0001571283-21-000016 | 10-Q | XBRL Viewer | Rexford Industrial Realty INC

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 22, 2021
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001571283
Current Fiscal Year End Date	--12-31
Entity File Number	001-36008
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2024407
Entity Address, Address Line One	11620 Wilshire Boulevard, Suite 1000
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90025
City Area Code	310
Local Phone Number	966-1680
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		134,052,700
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	REXR
Security Exchange Name	NYSE
5.875% Series A Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series A Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PA
Security Exchange Name	NYSE
5.875% Series B Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.875% Series B Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PB
Security Exchange Name	NYSE
5.625% Series C Cumulative Redeemable Preferred Stock
Entity Listings [Line Items]
Title of 12(b) Security	5.625% Series C Cumulative Redeemable Preferred Stock
Trading Symbol	REXR-PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
Land	$ 2,769,614	$ 2,636,816
Buildings and improvements	2,244,948	2,201,187
Tenant improvements	86,245	84,462
Furniture, fixtures and equipment	132	132
Construction in progress	35,083	25,358
Total real estate held for investment	5,136,022	4,947,955
Accumulated depreciation	(401,122)	(375,423)
Investments in real estate, net	4,734,900	4,572,532
Cash and cash equivalents	123,933	176,293
Restricted cash	47	1,230
Rents and other receivables, net	7,737	10,208
Deferred rent receivable, net	45,093	40,893
Deferred leasing costs, net	26,039	23,148
Deferred loan costs, net	2,060	2,240
Acquired lease intangible assets, net	87,587	92,172
Acquired indefinite-lived intangible	5,156	5,156
Other assets	27,272	14,390
Acquisition related deposits	10,075	4,067
Assets associated with real estate held for sale	0	8,845
Total Assets	5,069,899	4,951,174
Liabilities
Notes payable	1,219,425	1,216,160
Interest rate swap liability	14,081	17,580
Accounts payable, accrued expenses and other liabilities	41,871	45,384
Dividends and distributions payable	33,813	29,747
Acquired lease intangible liabilities, net	66,883	67,256
Tenant security deposits	34,367	31,602
Prepaid rents	11,241	12,660
Liabilities associated with real estate held for sale	0	193
Total Liabilities	1,421,681	1,420,582
Rexford Industrial Realty, Inc. stockholders’ equity
Common Stock, $0.01 par value per share, 489,950,000 authorized and 133,897,360 and 131,426,038 shares outstanding at March 31, 2021 and December 31, 2020, respectively	1,338	1,313
Additional paid in capital	3,300,333	3,182,599
Cumulative distributions in excess of earnings	(170,487)	(163,389)
Accumulated other comprehensive loss	(13,996)	(17,709)
Total stockholders’ equity	3,359,515	3,245,141
Noncontrolling interests	288,703	285,451
Total Equity	3,648,218	3,530,592
Total Liabilities and Equity	5,069,899	4,951,174
5.875% Series A Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at March 31, 2021 and December 31, 2020	86,651	86,651
5.875% Series B Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at March 31, 2021 and December 31, 2020	72,443	72,443
5.625% Series C Cumulative Redeemable Preferred Stock
Rexford Industrial Realty, Inc. stockholders’ equity
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at March 31, 2021 and December 31, 2020	$ 83,233	$ 83,233

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,050,000	10,050,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	489,950,000	489,950,000
Common stock, shares outstanding (in shares)	133,897,360	131,426,038
5.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.875%	5.875%
Preferred stock, shares outstanding (in shares)	3,600,000	3,600,000
Preferred Stock, Liquidation Preference, Value	$ 90,000	$ 90,000
5.875% Series B Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.875%	5.875%
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Preferred Stock, Liquidation Preference, Value	$ 75,000	$ 75,000
5.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, Dividend Rate, Percentage	5.625%	5.625%
Preferred stock, shares outstanding (in shares)	3,450,000	3,450,000
Preferred Stock, Liquidation Preference, Value	$ 86,250	$ 86,250

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES
Rental income	$ 99,644	$ 77,490
Management, leasing and development services	105	93
Interest income	14	97
TOTAL REVENUES	99,763	77,680
OPERATING EXPENSES
Property expenses	23,575	18,114
General and administrative	11,480	9,317
Depreciation and amortization	35,144	27,523
TOTAL OPERATING EXPENSES	70,199	54,954
OTHER EXPENSES
Acquisition expenses	29	5
Interest expense	9,752	7,449
TOTAL EXPENSES	79,980	62,408
Gains on sale of real estate	10,860	0
NET INCOME	30,643	15,272
Less: net income attributable to noncontrolling interests	(1,969)	(717)
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC.	28,674	14,555
Less: preferred stock dividends	(3,636)	(3,636)
Less: earnings allocated to participating securities	(141)	(131)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 24,897	$ 10,788
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.19	$ 0.09
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.19	$ 0.09
Weighted average shares of common stock outstanding - basic (in shares)	131,612,881	114,054,434
Weighted average shares of common stock outstanding - diluted (in shares)	131,758,744	114,314,331

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 30,643	$ 15,272
Other comprehensive income (loss): cash flow hedge adjustment	3,909	(14,968)
Comprehensive income	34,552	304
Comprehensive income attributable to noncontrolling interests	(2,165)	(157)
Comprehensive income attributable to Rexford Industrial Realty, Inc.	$ 32,387	$ 147

- 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 (Unaudited) - USD ($) $ in Thousands	Total	Total Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions in Excess of Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning Balance at Dec. 31, 2019	$ 2,622,449	$ 2,556,177	$ 242,327	$ 1,136	$ 2,439,007	$ (118,751)	$ (7,542)	$ 66,272
Beginning Balance (in shares) at Dec. 31, 2019				113,793,300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	80,814	80,814		$ 22	80,792
Issuance of common stock (in shares)				2,206,957
Offering costs	(1,383)	(1,383)			(1,383)
Issuance of OP Units	63,277							63,277
Issuance of cumulative redeemable convertible preferred units	40,787							40,787
Share-based compensation	3,627	699		$ 1	698			2,928
Share-based compensation (in shares)				102,275
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,207)	(1,207)			(1,207)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(25,797)
Conversion of OP units to common stock	0	6,370		$ 3	6,367			(6,370)
Conversion of OP units to common stock (in shares)				254,612
Net income	15,272	14,555	3,636			10,919		717
Other comprehensive income (loss)	(14,968)	(14,408)					(14,408)	(560)
Dividends, Preferred Stock	(3,636)	(3,636)	(3,636)
Preferred unit distributions	(423)							(423)
Dividends, Common Stock	(25,011)	(25,011)				(25,011)
Distributions	(920)							(920)
Ending Balance at Mar. 31, 2020	2,778,678	2,612,970	242,327	$ 1,162	2,524,274	(132,843)	(21,950)	165,708
Ending Balance (in shares) at Mar. 31, 2020				116,331,347
Beginning Balance at Dec. 31, 2020	$ 3,530,592	3,245,141	242,327	$ 1,313	3,182,599	(163,389)	(17,709)	285,451
Beginning Balance (in shares) at Dec. 31, 2020	131,426,038			131,426,038
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	$ 119,835	119,835		$ 24	119,811
Issuance of common stock (in shares)				2,415,386
Offering costs	(1,588)	(1,588)			(1,588)
Share-based compensation	4,339	828		$ 1	827			3,511
Share-based compensation (in shares)				82,895
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock	(1,355)	(1,355)			(1,355)
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (in shares)				(28,146)
Conversion of OP units to common stock	0	39		$ 0	39			(39)
Conversion of OP units to common stock (in shares)				1,187
Net income	30,643	28,674	3,636			25,038		1,969
Other comprehensive income (loss)	3,909	3,713					3,713	196
Dividends, Preferred Stock	(3,636)	(3,636)	(3,636)
Preferred unit distributions	(708)							(708)
Dividends, Common Stock	(32,136)	(32,136)				(32,136)
Distributions	(1,677)							(1,677)
Ending Balance at Mar. 31, 2021	$ 3,648,218	$ 3,359,515	$ 242,327	$ 1,338	$ 3,300,333	$ (170,487)	$ (13,996)	$ 288,703
Ending Balance (in shares) at Mar. 31, 2021	133,897,360			133,897,360

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Common Stock, Dividends, Per Share, Declared	$ 0.240	$ 0.215
5.875% Series A Cumulative Redeemable Preferred Stock
Preferred Stock, Dividends Per Share, Declared	$ 0.367188	0.367188
Preferred Stock, Dividend Rate, Percentage	5.875%		5.875%
5.875% Series B Cumulative Redeemable Preferred Stock
Preferred Stock, Dividends Per Share, Declared	$ 0.367188	0.367188
Preferred Stock, Dividend Rate, Percentage	5.875%		5.875%
5.625% Series C Cumulative Redeemable Preferred Stock
Preferred Stock, Dividends Per Share, Declared	$ 0.351563	$ 0.351563
Preferred Stock, Dividend Rate, Percentage	5.625%		5.625%
4.00% Cumulative Redeemable Convertible Preferred Units
Preferred Stock, Dividend Rate, Percentage		4.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 30,643	$ 15,272
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	35,144	27,523
Amortization of (below) above market lease intangibles, net	(2,712)	(2,402)
Amortization of debt issuance costs	447	343
Amortization of (premium) discount on notes payable, net	(29)	(16)
Gain on sale of real estate	(10,860)	0
Equity based compensation expense	4,261	3,570
Straight-line rent	(4,199)	(1,672)
Amortization of payment for termination of cash flow swap	410	0
Change in working capital components:
Rents and other receivables	2,547	300
Deferred leasing costs	(2,037)	(1,820)
Other assets	(12,824)	170
Accounts payable, accrued expenses and other liabilities	(4,694)	5,437
Tenant security deposits	2,021	988
Prepaid rents	(1,742)	(1,200)
Net cash provided by operating activities	36,376	46,493
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investments in real estate	(159,061)	(46,503)
Capital expenditures	(23,147)	(15,607)
Payments for deposits on real estate acquisitions	(10,075)	(1,028)
Proceeds from sale of real estate	19,882	0
Net cash used in investing activities	(172,401)	(63,138)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock, net	118,247	79,431
Repayment of notes payable	(319)	(50)
Debt issuance costs	0	(2,225)
Dividends paid to preferred stockholders	(3,636)	(3,636)
Dividends paid to common stockholders	(28,256)	(21,052)
Distributions paid to common unitholders	(1,491)	(572)
Distributions paid to preferred unitholders	(708)	(423)
Repurchase of common shares to satisfy employee tax withholding requirements	(1,355)	(1,207)
Net cash provided by financing activities	82,482	50,266
Increase in cash, cash equivalents and restricted cash	(53,543)	33,621
Cash, cash equivalents and restricted cash, beginning of period	177,523	78,857
Cash, cash equivalents and restricted cash, end of period	123,980	112,478
Supplemental disclosure of cash flow information:
Cash paid for interest (net of capitalized interest of $732 and $882 for the three months ended March 31, 2021 and 2020, respectively)	8,876	8,685
Supplemental disclosure of noncash transactions:
Operating lease right-of-use assets obtained in exchange for lease liabilities		1,014
Assumption of debt in connection with acquisition of real estate including loan premium	3,346	45,833
Accrual for capital expenditures	10,524	7,239
Accrual of dividends and distributions	33,813	25,931
OP Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	0	63,277
4.00% Cumulative Redeemable Convertible Preferred Units
Supplemental disclosure of noncash transactions:
Issuance of units in connection with acquisition of real estate	$ 0	$ 40,787

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Interest costs capitalized	$ 732	$ 882
4.00% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage		4.00%

Organization	3 Months Ended
Organization	Mar. 31, 2021
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 March 31, 2021, our consolidated portfolio consisted of 257 properties with approximately 32.1 million rentable square feet. In addition, we currently manage 20 properties with approximately 1.0 million rentable square feet. The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and its subsidiaries (including our Operating Partnership).

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

As of March 31, 2021 and December 31, 2020, and for the three months ended March 31, 2021 and 2020, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements.

Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of March 31, 2021 and December 31, 2020, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership.

The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020 and the notes thereto.

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

Use of Estimates

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

Cash and Cash Equivalents

Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.

Restricted Cash

Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”).

Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Cash and cash equivalents	$	176,293	$	78,857
Restricted cash	1,230		—
Cash, cash equivalents and restricted cash, beginning of period	$	177,523	$	78,857

Cash and cash equivalents	$	123,933	$	112,432
Restricted cash	47		46
Cash, cash equivalents and restricted cash, end of period	$	123,980	$	112,478

Investments in Real Estate

Acquisitions

We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions.

For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs.

We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the three months ended March 31, 2021, we used discount rates ranging from 5.0% to 7.0% and exit capitalization rates ranging from 4.0% to 6.0%.

In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its

occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the three months ended March 31, 2021, we used an estimated average lease-up period of six 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 three months ended March 31, 2021, we used an estimated market interest rate of 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 redevelopment, 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 redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred.

We capitalized interest costs of $0.7 million and $0.9 million during the three months ended March 31, 2021 and 2020, respectively. We capitalized real estate taxes and insurance costs aggregating $0.4 million and $0.3 million during the three months ended March 31, 2021 and 2020, respectively. We capitalized compensation costs for employees who provide construction services of $1.3 million and $1.0 million during the three months ended March 31, 2021 and 2020, respectively.

Depreciation and Amortization

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

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

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

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

Assets Held for Sale

We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of March 31, 2021 we did not have any properties classified as held for sale. As of December 31, 2020, our property located at 14723-14825.25 Oxnard Street was classified as held for sale. See Note 11.

Impairment of Long-Lived Assets

In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.

Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.

Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. There were no impairment charges recorded to the carrying value of our properties during the three months ended March 31, 2021 and 2020, respectively.

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. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate income tax, including any applicable alternative minimum tax.

In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three months ended March 31, 2021 and 2020.

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 March 31, 2021, and December 31, 2020, 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. As the timing and pattern of revenue recognition is the same, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations.

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

COVID-19 Lease Concessions

From March 2020 through December 2020, we received rent relief requests from a number of tenants claiming impacts from COVID-19, many of whom we believe may have made 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 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 rent concessions in the original lease contract 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 that was generally scheduled to begin in the third or fourth quarter of 2020.

Pursuant to a FASB issued question-and-answer document which addressed frequently asked questions about accounting for concessions related to the effects of the COVID-19 pandemic, we elected to forgo the evaluation of the enforceable rights and obligations of our lease contracts and elected to account for each rent relief agreement granting lease concessions in the form of accelerated future rent concessions and/or rent deferrals as a lease modification under ASC 842. As these lease concessions generally have not substantially changed the amount of consideration in the original lease contract (only the timing of lease payments has changed), these lease concessions have not had a material impact on our consolidated financial statements to date.

During 2020, we deferred $4.6 million of contractual base rent payments which represented approximately 1.4% of our total consolidated rental income for 2020. As of March 31, 2021, we have collected approximately $3.6 million, or 93.2%, of the deferred payments due as of March 31, 2021. Additionally, as of March 31, 2021, we had $0.7 million of outstanding deferred payments, of which $0.5 million is due through the remainder of 2021.

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 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. For all periods subsequent to March 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 above 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 $0.5 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively, as a net reduction of rental income in the consolidated statements of operations.

Deferred Leasing Costs

We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.

Debt Issuance Costs

Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5.

Equity Based Compensation

We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 12.

Equity Offerings

Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering program 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.

Sales of our common stock under forward equity sale agreements (as discussed in Note 12) meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

Earnings Per Share

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

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

Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13.

Segment Reporting

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

Leases as a Lessee

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

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 in our financial statements 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.

Investments in Real Estate

3 Months Ended

Mar. 31, 2021

Investments, All Other Investments [Abstract]

Investments in Real Estate

Acquisitions

The following table summarizes the wholly-owned industrial properties we acquired during the three months ended March 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
15010 Don Julian Road	Los Angeles - San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	San Bernardino - Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street	Los Angeles - South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	Los Angeles - South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue(2)	Los Angeles - San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue	San Diego - Central	2/4/2021	86,637	2	19,800
9920-10020 Pioneer Boulevard	Los Angeles - Mid-Counties	2/19/2021	157,669	7	23,500
2553 Garfield Avenue	Los Angeles - Central	3/19/2021	25,615	1	3,900
6655 East 26th Street	Los Angeles - Central	3/19/2021	47,500	1	6,500
560 Main Street	Orange County - North	3/19/2021	17,000	1	2,600
4225 Etiwanda Avenue	San Bernardino - Inland Empire West	3/23/2021	134,500	1	32,250
Total 2021 Wholly-Owned Property Acquisitions			741,952	23	$	163,513

(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)The acquisition of 7817 Woodley Avenue was funded through a combination of cash on hand and the assumption of $3.2 million of debt. This property is the remaining asset in the Van Nuys Airport Industrial Center Portfolio that we acquired in December 2020.

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):


	2021 Acquisitions
Assets:
Land	$	133,053
Buildings and improvements	33,374
Tenant improvements	449
Acquired lease intangible assets(1)	3,103
Other acquired assets(2)	272
Total assets acquired	170,251

Liabilities:
Acquired lease intangible liabilities(3)	2,709
Notes payable(4)	3,346
Other assumed liabilities(2)	1,068
Total liabilities assumed	7,123
Net assets acquired	$	163,128

(1)Acquired lease intangible assets is comprised of $3.1 million of in-place lease intangibles with a weighted average amortization period of 3.6 years and $12 thousand of above-market lease intangibles with a weighted average amortization period of 1.7 years.

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

(3)Represents below-market lease intangibles with a weighted average amortization period of 3.8 years.

(4)In connection with the acquisition of one property, we assumed a mortgage loan from the seller. At the date of acquisition, the loan had a fair value of $3.3 million and a principal balance of $3.2 million.

Acquired Lease Intangibles

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Acquired Lease Intangibles

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


	March 31, 2021		December 31, 2020
Acquired Lease Intangible Assets:
In-place lease intangibles	$	195,587	$	193,653
Accumulated amortization	(115,950)		(109,789)
In-place lease intangibles, net	$	79,637	$	83,864

Above-market tenant leases	$	17,078	$	17,079
Accumulated amortization	(9,128)		(8,771)
Above-market tenant leases, net	$	7,950	$	8,308
Acquired lease intangible assets, net	$	87,587	$	92,172

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(103,817)	$	(101,297)
Accumulated accretion	36,934		34,041
Below-market tenant leases, net	$	(66,883)	$	(67,256)




Acquired lease intangible liabilities, net	$	(66,883)	$	(67,256)

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
In-place lease intangibles(1)	$	7,318	$	5,822
Net below-market tenant leases(2)	$	(2,712)	$	(2,402)

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

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

Notes Payable

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Notes Payable

The following table summarizes the components and significant terms of our indebtedness as of March 31, 2021 and December 31, 2020 (dollars in thousands):


	March 31, 2021		December 31, 2020		Margin Above LIBOR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	0.850	%	(2)	0.961	%	(3)	2/13/2024	(4)
$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		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	$	1,100,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	4,037	$	4,065	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	58,499		58,499		1.70	%		1.811	%		8/1/2023	(7)
960-970 Knox Street(6)(8)	2,466		2,488		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,874		3,895		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,745		2,785		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,359		4,387		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,733		2,749		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,577		15,661		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(10)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	4,054		4,072		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,250		2,293		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(6)	3,221		—		n/a			4.140	%		8/1/2039
Total Secured Debt	$	126,415	$	123,494
Total Unsecured and Secured Debt	$	1,226,415	$	1,223,494
Less: Unamortized premium/discount and debt issuance costs(11)	(6,990)		(7,334)
Total	$	1,219,425	$	1,216,160

(1)Reflects the contractual interest rate under the terms of each loan as of March 31, 2021 and includes the effect of interest rate swaps that were effective as of March 31, 2021. 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 will range from 0.125% to 0.300% 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 March 31, 2021, 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), 11832-11954 La Cienega Boulevard, ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855).

(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 premiums/discounts and debt issuance costs, as of March 31, 2021, and does not consider extension options available to us as noted in the table above (in thousands):


April 1, 2021 - December 31, 2021	$	1,397
2022	2,177
2023	289,815
2024	13,415
2025	100,961
Thereafter	818,650
Total	$	1,226,415

Assumption of Mortgage Loan

On January 27, 2021, in connection with the acquisition of the property located at 7817 Woodley Avenue, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance of $3.2 million and a fair value of $3.3 million resulting in an initial net debt premium of $0.1 million. The mortgage loan bears interest at a fixed rate of 4.14% per annum.

Credit Agreement

We have a $600.0 million senior unsecured credit facility (the “Credit Agreement”), comprised of (i) a $500.0 million unsecured revolving credit facility (the "Revolver") which is scheduled to mature on February 13, 2024, and has two six-month extension options available, and (ii) a $100.0 million unsecured term loan facility which was fully repaid in November 2020 and 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 any combination of the foregoing.

Interest on the Revolver is generally to be paid 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. As of March 31, 2021, the margins for the Revolver range 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.

In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable facility fee, on each lender's commitment amount under the Revolver, regardless of usage. The applicable facility fee ranges in amount from 0.125% to 0.300% per annum, depending on our investment grade ratings.

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 March 31, 2021, we did not have any borrowings outstanding under the Revolver, leaving $500.0 million available for future borrowings.

Debt Covenants

The Credit Agreement, our $225 million unsecured term loan facility (the “$225 Million Term Loan Facility”), our $150 million unsecured term loan facility (the “$150 Million Term Loan Facility”), our $100 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125 million unsecured guaranteed senior notes (the “$125 Million Notes”) and our $25 million unsecured guaranteed senior notes and $75 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis:

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

•For the 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.

Our $400.0 million of 2.125% senior notes due 2030 contain 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.

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

We were in compliance with all of our required quarterly debt covenants as of March 31, 2021.

Leases

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021, we recognized $96.9 million of rental income related to operating lease payments, of which $80.1 million are for fixed lease payments and $16.8 million are for variable lease payments, respectively. For the comparable three month-period ended March 31, 2020, we recognized $75.1 million of rental income related to operating lease payments, of which $62.9 million were for fixed lease payments and $12.2 million were for variable lease payments, respectively.

The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of March 31, 2021 (in thousands):


Twelve Months Ended March 31,
2022	$	302,980
2023	265,898
2024	217,094
2025	165,084
2026	124,376
Thereafter	320,193
Total	$	1,395,625

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

Lessee

We lease office space as part of conducting our day-to-day business. As of March 31, 2021, our office space leases have remaining lease terms ranging from approximately three 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. We also have one ground lease for a parcel of land that is adjacent to one of our properties and is used as a parking lot. This ground lease has a remaining lease term of approximately two years, with two additional ten-year options to renew, and monthly rent of $9,000 through expiration.

As of March 31, 2021, total ROU assets and lease liabilities were approximately $5.3 million and $6.1 million, respectively. As of December 31, 2020, total ROU assets and lease liabilities were approximately $5.6 million and $6.4 million, respectively. All operating lease expense is recognized on a straight-line basis over the lease term.

The tables below present financial information associated with our leases for the three months ended March 31, 2021 and 2020, and as of March 31, 2021 and December 31, 2020.


	Three Months Ended March 31,
Lease Cost (in thousands)	2021		2020
Operating lease cost(1)	$	402	$	305

Variable lease cost(1)	16		12

Total lease cost	$	418	$	317

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


	Three Months Ended March 31,
Other Information (in thousands)	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	306	$	180
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	1,014


Lease Term and Discount Rate	March 31, 2021		December 31, 2020
Weighted-average remaining lease term	3.9 years		4.2 years
Weighted-average discount rate(1)	2.96	%	2.99	%

(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 March 31, 2021 were as follows (in thousands):


April 1, 2021 - December 31, 2021	$	1,162
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,473
Less imputed interest	(375)
Total lease liabilities	$	6,098

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 March 31, 2021 (in thousands):


Twelve Months Ended March 31,
2022	$	302,980
2023	265,898
2024	217,094
2025	165,084
2026	124,376
Thereafter	320,193
Total	$	1,395,625

Lessee

The tables below present financial information associated with our leases for the three months ended March 31, 2021 and 2020, and as of March 31, 2021 and December 31, 2020.


	Three Months Ended March 31,
Lease Cost (in thousands)	2021		2020
Operating lease cost(1)	$	402	$	305

Variable lease cost(1)	16		12

Total lease cost	$	418	$	317

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


	Three Months Ended March 31,
Other Information (in thousands)	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	306	$	180
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	1,014


Lease Term and Discount Rate	March 31, 2021		December 31, 2020
Weighted-average remaining lease term	3.9 years		4.2 years
Weighted-average discount rate(1)	2.96	%	2.99	%

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):


April 1, 2021 - December 31, 2021	$	1,162
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,473
Less imputed interest	(375)
Total lease liabilities	$	6,098

Interest Rate Swaps

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Interest Rate Swaps

Risk Management Objective of Using Derivatives

We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings.

Derivative Instruments

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

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

The following table sets forth a summary of our interest rate swaps at March 31, 2021 and December 31, 2020 (dollars in thousands):


					Current Notional Value(1)				Fair Value of Interest Rate Derivative Liabilities(2)
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(1,210)	$	(1,591)
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,013)	$	(1,333)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(11,858)	$	(14,656)

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

(2)As of March 31, 2021 and December 31, 2020, all of our derivatives were in a liability position and as such, the fair value is included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets.

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


	Three Months Ended March 31,
	2021		2020
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	1,805	$	(15,398)
Amount of loss reclassified from AOCI into earnings under “Interest expense”	$	(2,104)	$	(430)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	9,752	$	7,449

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 our $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 three months ended March 31, 2021, we amortized $0.4 million from AOCI into interest expense related to this transaction and we will amortize the remaining $0.6 million loss into interest expense through August 14, 2021.

During the next twelve months, we estimate that an additional $6.8 million (including the remaining $0.6 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

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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

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

Recurring Measurements – Interest Rate Swaps

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

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

Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, as of March 31, 2021, 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 March 31, 2021 and December 31, 2020, 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)
March 31, 2021
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(14,081)	$	—	$	(14,081)	$	—
December 31, 2020
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(17,580)	$	—	$	(17,580)	$	—

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 March 31, 2021 and December 31, 2020 (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:
March 31, 2021	$	1,236,925	$	—	$	—	$	1,236,925	$	1,219,425
December 31, 2020	$	1,276,217	$	—	$	—	$	1,276,217	$	1,216,160

- 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	3 Months Ended
Related Party Transactions	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $0.1 million and $0.1 million for the three months ended March 31, 2021 and 2020, respectively, in management, leasing and development services revenue.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations. Environmental We will generally perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of March 31, 2021, 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 March 31, 2021, we had commitments of approximately $42.6 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 March 31, 2021, 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 March 31, 2021, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions, including the impact of the outbreak of COVID-19 and related state and local government reactions. In response to COVID-19, 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 June 30, 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 such tenants’ actual ability to pay such rent, and we are currently unable to predict the ultimate impact that the COVID-19 pandemic will have on our tenants or the number of tenants that will continue to take advantage of the relief provided by the local government mandates authorizing the deferral of rent. The continued impact of the pandemic on our and our tenants’ businesses is largely dependent on efforts to stem the spread of COVID-19, including governmental efforts to distribute vaccines and overall vaccination rates in the areas in which we own properties. For details related to rent relief provided to tenants since the pandemic, see Note 2 under “—COVID-19 Lease Concessions.” Tenant Concentration During the three months ended March 31, 2021, no single tenant accounted for more than 5% of our total consolidated rental income.

Dispositions and Real Estate Held For Sale

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Dispositions and Real Estate Held For Sale

Dispositions

The following table summarizes information related to the properties that we sold during the three months ended March 31, 2021.


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
14723-14825.25 Oxnard Street	Greater San Fernando Valley	2/12/2021	77,790	$	19,250	$	9,906
6760 Central Avenue, Unit B	Inland Empire East	3/15/2021	9,943	1,530		954
Total			87,733	$	20,780	$	10,860

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

Real Estate Held for Sale

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 March 31, 2021, we did not have any properties classified as held for sale.

The following table summarizes the major classes of assets and liabilities associated with real estate property 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

Equity

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Equity

Common Stock

On November 9, 2020, we established an at-the-market equity offering program pursuant to which we may sell from time to time shares of our common stock having an aggregate sales price of up to $750.0 million (the “$750 Million ATM Program”). In connection with the $750 Million ATM Program, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our $750 Million ATM Program. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date.

During the three months ended March 31, 2021, we directly sold a total of 2,415,386 shares of our common stock under the $750 Million ATM Program at a weighted average price of $49.61 per share, for gross proceeds of $119.8 million, and net proceeds of $118.3 million, after deducting the sales agents’ fee.

During the three months ended March 31, 2021, we entered into a forward equity sale agreement with a financial institution acting as a forward purchaser under the $750 Million ATM Program with respect to 1,515,517 shares of our common stock at an initial forward sale price of $50.05 per share. We did not receive any proceeds from the sale of common shares by the forward purchasers. We currently expect to physically settle the forward equity sale agreement and receive cash proceeds upon one or more settlement dates, at our discretion, prior to the final settlement date on March 31, 2022, at which time we expect to receive aggregate net cash proceeds at settlement equal to $75.8 million before adjustments under the forward equity sale agreement (as described in the next sentence). The forward sale price that we expect to receive upon physical settlement of the agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement. We have not settled any portion of this forward equity sale agreement as of March 31, 2021.

Assuming full physical settlement of the open forward equity sale agreement described above, as of March 31, 2021, approximately $523.7 million of common stock remains available to be sold under the $750 Million ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

Noncontrolling Interests

Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units, 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “Series 1 CPOP Units”) and 4.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units), that are not owned by us.

As of March 31, 2021, noncontrolling interests included 5,402,694 OP Units and 1,239,048 fully-vested LTIP units and performance units and represented approximately 4.7% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss and distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis.

During the three months ended March 31, 2021, 1,187 OP Units were converted into an equivalent number of shares of common stock, resulting in the reclassification of $39 thousand of noncontrolling interest to Rexford Industrial Realty, Inc.’s stockholders’ equity.

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.

As of March 31, 2021, a total of 481,359 shares of common stock, LTIP Units and Performance Units 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 described in the Operating Partnership’s partnership agreement, the LTIP Units and Performance Units can over time achieve full parity with the OP Units for all purposes. If such parity is reached, vested LTIP Units and vested Performance Units may be converted into an equal number of OP Units, and, upon conversion, enjoy all rights of OP Units. LTIP Units, whether vested or not, receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distributions paid on OP Units.

Share-Based Award Activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the three months ended March 31, 2021:


	Unvested Awards
	Number of Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share		Number of LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2021	232,899	$	38.43	236,646	$	41.49
Granted	100,632	48.21		55,503	47.34
Forfeited	(17,737)	41.01		—	—
Vested(1)	(76,046)	34.28		(36,236)	46.54
Balance at March 31, 2021	239,748	$	43.66	255,913	$	42.05

(1)During the three months ended March 31, 2021, 28,146 shares of the Company’s common stock were tendered in accordance with the terms of the Plan to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock.

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of March 31, 2021:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
April 1, 2021 - December 31, 2021	16,448	109,234	174,917
2022	84,329	85,056	253,900
2023	67,189	49,160	476,915
2024	47,592	6,232	—
2025	24,190	6,231	—
Total	239,748	255,913	905,732

(1)Represents the maximum number of Performance Units that would become earned and vested in December 2021, 2022 and 2023, in the event that the specified maximum total shareholder return and FFO per share growth hurdles are achieved at the end of the three-year performance period for awards that were initially granted in December 2018, 2019, and 2020, respectively.

Compensation Expense

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


	Three Months Ended March 31,
	2021		2020
Expensed share-based compensation(1)	$	4,261	$	3,570
Capitalized share-based compensation(2)	78		57
Total share-based compensation	$	4,339	$	3,627

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

(2)For the three months ended March 31, 2021 and 2020, amounts capitalized relate to employees who provide construction services, and are included in “Building and improvements” in the consolidated balance sheets.

As of March 31, 2021, total unrecognized compensation cost related to all unvested share-based awards was $30.6 million and is expected to be recognized over a weighted average remaining period of 29 months.

Changes in Accumulated Other Comprehensive Income

The following table summarizes the changes in our AOCI balance for the three months ended March 31, 2021 and 2020, which consists solely of adjustments related to our cash flow hedges (in thousands):


	Three Months Ended March 31,
	2021		2020
Accumulated other comprehensive loss - beginning balance	$	(17,709)	$	(7,542)
Other comprehensive income (loss) before reclassifications	1,805		(15,398)
Amounts reclassified from accumulated other comprehensive loss to interest expense	2,104		430
Net current period other comprehensive income (loss)	3,909		(14,968)
Less other comprehensive income (loss) attributable to noncontrolling interests	(196)		560
Other comprehensive income (loss) attributable to common stockholders	3,713		(14,408)
Accumulated other comprehensive loss - ending balance	$	(13,996)	$	(21,950)

Earnings Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Share

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


	Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	30,643	$	15,272
Less: Preferred stock dividends	(3,636)		(3,636)
Less: Net income attributable to noncontrolling interests	(1,969)		(717)
Less: Net income attributable to participating securities	(141)		(131)
Net income attributable to common stockholders	$	24,897	$	10,788



Denominator:
Weighted average shares of common stock outstanding – basic	131,612,881		114,054,434
Effect of dilutive securities	145,863		259,897

Weighted average shares of common stock outstanding – diluted	131,758,744		114,314,331

Earnings per share — Basic
Net income attributable to common stockholders	$	0.19	$	0.09
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.19	$	0.09

Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units.

The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive.

Performance Units, which are subject to vesting based on the Company achieving certain TSR levels over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive.

We also consider the effect of other potentially dilutive securities, including the Series 1 CPOP Units, Series 2 CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and shares issuable under forward equity sales agreements, and include them in our computation of diluted EPS when their inclusion is dilutive.

Subsequent Events

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Subsequent Events

Acquisitions

The following table summarizes the properties we acquired subsequent to March 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
12118 Bloomfield Avenue (1)	Los Angeles - Mid-Counties	4/14/2021	63,000	4	$	16,650
256 East Alondra Boulevard (2)	Los Angeles - South Bay	4/15/2021	2,456	1	11,250
19007 S. Reyes Avenue (3)	Los Angeles - South Bay	4/23/2021	—	—	16,350
Total			65,456	5	$	44,250

(1) Represents acquisition of a 5.2 acre redevelopment site.

(2) Represents acquisition of a 2.8 acre industrial outdoor storage site.

(3) Represents acquisition of a 4.5 acre redevelopment site.

Dividends Declared

On April 19, 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

June 30, 2021

July 15, 2021

OP Units

0.24

June 30, 2021

July 15, 2021

5.875% Series A Cumulative Redeemable Preferred Stock

0.367188

June 15, 2021

June 30, 2021

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

June 15, 2021

June 30, 2021

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

June 15, 2021

June 30, 2021

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

June 15, 2021

June 30, 2021

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

June 15, 2021

June 30, 2021

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation As of March 31, 2021 and December 31, 2020, and for the three months ended March 31, 2021 and 2020, the financial statements presented are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of March 31, 2021 and December 31, 2020, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying unaudited interim financial statements have been prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in the financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) may have been condensed or omitted pursuant to SEC rules and regulations, although we believe that the disclosures are adequate to make their presentation not misleading. The accompanying unaudited financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. The interim financial statements should be read in conjunction with the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020 and the notes thereto. Any references to the number of properties and square footage are unaudited and outside the scope of our independent registered public accounting firm’s review of our financial statements in accordance with the standards of the United States Public Company Accounting Oversight Board.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments.
Restricted Cash	Restricted Cash Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). Restricted cash balances are included with cash and cash equivalents balances as of the beginning and ending of each period presented in the consolidated statements of cash flows.
Investments in Real Estate	Investments in Real Estate Acquisitions We account for acquisitions of properties under Accounting Standards Update (“ASU”) 2017-01, Business Combinations - Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions about the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rents and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the three months ended March 31, 2021, we used discount rates ranging from 5.0% to 7.0% and exit capitalization rates ranging from 4.0% to 6.0%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rates and the in-place rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the three months ended March 31, 2021, we used an estimated average lease-up period of six 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 three months ended March 31, 2021, we used an estimated market interest rate of 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 redevelopment, 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 redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $0.7 million and $0.9 million during the three months ended March 31, 2021 and 2020, respectively. We capitalized real estate taxes and insurance costs aggregating $0.4 million and $0.3 million during the three months ended March 31, 2021 and 2020, respectively. We capitalized compensation costs for employees who provide construction services of $1.3 million and $1.0 million during the three months ended March 31, 2021 and 2020, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in—Investments in Real Estate—Acquisitions, in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets.
Assets Held for Sale	Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in the Accounting Standards Codification (“ASC”) Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.
Income Taxes	Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to federal corporate income tax, including any applicable alternative minimum tax. In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the three months ended March 31, 2021 and 2020. 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 March 31, 2021, and December 31, 2020, we have not established a liability for uncertain tax positions.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 7.
Revenue Recognition	Revenue Recognition Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, 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. As the timing and pattern of revenue recognition is the same, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. COVID-19 Lease Concessions From March 2020 through December 2020, we received rent relief requests from a number of tenants claiming impacts from COVID-19, many of whom we believe may have made 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 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 rent concessions in the original lease contract 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 that was generally scheduled to begin in the third or fourth quarter of 2020. Pursuant to a FASB issued question-and-answer document which addressed frequently asked questions about accounting for concessions related to the effects of the COVID-19 pandemic, we elected to forgo the evaluation of the enforceable rights and obligations of our lease contracts and elected to account for each rent relief agreement granting lease concessions in the form of accelerated future rent concessions and/or rent deferrals as a lease modification under ASC 842. As these lease concessions generally have not substantially changed the amount of consideration in the original lease contract (only the timing of lease payments has changed), these lease concessions have not had a material impact on our consolidated financial statements to date. During 2020, we deferred $4.6 million of contractual base rent payments which represented approximately 1.4% of our total consolidated rental income for 2020. As of March 31, 2021, we have collected approximately $3.6 million, or 93.2%, of the deferred payments due as of March 31, 2021. Additionally, as of March 31, 2021, we had $0.7 million of outstanding deferred payments, of which $0.5 million is due through the remainder of 2021. 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 Receivables	Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. For all periods subsequent to March 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 above 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.
Deferred Leasing Costs	Deferred Leasing Costs We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5.
Equity Based Compensation	Equity Based Compensation We account for equity-based compensation in accordance with ASC Topic 718: Compensation - Stock Compensation. Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 12.
Equity Offerings	Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering program 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. Sales of our common stock under forward equity sale agreements (as discussed in Note 12) meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.
Earnings Per Share	Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 - Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13.
Segment Reporting	Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources.
Leases as a Lessee	Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease right-of-use assets (“ROU assets”) are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6.
Adoption of New Accounting Pronouncements; Recently Issued Accounting Pronouncements	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 in our financial statements 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.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
Cash and cash equivalents	$	176,293	$	78,857
Restricted cash	1,230		—
Cash, cash equivalents and restricted cash, beginning of period	$	177,523	$	78,857

Cash and cash equivalents	$	123,933	$	112,432
Restricted cash	47		46
Cash, cash equivalents and restricted cash, end of period	$	123,980	$	112,478

Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price(1) (in thousands)
15010 Don Julian Road	Los Angeles - San Gabriel Valley	1/5/2021	92,925	1	$	22,200
5002-5018 Lindsay Court	San Bernardino - Inland Empire West	1/11/2021	64,960	1	12,650
514 East C Street	Los Angeles - South Bay	1/14/2021	3,436	1	9,950
17907-18001 Figueroa Street	Los Angeles - South Bay	1/26/2021	74,810	6	20,200
7817 Woodley Avenue(2)	Los Angeles - San Fernando Valley	1/27/2021	36,900	1	9,963
8888-8892 Balboa Avenue	San Diego - Central	2/4/2021	86,637	2	19,800
9920-10020 Pioneer Boulevard	Los Angeles - Mid-Counties	2/19/2021	157,669	7	23,500
2553 Garfield Avenue	Los Angeles - Central	3/19/2021	25,615	1	3,900
6655 East 26th Street	Los Angeles - Central	3/19/2021	47,500	1	6,500
560 Main Street	Orange County - North	3/19/2021	17,000	1	2,600
4225 Etiwanda Avenue	San Bernardino - Inland Empire West	3/23/2021	134,500	1	32,250
Total 2021 Wholly-Owned Property Acquisitions			741,952	23	$	163,513

Summary of Fair Value of Amounts Recognized


	2021 Acquisitions
Assets:
Land	$	133,053
Buildings and improvements	33,374
Tenant improvements	449
Acquired lease intangible assets(1)	3,103
Other acquired assets(2)	272
Total assets acquired	170,251

Liabilities:
Acquired lease intangible liabilities(3)	2,709
Notes payable(4)	3,346
Other assumed liabilities(2)	1,068
Total liabilities assumed	7,123
Net assets acquired	$	163,128

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

(3)Represents below-market lease intangibles with a weighted average amortization period of 3.8 years.

Acquired Lease Intangibles (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Acquired Lease Intangible Assets and Liabilities


	March 31, 2021		December 31, 2020
Acquired Lease Intangible Assets:
In-place lease intangibles	$	195,587	$	193,653
Accumulated amortization	(115,950)		(109,789)
In-place lease intangibles, net	$	79,637	$	83,864

Above-market tenant leases	$	17,078	$	17,079
Accumulated amortization	(9,128)		(8,771)
Above-market tenant leases, net	$	7,950	$	8,308
Acquired lease intangible assets, net	$	87,587	$	92,172

Acquired Lease Intangible Liabilities:
Below-market tenant leases	$	(103,817)	$	(101,297)
Accumulated accretion	36,934		34,041
Below-market tenant leases, net	$	(66,883)	$	(67,256)




Acquired lease intangible liabilities, net	$	(66,883)	$	(67,256)

Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles

The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the three months ended March 31, 2021 and 2020 (in thousands):


	Three Months Ended March 31,
	2021		2020
In-place lease intangibles(1)	$	7,318	$	5,822
Net below-market tenant leases(2)	$	(2,712)	$	(2,402)

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

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

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The following table summarizes the components and significant terms of our indebtedness as of March 31, 2021 and December 31, 2020 (dollars in thousands):


	March 31, 2021		December 31, 2020		Margin Above LIBOR			Interest Rate(1)			Contractual Maturity Date
Unsecured and Secured Debt
Unsecured Debt:
Revolving Credit Facility	$	—	$	—	0.850	%	(2)	0.961	%	(3)	2/13/2024	(4)
$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		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	$	1,100,000

Secured Debt:
2601-2641 Manhattan Beach Boulevard(6)	$	4,037	$	4,065	n/a			4.080	%		4/5/2023
$60M Term Loan(7)	58,499		58,499		1.70	%		1.811	%		8/1/2023	(7)
960-970 Knox Street(6)(8)	2,466		2,488		n/a			5.000	%		11/1/2023
7612-7642 Woodwind Drive(6)	3,874		3,895		n/a			5.240	%		1/5/2024
11600 Los Nietos Road(6)	2,745		2,785		n/a			4.190	%		5/1/2024
5160 Richton Street(6)	4,359		4,387		n/a			3.790	%		11/15/2024
22895 Eastpark Drive(6)	2,733		2,749		n/a			4.330	%		11/15/2024
701-751 Kingshill Place(9)	7,100		7,100		n/a			3.900	%		1/5/2026
13943-13955 Balboa Boulevard(6)	15,577		15,661		n/a			3.930	%		7/1/2027
2205 126th Street(10)	5,200		5,200		n/a			3.910	%		12/1/2027
2410-2420 Santa Fe Avenue(10)	10,300		10,300		n/a			3.700	%		1/1/2028
11832-11954 La Cienega Boulevard(6)	4,054		4,072		n/a			4.260	%		7/1/2028
Gilbert/La Palma(6)	2,250		2,293		n/a			5.125	%		3/1/2031
7817 Woodley Avenue(6)	3,221		—		n/a			4.140	%		8/1/2039
Total Secured Debt	$	126,415	$	123,494
Total Unsecured and Secured Debt	$	1,226,415	$	1,223,494
Less: Unamortized premium/discount and debt issuance costs(11)	(6,990)		(7,334)
Total	$	1,219,425	$	1,216,160

(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 Future Minimum Debt Payments


April 1, 2021 - December 31, 2021	$	1,397
2022	2,177
2023	289,815
2024	13,415
2025	100,961
Thereafter	818,650
Total	$	1,226,415

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2021

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 March 31, 2021 (in thousands):


Twelve Months Ended March 31,
2022	$	302,980
2023	265,898
2024	217,094
2025	165,084
2026	124,376
Thereafter	320,193
Total	$	1,395,625

Lease Cost

The tables below present financial information associated with our leases for the three months ended March 31, 2021 and 2020, and as of March 31, 2021 and December 31, 2020.


	Three Months Ended March 31,
Lease Cost (in thousands)	2021		2020
Operating lease cost(1)	$	402	$	305

Variable lease cost(1)	16		12

Total lease cost	$	418	$	317

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


	Three Months Ended March 31,
Other Information (in thousands)	2021		2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	306	$	180
Right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	1,014


Lease Term and Discount Rate	March 31, 2021		December 31, 2020
Weighted-average remaining lease term	3.9 years		4.2 years
Weighted-average discount rate(1)	2.96	%	2.99	%

Maturities of Lease Liabilities

Maturities of lease liabilities as of March 31, 2021 were as follows (in thousands):


April 1, 2021 - December 31, 2021	$	1,162
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	—
Total undiscounted lease payments	$	6,473
Less imputed interest	(375)
Total lease liabilities	$	6,098

Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Interest Rate Swap Agreement

The following table sets forth a summary of our interest rate swaps at March 31, 2021 and December 31, 2020 (dollars in thousands):


					Current Notional Value(1)				Fair Value of Interest Rate Derivative Liabilities(2)
Derivative Instrument	Effective Date	Maturity Date	LIBOR Interest Strike Rate		March 31, 2021		December 31, 2020		March 31, 2021		December 31, 2020
Interest Rate Swap	2/14/2018	1/14/2022	1.3490	%	$	125,000	$	125,000	$	(1,210)	$	(1,591)
Interest Rate Swap	8/14/2018	1/14/2022	1.4060	%	$	100,000	$	100,000	$	(1,013)	$	(1,333)
Interest Rate Swap	7/22/2019	11/22/2024	2.7625	%	$	150,000	$	150,000	$	(11,858)	$	(14,656)

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

Summary of Impact of Interest Rate Swaps on Consolidated Financial Statements

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


	Three Months Ended March 31,
	2021		2020
Interest Rate Swaps in Cash Flow Hedging Relationships:
Amount of gain (loss) recognized in AOCI on derivatives	$	1,805	$	(15,398)
Amount of loss reclassified from AOCI into earnings under “Interest expense”	$	(2,104)	$	(430)
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$	9,752	$	7,449

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

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


	Fair Value Measurement Using
	Total Fair Value		Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
March 31, 2021
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(14,081)	$	—	$	(14,081)	$	—
December 31, 2020
Interest Rate Swap Asset	$	—	$	—	$	—	$	—
Interest Rate Swap Liability	$	(17,580)	$	—	$	(17,580)	$	—

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 March 31, 2021 and December 31, 2020 (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:
March 31, 2021	$	1,236,925	$	—	$	—	$	1,236,925	$	1,219,425
December 31, 2020	$	1,276,217	$	—	$	—	$	1,276,217	$	1,216,160

Dispositions and Real Estate Held For Sale (Tables)

3 Months Ended

Mar. 31, 2021

Discontinued Operations and Disposal Groups [Abstract]

Summary of Properties Sold

The following table summarizes information related to the properties that we sold during the three months ended March 31, 2021.


Property	Submarket	Date of Disposition	Rentable Square Feet	Contractual Sales Price(1) (in thousands)		Gain Recorded (in thousands)
14723-14825.25 Oxnard Street	Greater San Fernando Valley	2/12/2021	77,790	$	19,250	$	9,906
6760 Central Avenue, Unit B	Inland Empire East	3/15/2021	9,943	1,530		954
Total			87,733	$	20,780	$	10,860

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

Disclosure of Assets and Liabilities Associated with Real Estate Held for Sale

The following table summarizes the major classes of assets and liabilities associated with real estate property 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

Equity (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Unvested Restricted Stock Activity

The following table sets forth our unvested restricted stock activity and unvested LTIP Unit activity for the three months ended March 31, 2021:


	Unvested Awards
	Number of Shares of Restricted Common Stock	Weighted-Average Grant Date Fair Value per Share		Number of LTIP Units	Weighted-Average Grant Date Fair Value per Unit
Balance at January 1, 2021	232,899	$	38.43	236,646	$	41.49
Granted	100,632	48.21		55,503	47.34
Forfeited	(17,737)	41.01		—	—
Vested(1)	(76,046)	34.28		(36,236)	46.54
Balance at March 31, 2021	239,748	$	43.66	255,913	$	42.05

Vesting Schedule of the Unvested Shares of Restricted Stock Outstanding

The following table sets forth the vesting schedule of all unvested share-based awards outstanding as of March 31, 2021:


	Unvested Awards
	Restricted Common Stock	LTIP Units	Performance Units(1)
April 1, 2021 - December 31, 2021	16,448	109,234	174,917
2022	84,329	85,056	253,900
2023	67,189	49,160	476,915
2024	47,592	6,232	—
2025	24,190	6,231	—
Total	239,748	255,913	905,732

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):


	Three Months Ended March 31,
	2021		2020
Expensed share-based compensation(1)	$	4,261	$	3,570
Capitalized share-based compensation(2)	78		57
Total share-based compensation	$	4,339	$	3,627

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

Summary of the Components of Changes in Accumulated Other Comprehensive Loss

The following table summarizes the changes in our AOCI balance for the three months ended March 31, 2021 and 2020, which consists solely of adjustments related to our cash flow hedges (in thousands):


	Three Months Ended March 31,
	2021		2020
Accumulated other comprehensive loss - beginning balance	$	(17,709)	$	(7,542)
Other comprehensive income (loss) before reclassifications	1,805		(15,398)
Amounts reclassified from accumulated other comprehensive loss to interest expense	2,104		430
Net current period other comprehensive income (loss)	3,909		(14,968)
Less other comprehensive income (loss) attributable to noncontrolling interests	(196)		560
Other comprehensive income (loss) attributable to common stockholders	3,713		(14,408)
Accumulated other comprehensive loss - ending balance	$	(13,996)	$	(21,950)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
	2021		2020
Numerator:
Net income	$	30,643	$	15,272
Less: Preferred stock dividends	(3,636)		(3,636)
Less: Net income attributable to noncontrolling interests	(1,969)		(717)
Less: Net income attributable to participating securities	(141)		(131)
Net income attributable to common stockholders	$	24,897	$	10,788



Denominator:
Weighted average shares of common stock outstanding – basic	131,612,881		114,054,434
Effect of dilutive securities	145,863		259,897

Weighted average shares of common stock outstanding – diluted	131,758,744		114,314,331

Earnings per share — Basic
Net income attributable to common stockholders	$	0.19	$	0.09
Earnings per share — Diluted
Net income attributable to common stockholders	$	0.19	$	0.09

Subsequent Events Subsequent Events (Tables)

3 Months Ended

Mar. 31, 2021

Subsequent Events [Abstract]

Schedule of Acquisitions

The following table summarizes the properties we acquired subsequent to March 31, 2021:


Property	Submarket	Date of Acquisition	Rentable Square Feet	Number of Buildings	Contractual Purchase Price (in thousands)
12118 Bloomfield Avenue (1)	Los Angeles - Mid-Counties	4/14/2021	63,000	4	$	16,650
256 East Alondra Boulevard (2)	Los Angeles - South Bay	4/15/2021	2,456	1	11,250
19007 S. Reyes Avenue (3)	Los Angeles - South Bay	4/23/2021	—	—	16,350
Total			65,456	5	$	44,250

(1) Represents acquisition of a 5.2 acre redevelopment site.

(2) Represents acquisition of a 2.8 acre industrial outdoor storage site.

(3) Represents acquisition of a 4.5 acre redevelopment site.

Dividends Declared

On April 19, 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

June 30, 2021

July 15, 2021

OP Units

0.24

June 30, 2021

July 15, 2021

5.875% Series A Cumulative Redeemable Preferred Stock

0.367188

June 15, 2021

June 30, 2021

5.875% Series B Cumulative Redeemable Preferred Stock

0.367188

June 15, 2021

June 30, 2021

5.625% Series C Cumulative Redeemable Preferred Stock

0.351563

June 15, 2021

June 30, 2021

4.43937% Cumulative Redeemable Convertible Preferred Units

0.505085

June 15, 2021

June 30, 2021

4.00% Cumulative Redeemable Convertible Preferred Units

0.45

June 15, 2021

June 30, 2021

Organization (Detail) ft² in Millions	Mar. 31, 2021 ft² property
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of real estate properties \| property	257
Area of real estate property (square feet) \| ft²	32.1
Number of real estate properties additionally managed \| property	20
Area of real estate property additionally managed \| ft²	1.0

Summary of Significant Accounting Policies (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Interest costs capitalized	$ 732,000	$ 882,000
Real estate taxes and insurance costs capitalized	$ 400,000	300,000
REIT annual taxable income distribution requirement percentage	90.00%
Income tax provision	$ 0	0
Adjustment to rental income resulting from lease collectability assessment	(500,000)	(400,000)
Rent Relief Agreement, COVID-19 [Member]
Summary Of Significant Accounting Policies [Line Items]
Deferral of Base Rent			$ 4,600,000
Deferred Base Rent As A Percentage Of Rental Income			1.40%
Deferral Of Base Rent, Amount Collected	$ 3,600,000
Deferral Of Base Rent, Amount Collected, Percentage	93.20%
Deferral Of Base Rent, Outstanding	$ 700,000
Deferral Of Base Rent, Due Remainder Of Fiscal Year	500,000
Construction Employees
Summary Of Significant Accounting Policies [Line Items]
Compensation costs capitalized	$ 1,300,000	$ 1,000,000.0
Minimum \| Office Leases
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Minimum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	5 years
Maximum \| Office Leases
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years
Maximum \| Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	20 years
Measurement Input, Discount Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	5.00%
Measurement Input, Discount Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	7.00%
Measurement Input, Cap Rate \| Minimum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	4.00%
Measurement Input, Cap Rate \| Maximum
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	6.00%
Property Average Lease Up Period
Summary Of Significant Accounting Policies [Line Items]
Estimated average lease-up period	6 months
Estimate of Fair Value Measurement
Summary Of Significant Accounting Policies [Line Items]
Acquired property, measurement input	3.75%

Summary of Significant Accounting Policies - Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 123,933	$ 176,293	$ 112,432	$ 78,857
Restricted cash	47	1,230	46	0
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 123,980	$ 177,523	$ 112,478	$ 78,857

Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Detail) $ in Thousands		3 Months Ended
	Jan. 27, 2021 USD ($) building	Mar. 31, 2021 USD ($) ft² building	Mar. 31, 2020 USD ($)
Real Estate [Line Items]
Rentable Square Feet \| ft²		741,952
Number of Buildings \| building		23
Acquisition Purchase Price		$ 163,513
Assumption of debt in connection with acquisition of real estate including loan premium		$ 3,346	$ 45,833
Below-market lease intangibles, weighted average amortization period		3 years 9 months 18 days
15010 Don Julian Road
Real Estate [Line Items]
Date of Acquisition		Jan. 05, 2021
Rentable Square Feet \| ft²		92,925
Number of Buildings \| building		1
Acquisition Purchase Price		$ 22,200
5002-5018 Lindsay Court
Real Estate [Line Items]
Date of Acquisition		Jan. 11, 2021
Rentable Square Feet \| ft²		64,960
Number of Buildings \| building		1
Acquisition Purchase Price		$ 12,650
514 East C Street
Real Estate [Line Items]
Date of Acquisition		Jan. 14, 2021
Rentable Square Feet \| ft²		3,436
Number of Buildings \| building		1
Acquisition Purchase Price		$ 9,950
17907-18001 Figueroa Street
Real Estate [Line Items]
Date of Acquisition		Jan. 26, 2021
Rentable Square Feet \| ft²		74,810
Number of Buildings \| building		6
Acquisition Purchase Price		$ 20,200
7817 Woodley Avenue
Real Estate [Line Items]
Date of Acquisition		Jan. 27, 2021
Rentable Square Feet \| ft²		36,900
Number of Buildings \| building	1	1
Acquisition Purchase Price		$ 9,963
7817 Woodley Avenue \| Secured Debt
Real Estate [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium	$ 3,200
8888-8892 Balboa Avenue
Real Estate [Line Items]
Date of Acquisition		Feb. 04, 2021
Rentable Square Feet \| ft²		86,637
Number of Buildings \| building		2
Acquisition Purchase Price		$ 19,800
9920-10020 Pioneer Boulevard
Real Estate [Line Items]
Date of Acquisition		Feb. 19, 2021
Rentable Square Feet \| ft²		157,669
Number of Buildings \| building		7
Acquisition Purchase Price		$ 23,500
2553 Garfield Avenue
Real Estate [Line Items]
Date of Acquisition		Mar. 19, 2021
Rentable Square Feet \| ft²		25,615
Number of Buildings \| building		1
Acquisition Purchase Price		$ 3,900
6655 East 26th Street
Real Estate [Line Items]
Date of Acquisition		Mar. 19, 2021
Rentable Square Feet \| ft²		47,500
Number of Buildings \| building		1
Acquisition Purchase Price		$ 6,500
560 Main Street
Real Estate [Line Items]
Date of Acquisition		Mar. 19, 2021
Rentable Square Feet \| ft²		17,000
Number of Buildings \| building		1
Acquisition Purchase Price		$ 2,600
4225 Etiwanda Avenue
Real Estate [Line Items]
Date of Acquisition		Mar. 23, 2021
Rentable Square Feet \| ft²		134,500
Number of Buildings \| building		1
Acquisition Purchase Price		$ 32,250

Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) $ in Thousands		3 Months Ended
	Jan. 27, 2021 USD ($) building	Mar. 31, 2021 USD ($) building	Mar. 31, 2020 USD ($)
ASSETS
Land		$ 133,053
Buildings and improvements		33,374
Tenant improvements		449
Acquired lease intangible assets(1)		3,103
Other acquired assets(2)		272
Total assets acquired		170,251
Liabilities
Acquired lease intangible liabilities(3)		2,709
Notes payable(4)		3,346
Other assumed liabilities(2)		1,068
Total liabilities assumed		7,123
Net assets acquired		$ 163,128
Intangible Assets [Abstract]
Below-market lease intangibles, weighted average amortization period		3 years 9 months 18 days
Number of Buildings \| building		23
Assumption of debt in connection with acquisition of real estate including loan premium		$ 3,346	$ 45,833
In-place lease intangibles
Intangible Assets [Abstract]
In-place lease intangibles		$ 3,100
Weighted average amortization period		3 years 7 months 6 days
Above-market tenant leases
Intangible Assets [Abstract]
Weighted average amortization period		1 year 8 months 12 days
Above-market lease intangibles		$ 12
7817 Woodley Avenue
Intangible Assets [Abstract]
Number of Buildings \| building	1	1
Loans Assumed	$ 3,300
7817 Woodley Avenue \| Secured Debt
Liabilities
Notes payable(4)	3,300
Intangible Assets [Abstract]
Assumption of debt in connection with acquisition of real estate including loan premium	$ 3,200

Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, net	$ 87,587	$ 92,172
Acquired lease intangible liabilities, net	(66,883)	(67,256)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	195,587	193,653
Accumulated amortization	(115,950)	(109,789)
Acquired lease intangible assets, net	79,637	83,864
Above-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible assets, gross	17,078	17,079
Accumulated amortization	(9,128)	(8,771)
Acquired lease intangible assets, net	7,950	8,308
Below-market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired lease intangible liabilities, gross	(103,817)	(101,297)
Accumulated accretion	36,934	34,041
Acquired lease intangible liabilities, net	$ (66,883)	$ (67,256)

Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (2,712)	$ (2,402)
In-place lease intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of in-place lease intangibles	7,318	5,822
Net below market tenant leases
Acquired Finite Lived Intangible Assets [Line Items]
Amortization of (below) above market lease intangibles, net	$ (2,712)	$ (2,402)

Notes Payable - Summary of Debt (Detail)		3 Months Ended
Notes Payable - Summary of Debt (Detail)	Feb. 13, 2020 extension	Mar. 31, 2021 USD ($) property extension	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Principal amount		$ 1,226,415,000	$ 1,223,494,000
Unsecured Debt		1,100,000,000	1,100,000,000
Secured Debt		126,415,000	123,494,000
Less: unamortized discount and deferred loan costs		(6,990,000)	(7,334,000)
Carrying value		$ 1,219,425,000	1,216,160,000
Revolving Credit Facility
Debt Instrument [Line Items]
Extension period		6 months
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount		$ 0	0
Debt Instrument, Maturity Date		Feb. 13, 2024
$225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 225,000,000	225,000,000
Debt Instrument, Maturity Date		Jan. 14, 2023
$150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 150,000,000	150,000,000
Debt Instrument, Maturity Date		May 22, 2025
$60 Million Term Loan
Debt Instrument [Line Items]
Extension period		24 months
$60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Principal amount		$ 58,499,000	58,499,000
Debt Instrument, Maturity Date		Aug. 01, 2023
Number Of Properties Securing Loan \| property		6
Number Of Additional Extension Periods \| extension		1
Debt Instrument, Periodic Payment, Principal		$ 65,250
Unsecured Revolving Credit Facility, $500 Million \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating	0.125%
Unsecured Revolving Credit Facility, $500 Million \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating	0.30%
Senior Notes \| $100M Notes
Debt Instrument [Line Items]
Principal amount		$ 100,000,000	100,000,000
Fixed interest rate		4.29%
Debt Instrument, Maturity Date		Aug. 06, 2025
Senior Notes \| $125M Notes
Debt Instrument [Line Items]
Principal amount		$ 125,000,000	125,000,000
Fixed interest rate		3.93%
Debt Instrument, Maturity Date		Jul. 13, 2027
Senior Notes \| $25M Series 2019A Notes
Debt Instrument [Line Items]
Principal amount		$ 25,000,000	25,000,000
Fixed interest rate		3.88%
Debt Instrument, Maturity Date		Jul. 16, 2029
Senior Notes \| $400M Senior Notes
Debt Instrument [Line Items]
Principal amount		$ 400,000,000	400,000,000
Fixed interest rate		2.125%
Debt Instrument, Maturity Date		Dec. 01, 2030
Senior Notes \| $75M Series 2019B Notes
Debt Instrument [Line Items]
Principal amount		$ 75,000,000	75,000,000
Fixed interest rate		4.03%
Debt Instrument, Maturity Date		Jul. 16, 2034
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension	2
2601-2641 Manhattan Beach Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,037,000	4,065,000
Fixed interest rate		4.08%
Debt Instrument, Maturity Date		Apr. 05, 2023
Debt Instrument, Periodic Payment		$ 23,138
960-970 Knox Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,466,000	2,488,000
Fixed interest rate		5.00%
Debt Instrument, Maturity Date		Nov. 01, 2023
Debt Instrument, Periodic Payment		$ 17,538
7612-7642 Woodwind Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 3,874,000	3,895,000
Fixed interest rate		5.24%
Debt Instrument, Maturity Date		Jan. 05, 2024
Debt Instrument, Periodic Payment		$ 24,270
11600 Los Nietos Road \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,745,000	2,785,000
Fixed interest rate		4.19%
Debt Instrument, Maturity Date		May 01, 2024
Debt Instrument, Periodic Payment		$ 22,637
5160 Richton Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,359,000	4,387,000
Fixed interest rate		3.79%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 23,270
22895 Eastpark Drive \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,733,000	2,749,000
Fixed interest rate		4.33%
Debt Instrument, Maturity Date		Nov. 15, 2024
Debt Instrument, Periodic Payment		$ 15,396
701-751 Kingshill Place \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 7,100,000	7,100,000
Fixed interest rate		3.90%
Debt Instrument, Maturity Date		Jan. 05, 2026
Debt Instrument, Periodic Payment		$ 33,488
13943-13955 Balboa Boulevard \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 15,577,000	15,661,000
Fixed interest rate		3.93%
Debt Instrument, Maturity Date		Jul. 01, 2027
Debt Instrument, Periodic Payment		$ 79,198
2205 126th Street \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 5,200,000	5,200,000
Fixed interest rate		3.91%
Debt Instrument, Maturity Date		Dec. 01, 2027
2410-2420 Santa Fe Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 10,300,000	10,300,000
Fixed interest rate		3.70%
Debt Instrument, Maturity Date		Jan. 01, 2028
11832-11954 La Cienega Blvd \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 4,054,000	4,072,000
Fixed interest rate		4.26%
Debt Instrument, Maturity Date		Jul. 01, 2028
Debt Instrument, Periodic Payment		$ 20,194
Gilbert/La Palma \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 2,250,000	2,293,000
Fixed interest rate		5.125%
Debt Instrument, Maturity Date		Mar. 01, 2031
Debt Instrument, Periodic Payment		$ 24,008
7817 Woodley Avenue \| Fixed Rate Debt
Debt Instrument [Line Items]
Principal amount		$ 3,221,000	$ 0
Fixed interest rate		4.14%
Debt Instrument, Maturity Date		Aug. 01, 2039
Debt Instrument, Periodic Payment		$ 20,855
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		0.85%
Fixed interest rate		0.961%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.725%
London Interbank Offered Rate (LIBOR) \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.10%
Fixed interest rate		2.474%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.90%
London Interbank Offered Rate (LIBOR) \| $225M Term Loan Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.75%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.55%
Fixed interest rate		4.313%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%
London Interbank Offered Rate (LIBOR) \| $150M Term Loan Facility \| Term Loan \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		2.35%
London Interbank Offered Rate (LIBOR) \| $60 Million Term Loan \| Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate		1.70%
Fixed interest rate		1.811%
London Interbank Offered Rate (LIBOR) \| Unsecured Revolving Credit Facility, $500 Million \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		0.725%
London Interbank Offered Rate (LIBOR) \| Unsecured Revolving Credit Facility, $500 Million \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate		1.40%

Notes Payable - Summary of Future Minimum Debt Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
April 1, 2021 - December 31, 2021	$ 1,397
2022	2,177
2023	289,815
2024	13,415
2025	100,961
Thereafter	818,650
Total	$ 1,226,415	$ 1,223,494

Notes Payable - Additional Information (Detail)			3 Months Ended
Notes Payable - Additional Information (Detail)	Jan. 27, 2021 USD ($)	Feb. 13, 2020 USD ($) extension	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium			$ 3,346,000	$ 45,833,000
Loans assumed			3,346,000
Principal amount			$ 1,226,415,000		$ 1,223,494,000
Unsecured Revolving Credit Facility, $500 Million \| Minimum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.125%
Unsecured Revolving Credit Facility, $500 Million \| Maximum
Debt Instrument [Line Items]
Commitment fee percentage if pricing structure is converted to be based on an investment-grade rating		0.30%
Unsecured Revolving Credit Facility, $500 Million \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate			0.50%
Unsecured Revolving Credit Facility, $500 Million \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate			1.00%
Unsecured Revolving Credit Facility, $500 Million \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.725%
Unsecured Revolving Credit Facility, $500 Million \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Unsecured Revolving Credit Facility, $500 Million \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.00%
Unsecured Revolving Credit Facility, $500 Million \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.45%
$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%
Debt Instrument Covenant Ratio, Unencumbered Assets To Unsecured Debt, Minimum			150.00%
$60M Term Loan
Debt Instrument [Line Items]
Extension period			24 months
Debt service coverage ratio			110.00%
Revolving Credit Facility
Debt Instrument [Line Items]
Extension period			6 months
Revolving Credit Facility \| Thirty-day LIBOR plus
Debt Instrument [Line Items]
Fixed interest rate			0.961%
Basis spread on variable rate			0.85%
Revolving Credit Facility \| Thirty-day LIBOR plus \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.725%
Revolving Credit Facility \| Thirty-day LIBOR plus \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.40%
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount			$ 0		0
Term Loan \| $60M Term Loan
Debt Instrument [Line Items]
Principal amount			$ 58,499,000		58,499,000
Term Loan \| $60M Term Loan \| Thirty-day LIBOR plus
Debt Instrument [Line Items]
Fixed interest rate			1.811%
Basis spread on variable rate			1.70%
Fixed Rate Debt \| 7817 Woodley Avenue
Debt Instrument [Line Items]
Fixed interest rate			4.14%
Principal amount			$ 3,221,000		$ 0
Line of Credit \| Unsecured Credit Facility \| Senior Unsecured Credit Facility, 600 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 600,000,000.0
Debt instrument - contingent additional borrowings		900,000,000.0
Line of Credit \| Revolving Credit Facility \| Unsecured Revolving Credit Facility, $500 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 500,000,000.0
Line of Credit \| Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line Of Credit Facility, Number Of Extensions \| extension		2
Line of Credit \| Term Loan \| Amended Term Loan Facility, $100 Million
Debt Instrument [Line Items]
Credit facility maximum future borrowing capacity		$ 100,000,000.0
Unsecured Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Additional availability			500,000,000.0
$100M Notes
Debt Instrument [Line Items]
Principal amount			100,000,000
$125M senior notes
Debt Instrument [Line Items]
Principal amount			$ 125,000,000
The Credit Facility, $225 Million Term Loan Facility, $150 Million Term Loan Facility, $100 Million Notes, $125 Million Notes, Series 2019A and Series 2019B Notes
Debt Instrument [Line Items]
Maximum ratio of total indebtedness to total asset value			60.00%
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
Funds from operations percentage			95.00%
Credit Facility And Term Loan Facility, 225 and 150 Million
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value			45.00%
Minimum tangible net worth required			$ 2,061,865,500
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation			75.00%
Senior Notes, 100 Million, 125 Million, Series 2019A and Series 2019B
Debt Instrument [Line Items]
Maximum ratio of secured debt to total asset value			40.00%
Maximum ratio of recourse debt to total asset			15.00%
Minimum tangible net worth required			$ 760,740,750
Minimum percentage of equity proceeds to be used in minimum tangible net worth calculation			75.00%
7817 Woodley Avenue \| Secured Debt
Debt Instrument [Line Items]
Assumption of debt in connection with acquisition of real estate including loan premium	$ 3,200,000
Loans assumed	3,300,000
Debt Instrument, Unamortized Discount (Premium), Net	$ 100,000

Leases - Narrative (Detail)	3 Months Ended
Leases - Narrative (Detail)	Mar. 31, 2021 USD ($) renewal_option	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Lessor, Lease, Description [Line Items]
Operating Lease Fixed And Variable Lease Payments	$ 96,900,000	$ 75,100,000
Operating Lease, Lease Income, Lease Payments	80,100,000	62,900,000
Operating Lease, Variable Lease Income	16,800,000	$ 12,200,000
Right-of-use assets	5,300,000		$ 5,600,000
Lease liabilities	$ 6,098,000		$ 6,400,000
Ground Lease
Lessor, Lease, Description [Line Items]
Remaining lease term	2 years
Renewal term	10 years
Renewal options \| renewal_option	2
Monthly rent expense	$ 9,000
Minimum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term	3 months
Renewal term	3 years
Maximum \| Office Leases
Lessor, Lease, Description [Line Items]
Remaining lease term	5 years
Renewal term	5 years

Leases - Future Minimum Base Rents Under Operating Leases - Rolling Twelve Months (Detail) $ in Thousands	Mar. 31, 2021 USD ($)
Operating Leases, Future Minimum Payments Receivable [Abstract]
2022	$ 302,980
2023	265,898
2024	217,094
2025	165,084
2026	124,376
Thereafter	320,193
Total	$ 1,395,625

Leases - Lease Cost (Detail) - USD ($) $ in Thousands	3 Months Ended
Leases - Lease Cost (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease cost	$ 402	$ 305
Variable lease cost	16	12
Total lease cost	$ 418	$ 317

Leases - Other Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 306	$ 180
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 0	$ 1,014

Leases - Lease Term and Discount Rate (Detail)	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Weighted-average remaining lease term	3 years 10 months 24 days	4 years 2 months 12 days
Weighted-average discount rate	2.96%	2.99%

Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
April 1, 2021 - December 31, 2021	$ 1,162
2022	1,615
2023	1,624
2024	1,600
2025	472
Thereafter	0
Total undiscounted lease payments	6,473
Less imputed interest	(375)
Total lease liabilities	$ 6,098	$ 6,400

Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Interest Rate Swap $125M Notional Effective February 14, 2018
Derivative [Line Items]
Interest rate swap agreement, effective date	Feb. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.349%
Current Notional Value	$ 125,000	$ 125,000
Fair Value	$ (1,210)	(1,591)
Interest Rate Swap $100M Notional Effective August 14, 2018
Derivative [Line Items]
Interest rate swap agreement, effective date	Aug. 14, 2018
Interest rate swap agreement, maturity date	Jan. 14, 2022
Interest Strike Rate	1.406%
Current Notional Value	$ 100,000	100,000
Fair Value	$ (1,013)	(1,333)
Interest Rate Swap $150M Notional Effective July 22, 2019
Derivative [Line Items]
Interest rate swap agreement, effective date	Jul. 22, 2019
Interest rate swap agreement, maturity date	Nov. 22, 2024
Interest Strike Rate	2.7625%
Current Notional Value	$ 150,000	150,000
Fair Value	$ (11,858)	$ (14,656)

Interest Rate Swaps - Impact of Interest Rate Swaps on Consolidated Statements of Operations - (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	$ 9,752	$ 7,449
Increase in interest expense	6,800
Interest Rate Swap
Derivative [Line Items]
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”)	9,752	7,449
Increase in interest expense	600
Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of gain (loss) recognized in AOCI on derivatives	1,805	(15,398)
Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Swap \| Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Derivative [Line Items]
Amount of loss reclassified from AOCI into earnings under “Interest expense”	$ (2,104)	$ (430)

Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Nov. 16, 2020	Mar. 31, 2021	Dec. 31, 2020	Nov. 12, 2020
Derivative [Line Items]
Accumulated other comprehensive loss		$ (13,996)	$ (17,709)
Amount estimated to be reclassified during next 12 months from AOCI into earnings as an increase to interest expense		6,800
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
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net		(400)
Amount estimated to be reclassified during next 12 months from AOCI into earnings as an increase to interest expense		$ 600

- 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

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest Rate Swap Liability	$ (14,081)	$ (17,580)
Total Fair Value
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Interest Rate Swap Liability	(14,081)	(17,580)
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Interest Rate Swap Liability	0	0
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Interest Rate Swap Liability	(14,081)	(17,580)
Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Interest rate swap asset	0	0
Interest Rate Swap Liability	$ 0	$ 0

Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	$ 3,346
Carrying value	1,219,425	$ 1,216,160
Fair Value
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	1,236,925	1,276,217
Fair Value \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	0	0
Fair Value \| Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	0	0
Fair Value \| Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes Payable	1,236,925	1,276,217
Reported Value Measurement
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Carrying value	$ 1,219,425	$ 1,216,160

Related Party Transactions (Detail) - USD ($) $ in Millions	3 Months Ended
Related Party Transactions (Detail) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020
Chief Executive Officer
Related Party Transaction [Line Items]
Revenue from management and leasing services	$ 0.1	$ 0.1

Commitments and Contingencies (Detail)	3 Months Ended
Commitments and Contingencies (Detail)	Mar. 31, 2021 USD ($) tenant
Commitments And Contingencies [Line Items]
Commitments for tenant improvements and construction work	$ 42,600,000
Cash, FDIC Insured Amount	$ 250,000
Customer Concentration Risk \| Base Rent
Commitments And Contingencies [Line Items]
Number of major tenants \| tenant	0
Customer Concentration Risk \| Total Rental Revenues
Commitments And Contingencies [Line Items]
Concentration risk, percentage	5.00%

Dispositions and Real Estate Held For Sale (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) ft²	Mar. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet \| ft²	741,952
Gain on sale of real estate	$ 10,860	$ 0
Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rentable Square Feet \| ft²	87,733
Contractual Sales Price	$ 20,780
Gain on sale of real estate	$ 10,860
14723-14825.25 Oxnard Street \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition	Feb. 12, 2021
Rentable Square Feet \| ft²	77,790
Contractual Sales Price	$ 19,250
Gain on sale of real estate	$ 9,906
6760 Central Avenue, Unit B \| Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Date of Disposition	Mar. 15, 2021
Rentable Square Feet \| ft²	9,943
Contractual Sales Price	$ 1,530
Gain on sale of real estate	$ 954

- Definition

The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(9)(a))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=117337411&loc=d3e23528-158515

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(b)(7)(c))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(14)(d))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23439-158514

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(a))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 360
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117337397&loc=d3e23415-158514

+ Details

Dispositions and Real Estate Held For Sale - Real Estate Held For Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
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	$ 0	8,845
Tenant security deposits		137
Other liabilities associated with real estate held for sale		56
Disposal Group, Including Discontinued Operation, Liabilities, Total	$ 0	193
Land
Long Lived Assets Held-for-sale [Line Items]
Real estate held for sale		4,458
Buildings 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

Equity - Common Stock (Detail) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Nov. 09, 2020	Mar. 31, 2021	Mar. 31, 2022
At The Market Equity Offering Program, $750 Million
Class of Stock [Line Items]
Maximum aggregate offering amount	$ 750.0
Issuance of common stock (in shares)		2,415,386
Common stock share price (in dollars per share)		$ 49.61
Gross proceeds from the issuance of common stock		$ 119.8
Net proceeds from issuance of common stock		118.3
Value of shares available under ATM		$ 523.7
Forward Sale Agreement
Class of Stock [Line Items]
Number of shares subject to forward sale agreement (in shares)		1,515,517
Price per share (in dollars per share)		$ 50.05
Forward Sale Agreement \| Forecast
Class of Stock [Line Items]
Sale Of Stock, Proceeds From Settlement Of Forward Sale Agreement			$ 75.8

Equity - Noncontrolling Interests (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 05, 2020	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Conversion of OP units to common stock		$ 0	$ 0
4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage		4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage			4.00%
4.00% Cumulative Redeemable Convertible Preferred Units \| Properties Acquired on March 5, 2020 and June 19, 2020
Class of Stock [Line Items]
Preferred Stock, Dividend Rate, Percentage	4.00%
Noncontrolling Interests
Class of Stock [Line Items]
Conversion of OP units to common stock		$ (39)	$ (6,370)
Common Stock
Class of Stock [Line Items]
Conversion of OP units to common stock (in shares)		1,187	254,612
Conversion of OP units to common stock		$ 0	$ 3
Total Stockholders’ Equity
Class of Stock [Line Items]
Conversion of OP units to common stock		$ 39	$ 6,370
Partnership Interest \| Noncontrolling Interests \| OP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)		5,402,694
Partnership Interest \| Noncontrolling Interests \| Vested LTIP Units
Class of Stock [Line Items]
Operating partnership units outstanding (in shares)		1,239,048
Operating Partnership \| Partnership Interest \| Noncontrolling Interests
Class of Stock [Line Items]
Noncontrolling interest percentage ownership in Operating Partnership		4.70%

Equity - 2013 Incentive Award Plan (Detail)	3 Months Ended
Equity - 2013 Incentive Award Plan (Detail)	Mar. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested Performance Unit Distribution Sharing Percentage	10.00%
Amended and Restated 2013 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares reserved for future issuance	481,359

Equity - Schedule of Nonvested Restricted Stock Activity (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Shares tendered in accordance with terms of plan to satisfy tax withholding (in shares)	28,146	25,797
Number of Shares of Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2021 (in shares)	232,899
Granted (in shares)	100,632
Forfeited (in shares)	(17,737)
Vested (in shares)	(76,046)
Balance at March 31, 2021 (in shares)	239,748
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at January 1, 2021 (in dollars per share)	$ 38.43
Granted (in dollars per share)	48.21
Forfeited (in dollars per share)	41.01
Vested (in dollars per share)	34.28
Balance at March 31, 2021 (in dollars per share)	$ 43.66
Number of LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at January 1, 2021 (in shares)	236,646
Granted (in shares)	55,503
Forfeited (in shares)	0
Vested (in shares)	(36,236)
Balance at March 31, 2021 (in shares)	255,913
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at January 1, 2021 (in dollars per share)	$ 41.49
Granted (in dollars per share)	47.34
Forfeited (in dollars per share)	0
Vested (in dollars per share)	46.54
Balance at March 31, 2021 (in dollars per share)	$ 42.05
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Balance at March 31, 2021 (in shares)	905,732

Equity - Vesting Schedule of the Nonvested Shares of Restricted Stock Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Number of Shares of Restricted Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	239,748	232,899
Number of Shares of Restricted Common Stock \| April 1, 2021 - December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	16,448
Number of Shares of Restricted Common Stock \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	84,329
Number of Shares of Restricted Common Stock \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	67,189
Number of Shares of Restricted Common Stock \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	47,592
Number of Shares of Restricted Common Stock \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	24,190
Number of LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	255,913	236,646
Number of LTIP Units \| April 1, 2021 - December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	109,234
Number of LTIP Units \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	85,056
Number of LTIP Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	49,160
Number of LTIP Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	6,232
Number of LTIP Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	6,231
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	905,732
Performance period	3 years
Performance Units \| April 1, 2021 - December 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	174,917
Performance Units \| 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	253,900
Performance Units \| 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	476,915
Performance Units \| 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0
Performance Units \| 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested shares (in shares)	0

Equity - Share-based Awards Expensed & Capitalized Amounts (Detail) - Amended 2013 Incentive Award Plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expensed share-based compensation	$ 4,261	$ 3,570
Capitalized share-based compensation	78	57
Total share-based compensation	4,339	$ 3,627
Unrecognized compensation expense related to non-vested shares	$ 30,600
Weighted average remaining vesting period	29 months

Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	$ 3,530,592	$ 2,622,449
Other comprehensive income (loss) before reclassifications	1,805	(15,398)
Amounts reclassified from accumulated other comprehensive loss to interest expense	2,104	430
Other comprehensive income (loss): cash flow hedge adjustment	3,909	(14,968)
Less other comprehensive income (loss) attributable to noncontrolling interests	(196)	560
Other comprehensive income (loss) attributable to common stockholders	3,713	(14,408)
Ending Balance	3,648,218	2,778,678
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning Balance	(17,709)	(7,542)
Other comprehensive income (loss): cash flow hedge adjustment	3,713	(14,408)
Ending Balance	$ (13,996)	$ (21,950)

- 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
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 45
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (SX 210.3-04)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: 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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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 30,643	$ 15,272
Less: Preferred stock dividends	(3,636)	(3,636)
Less: net income attributable to noncontrolling interests	(1,969)	(717)
Less: Net income attributable to participating securities	(141)	(131)
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 24,897	$ 10,788
Denominator:
Weighted average shares of common stock outstanding - basic (in shares)	131,612,881	114,054,434
Effect of dilutive securities - performance units (in shares)	145,863	259,897
Weighted average shares of common stock outstanding - diluted (in shares)	131,758,744	114,314,331
Earnings per share — Basic
Net income attributable to common stockholders - basic (in dollars per share)	$ 0.19	$ 0.09
Earnings per share — Diluted
Net income attributable to common stockholders - diluted (in dollars per share)	$ 0.19	$ 0.09

Earnings Per Share - TSR Performance Percentile (Details)	3 Months Ended
	Mar. 31, 2021
Performance Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period	3 years

Subsequent Events (Detail) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Apr. 19, 2021 $ / shares	Mar. 31, 2021 USD ($) ft² building $ / shares	Mar. 31, 2020 $ / shares	Dec. 31, 2020	Apr. 26, 2021 USD ($) ft² building	Apr. 23, 2021 USD ($)	Apr. 23, 2021 ft²	Apr. 23, 2021 building	Apr. 23, 2021 a	Apr. 15, 2021 USD ($)	Apr. 15, 2021 ft²	Apr. 15, 2021 building	Apr. 15, 2021 a	Apr. 14, 2021 USD ($)	Apr. 14, 2021 ft²	Apr. 14, 2021 building	Apr. 14, 2021 a
Subsequent Event [Line Items]
Rentable Square Feet \| ft²		741,952
Number of Buildings \| building		23
Acquisition Purchase Price \| $		$ 163,513
Dividends declared per common share (in dollars per share)		$ 0.240	$ 0.215
4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage			4.00%
5.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		$ 0.367188	$ 0.367188
Preferred Stock, Dividend Rate, Percentage		5.875%		5.875%
5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		$ 0.367188	0.367188
Preferred Stock, Dividend Rate, Percentage		5.875%		5.875%
5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)		$ 0.351563	$ 0.351563
Preferred Stock, Dividend Rate, Percentage		5.625%		5.625%
4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage		4.43937%
4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage			4.00%
4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Preferred Stock, Dividend Rate, Percentage		4.00%
Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet \| ft²					65,456
Number of Buildings \| building					5
Acquisition Purchase Price \| $					$ 44,250
Subsequent Event \| Common Stock
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)	$ 0.24
Dividends Payable, Date of Record	Jun. 30, 2021
Dividends Payable, Date to be Paid	Jul. 15, 2021
Subsequent Event \| OP Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.24
Dividends Payable, Date of Record	Jun. 30, 2021
Distribution Made to Limited Partner, Distribution Date	Jul. 15, 2021
Subsequent Event \| 5.875% Series A Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Jun. 15, 2021
Dividends Payable, Date to be Paid	Jun. 30, 2021
Subsequent Event \| 5.875% Series B Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.367188
Dividends Payable, Date of Record	Jun. 15, 2021
Dividends Payable, Date to be Paid	Jun. 30, 2021
Subsequent Event \| 5.625% Series C Cumulative Redeemable Preferred Stock
Subsequent Event [Line Items]
Dividends per share, declared (in dollars per share)	$ 0.351563
Dividends Payable, Date of Record	Jun. 15, 2021
Dividends Payable, Date to be Paid	Jun. 30, 2021
Subsequent Event \| 4.43937% Cumulative Redeemable Convertible Preferred Units \| 4.43937% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.505085
Dividends Payable, Date of Record	Jun. 15, 2021
Distribution Made to Limited Partner, Distribution Date	Jun. 30, 2021
Subsequent Event \| 4.00% Cumulative Redeemable Convertible Preferred Units \| 4.00% Cumulative Redeemable Convertible Preferred Units
Subsequent Event [Line Items]
Distributions declared (in dollars per share)	$ 0.45
Dividends Payable, Date of Record	Jun. 15, 2021
Distribution Made to Limited Partner, Distribution Date	Jun. 30, 2021
12118 Bloomfield Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet															63,000		5.2
Number of Buildings \| building																4
Acquisition Purchase Price \| $														$ 16,650
256 Alondra Boulevard \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet											2,456		2.8
Number of Buildings \| building												1
Acquisition Purchase Price \| $										$ 11,250
19007 S. Reyes Avenue \| Subsequent Event
Subsequent Event [Line Items]
Rentable Square Feet							0		4.5
Number of Buildings \| building								0
Acquisition Purchase Price \| $						$ 16,350