
3150 Ana Street
Real Estate [Line Items]
Date of Acquisition										Aug. 29, 2019
Rentable Square Feet \| ft²										105,970
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 18,800
1402 Avenida Del Oro
Real Estate [Line Items]
Date of Acquisition										Aug. 30, 2019
Rentable Square Feet \| ft²										311,995
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 73,550
9607-9623 Imperial Highway
Real Estate [Line Items]
Date of Acquisition										Sep. 05, 2019
Rentable Square Feet \| ft²										7,466
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 10,510
12200 Bellflower Boulevard
Real Estate [Line Items]
Date of Acquisition										Sep. 05, 2019
Rentable Square Feet \| ft²										54,161
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 16,325
Storm Parkway
Real Estate [Line Items]
Date of Acquisition										Sep. 17, 2019
Rentable Square Feet \| ft²										267,503
Number of buildings \| building										8
Contractual Purchase Price (in thousands)										$ 66,165
2328 Teller Road
Real Estate [Line Items]
Date of Acquisition										Sep. 25, 2019
Rentable Square Feet \| ft²										126,317
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 23,273
6277-6289 Slauson Avenue
Real Estate [Line Items]
Date of Acquisition										Oct. 03, 2019
Rentable Square Feet \| ft²										336,085
Number of buildings \| building										3
Contractual Purchase Price (in thousands)										$ 41,263
750 Manville Street
Real Estate [Line Items]
Date of Acquisition										Oct. 04, 2019
Rentable Square Feet \| ft²										59,996
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 11,510
8985 Crestmar Point
Real Estate [Line Items]
Date of Acquisition										Oct. 25, 2019
Rentable Square Feet \| ft²										55,816
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 7,985
404-430 Berry Way
Real Estate [Line Items]
Date of Acquisition										Nov. 05, 2019
Rentable Square Feet \| ft²										120,250
Number of buildings \| building										3
Contractual Purchase Price (in thousands)										$ 27,600
415-435 Motor Avenue
Real Estate [Line Items]
Date of Acquisition										Nov. 13, 2019
Rentable Square Feet \| ft²										63,900
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 7,200
508 East E Street
Real Estate [Line Items]
Date of Acquisition										Nov. 20, 2019
Rentable Square Feet \| ft²										57,522
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 14,892
12752-12822 Monarch Street
Real Estate [Line Items]
Date of Acquisition										Nov. 22, 2019
Rentable Square Feet \| ft²										276,585
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 34,000
1601 Mission Blvd.
Real Estate [Line Items]
Date of Acquisition										Dec. 10, 2019
Rentable Square Feet \| ft²										751,528
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 87,780
2757 Del Amo Blvd.
Real Estate [Line Items]
Date of Acquisition										Dec. 11, 2019
Rentable Square Feet \| ft²										57,300
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 11,900
18250 Euclid Street
Real Estate [Line Items]
Date of Acquisition										Dec. 27, 2019
Rentable Square Feet \| ft²										62,838
Number of buildings \| building										1
Contractual Purchase Price (in thousands)										$ 14,000
Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Number of buildings \| building		10						1
Contractual Purchase Price (in thousands)							$ 214,200		$ 214,200
Payments to acquire real estate									$ 60,400
Payments for Deposits on Real Estate Acquisitions										$ 10,000
Properties Acquired on March 5, 2020 and June 19, 2020 \| Secured Debt [Member]
Real Estate [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium								$ 47,500
Properties Acquired on December 31, 2020
Real Estate [Line Items]
Number of buildings \| building							4		4
Contractual Purchase Price (in thousands)							$ 84,000		$ 84,000
Acquisition,OperatingPartnershipUnitsIssued \| shares							1,800,000		1,800,000
1031 Exchange \| Gateway Pointe
Real Estate [Line Items]
Payments to acquire real estate	$ 42,400
1031 Exchange \| 1402 Avenida Del Oro
Real Estate [Line Items]
Payments to acquire real estate					$ 12,300
1031 Exchange \| 404-430 Berry Way
Real Estate [Line Items]
Payments to acquire real estate				$ 10,600
1031 Exchange \| 18250 Euclid Street
Real Estate [Line Items]
Payments to acquire real estate			$ 9,400
Series 1 CPOP Units \| 1515 15th Street
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares						593,960
Dividend Rate						4.43937%
Series 2 CPOP Units
Real Estate [Line Items]
Dividend Rate									4.00%
Series 2 CPOP Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Real Estate [Line Items]
Acquisition, Preferred Units, Issued \| shares		906,374
Dividend Rate		4.00%

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)
Assets:
Land	$ 729,649	$ 637,478
Buildings and improvements	475,853	308,950
Tenant improvements	4,787	6,553
Acquired lease intangible assets	43,378	39,502
Other acquired assets	3,390	747
Total assets acquired	1,257,057	993,230
Liabilities:
Acquired lease intangible liabilities	19,705	15,796
Notes payable	65,264	0
Other assumed liabilities	6,062	5,768
Total liabilities assumed	91,031	21,564
Net assets acquired	$ 1,166,026	$ 971,666
Below Market Lease, Weighted Average Useful Life	5 years 7 months 6 days	6 years 1 month 6 days
13943-13955 Balboa Blvd
Liabilities:
Number of mortgage loans assumed \| loan	11
In-place Lease Intangibles
Liabilities:
Finite-Lived Intangible Asset, Acquired-in-Place Leases	$ 40,500	$ 36,300
Amortization period of acquired intangible assets	4 years 8 months 12 days	6 years 2 months 12 days
Above-market tenant leases
Liabilities:
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	$ 2,900	$ 3,200
Amortization period of acquired intangible assets	7 years 4 months 24 days	8 years 8 months 12 days

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 92,172	$ 73,090
Acquired lease intangible liabilities, net	(67,256)	(59,340)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	193,653	154,370
Accumulated amortization	(109,789)	(87,955)
Total	83,864	66,415
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	17,079	14,296
Accumulated amortization	(8,771)	(7,621)
Total	8,308	6,675
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(101,297)	(81,718)
Accumulated accretion	34,041	22,378
Acquired lease intangible liabilities, net	$ (67,256)	$ (59,340)

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (10,533)	$ (7,907)	$ (5,981)
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	22,903	20,936	18,135
Net above (below) market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	(10,533)	(7,907)	(5,949)
Above Market Ground Lease
Acquired Finite Lived Intangible Assets [Line Items]
Accretion of above market ground lease intangible	$ 0	$ 0	$ (32)

Acquired Lease Intangibles - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite Lived Intangible Assets [Line Items]
Total	$ 92,172	$ 73,090
In-place Lease Intangibles
Acquired Finite Lived Intangible Assets [Line Items]
2020	23,091
2021	15,296
2022	11,217
2023	7,992
2024	5,668
Thereafter	20,600
Total	83,864
Net Above/(Below) Market Operating Leases
Acquired Finite Lived Intangible Assets [Line Items]
2020	9,382
2021	6,691
2022	5,554
2023	4,534
2024	3,028
Thereafter	29,759
Total	$ 58,948

Notes Payable - Summary of Notes Payable (Detail)	12 Months Ended
Notes Payable - Summary of Notes Payable (Detail)	Dec. 31, 2020 USD ($) property extension	Feb. 13, 2020 extension	Dec. 31, 2019 USD ($)	Jul. 16, 2019 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,223,494,000		$ 860,958,000
Unsecured Debt	1,100,000,000		800,000,000
Secured Debt	123,494,000		60,958,000
Less: unamortized discount and debt issuance costs	(7,334,000)		(3,116,000)
Notes payable	$ 1,216,160,000		857,842,000
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Extension period	24 months
$60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 58,499,000		58,499,000
Maturity date	Aug. 01, 2023
Number of extensions \| extension	1
Principal payments	$ 65,250
Number Of Properties Securing Loan \| property	6
Revolving Credit Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 0		100,000,000
Maturity date	Feb. 14, 2022
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 0		0
Maturity date	Feb. 13, 2024
Number of extensions \| extension		2
Extension duration period	6 months
$225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 225,000,000		225,000,000
Maturity date	Jan. 14, 2023
$150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 150,000,000		150,000,000
Maturity date	May 22, 2025
LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.85%
Fixed interest rate	0.994%
LIBOR \| $60 Million Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.70%
Fixed interest rate	1.844%
LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%
Fixed interest rate	2.474%
LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Fixed interest rate	4.313%
Senior Notes \| $100M Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 100,000,000		100,000,000
Maturity date	Aug. 06, 2025
Fixed interest rate	4.29%
Senior Notes \| $125M Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 125,000,000		125,000,000
Maturity date	Jul. 13, 2027
Fixed interest rate	3.93%
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 25,000,000		25,000,000	$ 25,000,000.0
Maturity date	Jul. 16, 2029
Fixed interest rate	3.88%
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 400,000,000		0
Maturity date	Dec. 01, 2030
Fixed interest rate	2.125%
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 75,000,000		75,000,000	$ 75,000,000.0
Maturity date	Jul. 16, 2034
Fixed interest rate	4.03%
Fixed Rate Debt \| 2601-2641 Manhattan Beach Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,065,000		0
Maturity date	Apr. 05, 2023
Fixed interest rate	4.08%
Debt Instrument, Periodic Payment	$ 23,138
Fixed Rate Debt \| 960-970 Knox Street
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,488,000		0
Maturity date	Nov. 01, 2023
Fixed interest rate	5.00%
Debt Instrument, Periodic Payment	$ 17,538
Fixed Rate Debt \| 7612-7642 Woodwind Drive
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 3,895,000		0
Maturity date	Jan. 05, 2024
Fixed interest rate	5.24%
Debt Instrument, Periodic Payment	$ 24,270
Fixed Rate Debt \| 11600 Los Nietos Road
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,785,000		0
Maturity date	May 01, 2024
Fixed interest rate	4.19%
Debt Instrument, Periodic Payment	$ 22,637
Fixed Rate Debt \| 5160 Richton Street
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,387,000		0
Maturity date	Nov. 15, 2024
Fixed interest rate	3.79%
Debt Instrument, Periodic Payment	$ 23,270
Fixed Rate Debt \| 22895 Eastpark Drive
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,749,000		0
Maturity date	Nov. 15, 2024
Fixed interest rate	4.33%
Debt Instrument, Periodic Payment	$ 15,396
Fixed Rate Debt \| 701-751 Kingshill Place
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 7,100,000		0
Maturity date	Jan. 05, 2026
Fixed interest rate	3.90%
Debt Instrument, Periodic Payment	$ 33,488
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 15,661,000		0
Maturity date	Jul. 01, 2027
Fixed interest rate	3.93%
Debt Instrument, Periodic Payment	$ 79,198
Fixed Rate Debt \| 2205 126th Street
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 5,200,000		0
Maturity date	Dec. 01, 2027
Fixed interest rate	3.91%
Fixed Rate Debt \| 2410-2420 Santa Fe Avenue
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 10,300,000		0
Maturity date	Jan. 01, 2028
Fixed interest rate	3.70%
Debt Instrument, Periodic Payment	$ 31,758
Fixed Rate Debt \| 11832-11954 La Cienega Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,072,000		0
Maturity date	Jul. 01, 2028
Fixed interest rate	4.26%
Debt Instrument, Periodic Payment	$ 20,194
Fixed Rate Debt \| Gilbert La Palma
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 2,293,000		$ 2,459,000
Maturity date	Mar. 01, 2031
Fixed interest rate	5.125%
Debt Instrument, Periodic Payment	$ 24,008
Minimum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	0.725%
Minimum \| LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Minimum \| LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Maximum \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.40%
Maximum \| LIBOR \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Maximum \| LIBOR \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	2.35%

Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 1,609
2022	2,054
2023	289,687
2024	13,270
2025	100,833
Thereafter	816,041
Total	$ 1,223,494	$ 860,958

Notes Payable - Additional Information (Detail)					4 Months Ended	12 Months Ended
Notes Payable - Additional Information (Detail)	Nov. 16, 2020 USD ($)	Jun. 19, 2020 loan	Mar. 05, 2020 USD ($) loan	Feb. 13, 2020 USD ($) extension	Jun. 19, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jul. 16, 2019 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 1,223,494,000	$ 860,958,000
Loss on extinguishment of debt						104,000	0	$ 0
Assumption of debt in connection with acquisition of real estate including loan premium						$ 65,264,000	0	$ 0
Properties Acquired on March 5, 2020 and June 19, 2020
Debt Instrument [Line Items]
Number of mortgage loans assumed \| loan		1	9
Properties Acquired on March 5, 2020 and June 19, 2020 \| Secured Debt [Member]
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
Unamortized premium			$ 1,200,000
$100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Repayments of Debt	$ 100,000,000
$400M Senior Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value						60.00%
Maximum ratio of secured debt to total asset value						40.00%
Debt service coverage ratio						150.00%
Unencumbered assets to unsecured debt ratio						150.00%
$60 Million Term Loan Facility
Debt Instrument [Line Items]
Debt service coverage ratio						110.00%
Unencumbered liquid assets						$ 5,000,000
Long-term line of credit availability						8,000,000
Unencumbered liquid assets cash and cash equivalents						2,000,000
Minimum fair market net worth						$ 75,000,000
Minimum \| Secured Debt [Member]
Debt Instrument [Line Items]
Percentage rate			3.70%
Minimum \| Properties Acquired on March 5, 2020 and June 19, 2020
Debt Instrument [Line Items]
Debt term						3 years
Minimum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure				0.125%
Maximum \| Secured Debt [Member]
Debt Instrument [Line Items]
Percentage rate			5.24%
Maximum \| Properties Acquired on March 5, 2020 and June 19, 2020
Debt Instrument [Line Items]
Debt term						8 years 3 months 18 days
Maximum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Commitment fee percentage investment grade rating pricing structure				0.30%
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 400,000,000	0
Debt Instrument, Percentage Of Par At Issuance	99.211%
Debt Instrument, Redemption Price, Percentage	100.00%
Fixed interest rate						2.125%
Maturity date						Dec. 01, 2030
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 25,000,000	25,000,000		$ 25,000,000.0
Fixed interest rate						3.88%
Maturity date						Jul. 16, 2029
Percentage rate									3.88%
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 75,000,000	75,000,000		$ 75,000,000.0
Fixed interest rate						4.03%
Maturity date						Jul. 16, 2034
Percentage rate									4.03%
Fixed Rate Debt \| 13943-13955 Balboa Blvd
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 15,661,000	0
Fixed interest rate						3.93%
Maturity date						Jul. 01, 2027
Assumption of debt in connection with acquisition of real estate including loan premium					15,700,000
Loans assumed					$ 16,500,000
Unamortized premium			$ 800,000
Series 2019A and 2019B Notes
Debt Instrument [Line Items]
Long-term Debt, Gross									$ 100,000,000.0
Prepayment of principal, minimum amount									$ 2,500,000
Principal prepayment percentage									100.00%
Amended Facility
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value						60.00%
Minimum ratio of EBITDA to fixed charges						1.5
Maximum ratio of unsecured debt to the value of the unencumbered asset pool						60.00%
Minimum ratio of NOI unsecured interest expense						1.75
Maximum distribution amount per Credit Facility, percent						95.00%
$225 and $150 Million Term Loan Facilities
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value						45.00%
Minimum tangible net worth required						$ 2,061,865,500
Maximum debt to tangible net worth ratio required for equity proceeds						75.00%
Senior Notes, 100 and 125 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value						40.00%
Maximum ratio of recourse debt to total asset						15.00%
Minimum tangible net worth required						$ 760,740,750
Maximum debt to tangible net worth ratio required for equity proceeds						75.00%
Federal Funds Rate \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate						0.50%
Eurodollar \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate						1.00%
LIBOR \| Minimum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.725%
LIBOR \| Minimum \| $100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.85%
LIBOR \| Maximum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						1.40%
LIBOR \| Maximum \| $100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						1.65%
Base Rate \| Minimum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.00%
Base Rate \| Minimum \| $100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.00%
Base Rate \| Maximum \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.45%
Base Rate \| Maximum \| $100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate investment grade rating pricing structure						0.65%
Unsecured Credit Facility \| Line of Credit \| $600 million, senior unsecured credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 600,000,000.0
Contingent additional borrowings				900,000,000.0
Revolving Credit Facility \| Line of Credit \| $500 million, Amended Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 500,000,000.0
Number of extensions \| extension				2
Extension duration period				6 months
Revolving Credit Facility \| Unsecured Credit Facility
Debt Instrument [Line Items]
Additional availability						$ 500,000,000.0
Revolving Credit Facility \| LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate						0.85%
Fixed interest rate						0.994%
Revolving Credit Facility \| LIBOR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate						0.725%
Revolving Credit Facility \| LIBOR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate						1.40%
Term Loan \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 0	100,000,000
Maturity date						Feb. 14, 2022
Term Loan \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 58,499,000	$ 58,499,000
Maturity date						Aug. 01, 2023
Term Loan \| Line of Credit \| $100 million, Amended Term Loan Facility
Debt Instrument [Line Items]
Maximum borrowing capacity				$ 100,000,000.0
Term Loan \| LIBOR \| $60 Million Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate						1.70%
Fixed interest rate						1.844%

Leases - Additional Information (Detail)		1 Months Ended	12 Months Ended
Leases - Additional Information (Detail)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($) ft²	Dec. 31, 2020 USD ($) ft² renewal_option	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($) ft²	Sep. 09, 2020 USD ($)	Jan. 01, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, fixed and variable lease payments			$ 318,800,000	$ 256,300,000
Lease income, lease payments			266,100,000	214,500,000
Variable lease payments			52,700,000	41,800,000
Lessor, Operating Lease, Term of Contract		5 years
Lessor, Operating Lease, Lessee Option To Purchase Underlying Asset, Purchase Price		$ 20,400,000
Sales-type Lease, Lease Receivable						$ 20,300,000
Gain on sale of real estate			$ 13,617,000	$ 16,297,000	$ 17,222,000
Operating Lease, Liability, Statement of Financial Position [Extensible List]			us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent			us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Right-of-use assets			$ 5,600,000	$ 3,500,000			$ 3,300,000
Lease liabilities			$ 6,358,000	$ 3,800,000			$ 3,600,000
Rentable Square Feet \| ft²			4,978,204	5,365,929
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Lessee, Lease, Description [Line Items]
Gain on sale of real estate			$ 13,617,000	$ 16,297,000	$ 17,222,000
Rentable Square Feet \| ft²			256,726	182,362	278,435
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2700-2722 South Fairview Street
Lessee, Lease, Description [Line Items]
Sales Of Investment Real Estate, Transaction Costs	$ 600,000
Gain on sale of real estate	$ 3,300,000		$ 3,268,000
Rentable Square Feet \| ft²			116,575
Fairview Street, 2722
Lessee, Lease, Description [Line Items]
Lessor, Operating Lease, Rentable Square Feet \| ft²		58,802
Rentable Square Feet \| ft²		116,575
Land
Lessee, Lease, Description [Line Items]
Remaining lease term			3 years
Renewal term			10 years
Lessee, Operating Lease, Number Of Renewal Options \| renewal_option			2
Minimum monthly rent expense			$ 9,000
Minimum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term			6 months
Renewal term			3 years
Maximum \| Office Building
Lessee, Lease, Description [Line Items]
Remaining lease term			5 years
Renewal term			5 years

Leases - Future Minimum Base Rents Under Operating Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 289,940
2022	254,168
2023	205,669
2024	156,684
2025	116,156
Thereafter	325,081
Total	$ 1,347,698

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1,354	$ 1,044
Variable lease cost	39	54
Sublease income	0	(162)
Total lease cost	$ 1,393	$ 936

Leases - Other Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 1,127	$ 961
Right-of-use assets obtained in exchange for new operating lease liabilities	3,204	6,720
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019	$ 0	$ 3,262	$ 0

Leases - Lease Term and Discount Rate (Detail)	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Weighted-average remaining lease term	4 years 2 months 12 days	4 years 8 months 12 days
Weighted-average discount rate	2.99%	3.92%

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Leases [Abstract]
2021	$ 1,468
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	0
Total undiscounted lease payments	6,779
Less imputed interest	(421)
Total lease liabilities	$ 6,358	$ 3,800	$ 3,600

Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
	Nov. 16, 2020	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 12, 2020
Derivative [Line Items]
Payments For Termination Of Cash Flow Swap, Operating			$ 1,239	$ 0	$ 0
Accumulated other comprehensive loss			(17,709)	(7,542)
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”		$ 1,204	(6,332)	$ 2,038
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net			7,800
Interest Rate Swap
Derivative [Line Items]
Derivative, Notional Amount						$ 100,000
Payments For Termination Of Cash Flow Swap, Operating	$ 1,200
Accumulated other comprehensive loss						$ 1,200
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”			200
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net			$ 1,000

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Nov. 12, 2020	Dec. 31, 2019
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Effective Date	Feb. 14, 2018
Maturity Date	Jan. 14, 2022
LIBOR Interest Strike Rate	1.349%
Current Notional Amount	$ 125,000		$ 125,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ (1,591)		489
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Effective Date	Aug. 14, 2018
Maturity Date	Jan. 14, 2022
LIBOR Interest Strike Rate	1.406%
Current Notional Amount	$ 100,000		100,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ (1,333)		277
Interest Rate Swap $100M Notional Effective December 14, 2018
Derivative [Line Items]
Effective Date	Dec. 14, 2018
Maturity Date	Aug. 14, 2021
LIBOR Interest Strike Rate	1.764%
Current Notional Amount	$ 0		100,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ 0		(332)
Interest Rate Swap $150M Notional Effective July 22, 2019
Derivative [Line Items]
Effective Date	Jul. 22, 2019
Maturity Date	Nov. 22, 2024
LIBOR Interest Strike Rate	2.7625%
Current Notional Amount	$ 150,000		150,000
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities)	$ (14,656)		$ (8,156)
Interest Rate Swap
Derivative [Line Items]
Current Notional Amount		$ 100,000

Interest Rate Swaps - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of (loss) gain recognized in AOCI on derivatives	$ 649	$ (17,212)	$ (12,103)
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense”	$ 1,204	(6,332)	2,038
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)		$ 30,849	$ 26,875	$ 25,416

Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	$ 0	$ 766
Interest Rate Swap Liability	(17,580)	(8,488)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	766
Interest Rate Swap Liability	(17,580)	(8,488)
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	0
Interest Rate Swap Liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	766
Interest Rate Swap Liability	(17,580)	(8,488)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest Rate Swap Asset	0	0
Interest Rate Swap Liability	$ 0	$ 0

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	$ 65,264	$ 0
Notes payable	1,216,160	857,842
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	1,276,217	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]
Total Fair Value	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Total Fair Value	1,276,217	882,813
Carrying Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable	$ 1,216,160	$ 857,842

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 02, 2018
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.4	$ 0.4	$ 0.4
6110-6114 Cahuenga Avenue, LLC \| Immediate Family Member of Management or Principal Owner
Related Party Transaction [Line Items]
Contract sales price				$ 4.5

Commitments and Contingencies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2020 USD ($)
Commitments And Contingencies [Line Items]
Commitments for tenant improvement and construction work	$ 40,200,000
Cash, FDIC insured amount	$ 250,000
Total Rental Revenues \| Customer Concentration Risk
Commitments And Contingencies [Line Items]
Concentration risk, percentage	5.00%

Dispositions and Real Estate Held for Sale - Summary of the Properties Sold (Detail) $ in Thousands			12 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 09, 2020 USD ($)	Dec. 31, 2020 USD ($) ft²	Dec. 31, 2019 USD ($) ft²	Dec. 31, 2018 USD ($) ft²
Property Dispositions [Line Items]
Rentable Square Feet \| ft²			4,978,204	5,365,929
Gain (Loss) Recorded			$ 13,617	$ 16,297	$ 17,222
Gain on sale recognized due to lease relcassification		$ 3,800	3,822	0	$ 0
Purchase price			$ 1,227,426	$ 970,697
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Property Dispositions [Line Items]
Rentable Square Feet \| ft²			256,726	182,362	278,435
Contract sales price			$ 47,354	$ 33,599	$ 48,019
Gain (Loss) Recorded			$ 13,617	$ 16,297	$ 17,222
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 3927 Oceanic Drive
Property Dispositions [Line Items]
Date of Disposition			Aug. 13, 2020
Rentable Square Feet \| ft²			54,740
Contract sales price			$ 10,300
Gain (Loss) Recorded			$ 2,926
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 121 West 33rd Street
Property Dispositions [Line Items]
Date of Disposition			Sep. 18, 2020
Rentable Square Feet \| ft²			76,745
Contract sales price			$ 13,500
Gain (Loss) Recorded			$ 7,575
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2700-2722 South Fairview Street
Property Dispositions [Line Items]
Date of Disposition			Sep. 30, 2020
Rentable Square Feet \| ft²			116,575
Contract sales price			$ 20,400
Gain (Loss) Recorded	$ 3,300		$ 3,268
Sales Of Investment Real Estate, Transaction Costs	$ (600)
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6750 Central Avenue
Property Dispositions [Line Items]
Date of Disposition			Dec. 31, 2020
Rentable Square Feet \| ft²			8,666
Contract sales price			$ 1,300
Gain (Loss) Recorded			$ 758
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2020 Property Dispositions, Excluding Personal Property
Property Dispositions [Line Items]
Rentable Square Feet \| ft²			256,726
Contract sales price			$ 45,500
Gain (Loss) Recorded			$ 14,527
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1055 Sandhill Avenue Personal Property
Property Dispositions [Line Items]
Rentable Square Feet \| ft²			0
Contract sales price			$ 1,854
Gain (Loss) Recorded			(910)
Purchase price			$ 2,800
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue
Property Dispositions [Line Items]
Date of Disposition				Jun. 27, 2019
Rentable Square Feet \| ft²				62,395
Contract sales price				$ 11,575
Gain (Loss) Recorded				$ 4,810
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 939 Poinsettia Avenue - Unit 301
Property Dispositions [Line Items]
Date of Disposition				Jul. 31, 2019
Rentable Square Feet \| ft²				6,562
Contract sales price				$ 1,263
Gain (Loss) Recorded				$ 895
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 13914-13932 East Valley Boulevard
Property Dispositions [Line Items]
Date of Disposition				Oct. 11, 2019
Rentable Square Feet \| ft²				58,084
Contract sales price				$ 11,180
Gain (Loss) Recorded				$ 6,233
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 2350-2380 Eastman Avenue
Property Dispositions [Line Items]
Date of Disposition				Dec. 20, 2019
Rentable Square Feet \| ft²				55,321
Contract sales price				$ 9,581
Gain (Loss) Recorded				$ 4,359
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 8900-8980 Benson Avenue and 5637 Arrow Highway
Property Dispositions [Line Items]
Date of Disposition					Jan. 02, 2018
Rentable Square Feet \| ft²					88,016
Contract sales price					$ 11,440
Gain (Loss) Recorded					$ 4,029
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 700 Allen Avenue and 1851 Flower Street
Property Dispositions [Line Items]
Date of Disposition					Jan. 17, 2018
Rentable Square Feet \| ft²					25,168
Contract sales price					$ 10,900
Gain (Loss) Recorded					$ 4,753
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 200-220 South Grand Avenue
Property Dispositions [Line Items]
Date of Disposition					Mar. 07, 2018
Rentable Square Feet \| ft²					27,200
Contract sales price					$ 4,515
Gain (Loss) Recorded					$ 1,201
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 6770 Central Avenue—Building B
Property Dispositions [Line Items]
Date of Disposition					Apr. 09, 2018
Rentable Square Feet \| ft²					11,808
Contract sales price					$ 1,676
Gain (Loss) Recorded					$ 1,113
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 1910-1920 Archibald Avenue
Property Dispositions [Line Items]
Date of Disposition					May 09, 2018
Rentable Square Feet \| ft²					78,243
Contract sales price					$ 9,050
Gain (Loss) Recorded					$ 495
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 311 East 157th Street
Property Dispositions [Line Items]
Date of Disposition					Dec. 12, 2018
Rentable Square Feet \| ft²					12,000
Contract sales price					$ 3,000
Gain (Loss) Recorded					$ 1,578
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 329 East 157th Street
Property Dispositions [Line Items]
Date of Disposition					Dec. 20, 2018
Rentable Square Feet \| ft²					12,000
Contract sales price					$ 2,675
Gain (Loss) Recorded					$ 1,597
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 319 East 157th Street
Property Dispositions [Line Items]
Date of Disposition					Dec. 27, 2018
Rentable Square Feet \| ft²					24,000
Contract sales price					$ 4,763
Gain (Loss) Recorded					$ 2,456

Dispositions and Real Estate Held for Sale - Real Estate Held for Sale (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale	$ 10,353
Accumulated depreciation	(1,548)
Real estate held for sale, net	8,805
Other assets associated with real estate held for sale	40
Total assets associated with real estate held for sale, net	8,845	$ 0
Tenant security deposits	137
Other liabilities associated with real estate held for sale	56
Total liabilities associated with real estate held for sale	193	$ 0
Land
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale	4,458
Building and improvements
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale	5,452
Tenant improvements
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale	$ 443

Stockholder's Equity - Summary of Cumulative Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividend Rate		4.43937%
Shares outstanding (shares)	10,050,000	10,050,000
Liquidation Preference	$ 251,250,000	$ 251,250,000
Series A Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,600,000	3,600,000
Liquidation Preference	$ 90,000,000	$ 90,000,000
Series B Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.875%	5.875%
Shares outstanding (shares)	3,000,000	3,000,000
Liquidation Preference	$ 75,000,000	$ 75,000,000
Series C Preferred Stock
Class of Stock [Line Items]
Dividend Rate	5.625%	5.625%
Shares outstanding (shares)	3,450,000	3,450,000
Liquidation Preference	$ 86,250,000	$ 86,250,000

Stockholder's Equity - Additional Information (Detail) - USD ($)						1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 09, 2020	Jun. 13, 2019	Feb. 19, 2019	Jun. 13, 2018	Sep. 21, 2017	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares outstanding (shares)						10,050,000		10,050,000	10,050,000
Dividend Rate									4.43937%
Offering Costs								$ 5,887,000	$ 13,408,000	$ 9,109,000
Noncontrolling Interests \| Operating Partnership Units \| Partnership Interest
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Limited Partners' Capital Account, Units, Purchased						6,900,000	7,187,500
Underwritten Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)						6,900,000	7,187,500
Common stock share price (in dollars per share)						$ 47.15	$ 39.67	$ 47.15
Proceeds from issuance of common stock, net						$ 325,000,000.0	$ 285,000,000.0
Underwritten Public Offering, Option Securities
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)						900,000	937,500
At The Market Equity Offering Program, $550 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount		$ 550,000,000.0
Common stock, shares available under ATM	$ 296,500,000
At The Market Equity Offering Program, $450 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount			$ 450,000,000.0
At-The-Market Equity Offering Program $400M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount				$ 400,000,000.0
At-The-Market Equity Offering Program $300M
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from issuance of common stock					$ 300,000,000.0
At The Market Equity Offering Program, $550 Million and $450 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)									16,817,930
Common stock share price (in dollars per share)									$ 38.61
Proceeds from issuance of common stock, net									$ 639,600,000
Proceeds from issuance of common stock									$ 649,300,000
At The Market Equity Offering Program, $400 And $300 Million
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)										18,177,242
Common stock share price (in dollars per share)										$ 31.12
Proceeds from issuance of common stock, net										$ 557,100,000
Proceeds from issuance of common stock										$ 565,600,000
At The Market Equity Offering Program, $750 Million and $550 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of stock (shares)								3,165,661
Common stock share price (in dollars per share)						$ 39.96		$ 39.96
Proceeds from issuance of common stock, net								$ 124,700,000
Proceeds from issuance of common stock								126,500,000
At The Market Equity Offering Program, $750 Million [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate offering amount	$ 750,000,000.0
Common stock, shares available under ATM						$ 720,700,000		$ 720,700,000
Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share)						$ 25.00		$ 25.00
Series C Preferred Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Liquidation preference (in dollars per share)									$ 25.00
Shares outstanding (shares)						3,450,000		3,450,000	3,450,000
Dividend Rate								5.625%	5.625%
Proceeds from issuance of preferred stock and preference stock, net of offering costs									$ 83,200,000
Payments of stock issuance costs									$ 3,000,000.0

Stockholder's Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,622,449	$ 1,908,423	$ 1,365,254
Other comprehensive loss before reclassifications	(17,212)	(12,103)
Amounts reclassified from accumulated other comprehensive loss to interest expense(1)	6,332	(2,038)
Net current period other comprehensive loss	(10,880)	(14,141)	(555)
Less: other comprehensive loss attributable to noncontrolling interests	713	337
Other comprehensive loss attributable to common stockholders	(10,167)	(13,804)
Ending Balance	3,530,592	2,622,449	1,908,423
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(7,542)	6,262	6,799
Net current period other comprehensive loss	(10,167)	(13,804)	(537)
Ending Balance	$ (17,709)	$ (7,542)	$ 6,262

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

+ 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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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholder's Equity - Federal Tax Treatment of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Common Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0.834238	$ 0.783269	$ 0.625000
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Common Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0.834238	$ 0.783269	$ 0.623496
Dividend, federal income tax treatment	100.00%	100.00%	99.76%
Common Stock \| Return of Capital
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0.001504
Dividend, federal income tax treatment	0.00%	0.00%	0.24%
Common Stock \| Capital Gain
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%	0.00%
Series A Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series A Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.468752
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series A Preferred Stock \| Return of Capital
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%	0.00%
Series A Preferred Stock \| Capital Gain
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%	0.00%
Series B Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.664585
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series B Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.468752	$ 1.468752	$ 1.664585
Dividend, federal income tax treatment	100.00%	100.00%	100.00%
Series B Preferred Stock \| Return of Capital
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%	0.00%
Series B Preferred Stock \| Capital Gain
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%	0.00%
Series C Preferred Stock
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 0.394531
Dividend, federal income tax treatment	100.00%	100.00%
Series C Preferred Stock \| Ordinary Income
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 1.406252	$ 0.394531
Dividend, federal income tax treatment	100.00%	100.00%
Series C Preferred Stock \| Return of Capital
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%
Series C Preferred Stock \| Capital Gain
Class of Stock [Line Items]
Dividend, federal income tax treatment (in dollars per share)	$ 0	$ 0
Dividend, federal income tax treatment	0.00%	0.00%

Noncontrolling Interests (Details)				12 Months Ended
Noncontrolling Interests (Details)	Nov. 17, 2020 USD ($) shares	Mar. 05, 2020 USD ($) building $ / shares shares	Apr. 10, 2019 USD ($) shares	Dec. 31, 2020 USD ($) building $ / shares shares	Dec. 31, 2019 USD ($) building $ / shares shares	Dec. 31, 2018 USD ($) shares	Jun. 19, 2020 building	Dec. 31, 2017 shares
Noncontrolling Interest [Line Items]
Contractual Purchase Price (in thousands)				$ 1,227,426,000	$ 970,697,000
Conversion of units to common stock				$ 0	$ 0	$ 0
Number of buildings \| building				82	57
Issuance of OP units				$ 179,262,000
Dividend Rate					4.43937%
Issuance of cumulative redeemable convertible preferred units				40,787,000	$ 27,359,000
Liquidation Preference				$ 251,250,000	$ 251,250,000
Convertible Preferred Units, Common Units Issued Upon Conversion \| shares		0.7722
LTIP Units
Noncontrolling Interest [Line Items]
Non-vested shares (shares) \| shares				236,646	298,412	327,048		293,485
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Conversion of units to common stock				$ (7,660,000)	$ (665,000)	$ (624,000)
Issuance of OP units				179,262,000
Issuance of cumulative redeemable convertible preferred units				$ 40,787,000	$ 27,359,000
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership				4.80%
Noncontrolling Interests \| Operating Partnership
Noncontrolling Interest [Line Items]
Issuance of operating partnership units (shares) \| shares				5,403,881
Limited Partners' Capital Account, Units Issued \| shares		1,406,170
Noncontrolling Interests \| Operating Partnership \| LTIP Units
Noncontrolling Interest [Line Items]
Non-vested shares (shares) \| shares				1,202,812
Common Stock
Noncontrolling Interest [Line Items]
Conversion of units to common stock (shares) \| shares				296,313	96,060	67,175
Conversion of units to common stock				$ 3,000	$ 1,000	$ 1,000
Total Stockholders’ Equity
Noncontrolling Interest [Line Items]
Conversion of units to common stock				$ 7,660,000	$ 665,000	$ 624,000
Series C Preferred Stock
Noncontrolling Interest [Line Items]
Dividend Rate				5.625%	5.625%
Liquidation Preference				$ 86,250,000	$ 86,250,000
Liquidation preference (in dollars per share) \| $ / shares					$ 25.00
Series 1 CPOP Units
Noncontrolling Interest [Line Items]
Liquidation Preference				$ 27,000,000.0
Liquidation preference (in dollars per share) \| $ / shares				$ 45.50952
Series A Preferred Units
Noncontrolling Interest [Line Items]
Dividend Rate				5.875%
Series 2 CPOP Units
Noncontrolling Interest [Line Items]
Dividend Rate				4.00%
13943-13955 Balboa Blvd
Noncontrolling Interest [Line Items]
Contractual Purchase Price (in thousands)				$ 45,340,000
Acquisition,OperatingPartnershipUnitsIssued \| shares	592,186
Number of buildings \| building				1
Issuance of OP units	$ 27,800,000
1515 15th Street
Noncontrolling Interest [Line Items]
Contractual Purchase Price (in thousands)			$ 28,100,000		$ 28,100,000
Number of buildings \| building					1
Closing Costs for Acquisition of 1515 East 15th Street			700,000
1515 15th Street \| Series 1 CPOP Units
Noncontrolling Interest [Line Items]
Issuance of OP units			$ 27,400,000
Acquisition, Preferred Units, Issued \| shares			593,960
Dividend Rate			4.43937%
Properties Acquired on March 5, 2020 and June 19, 2020
Noncontrolling Interest [Line Items]
Contractual Purchase Price (in thousands)				$ 214,200,000
Number of buildings \| building		10					1
Properties Acquired on March 5, 2020 and June 19, 2020 \| Noncontrolling Interests
Noncontrolling Interest [Line Items]
Issuance of OP units		$ 67,500,000
Properties Acquired on March 5, 2020 and June 19, 2020 \| Series 2 CPOP Units
Noncontrolling Interest [Line Items]
Acquisition, Preferred Units, Issued \| shares		906,374
Dividend Rate		4.00%
Issuance of cumulative redeemable convertible preferred units		$ 40,800,000
Liquidation Preference		$ 40,800,000
Liquidation preference (in dollars per share) \| $ / shares		$ 45.00
Properties Acquired on December 31, 2020
Noncontrolling Interest [Line Items]
Contractual Purchase Price (in thousands)				$ 84,000,000.0
Acquisition,OperatingPartnershipUnitsIssued \| shares				1,800,000
Number of buildings \| building				4

Incentive Award Plan - Additional Information (Detail)												12 Months Ended
Incentive Award Plan - Additional Information (Detail)	Jan. 27, 2021 shares	Dec. 22, 2020 USD ($) $ / shares shares	Dec. 14, 2020 shares	Sep. 01, 2020 USD ($) installment $ / shares shares	Feb. 04, 2020 shares	Dec. 28, 2019 shares	Dec. 16, 2019 USD ($) $ / shares shares	Feb. 15, 2019 shares	Dec. 15, 2018 USD ($) shares	Dec. 14, 2018 USD ($) $ / shares shares	Feb. 21, 2018 shares	Dec. 31, 2020 USD ($) installment $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost for all equity-based compensation arrangements \| $												$ 27,600,000
Weighted average remaining vesting period													29 months
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage												10.00%
Performance period												3 years
Distributions accruing during performance period												90.00%
Grant date fair value \| $		$ 6,928,000					$ 3,922,000		$ 2,090,000
Units vested in period (shares)			184,502			195,628				307,986
Performance Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		476,915					294,994		204,517			476,915	294,994	204,517
Performance period												3 years	3 years	3 years
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												157,404	179,758	190,318
Closing share price of common stock (in dollars per share) \| $ / shares												$ 34.31	$ 26.14	$ 23.29
Units vested in period (shares)												196,375	208,394	156,755
Number of units canceled (shares)												22,795
LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												121,112	120,243	132,875
Grant date fair value \| $		$ 5,437,000					$ 5,148,000		$ 3,853,000
Compensation expense \| $												$ 1,500,000	$ 1,800,000	$ 1,700,000	$ 1,200,000
LTIP Units \| Howard Schwimmer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)					18,146			24,641			22,517
LTIP Units \| Howard Schwimmer \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	15,288
LTIP Units \| Michael S. Frankel
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)					18,146			24,641			22,517
LTIP Units \| Michael S. Frankel \| Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	15,288
Absolute TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		148,030					118,339		63,473
Performance period												3 years
Relative TSR Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		148,030					74,033		63,473
Performance period												3 years
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value \| $		$ 2,400,000					$ 2,000,000.0			$ 2,000,000.0
Closing share price of common stock (in dollars per share) \| $ / shares		$ 48.58					$ 45.74			$ 31.42
FFO Base Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		148,027					85,898		63,471
Performance period												3 years
Distribution Equivalents \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)		32,828					16,724		14,100
Performance period												3 years
Restricted stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												126,865	110,711	104,560
Closing share price of common stock (in dollars per share) \| $ / shares												$ 28.50	$ 23.23	$ 19.40
Units vested in period (shares)												90,383	81,277	81,826
Number of units canceled (shares)												16,128	17,287	13,031
Number of vesting installment period \| installment				3								4
Restricted stock \| Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												107,648
Grant date fair value \| $												$ 5,000,000.0
Restricted stock \| Other Employees \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares												$ 39.71
Restricted stock \| Other Employees \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share) \| $ / shares												$ 50.18
Restricted stock \| Chief Financial Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)				3,497
Grant date fair value \| $				$ 167,000
Closing share price of common stock (in dollars per share) \| $ / shares				$ 47.65
Restricted stock \| Non-Employee Directors
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)												2,507
Grant date fair value \| $												$ 100,000
Closing share price of common stock (in dollars per share) \| $ / shares												$ 39.88
Amended and Restated 2013 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares reserved for future issuance (shares)												619,757
2013 Incentive Award Plan \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested performance unit distribution sharing percentage												10.00%
2013 Incentive Award Plan \| Performance Award, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period			3 years
2013 Incentive Award Plan \| Performance Award, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period						3 years
2013 Incentive Award Plan \| Performance Award, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period										3 years
First anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%
Second anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%
Third anniversary \| Amended and Restated 2013 Incentive Award Plan \| LTIP Units \| Executive Officers
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting installments												33.33%	33.33%	33.33%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Absolute TSR Vesting Percentage		66.70%					100.00%		100.00%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Relative TSR Vesting Percentage		66.70%					100.00%		100.00%

Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 22, 2020	Dec. 16, 2019	Dec. 15, 2018	Dec. 14, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)					$ 45.86	$ 39.67	$ 28.43
Equity instruments other than options granted in period (shares)					157,404	179,758	190,318
Number of units canceled (shares)					22,795
Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 6,928	$ 3,922	$ 2,090
Fair Value Assumptions and Methodology [Abstract]
Expected price volatility	31.00%	18.00%	20.00%
Expected price volatility, minimum	17.00%	12.00%	16.00%
Expected price volatility, maximum	100.00%	100.00%	100.00%
Expected dividend yield	1.90%	1.90%	2.50%
Risk free interest rate	0.19%	1.74%	2.80%
Performance Units \| Granted 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units canceled (shares)					41,094
Performance Units \| Granted 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units canceled (shares)					29,600
FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Grant date fair value	$ 2,400	$ 2,000		$ 2,000
2020 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies	45.00%
Expected volatility rate, average for peer group companies	47.40%
2019 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies		21.00%
Expected volatility rate, average for peer group companies		24.40%
2018 Market Performance Award
Fair Value Assumptions and Methodology [Abstract]
Expected volatility rate, median for peer group companies			23.00%
Expected volatility rate, average for peer group companies			27.10%
Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Discount for post-vesting restrictions and book-up events	7.60%	6.40%	7.70%
Grant date fair value	$ 5,437	$ 5,148	$ 3,853
Equity instruments other than options granted in period (shares)					121,112	120,243	132,875
Executive Officers \| Performance Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	476,915	294,994	204,517		476,915	294,994	204,517
Executive Officers \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	148,030	118,339	63,473
Executive Officers \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	148,030	74,033	63,473
Executive Officers \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	148,027	85,898	63,471
Executive Officers \| Distribution Equivalents
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Equity instruments other than options granted in period (shares)	32,828	16,724	14,100
Absolute TSR Vesting Percentage Range One \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	0.00%	0.00%	0.00%
Absolute TSR Vesting Percentage Range Two \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	18.00%	18.00%	18.00%
Absolute TSR Vesting Percentage	16.70%	25.00%	25.00%
Absolute TSR Vesting Percentage Range Three \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	24.00%	24.00%	24.00%
Absolute TSR Vesting Percentage	33.40%	50.00%	60.00%
Absolute TSR Vesting Percentage Range Four \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	30.00%	30.00%	30.00%
Absolute TSR Vesting Percentage	66.70%	100.00%	100.00%
Absolute TSR Vesting Percentage Range Five \| Absolute TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Company TSR Percentage	40.00%
Absolute TSR Vesting Percentage	100.00%
Relative TSR Vesting Percentage Range One \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	0.00%	0.00%	0.00%
Relative TSR Vesting Percentage Range Two \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.35%	0.35%	0.35%
Relative TSR Vesting Percentage	16.70%	25.00%	25.00%
Relative TSR Vesting Percentage Range Three \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.55%	0.55%	0.55%
Relative TSR Vesting Percentage	33.40%	50.00%	60.00%
Relative TSR Vesting Percentage Range Four \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.75%	0.75%	0.75%
Relative TSR Vesting Percentage	66.70%	100.00%	100.00%
Relative TSR Vesting Percentage Range Five \| Relative TSR Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Peer Group Relative Performance	0.90%
Relative TSR Vesting Percentage	100.00%
FFO Per Share Growth Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	12.00%	12.00%	12.00%
FFO Per Share Growth Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	12.00%	12.00%	12.00%
FFO Per Share Growth Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	16.50%	16.50%	16.50%
FFO Per Share Growth Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	21.00%	21.00%	21.00%
FFO Per Share Growth Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO per Share Growth	26.00%
FFO Growth Per Share Vesting Percentage Range One \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	0.00%	0.00%	0.00%
FFO Growth Per Share Vesting Percentage Range Two \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	16.70%	25.00%	25.00%
FFO Growth Per Share Vesting Percentage Range Three \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	33.40%	50.00%	60.00%
FFO Growth Per Share Vesting Percentage Range Four \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	66.70%	100.00%	100.00%
FFO Growth Per Share Vesting Percentage Range Five \| FFO Base Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
FFO Vesting Percentage	100.00%
Common Stock \| Executive Officers \| LTIP Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Closing share price of common stock (in dollars per share)	$ 48.58	$ 45.74	$ 31.42

Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
LTIP Units
Number of Unvested Shares of Non-Options
Beginning balance (shares)	298,412	327,048	293,485
Granted (shares)	157,404	179,758	190,318
Forfeited (shares)	(22,795)
Vested (shares)	(196,375)	(208,394)	(156,755)
Ending balance (shares)	236,646	298,412	327,048
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 34.26	$ 26.12	$ 23.10
Granted (in dollars per share)	45.86	39.67	28.43
Forfeited (in dollars per share)	38.89
Vested (in dollars per share)	34.31	26.14	23.29
Ending balance (in dollars per share)	$ 41.49	$ 34.26	$ 26.12
Restricted stock
Number of Unvested Shares of Non-Options
Beginning balance (shares)	212,545	200,398	190,695
Granted (shares)	126,865	110,711	104,560
Forfeited (shares)	(16,128)	(17,287)	(13,031)
Vested (shares)	(90,383)	(81,277)	(81,826)
Ending balance (shares)	232,899	212,545	200,398
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)	$ 29.64	$ 20.13	$ 20.13
Granted (in dollars per share)	45.94	34.85	27.72
Forfeited (in dollars per share)	37.25	29.71	23.51
Vested (in dollars per share)	28.50	23.23	19.40
Ending balance (in dollars per share)	$ 38.43	$ 29.64	$ 20.13
Fair value of vested shares	$ 4.1	$ 2.9	$ 2.4
Shares tendered for tax withholding requirements (shares)	27,473	24,618	21,324

Incentive Award Plan - Share-based Awards Expensed & Capitalized Amounts (Details) - Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 12,871	$ 10,756	$ 10,147
Capitalized share-based compensation	223	174	255
Total share-based compensation	$ 13,094	$ 10,930	$ 10,402

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Numerator:
Net income	$ 18,155	$ 31,197	$ 16,271	$ 15,272	$ 24,382	$ 12,948	$ 15,954	$ 10,717	$ 80,895	$ 64,001	$ 47,075
Less: Preferred stock dividends									(14,545)	(11,055)	(9,694)
Less: Net income attributable to noncontrolling interests									(4,492)	(2,022)	(865)
Less: Net income attributable to participating securities									(509)	(447)	(378)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 13,239	$ 25,901	$ 11,421	$ 10,788	$ 19,904	$ 9,746	$ 12,848	$ 7,979	$ 61,349	$ 50,477	$ 36,138
Denominator:
Weighted average shares of common stock outstanding - basic and diluted (in shares)									120,873,624	106,407,283	86,824,235
Effect of dilutive securities - performance units (in shares)									304,686	391,765	511,514
Weighted average shares of common stock outstanding - diluted (in shares)									121,178,310	106,799,048	87,335,749
Net income attributable to common stockholders
Earnings per share- Basic (in dollars per share)	$ 0.11	$ 0.21	$ 0.10	$ 0.09	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.51	$ 0.47	$ 0.42
Earnings per share- Diluted (in dollars per share)	$ 0.10	$ 0.21	$ 0.10	$ 0.09	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.51	$ 0.47	$ 0.41
Performance Units
Net income attributable to common stockholders
Performance period									3 years

Quarterly Information (unaudited) - Schedule of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]
Total revenues	$ 88,649	$ 83,856	$ 79,950	$ 77,680	$ 74,399	$ 68,061	$ 64,390	$ 60,363	$ 330,135	$ 267,213	$ 212,494
Net income	18,155	31,197	16,271	15,272	24,382	12,948	15,954	10,717	80,895	64,001	47,075
Net income attributable to common stockholders	$ 13,239	$ 25,901	$ 11,421	$ 10,788	$ 19,904	$ 9,746	$ 12,848	$ 7,979	$ 61,349	$ 50,477	$ 36,138
Net income attributable to common stockholders per share - basic (in dollars per share)	$ 0.11	$ 0.21	$ 0.10	$ 0.09	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.51	$ 0.47	$ 0.42
Net income attributable to common stockholders per share - diluted (in dollars per share)	$ 0.10	$ 0.21	$ 0.10	$ 0.09	$ 0.18	$ 0.09	$ 0.12	$ 0.08	$ 0.51	$ 0.47	$ 0.41

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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

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Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 08, 2021 $ / shares	Dec. 31, 2020 USD ($) ft² building $ / shares	Dec. 31, 2019 USD ($) ft² building $ / shares	Dec. 31, 2018 USD ($) ft² $ / shares	Feb. 16, 2021 USD ($) ft² property	Feb. 12, 2021 USD ($)	Feb. 04, 2021 USD ($)	Feb. 04, 2021 property	Feb. 04, 2021 ft²	Feb. 04, 2021 a	Jan. 27, 2021 USD ($) ft² property	Jan. 26, 2021 USD ($) ft² property	Jan. 14, 2021 USD ($)	Jan. 14, 2021 property	Jan. 14, 2021 ft²	Jan. 14, 2021 a	Jan. 11, 2021 USD ($) ft² property	Jan. 05, 2021 USD ($)	Jan. 05, 2021 property	Jan. 05, 2021 ft²	Jan. 05, 2021 a
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $		$ 1,227,426	$ 970,697
Number of buildings \| building		82	57
Rentable square feet \| ft²		4,978,204	5,365,929
Dividend Rate			4.43937%
Common stock dividends declared (in dollars per share) \| $ / shares		$ 0.86	$ 0.74	$ 0.64
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Subsequent Event [Line Items]
Rentable square feet \| ft²		256,726	182,362	278,435
Disposition Sales Price \| $		$ 47,354	$ 33,599	$ 48,019
Van Nuys Airport Industrial Center
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $		$ 154,637
Number of buildings \| building		18
Rentable square feet \| ft²		426,466
Subsequent Event
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $					$ 94,763
Number of buildings \| property					11
Rentable square feet \| ft²					359,668
Subsequent Event \| Disposal Group, Disposed of by Sale, Not Discontinued Operations \| 14723-14825.25 Oxnard Street
Subsequent Event [Line Items]
Disposition Sales Price \| $						$ 19,300
Subsequent Event \| 15010 Don Julian Road(1)
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $																		$ 22,200
Number of buildings \| property																			1
Rentable square feet																				92,925	10.97
Subsequent Event \| 5002-5018 Lindsay Court
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $																	$ 12,650
Number of buildings \| property																	1
Rentable square feet \| ft²																	64,960
Subsequent Event \| 514 East C Street(2)
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $													$ 9,950
Number of buildings \| property														1
Rentable square feet															3,436	2.5
Subsequent Event \| 17907-18001 Figueroa Street
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $												$ 20,200
Number of buildings \| property												6
Rentable square feet \| ft²												74,810
Subsequent Event \| Van Nuys Airport Industrial Center
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $											$ 9,963
Number of buildings \| property											1
Rentable square feet \| ft²											36,900
Subsequent Event \| 8888-8892 Balboa Avenue(3)
Subsequent Event [Line Items]
Contractual Purchase Price (in thousands) \| $							$ 19,800
Number of buildings \| property								1
Rentable square feet									86,637	5.6
Common Stock \| Subsequent Event
Subsequent Event [Line Items]
Common stock dividends declared (in dollars per share) \| $ / shares	$ 0.24
Operating Partnership Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share) \| $ / shares	0.24
Series A Preferred Stock
Subsequent Event [Line Items]
Dividend Rate		5.875%	5.875%
Preferred stock dividends declared (in dollars per share) \| $ / shares		$ 1.468752	$ 1.468752	$ 1.468752
Series A Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	0.367188
Series B Preferred Stock
Subsequent Event [Line Items]
Dividend Rate		5.875%	5.875%
Preferred stock dividends declared (in dollars per share) \| $ / shares		$ 1.468752	$ 1.468752	$ 1.664585
Series B Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	0.367188
Series C Preferred Stock
Subsequent Event [Line Items]
Dividend Rate		5.625%	5.625%
Preferred stock dividends declared (in dollars per share) \| $ / shares		$ 1.406252	$ 0.394531
Series C Preferred Stock \| Subsequent Event
Subsequent Event [Line Items]
Preferred stock dividends declared (in dollars per share) \| $ / shares	0.351563
Series 1 CPOP Units
Subsequent Event [Line Items]
Dividend Rate			4.43937%
Series 1 CPOP Units \| Series 1 CPOP Units
Subsequent Event [Line Items]
Dividend Rate		4.43937%
Series 1 CPOP Units \| Series 1 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share) \| $ / shares	0.505085
Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate		4.00%
Series 2 CPOP Units \| Series 2 CPOP Units
Subsequent Event [Line Items]
Dividend Rate		4.00%
Series 2 CPOP Units \| Series 2 CPOP Units \| Subsequent Event
Subsequent Event [Line Items]
Quarterly cash distribution (in dollars per share) \| $ / shares	$ 0.450000

Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($)	Dec. 31, 2020 USD ($) building	Dec. 31, 2019 USD ($)	Dec. 31, 2009 USD ($)
Real Estate And Accumulated Depreciation [Line Items]
Federal income tax basis		$ 4,700,000
Real estate investment cumulative impairment		9,500		$ 19,600
Notes payable		1,216,160	$ 857,842
Purchase price		1,227,426	970,697
Other adjustment	$ 0	$ 0	$ 115
Safari Business Center
Real Estate And Accumulated Depreciation [Line Items]
Number of buildings \| building		16
Land
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment		$ 4,200
Building and improvements
Real Estate And Accumulated Depreciation [Line Items]
Real estate investment cumulative impairment		$ 5,300
Building \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life		10 years
Building \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life		30 years
Site Improvements \| Minimum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life		5 years
Site Improvements \| Maximum
Real Estate And Accumulated Depreciation [Line Items]
Estimated remaining life		20 years
6 Properties Secured \| Term Loan
Real Estate And Accumulated Depreciation [Line Items]
Notes payable		$ 58,500

Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]
Balance, beginning of year		$ 3,698,390
Acquisition of investment in real estate	$ 513,511	1,210,289	$ 952,981
Construction costs and improvements	58,207	84,392	50,169
Disposition of investment in real estate(1)	(17,060)	(34,068)	(19,956)
Properties held for sale(1)	0	(10,353)	0
Write-off of fully depreciated assets	(540)	(695)	(772)
Other	0	0	(115)
Balance, End of Year		4,947,955	3,698,390
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Balance, beginning of year		(296,777)
Depreciation of investment in real estate	(57,312)	(86,159)	(72,505)
Disposition of investment in real estate(1)	1,571	5,270	3,698
Properties held for sale(1)	0	1,548	0
Write-off of fully depreciated assets	$ 540	695	772
Balance, end of year		(375,423)	(296,777)
Purchase price		$ 1,227,426	970,697
3340 San Fernando Road
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Purchase price			$ 3,000