Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36008 | ||
Entity Registrant Name | Rexford Industrial Realty, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 46-2024407 | ||
Entity Address, Address Line One | 11620 Wilshire Boulevard, Suite 1000 | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90025 | ||
City Area Code | 310 | ||
Local Phone Number | 966-1680 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,100 | ||
Entity Common Stock, Shares Outstanding (shares) | 131,429,915 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement with respect to its 2021 Annual Meeting of Stockholders to be filed not later than 120 days after the end of the registrant’s fiscal year are incorporated by reference into Part III of this Form 10-K. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001571283 | ||
Common Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | REXR | ||
Security Exchange Name | NYSE | ||
Series A Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Series A Cumulative Redeemable Preferred Stock | ||
Trading Symbol | REXR-PA | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Series B Cumulative Redeemable Preferred Stock | ||
Trading Symbol | REXR-PB | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.625% Series C Cumulative Redeemable Preferred Stock | ||
Trading Symbol | REXR-PC | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Land | $ 2,636,816 | $ 1,927,098 |
Buildings and improvements | 2,201,187 | 1,680,178 |
Tenant improvements | 84,462 | 72,179 |
Furniture, fixtures, and equipment | 132 | 141 |
Construction in progress | 25,358 | 18,794 |
Total real estate held for investment | 4,947,955 | 3,698,390 |
Accumulated depreciation | (375,423) | (296,777) |
Investments in real estate, net | 4,572,532 | 3,401,613 |
Cash and cash equivalents | 176,293 | 78,857 |
Restricted cash | 1,230 | 0 |
Rents and other receivables, net | 10,208 | 5,889 |
Deferred rent receivable, net | 40,893 | 29,671 |
Deferred leasing costs, net | 23,148 | 18,688 |
Deferred loan costs, net | 2,240 | 695 |
Acquired lease intangible assets, net | 92,172 | 73,090 |
Acquired indefinite-lived intangible | 5,156 | 5,156 |
Interest rate swap asset | 0 | 766 |
Other assets | 14,390 | 9,671 |
Acquisition related deposits | 4,067 | 14,526 |
Assets associated with real estate held for sale, net | 8,845 | 0 |
Total Assets | 4,951,174 | 3,638,622 |
Liabilities | ||
Notes payable | 1,216,160 | 857,842 |
Interest rate swap liability | 17,580 | 8,488 |
Accounts payable, accrued expenses and other liabilities | 45,384 | 31,112 |
Dividends and distributions payable | 29,747 | 21,624 |
Acquired lease intangible liabilities, net | 67,256 | 59,340 |
Tenant security deposits | 31,602 | 28,779 |
Prepaid rents | 12,660 | 8,988 |
Liabilities associated with real estate held for sale | 193 | 0 |
Total Liabilities | 1,420,582 | 1,016,173 |
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Common Stock, $0.01 par value per share, 489,950,000 authorized and 131,426,038 and 113,793,300 shares outstanding at December 31, 2020 and December 31, 2019, respectively | 1,313 | 1,136 |
Additional paid in capital | 3,182,599 | 2,439,007 |
Cumulative distributions in excess of earnings | (163,389) | (118,751) |
Accumulated other comprehensive loss | (17,709) | (7,542) |
Total stockholders’ equity | 3,245,141 | 2,556,177 |
Noncontrolling interests | 285,451 | 66,272 |
Total Equity | 3,530,592 | 2,622,449 |
Total Liabilities and Equity | 4,951,174 | 3,638,622 |
5.875% series A cumulative redeemable preferred stock, 3,600,000 shares outstanding at December 31, 2020 and December 31, 2019 ($90,000 liquidation preference) | ||
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at December 31, 2020 and December 31, 2019 | 86,651 | 86,651 |
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2020 and December 31, 2019 ($75,000 liquidation preference) | ||
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at December 31, 2020 and December 31, 2019 | 72,443 | 72,443 |
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2020 and December 31, 2019 ($86,250 liquidation preference) | ||
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized, at December 31, 2020 and December 31, 2019 | $ 83,233 | $ 83,233 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (shares) | 10,050,000 | 10,050,000 |
Dividend Rate | 4.43937% | |
Shares outstanding (shares) | 10,050,000 | 10,050,000 |
Liquidation Preference | $ 251,250,000 | $ 251,250,000 |
Common Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 489,950,000 | 489,950,000 |
Common stock, shares outstanding (shares) | 131,426,038 | 113,793,300 |
Series A Preferred Stock | ||
Dividend Rate | 5.875% | 5.875% |
Shares outstanding (shares) | 3,600,000 | 3,600,000 |
Liquidation Preference | $ 90,000,000 | $ 90,000,000 |
Series B Preferred Stock | ||
Dividend Rate | 5.875% | 5.875% |
Shares outstanding (shares) | 3,000,000 | 3,000,000 |
Liquidation Preference | $ 75,000,000 | $ 75,000,000 |
Series C Preferred Stock | ||
Dividend Rate | 5.625% | 5.625% |
Shares outstanding (shares) | 3,450,000 | 3,450,000 |
Liquidation Preference | $ 86,250,000 | $ 86,250,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES | |||
Rental income | $ 329,377 | $ 264,252 | $ 210,643 |
Management, leasing and development services | 420 | 406 | 473 |
Interest income | 338 | 2,555 | 1,378 |
TOTAL REVENUES | 330,135 | 267,213 | 212,494 |
OPERATING EXPENSES | |||
Property expenses | 79,716 | 63,272 | 51,671 |
General and administrative | 36,795 | 30,300 | 25,194 |
Depreciation and amortization | 115,269 | 98,891 | 80,042 |
TOTAL OPERATING EXPENSES | 231,780 | 192,463 | 156,907 |
OTHER EXPENSES | |||
Acquisition expenses | 124 | 171 | 318 |
Interest expense | 30,849 | 26,875 | 25,416 |
TOTAL EXPENSES | 262,753 | 219,509 | 182,641 |
Loss on extinguishment of debt | (104) | 0 | 0 |
Gain on sale of real estate | 13,617 | 16,297 | 17,222 |
NET INCOME | 80,895 | 64,001 | 47,075 |
Less: net income attributable to noncontrolling interests | (4,492) | (2,022) | (865) |
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 76,403 | 61,979 | 46,210 |
Less: preferred stock dividends | (14,545) | (11,055) | (9,694) |
Less: earnings allocated to participating securities | (509) | (447) | (378) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 61,349 | $ 50,477 | $ 36,138 |
Net income attributable to common stockholders per share - basic (in dollars per share) | $ 0.51 | $ 0.47 | $ 0.42 |
Net income attributable to common stockholders per share - diluted (in dollars per share) | $ 0.51 | $ 0.47 | $ 0.41 |
Weighted average shares of common stock outstanding - basic (in shares) | 120,873,624 | 106,407,283 | 86,824,235 |
Weighted average shares of common stock outstanding - diluted (in shares) | 121,178,310 | 106,799,048 | 87,335,749 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 80,895 | $ 64,001 | $ 47,075 |
Other comprehensive loss: cash flow hedge adjustment | (10,880) | (14,141) | (555) |
Comprehensive income | 70,015 | 49,860 | 46,520 |
Less: comprehensive income attributable to noncontrolling interests | (3,779) | (1,685) | (847) |
Comprehensive income attributable to Rexford Industrial Realty, Inc. | $ 66,236 | $ 48,175 | $ 45,673 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Series C Preferred Stock | Cumulative Effect, Period of Adoption, Adjustment | Total Stockholders’ Equity | Total Stockholders’ EquitySeries C Preferred Stock | Total Stockholders’ EquityCumulative Effect, Period of Adoption, Adjustment | Preferred Stock | Preferred StockSeries C Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Distributions in Excess of Earnings | Cumulative Distributions in Excess of EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2017 | $ 1,365,254 | $ 1,340,046 | $ 159,713 | $ 782 | $ 1,239,810 | $ (67,058) | $ 6,799 | $ 25,208 | ||||||
Beginning Balance, (in shares) at Dec. 31, 2017 | 78,495,882 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of stock | 565,629 | 565,629 | $ 182 | 565,447 | ||||||||||
Issuance of stock (shares) | 18,177,242 | |||||||||||||
Offering costs | (9,109) | (9,109) | (32) | (9,077) | ||||||||||
Share-based compensation | 10,402 | 1,905 | $ 1 | 1,904 | 8,497 | |||||||||
Share-based compensation (shares) | 91,529 | |||||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (594) | (594) | (594) | |||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (21,324) | |||||||||||||
Conversion of units to common stock | 0 | 624 | $ 1 | 623 | (624) | |||||||||
Conversion of units to common stock (shares) | 67,175 | |||||||||||||
Net income | 47,075 | 46,210 | 9,694 | 36,516 | 865 | |||||||||
Other comprehensive loss | (555) | (537) | (537) | (18) | ||||||||||
Dividends, Preferred Stock | (10,281) | (10,281) | (10,281) | |||||||||||
Dividends, Common Stock | (57,799) | (57,799) | (57,799) | |||||||||||
Distributions | (1,599) | (1,599) | ||||||||||||
Ending Balance at Dec. 31, 2018 | 1,908,423 | $ (222) | 1,876,094 | $ (222) | 159,094 | $ 966 | 1,798,113 | (88,341) | $ (222) | 6,262 | 32,329 | |||
Ending Balance, (in shares) at Dec. 31, 2018 | 96,810,504 | |||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of stock | 649,291 | $ 86,250 | 649,291 | $ 86,250 | $ 86,250 | $ 168 | 649,123 | |||||||
Issuance of stock (shares) | 16,817,930 | |||||||||||||
Offering costs | (13,408) | (13,408) | (3,017) | (10,391) | ||||||||||
Share-based compensation | 10,930 | 2,353 | $ 1 | 2,352 | 8,577 | |||||||||
Share-based compensation (shares) | 93,424 | |||||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (854) | (854) | (854) | |||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (24,618) | |||||||||||||
Conversion of units to common stock | 0 | 665 | $ 1 | 664 | (665) | |||||||||
Conversion of units to common stock (shares) | 96,060 | |||||||||||||
Net income | 64,001 | 61,979 | 11,055 | 50,924 | 2,022 | |||||||||
Other comprehensive loss | (14,141) | (13,804) | (13,804) | (337) | ||||||||||
Dividends, Preferred Stock | (11,055) | (11,055) | (11,055) | |||||||||||
Dividends, Common Stock | (81,112) | (81,112) | (81,112) | |||||||||||
Distributions | (2,143) | (2,143) | ||||||||||||
Issuance of cumulative redeemable convertible preferred units | 27,359 | 27,359 | ||||||||||||
Preferred unit distributions | (870) | (870) | ||||||||||||
Ending Balance at Dec. 31, 2019 | $ 2,622,449 | 2,556,177 | 242,327 | $ 1,136 | 2,439,007 | (118,751) | (7,542) | 66,272 | ||||||
Ending Balance, (in shares) at Dec. 31, 2019 | 113,793,300 | 113,793,300 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Issuance of stock | $ 739,983 | 739,983 | $ 173 | 739,810 | ||||||||||
Issuance of stock (shares) | 17,253,161 | |||||||||||||
Offering costs | (5,887) | (5,887) | (5,887) | |||||||||||
Share-based compensation | 13,094 | 3,291 | $ 1 | 3,290 | 9,803 | |||||||||
Share-based compensation (shares) | 110,737 | |||||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (1,278) | (1,278) | (1,278) | |||||||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (27,473) | |||||||||||||
Conversion of units to common stock | 0 | 7,660 | $ 3 | 7,657 | (7,660) | |||||||||
Conversion of units to common stock (shares) | 296,313 | |||||||||||||
Net income | 80,895 | 76,403 | 14,545 | 61,858 | 4,492 | |||||||||
Other comprehensive loss | (10,880) | (10,167) | (10,167) | (713) | ||||||||||
Dividends, Preferred Stock | (14,545) | (14,545) | (14,545) | |||||||||||
Dividends, Common Stock | (106,496) | (106,496) | (106,496) | |||||||||||
Distributions | (4,246) | (4,246) | ||||||||||||
Issuance of OP units | 179,262 | 179,262 | ||||||||||||
Issuance of cumulative redeemable convertible preferred units | 40,787 | 40,787 | ||||||||||||
Preferred unit distributions | (2,546) | (2,546) | ||||||||||||
Ending Balance at Dec. 31, 2020 | $ 3,530,592 | $ 3,245,141 | $ 242,327 | $ 1,313 | $ 3,182,599 | $ (163,389) | $ (17,709) | $ 285,451 | ||||||
Ending Balance, (in shares) at Dec. 31, 2020 | 131,426,038 | 131,426,038 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividend Rate | 4.43937% | ||
Common stock dividends declared (in dollars per share) | $ 0.86 | $ 0.74 | $ 0.64 |
Series A Preferred Stock | |||
Dividend Rate | 5.875% | 5.875% | |
Preferred stock dividends declared (in dollars per share) | $ 1.468752 | $ 1.468752 | 1.468752 |
Series B Preferred Stock | |||
Dividend Rate | 5.875% | 5.875% | |
Preferred stock dividends declared (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.664585 |
Series C Preferred Stock | |||
Dividend Rate | 5.625% | 5.625% | |
Preferred stock dividends declared (in dollars per share) | $ 1.406252 | $ 0.394531 | |
Series 1 CPOP Units | |||
Dividend Rate | 4.43937% | ||
Series 2 CPOP Units | |||
Dividend Rate | 4.00% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 80,895 | $ 64,001 | $ 47,075 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 115,269 | 98,891 | 80,042 |
Amortization of (below) above market lease intangibles, net | (10,533) | (7,907) | (5,981) |
Loss on extinguishment of debt | 104 | 0 | 0 |
Gain on sale of real estate | (13,617) | (16,297) | (17,222) |
Amortization of debt issuance costs | 1,505 | 1,383 | 1,332 |
Amortization of (premium) discount on notes payable, net | (188) | 6 | 5 |
Equity based compensation expense | 12,871 | 10,756 | 10,147 |
Straight-line rent | (11,406) | (7,588) | (6,477) |
Payments for termination of cash flow swap | (1,239) | 0 | 0 |
Amortization of payments for termination of cash flow swap | 218 | 0 | 0 |
Change in working capital components: | |||
Rents and other receivables | (4,030) | (875) | (1,249) |
Deferred leasing costs | (10,447) | (8,317) | (6,212) |
Other assets | (2,352) | 1,024 | (1,271) |
Sales-type lease receivable | 20,302 | 0 | 0 |
Accounts payable, accrued expenses and other liabilities | 4,825 | 1,573 | 651 |
Tenant security deposits | (415) | 2,855 | 2,731 |
Prepaid rents | 1,232 | 9 | (796) |
Net cash provided by operating activities | 182,994 | 139,514 | 102,775 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of investments in real estate | (928,687) | (943,382) | (494,202) |
Capital expenditures | (78,765) | (47,169) | (57,951) |
Payment for deposits on real estate acquisitions | (4,067) | (14,526) | (25) |
Proceeds from sale of real estate | 23,996 | 32,335 | 44,965 |
Net cash used in investing activities | (987,523) | (972,742) | (507,213) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Issuance of preferred stock, net | 0 | 83,233 | 0 |
Issuance of common stock, net | 734,096 | 638,900 | 556,520 |
Proceeds from issuance of notes payable | 471,844 | 135,000 | 401,000 |
Repayment of notes payable | (175,671) | (35,158) | (311,541) |
Debt issuance costs | (6,085) | (143) | (1,748) |
Dividends paid to preferred stockholders | (14,545) | (11,055) | (10,281) |
Dividends paid to common stockholders | (99,292) | (75,550) | (53,691) |
Distributions paid to common unitholders | (3,328) | (2,019) | (1,496) |
Distributions paid to preferred unitholders | (2,546) | (870) | 0 |
Repurchase of common shares to satisfy employee tax withholding requirements | (1,278) | (854) | (594) |
Net cash provided by financing activities | 903,195 | 731,484 | 578,169 |
Increase (decrease) in cash, cash equivalents and restricted cash | 98,666 | (101,744) | 173,731 |
Cash, cash equivalents and restricted cash, beginning of period | 78,857 | 180,601 | 6,870 |
Cash, cash equivalents and restricted cash, end of period | 177,523 | 78,857 | 180,601 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $3,925, $3,860 and $2,053 for the years December 31, 2020, 2019 and 2018, respectively) | 27,924 | 23,494 | 23,791 |
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 | 0 | 3,262 | 0 |
Operating lease right-of-use assets obtained in exchange for lease liabilities subsequent to January 1, 2019 | 3,204 | 3,457 | 0 |
Issuance of preferred units in connection with acquisition of real estate | 0 | 27,359 | 0 |
Assumption of debt in connection with acquisition of real estate including loan premium | 65,264 | 0 | 0 |
Accrual for capital expenditures | 11,811 | 6,407 | 3,581 |
Accrual of dividends and distributions | 29,747 | 21,624 | 15,938 |
Lease reclassification from operating lease to sales-type lease: | |||
Sales-type lease receivable | 20,302 | 0 | 0 |
Investments in real estate, net | (16,117) | 0 | 0 |
Deferred rent receivable, net | (63) | 0 | 0 |
Deferred leasing costs, net | (164) | 0 | 0 |
Acquired lease intangible assets, net | (136) | 0 | 0 |
Gain on sale recognized due to lease relcassification | 3,822 | 0 | 0 |
Series 2 CPOP Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | 40,787 | 0 | 0 |
Operating Partnership Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | $ 179,262 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capitalized interest, net | $ 3,925 | $ 3,860 | $ 2,053 |
Dividend Rate | 4.43937% | ||
Payments For Termination Of Cash Flow Swap, Operating | $ 1,239 | $ 0 | $ 0 |
Series 2 CPOP Units | |||
Dividend Rate | 4.00% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Rexford Industrial Realty, Inc. is a self-administered and self-managed full-service real estate investment trust (“REIT”) focused on owning and operating industrial properties in Southern California infill markets. We were formed as a Maryland corporation on January 18, 2013 and Rexford Industrial Realty, L.P. (the “Operating Partnership”), of which we are the sole general partner, was formed as a Maryland limited partnership on January 18, 2013. Through our controlling interest in our Operating Partnership and its subsidiaries, we own, manage, lease, acquire and develop industrial real estate principally located in Southern California infill markets, and from time to time, acquire or provide mortgage debt secured by industrial property. As of December 31, 2020, our consolidated portfolio consisted of 248 properties with approximately 31.5 million rentable square feet. In addition, we currently manage an additional 20 properties with approximately 1.0 million rentable square feet. The terms “us,” “we,” “our,” and the “Company” as used in these financial statements refer to Rexford Industrial Realty, Inc. and, unless the context requires otherwise, its subsidiaries (including our Operating Partnership). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying financial statements are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2020 and 2019, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. The accompanying consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments. Restricted Cash Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). As of December 31, 2020, the restricted cash balance of $1.2 million was comprised of $1.2 million of net cash proceeds from the sale of one of our properties and $26 thousand of reserves for real estate taxes related to the property located at 960-970 Knox Street. As of December 31, 2019, we did not have a balance in restricted cash. Restricted cash balances are included with cash and cash equivalent balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash and cash equivalents $ 78,857 $ 180,601 Restricted cash — — Cash, cash equivalents and restricted cash, beginning of period $ 78,857 $ 180,601 Cash and cash equivalents $ 176,293 $ 78,857 Restricted cash 1,230 — Cash, cash equivalents and restricted cash, end of period $ 177,523 $ 78,857 Investments in Real Estate Acquisitions We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rental rates and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the year ended December 31, 2020, we used discount rates ranging from 4.75% to 7.00% and exit capitalization rates ranging from 4.00% to 6.00%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 2020, we used an estimated average lease-up period ranging from six months to nine months. The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. In determining the fair value of debt assumed during the year ended December 31, 2020, we used estimated market interest rates ranging from 3.00% to 3.75%. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $3.9 million, $3.9 million and $2.1 million during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized real estate taxes and insurance aggregating $1.2 million, $1.3 million, and $0.9 million and during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized compensation costs for employees who provide construction services of $4.1 million, $2.7 million and $2.2 million during the years ended December 31, 2020, 2019 and 2018, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in— Investments in Real Estate — Acquisitions , in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. As of December 31, 2020, our property located at 14723-14825.25 Oxnard Street in Van Nuys, California was classified as held for sale. As of December 31, 2019, we did not have any properties classified as held for sale. Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. There were no impairment charges recorded to the carrying value of our properties during the years ended December 31, 2020, 2019 or 2018. Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax. In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2020, 2019 and 2018. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2020 and 2019, we have not established a liability for uncertain tax positions. Derivative Instruments and Hedging Activities ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 7. Revenue Recognition Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. Management, leasing and development services We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is likely, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate. Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. During 2020, our assessment has specifically included the impact of the COVID-19 pandemic, including but not limited to tenants who have requested and/or received rent relief as further described below under “—COVID-19 Lease Concessions.” Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $5.0 million, $0.7 million, and $1.2 million for the years ended December 31, 2020, 2019, and 2018 respectively, as a net reduction of rental income in the consolidated statements of operations. Leases On January 1, 2019, we adopted the new lease accounting standard, ASU 2016-02, Leases (Topic 842), and the various lease-related ASUs that were subsequently issued by the Financial Accounting Standards Board (“FASB”) (collectively referred to as “ASC 842”), which together set out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. We adopted ASC 842 using the modified retrospective approach and have applied the provisions as of January 1, 2019, on a prospective basis. Upon adoption of ASC 842, we elected the “package of practical expedients” which allowed us to not reassess (a) whether expired or existing contracts as of January 1, 2019, are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor AS C 842 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases, and operating leases. Upon adoption of ASC 842, we elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. We have assessed the criteria above with respect to our operating leases and believe that they qualify for the non-separation practical expedient. As a result, we present all rental income earned pursuant to operating leases, including tenant reimbursements, as a single line item “Rental income” in the consolidated statement of operations for all periods presented. Effective January 1, 2019, we record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Prior to the adoption of ASC 842, we recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to us by a tenant or paid directly by a tenant to the taxing authorities on our behalf. ASC 842 only allows lessors to capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Prior to January 1, 2019, under prior lease accounting guidance, we capitalized incremental direct costs, which included an allocation of internal compensation costs of employees who spent time on successful lease origination activities. Effective January 1, 2019, such costs are no longer capitalized as initial direct costs and are instead expensed as incurred. During the year ended December 31, 2018, we capitalized compensation costs for leasing employees of $1.0 million. For leases that commenced prior to January 1, 2019, capitalized internal compensation costs will continue to be amortized over the remaining life of the lease. For leases that were executed but had not commenced prior to January 1, 2019, we recognized a cumulative-effect adjustment to “Cumulative distributions in excess of earnings” of $0.2 million to write off these capitalized internal compensation costs, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for similar treatment under ASC 842. See Note 6 for additional lessor disclosures required under ASC 842. Lessee ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. Upon the adoption of ASC 842, we recognized lease liabilities 842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6 for additional lessee disclosures required under ASC 842. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5. Equity Based Compensation We account for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation . Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 14. Equity Offering Costs Underwriting commissions and offering costs related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance. Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 15. Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources. Recent Accounting Pronouncements Allowance for Credit Losses On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses for certain financial instr |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Investments in Real Estate | Investments in Real Estate Acquisition Summary The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 701-751 Kingshill Place (2) Los Angeles - South Bay 3/5/2020 169,069 6 $ 33,251 2601-2641 Manhattan Beach Boulevard (2) Los Angeles - South Bay 3/5/2020 126,726 6 39,481 2410-2420 Santa Fe Avenue (2) Los Angeles - South Bay 3/5/2020 112,000 1 35,737 11600 Los Nietos Road (2) Los Angeles - Mid-Counties 3/5/2020 103,982 1 16,626 5160 Richton Street (2) San Bernardino - Inland Empire West 3/5/2020 94,976 1 15,653 2205 126th Street (2) Los Angeles - South Bay 3/5/2020 63,532 1 17,712 11832-11954 La Cienega Boulevard (2) Los Angeles - South Bay 3/5/2020 63,462 4 19,664 7612-7642 Woodwind Drive (2) Orange County - West 3/5/2020 62,377 3 13,780 960-970 Knox Street (2) Los Angeles - South Bay 3/5/2020 39,400 1 9,939 25781 Atlantic Ocean Drive (2) Orange County - South 3/5/2020 27,960 1 5,516 Brady Way (3) Orange County - West 4/1/2020 — — 874 720-750 Vernon Avenue Los Angeles - San Gabriel Valley 4/3/2020 71,692 3 15,515 6687 Flotilla Street Los Angeles - Central 5/5/2020 120,000 1 21,000 1055 Sandhill Avenue Los Angeles - South Bay 5/28/2020 — — 14,453 22895 Eastpark Drive (2) Orange County - North 6/19/2020 34,950 1 6,844 8745-8775 Production Avenue San Diego - Central 6/19/2020 46,820 2 7,850 15580 Slover Avenue San Bernardino - Inland Empire West 6/26/2020 60,127 1 9,958 15650-15700 Avalon Boulevard Los Angeles - South Bay 7/1/2020 166,088 2 28,079 11308-11350 Penrose Street Los Angeles - San Fernando Valley 7/1/2020 151,604 2 25,427 11076-11078 Fleetwood Street Los Angeles - San Fernando Valley 7/1/2020 26,040 1 4,711 11529-11547 Tuxford Street Los Angeles - San Fernando Valley 7/1/2020 29,730 1 5,005 12133 Greenstone Avenue Los Angeles - Mid-Counties 7/17/2020 12,586 1 5,483 12772-12746 San Fernando Road Los Angeles - San Fernando Valley 10/14/2020 140,837 2 22,050 15601 Avalon Boulevard Los Angeles - South Bay 10/26/2020 63,690 2 15,500 Gateway Pointe Industrial Park (4) Los Angeles - Mid-Counties 11/17/2020 989,195 4 296,590 13943-13955 Balboa Boulevard (5) Los Angeles - San Fernando Valley 11/17/2020 200,632 1 45,340 Van Nuys Airport Industrial Center Los Angeles - San Fernando Valley 12/3/2020 426,466 18 154,637 4039 State Street San Bernardino - Inland Empire West 12/4/2020 139,000 1 29,665 10156 Live Oak Avenue San Bernardino - Inland Empire West 12/4/2020 236,912 1 46,814 10694 Tamarind Avenue San Bernardino - Inland Empire West 12/4/2020 99,999 1 22,390 2520 Baseline Road San Bernardino - Inland Empire West 12/4/2020 156,586 1 30,531 12211 Greenstone Avenue Los Angeles - Mid-Counties 12/9/2020 — — 16,800 1921, 2011, 2055, 2099, 2040 East 27th Street Los Angeles - Central 12/15/2020 300,389 4 63,403 2750 & 2800 Alameda Street Los Angeles - Central 12/15/2020 164,026 2 30,369 29010 Avenue Paine (6) Los Angeles - San Fernando Valley 12/31/2020 100,157 1 16,037 29010 Commerce Center Drive (6) Los Angeles - San Fernando Valley 12/31/2020 117,151 1 24,480 13369 Valley Boulevard (6) San Bernardino - Inland Empire West 12/31/2020 105,041 1 20,660 6635 Caballero Boulevard (6) Los Angeles - Mid-Counties 12/31/2020 92,395 1 22,802 1235 South Lewis Street Orange County - North 12/31/2020 62,607 1 16,800 Total 2020 Property Acquisitions 4,978,204 82 $ 1,227,426 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) On March 5, 2020, we acquired ten properties, and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company (the “Properties”) for an aggregate purchase price of $214.2 million, exclusive of closing costs, including assumed debt of approximately $47.5 million. In consideration for the Properties we (i) paid $60.4 million in cash, including a $10.0 million deposit paid in 2019, (ii) issued 1,406,170 common units of limited partnership interests in the Operating Partnership and (iii) issued 906,374 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 5 and Note 13 for further details regarding the assumption of debt and issuance of common and preferred units, respectively. (3) Brady Way is a one-acre parcel of land adjacent to our property located at 12821 Knott Street. (4) This acquisition was partially funded through a 1031 Exchange using $42.4 million of net cash proceeds from the sale of our properties located at (i) 3927 Oceanic Drive, (ii) 121 West 33rd Street and (iii) 2700-2722 South Fairview Street. (5) On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand, the assumption of approximately $15.7 million of debt and the issuance of 592,186 common units of limited partnership interests in the Operating Partnership (6) On December 31, 2020, we acquired four properties for an aggregate purchase price of $84.0 million, exclusive of closing costs. The acquisition was funded through the issuance of 1,800,000 common units of limited partnership interests in the Operating Partnership. The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2019: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 12821 Knott Street Orange County - West 1/15/2019 120,800 1 $ 19,800 28510 Industry Drive Los Angeles - San Fernando Valley 1/17/2019 46,778 1 7,765 Conejo Spectrum Business Park Ventura 1/28/2019 531,378 9 106,250 2455 Ash Street San Diego - North County 3/5/2019 42,508 1 6,680 25413 Rye Canyon Road Los Angeles - San Fernando Valley 3/12/2019 48,075 1 5,529 1515 East 15th Street (2) Los Angeles - Central LA 4/10/2019 238,015 1 28,100 13890 Nelson Avenue Los Angeles - San Gabriel Valley 4/12/2019 256,993 1 41,810 445-449 Freedom Avenue Orange County - North 4/12/2019 92,647 1 17,960 2270 Camino Vida Roble San Diego - North County 4/12/2019 106,311 1 16,791 980 Rancheros Drive San Diego - North County 4/16/2019 48,878 1 7,895 1145 Arroyo Avenue Los Angeles - San Fernando Valley 4/25/2019 147,019 1 29,862 1150 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 147,000 1 29,694 1175 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 92,455 1 17,844 1245 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 132,936 1 26,055 635 8th Street Los Angeles - San Fernando Valley 4/25/2019 72,250 1 14,659 10015 Waples Court San Diego - Central County 4/25/2019 106,412 1 21,300 19100 Susana Road Los Angeles - South Bay 4/30/2019 52,714 1 13,510 15385 Oxnard Street Los Angeles - San Fernando Valley 5/3/2019 71,467 1 16,800 9750-9770 San Fernando Road Los Angeles - San Fernando Valley 5/16/2019 35,624 1 7,440 218 Turnbull Canyon Los Angeles - San Gabriel Valley 5/31/2019 190,900 1 27,100 The Merge (3) San Bernardino - Inland Empire West 6/6/2019 — — 23,200 3340 San Fernando Road (4) Los Angeles - San Fernando Valley 7/3/2019 — — 3,000 5725 Eastgate Drive San Diego - Central County 7/31/2019 27,267 1 8,150 18115 Main Street Los Angeles - South Bay 8/29/2019 42,270 1 6,750 3150 Ana Street Los Angeles - South Bay 8/29/2019 105,970 1 18,800 1402 Avenida Del Oro (5) San Diego - North County 8/30/2019 311,995 1 73,550 9607-9623 Imperial Highway Los Angeles - Mid-Counties 9/5/2019 7,466 1 10,510 12200 Bellflower Boulevard Los Angeles - Mid-Counties 9/5/2019 54,161 1 16,325 Storm Parkway Los Angeles - South Bay 9/17/2019 267,503 8 66,165 2328 Teller Road Ventura 9/25/2019 126,317 1 23,273 6277-6289 Slauson Avenue Los Angeles - Central LA 10/3/2019 336,085 3 41,263 750 Manville Street Los Angeles - South Bay 10/4/2019 59,996 1 11,510 8985 Crestmar Point San Diego - Central County 10/25/2019 55,816 1 7,985 404-430 Berry Way (6) Orange County - North 11/5/2019 120,250 3 27,600 415-435 Motor Avenue Los Angeles - San Gabriel Valley 11/13/2019 63,900 1 7,200 508 East E Street Los Angeles - South Bay 11/20/2019 57,522 1 14,892 12752-12822 Monarch Street Orange County - West 11/22/2019 276,585 1 34,000 1601 West Mission Boulevard Los Angeles - San Gabriel Valley 12/10/2019 751,528 1 87,780 2757 East Del Amo Boulevard Los Angeles - South Bay 12/11/2019 57,300 1 11,900 18250 Euclid Street (7) Orange County - West 12/27/2019 62,838 1 14,000 Total 2019 Property Acquisitions 5,365,929 57 $ 970,697 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 13 under “Series 1 CPOP Units” for further details regarding the preferred units. (3) The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020. (4) On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. (5) This acquisition was partially funded through a 1031 Exchange using $12.3 million of net cash proceeds from the sale of our properties located at (i) 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue and (ii) 939 Poinsettia Avenue - Unit 301 and available cash on hand. (6) This acquisition was partially funded through a 1031 Exchange using $10.6 million of net cash proceeds from the sale of our property located at 13914-13932 East Valley Boulevard and available cash on hand. (7) This acquisition was partially funded through a 1031 Exchange using $9.4 million of net cash proceeds from the sale of our property located at 2350-2380 Eastman Avenue and available cash on hand. The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisitions noted in the table above, as of the date of each acquisition (in thousands): 2020 2019 Assets: Land $ 729,649 $ 637,478 Buildings and improvements 475,853 308,950 Tenant improvements 4,787 6,553 Acquired lease intangible assets (1) 43,378 39,502 Other acquired assets (2) 3,390 747 Total assets acquired $ 1,257,057 $ 993,230 Liabilities: Acquired lease intangible liabilities (3) $ 19,705 $ 15,796 Notes payable (4) 65,264 — Other assumed liabilities (2) 6,062 5,768 Total liabilities assumed $ 91,031 $ 21,564 Net assets acquired $ 1,166,026 $ 971,666 (1) For the 2020 acquisitions, acquired lease intangible assets are comprised of $40.5 million of in-place lease intangibles with a weighted average amortization period of 4.7 years and $2.9 million of above-market lease intangibles with a weighted average amortization period of 7.4 years. For the 2019 acquisitions, acquired lease intangible assets are comprised of $36.3 million of in-place lease intangibles with a weighted average amortization period of 6.2 years and $3.2 million of above-market lease intangibles with a weighted average amortization period of 8.7 years. (2) Includes other working capital assets acquired and liabilities assumed at the time of acquisition. In addition, it also includes personal property that we acquired as part of the acquisition of 1055 Sandhill Avenue during 2020 that was subsequently sold. (3) Represents below-market lease intangibles with a weighted average amortization period of 5.6 years and 6.1 years, for the 2020 and 2019 acquisitions, respectively. |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquired Lease Intangibles | Acquired Lease Intangibles The following table summarizes our acquisition-related intangible assets, including the value of in-place leases and above-market tenant leases, and our acquisition-related intangible liabilities, including below-market tenant leases (in thousands): December 31, 2020 2019 Acquired Lease Intangible Assets: In-place lease intangibles $ 193,653 $ 154,370 Accumulated amortization (109,789) (87,955) In-place lease intangibles, net $ 83,864 $ 66,415 Above-market tenant leases $ 17,079 $ 14,296 Accumulated amortization (8,771) (7,621) Above-market tenant leases, net $ 8,308 $ 6,675 Acquired lease intangible assets, net $ 92,172 $ 73,090 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (101,297) $ (81,718) Accumulated accretion 34,041 22,378 Below-market tenant leases, net $ (67,256) $ (59,340) Acquired lease intangible liabilities, net $ (67,256) $ (59,340) The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands): Year Ended December 31, 2020 2019 2018 In-place lease intangibles (1) $ 22,903 $ 20,936 $ 18,135 Net below market tenant leases (2) $ (10,533) $ (7,907) $ (5,949) Above-market ground lease (3) $ — $ — $ (32) (1) The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented. (3) The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented. The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2020, for the next five years and thereafter (in thousands): Year Ending In-place Leases (1) Net Above/(Below) Market Operating Leases (2) 2021 $ 23,091 $ (9,382) 2022 15,296 (6,691) 2023 11,217 (5,554) 2024 7,992 (4,534) 2025 5,668 (3,028) Thereafter 20,600 (29,759) Total $ 83,864 $ (58,948) (1) Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations. (2) Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable The following table summarizes the components and significant terms of our indebtedness as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Margin Above LIBOR Interest Rate (1) Contractual Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility $ — $ — 0.850 % (2) 0.994 % (3) 2/13/2024 (4) $100M Term Loan Facility — 100,000 n/a n/a 2/14/2022 $225M Term Loan Facility 225,000 225,000 1.100 % (2) 2.474 % (5) 1/14/2023 $150M Term Loan Facility 150,000 150,000 1.550 % (2) 4.313 % (5) 5/22/2025 $100M Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $125M Notes 125,000 125,000 n/a 3.930 % 7/13/2027 $25M Series 2019A Notes 25,000 25,000 n/a 3.880 % 7/16/2029 $400M Senior Notes 400,000 — n/a 2.125 % 12/1/2030 $75M Series 2019B Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 1,100,000 $ 800,000 Secured Debt: 2601-2641 Manhattan Beach Boulevard (6) $ 4,065 $ — n/a 4.080 % 4/5/2023 $60M Term Loan (7) 58,499 58,499 1.700 % 1.844 % 8/1/2023 (7) 960-970 Knox Street (6)(8) 2,488 — n/a 5.000 % 11/1/2023 7612-7642 Woodwind Drive (6) 3,895 — n/a 5.240 % 1/5/2024 11600 Los Nietos Road (6) 2,785 — n/a 4.190 % 5/1/2024 5160 Richton Street (6) 4,387 — n/a 3.790 % 11/15/2024 22895 Eastpark Drive (6) 2,749 — n/a 4.330 % 11/15/2024 701-751 Kingshill Place (9) 7,100 — n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (6) 15,661 — n/a 3.930 % 7/1/2027 2205 126th Street (10) 5,200 — n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (6) 10,300 — n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (6) 4,072 — n/a 4.260 % 7/1/2028 Gilbert/La Palma (6) 2,293 2,459 n/a 5.125 % 3/1/2031 Total Secured Debt $ 123,494 $ 60,958 Total Unsecured and Secured Debt $ 1,223,494 $ 860,958 Less: Unamortized premium/discount and debt issuance costs (11) (7,334) (3,116) Total $ 1,216,160 $ 857,842 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2020 and includes the effect of interest rate swaps that were effective as of December 31, 2020. See footnote (5) below. Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts. (2) The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 0.725% to 1.400% per annum for the unsecured revolving credit facility, 0.90% to 1.75% per annum for the $225.0 million term loan facility and 1.40% to 2.35% per annum for the $150.0 million term loan facility, depending on our investment grade rating, which may change from time to time. (3) The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee ranges from 0.125% to 0.30% per annum depending upon our investment grade rating. (4) Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions. (5) As of December 31, 2020, interest on the, $225.0 million term loan facility and $150 million term loan facility have been effectively fixed through the use of interest rate swaps. See Note 7 for details related to our interest rate swaps. (6) Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 2410-2420 Santa Fe Avenue ($31,758), 11832-11954 La Cienega Boulevard ($20,194) and Gilbert/La Palma ($24,008). (7) Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity. (8) Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street. (9) For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity. (10) Fixed monthly payments of interest only. (11) Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets. Contractual Debt Maturities The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts and debt issuance costs, as of December 31, 2020, and does not consider extension options available to us as noted in the table above (in thousands): 2021 $ 1,609 2022 2,054 2023 289,687 2024 13,270 2025 100,833 Thereafter 816,041 Total $ 1,223,494 Recent Activity Third Amended and Restated Credit Facility On February 13, 2020, we amended our $450 million credit agreement, that was scheduled to mature on February 14, 2021, by entering into a Third Amended and Restated Credit Agreement (the “Credit Agreement”), which provides for a $600.0 million senior unsecured credit facility, comprised of a $500.0 million unsecured revolving credit facility (the “Revolver”) and a $100.0 million unsecured term loan facility (the “$100 Million Term Loan Facility”) which was fully drawn under the prior credit agreement. The Revolver is scheduled to mature on February 13, 2024, and has two six-month extension options available. The $100 Million Term Loan Facility, which was scheduled to mature on February 14, 2022, was fully repaid without premium or penalty on November 16, 2020, and the repaid amount may not be reborrowed. Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments up to an additional aggregate $900.0 million, which may be comprised of additional revolving commitments under the Revolver, additional term loan tranches or a combination of the foregoing. In October 2020 we received an investment grade rating of Baa3 from Moody’s Investors Services (“Moody’s) and an investment grade rating of BBB from Standard and Poor’s Ratings Services (“S&P”), complementing our current BBB rating received from Fitch Ratings (“Fitch”). As a result of obtaining these ratings, effective October 29, 2020, we elected to convert the pricing structure under the Credit Agreement to be based on such ratings, whereas the pricing structure was previously based upon our leverage ratio. As such, as of December 31, 2020, interest on the Credit Agreement is based upon, at our option, either (i) LIBOR plus an applicable margin that is based upon our investment grade ratings or (ii) the Base Rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate or (c) the Eurodollar Rate plus 1.00%) plus an applicable margin that is based on our investment grade ratings. The margins for the Revolver range in amount from 0.725% to 1.40% per annum for LIBOR-based loans and 0.00% to 0.45% per annum for Base Rate-based loans, depending on our investment grade ratings. At the time of repayment, the margins for the $100 Million Term Loan Facility ranged in amount from 0.85% to 1.65% per annum for LIBOR-based loans and 0.00% to 0.65% per annum for Base Rate-based loans, depending on our investment grade ratings. In addition to the interest payable on amounts outstanding under the Revolver, we are required to pay an applicable facility fee, based upon our credit ratings, on each lender's commitment amount under the Revolver, regardless of usage. The applicable facility fee ranges in amount from 0.125% to 0.30% per annum, depending on our investment grade rating. The Revolver may be voluntarily prepaid in whole or in part at any time without premium or penalty. The Credit Agreement contains usual and customary events of default including defaults in the payment of principal, interest or fees, defaults in compliance with the covenants set forth in the Credit Agreement and other loan documentation, cross-defaults to certain other indebtedness, and bankruptcy and other insolvency defaults. If an event of default occurs and is continuing under the Credit Agreement, the unpaid principal amount of all outstanding loans, together with all accrued unpaid interest and other amounts owing in respect thereof, may be declared immediately due and payable. On December 31, 2020, we did not have any borrowings outstanding under the Revolver, leaving $500.0 million available for future borrowings. Issuance of $400 Million Notes On November 16, 2020, we completed an underwritten public offering of $400.0 million of 2.125% senior notes due 2030 (the “$400 Million Notes”). The $400 Million Notes were issued at 99.211% of the principal amount , with a coupon rate of 2.125%. Interest on the $400 Million Notes is payable semiannually on the first day of June and December in each year, beginning on June 1, 2021, until maturity on December 1, 2030. We may redeem the $400 Million Notes at our option and sole discretion, in whole at any time or in part from time to time prior to September 1, 2030 (three months prior to the maturity date of the $400 Million Notes), at a redemption price equal to the greater of (i) 100% of the principal amount of the $400 Million Notes being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, on or after September 1, 2030 (three months prior to the maturity date of the $400 Million Notes), the redemption price will be equal to 100% of the principal amount of the $400 Million Notes being redeemed. Repayment of $100 Million Term Loan Facility On November 16, 2020, we used a portion of the net proceeds from the issuance of the $400 Million Notes to repay the $100 Million Term Loan Facility in full. We did not incur any prepayment penalties for repaying the $100 Million Term Loan Facility in advance of the maturity date of February 14, 2022. In connection with the repayment of the $100 Million Term Loan, we wrote-off $0.1 million of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations. Assumption of Mortgage Loans In connection with the acquisition of the Properties, on March 5, 2020, we assumed nine mortgage loans and on June 19, 2020, we assumed one additional mortgage loan, each secured by one of the Properties we acquired. At the date of acquisition, the assumed loans had an aggregate principal balance of $47.5 million and an aggregate fair value of $48.8 million, resulting in an aggregate initial net debt premium of $1.2 million. The mortgage loans bear interest at fixed interest rates ranging from 3.70% to 5.24% and have maturities ranging from 3.0 years to 8.3 years from the date assumed. On November 17, 2020, in connection with the acquisition of the property located at 13943-13955 Balboa Boulevard, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance of $15.7 million and a fair value of $16.5 million resulting in an initial net debt premium of $0.8 million. The mortgage loan bears interest at a fixed rate of 3.93%. Note Purchase and Guarantee Agreement On July 16, 2019, we entered into a Note Purchase and Guarantee Agreement (the “NPGA”) which provides for the private placement of $100.0 million of guaranteed senior notes, of which (i) $25.0 million are designated as 3.88% Series 2019A Guaranteed Senior Notes due July 16, 2029 (the "Series 2019A Notes") and (ii) $75.0 million are designated as 4.03% Series 2019B Guaranteed Senior Notes due July 16, 2034 (the "Series 2019B Notes" and, together with the Series 2019A Notes, the "Series 2019A and 2019B Notes"). On July 16, 2019, we completed the issuance of the Series 2019A and 2019B Notes. Interest on the Series 2019A and 2019B Notes are payable semiannually on the sixteenth day of January and July each year, beginning January 16, 2020, until maturity. We may prepay at any time all, or from time to time any part of, the Series 2019A and 2019B Notes, in amounts not less than $2.5 million of the Series 2019A and 2019B Notes then outstanding at (i) 100% of the principal amount so prepaid and (ii) the Make-Whole Amount (as defined in the NPGA). Our obligations under the Series 2019A and 2019B Notes are fully and unconditionally guaranteed by us and certain of our subsidiaries. Debt Covenants The Credit Agreement, $225 Million Term Loan Facility, $150 Million Term Loan Facility, our $100.0 million unsecured guaranteed senior notes (the “$100 Million Notes”), our $125.0 million unsecured guaranteed senior notes (the “$125 Million Notes”) and the Series 2019A and 2019B Notes all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement, $225 Million Term Loan Facility and $150 Million Term Loan Facility, maintaining a ratio of secured debt to total asset value of not more than 45%; • For the $100 Million Notes, $125 Million Notes and Series 2019A and 2019B Notes (together the “Senior Notes”), maintaining a ratio of secured debt to total asset value of not more than 40%; • For the Senior Notes, maintaining a ratio of total secured recourse debt to total asset value of not more than 15%; • For the Credit Agreement, $225 Million Term Loan Facility and $150 Million Term Loan Facility, maintaining a minimum tangible net worth of at least the sum of (i) $2,061,865,500, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2019; • For the Senior Notes, maintaining a minimum tangible net worth of at least the sum of (i) $760,740,750, and (ii) an amount equal to at least 75% of the net equity proceeds received by the Company after September 30, 2016; • Maintaining a ratio of adjusted EBITDA (as defined in each of the loan agreements) to fixed charges of at least 1.5 to 1.0; • Maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • Maintaining a ratio of unencumbered NOI (as defined in each of the loan agreements) to unsecured interest expense of at least 1.75 to 1.00. The $400 Million Notes contains the following covenants (as defined in the indentures) that we must comply with: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • Maintaining a ratio of secured debt to total asset value of not more than 40%; • Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and • Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0. The Credit Agreement, $225 Million Term Loan Facility, $150 Million Term Loan Facility and Senior Notes also provide that our distributions may not exceed the greater of (i) 95.0% of our funds from operations or (ii) the amount required for us to qualify and maintain our status as a REIT and avoid the payment of federal or state income or excise tax in any 12-month period. Subject to the terms of the Senior Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, make-whole payment amount, or interest under the Senior Notes, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the Senior Notes agreement, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest and the make-whole payment amount on the outstanding Senior Notes will become due and payable at the option of the purchasers. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either S&P, Moody’s or Fitch. As noted above, in October 2020 we received an investment grade rating of Baa3 from Moody’s and an investment grade rating of BBB from S&P, complementing our current BBB rating from Fitch. The $60 Million Term Loan contains the following financial covenants: • Maintaining a Debt Service Coverage Ratio (as defined in the term loan agreement) of at least 1.10 to 1.00, to be tested quarterly; • Maintaining Unencumbered Liquid Assets (as defined in the term loan agreement) of not less than (i) $5,000,000, or (ii) $8,000,000 if we elect to have Line of Credit Availability (as defined in the term loan agreement) included in the calculation, of which $2,000,000 must be cash or cash equivalents, to be tested annually as of December 31 of each year; • Maintaining a minimum Fair Market Net Worth (as defined in the term loan agreement) of at least $75,000,000, to be tested annually as of December 31 of each year. We were in compliance with all of our quarterly and annual debt covenants as of December 31, 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases Lessor – Operating Leases We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. For the year ended December 31, 2020, we recognized $318.8 million of rental income related to operating lease payments of which $266.1 million was for fixed lease payments and $52.7 million was for variable lease payments. For the year ended December 31, 2019 we recognized $256.3 million of rental income related to operating lease payments of which $214.5 million was for fixed lease payments and $41.8 million was for variable lease payments. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2020 (in thousands): For the year ending December 31, 2021 $ 289,940 2022 254,168 2023 205,669 2024 156,684 2025 116,156 Thereafter 325,081 Total $ 1,347,698 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessor – Sales-Type Lease In June 2020, we executed a five-year lease for a 58,802 rentable square foot unit at the property located at 2722 Fairview Street (“Fairview”). The lease contained an option whereby the tenant could purchase the entire 116,575 rentable square foot property at a purchase price of $20.4 million, by executing its purchase option on or before December 10, 2020. On September 9, 2020, the tenant exercised its option to purchase Fairview, which resulted in a change in lease classification from an operating lease to a sales-type lease. As a result of this change in classification, on September 9, 2020, we derecognized the net book value of the property, recorded a sales-type lease receivable of $20.3 million (measured as the discounted present value of the fixed purchase option price), and recognized a $3.8 million gain on sale due to lease reclassification. On September 30, 2020, the sale of Fairview closed and we collected the lease receivable and recorded $0.6 million of selling costs/write-offs, for a total net gain on sale of $3.3 million. The net proceeds from the sale of Fairview are included in net cash provided by operating activities in the consolidated statements of cash flows. Lessee We lease office space as part of conducting our day-to-day business. As of December 31, 2020, our office space leases have remaining lease terms ranging from approximately six months to five renewal terms can extend the lease term from three five On May 28, 2020, in connection with the acquisition of 1055 Sandhill Avenue, we assumed a ground lease from the seller for a parcel of land that is adjacent to our property and is used as a parking lot. The ground lease, which expires on August 11, 2023, has a remaining lease term of approximately three years, with two additional ten-year options to renew, and monthly rent of $9,000 through expiration. As of December 31, 2020, total ROU assets and lease liabilities The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019. Year Ended December 31, Lease Cost (in thousands) 2020 2019 Operating lease cost (1) 1,354 1,044 Variable lease cost (1) 39 54 Sublease income (2) — (162) Total lease cost $ 1,393 $ 936 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. (2) Amount is included in “Rental income” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,127 $ 961 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 3,204 $ 6,720 (1) For the year ended December 31, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842. Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term 4.2 years 4.7 years Weighted-average discount rate (1) 2.99 % 3.92 % (1) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): 2021 $ 1,468 2022 1,615 2023 1,624 2024 1,600 2025 472 Thereafter — Total undiscounted lease payments $ 6,779 Less imputed interest (421) Total lease liabilities $ 6,358 |
Leases | Leases Lessor – Operating Leases We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. For the year ended December 31, 2020, we recognized $318.8 million of rental income related to operating lease payments of which $266.1 million was for fixed lease payments and $52.7 million was for variable lease payments. For the year ended December 31, 2019 we recognized $256.3 million of rental income related to operating lease payments of which $214.5 million was for fixed lease payments and $41.8 million was for variable lease payments. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2020 (in thousands): For the year ending December 31, 2021 $ 289,940 2022 254,168 2023 205,669 2024 156,684 2025 116,156 Thereafter 325,081 Total $ 1,347,698 The future minimum base rents in the table above excludes tenant reimbursements of operating expenses, amortization of adjustments for deferred rent receivables and the amortization of above/below-market lease intangibles. Lessor – Sales-Type Lease In June 2020, we executed a five-year lease for a 58,802 rentable square foot unit at the property located at 2722 Fairview Street (“Fairview”). The lease contained an option whereby the tenant could purchase the entire 116,575 rentable square foot property at a purchase price of $20.4 million, by executing its purchase option on or before December 10, 2020. On September 9, 2020, the tenant exercised its option to purchase Fairview, which resulted in a change in lease classification from an operating lease to a sales-type lease. As a result of this change in classification, on September 9, 2020, we derecognized the net book value of the property, recorded a sales-type lease receivable of $20.3 million (measured as the discounted present value of the fixed purchase option price), and recognized a $3.8 million gain on sale due to lease reclassification. On September 30, 2020, the sale of Fairview closed and we collected the lease receivable and recorded $0.6 million of selling costs/write-offs, for a total net gain on sale of $3.3 million. The net proceeds from the sale of Fairview are included in net cash provided by operating activities in the consolidated statements of cash flows. Lessee We lease office space as part of conducting our day-to-day business. As of December 31, 2020, our office space leases have remaining lease terms ranging from approximately six months to five renewal terms can extend the lease term from three five On May 28, 2020, in connection with the acquisition of 1055 Sandhill Avenue, we assumed a ground lease from the seller for a parcel of land that is adjacent to our property and is used as a parking lot. The ground lease, which expires on August 11, 2023, has a remaining lease term of approximately three years, with two additional ten-year options to renew, and monthly rent of $9,000 through expiration. As of December 31, 2020, total ROU assets and lease liabilities The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019. Year Ended December 31, Lease Cost (in thousands) 2020 2019 Operating lease cost (1) 1,354 1,044 Variable lease cost (1) 39 54 Sublease income (2) — (162) Total lease cost $ 1,393 $ 936 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. (2) Amount is included in “Rental income” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,127 $ 961 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 3,204 $ 6,720 (1) For the year ended December 31, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842. Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term 4.2 years 4.7 years Weighted-average discount rate (1) 2.99 % 3.92 % (1) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): 2021 $ 1,468 2022 1,615 2023 1,624 2024 1,600 2025 472 Thereafter — Total undiscounted lease payments $ 6,779 Less imputed interest (421) Total lease liabilities $ 6,358 |
Interest Rate Swaps
Interest Rate Swaps | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swaps | Interest Rate Swaps Risk Management Objective of Using Derivatives We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash payments principally related to our borrowings. Derivative Instruments Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We do not use derivatives for trading or speculative purposes. The change in fair value of derivatives designated and qualifying as cash flow hedges is initially recorded in accumulated other comprehensive income/(loss) (“AOCI”) and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transaction affects earnings. The following table sets forth a summary of our interest rate swaps as of December 31, 2020 and 2019 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. Current Notional Amount (1) Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) (2) Derivative Instrument Effective Date Maturity Date LIBOR Interest Strike Rate December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest Rate Swap 2/14/2018 1/14/2022 1.3490 % $ 125,000 $ 125,000 $ (1,591) $ 489 Interest Rate Swap 8/14/2018 1/14/2022 1.4060 % $ 100,000 $ 100,000 $ (1,333) $ 277 Interest Rate Swap 12/14/2018 8/14/2021 1.7640 % $ — $ 100,000 $ — $ (332) Interest Rate Swap 7/22/2019 11/22/2024 2.7625 % $ 150,000 $ 150,000 $ (14,656) $ (8,156) (1) Represents the notional value of swaps that are effective as of the balance sheet date presented. (2) The fair value of derivative assets are included in the line item “Interest rate swap asset” in the accompanying consolidated balance sheets and the fair value of (derivative liabilities) are included in the line item “Interest rate swap liability” in the accompanying consolidated balance sheets. The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented (in thousands): Year Ended December 31, 2020 2019 2018 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in AOCI on derivatives $ (17,212) $ (12,103) $ 649 Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” $ (6,332) $ 2,038 $ 1,204 Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 30,849 $ 26,875 $ 25,416 We had an interest rate swap with a notional amount of $100.0 million and maturity date of August 14, 2021 (the “Swap”), that was used to hedge the monthly cash flows associated with $100 million of LIBOR-based variable-rate debt. In November 2020, in conjunction with the repayment of the $100 Million Term Loan Facility, we paid $1.2 million to terminate the Swap, which had an unrealized loss balance of $1.2 million in AOCI at the time of termination. Beginning from the termination date of the Swap (November 12, 2020) through the original maturity date of the Swap (August 14, 2021), we are amortizing the loss on this transaction from AOCI into interest expense on a straight-line basis. During the year ended December 31, 2020, we amortized $0.2 million of the $1.2 million loss from AOCI into interest expense and we will amortize the remaining $1.0 million loss into interest expense through August 14, 2021. During the next twelve months, we estimate that an additional $7.8 million (including the remaining $1.0 million loss noted above) will be reclassified from AOCI into earnings as an increase to interest expense. Credit-risk-related Contingent Features Certain of our agreements with our derivative counterparties contain a provision where if we default on any of our indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender within a specified time period, then we could also be declared in default on its derivative obligations. Certain of our agreements with our derivative counterparties contain provisions where if a merger or acquisition occurs that materially changes our creditworthiness in an adverse manner, we may be required to fully collateralize our obligations under the derivative instrument. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements ASC Topic 820: Fair Value Measurements and Disclosure (“ASC 820”) defines fair value and establishes a framework for measuring fair value. ASC 820 emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Recurring Measurements – Interest Rate Swaps Currently, we use interest rate swap agreements to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by ourselves and our counterparties. However, as of December 31, 2020, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, we have determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2020 and 2019, which we measure on a recurring basis by level within the fair value hierarchy (in thousands). Fair Value Measurement Using Total Fair Value Quoted Price in Active Significant Other Significant December 31, 2020 Interest Rate Swap Asset $ — $ — $ — $ — Interest Rate Swap Liability $ (17,580) $ — $ (17,580) $ — December 31, 2019 Interest Rate Swap Asset $ 766 $ — $ 766 $ — Interest Rate Swap Liability $ (8,488) $ — $ (8,488) $ — Financial Instruments Disclosed at Fair Value The carrying amounts of cash and cash equivalents, rents and other receivables, other assets, accounts payable, accrued expenses and other liabilities, and tenant security deposits approximate fair value because of their short-term nature. The fair value of our notes payable was estimated by calculating the present value of principal and interest payments, using discount rates that best reflect current market rates for financings with similar characteristics and credit quality, and assuming each loan is outstanding through its respective contractual maturity date. The table below sets forth the carrying value and the estimated fair value of our notes payable as of December 31, 2020 and 2019 (in thousands). Fair Value Measurement Using Liabilities Total Fair Value Quoted Price in Active Significant Other Significant Carrying Value Notes Payable at: December 31, 2020 $ 1,276,217 $ — $ — $ 1,276,217 $ 1,216,160 December 31, 2019 $ 882,813 $ — $ — $ 882,813 $ 857,842 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Howard Schwimmer We engage in transactions with Howard Schwimmer, our Co-Chief Executive Officer, earning management fees and leasing commissions from entities controlled individually by Mr. Schwimmer. Fees and commissions earned from these entities are included in “Management, leasing and development services” in the consolidated statements of operations. We recorded $0.4 million, $0.4 million and $0.4 million during the years ended December 31, 2020, 2019 and 2018, respectively, in management, leasing and development services revenue. Purchase and Sale Agreement On November 30, 2017, we entered into a purchase and sale agreement (the "Agreement") with 6110-6114 Cahuenga Avenue, LLC (the "Buyer"), which was subsequently amended on January 2, 2018, for the sale of our property located at 200-220 South Grand Avenue for a contract price of approximately $4.5 million. Larry Schwimmer is the general partner of the Buyer and father of Howard Schwimmer, our Co-Chief Executive Officer. Prior to entering into the Agreement, the relevant facts and circumstances relating to this transaction were presented to our audit committee, in accordance with our corporate governance guidelines, and to our board of directors. This transaction was unanimously approved by our audit committee in accordance with our corporate governance guidelines. On March 7, 2018, the sale of this property was completed. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal From time to time, we are party to various lawsuits, claims and legal proceedings that arise in the ordinary course of business. We are not currently a party to any legal proceedings that we believe would reasonably be expected to have a material adverse effect on our business, financial condition or results of operations. Environmental We generally will perform environmental site assessments at properties we are considering acquiring. After the acquisition of such properties, we continue to monitor the properties for the presence of hazardous or toxic substances. From time to time, we acquire properties with known adverse environmental conditions. If at the time of acquisition, losses associated with environmental remediation obligations are probable and can be reasonably estimated, we record a liability. As of December 31, 2020, we are not aware of any environmental liabilities that would have a material impact on our consolidated financial condition, results of operations or cash flows. However, we cannot be sure that we have identified all environmental liabilities at our properties, that all necessary remediation actions have been or will be undertaken at our properties or that we will be indemnified, in full or at all, in the event that such environmental liabilities arise. Furthermore, we cannot assure you that future changes to environmental laws or regulations and their application will not give rise to loss contingencies for future environmental remediation. Tenant and Construction Related Commitments As of December 31, 2020, we had commitments of approximately $40.2 million for tenant improvement and construction work under the terms of leases with certain of our tenants and contractual agreements with our construction vendors. Concentrations of Credit Risk We have deposited cash with financial institutions that are insured by the Federal Deposit Insurance Corporation up to $250,000 per institution. Although we have deposits at institutions in excess of federally insured limits as of December 31, 2020, we do not believe we are exposed to significant credit risk due to the financial position of the institutions in which those deposits are held. Concentration of Properties in Southern California As of December 31, 2020, all of our properties are located in the Southern California infill markets. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate. The ability of the tenants to honor the terms of their respective leases is dependent upon the economic, regulatory and social factors affecting the markets in which the tenants operate and other conditions, including the impact of the outbreak of COVID-19, which was declared a pandemic in March 2020 by the World Health Organization, and related state and local government reactions. All of our properties are concentrated in Southern California. The State of California and certain municipalities, including where we own properties, reacted to the COVID-19 pandemic early on by instituting quarantines, restrictions on travel, “shelter in place” rules, restrictions on types of business that may continue to operate and/or restrictions on types of construction projects that may continue as well as moratoriums on commercial tenant evictions and provisions enabling some commercial tenants to defer rent. We cannot predict when restrictions currently in place will expire, if additional restrictions will be added, or whether restrictions previously lifted will be reimplemented as infection rates fluctuate. Most municipalities in Southern California, including many municipalities in which we own properties have mandated a moratorium on all commercial evictions and have given tenants impacted by COVID-19 the unilateral right to defer rent while the emergency orders are in effect, with repayment generally within six to twelve months after the end of the local emergency. Only a small number of municipalities have allowed their local orders to expire or modified the orders to exclude some tenants (based on the tenant’s number of employees, being a publicly traded company or multinational company, or other characteristics), and in many of the local municipalities in which we operate, the eviction restrictions and rent deferment rights are set to expire by March 31, 2021, while in other municipalities the restrictions expire when the local emergency is lifted. We cannot currently predict whether or not these restrictions may be extended or for how long. Some of the orders have been extended multiple times. A number of our tenants have taken advantage of the relief provided by the local government mandates authorizing deferral of rent, irrespective of certain such tenants’ actual ability to pay such rent, and we are currently unable to predict the impact that the COVID-19 pandemic will have on our tenants or the number of tenants that will take advantage of the relief provided by the local government mandates authorizing the deferral of rent. Tenant Concentration During the year ended December 31, 2020, no single tenant accounted for more than 5% of our total consolidated rental income. |
Dispositions and Real Estate He
Dispositions and Real Estate Held for Sale | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions and Real Estate Held for Sale | Dispositions and Real Estate Held for Sale Dispositions The table below summarizes the properties we sold during the years ended December 31, 2020, 2019 and 2018 (dollars in thousands). Property Submarket Date of Rentable Contract Sales Price (1) Gain (Loss) 2020 Dispositions: 3927 Oceanic Drive San Diego - North County 8/13/2020 54,740 $ 10,300 $ 2,926 121 West 33rd Street San Diego - South County 9/18/2020 76,745 13,500 7,575 2700-2722 South Fairview (2) Orange County - Airport 9/30/2020 116,575 20,400 3,268 6750 Central Avenue Inland Empire East 12/31/2020 8,666 1,300 758 Subtotal 256,726 45,500 14,527 1055 Sandhill Avenue Personal Property — 1,854 (910) (3) Total 256,726 $ 47,354 $ 13,617 2019 Dispositions: 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue Orange County - North 6/27/2019 62,395 $ 11,575 $ 4,810 939 Poinsettia Avenue - Unit 301 San Diego - North County 7/31/2019 6,562 1,263 895 13914-13932 East Valley Boulevard Los Angeles - San Gabriel Valley 10/11/2019 58,084 11,180 6,233 2350-2380 Eastman Avenue Ventura 12/20/2019 55,321 9,581 4,359 Total 182,362 $ 33,599 $ 16,297 2018 Dispositions: 8900-8980 Benson Avenue and 5637 Arrow Highway Inland Empire West 1/2/2018 88,016 $ 11,440 $ 4,029 700 Allen Avenue and 1851 Flower Street Los Angeles - San Fernando Valley 1/17/2018 25,168 10,900 4,753 200-220 South Grand Avenue Orange County - Airport 3/7/2018 27,200 4,515 1,201 6770 Central Avenue—Building B Inland Empire East 4/9/2018 11,808 1,676 1,113 1910-1920 Archibald Avenue Inland Empire West 5/9/2018 78,243 9,050 495 311 East 157th Street Los Angeles - South Bay 12/12/2018 12,000 3,000 1,578 329 East 157th Street Los Angeles - South Bay 12/20/2018 12,000 2,675 1,597 319 East 157th Street Los Angeles - South Bay 12/27/2018 24,000 4,763 2,456 Total 278,435 $ 48,019 $ 17,222 (1) Represents the gross contractual sales price before commissions, prorations and other closing costs. (2) Gain recorded reflects (i) a $3.8 million gain on sale recognized due to lease reclassification from operating lease to sales-type lease, less (ii) approximately $0.6 million of selling costs/other write-offs related to the disposition. See Note 6 for additional information. (3) Represents a $0.9 million loss on disposition of personal property that was originally acquired as part of the acquisition of 1055 Sandhill Avenue and valued at $2.8 million. The loss is included in the line item “Gain on sale of real estate” in our consolidated statements of operations for the year ended December 31, 2020. Real Estate Held for Sale As of December 31, 2020, our property located at 14723-14825.25 Oxnard Street in Van Nuys, California was classified as held for sale. As of December 31, 2019, we did not have any properties classified as held for sale. The following table summarizes the major classes of assets and liabilities associated with real estate properties classified as held for sale as of December 31, 2020 (dollars in thousands).: December 31, 2020 Land $ 4,458 Building and improvements 5,452 Tenant improvements 443 Real estate held for sale 10,353 Accumulated depreciation (1,548) Real estate held for sale, net 8,805 Other assets associated with real estate held for sale 40 Total assets associated with real estate held for sale, net $ 8,845 Tenant security deposits $ 137 Other liabilities associated with real estate held for sale 56 Total liabilities associated with real estate held for sale $ 193 Subsequent to December 31, 2020, we completed the sale of 14723-14825.25 Oxnard Street. See Note 17. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholder's Equity | Stockholders’ Equity Preferred Stock As of December 31, 2020 and 2019, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands): December 31, 2020 December 31, 2019 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference Series A August 16, 2021 5.875 % 3,600,000 $ 90,000 3,600,000 $ 90,000 Series B November 13, 2022 5.875 % 3,000,000 75,000 3,000,000 75,000 Series C September 20, 2024 5.625 % 3,450,000 86,250 3,450,000 86,250 Total Preferred Shares 10,050,000 $ 251,250 10,050,000 $ 251,250 Dividends on our Preferred Stock are cumulative and payable quarterly in arrears on or about the last day of March, June, September and December of each year. Our Preferred Stock has no stated maturity dates and is not subject to mandatory redemption or any sinking funds. The holders of our Preferred Stock rank senior to the holders of our common stock with respect to dividend rights and rights upon the Company’s liquidation, dissolution or winding up of its affairs. The holders of our Preferred Stock generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly dividend periods (whether or not consecutive). Upon the occurrence of a specified change of control transaction, we may, at our option, redeem each series of Preferred Stock in whole or in part within 120 days after the change of control occurred, by paying $25.00 per share in cash, plus any accrued and unpaid distributions through the date of redemption. If we do not exercise our right to redeem the Preferred Stock, upon the occurrence of a specified change of control transaction, the holders of our Preferred Stock have the right to convert some or all of their shares into a number of the Company’s common shares equivalent to $25.00 plus accrued and unpaid dividends, divided by the average closing price per share of the Company’s common stock for the 10 trading days preceding the date of the change of control, but not to exceed a certain capped number of shares of common stock per share of Preferred Stock, subject to certain adjustments. Recent Activity In 2019, we issued 3,450,000 shares of our 5.625% Series C Cumulative Redeemable Preferred Stock at a price of $25.00 per share for net proceeds of $83.2 million after deducting the underwriters’ discount and offering costs totaling $3.0 million. Common Stock Offerings During the second quarter of 2020, we completed an underwritten public offering of 7,187,500 shares of our common stock, including the underwriters’ exercise in full of their option to purchase 937,500 shares of our common stock, at a price to the underwriters of $39.67 per share, for net proceeds of approximately $285.0 million after deducting offering costs. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 7,187,500 common units of partnership interests in the Operating Partnership. In December 2020, we completed an underwritten public offering of 6,900,000 shares of our common stock, including the underwriters’ exercise in full of their option to purchase 900,000 shares of our common stock, at a price to the underwriters of $47.15 per share, for net proceeds of approximately $325.0 million, after deducting offering costs. We contributed the net proceeds of the offering to our Operating Partnership in exchange for 6,900,000 common units of partnership interests in the Operating Partnership. ATM Program On November 9, 2020, we established a new at-the-market equity offering program (the “$750 Million ATM Program”) pursuant to which we may sell from time to time up to an aggregate of $750.0 million of our common stock through sales agents or forward sellers. The $750 Million ATM Program replaces our previous $550.0 million at-the-market equity offering program which was established on June 13, 2019 (the “Prior ATM Program”). Under the Prior ATM Program, we had offered and sold shares of our common stock having an aggregate gross sales price of $296.5 million through November 9, 2020. In addition, we previously established a $450.0 million at-the-market equity offering program on February 19, 2019, a $400.0 million at-the-market equity offering program on June 13, 2018 and a $300.0 million at-the-market equity offering program on September 21, 2017. Substantially all available shares of common stock under each of these previous at-the-market programs were sold prior to establishing new programs. During the year ended December 31, 2020, we sold a total of 3,165,661 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $39.96 per share, for gross proceeds of $126.5 million, and net proceeds of $124.7 million, after deducting the sales agents’ fee. During the year ended December 31, 2019, we sold a total of 16,817,930 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $38.61 per share, for gross proceeds of $649.3 million, and net proceeds of $639.6 million, after deducting the sales agents’ fee. During the year ended December 31, 2018, we sold 18,177,242 shares of our common stock under our various at-the-market equity offering programs, at a weighted average price of $31.12 per share, for gross proceeds of $565.6 million, and net proceeds of $557.1 million, after deducting the sales agents’ fee. As of December 31, 2020, we had the capacity to issue up to an additional $720.7 million of common stock under the $750 Million ATM Program. Actual sales going forward, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in our AOCI balance for the years ended December 31, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges: Year Ended December 31, 2020 2019 Accumulated other comprehensive (loss) income - beginning balance $ (7,542) $ 6,262 Other comprehensive loss before reclassifications (17,212) (12,103) Amounts reclassified from accumulated other comprehensive loss to interest expense (1) 6,332 (2,038) Net current period other comprehensive loss (10,880) (14,141) Less: other comprehensive loss attributable to noncontrolling interests 713 337 Other comprehensive loss attributable to common stockholders (10,167) (13,804) Accumulated other comprehensive loss - ending balance $ (17,709) $ (7,542) (1) For the year ended December 31, 2020, amount includes a $0.2 million reclassification from AOCI into interest expense related to the Swap that was terminated in November 2020. See Note 7 for additional information. Dividends Earnings and profits, which determine the taxability of dividends to stockholders, may differ from income reported for financial reporting purposes due to the differences for federal income tax purposes in the treatment of loss on extinguishment of debt, revenue recognition and compensation expense and in the basis of depreciable assets and estimated useful lives used to compute depreciation expense. The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018: Common Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 0.834238 100.00 % $ 0.783269 100.00 % $ 0.623496 99.76 % Return of Capital — — % — — % 0.001504 0.24 % Capital Gain — — % — — % — — % Total $ 0.834238 100.00 % $ 0.783269 100.00 % $ 0.625000 100.00 % Series A Preferred Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Return of Capital — — % — — % — — % Capital Gain — — % — — % — — % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Series B Preferred Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.664585 100.00 % Return of Capital — — % — — % — — % Capital Gain — — % — — % — — % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.664585 100.00 % Series C Preferred Stock Year Ended December 31, 2020 2019 Ordinary Income $ 1.406252 100.00 % $ 0.394531 100.00 % Return of Capital — — % — — % Capital Gain — — % — — % Total $ 1.406252 100.00 % $ 0.394531 100.00 % |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests relate to interests in the Operating Partnership, represented by common units of partnership interests in the Operating Partnership (“OP Units”), fully-vested LTIP units, fully-vested performance units and Series 1 CPOP Units and Series 2 CPOP Units, as described below, that are not owned by us. Operating Partnership Units As of December 31, 2020, noncontrolling interests included 5,403,881 OP Units and 1,202,812 fully-vested LTIP units and performance units which represented approximately 4.8% of our Operating Partnership. OP Units and shares of our common stock have essentially the same economic characteristics, as they share equally in the total net income or loss distributions of our Operating Partnership. Investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis. See Note 14 for a description of LTIP units and Performance Units. Activity As previously described in Note 3, on March 5, 2020, we acquired ten industrial properties and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company for an aggregate purchase price of $214.2 million. As partial consideration for the acquisition of the Properties, we issued the Sellers 1,406,170 OP Units, valued at $67.5 million. On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million. As partial consideration for the property, we issued the seller 592,186 OP Units valued at $27.8 million. On December 31, 2020, we acquired a portfolio of four properties for an aggregate purchase price of $84.0 million. As consideration for the portfolio, we issued the seller 1,800,000 OP Units. During the years ended December 31, 2020, 2019 and 2018, we redeemed 296,313, 96,060 and 67,175 OP Units, respectively, in exchange for issuing to the holders of the OP Units an equal number of shares of our common stock, resulting in the reclassification of $7.7 million, $0.7 million, and $0.6 million, respectively, from noncontrolling interests to total stockholders’ equity. Preferred Units Series 2 CPOP Units On March 5, 2020, as partial consideration for the acquisition of the Properties, we issued the Sellers 906,374 newly issued 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (the “Series 2 CPOP Units”), valued at $40.8 million. Holders of Series 2 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.00% per annum of the $45.00 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on March 31, 2020. The holders of Series 2 CPOP Units are entitled to receive the liquidation preference, which is $45.00 per unit or approximately$40.8 million in the aggregate for all of the Series 2 CPOP Units, before the holders of OP Units are entitled to receive distributions in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Series 1 CPOP Units On April 10, 2019, we acquired the property located at 1515 East 15th Street for a purchase price of $28.1 million. In consideration for the property, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”), valued at $27.4 million, plus the payment of certain closing costs, including $0.7 million of closing costs typically attributable to the seller. Holders of Series 1 CPOP Units, when and as authorized by the Company as general partner of the Operating Partnership, are entitled to cumulative cash distributions at the rate of 4.43937% per annum of the $45.50952 per unit liquidation preference, payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 28, 2019. The holders of Series 1 CPOP Units are entitled to receive the liquidation preference, which is $45.50952 per unit or approximately $27.0 million in the aggregate for all of the Series 1 CPOP Units, before the holders of OP Units in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the affairs of the Operating Partnership. Features of Series 1 and Series 2 CPOP Units The Series 1 CPOP Units and the Series 2 CPOP Units (together, the “CPOP Units”) are convertible (i) at the option of the holder anytime from time to time (the “Holder Conversion Right”), or (ii) at the option of the Operating Partnership, at any time on or after April 10, 2024 for the Series 1 CPOP Unit, or at any time on or after March 5, 2025, for the Series 2 CPOP Unit (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis per Series 1 CPOP Unit, and into 0.7722 OP Units per Series 2 CPOP Unit. As noted above, investors who own OP Units have the right to cause our Operating Partnership to redeem any or all of their units in our Operating Partnership for an amount of cash per unit equal to the then current market value of one share of common stock, or, at our election, shares of our common stock on a one-for-one basis (the “Subsequent Redemption Right”). The CPOP Units rank senior to the Operating Partnership’s OP Units, on parity with the Operating Partnership’s 5.875% series A and series B cumulative redeemable preferred units and 5.625% series C cumulative redeemable preferred units and with any future class or series of partnership interest of the Operating Partnership expressly designated as ranking on parity with the CPOP Units, and junior to any other class or series of partnership interest of the Operating Partnership expressly designated as ranking senior to the CPOP Units. Pursuant to relevant accounting guidance, we analyzed the CPOP Units for any embedded derivatives that should be bifurcated and accounted for separately and also considered the conditions that would require classification of the CPOP Units in temporary equity versus permanent equity. In carrying out our analyses, we evaluated the key features of the CPOP Units including the right to discretionary distributions, the Holder Conversion Right, the Company Conversion Right and the Subsequent Redemption Right to determine whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement if the CPOP Units are converted into shares of our common stock (subsequent to conversion into OP Units). Based on the results of our analyses, we concluded that (i) none of the embedded features of the CPOP Units require bifurcation and separate accounting, and (ii) the CPOP Units met the criteria to be classified within equity, and accordingly are presented as noncontrolling interests within permanent equity in the consolidated balance sheets. |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Incentive Award Plan | Incentive Award Plan Amended and Restated 2013 Incentive Award Plan We maintain one share-based incentive compensation plan, the Amended and Restated Rexford Industrial Realty, Inc. and Rexford Industrial Realty, L.P. 2013 Incentive Award Plan (the “Plan”), pursuant to which, we may make grants of restricted stock, LTIP units of partnership interest in our Operating Partnership (“LTIP units”), performance units in our Operating Partnership (“Performance Units”), dividend equivalents and other stock based and cash awards to our non-employee directors, employees and consultants. The Plan is administered by our board of directors with respect to awards to non-employee directors and by our compensation committee with respect to other participants, each of which may delegate its duties and responsibilities to committees of our directors and/or officers (collectively the “plan administrator”), subject to certain limitations. The plan administrator sets the terms and conditions of all awards under the Plan, including any vesting and vesting acceleration conditions. As of December 31, 2020, a total of 619,757 shares of common stock, LTIP units, Performance Units and other stock based awards remain available for issuance under the Plan. Shares and units granted under the Plan may be authorized but unissued shares or units, or, if authorized by the board of directors, shares purchased in the open market. If an award under the Plan is forfeited, expires, or is settled for cash, any shares or units subject to such award will generally be available for future awards. LTIP Units and Performance Units LTIP units and Performance Units are each a class of limited partnership units in the Operating Partnership. Initially, LTIP units and Performance Units do not have full parity with OP Units with respect to liquidating distributions. However, upon the occurrence of certain events more fully described in the Operating Partnership’s partnership agreement (“book-up events”), the LTIP units and Performance Units can over time achieve full parity with OP Units for all purposes. If such parity is reached, vested LTIP units and vested Performance Units may be converted into an equal number of OP Units, and, upon conversion, enjoy all rights of OP Units. LTIP units, whether vested or not, receive the same quarterly per-unit distributions as OP Units, which equal the per-share distributions on shares of our common stock. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the per-unit distribution paid on OP Units. The compensation committee grants awards to the Company’s named executive officers (the “NEOs”) on an annual basis in the form of LTIP units and Performance units, typically in December of each year. In December of 2020, 2019 and 2018, the compensation committee granted the NEOs a combined 121,112, 120,243, and 132,875 LTIP units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and a combined 476,915, 294,994, and 204,517 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”). 2020, 2019, and 2018 LTIP Unit Awards Each of the 2020, 2019 and 2018 LTIP Awards are scheduled to vest one-third in equal installments on each of the first, second and third anniversaries of the grant date. Each award is subject to each executive’s continued employment through the applicable vesting date, and subject to earlier vesting upon certain termination of employment or a change in control event, as described in the award agreements. Compensation expense is recognized using the accelerated expense attribution method, with each vesting tranche valued as a separate award. The total grant date fair value of each annual LTIP award is based on the Company’s most recent closing stock price preceding the grant and the application of a discount for post-vesting restrictions and uncertainty regarding the occurrence and timing of book-up events. The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award: 2020 LTIP Award 2019 LTIP Award 2018 LTIP Award Valuation date December 22, 2020 December 16, 2019 December 15, 2018 Closing share price of common stock $ 48.58 $ 45.74 $ 31.42 Discount for post-vesting restrictions and book-up events 7.6 % 6.4 % 7.7 % Grant date fair value (in thousands) $ 5,437 $ 5,148 $ 3,853 The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2020, 2019 and 2018: Number of Unvested LTIP Units Weighted-Average Grant Date Fair Value per Unit Balance at December 31, 2017 293,485 $ 23.10 Granted 190,318 $ 28.43 Vested (156,755) $ 23.29 Balance at December 31, 2018 327,048 $ 26.12 Granted 179,758 $ 39.67 Vested (208,394) $ 26.14 Balance at December 31, 2019 298,412 $ 34.26 Granted 157,404 $ 45.86 Forfeited (22,795) $ 38.89 Vested (196,375) $ 34.31 Balance at December 31, 2020 236,646 $ 41.49 2020, 2019, and 2018 Performance Unit Award s Each of the 2020, 2019 and 2018 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below: • Absolute TSR Base Units - base units that will vest based on varying levels of the Company’s total shareholder return (“TSR”) over the three -year • Relative TSR Base Units - base units that will vest based on the Company’s TSR as compared to the TSR percentage of a selected peer group of companies over the three-year performance period. • FFO Per-Share Base Units - base units that will vest based on the Company’s FFO per share growth over the three-year performance period. • Distribution Equivalent Units - Performance Units that have not vested will receive 10% of the distributions paid on OP units. The remaining 90% of the distributions will accrue (assuming the reinvestment in common stock of these distributions) during the three-year performance period and a portion will be paid out as distribution equivalent units based upon the number of base units that ultimately vest. The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Awards: Absolute TSR Base Units (1) Relative TSR Base Units (1) FFO Per-Share Base Units (1) Distribution Equivalent Units Total Performance Units 2020 Performance Award 148,030 148,030 148,027 32,828 476,915 2019 Performance Award (2) 118,339 74,033 85,898 16,724 294,994 2018 Performance Award (2) 63,473 63,473 63,471 14,100 204,517 (1) For each Performance Award, a number of the base units are designated as Absolute TSR Base Units and Relative TSR Base Units (combined, a “Market Performance Award”) and a number of units are designated as FFO Per-Share Base Units (each an “FFO Per-Share Award”). (2) On December 31, 2020, 41,094 Performance Units initially granted in December 2019 and 29,600 Performance Units initially granted in December 2018 were canceled due to the termination of employment of our former Chief Financial Officer. The following table summarizes the performance levels and vesting percentages for the Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units, and the three-year performance period for each of the Performance Unit awards: Absolute TSR Base Units Relative TSR Base Units FFO Per-Share Base Units Performance Level Company TSR Percentage Absolute TSR Vesting Percentage Peer Group Relative Performance Relative TSR Vesting Percentage FFO per Share Growth FFO Vesting Percentage Three-Year Performance Period 2020 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 12 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 16.5 % 33.4 % See Note (1) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 21 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥26% 100 % 2019 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 25 % 35th Percentile 25 % 12 % 25 % Jan 1, 2020 “Target Level” 24 % 50 % 55th Percentile 50 % 16.5 % 50 % to “Maximum Level” ≥ 30% 100 % ≥ 75th Percentile 100 % ≥ 21% 100 % Dec 31, 2022 2018 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 25 % 35th Percentile 25 % 12 % 25 % Jan 1, 2019 “Target Level” 24 % 60 % 55th Percentile 60 % 16.5 % 60 % to “Maximum Level” ≥ 30% 100 % ≥ 75th Percentile 100 % ≥ 21% 100 % Dec 31, 2021 (1) The performance period for the 2020 Market Performance Award is December 22, 2020 through December 21, 2023, and the performance period for the 2020 FFO Per-Share Award is January 1, 2021 through December 31, 2023. If the Company’s TSR percentage, peer group relative performance or FFO per share growth falls between the levels specified in the tables above, the percentage of Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units that vest will be determined using straight-line interpolation between such levels. Fair Value of Awards With Market-Based Vesting Conditions The grant date fair value of each of the 2020, 2019 and 2018 Market Performance Awards is based on the sum of the following: (1) the present value of the expected payoff to the vested absolute and relative base units, (2) the present value of the 10% portion of the distribution expected to be paid during the three-year performance period, and (3) the present value of the distribution equivalent units expected to be awarded at the end of the three-year performance period. The grant date fair value of each of these awards was measured using a Monte Carlo simulation pricing model, which uses 100,000 trial simulations, to estimate the probability that the market conditions, TSR on both an absolute and relative basis, will be achieved over the three-year performance period. The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions. 2020 Market Performance Award 2019 Market Performance Award 2018 Market Performance Award Valuation date December 22, 2020 December 16, 2019 December 15, 2018 Expected share price volatility for the Company 31.0 % 18.0 % 20.0 % Expected share price volatility for peer group companies - low end of range (1) 17.0 % 12.0 % 16.0 % Expected share price volatility for peer group companies - high end of range (1) 100.0 % 100.0 % 100.0 % Expected dividend yield 1.90 % 1.90 % 2.50 % Risk-free interest rate 0.19 % 1.74 % 2.80 % Grant date fair value (in thousands) $ 6,928 $ 3,922 $ 2,090 (1) For the 2020 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.4%, respectively. For the 2019 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 21.0% and 24.4%, respectively. For the 2018 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 23.0% and 27.1%, respectively. The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on our average historical dividend yield and our dividend yield as of the valuation date for each award. The risk-free interest rate is based on U.S. Treasury note yields matching the three-year time period of the performance period. Compensation cost for the awards with market-based vesting conditions is recognized ratably over the requisite service period, regardless of whether the TSR performance levels are achieved and any awards ultimately vest. Compensation expense will only be reversed if the holder of an award with market-based vesting conditions forfeits the award by leaving the employment of the Company prior to vesting. Fair Value of Awards with Performance-Based Vesting Conditions The grant date fair value of the 2020 FFO Per-Share Award is $2.4 million, which is based on the Company’s closing stock price on the grant date ($48.58 on December 22, 2020) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2019 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price on the grant date ($45.74 on December 16, 2019) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2018 FFO Per-Share Award is $2.0 million, which is based on the Company’s closing stock price preceding the grant date ($31.42 on December 14, 2018) and the achievement of FFO per-share performance at the maximum level. Compensation cost for the 2020, 2019 and 2018 FFO Per-Share Awards will reflect the number of units that are expected to vest based on the probable outcome of the performance condition and will be adjusted to reflect those units that ultimately vest at the end of the three-year performance period. 2017, 2016 and 2015 Performance Award Vestings On December 14, 2020, the three-year performance period for the 2017 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 184,502 Performance Units were earned and vested. On December 28, 2019, the three-year performance period for the 2016 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 195,628 Performance Units were earned and vested. On December 14, 2018, the three-year performance period for the 2015 performance award ended and it was determined that both the Company’s TSR percentage and peer group relative performance exceeded the maximum level. Based on these results, the compensation committee certified that 307,986 vested Performance Units were earned and vested. Restricted Common Stock The compensation committee has periodically awarded grants of restricted common stock to various employees of the Company typically other than NEOs, for the purpose of attracting or retaining the services of these key individuals. These grants typically vest in four equal, annual installments on each of the first four anniversaries of the date of grant, subject to the employee’s continued service. Shares of our restricted common stock are participating securities and have full voting rights and nonforfeitable rights to dividends. During the year ended December 31, 2020, we granted 107,648 shares of restricted common stock to non-executive employees. The grant date fair value of these awards was $5.0 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $39.71 to $50.18 per share. On September 1, 2020, we granted Ms. Laura Clark 3,497 shares of restricted common stock as a sign-on incentive award, which vests in three equal annual installments on each of the first three anniversaries. The grant date fair value of this award was approximately $167,000 based on the Company’s closing share price of $47.65 on the date of grant. In accordance with the Rexford Industrial Realty, Inc. Non-Employee Director Compensation Program, each year on the date of the annual meeting of the Company’s stockholders, we grant shares of restricted common stock to each of our non-employee directors who are re-elected for another year of service. These awards vest on the earlier of (i) the date of the annual meeting of the Company’s stockholders next following the grant date and (ii) the first anniversary of the grant date, subject to each non-employee director’s continued service. During the year ended December 31, 2020, each of our non-employee directors were granted 2,507 shares of restricted common stock with a grant date fair value of $100,000 based on the $39.88 closing share price of the Company’s common stock on the date of grant. The following table sets forth our unvested restricted stock activity for the years ended December 31, 2020, 2019 and 2018: Number of Unvested Shares of Restricted Common Stock Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2017 190,695 $ 20.13 Granted 104,560 $ 27.72 Forfeited (13,031) $ 23.51 Vested (1)(2) (81,826) $ 19.40 Balance at December 31, 2018 200,398 $ 20.13 Granted 110,711 $ 34.85 Forfeited (17,287) $ 29.71 Vested (1)(2) (81,277) $ 23.23 Balance at December 31, 2019 212,545 $ 29.64 Granted 126,865 $ 45.94 Forfeited (16,128) $ 37.25 Vested (1)(2) (90,383) $ 28.50 Balance at December 31, 2020 232,899 $ 38.43 (1) The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $4.1 million, $2.9 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. (2) Total shares vested include 27,473, 24,618 and 21,324 shares of common stock that were tendered by employees during the years ended December 31, 2020, 2019 and 2018, respectively, to satisfy minimum statutory tax withholding requirements associated with the vesting of restricted shares of common stock. Share-Based Compensation Expense The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands): Year Ended December 31, 2020 2019 2018 Expensed share-based compensation (1) $ 12,871 $ 10,756 $ 10,147 Capitalized share-based compensation (2) 223 174 255 Total share-based compensation $ 13,094 $ 10,930 $ 10,402 (1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. (2) For the years ended December 31, 2020 and 2019, amounts capitalized only relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets. For the year ended December 31, 2018, amounts capitalized relate to employees who provide construction or leasing services and are included in “Building and improvements” and “Deferred leasing costs, net” in the consolidated balance sheets. In August 2020, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2020 annual bonuses partly in cash and partly in LTIP units. Accordingly, on January 27, 2021, at the same time that annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 15,288 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2020, includes $1.5 million for the portion of Messrs. Schwimmer and Frankel’s 2020 accrued bonus that was settled with these fully-vested LTIP Units. In April 2019, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2019 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 4, 2020, at the same time that annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 18,146 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2019, includes $1.8 million for the portion of Messrs. Schwimmer and Frankel’s 2019 accrued bonus that was settled with these fully-vested LTIP Units. In May 2018, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2018 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 15, 2019, at the same time that annual bonuses were paid to the executives, Messrs. Schwimmer and Frankel were each granted 24,641 LTIP Units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2018, includes $1.7 million for the portion of Messrs. Schwimmer and Frankel’s 2018 accrued bonus that was settled with these fully-vested LTIP Units. In February 2018, the compensation committee chose to provide Messrs. Schwimmer and Frankel’s 2017 annual bonuses partly in cash and partly in LTIP units. Accordingly, on February 21, 2018, at the same time that annual bonuses were paid to the executives, Messrs. Schwimmer and Frankel were each granted 22,517 LTIP units that were fully vested on the grant date. Share-based compensation expense for the year ended December 31, 2018, includes $1.2 million for the portion of Messrs. Schwimmer and Frankel’s 2017 accrued bonus that was settled with these fully-vested LTIP Units. As of December 31, 2020, total unrecognized compensation cost related to all unvested share-based awards was $27.6 million and is expected to be recognized over a weighted average remaining period of 29 months. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 80,895 $ 64,001 $ 47,075 Less: Preferred stock dividends (14,545) (11,055) (9,694) Less: Net income attributable to noncontrolling interests (4,492) (2,022) (865) Less: Net income attributable to participating securities (509) (447) (378) Net income attributable to common stockholders $ 61,349 $ 50,477 $ 36,138 Denominator: Weighted average shares of common stock outstanding - basic 120,873,624 106,407,283 86,824,235 Effect of dilutive securities - performance units 304,686 391,765 511,514 Weighted average shares of common stock outstanding - diluted 121,178,310 106,799,048 87,335,749 Earnings per share - Basic Net income attributable to common stockholders $ 0.51 $ 0.47 $ 0.42 Earnings per share - Diluted Net income attributable to common stockholders $ 0.51 $ 0.47 $ 0.41 Unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are accounted for as participating securities. As such, unvested shares of restricted stock, unvested LTIP Units and unvested Performance Units are considered participating securities. Participating securities are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and each participating security according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Participating securities are also included in the computation of diluted EPS using the more dilutive of the two-class method or treasury stock method for unvested shares of restricted stock and LTIP Units, and by determining if certain market conditions have been met at the reporting date for unvested Performance Units. The effect of including unvested shares of restricted stock and unvested LTIP Units using the treasury stock method was excluded from our calculation of weighted average shares of common stock outstanding – diluted, as their inclusion would have been anti-dilutive. Performance Units, which are subject to vesting based on the Company achieving certain TSR levels over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR has been achieved at or above the threshold levels specified in the award agreements, assuming the reporting period is the end of the performance period, and the effect is dilutive. |
Quarterly Information (unaudite
Quarterly Information (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (unaudited) | Quarterly Information (unaudited) The following tables set forth selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands except per share amounts): Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Total revenues $ 88,649 $ 83,856 $ 79,950 $ 77,680 Net income $ 18,155 $ 31,197 $ 16,271 $ 15,272 Net income attributable to common stockholders $ 13,239 $ 25,901 $ 11,421 $ 10,788 Net income attributable to common stockholders per share - basic $ 0.11 $ 0.21 $ 0.10 $ 0.09 Net income attributable to common stockholders per share - diluted $ 0.10 $ 0.21 $ 0.10 $ 0.09 Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Total revenues $ 74,399 $ 68,061 $ 64,390 $ 60,363 Net income $ 24,382 $ 12,948 $ 15,954 $ 10,717 Net income attributable to common stockholders $ 19,904 $ 9,746 $ 12,848 $ 7,979 Net income attributable to common stockholders per share - basic $ 0.18 $ 0.09 $ 0.12 $ 0.08 Net income attributable to common stockholders per share - diluted $ 0.18 $ 0.09 $ 0.12 $ 0.08 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition Summary The following table summarizes the industrial properties we acquired subsequent to December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price 15010 Don Julian Road (1) San Gabriel Valley 1/5/2021 92,925 1 $ 22,200 5002-5018 Lindsay Court Inland Empire West 1/11/2021 64,960 1 12,650 514 East C Street (2) South Bay 1/14/2021 3,436 1 9,950 17907-18001 Figueroa Street South Bay 1/26/2021 74,810 6 20,200 7817 Woodley Avenue Greater San Fernando Valley 1/27/2021 36,900 1 9,963 8888-8892 Balboa Avenue (3) Central San Diego 2/4/2021 86,637 1 19,800 Total 359,668 11 $ 94,763 (1) Represents acquisition of a 10.97 acre redevelopment site. (2) Represents acquisition of a 2.5 acre industrial outdoor storage site. (3) Represents acquisition of a 5.6 acre redevelopment site. Dispositions On February 12, 2021, we completed the sale of our property located at 14723-14825.25 Oxnard Street for a contract price of $19.3 million. At December 31, 2020, this property was classified as held for sale. Dividends Declared On February 8, 2021, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.24 March 31, 2021 April 15, 2021 OP Units $ 0.24 March 31, 2021 April 15, 2021 5.875% Series A Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2021 March 31, 2021 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2021 March 31, 2021 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2021 March 31, 2021 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2021 March 31, 2021 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2021 March 31, 2021 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III – Real Estate and Accumulated Depreciation | REXFORD INDUSTRIAL REALTY, INC. SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (Dollars in thousands) Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 15241 - 15277, 15317 - 15339 Don Julian Rd. City of Industry, CA — (4) $ 3,875 $ 2,407 $ 9,968 $ 3,875 $ 12,375 $ 16,250 $ (7,379) 1965, 2005 / 2003 2002 300 South Lewis Road Camarillo, CA — (4) 4,150 3,050 9,406 4,150 12,456 16,606 (6,991) 1960-1963 / 2006 2003 1400 South Shamrock Ave. Monrovia, CA — 2,317 2,534 975 2,317 3,509 5,826 (2,384) 1957, 1962 / 2004 2003 2220-2260 Camino del Sol Oxnard, CA — (4) 868 — 4,594 868 4,594 5,462 (1,932) 2005 2003 14250-14278 Valley Blvd. La Puente, CA — 2,539 2,020 3,248 2,539 5,268 7,807 (3,080) 1974 / 2007 2003 2300-2386 East Walnut Ave. Fullerton, CA — (4) 6,817 6,089 1,540 6,817 7,629 14,446 (4,406) 1985-1986 / 2005 2004 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave. Sylmar, CA — 2,525 3,380 6,811 2,525 10,191 12,716 (4,790) 1969, 2008 / 2016 2004 28340 - 28400 Avenue Crocker Valencia, CA — 2,666 3,343 3,790 2,666 7,133 9,799 (3,717) 1987 / 2006 / 2015 2004 21-29 West Easy St. Simi Valley, CA — 2,346 4,522 2,470 2,346 6,992 9,338 (3,948) 1991 / 2006 2004 10439-10477 Roselle St. San Diego, CA — 4,711 3,199 3,303 4,711 6,502 11,213 (1,751) 1970 / 2007 2013 2575 Pioneer Ave. Vista, CA — 1,784 2,974 1,974 1,784 4,948 6,732 (2,795) 1988 / 2006 2004 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs, CA — 3,740 260 7,060 3,740 7,320 11,060 (2,640) 1982 / 2009 2006 28159 Avenue Stanford Valencia, CA — 1,849 6,776 5,015 1,849 11,791 13,640 (6,084) 1987 / 2008 / 2015 2006 15715 Arrow Highway Irwindale, CA — (4) 3,604 5,056 (85) 3,604 4,971 8,575 (2,704) 1989 2006 2431-2465 Impala Dr. Carlsbad, CA — 5,470 7,308 4,319 5,470 11,627 17,097 (6,489) 1983 / 2006 2006 6200 & 6300 Yarrow Dr. Carlsbad, CA — 5,001 7,658 3,791 5,001 11,449 16,450 (6,776) 1977-1988 / 2006 2005 6231 & 6241 Yarrow Dr. Carlsbad, CA — 3,473 5,119 1,163 3,473 6,282 9,755 (3,642) 1977 / 2006 2006 9160 - 9220 Cleveland Ave., 10860 6th St. Rancho Cucamonga, CA — 3,647 11,867 2,855 3,647 14,722 18,369 (8,629) 1988-1989 / 2006 2006 18118-18120 S. Broadway St. Carson, CA — 3,013 2,161 1,057 3,013 3,218 6,231 (959) 1957 / 1989, 2017 2013 901 W. Alameda Ave. Burbank, CA — 6,304 2,996 5,384 6,304 8,380 14,684 (4,565) 1969 / 2009 2007 1938-1946 E. 46th St. Vernon, CA — 7,015 7,078 1,715 7,015 8,793 15,808 (4,245) 1961, 1983 / 2008-2010 2007 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St. Pasadena, CA — 1,759 2,834 2,121 1,759 4,955 6,714 (2,104) 1947, 1985 / 2009 2008 9220-9268 Hall Rd. Downey, CA — 6,974 2,902 282 6,974 3,184 10,158 (1,654) 2008 2009 5803 Newton Dr. Carlsbad, CA — 3,152 7,155 1,719 1,692 5,754 7,446 (3,357) 1997-1999 / 2009 2007 929, 935, 939 & 951 Poinsettia Ave. Vista, CA — 4,213 5,584 859 2,678 4,587 7,265 (2,385) 1989 / 2007 2008 3720-3750 W. Warner Ave. Santa Ana, CA — 3,028 1,058 1,023 3,028 2,081 5,109 (1,102) 1973 / 2008 2007 6750 Unit C - 6780 Central Ave. Riverside, CA — 2,151 1,671 — 932 1,331 2,263 (742) 1978 2007 1050 Arroyo Ave. San Fernando, CA — 3,092 1,900 537 3,092 2,437 5,529 (802) 1969 / 2012 2010 600-650 South Grand Ave. Santa Ana, CA — 4,298 5,075 1,500 4,298 6,575 10,873 (2,198) 1988 2010 121-125 N. Vinedo Ave. Pasadena, CA — 3,481 3,530 15 3,481 3,545 7,026 (1,341) 1953 / 1993 2011 3441 West MacArthur Blvd. Santa Ana, CA — 4,179 5,358 5 4,179 5,363 9,542 (1,554) 1973 2011 6701 & 6711 Odessa Ave. Van Nuys, CA — 1,582 1,856 145 1,582 2,001 3,583 (571) 1970-1972 / 2012 2011 10700 Jersey Blvd. Rancho Cucamonga, CA — 3,158 4,860 1,204 3,158 6,064 9,222 (1,944) 1988-1989 2011 15705, 15709 Arrow Highway & 5220 Fourth St. Irwindale, CA — 3,608 2,699 542 3,608 3,241 6,849 (1,073) 1987 2011 20920-20950 Normandie Ave. Torrance, CA — 3,253 1,605 606 3,253 2,211 5,464 (772) 1989 2011 14944, 14946, 14948 Shoemaker Ave. Santa Fe Springs, CA — 3,720 2,641 589 3,720 3,230 6,950 (1,118) 1978 / 2012 2011 6423-6431 & 6407-6119 Alondra Blvd. Paramount, CA — 1,396 925 192 1,396 1,117 2,513 (329) 1986 2011 1400 S. Campus Ave. Ontario, CA — 3,266 2,961 2 3,266 2,963 6,229 (1,609) 1964-1966, 1973, 1987 2012 15041 Calvert St. Van Nuys, CA — 4,096 1,570 272 4,096 1,842 5,938 (493) 1971 2012 701 Del Norte Blvd. Oxnard, CA — 3,082 6,230 1,033 3,082 7,263 10,345 (2,173) 2000 2012 3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd. Los Angeles, CA — 17,978 39,471 3,375 17,978 42,846 60,824 (12,530) 1966, 1992, 1993, 1994 2013 1661 240th St. Los Angeles, CA — 3,043 2,550 3,884 3,043 6,434 9,477 (2,049) 1975 / 1995 2013 8101-8117 Orion Ave. Van Nuys, CA — 1,389 3,872 640 1,389 4,512 5,901 (1,334) 1978 2013 18310-18330 Oxnard St. Tarzana, CA — 2,497 5,494 1,384 2,497 6,878 9,375 (1,998) 1973 2013 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 1100-1170 Gilbert St. & 2353-2373 La Palma Ave. Anaheim, CA 2,293 4,582 5,135 2,041 4,582 7,176 11,758 (2,172) 1972 / 1990 / 2013 2013 280 Bonita Ave., 2743 Thompson Creek Rd. Pomona, CA — 8,001 17,734 40 8,001 17,774 25,775 (4,674) 1983 2013 2950 Madera Rd. Simi Valley, CA — (4) 3,601 8,033 2 3,601 8,035 11,636 (2,137) 1988 / 2005 2013 10635 Vanowen St. Burbank, CA — 1,517 1,833 923 1,517 2,756 4,273 (864) 1977 2013 7110 Rosecrans Ave. Paramount, CA — 3,117 1,894 2,166 3,117 4,060 7,177 (847) 1972 / 2015, 2019 2014 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St. Ontario, CA — 2,260 6,043 710 2,260 6,753 9,013 (2,088) 1985 2014 1500-1510 W. 228th St. Torrance, CA — 2,428 4,271 4,923 2,428 9,194 11,622 (1,731) 1963 / 1968, 2017 2014 24105 Frampton Ave. Torrance, CA — 2,315 1,553 2,071 2,315 3,624 5,939 (789) 1974 / 2016 2014 1700 Saturn Way Seal Beach, CA — 7,935 10,525 342 7,935 10,867 18,802 (2,794) 2006 2014 2980 & 2990 N San Fernando Road Burbank, CA — 6,373 7,356 550 6,373 7,906 14,279 (2,325) 1950 / 2004 2014 20531 Crescent Bay Dr. Lake Forest, CA — 2,181 4,012 417 2,181 4,429 6,610 (1,227) 1998 2014 2610 & 2701 S. Birch Street Santa Ana, CA — 9,305 2,115 4,398 9,305 6,513 15,818 (1,538) 1965 / 2016 2014 710 South Dupont Avenue & 4051 Santa Ana Street Ontario, CA — 3,725 6,145 268 3,725 6,413 10,138 (1,811) 2001 2014 9755 Distribution Ave. San Diego, CA — 1,863 3,211 (16) 1,863 3,195 5,058 (846) 1974 2014 9855 Distribution Ave San Diego, CA — 2,733 5,041 208 2,733 5,249 7,982 (1,380) 1983 2014 9340 Cabot Drive San Diego, CA — 4,311 6,126 1,054 4,311 7,180 11,491 (1,835) 1975 / 1976 2014 9404 Cabot Drive San Diego, CA — 2,413 3,451 211 2,413 3,662 6,075 (940) 1975 / 1976 2014 9455 Cabot Drive San Diego, CA — 4,423 6,799 554 4,423 7,353 11,776 (2,131) 1975 / 1976 2014 14955-14971 E Salt Lake Ave City of Industry, CA — 5,125 5,009 863 5,125 5,872 10,997 (1,656) 1979 2014 5235 East Hunter Ave. Anaheim, CA — 5,240 5,065 1,338 5,240 6,403 11,643 (1,888) 1987 2014 3880 West Valley Blvd. Pomona, CA — 3,982 4,796 3,599 3,982 8,395 12,377 (2,091) 1980 / 2017 2014 1601 Alton Pkwy. Irvine, CA — 7,638 4,946 8,454 7,638 13,400 21,038 (2,339) 1974 / 2018 2014 3116 W. Avenue 32 Los Angeles, CA — 3,761 6,729 3,351 3,761 10,080 13,841 (2,065) 1974 2014 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth, CA — 7,230 9,058 1,981 7,230 11,039 18,269 (3,086) 1979 / 1980 2014 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 24935 & 24955 Avenue Kearny Santa Clarita, CA — 4,773 5,970 785 4,773 6,755 11,528 (1,917) 1988 2014 605 8th Street San Fernando, CA — 2,393 2,742 1,744 2,393 4,486 6,879 (984) 1991 / 2015, 2020 2014 9120 Mason Ave. Chatsworth, CA — 9,224 19,346 271 9,224 19,617 28,841 (4,712) 1967 / 1999 2014 7900 Nelson Rd. Los Angeles, CA — 8,495 15,948 2,079 8,495 18,027 26,522 (4,133) 1998 / 2015 2014 679-691 S Anderson St. Los Angeles, CA — 1,723 4,767 1,469 1,723 6,236 7,959 (1,257) 1992 / 2017 2014 10509 Business Drive Fontana, CA — 3,505 5,237 568 3,505 5,805 9,310 (1,587) 1989 2014 13231 Slover Avenue Fontana, CA — 2,812 4,739 743 2,812 5,482 8,294 (1,325) 1990 2014 240 W Ivy Avenue Inglewood, CA — 2,064 3,675 4,219 2,064 7,894 9,958 (1,292) 1981 2014 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard, CA — 2,616 8,311 1,328 2,616 9,639 12,255 (2,470) 1988 2014 1800 Eastman Ave. Oxnard, CA — 842 2,209 70 842 2,279 3,121 (666) 2009 2014 2360-2364 E. Sturgis Road Oxnard, CA — 1,128 2,726 520 1,128 3,246 4,374 (986) 1989 2014 201 Rice Ave. & 2400-2420 Celsius Oxnard, CA — 3,487 9,589 374 3,487 9,963 13,450 (2,592) 2008 2014 11120, 11160, 11200 Hindry Ave Los Angeles, CA — 3,478 7,834 387 3,478 8,221 11,699 (2,026) 1992 / 1994 2014 6970-7170 & 7310-7374 Convoy Ct. San Diego, CA — 10,805 18,426 2,232 10,805 20,658 31,463 (5,375) 1971 2014 12907 Imperial Highway Santa Fe Springs, CA — 5,462 6,678 — 5,462 6,678 12,140 (1,559) 1997 2015 8902-8940 Activity Road San Diego, CA — 9,427 8,103 1,714 9,427 9,817 19,244 (2,575) 1987 / 1997 2015 1210 N Red Gum St. Anaheim, CA — 3,326 4,020 1,441 3,326 5,461 8,787 (1,154) 1985 / 2020 2015 9615 Norwalk Blvd. Santa Fe Springs, CA — 8,508 1,134 1,025 8,508 2,159 10,667 (493) 1975 2015 16221 Arthur St. Cerritos, CA — 2,979 3,204 429 2,979 3,633 6,612 (838) 1979 2015 2588 & 2605 Industry Way Lynwood, CA — 8,738 9,415 — 8,738 9,415 18,153 (2,293) 1969 / 1971 2015 425 S. Hacienda Blvd. City of Industry, CA — 4,010 3,050 117 4,010 3,167 7,177 (782) 1997 2015 6700 S Alameda St. Huntington Park, CA — 3,502 9,279 257 3,502 9,536 13,038 (2,662) 1990 / 2008 2015 12720-12860 Danielson Ct. Poway, CA — 6,902 8,949 450 6,902 9,399 16,301 (2,898) 1999 2015 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs, CA — 3,446 1,241 84 3,446 1,325 4,771 (450) 1982 2015 610-760 W Hueneme Rd. & 5651-5721 Perkins Rd. Oxnard, CA — 3,310 5,806 1,066 3,310 6,872 10,182 (1,989) 1985 2015 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 10701-10719 Norwalk Blvd. Santa Fe Springs, CA — 3,357 3,527 147 3,357 3,674 7,031 (873) 2004 2015 6020 Sheila St. Commerce, CA — 4,590 7,772 583 4,590 8,355 12,945 (1,804) 2000 2015 9805 6th St. Rancho Cucamonga, CA — 3,503 3,204 833 3,503 4,037 7,540 (1,173) 1986 2015 16321 Arrow Hwy. Irwindale, CA — 3,087 4,081 453 3,087 4,534 7,621 (983) 1955 / 2001 2015 601-605 S. Milliken Ave. Ontario, CA — 5,479 7,036 1,137 5,479 8,173 13,652 (2,176) 1987 / 1988 2015 1065 E. Walnut Ave. Carson, CA — 10,038 4,380 3,530 10,038 7,910 17,948 (2,192) 1974 2015 12247 Lakeland Rd. Santa Fe Springs, CA — 3,481 776 1,159 3,481 1,935 5,416 (401) 1971 / 2016 2015 17311 Nichols Lane Huntington Beach, CA — 7,988 8,728 3 7,988 8,731 16,719 (1,900) 1993 / 2014 2015 8525 Camino Santa Fe San Diego, CA — 4,038 4,055 818 4,038 4,873 8,911 (1,124) 1986 2016 28454 Livingston Avenue Valencia, CA — 5,150 9,666 200 5,150 9,866 15,016 (2,028) 2007 2016 20 Icon Lake Forest, CA — 12,576 8,817 160 12,576 8,977 21,553 (2,588) 1999 / 2015 2016 16425 Gale Avenue City of Industry, CA — 18,803 6,029 1,006 18,803 7,035 25,838 (1,435) 1976 2016 12131 Western Avenue Garden Grove, CA — 15,077 11,149 4,685 15,077 15,834 30,911 (2,869) 1987 / 2007, 2017 2016 9 Holland Irvine, CA — 13,724 9,365 142 13,724 9,507 23,231 (2,070) 1980 / 2013 2016 15996 Jurupa Avenue Fontana, CA — 7,855 12,056 4 7,855 12,060 19,915 (2,379) 2015 2016 11127 Catawba Avenue Fontana, CA — 5,562 8,094 4 5,562 8,098 13,660 (1,605) 2015 2016 13550 Stowe Drive Poway, CA — 9,126 8,043 — 9,126 8,043 17,169 (1,903) 1991 2016 10750-10826 Lower Azusa Road El Monte, CA — 4,433 2,961 1,163 4,433 4,124 8,557 (924) 1975 2016 525 Park Avenue San Fernando, CA — 3,830 3,887 164 3,830 4,051 7,881 (837) 2003 2016 3233 Mission Oaks Blvd. Camarillo, CA — 13,791 10,017 13,282 13,791 23,299 37,090 (3,518) 1980-1982 / 2014, 2018, 2019 2016 1600 Orangethorpe Ave. & 1335-1375 Acacia Ave. Fullerton, CA — 26,659 12,673 3,755 26,659 16,428 43,087 (3,795) 1968/1985 2016 14742-14750 Nelson Avenue City of Industry, CA — 13,463 1,680 16,946 13,463 18,626 32,089 (1,835) 1969 / 2018 2016 301-445 Figueroa Street Wilmington, CA — 7,126 5,728 4,891 7,126 10,619 17,745 (1,464) 1972 / 2018 2016 12320 4th Street Rancho Cucamonga, CA — 12,642 14,179 3 12,642 14,182 26,824 (2,810) 1997 / 2003 2016 9190 Activity Road San Diego, CA — 8,497 5,622 682 8,497 6,304 14,801 (1,375) 1986 2016 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 28903-28903 Avenue Paine Valencia, CA — 10,620 6,510 7,456 10,620 13,966 24,586 (977) 1999 / 2018 2017 2390 Ward Avenue Simi Valley, CA — 5,624 10,045 845 5,624 10,890 16,514 (2,067) 1989 2017 Safari Business Center (5) Ontario, CA — 50,807 86,065 6,925 50,807 92,990 143,797 (15,228) 1989 2017 4175 Conant Street Long Beach, CA — 13,785 13,440 — 13,785 13,440 27,225 (2,176) 2015 2017 5421 Argosy Avenue Huntington Beach, CA — 3,577 1,490 2 3,577 1,492 5,069 (438) 1976 2017 14820-14830 Carmenita Road Norwalk, CA — 22,938 6,738 798 22,938 7,536 30,474 (1,332) 1970, 2000 2017 3002-3072 Inland Empire Blvd. Ontario, CA — 11,980 14,439 2,726 11,980 17,165 29,145 (2,956) 1981 2017 17000 Kingsview Avenue & 800 Sandhill Avenue Carson, CA — 7,988 5,472 975 7,988 6,447 14,435 (875) 1984 2017 2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way Rancho Dominguez, CA — 121,329 86,776 5,150 121,329 91,926 213,255 (14,346) 1989 2017 11190 White Birch Drive Rancho Cucamonga, CA — 9,405 9,840 280 9,405 10,120 19,525 (1,638) 1986 2017 4832-4850 Azusa Canyon Road Irwindale, CA — 5,330 8,856 7 5,330 8,863 14,193 (1,288) 2016 2017 1825 Soto Street Los Angeles, CA — 2,129 1,315 3 2,129 1,318 3,447 (220) 1993 2017 19402 Susana Road Rancho Dominguez, CA — 3,524 357 5 3,524 362 3,886 (113) 1957 2017 13225 Western Avenue Gardena, CA — 1,918 355 363 1,918 718 2,636 (94) 1955 2017 15401 Figueroa Street Los Angeles, CA — 3,255 1,248 731 3,255 1,979 5,234 (240) 1964 / 2018 2017 8542 Slauson Avenue Pico Rivera, CA — 8,681 576 940 8,681 1,516 10,197 (257) 1964 2017 687 Eucalyptus Avenue Inglewood, CA — 37,035 15,120 275 37,035 15,395 52,430 (1,884) 2017 2017 302 Rockefeller Avenue Ontario, CA — 6,859 7,185 14 6,859 7,199 14,058 (965) 2000 2017 4355 Brickell Street Ontario, CA — 7,295 5,616 71 7,295 5,687 12,982 (825) 2004 2017 12622-12632 Monarch Street Garden Grove, CA — 11,691 8,290 1,002 11,691 9,292 20,983 (1,313) 1967 2017 8315 Hanan Way Pico Rivera, CA — 8,714 4,751 180 8,714 4,931 13,645 (655) 1976 2017 13971 Norton Avenue Chino, CA — 5,293 6,377 96 5,293 6,473 11,766 (922) 1990 2018 1900 Proforma Avenue Ontario, CA — 10,214 5,127 969 10,214 6,096 16,310 (1,116) 1989 2018 16010 Shoemaker Avenue Cerritos, CA — 9,927 6,948 128 9,927 7,076 17,003 (919) 1985 2018 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 4039 Calle Platino Oceanside, CA — 9,476 11,394 632 9,476 12,026 21,502 (1,474) 1991 2018 851 Lawrence Drive Thousand Oaks, CA — 6,717 — 7,242 6,717 7,242 13,959 — 1968 2018 1581 North Main Street Orange, CA — 4,230 3,313 4 4,230 3,317 7,547 (402) 1994 2018 1580 West Carson Street Long Beach, CA — 5,252 2,496 1,705 5,252 4,201 9,453 (387) 1982 / 2018 2018 660 & 664 North Twin Oaks Valley Road San Marcos, CA — 6,307 6,573 82 6,307 6,655 12,962 (903) 1978 - 1988 2018 1190 Stanford Court Anaheim, CA — 3,583 2,430 97 3,583 2,527 6,110 (295) 1979 2018 5300 Sheila Street Commerce, CA — 90,568 54,086 218 90,568 54,304 144,872 (6,503) 1975 2018 15777 Gateway Circle Tustin, CA — 3,815 4,292 20 3,815 4,312 8,127 (457) 2005 2018 1998 Surveyor Avenue Simi Valley, CA — 3,670 2,263 4,754 3,670 7,017 10,687 (541) 2018 2018 3100 Fujita Street Torrance, CA — 7,723 5,649 206 7,723 5,855 13,578 (709) 1970 2018 4416 Azusa Canyon Road Irwindale, CA — 10,762 1,567 217 10,762 1,784 12,546 (230) 1956 2018 1420 McKinley Avenue Compton, CA — 17,053 13,605 143 17,053 13,748 30,801 (1,485) 2017 2018 12154 Montague Street Pacoima, CA — 10,114 12,767 546 10,114 13,313 23,427 (1,250) 1974 2018 10747 Norwalk Boulevard Santa Fe Springs, CA — 5,646 4,966 184 5,646 5,150 10,796 (525) 1999 2018 29003 Avenue Sherman Valencia, CA — 3,094 6,467 1,735 3,094 8,202 11,296 (307) 2000 / 2019 2018 16121 Carmenita Road Cerritos, CA — 10,013 3,279 3,622 10,013 6,901 16,914 (155) 1969/1983, 2020 2018 1332-1340 Rocky Point Drive Oceanside, CA — 3,816 6,148 363 3,816 6,511 10,327 (541) 2009 / 2019 2018 6131-6133 Innovation Way Carlsbad, CA — 10,545 11,859 98 10,545 11,957 22,502 (1,153) 2017 2018 263-321 Gardena Boulevard Carson, CA — 14,302 1,960 199 14,302 2,159 16,461 (384) 1977 - 1982 2018 9200 Mason Avenue Chatsworth, CA — 4,887 4,080 — 4,887 4,080 8,967 (399) 1968 2018 9230 Mason Avenue Chatsworth, CA — 4,454 955 — 4,454 955 5,409 (148) 1974 2018 9250 Mason Avenue Chatsworth, CA — 4,034 2,464 — 4,034 2,464 6,498 (261) 1977 2018 9171 Oso Avenue Chatsworth, CA — 5,647 2,801 — 5,647 2,801 8,448 (327) 1980 2018 5593-5595 Fresca Drive La Palma, CA — 11,414 2,502 14 11,414 2,516 13,930 (361) 1973 2018 6100 Sheila Street Commerce, CA — 11,789 5,214 327 11,789 5,541 17,330 (858) 1960 2018 14421-14441 Bonelli Street City of Industry, CA — 12,191 7,489 16 12,191 7,505 19,696 (753) 1971 2018 12821 Knott Street Garden Grove, CA — 17,896 2,824 3,746 17,896 6,570 24,466 — 1971 2019 28510 Industry Drive Valencia, CA — 2,395 5,466 124 2,395 5,590 7,985 (416) 2017 2019 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired Conejo Spectrum Business Park Thousand Oaks, CA — 38,877 64,721 1,784 38,877 66,505 105,382 (4,821) 2018 / 2020 2019 2455 Ash Street Vista, CA — 4,273 1,966 221 4,273 2,187 6,460 (222) 1990 2019 25413 Rye Canyon Road Santa Clarita, CA — 3,245 2,352 897 3,245 3,249 6,494 (233) 1981 2019 1515 15th Street Los Angeles, CA — 23,363 5,208 2,237 23,363 7,445 30,808 (358) 1977 2019 13890 Nelson Avenue City of Industry, CA — 25,642 14,616 45 25,642 14,661 40,303 (1,134) 1982 2019 445-449 Freedom Avenue Orange, CA — 9,084 8,286 105 9,084 8,391 17,475 (633) 1980 2019 2270 Camino Vida Roble Carlsbad, CA — 8,102 8,179 2,751 8,102 10,930 19,032 (754) 1981 2019 980 Rancheros Drive San Marcos, CA — 2,901 4,245 247 2,901 4,492 7,393 (324) 1982 2019 1145 Arroyo Avenue San Fernando, CA — 19,556 9,567 286 19,556 9,853 29,409 (767) 1989 2019 1150 Aviation Place San Fernando, CA — 18,989 10,067 — 18,989 10,067 29,056 (835) 1989 2019 1175 Aviation Place San Fernando, CA — 12,367 4,858 113 12,367 4,971 17,338 (411) 1989 2019 1245 Aviation Place San Fernando, CA — 16,407 9,572 22 16,407 9,594 26,001 (749) 1989 2019 635 8th Street San Fernando, CA — 8,787 5,922 2,037 8,787 7,959 16,746 (181) 1989 2019 10015 Waples Court San Diego, CA — 12,280 9,198 5,332 12,280 14,530 26,810 (127) 1988 / 2020 2019 19100 Susana Road Rancho Dominguez, CA — 11,576 2,265 337 11,576 2,602 14,178 (239) 1956 2019 15385 Oxnard Street Van Nuys, CA — 11,782 5,212 204 11,782 5,416 17,198 (382) 1988 2019 9750-9770 San Fernando Road Sun Valley, CA — 6,718 543 72 6,718 615 7,333 (97) 1952 2019 218 S. Turnbull Canyon City of Industry, CA — 19,075 8,061 193 19,075 8,254 27,329 (637) 1999 2019 Limonite Ave. & Archibald Ave. Eastvale, CA — 23,848 — 32,411 23,848 32,411 56,259 (1) 2020 2019 3340 San Fernando Road Los Angeles, CA — 2,885 147 (115) 2,770 147 2,917 (27) N/A 2019 5725 Eastgate Drive San Diego, CA — 6,543 1,732 308 6,543 2,040 8,583 (186) 1995 2019 18115 Main Street Carson, CA — 7,142 776 42 7,142 818 7,960 (86) 1988 2019 3150 Ana Street Rancho Dominguez, CA — 15,997 3,036 — 15,997 3,036 19,033 (207) 1957 2019 1402 Avenida Del Oro Oceanside, CA — 33,006 34,439 22 33,006 34,461 67,467 (2,162) 2016 2019 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 9607-9623 Imperial Highway Downey, CA — 9,766 865 396 9,766 1,261 11,027 (103) 1974 2019 12200 Bellflower Boulevard Downey, CA — 14,960 2,057 12 14,960 2,069 17,029 (189) 1955 2019 Storm Parkway Torrance, CA — 42,178 21,987 199 42,178 22,186 64,364 (1,251) 1982 - 2008 2019 2328 Teller Road Newbury Park, CA — 8,330 14,304 747 8,330 15,051 23,381 (832) 1970 / 2018 2019 6277-6289 Slauson Avenue Commerce, CA — 27,809 11,454 540 27,809 11,994 39,803 (673) 1962 - 1977 2019 750 Manville Street Compton, CA — 8,283 2,784 389 8,283 3,173 11,456 (159) 1977 2019 8985 Crestmar Point San Diego, CA — 6,990 1,350 248 6,990 1,598 8,588 (125) 1988 2019 404-430 Berry Way Brea, CA — 21,047 4,566 1,018 21,047 5,584 26,631 (349) 1964 - 1967 2019 415-435 Motor Avenue Azusa, CA — 7,364 — 1,067 7,364 1,067 8,431 — 1956 2019 508 East E Street Wilmington, CA — 10,742 4,380 31 10,742 4,411 15,153 (239) 1988 2019 12752-12822 Monarch Street Garden Grove, CA — 29,404 4,262 1,097 29,404 5,359 34,763 (268) 1971 2019 1601 Mission Blvd. Pomona, CA — 67,623 18,962 71 67,623 19,033 86,656 (1,200) 1952 2019 2757 Del Amo Blvd. Rancho Dominguez, CA — 10,035 2,073 2 10,035 2,075 12,110 (141) 1967 2019 18250 Euclid Street Fountain Valley, CA — 11,116 3,201 — 11,116 3,201 14,317 (154) 1974 2019 701-751 Kingshill Place Carson, CA 7,100 23,016 10,344 2,160 23,016 12,504 35,520 (365) 1979 / 2020 2020 2601-2641 Manhattan Beach Blvd Redondo Beach, CA 4,065 30,333 9,427 916 30,333 10,343 40,676 (400) 1978 2020 2410-2420 Santa Fe Avenue Redondo Beach, CA 10,300 24,310 13,128 1 24,310 13,129 37,439 (441) 1977 2020 11600 Los Nietos Road Santa Fe Springs, CA 2,785 12,033 4,666 116 12,033 4,782 16,815 (186) 1976 2020 5160 Richton Street Montclair, CA 4,387 7,199 8,203 330 7,199 8,533 15,732 (276) 2004 2020 2205 126th Street Hawthorne, CA 5,200 11,407 6,834 737 11,407 7,571 18,978 (247) 1998 2020 11832-11954 La Cienega Blvd Hawthorne, CA 4,072 13,625 5,721 195 13,625 5,916 19,541 (248) 1999 2020 7612-7642 Woodwind Drive Huntington Beach, CA 3,895 10,634 2,901 27 10,634 2,928 13,562 (120) 2001 2020 960-970 Knox Street Torrance, CA 2,488 7,324 2,380 189 7,324 2,569 9,893 (100) 1976 2020 25781 Atlantic Ocean Drive Lake Forest, CA — 4,358 1,067 — 4,358 1,067 5,425 (48) 1996 2020 720-750 Vernon Avenue Azusa, CA — 14,088 1,638 4 14,088 1,642 15,730 (87) 1950 2020 6687 Flotilla Street Commerce, CA — 14,501 6,053 436 14,501 6,489 20,990 (187) 1956 2020 Initial Cost Costs Capitalized Subsequent to Acquisition (1) Gross Amounts at Which Carried at Close of Period Property Address Location Encumbrances Land Building and Improvements Building and Improvements Land (2) Building & Improvements (2) Total Accumulated Depreciation (3) Year Build / Year Renovated Year Acquired 1055 Sandhill Avenue Carson, CA — 11,970 — 861 11,970 861 12,831 — 1973 2020 22895 Eastpark Drive Yorba Linda, CA 2,749 5,337 1,370 — 5,337 1,370 6,707 (43) 1986 2020 8745-8775 Production Avenue San Diego, CA — 6,471 1,551 104 6,471 1,655 8,126 (43) 1974 2020 15850 Slover Avenue Fontana, CA — 3,634 6,452 11 3,634 6,463 10,097 (135) 2020 2020 15650-15700 Avalon Blvd Los Angeles, CA — 22,353 5,988 140 22,353 6,128 28,481 (123) 1962 - 1978 2020 11308-11350 Penrose Street Sun Valley, CA — 15,884 11,169 11 15,884 11,180 27,064 (231) 1974 2020 11076-11078 Fleetwood Street Sun Valley, CA — 3,217 1,446 69 3,217 1,515 4,732 (29) 1974 2020 11529-11547 Tuxford Street Sun Valley, CA — 3,173 1,767 47 3,173 1,814 4,987 (35) 1976 2020 12133 Greenstone Avenue Santa Fe Springs, CA — 5,900 891 197 5,900 1,088 6,988 (42) 1967 2020 12772 San Fernando Road Sylmar, CA — 17,302 3,832 12 17,302 3,844 21,146 (42) 1964 / 2013 2020 15601 Avalon Blvd Los Angeles, CA — 15,776 — 222 15,776 222 15,998 — 1984 2020 Gateway Pointe Whittier, CA — 132,659 154,250 1 132,659 154,251 286,910 (741) 2005 - 2006 2020 13943-13955 Balboa Blvd Sylmar, CA 15,661 26,795 18,484 — 26,795 18,484 45,279 (104) 2000 2020 Van Nuys Airport Industrial Center Van Nuys, CA — 91,894 58,625 — 91,894 58,625 150,519 (104) 1961 - 2007 2020 4039 State Street Montclair, CA — 12,829 15,485 — 12,829 15,485 28,314 (27) 2020 2020 10156 Live Oak Avenue Fontana, CA — 19,779 27,186 — 19,779 27,186 46,965 (43) 2020 2020 10694 Tamarind Avenue Fontana, CA — 8,878 12,325 — 8,878 12,325 21,203 (20) 2020 2020 2520 Baseline Road Rialto, CA — 12,513 16,377 — 12,513 16,377 28,890 (27) 2020 2020 12211 Greenstone Avenue Santa Fe Springs, CA — 15,729 1,636 — 15,729 1,636 17,365 (6) N/A 2020 East 27th Street Los Angeles, CA — 40,332 21,842 — 40,332 21,842 62,174 (41) 1961 - 2004 2020 2750 Alameda Street Los Angeles, CA — 24,644 5,771 — 24,644 5,771 30,415 (15) 1961 - 1980 2020 29010 Avenue Paine Valencia, CA — 7,401 8,168 — 7,401 8,168 15,569 (15) 2000 2020 29010 Commerce Center Drive Valencia, CA — 10,499 13,832 — 10,499 13,832 24,331 (23) 2002 2020 13369 Valley Blvd Fontana, CA — 9,675 10,393 — 9,675 10,393 20,068 (19) 2005 2020 6635 Caballero Blvd Buena Park, CA — 14,288 7,919 — 14,288 7,919 22,207 (13) 2003 2020 1235 South Lewis Street Anaheim, CA — 16,984 1,519 — 16,984 1,519 18,503 (5) 1956 2020 Investments in real estate $ 64,995 $ 2,641,145 $ 1,976,099 $ 340,241 $ 2,636,816 $ 2,311,139 $ 4,947,955 $ (375,423) Note: As of December 31, 2020, the aggregate cost for federal income tax purposes of investments in real estate was approximately $4.7 billion. (1) Costs capitalized subsequent to acquisition are net of the write-off of fully depreciated assets and include construction in progress. (2) During 2009, we recorded impairment charges totaling $19.6 million in continuing operations (of which $9.5 million relates to properties still owned by us) to write down our investments in real estate to fair value. Of the $9.5 million, $4.2 million is included as a reduction of “Land” in the table above, with the remaining $5.3 million included as a reduction of “Buildings and Improvements”. (3) The depreciable life for buildings and improvements ranges from 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for tenant improvements. (4) These six properties secure a term loan that had a balance of $58.5 million as of December 31, 2020. (5) Safari Business Park consists of 16 buildings with the following addresses: 1845, 1885, 1901-1957 and 2037-2077 Vineyard Avenue; 1906-1946 and 2048-2058 Cedar Street; 1900-1956, 1901-1907, 1911-1951, 2010-2020 and 2030-2071 Lynx Place; 1810, 1840-1898, 1910-1960 and 2030-2050 Carlos Avenue; 2010-2057 and 2060-2084 Francis Street. Year Ended December 31, Total Real Estate Held for Investment 2020 2019 2018 Balance, beginning of year $ 3,698,390 $ 2,716,083 $ 2,161,965 Acquisition of investment in real estate 1,210,289 952,981 513,511 Construction costs and improvements 84,392 50,169 58,207 Disposition of investment in real estate (34,068) (19,956) (17,060) Properties held for sale (10,353) — — Write-off of fully depreciated assets (695) (772) (540) Other (1) — (115) — Balance, end of year $ 4,947,955 $ 3,698,390 $ 2,716,083 Year Ended December 31, Accumulated Depreciation 2020 2019 2018 Balance, beginning of year $ (296,777) $ (228,742) $ (173,541) Depreciation of investment in real estate (86,159) (72,505) (57,312) Disposition of investment in real estate 5,270 3,698 1,571 Properties held for sale 1,548 — — Write-off of fully depreciated assets 695 772 540 Balance, end of year $ (375,423) $ (296,777) $ (228,742) (1) On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. The $0.1 million adjustment to the carrying value of the land is the difference between the purchase price of the land parcel and the carrying amount of the ground lease liability immediately before the acquisition. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation | Basis of Presentation and Principles of Consolidation The accompanying financial statements are the consolidated financial statements of Rexford Industrial Realty, Inc. and its subsidiaries, including our Operating Partnership. All significant intercompany balances and transactions have been eliminated in the consolidated financial statements. Under consolidation guidance, we have determined that our Operating Partnership is a variable interest entity because the holders of limited partnership interests do not have substantive kick-out rights or participating rights. Furthermore, we are the primary beneficiary of the Operating Partnership because we have the obligation to absorb losses and the right to receive benefits from the Operating Partnership and the exclusive power to direct the activities of the Operating Partnership. As of December 31, 2020 and 2019, the assets and liabilities of the Company and the Operating Partnership are substantially the same, as the Company does not have any significant assets other than its investment in the Operating Partnership. |
Basis of Accounting | The accompanying consolidated financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) as established by the Financial Accounting Standards Board (“FASB”) in the Accounting Standards Codification (“ASC”) including modifications issued under Accounting Standards Updates (“ASUs”). Any reference to the number of properties, buildings and square footage are unaudited and outside the scope of our independent auditor’s audit of our financial statements in accordance with the standards of the Public Company Accounting Oversight Board. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents Cash and cash equivalents include all cash and liquid investments with an initial maturity of three months or less. The carrying amount approximates fair value due to the short-term maturity of these investments. Restricted Cash Restricted cash is comprised of escrow reserves that we are required to set aside for future costs as required by certain agreements with our lenders, and from time to time, includes cash proceeds from property sales that are being held by qualified intermediaries for purposes of facilitating tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”). As of December 31, 2020, the restricted cash balance of $1.2 million was comprised of $1.2 million of net cash proceeds from the sale of one of our properties and $26 thousand of reserves for real estate taxes related to the property located at 960-970 Knox Street. As of December 31, 2019, we did not have a balance in restricted cash. Restricted cash balances are included with cash and cash equivalent balances as of the beginning and ending of each period presented in the consolidated statements of cash flows. The following table provides a reconciliation of our cash and cash equivalents and restricted cash at the beginning and end of the years ended December 31, 2020 and 2019 (in thousands): Year Ended December 31, 2020 2019 Cash and cash equivalents $ 78,857 $ 180,601 Restricted cash — — Cash, cash equivalents and restricted cash, beginning of period $ 78,857 $ 180,601 Cash and cash equivalents $ 176,293 $ 78,857 Restricted cash 1,230 — Cash, cash equivalents and restricted cash, end of period $ 177,523 $ 78,857 |
Investment in Real Estate | Investments in Real Estate Acquisitions We account for acquisitions of properties under ASU 2017-01, Business Combinations–Clarifying the Definition of a Business, which provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses and further revises the definition of a business. Our acquisitions of properties generally do not meet the definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes the purchase price and associated acquisition transaction costs, to the individual assets acquired and liabilities assumed on a relative fair value basis. These individual assets and liabilities typically include land, building and improvements, tenant improvements, intangible assets and liabilities related to above- and below-market leases, intangible assets related to in-place leases, and from time to time, assumed mortgage debt. As there is no measurement period concept for an asset acquisition, the allocated cost of the acquired assets is finalized in the period in which the acquisition occurs. We determine the fair value of the tangible assets of an acquired property by valuing the property as if it were vacant. This “as-if vacant” value is estimated using an income, or discounted cash flow, approach that relies upon Level 3 inputs, which are unobservable inputs based on the Company’s assumptions with respect to the assumptions a market participant would use. These Level 3 inputs include discount rates, capitalization rates, market rental rates and comparable sales data for similar properties. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. In determining the “as-if-vacant” value for the properties we acquired during the year ended December 31, 2020, we used discount rates ranging from 4.75% to 7.00% and exit capitalization rates ranging from 4.00% to 6.00%. In determining the fair value of intangible lease assets or liabilities, we also consider Level 3 inputs. Acquired above- and below-market leases are valued based on the present value of the difference between prevailing market rental rates and the in-place rental rates measured over a period equal to the remaining term of the lease for above-market leases and the initial term plus the term of any below-market fixed rate renewal options for below-market leases, if applicable. The estimated fair value of acquired in-place at-market tenant leases are the estimated costs that would have been incurred to lease the property to the occupancy level of the property at the date of acquisition. We consider estimated costs such as the value associated with leasing commissions, legal and other costs, as well as the estimated period of time necessary to lease such a property to its occupancy level at the time of its acquisition. In determining the fair value of acquisitions completed during the year ended December 31, 2020, we used an estimated average lease-up period ranging from six months to nine months. The difference between the fair value and the face value of debt assumed, if any, in connection with an acquisition is recorded as a premium or discount and amortized to “interest expense” over the life of the debt assumed. The valuation of assumed liabilities are based on our estimate of the current market rates for similar liabilities in effect at the acquisition date. In determining the fair value of debt assumed during the year ended December 31, 2020, we used estimated market interest rates ranging from 3.00% to 3.75%. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing development, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the development and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $3.9 million, $3.9 million and $2.1 million during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized real estate taxes and insurance aggregating $1.2 million, $1.3 million, and $0.9 million and during the years ended December 31, 2020, 2019 and 2018, respectively. We capitalized compensation costs for employees who provide construction services of $4.1 million, $2.7 million and $2.2 million during the years ended December 31, 2020, 2019 and 2018, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated remaining life of 10-30 years for buildings, 5-20 years for site improvements, and the shorter of the estimated useful life or respective lease term for in-place lease intangibles and tenant improvements. As discussed above in— Investments in Real Estate — Acquisitions , in connection with property acquisitions, we may acquire leases with rental rates above or below the market rental rates. Such differences are recorded as an acquired lease intangible asset or liability and amortized to “rental income” over the remaining term of the related leases. Our estimate of the useful life of our assets is evaluated upon acquisition and when circumstances indicate that a change in the useful life has occurred, which requires significant judgment regarding the economic obsolescence of tangible and intangible assets. |
Assets Held for Sale | Assets Held for Sale We classify a property as held for sale when all of the criteria set forth in ASC Topic 360: Property, Plant and Equipment (“ASC 360”) have been met. The criteria are as follows: (i) management, having the authority to approve the action, commits to a plan to sell the property; (ii) the property is available for immediate sale in its present condition, subject only to terms that are usual and customary; (iii) an active program to locate a buyer and other actions required to complete the plan to sell have been initiated; (iv) the sale of the property is probable and is expected to be completed within one year; (v) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (vi) actions necessary to complete the plan of sale indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. At the time we classify a property as held for sale, we cease recording depreciation and amortization. A property classified as held for sale is measured and reported at the lower of its carrying amount or its estimated fair value less cost to sell. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In accordance with the provisions of the Impairment or Disposal of Long-Lived Assets Subsections of ASC 360, we assess the carrying values of our respective long-lived assets, including goodwill, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets is measured by comparison of the carrying amount of the asset to the estimated future undiscounted cash flows. To review real estate assets for recoverability, we consider current market conditions as well as our intent with respect to holding or disposing of the asset. The intent with regards to the underlying assets might change as market conditions and other factors change. Fair value is determined through various valuation techniques, including discounted cash flow models, applying a capitalization rate to estimated net operating income of a property, quoted market values and third-party appraisals, where considered necessary. The use of projected future cash flows is based on assumptions that are consistent with estimates of future expectations and the strategic plan used to manage our underlying business. If our analysis indicates that the carrying value of the real estate asset is not recoverable on an undiscounted cash flow basis, we will recognize an impairment charge for the amount by which the carrying value exceeds the current estimated fair value of the real estate property. Assumptions and estimates used in the recoverability analyses for future cash flows, discount rates and capitalization rates are complex and subjective. Changes in economic and operating conditions or our intent with respect to our investment that occur subsequent to our impairment analyses could impact these assumptions and result in future impairment of our real estate properties. There were no impairment charges recorded to the carrying value of our properties during the years ended December 31, 2020, 2019 or 2018. |
Income Taxes | Income Taxes We have elected to be taxed as a REIT under the Code commencing with our initial taxable year ended December 31, 2013. To qualify as a REIT, we are required (among other things) to distribute at least 90% of our REIT taxable income to our stockholders and meet the various other requirements imposed by the Code relating to matters such as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided we qualify for taxation as a REIT, we are generally not subject to corporate-level income tax on the earnings distributed currently to our stockholders that we derive from our activities. If we fail to qualify as a REIT in any taxable year, and were unable to avail ourselves of certain savings provisions set forth in the Code, all of our taxable income would be subject to regular federal corporate income tax, including any applicable alternative minimum tax. In addition, we are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Our non-taxable REIT subsidiaries, including our Operating Partnership, are either partnerships or disregarded entities for federal income tax purposes. Under applicable federal and state income tax rules, the allocated share of net income or loss from disregarded entities and flow-through entities such as partnerships is reportable in the income tax returns of the respective equity holders. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2020, 2019 and 2018. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2020 and 2019, we have not established a liability for uncertain tax positions. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities ASC Topic 815: Derivatives and Hedging (“ASC 815”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why an entity uses derivative instruments, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. As required by ASC 815, we record all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, and whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. We may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. See Note 7. |
Revenue Recognition | Revenue Recognition Our primary sources of revenue are rental income, management, leasing and development services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. Management, leasing and development services We provide property management services and leasing services to related party and third-party property owners, the customer, in exchange for fees and commissions. Property management services include performing property inspections, monitoring repairs and maintenance, negotiating vendor contracts, maintaining tenant relations and providing financial and accounting oversight. For these services, we earn monthly management fees, which are based on a fixed percentage of each managed property’s monthly tenant cash receipts. We have determined that control over the services is passed to the customer simultaneously as performance occurs. Accordingly, management fee revenue is earned as the services are provided to our customers. Leasing commissions are earned when we provide leasing services that result in an executed lease with a tenant. We have determined that control over the services is transferred to the customer upon execution of each lease agreement. We earn leasing commissions based on a fixed percentage of rental income generated for each executed lease agreement and there is no variable income component. Gain or Loss on Sale of Real Estate We account for dispositions of real estate properties, which are considered nonfinancial assets, in accordance with ASC 610-20: Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets and recognize a gain or loss on sale of real estate upon transferring control of the nonfinancial asset to the purchaser, which is generally satisfied at the time of sale. If we were to conduct a partial sale of real estate by transferring a controlling interest in a nonfinancial asset, while retaining a noncontrolling ownership interest, we would measure any noncontrolling interest received or retained at fair value, and recognize a full gain or loss. If we receive consideration before transferring control of a nonfinancial asset, we recognize a contract liability. If we transfer control of the asset before consideration is received, we recognize a contract asset. When leases contain purchase options, we assess the probability that the tenant will execute the purchase option both at lease commencement and at the time the tenant communicates its intent to exercise the purchase option. If we determine the exercise of the purchase option is likely, we will account for the lease as a sales-type lease and derecognize the associated real estate assets on our balance sheet and record a gain or loss on sale of real estate. |
Valuation of Receivables | Valuation of Operating Lease Receivables We may be subject to tenant defaults and bankruptcies that could affect the collection of outstanding receivables, including deferred rent receivables arising from the straight-line recognition of rental income, related to our operating leases. In order to mitigate these risks, we perform credit reviews and analyses on prospective tenants before significant leases are executed and on existing tenants before properties are acquired. On a quarterly basis, we perform an assessment of the collectability of operating lease receivables on a tenant-by-tenant basis, which includes reviewing the age and nature of our receivables, the payment history and financial condition of the tenant, our assessment of the tenant’s ability to meet its lease obligations and the status of negotiations of any disputes with the tenant. During 2020, our assessment has specifically included the impact of the COVID-19 pandemic, including but not limited to tenants who have requested and/or received rent relief as further described below under “—COVID-19 Lease Concessions.” Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $5.0 million, $0.7 million, and $1.2 million for the years ended December 31, 2020, 2019, and 2018 respectively, as a net reduction of rental income in the consolidated statements of operations. |
Lessor | Leases On January 1, 2019, we adopted the new lease accounting standard, ASU 2016-02, Leases (Topic 842), and the various lease-related ASUs that were subsequently issued by the Financial Accounting Standards Board (“FASB”) (collectively referred to as “ASC 842”), which together set out the principals for the recognition, measurement, presentation and disclosure of leases for both lessees and lessors. We adopted ASC 842 using the modified retrospective approach and have applied the provisions as of January 1, 2019, on a prospective basis. Upon adoption of ASC 842, we elected the “package of practical expedients” which allowed us to not reassess (a) whether expired or existing contracts as of January 1, 2019, are or contain leases, (b) the lease classification for any expired or existing leases as of January 1, 2019, and (c) the treatment of initial direct costs relating to any existing leases as of January 1, 2019. The package of practical expedients was made as a single election and was consistently applied to all leases that commenced before January 1, 2019. Lessor AS C 842 requires lessors to account for leases using an approach that is substantially equivalent to previous guidance for sales-type leases, direct financing leases, and operating leases. Upon adoption of ASC 842, we elected the practical expedient permitting lessors to elect by class of underlying asset to not separate non-lease components (for example, maintenance services, including common area maintenance) from associated lease components (the “non-separation practical expedient”) if both of the following criteria are met: (1) the timing and pattern of transfer of the lease and non-lease component(s) are the same and (2) the lease component would be classified as an operating lease if it were accounted for separately. We have assessed the criteria above with respect to our operating leases and believe that they qualify for the non-separation practical expedient. As a result, we present all rental income earned pursuant to operating leases, including tenant reimbursements, as a single line item “Rental income” in the consolidated statement of operations for all periods presented. Effective January 1, 2019, we record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Prior to the adoption of ASC 842, we recorded revenues and expenses on a gross basis for real estate taxes whether they were reimbursed to us by a tenant or paid directly by a tenant to the taxing authorities on our behalf. ASC 842 only allows lessors to capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Prior to January 1, 2019, under prior lease accounting guidance, we capitalized incremental direct costs, which included an allocation of internal compensation costs of employees who spent time on successful lease origination activities. Effective January 1, 2019, such costs are no longer capitalized as initial direct costs and are instead expensed as incurred. During the year ended December 31, 2018, we capitalized compensation costs for leasing employees of $1.0 million. For leases that commenced prior to January 1, 2019, capitalized internal compensation costs will continue to be amortized over the remaining life of the lease. For leases that were executed but had not commenced prior to January 1, 2019, we recognized a cumulative-effect adjustment to “Cumulative distributions in excess of earnings” of $0.2 million to write off these capitalized internal compensation costs, as these costs were capitalized in accordance with prior lease accounting guidance and did not qualify for similar treatment under ASC 842. See Note 6 for additional lessor disclosures required under ASC 842. |
Lessee | Lessee ASC 842 requires lessees to recognize the following for all leases (with the exception of short-term leases) at the commencement date: (1) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and (2) a right-of-use asset (“ROU asset”), which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASC 842 also requires lessees to classify leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification is used to evaluate whether the lease expense should be recognized based on an effective interest method or on a straight-line basis over the term of the lease. Upon the adoption of ASC 842, we recognized lease liabilities 842, we also elected the practical expedient to not separate non-lease components, such as common area maintenance, from associated lease components. See Note 6 for additional lessee disclosures required under ASC 842. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See Note 5. |
Equity Based Compensation | Equity Based Compensation We account for equity-based compensation in accordance with ASC Topic 718 Compensation – Stock Compensation . Total compensation cost for all share-based awards is based on the estimated fair market value on the grant date. For share-based awards that vest based solely on a service condition, we recognize compensation cost on a straight-line basis over the total requisite service period for the entire award. For share-based awards that vest based on a market condition, we recognize compensation cost on a straight-line basis over the requisite service period of each separately vesting tranche. For share-based awards that vest based on a performance condition, we recognize compensation cost based on the number of awards that are expected to vest based on the probable outcome of the performance condition. Compensation cost for these awards will be adjusted to reflect the number of awards that ultimately vest. Forfeitures are recognized in the period in which they occur. See Note 14. |
Equity Offering Costs | Equity Offering Costs Underwriting commissions and offering costs related to our common stock issuances have been reflected as a reduction of additional paid-in capital. Underwriting commissions and offering costs related to our preferred stock issuances have been reflected as a direct reduction of the preferred stock balance. |
Earnings Per Share | Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260 – Earnings Per Share (“ASC 260”). Under ASC 260, nonvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in computing basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the effect of any dilutive securities. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 15. |
Segment Reporting | Segment ReportingManagement views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources. |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements Allowance for Credit Losses On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which amends the accounting for credit losses for certain financial instruments. ASU 2016-13 introduced the “current expected credit losses” (CECL) model, which requires companies to estimate credit losses immediately upon exposure. The guidance applies to financial assets measured at amortized cost including net investments in leases arising from sales-type and direct financing leases, financing receivables (loans) and trade receivables. On November 26, 2018, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instrument - Credit Losses, which clarifies that operating lease receivables are outside the scope of ASC Topic 326 and instead should be accounted for under ASC 842. ASU 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. Effective January 1, 2020 we adopted ASU 2016-13. As we did not have any financial assets within the scope of ASU 2016-13 at the time of adoption, there was no impact to our consolidated financial statements. In the event that any of our leases were to be classified as sales-type or direct finance leases, or if we were to acquire or provide mortgage debt secured by industrial properties in the future, we would become subject to the provisions of ASU 2016-13. During the year ended December 31, 2020, there was a lease modification that resulted in a lease being reclassified as a sales-type lease. Due to the short-term nature of the sales-type lease, there was no credit loss impact to our consolidated financial statements. Reference Rate Reform On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. During the first quarter of 2020, we elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. COVID-19 Lease Concessions On April 10, 2020, the FASB issued a staff question-and-answer document (the “Q&A”) to address some frequently asked questions about accounting for concessions related to the effects of the COVID-19 pandemic. Consequently, the Q&A permits an entity to elect to forgo the evaluation of the enforceable rights and obligations of a lease contract, which is required by ASC 842, as long as the total rent payments after the lease concessions are substantially the same, or less than, the total rent payments in the existing lease. An entity may then elect to account for COVID-19 related lease concessions either (i) as if they were part of the enforceable rights and obligations of the parties under the existing lease contract, or (ii) as a lease modification under ASC 842. Beginning in March 2020, we received rent relief requests from a number of tenants claiming impacts from COVID-19, many of whom may be making such rent relief requests in response to local California governmental moratoriums on commercial tenant evictions and provisions enabling commercial tenants to defer rent. In response to these requests, during the year ended December 31, 2020, we granted the following forms of rent relief to certain tenants: (a) application of security deposits to contractual base rent, (b) acceleration of future existing contractual rent concessions to cover contractual base rent and (c) deferral of contractual base rent with a typical deferral period of approximately one to two months and repayment beginning in the third or fourth quarter of 2020. The following table summarizes COVID-19 related rent relief provided to tenants during the year ended December 31, 2020: Rent Relief Security Deposits Acceleration of Concessions Deferral of Base Rent Year ended December 31, 2020 $ 4,578 $ 825 $ 4,570 In accordance with the Q&A, we have elected to forgo the evaluation of the enforceable rights and obligations of our lease contracts and have elected to account for COVID-19 related lease concessions (which include the acceleration of future rent concessions in the original lease contract and the deferral of base rent) as lease modifications under ASC 842. As the COVID-19 related lease concessions that we provided to tenants generally did not substantially change the amount of consideration in the original lease contract (only the timing of rent payments has changed), to the extent amounts remain collectable, rental income recognized in each period over the term of the lease will not substantially change. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, All Other Investments [Abstract] | |
Summary of Acquired Wholly Owned Property Acquisitions | The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 701-751 Kingshill Place (2) Los Angeles - South Bay 3/5/2020 169,069 6 $ 33,251 2601-2641 Manhattan Beach Boulevard (2) Los Angeles - South Bay 3/5/2020 126,726 6 39,481 2410-2420 Santa Fe Avenue (2) Los Angeles - South Bay 3/5/2020 112,000 1 35,737 11600 Los Nietos Road (2) Los Angeles - Mid-Counties 3/5/2020 103,982 1 16,626 5160 Richton Street (2) San Bernardino - Inland Empire West 3/5/2020 94,976 1 15,653 2205 126th Street (2) Los Angeles - South Bay 3/5/2020 63,532 1 17,712 11832-11954 La Cienega Boulevard (2) Los Angeles - South Bay 3/5/2020 63,462 4 19,664 7612-7642 Woodwind Drive (2) Orange County - West 3/5/2020 62,377 3 13,780 960-970 Knox Street (2) Los Angeles - South Bay 3/5/2020 39,400 1 9,939 25781 Atlantic Ocean Drive (2) Orange County - South 3/5/2020 27,960 1 5,516 Brady Way (3) Orange County - West 4/1/2020 — — 874 720-750 Vernon Avenue Los Angeles - San Gabriel Valley 4/3/2020 71,692 3 15,515 6687 Flotilla Street Los Angeles - Central 5/5/2020 120,000 1 21,000 1055 Sandhill Avenue Los Angeles - South Bay 5/28/2020 — — 14,453 22895 Eastpark Drive (2) Orange County - North 6/19/2020 34,950 1 6,844 8745-8775 Production Avenue San Diego - Central 6/19/2020 46,820 2 7,850 15580 Slover Avenue San Bernardino - Inland Empire West 6/26/2020 60,127 1 9,958 15650-15700 Avalon Boulevard Los Angeles - South Bay 7/1/2020 166,088 2 28,079 11308-11350 Penrose Street Los Angeles - San Fernando Valley 7/1/2020 151,604 2 25,427 11076-11078 Fleetwood Street Los Angeles - San Fernando Valley 7/1/2020 26,040 1 4,711 11529-11547 Tuxford Street Los Angeles - San Fernando Valley 7/1/2020 29,730 1 5,005 12133 Greenstone Avenue Los Angeles - Mid-Counties 7/17/2020 12,586 1 5,483 12772-12746 San Fernando Road Los Angeles - San Fernando Valley 10/14/2020 140,837 2 22,050 15601 Avalon Boulevard Los Angeles - South Bay 10/26/2020 63,690 2 15,500 Gateway Pointe Industrial Park (4) Los Angeles - Mid-Counties 11/17/2020 989,195 4 296,590 13943-13955 Balboa Boulevard (5) Los Angeles - San Fernando Valley 11/17/2020 200,632 1 45,340 Van Nuys Airport Industrial Center Los Angeles - San Fernando Valley 12/3/2020 426,466 18 154,637 4039 State Street San Bernardino - Inland Empire West 12/4/2020 139,000 1 29,665 10156 Live Oak Avenue San Bernardino - Inland Empire West 12/4/2020 236,912 1 46,814 10694 Tamarind Avenue San Bernardino - Inland Empire West 12/4/2020 99,999 1 22,390 2520 Baseline Road San Bernardino - Inland Empire West 12/4/2020 156,586 1 30,531 12211 Greenstone Avenue Los Angeles - Mid-Counties 12/9/2020 — — 16,800 1921, 2011, 2055, 2099, 2040 East 27th Street Los Angeles - Central 12/15/2020 300,389 4 63,403 2750 & 2800 Alameda Street Los Angeles - Central 12/15/2020 164,026 2 30,369 29010 Avenue Paine (6) Los Angeles - San Fernando Valley 12/31/2020 100,157 1 16,037 29010 Commerce Center Drive (6) Los Angeles - San Fernando Valley 12/31/2020 117,151 1 24,480 13369 Valley Boulevard (6) San Bernardino - Inland Empire West 12/31/2020 105,041 1 20,660 6635 Caballero Boulevard (6) Los Angeles - Mid-Counties 12/31/2020 92,395 1 22,802 1235 South Lewis Street Orange County - North 12/31/2020 62,607 1 16,800 Total 2020 Property Acquisitions 4,978,204 82 $ 1,227,426 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) On March 5, 2020, we acquired ten properties, and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company (the “Properties”) for an aggregate purchase price of $214.2 million, exclusive of closing costs, including assumed debt of approximately $47.5 million. In consideration for the Properties we (i) paid $60.4 million in cash, including a $10.0 million deposit paid in 2019, (ii) issued 1,406,170 common units of limited partnership interests in the Operating Partnership and (iii) issued 906,374 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 5 and Note 13 for further details regarding the assumption of debt and issuance of common and preferred units, respectively. (3) Brady Way is a one-acre parcel of land adjacent to our property located at 12821 Knott Street. (4) This acquisition was partially funded through a 1031 Exchange using $42.4 million of net cash proceeds from the sale of our properties located at (i) 3927 Oceanic Drive, (ii) 121 West 33rd Street and (iii) 2700-2722 South Fairview Street. (5) On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand, the assumption of approximately $15.7 million of debt and the issuance of 592,186 common units of limited partnership interests in the Operating Partnership (6) On December 31, 2020, we acquired four properties for an aggregate purchase price of $84.0 million, exclusive of closing costs. The acquisition was funded through the issuance of 1,800,000 common units of limited partnership interests in the Operating Partnership. The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2019: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 12821 Knott Street Orange County - West 1/15/2019 120,800 1 $ 19,800 28510 Industry Drive Los Angeles - San Fernando Valley 1/17/2019 46,778 1 7,765 Conejo Spectrum Business Park Ventura 1/28/2019 531,378 9 106,250 2455 Ash Street San Diego - North County 3/5/2019 42,508 1 6,680 25413 Rye Canyon Road Los Angeles - San Fernando Valley 3/12/2019 48,075 1 5,529 1515 East 15th Street (2) Los Angeles - Central LA 4/10/2019 238,015 1 28,100 13890 Nelson Avenue Los Angeles - San Gabriel Valley 4/12/2019 256,993 1 41,810 445-449 Freedom Avenue Orange County - North 4/12/2019 92,647 1 17,960 2270 Camino Vida Roble San Diego - North County 4/12/2019 106,311 1 16,791 980 Rancheros Drive San Diego - North County 4/16/2019 48,878 1 7,895 1145 Arroyo Avenue Los Angeles - San Fernando Valley 4/25/2019 147,019 1 29,862 1150 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 147,000 1 29,694 1175 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 92,455 1 17,844 1245 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 132,936 1 26,055 635 8th Street Los Angeles - San Fernando Valley 4/25/2019 72,250 1 14,659 10015 Waples Court San Diego - Central County 4/25/2019 106,412 1 21,300 19100 Susana Road Los Angeles - South Bay 4/30/2019 52,714 1 13,510 15385 Oxnard Street Los Angeles - San Fernando Valley 5/3/2019 71,467 1 16,800 9750-9770 San Fernando Road Los Angeles - San Fernando Valley 5/16/2019 35,624 1 7,440 218 Turnbull Canyon Los Angeles - San Gabriel Valley 5/31/2019 190,900 1 27,100 The Merge (3) San Bernardino - Inland Empire West 6/6/2019 — — 23,200 3340 San Fernando Road (4) Los Angeles - San Fernando Valley 7/3/2019 — — 3,000 5725 Eastgate Drive San Diego - Central County 7/31/2019 27,267 1 8,150 18115 Main Street Los Angeles - South Bay 8/29/2019 42,270 1 6,750 3150 Ana Street Los Angeles - South Bay 8/29/2019 105,970 1 18,800 1402 Avenida Del Oro (5) San Diego - North County 8/30/2019 311,995 1 73,550 9607-9623 Imperial Highway Los Angeles - Mid-Counties 9/5/2019 7,466 1 10,510 12200 Bellflower Boulevard Los Angeles - Mid-Counties 9/5/2019 54,161 1 16,325 Storm Parkway Los Angeles - South Bay 9/17/2019 267,503 8 66,165 2328 Teller Road Ventura 9/25/2019 126,317 1 23,273 6277-6289 Slauson Avenue Los Angeles - Central LA 10/3/2019 336,085 3 41,263 750 Manville Street Los Angeles - South Bay 10/4/2019 59,996 1 11,510 8985 Crestmar Point San Diego - Central County 10/25/2019 55,816 1 7,985 404-430 Berry Way (6) Orange County - North 11/5/2019 120,250 3 27,600 415-435 Motor Avenue Los Angeles - San Gabriel Valley 11/13/2019 63,900 1 7,200 508 East E Street Los Angeles - South Bay 11/20/2019 57,522 1 14,892 12752-12822 Monarch Street Orange County - West 11/22/2019 276,585 1 34,000 1601 West Mission Boulevard Los Angeles - San Gabriel Valley 12/10/2019 751,528 1 87,780 2757 East Del Amo Boulevard Los Angeles - South Bay 12/11/2019 57,300 1 11,900 18250 Euclid Street (7) Orange County - West 12/27/2019 62,838 1 14,000 Total 2019 Property Acquisitions 5,365,929 57 $ 970,697 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 13 under “Series 1 CPOP Units” for further details regarding the preferred units. (3) The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020. (4) On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. (5) This acquisition was partially funded through a 1031 Exchange using $12.3 million of net cash proceeds from the sale of our properties located at (i) 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue and (ii) 939 Poinsettia Avenue - Unit 301 and available cash on hand. (6) This acquisition was partially funded through a 1031 Exchange using $10.6 million of net cash proceeds from the sale of our property located at 13914-13932 East Valley Boulevard and available cash on hand. (7) This acquisition was partially funded through a 1031 Exchange using $9.4 million of net cash proceeds from the sale of our property located at 2350-2380 Eastman Avenue and available cash on hand. The following table summarizes the industrial properties we acquired subsequent to December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price 15010 Don Julian Road (1) San Gabriel Valley 1/5/2021 92,925 1 $ 22,200 5002-5018 Lindsay Court Inland Empire West 1/11/2021 64,960 1 12,650 514 East C Street (2) South Bay 1/14/2021 3,436 1 9,950 17907-18001 Figueroa Street South Bay 1/26/2021 74,810 6 20,200 7817 Woodley Avenue Greater San Fernando Valley 1/27/2021 36,900 1 9,963 8888-8892 Balboa Avenue (3) Central San Diego 2/4/2021 86,637 1 19,800 Total 359,668 11 $ 94,763 (1) Represents acquisition of a 10.97 acre redevelopment site. (2) Represents acquisition of a 2.5 acre industrial outdoor storage site. |
Acquisition of Other Interests | The following table summarizes the fair value of amounts allocated to each major class of asset and liability for the acquisitions noted in the table above, as of the date of each acquisition (in thousands): 2020 2019 Assets: Land $ 729,649 $ 637,478 Buildings and improvements 475,853 308,950 Tenant improvements 4,787 6,553 Acquired lease intangible assets (1) 43,378 39,502 Other acquired assets (2) 3,390 747 Total assets acquired $ 1,257,057 $ 993,230 Liabilities: Acquired lease intangible liabilities (3) $ 19,705 $ 15,796 Notes payable (4) 65,264 — Other assumed liabilities (2) 6,062 5,768 Total liabilities assumed $ 91,031 $ 21,564 Net assets acquired $ 1,166,026 $ 971,666 (1) For the 2020 acquisitions, acquired lease intangible assets are comprised of $40.5 million of in-place lease intangibles with a weighted average amortization period of 4.7 years and $2.9 million of above-market lease intangibles with a weighted average amortization period of 7.4 years. For the 2019 acquisitions, acquired lease intangible assets are comprised of $36.3 million of in-place lease intangibles with a weighted average amortization period of 6.2 years and $3.2 million of above-market lease intangibles with a weighted average amortization period of 8.7 years. (2) Includes other working capital assets acquired and liabilities assumed at the time of acquisition. In addition, it also includes personal property that we acquired as part of the acquisition of 1055 Sandhill Avenue during 2020 that was subsequently sold. (3) Represents below-market lease intangibles with a weighted average amortization period of 5.6 years and 6.1 years, for the 2020 and 2019 acquisitions, respectively. (4) During the year ended December 31, 2020, in connection with the acquisition of the Properties and 13943-13955 Balboa Boulevard, we assumed 11 mortgage loans from the sellers. See Note 5 for details. |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Lease Intangible Assets and Liabilities | The following table summarizes our acquisition-related intangible assets, including the value of in-place leases and above-market tenant leases, and our acquisition-related intangible liabilities, including below-market tenant leases (in thousands): December 31, 2020 2019 Acquired Lease Intangible Assets: In-place lease intangibles $ 193,653 $ 154,370 Accumulated amortization (109,789) (87,955) In-place lease intangibles, net $ 83,864 $ 66,415 Above-market tenant leases $ 17,079 $ 14,296 Accumulated amortization (8,771) (7,621) Above-market tenant leases, net $ 8,308 $ 6,675 Acquired lease intangible assets, net $ 92,172 $ 73,090 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (101,297) $ (81,718) Accumulated accretion 34,041 22,378 Below-market tenant leases, net $ (67,256) $ (59,340) Acquired lease intangible liabilities, net $ (67,256) $ (59,340) |
Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles | The following table summarizes the amortization related to our acquired lease intangible assets and liabilities for the reported periods noted below (in thousands): Year Ended December 31, 2020 2019 2018 In-place lease intangibles (1) $ 22,903 $ 20,936 $ 18,135 Net below market tenant leases (2) $ (10,533) $ (7,907) $ (5,949) Above-market ground lease (3) $ — $ — $ (32) (1) The amortization of in-place lease intangibles is recorded to depreciation and amortization expense in the consolidated statements of operations for the periods presented. (2) The amortization of net below market tenant leases is recorded as an increase to rental income in the consolidated statements of operations for the periods presented. (3) The accretion of the above-market ground lease is recorded as a decrease to property expenses in the consolidated statements of operations for the periods presented. |
Summary of Estimated Net Amortization Expense of Above Market Leases and In-place Lease Intangibles | The following table summarizes the estimated amortization/(accretion) of our acquisition-related intangibles as of December 31, 2020, for the next five years and thereafter (in thousands): Year Ending In-place Leases (1) Net Above/(Below) Market Operating Leases (2) 2021 $ 23,091 $ (9,382) 2022 15,296 (6,691) 2023 11,217 (5,554) 2024 7,992 (4,534) 2025 5,668 (3,028) Thereafter 20,600 (29,759) Total $ 83,864 $ (58,948) (1) Estimated amounts of amortization will be recorded to depreciation and amortization expense in the consolidated statements of operations. (2) Estimated amounts of amortization will be recorded as a net increase to rental income in the consolidated statements of operations. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable | The following table summarizes the components and significant terms of our indebtedness as of December 31, 2020 and 2019 (dollars in thousands): December 31, 2020 December 31, 2019 Margin Above LIBOR Interest Rate (1) Contractual Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility $ — $ — 0.850 % (2) 0.994 % (3) 2/13/2024 (4) $100M Term Loan Facility — 100,000 n/a n/a 2/14/2022 $225M Term Loan Facility 225,000 225,000 1.100 % (2) 2.474 % (5) 1/14/2023 $150M Term Loan Facility 150,000 150,000 1.550 % (2) 4.313 % (5) 5/22/2025 $100M Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $125M Notes 125,000 125,000 n/a 3.930 % 7/13/2027 $25M Series 2019A Notes 25,000 25,000 n/a 3.880 % 7/16/2029 $400M Senior Notes 400,000 — n/a 2.125 % 12/1/2030 $75M Series 2019B Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 1,100,000 $ 800,000 Secured Debt: 2601-2641 Manhattan Beach Boulevard (6) $ 4,065 $ — n/a 4.080 % 4/5/2023 $60M Term Loan (7) 58,499 58,499 1.700 % 1.844 % 8/1/2023 (7) 960-970 Knox Street (6)(8) 2,488 — n/a 5.000 % 11/1/2023 7612-7642 Woodwind Drive (6) 3,895 — n/a 5.240 % 1/5/2024 11600 Los Nietos Road (6) 2,785 — n/a 4.190 % 5/1/2024 5160 Richton Street (6) 4,387 — n/a 3.790 % 11/15/2024 22895 Eastpark Drive (6) 2,749 — n/a 4.330 % 11/15/2024 701-751 Kingshill Place (9) 7,100 — n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (6) 15,661 — n/a 3.930 % 7/1/2027 2205 126th Street (10) 5,200 — n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (6) 10,300 — n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (6) 4,072 — n/a 4.260 % 7/1/2028 Gilbert/La Palma (6) 2,293 2,459 n/a 5.125 % 3/1/2031 Total Secured Debt $ 123,494 $ 60,958 Total Unsecured and Secured Debt $ 1,223,494 $ 860,958 Less: Unamortized premium/discount and debt issuance costs (11) (7,334) (3,116) Total $ 1,216,160 $ 857,842 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2020 and includes the effect of interest rate swaps that were effective as of December 31, 2020. See footnote (5) below. Excludes the effect of unamortized debt issuance costs and unamortized fair market value premiums and discounts. (2) The interest rates on these loans are comprised of LIBOR plus a LIBOR margin. The LIBOR margins will range from 0.725% to 1.400% per annum for the unsecured revolving credit facility, 0.90% to 1.75% per annum for the $225.0 million term loan facility and 1.40% to 2.35% per annum for the $150.0 million term loan facility, depending on our investment grade rating, which may change from time to time. (3) The unsecured revolving credit facility is subject to an applicable facility fee which is calculated as a percentage of the total lenders’ commitment amount, regardless of usage. The applicable facility fee ranges from 0.125% to 0.30% per annum depending upon our investment grade rating. (4) Two additional six-month extensions are available at the borrower’s option, subject to certain terms and conditions. (5) As of December 31, 2020, interest on the, $225.0 million term loan facility and $150 million term loan facility have been effectively fixed through the use of interest rate swaps. See Note 7 for details related to our interest rate swaps. (6) Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 2410-2420 Santa Fe Avenue ($31,758), 11832-11954 La Cienega Boulevard ($20,194) and Gilbert/La Palma ($24,008). (7) Loan is secured by six properties. One 24-month extension is available at the borrower’s option, subject to certain terms and conditions. Monthly payments of interest only through June 2021, followed by equal monthly payments of principal ($65,250), plus accrued interest until maturity. (8) Loan requires monthly escrow reserve payments for real estate taxes related to the property located at 960-970 Knox Street. (9) For 701-751 Kingshill Place, fixed monthly payments of interest only through January 2023, followed by fixed monthly payments of interest and principal ($33,488) until maturity. (10) Fixed monthly payments of interest only. (11) Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets. |
Summary of Aggregate Future Minimum Payments of Debt | Contractual Debt Maturities The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt discounts and debt issuance costs, as of December 31, 2020, and does not consider extension options available to us as noted in the table above (in thousands): 2021 $ 1,609 2022 2,054 2023 289,687 2024 13,270 2025 100,833 Thereafter 816,041 Total $ 1,223,494 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Future Minimum Base Rent Under Non-cancelable Operating Leases | The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2020 (in thousands): For the year ending December 31, 2021 $ 289,940 2022 254,168 2023 205,669 2024 156,684 2025 116,156 Thereafter 325,081 Total $ 1,347,698 |
Lease Cost | The tables below present financial information associated with our leases as of, and for the years ended December 31, 2020 and 2019. Year Ended December 31, Lease Cost (in thousands) 2020 2019 Operating lease cost (1) 1,354 1,044 Variable lease cost (1) 39 54 Sublease income (2) — (162) Total lease cost $ 1,393 $ 936 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. (2) Amount is included in “Rental income” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2020 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,127 $ 961 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 3,204 $ 6,720 (1) For the year ended December 31, 2019, the reported amount includes $3.3 million for operating leases existing on January 1, 2019, the date we adopted ASC 842. Lease Term and Discount Rate December 31, 2020 December 31, 2019 Weighted-average remaining lease term 4.2 years 4.7 years Weighted-average discount rate (1) 2.99 % 3.92 % (1) Because the rate implicit in each of our leases was not readily determinable, we used our incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. |
Maturities of Lease Liabilities | Maturities of lease liabilities as of December 31, 2020 were as follows (in thousands): 2021 $ 1,468 2022 1,615 2023 1,624 2024 1,600 2025 472 Thereafter — Total undiscounted lease payments $ 6,779 Less imputed interest (421) Total lease liabilities $ 6,358 |
Interest Rate Swaps (Tables)
Interest Rate Swaps (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Agreement | The following table sets forth a summary of our interest rate swaps as of December 31, 2020 and 2019 (dollars in thousands). We record all derivative instruments on a gross basis in the consolidated balance sheets, and accordingly, there are no offsetting amounts that net assets against liabilities. Current Notional Amount (1) Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) (2) Derivative Instrument Effective Date Maturity Date LIBOR Interest Strike Rate December 31, 2020 December 31, 2019 December 31, 2020 December 31, 2019 Interest Rate Swap 2/14/2018 1/14/2022 1.3490 % $ 125,000 $ 125,000 $ (1,591) $ 489 Interest Rate Swap 8/14/2018 1/14/2022 1.4060 % $ 100,000 $ 100,000 $ (1,333) $ 277 Interest Rate Swap 12/14/2018 8/14/2021 1.7640 % $ — $ 100,000 $ — $ (332) Interest Rate Swap 7/22/2019 11/22/2024 2.7625 % $ 150,000 $ 150,000 $ (14,656) $ (8,156) (1) Represents the notional value of swaps that are effective as of the balance sheet date presented. |
Summary of Impact of Derivative Instruments on Consolidated and Combined Financial Statements | The following table sets forth the impact of our interest rate swaps on our consolidated statements of operations for the periods presented (in thousands): Year Ended December 31, 2020 2019 2018 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of (loss) gain recognized in AOCI on derivatives $ (17,212) $ (12,103) $ 649 Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” $ (6,332) $ 2,038 $ 1,204 Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 30,849 $ 26,875 $ 25,416 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets Measures at Fair Vale on a Recurring Basis by Level within Fair Value Hierarchy | The table below sets forth the estimated fair value of our interest rate swaps as of December 31, 2020 and 2019, which we measure on a recurring basis by level within the fair value hierarchy (in thousands). Fair Value Measurement Using Total Fair Value Quoted Price in Active Significant Other Significant December 31, 2020 Interest Rate Swap Asset $ — $ — $ — $ — Interest Rate Swap Liability $ (17,580) $ — $ (17,580) $ — December 31, 2019 Interest Rate Swap Asset $ 766 $ — $ 766 $ — Interest Rate Swap Liability $ (8,488) $ — $ (8,488) $ — |
Carrying Value and Estimated Fair Value of Notes Payable | The table below sets forth the carrying value and the estimated fair value of our notes payable as of December 31, 2020 and 2019 (in thousands). Fair Value Measurement Using Liabilities Total Fair Value Quoted Price in Active Significant Other Significant Carrying Value Notes Payable at: December 31, 2020 $ 1,276,217 $ — $ — $ 1,276,217 $ 1,216,160 December 31, 2019 $ 882,813 $ — $ — $ 882,813 $ 857,842 |
Dispositions and Real Estate _2
Dispositions and Real Estate Held for Sale (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of the Properties Sold | The table below summarizes the properties we sold during the years ended December 31, 2020, 2019 and 2018 (dollars in thousands). Property Submarket Date of Rentable Contract Sales Price (1) Gain (Loss) 2020 Dispositions: 3927 Oceanic Drive San Diego - North County 8/13/2020 54,740 $ 10,300 $ 2,926 121 West 33rd Street San Diego - South County 9/18/2020 76,745 13,500 7,575 2700-2722 South Fairview (2) Orange County - Airport 9/30/2020 116,575 20,400 3,268 6750 Central Avenue Inland Empire East 12/31/2020 8,666 1,300 758 Subtotal 256,726 45,500 14,527 1055 Sandhill Avenue Personal Property — 1,854 (910) (3) Total 256,726 $ 47,354 $ 13,617 2019 Dispositions: 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue Orange County - North 6/27/2019 62,395 $ 11,575 $ 4,810 939 Poinsettia Avenue - Unit 301 San Diego - North County 7/31/2019 6,562 1,263 895 13914-13932 East Valley Boulevard Los Angeles - San Gabriel Valley 10/11/2019 58,084 11,180 6,233 2350-2380 Eastman Avenue Ventura 12/20/2019 55,321 9,581 4,359 Total 182,362 $ 33,599 $ 16,297 2018 Dispositions: 8900-8980 Benson Avenue and 5637 Arrow Highway Inland Empire West 1/2/2018 88,016 $ 11,440 $ 4,029 700 Allen Avenue and 1851 Flower Street Los Angeles - San Fernando Valley 1/17/2018 25,168 10,900 4,753 200-220 South Grand Avenue Orange County - Airport 3/7/2018 27,200 4,515 1,201 6770 Central Avenue—Building B Inland Empire East 4/9/2018 11,808 1,676 1,113 1910-1920 Archibald Avenue Inland Empire West 5/9/2018 78,243 9,050 495 311 East 157th Street Los Angeles - South Bay 12/12/2018 12,000 3,000 1,578 329 East 157th Street Los Angeles - South Bay 12/20/2018 12,000 2,675 1,597 319 East 157th Street Los Angeles - South Bay 12/27/2018 24,000 4,763 2,456 Total 278,435 $ 48,019 $ 17,222 (1) Represents the gross contractual sales price before commissions, prorations and other closing costs. (2) Gain recorded reflects (i) a $3.8 million gain on sale recognized due to lease reclassification from operating lease to sales-type lease, less (ii) approximately $0.6 million of selling costs/other write-offs related to the disposition. See Note 6 for additional information. (3) Represents a $0.9 million loss on disposition of personal property that was originally acquired as part of the acquisition of 1055 Sandhill Avenue and valued at $2.8 million. The loss is included in the line item “Gain on sale of real estate” in our consolidated statements of operations for the year ended December 31, 2020. |
Disclosure of Long Lived Assets Held-for-sale | The following table summarizes the major classes of assets and liabilities associated with real estate properties classified as held for sale as of December 31, 2020 (dollars in thousands).: December 31, 2020 Land $ 4,458 Building and improvements 5,452 Tenant improvements 443 Real estate held for sale 10,353 Accumulated depreciation (1,548) Real estate held for sale, net 8,805 Other assets associated with real estate held for sale 40 Total assets associated with real estate held for sale, net $ 8,845 Tenant security deposits $ 137 Other liabilities associated with real estate held for sale 56 Total liabilities associated with real estate held for sale $ 193 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Cumulative Preferred Shares | As of December 31, 2020 and 2019, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands): December 31, 2020 December 31, 2019 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference Series A August 16, 2021 5.875 % 3,600,000 $ 90,000 3,600,000 $ 90,000 Series B November 13, 2022 5.875 % 3,000,000 75,000 3,000,000 75,000 Series C September 20, 2024 5.625 % 3,450,000 86,250 3,450,000 86,250 Total Preferred Shares 10,050,000 $ 251,250 10,050,000 $ 251,250 |
Summary of the Components of Changes in Accumulated Other Comprehensive Loss | The following table summarizes the changes in our AOCI balance for the years ended December 31, 2020 and 2019, which consists solely of adjustments related to our cash flow hedges: Year Ended December 31, 2020 2019 Accumulated other comprehensive (loss) income - beginning balance $ (7,542) $ 6,262 Other comprehensive loss before reclassifications (17,212) (12,103) Amounts reclassified from accumulated other comprehensive loss to interest expense (1) 6,332 (2,038) Net current period other comprehensive loss (10,880) (14,141) Less: other comprehensive loss attributable to noncontrolling interests 713 337 Other comprehensive loss attributable to common stockholders (10,167) (13,804) Accumulated other comprehensive loss - ending balance $ (17,709) $ (7,542) |
Schedule Of Federal Income Tax Treatment For Distributions | The following tables summarize the tax treatment of common stock dividends and preferred stock dividends per share for federal income tax purposes for the years ended December 31, 2020, 2019 and 2018: Common Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 0.834238 100.00 % $ 0.783269 100.00 % $ 0.623496 99.76 % Return of Capital — — % — — % 0.001504 0.24 % Capital Gain — — % — — % — — % Total $ 0.834238 100.00 % $ 0.783269 100.00 % $ 0.625000 100.00 % Series A Preferred Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Return of Capital — — % — — % — — % Capital Gain — — % — — % — — % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Series B Preferred Stock Year Ended December 31, 2020 2019 2018 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.664585 100.00 % Return of Capital — — % — — % — — % Capital Gain — — % — — % — — % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.664585 100.00 % Series C Preferred Stock Year Ended December 31, 2020 2019 Ordinary Income $ 1.406252 100.00 % $ 0.394531 100.00 % Return of Capital — — % — — % Capital Gain — — % — — % Total $ 1.406252 100.00 % $ 0.394531 100.00 % |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule Of Share Based Payment Award, Equity Instruments Other Than Options, Fair Value Assumptions And Grant Date Fair Value | The following table summarizes these fair valuation assumptions and the grant date fair value of each annual LTIP award: 2020 LTIP Award 2019 LTIP Award 2018 LTIP Award Valuation date December 22, 2020 December 16, 2019 December 15, 2018 Closing share price of common stock $ 48.58 $ 45.74 $ 31.42 Discount for post-vesting restrictions and book-up events 7.6 % 6.4 % 7.7 % Grant date fair value (in thousands) $ 5,437 $ 5,148 $ 3,853 |
Schedule of LTIP Unit Activity | The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2020, 2019 and 2018: Number of Unvested LTIP Units Weighted-Average Grant Date Fair Value per Unit Balance at December 31, 2017 293,485 $ 23.10 Granted 190,318 $ 28.43 Vested (156,755) $ 23.29 Balance at December 31, 2018 327,048 $ 26.12 Granted 179,758 $ 39.67 Vested (208,394) $ 26.14 Balance at December 31, 2019 298,412 $ 34.26 Granted 157,404 $ 45.86 Forfeited (22,795) $ 38.89 Vested (196,375) $ 34.31 Balance at December 31, 2020 236,646 $ 41.49 |
Summary of Units Awarded | The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Awards: Absolute TSR Base Units (1) Relative TSR Base Units (1) FFO Per-Share Base Units (1) Distribution Equivalent Units Total Performance Units 2020 Performance Award 148,030 148,030 148,027 32,828 476,915 2019 Performance Award (2) 118,339 74,033 85,898 16,724 294,994 2018 Performance Award (2) 63,473 63,473 63,471 14,100 204,517 (1) For each Performance Award, a number of the base units are designated as Absolute TSR Base Units and Relative TSR Base Units (combined, a “Market Performance Award”) and a number of units are designated as FFO Per-Share Base Units (each an “FFO Per-Share Award”). (2) On December 31, 2020, 41,094 Performance Units initially granted in December 2019 and 29,600 Performance Units initially granted in December 2018 were canceled due to the termination of employment of our former Chief Financial Officer. |
Total Shareholder Return Levels And Vesting Percentages | The following table summarizes the performance levels and vesting percentages for the Absolute TSR Base Units, Relative TSR Base Units and FFO Per-Share Base Units, and the three-year performance period for each of the Performance Unit awards: Absolute TSR Base Units Relative TSR Base Units FFO Per-Share Base Units Performance Level Company TSR Percentage Absolute TSR Vesting Percentage Peer Group Relative Performance Relative TSR Vesting Percentage FFO per Share Growth FFO Vesting Percentage Three-Year Performance Period 2020 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 12 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 16.5 % 33.4 % See Note (1) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 21 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥26% 100 % 2019 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 25 % 35th Percentile 25 % 12 % 25 % Jan 1, 2020 “Target Level” 24 % 50 % 55th Percentile 50 % 16.5 % 50 % to “Maximum Level” ≥ 30% 100 % ≥ 75th Percentile 100 % ≥ 21% 100 % Dec 31, 2022 2018 Award < 18% — % < 35th Percentile — % < 12% — % “Threshold Level” 18 % 25 % 35th Percentile 25 % 12 % 25 % Jan 1, 2019 “Target Level” 24 % 60 % 55th Percentile 60 % 16.5 % 60 % to “Maximum Level” ≥ 30% 100 % ≥ 75th Percentile 100 % ≥ 21% 100 % Dec 31, 2021 (1) The performance period for the 2020 Market Performance Award is December 22, 2020 through December 21, 2023, and the performance period for the 2020 FFO Per-Share Award is January 1, 2021 through December 31, 2023. |
Schedule of valuation assumptions | The following table summarizes the assumptions we used in the Monte Carlo simulations and the grant date fair value of the awards with market-based vesting conditions. 2020 Market Performance Award 2019 Market Performance Award 2018 Market Performance Award Valuation date December 22, 2020 December 16, 2019 December 15, 2018 Expected share price volatility for the Company 31.0 % 18.0 % 20.0 % Expected share price volatility for peer group companies - low end of range (1) 17.0 % 12.0 % 16.0 % Expected share price volatility for peer group companies - high end of range (1) 100.0 % 100.0 % 100.0 % Expected dividend yield 1.90 % 1.90 % 2.50 % Risk-free interest rate 0.19 % 1.74 % 2.80 % Grant date fair value (in thousands) $ 6,928 $ 3,922 $ 2,090 |
Schedule of Unvested Restricted Stock Activity | The following table sets forth our unvested restricted stock activity for the years ended December 31, 2020, 2019 and 2018: Number of Unvested Shares of Restricted Common Stock Weighted-Average Grant Date Fair Value per Share Balance at December 31, 2017 190,695 $ 20.13 Granted 104,560 $ 27.72 Forfeited (13,031) $ 23.51 Vested (1)(2) (81,826) $ 19.40 Balance at December 31, 2018 200,398 $ 20.13 Granted 110,711 $ 34.85 Forfeited (17,287) $ 29.71 Vested (1)(2) (81,277) $ 23.23 Balance at December 31, 2019 212,545 $ 29.64 Granted 126,865 $ 45.94 Forfeited (16,128) $ 37.25 Vested (1)(2) (90,383) $ 28.50 Balance at December 31, 2020 232,899 $ 38.43 (1) The total fair value of vested shares, which is calculated as the number of shares vested multiplied by the closing share price of the Company’s common stock on the vesting date, was $4.1 million, $2.9 million and $2.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The following table sets forth the amounts expensed and capitalized for all share-based awards for the reported periods presented below (in thousands): Year Ended December 31, 2020 2019 2018 Expensed share-based compensation (1) $ 12,871 $ 10,756 $ 10,147 Capitalized share-based compensation (2) 223 174 255 Total share-based compensation $ 13,094 $ 10,930 $ 10,402 (1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share amounts): Year Ended December 31, 2020 2019 2018 Numerator: Net income $ 80,895 $ 64,001 $ 47,075 Less: Preferred stock dividends (14,545) (11,055) (9,694) Less: Net income attributable to noncontrolling interests (4,492) (2,022) (865) Less: Net income attributable to participating securities (509) (447) (378) Net income attributable to common stockholders $ 61,349 $ 50,477 $ 36,138 Denominator: Weighted average shares of common stock outstanding - basic 120,873,624 106,407,283 86,824,235 Effect of dilutive securities - performance units 304,686 391,765 511,514 Weighted average shares of common stock outstanding - diluted 121,178,310 106,799,048 87,335,749 Earnings per share - Basic Net income attributable to common stockholders $ 0.51 $ 0.47 $ 0.42 Earnings per share - Diluted Net income attributable to common stockholders $ 0.51 $ 0.47 $ 0.41 |
Quarterly Information (unaudi_2
Quarterly Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information | The following tables set forth selected quarterly information for the years ended December 31, 2020 and 2019 (in thousands except per share amounts): Three Months Ended December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Total revenues $ 88,649 $ 83,856 $ 79,950 $ 77,680 Net income $ 18,155 $ 31,197 $ 16,271 $ 15,272 Net income attributable to common stockholders $ 13,239 $ 25,901 $ 11,421 $ 10,788 Net income attributable to common stockholders per share - basic $ 0.11 $ 0.21 $ 0.10 $ 0.09 Net income attributable to common stockholders per share - diluted $ 0.10 $ 0.21 $ 0.10 $ 0.09 Three Months Ended December 31, 2019 September 30, 2019 June 30, 2019 March 31, 2019 Total revenues $ 74,399 $ 68,061 $ 64,390 $ 60,363 Net income $ 24,382 $ 12,948 $ 15,954 $ 10,717 Net income attributable to common stockholders $ 19,904 $ 9,746 $ 12,848 $ 7,979 Net income attributable to common stockholders per share - basic $ 0.18 $ 0.09 $ 0.12 $ 0.08 Net income attributable to common stockholders per share - diluted $ 0.18 $ 0.09 $ 0.12 $ 0.08 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Summary of Acquired Wholly Owned Property Acquisitions | The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 701-751 Kingshill Place (2) Los Angeles - South Bay 3/5/2020 169,069 6 $ 33,251 2601-2641 Manhattan Beach Boulevard (2) Los Angeles - South Bay 3/5/2020 126,726 6 39,481 2410-2420 Santa Fe Avenue (2) Los Angeles - South Bay 3/5/2020 112,000 1 35,737 11600 Los Nietos Road (2) Los Angeles - Mid-Counties 3/5/2020 103,982 1 16,626 5160 Richton Street (2) San Bernardino - Inland Empire West 3/5/2020 94,976 1 15,653 2205 126th Street (2) Los Angeles - South Bay 3/5/2020 63,532 1 17,712 11832-11954 La Cienega Boulevard (2) Los Angeles - South Bay 3/5/2020 63,462 4 19,664 7612-7642 Woodwind Drive (2) Orange County - West 3/5/2020 62,377 3 13,780 960-970 Knox Street (2) Los Angeles - South Bay 3/5/2020 39,400 1 9,939 25781 Atlantic Ocean Drive (2) Orange County - South 3/5/2020 27,960 1 5,516 Brady Way (3) Orange County - West 4/1/2020 — — 874 720-750 Vernon Avenue Los Angeles - San Gabriel Valley 4/3/2020 71,692 3 15,515 6687 Flotilla Street Los Angeles - Central 5/5/2020 120,000 1 21,000 1055 Sandhill Avenue Los Angeles - South Bay 5/28/2020 — — 14,453 22895 Eastpark Drive (2) Orange County - North 6/19/2020 34,950 1 6,844 8745-8775 Production Avenue San Diego - Central 6/19/2020 46,820 2 7,850 15580 Slover Avenue San Bernardino - Inland Empire West 6/26/2020 60,127 1 9,958 15650-15700 Avalon Boulevard Los Angeles - South Bay 7/1/2020 166,088 2 28,079 11308-11350 Penrose Street Los Angeles - San Fernando Valley 7/1/2020 151,604 2 25,427 11076-11078 Fleetwood Street Los Angeles - San Fernando Valley 7/1/2020 26,040 1 4,711 11529-11547 Tuxford Street Los Angeles - San Fernando Valley 7/1/2020 29,730 1 5,005 12133 Greenstone Avenue Los Angeles - Mid-Counties 7/17/2020 12,586 1 5,483 12772-12746 San Fernando Road Los Angeles - San Fernando Valley 10/14/2020 140,837 2 22,050 15601 Avalon Boulevard Los Angeles - South Bay 10/26/2020 63,690 2 15,500 Gateway Pointe Industrial Park (4) Los Angeles - Mid-Counties 11/17/2020 989,195 4 296,590 13943-13955 Balboa Boulevard (5) Los Angeles - San Fernando Valley 11/17/2020 200,632 1 45,340 Van Nuys Airport Industrial Center Los Angeles - San Fernando Valley 12/3/2020 426,466 18 154,637 4039 State Street San Bernardino - Inland Empire West 12/4/2020 139,000 1 29,665 10156 Live Oak Avenue San Bernardino - Inland Empire West 12/4/2020 236,912 1 46,814 10694 Tamarind Avenue San Bernardino - Inland Empire West 12/4/2020 99,999 1 22,390 2520 Baseline Road San Bernardino - Inland Empire West 12/4/2020 156,586 1 30,531 12211 Greenstone Avenue Los Angeles - Mid-Counties 12/9/2020 — — 16,800 1921, 2011, 2055, 2099, 2040 East 27th Street Los Angeles - Central 12/15/2020 300,389 4 63,403 2750 & 2800 Alameda Street Los Angeles - Central 12/15/2020 164,026 2 30,369 29010 Avenue Paine (6) Los Angeles - San Fernando Valley 12/31/2020 100,157 1 16,037 29010 Commerce Center Drive (6) Los Angeles - San Fernando Valley 12/31/2020 117,151 1 24,480 13369 Valley Boulevard (6) San Bernardino - Inland Empire West 12/31/2020 105,041 1 20,660 6635 Caballero Boulevard (6) Los Angeles - Mid-Counties 12/31/2020 92,395 1 22,802 1235 South Lewis Street Orange County - North 12/31/2020 62,607 1 16,800 Total 2020 Property Acquisitions 4,978,204 82 $ 1,227,426 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) On March 5, 2020, we acquired ten properties, and on June 19, 2020, we acquired one additional property, from a group of sellers that were not affiliated with the Company (the “Properties”) for an aggregate purchase price of $214.2 million, exclusive of closing costs, including assumed debt of approximately $47.5 million. In consideration for the Properties we (i) paid $60.4 million in cash, including a $10.0 million deposit paid in 2019, (ii) issued 1,406,170 common units of limited partnership interests in the Operating Partnership and (iii) issued 906,374 4.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 5 and Note 13 for further details regarding the assumption of debt and issuance of common and preferred units, respectively. (3) Brady Way is a one-acre parcel of land adjacent to our property located at 12821 Knott Street. (4) This acquisition was partially funded through a 1031 Exchange using $42.4 million of net cash proceeds from the sale of our properties located at (i) 3927 Oceanic Drive, (ii) 121 West 33rd Street and (iii) 2700-2722 South Fairview Street. (5) On November 17, 2020, we acquired the property located at 13943-13955 Balboa Boulevard for a purchase price of $45.3 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand, the assumption of approximately $15.7 million of debt and the issuance of 592,186 common units of limited partnership interests in the Operating Partnership (6) On December 31, 2020, we acquired four properties for an aggregate purchase price of $84.0 million, exclusive of closing costs. The acquisition was funded through the issuance of 1,800,000 common units of limited partnership interests in the Operating Partnership. The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2019: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 12821 Knott Street Orange County - West 1/15/2019 120,800 1 $ 19,800 28510 Industry Drive Los Angeles - San Fernando Valley 1/17/2019 46,778 1 7,765 Conejo Spectrum Business Park Ventura 1/28/2019 531,378 9 106,250 2455 Ash Street San Diego - North County 3/5/2019 42,508 1 6,680 25413 Rye Canyon Road Los Angeles - San Fernando Valley 3/12/2019 48,075 1 5,529 1515 East 15th Street (2) Los Angeles - Central LA 4/10/2019 238,015 1 28,100 13890 Nelson Avenue Los Angeles - San Gabriel Valley 4/12/2019 256,993 1 41,810 445-449 Freedom Avenue Orange County - North 4/12/2019 92,647 1 17,960 2270 Camino Vida Roble San Diego - North County 4/12/2019 106,311 1 16,791 980 Rancheros Drive San Diego - North County 4/16/2019 48,878 1 7,895 1145 Arroyo Avenue Los Angeles - San Fernando Valley 4/25/2019 147,019 1 29,862 1150 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 147,000 1 29,694 1175 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 92,455 1 17,844 1245 Aviation Place Los Angeles - San Fernando Valley 4/25/2019 132,936 1 26,055 635 8th Street Los Angeles - San Fernando Valley 4/25/2019 72,250 1 14,659 10015 Waples Court San Diego - Central County 4/25/2019 106,412 1 21,300 19100 Susana Road Los Angeles - South Bay 4/30/2019 52,714 1 13,510 15385 Oxnard Street Los Angeles - San Fernando Valley 5/3/2019 71,467 1 16,800 9750-9770 San Fernando Road Los Angeles - San Fernando Valley 5/16/2019 35,624 1 7,440 218 Turnbull Canyon Los Angeles - San Gabriel Valley 5/31/2019 190,900 1 27,100 The Merge (3) San Bernardino - Inland Empire West 6/6/2019 — — 23,200 3340 San Fernando Road (4) Los Angeles - San Fernando Valley 7/3/2019 — — 3,000 5725 Eastgate Drive San Diego - Central County 7/31/2019 27,267 1 8,150 18115 Main Street Los Angeles - South Bay 8/29/2019 42,270 1 6,750 3150 Ana Street Los Angeles - South Bay 8/29/2019 105,970 1 18,800 1402 Avenida Del Oro (5) San Diego - North County 8/30/2019 311,995 1 73,550 9607-9623 Imperial Highway Los Angeles - Mid-Counties 9/5/2019 7,466 1 10,510 12200 Bellflower Boulevard Los Angeles - Mid-Counties 9/5/2019 54,161 1 16,325 Storm Parkway Los Angeles - South Bay 9/17/2019 267,503 8 66,165 2328 Teller Road Ventura 9/25/2019 126,317 1 23,273 6277-6289 Slauson Avenue Los Angeles - Central LA 10/3/2019 336,085 3 41,263 750 Manville Street Los Angeles - South Bay 10/4/2019 59,996 1 11,510 8985 Crestmar Point San Diego - Central County 10/25/2019 55,816 1 7,985 404-430 Berry Way (6) Orange County - North 11/5/2019 120,250 3 27,600 415-435 Motor Avenue Los Angeles - San Gabriel Valley 11/13/2019 63,900 1 7,200 508 East E Street Los Angeles - South Bay 11/20/2019 57,522 1 14,892 12752-12822 Monarch Street Orange County - West 11/22/2019 276,585 1 34,000 1601 West Mission Boulevard Los Angeles - San Gabriel Valley 12/10/2019 751,528 1 87,780 2757 East Del Amo Boulevard Los Angeles - South Bay 12/11/2019 57,300 1 11,900 18250 Euclid Street (7) Orange County - West 12/27/2019 62,838 1 14,000 Total 2019 Property Acquisitions 5,365,929 57 $ 970,697 (1) Represents the gross contractual purchase price before prorations, closing costs and other acquisition related costs. Each acquisition was funded with available cash on hand unless otherwise noted. (2) In connection with this acquisition, we issued the seller 593,960 newly issued 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership. See Note 13 under “Series 1 CPOP Units” for further details regarding the preferred units. (3) The Merge was acquired as a fully entitled development site, upon which we completed construction of a 334,000 rentable square foot six-building industrial complex during 2020. (4) On July 3, 2019, we acquired the fee title to the parcel of land located at 3340 North San Fernando Road in Los Angeles, California for a contract price of $3.0 million. Prior to the acquisition, we leased the parcel of land from the seller under a long-term ground lease. (5) This acquisition was partially funded through a 1031 Exchange using $12.3 million of net cash proceeds from the sale of our properties located at (i) 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue and (ii) 939 Poinsettia Avenue - Unit 301 and available cash on hand. (6) This acquisition was partially funded through a 1031 Exchange using $10.6 million of net cash proceeds from the sale of our property located at 13914-13932 East Valley Boulevard and available cash on hand. (7) This acquisition was partially funded through a 1031 Exchange using $9.4 million of net cash proceeds from the sale of our property located at 2350-2380 Eastman Avenue and available cash on hand. The following table summarizes the industrial properties we acquired subsequent to December 31, 2020: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price 15010 Don Julian Road (1) San Gabriel Valley 1/5/2021 92,925 1 $ 22,200 5002-5018 Lindsay Court Inland Empire West 1/11/2021 64,960 1 12,650 514 East C Street (2) South Bay 1/14/2021 3,436 1 9,950 17907-18001 Figueroa Street South Bay 1/26/2021 74,810 6 20,200 7817 Woodley Avenue Greater San Fernando Valley 1/27/2021 36,900 1 9,963 8888-8892 Balboa Avenue (3) Central San Diego 2/4/2021 86,637 1 19,800 Total 359,668 11 $ 94,763 (1) Represents acquisition of a 10.97 acre redevelopment site. (2) Represents acquisition of a 2.5 acre industrial outdoor storage site. |
Dividends Declared | On February 8, 2021, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.24 March 31, 2021 April 15, 2021 OP Units $ 0.24 March 31, 2021 April 15, 2021 5.875% Series A Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2021 March 31, 2021 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2021 March 31, 2021 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2021 March 31, 2021 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2021 March 31, 2021 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2021 March 31, 2021 |
Organization - Additional Infor
Organization - Additional Information (Detail) ft² in Millions | Dec. 31, 2020ft²property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of real estate properties | property | 248 |
Area of real estate property (square feet) | ft² | 31.5 |
Number of real estate properties additionally managed | property | 20 |
Area of real estate property additionally managed | ft² | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Restricted cash | $ 1,200 | ||||
Proceeds from Sale of Real Estate | $ 1,200 | ||||
Number Of Real Estate Properties Sold | property | 1 | ||||
Cash and cash equivalents | $ 176,293 | $ 78,857 | $ 180,601 | ||
Restricted cash | 1,230 | 0 | 0 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 177,523 | 78,857 | 180,601 | $ 6,870 | |
Interest costs capitalized | 3,900 | 3,900 | 2,100 | ||
Real estate taxes and insurance costs capitalized | $ 1,200 | 1,300 | 900 | ||
REIT annual taxable income distribution requirement percentage | 90.00% | ||||
Provision for doubtful accounts | $ 5,000 | 700 | 1,200 | ||
Lease liabilities | 6,358 | 3,800 | $ 3,600 | ||
Right-of-use assets | 5,600 | 3,500 | $ 3,300 | ||
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 | $ 0 | $ 3,262 | 0 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | ||
960-970 Knox Street | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deposits paid | $ 26 | ||||
Rent Relief Agreement, COVID-19 [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Security Deposits | 4,578 | ||||
Acceleration of Concessions | 825 | ||||
Deferral of Base Rent | $ 4,570 | ||||
Minimum | Building | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated remaining life | 10 years | ||||
Minimum | Site Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated remaining life | 5 years | ||||
Maximum | Building | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated remaining life | 30 years | ||||
Maximum | Site Improvements | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated remaining life | 20 years | ||||
Construction Employees | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Compensation costs capitalized | $ 4,100 | $ 2,700 | 2,200 | ||
Leasing Employees | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Compensation costs capitalized | 1,000 | ||||
Measurement Input, Discount Rate | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 4.75% | ||||
Measurement Input, Discount Rate | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 7.00% | ||||
Measurement Input, Cap Rate | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 4.00% | ||||
Measurement Input, Cap Rate | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 6.00% | ||||
Property Average Lease Up Period | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property average lease up period | 6 months | ||||
Property Average Lease Up Period | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Property average lease up period | 9 months | ||||
Fair Value, Concentration of Risk, Market Risk Management, Gap Analysis | Minimum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 3.00% | ||||
Fair Value, Concentration of Risk, Market Risk Management, Gap Analysis | Maximum | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Fair value inputs, discount rate | 3.75% | ||||
Accounting Standards Update 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ (200) |
Investments in Real Estate - Su
Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) $ in Thousands | Nov. 17, 2020USD ($)shares | Mar. 05, 2020buildingshares | Dec. 27, 2019USD ($) | Nov. 05, 2019USD ($) | Aug. 30, 2019USD ($) | Apr. 10, 2019USD ($)shares | Dec. 31, 2020USD ($)ft²abuildingshares | Jun. 19, 2020USD ($)building | Dec. 31, 2020USD ($)ft²buildingshares | Dec. 31, 2019USD ($)ft²building | Dec. 31, 2018USD ($) |
Real Estate [Line Items] | |||||||||||
Rentable Square Feet | ft² | 4,978,204 | 4,978,204 | 5,365,929 | ||||||||
Number of buildings | building | 82 | 82 | 57 | ||||||||
Contractual Purchase Price (in thousands) | $ 1,227,426 | $ 1,227,426 | $ 970,697 | ||||||||
Dividend Rate | 4.43937% | ||||||||||
Long-term Debt, Gross | 1,223,494 | 1,223,494 | $ 860,958 | ||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | 65,264 | 0 | $ 0 | ||||||||
Noncontrolling Interests | Operating Partnership | |||||||||||
Real Estate [Line Items] | |||||||||||
Limited Partners' Capital Account, Units Issued | shares | 1,406,170 | ||||||||||
Fixed Rate Debt | 13943-13955 Balboa Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Long-term Debt, Gross | $ 15,661 | $ 15,661 | $ 0 | ||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 15,700 | ||||||||||
701-751 Kingshill Place | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 169,069 | 169,069 | |||||||||
Number of buildings | building | 6 | 6 | |||||||||
Contractual Purchase Price (in thousands) | $ 33,251 | $ 33,251 | |||||||||
2601-2641 Manhattan Beach Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 126,726 | 126,726 | |||||||||
Number of buildings | building | 6 | 6 | |||||||||
Contractual Purchase Price (in thousands) | $ 39,481 | $ 39,481 | |||||||||
2410-2420 Santa Fe Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 112,000 | 112,000 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 35,737 | $ 35,737 | |||||||||
11600 Los Nietos Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 103,982 | 103,982 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 16,626 | $ 16,626 | |||||||||
5160 Richton Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 94,976 | 94,976 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 15,653 | $ 15,653 | |||||||||
2205 126th Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 63,532 | 63,532 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 17,712 | $ 17,712 | |||||||||
11832-11954 La Cienega Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 63,462 | 63,462 | |||||||||
Number of buildings | building | 4 | 4 | |||||||||
Contractual Purchase Price (in thousands) | $ 19,664 | $ 19,664 | |||||||||
7612-7642 Woodwind Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 62,377 | 62,377 | |||||||||
Number of buildings | building | 3 | 3 | |||||||||
Contractual Purchase Price (in thousands) | $ 13,780 | $ 13,780 | |||||||||
960-970 Knox Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 39,400 | 39,400 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 9,939 | $ 9,939 | |||||||||
25781 Atlantic Ocean Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 27,960 | 27,960 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 5,516 | $ 5,516 | |||||||||
Brady Way | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 1, 2020 | ||||||||||
Rentable Square Feet | ft² | 0 | 0 | |||||||||
Number of buildings | building | 0 | 0 | |||||||||
Contractual Purchase Price (in thousands) | $ 874 | $ 874 | |||||||||
Number Of Acres | a | 1 | ||||||||||
720-750 Vernon Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 3, 2020 | ||||||||||
Rentable Square Feet | ft² | 71,692 | 71,692 | |||||||||
Number of buildings | building | 3 | 3 | |||||||||
Contractual Purchase Price (in thousands) | $ 15,515 | $ 15,515 | |||||||||
6687 Flotilla Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | May 5, 2020 | ||||||||||
Rentable Square Feet | ft² | 120,000 | 120,000 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 21,000 | $ 21,000 | |||||||||
1055 Sandhill Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | May 28, 2020 | ||||||||||
Rentable Square Feet | ft² | 0 | 0 | |||||||||
Number of buildings | building | 0 | 0 | |||||||||
Contractual Purchase Price (in thousands) | $ 14,453 | $ 14,453 | |||||||||
22895 Eastpark Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jun. 19, 2020 | ||||||||||
Rentable Square Feet | ft² | 34,950 | 34,950 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 6,844 | $ 6,844 | |||||||||
8745-8775 Production Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jun. 19, 2020 | ||||||||||
Rentable Square Feet | ft² | 46,820 | 46,820 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 7,850 | $ 7,850 | |||||||||
15580 Slover Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jun. 26, 2020 | ||||||||||
Rentable Square Feet | ft² | 60,127 | 60,127 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 9,958 | $ 9,958 | |||||||||
15650-15700 Avalon Boulevard | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 1, 2020 | ||||||||||
Rentable Square Feet | ft² | 166,088 | 166,088 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 28,079 | $ 28,079 | |||||||||
11308-11350 Penrose Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 1, 2020 | ||||||||||
Rentable Square Feet | ft² | 151,604 | 151,604 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 25,427 | $ 25,427 | |||||||||
11076-11078 Fleetwood Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 1, 2020 | ||||||||||
Rentable Square Feet | ft² | 26,040 | 26,040 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 4,711 | $ 4,711 | |||||||||
11529-11547 Tuxford Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 1, 2020 | ||||||||||
Rentable Square Feet | ft² | 29,730 | 29,730 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 5,005 | $ 5,005 | |||||||||
12133 Greenstone Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 17, 2020 | ||||||||||
Rentable Square Feet | ft² | 12,586 | 12,586 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 5,483 | $ 5,483 | |||||||||
12772-12746 San Fernando Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Oct. 14, 2020 | ||||||||||
Rentable Square Feet | ft² | 140,837 | 140,837 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 22,050 | $ 22,050 | |||||||||
15601 Avalon Boulevard | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Oct. 26, 2020 | ||||||||||
Rentable Square Feet | ft² | 63,690 | 63,690 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 15,500 | $ 15,500 | |||||||||
Gateway Pointe | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 17, 2020 | ||||||||||
Rentable Square Feet | ft² | 989,195 | 989,195 | |||||||||
Number of buildings | building | 4 | 4 | |||||||||
Contractual Purchase Price (in thousands) | $ 296,590 | $ 296,590 | |||||||||
13943-13955 Balboa Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 17, 2020 | ||||||||||
Rentable Square Feet | ft² | 200,632 | 200,632 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 45,340 | $ 45,340 | |||||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 592,186 | ||||||||||
Van Nuys Airport Industrial Center | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 3, 2020 | ||||||||||
Rentable Square Feet | ft² | 426,466 | 426,466 | |||||||||
Number of buildings | building | 18 | 18 | |||||||||
Contractual Purchase Price (in thousands) | $ 154,637 | $ 154,637 | |||||||||
4039 State Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 4, 2020 | ||||||||||
Rentable Square Feet | ft² | 139,000 | 139,000 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 29,665 | $ 29,665 | |||||||||
10156 Live Oak Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 4, 2020 | ||||||||||
Rentable Square Feet | ft² | 236,912 | 236,912 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 46,814 | $ 46,814 | |||||||||
10694 Tamarind Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 4, 2020 | ||||||||||
Rentable Square Feet | ft² | 99,999 | 99,999 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 22,390 | $ 22,390 | |||||||||
2520 Baseline Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 4, 2020 | ||||||||||
Rentable Square Feet | ft² | 156,586 | 156,586 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 30,531 | $ 30,531 | |||||||||
12211 Greenstone Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 9, 2020 | ||||||||||
Rentable Square Feet | ft² | 0 | 0 | |||||||||
Number of buildings | building | 0 | 0 | |||||||||
Contractual Purchase Price (in thousands) | $ 16,800 | $ 16,800 | |||||||||
1921, 2011, 2055, 2099, 2040 East 27th Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 15, 2020 | ||||||||||
Rentable Square Feet | ft² | 300,389 | 300,389 | |||||||||
Number of buildings | building | 4 | 4 | |||||||||
Contractual Purchase Price (in thousands) | $ 63,403 | $ 63,403 | |||||||||
2750 & 2800 Alameda Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 15, 2020 | ||||||||||
Rentable Square Feet | ft² | 164,026 | 164,026 | |||||||||
Number of buildings | building | 2 | 2 | |||||||||
Contractual Purchase Price (in thousands) | $ 30,369 | $ 30,369 | |||||||||
29010 Avenue Paine | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 31, 2020 | ||||||||||
Rentable Square Feet | ft² | 100,157 | 100,157 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 16,037 | $ 16,037 | |||||||||
29010 Commerce Center Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 31, 2020 | ||||||||||
Rentable Square Feet | ft² | 117,151 | 117,151 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 24,480 | $ 24,480 | |||||||||
13369 Valley Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 31, 2020 | ||||||||||
Rentable Square Feet | ft² | 105,041 | 105,041 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 20,660 | $ 20,660 | |||||||||
6635 Caballero Blvd | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 31, 2020 | ||||||||||
Rentable Square Feet | ft² | 92,395 | 92,395 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 22,802 | $ 22,802 | |||||||||
1235 South Lewis Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 31, 2020 | ||||||||||
Rentable Square Feet | ft² | 62,607 | 62,607 | |||||||||
Number of buildings | building | 1 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 16,800 | $ 16,800 | |||||||||
12821 Knott Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jan. 15, 2019 | ||||||||||
Rentable Square Feet | ft² | 120,800 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 19,800 | ||||||||||
28510 Industry Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jan. 17, 2019 | ||||||||||
Rentable Square Feet | ft² | 46,778 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 7,765 | ||||||||||
Conejo Spectrum Business Park | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jan. 28, 2019 | ||||||||||
Rentable Square Feet | ft² | 531,378 | ||||||||||
Number of buildings | building | 9 | ||||||||||
Contractual Purchase Price (in thousands) | $ 106,250 | ||||||||||
2455 Ash Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 5, 2019 | ||||||||||
Rentable Square Feet | ft² | 42,508 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 6,680 | ||||||||||
25413 Rye Canyon Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Mar. 12, 2019 | ||||||||||
Rentable Square Feet | ft² | 48,075 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 5,529 | ||||||||||
1515 15th Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 10, 2019 | ||||||||||
Rentable Square Feet | ft² | 238,015 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 28,100 | $ 28,100 | |||||||||
13890 Nelson Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 12, 2019 | ||||||||||
Rentable Square Feet | ft² | 256,993 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 41,810 | ||||||||||
445-449 Freedom Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 12, 2019 | ||||||||||
Rentable Square Feet | ft² | 92,647 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 17,960 | ||||||||||
2270 Camino Vida Roble | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 12, 2019 | ||||||||||
Rentable Square Feet | ft² | 106,311 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 16,791 | ||||||||||
980 Rancheros Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 16, 2019 | ||||||||||
Rentable Square Feet | ft² | 48,878 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 7,895 | ||||||||||
1145 Arroyo Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 147,019 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 29,862 | ||||||||||
1150 Aviation Place | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 147,000 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 29,694 | ||||||||||
1175 Aviation Place | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 92,455 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 17,844 | ||||||||||
1245 Aviation Place | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 132,936 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 26,055 | ||||||||||
635 8th Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 72,250 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 14,659 | ||||||||||
10015 Waples Court | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 106,412 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 21,300 | ||||||||||
19100 Susana Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Apr. 30, 2019 | ||||||||||
Rentable Square Feet | ft² | 52,714 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 13,510 | ||||||||||
15385 Oxnard Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | May 3, 2019 | ||||||||||
Rentable Square Feet | ft² | 71,467 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 16,800 | ||||||||||
9750-9770 San Fernando Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | May 16, 2019 | ||||||||||
Rentable Square Feet | ft² | 35,624 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 7,440 | ||||||||||
218 S. Turnbull Canyon | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | May 31, 2019 | ||||||||||
Rentable Square Feet | ft² | 190,900 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 27,100 | ||||||||||
The Merge [Member] | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jun. 6, 2019 | ||||||||||
Rentable Square Feet | ft² | 0 | ||||||||||
Number of buildings | building | 6 | 6 | 0 | ||||||||
Contractual Purchase Price (in thousands) | $ 23,200 | ||||||||||
Future rentable area | ft² | 334,000 | 334,000 | |||||||||
3340 San Fernando Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 3, 2019 | ||||||||||
Rentable Square Feet | ft² | 0 | ||||||||||
Number of buildings | building | 0 | ||||||||||
Contractual Purchase Price (in thousands) | $ 3,000 | ||||||||||
5725 Eastgate Drive | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Jul. 31, 2019 | ||||||||||
Rentable Square Feet | ft² | 27,267 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 8,150 | ||||||||||
18115 Main Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Aug. 29, 2019 | ||||||||||
Rentable Square Feet | ft² | 42,270 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 6,750 | ||||||||||
3150 Ana Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Aug. 29, 2019 | ||||||||||
Rentable Square Feet | ft² | 105,970 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 18,800 | ||||||||||
1402 Avenida Del Oro | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Aug. 30, 2019 | ||||||||||
Rentable Square Feet | ft² | 311,995 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 73,550 | ||||||||||
9607-9623 Imperial Highway | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Sep. 5, 2019 | ||||||||||
Rentable Square Feet | ft² | 7,466 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 10,510 | ||||||||||
12200 Bellflower Boulevard | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Sep. 5, 2019 | ||||||||||
Rentable Square Feet | ft² | 54,161 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 16,325 | ||||||||||
Storm Parkway | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Sep. 17, 2019 | ||||||||||
Rentable Square Feet | ft² | 267,503 | ||||||||||
Number of buildings | building | 8 | ||||||||||
Contractual Purchase Price (in thousands) | $ 66,165 | ||||||||||
2328 Teller Road | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Sep. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 126,317 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 23,273 | ||||||||||
6277-6289 Slauson Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Oct. 3, 2019 | ||||||||||
Rentable Square Feet | ft² | 336,085 | ||||||||||
Number of buildings | building | 3 | ||||||||||
Contractual Purchase Price (in thousands) | $ 41,263 | ||||||||||
750 Manville Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Oct. 4, 2019 | ||||||||||
Rentable Square Feet | ft² | 59,996 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 11,510 | ||||||||||
8985 Crestmar Point | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Oct. 25, 2019 | ||||||||||
Rentable Square Feet | ft² | 55,816 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 7,985 | ||||||||||
404-430 Berry Way | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 5, 2019 | ||||||||||
Rentable Square Feet | ft² | 120,250 | ||||||||||
Number of buildings | building | 3 | ||||||||||
Contractual Purchase Price (in thousands) | $ 27,600 | ||||||||||
415-435 Motor Avenue | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 13, 2019 | ||||||||||
Rentable Square Feet | ft² | 63,900 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 7,200 | ||||||||||
508 East E Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 20, 2019 | ||||||||||
Rentable Square Feet | ft² | 57,522 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 14,892 | ||||||||||
12752-12822 Monarch Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Nov. 22, 2019 | ||||||||||
Rentable Square Feet | ft² | 276,585 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 34,000 | ||||||||||
1601 Mission Blvd. | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 10, 2019 | ||||||||||
Rentable Square Feet | ft² | 751,528 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 87,780 | ||||||||||
2757 Del Amo Blvd. | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 11, 2019 | ||||||||||
Rentable Square Feet | ft² | 57,300 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 11,900 | ||||||||||
18250 Euclid Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Date of Acquisition | Dec. 27, 2019 | ||||||||||
Rentable Square Feet | ft² | 62,838 | ||||||||||
Number of buildings | building | 1 | ||||||||||
Contractual Purchase Price (in thousands) | $ 14,000 | ||||||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of buildings | building | 10 | 1 | |||||||||
Contractual Purchase Price (in thousands) | $ 214,200 | $ 214,200 | |||||||||
Payments to acquire real estate | $ 60,400 | ||||||||||
Payments for Deposits on Real Estate Acquisitions | $ 10,000 | ||||||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | Secured Debt [Member] | |||||||||||
Real Estate [Line Items] | |||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 47,500 | ||||||||||
Properties Acquired on December 31, 2020 | |||||||||||
Real Estate [Line Items] | |||||||||||
Number of buildings | building | 4 | 4 | |||||||||
Contractual Purchase Price (in thousands) | $ 84,000 | $ 84,000 | |||||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 1,800,000 | 1,800,000 | |||||||||
1031 Exchange | Gateway Pointe | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 42,400 | ||||||||||
1031 Exchange | 1402 Avenida Del Oro | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 12,300 | ||||||||||
1031 Exchange | 404-430 Berry Way | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 10,600 | ||||||||||
1031 Exchange | 18250 Euclid Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Payments to acquire real estate | $ 9,400 | ||||||||||
Series 1 CPOP Units | 1515 15th Street | |||||||||||
Real Estate [Line Items] | |||||||||||
Acquisition, Preferred Units, Issued | shares | 593,960 | ||||||||||
Dividend Rate | 4.43937% | ||||||||||
Series 2 CPOP Units | |||||||||||
Real Estate [Line Items] | |||||||||||
Dividend Rate | 4.00% | ||||||||||
Series 2 CPOP Units | Properties Acquired on March 5, 2020 and June 19, 2020 | |||||||||||
Real Estate [Line Items] | |||||||||||
Acquisition, Preferred Units, Issued | shares | 906,374 | ||||||||||
Dividend Rate | 4.00% |
Investments in Real Estate - _2
Investments in Real Estate - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($) | |
Assets: | ||
Land | $ 729,649 | $ 637,478 |
Buildings and improvements | 475,853 | 308,950 |
Tenant improvements | 4,787 | 6,553 |
Acquired lease intangible assets | 43,378 | 39,502 |
Other acquired assets | 3,390 | 747 |
Total assets acquired | 1,257,057 | 993,230 |
Liabilities: | ||
Acquired lease intangible liabilities | 19,705 | 15,796 |
Notes payable | 65,264 | 0 |
Other assumed liabilities | 6,062 | 5,768 |
Total liabilities assumed | 91,031 | 21,564 |
Net assets acquired | $ 1,166,026 | $ 971,666 |
Below Market Lease, Weighted Average Useful Life | 5 years 7 months 6 days | 6 years 1 month 6 days |
13943-13955 Balboa Blvd | ||
Liabilities: | ||
Number of mortgage loans assumed | loan | 11 | |
In-place Lease Intangibles | ||
Liabilities: | ||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 40,500 | $ 36,300 |
Amortization period of acquired intangible assets | 4 years 8 months 12 days | 6 years 2 months 12 days |
Above-market tenant leases | ||
Liabilities: | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | $ 2,900 | $ 3,200 |
Amortization period of acquired intangible assets | 7 years 4 months 24 days | 8 years 8 months 12 days |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total | $ 92,172 | $ 73,090 |
Acquired lease intangible liabilities, net | (67,256) | (59,340) |
In-place lease intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 193,653 | 154,370 |
Accumulated amortization | (109,789) | (87,955) |
Total | 83,864 | 66,415 |
Above-market tenant leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 17,079 | 14,296 |
Accumulated amortization | (8,771) | (7,621) |
Total | 8,308 | 6,675 |
Below-market tenant leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible liabilities, gross | (101,297) | (81,718) |
Accumulated accretion | 34,041 | 22,378 |
Acquired lease intangible liabilities, net | $ (67,256) | $ (59,340) |
Acquired Lease Intangibles - _2
Acquired Lease Intangibles - Summary of Amortization or Accretion Recorded During the Period Related to Acquired Lease Intangibles (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of (below) above market lease intangibles, net | $ (10,533) | $ (7,907) | $ (5,981) |
In-place Lease Intangibles | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of in-place lease intangibles | 22,903 | 20,936 | 18,135 |
Net above (below) market tenant leases | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of (below) above market lease intangibles, net | (10,533) | (7,907) | (5,949) |
Above Market Ground Lease | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Accretion of above market ground lease intangible | $ 0 | $ 0 | $ (32) |
Acquired Lease Intangibles - _3
Acquired Lease Intangibles - Summary of Estimated Net Amortization Expense of Above Market Leases And In-Place Lease Intangibles (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total | $ 92,172 | $ 73,090 |
In-place Lease Intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2020 | 23,091 | |
2021 | 15,296 | |
2022 | 11,217 | |
2023 | 7,992 | |
2024 | 5,668 | |
Thereafter | 20,600 | |
Total | 83,864 | |
Net Above/(Below) Market Operating Leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2020 | 9,382 | |
2021 | 6,691 | |
2022 | 5,554 | |
2023 | 4,534 | |
2024 | 3,028 | |
Thereafter | 29,759 | |
Total | $ 58,948 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) | 12 Months Ended | |||
Dec. 31, 2020USD ($)propertyextension | Feb. 13, 2020extension | Dec. 31, 2019USD ($) | Jul. 16, 2019USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 1,223,494,000 | $ 860,958,000 | ||
Unsecured Debt | 1,100,000,000 | 800,000,000 | ||
Secured Debt | 123,494,000 | 60,958,000 | ||
Less: unamortized discount and debt issuance costs | (7,334,000) | (3,116,000) | ||
Notes payable | $ 1,216,160,000 | 857,842,000 | ||
$60 Million Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Extension period | 24 months | |||
$60 Million Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 58,499,000 | 58,499,000 | ||
Maturity date | Aug. 1, 2023 | |||
Number of extensions | extension | 1 | |||
Principal payments | $ 65,250 | |||
Number Of Properties Securing Loan | property | 6 | |||
Revolving Credit Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 0 | 100,000,000 | ||
Maturity date | Feb. 14, 2022 | |||
Revolving Credit Facility | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 0 | 0 | ||
Maturity date | Feb. 13, 2024 | |||
Number of extensions | extension | 2 | |||
Extension duration period | 6 months | |||
$225M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 225,000,000 | 225,000,000 | ||
Maturity date | Jan. 14, 2023 | |||
$150M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 150,000,000 | 150,000,000 | ||
Maturity date | May 22, 2025 | |||
LIBOR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.85% | |||
Fixed interest rate | 0.994% | |||
LIBOR | $60 Million Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.70% | |||
Fixed interest rate | 1.844% | |||
LIBOR | $225M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.10% | |||
Fixed interest rate | 2.474% | |||
LIBOR | $150M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.55% | |||
Fixed interest rate | 4.313% | |||
Senior Notes | $100M Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | ||
Maturity date | Aug. 6, 2025 | |||
Fixed interest rate | 4.29% | |||
Senior Notes | $125M Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 125,000,000 | 125,000,000 | ||
Maturity date | Jul. 13, 2027 | |||
Fixed interest rate | 3.93% | |||
Senior Notes | $25M Series 2019A Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 25,000,000 | 25,000,000 | $ 25,000,000 | |
Maturity date | Jul. 16, 2029 | |||
Fixed interest rate | 3.88% | |||
Senior Notes | $400M Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 400,000,000 | 0 | ||
Maturity date | Dec. 1, 2030 | |||
Fixed interest rate | 2.125% | |||
Senior Notes | $75M Series 2019B Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 75,000,000 | 75,000,000 | $ 75,000,000 | |
Maturity date | Jul. 16, 2034 | |||
Fixed interest rate | 4.03% | |||
Fixed Rate Debt | 2601-2641 Manhattan Beach Blvd | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 4,065,000 | 0 | ||
Maturity date | Apr. 5, 2023 | |||
Fixed interest rate | 4.08% | |||
Debt Instrument, Periodic Payment | $ 23,138 | |||
Fixed Rate Debt | 960-970 Knox Street | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 2,488,000 | 0 | ||
Maturity date | Nov. 1, 2023 | |||
Fixed interest rate | 5.00% | |||
Debt Instrument, Periodic Payment | $ 17,538 | |||
Fixed Rate Debt | 7612-7642 Woodwind Drive | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 3,895,000 | 0 | ||
Maturity date | Jan. 5, 2024 | |||
Fixed interest rate | 5.24% | |||
Debt Instrument, Periodic Payment | $ 24,270 | |||
Fixed Rate Debt | 11600 Los Nietos Road | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 2,785,000 | 0 | ||
Maturity date | May 1, 2024 | |||
Fixed interest rate | 4.19% | |||
Debt Instrument, Periodic Payment | $ 22,637 | |||
Fixed Rate Debt | 5160 Richton Street | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 4,387,000 | 0 | ||
Maturity date | Nov. 15, 2024 | |||
Fixed interest rate | 3.79% | |||
Debt Instrument, Periodic Payment | $ 23,270 | |||
Fixed Rate Debt | 22895 Eastpark Drive | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 2,749,000 | 0 | ||
Maturity date | Nov. 15, 2024 | |||
Fixed interest rate | 4.33% | |||
Debt Instrument, Periodic Payment | $ 15,396 | |||
Fixed Rate Debt | 701-751 Kingshill Place | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 7,100,000 | 0 | ||
Maturity date | Jan. 5, 2026 | |||
Fixed interest rate | 3.90% | |||
Debt Instrument, Periodic Payment | $ 33,488 | |||
Fixed Rate Debt | 13943-13955 Balboa Blvd | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 15,661,000 | 0 | ||
Maturity date | Jul. 1, 2027 | |||
Fixed interest rate | 3.93% | |||
Debt Instrument, Periodic Payment | $ 79,198 | |||
Fixed Rate Debt | 2205 126th Street | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 5,200,000 | 0 | ||
Maturity date | Dec. 1, 2027 | |||
Fixed interest rate | 3.91% | |||
Fixed Rate Debt | 2410-2420 Santa Fe Avenue | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 10,300,000 | 0 | ||
Maturity date | Jan. 1, 2028 | |||
Fixed interest rate | 3.70% | |||
Debt Instrument, Periodic Payment | $ 31,758 | |||
Fixed Rate Debt | 11832-11954 La Cienega Blvd | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 4,072,000 | 0 | ||
Maturity date | Jul. 1, 2028 | |||
Fixed interest rate | 4.26% | |||
Debt Instrument, Periodic Payment | $ 20,194 | |||
Fixed Rate Debt | Gilbert La Palma | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 2,293,000 | $ 2,459,000 | ||
Maturity date | Mar. 1, 2031 | |||
Fixed interest rate | 5.125% | |||
Debt Instrument, Periodic Payment | $ 24,008 | |||
Minimum | LIBOR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.725% | |||
Minimum | LIBOR | $225M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.90% | |||
Minimum | LIBOR | $150M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.40% | |||
Maximum | LIBOR | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.40% | |||
Maximum | LIBOR | $225M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.75% | |||
Maximum | LIBOR | $150M Term Loan Facility | Term Loan | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.35% |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 1,609 | |
2022 | 2,054 | |
2023 | 289,687 | |
2024 | 13,270 | |
2025 | 100,833 | |
Thereafter | 816,041 | |
Total | $ 1,223,494 | $ 860,958 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) | Nov. 16, 2020USD ($) | Jun. 19, 2020loan | Mar. 05, 2020USD ($)loan | Feb. 13, 2020USD ($)extension | Jun. 19, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 16, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 1,223,494,000 | $ 860,958,000 | |||||||
Loss on extinguishment of debt | 104,000 | 0 | $ 0 | ||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 65,264,000 | 0 | $ 0 | ||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of mortgage loans assumed | loan | 1 | 9 | |||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 47,500,000 | ||||||||
Loans assumed | 48,800,000 | ||||||||
Unamortized premium | $ 1,200,000 | ||||||||
$100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Repayments of Debt | $ 100,000,000 | ||||||||
$400M Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum ratio of total indebtedness to total asset value | 60.00% | ||||||||
Maximum ratio of secured debt to total asset value | 40.00% | ||||||||
Debt service coverage ratio | 150.00% | ||||||||
Unencumbered assets to unsecured debt ratio | 150.00% | ||||||||
$60 Million Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt service coverage ratio | 110.00% | ||||||||
Unencumbered liquid assets | $ 5,000,000 | ||||||||
Long-term line of credit availability | 8,000,000 | ||||||||
Unencumbered liquid assets cash and cash equivalents | 2,000,000 | ||||||||
Minimum fair market net worth | $ 75,000,000 | ||||||||
Minimum | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage rate | 3.70% | ||||||||
Minimum | Properties Acquired on March 5, 2020 and June 19, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 3 years | ||||||||
Minimum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Commitment fee percentage investment grade rating pricing structure | 0.125% | ||||||||
Maximum | Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Percentage rate | 5.24% | ||||||||
Maximum | Properties Acquired on March 5, 2020 and June 19, 2020 | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt term | 8 years 3 months 18 days | ||||||||
Maximum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Commitment fee percentage investment grade rating pricing structure | 0.30% | ||||||||
Senior Notes | $400M Senior Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 400,000,000 | 0 | |||||||
Debt Instrument, Percentage Of Par At Issuance | 99.211% | ||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Fixed interest rate | 2.125% | ||||||||
Maturity date | Dec. 1, 2030 | ||||||||
Senior Notes | $25M Series 2019A Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 25,000,000 | 25,000,000 | $ 25,000,000 | ||||||
Fixed interest rate | 3.88% | ||||||||
Maturity date | Jul. 16, 2029 | ||||||||
Percentage rate | 3.88% | ||||||||
Senior Notes | $75M Series 2019B Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 75,000,000 | 75,000,000 | $ 75,000,000 | ||||||
Fixed interest rate | 4.03% | ||||||||
Maturity date | Jul. 16, 2034 | ||||||||
Percentage rate | 4.03% | ||||||||
Fixed Rate Debt | 13943-13955 Balboa Blvd | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 15,661,000 | 0 | |||||||
Fixed interest rate | 3.93% | ||||||||
Maturity date | Jul. 1, 2027 | ||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | 15,700,000 | ||||||||
Loans assumed | $ 16,500,000 | ||||||||
Unamortized premium | $ 800,000 | ||||||||
Series 2019A and 2019B Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 100,000,000 | ||||||||
Prepayment of principal, minimum amount | $ 2,500,000 | ||||||||
Principal prepayment percentage | 100.00% | ||||||||
Amended Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum ratio of total indebtedness to total asset value | 60.00% | ||||||||
Minimum ratio of EBITDA to fixed charges | 1.5 | ||||||||
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 60.00% | ||||||||
Minimum ratio of NOI unsecured interest expense | 1.75 | ||||||||
Maximum distribution amount per Credit Facility, percent | 95.00% | ||||||||
$225 and $150 Million Term Loan Facilities | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum ratio of secured debt to total asset value | 45.00% | ||||||||
Minimum tangible net worth required | $ 2,061,865,500 | ||||||||
Maximum debt to tangible net worth ratio required for equity proceeds | 75.00% | ||||||||
Senior Notes, 100 and 125 Million | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum ratio of secured debt to total asset value | 40.00% | ||||||||
Maximum ratio of recourse debt to total asset | 15.00% | ||||||||
Minimum tangible net worth required | $ 760,740,750 | ||||||||
Maximum debt to tangible net worth ratio required for equity proceeds | 75.00% | ||||||||
Federal Funds Rate | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.50% | ||||||||
Eurodollar | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.00% | ||||||||
LIBOR | Minimum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.725% | ||||||||
LIBOR | Minimum | $100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.85% | ||||||||
LIBOR | Maximum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 1.40% | ||||||||
LIBOR | Maximum | $100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 1.65% | ||||||||
Base Rate | Minimum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.00% | ||||||||
Base Rate | Minimum | $100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.00% | ||||||||
Base Rate | Maximum | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.45% | ||||||||
Base Rate | Maximum | $100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.65% | ||||||||
Unsecured Credit Facility | Line of Credit | $600 million, senior unsecured credit facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 600,000,000 | ||||||||
Contingent additional borrowings | 900,000,000 | ||||||||
Revolving Credit Facility | Line of Credit | $500 million, Amended Revolver | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 500,000,000 | ||||||||
Number of extensions | extension | 2 | ||||||||
Extension duration period | 6 months | ||||||||
Revolving Credit Facility | Unsecured Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Additional availability | $ 500,000,000 | ||||||||
Revolving Credit Facility | LIBOR | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.85% | ||||||||
Fixed interest rate | 0.994% | ||||||||
Revolving Credit Facility | LIBOR | Minimum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 0.725% | ||||||||
Revolving Credit Facility | LIBOR | Maximum | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.40% | ||||||||
Term Loan | Revolving Credit Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 0 | 100,000,000 | |||||||
Maturity date | Feb. 14, 2022 | ||||||||
Term Loan | $60 Million Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Debt, Gross | $ 58,499,000 | $ 58,499,000 | |||||||
Maturity date | Aug. 1, 2023 | ||||||||
Term Loan | Line of Credit | $100 million, Amended Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum borrowing capacity | $ 100,000,000 | ||||||||
Term Loan | LIBOR | $60 Million Term Loan Facility | |||||||||
Debt Instrument [Line Items] | |||||||||
Basis spread on variable rate | 1.70% | ||||||||
Fixed interest rate | 1.844% |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($)ft² | Dec. 31, 2020USD ($)ft²renewal_option | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)ft² | Sep. 09, 2020USD ($) | Jan. 01, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |||||||
Operating lease, fixed and variable lease payments | $ 318,800,000 | $ 256,300,000 | |||||
Lease income, lease payments | 266,100,000 | 214,500,000 | |||||
Variable lease payments | 52,700,000 | 41,800,000 | |||||
Lessor, Operating Lease, Term of Contract | 5 years | ||||||
Lessor, Operating Lease, Lessee Option To Purchase Underlying Asset, Purchase Price | $ 20,400,000 | ||||||
Sales-type Lease, Lease Receivable | $ 20,300,000 | ||||||
Gain on sale of real estate | $ 13,617,000 | $ 16,297,000 | $ 17,222,000 | ||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent | ||||
Right-of-use assets | $ 5,600,000 | $ 3,500,000 | $ 3,300,000 | ||||
Lease liabilities | $ 6,358,000 | $ 3,800,000 | $ 3,600,000 | ||||
Rentable Square Feet | ft² | 4,978,204 | 5,365,929 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Gain on sale of real estate | $ 13,617,000 | $ 16,297,000 | $ 17,222,000 | ||||
Rentable Square Feet | ft² | 256,726 | 182,362 | 278,435 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2700-2722 South Fairview Street | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Sales Of Investment Real Estate, Transaction Costs | $ 600,000 | ||||||
Gain on sale of real estate | $ 3,300,000 | $ 3,268,000 | |||||
Rentable Square Feet | ft² | 116,575 | ||||||
Fairview Street, 2722 | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Lessor, Operating Lease, Rentable Square Feet | ft² | 58,802 | ||||||
Rentable Square Feet | ft² | 116,575 | ||||||
Land | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 3 years | ||||||
Renewal term | 10 years | ||||||
Lessee, Operating Lease, Number Of Renewal Options | renewal_option | 2 | ||||||
Minimum monthly rent expense | $ 9,000 | ||||||
Minimum | Office Building | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 6 months | ||||||
Renewal term | 3 years | ||||||
Maximum | Office Building | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 5 years | ||||||
Renewal term | 5 years |
Leases - Future Minimum Base Re
Leases - Future Minimum Base Rents Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Leases [Abstract] | |
2021 | $ 289,940 |
2022 | 254,168 |
2023 | 205,669 |
2024 | 156,684 |
2025 | 116,156 |
Thereafter | 325,081 |
Total | $ 1,347,698 |
Leases - Lease Cost (Detail)
Leases - Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,354 | $ 1,044 |
Variable lease cost | 39 | 54 |
Sublease income | 0 | (162) |
Total lease cost | $ 1,393 | $ 936 |
Leases - Other Information (Det
Leases - Other Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,127 | $ 961 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 3,204 | 6,720 | |
Operating lease right-of-use assets obtained in exchange for lease liabilities upon adoption of ASC 842 on January 1, 2019 | $ 0 | $ 3,262 | $ 0 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term | 4 years 2 months 12 days | 4 years 8 months 12 days |
Weighted-average discount rate | 2.99% | 3.92% |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | |||
2021 | $ 1,468 | ||
2022 | 1,615 | ||
2023 | 1,624 | ||
2024 | 1,600 | ||
2025 | 472 | ||
Thereafter | 0 | ||
Total undiscounted lease payments | 6,779 | ||
Less imputed interest | (421) | ||
Total lease liabilities | $ 6,358 | $ 3,800 | $ 3,600 |
Interest Rate Swaps - Additiona
Interest Rate Swaps - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 16, 2020 | Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 12, 2020 |
Derivative [Line Items] | ||||||
Payments For Termination Of Cash Flow Swap, Operating | $ 1,239 | $ 0 | $ 0 | |||
Accumulated other comprehensive loss | (17,709) | (7,542) | ||||
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | $ 1,204 | (6,332) | $ 2,038 | |||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 7,800 | |||||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative, Notional Amount | $ 100,000 | |||||
Payments For Termination Of Cash Flow Swap, Operating | $ 1,200 | |||||
Accumulated other comprehensive loss | $ 1,200 | |||||
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | 200 | |||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,000 |
Interest Rate Swaps - Summary o
Interest Rate Swaps - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Nov. 12, 2020 | Dec. 31, 2019 | |
Interest Rate Swap $125M Notional Effective February 14, 2018 | |||
Derivative [Line Items] | |||
Effective Date | Feb. 14, 2018 | ||
Maturity Date | Jan. 14, 2022 | ||
LIBOR Interest Strike Rate | 1.349% | ||
Current Notional Amount | $ 125,000 | $ 125,000 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ (1,591) | 489 | |
Interest Rate Swap $100M Notional Effective August 14, 2018 | |||
Derivative [Line Items] | |||
Effective Date | Aug. 14, 2018 | ||
Maturity Date | Jan. 14, 2022 | ||
LIBOR Interest Strike Rate | 1.406% | ||
Current Notional Amount | $ 100,000 | 100,000 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ (1,333) | 277 | |
Interest Rate Swap $100M Notional Effective December 14, 2018 | |||
Derivative [Line Items] | |||
Effective Date | Dec. 14, 2018 | ||
Maturity Date | Aug. 14, 2021 | ||
LIBOR Interest Strike Rate | 1.764% | ||
Current Notional Amount | $ 0 | 100,000 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ 0 | (332) | |
Interest Rate Swap $150M Notional Effective July 22, 2019 | |||
Derivative [Line Items] | |||
Effective Date | Jul. 22, 2019 | ||
Maturity Date | Nov. 22, 2024 | ||
LIBOR Interest Strike Rate | 2.7625% | ||
Current Notional Amount | $ 150,000 | 150,000 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ (14,656) | $ (8,156) | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Current Notional Amount | $ 100,000 |
Interest Rate Swaps - Impact of
Interest Rate Swaps - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Amount of (loss) gain recognized in AOCI on derivatives | $ 649 | $ (17,212) | $ (12,103) | |
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | $ 1,204 | (6,332) | 2,038 | |
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) | $ 30,849 | $ 26,875 | $ 25,416 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measures at Fair Value on a Recurring Basis by Level within Fair Value Hierarchy (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | $ 0 | $ 766 |
Interest Rate Swap Liability | (17,580) | (8,488) |
Total Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 0 | 766 |
Interest Rate Swap Liability | (17,580) | (8,488) |
Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 0 | 0 |
Interest Rate Swap Liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 0 | 766 |
Interest Rate Swap Liability | (17,580) | (8,488) |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 0 | 0 |
Interest Rate Swap Liability | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | $ 65,264 | $ 0 |
Notes payable | 1,216,160 | 857,842 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | 1,276,217 | 882,813 |
Fair Value | Quoted Price in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value | Significant Other Observable Inputs (Level 2) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | 0 | 0 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | 1,276,217 | 882,813 |
Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | $ 1,216,160 | $ 857,842 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 02, 2018 | |
Chief Executive Officer | ||||
Related Party Transaction [Line Items] | ||||
Revenue from management and leasing services | $ 0.4 | $ 0.4 | $ 0.4 | |
6110-6114 Cahuenga Avenue, LLC | Immediate Family Member of Management or Principal Owner | ||||
Related Party Transaction [Line Items] | ||||
Contract sales price | $ 4.5 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments And Contingencies [Line Items] | |
Commitments for tenant improvement and construction work | $ 40,200,000 |
Cash, FDIC insured amount | $ 250,000 |
Total Rental Revenues | Customer Concentration Risk | |
Commitments And Contingencies [Line Items] | |
Concentration risk, percentage | 5.00% |
Dispositions and Real Estate _3
Dispositions and Real Estate Held for Sale - Summary of the Properties Sold (Detail) $ in Thousands | Sep. 30, 2020USD ($) | Sep. 09, 2020USD ($) | Dec. 31, 2020USD ($)ft² | Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($)ft² |
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 4,978,204 | 5,365,929 | |||
Gain (Loss) Recorded | $ 13,617 | $ 16,297 | $ 17,222 | ||
Gain on sale recognized due to lease relcassification | $ 3,800 | 3,822 | 0 | $ 0 | |
Purchase price | $ 1,227,426 | $ 970,697 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 256,726 | 182,362 | 278,435 | ||
Contract sales price | $ 47,354 | $ 33,599 | $ 48,019 | ||
Gain (Loss) Recorded | $ 13,617 | $ 16,297 | $ 17,222 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 3927 Oceanic Drive | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Aug. 13, 2020 | ||||
Rentable Square Feet | ft² | 54,740 | ||||
Contract sales price | $ 10,300 | ||||
Gain (Loss) Recorded | $ 2,926 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 121 West 33rd Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Sep. 18, 2020 | ||||
Rentable Square Feet | ft² | 76,745 | ||||
Contract sales price | $ 13,500 | ||||
Gain (Loss) Recorded | $ 7,575 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2700-2722 South Fairview Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Sep. 30, 2020 | ||||
Rentable Square Feet | ft² | 116,575 | ||||
Contract sales price | $ 20,400 | ||||
Gain (Loss) Recorded | $ 3,300 | $ 3,268 | |||
Sales Of Investment Real Estate, Transaction Costs | $ (600) | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 6750 Central Avenue | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Dec. 31, 2020 | ||||
Rentable Square Feet | ft² | 8,666 | ||||
Contract sales price | $ 1,300 | ||||
Gain (Loss) Recorded | $ 758 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Property Dispositions, Excluding Personal Property | |||||
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 256,726 | ||||
Contract sales price | $ 45,500 | ||||
Gain (Loss) Recorded | $ 14,527 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1055 Sandhill Avenue Personal Property | |||||
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 0 | ||||
Contract sales price | $ 1,854 | ||||
Gain (Loss) Recorded | (910) | ||||
Purchase price | $ 2,800 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2350-2384 Orangethorpe Avenue and 1631 Placentia Avenue | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Jun. 27, 2019 | ||||
Rentable Square Feet | ft² | 62,395 | ||||
Contract sales price | $ 11,575 | ||||
Gain (Loss) Recorded | $ 4,810 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 939 Poinsettia Avenue - Unit 301 | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Jul. 31, 2019 | ||||
Rentable Square Feet | ft² | 6,562 | ||||
Contract sales price | $ 1,263 | ||||
Gain (Loss) Recorded | $ 895 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 13914-13932 East Valley Boulevard | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Oct. 11, 2019 | ||||
Rentable Square Feet | ft² | 58,084 | ||||
Contract sales price | $ 11,180 | ||||
Gain (Loss) Recorded | $ 6,233 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2350-2380 Eastman Avenue | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Dec. 20, 2019 | ||||
Rentable Square Feet | ft² | 55,321 | ||||
Contract sales price | $ 9,581 | ||||
Gain (Loss) Recorded | $ 4,359 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 8900-8980 Benson Avenue and 5637 Arrow Highway | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Jan. 2, 2018 | ||||
Rentable Square Feet | ft² | 88,016 | ||||
Contract sales price | $ 11,440 | ||||
Gain (Loss) Recorded | $ 4,029 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 700 Allen Avenue and 1851 Flower Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Jan. 17, 2018 | ||||
Rentable Square Feet | ft² | 25,168 | ||||
Contract sales price | $ 10,900 | ||||
Gain (Loss) Recorded | $ 4,753 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 200-220 South Grand Avenue | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Mar. 7, 2018 | ||||
Rentable Square Feet | ft² | 27,200 | ||||
Contract sales price | $ 4,515 | ||||
Gain (Loss) Recorded | $ 1,201 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 6770 Central Avenue—Building B | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Apr. 9, 2018 | ||||
Rentable Square Feet | ft² | 11,808 | ||||
Contract sales price | $ 1,676 | ||||
Gain (Loss) Recorded | $ 1,113 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 1910-1920 Archibald Avenue | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | May 9, 2018 | ||||
Rentable Square Feet | ft² | 78,243 | ||||
Contract sales price | $ 9,050 | ||||
Gain (Loss) Recorded | $ 495 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 311 East 157th Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Dec. 12, 2018 | ||||
Rentable Square Feet | ft² | 12,000 | ||||
Contract sales price | $ 3,000 | ||||
Gain (Loss) Recorded | $ 1,578 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 329 East 157th Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Dec. 20, 2018 | ||||
Rentable Square Feet | ft² | 12,000 | ||||
Contract sales price | $ 2,675 | ||||
Gain (Loss) Recorded | $ 1,597 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 319 East 157th Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Dec. 27, 2018 | ||||
Rentable Square Feet | ft² | 24,000 | ||||
Contract sales price | $ 4,763 | ||||
Gain (Loss) Recorded | $ 2,456 |
Dispositions and Real Estate _4
Dispositions and Real Estate Held for Sale - Real Estate Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | $ 10,353 | |
Accumulated depreciation | (1,548) | |
Real estate held for sale, net | 8,805 | |
Other assets associated with real estate held for sale | 40 | |
Total assets associated with real estate held for sale, net | 8,845 | $ 0 |
Tenant security deposits | 137 | |
Other liabilities associated with real estate held for sale | 56 | |
Total liabilities associated with real estate held for sale | 193 | $ 0 |
Land | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | 4,458 | |
Building and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | 5,452 | |
Tenant improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | $ 443 |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Cumulative Preferred Stock (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | ||
Dividend Rate | 4.43937% | |
Shares outstanding (shares) | 10,050,000 | 10,050,000 |
Liquidation Preference | $ 251,250,000 | $ 251,250,000 |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividend Rate | 5.875% | 5.875% |
Shares outstanding (shares) | 3,600,000 | 3,600,000 |
Liquidation Preference | $ 90,000,000 | $ 90,000,000 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividend Rate | 5.875% | 5.875% |
Shares outstanding (shares) | 3,000,000 | 3,000,000 |
Liquidation Preference | $ 75,000,000 | $ 75,000,000 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividend Rate | 5.625% | 5.625% |
Shares outstanding (shares) | 3,450,000 | 3,450,000 |
Liquidation Preference | $ 86,250,000 | $ 86,250,000 |
Stockholder's Equity - Addition
Stockholder's Equity - Additional Information (Detail) - USD ($) | Nov. 09, 2020 | Jun. 13, 2019 | Feb. 19, 2019 | Jun. 13, 2018 | Sep. 21, 2017 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Shares outstanding (shares) | 10,050,000 | 10,050,000 | 10,050,000 | |||||||
Dividend Rate | 4.43937% | |||||||||
Offering Costs | $ 5,887,000 | $ 13,408,000 | $ 9,109,000 | |||||||
Noncontrolling Interests | Operating Partnership Units | Partnership Interest | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Limited Partners' Capital Account, Units, Purchased | 6,900,000 | 7,187,500 | ||||||||
Underwritten Public Offering | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of stock (shares) | 6,900,000 | 7,187,500 | ||||||||
Common stock share price (in dollars per share) | $ 47.15 | $ 39.67 | $ 47.15 | |||||||
Proceeds from issuance of common stock, net | $ 325,000,000 | $ 285,000,000 | ||||||||
Underwritten Public Offering, Option Securities | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of stock (shares) | 900,000 | 937,500 | ||||||||
At The Market Equity Offering Program, $550 Million | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Maximum aggregate offering amount | $ 550,000,000 | |||||||||
Common stock, shares available under ATM | $ 296,500,000 | |||||||||
At The Market Equity Offering Program, $450 Million | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Maximum aggregate offering amount | $ 450,000,000 | |||||||||
At-The-Market Equity Offering Program $400M | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Maximum aggregate offering amount | $ 400,000,000 | |||||||||
At-The-Market Equity Offering Program $300M | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Proceeds from issuance of common stock | $ 300,000,000 | |||||||||
At The Market Equity Offering Program, $550 Million and $450 Million | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of stock (shares) | 16,817,930 | |||||||||
Common stock share price (in dollars per share) | $ 38.61 | |||||||||
Proceeds from issuance of common stock, net | $ 639,600,000 | |||||||||
Proceeds from issuance of common stock | $ 649,300,000 | |||||||||
At The Market Equity Offering Program, $400 And $300 Million | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of stock (shares) | 18,177,242 | |||||||||
Common stock share price (in dollars per share) | $ 31.12 | |||||||||
Proceeds from issuance of common stock, net | $ 557,100,000 | |||||||||
Proceeds from issuance of common stock | $ 565,600,000 | |||||||||
At The Market Equity Offering Program, $750 Million and $550 Million [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Issuance of stock (shares) | 3,165,661 | |||||||||
Common stock share price (in dollars per share) | $ 39.96 | $ 39.96 | ||||||||
Proceeds from issuance of common stock, net | $ 124,700,000 | |||||||||
Proceeds from issuance of common stock | 126,500,000 | |||||||||
At The Market Equity Offering Program, $750 Million [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Maximum aggregate offering amount | $ 750,000,000 | |||||||||
Common stock, shares available under ATM | $ 720,700,000 | $ 720,700,000 | ||||||||
Preferred Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | ||||||||
Series C Preferred Stock | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Liquidation preference (in dollars per share) | $ 25 | |||||||||
Shares outstanding (shares) | 3,450,000 | 3,450,000 | 3,450,000 | |||||||
Dividend Rate | 5.625% | 5.625% | ||||||||
Proceeds from issuance of preferred stock and preference stock, net of offering costs | $ 83,200,000 | |||||||||
Payments of stock issuance costs | $ 3,000,000 |
Stockholder's Equity - Summar_2
Stockholder's Equity - Summary of the Components of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 2,622,449 | $ 1,908,423 | $ 1,365,254 |
Other comprehensive loss before reclassifications | (17,212) | (12,103) | |
Amounts reclassified from accumulated other comprehensive loss to interest expense(1) | 6,332 | (2,038) | |
Net current period other comprehensive loss | (10,880) | (14,141) | (555) |
Less: other comprehensive loss attributable to noncontrolling interests | 713 | 337 | |
Other comprehensive loss attributable to common stockholders | (10,167) | (13,804) | |
Ending Balance | 3,530,592 | 2,622,449 | 1,908,423 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (7,542) | 6,262 | 6,799 |
Net current period other comprehensive loss | (10,167) | (13,804) | (537) |
Ending Balance | $ (17,709) | $ (7,542) | $ 6,262 |
Stockholder's Equity - Federal
Stockholder's Equity - Federal Tax Treatment of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0.834238 | $ 0.783269 | $ 0.625000 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 100.00% |
Common Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0.834238 | $ 0.783269 | $ 0.623496 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 99.76% |
Common Stock | Return of Capital | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0.001504 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.24% |
Common Stock | Capital Gain | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.00% |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.468752 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.468752 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 100.00% |
Series A Preferred Stock | Return of Capital | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.00% |
Series A Preferred Stock | Capital Gain | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.00% |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.664585 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 100.00% |
Series B Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.664585 |
Dividend, federal income tax treatment | 100.00% | 100.00% | 100.00% |
Series B Preferred Stock | Return of Capital | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.00% |
Series B Preferred Stock | Capital Gain | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | $ 0 |
Dividend, federal income tax treatment | 0.00% | 0.00% | 0.00% |
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.406252 | $ 0.394531 | |
Dividend, federal income tax treatment | 100.00% | 100.00% | |
Series C Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.406252 | $ 0.394531 | |
Dividend, federal income tax treatment | 100.00% | 100.00% | |
Series C Preferred Stock | Return of Capital | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | |
Dividend, federal income tax treatment | 0.00% | 0.00% | |
Series C Preferred Stock | Capital Gain | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0 | |
Dividend, federal income tax treatment | 0.00% | 0.00% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | Nov. 17, 2020USD ($)shares | Mar. 05, 2020USD ($)building$ / sharesshares | Apr. 10, 2019USD ($)shares | Dec. 31, 2020USD ($)building$ / sharesshares | Dec. 31, 2019USD ($)building$ / sharesshares | Dec. 31, 2018USD ($)shares | Jun. 19, 2020building | Dec. 31, 2017shares |
Noncontrolling Interest [Line Items] | ||||||||
Contractual Purchase Price (in thousands) | $ 1,227,426,000 | $ 970,697,000 | ||||||
Conversion of units to common stock | $ 0 | $ 0 | $ 0 | |||||
Number of buildings | building | 82 | 57 | ||||||
Issuance of OP units | $ 179,262,000 | |||||||
Dividend Rate | 4.43937% | |||||||
Issuance of cumulative redeemable convertible preferred units | 40,787,000 | $ 27,359,000 | ||||||
Liquidation Preference | $ 251,250,000 | $ 251,250,000 | ||||||
Convertible Preferred Units, Common Units Issued Upon Conversion | shares | 0.7722 | |||||||
LTIP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Non-vested shares (shares) | shares | 236,646 | 298,412 | 327,048 | 293,485 | ||||
Noncontrolling Interests | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Conversion of units to common stock | $ (7,660,000) | $ (665,000) | $ (624,000) | |||||
Issuance of OP units | 179,262,000 | |||||||
Issuance of cumulative redeemable convertible preferred units | $ 40,787,000 | $ 27,359,000 | ||||||
Noncontrolling Interests | Operating Partnership | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Noncontrolling interest percentage ownership in Operating Partnership | 4.80% | |||||||
Noncontrolling Interests | Operating Partnership | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Issuance of operating partnership units (shares) | shares | 5,403,881 | |||||||
Limited Partners' Capital Account, Units Issued | shares | 1,406,170 | |||||||
Noncontrolling Interests | Operating Partnership | LTIP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Non-vested shares (shares) | shares | 1,202,812 | |||||||
Common Stock | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Conversion of units to common stock (shares) | shares | 296,313 | 96,060 | 67,175 | |||||
Conversion of units to common stock | $ 3,000 | $ 1,000 | $ 1,000 | |||||
Total Stockholders’ Equity | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Conversion of units to common stock | $ 7,660,000 | $ 665,000 | $ 624,000 | |||||
Series C Preferred Stock | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Dividend Rate | 5.625% | 5.625% | ||||||
Liquidation Preference | $ 86,250,000 | $ 86,250,000 | ||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | |||||||
Series 1 CPOP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Liquidation Preference | $ 27,000,000 | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 45.50952 | |||||||
Series A Preferred Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Dividend Rate | 5.875% | |||||||
Series 2 CPOP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Dividend Rate | 4.00% | |||||||
13943-13955 Balboa Blvd | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Contractual Purchase Price (in thousands) | $ 45,340,000 | |||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 592,186 | |||||||
Number of buildings | building | 1 | |||||||
Issuance of OP units | $ 27,800,000 | |||||||
1515 15th Street | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Contractual Purchase Price (in thousands) | $ 28,100,000 | $ 28,100,000 | ||||||
Number of buildings | building | 1 | |||||||
Closing Costs for Acquisition of 1515 East 15th Street | 700,000 | |||||||
1515 15th Street | Series 1 CPOP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Issuance of OP units | $ 27,400,000 | |||||||
Acquisition, Preferred Units, Issued | shares | 593,960 | |||||||
Dividend Rate | 4.43937% | |||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Contractual Purchase Price (in thousands) | $ 214,200,000 | |||||||
Number of buildings | building | 10 | 1 | ||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | Noncontrolling Interests | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Issuance of OP units | $ 67,500,000 | |||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | Series 2 CPOP Units | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Acquisition, Preferred Units, Issued | shares | 906,374 | |||||||
Dividend Rate | 4.00% | |||||||
Issuance of cumulative redeemable convertible preferred units | $ 40,800,000 | |||||||
Liquidation Preference | $ 40,800,000 | |||||||
Liquidation preference (in dollars per share) | $ / shares | $ 45 | |||||||
Properties Acquired on December 31, 2020 | ||||||||
Noncontrolling Interest [Line Items] | ||||||||
Contractual Purchase Price (in thousands) | $ 84,000,000 | |||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 1,800,000 | |||||||
Number of buildings | building | 4 |
Incentive Award Plan - Addition
Incentive Award Plan - Additional Information (Detail) | Jan. 27, 2021shares | Dec. 22, 2020USD ($)$ / sharesshares | Dec. 14, 2020shares | Sep. 01, 2020USD ($)installment$ / sharesshares | Feb. 04, 2020shares | Dec. 28, 2019shares | Dec. 16, 2019USD ($)$ / sharesshares | Feb. 15, 2019shares | Dec. 15, 2018USD ($)shares | Dec. 14, 2018USD ($)$ / sharesshares | Feb. 21, 2018shares | Dec. 31, 2020USD ($)installment$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Unrecognized compensation cost for all equity-based compensation arrangements | $ | $ 27,600,000 | ||||||||||||||
Weighted average remaining vesting period | 29 months | ||||||||||||||
Performance Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Unvested performance unit distribution sharing percentage | 10.00% | ||||||||||||||
Performance period | 3 years | ||||||||||||||
Distributions accruing during performance period | 90.00% | ||||||||||||||
Grant date fair value | $ | $ 6,928,000 | $ 3,922,000 | $ 2,090,000 | ||||||||||||
Units vested in period (shares) | 184,502 | 195,628 | 307,986 | ||||||||||||
Performance Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 476,915 | 294,994 | 204,517 | 476,915 | 294,994 | 204,517 | |||||||||
Performance period | 3 years | 3 years | 3 years | ||||||||||||
LTIP Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 157,404 | 179,758 | 190,318 | ||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 34.31 | $ 26.14 | $ 23.29 | ||||||||||||
Units vested in period (shares) | 196,375 | 208,394 | 156,755 | ||||||||||||
Number of units canceled (shares) | 22,795 | ||||||||||||||
LTIP Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 121,112 | 120,243 | 132,875 | ||||||||||||
Grant date fair value | $ | $ 5,437,000 | $ 5,148,000 | $ 3,853,000 | ||||||||||||
Compensation expense | $ | $ 1,500,000 | $ 1,800,000 | $ 1,700,000 | $ 1,200,000 | |||||||||||
LTIP Units | Howard Schwimmer | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 18,146 | 24,641 | 22,517 | ||||||||||||
LTIP Units | Howard Schwimmer | Subsequent Event | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 15,288 | ||||||||||||||
LTIP Units | Michael S. Frankel | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 18,146 | 24,641 | 22,517 | ||||||||||||
LTIP Units | Michael S. Frankel | Subsequent Event | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 15,288 | ||||||||||||||
Absolute TSR Base Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 148,030 | 118,339 | 63,473 | ||||||||||||
Performance period | 3 years | ||||||||||||||
Relative TSR Base Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 148,030 | 74,033 | 63,473 | ||||||||||||
Performance period | 3 years | ||||||||||||||
FFO Base Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Grant date fair value | $ | $ 2,400,000 | $ 2,000,000 | $ 2,000,000 | ||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 48.58 | $ 45.74 | $ 31.42 | ||||||||||||
FFO Base Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 148,027 | 85,898 | 63,471 | ||||||||||||
Performance period | 3 years | ||||||||||||||
Distribution Equivalents | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 32,828 | 16,724 | 14,100 | ||||||||||||
Performance period | 3 years | ||||||||||||||
Restricted stock | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 126,865 | 110,711 | 104,560 | ||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 28.50 | $ 23.23 | $ 19.40 | ||||||||||||
Units vested in period (shares) | 90,383 | 81,277 | 81,826 | ||||||||||||
Number of units canceled (shares) | 16,128 | 17,287 | 13,031 | ||||||||||||
Number of vesting installment period | installment | 3 | 4 | |||||||||||||
Restricted stock | Other Employees | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 107,648 | ||||||||||||||
Grant date fair value | $ | $ 5,000,000 | ||||||||||||||
Restricted stock | Other Employees | Minimum | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 39.71 | ||||||||||||||
Restricted stock | Other Employees | Maximum | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 50.18 | ||||||||||||||
Restricted stock | Chief Financial Officer | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 3,497 | ||||||||||||||
Grant date fair value | $ | $ 167,000 | ||||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 47.65 | ||||||||||||||
Restricted stock | Non-Employee Directors | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Equity instruments other than options granted in period (shares) | 2,507 | ||||||||||||||
Grant date fair value | $ | $ 100,000 | ||||||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 39.88 | ||||||||||||||
Amended and Restated 2013 Incentive Award Plan | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Common stock, shares reserved for future issuance (shares) | 619,757 | ||||||||||||||
2013 Incentive Award Plan | Performance Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Unvested performance unit distribution sharing percentage | 10.00% | ||||||||||||||
2013 Incentive Award Plan | Performance Award, 2017 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Performance period | 3 years | ||||||||||||||
2013 Incentive Award Plan | Performance Award, 2016 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Performance period | 3 years | ||||||||||||||
2013 Incentive Award Plan | Performance Award, 2015 | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Performance period | 3 years | ||||||||||||||
First anniversary | Amended and Restated 2013 Incentive Award Plan | LTIP Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Vesting installments | 33.33% | 33.33% | 33.33% | ||||||||||||
Second anniversary | Amended and Restated 2013 Incentive Award Plan | LTIP Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Vesting installments | 33.33% | 33.33% | 33.33% | ||||||||||||
Third anniversary | Amended and Restated 2013 Incentive Award Plan | LTIP Units | Executive Officers | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Vesting installments | 33.33% | 33.33% | 33.33% | ||||||||||||
Absolute TSR Vesting Percentage Range Four | Absolute TSR Base Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Absolute TSR Vesting Percentage | 66.70% | 100.00% | 100.00% | ||||||||||||
Relative TSR Vesting Percentage Range Four | Relative TSR Base Units | |||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||||||||
Relative TSR Vesting Percentage | 66.70% | 100.00% | 100.00% |
Incentive Award Plan - LTIP Uni
Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 22, 2020 | Dec. 16, 2019 | Dec. 15, 2018 | Dec. 14, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
LTIP Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Closing share price of common stock (in dollars per share) | $ 45.86 | $ 39.67 | $ 28.43 | ||||
Equity instruments other than options granted in period (shares) | 157,404 | 179,758 | 190,318 | ||||
Number of units canceled (shares) | 22,795 | ||||||
Performance Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Grant date fair value | $ 6,928 | $ 3,922 | $ 2,090 | ||||
Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected price volatility | 31.00% | 18.00% | 20.00% | ||||
Expected price volatility, minimum | 17.00% | 12.00% | 16.00% | ||||
Expected price volatility, maximum | 100.00% | 100.00% | 100.00% | ||||
Expected dividend yield | 1.90% | 1.90% | 2.50% | ||||
Risk free interest rate | 0.19% | 1.74% | 2.80% | ||||
Performance Units | Granted 2019 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of units canceled (shares) | 41,094 | ||||||
Performance Units | Granted 2018 | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of units canceled (shares) | 29,600 | ||||||
FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Grant date fair value | $ 2,400 | $ 2,000 | $ 2,000 | ||||
2020 Market Performance Award | |||||||
Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected volatility rate, median for peer group companies | 45.00% | ||||||
Expected volatility rate, average for peer group companies | 47.40% | ||||||
2019 Market Performance Award | |||||||
Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected volatility rate, median for peer group companies | 21.00% | ||||||
Expected volatility rate, average for peer group companies | 24.40% | ||||||
2018 Market Performance Award | |||||||
Fair Value Assumptions and Methodology [Abstract] | |||||||
Expected volatility rate, median for peer group companies | 23.00% | ||||||
Expected volatility rate, average for peer group companies | 27.10% | ||||||
Executive Officers | LTIP Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Discount for post-vesting restrictions and book-up events | 7.60% | 6.40% | 7.70% | ||||
Grant date fair value | $ 5,437 | $ 5,148 | $ 3,853 | ||||
Equity instruments other than options granted in period (shares) | 121,112 | 120,243 | 132,875 | ||||
Executive Officers | Performance Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Equity instruments other than options granted in period (shares) | 476,915 | 294,994 | 204,517 | 476,915 | 294,994 | 204,517 | |
Executive Officers | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Equity instruments other than options granted in period (shares) | 148,030 | 118,339 | 63,473 | ||||
Executive Officers | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Equity instruments other than options granted in period (shares) | 148,030 | 74,033 | 63,473 | ||||
Executive Officers | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Equity instruments other than options granted in period (shares) | 148,027 | 85,898 | 63,471 | ||||
Executive Officers | Distribution Equivalents | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Equity instruments other than options granted in period (shares) | 32,828 | 16,724 | 14,100 | ||||
Absolute TSR Vesting Percentage Range One | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company TSR Percentage | 18.00% | 18.00% | 18.00% | ||||
Absolute TSR Vesting Percentage | 0.00% | 0.00% | 0.00% | ||||
Absolute TSR Vesting Percentage Range Two | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company TSR Percentage | 18.00% | 18.00% | 18.00% | ||||
Absolute TSR Vesting Percentage | 16.70% | 25.00% | 25.00% | ||||
Absolute TSR Vesting Percentage Range Three | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company TSR Percentage | 24.00% | 24.00% | 24.00% | ||||
Absolute TSR Vesting Percentage | 33.40% | 50.00% | 60.00% | ||||
Absolute TSR Vesting Percentage Range Four | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company TSR Percentage | 30.00% | 30.00% | 30.00% | ||||
Absolute TSR Vesting Percentage | 66.70% | 100.00% | 100.00% | ||||
Absolute TSR Vesting Percentage Range Five | Absolute TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Company TSR Percentage | 40.00% | ||||||
Absolute TSR Vesting Percentage | 100.00% | ||||||
Relative TSR Vesting Percentage Range One | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Peer Group Relative Performance | 0.35% | 0.35% | 0.35% | ||||
Relative TSR Vesting Percentage | 0.00% | 0.00% | 0.00% | ||||
Relative TSR Vesting Percentage Range Two | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Peer Group Relative Performance | 0.35% | 0.35% | 0.35% | ||||
Relative TSR Vesting Percentage | 16.70% | 25.00% | 25.00% | ||||
Relative TSR Vesting Percentage Range Three | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Peer Group Relative Performance | 0.55% | 0.55% | 0.55% | ||||
Relative TSR Vesting Percentage | 33.40% | 50.00% | 60.00% | ||||
Relative TSR Vesting Percentage Range Four | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Peer Group Relative Performance | 0.75% | 0.75% | 0.75% | ||||
Relative TSR Vesting Percentage | 66.70% | 100.00% | 100.00% | ||||
Relative TSR Vesting Percentage Range Five | Relative TSR Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Peer Group Relative Performance | 0.90% | ||||||
Relative TSR Vesting Percentage | 100.00% | ||||||
FFO Per Share Growth Percentage Range One | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO per Share Growth | 12.00% | 12.00% | 12.00% | ||||
FFO Per Share Growth Percentage Range Two | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO per Share Growth | 12.00% | 12.00% | 12.00% | ||||
FFO Per Share Growth Percentage Range Three | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO per Share Growth | 16.50% | 16.50% | 16.50% | ||||
FFO Per Share Growth Percentage Range Four | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO per Share Growth | 21.00% | 21.00% | 21.00% | ||||
FFO Per Share Growth Percentage Range Five | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO per Share Growth | 26.00% | ||||||
FFO Growth Per Share Vesting Percentage Range One | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO Vesting Percentage | 0.00% | 0.00% | 0.00% | ||||
FFO Growth Per Share Vesting Percentage Range Two | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO Vesting Percentage | 16.70% | 25.00% | 25.00% | ||||
FFO Growth Per Share Vesting Percentage Range Three | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO Vesting Percentage | 33.40% | 50.00% | 60.00% | ||||
FFO Growth Per Share Vesting Percentage Range Four | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO Vesting Percentage | 66.70% | 100.00% | 100.00% | ||||
FFO Growth Per Share Vesting Percentage Range Five | FFO Base Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
FFO Vesting Percentage | 100.00% | ||||||
Common Stock | Executive Officers | LTIP Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Closing share price of common stock (in dollars per share) | $ 48.58 | $ 45.74 | $ 31.42 |
Incentive Award Plan - Schedule
Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LTIP Units | |||
Number of Unvested Shares of Non-Options | |||
Beginning balance (shares) | 298,412 | 327,048 | 293,485 |
Granted (shares) | 157,404 | 179,758 | 190,318 |
Forfeited (shares) | (22,795) | ||
Vested (shares) | (196,375) | (208,394) | (156,755) |
Ending balance (shares) | 236,646 | 298,412 | 327,048 |
Weighted-Average Grant Date Fair Value per Share | |||
Beginning balance (in dollars per share) | $ 34.26 | $ 26.12 | $ 23.10 |
Granted (in dollars per share) | 45.86 | 39.67 | 28.43 |
Forfeited (in dollars per share) | 38.89 | ||
Vested (in dollars per share) | 34.31 | 26.14 | 23.29 |
Ending balance (in dollars per share) | $ 41.49 | $ 34.26 | $ 26.12 |
Restricted stock | |||
Number of Unvested Shares of Non-Options | |||
Beginning balance (shares) | 212,545 | 200,398 | 190,695 |
Granted (shares) | 126,865 | 110,711 | 104,560 |
Forfeited (shares) | (16,128) | (17,287) | (13,031) |
Vested (shares) | (90,383) | (81,277) | (81,826) |
Ending balance (shares) | 232,899 | 212,545 | 200,398 |
Weighted-Average Grant Date Fair Value per Share | |||
Beginning balance (in dollars per share) | $ 29.64 | $ 20.13 | $ 20.13 |
Granted (in dollars per share) | 45.94 | 34.85 | 27.72 |
Forfeited (in dollars per share) | 37.25 | 29.71 | 23.51 |
Vested (in dollars per share) | 28.50 | 23.23 | 19.40 |
Ending balance (in dollars per share) | $ 38.43 | $ 29.64 | $ 20.13 |
Fair value of vested shares | $ 4.1 | $ 2.9 | $ 2.4 |
Shares tendered for tax withholding requirements (shares) | 27,473 | 24,618 | 21,324 |
Incentive Award Plan - Share-ba
Incentive Award Plan - Share-based Awards Expensed & Capitalized Amounts (Details) - Amended and Restated 2013 Incentive Award Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expensed share-based compensation | $ 12,871 | $ 10,756 | $ 10,147 |
Capitalized share-based compensation | 223 | 174 | 255 |
Total share-based compensation | $ 13,094 | $ 10,930 | $ 10,402 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income | $ 18,155 | $ 31,197 | $ 16,271 | $ 15,272 | $ 24,382 | $ 12,948 | $ 15,954 | $ 10,717 | $ 80,895 | $ 64,001 | $ 47,075 |
Less: Preferred stock dividends | (14,545) | (11,055) | (9,694) | ||||||||
Less: Net income attributable to noncontrolling interests | (4,492) | (2,022) | (865) | ||||||||
Less: Net income attributable to participating securities | (509) | (447) | (378) | ||||||||
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 13,239 | $ 25,901 | $ 11,421 | $ 10,788 | $ 19,904 | $ 9,746 | $ 12,848 | $ 7,979 | $ 61,349 | $ 50,477 | $ 36,138 |
Denominator: | |||||||||||
Weighted average shares of common stock outstanding - basic and diluted (in shares) | 120,873,624 | 106,407,283 | 86,824,235 | ||||||||
Effect of dilutive securities - performance units (in shares) | 304,686 | 391,765 | 511,514 | ||||||||
Weighted average shares of common stock outstanding - diluted (in shares) | 121,178,310 | 106,799,048 | 87,335,749 | ||||||||
Net income attributable to common stockholders | |||||||||||
Earnings per share- Basic (in dollars per share) | $ 0.11 | $ 0.21 | $ 0.10 | $ 0.09 | $ 0.18 | $ 0.09 | $ 0.12 | $ 0.08 | $ 0.51 | $ 0.47 | $ 0.42 |
Earnings per share- Diluted (in dollars per share) | $ 0.10 | $ 0.21 | $ 0.10 | $ 0.09 | $ 0.18 | $ 0.09 | $ 0.12 | $ 0.08 | $ 0.51 | $ 0.47 | $ 0.41 |
Performance Units | |||||||||||
Net income attributable to common stockholders | |||||||||||
Performance period | 3 years |
Quarterly Information (unaudi_3
Quarterly Information (unaudited) - Schedule of Quarterly Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 88,649 | $ 83,856 | $ 79,950 | $ 77,680 | $ 74,399 | $ 68,061 | $ 64,390 | $ 60,363 | $ 330,135 | $ 267,213 | $ 212,494 |
Net income | 18,155 | 31,197 | 16,271 | 15,272 | 24,382 | 12,948 | 15,954 | 10,717 | 80,895 | 64,001 | 47,075 |
Net income attributable to common stockholders | $ 13,239 | $ 25,901 | $ 11,421 | $ 10,788 | $ 19,904 | $ 9,746 | $ 12,848 | $ 7,979 | $ 61,349 | $ 50,477 | $ 36,138 |
Net income attributable to common stockholders per share - basic (in dollars per share) | $ 0.11 | $ 0.21 | $ 0.10 | $ 0.09 | $ 0.18 | $ 0.09 | $ 0.12 | $ 0.08 | $ 0.51 | $ 0.47 | $ 0.42 |
Net income attributable to common stockholders per share - diluted (in dollars per share) | $ 0.10 | $ 0.21 | $ 0.10 | $ 0.09 | $ 0.18 | $ 0.09 | $ 0.12 | $ 0.08 | $ 0.51 | $ 0.47 | $ 0.41 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 08, 2021$ / shares | Dec. 31, 2020USD ($)ft²building$ / shares | Dec. 31, 2019USD ($)ft²building$ / shares | Dec. 31, 2018USD ($)ft²$ / shares | Feb. 16, 2021USD ($)ft²property | Feb. 12, 2021USD ($) | Feb. 04, 2021ft² | Feb. 04, 2021USD ($) | Feb. 04, 2021property | Feb. 04, 2021a | Jan. 27, 2021USD ($)ft²property | Jan. 26, 2021USD ($)ft²property | Jan. 14, 2021ft² | Jan. 14, 2021USD ($) | Jan. 14, 2021property | Jan. 14, 2021a | Jan. 11, 2021USD ($)ft²property | Jan. 05, 2021ft² | Jan. 05, 2021USD ($) | Jan. 05, 2021property | Jan. 05, 2021a |
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 1,227,426 | $ 970,697 | |||||||||||||||||||
Number of buildings | building | 82 | 57 | |||||||||||||||||||
Rentable square feet | ft² | 4,978,204 | 5,365,929 | |||||||||||||||||||
Dividend Rate | 4.43937% | ||||||||||||||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.86 | $ 0.74 | $ 0.64 | ||||||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Rentable square feet | ft² | 256,726 | 182,362 | 278,435 | ||||||||||||||||||
Disposition Sales Price | $ | $ 47,354 | $ 33,599 | $ 48,019 | ||||||||||||||||||
Van Nuys Airport Industrial Center | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 154,637 | ||||||||||||||||||||
Number of buildings | building | 18 | ||||||||||||||||||||
Rentable square feet | ft² | 426,466 | ||||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 94,763 | ||||||||||||||||||||
Number of buildings | property | 11 | ||||||||||||||||||||
Rentable square feet | ft² | 359,668 | ||||||||||||||||||||
Subsequent Event | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 14723-14825.25 Oxnard Street | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Disposition Sales Price | $ | $ 19,300 | ||||||||||||||||||||
Subsequent Event | 15010 Don Julian Road(1) | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 22,200 | ||||||||||||||||||||
Number of buildings | property | 1 | ||||||||||||||||||||
Rentable square feet | 92,925 | 10.97 | |||||||||||||||||||
Subsequent Event | 5002-5018 Lindsay Court | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 12,650 | ||||||||||||||||||||
Number of buildings | property | 1 | ||||||||||||||||||||
Rentable square feet | ft² | 64,960 | ||||||||||||||||||||
Subsequent Event | 514 East C Street(2) | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 9,950 | ||||||||||||||||||||
Number of buildings | property | 1 | ||||||||||||||||||||
Rentable square feet | 3,436 | 2.5 | |||||||||||||||||||
Subsequent Event | 17907-18001 Figueroa Street | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 20,200 | ||||||||||||||||||||
Number of buildings | property | 6 | ||||||||||||||||||||
Rentable square feet | ft² | 74,810 | ||||||||||||||||||||
Subsequent Event | Van Nuys Airport Industrial Center | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 9,963 | ||||||||||||||||||||
Number of buildings | property | 1 | ||||||||||||||||||||
Rentable square feet | ft² | 36,900 | ||||||||||||||||||||
Subsequent Event | 8888-8892 Balboa Avenue(3) | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Contractual Purchase Price (in thousands) | $ | $ 19,800 | ||||||||||||||||||||
Number of buildings | property | 1 | ||||||||||||||||||||
Rentable square feet | 86,637 | 5.6 | |||||||||||||||||||
Common Stock | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Common stock dividends declared (in dollars per share) | $ / shares | $ 0.24 | ||||||||||||||||||||
Operating Partnership Units | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Quarterly cash distribution (in dollars per share) | $ / shares | 0.24 | ||||||||||||||||||||
Series A Preferred Stock | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 5.875% | 5.875% | |||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | $ 1.468752 | $ 1.468752 | $ 1.468752 | ||||||||||||||||||
Series A Preferred Stock | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | 0.367188 | ||||||||||||||||||||
Series B Preferred Stock | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 5.875% | 5.875% | |||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | $ 1.468752 | $ 1.468752 | $ 1.664585 | ||||||||||||||||||
Series B Preferred Stock | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | 0.367188 | ||||||||||||||||||||
Series C Preferred Stock | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 5.625% | 5.625% | |||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | $ 1.406252 | $ 0.394531 | |||||||||||||||||||
Series C Preferred Stock | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Preferred stock dividends declared (in dollars per share) | $ / shares | 0.351563 | ||||||||||||||||||||
Series 1 CPOP Units | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 4.43937% | ||||||||||||||||||||
Series 1 CPOP Units | Series 1 CPOP Units | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 4.43937% | ||||||||||||||||||||
Series 1 CPOP Units | Series 1 CPOP Units | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Quarterly cash distribution (in dollars per share) | $ / shares | 0.505085 | ||||||||||||||||||||
Series 2 CPOP Units | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 4.00% | ||||||||||||||||||||
Series 2 CPOP Units | Series 2 CPOP Units | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Dividend Rate | 4.00% | ||||||||||||||||||||
Series 2 CPOP Units | Series 2 CPOP Units | Subsequent Event | |||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||
Quarterly cash distribution (in dollars per share) | $ / shares | $ 0.450000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 64,995 | |||
Land, Initial Cost | 2,641,145 | |||
Buildings and Improvements, Initial Cost | 1,976,099 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 340,241 | |||
Land, Gross Amounts | 2,636,816 | |||
Buildings and Improvements, Gross Amounts | 2,311,139 | |||
Total, Gross | 4,947,955 | |||
Accumulated Depreciation | $ (375,423) | $ (296,777) | $ (228,742) | $ (173,541) |
15241 - 15277, 15317 - 15339 Don Julian Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 3,875 | |||
Buildings and Improvements, Initial Cost | 2,407 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 9,968 | |||
Land, Gross Amounts | 3,875 | |||
Buildings and Improvements, Gross Amounts | 12,375 | |||
Total, Gross | 16,250 | |||
Accumulated Depreciation | $ (7,379) | |||
Year Build / Year Renovated | 1965, 2005 / 2003 | |||
Year Acquired | 2002 | |||
300 South Lewis Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Camarillo, CA | |||
Land, Initial Cost | $ 4,150 | |||
Buildings and Improvements, Initial Cost | 3,050 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 9,406 | |||
Land, Gross Amounts | 4,150 | |||
Buildings and Improvements, Gross Amounts | 12,456 | |||
Total, Gross | 16,606 | |||
Accumulated Depreciation | $ (6,991) | |||
Year Build / Year Renovated | 1960-1963 / 2006 | |||
Year Acquired | 2003 | |||
1400 South Shamrock Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Monrovia, CA | |||
Land, Initial Cost | $ 2,317 | |||
Buildings and Improvements, Initial Cost | 2,534 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 975 | |||
Land, Gross Amounts | 2,317 | |||
Buildings and Improvements, Gross Amounts | 3,509 | |||
Total, Gross | 5,826 | |||
Accumulated Depreciation | $ (2,384) | |||
Year Build / Year Renovated | 1957, 1962 / 2004 | |||
Year Acquired | 2003 | |||
2220-2260 Camino del Sol | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 868 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,594 | |||
Land, Gross Amounts | 868 | |||
Buildings and Improvements, Gross Amounts | 4,594 | |||
Total, Gross | 5,462 | |||
Accumulated Depreciation | $ (1,932) | |||
Year Build / Year Renovated | 2005 | |||
Year Acquired | 2003 | |||
14250-14278 Valley Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | La Puente, CA | |||
Land, Initial Cost | $ 2,539 | |||
Buildings and Improvements, Initial Cost | 2,020 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,248 | |||
Land, Gross Amounts | 2,539 | |||
Buildings and Improvements, Gross Amounts | 5,268 | |||
Total, Gross | 7,807 | |||
Accumulated Depreciation | $ (3,080) | |||
Year Build / Year Renovated | 1974 / 2007 | |||
Year Acquired | 2003 | |||
2300-2386 East Walnut Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fullerton, CA | |||
Land, Initial Cost | $ 6,817 | |||
Buildings and Improvements, Initial Cost | 6,089 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,540 | |||
Land, Gross Amounts | 6,817 | |||
Buildings and Improvements, Gross Amounts | 7,629 | |||
Total, Gross | 14,446 | |||
Accumulated Depreciation | $ (4,406) | |||
Year Build / Year Renovated | 1985-1986 / 2005 | |||
Year Acquired | 2004 | |||
15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sylmar, CA | |||
Land, Initial Cost | $ 2,525 | |||
Buildings and Improvements, Initial Cost | 3,380 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 6,811 | |||
Land, Gross Amounts | 2,525 | |||
Buildings and Improvements, Gross Amounts | 10,191 | |||
Total, Gross | 12,716 | |||
Accumulated Depreciation | $ (4,790) | |||
Year Build / Year Renovated | 1969, 2008 / 2016 | |||
Year Acquired | 2004 | |||
28340 - 28400 Avenue Crocker | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 2,666 | |||
Buildings and Improvements, Initial Cost | 3,343 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,790 | |||
Land, Gross Amounts | 2,666 | |||
Buildings and Improvements, Gross Amounts | 7,133 | |||
Total, Gross | 9,799 | |||
Accumulated Depreciation | $ (3,717) | |||
Year Build / Year Renovated | 1987 / 2006 / 2015 | |||
Year Acquired | 2004 | |||
21-29 West Easy St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Simi Valley, CA | |||
Land, Initial Cost | $ 2,346 | |||
Buildings and Improvements, Initial Cost | 4,522 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,470 | |||
Land, Gross Amounts | 2,346 | |||
Buildings and Improvements, Gross Amounts | 6,992 | |||
Total, Gross | 9,338 | |||
Accumulated Depreciation | $ (3,948) | |||
Year Build / Year Renovated | 1991 / 2006 | |||
Year Acquired | 2004 | |||
10439-10477 Roselle St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 4,711 | |||
Buildings and Improvements, Initial Cost | 3,199 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,303 | |||
Land, Gross Amounts | 4,711 | |||
Buildings and Improvements, Gross Amounts | 6,502 | |||
Total, Gross | 11,213 | |||
Accumulated Depreciation | $ (1,751) | |||
Year Build / Year Renovated | 1970 / 2007 | |||
Year Acquired | 2013 | |||
2575 Pioneer Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Vista, CA | |||
Land, Initial Cost | $ 1,784 | |||
Buildings and Improvements, Initial Cost | 2,974 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,974 | |||
Land, Gross Amounts | 1,784 | |||
Buildings and Improvements, Gross Amounts | 4,948 | |||
Total, Gross | 6,732 | |||
Accumulated Depreciation | $ (2,795) | |||
Year Build / Year Renovated | 1988 / 2006 | |||
Year Acquired | 2004 | |||
9641 - 9657 Santa Fe Springs Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 3,740 | |||
Buildings and Improvements, Initial Cost | 260 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7,060 | |||
Land, Gross Amounts | 3,740 | |||
Buildings and Improvements, Gross Amounts | 7,320 | |||
Total, Gross | 11,060 | |||
Accumulated Depreciation | $ (2,640) | |||
Year Build / Year Renovated | 1982 / 2009 | |||
Year Acquired | 2006 | |||
28159 Avenue Stanford | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 1,849 | |||
Buildings and Improvements, Initial Cost | 6,776 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,015 | |||
Land, Gross Amounts | 1,849 | |||
Buildings and Improvements, Gross Amounts | 11,791 | |||
Total, Gross | 13,640 | |||
Accumulated Depreciation | $ (6,084) | |||
Year Build / Year Renovated | 1987 / 2008 / 2015 | |||
Year Acquired | 2006 | |||
15715 Arrow Highway | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irwindale, CA | |||
Land, Initial Cost | $ 3,604 | |||
Buildings and Improvements, Initial Cost | 5,056 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | (85) | |||
Land, Gross Amounts | 3,604 | |||
Buildings and Improvements, Gross Amounts | 4,971 | |||
Total, Gross | 8,575 | |||
Accumulated Depreciation | $ (2,704) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2006 | |||
2431-2465 Impala Dr. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 5,470 | |||
Buildings and Improvements, Initial Cost | 7,308 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,319 | |||
Land, Gross Amounts | 5,470 | |||
Buildings and Improvements, Gross Amounts | 11,627 | |||
Total, Gross | 17,097 | |||
Accumulated Depreciation | $ (6,489) | |||
Year Build / Year Renovated | 1983 / 2006 | |||
Year Acquired | 2006 | |||
6200 & 6300 Yarrow Dr. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 5,001 | |||
Buildings and Improvements, Initial Cost | 7,658 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,791 | |||
Land, Gross Amounts | 5,001 | |||
Buildings and Improvements, Gross Amounts | 11,449 | |||
Total, Gross | 16,450 | |||
Accumulated Depreciation | $ (6,776) | |||
Year Build / Year Renovated | 1977-1988 / 2006 | |||
Year Acquired | 2005 | |||
6231 & 6241 Yarrow Dr. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 3,473 | |||
Buildings and Improvements, Initial Cost | 5,119 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,163 | |||
Land, Gross Amounts | 3,473 | |||
Buildings and Improvements, Gross Amounts | 6,282 | |||
Total, Gross | 9,755 | |||
Accumulated Depreciation | $ (3,642) | |||
Year Build / Year Renovated | 1977 / 2006 | |||
Year Acquired | 2006 | |||
9160 - 9220 Cleveland Ave., 10860 6th St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Cucamonga, CA | |||
Land, Initial Cost | $ 3,647 | |||
Buildings and Improvements, Initial Cost | 11,867 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,855 | |||
Land, Gross Amounts | 3,647 | |||
Buildings and Improvements, Gross Amounts | 14,722 | |||
Total, Gross | 18,369 | |||
Accumulated Depreciation | $ (8,629) | |||
Year Build / Year Renovated | 1988-1989 / 2006 | |||
Year Acquired | 2006 | |||
18118-18120 S. Broadway St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 3,013 | |||
Buildings and Improvements, Initial Cost | 2,161 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,057 | |||
Land, Gross Amounts | 3,013 | |||
Buildings and Improvements, Gross Amounts | 3,218 | |||
Total, Gross | 6,231 | |||
Accumulated Depreciation | $ (959) | |||
Year Build / Year Renovated | 1957 / 1989, 2017 | |||
Year Acquired | 2013 | |||
901 W. Alameda Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Burbank, CA | |||
Land, Initial Cost | $ 6,304 | |||
Buildings and Improvements, Initial Cost | 2,996 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,384 | |||
Land, Gross Amounts | 6,304 | |||
Buildings and Improvements, Gross Amounts | 8,380 | |||
Total, Gross | 14,684 | |||
Accumulated Depreciation | $ (4,565) | |||
Year Build / Year Renovated | 1969 / 2009 | |||
Year Acquired | 2007 | |||
1938-1946 E. 46th St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Vernon, CA | |||
Land, Initial Cost | $ 7,015 | |||
Buildings and Improvements, Initial Cost | 7,078 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,715 | |||
Land, Gross Amounts | 7,015 | |||
Buildings and Improvements, Gross Amounts | 8,793 | |||
Total, Gross | 15,808 | |||
Accumulated Depreciation | $ (4,245) | |||
Year Build / Year Renovated | 1961, 1983 / 2008-2010 | |||
Year Acquired | 2007 | |||
89-91 N. San Gabriel Blvd., 2670-2674 Walnut Ave., 2675 Nina St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pasadena, CA | |||
Land, Initial Cost | $ 1,759 | |||
Buildings and Improvements, Initial Cost | 2,834 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,121 | |||
Land, Gross Amounts | 1,759 | |||
Buildings and Improvements, Gross Amounts | 4,955 | |||
Total, Gross | 6,714 | |||
Accumulated Depreciation | $ (2,104) | |||
Year Build / Year Renovated | 1947, 1985 / 2009 | |||
Year Acquired | 2008 | |||
9220-9268 Hall Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Downey, CA | |||
Land, Initial Cost | $ 6,974 | |||
Buildings and Improvements, Initial Cost | 2,902 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 282 | |||
Land, Gross Amounts | 6,974 | |||
Buildings and Improvements, Gross Amounts | 3,184 | |||
Total, Gross | 10,158 | |||
Accumulated Depreciation | $ (1,654) | |||
Year Build / Year Renovated | 2008 | |||
Year Acquired | 2009 | |||
5803 Newton Dr. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 3,152 | |||
Buildings and Improvements, Initial Cost | 7,155 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,719 | |||
Land, Gross Amounts | 1,692 | |||
Buildings and Improvements, Gross Amounts | 5,754 | |||
Total, Gross | 7,446 | |||
Accumulated Depreciation | $ (3,357) | |||
Year Build / Year Renovated | 1997-1999 / 2009 | |||
Year Acquired | 2007 | |||
929, 935, 939 & 951 Poinsettia Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Vista, CA | |||
Land, Initial Cost | $ 4,213 | |||
Buildings and Improvements, Initial Cost | 5,584 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 859 | |||
Land, Gross Amounts | 2,678 | |||
Buildings and Improvements, Gross Amounts | 4,587 | |||
Total, Gross | 7,265 | |||
Accumulated Depreciation | $ (2,385) | |||
Year Build / Year Renovated | 1989 / 2007 | |||
Year Acquired | 2008 | |||
3720-3750 W. Warner Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Ana, CA | |||
Land, Initial Cost | $ 3,028 | |||
Buildings and Improvements, Initial Cost | 1,058 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,023 | |||
Land, Gross Amounts | 3,028 | |||
Buildings and Improvements, Gross Amounts | 2,081 | |||
Total, Gross | 5,109 | |||
Accumulated Depreciation | $ (1,102) | |||
Year Build / Year Renovated | 1973 / 2008 | |||
Year Acquired | 2007 | |||
6750 Unit C - 6780 Central Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Riverside, CA | |||
Land, Initial Cost | $ 2,151 | |||
Buildings and Improvements, Initial Cost | 1,671 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 932 | |||
Buildings and Improvements, Gross Amounts | 1,331 | |||
Total, Gross | 2,263 | |||
Accumulated Depreciation | $ (742) | |||
Year Build / Year Renovated | 1978 | |||
Year Acquired | 2007 | |||
1050 Arroyo Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 3,092 | |||
Buildings and Improvements, Initial Cost | 1,900 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 537 | |||
Land, Gross Amounts | 3,092 | |||
Buildings and Improvements, Gross Amounts | 2,437 | |||
Total, Gross | 5,529 | |||
Accumulated Depreciation | $ (802) | |||
Year Build / Year Renovated | 1969 / 2012 | |||
Year Acquired | 2010 | |||
600-650 South Grand Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Ana, CA | |||
Land, Initial Cost | $ 4,298 | |||
Buildings and Improvements, Initial Cost | 5,075 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,500 | |||
Land, Gross Amounts | 4,298 | |||
Buildings and Improvements, Gross Amounts | 6,575 | |||
Total, Gross | 10,873 | |||
Accumulated Depreciation | $ (2,198) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2010 | |||
121-125 N. Vinedo Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pasadena, CA | |||
Land, Initial Cost | $ 3,481 | |||
Buildings and Improvements, Initial Cost | 3,530 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 15 | |||
Land, Gross Amounts | 3,481 | |||
Buildings and Improvements, Gross Amounts | 3,545 | |||
Total, Gross | 7,026 | |||
Accumulated Depreciation | $ (1,341) | |||
Year Build / Year Renovated | 1953 / 1993 | |||
Year Acquired | 2011 | |||
3441 West MacArthur Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Ana, CA | |||
Land, Initial Cost | $ 4,179 | |||
Buildings and Improvements, Initial Cost | 5,358 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5 | |||
Land, Gross Amounts | 4,179 | |||
Buildings and Improvements, Gross Amounts | 5,363 | |||
Total, Gross | 9,542 | |||
Accumulated Depreciation | $ (1,554) | |||
Year Build / Year Renovated | 1973 | |||
Year Acquired | 2011 | |||
6701 & 6711 Odessa Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Van Nuys, CA | |||
Land, Initial Cost | $ 1,582 | |||
Buildings and Improvements, Initial Cost | 1,856 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 145 | |||
Land, Gross Amounts | 1,582 | |||
Buildings and Improvements, Gross Amounts | 2,001 | |||
Total, Gross | 3,583 | |||
Accumulated Depreciation | $ (571) | |||
Year Build / Year Renovated | 1970-1972 / 2012 | |||
Year Acquired | 2011 | |||
10700 Jersey Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Cucamonga, CA | |||
Land, Initial Cost | $ 3,158 | |||
Buildings and Improvements, Initial Cost | 4,860 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,204 | |||
Land, Gross Amounts | 3,158 | |||
Buildings and Improvements, Gross Amounts | 6,064 | |||
Total, Gross | 9,222 | |||
Accumulated Depreciation | $ (1,944) | |||
Year Build / Year Renovated | 1988-1989 | |||
Year Acquired | 2011 | |||
15705, 15709 Arrow Highway & 5220 Fourth St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irwindale, CA | |||
Land, Initial Cost | $ 3,608 | |||
Buildings and Improvements, Initial Cost | 2,699 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 542 | |||
Land, Gross Amounts | 3,608 | |||
Buildings and Improvements, Gross Amounts | 3,241 | |||
Total, Gross | 6,849 | |||
Accumulated Depreciation | $ (1,073) | |||
Year Build / Year Renovated | 1987 | |||
Year Acquired | 2011 | |||
20920-20950 Normandie Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Land, Initial Cost | $ 3,253 | |||
Buildings and Improvements, Initial Cost | 1,605 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 606 | |||
Land, Gross Amounts | 3,253 | |||
Buildings and Improvements, Gross Amounts | 2,211 | |||
Total, Gross | 5,464 | |||
Accumulated Depreciation | $ (772) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2011 | |||
14944, 14946, 14948 Shoemaker Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 3,720 | |||
Buildings and Improvements, Initial Cost | 2,641 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 589 | |||
Land, Gross Amounts | 3,720 | |||
Buildings and Improvements, Gross Amounts | 3,230 | |||
Total, Gross | 6,950 | |||
Accumulated Depreciation | $ (1,118) | |||
Year Build / Year Renovated | 1978 / 2012 | |||
Year Acquired | 2011 | |||
6423-6431 & 6407-6119 Alondra Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Paramount, CA | |||
Land, Initial Cost | $ 1,396 | |||
Buildings and Improvements, Initial Cost | 925 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 192 | |||
Land, Gross Amounts | 1,396 | |||
Buildings and Improvements, Gross Amounts | 1,117 | |||
Total, Gross | 2,513 | |||
Accumulated Depreciation | $ (329) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2011 | |||
1400 S. Campus Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 3,266 | |||
Buildings and Improvements, Initial Cost | 2,961 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Gross Amounts | 3,266 | |||
Buildings and Improvements, Gross Amounts | 2,963 | |||
Total, Gross | 6,229 | |||
Accumulated Depreciation | $ (1,609) | |||
Year Build / Year Renovated | 1964-1966, 1973, 1987 | |||
Year Acquired | 2012 | |||
15041 Calvert St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Van Nuys, CA | |||
Land, Initial Cost | $ 4,096 | |||
Buildings and Improvements, Initial Cost | 1,570 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 272 | |||
Land, Gross Amounts | 4,096 | |||
Buildings and Improvements, Gross Amounts | 1,842 | |||
Total, Gross | 5,938 | |||
Accumulated Depreciation | $ (493) | |||
Year Build / Year Renovated | 1971 | |||
Year Acquired | 2012 | |||
701 Del Norte Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 3,082 | |||
Buildings and Improvements, Initial Cost | 6,230 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,033 | |||
Land, Gross Amounts | 3,082 | |||
Buildings and Improvements, Gross Amounts | 7,263 | |||
Total, Gross | 10,345 | |||
Accumulated Depreciation | $ (2,173) | |||
Year Build / Year Renovated | 2000 | |||
Year Acquired | 2012 | |||
3350 Tyburn St., 3332, 3334, 3360, 3368, 3370, 3378, 3380, 3410, 3424 N. San Fernando Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 17,978 | |||
Buildings and Improvements, Initial Cost | 39,471 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,375 | |||
Land, Gross Amounts | 17,978 | |||
Buildings and Improvements, Gross Amounts | 42,846 | |||
Total, Gross | 60,824 | |||
Accumulated Depreciation | $ (12,530) | |||
Year Build / Year Renovated | 1966, 1992, 1993, 1994 | |||
Year Acquired | 2013 | |||
1661 240th St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 3,043 | |||
Buildings and Improvements, Initial Cost | 2,550 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,884 | |||
Land, Gross Amounts | 3,043 | |||
Buildings and Improvements, Gross Amounts | 6,434 | |||
Total, Gross | 9,477 | |||
Accumulated Depreciation | $ (2,049) | |||
Year Build / Year Renovated | 1975 / 1995 | |||
Year Acquired | 2013 | |||
8101-8117 Orion Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Van Nuys, CA | |||
Land, Initial Cost | $ 1,389 | |||
Buildings and Improvements, Initial Cost | 3,872 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 640 | |||
Land, Gross Amounts | 1,389 | |||
Buildings and Improvements, Gross Amounts | 4,512 | |||
Total, Gross | 5,901 | |||
Accumulated Depreciation | $ (1,334) | |||
Year Build / Year Renovated | 1978 | |||
Year Acquired | 2013 | |||
18310-18330 Oxnard St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Tarzana, CA | |||
Land, Initial Cost | $ 2,497 | |||
Buildings and Improvements, Initial Cost | 5,494 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,384 | |||
Land, Gross Amounts | 2,497 | |||
Buildings and Improvements, Gross Amounts | 6,878 | |||
Total, Gross | 9,375 | |||
Accumulated Depreciation | $ (1,998) | |||
Year Build / Year Renovated | 1973 | |||
Year Acquired | 2013 | |||
1100-1170 Gilbert St. & 2353-2373 La Palma Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Anaheim, CA | |||
Encumbrances | $ 2,293 | |||
Land, Initial Cost | 4,582 | |||
Buildings and Improvements, Initial Cost | 5,135 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,041 | |||
Land, Gross Amounts | 4,582 | |||
Buildings and Improvements, Gross Amounts | 7,176 | |||
Total, Gross | 11,758 | |||
Accumulated Depreciation | $ (2,172) | |||
Year Build / Year Renovated | 1972 / 1990 / 2013 | |||
Year Acquired | 2013 | |||
280 Bonita Ave., 2743 Thompson Creek Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pomona, CA | |||
Land, Initial Cost | $ 8,001 | |||
Buildings and Improvements, Initial Cost | 17,734 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 40 | |||
Land, Gross Amounts | 8,001 | |||
Buildings and Improvements, Gross Amounts | 17,774 | |||
Total, Gross | 25,775 | |||
Accumulated Depreciation | $ (4,674) | |||
Year Build / Year Renovated | 1983 | |||
Year Acquired | 2013 | |||
2950 Madera Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Simi Valley, CA | |||
Land, Initial Cost | $ 3,601 | |||
Buildings and Improvements, Initial Cost | 8,033 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Gross Amounts | 3,601 | |||
Buildings and Improvements, Gross Amounts | 8,035 | |||
Total, Gross | 11,636 | |||
Accumulated Depreciation | $ (2,137) | |||
Year Build / Year Renovated | 1988 / 2005 | |||
Year Acquired | 2013 | |||
10635 Vanowen St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Burbank, CA | |||
Land, Initial Cost | $ 1,517 | |||
Buildings and Improvements, Initial Cost | 1,833 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 923 | |||
Land, Gross Amounts | 1,517 | |||
Buildings and Improvements, Gross Amounts | 2,756 | |||
Total, Gross | 4,273 | |||
Accumulated Depreciation | $ (864) | |||
Year Build / Year Renovated | 1977 | |||
Year Acquired | 2013 | |||
7110 Rosecrans Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Paramount, CA | |||
Land, Initial Cost | $ 3,117 | |||
Buildings and Improvements, Initial Cost | 1,894 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,166 | |||
Land, Gross Amounts | 3,117 | |||
Buildings and Improvements, Gross Amounts | 4,060 | |||
Total, Gross | 7,177 | |||
Accumulated Depreciation | $ (847) | |||
Year Build / Year Renovated | 1972 / 2015, 2019 | |||
Year Acquired | 2014 | |||
845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 2,260 | |||
Buildings and Improvements, Initial Cost | 6,043 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 710 | |||
Land, Gross Amounts | 2,260 | |||
Buildings and Improvements, Gross Amounts | 6,753 | |||
Total, Gross | 9,013 | |||
Accumulated Depreciation | $ (2,088) | |||
Year Build / Year Renovated | 1985 | |||
Year Acquired | 2014 | |||
1500-1510 W. 228th St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Land, Initial Cost | $ 2,428 | |||
Buildings and Improvements, Initial Cost | 4,271 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,923 | |||
Land, Gross Amounts | 2,428 | |||
Buildings and Improvements, Gross Amounts | 9,194 | |||
Total, Gross | 11,622 | |||
Accumulated Depreciation | $ (1,731) | |||
Year Build / Year Renovated | 1963 / 1968, 2017 | |||
Year Acquired | 2014 | |||
24105 Frampton Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Land, Initial Cost | $ 2,315 | |||
Buildings and Improvements, Initial Cost | 1,553 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,071 | |||
Land, Gross Amounts | 2,315 | |||
Buildings and Improvements, Gross Amounts | 3,624 | |||
Total, Gross | 5,939 | |||
Accumulated Depreciation | $ (789) | |||
Year Build / Year Renovated | 1974 / 2016 | |||
Year Acquired | 2014 | |||
1700 Saturn Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Seal Beach, CA | |||
Land, Initial Cost | $ 7,935 | |||
Buildings and Improvements, Initial Cost | 10,525 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 342 | |||
Land, Gross Amounts | 7,935 | |||
Buildings and Improvements, Gross Amounts | 10,867 | |||
Total, Gross | 18,802 | |||
Accumulated Depreciation | $ (2,794) | |||
Year Build / Year Renovated | 2006 | |||
Year Acquired | 2014 | |||
2980 & 2990 N San Fernando Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Burbank, CA | |||
Land, Initial Cost | $ 6,373 | |||
Buildings and Improvements, Initial Cost | 7,356 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 550 | |||
Land, Gross Amounts | 6,373 | |||
Buildings and Improvements, Gross Amounts | 7,906 | |||
Total, Gross | 14,279 | |||
Accumulated Depreciation | $ (2,325) | |||
Year Build / Year Renovated | 1950 / 2004 | |||
Year Acquired | 2014 | |||
20531 Crescent Bay Dr. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Lake Forest, CA | |||
Land, Initial Cost | $ 2,181 | |||
Buildings and Improvements, Initial Cost | 4,012 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 417 | |||
Land, Gross Amounts | 2,181 | |||
Buildings and Improvements, Gross Amounts | 4,429 | |||
Total, Gross | 6,610 | |||
Accumulated Depreciation | $ (1,227) | |||
Year Build / Year Renovated | 1998 | |||
Year Acquired | 2014 | |||
2610 & 2701 S. Birch Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Ana, CA | |||
Land, Initial Cost | $ 9,305 | |||
Buildings and Improvements, Initial Cost | 2,115 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,398 | |||
Land, Gross Amounts | 9,305 | |||
Buildings and Improvements, Gross Amounts | 6,513 | |||
Total, Gross | 15,818 | |||
Accumulated Depreciation | $ (1,538) | |||
Year Build / Year Renovated | 1965 / 2016 | |||
Year Acquired | 2014 | |||
710 South Dupont Avenue & 4051 Santa Ana Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 3,725 | |||
Buildings and Improvements, Initial Cost | 6,145 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 268 | |||
Land, Gross Amounts | 3,725 | |||
Buildings and Improvements, Gross Amounts | 6,413 | |||
Total, Gross | 10,138 | |||
Accumulated Depreciation | $ (1,811) | |||
Year Build / Year Renovated | 2001 | |||
Year Acquired | 2014 | |||
9755 Distribution Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 1,863 | |||
Buildings and Improvements, Initial Cost | 3,211 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | (16) | |||
Land, Gross Amounts | 1,863 | |||
Buildings and Improvements, Gross Amounts | 3,195 | |||
Total, Gross | 5,058 | |||
Accumulated Depreciation | $ (846) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2014 | |||
9855 Distribution Ave | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 2,733 | |||
Buildings and Improvements, Initial Cost | 5,041 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 208 | |||
Land, Gross Amounts | 2,733 | |||
Buildings and Improvements, Gross Amounts | 5,249 | |||
Total, Gross | 7,982 | |||
Accumulated Depreciation | $ (1,380) | |||
Year Build / Year Renovated | 1983 | |||
Year Acquired | 2014 | |||
9340 Cabot Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 4,311 | |||
Buildings and Improvements, Initial Cost | 6,126 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,054 | |||
Land, Gross Amounts | 4,311 | |||
Buildings and Improvements, Gross Amounts | 7,180 | |||
Total, Gross | 11,491 | |||
Accumulated Depreciation | $ (1,835) | |||
Year Build / Year Renovated | 1975 / 1976 | |||
Year Acquired | 2014 | |||
9404 Cabot Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 2,413 | |||
Buildings and Improvements, Initial Cost | 3,451 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 211 | |||
Land, Gross Amounts | 2,413 | |||
Buildings and Improvements, Gross Amounts | 3,662 | |||
Total, Gross | 6,075 | |||
Accumulated Depreciation | $ (940) | |||
Year Build / Year Renovated | 1975 / 1976 | |||
Year Acquired | 2014 | |||
9455 Cabot Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 4,423 | |||
Buildings and Improvements, Initial Cost | 6,799 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 554 | |||
Land, Gross Amounts | 4,423 | |||
Buildings and Improvements, Gross Amounts | 7,353 | |||
Total, Gross | 11,776 | |||
Accumulated Depreciation | $ (2,131) | |||
Year Build / Year Renovated | 1975 / 1976 | |||
Year Acquired | 2014 | |||
14955-14971 E Salt Lake Ave | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 5,125 | |||
Buildings and Improvements, Initial Cost | 5,009 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 863 | |||
Land, Gross Amounts | 5,125 | |||
Buildings and Improvements, Gross Amounts | 5,872 | |||
Total, Gross | 10,997 | |||
Accumulated Depreciation | $ (1,656) | |||
Year Build / Year Renovated | 1979 | |||
Year Acquired | 2014 | |||
5235 East Hunter Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Anaheim, CA | |||
Land, Initial Cost | $ 5,240 | |||
Buildings and Improvements, Initial Cost | 5,065 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,338 | |||
Land, Gross Amounts | 5,240 | |||
Buildings and Improvements, Gross Amounts | 6,403 | |||
Total, Gross | 11,643 | |||
Accumulated Depreciation | $ (1,888) | |||
Year Build / Year Renovated | 1987 | |||
Year Acquired | 2014 | |||
3880 West Valley Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pomona, CA | |||
Land, Initial Cost | $ 3,982 | |||
Buildings and Improvements, Initial Cost | 4,796 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,599 | |||
Land, Gross Amounts | 3,982 | |||
Buildings and Improvements, Gross Amounts | 8,395 | |||
Total, Gross | 12,377 | |||
Accumulated Depreciation | $ (2,091) | |||
Year Build / Year Renovated | 1980 / 2017 | |||
Year Acquired | 2014 | |||
1601 Alton Pkwy. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irvine, CA | |||
Land, Initial Cost | $ 7,638 | |||
Buildings and Improvements, Initial Cost | 4,946 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 8,454 | |||
Land, Gross Amounts | 7,638 | |||
Buildings and Improvements, Gross Amounts | 13,400 | |||
Total, Gross | 21,038 | |||
Accumulated Depreciation | $ (2,339) | |||
Year Build / Year Renovated | 1974 / 2018 | |||
Year Acquired | 2014 | |||
3116 W. Avenue 32 | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 3,761 | |||
Buildings and Improvements, Initial Cost | 6,729 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,351 | |||
Land, Gross Amounts | 3,761 | |||
Buildings and Improvements, Gross Amounts | 10,080 | |||
Total, Gross | 13,841 | |||
Accumulated Depreciation | $ (2,065) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2014 | |||
21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 7,230 | |||
Buildings and Improvements, Initial Cost | 9,058 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,981 | |||
Land, Gross Amounts | 7,230 | |||
Buildings and Improvements, Gross Amounts | 11,039 | |||
Total, Gross | 18,269 | |||
Accumulated Depreciation | $ (3,086) | |||
Year Build / Year Renovated | 1979 / 1980 | |||
Year Acquired | 2014 | |||
24935 & 24955 Avenue Kearny | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Clarita, CA | |||
Land, Initial Cost | $ 4,773 | |||
Buildings and Improvements, Initial Cost | 5,970 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 785 | |||
Land, Gross Amounts | 4,773 | |||
Buildings and Improvements, Gross Amounts | 6,755 | |||
Total, Gross | 11,528 | |||
Accumulated Depreciation | $ (1,917) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2014 | |||
605 8th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 2,393 | |||
Buildings and Improvements, Initial Cost | 2,742 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,744 | |||
Land, Gross Amounts | 2,393 | |||
Buildings and Improvements, Gross Amounts | 4,486 | |||
Total, Gross | 6,879 | |||
Accumulated Depreciation | $ (984) | |||
Year Build / Year Renovated | 1991 / 2015, 2020 | |||
Year Acquired | 2014 | |||
9120 Mason Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 9,224 | |||
Buildings and Improvements, Initial Cost | 19,346 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 271 | |||
Land, Gross Amounts | 9,224 | |||
Buildings and Improvements, Gross Amounts | 19,617 | |||
Total, Gross | 28,841 | |||
Accumulated Depreciation | $ (4,712) | |||
Year Build / Year Renovated | 1967 / 1999 | |||
Year Acquired | 2014 | |||
7900 Nelson Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 8,495 | |||
Buildings and Improvements, Initial Cost | 15,948 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,079 | |||
Land, Gross Amounts | 8,495 | |||
Buildings and Improvements, Gross Amounts | 18,027 | |||
Total, Gross | 26,522 | |||
Accumulated Depreciation | $ (4,133) | |||
Year Build / Year Renovated | 1998 / 2015 | |||
Year Acquired | 2014 | |||
679-691 S Anderson St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 1,723 | |||
Buildings and Improvements, Initial Cost | 4,767 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,469 | |||
Land, Gross Amounts | 1,723 | |||
Buildings and Improvements, Gross Amounts | 6,236 | |||
Total, Gross | 7,959 | |||
Accumulated Depreciation | $ (1,257) | |||
Year Build / Year Renovated | 1992 / 2017 | |||
Year Acquired | 2014 | |||
10509 Business Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 3,505 | |||
Buildings and Improvements, Initial Cost | 5,237 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 568 | |||
Land, Gross Amounts | 3,505 | |||
Buildings and Improvements, Gross Amounts | 5,805 | |||
Total, Gross | 9,310 | |||
Accumulated Depreciation | $ (1,587) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2014 | |||
13231 Slover Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 2,812 | |||
Buildings and Improvements, Initial Cost | 4,739 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 743 | |||
Land, Gross Amounts | 2,812 | |||
Buildings and Improvements, Gross Amounts | 5,482 | |||
Total, Gross | 8,294 | |||
Accumulated Depreciation | $ (1,325) | |||
Year Build / Year Renovated | 1990 | |||
Year Acquired | 2014 | |||
240 W Ivy Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Inglewood, CA | |||
Land, Initial Cost | $ 2,064 | |||
Buildings and Improvements, Initial Cost | 3,675 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,219 | |||
Land, Gross Amounts | 2,064 | |||
Buildings and Improvements, Gross Amounts | 7,894 | |||
Total, Gross | 9,958 | |||
Accumulated Depreciation | $ (1,292) | |||
Year Build / Year Renovated | 1981 | |||
Year Acquired | 2014 | |||
3000 Paseo Mercado, 3120-3150 Paseo Mercado | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 2,616 | |||
Buildings and Improvements, Initial Cost | 8,311 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,328 | |||
Land, Gross Amounts | 2,616 | |||
Buildings and Improvements, Gross Amounts | 9,639 | |||
Total, Gross | 12,255 | |||
Accumulated Depreciation | $ (2,470) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2014 | |||
1800 Eastman Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 842 | |||
Buildings and Improvements, Initial Cost | 2,209 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 70 | |||
Land, Gross Amounts | 842 | |||
Buildings and Improvements, Gross Amounts | 2,279 | |||
Total, Gross | 3,121 | |||
Accumulated Depreciation | $ (666) | |||
Year Build / Year Renovated | 2009 | |||
Year Acquired | 2014 | |||
2360-2364 E. Sturgis Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 1,128 | |||
Buildings and Improvements, Initial Cost | 2,726 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 520 | |||
Land, Gross Amounts | 1,128 | |||
Buildings and Improvements, Gross Amounts | 3,246 | |||
Total, Gross | 4,374 | |||
Accumulated Depreciation | $ (986) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2014 | |||
201 Rice Ave. & 2400-2420 Celsius | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 3,487 | |||
Buildings and Improvements, Initial Cost | 9,589 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 374 | |||
Land, Gross Amounts | 3,487 | |||
Buildings and Improvements, Gross Amounts | 9,963 | |||
Total, Gross | 13,450 | |||
Accumulated Depreciation | $ (2,592) | |||
Year Build / Year Renovated | 2008 | |||
Year Acquired | 2014 | |||
11120, 11160, 11200 Hindry Ave | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 3,478 | |||
Buildings and Improvements, Initial Cost | 7,834 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 387 | |||
Land, Gross Amounts | 3,478 | |||
Buildings and Improvements, Gross Amounts | 8,221 | |||
Total, Gross | 11,699 | |||
Accumulated Depreciation | $ (2,026) | |||
Year Build / Year Renovated | 1992 / 1994 | |||
Year Acquired | 2014 | |||
6970-7170 & 7310-7374 Convoy Ct. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 10,805 | |||
Buildings and Improvements, Initial Cost | 18,426 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,232 | |||
Land, Gross Amounts | 10,805 | |||
Buildings and Improvements, Gross Amounts | 20,658 | |||
Total, Gross | 31,463 | |||
Accumulated Depreciation | $ (5,375) | |||
Year Build / Year Renovated | 1971 | |||
Year Acquired | 2014 | |||
12907 Imperial Highway | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 5,462 | |||
Buildings and Improvements, Initial Cost | 6,678 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 5,462 | |||
Buildings and Improvements, Gross Amounts | 6,678 | |||
Total, Gross | 12,140 | |||
Accumulated Depreciation | $ (1,559) | |||
Year Build / Year Renovated | 1997 | |||
Year Acquired | 2015 | |||
8902-8940 Activity Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 9,427 | |||
Buildings and Improvements, Initial Cost | 8,103 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,714 | |||
Land, Gross Amounts | 9,427 | |||
Buildings and Improvements, Gross Amounts | 9,817 | |||
Total, Gross | 19,244 | |||
Accumulated Depreciation | $ (2,575) | |||
Year Build / Year Renovated | 1987 / 1997 | |||
Year Acquired | 2015 | |||
1210 N Red Gum St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Anaheim, CA | |||
Land, Initial Cost | $ 3,326 | |||
Buildings and Improvements, Initial Cost | 4,020 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,441 | |||
Land, Gross Amounts | 3,326 | |||
Buildings and Improvements, Gross Amounts | 5,461 | |||
Total, Gross | 8,787 | |||
Accumulated Depreciation | $ (1,154) | |||
Year Build / Year Renovated | 1985 / 2020 | |||
Year Acquired | 2015 | |||
9615 Norwalk Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 8,508 | |||
Buildings and Improvements, Initial Cost | 1,134 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,025 | |||
Land, Gross Amounts | 8,508 | |||
Buildings and Improvements, Gross Amounts | 2,159 | |||
Total, Gross | 10,667 | |||
Accumulated Depreciation | $ (493) | |||
Year Build / Year Renovated | 1975 | |||
Year Acquired | 2015 | |||
16221 Arthur St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Cerritos, CA | |||
Land, Initial Cost | $ 2,979 | |||
Buildings and Improvements, Initial Cost | 3,204 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 429 | |||
Land, Gross Amounts | 2,979 | |||
Buildings and Improvements, Gross Amounts | 3,633 | |||
Total, Gross | 6,612 | |||
Accumulated Depreciation | $ (838) | |||
Year Build / Year Renovated | 1979 | |||
Year Acquired | 2015 | |||
2588 & 2605 Industry Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Lynwood, CA | |||
Land, Initial Cost | $ 8,738 | |||
Buildings and Improvements, Initial Cost | 9,415 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 8,738 | |||
Buildings and Improvements, Gross Amounts | 9,415 | |||
Total, Gross | 18,153 | |||
Accumulated Depreciation | $ (2,293) | |||
Year Build / Year Renovated | 1969 / 1971 | |||
Year Acquired | 2015 | |||
425 S. Hacienda Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 4,010 | |||
Buildings and Improvements, Initial Cost | 3,050 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 117 | |||
Land, Gross Amounts | 4,010 | |||
Buildings and Improvements, Gross Amounts | 3,167 | |||
Total, Gross | 7,177 | |||
Accumulated Depreciation | $ (782) | |||
Year Build / Year Renovated | 1997 | |||
Year Acquired | 2015 | |||
6700 S Alameda St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Huntington Park, CA | |||
Land, Initial Cost | $ 3,502 | |||
Buildings and Improvements, Initial Cost | 9,279 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 257 | |||
Land, Gross Amounts | 3,502 | |||
Buildings and Improvements, Gross Amounts | 9,536 | |||
Total, Gross | 13,038 | |||
Accumulated Depreciation | $ (2,662) | |||
Year Build / Year Renovated | 1990 / 2008 | |||
Year Acquired | 2015 | |||
12720-12860 Danielson Ct. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Poway, CA | |||
Land, Initial Cost | $ 6,902 | |||
Buildings and Improvements, Initial Cost | 8,949 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 450 | |||
Land, Gross Amounts | 6,902 | |||
Buildings and Improvements, Gross Amounts | 9,399 | |||
Total, Gross | 16,301 | |||
Accumulated Depreciation | $ (2,898) | |||
Year Build / Year Renovated | 1999 | |||
Year Acquired | 2015 | |||
10950 Norwalk Blvd & 12241 Lakeland Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 3,446 | |||
Buildings and Improvements, Initial Cost | 1,241 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 84 | |||
Land, Gross Amounts | 3,446 | |||
Buildings and Improvements, Gross Amounts | 1,325 | |||
Total, Gross | 4,771 | |||
Accumulated Depreciation | $ (450) | |||
Year Build / Year Renovated | 1982 | |||
Year Acquired | 2015 | |||
610-760 W Hueneme Rd. & 5651-5721 Perkins Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oxnard, CA | |||
Land, Initial Cost | $ 3,310 | |||
Buildings and Improvements, Initial Cost | 5,806 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,066 | |||
Land, Gross Amounts | 3,310 | |||
Buildings and Improvements, Gross Amounts | 6,872 | |||
Total, Gross | 10,182 | |||
Accumulated Depreciation | $ (1,989) | |||
Year Build / Year Renovated | 1985 | |||
Year Acquired | 2015 | |||
10701-10719 Norwalk Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 3,357 | |||
Buildings and Improvements, Initial Cost | 3,527 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 147 | |||
Land, Gross Amounts | 3,357 | |||
Buildings and Improvements, Gross Amounts | 3,674 | |||
Total, Gross | 7,031 | |||
Accumulated Depreciation | $ (873) | |||
Year Build / Year Renovated | 2004 | |||
Year Acquired | 2015 | |||
6020 Sheila St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Commerce, CA | |||
Land, Initial Cost | $ 4,590 | |||
Buildings and Improvements, Initial Cost | 7,772 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 583 | |||
Land, Gross Amounts | 4,590 | |||
Buildings and Improvements, Gross Amounts | 8,355 | |||
Total, Gross | 12,945 | |||
Accumulated Depreciation | $ (1,804) | |||
Year Build / Year Renovated | 2000 | |||
Year Acquired | 2015 | |||
9805 6th St. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Cucamonga, CA | |||
Land, Initial Cost | $ 3,503 | |||
Buildings and Improvements, Initial Cost | 3,204 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 833 | |||
Land, Gross Amounts | 3,503 | |||
Buildings and Improvements, Gross Amounts | 4,037 | |||
Total, Gross | 7,540 | |||
Accumulated Depreciation | $ (1,173) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2015 | |||
16321 Arrow Hwy. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irwindale, CA | |||
Land, Initial Cost | $ 3,087 | |||
Buildings and Improvements, Initial Cost | 4,081 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 453 | |||
Land, Gross Amounts | 3,087 | |||
Buildings and Improvements, Gross Amounts | 4,534 | |||
Total, Gross | 7,621 | |||
Accumulated Depreciation | $ (983) | |||
Year Build / Year Renovated | 1955 / 2001 | |||
Year Acquired | 2015 | |||
601-605 S. Milliken Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 5,479 | |||
Buildings and Improvements, Initial Cost | 7,036 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,137 | |||
Land, Gross Amounts | 5,479 | |||
Buildings and Improvements, Gross Amounts | 8,173 | |||
Total, Gross | 13,652 | |||
Accumulated Depreciation | $ (2,176) | |||
Year Build / Year Renovated | 1987 / 1988 | |||
Year Acquired | 2015 | |||
1065 E. Walnut Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 10,038 | |||
Buildings and Improvements, Initial Cost | 4,380 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,530 | |||
Land, Gross Amounts | 10,038 | |||
Buildings and Improvements, Gross Amounts | 7,910 | |||
Total, Gross | 17,948 | |||
Accumulated Depreciation | $ (2,192) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2015 | |||
12247 Lakeland Rd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 3,481 | |||
Buildings and Improvements, Initial Cost | 776 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,159 | |||
Land, Gross Amounts | 3,481 | |||
Buildings and Improvements, Gross Amounts | 1,935 | |||
Total, Gross | 5,416 | |||
Accumulated Depreciation | $ (401) | |||
Year Build / Year Renovated | 1971 / 2016 | |||
Year Acquired | 2015 | |||
17311 Nichols Lane | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Huntington Beach, CA | |||
Land, Initial Cost | $ 7,988 | |||
Buildings and Improvements, Initial Cost | 8,728 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3 | |||
Land, Gross Amounts | 7,988 | |||
Buildings and Improvements, Gross Amounts | 8,731 | |||
Total, Gross | 16,719 | |||
Accumulated Depreciation | $ (1,900) | |||
Year Build / Year Renovated | 1993 / 2014 | |||
Year Acquired | 2015 | |||
8525 Camino Santa Fe | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 4,038 | |||
Buildings and Improvements, Initial Cost | 4,055 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 818 | |||
Land, Gross Amounts | 4,038 | |||
Buildings and Improvements, Gross Amounts | 4,873 | |||
Total, Gross | 8,911 | |||
Accumulated Depreciation | $ (1,124) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2016 | |||
28454 Livingston Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 5,150 | |||
Buildings and Improvements, Initial Cost | 9,666 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 200 | |||
Land, Gross Amounts | 5,150 | |||
Buildings and Improvements, Gross Amounts | 9,866 | |||
Total, Gross | 15,016 | |||
Accumulated Depreciation | $ (2,028) | |||
Year Build / Year Renovated | 2007 | |||
Year Acquired | 2016 | |||
20 Icon | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Lake Forest, CA | |||
Land, Initial Cost | $ 12,576 | |||
Buildings and Improvements, Initial Cost | 8,817 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 160 | |||
Land, Gross Amounts | 12,576 | |||
Buildings and Improvements, Gross Amounts | 8,977 | |||
Total, Gross | 21,553 | |||
Accumulated Depreciation | $ (2,588) | |||
Year Build / Year Renovated | 1999 / 2015 | |||
Year Acquired | 2016 | |||
16425 Gale Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 18,803 | |||
Buildings and Improvements, Initial Cost | 6,029 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,006 | |||
Land, Gross Amounts | 18,803 | |||
Buildings and Improvements, Gross Amounts | 7,035 | |||
Total, Gross | 25,838 | |||
Accumulated Depreciation | $ (1,435) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2016 | |||
12131 Western Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Garden Grove, CA | |||
Land, Initial Cost | $ 15,077 | |||
Buildings and Improvements, Initial Cost | 11,149 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,685 | |||
Land, Gross Amounts | 15,077 | |||
Buildings and Improvements, Gross Amounts | 15,834 | |||
Total, Gross | 30,911 | |||
Accumulated Depreciation | $ (2,869) | |||
Year Build / Year Renovated | 1987 / 2007, 2017 | |||
Year Acquired | 2016 | |||
9 Holland | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irvine, CA | |||
Land, Initial Cost | $ 13,724 | |||
Buildings and Improvements, Initial Cost | 9,365 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 142 | |||
Land, Gross Amounts | 13,724 | |||
Buildings and Improvements, Gross Amounts | 9,507 | |||
Total, Gross | 23,231 | |||
Accumulated Depreciation | $ (2,070) | |||
Year Build / Year Renovated | 1980 / 2013 | |||
Year Acquired | 2016 | |||
15996 Jurupa Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 7,855 | |||
Buildings and Improvements, Initial Cost | 12,056 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | |||
Land, Gross Amounts | 7,855 | |||
Buildings and Improvements, Gross Amounts | 12,060 | |||
Total, Gross | 19,915 | |||
Accumulated Depreciation | $ (2,379) | |||
Year Build / Year Renovated | 2015 | |||
Year Acquired | 2016 | |||
11127 Catawba Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 5,562 | |||
Buildings and Improvements, Initial Cost | 8,094 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | |||
Land, Gross Amounts | 5,562 | |||
Buildings and Improvements, Gross Amounts | 8,098 | |||
Total, Gross | 13,660 | |||
Accumulated Depreciation | $ (1,605) | |||
Year Build / Year Renovated | 2015 | |||
Year Acquired | 2016 | |||
13550 Stowe Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Poway, CA | |||
Land, Initial Cost | $ 9,126 | |||
Buildings and Improvements, Initial Cost | 8,043 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 9,126 | |||
Buildings and Improvements, Gross Amounts | 8,043 | |||
Total, Gross | 17,169 | |||
Accumulated Depreciation | $ (1,903) | |||
Year Build / Year Renovated | 1991 | |||
Year Acquired | 2016 | |||
10750-10826 Lower Azusa Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | El Monte, CA | |||
Land, Initial Cost | $ 4,433 | |||
Buildings and Improvements, Initial Cost | 2,961 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,163 | |||
Land, Gross Amounts | 4,433 | |||
Buildings and Improvements, Gross Amounts | 4,124 | |||
Total, Gross | 8,557 | |||
Accumulated Depreciation | $ (924) | |||
Year Build / Year Renovated | 1975 | |||
Year Acquired | 2016 | |||
525 Park Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 3,830 | |||
Buildings and Improvements, Initial Cost | 3,887 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 164 | |||
Land, Gross Amounts | 3,830 | |||
Buildings and Improvements, Gross Amounts | 4,051 | |||
Total, Gross | 7,881 | |||
Accumulated Depreciation | $ (837) | |||
Year Build / Year Renovated | 2003 | |||
Year Acquired | 2016 | |||
3233 Mission Oaks Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Camarillo, CA | |||
Land, Initial Cost | $ 13,791 | |||
Buildings and Improvements, Initial Cost | 10,017 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 13,282 | |||
Land, Gross Amounts | 13,791 | |||
Buildings and Improvements, Gross Amounts | 23,299 | |||
Total, Gross | 37,090 | |||
Accumulated Depreciation | $ (3,518) | |||
Year Build / Year Renovated | 1980-1982 / 2014, 2018, 2019 | |||
Year Acquired | 2016 | |||
1600 Orangethorpe Ave. & 1335-1375 Acacia Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fullerton, CA | |||
Land, Initial Cost | $ 26,659 | |||
Buildings and Improvements, Initial Cost | 12,673 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,755 | |||
Land, Gross Amounts | 26,659 | |||
Buildings and Improvements, Gross Amounts | 16,428 | |||
Total, Gross | 43,087 | |||
Accumulated Depreciation | $ (3,795) | |||
Year Build / Year Renovated | 1968/1985 | |||
Year Acquired | 2016 | |||
14742-14750 Nelson Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 13,463 | |||
Buildings and Improvements, Initial Cost | 1,680 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 16,946 | |||
Land, Gross Amounts | 13,463 | |||
Buildings and Improvements, Gross Amounts | 18,626 | |||
Total, Gross | 32,089 | |||
Accumulated Depreciation | $ (1,835) | |||
Year Build / Year Renovated | 1969 / 2018 | |||
Year Acquired | 2016 | |||
301-445 Figueroa Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Wilmington, CA | |||
Land, Initial Cost | $ 7,126 | |||
Buildings and Improvements, Initial Cost | 5,728 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,891 | |||
Land, Gross Amounts | 7,126 | |||
Buildings and Improvements, Gross Amounts | 10,619 | |||
Total, Gross | 17,745 | |||
Accumulated Depreciation | $ (1,464) | |||
Year Build / Year Renovated | 1972 / 2018 | |||
Year Acquired | 2016 | |||
12320 4th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Cucamonga, CA | |||
Land, Initial Cost | $ 12,642 | |||
Buildings and Improvements, Initial Cost | 14,179 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3 | |||
Land, Gross Amounts | 12,642 | |||
Buildings and Improvements, Gross Amounts | 14,182 | |||
Total, Gross | 26,824 | |||
Accumulated Depreciation | $ (2,810) | |||
Year Build / Year Renovated | 1997 / 2003 | |||
Year Acquired | 2016 | |||
9190 Activity Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 8,497 | |||
Buildings and Improvements, Initial Cost | 5,622 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 682 | |||
Land, Gross Amounts | 8,497 | |||
Buildings and Improvements, Gross Amounts | 6,304 | |||
Total, Gross | 14,801 | |||
Accumulated Depreciation | $ (1,375) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2016 | |||
28903-28903 Avenue Paine | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 10,620 | |||
Buildings and Improvements, Initial Cost | 6,510 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7,456 | |||
Land, Gross Amounts | 10,620 | |||
Buildings and Improvements, Gross Amounts | 13,966 | |||
Total, Gross | 24,586 | |||
Accumulated Depreciation | $ (977) | |||
Year Build / Year Renovated | 1999 / 2018 | |||
Year Acquired | 2017 | |||
2390 Ward Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Simi Valley, CA | |||
Land, Initial Cost | $ 5,624 | |||
Buildings and Improvements, Initial Cost | 10,045 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 845 | |||
Land, Gross Amounts | 5,624 | |||
Buildings and Improvements, Gross Amounts | 10,890 | |||
Total, Gross | 16,514 | |||
Accumulated Depreciation | $ (2,067) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2017 | |||
Safari Business Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 50,807 | |||
Buildings and Improvements, Initial Cost | 86,065 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 6,925 | |||
Land, Gross Amounts | 50,807 | |||
Buildings and Improvements, Gross Amounts | 92,990 | |||
Total, Gross | 143,797 | |||
Accumulated Depreciation | $ (15,228) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2017 | |||
4175 Conant Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Long Beach, CA | |||
Land, Initial Cost | $ 13,785 | |||
Buildings and Improvements, Initial Cost | 13,440 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 13,785 | |||
Buildings and Improvements, Gross Amounts | 13,440 | |||
Total, Gross | 27,225 | |||
Accumulated Depreciation | $ (2,176) | |||
Year Build / Year Renovated | 2015 | |||
Year Acquired | 2017 | |||
5421 Argosy Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Huntington Beach, CA | |||
Land, Initial Cost | $ 3,577 | |||
Buildings and Improvements, Initial Cost | 1,490 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Gross Amounts | 3,577 | |||
Buildings and Improvements, Gross Amounts | 1,492 | |||
Total, Gross | 5,069 | |||
Accumulated Depreciation | $ (438) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2017 | |||
14820-14830 Carmenita Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Norwalk, CA | |||
Land, Initial Cost | $ 22,938 | |||
Buildings and Improvements, Initial Cost | 6,738 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 798 | |||
Land, Gross Amounts | 22,938 | |||
Buildings and Improvements, Gross Amounts | 7,536 | |||
Total, Gross | 30,474 | |||
Accumulated Depreciation | $ (1,332) | |||
Year Build / Year Renovated | 1970, 2000 | |||
Year Acquired | 2017 | |||
3002-3072 Inland Empire Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 11,980 | |||
Buildings and Improvements, Initial Cost | 14,439 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,726 | |||
Land, Gross Amounts | 11,980 | |||
Buildings and Improvements, Gross Amounts | 17,165 | |||
Total, Gross | 29,145 | |||
Accumulated Depreciation | $ (2,956) | |||
Year Build / Year Renovated | 1981 | |||
Year Acquired | 2017 | |||
17000 Kingsview Avenue & 800 Sandhill Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 7,988 | |||
Buildings and Improvements, Initial Cost | 5,472 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 975 | |||
Land, Gross Amounts | 7,988 | |||
Buildings and Improvements, Gross Amounts | 6,447 | |||
Total, Gross | 14,435 | |||
Accumulated Depreciation | $ (875) | |||
Year Build / Year Renovated | 1984 | |||
Year Acquired | 2017 | |||
2301-2329, 2331-2359, 2361-2399, 2370-2398 & 2332-2366 E. Pacifica Place; 20001-20021 Rancho Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Dominguez, CA | |||
Land, Initial Cost | $ 121,329 | |||
Buildings and Improvements, Initial Cost | 86,776 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,150 | |||
Land, Gross Amounts | 121,329 | |||
Buildings and Improvements, Gross Amounts | 91,926 | |||
Total, Gross | 213,255 | |||
Accumulated Depreciation | $ (14,346) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2017 | |||
11190 White Birch Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Cucamonga, CA | |||
Land, Initial Cost | $ 9,405 | |||
Buildings and Improvements, Initial Cost | 9,840 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 280 | |||
Land, Gross Amounts | 9,405 | |||
Buildings and Improvements, Gross Amounts | 10,120 | |||
Total, Gross | 19,525 | |||
Accumulated Depreciation | $ (1,638) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2017 | |||
4832-4850 Azusa Canyon Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irwindale, CA | |||
Land, Initial Cost | $ 5,330 | |||
Buildings and Improvements, Initial Cost | 8,856 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7 | |||
Land, Gross Amounts | 5,330 | |||
Buildings and Improvements, Gross Amounts | 8,863 | |||
Total, Gross | 14,193 | |||
Accumulated Depreciation | $ (1,288) | |||
Year Build / Year Renovated | 2016 | |||
Year Acquired | 2017 | |||
1825 Soto Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 2,129 | |||
Buildings and Improvements, Initial Cost | 1,315 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3 | |||
Land, Gross Amounts | 2,129 | |||
Buildings and Improvements, Gross Amounts | 1,318 | |||
Total, Gross | 3,447 | |||
Accumulated Depreciation | $ (220) | |||
Year Build / Year Renovated | 1993 | |||
Year Acquired | 2017 | |||
19402 Susana Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Dominguez, CA | |||
Land, Initial Cost | $ 3,524 | |||
Buildings and Improvements, Initial Cost | 357 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5 | |||
Land, Gross Amounts | 3,524 | |||
Buildings and Improvements, Gross Amounts | 362 | |||
Total, Gross | 3,886 | |||
Accumulated Depreciation | $ (113) | |||
Year Build / Year Renovated | 1957 | |||
Year Acquired | 2017 | |||
13225 Western Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Gardena, CA | |||
Land, Initial Cost | $ 1,918 | |||
Buildings and Improvements, Initial Cost | 355 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 363 | |||
Land, Gross Amounts | 1,918 | |||
Buildings and Improvements, Gross Amounts | 718 | |||
Total, Gross | 2,636 | |||
Accumulated Depreciation | $ (94) | |||
Year Build / Year Renovated | 1955 | |||
Year Acquired | 2017 | |||
15401 Figueroa Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 3,255 | |||
Buildings and Improvements, Initial Cost | 1,248 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 731 | |||
Land, Gross Amounts | 3,255 | |||
Buildings and Improvements, Gross Amounts | 1,979 | |||
Total, Gross | 5,234 | |||
Accumulated Depreciation | $ (240) | |||
Year Build / Year Renovated | 1964 / 2018 | |||
Year Acquired | 2017 | |||
8542 Slauson Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pico Rivera, CA | |||
Land, Initial Cost | $ 8,681 | |||
Buildings and Improvements, Initial Cost | 576 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 940 | |||
Land, Gross Amounts | 8,681 | |||
Buildings and Improvements, Gross Amounts | 1,516 | |||
Total, Gross | 10,197 | |||
Accumulated Depreciation | $ (257) | |||
Year Build / Year Renovated | 1964 | |||
Year Acquired | 2017 | |||
687 Eucalyptus Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Inglewood, CA | |||
Land, Initial Cost | $ 37,035 | |||
Buildings and Improvements, Initial Cost | 15,120 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 275 | |||
Land, Gross Amounts | 37,035 | |||
Buildings and Improvements, Gross Amounts | 15,395 | |||
Total, Gross | 52,430 | |||
Accumulated Depreciation | $ (1,884) | |||
Year Build / Year Renovated | 2017 | |||
Year Acquired | 2017 | |||
302 Rockefeller Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 6,859 | |||
Buildings and Improvements, Initial Cost | 7,185 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 14 | |||
Land, Gross Amounts | 6,859 | |||
Buildings and Improvements, Gross Amounts | 7,199 | |||
Total, Gross | 14,058 | |||
Accumulated Depreciation | $ (965) | |||
Year Build / Year Renovated | 2000 | |||
Year Acquired | 2017 | |||
4355 Brickell Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 7,295 | |||
Buildings and Improvements, Initial Cost | 5,616 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 71 | |||
Land, Gross Amounts | 7,295 | |||
Buildings and Improvements, Gross Amounts | 5,687 | |||
Total, Gross | 12,982 | |||
Accumulated Depreciation | $ (825) | |||
Year Build / Year Renovated | 2004 | |||
Year Acquired | 2017 | |||
12622-12632 Monarch Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Garden Grove, CA | |||
Land, Initial Cost | $ 11,691 | |||
Buildings and Improvements, Initial Cost | 8,290 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,002 | |||
Land, Gross Amounts | 11,691 | |||
Buildings and Improvements, Gross Amounts | 9,292 | |||
Total, Gross | 20,983 | |||
Accumulated Depreciation | $ (1,313) | |||
Year Build / Year Renovated | 1967 | |||
Year Acquired | 2017 | |||
8315 Hanan Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pico Rivera, CA | |||
Land, Initial Cost | $ 8,714 | |||
Buildings and Improvements, Initial Cost | 4,751 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 180 | |||
Land, Gross Amounts | 8,714 | |||
Buildings and Improvements, Gross Amounts | 4,931 | |||
Total, Gross | 13,645 | |||
Accumulated Depreciation | $ (655) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2017 | |||
13971 Norton Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chino, CA | |||
Land, Initial Cost | $ 5,293 | |||
Buildings and Improvements, Initial Cost | 6,377 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 96 | |||
Land, Gross Amounts | 5,293 | |||
Buildings and Improvements, Gross Amounts | 6,473 | |||
Total, Gross | 11,766 | |||
Accumulated Depreciation | $ (922) | |||
Year Build / Year Renovated | 1990 | |||
Year Acquired | 2018 | |||
1900 Proforma Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Ontario, CA | |||
Land, Initial Cost | $ 10,214 | |||
Buildings and Improvements, Initial Cost | 5,127 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 969 | |||
Land, Gross Amounts | 10,214 | |||
Buildings and Improvements, Gross Amounts | 6,096 | |||
Total, Gross | 16,310 | |||
Accumulated Depreciation | $ (1,116) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2018 | |||
16010 Shoemaker Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Cerritos, CA | |||
Land, Initial Cost | $ 9,927 | |||
Buildings and Improvements, Initial Cost | 6,948 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 128 | |||
Land, Gross Amounts | 9,927 | |||
Buildings and Improvements, Gross Amounts | 7,076 | |||
Total, Gross | 17,003 | |||
Accumulated Depreciation | $ (919) | |||
Year Build / Year Renovated | 1985 | |||
Year Acquired | 2018 | |||
4039 Calle Platino | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oceanside, CA | |||
Land, Initial Cost | $ 9,476 | |||
Buildings and Improvements, Initial Cost | 11,394 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 632 | |||
Land, Gross Amounts | 9,476 | |||
Buildings and Improvements, Gross Amounts | 12,026 | |||
Total, Gross | 21,502 | |||
Accumulated Depreciation | $ (1,474) | |||
Year Build / Year Renovated | 1991 | |||
Year Acquired | 2018 | |||
851 Lawrence Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Thousand Oaks, CA | |||
Land, Initial Cost | $ 6,717 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7,242 | |||
Land, Gross Amounts | 6,717 | |||
Buildings and Improvements, Gross Amounts | 7,242 | |||
Total, Gross | 13,959 | |||
Accumulated Depreciation | $ 0 | |||
Year Build / Year Renovated | 1968 | |||
Year Acquired | 2018 | |||
1581 North Main Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Orange, CA | |||
Land, Initial Cost | $ 4,230 | |||
Buildings and Improvements, Initial Cost | 3,313 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | |||
Land, Gross Amounts | 4,230 | |||
Buildings and Improvements, Gross Amounts | 3,317 | |||
Total, Gross | 7,547 | |||
Accumulated Depreciation | $ (402) | |||
Year Build / Year Renovated | 1994 | |||
Year Acquired | 2018 | |||
1580 West Carson Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Long Beach, CA | |||
Land, Initial Cost | $ 5,252 | |||
Buildings and Improvements, Initial Cost | 2,496 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,705 | |||
Land, Gross Amounts | 5,252 | |||
Buildings and Improvements, Gross Amounts | 4,201 | |||
Total, Gross | 9,453 | |||
Accumulated Depreciation | $ (387) | |||
Year Build / Year Renovated | 1982 / 2018 | |||
Year Acquired | 2018 | |||
660 & 664 North Twin Oaks Valley Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Marcos, CA | |||
Land, Initial Cost | $ 6,307 | |||
Buildings and Improvements, Initial Cost | 6,573 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 82 | |||
Land, Gross Amounts | 6,307 | |||
Buildings and Improvements, Gross Amounts | 6,655 | |||
Total, Gross | 12,962 | |||
Accumulated Depreciation | $ (903) | |||
Year Build / Year Renovated | 1978 - 1988 | |||
Year Acquired | 2018 | |||
1190 Stanford Court | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Anaheim, CA | |||
Land, Initial Cost | $ 3,583 | |||
Buildings and Improvements, Initial Cost | 2,430 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 97 | |||
Land, Gross Amounts | 3,583 | |||
Buildings and Improvements, Gross Amounts | 2,527 | |||
Total, Gross | 6,110 | |||
Accumulated Depreciation | $ (295) | |||
Year Build / Year Renovated | 1979 | |||
Year Acquired | 2018 | |||
5300 Sheila Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Commerce, CA | |||
Land, Initial Cost | $ 90,568 | |||
Buildings and Improvements, Initial Cost | 54,086 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 218 | |||
Land, Gross Amounts | 90,568 | |||
Buildings and Improvements, Gross Amounts | 54,304 | |||
Total, Gross | 144,872 | |||
Accumulated Depreciation | $ (6,503) | |||
Year Build / Year Renovated | 1975 | |||
Year Acquired | 2018 | |||
15777 Gateway Circle | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Tustin, CA | |||
Land, Initial Cost | $ 3,815 | |||
Buildings and Improvements, Initial Cost | 4,292 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 20 | |||
Land, Gross Amounts | 3,815 | |||
Buildings and Improvements, Gross Amounts | 4,312 | |||
Total, Gross | 8,127 | |||
Accumulated Depreciation | $ (457) | |||
Year Build / Year Renovated | 2005 | |||
Year Acquired | 2018 | |||
1998 Surveyor Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Simi Valley, CA | |||
Land, Initial Cost | $ 3,670 | |||
Buildings and Improvements, Initial Cost | 2,263 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,754 | |||
Land, Gross Amounts | 3,670 | |||
Buildings and Improvements, Gross Amounts | 7,017 | |||
Total, Gross | 10,687 | |||
Accumulated Depreciation | $ (541) | |||
Year Build / Year Renovated | 2018 | |||
Year Acquired | 2018 | |||
3100 Fujita Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Land, Initial Cost | $ 7,723 | |||
Buildings and Improvements, Initial Cost | 5,649 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 206 | |||
Land, Gross Amounts | 7,723 | |||
Buildings and Improvements, Gross Amounts | 5,855 | |||
Total, Gross | 13,578 | |||
Accumulated Depreciation | $ (709) | |||
Year Build / Year Renovated | 1970 | |||
Year Acquired | 2018 | |||
4416 Azusa Canyon Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Irwindale, CA | |||
Land, Initial Cost | $ 10,762 | |||
Buildings and Improvements, Initial Cost | 1,567 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 217 | |||
Land, Gross Amounts | 10,762 | |||
Buildings and Improvements, Gross Amounts | 1,784 | |||
Total, Gross | 12,546 | |||
Accumulated Depreciation | $ (230) | |||
Year Build / Year Renovated | 1956 | |||
Year Acquired | 2018 | |||
1420 McKinley Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Compton, CA | |||
Land, Initial Cost | $ 17,053 | |||
Buildings and Improvements, Initial Cost | 13,605 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 143 | |||
Land, Gross Amounts | 17,053 | |||
Buildings and Improvements, Gross Amounts | 13,748 | |||
Total, Gross | 30,801 | |||
Accumulated Depreciation | $ (1,485) | |||
Year Build / Year Renovated | 2017 | |||
Year Acquired | 2018 | |||
12154 Montague Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pacoima, CA | |||
Land, Initial Cost | $ 10,114 | |||
Buildings and Improvements, Initial Cost | 12,767 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 546 | |||
Land, Gross Amounts | 10,114 | |||
Buildings and Improvements, Gross Amounts | 13,313 | |||
Total, Gross | 23,427 | |||
Accumulated Depreciation | $ (1,250) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2018 | |||
10747 Norwalk Boulevard | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 5,646 | |||
Buildings and Improvements, Initial Cost | 4,966 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 184 | |||
Land, Gross Amounts | 5,646 | |||
Buildings and Improvements, Gross Amounts | 5,150 | |||
Total, Gross | 10,796 | |||
Accumulated Depreciation | $ (525) | |||
Year Build / Year Renovated | 1999 | |||
Year Acquired | 2018 | |||
29003 Avenue Sherman | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 3,094 | |||
Buildings and Improvements, Initial Cost | 6,467 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,735 | |||
Land, Gross Amounts | 3,094 | |||
Buildings and Improvements, Gross Amounts | 8,202 | |||
Total, Gross | 11,296 | |||
Accumulated Depreciation | $ (307) | |||
Year Build / Year Renovated | 2000 / 2019 | |||
Year Acquired | 2018 | |||
16121 Carmenita Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Cerritos, CA | |||
Land, Initial Cost | $ 10,013 | |||
Buildings and Improvements, Initial Cost | 3,279 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,622 | |||
Land, Gross Amounts | 10,013 | |||
Buildings and Improvements, Gross Amounts | 6,901 | |||
Total, Gross | 16,914 | |||
Accumulated Depreciation | $ (155) | |||
Year Build / Year Renovated | 1969/1983, 2020 | |||
Year Acquired | 2018 | |||
1332-1340 Rocky Point Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oceanside, CA | |||
Land, Initial Cost | $ 3,816 | |||
Buildings and Improvements, Initial Cost | 6,148 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 363 | |||
Land, Gross Amounts | 3,816 | |||
Buildings and Improvements, Gross Amounts | 6,511 | |||
Total, Gross | 10,327 | |||
Accumulated Depreciation | $ (541) | |||
Year Build / Year Renovated | 2009 / 2019 | |||
Year Acquired | 2018 | |||
6131-6133 Innovation Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 10,545 | |||
Buildings and Improvements, Initial Cost | 11,859 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 98 | |||
Land, Gross Amounts | 10,545 | |||
Buildings and Improvements, Gross Amounts | 11,957 | |||
Total, Gross | 22,502 | |||
Accumulated Depreciation | $ (1,153) | |||
Year Build / Year Renovated | 2017 | |||
Year Acquired | 2018 | |||
263-321 Gardena Boulevard | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 14,302 | |||
Buildings and Improvements, Initial Cost | 1,960 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 199 | |||
Land, Gross Amounts | 14,302 | |||
Buildings and Improvements, Gross Amounts | 2,159 | |||
Total, Gross | 16,461 | |||
Accumulated Depreciation | $ (384) | |||
Year Build / Year Renovated | 1977 - 1982 | |||
Year Acquired | 2018 | |||
9200 Mason Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 4,887 | |||
Buildings and Improvements, Initial Cost | 4,080 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 4,887 | |||
Buildings and Improvements, Gross Amounts | 4,080 | |||
Total, Gross | 8,967 | |||
Accumulated Depreciation | $ (399) | |||
Year Build / Year Renovated | 1968 | |||
Year Acquired | 2018 | |||
9230 Mason Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 4,454 | |||
Buildings and Improvements, Initial Cost | 955 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 4,454 | |||
Buildings and Improvements, Gross Amounts | 955 | |||
Total, Gross | 5,409 | |||
Accumulated Depreciation | $ (148) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2018 | |||
9250 Mason Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 4,034 | |||
Buildings and Improvements, Initial Cost | 2,464 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 4,034 | |||
Buildings and Improvements, Gross Amounts | 2,464 | |||
Total, Gross | 6,498 | |||
Accumulated Depreciation | $ (261) | |||
Year Build / Year Renovated | 1977 | |||
Year Acquired | 2018 | |||
9171 Oso Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Chatsworth, CA | |||
Land, Initial Cost | $ 5,647 | |||
Buildings and Improvements, Initial Cost | 2,801 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 5,647 | |||
Buildings and Improvements, Gross Amounts | 2,801 | |||
Total, Gross | 8,448 | |||
Accumulated Depreciation | $ (327) | |||
Year Build / Year Renovated | 1980 | |||
Year Acquired | 2018 | |||
5593-5595 Fresca Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | La Palma, CA | |||
Land, Initial Cost | $ 11,414 | |||
Buildings and Improvements, Initial Cost | 2,502 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 14 | |||
Land, Gross Amounts | 11,414 | |||
Buildings and Improvements, Gross Amounts | 2,516 | |||
Total, Gross | 13,930 | |||
Accumulated Depreciation | $ (361) | |||
Year Build / Year Renovated | 1973 | |||
Year Acquired | 2018 | |||
6100 Sheila Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Commerce, CA | |||
Land, Initial Cost | $ 11,789 | |||
Buildings and Improvements, Initial Cost | 5,214 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 327 | |||
Land, Gross Amounts | 11,789 | |||
Buildings and Improvements, Gross Amounts | 5,541 | |||
Total, Gross | 17,330 | |||
Accumulated Depreciation | $ (858) | |||
Year Build / Year Renovated | 1960 | |||
Year Acquired | 2018 | |||
14421-14441 Bonelli Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 12,191 | |||
Buildings and Improvements, Initial Cost | 7,489 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 16 | |||
Land, Gross Amounts | 12,191 | |||
Buildings and Improvements, Gross Amounts | 7,505 | |||
Total, Gross | 19,696 | |||
Accumulated Depreciation | $ (753) | |||
Year Build / Year Renovated | 1971 | |||
Year Acquired | 2018 | |||
12821 Knott Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Garden Grove, CA | |||
Land, Initial Cost | $ 17,896 | |||
Buildings and Improvements, Initial Cost | 2,824 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,746 | |||
Land, Gross Amounts | 17,896 | |||
Buildings and Improvements, Gross Amounts | 6,570 | |||
Total, Gross | 24,466 | |||
Accumulated Depreciation | $ 0 | |||
Year Build / Year Renovated | 1971 | |||
Year Acquired | 2019 | |||
28510 Industry Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 2,395 | |||
Buildings and Improvements, Initial Cost | 5,466 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 124 | |||
Land, Gross Amounts | 2,395 | |||
Buildings and Improvements, Gross Amounts | 5,590 | |||
Total, Gross | 7,985 | |||
Accumulated Depreciation | $ (416) | |||
Year Build / Year Renovated | 2017 | |||
Year Acquired | 2019 | |||
Conejo Spectrum Business Park | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Thousand Oaks, CA | |||
Land, Initial Cost | $ 38,877 | |||
Buildings and Improvements, Initial Cost | 64,721 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,784 | |||
Land, Gross Amounts | 38,877 | |||
Buildings and Improvements, Gross Amounts | 66,505 | |||
Total, Gross | 105,382 | |||
Accumulated Depreciation | $ (4,821) | |||
Year Build / Year Renovated | 2018 / 2020 | |||
Year Acquired | 2019 | |||
2455 Ash Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Vista, CA | |||
Land, Initial Cost | $ 4,273 | |||
Buildings and Improvements, Initial Cost | 1,966 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 221 | |||
Land, Gross Amounts | 4,273 | |||
Buildings and Improvements, Gross Amounts | 2,187 | |||
Total, Gross | 6,460 | |||
Accumulated Depreciation | $ (222) | |||
Year Build / Year Renovated | 1990 | |||
Year Acquired | 2019 | |||
25413 Rye Canyon Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Clarita, CA | |||
Land, Initial Cost | $ 3,245 | |||
Buildings and Improvements, Initial Cost | 2,352 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 897 | |||
Land, Gross Amounts | 3,245 | |||
Buildings and Improvements, Gross Amounts | 3,249 | |||
Total, Gross | 6,494 | |||
Accumulated Depreciation | $ (233) | |||
Year Build / Year Renovated | 1981 | |||
Year Acquired | 2019 | |||
1515 15th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 23,363 | |||
Buildings and Improvements, Initial Cost | 5,208 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,237 | |||
Land, Gross Amounts | 23,363 | |||
Buildings and Improvements, Gross Amounts | 7,445 | |||
Total, Gross | 30,808 | |||
Accumulated Depreciation | $ (358) | |||
Year Build / Year Renovated | 1977 | |||
Year Acquired | 2019 | |||
13890 Nelson Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 25,642 | |||
Buildings and Improvements, Initial Cost | 14,616 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 45 | |||
Land, Gross Amounts | 25,642 | |||
Buildings and Improvements, Gross Amounts | 14,661 | |||
Total, Gross | 40,303 | |||
Accumulated Depreciation | $ (1,134) | |||
Year Build / Year Renovated | 1982 | |||
Year Acquired | 2019 | |||
445-449 Freedom Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Orange, CA | |||
Land, Initial Cost | $ 9,084 | |||
Buildings and Improvements, Initial Cost | 8,286 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 105 | |||
Land, Gross Amounts | 9,084 | |||
Buildings and Improvements, Gross Amounts | 8,391 | |||
Total, Gross | 17,475 | |||
Accumulated Depreciation | $ (633) | |||
Year Build / Year Renovated | 1980 | |||
Year Acquired | 2019 | |||
2270 Camino Vida Roble | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carlsbad, CA | |||
Land, Initial Cost | $ 8,102 | |||
Buildings and Improvements, Initial Cost | 8,179 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,751 | |||
Land, Gross Amounts | 8,102 | |||
Buildings and Improvements, Gross Amounts | 10,930 | |||
Total, Gross | 19,032 | |||
Accumulated Depreciation | $ (754) | |||
Year Build / Year Renovated | 1981 | |||
Year Acquired | 2019 | |||
980 Rancheros Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Marcos, CA | |||
Land, Initial Cost | $ 2,901 | |||
Buildings and Improvements, Initial Cost | 4,245 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 247 | |||
Land, Gross Amounts | 2,901 | |||
Buildings and Improvements, Gross Amounts | 4,492 | |||
Total, Gross | 7,393 | |||
Accumulated Depreciation | $ (324) | |||
Year Build / Year Renovated | 1982 | |||
Year Acquired | 2019 | |||
1145 Arroyo Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 19,556 | |||
Buildings and Improvements, Initial Cost | 9,567 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 286 | |||
Land, Gross Amounts | 19,556 | |||
Buildings and Improvements, Gross Amounts | 9,853 | |||
Total, Gross | 29,409 | |||
Accumulated Depreciation | $ (767) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2019 | |||
1150 Aviation Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 18,989 | |||
Buildings and Improvements, Initial Cost | 10,067 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 18,989 | |||
Buildings and Improvements, Gross Amounts | 10,067 | |||
Total, Gross | 29,056 | |||
Accumulated Depreciation | $ (835) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2019 | |||
1175 Aviation Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 12,367 | |||
Buildings and Improvements, Initial Cost | 4,858 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 113 | |||
Land, Gross Amounts | 12,367 | |||
Buildings and Improvements, Gross Amounts | 4,971 | |||
Total, Gross | 17,338 | |||
Accumulated Depreciation | $ (411) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2019 | |||
1245 Aviation Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 16,407 | |||
Buildings and Improvements, Initial Cost | 9,572 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 22 | |||
Land, Gross Amounts | 16,407 | |||
Buildings and Improvements, Gross Amounts | 9,594 | |||
Total, Gross | 26,001 | |||
Accumulated Depreciation | $ (749) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2019 | |||
635 8th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Fernando, CA | |||
Land, Initial Cost | $ 8,787 | |||
Buildings and Improvements, Initial Cost | 5,922 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,037 | |||
Land, Gross Amounts | 8,787 | |||
Buildings and Improvements, Gross Amounts | 7,959 | |||
Total, Gross | 16,746 | |||
Accumulated Depreciation | $ (181) | |||
Year Build / Year Renovated | 1989 | |||
Year Acquired | 2019 | |||
10015 Waples Court | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 12,280 | |||
Buildings and Improvements, Initial Cost | 9,198 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,332 | |||
Land, Gross Amounts | 12,280 | |||
Buildings and Improvements, Gross Amounts | 14,530 | |||
Total, Gross | 26,810 | |||
Accumulated Depreciation | $ (127) | |||
Year Build / Year Renovated | 1988 / 2020 | |||
Year Acquired | 2019 | |||
19100 Susana Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Dominguez, CA | |||
Land, Initial Cost | $ 11,576 | |||
Buildings and Improvements, Initial Cost | 2,265 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 337 | |||
Land, Gross Amounts | 11,576 | |||
Buildings and Improvements, Gross Amounts | 2,602 | |||
Total, Gross | 14,178 | |||
Accumulated Depreciation | $ (239) | |||
Year Build / Year Renovated | 1956 | |||
Year Acquired | 2019 | |||
15385 Oxnard Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Van Nuys, CA | |||
Land, Initial Cost | $ 11,782 | |||
Buildings and Improvements, Initial Cost | 5,212 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 204 | |||
Land, Gross Amounts | 11,782 | |||
Buildings and Improvements, Gross Amounts | 5,416 | |||
Total, Gross | 17,198 | |||
Accumulated Depreciation | $ (382) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2019 | |||
9750-9770 San Fernando Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sun Valley, CA | |||
Land, Initial Cost | $ 6,718 | |||
Buildings and Improvements, Initial Cost | 543 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 72 | |||
Land, Gross Amounts | 6,718 | |||
Buildings and Improvements, Gross Amounts | 615 | |||
Total, Gross | 7,333 | |||
Accumulated Depreciation | $ (97) | |||
Year Build / Year Renovated | 1952 | |||
Year Acquired | 2019 | |||
218 S. Turnbull Canyon | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | City of Industry, CA | |||
Land, Initial Cost | $ 19,075 | |||
Buildings and Improvements, Initial Cost | 8,061 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 193 | |||
Land, Gross Amounts | 19,075 | |||
Buildings and Improvements, Gross Amounts | 8,254 | |||
Total, Gross | 27,329 | |||
Accumulated Depreciation | $ (637) | |||
Year Build / Year Renovated | 1999 | |||
Year Acquired | 2019 | |||
Limonite Ave. & Archibald Ave. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Eastvale, CA | |||
Land, Initial Cost | $ 23,848 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 32,411 | |||
Land, Gross Amounts | 23,848 | |||
Buildings and Improvements, Gross Amounts | 32,411 | |||
Total, Gross | 56,259 | |||
Accumulated Depreciation | $ (1) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2019 | |||
3340 San Fernando Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 2,885 | |||
Buildings and Improvements, Initial Cost | 147 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | (115) | |||
Land, Gross Amounts | 2,770 | |||
Buildings and Improvements, Gross Amounts | 147 | |||
Total, Gross | 2,917 | |||
Accumulated Depreciation | $ (27) | |||
Year Build / Year Renovated | N/A | |||
Year Acquired | 2019 | |||
5725 Eastgate Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 6,543 | |||
Buildings and Improvements, Initial Cost | 1,732 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 308 | |||
Land, Gross Amounts | 6,543 | |||
Buildings and Improvements, Gross Amounts | 2,040 | |||
Total, Gross | 8,583 | |||
Accumulated Depreciation | $ (186) | |||
Year Build / Year Renovated | 1995 | |||
Year Acquired | 2019 | |||
18115 Main Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 7,142 | |||
Buildings and Improvements, Initial Cost | 776 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 42 | |||
Land, Gross Amounts | 7,142 | |||
Buildings and Improvements, Gross Amounts | 818 | |||
Total, Gross | 7,960 | |||
Accumulated Depreciation | $ (86) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2019 | |||
3150 Ana Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Dominguez, CA | |||
Land, Initial Cost | $ 15,997 | |||
Buildings and Improvements, Initial Cost | 3,036 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 15,997 | |||
Buildings and Improvements, Gross Amounts | 3,036 | |||
Total, Gross | 19,033 | |||
Accumulated Depreciation | $ (207) | |||
Year Build / Year Renovated | 1957 | |||
Year Acquired | 2019 | |||
1402 Avenida Del Oro | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Oceanside, CA | |||
Land, Initial Cost | $ 33,006 | |||
Buildings and Improvements, Initial Cost | 34,439 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 22 | |||
Land, Gross Amounts | 33,006 | |||
Buildings and Improvements, Gross Amounts | 34,461 | |||
Total, Gross | 67,467 | |||
Accumulated Depreciation | $ (2,162) | |||
Year Build / Year Renovated | 2016 | |||
Year Acquired | 2019 | |||
9607-9623 Imperial Highway | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Downey, CA | |||
Land, Initial Cost | $ 9,766 | |||
Buildings and Improvements, Initial Cost | 865 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 396 | |||
Land, Gross Amounts | 9,766 | |||
Buildings and Improvements, Gross Amounts | 1,261 | |||
Total, Gross | 11,027 | |||
Accumulated Depreciation | $ (103) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2019 | |||
12200 Bellflower Boulevard | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Downey, CA | |||
Land, Initial Cost | $ 14,960 | |||
Buildings and Improvements, Initial Cost | 2,057 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 12 | |||
Land, Gross Amounts | 14,960 | |||
Buildings and Improvements, Gross Amounts | 2,069 | |||
Total, Gross | 17,029 | |||
Accumulated Depreciation | $ (189) | |||
Year Build / Year Renovated | 1955 | |||
Year Acquired | 2019 | |||
Storm Parkway | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Land, Initial Cost | $ 42,178 | |||
Buildings and Improvements, Initial Cost | 21,987 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 199 | |||
Land, Gross Amounts | 42,178 | |||
Buildings and Improvements, Gross Amounts | 22,186 | |||
Total, Gross | 64,364 | |||
Accumulated Depreciation | $ (1,251) | |||
Year Build / Year Renovated | 1982 - 2008 | |||
Year Acquired | 2019 | |||
2328 Teller Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Newbury Park, CA | |||
Land, Initial Cost | $ 8,330 | |||
Buildings and Improvements, Initial Cost | 14,304 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 747 | |||
Land, Gross Amounts | 8,330 | |||
Buildings and Improvements, Gross Amounts | 15,051 | |||
Total, Gross | 23,381 | |||
Accumulated Depreciation | $ (832) | |||
Year Build / Year Renovated | 1970 / 2018 | |||
Year Acquired | 2019 | |||
6277-6289 Slauson Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Commerce, CA | |||
Land, Initial Cost | $ 27,809 | |||
Buildings and Improvements, Initial Cost | 11,454 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 540 | |||
Land, Gross Amounts | 27,809 | |||
Buildings and Improvements, Gross Amounts | 11,994 | |||
Total, Gross | 39,803 | |||
Accumulated Depreciation | $ (673) | |||
Year Build / Year Renovated | 1962 - 1977 | |||
Year Acquired | 2019 | |||
750 Manville Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Compton, CA | |||
Land, Initial Cost | $ 8,283 | |||
Buildings and Improvements, Initial Cost | 2,784 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 389 | |||
Land, Gross Amounts | 8,283 | |||
Buildings and Improvements, Gross Amounts | 3,173 | |||
Total, Gross | 11,456 | |||
Accumulated Depreciation | $ (159) | |||
Year Build / Year Renovated | 1977 | |||
Year Acquired | 2019 | |||
8985 Crestmar Point | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 6,990 | |||
Buildings and Improvements, Initial Cost | 1,350 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 248 | |||
Land, Gross Amounts | 6,990 | |||
Buildings and Improvements, Gross Amounts | 1,598 | |||
Total, Gross | 8,588 | |||
Accumulated Depreciation | $ (125) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2019 | |||
404-430 Berry Way | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Brea, CA | |||
Land, Initial Cost | $ 21,047 | |||
Buildings and Improvements, Initial Cost | 4,566 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,018 | |||
Land, Gross Amounts | 21,047 | |||
Buildings and Improvements, Gross Amounts | 5,584 | |||
Total, Gross | 26,631 | |||
Accumulated Depreciation | $ (349) | |||
Year Build / Year Renovated | 1964 - 1967 | |||
Year Acquired | 2019 | |||
415-435 Motor Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Azusa, CA | |||
Land, Initial Cost | $ 7,364 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,067 | |||
Land, Gross Amounts | 7,364 | |||
Buildings and Improvements, Gross Amounts | 1,067 | |||
Total, Gross | 8,431 | |||
Accumulated Depreciation | $ 0 | |||
Year Build / Year Renovated | 1956 | |||
Year Acquired | 2019 | |||
508 East E Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Wilmington, CA | |||
Land, Initial Cost | $ 10,742 | |||
Buildings and Improvements, Initial Cost | 4,380 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 31 | |||
Land, Gross Amounts | 10,742 | |||
Buildings and Improvements, Gross Amounts | 4,411 | |||
Total, Gross | 15,153 | |||
Accumulated Depreciation | $ (239) | |||
Year Build / Year Renovated | 1988 | |||
Year Acquired | 2019 | |||
12752-12822 Monarch Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Garden Grove, CA | |||
Land, Initial Cost | $ 29,404 | |||
Buildings and Improvements, Initial Cost | 4,262 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,097 | |||
Land, Gross Amounts | 29,404 | |||
Buildings and Improvements, Gross Amounts | 5,359 | |||
Total, Gross | 34,763 | |||
Accumulated Depreciation | $ (268) | |||
Year Build / Year Renovated | 1971 | |||
Year Acquired | 2019 | |||
1601 Mission Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Pomona, CA | |||
Land, Initial Cost | $ 67,623 | |||
Buildings and Improvements, Initial Cost | 18,962 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 71 | |||
Land, Gross Amounts | 67,623 | |||
Buildings and Improvements, Gross Amounts | 19,033 | |||
Total, Gross | 86,656 | |||
Accumulated Depreciation | $ (1,200) | |||
Year Build / Year Renovated | 1952 | |||
Year Acquired | 2019 | |||
2757 Del Amo Blvd. | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rancho Dominguez, CA | |||
Land, Initial Cost | $ 10,035 | |||
Buildings and Improvements, Initial Cost | 2,073 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2 | |||
Land, Gross Amounts | 10,035 | |||
Buildings and Improvements, Gross Amounts | 2,075 | |||
Total, Gross | 12,110 | |||
Accumulated Depreciation | $ (141) | |||
Year Build / Year Renovated | 1967 | |||
Year Acquired | 2019 | |||
18250 Euclid Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fountain Valley, CA | |||
Land, Initial Cost | $ 11,116 | |||
Buildings and Improvements, Initial Cost | 3,201 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 11,116 | |||
Buildings and Improvements, Gross Amounts | 3,201 | |||
Total, Gross | 14,317 | |||
Accumulated Depreciation | $ (154) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2019 | |||
701-751 Kingshill Place | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Encumbrances | $ 7,100 | |||
Land, Initial Cost | 23,016 | |||
Buildings and Improvements, Initial Cost | 10,344 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,160 | |||
Land, Gross Amounts | 23,016 | |||
Buildings and Improvements, Gross Amounts | 12,504 | |||
Total, Gross | 35,520 | |||
Accumulated Depreciation | $ (365) | |||
Year Build / Year Renovated | 1979 / 2020 | |||
Year Acquired | 2020 | |||
2601-2641 Manhattan Beach Blvd | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Redondo Beach, CA | |||
Encumbrances | $ 4,065 | |||
Land, Initial Cost | 30,333 | |||
Buildings and Improvements, Initial Cost | 9,427 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 916 | |||
Land, Gross Amounts | 30,333 | |||
Buildings and Improvements, Gross Amounts | 10,343 | |||
Total, Gross | 40,676 | |||
Accumulated Depreciation | $ (400) | |||
Year Build / Year Renovated | 1978 | |||
Year Acquired | 2020 | |||
2410-2420 Santa Fe Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Redondo Beach, CA | |||
Encumbrances | $ 10,300 | |||
Land, Initial Cost | 24,310 | |||
Buildings and Improvements, Initial Cost | 13,128 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1 | |||
Land, Gross Amounts | 24,310 | |||
Buildings and Improvements, Gross Amounts | 13,129 | |||
Total, Gross | 37,439 | |||
Accumulated Depreciation | $ (441) | |||
Year Build / Year Renovated | 1977 | |||
Year Acquired | 2020 | |||
11600 Los Nietos Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Encumbrances | $ 2,785 | |||
Land, Initial Cost | 12,033 | |||
Buildings and Improvements, Initial Cost | 4,666 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 116 | |||
Land, Gross Amounts | 12,033 | |||
Buildings and Improvements, Gross Amounts | 4,782 | |||
Total, Gross | 16,815 | |||
Accumulated Depreciation | $ (186) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2020 | |||
5160 Richton Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Montclair, CA | |||
Encumbrances | $ 4,387 | |||
Land, Initial Cost | 7,199 | |||
Buildings and Improvements, Initial Cost | 8,203 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 330 | |||
Land, Gross Amounts | 7,199 | |||
Buildings and Improvements, Gross Amounts | 8,533 | |||
Total, Gross | 15,732 | |||
Accumulated Depreciation | $ (276) | |||
Year Build / Year Renovated | 2004 | |||
Year Acquired | 2020 | |||
2205 126th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Hawthorne, CA | |||
Encumbrances | $ 5,200 | |||
Land, Initial Cost | 11,407 | |||
Buildings and Improvements, Initial Cost | 6,834 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 737 | |||
Land, Gross Amounts | 11,407 | |||
Buildings and Improvements, Gross Amounts | 7,571 | |||
Total, Gross | 18,978 | |||
Accumulated Depreciation | $ (247) | |||
Year Build / Year Renovated | 1998 | |||
Year Acquired | 2020 | |||
11832-11954 La Cienega Blvd | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Hawthorne, CA | |||
Encumbrances | $ 4,072 | |||
Land, Initial Cost | 13,625 | |||
Buildings and Improvements, Initial Cost | 5,721 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 195 | |||
Land, Gross Amounts | 13,625 | |||
Buildings and Improvements, Gross Amounts | 5,916 | |||
Total, Gross | 19,541 | |||
Accumulated Depreciation | $ (248) | |||
Year Build / Year Renovated | 1999 | |||
Year Acquired | 2020 | |||
7612-7642 Woodwind Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Huntington Beach, CA | |||
Encumbrances | $ 3,895 | |||
Land, Initial Cost | 10,634 | |||
Buildings and Improvements, Initial Cost | 2,901 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 27 | |||
Land, Gross Amounts | 10,634 | |||
Buildings and Improvements, Gross Amounts | 2,928 | |||
Total, Gross | 13,562 | |||
Accumulated Depreciation | $ (120) | |||
Year Build / Year Renovated | 2001 | |||
Year Acquired | 2020 | |||
960-970 Knox Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Torrance, CA | |||
Encumbrances | $ 2,488 | |||
Land, Initial Cost | 7,324 | |||
Buildings and Improvements, Initial Cost | 2,380 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 189 | |||
Land, Gross Amounts | 7,324 | |||
Buildings and Improvements, Gross Amounts | 2,569 | |||
Total, Gross | 9,893 | |||
Accumulated Depreciation | $ (100) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2020 | |||
25781 Atlantic Ocean Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Lake Forest, CA | |||
Land, Initial Cost | $ 4,358 | |||
Buildings and Improvements, Initial Cost | 1,067 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 4,358 | |||
Buildings and Improvements, Gross Amounts | 1,067 | |||
Total, Gross | 5,425 | |||
Accumulated Depreciation | $ (48) | |||
Year Build / Year Renovated | 1996 | |||
Year Acquired | 2020 | |||
720-750 Vernon Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Azusa, CA | |||
Land, Initial Cost | $ 14,088 | |||
Buildings and Improvements, Initial Cost | 1,638 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | |||
Land, Gross Amounts | 14,088 | |||
Buildings and Improvements, Gross Amounts | 1,642 | |||
Total, Gross | 15,730 | |||
Accumulated Depreciation | $ (87) | |||
Year Build / Year Renovated | 1950 | |||
Year Acquired | 2020 | |||
6687 Flotilla Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Commerce, CA | |||
Land, Initial Cost | $ 14,501 | |||
Buildings and Improvements, Initial Cost | 6,053 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 436 | |||
Land, Gross Amounts | 14,501 | |||
Buildings and Improvements, Gross Amounts | 6,489 | |||
Total, Gross | 20,990 | |||
Accumulated Depreciation | $ (187) | |||
Year Build / Year Renovated | 1956 | |||
Year Acquired | 2020 | |||
1055 Sandhill Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Carson, CA | |||
Land, Initial Cost | $ 11,970 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 861 | |||
Land, Gross Amounts | 11,970 | |||
Buildings and Improvements, Gross Amounts | 861 | |||
Total, Gross | 12,831 | |||
Accumulated Depreciation | $ 0 | |||
Year Build / Year Renovated | 1973 | |||
Year Acquired | 2020 | |||
22895 Eastpark Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Yorba Linda, CA | |||
Encumbrances | $ 2,749 | |||
Land, Initial Cost | 5,337 | |||
Buildings and Improvements, Initial Cost | 1,370 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 5,337 | |||
Buildings and Improvements, Gross Amounts | 1,370 | |||
Total, Gross | 6,707 | |||
Accumulated Depreciation | $ (43) | |||
Year Build / Year Renovated | 1986 | |||
Year Acquired | 2020 | |||
8745-8775 Production Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | San Diego, CA | |||
Land, Initial Cost | $ 6,471 | |||
Buildings and Improvements, Initial Cost | 1,551 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 104 | |||
Land, Gross Amounts | 6,471 | |||
Buildings and Improvements, Gross Amounts | 1,655 | |||
Total, Gross | 8,126 | |||
Accumulated Depreciation | $ (43) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2020 | |||
15580 Slover Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 3,634 | |||
Buildings and Improvements, Initial Cost | 6,452 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 11 | |||
Land, Gross Amounts | 3,634 | |||
Buildings and Improvements, Gross Amounts | 6,463 | |||
Total, Gross | 10,097 | |||
Accumulated Depreciation | $ (135) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2020 | |||
15650-15700 Avalon Boulevard | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 22,353 | |||
Buildings and Improvements, Initial Cost | 5,988 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 140 | |||
Land, Gross Amounts | 22,353 | |||
Buildings and Improvements, Gross Amounts | 6,128 | |||
Total, Gross | 28,481 | |||
Accumulated Depreciation | $ (123) | |||
Year Build / Year Renovated | 1962 - 1978 | |||
Year Acquired | 2020 | |||
11308-11350 Penrose Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sun Valley, CA | |||
Land, Initial Cost | $ 15,884 | |||
Buildings and Improvements, Initial Cost | 11,169 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 11 | |||
Land, Gross Amounts | 15,884 | |||
Buildings and Improvements, Gross Amounts | 11,180 | |||
Total, Gross | 27,064 | |||
Accumulated Depreciation | $ (231) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2020 | |||
11076-11078 Fleetwood Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sun Valley, CA | |||
Land, Initial Cost | $ 3,217 | |||
Buildings and Improvements, Initial Cost | 1,446 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 69 | |||
Land, Gross Amounts | 3,217 | |||
Buildings and Improvements, Gross Amounts | 1,515 | |||
Total, Gross | 4,732 | |||
Accumulated Depreciation | $ (29) | |||
Year Build / Year Renovated | 1974 | |||
Year Acquired | 2020 | |||
11529-11547 Tuxford Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sun Valley, CA | |||
Land, Initial Cost | $ 3,173 | |||
Buildings and Improvements, Initial Cost | 1,767 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 47 | |||
Land, Gross Amounts | 3,173 | |||
Buildings and Improvements, Gross Amounts | 1,814 | |||
Total, Gross | 4,987 | |||
Accumulated Depreciation | $ (35) | |||
Year Build / Year Renovated | 1976 | |||
Year Acquired | 2020 | |||
12133 Greenstone Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 5,900 | |||
Buildings and Improvements, Initial Cost | 891 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 197 | |||
Land, Gross Amounts | 5,900 | |||
Buildings and Improvements, Gross Amounts | 1,088 | |||
Total, Gross | 6,988 | |||
Accumulated Depreciation | $ (42) | |||
Year Build / Year Renovated | 1967 | |||
Year Acquired | 2020 | |||
12772-12746 San Fernando Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sylmar, CA | |||
Land, Initial Cost | $ 17,302 | |||
Buildings and Improvements, Initial Cost | 3,832 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 12 | |||
Land, Gross Amounts | 17,302 | |||
Buildings and Improvements, Gross Amounts | 3,844 | |||
Total, Gross | 21,146 | |||
Accumulated Depreciation | $ (42) | |||
Year Build / Year Renovated | 1964 / 2013 | |||
Year Acquired | 2020 | |||
15601 Avalon Boulevard | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 15,776 | |||
Buildings and Improvements, Initial Cost | 0 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 222 | |||
Land, Gross Amounts | 15,776 | |||
Buildings and Improvements, Gross Amounts | 222 | |||
Total, Gross | 15,998 | |||
Accumulated Depreciation | $ 0 | |||
Year Build / Year Renovated | 1984 | |||
Year Acquired | 2020 | |||
Gateway Pointe | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Whittier, CA | |||
Land, Initial Cost | $ 132,659 | |||
Buildings and Improvements, Initial Cost | 154,250 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1 | |||
Land, Gross Amounts | 132,659 | |||
Buildings and Improvements, Gross Amounts | 154,251 | |||
Total, Gross | 286,910 | |||
Accumulated Depreciation | $ (741) | |||
Year Build / Year Renovated | 2005 - 2006 | |||
Year Acquired | 2020 | |||
13943-13955 Balboa Blvd | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Sylmar, CA | |||
Encumbrances | $ 15,661 | |||
Land, Initial Cost | 26,795 | |||
Buildings and Improvements, Initial Cost | 18,484 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 26,795 | |||
Buildings and Improvements, Gross Amounts | 18,484 | |||
Total, Gross | 45,279 | |||
Accumulated Depreciation | $ (104) | |||
Year Build / Year Renovated | 2000 | |||
Year Acquired | 2020 | |||
Van Nuys Airport Industrial Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Van Nuys, CA | |||
Land, Initial Cost | $ 91,894 | |||
Buildings and Improvements, Initial Cost | 58,625 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 91,894 | |||
Buildings and Improvements, Gross Amounts | 58,625 | |||
Total, Gross | 150,519 | |||
Accumulated Depreciation | $ (104) | |||
Year Build / Year Renovated | 1961 - 2007 | |||
Year Acquired | 2020 | |||
4039 State Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Montclair, CA | |||
Land, Initial Cost | $ 12,829 | |||
Buildings and Improvements, Initial Cost | 15,485 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 12,829 | |||
Buildings and Improvements, Gross Amounts | 15,485 | |||
Total, Gross | 28,314 | |||
Accumulated Depreciation | $ (27) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2020 | |||
10156 Live Oak Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 19,779 | |||
Buildings and Improvements, Initial Cost | 27,186 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 19,779 | |||
Buildings and Improvements, Gross Amounts | 27,186 | |||
Total, Gross | 46,965 | |||
Accumulated Depreciation | $ (43) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2020 | |||
10694 Tamarind Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 8,878 | |||
Buildings and Improvements, Initial Cost | 12,325 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 8,878 | |||
Buildings and Improvements, Gross Amounts | 12,325 | |||
Total, Gross | 21,203 | |||
Accumulated Depreciation | $ (20) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2020 | |||
2520 Baseline Road | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Rialto, CA | |||
Land, Initial Cost | $ 12,513 | |||
Buildings and Improvements, Initial Cost | 16,377 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 12,513 | |||
Buildings and Improvements, Gross Amounts | 16,377 | |||
Total, Gross | 28,890 | |||
Accumulated Depreciation | $ (27) | |||
Year Build / Year Renovated | 2020 | |||
Year Acquired | 2020 | |||
12211 Greenstone Avenue | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Santa Fe Springs, CA | |||
Land, Initial Cost | $ 15,729 | |||
Buildings and Improvements, Initial Cost | 1,636 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 15,729 | |||
Buildings and Improvements, Gross Amounts | 1,636 | |||
Total, Gross | 17,365 | |||
Accumulated Depreciation | $ (6) | |||
Year Acquired | 2020 | |||
1921, 2011, 2055, 2099, 2040 East 27th Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 40,332 | |||
Buildings and Improvements, Initial Cost | 21,842 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 40,332 | |||
Buildings and Improvements, Gross Amounts | 21,842 | |||
Total, Gross | 62,174 | |||
Accumulated Depreciation | $ (41) | |||
Year Build / Year Renovated | 1961 - 2004 | |||
Year Acquired | 2020 | |||
2750 & 2800 Alameda Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Los Angeles, CA | |||
Land, Initial Cost | $ 24,644 | |||
Buildings and Improvements, Initial Cost | 5,771 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 24,644 | |||
Buildings and Improvements, Gross Amounts | 5,771 | |||
Total, Gross | 30,415 | |||
Accumulated Depreciation | $ (15) | |||
Year Build / Year Renovated | 1961 - 1980 | |||
Year Acquired | 2020 | |||
29010 Avenue Paine | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 7,401 | |||
Buildings and Improvements, Initial Cost | 8,168 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 7,401 | |||
Buildings and Improvements, Gross Amounts | 8,168 | |||
Total, Gross | 15,569 | |||
Accumulated Depreciation | $ (15) | |||
Year Build / Year Renovated | 2000 | |||
Year Acquired | 2020 | |||
29010 Commerce Center Drive | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Valencia, CA | |||
Land, Initial Cost | $ 10,499 | |||
Buildings and Improvements, Initial Cost | 13,832 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 10,499 | |||
Buildings and Improvements, Gross Amounts | 13,832 | |||
Total, Gross | 24,331 | |||
Accumulated Depreciation | $ (23) | |||
Year Build / Year Renovated | 2002 | |||
Year Acquired | 2020 | |||
13369 Valley Blvd | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Fontana, CA | |||
Land, Initial Cost | $ 9,675 | |||
Buildings and Improvements, Initial Cost | 10,393 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 9,675 | |||
Buildings and Improvements, Gross Amounts | 10,393 | |||
Total, Gross | 20,068 | |||
Accumulated Depreciation | $ (19) | |||
Year Build / Year Renovated | 2005 | |||
Year Acquired | 2020 | |||
6635 Caballero Blvd | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Buena Park, CA | |||
Land, Initial Cost | $ 14,288 | |||
Buildings and Improvements, Initial Cost | 7,919 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 14,288 | |||
Buildings and Improvements, Gross Amounts | 7,919 | |||
Total, Gross | 22,207 | |||
Accumulated Depreciation | $ (13) | |||
Year Build / Year Renovated | 2003 | |||
Year Acquired | 2020 | |||
1235 South Lewis Street | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Location | Anaheim, CA | |||
Land, Initial Cost | $ 16,984 | |||
Buildings and Improvements, Initial Cost | 1,519 | |||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | |||
Land, Gross Amounts | 16,984 | |||
Buildings and Improvements, Gross Amounts | 1,519 | |||
Total, Gross | 18,503 | |||
Accumulated Depreciation | $ (5) | |||
Year Build / Year Renovated | 1956 | |||
Year Acquired | 2020 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)building | Dec. 31, 2019USD ($) | Dec. 31, 2009USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Federal income tax basis | $ 4,700,000 | |||
Real estate investment cumulative impairment | 9,500 | $ 19,600 | ||
Notes payable | 1,216,160 | $ 857,842 | ||
Purchase price | 1,227,426 | 970,697 | ||
Other adjustment | $ 0 | $ 0 | $ 115 | |
Safari Business Center | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Number of buildings | building | 16 | |||
Land | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Real estate investment cumulative impairment | $ 4,200 | |||
Building and improvements | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Real estate investment cumulative impairment | $ 5,300 | |||
Building | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Estimated remaining life | 10 years | |||
Building | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Estimated remaining life | 30 years | |||
Site Improvements | Minimum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Estimated remaining life | 5 years | |||
Site Improvements | Maximum | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Estimated remaining life | 20 years | |||
6 Properties Secured | Term Loan | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Notes payable | $ 58,500 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance, beginning of year | $ 3,698,390 | ||
Acquisition of investment in real estate | $ 513,511 | 1,210,289 | $ 952,981 |
Construction costs and improvements | 58,207 | 84,392 | 50,169 |
Disposition of investment in real estate(1) | (17,060) | (34,068) | (19,956) |
Properties held for sale(1) | 0 | (10,353) | 0 |
Write-off of fully depreciated assets | (540) | (695) | (772) |
Other | 0 | 0 | (115) |
Balance, End of Year | 4,947,955 | 3,698,390 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | (296,777) | ||
Depreciation of investment in real estate | (57,312) | (86,159) | (72,505) |
Disposition of investment in real estate(1) | 1,571 | 5,270 | 3,698 |
Properties held for sale(1) | 0 | 1,548 | 0 |
Write-off of fully depreciated assets | $ 540 | 695 | 772 |
Balance, end of year | (375,423) | (296,777) | |
Purchase price | $ 1,227,426 | 970,697 | |
3340 San Fernando Road | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Purchase price | $ 3,000 |