Rexford Industrial Realty (REXR) 10-Q/A3 Oct 132013 Q2 Quarterly report (amended)Financial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2013	Aug. 30, 2013
Document - Document and Entity Information [Line Items]
Document Type	10-Q/A
Amendment Flag	FALSE
Document Period End Date	30-Jun-13
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Trading Symbol	REXR
Entity Registrant Name	Rexford Industrial Realty, Inc.
Entity Central Index Key	1571283
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		25,681,790

Combined_Balance_Sheet

Combined Balance Sheet (USD $)	Jun. 30, 2013	Dec. 31, 2012
ASSETS
Land	$189,131,000	$154,413,000
Buildings and improvements	245,207,000	210,657,000
Tenant improvements	13,005,000	12,330,000
Furniture, fixtures, and equipment	188,000	188,000
Total real estate held for investment	447,531,000	377,588,000
Accumulated depreciation	-61,840,000	-56,626,000
Investments in real estate, net	385,691,000	320,962,000
Cash and cash equivalents	24,951,000	43,499,000
Restricted cash	2,026,000	1,882,000
Notes receivable	7,876,000	11,911,000
Rents and other receivables, net	685,000	560,000
Deferred rent receivable	3,969,000	3,768,000
Deferred leasing costs and in-place lease intangibles, net	7,805,000	5,012,000
Deferred loan costs, net	1,504,000	1,396,000
Acquired above-market leases, net	1,614,000	179,000
Other assets	4,574,000	1,870,000
Acquisition related deposits	210,000	260,000
Investment in unconsolidated real estate entities	11,486,000	12,697,000
Assets associated with real estate held for sale	0	16,500,000
Total Assets	452,391,000	420,496,000
Liabilities
Notes payable	351,187,000	302,830,000
Accounts payable, accrued expenses and other liabilities	2,518,000	2,589,000
Due to members	0	1,221,000
Interest rate contracts	0	49,000
Acquired below-market leases, net	65,000	39,000
Tenant security deposits	4,623,000	3,753,000
Prepaid rents	603,000	334,000
Liabilities associated with real estate held for sale	0	13,433,000
Total Liabilities	358,996,000	324,248,000
Equity
Rexford Industrial Realty, Inc. Predecessor	11,968,000	11,962,000
Accumulated deficit and distributions	-27,592,000	-24,653,000
Total Rexford Industrial Realty, Inc. Predecessor equity	-15,624,000	-12,691,000
Noncontrolling interests	109,019,000	108,939,000
Total Equity	93,395,000	96,248,000
Total Liabilities and Equity	$452,391,000	$420,496,000

Combined_Statements_of_Operati

Combined Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Combined Statements of Operations (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
RENTAL REVENUES
Rental revenues	$9,152,000	$6,940,000	$16,932,000	$13,784,000
Tenant reimbursements	1,127,000	706,000	1,974,000	1,413,000
Management, leasing and development services	170,000	106,000	431,000	170,000
Other income	49,000	33,000	167,000	50,000
TOTAL RENTAL REVENUES	10,498,000	7,785,000	19,504,000	15,417,000
Interest income	324,000	449,000	635,000	785,000
TOTAL REVENUES	10,822,000	8,234,000	20,139,000	16,202,000
OPERATING EXPENSES
Property expenses	2,442,000	2,184,000	4,562,000	4,170,000
General and administrative	1,396,000	1,180,000	2,535,000	2,157,000
Depreciation and amortization	3,564,000	2,849,000	6,739,000	6,203,000
Impairment of long-lived assets
Other property expenses	444,000	353,000	781,000	629,000
TOTAL OPERATING EXPENSES	7,846,000	6,566,000	14,617,000	13,159,000
OTHER (INCOME) EXPENSE
Acquisition expenses	624,000	167,000	717,000	234,000
Interest expense	4,467,000	4,346,000	8,324,000	8,504,000
Gain on mark-to-market of interest rate swaps		-612,000	-49,000	-1,223,000
TOTAL OTHER EXPENSE	5,091,000	3,901,000	8,992,000	7,515,000
TOTAL EXPENSES	12,937,000	10,467,000	23,609,000	20,674,000
Equity in loss from unconsolidated real estate entities	-712,000	-90,000	-925,000	-33,000
Gain from early repayment of note receivable			1,365,000	0
Loss on extinguishment of debt			-37,000
NET LOSS FROM CONTINUING OPERATIONS	-2,827,000	-2,323,000	-3,067,000	-4,505,000
DISCONTINUED OPERATIONS
Loss from discontinued operations before gains on sale of real estate	-180,000	-145,000	-86,000	-68,000
Loss on extinguishment of debt	-41,000	0	-250,000	0
Gain on sale of real estate	2,580,000	0	4,989,000	0
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	2,359,000	-145,000	4,653,000	-68,000
NET INCOME (LOSS)	-468,000	-2,468,000	1,586,000	-4,573,000
Net (income) loss attributable to noncontrolling interests	-1,818,000	1,009,000	-3,544,000	2,942,000
NET LOSS ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. PREDECESSOR	($2,286,000)	($1,459,000)	($1,958,000)	($1,631,000)

Combined_Statements_of_Changes

Combined Statements of Changes in Equity (USD $)	Total	Parent	Noncontrolling Interest
Balance at Dec. 31, 2012	$96,248,000	($12,691,000)	$108,939,000
Capital contributions	1,156,000	6,000	1,150,000
Equity based compensation expense	100,000		100,000
Net income	1,586,000	-1,958,000	3,544,000
Distributions	-5,695,000	-981,000	-4,714,000
Balance at Jun. 30, 2013	$93,395,000	($15,624,000)	$109,019,000

Combined_Statements_of_Cash_Fl

Combined Statements of Cash Flows (USD $)	6 Months Ended
Combined Statements of Cash Flows (USD $)	Jun. 30, 2013	Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$1,586,000	($4,573,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in (earnings) loss of unconsolidated real estate entities	925,000	33,000
Depreciation and amortization	6,739,000	6,203,000
Depreciation and amortization included in discontinued operations	157,000	588,000
Amortization of above market lease intangibles	212,000	87,000
Accretion of discount on notes receivable	-94,000	-176,000
Loss on extinguishment of debt	287,000	0
Gain on sale of real estate	-4,989,000	0
Amortization of loan costs	657,000	371,000
Gain on mark-to-market of interest rate swaps	-49,000	-1,223,000
Deferred interest expense	530,000	527,000
Equity based compensation expense	85,000	0
Gain from early repayment of notes receivable	-1,365,000	0
Change in working capital components:
Rents and other receivables	-125,000	-32,000
Deferred rent receivable	-217,000	-223,000
Change in restricted cash	-116,000	-265,000
Leasing commissions	-606,000	-349,000
Other assets	-1,068,000	-308,000
Accounts payable, accrued expenses and other liabilities	-836,000	-187,000
Tenant security deposits	495,000	-251,000
Prepaid rent	194,000	-41,000
Net cash provided by operating activities	2,402,000	181,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of investment in real estate	-73,332,000	-5,701,000
Capital expenditures	-1,205,000	-3,155,000
Acquisition related deposits	50,000	0
Contributions to unconsolidated real estate entities	0	-2,814,000
Distributions from unconsolidated real estate entities	237,000	195,000
Change in restricted cash	-71,000	236,000
Principal repayments of notes receivable	5,494,000	102,000
Disposition of investment in real estate	21,537,000	0
Net cash used in investing activities	-47,290,000	-11,137,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable	55,459,000	4,795,000
Repayment of notes payable	-21,078,000	-344,000
Deferred loan costs	-800,000	-462,000
Prepaid offering costs	-1,524,000	0
Capital contributions	1,156,000	6,809,000
Distributions	-5,695,000	-1,094,000
Reimbursements due to members	-1,221,000	0
Change in restricted cash	43,000	-87,000
Net cash provided by financing activities	26,340,000	9,617,000
Net decrease in cash and cash equivalents	-18,548,000	-1,339,000
Cash and cash equivalents, beginning of period	43,499,000	20,928,000
Cash and cash equivalents, end of period	$24,951,000	$19,589,000

Overview_and_Background

Overview and Background	6 Months Ended
	Jun. 30, 2013
Overview and Background	1. Overview and Background
	Rexford Industrial Realty, Inc. (the “Company,” “we,” “our,” or “us”) 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. Our goal is to generate attractive risk-adjusted returns for our stockholders by providing superior access to industrial property investments 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. We are organized and conduct our operations to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), and generally are not subject to federal taxes on our income to the extent we distribute our income to our shareholders and maintain our qualification as a REIT.
	On July 24, 2013, we completed our initial public offering (the “IPO”) of 16,000,000 shares common stock and the related formation transactions and concurrent private placement. On August 21, 2013, we issued an additional 451,972 shares of our common stock in connection with the partial exercise of the over-allotment option granted to the underwriters in the IPO.
	Because the transactions referenced above did not occur until after June 30, 2013, the historical financial results in the financial statements discussed below relate to our predecessor only. Our predecessor (“Rexford Industrial Realty, Inc. Predecessor”) is comprised of Rexford Industrial, LLC (“RILLC”), Rexford Sponsor V, LLC, Rexford Industrial Fund V REIT, LLC (“RIF V REIT”) and their consolidated subsidiaries which consists of Rexford Industrial Fund I, LLC (“RIF I”), Rexford Industrial Fund II, LLC (“RIF II”), Rexford Industrial Fund III, LLC (“RIF III”), Rexford Industrial Fund IV, LLC (“RIF IV”), Rexford Industrial Fund V, LP (“RIF V”) and their subsidiaries (collectively the “Predecessor Funds”). The entities comprising Rexford Industrial Realty, Inc. Predecessor are combined on the basis of common management and common ownership.
	Prior to our IPO, the Company had no operations other than the issuance of 100 shares of our common stock, $0.01 par value per share, for $100 to Michael Frankel and his affiliate in connection with our initial capitalization, and the collection of approximately $20.4 million of cash from certain accredited investors in advance of the IPO, which was applied towards the purchase of shares of our common stock in our concurrent private placement.
	Below is a summary of the industrial properties in our predecessor’s total managed portfolio as of June 30, 2013:


		Number of					Total Portfolio			Effective Portfolio ⁽¹⁾
		Properties		Buildings		Square Feet			Square Feet
	RIF I		7		17			1,008,191			963,418
	RIF II		8		23			726,905			697,515
	RIF III		10		34			914,690			914,690
	RIF IV		13		28			921,971			921,971
	RIF V		21		55			2,982,470			1,972,324
			59		157			6,554,227			5,469,918
	RIF V—Notes receivables		1		5			99,447			99,447
			60		162			6,653,674			5,569,365
	(1) Effective portfolio square feet includes 100% of the square footage of our predecessor’s combined portfolio of 55 properties, and its respective ownership percentage of square footage for our tenants-in-common and joint venture interest properties, which includes 72.24% of Walnut Center Business Park, 70.0% of La Jolla Sorrento Business Park, and 15.0% of 3001-3223 Mission Oaks Boulevard.
	1. Overview and Background (Continued)
	Any reference to the number of properties, buildings and square footage are outside the scope of our independent auditor’s review of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board.
	Basis of Presentation
	The accompanying interim combined financial statements include the accounts of our predecessor. All significant intercompany accounts and transactions have been eliminated in combination. All the outside ownership interests in entities that
	our predecessor consolidates are included in non-controlling interests. The accompanying interim financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). The accompanying financial statements include, in our opinion, all adjustments, consisting of normal recurring adjustments, necessary to present fairly the financial information set forth therein.
	The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the combined financial statements and accompanying notes. Actual results could differ from those estimates.
	Our predecessor consolidates all entities that are wholly owned and those in which we own less than 100% but control, as well as any variable interest entities in which we are the primary beneficiary. We evaluate our ability to control an entity and whether the entity is a variable interest entity and we are the primary beneficiary through consideration of the substantive terms of the arrangement to identify which enterprise has the power to direct the activities of a variable interest entity that most significantly impacts the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity. Investments in entities in which we do not control but over which we have the ability to exercise significant influence over operating and financial policies are presented under the equity method. Investments in entities that we do not control and over which we do not exercise significant influence are carried at the lower of cost or fair value, as appropriate. Our ability to correctly assess our influence and/or control over an entity affects the presentation of these investments in our combined financial statements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2013
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies
	Discontinued Operations
	The revenue, expenses, impairment and/or gain on sale of operating properties that meet the applicable criteria are reported as discontinued operations in the combined statements of operations for all periods presented. A gain on sale, if any, is recognized in the period during which the property is disposed.
	In determining whether to report the results of operations, impairment and/or gain on sale of operating properties as discontinued operations, we evaluate whether we have any significant continuing involvement in the operations, leasing or management of the property after disposition. If we determine that we have significant continuing involvement after disposition, we report the revenue, expenses, impairment and/or gain on sale as part of continuing operations.
	Held for Sale Assets
	Our predecessor classifies properties as held for sale when certain criteria set forth in the Long-Lived Assets Classified as Held for Sale Subsections of ASC Topic 360: Property, Plant, and Equipment, are met. At that time, the assets and liabilities of the property held for sale are presented separately in the combined balance sheet and cease recording depreciation and amortization expense at the time a property is classified as held for sale. Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell.
	2. Summary of Significant Accounting Policies (Continued)
	Investment in Real Estate
	Acquisitions of properties are accounted for utilizing the purchase accounting method and accordingly, the results of operations of acquired properties are included in our results of operations from the respective dates of acquisition. Transaction costs related to acquisitions are expensed, rather than included with the consideration paid. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, and acquired above- and below-market leases. Initial valuations are subject to change until such information is finalized, but no later than 12 months from the acquisition date.
	The fair values of tangible assets are determined on an “as-if-vacant” basis. The “as-if-vacant” fair value is allocated to land, where applicable, buildings, tenant improvements and equipment based on comparable sales and other relevant information obtained in connection with the acquisition of the property.
	The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which is generally six months.
	Above- and below-market in-place lease intangibles are recorded as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant lease, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancelable term of the lease and bargain renewal periods for below market in-place lease intangibles, if applicable.
	We capitalize costs incurred in developing, renovating, rehabilitating, and improving real estate assets as part of the investment basis. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. During the land development and construction periods, we capitalize interest costs, insurance, real estate taxes and certain general and administrative costs of the personnel performing development, renovations, and rehabilitation if such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. Capitalized costs are included in the investment basis of real estate assets.
	When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in operations for the period.
	The values allocated to land, buildings, site improvements, in-place leases, tenant improvements and leasing costs are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, years for 20site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.
	Impairment of Long-Lived Assets
	In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360: Property, Plant, and Equipment, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.
	Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review real estate assets for recoverability, our predecessor considers current market conditions, as well as their intent with respect to holding or disposing of the asset. The intent with regard to the underlying assets might change as market conditions change, as well as other factors, especially in the current global economic environment. 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 predecessor’s underlying business. If our predecessor’s analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, our predecessor recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.
	2. Summary of Significant Accounting Policies (Continued)
	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 regard to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.
	At June 30, 2013 and December 31, 2012, our predecessor’s investment in real estate has been recorded net of a cumulative impairment of $19.6 million.
	Income Taxes
	Each of RIF I, RIF II, RIF III and RIF IV are limited liability companies but have elected to be taxed as a partnership for tax purposes. As such, the allocated share of net income or loss from the limited liability companies is reportable in the income tax returns of the respective partners and investors. Accordingly, no income tax provision is included in the accompanying combined financial statements.
	RIF V REIT has elected to be taxed as a REIT under Sections 856 to 860 of the Code, commencing with its tax period ended December 31, 2010.
	To qualify as a REIT, RIF V REIT must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its security holders and satisfy certain other organizational and operating requirements. If RIF V REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes (including any applicable alternative minimum tax) on our taxable income at regular corporate rates and we may not be able to qualify as a REIT for four subsequent taxable years. Even if RIF V REIT qualifies for taxation as a REIT, it may be subject to certain state and local taxes on our income and property and to federal income taxes and excise taxes on our undistributed taxable income. We believe that RIF V REIT has met
	all of the REIT distribution and technical requirements for the three and six months ended June 30, 2013 and 2012. Accordingly, our predecessor has not recognized any provision for income taxes.
	We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2013 and December 31, 2012, our predecessor has not established a liability for uncertain tax positions.
	Revenue Recognition
	Our predecessor recognizes revenue from rent, tenant reimbursements and other revenue sources once all of the following criteria are met: persuasive evidence of an arrangement exists, the delivery has occurred or services are rendered, the fee is fixed and determinable and collectability is reasonably assured. Minimum annual rental revenues are recognized in rental revenues on a straight-line basis over the term of the related lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.
	Estimated recoveries from tenants for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, our predecessor performs final reconciliations on a lease-by-lease basis and bills or credits each tenant for any cumulative annual adjustments. Lease termination fees, which are included in rental revenues in the accompanying consolidated statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant.
	Revenues from management, leasing and development services are recognized when the related services have been provided and earned.
	The recognition of gains on sales of real estate requires that our predecessor measures the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, our predecessor defers gain recognition and accounts for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, our predecessor further analyzes whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, our predecessor defers the gain and recognizes it when the criteria are met or uses the installment or cost recovery method as appropriate under the circumstances. See Note 3 for a discussion of dispositions.
	2. Summary of Significant Accounting Policies (Continued)
	Segment Reporting
	Management views the Company as a single segment based on its method of internal reporting in addition to its allocations of capital and resources.
	Recently issued accounting pronouncements
	Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.
	In April 2013, the FASB issued ASU No. 2013-07 to Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. This amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when it ceases operating and begins selling assets to settle debts with creditors. This ASU is effective for fiscal years beginning after December 15, 2012, with early adoption permitted, and should be applied prospectively from the day that liquidation becomes imminent. We do not expect the adoption of this accounting standard to have a material impact on our Combined Financial Statements.
	In December 2011, the FASB issued ASU No. 2011-10 to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of a subsidiary that is in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of this accounting standard update on January 1, 2013 did not have a material impact on our Combined Financial Statements.

Investment_in_Real_Estate

Investment in Real Estate	6 Months Ended
Investment in Real Estate	Jun. 30, 2013
Investment in Real Estate	3. Investment in Real Estate
	Acquisitions
	During the six months ended June 30, 2013, our predecessor acquired four properties consisting of 17 buildings and approximately 740,525 square feet. The properties are located throughout Southern California. The total contract price for these acquisitions was $73.8 million.
	During the six months ended June 30, 2012, our predecessor acquired two properties (one located in Southern California and one located in Glenview, Illinois) consisting of five buildings and approximately 145,853 square feet. The total contract price for these acquisitions was $6.4 million.

	3. Investment in Real Estate (Continued)
	Our predecessor incurred acquisition expenses of $0.6 million and $0.2 million for the three months ended June 30, 2013 and 2012, respectively, and $0.7 million and $0.2 million for the six months ended June 30, 2013 and 2012, respectively.
	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

						Real estate assets:										Acquisition-related
	Address		Acquisition			Land					Buildings and					In-place					Net Above			Total Purchase		Other		Notes Payable,			Net Assets
			Date								improvements					Lease					(Below)			Price		Assets		Accounts			Acquired
																Intangibles ⁽¹⁾					Market Lease							Payable, Accrued
																					Intangibles ⁽²⁾							Expenses and
																												Tenant Security
																												Deposits
	2013 Acquisitions:
	18118-18120 S. Broadway			4/4/13		$		3,013,000			$		2,161,000			$		274,000				0		$	5,448,000	$	16,000	$	(57,000	)	$	5,407,000
	8900-8980 Benson Ave., 5637 Arrow Highway			4/9/13		$		1,817,000			$		4,590,000			$		552,000			$	191,000		$	7,150,000	$	20,000	$	(104,000	)	$	7,066,000
	3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.			4/17/13		$		26,423,000			$		25,795,000			$		2,568,000			$	1,414,000		$	56,200,000	$	168,000	$	(500,000	)	$	55,868,000
	1661 240th St.			5/31/13		$		3,464,000			$		1,498,000			$		38,000			$	0		$	5,000,000	$	8,000	$	(17,000	)	$	4,991,000
	Total					$		34,717,000			$		34,044,000			$		3,432,000			$	1,605,000		$	73,798,000	$	212,000	$	(678,000	)	$	73,332,000
	2012 Acquisitions:
	1400 S. Campus Ave.			3/7/12		$		2,600,000			$		1,631,000			$		588,000			$	(20,000	)	$	4,799,000	$	13,000	$	(529,000	)	$	4,283,000
	500-560 Zenith Dr.			5/1/12		$		658,000			$		688,000			$		279,000			$	0		$	1,625,000	$	6,000	$	(213,000	)	$	1,418,000
	Total					$		3,258,000			$		2,319,000			$		867,000			$	(20,000	)	$	6,424,000	$	19,000	$	(742,000	)	$	5,701,000
	(1)
	The amortization period of acquired in-place lease intangibles for our 2013 acquisitions was 2.7 years as of June 30, 2013.
	(2) The amortization period of net above market leases for our 2013 acquisitions was 2.9 years as of June 30, 2013.

	3. Investment in Real Estate (Continued)
	Dispositions
	During the six months ended June 30, 2012 our predecessor did not make any dispositions of properties.
	A summary of our predecessor property dispositions for the six months ended June 30, 2013 is as follows:

	Address		Location			Date of				Rentable				Sales Price					Debt Satisfied ⁽¹⁾				Gain Recorded ⁽²⁾
	Address		Location			Disposition				Square Feet				Sales Price					Debt Satisfied ⁽¹⁾				Gain Recorded ⁽²⁾
	4578 Worth Street			Los Angeles, CA			1/31/13				79,370			$		4,100,000			$		2,500,000		$	2,410,000
	1950 E. Williams Drive			Oxnard, CA			4/4/13				161,682			$		8,542,000			$		2,993,000		$	415,000
	9027 Glenoaks Blvd.			Los Angeles, CA			5/10/13				14,700			$		1,727,000			$		1,625,000		$	234,000
	2515, 2507, 2441 W. Erie Dr. & 2929 S. Fair Lane			Tempe, AZ			5/28/13				83,385			$		5,003,000			$		3,531,000		$	1,015,000
	1255 Knollwood Circle			Anaheim, CA			6/14/13				25,162			$		2,768,000			$		2,630,000		$	915,000
	(1) Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan.
	(2) Gain on sale of real estate is recorded as part of discontinued operations for the three and six months ending June 30, 2013, depending on the date of disposition.

	3. Investment in Real Estate (Continued)
	Assets Held for Sale
	As of June 30, 2013, our predecessor did not have any properties classified as held for sale. As of December 31, 2012, our Worth Bonnie Beach (4578 Worth Street), Williams (1950 E. Williams Street), Glenoaks (9027 Glenoaks Blvd.), Interstate Commerce Center (2411, 2507 and 2515 Erie Drive) and Knollwood (1225 Knollwood Circle) properties were classified as held for sale.
	The major classes of assets and liabilities of real estate held for sale were as follows:


		December 31, 2012
	Investment in real estate, net	$		16,058,000
	Other			442,000
	Total assets	$		16,500,000
	Notes payable	$		13,279,000
	Accounts payable and other liabilities			154,000
	Total liabilities	$		13,433,000
	Discontinued Operations
	Income (loss) from discontinued operations includes the results of operations and the gain on sale of real estate related to the disposition properties noted above, the note receivable that was repaid in full (see Note 5), as well as the results of operations of the Long Carson property which was disposed of on October 16, 2012.
	Their combined results of operations for the three and six months ended June 30, 2013 and 2012 are summarized as follows:

		For the Three Months											For the Six Months
		Ended June 30,											Ended June 30,
	2013				2012							2013								2012
Revenues	$		0		$		537,000						$		391,000						$	1,145,000
Operating expenses			(83,000	)			(244,000		)						(193,000		)					(337,000		)
Interest expense			(50,000	)			(154,000		)						(127,000		)					(288,000		)
Depreciation expense			(47,000	)			(284,000		)						(157,000		)					(588,000		)
Loss on extinguishment of debt			(41,000	)			0								(250,000		)					0
Gain on sale of real estate			2,580,000				0								4,989,000							0
Income (loss) from discontinued operations	$		2,359,000		$		(145,000		)				$		4,653,000						$	(68,000		)

Intangible_Assets

Intangible Assets	6 Months Ended
Intangible Assets	Jun. 30, 2013
Intangible Assets	4. Intangible Assets
	The following summarizes our predecessor’s identifiable intangible assets and acquired above/below market lease assets as of:


		June 30, 2013			December 31, 2012
	Acquired in-place lease intangibles
	Gross amount	$	21,506,000		$	18,074,000
	Accumulated amortization		(16,224,000	)		(15,160,000	)
	Net balance	$	5,282,000		$	2,914,000
	Acquired above market leases
	Gross amount	$	2,209,000		$	565,000
	Accumulated amortization		(595,000	)		(386,000	)
	Net balance	$	1,614,000		$	179,000
	Below market leases
	Gross amount	$	(3,751,000	)	$	(3,711,000	)
	Accumulated amortization		3,686,000			3,672,000
	Net balance	$	(65,000	)	$	(39,000	)

Notes_Receivable

Notes Receivable	6 Months Ended
Notes Receivable	Jun. 30, 2013
Notes Receivable	5. Notes Receivable
	On February 8, 2013 the mortgage note borrower for the 2824 E. Foothill Blvd. loan early repaid the outstanding principal in full. Our predecessor received gross proceeds from this payoff of $5.4 million, including $6,310 in per diem interest, of which $2.5 million was used to repay the loan secured by this note. The remaining proceeds were paid as a distribution to investors in RIF V. Our predecessor recorded a $1.4 million gain on collection of notes receivable during the six months ended June 30, 2013.
	The following table summarizes the balance of our notes receivable:

		Face Amount		Unrecognized			Unrecognized			Note Receivable
				Non-Accretable			Accretable Yield
				Yield
	At June 30, 2013:
	32401 — 32803 Calle Perfecto	$	14,286,000	$	(5,816,000	)	$	(594,000	)	$	7,876,000
	At December 31, 2012:
	2824 E. Foothill Blvd.	$	5,370,000		—		$	(1,394,000	)	$	3,976,000
	32401 — 32803 Calle Perfecto		14,410,000		(5,816,000	)		(659,000	)		7,935,000
	Total	$	19,780,000	$	(5,816,000	)	$	(2,053,000	)	$	11,911,000

Notes_Payable

Notes Payable	6 Months Ended
	Dec. 31, 2012
Notes Payable	6. NOTES PAYABLE
	A summary of notes payable of our predecessor is as follows:

		Principal Amount as of
		June 30, 2013				December 31, 2012				Contractual				Interest Rate
										Maturity Date
	Fixed Rate Debt
	RIF I Holdings, LLC	$	38,764,000			$	41,238,000				5/31/14				6.13		%
	RIF I—Walnut, LLC		11,350,000				11,350,000				9/1/13				6.23		%
	RIF II—Orangethorpe, LLC		0				4,451,000				7/1/13				5.147		%⁽¹⁾
	RIF II—Easy Street, LLC		5,259,000				5,310,000				4/1/14				5.32		%⁽¹⁾
	RIF III Holdings, LLC (Note A)		74,678,000				78,338,000				8/31/14				5.60		%⁽²⁾
	RIF III Holdings, LLC (Note B)		40,000				410,000				8/31/14				12.00		%⁽³⁾
	RIF IV Holdings, LLC		65,777,000				0				10/1/13				6.00		%
	RIF V—Foothill, LLC		0				2,542,000				9/1/14				4.00		%
	RIF V—Calle Perfecto, LLC		5,380,000				5,429,000				9/1/14	(4	)		4.00		%⁽⁵⁾
	RIV V—Jersey, LLC		5,273,000	(6	)		5,355,000	(6	)		1/1/15				5.45		%⁽¹⁾
	RIF V—Arroyo, LLC		3,000,000				3,000,000				9/30/14				4.50		%
	Variable Rate Debt
	RIF I Holdings, LLC	$	7,605,000				7,605,000				5/31/14				LIBOR + 1.00		%
	RIF I—Mulberry, LLC		5,856,000				5,978,000				5/20/14	(7	)		LIBOR + 2.75		%
	RIF II—Orangethorpe, LLC		4,423,000				0				7/24/13	(8	)		LIBOR + 1.90		%
	RIF II Holdings, LLC		40,018,000				40,152,000				7/1/13				LIBOR + 3.50		%⁽⁹⁾
	RIF IV Holdings, LLC		0				67,136,000				4/1/13				LIBOR + 4.00		%
	RIF V—Grand Commerce Center, LLC		6,000,000				6,000,000				3/4/14	(4	)		LIBOR + 2.75		%
	RIF V—Vinedo, LLC		3,470,000				3,470,000				8/4/14	(7	)		LIBOR + 2.75		%
	RIF V—MacArthur, LLC		5,475,000				5,475,000				12/5/14	(4	)		LIBOR + 2.50		%
	RIF V—Campus, LLC		3,360,000				3,360,000				7/1/15				LIBOR + 2.50	% ^(10) (11)
	RIF V—Golden Valley, LLC		2,900,000				2,900,000				6/1/15	(4	)		LIBOR + 2.75		%⁽¹²⁾
	RIF V—Cornerstone Portfolio		13,079,000				16,610,000				12/9/14	(4	)		LIBOR + 2.50		%
	RIF V—Del Norte, LLC		6,730,000				0				3/1/16				LIBOR + 2.25	% ^(4) (13)
	RIF V—Glendale Commerce Center, LLC		42,750,000				0				5/1/16				LIBOR + 2.00		%⁽⁴⁾
		$	351,187,000			$	316,109,000
	Less: Mortgage Loans Associated with Real Estate Held for Sale		0				(13,279,000	)
		$	351,187,000			$	302,830,000
	(1) Monthly payments of interest and principal based on 30-year amortization table.
	(2) Loan bears interest at 5.60%, with the option to pay a minimum interest rate of 4.25% per annum and to have the remaining 1.35% of the interest added to the principal outstanding. We have added $1.8 million and $1.2 million to the principal balance under the payment in kind election as of June 30, 2013 and December 31, 2012, respectively.
	(3) Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00% per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

	6. NOTES PAYABLE (Continued)
	(4) Two additional one year extensions available at the borrower’s option.
	(5) Monthly payments will include $8,100 of principal repayment together with accrued interest.
	(6) Includes unamortized debt premium of $0.1 million at June 30, 2013 and December 31, 2012.
	(7) One additional one year extension available at the borrower’s option.
	(8) The loan matures at the earlier of (i) January 1, 2014; (ii) the date on which the IPO is consummated; or (iii) the date on which the Property is sold or assigned. We consummated our IPO on July 24, 2013.
	(9) Loan bears interest at LIBOR + 3.50% per annum through originally schedule maturity date of July 1, 2013, at which point the loan will bear interest at a fixed rate of 6.00% until its extended maturity date of October 1, 2013.
	(10) Monthly payments are interest only until 7/31/13. Commencing on 8/1/13 through the maturity date, monthly payments will include $9,583 of principal repayment together with accrued interest.
	(11) Loan bears interest at the Lender’s Prime Rate or LIBOR + 2.50%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.
	(12) Monthly payments are interest only until 6/30/14. Commencing on 7/1/14 through the maturity date, there will be payments of interest and principal based upon a 25-year amortization table.
	(13) Loan bears interest at the Lender’s Prime Rate or LIBOR + 2.25%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.
	On March 22, 2013, our predecessor obtained a $6.7 million loan. This loan bears interest at a floating rate of LIBOR +225 basis points per annum, subject to a floor of 2.50%, and matures on March 1, 2016. The loan is secured by our property located at 701 Del Norte Boulevard in Oxnard, California.
	On April 1, 2013, our predecessor amended our RIF IV Holdings, LLC loan to extend the maturity to October 1, 2013. The loan bears interest at a rate of 6.0% per annum. At the same time, we also extended the maturity of our RIF II Holdings, LLC loan to October 1, 2013, from an originally scheduled maturity date of July 1, 2013. Effective July 1, 2013, this loan will also bear interest at a rate of 6.0% per annum.
	On April 17, 2013, our predecessor obtained a $42.8 million loan. This loan bears interest at a floating rate of LIBOR +200 basis points per annum and matures on May 1, 2016. The loan is secured by our Glendale Commerce Center property located in Los Angeles, California.
	On June 28, 2013, our predecessor obtained a $4.4 million loan. The proceeds of this loan were used to pay down the RIF II—Orangethorpe loan scheduled to mature July 1, 2013. This loan bears interest at a floating rate of LIBOR + 190 basis points per annum and matures at the earlier of (i) January 1, 2014, (ii) the date on which the IPO is consummated, or (iii) the date on which the property is sold or assigned.
	On July 24, 2013, the day that we consummated our IPO, we entered into a $60.0 million term loan which bears interest at a rate of LIBOR +195 basis points per annum, and matures August 1, 2019. On the same day, we also entered into a $200 million unsecured revolving credit facility, which bears interest at a rate of LIBOR plus a margin of 135 basis points to 205 basis points per annum, depending on our leverage ratio, and matures on July 24, 2016. On July 24, 2013 we made an initial $7.1 million draw on our revolving credit facility.
	Using proceeds from the IPO, the concurrent private placement, the term loan and the revolving credit facility, on July 24, 2013 we repaid $303.3 million of the $351.2 million outstanding indebtedness secured by the properties we acquired in our formation transactions. The remaining outstanding indebtedness, which consisted of the $42.8 million Glendale Commerce note and the $5.3 million RIF V—Jersey note, were assumed by us as part of the formation transactions.

Operating_Leases

Operating Leases	6 Months Ended
	Jun. 30, 2013
Operating Leases	7. Operating Leases
	Our predecessor leases space to tenants primarily under non-cancelable operating leases that generally contain provisions for a base rent plus reimbursement for certain operating expenses. Operating expense reimbursements are reflected in the combined statements of operations as tenant reimbursements.
	Future minimum base rent for our predecessor under operating leases as of June 30, 2013 is summarized as follows:

	Twelve months ending June 30,
	2014	$	35,080,000
	2015		21,356,000
	2016		15,381,000
	2017		10,603,000
	2018		8,108,000
	Thereafter		15,194,000
	Total	$	105,722,000
	The future minimum lease payments in the table above exclude (i) tenant reimbursements, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles and (ii) assume that the termination options in some leases, which generally require payment of a termination fee, are not exercised.

Interest_Rate_Contracts

Interest Rate Contracts

6 Months Ended

Jun. 30, 2013

Interest Rate Contracts

8. Interest Rate Contracts

Our predecessor uses interest rate swap agreements to manage our exposure to interest rate movements associated with certain of our existing LIBOR-based variable rate debt. The accounting for changes in fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. None of the interest rate swaps are designated as hedges, and as such, changes in fair value are recognized in earnings under “Gain on mark-to-market of interest rate swaps.” Our predecessor recognized a gain on mark-to-market interest rate swaps of $0.6 million during the three months ending June 30, 2012, and $49,000 and $1.2 million during the six months ending June 30, 2013 and 2012, respectively.

The fair value of each interest rate swap agreement is obtained through independent third-party valuation sources that use widely accepted valuation techniques including discounted cash flow analyses on the expected cash flows of each derivative. These analyses reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including interest rate curves and implied volatilities (also referred to as “significant other observable inputs”). The fair values of our interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default, which have determined to be insignificant to the overall fair value of our interest rate swap agreements. We recognize our interest rate swap agreements as either assets or liabilities on the balance sheet at fair value, disclosed as “Interest rate contracts.”

8. Interest Rate Contracts (Continued)

The following table is a summary of our predecessor’s interest rate swap agreements as of June 30, 2013 and December 31, 2012:

Fair Value as of

Notional Amount in Effect as of

Description

Effective

Termination

Interest

June 30,

December 31,

June 30,

December 31,

Date

Strike Rate

2013

2012

2013

2012

Rexford Industrial Fund III, LLC

11/15/06

3/15/13

5.1100

(49,000

)

5,000,000

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2013
Fair Value Measurements	9. Fair Value Measurements
	The FASB fair value framework includes a hierarchy that distinguishes between assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market-based inputs. Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 inputs are observable either directly or indirectly for similar assets and liabilities in active markets. Level 3 inputs are unobservable assumptions generated by the reporting entity.
	Recurring Measurements – Interest Rate Contracts
	The valuation of our predecessor’s interest rate swaps is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected future 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 and implied volatilities. Our predecessor incorporates credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements.
	The following table sets forth the liabilities that our predecessor measures at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2013 and December 31, 2012:

		Fair Value Measurement Using
		Total Fair		Quoted Price in Active		Significant Other			Significant
		Value		Markets for Identical		Observable			Unobservable
				Assets and Liabilities		Inputs			Inputs
				(Level 1)		(Level 2)			(Level 3)
	Liabilities
	Interest rate swap at:
	June 30, 2013	$	—	$	—	$	—		$		—
	December 31, 2012	$	49,000	$	—	$	49,000		$		—
	Financial Instruments Disclosed at Fair Value
	The carrying amounts of cash and cash equivalents, restricted cash, 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 secured notes payable was estimated by calculating the present value of principal and interest payments, using currently available market rates, adjusted with a credit spread, and assuming the loans are outstanding through maturity.
	9. Fair Value Measurements (Continued)
	The following table sets forth the carrying value and the estimated fair value of our predecessor’s notes payable as of June 30, 2013 and December 31, 2012:

		Fair Value Measurement Using
		Total Fair		Quoted Price in Active				Significant Other					Significant			Carrying Value
		Value		Markets for Identical				Observable					Unobservable
				Assets and Liabilities				Inputs					Inputs
				(Level 1)				(Level 2)					(Level 3)
	Liabilities
	Notes Payable at:
	June 30, 2013	$	356,945,000	$	—		$			356,945,000		$		—	$		351,187,000
	December 31, 2012	$	322,802,000	$	—		$			322,802,000		$		—	$		316,109,000

Related_Party_Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2013
Related Party Transactions	10. Related Party Transactions
	Howard Schwimmer
	Our predecessor engaged in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management and development fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from Mr. Schwimmer are included in management, leasing and development services in the combined statements of operations. Our predecessor recorded $50,000 and $70,000 in management and leasing services revenue for the three months ended June 30, 2013 and 2012, respectively, and $79,000 and $97,000 in management and leasing services revenue for the six months ended June 30, 2013 and 2012.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2013
Commitments and Contingencies	11 .Commitments and Contingencies
	Legal
	From time to time, we are party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of our business. Excluding ordinary routine litigation incidental to our 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. On August 21, 2013, an investor in one of our Predecessor Funds sent a purported books and records request under the California Corporations Code seeking information regarding the Predecessor Fund’s manager and members and certain historical tax information.
	Environmental
	We monitor our properties for the presence of hazardous or toxic substances. While there can be no assurance that a material environmental liability does not exist, we are not currently aware of any environmental liability with respect to the properties that would have a material effect on our combined financial condition, results of operations and cash flows. Further, we are not aware of any environmental liability or any unasserted claim or assessment with respect to an environmental liability that we believe would require additional disclosure or the recording of a loss contingency.

Investment_in_Unconsolidated_R

Investment in Unconsolidated Real Estate	6 Months Ended
	Jun. 30, 2013
Investment in Unconsolidated Real Estate	12. Investment in Unconsolidated Real Estate
	Our predecessor owned interests in two industrial properties through noncontrolling interests (i) in joint venture entities that that they did not control but over which they exercised significant influence or (ii) as tenants-in-common subject to common control. Our predecessor accounted for these investments under the equity method of accounting (i.e., at cost, increased or decreased by our share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting, such as basis differences from other-than-temporary impairments, if applicable).
	12. Investment in Unconsolidated Real Estate (Continued)
	The following table sets forth the ownership interests of our predecessor’s equity method investments in real estate and their respective carrying values. The carrying values of these investments are affected by the timing and nature of distributions:

									Carrying Value at
	Investment Property		Ownership Interest						June 30, 2013						December 31, 2012
	10439-10477 Roselle St.⁽¹⁾			70.00			%			$		8,692,000				$		9,988,000
	3001-3223 Mission Oaks Boulevard			15.00			%					2,794,000						2,709,000
										$		11,486,000				$		12,697,000
	(1) This is a tenancy-in-common interest in which control is shared equally with the other tenant-in-common partners. As part of the IPO, we acquired the 30% tenancy-in-common interest not previously owned by us.

	The following tables present combined summarized financial information of our predecessor’s equity method investment properties. Amounts provided are the total amounts attributable to the entities and do not represent our proportionate share:

		Three Months Ended June 30,												Six Months Ended June 30,
		2013						2012						2013						2012
	Revenues	$		2,099,000					$		317,000				$		4,245,000				$	571,000
	Expenses			(3,147,000		)					(1,402,000		)				(5,368,000		)			(1,658,000	)
	Net income (loss)	$		(1,048,000		)			$		(1,085,000		)		$		(1,123,000		)		$	(1,087,000	)

		June 30, 2013					December 31, 2012
	Assets	$		69,990,000			$	71,242,000
	Liabilities			(42,201,000	)			(42,265,000	)
	Partners’/members’ equity	$		27,789,000			$	28,977,000
	Our predecessor’s unconsolidated real estate entities incurred management, leasing and development fees, which were payable to us, of $0.1 million and $12,000 during the three months ended June 30, 2013 and 2012, respectively, and $0.2 million and $18,000 during the six months ended June 30, 2013 and 2012, respectively. We recognized management, leasing and development fees of $0.1 million and $8,000 for the three months ended June 30, 2013 and 2012, respectively, and $0.2 million and $13,000 for the six months ended June 30, 2013 and 2012, respectively, which has been recorded in management, leasing and development services.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2013
Equity	13. Equity
	Controlling interests in our predecessor company include the interests owned by partners of RILLC, and Rexford Sponsor V, LLC, and any interests held by their spouses and children (“RILLC and Affiliates”). Noncontrolling interests relate to all other interests not held by RILLC and Affiliates. Noncontrolling interests also includes the 27.76% interest of 10 investors in RIF I—Walnut, LLC, and the 3.23% interest of one investor in RIF IV—Burbank, LLC, both consolidated subsidiaries in our predecessor’s financial statements as of June 30, 2013 and December 31, 2012.

	13. Equity (Continued)
	The continuing investors (including our predecessor’s principals and executive officers) that received Operating Partnership units in the formation transactions comprise the noncontrolling interests in our Operating Partnership, subsequent to our IPO.
	Equity distributions by our Predecessor Funds are allocated between the general partner and limited partners (collectively “Partners”) in accordance with each Fund’s operating agreements. Generally this provides for distributions to be allocated to Partners, pari passu, in accordance with their respective percentage interests. After Partners have exceeded certain cash distribution thresholds, as defined in each Predecessor Fund’s operating agreement, then the general partner may receive incentive promote cash distributions commensurate with the cash return performance hurdles also detailed in the Predecessor Fund’s operating agreement. Each Fund’s operating agreement generally provides for income, expenses, gains and losses to be allocated in a manner consistent with cash distributions described above.
	During November and December 2012, our predecessor granted to its employees a 9% equity interest in Rexford Fund V Manager, LLC’s profits interest in RIF V. An additional 2% equity interest was granted in January 2013. Rexford Fund V Manager, LLC is the controlling member of RIF V and is a wholly-owned subsidiary of Rexford Sponsor V, LLC. The fair value of these interests has been estimated to be approximately $1.0 million which will be amortized over the vesting period using the accelerated attribution method to the extent the required achievement and vesting of these interests remain probable. The equity interests are considered performance-based equity interests and are subject to graded vesting over the shorter of a 7-year period or the dissolution date of Rexford Fund V Manager, LLC. On July 24, 2013, the day we consummated our IPO, Rexford Fund V Manager, LLC was dissolved.
	Our predecessor expensed $20,000 and $0 during the three months ended June 30, 2013 and 2012, respectively and $85,000 and $0 during the six months ended June 30, 2013 and 2012, respectively, related to these equity awards.
	As of June 30, 2013 and December 31, 2012, RIF V had unfunded capital commitments of $37.5 million and $39.0 million, respectively.

Subsequent_Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2013
Subsequent Events	14. Subsequent Events
	On July 24, 2013 (i) we issued a total of 16,000,000 shares of our common stock in our IPO in exchange for net proceeds of approximately $208.5 million in cash; (ii) we issued a total of 3,358,311 shares of our common stock in exchange for gross proceeds of $47.0 million cash; (iii) in our formation transactions, we acquired certain assets of our predecessor in exchange for the assumption or discharge of $303.3 million in indebtedness, the payment of $7.2 million in cash, the issuance of 3,697,086 common units of our operating partnership and 4,947,558 shares of our common stock and (iv) entered into a $60.0 million term loan and a $200 million senior unsecured revolving credit facility.
	On July 30, 2013 we acquired the property located at 8101-8117 Orion Avenue in Van Nuys, CA for a contract price of $5.6 million, using proceeds from our revolving credit facility. The property consists of one multi-tenant industrial building totaling 48,388 square feet situated on 1.89 acres of land.
	On August 7, 2013 we acquired the property located at 18310-18330 Oxnard Street in Tarzana, CA for a contract price of $8.4 million, using proceeds from our revolving credit facility. The property consists of one multi-tenant industrial building totaling 75,288 square feet situated on 3.11 acres of land.
	On August 21, 2013, we issued a total of 451,972 shares of our common stock pursuant to a partial exercise by the underwriters of their IPO over-allotment option, in exchange for proceeds of $5.9 million, net of the underwriters discount.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2013
Discontinued Operations	Discontinued Operations
	The revenue, expenses, impairment and/or gain on sale of operating properties that meet the applicable criteria are reported as discontinued operations in the combined statements of operations for all periods presented. A gain on sale, if any, is recognized in the period during which the property is disposed.
	In determining whether to report the results of operations, impairment and/or gain on sale of operating properties as discontinued operations, we evaluate whether we have any significant continuing involvement in the operations, leasing or management of the property after disposition. If we determine that we have significant continuing involvement after disposition, we report the revenue, expenses, impairment and/or gain on sale as part of continuing operations.
Held for Sale Assets	Held for Sale Assets
Held for Sale Assets	Our predecessor classifies properties as held for sale when certain criteria set forth in the Long-Lived Assets Classified as Held for Sale Subsections of ASC Topic 360: Property, Plant, and Equipment, are met. At that time, the assets and liabilities of the property held for sale are presented separately in the combined balance sheet and cease recording depreciation and amortization expense at the time a property is classified as held for sale. Properties held for sale are reported at the lower of their carrying value or their estimated fair value, less estimated costs to sell.
Investment in Real Estate	Investment in Real Estate
	Acquisitions of properties are accounted for utilizing the purchase accounting method and accordingly, the results of operations of acquired properties are included in our results of operations from the respective dates of acquisition. Transaction costs related to acquisitions are expensed, rather than included with the consideration paid. Estimates of future cash flows and other valuation techniques are used to allocate the purchase price of acquired property between land, buildings and improvements, equipment and identifiable intangible assets and liabilities such as amounts related to in-place at-market leases, and acquired above- and below-market leases. Initial valuations are subject to change until such information is finalized, but no later than 12 months from the acquisition date.
	The fair values of tangible assets are determined on an “as-if-vacant” basis. The “as-if-vacant” fair value is allocated to land, where applicable, buildings, tenant improvements and equipment based on comparable sales and other relevant information obtained in connection with the acquisition of the property.
	The estimated fair value of acquired in-place at-market tenant leases are the costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. Such estimates include the fair value of leasing commissions and legal costs that would be incurred to lease the property to this occupancy level. Additionally, we evaluate the time period over which such occupancy level would be achieved and include an estimate of the net operating costs (primarily real estate taxes, insurance and utilities) incurred during the lease-up period, which is generally six months.
	Above- and below-market in-place lease intangibles are recorded as an asset or liability based on the present value (using a discount rate which reflects the risks associated with the leases acquired) of the difference between the contractual amounts to be received or paid pursuant to the in-place tenant lease, and our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining noncancelable term of the lease and bargain renewal periods for below market in-place lease intangibles, if applicable.
	We capitalize costs incurred in developing, renovating, rehabilitating, and improving real estate assets as part of the investment basis. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. During the land development and construction periods, we capitalize interest costs, insurance, real estate taxes and certain general and administrative costs of the personnel performing development, renovations, and rehabilitation if such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. Capitalized costs are included in the investment basis of real estate assets.
	When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in operations for the period.
	The values allocated to land, buildings, site improvements, in-place leases, tenant improvements and leasing costs are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, years for 20site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
	In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC Topic 360: Property, Plant, and Equipment, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable.
	Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. In order to review real estate assets for recoverability, our predecessor considers current market conditions, as well as their intent with respect to holding or disposing of the asset. The intent with regard to the underlying assets might change as market conditions change, as well as other factors, especially in the current global economic environment. 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 predecessor’s underlying business. If our predecessor’s analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, our predecessor recognizes an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property.
	2. Summary of Significant Accounting Policies (Continued)
	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 regard to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties.
	At June 30, 2013 and December 31, 2012, our predecessor’s investment in real estate has been recorded net of a cumulative impairment of $19.6 million.
Income Taxes	Income Taxes
	Each of RIF I, RIF II, RIF III and RIF IV are limited liability companies but have elected to be taxed as a partnership for tax purposes. As such, the allocated share of net income or loss from the limited liability companies is reportable in the income tax returns of the respective partners and investors. Accordingly, no income tax provision is included in the accompanying combined financial statements.
	RIF V REIT has elected to be taxed as a REIT under Sections 856 to 860 of the Code, commencing with its tax period ended December 31, 2010.
	To qualify as a REIT, RIF V REIT must distribute annually at least 90% of its adjusted taxable income, as defined in the Code, to its security holders and satisfy certain other organizational and operating requirements. If RIF V REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes (including any applicable alternative minimum tax) on our taxable income at regular corporate rates and we may not be able to qualify as a REIT for four subsequent taxable years. Even if RIF V REIT qualifies for taxation as a REIT, it may be subject to certain state and local taxes on our income and property and to federal income taxes and excise taxes on our undistributed taxable income. We believe that RIF V REIT has met
	all of the REIT distribution and technical requirements for the three and six months ended June 30, 2013 and 2012. Accordingly, our predecessor has not recognized any provision for income taxes.
	We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of June 30, 2013 and December 31, 2012, our predecessor has not established a liability for uncertain tax positions.
Revenue Recognition	Revenue Recognition
	Our predecessor recognizes revenue from rent, tenant reimbursements and other revenue sources once all of the following criteria are met: persuasive evidence of an arrangement exists, the delivery has occurred or services are rendered, the fee is fixed and determinable and collectability is reasonably assured. Minimum annual rental revenues are recognized in rental revenues on a straight-line basis over the term of the related lease. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space.
	Estimated recoveries from tenants for real estate taxes, common area maintenance and other recoverable operating expenses are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, our predecessor performs final reconciliations on a lease-by-lease basis and bills or credits each tenant for any cumulative annual adjustments. Lease termination fees, which are included in rental revenues in the accompanying consolidated statements of operations, are recognized when the related lease is canceled and we have no continuing obligation to provide services to such former tenant.
	Revenues from management, leasing and development services are recognized when the related services have been provided and earned.
	The recognition of gains on sales of real estate requires that our predecessor measures the timing of a sale against various criteria related to the terms of the transaction, as well as any continuing involvement in the form of management or financial assistance associated with the property. If the sales criteria are not met, our predecessor defers gain recognition and accounts for the continued operations of the property by applying the finance, profit-sharing or leasing method. If the sales criteria have been met, our predecessor further analyzes whether profit recognition is appropriate using the full accrual method. If the criteria to recognize profit using the full accrual method have not been met, our predecessor defers the gain and recognizes it when the criteria are met or uses the installment or cost recovery method as appropriate under the circumstances. See Note 3 for a discussion of dispositions.
Segment Reporting	Segment Reporting
Segment Reporting	Management views the Company as a single segment based on its method of internal reporting in addition to its allocations of capital and resources.
Recently issued accounting pronouncements	Recently issued accounting pronouncements
	Changes to GAAP are established by the FASB in the form of ASUs to the FASB’s Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. Newly issued ASUs not listed below are expected to not have any material impact on its combined financial position and results of operations because either the ASU is not applicable or the impact is expected to be immaterial.
	In April 2013, the FASB issued ASU No. 2013-07 to Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting. This amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when it ceases operating and begins selling assets to settle debts with creditors. This ASU is effective for fiscal years beginning after December 15, 2012, with early adoption permitted, and should be applied prospectively from the day that liquidation becomes imminent. We do not expect the adoption of this accounting standard to have a material impact on our Combined Financial Statements.
	In December 2011, the FASB issued ASU No. 2011-10 to clarify the scope of current GAAP. The update clarifies that the real estate sales guidance applies to the derecognition of a subsidiary that is in-substance real estate as a result of default on the subsidiary’s nonrecourse debt. That is, even if the reporting entity ceases to have a controlling financial interest under the consolidation guidance, the reporting entity would continue to include the real estate, debt, and the results of the subsidiary’s operations in its consolidated financial statements until legal title to the real estate is transferred to legally satisfy the debt. The adoption of this accounting standard update on January 1, 2013 did not have a material impact on our Combined Financial Statements.

Overview_and_Background_Tables

Overview and Background (Tables)	6 Months Ended
	Jun. 30, 2013
Summary of Properties	Below is a summary of the industrial properties in our predecessor’s total managed portfolio as of June 30, 2013:


		Number of					Total Portfolio			Effective Portfolio ⁽¹⁾
		Properties		Buildings		Square Feet			Square Feet
	RIF I		7		17			1,008,191			963,418
	RIF II		8		23			726,905			697,515
	RIF III		10		34			914,690			914,690
	RIF IV		13		28			921,971			921,971
	RIF V		21		55			2,982,470			1,972,324
			59		157			6,554,227			5,469,918
	RIF V—Notes receivables		1		5			99,447			99,447
			60		162			6,653,674			5,569,365
	(1) Effective portfolio square feet includes 100% of the square footage of our predecessor’s combined portfolio of 55 properties, and its respective ownership percentage of square footage for our tenants-in-common and joint venture interest properties, which includes 72.24% of Walnut Center Business Park, 70.0% of La Jolla Sorrento Business Park, and 15.0% of 3001-3223 Mission Oaks Boulevard.

Investment_in_Real_Estate_Tabl

Investment in Real Estate (Tables)	6 Months Ended
Investment in Real Estate (Tables)	Jun. 30, 2013
Acquisitions	The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition.

						Real estate assets:								Acquisition-related
	Address		Acquisition			Land				Buildings and					In-place			Net Above					Total Purchase		Other		Notes Payable,			Net Assets
			Date							improvements					Lease			(Below)					Price		Assets		Accounts			Acquired
															Intangibles ⁽¹⁾			Market Lease									Payable, Accrued
																		Intangibles ⁽²⁾									Expenses and
																											Tenant Security
																											Deposits
	2013 Acquisitions:
	18118-18120 S. Broadway			4/4/13		$		3,013,000		$	2,161,000				$	274,000			0				$	5,448,000	$	16,000	$	(57,000	)	$	5,407,000
	8900-8980 Benson Ave., 5637 Arrow Highway			4/9/13		$		1,817,000		$	4,590,000				$	552,000		$	191,000				$	7,150,000	$	20,000	$	(104,000	)	$	7,066,000
	3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd.			4/17/13		$		26,423,000		$	25,795,000				$	2,568,000		$	1,414,000				$	56,200,000	$	168,000	$	(500,000	)	$	55,868,000
	1661 240th St.			5/31/13		$		3,464,000		$	1,498,000				$	38,000		$	0				$	5,000,000	$	8,000	$	(17,000	)	$	4,991,000
	Total					$		34,717,000		$	34,044,000				$	3,432,000		$	1,605,000				$	73,798,000	$	212,000	$	(678,000	)	$	73,332,000
	2012 Acquisitions:
	1400 S. Campus Ave.			3/7/12		$		2,600,000		$	1,631,000				$	588,000		$	(20,000		)		$	4,799,000	$	13,000	$	(529,000	)	$	4,283,000
	500-560 Zenith Dr.			5/1/12		$		658,000		$	688,000				$	279,000		$	0				$	1,625,000	$	6,000	$	(213,000	)	$	1,418,000
	Total					$		3,258,000		$	2,319,000				$	867,000		$	(20,000		)		$	6,424,000	$	19,000	$	(742,000	)	$	5,701,000
	(1)
	The amortization period of acquired in-place lease intangibles for our 2013 acquisitions was 2.7 years as of June 30, 2013.
	(2) The amortization period of net above market leases for our 2013 acquisitions was 2.9 years as of June 30, 2013.
Dispositions	A summary of our predecessor property dispositions for the six months ended June 30, 2013 is as follows:

	Address		Location			Date of			Rentable			Sales Price			Debt Satisfied ⁽¹⁾						Gain Recorded ⁽²⁾
	Address		Location			Disposition			Square Feet			Sales Price			Debt Satisfied ⁽¹⁾						Gain Recorded ⁽²⁾
	4578 Worth Street			Los Angeles, CA			1/31/13			79,370		$	4,100,000		$	2,500,000			$			2,410,000
	1950 E. Williams Drive			Oxnard, CA			4/4/13			161,682		$	8,542,000		$	2,993,000			$			415,000
	9027 Glenoaks Blvd.			Los Angeles, CA			5/10/13			14,700		$	1,727,000		$	1,625,000			$			234,000
	2515, 2507, 2441 W. Erie Dr. & 2929 S. Fair Lane			Tempe, AZ			5/28/13			83,385		$	5,003,000		$	3,531,000			$			1,015,000
	1255 Knollwood Circle			Anaheim, CA			6/14/13			25,162		$	2,768,000		$	2,630,000			$			915,000
	(1) Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan.
	(2) Gain on sale of real estate is recorded as part of discontinued operations for the three and six months ending June 30, 2013, depending on the date of disposition.
Assets Held For Sale	The major classes of assets and liabilities of real estate held for sale were as follows:


		December 31, 2012
	Investment in real estate, net	$		16,058,000
	Other			442,000
	Total assets	$		16,500,000
	Notes payable	$		13,279,000
	Accounts payable and other liabilities			154,000
	Total liabilities	$		13,433,000

Discontinued Operations	Their combined results of operations for the three and six months ended June 30, 2013 and 2012 are summarized as follows:

		For the Three Months									For the Six Months
		Ended June 30,									Ended June 30,
		2013				2012					2013					2012
	Revenues	$		0		$		537,000				$	391,000				$	1,145,000
	Operating expenses			(83,000	)			(244,000	)				(193,000	)				(337,000		)
	Interest expense			(50,000	)			(154,000	)				(127,000	)				(288,000		)
	Depreciation expense			(47,000	)			(284,000	)				(157,000	)				(588,000		)
	Loss on extinguishment of debt			(41,000	)			0					(250,000	)				0
	Gain on sale of real estate			2,580,000				0					4,989,000					0
	Income (loss) from discontinued operations	$		2,359,000		$		(145,000	)			$	4,653,000				$	(68,000		)

Intangible_Assets_Tables

Intangible Assets (Tables)	6 Months Ended
Intangible Assets (Tables)	Jun. 30, 2013
Summary of Predecessor's Identifiable Intangible Assets and Acquired Above/Below Market Lease Assets	The following summarizes our predecessor’s identifiable intangible assets and acquired above/below market lease assets as of:


		June 30, 2013			December 31, 2012
	Acquired in-place lease intangibles
	Gross amount	$	21,506,000		$	18,074,000
	Accumulated amortization		(16,224,000	)		(15,160,000	)
	Net balance	$	5,282,000		$	2,914,000
	Acquired above market leases
	Gross amount	$	2,209,000		$	565,000
	Accumulated amortization		(595,000	)		(386,000	)
	Net balance	$	1,614,000		$	179,000
	Below market leases
	Gross amount	$	(3,751,000	)	$	(3,711,000	)
	Accumulated amortization		3,686,000			3,672,000
	Net balance	$	(65,000	)	$	(39,000	)

Notes_Receivable_Tables

Notes Receivable (Tables)	6 Months Ended
Notes Receivable (Tables)	Jun. 30, 2013
Summary of Notes Receivable	The following table summarizes the balance of our notes receivable:

		Face Amount		Unrecognized			Unrecognized			Note Receivable
				Non-Accretable			Accretable Yield
				Yield
	At June 30, 2013:
	32401 — 32803 Calle Perfecto	$	14,286,000	$	(5,816,000	)	$	(594,000	)	$	7,876,000
	At December 31, 2012:
	2824 E. Foothill Blvd.	$	5,370,000		—		$	(1,394,000	)	$	3,976,000
	32401 — 32803 Calle Perfecto		14,410,000		(5,816,000	)		(659,000	)		7,935,000
	Total	$	19,780,000	$	(5,816,000	)	$	(2,053,000	)	$	11,911,000

Notes_Payable_Tables

Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2013
Summary of Notes Payable of Predecessor	A summary of notes payable of our predecessor is as follows:

		Principal Amount as of
		June 30, 2013				December 31, 2012				Contractual				Interest Rate
										Maturity Date
	Fixed Rate Debt
	RIF I Holdings, LLC	$	38,764,000			$	41,238,000				5/31/14				6.13		%
	RIF I—Walnut, LLC		11,350,000				11,350,000				9/1/13				6.23		%
	RIF II—Orangethorpe, LLC		0				4,451,000				7/1/13				5.147		%⁽¹⁾
	RIF II—Easy Street, LLC		5,259,000				5,310,000				4/1/14				5.32		%⁽¹⁾
	RIF III Holdings, LLC (Note A)		74,678,000				78,338,000				8/31/14				5.60		%⁽²⁾
	RIF III Holdings, LLC (Note B)		40,000				410,000				8/31/14				12.00		%⁽³⁾
	RIF IV Holdings, LLC		65,777,000				0				10/1/13				6.00		%
	RIF V—Foothill, LLC		0				2,542,000				9/1/14				4.00		%
	RIF V—Calle Perfecto, LLC		5,380,000				5,429,000				9/1/14	(4	)		4.00		%⁽⁵⁾
	RIV V—Jersey, LLC		5,273,000	(6	)		5,355,000	(6	)		1/1/15				5.45		%⁽¹⁾
	RIF V—Arroyo, LLC		3,000,000				3,000,000				9/30/14				4.50		%
	Variable Rate Debt
	RIF I Holdings, LLC	$	7,605,000				7,605,000				5/31/14				LIBOR + 1.00		%
	RIF I—Mulberry, LLC		5,856,000				5,978,000				5/20/14	(7	)		LIBOR + 2.75		%
	RIF II—Orangethorpe, LLC		4,423,000				0				7/24/13	(8	)		LIBOR + 1.90		%
	RIF II Holdings, LLC		40,018,000				40,152,000				7/1/13				LIBOR + 3.50		%⁽⁹⁾
	RIF IV Holdings, LLC		0				67,136,000				4/1/13				LIBOR + 4.00		%
	RIF V—Grand Commerce Center, LLC		6,000,000				6,000,000				3/4/14	(4	)		LIBOR + 2.75		%
	RIF V—Vinedo, LLC		3,470,000				3,470,000				8/4/14	(7	)		LIBOR + 2.75		%
	RIF V—MacArthur, LLC		5,475,000				5,475,000				12/5/14	(4	)		LIBOR + 2.50		%
	RIF V—Campus, LLC		3,360,000				3,360,000				7/1/15				LIBOR + 2.50	% ^(10) (11)
	RIF V—Golden Valley, LLC		2,900,000				2,900,000				6/1/15	(4	)		LIBOR + 2.75		%⁽¹²⁾
	RIF V—Cornerstone Portfolio		13,079,000				16,610,000				12/9/14	(4	)		LIBOR + 2.50		%
	RIF V—Del Norte, LLC		6,730,000				0				3/1/16				LIBOR + 2.25	% ^(4) (13)
	RIF V—Glendale Commerce Center, LLC		42,750,000				0				5/1/16				LIBOR + 2.00		%⁽⁴⁾
		$	351,187,000			$	316,109,000
	Less: Mortgage Loans Associated with Real Estate Held for Sale		0				(13,279,000	)
		$	351,187,000			$	302,830,000
	(1) Monthly payments of interest and principal based on 30-year amortization table.
	(2) Loan bears interest at 5.60%, with the option to pay a minimum interest rate of 4.25% per annum and to have the remaining 1.35% of the interest added to the principal outstanding. We have added $1.8 million and $1.2 million to the principal balance under the payment in kind election as of June 30, 2013 and December 31, 2012, respectively.
	(3) Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00% per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

	6. NOTES PAYABLE (Continued)
	(4) Two additional one year extensions available at the borrower’s option.
	(5) Monthly payments will include $8,100 of principal repayment together with accrued interest.
	(6) Includes unamortized debt premium of $0.1 million at June 30, 2013 and December 31, 2012.
	(7) One additional one year extension available at the borrower’s option.
	(8) The loan matures at the earlier of (i) January 1, 2014; (ii) the date on which the IPO is consummated; or (iii) the date on which the Property is sold or assigned. We consummated our IPO on July 24, 2013.
	(9) Loan bears interest at LIBOR + 3.50% per annum through originally schedule maturity date of July 1, 2013, at which point the loan will bear interest at a fixed rate of 6.00% until its extended maturity date of October 1, 2013.
	(10) Monthly payments are interest only until 7/31/13. Commencing on 8/1/13 through the maturity date, monthly payments will include $9,583 of principal repayment together with accrued interest.
	(11) Loan bears interest at the Lender’s Prime Rate or LIBOR + 2.50%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.
	(12) Monthly payments are interest only until 6/30/14. Commencing on 7/1/14 through the maturity date, there will be payments of interest and principal based upon a 25-year amortization table.
	(13) Loan bears interest at the Lender’s Prime Rate or LIBOR + 2.25%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

Operating_Leases_Tables

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 2013
Future Minimum Base Rent Under Noncancelable Operating Leases	Future minimum base rent for our predecessor under operating leases as of June 30, 2013 is summarized as follows:

	Twelve months ending June 30,
	2014	$	35,080,000
	2015		21,356,000
	2016		15,381,000
	2017		10,603,000
	2018		8,108,000
	Thereafter		15,194,000
	Total	$	105,722,000

Interest_Rate_Contracts_Tables

Interest Rate Contracts (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Predecessor's Interest Rate Swap Agreement

The following table is a summary of our predecessor’s interest rate swap agreements as of June 30, 2013 and December 31, 2012:

Fair Value as of

Notional Amount in Effect as of

Description

Effective

Termination

Interest

June 30,

December 31,

June 30,

December 31,

Date

Strike Rate

2013

2012

2013

2012

Rexford Industrial Fund III, LLC

11/15/06

3/15/13

5.1100

(49,000

)

5,000,000

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2013
Recurring Measurements - Interest Rate Contracts	The following table sets forth the liabilities that our predecessor measures at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2013 and December 31, 2012:

		Fair Value Measurement Using
		Total Fair		Quoted Price in Active		Significant Other			Significant
		Value		Markets for Identical		Observable			Unobservable
				Assets and Liabilities		Inputs			Inputs
				(Level 1)		(Level 2)			(Level 3)
	Liabilities
	Interest rate swap at:
	June 30, 2013	$	—	$	—	$	—		$		—
	December 31, 2012	$	49,000	$	—	$	49,000		$		—

Financial Instruments Disclosed at Fair Value	The following table sets forth the carrying value and the estimated fair value of our predecessor’s notes payable as of June 30, 2013 and December 31, 2012:

		Fair Value Measurement Using
		Total Fair		Quoted Price in Active				Significant Other					Significant			Carrying Value
		Value		Markets for Identical				Observable					Unobservable
				Assets and Liabilities				Inputs					Inputs
				(Level 1)				(Level 2)					(Level 3)
	Liabilities
	Notes Payable at:
	June 30, 2013	$	356,945,000	$	—		$			356,945,000		$		—	$		351,187,000
	December 31, 2012	$	322,802,000	$	—		$			322,802,000		$		—	$		316,109,000

Investment_in_Unconsolidated_R1

Investment in Unconsolidated Real Estate (Tables)	6 Months Ended
	Jun. 30, 2013
Ownership Interest of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values	The following table sets forth the ownership interests of our predecessor’s equity method investments in real estate and their respective carrying values. The carrying values of these investments are affected by the timing and nature of distributions:

									Carrying Value at
	Investment Property		Ownership Interest						June 30, 2013						December 31, 2012
	10439-10477 Roselle St.⁽¹⁾			70.00			%			$		8,692,000				$		9,988,000
	3001-3223 Mission Oaks Boulevard			15.00			%					2,794,000						2,709,000
										$		11,486,000				$		12,697,000

Summary of Financial Information of Predecessor's Equity Method Investment Properties
	The following tables present combined summarized financial information of our predecessor’s equity method investment properties. Amounts provided are the total amounts attributable to the entities and do not represent our proportionate share:

		Three Months Ended June 30,												Six Months Ended June 30,
		2013						2012						2013						2012
	Revenues	$		2,099,000					$		317,000				$		4,245,000				$	571,000
	Expenses			(3,147,000		)					(1,402,000		)				(5,368,000		)			(1,658,000	)
	Net income (loss)	$		(1,048,000		)			$		(1,085,000		)		$		(1,123,000		)		$	(1,087,000	)

		June 30, 2013					December 31, 2012
	Assets	$		69,990,000			$	71,242,000
	Liabilities			(42,201,000	)			(42,265,000	)
	Partners’/members’ equity	$		27,789,000			$	28,977,000

Overview_and_Background_Additi

Overview and Background - Additional Information (Detail) (USD $)	1 Months Ended
	Aug. 21, 2013	Jul. 24, 2013	Jun. 30, 2013
Disclosure - Overview and Background - Additional Information (Detail) [Line Items]
Initial public offering common stock issued	451,972	16,000,000
Common stock, issued			100
Common stock, par value			$0.01
Value of common stock			$100
Concurrent Private Placement Cash Collections In Advance Of IPO			$20,400,000
Maximum
Disclosure - Overview and Background - Additional Information (Detail) [Line Items]
Ownership Interest			100.00%

Overview_and_Background_Summar

Overview and Background - Summary of Industrial Properties in Predecessor's Total Managed Portfolio (Detail)	Jun. 30, 2013
	sqft
	Property
Real Estate Properties [Line Items]
Number of Properties	60
Number of Buildings	162
Total Portfolio	6,653,674
Effective Portfolio	5,569,365
Rexford Industrial Fund First Llc
Real Estate Properties [Line Items]
Number of Properties	7
Number of Buildings	17
Total Portfolio	1,008,191
Effective Portfolio	963,418
Rexford Industrial Fund Second Llc
Real Estate Properties [Line Items]
Number of Properties	8
Number of Buildings	23
Total Portfolio	726,905
Effective Portfolio	697,515
Rexford Industrial Fund Third Llc
Real Estate Properties [Line Items]
Number of Properties	10
Number of Buildings	34
Total Portfolio	914,690
Effective Portfolio	914,690
Rexford Industrial Fund Fourth Llc
Real Estate Properties [Line Items]
Number of Properties	13
Number of Buildings	28
Total Portfolio	921,971
Effective Portfolio	921,971
Rexford Industrial Fund Fifth Lp
Real Estate Properties [Line Items]
Number of Properties	21
Number of Buildings	55
Total Portfolio	2,982,470
Effective Portfolio	1,972,324
Managed Portfolio Properties
Real Estate Properties [Line Items]
Number of Properties	59
Number of Buildings	157
Total Portfolio	6,554,227
Effective Portfolio	5,469,918
Rexford Industrial Fund V L P Notes Receivable
Real Estate Properties [Line Items]
Number of Properties	1
Number of Buildings	5
Total Portfolio	99,447
Effective Portfolio	99,447

Overview_and_Background_Summar1

Overview and Background - Summary of Industrial Properties in Predecessor's Total Managed Portfolio (Parenthetical) (Detail)	Jun. 30, 2013
	Property
Real Estate Properties [Line Items]
Percentage Of Square Footage Of Combined Portfolio Included in Effective Portfolio	100.00%
Number Of Properties Included In Combined Portfolio	55
Walnut Center Business Park
Real Estate Properties [Line Items]
Ownership interest	72.24%
La Jolla Sorrento Business Park
Real Estate Properties [Line Items]
Ownership interest	70.00%
Mission Oaks Boulevard
Real Estate Properties [Line Items]
Ownership interest	15.00%

Summary_of_Significant_Account2

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	6 Months Ended
In Millions, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Summary Of Significant Accounting Policies [Line Items]
Real Estate Investment Cumulative Impairment	$19.60	$19.60
REIT annual taxable income distribution requirement percentage	90.00%
Site Improvements
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	20 years
Minimum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	10 years
Maximum \| Building
Summary Of Significant Accounting Policies [Line Items]
Estimated remaining life	30 years

Investment_in_Real_Estate_Acqu

Investment in Real Estate - Acquisitions - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
	sqft	sqft	Buildings	Property
			Property	Buildings
			sqft	sqft
Disclosure - Investment in Real Estate - Acquisitions - Additional Information (Detail) [Line Items]
Number of properties acquired			4	2
Number of buildings acquired			17	5
Square footage of buildings acquired	740,525	145,853	740,525	145,853
Contract price for acquisitions	$73,798,000	$6,424,000	$73,798,000	$6,424,000
Acquisition expenses	$624,000	$167,000	$717,000	$234,000

Investment_in_Real_Estate_Summ

Investment in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $)	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2012
			Leases, Acquired-in-Place	Leases, Acquired-in-Place	Above Market Leases	Above Market Leases	South Broadway	South Broadway	South Broadway	Benson Avenue Arrow Highway	Benson Avenue Arrow Highway	Benson Avenue Arrow Highway	Tyburn Street North San Fernando Road	Tyburn Street North San Fernando Road	Tyburn Street North San Fernando Road	240th Street	240th Street	240th Street	South Campus Avenue	South Campus Avenue	South Campus Avenue	South Campus Avenue	South Campus Avenue	South Campus Avenue
								Leases, Acquired-in-Place	Above Market Leases		Leases, Acquired-in-Place	Above Market Leases		Leases, Acquired-in-Place	Above Market Leases		Leases, Acquired-in-Place	Above Market Leases		Leases, Acquired-in-Place	Above Market Leases		Leases, Acquired-in-Place	Above Market Leases
Business Acquisition [Line Items]
Acquisition Date							4-Apr-13			9-Apr-13			17-Apr-13			31-May-13			7-Mar-12			1-May-12
Land	$34,717,000	$3,258,000					$3,013,000			$1,817,000			$26,423,000			$3,464,000			$2,600,000			$658,000
Buildings and improvements	34,044,000	2,319,000					2,161,000			4,590,000			25,795,000			1,498,000			1,631,000			688,000
Lease Intangibles			3,432,000	867,000	1,605,000	-20,000		274,000	0		552,000	191,000		2,568,000	1,414,000		38,000	0		588,000	-20,000		279,000	0
Total Purchase Price	73,798,000	6,424,000					5,448,000			7,150,000			56,200,000			5,000,000			4,799,000			1,625,000
Other Assets	212,000	19,000					16,000			20,000			168,000			8,000			13,000			6,000
Notes Payable, Accounts Payable, Accrued Expenses and Tenant Security Deposits	-678,000	-742,000					-57,000			-104,000			-500,000			-17,000			-529,000			-213,000
Net Assets Acquired	$73,332,000	$5,701,000					$5,407,000			$7,066,000			$55,868,000			$4,991,000			$4,283,000			$1,418,000

Investment_in_Real_Estate_Summ1

Investment in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2013
Leases, Acquired-in-Place
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	2 years 8 months 12 days
Above Market Leases
Business Acquisition [Line Items]
Amortization period of acquired intangible assets	2 years 10 months 24 days

Investment_in_Real_Estate_Summ2

Investment in Real Estate - Summary of Predecessor Property Dispositions (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013		Jun. 30, 2012
Property Dispositions [Line Items]
Gain on sale of real estate	$2,580,000	$0	$4,989,000		$0
Worth Street
Property Dispositions [Line Items]
Location			Los Angeles, CA
Date of Disposition			31-Jan-13
Rentable Square Feet	79,370		79,370
Sales Price			4,100,000
Debt Satisfied			2,500,000	[1]
Gain on sale of real estate			2,410,000	[2]
East Williams Drive
Property Dispositions [Line Items]
Location			Oxnard, CA
Date of Disposition			4-Apr-13
Rentable Square Feet	161,682		161,682
Sales Price			8,542,000
Debt Satisfied			2,993,000	[1]
Gain on sale of real estate			415,000	[2]
Glenoaks Boulevard
Property Dispositions [Line Items]
Location			Los Angeles, CA
Date of Disposition			10-May-13
Rentable Square Feet	14,700		14,700
Sales Price			1,727,000
Debt Satisfied			1,625,000	[1]
Gain on sale of real estate			234,000	[2]
West Erie Drive And South Fair Lane
Property Dispositions [Line Items]
Location			Tempe, AZ
Date of Disposition			28-May-13
Rentable Square Feet	83,385		83,385
Sales Price			5,003,000
Debt Satisfied			3,531,000	[1]
Gain on sale of real estate			1,015,000	[2]
Knollwood Circle
Property Dispositions [Line Items]
Location			Anaheim, CA
Date of Disposition			14-Jun-13
Rentable Square Feet	25,162		25,162
Sales Price			2,768,000
Debt Satisfied			2,630,000	[1]
Gain on sale of real estate			$915,000	[2]

[1]	Amount represents the principal paid back to the lender to release the property from a larger pool of properties serving as collateral for the respective portfolio loan
[2]	Gain on sale of real estate is recorded as part of discontinued operations for the three and six months ending JuneB 30, 2013, depending on the date of disposition.

Investment_in_Real_Estate_Majo

Investment in Real Estate - Major Classes of Assets and Liabilities of Real Estate Held for Sale (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Disclosure - Investment in Real Estate - Major Classes of Assets and Liabilities of Real Estate Held for Sale (Detail) [Line Items]
Investment in real estate, net		$16,058,000
Other		442,000
Total assets	0	16,500,000
Notes payable	0	13,279,000
Accounts payable and other liabilities		154,000
Total liabilities	$0	$13,433,000

Investment_in_Real_Estate_Disc

Investment in Real Estate - Discontinued Operations (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Disclosure - Investment in Real Estate - Discontinued Operations (Detail) [Line Items]
Revenues	$0	$537,000	$391,000	$1,145,000
Operating expenses	-83,000	-244,000	-193,000	-337,000
Interest expense	-50,000	-154,000	-127,000	-288,000
Depreciation expense	-47,000	-284,000	-157,000	-588,000
Loss on extinguishment of debt	-41,000	0	-250,000	0
Gain on sale of real estate	2,580,000	0	4,989,000	0
INCOME (LOSS) FROM DISCONTINUED OPERATIONS	$2,359,000	($145,000)	$4,653,000	($68,000)

Intangible_Assets_Summary_of_P

Intangible Assets - Summary of Predecessor's Identifiable Intangible Assets and Acquired Above Below Market Lease Assets (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Acquired Finite Lived Intangible Assets [Line Items]
Net balance	$7,805,000	$5,012,000
Below market leases, gross amount	-3,751,000	-3,711,000
Below market leases, accumulated amortization	3,686,000	3,672,000
Below market leases, net balance	-65,000	-39,000
Leases, Acquired-in-Place, Market Adjustment
Acquired Finite Lived Intangible Assets [Line Items]
Acquired in-place lease intangible, gross amount	21,506,000	18,074,000
Accumulated amortization	-16,224,000	-15,160,000
Net balance	5,282,000	2,914,000
Above Market Leases
Acquired Finite Lived Intangible Assets [Line Items]
Acquired above market leases, gross amount	2,209,000	565,000
Accumulated amortization	-595,000	-386,000
Net balance	$1,614,000	$179,000

Notes_Receivable_Additional_In

Notes Receivable - Additional Information (Detail) (USD $)	6 Months Ended
Notes Receivable - Additional Information (Detail) (USD $)	Jun. 30, 2013	Jun. 30, 2012
Notes Receivables
Proceeds from collection of mortgage note	$5,400,000
Interest received from mortgage note	6,310
Amount used to repay secured loan	2,500,000
Gain from early repayment of note receivable	$1,365,000	$0

Notes_Receivable_Summary_of_No

Notes Receivable - Summary of Notes Receivable (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Notes Receivables
Note Receivable	$7,876,000	$11,911,000
Notes Receivable
Notes Receivables
Face Amount		19,780,000
Unrecognized Non-Accretable Yield		-5,816,000
Unrecognized Accretable Yield		-2,053,000
Note Receivable		11,911,000
Calle Perfecto \| Notes Receivable
Notes Receivables
Face Amount	14,286,000	14,410,000
Unrecognized Non-Accretable Yield	-5,816,000	-5,816,000
Unrecognized Accretable Yield	-594,000	-659,000
Note Receivable	7,876,000	7,935,000
East Foothill Boulevard \| Notes Receivable
Notes Receivables
Face Amount		5,370,000
Unrecognized Accretable Yield		-1,394,000
Note Receivable		$3,976,000

Notes_Payable_Summary_of_Notes

Notes Payable - Summary of Notes Payable (Detail) (USD $)

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 28, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Jul. 24, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 28, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Mar. 22, 2013

Jun. 30, 2013

Dec. 31, 2012

Apr. 17, 2013

Jun. 30, 2013

Jul. 24, 2013

Dec. 31, 2012

Fixed Rate Debt

Variable Rate Debt

RIF I Holdings, LLC

RIF I - Walnut LLC

RIF II - Orangethorpe, LLC

RIF II - Easy Street, LLC

RIF III Holdings, LLC (Note A)

RIF III Holdings LLC (Note B)

RIF IV Holdings, LLC

RIF V - Foothill, LLC

RIF V - Calle Perfecto, LLC

RIV V - Jersey, LLC

RIF V - Arroyo, LLC

RIF I Holdings, LLC

RIF II - Orangethorpe, LLC

RIF IV Holdings, LLC

RIF I - Mulberry, LLC

RIF II Holdings, LLC

RIF V - Grand Commerce Center, LLC

RIF V - Vinedo, LLC

RIF V - MacArthur, LLC

RIF V - Campus, LLC

RIF V - Golden Valley, LLC

RIF V - Cornerstone Portfolio

RIF V - Del Norte, LLC

RIF V - Glendale Commerce Center, LLC

Debt Instrument [Line Items]

Notes payable including mortgage loans associated with real estate held for sale

$351,187,000

$316,109,000

$38,764,000

$41,238,000

$11,350,000

$4,451,000

$5,259,000

$5,310,000

$74,678,000

$78,338,000

$40,000

$410,000

$65,777,000

$2,542,000

$5,380,000

$5,429,000

$5,273,000

[1]

$5,273,000

$5,355,000

[1]

$3,000,000

$7,605,000

$4,423,000

$67,136,000

$5,856,000

$5,978,000

$40,018,000

$40,152,000

$6,000,000

$3,470,000

$5,475,000

$3,360,000

$2,900,000

$13,079,000

$16,610,000

$6,730,000

$42,750,000

Less: Mortgage Loans Associated with Real Estate Held for Sale

-13,279,000

Notes payable

$351,187,000

$302,830,000

Fixed interest rate

6.13%

6.23%

5.15%

[2]

5.32%

[2]

5.60%

[3]

12.00%

[4]

6.00%

4.00%

[5]

5.45%

[2]

4.50%

Variable interest rate

LIBOR + 1.00%

LIBOR + 190

LIBOR + 1.90%

LIBOR + 4.00%

LIBOR + 2.75%

LIBOR + 3.50%

[6]

LIBOR + 2.75%

LIBOR + 2.50%

[7],[8]

LIBOR + 2.75%

[9]

LIBOR + 2.50%

LIBOR +225

LIBOR + 2.25%

[10],[11]

LIBOR +200

LIBOR + 2.00%

[10]

Maturity date

31-May-14

1-Sep-13

1-Jul-13

1-Apr-14

31-Aug-14

1-Oct-13

1-Sep-14

[10]

1-Jan-15

30-Sep-14

31-May-14

24-Jul-13

[12]

1-Apr-13

20-May-14

[13]

1-Jul-13

4-Mar-14

[10]

4-Aug-14

[13]

5-Dec-14

[10]

1-Jul-15

1-Jun-15

[10]

9-Dec-14

[10]

1-Mar-16

1-May-16

[1]

Includes unamortized debt premium of $0.1 million at JuneB 30, 2013 and DecemberB 31, 2012.

[2]

Monthly payments of interest and principal based on 30-year amortization table.

[3]

Loan bears interest at 5.60%, with the option to pay a minimum interest rate of 4.25%B per annum and to have the remaining 1.35% of the interest added to the principal outstanding. We have added $1.8 million and $1.2 million to the principal balance under the payment in kind election as of JuneB 30, 2013 and DecemberB 31, 2012, respectively.

[4]

Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00%B per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

[5]

Monthly payments will include $8,100 of principal repayment together with accrued interest.

[6]

Loan bears interest at LIBOR + 3.50%B per annum through originally schedule maturity date of JulyB 1, 2013, at which point the loan will bear interest at a fixed rate of 6.00% until its extended maturity date of OctoberB 1, 2013.

[7]

Monthly payments are interest only until 7/31/13. Commencing on 8/1/13 through the maturity date, monthly payments will include $9,583 of principal repayment together with accrued interest.

[8]

Loan bears interest at the Lenderbs Prime Rate or LIBOR + 2.50%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

[9]

Monthly payments are interest only until 6/30/14. Commencing on 7/1/14 through the maturity date, there will be payments of interest and principal based upon a 25-year amortization table.

[10]

Two additional one year extensions available at the borrowerbs option.

[11]

Loan bears interest at the Lenderbs Prime Rate or LIBOR + 2.25%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

[12]

The loan matures at the earlier of (i)B JanuaryB 1, 2014; (ii)B the date on which the IPO is consummated; or (iii)B the date on which the Property is sold or assigned. We consummated our IPO on JulyB 24, 2013.

[13]

One additional one year extension available at the borrowerbs option.

Notes_Payable_Summary_of_Notes1

Notes Payable - Summary of Notes Payable (Parenthetical) (Detail) (USD $)

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 28, 2013

Jun. 30, 2013

Mar. 22, 2013

Jun. 30, 2013

Apr. 17, 2013

Jun. 30, 2013

RIF V - Glendale Commerce Center, LLC

Fixed Rate Debt

Variable Rate Debt

RIF II - Orangethorpe, LLC

RIF II - Easy Street, LLC

RIF III Holdings, LLC (Note A)

RIF III Holdings LLC (Note B)

RIF V - Calle Perfecto, LLC

RIV V - Jersey, LLC

RIF II - Orangethorpe, LLC

RIF V - Vinedo, LLC

RIF II Holdings, LLC

RIF V - Campus, LLC

RIF V - Golden Valley, LLC

RIF V - Del Norte, LLC

RIF V - Grand Commerce Center, LLC

RIF V - MacArthur, LLC

RIF V - Cornerstone Portfolio

RIF I - Mulberry, LLC

RIF V - Glendale Commerce Center, LLC

Debt Instrument [Line Items]

Amortization period

30 years

25 years

Fixed interest rate

5.15%

[1]

5.32%

[1]

5.60%

[2]

12.00%

[3]

4.00%

[4]

5.45%

[1]

Fixed interest rate, minimum

4.25%

6.00%

Interest added to principal outstanding

1.35%

6.00%

Increase in principal balance outstanding under payment in kind election

$1,800,000

$1,200,000

Number of extensions

Extension period

1 year

Monthly payments of principal and accrued interest

8,100

9,583

Unamortized debt premium

$100,000

Variable interest rate

LIBOR + 190

LIBOR + 1.90%

LIBOR + 2.75%

LIBOR + 3.50%

[5]

LIBOR + 2.50%

[6],[7]

LIBOR + 2.75%

[8]

LIBOR +225

LIBOR + 2.25%

[10],[9]

LIBOR + 2.75%

LIBOR + 2.50%

LIBOR + 2.75%

LIBOR +200

LIBOR + 2.00%

[9]

Extended Maturity Date

1-Oct-13

Fixed interest rate of extension loan

6.00%

Floor rate

2.50%

[1]

Monthly payments of interest and principal based on 30-year amortization table.

[2]

[3]

Loan bears interest at 12.00%, with the option to pay a minimum interest rate of 6.00%B per annum and to have the remaining 6.00% of the interest accruing added to the principal outstanding.

[4]

Monthly payments will include $8,100 of principal repayment together with accrued interest.

[5]

[6]

Monthly payments are interest only until 7/31/13. Commencing on 8/1/13 through the maturity date, monthly payments will include $9,583 of principal repayment together with accrued interest.

[7]

Loan bears interest at the Lenderbs Prime Rate or LIBOR + 2.50%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

[8]

Monthly payments are interest only until 6/30/14. Commencing on 7/1/14 through the maturity date, there will be payments of interest and principal based upon a 25-year amortization table.

[9]

Two additional one year extensions available at the borrowerbs option.

[10]

Loan bears interest at the Lenderbs Prime Rate or LIBOR + 2.25%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

Notes_Payable_Additional_Infor

Notes Payable - Additional Information (Detail) (USD $)

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

Jul. 24, 2013

Jun. 30, 2013

Dec. 31, 2012

Mar. 22, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Apr. 17, 2013

Jun. 30, 2013

Jul. 24, 2013

Dec. 31, 2012

Jun. 28, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2012

Jun. 28, 2013

Jun. 30, 2013

Dec. 31, 2012

Jun. 30, 2013

Jul. 24, 2013

Dec. 31, 2012

Jul. 24, 2013

Variable Rate Debt

Fixed Rate Debt

Term Loan

Revolving Credit Facility

RIF V - Del Norte, LLC

RIF IV Holdings, LLC

RIF II Holdings, LLC

RIF V - Glendale Commerce Center, LLC

RIF II - Orangethorpe, LLC

RIF IV Holdings, LLC

RIF II - Orangethorpe, LLC

RIV V - Jersey, LLC

Minimum

Maximum

Debt Instrument [Line Items]

Notes payable including mortgage loans associated with real estate held for sale

$351,187,000

$316,109,000

$6,730,000

$67,136,000

$40,018,000

$40,152,000

$42,750,000

$4,423,000

$65,777,000

$4,451,000

$5,273,000

[1]

$5,273,000

$5,355,000

[1]

$60,000,000

Variable interest rate

LIBOR +225

LIBOR + 2.25%

[2],[3]

LIBOR + 4.00%

LIBOR + 3.50%

[4]

LIBOR +200

LIBOR + 2.00%

[2]

LIBOR + 190

LIBOR + 1.90%

LIBOR +195

Variable interest rate

2.25%

2.00%

1.90%

1.95%

1.35%

2.05%

Floor rate

2.50%

Maturity date

1-Mar-16

1-Apr-13

1-Jul-13

1-May-16

24-Jul-13

[5]

1-Oct-13

1-Jul-13

1-Jan-15

1-Aug-19

24-Jul-16

Extended Maturity Date

1-Oct-13

Fixed interest rate of extension loan

6.00%

Maturity date

(i) January 1, 2014, (ii) the date on which the IPO is consummated, or (iii) the date on which the property is sold or assigned.

Unsecured revolving credit facility

200,000,000

Initial draw on revolving credit facility

7,100,000

Repayment of debt

$303,300,000

[1]

Includes unamortized debt premium of $0.1 million at JuneB 30, 2013 and DecemberB 31, 2012.

[2]

Two additional one year extensions available at the borrowerbs option.

[3]

Loan bears interest at the Lenderbs Prime Rate or LIBOR + 2.25%, based on our election on a monthly basis, but subject to a Floor Rate of 2.50%.

[4]

[5]

Operating_Leases_Future_Minimu

Operating Leases - Future Minimum Base Rate for Predecessor Under Operating Leases (Detail) (USD $)	Jun. 30, 2013
Operating Leases, Future Minimum Payments Receivable [Abstract]
2014	$35,080,000
2015	21,356,000
2016	15,381,000
2017	10,603,000
2018	8,108,000
Thereafter	15,194,000
Total	$105,722,000

Interest_Rate_Contracts_Additi

Interest Rate Contracts - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Derivative [Line Items]
Gain on mark-to-market of interest rate swaps	($612,000)	($49,000)	($1,223,000)

Interest_Rate_Contracts_Summar

Interest Rate Contracts - Summary of Predecessor's Interest Rate Swap Agreements (Detail) (USD $)	6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Derivative [Line Items]
Interest rate contracts	$0	$49,000
Interest Rate Swap
Derivative [Line Items]
Interest rate contracts		49,000
Rexford Industrial Fund Third Llc \| Interest Rate Swap
Derivative [Line Items]
Effective Date	15-Nov-06
Termination Date	15-Mar-13
Interest Strike Rate	5.11%
Interest rate contracts	0	-49,000
Notional Amount	$0	$5,000,000

Fair_Value_Measurements_Liabil

Fair Value Measurements - Liabilities that Predecessor Measures at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts	$0	$49,000
Interest Rate Swap
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts		49,000
Interest Rate Swap \| Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts
Interest Rate Swap \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts		49,000
Interest Rate Swap \| Significant Unobservable Inputs (Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate contracts

Fair_Value_Measurements_Carryi

Fair Value Measurements - Carrying Value and Estimated Fair Value of Predecessor's Notes Payable (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	$356,945,000	$322,802,000
Notes payable including mortgage loans associated with real estate held for sale	351,187,000	316,109,000
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value
Significant Other Observable Inputs (Level 2)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value	356,945,000	322,802,000
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Notes payable, fair value

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (Chief Executive Officer, USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Chief Executive Officer
Related Party Transaction [Line Items]
Leasing services revenue recorded	$50,000	$70,000	$79,000	$97,000

Investment_in_Unconsolidated_R2

Investment in Unconsolidated Real Estate - Ownership Interests of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values (Detail) (USD $)	Jun. 30, 2013	Dec. 31, 2012
Schedule Of Equity Method Investments [Line Items]
Carrying Value	$11,486,000	$12,697,000
Roselle Street
Schedule Of Equity Method Investments [Line Items]
Ownership Interest	70.00%
Carrying Value	8,692,000	9,988,000
Mission Oaks Boulevard
Schedule Of Equity Method Investments [Line Items]
Ownership Interest	15.00%
Carrying Value	$2,794,000	$2,709,000

Investment_in_Unconsolidated_R3

Investment in Unconsolidated Real Estate - Ownership Interests of Predecessor's Equity Method Investments in Real Estate and their Respective Carrying Values (Parenthetical) (Detail) (Roselle Street)	1 Months Ended
	Jul. 24, 2013
Roselle Street
Schedule Of Equity Method Investments [Line Items]
Acquired tenancy-in-common interest not previously owned	30.00%

Investment_in_Unconsolidated_R4

Investment in Unconsolidated Real Estate - Combined Financial Information of Predecessor's Equity Method Investment Properties (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012	Dec. 31, 2012
Equity Method Investment Summarized Financial Information [Abstract]
Revenues	$2,099,000	$317,000	$4,245,000	$571,000
Expenses	-3,147,000	-1,402,000	-5,368,000	-1,658,000
Net income (loss)	-1,048,000	-1,085,000	-1,123,000	-1,087,000
Assets	69,990,000		69,990,000		71,242,000
Liabilities	-42,201,000		-42,201,000		-42,265,000
Partnersb/membersb equity	$27,789,000		$27,789,000		$28,977,000

Investment_in_Unconsolidated_R5

Investment in Unconsolidated Real Estate - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Equity Method Investments And Joint Ventures [Abstract]
Management, leasing and development fees payable	$100,000	$12,000	$200,000	$18,000
Management, leasing and development fees	$100,000	$8,000	$200,000	$13,000

Equity_Additional_Information_

Equity - Additional Information (Detail) (USD $)	1 Months Ended	2 Months Ended	3 Months Ended		6 Months Ended
Equity - Additional Information (Detail) (USD $)	Jan. 31, 2013	Dec. 31, 2012	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Equity [Line Items]
Equity interest granted to employees		9.00%
Additional equity interest granted	2.00%
Fair value of equity interest					$1,000,000
Performance-based equity interest, vesting period					7 years
Equity awards expensed			20,000	0	85,000	0
Unfunded capital commitments		$39,000,000	$37,500,000		$37,500,000
RIF I - Walnut LLC
Equity [Line Items]
Noncontrolling interest		27.76%	27.76%		27.76%
Number of investors included in noncontrolling interest		10	10		10
RIF IV - Burbank, LLC [Member]
Equity [Line Items]
Noncontrolling interest		3.23%	3.23%		3.23%
Number of investors included in noncontrolling interest		1	1		1

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (USD $)

1 Months Ended

6 Months Ended

1 Months Ended

Aug. 21, 2013

Jul. 24, 2013

Jun. 30, 2013

Jun. 30, 2012

Dec. 31, 2012

Aug. 21, 2013

Jul. 24, 2013

Jul. 30, 2013

Aug. 07, 2013

Buildings

Subsequent Event

IPO

Concurrent Private Placement

Formation Transactions1

Orion Avenue

Oxnard Street

sqft

Subsequent Event

Buildings

acre

sqft

acre

Subsequent Event [Line Items]

Common stock issued

451,972

16,000,000

451,972

16,000,000

3,358,311

4,947,558

Initial public offering net proceeds of common stock issued

$5,900,000

$208,500,000

Gross proceeds received for issuance of common stock

47,000,000

Repayment of debt

303,300,000

Cash paid in connection with formation transaction

7,200,000

Common units issued in connection with formation transaction

3,697,086

Notes payable including mortgage loans associated with real estate held for sale

351,187,000

316,109,000

60,000,000

Unsecured revolving credit facility

200,000,000

Contract price for acquisitions

$73,798,000

$6,424,000

$5,600,000

$8,400,000

Number of buildings acquired

Area of real estate property acquired

6,653,674

48,388

75,288

Area of land

1.89

3.11