Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 08, 2023 | Jun. 30, 2022 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 9.8 | ||
Entity Common Stock, Shares Outstanding (shares) | 196,733,859 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement with respect to its 2023 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 | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001571283 | ||
Common Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | REXR | ||
Security Exchange Name | NYSE | ||
Series B Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.875% Series B Cumulative Redeemable Preferred Stock | ||
Trading Symbol | REXR-PB | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | 5.625% Series C Cumulative Redeemable Preferred Stock | ||
Trading Symbol | REXR-PC | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | Los Angeles, California |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Land | $ 5,841,195 | $ 4,143,021 |
Buildings and improvements | 3,370,494 | 2,588,836 |
Tenant improvements | 147,632 | 127,708 |
Furniture, fixtures, and equipment | 132 | 132 |
Construction in progress | 110,934 | 71,375 |
Total real estate held for investment | 9,470,387 | 6,931,072 |
Accumulated depreciation | (614,332) | (473,382) |
Investments in real estate, net | 8,856,055 | 6,457,690 |
Cash and cash equivalents | 36,786 | 43,987 |
Restricted cash | 0 | 11 |
Rents and other receivables, net | 15,227 | 11,027 |
Deferred rent receivable, net | 88,144 | 61,511 |
Deferred leasing costs, net | 45,080 | 32,940 |
Deferred loan costs, net | 4,829 | 1,961 |
Acquired lease intangible assets, net | 169,986 | 132,158 |
Acquired indefinite-lived intangible | 5,156 | 5,156 |
Interest rate swap asset | 11,422 | 0 |
Other assets | 24,973 | 19,066 |
Acquisition related deposits | 1,625 | 8,445 |
Assets associated with real estate held for sale, net | 0 | 7,213 |
Total Assets | 9,259,283 | 6,781,165 |
Liabilities | ||
Notes payable | 1,936,381 | 1,399,565 |
Interest rate swap liability | 0 | 7,482 |
Accounts payable, accrued expenses and other liabilities | 97,496 | 65,833 |
Dividends and distributions payable | 62,033 | 40,143 |
Acquired lease intangible liabilities, net | 147,384 | 127,017 |
Tenant security deposits | 71,935 | 57,370 |
Prepaid rents | 20,712 | 15,829 |
Liabilities associated with real estate held for sale | 0 | 231 |
Total Liabilities | 2,335,941 | 1,713,470 |
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Common Stock, $0.01 par value per share, 489,950,000 authorized and 189,114,129 and 160,511,482 shares outstanding at December 31, 2022 and December 31, 2021, respectively | 1,891 | 1,605 |
Additional paid-in capital | 6,646,867 | 4,828,292 |
Cumulative distributions in excess of earnings | (255,743) | (191,120) |
Accumulated other comprehensive income (loss) | 8,247 | (9,874) |
Total stockholders’ equity | 6,556,938 | 4,784,579 |
Noncontrolling interests | 366,404 | 283,116 |
Total Equity | 6,923,342 | 5,067,695 |
Total Liabilities and Equity | 9,259,283 | 6,781,165 |
5.875% series B cumulative redeemable preferred stock, 3,000,000 shares outstanding at December 31, 2022 and December 31, 2021 ($75,000 liquidation preference) | ||
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized: | 72,443 | 72,443 |
5.625% series C cumulative redeemable preferred stock, 3,450,000 shares outstanding at December 31, 2022 and December 31, 2021 ($86,250 liquidation preference) | ||
Rexford Industrial Realty, Inc. stockholders’ equity | ||
Preferred stock, $0.01 par value per share, 10,050,000 shares authorized: | $ 83,233 | $ 83,233 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Shares authorized (shares) | 10,050,000 | 10,050,000 |
Shares outstanding (shares) | 6,450,000 | 6,450,000 |
Liquidation Preference | $ 161,250,000 | $ 161,250,000 |
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) | 189,114,129 | 160,511,482 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Rental income | $ 630,578 | $ 451,733 | $ 329,377 |
Management and leasing services | 616 | 468 | 420 |
Interest income | 10 | 37 | 338 |
TOTAL REVENUES | 631,204 | 452,238 | 330,135 |
OPERATING EXPENSES | |||
Property expenses | 150,503 | 107,721 | 79,716 |
General and administrative | 64,264 | 48,990 | 36,795 |
Depreciation and amortization | 196,794 | 151,269 | 115,269 |
TOTAL OPERATING EXPENSES | 411,561 | 307,980 | 231,780 |
OTHER EXPENSES | |||
Other expenses | 1,561 | 1,297 | 124 |
Interest expense | 48,496 | 40,139 | 30,849 |
TOTAL EXPENSES | 461,618 | 349,416 | 262,753 |
Loss on extinguishment of debt | (915) | (505) | (104) |
Gains on sale of real estate | 8,486 | 33,929 | 13,617 |
NET INCOME | 177,157 | 136,246 | 80,895 |
Less: net income attributable to noncontrolling interests | (9,573) | (8,005) | (4,492) |
NET INCOME ATTRIBUTABLE TO REXFORD INDUSTRIAL REALTY, INC. | 167,584 | 128,241 | 76,403 |
Less: preferred stock dividends | (9,258) | (12,563) | (14,545) |
Preferred Stock Redemption Premium | 0 | (3,349) | 0 |
Less: earnings allocated to participating securities | (845) | (568) | (509) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 157,481 | $ 111,761 | $ 61,349 |
Net income attributable to common stockholders per share - basic (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.51 |
Net income attributable to common stockholders per share - diluted (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.51 |
Weighted average shares of common stock outstanding - basic (in shares) | 170,467,365 | 139,294,882 | 120,873,624 |
Weighted average shares of common stock outstanding - diluted (in shares) | 170,978,272 | 140,075,689 | 121,178,310 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 177,157 | $ 136,246 | $ 80,895 |
Other comprehensive income (loss): cash flow hedge adjustments | 18,846 | 8,333 | (10,880) |
Comprehensive income | 196,003 | 144,579 | 70,015 |
Less: comprehensive income attributable to noncontrolling interests | (10,298) | (8,503) | (3,779) |
Comprehensive income attributable to Rexford Industrial Realty, Inc. | $ 185,705 | $ 136,076 | $ 66,236 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Total Stockholders’ Equity | Preferred Stock | Common Stock | Additional Paid-in Capital | Cumulative Distributions in Excess of Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning Balance at Dec. 31, 2019 | $ 2,622,449 | $ 2,556,177 | $ 242,327 | $ 1,136 | $ 2,439,007 | $ (118,751) | $ (7,542) | $ 66,272 |
Beginning Balance, (in shares) at Dec. 31, 2019 | 113,793,300 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of stock | 739,983 | 739,983 | $ 173 | 739,810 | ||||
Issuance of stock (shares) | 17,253,161 | |||||||
Offering costs | (5,887) | (5,887) | 0 | (5,887) | ||||
Issuance of OP Units | 179,262 | 179,262 | ||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | 40,787 | 40,787 | ||||||
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 OP 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 income | (10,880) | (10,167) | (10,167) | (713) | ||||
Dividends, Preferred Stock | (14,545) | (14,545) | (14,545) | |||||
Preferred unit distributions | (2,546) | (2,546) | ||||||
Dividends, Common Stock | (106,496) | (106,496) | (106,496) | |||||
Common unit distributions | (4,246) | (4,246) | ||||||
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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of stock | 1,644,697 | 1,644,697 | $ 286 | 1,644,411 | ||||
Issuance of stock (shares) | 28,484,776 | |||||||
Offering costs | (18,606) | (18,606) | 0 | (18,606) | ||||
Share-based compensation | 19,863 | 3,856 | $ 1 | 3,855 | 16,007 | |||
Share-based compensation (shares) | 108,774 | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (1,428) | (1,428) | (1,428) | |||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (29,305) | |||||||
Conversion of OP Units to common stock | 0 | 17,466 | $ 5 | 17,461 | (17,466) | |||
Conversion of units to common stock (shares) | 521,199 | |||||||
Net income | 136,246 | 128,241 | 12,563 | 115,678 | 8,005 | |||
Other comprehensive income | 8,333 | 7,835 | 7,835 | 498 | ||||
Dividends, Preferred Stock | (12,563) | (12,563) | (12,563) | |||||
Preferred unit distributions | (2,832) | (2,832) | ||||||
Dividends, Common Stock | (140,060) | (140,060) | (140,060) | |||||
Common unit distributions | (6,547) | (6,547) | ||||||
Redemption of 5.875% series A preferred stock | (90,000) | (90,000) | (86,651) | (3,349) | ||||
Ending Balance at Dec. 31, 2021 | $ 5,067,695 | 4,784,579 | 155,676 | $ 1,605 | 4,828,292 | (191,120) | (9,874) | 283,116 |
Ending Balance, (in shares) at Dec. 31, 2021 | 160,511,482 | 160,511,482 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of stock | $ 1,831,773 | 1,831,773 | $ 283 | 1,831,490 | ||||
Issuance of stock (shares) | 28,343,395 | |||||||
Offering costs | (22,542) | (22,542) | (22,542) | |||||
Issuance of OP Units | 56,167 | 56,167 | ||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | 12,000 | 12,000 | ||||||
Share-based compensation | 29,036 | 5,548 | $ 1 | 5,547 | 23,488 | |||
Share-based compensation (shares) | 123,542 | |||||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock | (2,156) | (2,156) | (2,156) | |||||
Shares acquired to satisfy employee tax withholding requirements on vesting restricted stock (shares) | (31,576) | |||||||
Conversion of OP Units to common stock | 0 | 6,238 | $ 2 | 6,236 | (6,238) | |||
Acquisition of private REIT - preferred units | 122 | 122 | ||||||
Conversion of units to common stock (shares) | 167,286 | |||||||
Net income | 177,157 | 167,584 | 9,258 | 158,326 | 9,573 | |||
Other comprehensive income | 18,846 | 18,121 | 18,121 | 725 | ||||
Dividends, Preferred Stock | (9,258) | (9,258) | (9,258) | |||||
Preferred unit distributions | (3,124) | (3,124) | ||||||
Dividends, Common Stock | (222,949) | (222,949) | (222,949) | |||||
Common unit distributions | (9,425) | (9,425) | ||||||
Ending Balance at Dec. 31, 2022 | $ 6,923,342 | $ 6,556,938 | $ 155,676 | $ 1,891 | $ 6,646,867 | $ (255,743) | $ 8,247 | $ 366,404 |
Ending Balance, (in shares) at Dec. 31, 2022 | 189,114,129 | 189,114,129 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Common stock dividends declared (in dollars per share) | $ 0.96 | $ 0.86 |
Series C Preferred Stock | ||
Dividend Rate | 5.625% | |
Preferred stock dividends declared (in dollars per share) | $ 1.406252 | 1.406252 |
Series A Preferred Stock | ||
Preferred stock dividends declared (in dollars per share) | $ 0.917970 | 1.468752 |
Debt Instrument, Redemption Price, Percentage | 5.875% | |
Series B Preferred Stock | ||
Dividend Rate | 5.875% | |
Preferred stock dividends declared (in dollars per share) | $ 1.468752 | $ 1.468752 |
Series 2 CPOP Units | ||
Dividend Rate | 4% | 4% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 177,157 | $ 136,246 | $ 80,895 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 196,794 | 151,269 | 115,269 |
Amortization of (below) above market lease intangibles, net | (31,209) | (15,443) | (10,533) |
Impairment of right-of-use asset | 0 | 992 | 0 |
Loss on extinguishment of debt | 915 | 505 | 104 |
Gains on sale of real estate | (8,486) | (33,929) | (13,617) |
Amortization of debt issuance costs | 2,689 | 1,919 | 1,505 |
Amortization of discount (premium) on notes payable, net | 250 | 26 | (188) |
Equity based compensation expense | 28,426 | 19,506 | 12,871 |
Straight-line rent | (31,220) | (20,903) | (11,406) |
Payments for termination/settlement of interest rate derivatives | (589) | (4,045) | (1,239) |
Amortization related to termination/settlement of interest rate derivatives | 531 | 2,280 | 218 |
Change in working capital components: | |||
Rents and other receivables | (2,858) | (745) | (4,030) |
Deferred leasing costs | (17,762) | (17,473) | (10,447) |
Other assets | (594) | (6,357) | (2,352) |
Sales-type lease receivable | 0 | 0 | 20,302 |
Accounts payable, accrued expenses and other liabilities | 9,304 | 11,895 | 4,825 |
Tenant security deposits | 6,294 | 6,776 | (415) |
Prepaid rents | (1,947) | (1,056) | 1,232 |
Net cash provided by operating activities | 327,695 | 231,463 | 182,994 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Acquisition of investments in real estate | (2,328,430) | (1,858,413) | (928,687) |
Capital expenditures | (135,095) | (102,475) | (78,765) |
Payments for (Proceeds from) Deposits on Real Estate Acquisitions | (1,000) | (8,445) | (4,067) |
Proceeds from sale of real estate | 15,315 | 56,566 | 23,996 |
Net cash used in investing activities | (2,449,210) | (1,912,767) | (987,523) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Redemption of preferred stock | 0 | (90,000) | 0 |
Issuance of common stock, net | 1,809,231 | 1,626,091 | 734,096 |
Proceeds from borrowings | 2,714,000 | 1,264,557 | 471,844 |
Repayment of borrowings | (2,176,606) | (1,095,280) | (175,671) |
Debt issuance costs | (7,300) | (4,555) | (6,085) |
Dividends paid to preferred stockholders | (9,258) | (12,563) | (14,545) |
Dividends paid to common stockholders | (201,902) | (129,793) | (99,292) |
Distributions paid to common unitholders | (8,582) | (6,418) | (3,328) |
Distributions paid to preferred unitholders | (3,124) | (2,832) | (2,546) |
Repurchase of common shares to satisfy employee tax withholding requirements | (2,156) | (1,428) | (1,278) |
Net cash provided by financing activities | 2,114,303 | 1,547,779 | 903,195 |
Increase (decrease) in cash, cash equivalents and restricted cash | (7,212) | (133,525) | 98,666 |
Cash, cash equivalents and restricted cash, beginning of period | 43,998 | 177,523 | 78,857 |
Cash, cash equivalents and restricted cash, end of period | 36,786 | 43,998 | 177,523 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest (net of capitalized interest of $12,236, $4,550 and $3,925 for the years December 31, 2022, 2021 and 2020, respectively) | 44,811 | 32,979 | 27,924 |
Operating lease right-of-use assets obtained in exchange for lease liabilities | 6,363 | 0 | 3,204 |
Assumption of debt in connection with acquisition of real estate including loan premium | 0 | 16,512 | 65,264 |
Accrual for capital expenditures | 29,074 | 15,700 | 11,811 |
Accrual of dividends and distributions | 62,033 | 40,143 | 29,747 |
Lease reclassification from operating lease to sales-type lease: | |||
Sales-type lease receivable | 0 | 0 | 20,302 |
Investments in real estate, net | 0 | 0 | (16,117) |
Deferred rent receivable, net | 0 | 0 | (63) |
Deferred leasing costs, net | 0 | 0 | (164) |
Acquired lease intangible assets, net | 0 | 0 | (136) |
Gain on sale recognized due to lease classification | 0 | 0 | 3,822 |
Series 2 CPOP Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | 0 | 0 | 40,787 |
Series 3 CPOP Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | 12,000 | 0 | 0 |
Operating Partnership Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | 56,167 | 0 | 179,262 |
Private REIT Units | |||
Supplemental disclosure of cash flow information: | |||
Issuance of preferred units in connection with acquisition of real estate | $ 122 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capitalized interest, net | $ 12,236 | $ 4,550 | $ 3,925 |
Series 2 CPOP Units | |||
Dividend Rate | 3% | 4% | 4% |
Series 3 CPOP Units | |||
Dividend Rate | 3% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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 redevelop 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, 2022, our consolidated portfolio consisted of 356 properties with approximately 42.4 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, 2022 | |
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, 2022 and 2021, 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”). 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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 Cash and cash equivalents $ 43,987 $ 176,293 Restricted cash 11 1,230 Cash, cash equivalents and restricted cash, beginning of period $ 43,998 $ 177,523 Cash and cash equivalents $ 36,786 $ 43,987 Restricted cash — 11 Cash, cash equivalents and restricted cash, end of period $ 36,786 $ 43,998 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 no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller 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, rental growth rates and comparable sales data, including land sales, 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, 2022, we used discount rates ranging from 4.75% to 7.50% and exit capitalization rates ranging from 3.75% to 6.25%. 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, 2022, we used an estimated average lease-up period ranging from six months to twelve 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. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $12.2 million, $4.5 million and $3.9 million during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized real estate taxes and insurance aggregating $5.2 million, $2.2 million, and $1.2 million and during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized compensation costs for employees who provide construction services of $8.7 million, $6.1 million and $4.1 million during the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 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, 2022, we did not have any properties classified as held for sale. As of December 31, 2021, our property located at 28159 Avenue Stanford in Valencia, California was classified as held for sale. See “Note 3 – Investments in Real Estate” for details. 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 operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets and other long-lived 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. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. 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 and other long-lived assets 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. During the years ended December 31, 2022, 2021 or 2020, there were no impairment charges recorded to the carrying value of our real estate properties. During the year ended December 31, 2021, in connection with the execution of a sublease for one of our office space leases, we recorded a $1.0 million impairment charge to reduce the carrying value of the related ROU asset. The impairment charge is presented in “Other expenses” in the consolidated statements of operations. See also “Note 6 – Leases” for details. 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 for taxable years prior to 2018. We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions. We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), 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. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2022 and 2021, we have not established a liability for uncertain tax positions. Derivative Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings. In accordance with ASC Topic 815: Derivatives and Hedging , 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. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 7 – Interest Rate Derivatives” for details. Revenue Recognition Our primary sources of income are rental income, management and leasing services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management and leasing 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 reasonably certain, 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. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.4 million as a net increase adjustment to rental income and $0.5 million and $5.0 million as a net reduction to rental income in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 respectively. Deferred Leasing Costs We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 5 – Notes Payable” for details. 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 of the equity instrument issued 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 13 – Incentive Award Plan” for details. Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering programs 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. Under relevant accounting guidance, sales of our common stock under forward equity sale agreements (as discussed in “Note 11 – Stockholders’ Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock. Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 14 – Earnings Per Share” for details. Segment Reporting Management views the Company as a single reportable segment based on its method of internal reporting in addition to its allocation of capital and resources. Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rat |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Investments in Real Estate | Investments in Real Estate Acquisition Summary The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2022: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 444 Quay Avenue (2) Los Angeles - South Bay 1/14/2022 29,760 1 $ 10,760 18455 Figueroa Street Los Angeles - South Bay 1/31/2022 146,765 2 64,250 24903 Avenue Kearny Los Angeles - San Fernando Valley 2/1/2022 214,436 1 58,463 19475 Gramercy Place Los Angeles - South Bay 2/2/2022 47,712 1 11,300 14005 Live Oak Avenue Los Angeles - San Gabriel Valley 2/8/2022 56,510 1 25,000 13700-13738 Slover Ave (2) San Bernardino - Inland Empire West 2/10/2022 17,862 1 13,209 Meggitt Simi Valley Ventura 2/24/2022 285,750 3 57,000 21415-21605 Plummer Street Los Angeles - San Fernando Valley 2/25/2022 231,769 2 42,000 1501-1545 Rio Vista Avenue Los Angeles - Central 3/1/2022 54,777 2 28,000 17011-17027 Central Avenue Los Angeles - South Bay 3/9/2022 52,561 3 27,363 2843 Benet Road San Diego - North County 3/9/2022 35,000 1 12,968 14243 Bessemer Street Los Angeles - San Fernando Valley 3/9/2022 14,299 1 6,594 2970 East 50th Street Los Angeles - Central 3/9/2022 48,876 1 18,074 19900 Plummer Street Los Angeles - San Fernando Valley 3/11/2022 43,472 1 15,000 Long Beach Business Park (3) Los Angeles - South Bay 3/17/2022 123,532 4 24,000 13711 Freeway Drive (4) Los Angeles - Mid-Counties 3/18/2022 82,092 1 34,000 6245 Providence Way San Bernardino - Inland Empire West 3/22/2022 27,636 1 9,672 7815 Van Nuys Blvd Los Angeles - San Fernando Valley 4/19/2022 43,101 1 25,000 13535 Larwin Circle Los Angeles - Mid-Counties 4/21/2022 56,011 1 15,500 1154 Holt Blvd San Bernardino - Inland Empire West 4/29/2022 35,033 1 14,158 900-920 Allen Avenue Los Angeles - San Fernando Valley 5/3/2022 68,630 2 25,000 1550-1600 Champagne Avenue San Bernardino - Inland Empire West 5/6/2022 124,243 2 46,850 10131 Banana Avenue (2) San Bernardino - Inland Empire West 5/6/2022 — — 26,166 2020 Central Avenue Los Angeles - South Bay 5/20/2022 30,233 1 10,800 14200-14220 Arminta Street (5) Los Angeles - San Fernando Valley 5/25/2022 200,003 1 80,653 1172 Holt Blvd San Bernardino - Inland Empire West 5/25/2022 44,004 1 17,783 1500 Raymond Avenue (4) Orange County - North 6/1/2022 — — 45,000 2400 Marine Avenue Los Angeles - South Bay 6/2/2022 50,000 2 30,000 14434-14527 San Pedro Street (4) Los Angeles - South Bay 6/3/2022 118,923 1 49,105 20900 Normandie Avenue Los Angeles - South Bay 6/3/2022 74,038 1 39,980 15771 Red Hill Avenue Orange County - Airport 6/9/2022 100,653 1 46,000 14350 Arminta Street Los Angeles - San Fernando Valley 6/10/2022 18,147 1 8,400 29125 Avenue Paine Los Angeles - San Fernando Valley 6/14/2022 175,897 1 45,000 3935-3949 Heritage Oak Court Ventura 6/22/2022 186,726 1 56,400 620 Anaheim Street Los Angeles - South Bay 6/23/2022 34,555 1 17,100 400 Rosecrans Avenue (4) Los Angeles - South Bay 7/6/2022 28,006 1 8,500 Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 3547-3555 Voyager Street Los Angeles - South Bay 7/12/2022 60,248 3 20,900 6996-7044 Bandini Blvd Los Angeles - Central 7/13/2022 111,515 2 40,500 4325 Etiwanda Avenue Riverside / San Bernardino - Inland Empire West 7/15/2022 124,258 1 47,500 Merge-West Riverside / San Bernardino - Inland Empire West 7/18/2022 1,057,419 6 470,000 6000-6052 & 6027-6029 Bandini Blvd Los Angeles - Central 7/22/2022 182,782 2 91,500 3901 Via Oro Avenue Los Angeles - South Bay 8/12/2022 53,817 1 20,000 15650 Don Julian Road Los Angeles - San Gabriel Valley 8/12/2022 43,392 1 16,226 15700 Don Julian Road Los Angeles - San Gabriel Valley 8/12/2022 40,453 1 15,127 17000 Gale Avenue Los Angeles - San Gabriel Valley 8/12/2022 29,888 1 11,176 17909 & 17929 Susana Road Los Angeles - South Bay 8/17/2022 57,376 2 26,100 2880 Ana Street Los Angeles - South Bay 8/25/2022 80,850 1 34,600 920 Pacific Coast Highway Los Angeles - South Bay 9/1/2022 148,186 1 100,000 21022 & 21034 Figueroa Street Los Angeles - South Bay 9/7/2022 51,185 1 24,200 13301 Main Street Los Angeles - South Bay 9/14/2022 106,969 1 51,150 20851 Currier Road (4) Los Angeles - San Gabriel Valley 10/5/2022 59,412 1 21,800 3131 Harcourt Street & 18031 Susana Road Los Angeles - South Bay 11/15/2022 73,000 2 27,500 14400 Figueroa Street Los Angeles - South Bay 11/22/2022 121,062 4 49,000 2130-2140 Del Amo Blvd Los Angeles - South Bay 12/16/2022 99,064 2 41,900 19145 Gramercy Place Los Angeles - South Bay 12/16/2022 102,143 1 37,000 20455 Reeves Avenue Los Angeles - South Bay 12/16/2022 110,075 1 48,950 14874 Jurupa Avenue San Bernardino - Inland Empire West 12/16/2022 158,119 1 59,250 10660 Mulberry Avenue San Bernardino - Inland Empire West 12/16/2022 49,530 1 10,950 755 Trademark Circle San Bernardino - Inland Empire West 12/23/2022 34,427 1 10,500 4500 Azusa Canyon Road Los Angeles - San Gabriel Valley 12/29/2022 77,266 1 40,000 7817 Haskell Avenue Los Angeles - San Fernando Valley 12/29/2022 7,327 1 11,050 Total 2022 Property Acquisitions 5,940,775 87 $ 2,391,927 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $27.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $2.42 billion. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents acquisition of an industrial outdoor storage site. (3) The acquisition of the Long Beach Business Park was funded through a combination of cash on hand and the issuance of 164,998 3.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See “Note 12 – Noncontrolling Interests – Preferred Units – Series 3 CPOP Units” for additional details. (4) Represents acquisition of a current or near-term redevelopment site. (5) On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand and the issuance of 954,000 common units of limited partnership interests in the Operating Partnership valued at $56.2 million. The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2021: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 15010 Don Julian Road (2) Los Angeles - San Gabriel Valley 1/5/2021 92,925 1 $ 22,200 5002-5018 Lindsay Court San Bernardino - Inland Empire West 1/11/2021 64,960 1 12,650 514 East C Street (3) Los Angeles - South Bay 1/14/2021 3,436 1 9,950 17907-18001 Figueroa Street Los Angeles - South Bay 1/26/2021 74,810 6 20,200 7817 Woodley Avenue (4) Los Angeles - San Fernando Valley 1/27/2021 36,900 1 9,963 8888-8892 Balboa Avenue (2) San Diego - Central 2/4/2021 86,637 2 19,800 9920-10020 Pioneer Boulevard Los Angeles - Mid-Counties 2/19/2021 157,669 7 23,500 2553 Garfield Avenue Los Angeles - Central 3/19/2021 25,615 1 3,900 6655 East 26th Street Los Angeles - Central 3/19/2021 47,500 1 6,500 560 Main Street Orange County - North 3/19/2021 17,000 1 2,600 4225 Etiwanda Avenue San Bernardino - Inland Empire West 3/23/2021 134,500 1 32,250 12118 Bloomfield Avenue (2) Los Angeles - Mid-Counties 4/14/2021 63,000 4 16,650 256 Alondra Boulevard (3) Los Angeles - South Bay 4/15/2021 2,456 1 11,250 19007 Reyes Avenue (2)(3) Los Angeles - South Bay 4/23/2021 — — 16,350 19431 Santa Fe Avenue (3) Los Angeles - South Bay 4/30/2021 14,793 3 10,500 4621 Guasti Road San Bernardino - Inland Empire West 5/21/2021 64,512 1 13,335 12838 Saticoy Street Los Angeles - San Fernando Valley 6/15/2021 100,390 1 27,250 19951 Mariner Avenue Los Angeles - South Bay 6/15/2021 89,272 1 27,400 East 12th Street Los Angeles - Central 6/17/2021 257,976 4 93,600 29120 Commerce Center Drive Los Angeles - San Fernando Valley 6/22/2021 135,258 1 27,052 20304 Alameda Street Los Angeles - South Bay 6/24/2021 77,758 2 13,500 4181 Ruffin Road San Diego - Central 7/8/2021 150,144 1 35,750 12017 Greenstone Avenue (3) Los Angeles - Mid-Counties 7/16/2021 — 1 13,500 1901 Via Burton (2) Orange County - North 7/26/2021 — 1 24,211 1555 Cucamonga Avenue San Bernardino - Inland Empire West 8/4/2021 107,023 2 21,000 1800 Lomita Boulevard (3) Los Angeles - South Bay 8/6/2021 — — 70,000 8210-8240 Haskell Avenue Los Angeles - San Fernando Valley 8/17/2021 53,248 3 12,425 3100 Lomita Boulevard Los Angeles - South Bay 8/20/2021 575,976 5 202,469 (5) 2401-2421 Glassell Street Orange County - North 8/25/2021 191,127 4 70,025 2390-2444 American Way (2) Orange County - North 8/26/2021 — — 16,700 500 Dupont Avenue San Bernardino - Inland Empire West 8/26/2021 276,000 1 58,500 1801 St. Andrew Place Orange County - Airport 9/10/2021 370,374 1 105,300 5772 Jurupa Street San Bernardino - Inland Empire West 9/17/2021 360,000 1 54,000 2500 Victoria Street (3) Los Angeles - South Bay 9/30/2021 — — 232,067 (6) 1010 Belmont Street San Bernardino - Inland Empire West 10/1/2021 61,824 1 14,500 21515 Western Avenue (2)(7) Los Angeles - South Bay 10/12/2021 56,199 1 18,950 12027 Greenstone Avenue (3) Los Angeles - Mid-Counties 10/28/2021 7,780 1 8,125 6027 Eastern Avenue (2) Los Angeles - Central 11/16/2021 82,922 1 23,250 Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 340-344 Bonnie Circle San Bernadino - Inland Empire West 11/16/2021 98,000 1 27,000 14100 Vine Place Los Angeles - Mid Counties 11/18/2021 119,145 1 48,501 2280 Ward Avenue Ventura - Ventura 11/30/2021 242,101 1 46,411 20481 Crescent Bay Drive Orange County - South 11/30/2021 88,355 1 19,500 334 El Encanto Road Los Angeles - San Gabriel Valley 12/02/2021 64,368 1 10,675 17031-17037 Green Drive Los Angeles - San Gabriel Valley 12/10/2021 51,000 1 13,770 13512 Marlay Avenue San Bernadino - Inland Empire West 12/16/2021 199,363 1 51,000 14940 Proctor Road Los Angeles - San Gabriel Valley 12/17/2021 111,927 1 28,596 2800 Casitas Avenue Los Angeles - San Fernando Valley 12/22/2021 117,000 1 43,000 4240 190th Street Los Angeles - South Bay 12/23/2021 307,487 1 75,300 2391-2393 Bateman Avenue Los Angeles - San Gabriel Valley 12/28/2021 65,605 1 23,077 1168 Sherborn Street San Bernardino - Inland Empire West 12/29/2021 79,515 1 23,445 3071 Coronado Street (2) Orange County - North 12/30/2021 109,908 1 28,000 8911 Aviation Blvd Los Angeles - South Bay 12/30/2021 100,000 1 32,000 1020 Bixby Drive Los Angeles - San Gabriel Valley 12/31/2021 56,915 1 16,350 Total 2021 Property Acquisitions 5,650,673 80 $ 1,887,797 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $17.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $1.9 billion. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents acquisition of a current or near-term redevelopment site. (3) Represents acquisition of an industrial outdoor storage site. (4) The acquisition of 7817 Woodley Avenue was funded through a combination of cash on hand and the assumption of $3.2 million of debt. This property is the remaining asset in the Van Nuys Airport Industrial Center Portfolio that we acquired in December 2020. (5) In connection with the acquisition of 3100 Lomita Boulevard, we prepaid an existing loan on the property and incurred a $20.4 million prepayment fee at closing. The acquisition price in the table above reflects this prepayment fee in addition to the $182.0 million contractual purchase price. (6) In connection with the acquisition of 2500 Victoria Street, we entered into a long-term sale lease-back agreement with the seller/tenant. At the end of the lease, the tenant will be required to restore the site by removing all above and below ground improvements to prepare the property for subsequent development by us. The acquisition price in the table above reflects the $217.1 million contractual purchase price plus additional consideration of $15.0 million, which is payable to the tenant at the end of the lease, subject to the tenant completing its restoration obligations under the lease. The $15.0 million has been recorded in security deposits in the consolidated balance sheets. (7) The acquisition of 21515 Western Avenue was funded through a combination of cash on hand and the assumption of $13.2 million of debt. 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): 2022 2021 Assets: Land $ 1,698,173 $ 1,514,933 Buildings and improvements 687,358 359,970 Tenant improvements 9,987 37,173 Acquired lease intangible assets (1) 82,539 71,919 Right of use asset - ground lease (2) 4,787 — Other acquired assets (3) 558 519 Total assets acquired $ 2,483,402 $ 1,984,514 Liabilities: Acquired lease intangible liabilities (4) $ 54,085 $ 76,992 Notes payable (5) — 16,512 Deferred rent liability (6) 4,339 1,554 Lease liability - ground lease (2) 4,787 — Other assumed liabilities (3) 15,652 26,975 Total liabilities assumed $ 78,863 $ 122,033 Net assets acquired $ 2,404,539 $ 1,862,481 (1) For the 2022 acquisitions, acquired lease intangible assets are comprised of $63.7 million of in-place lease intangibles with a weighted average amortization period of 5.8 years, $5.9 million of above-market lease intangibles with a weighted average amortization period of 6.9 years and a $13.0 million below-market ground lease intangible with an amortization period of 78.9 years. For the 2021 acquisitions, acquired lease intangible assets are comprised of $67.8 million of in-place lease intangibles with a weighted average amortization period of 7.2 years and $4.1 million of above-market lease intangibles with a weighted average amortization period of 9.0 years. (2) The ROU asset and lease liability relate to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street. (3) Includes other working capital assets acquired and liabilities assumed at the time of acquisition. (4) Represents below-market lease intangibles with a weighted average amortization period of 8.9 years and 7.5 years, for the 2022 and 2021 acquisitions, respectively. (5) In connection with the acquisition of properties, during the year ended December 31, 2021, we assumed two mortgage loans from the sellers. See “Note 5 – Notes Payable” for details. (6) In connection with four acquisition transactions in 2022 and one acquisition transaction in 2021, we entered into short-term leaseback agreements with each seller/tenant where the seller/tenant does not pay any base rent for the lease term or pays below-market rent. The amounts allocated to “Deferred rent liabilities” in the table above represent the present value of lease payments using prevailing market rental rates, which will be amortized into rental income over the term of each respective lease. Dispositions The following table summarizes information related to the properties that we sold during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands). Property Submarket Date of Disposition Rentable Square Feet Contractual Sales Price (1) (in thousands) Gain Recorded 2022 Dispositions: 28159 Avenue Stanford Los Angeles - San Fernando Valley 1/13/2022 79,247 $ 16,500 $ 8,486 2021 Dispositions: 14723-14825.25 Oxnard Street Los Angeles - San Fernando Valley 2/12/2021 77,790 $ 19,250 $ 9,906 6760 Central Avenue, Unit B San Bernardino - Inland Empire East 3/15/2021 9,943 1,530 954 11529-11547 Tuxford Street Los Angeles - San Fernando Valley 5/20/2021 29,730 8,176 2,750 5803 Newton Drive San Diego - North 9/15/2021 71,602 18,600 13,702 2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard Los Angeles - San Fernando Valley 11/01/2021 31,619 11,700 6,617 Total 220,684 $ 59,256 $ 33,929 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 Street (2) Orange County - Airport 9/30/2020 116,575 20,400 3,268 6750 Central Avenue San Bernardino - 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 (1) Represents the gross contractual sales price before commissions, prorations, credits 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. (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 “Gains 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, 2022, we did not have any properties classified as held for sale. As of December 31, 2021, our property located at 28159 Avenue Stanford in Valencia, California was classified as held for sale. The following table summarizes the major classes of assets and liabilities associated with real estate property classified as held for sale as of December 31, 2021 (dollars in thousands). December 31, 2021 Land $ 1,849 Building and improvements 10,753 Tenant improvements 1,059 Real estate held for sale 13,661 Accumulated depreciation (6,657) Real estate held for sale, net 7,004 Other assets associated with real estate held for sale 209 Total assets associated with real estate held for sale, net $ 7,213 Tenant security deposits $ 177 Other liabilities associated with real estate held for sale 54 Total liabilities associated with real estate held for sale $ 231 |
Acquired Lease Intangibles
Acquired Lease Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
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 tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition-related intangible liabilities, including below-market tenant leases (in thousands): December 31, 2022 2021 Acquired Lease Intangible Assets: In-place lease intangibles $ 315,842 $ 256,902 Accumulated amortization (172,883) (135,415) In-place lease intangibles, net $ 142,959 $ 121,487 Above-market tenant leases $ 26,851 $ 21,065 Accumulated amortization (12,671) (10,394) Above-market tenant leases, net $ 14,180 $ 10,671 Below-market ground lease (1) $ 12,977 $ — Accumulated amortization (1) $ (130) $ — Below-market ground lease, net $ 12,847 $ — Acquired lease intangible assets, net $ 169,986 $ 132,158 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (220,646) $ (174,686) Accumulated accretion 73,262 47,669 Below-market tenant leases, net $ (147,384) $ (127,017) Acquired lease intangible liabilities, net $ (147,384) $ (127,017) (1) The below-market lease intangible relates to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street. 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, 2022 2021 2020 In-place lease intangibles (1) $ 42,202 $ 30,136 $ 22,903 Net below market tenant leases (2) $ (31,339) $ (15,443) $ (10,533) Below-market ground leases (3) $ 130 $ — $ — (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 amortization of the below-market ground lease is recorded as an increase 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, 2022, for the next five years and thereafter (in thousands): Year Ending In-place Leases (1) Net Above/(Below) (2) Below Market (3) 2023 $ 38,044 $ (27,386) $ 164 2024 25,988 (21,398) 164 2025 19,430 (15,519) 164 2026 15,041 (12,568) 164 2027 10,629 (8,104) 164 Thereafter 33,827 (48,229) 12,027 Total $ 142,959 $ (133,204) $ 12,847 (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. (3) Estimated amounts of amortization will be recorded as an increase to property expenses in the consolidated statements of operations for the periods presented. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable The following table summarizes the components and significant terms of our indebtedness as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Margin Above SOFR Interest Rate (1) Contractual Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility $ — $ — S+0.725 % (2) 5.125 % (3) 5/26/2026 (4) $400M Term Loan 400,000 — S+0.800 % (2) 5.258 % 7/19/2024 (4) $150M Term Loan Facility (5) — 150,000 n/a n/a 5/22/2025 $100M Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $300M Term Loan 300,000 — S+0.800 % (2) 3.717 % (6) 5/26/2027 $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 due 2030 400,000 400,000 n/a 2.125 % 12/1/2030 $400M Senior Notes due 2031 (green bond) 400,000 400,000 n/a 2.150 % 9/1/2031 $75M Series 2019B Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 1,825,000 $ 1,275,000 Secured Debt: 2601-2641 Manhattan Beach Boulevard (7) $ 3,832 $ 3,951 n/a 4.080 % 4/5/2023 $60M Term Loan (8) — 58,108 n/a n/a 8/1/2023 960-970 Knox Street (7) 2,307 2,399 n/a 5.000 % 11/1/2023 7612-7642 Woodwind Drive (7) 3,712 3,806 n/a 5.240 % 1/5/2024 11600 Los Nietos Road (7) 2,462 2,626 n/a 4.190 % 5/1/2024 $60M Term Loan Facility (9) 60,000 — S+1.250 % 5.708 % 10/27/2024 5160 Richton Street (7) 4,153 4,272 n/a 3.790 % 11/15/2024 22895 Eastpark Drive (7) 2,612 2,682 n/a 4.330 % 11/15/2024 701-751 Kingshill Place (10) 7,100 7,100 n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (7) 14,965 15,320 n/a 3.930 % 7/1/2027 2205 126th Street (11) 5,200 5,200 n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (11) 10,300 10,300 n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (7) 3,928 4,002 n/a 4.260 % 7/1/2028 Gilbert/La Palma (7) 1,935 2,119 n/a 5.125 % 3/1/2031 7817 Woodley Avenue (7) 3,009 3,132 n/a 4.140 % 8/1/2039 2515 Western Avenue (12) — 13,104 n/a 4.500 % 9/1/2042 Total Secured Debt $ 125,515 $ 138,121 Total Unsecured and Secured Debt $ 1,950,515 $ 1,413,121 Less: Unamortized premium/discount and debt issuance costs (13) (14,134) (13,556) Total $ 1,936,381 $ 1,399,565 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2022 and includes the effect of interest rate swaps that were effective as of December 31, 2022. See footnote (6) 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 daily Secured Overnight Financing Rate (“SOFR”) for the unsecured revolving credit facility and 1-month term SOFR (“Term SOFR”) for the $300.0 million and $400.0 million unsecured term loans (in each case increased by a 0.10% SOFR adjustment) plus an applicable margin ranging from 0.725% to 1.400% per annum for the unsecured revolving credit facility and 0.80% to 1.60% per annum for the $300.0 million and $400.0 million unsecured term loans, depending on our investment grade ratings, leverage ratio and sustainability performance metrics, which may change from time to time. These loans are also subject to a 0% SOFR floor. In August 2022, our credit ratings were upgraded by two credit rating agencies and as a result, the applicable margin on the unsecured revolving credit facility was lowered to 0.725% from 0.775% and the applicable margin on the $300.0 million and $400.0 million unsecured term loans was lowered to 0.80% from 0.85%. (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 0.300% per annum depending upon our investment grade ratings, leverage ratio and sustainability performance metrics. (4) The unsecured revolving credit facility has two six-month extensions and the $400.0 million unsecured term loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions. (5) In May 2022, we repaid in full the outstanding principal balance on this unsecured debt. (6) As of December 31, 2022, Term SOFR related to $300.0 million of our variable rate debt has been effectively fixed through the use of interest rate swaps. Including the impact of these interest rate swaps, the hedged effective interest rate on the $300.0 million unsecured term loan is 3.717%. See Note 7 for details related to our interest rate swaps. (7) Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855). (8) In October 2022, we repaid in full the outstanding principal balance on this secured debt. (9) Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions. (10) 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. (11) Fixed monthly payments of interest only. (12) In June 2022, we repaid in full the outstanding principal balance on this secured debt and incurred no penalty for the prepayment in advance of its maturity date of September 1, 2042. (13) Excludes unamortized debt issuance costs related to our unsecured revolving credit facility, which are presented in the line item “Deferred loan costs, net” in the consolidated balance sheets. Contractual Debt Maturities The following table summarizes the contractual debt maturities and scheduled amortization payments, excluding debt premiums/discounts and debt issuance costs, as of December 31, 2022, and does not consider extension options available to us as noted in the table above (in thousands): 2023 $ 7,490 2024 473,403 2025 100,973 2026 7,587 2027 444,078 Thereafter 916,984 Total $ 1,950,515 Recent Activity New $60 Million Term Loan Facility On October 27, 2022, we entered into a credit agreement for a $60.0 million term loan facility (the “$60 Million Term Loan Facility”) that permits aggregate borrowings of up to $60.0 million, the total of which we borrowed the same day at closing. The $60 Million Term Loan Facility is secured by six properties, matures on October 27, 2024, and has three one-year extension options available. Interest on the $60 Million Term Loan Facility is generally to be paid based upon, at our option, either (i) Term SOFR increased by a 0.10% SOFR adjustment plus a margin of 1.25% per annum, or (ii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, and (c) the sum of adjusted Term SOFR plus 1.00%) plus a margin of 0.25% per annum. On October 27, 2022, we used the proceeds from the $60 Million Term Loan Facility to repay our amortizing $60.0 million term loan in full, which had a balance of $57.5 million at the time of repayment. We did not incur any prepayment penalties for repaying in advance of the maturity date of August 1, 2023. In connection with the repayment of the amortizing term loan we wrote off $38 thousand of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations. Credit Agreement On May 26, 2022, we amended our credit agreement, which was comprised of a $700.0 million unsecured revolving credit facility that was scheduled to mature on February 13, 2024, by entering into a Fourth Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement initially provided for (i) a senior unsecured term loan facility that permits aggregate borrowings of up to $300.0 million (the “$300 Million Term Loan”), all of which was borrowed at closing on May 26, 2022, and (ii) a senior unsecured revolving credit facility (the “Revolver”) in the aggregate principal amount of $1.0 billion. On July 19, 2022, we exercised the accordion option under the Credit Agreement to add a $400.0 million unsecured term loan (the “$400 Million Term Loan” and together with the $300 Million Term Loan, the “Term Facility”). Subject to certain terms and conditions set forth in the Credit Agreement, we may request additional lender commitments and increase the size of the Credit Agreement by an additional $800.0 million, which may be comprised of additional revolving commitments under the Revolver, an increase to the Term Facility, additional term loan tranches or any combination of the foregoing. The Revolver is scheduled to mature on May 26, 2026 and has two six-month extension options available. The $400 Million Term Loan is scheduled to mature on July 19, 2024 and has two one-year extension options available. The $300 Million Term Loan matures on May 26, 2027. Interest on the Credit Agreement is generally to be paid based upon, at our option, either (i) Term SOFR plus the applicable margin; (ii) daily SOFR (“Daily Simple SOFR”) plus the applicable margin or (iii) the applicable base rate (which is defined as the highest of (a) the federal funds rate plus 0.50%, (b) the administrative agent’s prime rate, (c) Term SOFR plus 1.00%, and (d) one percent (1.00%)) plus the applicable margin. Additionally, Term SOFR and Daily Simple SOFR will be increased by a 0.10% SOFR adjustment. The applicable margin for the Term Facility ranges from 0.80% to 1.60% per annum for SOFR-based loans and 0.00% to 0.60% per annum for base rate loans, depending on our investment grade ratings. The applicable margin for the Revolver ranges from 0.725% to 1.400% per annum for SOFR-based loans and 0.00% to 0.40% per annum for base rate 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 credit facility fee on each lender's commitment amount under the Revolver, regardless of usage. The applicable credit facility fee ranges from 0.125% to 0.300% per annum, depending on our investment grade ratings. The interest rate under the Credit Agreement is also subject to a favorable leverage-based adjustment if our ratio of total indebtedness to total asset value is less than 35.0%. In addition, the Credit Agreement features a sustainability-linked pricing component whereby the applicable margin and applicable credit facility fee can decrease by 0.04% and 0.01%, respectively, or increase by 0.04% and 0.01%, respectively, if we meet, or do not meet, certain sustainability performance targets, as applicable. The Revolver and the Term Facility may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Term Facility and repaid or prepaid may not be reborrowed. 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. In connection with the amendment of our credit agreement, we wrote off $0.2 million of unamortized debt issuance costs attributable to one of the creditors departing the unsecured revolving credit facility. This write-off is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations. On December 31, 2022, we did not have any borrowings outstanding under the Revolver, leaving $1.0 billion available for future borrowings. Repayment of $150 Million Term Loan Facility On May 26, 2022, we used a portion of the borrowing proceeds from the $300 Million Term Loan to repay our $150.0 million unsecured term loan facility (the “$150 Million Term Loan”) in full. We did not incur any prepayment penalties for repaying in advance of the maturity date of May 22, 2025. In connection with the repayment of the $150 Million Term Loan, we wrote off $0.7 million of unamortized debt issuance costs, which is included in “Loss on extinguishment of debt” in the accompanying consolidated statements of operations. Issuance of $400 Million Notes Due 2031 On August 4, 2021, we completed an underwritten public offering of $400.0 million of 2.150% green Senior Notes due 2031 (the “$400 Million Notes due 2031”). The $400 Million Notes due 2031 were issued to the public at 99.014% of the principal amount, with a coupon rate of 2.150%. Interest on the $400 Million Notes due 2031 is payable semiannually on the first day of March and September in each year, beginning on March 1, 2022, until maturity on September 1, 2031. We may redeem the $400 Million Notes due 2031 at our option and sole discretion, in whole at any time or in part from time to time prior to June 1, 2031 (three months prior to the maturity date of the $400 Million Notes due 2031), at a redemption price equal to the greater of (i) 100% of the principal amount of the $400 Million Notes due 2031 being redeemed; and (ii) a make-whole premium calculated in accordance with the indenture. Notwithstanding the foregoing, on or after June 1, 2031 (three months prior to the maturity date of the $400 Million Notes due 2031), the redemption price will be equal to 100% of the principal amount of the $400 Million Notes due 2031 being redeemed. Repayment of $225 Million Term Loan Facility On August 9, 2021, we used a portion of the proceeds from the issuance of the $400 Million Notes due 2031 to repay our $225.0 million unsecured term loan facility in full. We did not incur any prepayment penalties for repaying in advance of the maturity date of January 14, 2023. In connection with the repayment of this term loan, we wrote off $0.5 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 On January 27, 2021, in connection with the acquisition of the property located at 7817 Woodley Avenue, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance of $3.2 million and a fair value of $3.3 million resulting in an initial net debt premium of $0.1 million. The mortgage loan bears interest at a fixed rate of 4.14% per annum. On October 12, 2021, in connection with the acquisition of the property located at 2515 Western Avenue, we assumed a mortgage loan secured by this property. At the date of acquisition, the assumed loan had a principal balance and fair value of $13.2 million. The mortgage loan bears interest at a fixed rate of 4.50% per annum. In June 2022, we repaid in full the outstanding principal balance on this mortgage loan. Debt Covenants The Credit Agreement, $60 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 our $25 million unsecured guaranteed senior notes and $75 million unsecured guaranteed senior notes (together the “Series 2019A and 2019B Notes”) all include a series of financial and other covenants that we must comply with, including the following covenants which are tested on a quarterly basis: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • For the Credit Agreement and $60 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 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; • For the Credit Agreement and Senior Notes, maintaining a ratio of total unsecured debt to total unencumbered asset value of not more than 60%; and • For the Credit Agreement and Senior Notes, 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 $400.0 million of 2.125% Senior Notes due 2030 and $400 Million Notes due 2031 contain the following covenants (as defined in the indentures) that we must comply with: • Maintaining a ratio of total indebtedness to total asset value of not more than 60%; • Maintaining a ratio of secured debt to total asset value of not more than 40%; • Maintaining a Debt Service Coverage Ratio of at least 1.5 to 1.0; and • Maintaining a ratio of unencumbered assets to unsecured debt of at least 1.5 to 1.0. The Credit Agreement 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 Credit Agreement, $60 Million Term Loan Facility and Senior Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal or interest, (ii) a default in the payment of certain of our other indebtedness, (iii) a default in compliance with the covenants set forth in the debt agreement, and (iv) bankruptcy and other insolvency defaults, the principal and accrued and unpaid interest on the outstanding debt will become immediately due and payable. In addition, we are required to maintain at all times a credit rating on the Senior Notes from either S&P, Moody’s or Fitch. Our credit ratings as of December 31, 2022, were BBB+ from S&P, BBB+ from Fitch and Baa2 from Moody’s. We were in compliance with all of our quarterly and annual debt covenants as of December 31, 2022. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, we recognized $599.2 million of rental income related to operating lease payments of which $491.1 million was for fixed lease payments and $108.1 million was for variable lease payments. For the year ended December 31, 2021, we recognized $436.3 million of rental income related to operating lease payments of which $360.2 million was for fixed lease payments and $76.1 million was for variable lease payments. 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. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2022 (in thousands): For the year ending December 31, 2023 $ 513,582 2024 447,083 2025 381,133 2026 305,315 2027 223,512 Thereafter 817,465 Total $ 2,688,090 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-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 116,757 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, 2022, our office space leases have remaining lease terms ranging from approximately two years to five years with options to renew for an additional term of five years each. As of December 31, 2022, we also have two ground leases, one of which is a lease we assumed in the acquisition of 2970 East 50th Street in March 2022 which has a current remaining lease term of approximately 38 years and four additional ten-year options to renew. The second ground lease is for a parcel of land that is adjacent to one of our properties and is used as a parking lot. This ground lease has a current remaining term of approximately one year and two additional ten-year options to renew. In November 2021, we executed a sublease agreement for one of our leased office spaces as a result of the implementation of a work from home flexibility program in 2021 based on the success of our virtual working environment during the earlier part of the pandemic. The term of the sublease is for a period of three years and 9 months (expiring in September 2025) and has an annual lease payment of approximately $0.3 million per year. Upon executing the sublease agreement, we reviewed the ROU asset and other assets associated with the original office space lease for recoverability and determined that the total carrying amount of these assets exceeded the undiscounted cash flows generated by the sublease income over the lease term. Accordingly, the carrying value of these assets were written down to fair value and we recorded a $1.0 million impairment charge for the year ended December 31, 2021, which is included in “Other expenses” in the accompanying consolidated statements of operations, with a corresponding adjustment to “Other assets” in the consolidated balance sheets as of December 31, 2021. As of December 31, 2022, total ROU assets lease liabilities The tables below present financial and supplemental information associated with our leases. Year Ended December 31, Lease Cost (1) (in thousands) 2022 2021 2020 Operating lease cost $ 1,845 $ 1,598 $ 1,354 Variable lease cost 113 63 39 Sublease income (268) — — Total lease cost $ 1,690 $ 1,661 $ 1,393 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,016 $ 1,471 $ 1,127 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,363 $ — $ 3,204 Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted-average remaining lease term (1) 36.5 years 3.3 years Weighted-average discount rate (2) 3.77 % 2.95 % (1) Includes the impact of extension options that we are reasonably certain to exercise. The weighted average remaining lease term as of December 31, 2022 includes the ground lease we assumed in the acquisition of 2970 East 50th Street in March 2022, which has a remaining lease term of approximately 78 years (including the four additional ten-year renewal options). Excluding this ground lease, the weighted average remaining lease term as of December 31, 2022, is 3.3 years. (2) 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. The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands): 2023 $ 2,308 2024 2,297 2025 1,122 2026 681 2027 696 Thereafter 20,051 Total undiscounted lease payments $ 27,155 Less imputed interest (16,266) Total lease liabilities $ 10,889 |
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, 2022, we recognized $599.2 million of rental income related to operating lease payments of which $491.1 million was for fixed lease payments and $108.1 million was for variable lease payments. For the year ended December 31, 2021, we recognized $436.3 million of rental income related to operating lease payments of which $360.2 million was for fixed lease payments and $76.1 million was for variable lease payments. 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. The following table sets forth the undiscounted cash flows for future minimum base rents to be received under operating leases as of December 31, 2022 (in thousands): For the year ending December 31, 2023 $ 513,582 2024 447,083 2025 381,133 2026 305,315 2027 223,512 Thereafter 817,465 Total $ 2,688,090 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-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 116,757 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, 2022, our office space leases have remaining lease terms ranging from approximately two years to five years with options to renew for an additional term of five years each. As of December 31, 2022, we also have two ground leases, one of which is a lease we assumed in the acquisition of 2970 East 50th Street in March 2022 which has a current remaining lease term of approximately 38 years and four additional ten-year options to renew. The second ground lease is for a parcel of land that is adjacent to one of our properties and is used as a parking lot. This ground lease has a current remaining term of approximately one year and two additional ten-year options to renew. In November 2021, we executed a sublease agreement for one of our leased office spaces as a result of the implementation of a work from home flexibility program in 2021 based on the success of our virtual working environment during the earlier part of the pandemic. The term of the sublease is for a period of three years and 9 months (expiring in September 2025) and has an annual lease payment of approximately $0.3 million per year. Upon executing the sublease agreement, we reviewed the ROU asset and other assets associated with the original office space lease for recoverability and determined that the total carrying amount of these assets exceeded the undiscounted cash flows generated by the sublease income over the lease term. Accordingly, the carrying value of these assets were written down to fair value and we recorded a $1.0 million impairment charge for the year ended December 31, 2021, which is included in “Other expenses” in the accompanying consolidated statements of operations, with a corresponding adjustment to “Other assets” in the consolidated balance sheets as of December 31, 2021. As of December 31, 2022, total ROU assets lease liabilities The tables below present financial and supplemental information associated with our leases. Year Ended December 31, Lease Cost (1) (in thousands) 2022 2021 2020 Operating lease cost $ 1,845 $ 1,598 $ 1,354 Variable lease cost 113 63 39 Sublease income (268) — — Total lease cost $ 1,690 $ 1,661 $ 1,393 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,016 $ 1,471 $ 1,127 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,363 $ — $ 3,204 Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted-average remaining lease term (1) 36.5 years 3.3 years Weighted-average discount rate (2) 3.77 % 2.95 % (1) Includes the impact of extension options that we are reasonably certain to exercise. The weighted average remaining lease term as of December 31, 2022 includes the ground lease we assumed in the acquisition of 2970 East 50th Street in March 2022, which has a remaining lease term of approximately 78 years (including the four additional ten-year renewal options). Excluding this ground lease, the weighted average remaining lease term as of December 31, 2022, is 3.3 years. (2) 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. The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands): 2023 $ 2,308 2024 2,297 2025 1,122 2026 681 2027 696 Thereafter 20,051 Total undiscounted lease payments $ 27,155 Less imputed interest (16,266) Total lease liabilities $ 10,889 |
Interest Rate Derivatives
Interest Rate Derivatives | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swaps | Interest Rate Derivatives The following table sets forth a summary of the terms and fair value of our interest rate swaps as of December 31, 2022 and 2021 (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. Notional Value (2) Fair Value of Interest Rate Derivative Assets/ (Liabilities) (3) Derivative Instrument Effective Date Maturity Date Interest Strike Rate (1) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest Rate Swap 7/27/2022 5/26/2027 2.8170 % $ 150,000 $ — $ 5,720 $ — Interest Rate Swap 7/27/2022 5/26/2027 2.8175 % $ 150,000 $ — $ 5,702 $ — Interest Rate Swap 7/22/2019 11/22/2024 2.7625 % $ — $ 150,000 $ — $ (7,482) (1) As of December 31, 2022, our interest rate swaps were indexed to 1-month SOFR. As of December 31, 2021, our interest rate swap was indexed to 1-month LIBOR. (2) Represents the notional value of swaps that are effective as of the balance sheet date presented. (3) The fair value of derivative assets is 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. Transactions On July 21, 2022, we executed five interest rate swap transactions with an aggregate notional value of $300.0 million to manage our exposure to changes in Term SOFR related to a portion of our variable-rate debt. These swaps, which became effective commencing on July 27, 2022 and mature on May 26, 2027, currently fix Term SOFR at a weighted average rate of 2.81725%. We have designated these interest rate swaps as cash flow hedges. On May 26, 2022, in conjunction with the repayment of the $150.0 million term loan facility, we paid $0.6 million to terminate the interest rate swap that was used to hedge the monthly cash flows associated with $150.0 million of LIBOR-based variable-rate debt, and which had an unrealized loss balance of $0.6 million in AOCI at the time of termination. We are amortizing the loss on this transaction from AOCI into interest expense on a straight-line basis over the period beginning from the termination date of the interest rate swap (May 26, 2022) through the original maturity date of the interest rate swap (November 22, 2024). On August 11, 2021, in conjunction with the repayment of the $225.0 million term loan facility, we paid $1.3 million to terminate two interest rate swaps with a combined notional amount of $225.0 million and a maturity date of January 14, 2022 (the “$225 Million Swaps”), that were used to hedge the monthly cash flows associated $225.0 million of LIBOR-based variable-rate debt, and which had an unrealized loss balance of $1.3 million in AOCI at the time of termination. We have amortized the loss on this transaction from AOCI into interest expense on a straight-line basis over the period beginning from the termination date of the $225 Million Swaps (August 9, 2021) through the original maturity date of the $225 Million Swaps (January 14, 2022). On July 13, 2021, we executed three 10-year treasury rate lock agreements with a combined notional amount of $150.0 million at a weighted average fixed interest rate of 1.38179% (the “T-Locks”), intended to designate as a cash flow hedge against changes in interest rates on anticipated future fixed-rate unsecured borrowings. On August 9, 2021, we settled the T-Locks in connection with the issuance of the $400 Million Notes due 2031 for a payment of $2.8 million, which is included in the balance of AOCI and is being amortized into interest expense on a straight-line basis over the 10-year term of the hedged transaction. Our interest rate swaps are designated and qualify as cash flow hedges. 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 AOCI and is subsequently reclassified from AOCI into earnings in the period that the hedged forecasted transactions affect earnings. The following table sets forth the impact of our interest rate swaps on our financial statements for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in AOCI on derivatives $ 17,227 $ 263 $ (17,212) Amount of loss reclassified from AOCI into earnings as “Interest expense” (1) $ (1,619) $ (8,070) $ (6,332) Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 48,496 $ 40,139 $ 30,849 (1) Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to (i) the T-Locks that were settled in August 2021, (ii) the interest the interest rate swaps that were terminated in November 2020 and August 2021 and for which amounts have been fully reclassified into interest expense as of the original maturity date of each interest rate swap, which was in August 2021 and January 2022, respectively, and (iii) the interest rate swap that was terminated in May 2022, as discussed above. As of December 31, 2022, we estimate that approximately $5.3 million of net unrealized gains will be reclassified from AOCI into earnings as a net decrease to interest expense over the next twelve months. 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, 2022 | |
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 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, 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, 2022 and 2021, 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, 2022 Interest Rate Swap Asset $ 11,422 $ — $ 11,422 $ — December 31, 2021 Interest Rate Swap Liability $ (7,482) $ — $ (7,482) $ — 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, 2022 and 2021 (in thousands). Fair Value Measurement Using Liabilities Total Fair Value Quoted Price in Active Significant Other Significant Carrying Value Notes Payable at: December 31, 2022 $ 1,740,745 $ — $ — $ 1,740,745 $ 1,936,381 December 31, 2021 $ 1,404,680 $ — $ — $ 1,404,680 $ 1,399,565 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
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 and leasing services” in the consolidated statements of operations. We recorded $0.6 million, $0.5 million and $0.4 million during the years ended December 31, 2022, 2021 and 2020, respectively, in management and leasing services revenue. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 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, 2022, we had commitments of approximately $114.2 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, 2022, 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, 2022, all of our properties are located in the Southern California, which may expose us to risks associated with the economic, regulatory and social factors affecting the markets in which we operate. Tenant Concentration During the year ended December 31, 2022, no single tenant accounted for more than 5% of our total consolidated rental income. |
Stockholder's Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholder's Equity | Stockholders’ Equity Preferred Stock As of December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands): December 31, 2022 December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference 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 6,450,000 $ 161,250 6,450,000 $ 161,250 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. Redemption of Series A Preferred Stock On August 16, 2021 (the “Redemption Date”), we redeemed all 3,600,000 shares of our 5.875% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred Stock”). The redemption price for the Series A Preferred Stock was equal to $25.00 per share, plus all accrued and unpaid dividends on such shares up to but not including the Redemption Date, in an amount equal to $0.183594 per share, for a total payment of $25.183594 per share, or $90.7 million. In connection with the redemption of the Series A Preferred Stock on August 16, 2021, we incurred an associated non-cash charge of $3.3 million as a reduction to net income available to common stockholders for the related original issuance costs. Common Stock ATM Programs On May 27, 2022, we established an at-the-market equity offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate sales price of up to $1.0 billion (the “Current 2022 ATM Program”). The Current 2022 ATM Program replaces our previous $750.0 million ATM program, which was established on January 13, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $697.5 million through May 27, 2022. In addition, we previously established a $750.0 million ATM program on November 9, 2020, under which we had sold shares of our common stock having an aggregate gross sales price of $743.9 million through January 13, 2022, and a $550.0 million ATM program on June 13, 2019, under which we had sold shares of our common stock having an aggregate gross sales price of $296.5 million through November 9, 2020. In connection with the ATM programs established since 2020, we may sell shares of our common stock directly through sales agents or we may enter into forward equity sale agreements with certain financial institutions acting as forward purchasers whereby, at our discretion, the forward purchasers may borrow and sell shares of our common stock under our ATM programs. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock at the time the agreement is executed but defer settling the forward equity sale agreements and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon physical settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement. During the year ended December 31, 2022, we did not sell any shares of common stock directly through sales agents under our ATM programs. During the year ended December 31, 2021, we directly sold a total of 3,201,560 shares of our common stock under our ATM programs at a weighted average price of $52.27 per share, for gross proceeds of $167.3 million, and net proceeds of $165.2 million, after deducting the sales agents’ fees. During the year ended December 31, 2020, we directly sold a total of 3,165,661 shares of our common stock under our ATM 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, 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 23,519,219 shares of common stock at a weighted average initial forward price of $64.29 per share. During the year ended December 31, 2021, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our ATM programs with respect to 8,589,572 shares of our common stock at a weighted average initial forward price of $62.87 per share. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements. During the year ended December 31, 2020, we did not enter into any forward equity sale agreements under our ATM programs. During the year ended December 31, 2022, we physically settled a portion of the 2022 forward equity sale agreements and the outstanding forward equity sale agreement from 2021 by issuing 24,788,691 shares of our common stock for net proceeds of $1.6 billion, based on a weighted average forward price of $65.02 per share at settlement. During the year ended December 31, 2021, we physically settled a portion of the 2021 forward equity sale agreements by issuing 6,683,216 shares of common stock in exchange for net proceeds of $405.3 million, based on a weighted average forward price of $60.65 per share at settlement. As of December 31, 2022, we had 636,884 shares of common stock, or approximately $35.0 million of forward net proceeds remaining for settlement to occur before the fourth quarter of 2023, based on forward sales of $55.00 per share. As of December 31, 2022, approximately $165.4 million of common stock remains available to be sold under the Current 2022 ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. 2022 Forward Equity Offering During the fourth quarter of 2022, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 11,846,425 shares of common stock, including 346,425 shares related to the partial exercise of the underwriters’ option to purchase additional shares, at an initial forward price of $55.74 per share (the “2022 Forward Offering Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 11,846,425 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering. In December 2022, we partially settled the 2022 Forward Offering Sale Agreements by issuing 3,554,704 shares of common stock for net proceeds of $198.7 million, based on a weighted average forward price of $55.90 per share at settlement. As of December 31, 2022, we had 8,291,721 shares of common stock, or approximately $461.4 million of forward net proceeds remaining for settlement to occur by May 2024, based on a forward price of $55.65 per share. May 2021 Forward Equity Offering On May 24, 2021, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers in connection with an underwritten public offering of 9,000,000 shares of common stock at an initial forward price of $55.29 per share (the “May 2021 Forward Sale Agreements”), pursuant to which, the forward purchasers borrowed and sold an aggregate of 9,000,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering. In June 2021, we partially settled the May 2021 Forward Sale Agreements by issuing 1,809,526 shares of common stock for net proceeds of $100.0 million, based on a weighted average forward price of $55.26 per share at settlement. In September 2021, we settled the remaining shares under the May 2021 Forward Sale Agreements by issuing 7,190,474 shares of common stock for net proceeds of $395.0 million, based on a weighted average forward price of $54.93 per share at settlement. September 2021 Offering In September 2021, we completed an underwritten public offering of 9,600,000 shares of common stock in which we (i) issued an aggregate of 3,100,000 shares of common stock to the underwriters at a purchase price of $58.65 per share for proceeds of $181.8 million, and (ii) entered into forward equity sale agreements with certain financial institutions acting as forward purchasers for 6,500,000 shares of common stock at an initial forward price of $58.65 per share (the “September 2021 Forward Sale Agreements”), pursuant to which the forward purchasers borrowed and sold an aggregate of 6,500,000 shares of common stock in the offering. We did not receive any proceeds from the sale of common shares by the forward purchasers at the time of the offering. In December 2021, we fully settled the September 2021 Forward Sale Agreements by issuing 6,500,000 shares of common stock for net proceeds of $379.1 million, based on a forward price of $58.32 per share at settlement. 2020 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. Changes in Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in our AOCI balance for the years ended December 31, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges: Year Ended December 31, 2022 2021 Accumulated other comprehensive loss - beginning balance $ (9,874) $ (17,709) Other comprehensive income before reclassifications 17,227 263 Amounts reclassified from accumulated other comprehensive loss to interest expense (1) 1,619 8,070 Net current period other comprehensive income 18,846 8,333 Less: other comprehensive income attributable to noncontrolling interests (725) (498) Other comprehensive income attributable to common stockholders 18,121 7,835 Accumulated other comprehensive income (loss) - ending balance $ 8,247 $ (9,874) (1) Amounts include $0.3 million and $2.2 million reclassifications from AOCI into interest expense for the years ended December 31, 2022 and 2021, respectively, related to terminated swaps. See “Note 7 – Interest Rate Derivatives” 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, 2022, 2021 and 2020: Common Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.203386 100.00 % $ 1.049243 100.00 % $ 0.834238 100.00 % Total $ 1.203386 100.00 % $ 1.049243 100.00 % $ 0.834238 100.00 % Series A Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ — — % $ 0.917970 100.00 % $ 1.468752 100.00 % Total $ — — % $ 0.917970 100.00 % $ 1.468752 100.00 % Series B Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Series C Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.406252 100.00 % $ 1.406252 100.00 % $ 1.406252 100.00 % Total $ 1.406252 100.00 % $ 1.406252 100.00 % $ 1.406252 100.00 % |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2022 | |
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, Series 1 CPOP Units, Series 2 CPOP Units and Series 3 CPOP Units, and the private REIT units, as described below, that are not owned by us. Operating Partnership Units As of December 31, 2022, noncontrolling interests included 5,821,146 OP Units, 763,762 fully-vested LTIP units and 976,352 fully-vested performance units which represented approximately 3.8% 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 13 – Incentive Award Plan” for a description of LTIP units and Performance Units. Activity On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million. As partial consideration for the property, we issued the seller 954,000 OP Units valued at $56.2 million. 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 these 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, 2022, 2021 and 2020, we redeemed 167,286, 521,199 and 296,313 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 $6.2 million, $17.5 million, and $7.7 million, respectively, from noncontrolling interests to total stockholders’ equity. Preferred Units Series 3 CPOP Units On March 17, 2022, we acquired an industrial business park located in Long Beach, California for a contractual purchase price of approximately $24.0 million. In consideration for the property, we (i) paid approximately $12.0 million in cash and (ii) issued the seller 164,998 newly issued 3.00% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 3 CPOP Units”), valued at $12.0 million. Holders of Series 3 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 3.00% per annum of the $72.73 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, 2022. The holders of Series 3 CPOP Units are entitled to receive the liquidation preference, which is $72.73 per unit or approximately $12.0 million in the aggregate for all of the Series 3 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. 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 As of December 31, 2022, we also have 593,960 4.43937% cumulative redeemable convertible preferred units of partnership interest in the Operating Partnership (“Series 1 CPOP Units”) outstanding. 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, Series 2 and Series 3 CPOP Units The Series 1 CPOP Units, Series 2 CPOP Units and the Series 3 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, at any time on or after March 5, 2025 for the Series 2 CPOP Unit, and at any time on or after March 17, 2027 for the Series 3 CPOP Unit (the “Company Conversion Right”), in each case, into OP Units on a one-for-one basis per Series 1 CPOP Unit, into 0.7722 OP Unit per Series 2 CPOP Unit and into OP Units on a one-for-one basis per Series 3 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 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. Private REIT Preferred Units |
Incentive Award Plan
Incentive Award Plan | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Incentive Award Plan | Incentive Award Plan Second Amended and Restated 2013 Incentive Award Plan We maintain one share-based incentive plan, the Second 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, 2022, a total of 1,661,609 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. Performance Units that have not vested receive a quarterly per-unit distribution equal to 10% of the per-unit distribution paid on OP Units. Vested Performance Units and 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. 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 towards the end of each year. In 2022, 2021 and 2020, the compensation committee granted the NEOs a combined 167,221, 93,030, and 121,112 LTIP units that are subject to time-based vesting conditions (each an annual “LTIP Award”) and a combined 673,188, 366,004, and 476,915 Performance Units that are partially subject to market-based vesting conditions and partially subject to performance-based vesting conditions (each an annual “Performance Award”). 2022, 2021 and 2020 LTIP Unit Awards Each of the 2022, 2021 and 2020 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: 2022 LTIP Award 2021 LTIP Award 2020 LTIP Award Valuation date November 8, 2022 December 23, 2021 December 22, 2020 Closing share price of common stock $ 53.94 $ 77.50 $ 48.58 Discount for post-vesting restrictions and book-up events 7.4 % 7.8 % 7.6 % Grant date fair value (in thousands) $ 8,353 $ 6,648 $ 5,437 The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2022, 2021 and 2020: Number of Unvested LTIP Units Weighted-Average Grant Date Fair Value per Unit 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 Granted 148,533 $ 62.45 Vested (145,470) $ 40.65 Balance at December 31, 2021 239,709 $ 54.99 Granted 215,058 $ 54.14 Vested (141,716) $ 54.04 Balance at December 31, 2022 313,051 $ 54.84 2022, 2021 and 2020 Performance Unit Award s Each of the 2022 , 2021 and 2020 Performance Awards are comprised of a number of units designated as base units and a number of units designated as distribution equivalents, which are further described below: • Absolute TSR Base Units - base units that will vest based on varying levels of the Company’s total shareholder return (“TSR”) over the three-year performance period of an award. TSR is measured as the appreciation in the price per share of a company’s common stock plus dividends paid during the three-year performance period, assuming the reinvestment in common stock of all dividends paid during the performance period. • Relative TSR Base Units - base units that will vest based on the Company’s TSR as compared to the TSR percentage of a selected peer group of companies over the three-year performance period. • FFO Per-Share Base Units - base units that will vest based on the Company’s FFO per share growth over the three-year performance period. • Distribution Equivalent Units - Performance Units that have not vested will receive 10% of the distributions paid on OP units. The remaining 90% of the distributions will accrue (assuming the reinvestment in common stock of these distributions) during the three-year performance period and a portion will be paid out as distribution equivalent units based upon the number of base units that ultimately vest. The following table summarizes the total number of base units and distribution equivalent units awarded to the executives for each of the Performance Awards: Absolute TSR Base Units (1) Relative TSR Base Units (1) FFO Per-Share Base Units (1) Distribution Equivalent Units Total Performance Units 2022 Performance Award 204,394 204,394 204,394 60,006 673,188 2021 Performance Award 113,871 113,871 113,871 24,391 366,004 2020 Performance Award 148,030 148,030 148,027 32,828 476,915 (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”). 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 2022 Award <18% — % < 35th Percentile — % < 10% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 10 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 14 % 33.4 % See Note (1) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 18 % 66.7 % “Maximum Level” ≥40% 100 % ≥ 90th Percentile 100 % ≥24% 100 % 2021 Award < 18% — % < 35th Percentile — % < 10% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 10 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 14 % 33.4 % See Note (2) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 18 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥ 24% 100 % 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 (3) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 21 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥ 26% 100 % (1) The performance period for the 2022 Market Performance Award is November 8, 2022 through November 7, 2025, and the performance period for the 2022 FFO Per-Share Award is January 1, 2023 through December 31, 2025. (2) The performance period for the 2021 Market Performance Award is December 23, 2021 through December 22, 2024, and the performance period for the 2021 FFO Per-Share Award is January 1, 2022 through December 31, 2024. (3) 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 2022, 2021 and 2020 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. 2022 Market Performance Award 2021 Market Performance Award 2020 Market Performance Award Valuation date November 8, 2022 December 23, 2021 December 22, 2020 Expected share price volatility for the Company 34.0 % 31.0 % 31.0 % Expected share price volatility for peer group companies - low end of range (1) 18.0 % 17.0 % 17.0 % Expected share price volatility for peer group companies - high end of range (1) 100.0 % 100.0 % 100.0 % Expected dividend yield 1.90 % 1.70 % 1.90 % Risk-free interest rate 4.57 % 0.98 % 0.19 % Grant date fair value (in thousands) $ 11,869 $ 8,962 $ 6,928 (1) For the 2022 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 47.0% and 50.6%, respectively. For the 2021 Market Performance Award, the median and average expected share price volatilities for the peer group companies are 45.0% and 47.9%, respectively. 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. 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 2022 FFO Per-Share Award is $3.7 million, which is based on the Company’s closing stock price on the grant date ($53.94 on November 8, 2022) and the achievement of FFO per-share performance at the target level. The grant date fair value of the 2021 FFO Per-Share Award is $2.9 million, which is based on the Company’s closing stock price on the grant date ($77.50 on December 23, 2021) and the achievement of FFO per-share performance at the target level. 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 preceding the grant date ($48.58 on December 22, 2020) and the achievement of FFO per-share performance at the target level. Compensation cost for the 2022 , 2021 and 2020 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. 2019, 2018 and 2017 Performance Award Vestings On December 31, 2022, the three-year performance period for the 2019 performance award ended and it was determined that the Company’s TSR percentage was achieved above the target level and the TSR peer group relative performance and FFO growth both exceeded the maximum level. Based on these results, the compensation committee certified that 231,453 Performance Units were earned and vested. On December 31, 2021, the three-year performance period for the 2018 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 170,413 Performance Units were earned and vested. 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 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 years ended December 31, 2022, 2021 and 2020, we granted 120,662, 120,734 and 107,648 shares, respectively, of restricted common stock to non-executive employees. The grant date fair value of these awards was $8.3 million, $5.6 million and $5.0 million based on the closing share price of the Company’s common stock on the date of grant, which ranged from $52.97 and $76.55 per share, $48.14 to $62.19 per share and $39.71 to $50.18 per share, for the years ended December 31, 2022, 2021 and 2020, respectively. 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 years ended December 31, 2022, 2021 and 2020, each of our non-employee directors were granted 2,387, 1,873 and 2,507 shares of restricted common stock with a grant date fair value of $139,998, $109,964 and $100,000 based on the $58.65, $58.71 and $39.88 closing share price, respectively, 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, 2022, 2021 and 2020: Number of Unvested Shares of Restricted Common Stock Weighted-Average Grant Date Fair Value per Share 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 Granted 132,537 $ 50.62 Forfeited (23,763) $ 42.69 Vested (1)(2) (92,494) $ 35.45 Balance at December 31, 2021 249,179 $ 45.62 Granted 134,984 $ 67.98 Forfeited (11,442) $ 56.24 Vested (1)(2) (98,305) $ 43.55 Balance at December 31, 2022 274,416 $ 56.92 (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 $6.6 million, $4.6 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, respectively. (2) Total shares vested include 31,576, 29,305 and 27,473 shares of common stock that were tendered by employees during the years ended December 31, 2022, 2021 and 2020, 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, 2022 2021 2020 Expensed share-based compensation (1) $ 28,426 $ 19,506 $ 12,871 Capitalized share-based compensation (2) 610 357 223 Total share-based compensation $ 29,036 $ 19,863 $ 13,094 (1) Amounts expensed are included in “General and administrative” and “Property expenses” in the accompanying consolidated statements of operations. (2) Amounts capitalized relate to employees who provide construction services and are included in “Building and improvements” in the consolidated balance sheets. During the years ended December 31, 2022, 2021 and 2020, Messrs. Schwimmer and Frankel’s elected to receive their annual bonuses partly in cash and partly in LTIP units. Accordingly, on January 17, 2023, January 18, 2022 and January 27, 2021, at the same time the cash annual bonuses were paid to executives, Messrs. Schwimmer and Frankel were each granted 19,367, 12,824 and 15,288 fully-vested LTIP Units for the years ended December 31, 2022, 2021 and 2020, respectively. Share-based compensation expense for the years ended December 31, 2022, 2021 and 2020 includes $2.3 million, $1.9 million and $1.5 million, respectively, for the portion of Messrs. Schwimmer and Frankel’s accrued bonuses that were settled with these fully-vested LTIP Units. As of December 31, 2022, total unrecognized compensation cost related to all unvested share-based awards was $54.4 million and is expected to be recognized over a weighted average remaining period of 27 months. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Numerator: Net income $ 177,157 $ 136,246 $ 80,895 Less: Preferred stock dividends (9,258) (12,563) (14,545) Less: Original issuance costs of redeemed preferred stock — (3,349) — Less: Net income attributable to noncontrolling interests (9,573) (8,005) (4,492) Less: Net income attributable to participating securities (845) (568) (509) Net income attributable to common stockholders $ 157,481 $ 111,761 $ 61,349 Denominator: Weighted average shares of common stock outstanding - basic 170,467,365 139,294,882 120,873,624 Effect of dilutive securities 510,907 780,807 304,686 Weighted average shares of common stock outstanding - diluted 170,978,272 140,075,689 121,178,310 Earnings per share - Basic Net income attributable to common stockholders $ 0.92 $ 0.80 $ 0.51 Earnings per share - Diluted Net income attributable to common stockholders $ 0.92 $ 0.80 $ 0.51 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 and FFO per share growth over a three-year performance period, are included as contingently issuable shares in the calculation of diluted EPS when TSR and/or FFO per share growth 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. Shares issuable under forward equity sale agreements during the period prior to settlement are reflected in our calculation of weighted average shares of common stock outstanding – diluted using the treasury stock method as the impact was dilutive for the periods presented above. We also consider the effect of other potentially dilutive securities, including the CPOP Units and OP Units, which may be redeemed for shares of our common stock under certain circumstances, and include them in our computation of diluted EPS under the if-converted method when their inclusion is dilutive. These units were not dilutive for the periods presented above. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisitions The following table summarizes the properties we acquired subsequent to December 31, 2022: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (in thousands) (1) 16752 Armstrong Avenue Orange County - Airport 1/6/2023 81,600 1 $ 40,000 10545 Production Avenue San Bernardino - Inland Empire West 1/30/2023 1,101,840 1 365,000 Total 1,183,440 2 $ 405,000 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Dividends Declared On February 6, 2023, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.380 March 31, 2023 April 17, 2023 OP Units $ 0.380 March 31, 2023 April 17, 2023 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2023 March 31, 2023 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2023 March 31, 2023 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2023 March 31, 2023 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2023 March 31, 2023 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 March 15, 2023 March 31, 2023 Partial Settlement of 2022 Forward Offering Sale Agreements |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
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 $ 10,078 $ 3,875 $ 12,485 $ 16,360 $ (8,386) 1965, 2005 / 2003 2002 300 South Lewis Road Camarillo, CA — (4) 4,150 3,050 10,151 4,150 13,201 17,351 (8,313) 1960-1963 / 2006 2003 1400 South Shamrock Ave. Monrovia, CA — 2,317 2,534 1,090 2,317 3,624 5,941 (2,639) 1957, 1962 / 2004 2003 2220-2260 Camino del Sol Oxnard, CA — (4) 868 — 4,929 868 4,929 5,797 (2,356) 2005 2003 14250-14278 Valley Blvd. La Puente, CA — 2,539 2,020 3,656 2,539 5,676 8,215 (3,680) 1974 / 2007 2003 2300-2386 East Walnut Ave. Fullerton, CA — (4) 6,817 6,089 2,334 6,817 8,423 15,240 (5,145) 1985-1986 / 2005 2004 15140 & 15148 Bledsoe St., 13065 - 13081 Bradley Ave. Sylmar, CA — 2,525 3,380 7,151 2,525 10,531 13,056 (5,788) 1969, 2008 / 2016 2004 28340 - 28400 Avenue Crocker Valencia, CA — 2,666 3,343 3,908 2,666 7,251 9,917 (4,257) 1987 / 2006 / 2015 2004 21-29 West Easy St. Simi Valley, CA — 2,346 4,522 2,803 2,346 7,325 9,671 (4,587) 1991 / 2006 2004 10439-10477 Roselle St. San Diego, CA — 4,711 3,199 3,995 4,711 7,194 11,905 (2,737) 1970 / 2007 2013 2575 Pioneer Ave. Vista, CA — 1,784 2,974 2,173 1,784 5,147 6,931 (3,187) 1988 / 2006 2004 9641 - 9657 Santa Fe Springs Rd. Santa Fe Springs, CA — 3,740 260 7,228 3,740 7,488 11,228 (3,162) 1982 / 2009 2006 15715 Arrow Highway Irwindale, CA — (4) 3,604 5,056 81 3,604 5,137 8,741 (3,060) 1989 2006 2431-2465 Impala Dr. Carlsbad, CA — 5,470 7,308 5,049 5,470 12,357 17,827 (7,710) 1983 / 2006 2006 6200 & 6300 Yarrow Dr. Carlsbad, CA — 5,001 7,658 4,264 5,001 11,922 16,923 (7,777) 1977-1988 / 2006 2005 6231 & 6241 Yarrow Dr. Carlsbad, CA — 3,473 5,119 2,060 3,473 7,179 10,652 (4,189) 1977 / 2006 2006 9160 - 9220 Cleveland Ave., 10860 6th St. Rancho Cucamonga, CA — 3,647 11,867 3,394 3,647 15,261 18,908 (9,686) 1988-1989 / 2006 2006 18118-18120 S. Broadway St. Carson, CA — 3,013 2,161 1,091 3,013 3,252 6,265 (1,316) 1957 / 1989, 2017 2013 901 W. Alameda Ave. Burbank, CA — 6,304 2,996 5,642 6,304 8,638 14,942 (5,122) 1969 / 2009 2007 1938-1946 E. 46th St. Vernon, CA — 7,015 7,078 1,802 7,015 8,880 15,895 (4,950) 1961, 1983 / 2008-2010 2007 9220-9268 Hall Rd. Downey, CA — 6,974 2,902 753 6,974 3,655 10,629 (1,971) 2008 2009 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 929, 935, 939 & 951 Poinsettia Ave. Vista, CA — 4,213 5,584 933 2,678 4,661 7,339 (2,683) 1989 / 2007 2008 3720-3750 W. Warner Ave. Santa Ana, CA — 3,028 1,058 1,098 3,028 2,156 5,184 (1,305) 1973 / 2008 2007 6750 Unit C - 6780 Central Ave. Riverside, CA — 1,564 584 677 678 1,014 1,692 (642) 1978 2007 1050 Arroyo Ave. San Fernando, CA — 3,092 1,900 753 3,092 2,653 5,745 (1,025) 1969 / 2012 2010 600-650 South Grand Ave. Santa Ana, CA — 4,298 5,075 2,304 4,298 7,379 11,677 (2,864) 1988 2010 121-125 N. Vinedo Ave. Pasadena, CA — 3,481 3,530 188 3,481 3,718 7,199 (1,588) 1953 / 1993 2011 3441 West MacArthur Blvd. Santa Ana, CA — 4,179 5,358 2,388 4,179 7,746 11,925 (1,792) 1973 / 2022 2011 6701 & 6711 Odessa Ave. Van Nuys, CA — 1,582 1,856 1,029 1,582 2,885 4,467 (736) 1970-1972 / 2012 2011 10700 Jersey Blvd. Rancho Cucamonga, CA — 3,158 4,860 1,569 3,158 6,429 9,587 (2,685) 1988-1989 2011 15705, 15709 Arrow Highway & 5220 Fourth St. Irwindale, CA — 3,608 2,699 786 3,608 3,485 7,093 (1,438) 1987 2011 20920-20950 Normandie Ave. Torrance, CA — 3,253 1,605 766 3,253 2,371 5,624 (1,036) 1989 2011 14944, 14946, 14948 Shoemaker Ave. Santa Fe Springs, CA — 3,720 2,641 780 3,720 3,421 7,141 (1,419) 1978 / 2012 2011 6423-6431 & 6407-6119 Alondra Blvd. Paramount, CA — 1,396 925 195 1,396 1,120 2,516 (436) 1986 2011 1400 S. Campus Ave. Ontario, CA — 3,266 2,961 10 3,266 2,971 6,237 (1,748) 1964-1966, 1973, 1987 2012 15041 Calvert St. Van Nuys, CA — 4,096 1,570 272 4,096 1,842 5,938 (636) 1971 2012 701 Del Norte Blvd. Oxnard, CA — 3,082 6,230 1,186 3,082 7,416 10,498 (2,904) 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 4,690 17,978 44,161 62,139 (15,918) 1966, 1992, 1993, 1994 2013 1661 240th St. Los Angeles, CA — 3,043 2,550 3,884 3,043 6,434 9,477 (2,593) 1975 / 1995 2013 8101-8117 Orion Ave. Van Nuys, CA — 1,389 3,872 719 1,389 4,591 5,980 (1,819) 1978 2013 18310-18330 Oxnard St. Tarzana, CA — 2,497 5,494 1,747 2,497 7,241 9,738 (2,660) 1973 2013 1100-1170 Gilbert St. & 2353-2373 La Palma Ave. Anaheim, CA 1,935 4,582 5,135 3,093 4,582 8,228 12,810 (3,095) 1972 / 1990 / 2013 2013 280 Bonita Ave., 2743 Thompson Creek Rd. Pomona, CA — 8,001 17,734 210 8,001 17,944 25,945 (5,968) 1983 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 2950 Madera Rd. Simi Valley, CA — (4) 3,601 8,033 2 3,601 8,035 11,636 (2,745) 1988 / 2005 2013 10635 Vanowen St. Burbank, CA — 1,517 1,833 1,289 1,517 3,122 4,639 (1,193) 1977 2013 7110 Rosecrans Ave. Paramount, CA — 3,117 1,894 2,452 3,117 4,346 7,463 (1,224) 1972 / 2015, 2019 2014 845, 855, 865 S Milliken Ave & 4317, 4319 Santa Ana St. Ontario, CA — 2,260 6,043 869 2,260 6,912 9,172 (2,747) 1985 2014 1500-1510 W. 228th St. Torrance, CA — 2,428 4,271 6,053 2,428 10,324 12,752 (2,651) 1963 / 1968, 2017 2014 24105 Frampton Ave. Torrance, CA — 2,315 1,553 2,080 2,315 3,633 5,948 (1,154) 1974 / 2016 2014 1700 Saturn Way Seal Beach, CA — 7,935 10,525 342 7,935 10,867 18,802 (3,614) 2006 2014 2980 & 2990 N San Fernando Road Burbank, CA — 6,373 7,356 550 6,373 7,906 14,279 (2,902) 1950 / 2004 2014 20531 Crescent Bay Dr. Lake Forest, CA — 2,181 4,012 418 2,181 4,430 6,611 (1,591) 1998 2014 2610 & 2701 S. Birch Street Santa Ana, CA — 9,305 2,115 4,483 9,305 6,598 15,903 (2,237) 1965 / 2016 2014 710 South Dupont Avenue & 4051 Santa Ana Street Ontario, CA — 3,725 6,145 469 3,725 6,614 10,339 (2,366) 2001 2014 9755 Distribution Ave. San Diego, CA — 1,863 3,211 89 1,863 3,300 5,163 (1,152) 1974 2014 9855 Distribution Ave San Diego, CA — 2,733 5,041 799 2,733 5,840 8,573 (1,810) 1983 2014 9340 Cabot Drive San Diego, CA — 4,311 6,126 1,130 4,311 7,256 11,567 (2,478) 1975 / 1976 2014 9404 Cabot Drive San Diego, CA — 2,413 3,451 302 2,413 3,753 6,166 (1,262) 1975 / 1976 2014 9455 Cabot Drive San Diego, CA — 4,423 6,799 600 4,423 7,399 11,822 (2,708) 1975 / 1976 2014 14955-14971 E Salt Lake Ave City of Industry, CA — 5,125 5,009 1,297 5,125 6,306 11,431 (2,233) 1979 2014 5235 East Hunter Ave. Anaheim, CA — 5,240 5,065 1,800 5,240 6,865 12,105 (2,662) 1987 2014 3880 West Valley Blvd. Pomona, CA — 3,982 4,796 3,599 3,982 8,395 12,377 (2,787) 1980 / 2017 2014 1601 Alton Pkwy. Irvine, CA — 7,638 4,946 8,533 7,638 13,479 21,117 (3,746) 1974 / 2018 2014 3116 W. Avenue 32 Los Angeles, CA — 3,761 6,729 3,489 3,761 10,218 13,979 (3,089) 1974 2014 21040 Nordoff Street; 9035 Independence Avenue; 21019 - 21045 Osborne Street Chatsworth, CA — 7,230 9,058 3,534 7,230 12,592 19,822 (4,158) 1979 / 1980 2014 24935 & 24955 Avenue Kearny Santa Clarita, CA — 4,773 5,970 1,065 4,773 7,035 11,808 (2,474) 1988 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 605 8th Street San Fernando, CA — 2,393 2,742 1,744 2,393 4,486 6,879 (1,373) 1991 / 2015, 2020 2014 9120 Mason Ave. Chatsworth, CA — 9,224 19,346 817 9,224 20,163 29,387 (6,163) 1967 / 1999 2014 7900 Nelson Rd. Los Angeles, CA — 8,495 15,948 2,604 8,495 18,552 27,047 (5,599) 1998 / 2015 2014 679-691 S Anderson St. Los Angeles, CA — 1,723 4,767 1,622 1,723 6,389 8,112 (1,799) 1992 / 2017 2014 10509 Business Drive Fontana, CA — 3,505 5,237 1,726 3,505 6,963 10,468 (2,182) 1989 2014 13231 Slover Avenue Fontana, CA — 2,812 4,739 1,153 2,812 5,892 8,704 (1,757) 1990 2014 240 W Ivy Avenue Inglewood, CA — 2,064 3,675 4,235 2,064 7,910 9,974 (2,167) 1981 2014 3000 Paseo Mercado, 3120-3150 Paseo Mercado Oxnard, CA — 2,616 8,311 1,564 2,616 9,875 12,491 (3,438) 1988 2014 1800 Eastman Ave. Oxnard, CA — 842 2,209 81 842 2,290 3,132 (827) 2009 2014 2360-2364 E. Sturgis Road Oxnard, CA — 1,128 2,726 604 1,128 3,330 4,458 (1,322) 1989 2014 201 Rice Ave. & 2400-2420 Celsius Oxnard, CA — 3,487 9,589 921 3,487 10,510 13,997 (3,477) 2008 2014 11120, 11160, 11200 Hindry Ave Los Angeles, CA — 3,478 7,834 639 3,478 8,473 11,951 (2,704) 1992 / 1994 2014 6970-7170 & 7310-7374 Convoy Ct. San Diego, CA — 10,805 18,426 3,127 10,805 21,553 32,358 (7,385) 1971 2014 12907 Imperial Highway Santa Fe Springs, CA — 5,462 6,678 418 5,462 7,096 12,558 (2,055) 1997 2015 8902-8940 Activity Road San Diego, CA — 9,427 8,103 2,080 9,427 10,183 19,610 (3,559) 1987 / 1997 2015 1210 N Red Gum St. Anaheim, CA — 3,326 4,020 1,512 3,326 5,532 8,858 (1,584) 1985 / 2020 2015 9615 Norwalk Blvd. Santa Fe Springs, CA — 8,508 1,134 11,730 8,508 12,864 21,372 (324) 1975 2015 16221 Arthur St. Cerritos, CA — 2,979 3,204 1,828 2,979 5,032 8,011 (1,186) 1979 / 2021 2015 2588 & 2605 Industry Way Lynwood, CA — 8,738 9,415 — 8,738 9,415 18,153 (3,102) 1969 / 1971 2015 425 S. Hacienda Blvd. City of Industry, CA — 4,010 3,050 117 4,010 3,167 7,177 (1,067) 1997 2015 6700 S Alameda St. Huntington Park, CA — 3,502 9,279 273 3,502 9,552 13,054 (3,329) 1990 / 2008 2015 12720-12860 Danielson Ct. Poway, CA — 6,902 8,949 910 6,902 9,859 16,761 (3,665) 1999 2015 10950 Norwalk Blvd & 12241 Lakeland Rd. Santa Fe Springs, CA — 3,446 1,241 448 3,446 1,689 5,135 (610) 1982 2015 610-760 W Hueneme Rd. & 5651-5721 Perkins Rd. Oxnard, CA — 3,310 5,806 2,254 3,310 8,060 11,370 (2,885) 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 3,527 190 3,357 3,717 7,074 (1,188) 2004 2015 6020 Sheila St. Commerce, CA — 4,590 7,772 595 4,590 8,367 12,957 (2,509) 2000 2015 9805 6th St. Rancho Cucamonga, CA — 3,503 3,204 1,400 3,503 4,604 8,107 (1,615) 1986 2015 16321 Arrow Hwy. Irwindale, CA — 3,087 4,081 453 3,087 4,534 7,621 (1,322) 1955 / 2001 2015 601-605 S. Milliken Ave. Ontario, CA — 5,479 7,036 1,338 5,479 8,374 13,853 (2,864) 1987 / 1988 2015 1065 E. Walnut Ave. Carson, CA — 10,038 4,380 4,189 10,038 8,569 18,607 (2,823) 1974 2015 12247 Lakeland Rd. Santa Fe Springs, CA — 3,481 776 1,168 3,481 1,944 5,425 (571) 1971 / 2016 2015 17311 Nichols Lane Huntington Beach, CA — 7,988 8,728 5 7,988 8,733 16,721 (2,660) 1993 / 2014 2015 8525 Camino Santa Fe San Diego, CA — 4,038 4,055 1,030 4,038 5,085 9,123 (1,685) 1986 2016 28454 Livingston Avenue Valencia, CA — 5,150 9,666 393 5,150 10,059 15,209 (2,872) 2007 2016 20 Icon Lake Forest, CA — 12,576 8,817 325 12,576 9,142 21,718 (3,462) 1999 / 2015 2016 16425 Gale Avenue City of Industry, CA — 18,803 6,029 1,284 18,803 7,313 26,116 (2,034) 1976 2016 12131 Western Avenue Garden Grove, CA — 15,077 11,149 4,861 15,077 16,010 31,087 (4,335) 1987 / 2007, 2017 2016 9 Holland Irvine, CA — 13,724 9,365 633 13,724 9,998 23,722 (2,957) 1980 / 2013 2016 15996 Jurupa Avenue Fontana, CA — 7,855 12,056 19 7,855 12,075 19,930 (3,368) 2015 2016 11127 Catawba Avenue Fontana, CA — 5,562 8,094 4 5,562 8,098 13,660 (2,269) 2015 2016 13550 Stowe Drive Poway, CA — 9,126 8,043 — 9,126 8,043 17,169 (2,587) 1991 2016 10750-10826 Lower Azusa Road El Monte, CA — 4,433 2,961 1,353 4,433 4,314 8,747 (1,364) 1975 2016 525 Park Avenue San Fernando, CA — 3,830 3,887 213 3,830 4,100 7,930 (1,203) 2003 2016 3233 Mission Oaks Blvd. Camarillo, CA — 13,791 10,017 14,991 13,791 25,008 38,799 (6,085) 1980-1982 / 2014, 2018, 2019 2016 1600 Orangethorpe Ave. & 1335-1375 Acacia Ave. Fullerton, CA — 26,659 12,673 5,465 26,659 18,138 44,797 (5,679) 1968/1985 2016 14742-14750 Nelson Avenue City of Industry, CA — 13,463 1,680 17,063 13,463 18,743 32,206 (3,770) 1969 / 2018 2016 301-445 Figueroa Street Wilmington, CA — 7,126 5,728 5,136 7,126 10,864 17,990 (2,390) 1972 / 2018 2016 12320 4th Street Rancho Cucamonga, CA — 12,642 14,179 3 12,642 14,182 26,824 (4,187) 1997 / 2003 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 9190 Activity Road San Diego, CA — 8,497 5,622 738 8,497 6,360 14,857 (2,109) 1986 2016 28903-28903 Avenue Paine Valencia, CA — 10,620 6,510 18,497 10,620 25,007 35,627 (2,528) 1999 / 2018, 2022 2017 2390 Ward Avenue Simi Valley, CA — 5,624 10,045 1,292 5,624 11,337 16,961 (3,206) 1989 2017 Safari Business Center (5) Ontario, CA — 50,807 86,065 9,487 50,807 95,552 146,359 (24,678) 1989 2017 4175 Conant Street Long Beach, CA — 13,785 13,440 — 13,785 13,440 27,225 (3,405) 2015 2017 5421 Argosy Avenue Huntington Beach, CA — 3,577 1,490 2 3,577 1,492 5,069 (583) 1976 2017 14820-14830 Carmenita Road Norwalk, CA — 22,938 6,738 1,142 22,938 7,880 30,818 (2,098) 1970, 2000 2017 3002-3072 Inland Empire Blvd. Ontario, CA — 11,980 14,439 3,150 11,980 17,589 29,569 (5,031) 1981 2017 17000 Kingsview Avenue & 800 Sandhill Avenue Carson, CA — 7,988 5,472 975 7,988 6,447 14,435 (1,388) 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 14,739 121,329 101,515 222,844 (22,941) 1989 / 2021 2017 11190 White Birch Drive Rancho Cucamonga, CA — 9,405 9,840 692 9,405 10,532 19,937 (2,592) 1986 2017 4832-4850 Azusa Canyon Road Irwindale, CA — 5,330 8,856 9 5,330 8,865 14,195 (1,982) 2016 2017 1825 Soto Street Los Angeles, CA — 2,129 1,315 212 2,129 1,527 3,656 (349) 1993 2017 19402 Susana Road Rancho Dominguez, CA — 3,524 357 5 3,524 362 3,886 (144) 1957 2017 13225 Western Avenue Gardena, CA — 1,918 355 363 1,918 718 2,636 (155) 1955 2017 15401 Figueroa Street Los Angeles, CA — 3,255 1,248 787 3,255 2,035 5,290 (424) 1964 / 2018 2017 8542 Slauson Avenue Pico Rivera, CA — 8,681 576 1,089 8,681 1,665 10,346 (514) 1964 2017 687 Eucalyptus Avenue Inglewood, CA — 37,035 15,120 275 37,035 15,395 52,430 (3,118) 2017 2017 302 Rockefeller Avenue Ontario, CA — 6,859 7,185 255 6,859 7,440 14,299 (1,558) 2000 2017 4355 Brickell Street Ontario, CA — 7,295 5,616 71 7,295 5,687 12,982 (1,361) 2004 2017 12622-12632 Monarch Street Garden Grove, CA — 11,691 8,290 1,973 11,691 10,263 21,954 (2,352) 1967 2017 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 8315 Hanan Way Pico Rivera, CA — 8,714 4,751 180 8,714 4,931 13,645 (1,095) 1976 2017 13971 Norton Avenue Chino, CA — 5,293 6,377 174 5,293 6,551 11,844 (1,501) 1990 2018 1900 Proforma Avenue Ontario, CA — 10,214 5,127 1,084 10,214 6,211 16,425 (1,928) 1989 2018 16010 Shoemaker Avenue Cerritos, CA — 9,927 6,948 506 9,927 7,454 17,381 (1,538) 1985 2018 4039 Calle Platino Oceanside, CA — 9,476 11,394 830 9,476 12,224 21,700 (2,576) 1991 2018 851 Lawrence Drive Thousand Oaks, CA — 6,717 — 13,397 6,717 13,397 20,114 (904) 1968 / 2021 2018 1581 North Main Street Orange, CA — 4,230 3,313 44 4,230 3,357 7,587 (680) 1994 2018 1580 West Carson Street Long Beach, CA — 5,252 2,496 2,197 5,252 4,693 9,945 (864) 1982 / 2018 2018 660 & 664 North Twin Oaks Valley Road San Marcos, CA — 6,307 6,573 355 6,307 6,928 13,235 (1,515) 1978 - 1988 2018 1190 Stanford Court Anaheim, CA — 3,583 2,430 233 3,583 2,663 6,246 (536) 1979 2018 5300 Sheila Street Commerce, CA — 90,568 54,086 218 90,568 54,304 144,872 (11,472) 1975 2018 15777 Gateway Circle Tustin, CA — 3,815 4,292 40 3,815 4,332 8,147 (806) 2005 2018 1998 Surveyor Avenue Simi Valley, CA — 3,670 2,263 4,754 3,670 7,017 10,687 (1,182) 2018 2018 3100 Fujita Street Torrance, CA — 7,723 5,649 206 7,723 5,855 13,578 (1,258) 1970 2018 4416 Azusa Canyon Road Irwindale, CA — 10,762 1,567 2,914 10,762 4,481 15,243 (230) 1956 2018 1420 McKinley Avenue Compton, CA — 17,053 13,605 143 17,053 13,748 30,801 (2,662) 2017 2018 12154 Montague Street Pacoima, CA — 10,114 12,767 943 10,114 13,710 23,824 (2,289) 1974 2018 10747 Norwalk Boulevard Santa Fe Springs, CA — 5,646 4,966 269 5,646 5,235 10,881 (983) 1999 2018 29003 Avenue Sherman Valencia, CA — 3,094 6,467 1,826 3,094 8,293 11,387 (1,017) 2000 / 2019 2018 16121 Carmenita Road Cerritos, CA — 10,013 3,279 3,724 10,013 7,003 17,016 (981) 1969/1983, 2020 2018 1332-1340 Rocky Point Drive Oceanside, CA — 3,816 6,148 511 3,816 6,659 10,475 (1,130) 2009 / 2019 2018 6131-6133 Innovation Way Carlsbad, CA — 10,545 11,859 113 10,545 11,972 22,517 (2,252) 2017 2018 263-321 Gardena Boulevard Carson, CA — 14,302 1,960 199 14,302 2,159 16,461 (719) 1977 - 1982 2018 9200 Mason Avenue Chatsworth, CA — 4,887 4,080 — 4,887 4,080 8,967 (742) 1968 2018 9230 Mason Avenue Chatsworth, CA — 4,454 955 — 4,454 955 5,409 (257) 1974 2018 9250 Mason Avenue Chatsworth, CA — 4,034 2,464 — 4,034 2,464 6,498 (483) 1977 2018 9171 Oso Avenue Chatsworth, CA — 5,647 2,801 — 5,647 2,801 8,448 (609) 1980 2018 5593-5595 Fresca Drive La Palma, CA — 11,414 2,502 452 11,414 2,954 14,368 (632) 1973 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 6100 Sheila Street Commerce, CA — 11,789 5,214 1,521 11,789 6,735 18,524 (1,480) 1960 2018 14421-14441 Bonelli Street City of Industry, CA — 12,191 7,489 330 12,191 7,819 20,010 (1,407) 1971 2018 12821 Knott Street Garden Grove, CA — 17,896 2,824 16,406 17,896 19,230 37,126 — 1971 2019 28510 Industry Drive Valencia, CA — 2,395 5,466 126 2,395 5,592 7,987 (884) 2017 2019 Conejo Spectrum Business Park Thousand Oaks, CA — 38,877 64,721 1,860 38,877 66,581 105,458 (10,393) 2018 / 2020 2019 2455 Ash Street Vista, CA — 4,273 1,966 219 4,273 2,185 6,458 (506) 1990 2019 25413 Rye Canyon Road Santa Clarita, CA — 3,245 2,352 2,166 3,245 4,518 7,763 (569) 1981 2019 1515 15th Street Los Angeles, CA — 23,363 5,208 2,424 23,363 7,632 30,995 (979) 1977 2019 13890 Nelson Avenue City of Industry, CA — 25,642 14,616 119 25,642 14,735 40,377 (2,377) 1982 2019 445-449 Freedom Avenue Orange, CA — 9,084 8,286 503 9,084 8,789 17,873 (1,395) 1980 2019 2270 Camino Vida Roble Carlsbad, CA — 8,102 8,179 2,926 8,102 11,105 19,207 (2,184) 1981 2019 980 Rancheros Drive San Marcos, CA — 2,901 4,245 255 2,901 4,500 7,401 (722) 1982 2019 1145 Arroyo Avenue San Fernando, CA — 19,556 9,567 896 19,556 10,463 30,019 (1,652) 1989 2019 1150 Aviation Place San Fernando, CA — 18,989 10,067 37 18,989 10,104 29,093 (1,813) 1989 2019 1175 Aviation Place San Fernando, CA — 12,367 4,858 138 12,367 4,996 17,363 (922) 1989 2019 1245 Aviation Place San Fernando, CA — 16,407 9,572 32 16,407 9,604 26,011 (1,629) 1989 2019 635 8th Street San Fernando, CA — 8,787 5,922 2,037 8,787 7,959 16,746 (847) 1989 2019 10015 Waples Court San Diego, CA — 12,280 9,198 5,463 12,280 14,661 26,941 (1,439) 1988 / 2020 2019 19100 Susana Road Rancho Dominguez, CA — 11,576 2,265 381 11,576 2,646 14,222 (561) 1956 2019 15385 Oxnard Street Van Nuys, CA — 11,782 5,212 204 11,782 5,416 17,198 (868) 1988 2019 9750-9770 San Fernando Road Sun Valley, CA — 6,718 543 72 6,718 615 7,333 (218) 1952 2019 218 S. Turnbull Canyon City of Industry, CA — 19,075 8,061 262 19,075 8,323 27,398 (1,495) 1999 2019 Limonite Ave. & Archibald Ave. Eastvale, CA — 23,848 — 31,554 23,848 31,554 55,402 (2,840) 2020 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 3340 San Fernando Road Los Angeles, CA — 2,885 147 (115) 2,770 147 2,917 (63) N/A 2019 5725 Eastgate Drive San Diego, CA — 6,543 1,732 332 6,543 2,064 8,607 (453) 1995 2019 18115 Main Street Carson, CA — 7,142 776 194 7,142 970 8,112 (216) 1988 2019 3150 Ana Street Rancho Dominguez, CA — 15,997 3,036 4 15,997 3,040 19,037 (509) 1957 2019 1402 Avenida Del Oro Oceanside, CA — 33,006 34,439 39 33,006 34,478 67,484 (5,311) 2016 2019 9607-9623 Imperial Highway Downey, CA — 9,766 865 1,669 9,766 2,534 12,300 (389) 1974 2019 12200 Bellflower Boulevard Downey, CA — 14,960 2,057 425 14,960 2,482 17,442 (482) 1955 2019 Storm Parkway Torrance, CA — 42,178 21,987 647 42,178 22,634 64,812 (3,262) 1982 - 2008 2019 2328 Teller Road Newbury Park, CA — 8,330 14,304 1,425 8,330 15,729 24,059 (2,320) 1970 / 2018 2019 6277-6289 Slauson Avenue Commerce, CA — 27,809 11,454 730 27,809 12,184 39,993 (1,854) 1962 - 1977 2019 750 Manville Street Compton, CA — 8,283 2,784 357 8,283 3,141 11,424 (467) 1977 2019 8985 Crestmar Point San Diego, CA — 6,990 1,350 530 6,990 1,880 8,870 (384) 1988 2019 404-430 Berry Way Brea, CA — 21,047 4,566 1,626 21,047 6,192 27,239 (1,074) 1964 - 1967 2019 415-435 Motor Avenue Azusa, CA — 7,364 — 10,880 7,364 10,880 18,244 (74) 1956 / 2022 2019 508 East E Street Wilmington, CA — 10,742 4,380 97 10,742 4,477 15,219 (659) 1988 2019 12752-12822 Monarch Street Garden Grove, CA — 29,404 4,262 13,182 29,404 17,444 46,848 (655) 1971 2019 1601 Mission Blvd. Pomona, CA — 67,623 18,962 298 67,623 19,260 86,883 (3,429) 1952 2019 2757 Del Amo Blvd. Rancho Dominguez, CA — 10,035 2,073 136 10,035 2,209 12,244 (405) 1967 2019 18250 Euclid Street Fountain Valley, CA — 11,116 3,201 — 11,116 3,201 14,317 (451) 1974 2019 701-751 Kingshill Place Carson, CA 7,100 23,016 10,344 3,897 23,016 14,241 37,257 (1,573) 1979 / 2020 2020 2601-2641 Manhattan Beach Blvd Redondo Beach, CA 3,832 30,333 9,427 5,288 30,333 14,715 45,048 (1,615) 1978 2020 2410-2420 Santa Fe Avenue Redondo Beach, CA 10,300 24,310 13,128 6 24,310 13,134 37,444 (1,556) 1977 2020 11600 Los Nietos Road Santa Fe Springs, CA 2,462 12,033 4,666 6,165 12,033 10,831 22,864 (274) 1976 / 2022 2020 5160 Richton Street Montclair, CA 4,153 7,199 8,203 817 7,199 9,020 16,219 (1,073) 2004 2020 2205 126th Street Hawthorne, CA 5,200 11,407 6,834 747 11,407 7,581 18,988 (1,072) 1998 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 11832-11954 La Cienega Blvd Hawthorne, CA 3,928 13,625 5,721 876 13,625 6,597 20,222 (963) 1999 2020 7612-7642 Woodwind Drive Huntington Beach, CA 3,712 10,634 2,901 133 10,634 3,034 13,668 (420) 2001 2020 960-970 Knox Street Torrance, CA 2,307 7,324 2,380 1,174 7,324 3,554 10,878 (470) 1976 2020 25781 Atlantic Ocean Drive Lake Forest, CA — 4,358 1,067 831 4,358 1,898 6,256 (175) 1996 2020 720-750 Vernon Avenue Azusa, CA — 14,088 1,638 4 14,088 1,642 15,730 (332) 1950 2020 6687 Flotilla Street Commerce, CA — 14,501 6,053 445 14,501 6,498 20,999 (745) 1956 2020 1055 Sandhill Avenue Carson, CA — 11,970 — 6,557 11,970 6,557 18,527 — 1973 2020 22895 Eastpark Drive Yorba Linda, CA 2,612 5,337 1,370 — 5,337 1,370 6,707 (200) 1986 2020 8745-8775 Production Avenue San Diego, CA — 6,471 1,551 1,590 6,471 3,141 9,612 (405) 1974 / 2021 2020 15850 Slover Avenue Fontana, CA — 3,634 6,452 55 3,634 6,507 10,141 (643) 2020 2020 15650-15700 Avalon Blvd Los Angeles, CA — 22,353 5,988 9,241 22,353 15,229 37,582 (307) 1962 - 1978 / 2022 2020 11308-11350 Penrose Street Sun Valley, CA — 15,884 11,169 321 15,884 11,490 27,374 (1,239) 1974 2020 11076-11078 Fleetwood Street Sun Valley, CA — 3,217 1,446 1,143 3,217 2,589 5,806 (202) 1974 2020 12133 Greenstone Avenue Santa Fe Springs, CA — 5,900 891 5,486 5,900 6,377 12,277 (34) 1967 2020 12772 San Fernando Road Sylmar, CA — 17,302 3,832 894 17,302 4,726 22,028 (454) 1964 / 2013 2020 15601 Avalon Blvd Los Angeles, CA — 15,776 — 13,235 15,776 13,235 29,011 — 1984 2020 Gateway Pointe Whittier, CA — 132,659 154,250 1,150 132,659 155,400 288,059 (12,750) 2005 - 2006 2020 13943-13955 Balboa Blvd Sylmar, CA 14,965 26,795 18,484 1,942 26,795 20,426 47,221 (1,747) 2000 2020 Van Nuys Airport Industrial Center Van Nuys, CA — 91,894 58,625 2,262 91,894 60,887 152,781 (5,322) 1961 - 2007 2020 4039 State Street Montclair, CA — 12,829 15,485 72 12,829 15,557 28,386 (1,319) 2020 2020 10156 Live Oak Avenue Fontana, CA — 19,779 27,186 838 19,779 28,024 47,803 (2,202) 2020 2020 10694 Tamarind Avenue Fontana, CA — 8,878 12,325 190 8,878 12,515 21,393 (1,032) 2020 2020 2520 Baseline Road Rialto, CA — 12,513 16,377 172 12,513 16,549 29,062 (1,359) 2020 2020 12211 Greenstone Avenue Santa Fe Springs, CA — 15,729 1,636 — 15,729 1,636 17,365 (270) N/A 2020 East 27th Street Los Angeles, CA — 40,332 21,842 431 40,332 22,273 62,605 (2,037) 1961 - 2004 2020 2750 Alameda Street Los Angeles, CA — 24,644 5,771 723 24,644 6,494 31,138 (740) 1961 - 1980 2020 29010 Avenue Paine Valencia, CA — 7,401 8,168 976 7,401 9,144 16,545 (728) 2000 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 29010 Commerce Center Drive Valencia, CA — 10,499 13,832 3 10,499 13,835 24,334 (1,134) 2002 2020 13369 Valley Blvd Fontana, CA — 9,675 10,393 48 9,675 10,441 20,116 (932) 2005 2020 6635 Caballero Blvd Buena Park, CA — 14,288 7,919 106 14,288 8,025 22,313 (684) 2003 2020 1235 South Lewis Street Anaheim, CA — 16,984 1,519 1,997 16,984 3,516 20,500 (166) 1956 / 2022 2020 15010 Don Julian Road City of Industry, CA — 24,017 — 1,871 24,017 1,871 25,888 (4) 1963 2021 5002-5018 Lindsay Court Chino, CA — 6,996 5,658 541 6,996 6,199 13,195 (518) 1986 2021 514 East C Street Los Angeles, CA — 9,114 1,205 4 9,114 1,209 10,323 (135) 2019 2021 17907-18001 Figueroa Street Los Angeles, CA — 18,065 1,829 523 18,065 2,352 20,417 (274) 1954 - 1960 2021 7817 Woodley Avenue Van Nuys, CA 3,009 5,496 4,615 — 5,496 4,615 10,111 (171) 1974 2021 8888-8992 Balboa Avenue San Diego, CA — 20,033 — 3,322 20,033 3,322 23,355 (3) 1967 2021 9920-10020 Pioneer Blvd Santa Fe Springs, CA — 21,345 2,118 6,977 21,345 9,095 30,440 — 1973 - 1978 2021 2553 Garfield Avenue Commerce, CA — 3,846 649 133 3,846 782 4,628 (102) 1954 2021 6655 East 26th Street Commerce, CA — 5,195 1,780 200 5,195 1,980 7,175 (170) 1965 2021 560 Main Street Orange, CA — 2,660 432 130 2,660 562 3,222 (71) 1973 2021 4225 Etiwanda Avenue Jurupa Valley, CA — 16,287 15,537 104 16,287 15,641 31,928 (1,203) 1998 2021 12118 Bloomfield Avenue Santa Fe Springs, CA — 16,809 — 1,392 16,809 1,392 18,201 (4) 1955 2021 256 Alondra Blvd Carson, CA — 10,377 371 250 10,377 621 10,998 (99) 1954 2021 19007 Reyes Avenue Rancho Dominguez, CA — 16,673 — 2,115 16,673 2,115 18,788 (7) 1969 / 2021 2021 19431 Santa Fe Avenue Rancho Dominguez, CA — 10,066 638 788 10,066 1,426 11,492 (48) 1963 2021 4621 Guasti Road Ontario, CA — 8,198 5,231 429 8,198 5,660 13,858 (370) 1988 2021 12838 Saticoy Street North Hollywood, CA — 25,550 2,185 — 25,550 2,185 27,735 (264) 1954 2021 19951 Mariner Avenue Torrance, CA — 17,009 7,674 3 17,009 7,677 24,686 (736) 1986 2021 2425-2535 East 12th Street Los Angeles, CA — 48,409 40,756 5,290 48,409 46,046 94,455 (2,645) 1988 2021 29120 Commerce Center Drive Valencia, CA — 11,121 15,799 73 11,121 15,872 26,993 (1,026) 2002 2021 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 20304 Alameda Street Rancho Dominguez, CA — 11,987 1,663 12 11,987 1,675 13,662 (164) 1974 2021 4181 Ruffin Road San Diego, CA — 30,395 3,530 116 30,395 3,646 34,041 (573) 1987 2021 12017 Greenstone Avenue Santa Fe Springs, CA — 13,408 205 1,697 13,408 1,902 15,310 (54) N/A 2021 1901 Via Burton Fullerton, CA — 24,461 — 4,137 24,461 4,137 28,598 — 1960 2021 1555 Cucamonga Avenue Ontario, CA — 20,153 2,134 55 20,153 2,189 22,342 (279) 1973 2021 1800 Lomita Blvd Wilmington, CA — 89,711 542 304 89,711 846 90,557 (107) N/A 2021 8210-8240 Haskell Avenue Van Nuys, CA — 9,219 3,331 3,137 9,219 6,468 15,687 — 1962 - 1964 2021 3100 Lomita Blvd Torrance, CA — 124,313 65,282 (1,493) 124,313 63,789 188,102 (4,922) 1967 - 1998 2021 2401-2421 Glassell Street Orange, CA — 54,554 16,599 164 54,554 16,763 71,317 (1,555) 1987 2021 2390-2444 American Way Orange, CA — 17,214 — 2,454 17,214 2,454 19,668 — N/A 2021 500 Dupont Avenue Ontario, CA — 36,810 26,489 461 36,810 26,950 63,760 (1,432) 1987 2021 1801 St Andrew Place Santa Ana, CA — 75,978 24,522 1,793 75,978 26,315 102,293 (1,991) 1987 2021 5772 Jurupa Street Ontario, CA — 36,590 20,010 11 36,590 20,021 56,611 (1,138) 1992 2021 2500 Victoria Street Los Angeles, CA — 232,902 — — 232,902 — 232,902 — N/A 2021 1010 Belmont Street Ontario, CA — 9,078 5,751 30 9,078 5,781 14,859 (306) 1987 2021 21515 Western Avenue Torrance, CA — 19,280 — 1,422 19,280 1,422 20,702 (1) 1991 2021 12027 Greenstone Avenue Santa Fe Springs, CA — 8,952 469 143 8,952 612 9,564 (49) 1975 2021 6027 Eastern Avenue Commerce, CA — 23,494 — 2,667 23,494 2,667 26,161 — 1946 2021 340-344 Bonnie Circle Corona, CA — 18,044 9,506 4 18,044 9,510 27,554 (483) 1994 2021 14100 Vine Place Cerritos, CA — 40,458 8,660 3,573 40,458 12,233 52,691 (448) 1979 / 2022 2021 2280 Ward Avenue Simi Valley, CA — 23,301 24,832 5 23,301 24,837 48,138 (1,262) 1995 2021 20481 Crescent Bay Drive Lake Forest, CA — 16,164 6,054 3 16,164 6,057 22,221 (312) 1996 2021 334 El Encanto Road City of Industry, CA — 9,227 1,272 123 9,227 1,395 10,622 (96) 1960 2021 17031-17037 Green Drive City of Industry, CA — 10,781 3,302 76 10,781 3,378 14,159 (184) 1968 2021 13512 Marlay Avenue Fontana, CA — 37,018 15,365 160 37,018 15,525 52,543 (744) 1960 2021 14940 Proctor Road City of Industry, CA — 28,861 — 70 28,861 70 28,931 — 1962 2021 2800 Casitas Avenue Los Angeles, CA — 33,154 10,833 253 33,154 11,086 44,240 (461) 1999 2021 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 4240 190th Street Torrance, CA — 67,982 9,882 18 67,982 9,900 77,882 (517) 1966 2021 2391-2393 Bateman Avenue Irwindale, CA — 13,363 9,811 — 13,363 9,811 23,174 (397) 2005 2021 1168 Sherborn Street Corona, CA — 13,747 9,796 7 13,747 9,803 23,550 (400) 2004 2021 3071 Coronado Street Anaheim, CA — 29,862 — 564 29,862 564 30,426 (3) 1973 2021 8911 Aviation Blvd Los Angeles, CA — 27,138 4,780 310 27,138 5,090 32,228 (241) 1971 2021 1020 Bixby Drive City of Industry, CA — 10,067 6,046 19 10,067 6,065 16,132 (274) 1977 20 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, 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”). 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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 Cash and cash equivalents $ 43,987 $ 176,293 Restricted cash 11 1,230 Cash, cash equivalents and restricted cash, beginning of period $ 43,998 $ 177,523 Cash and cash equivalents $ 36,786 $ 43,987 Restricted cash — 11 Cash, cash equivalents and restricted cash, end of period $ 36,786 $ 43,998 |
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 no longer meet the revised definition of a business and accordingly are accounted for as asset acquisitions. For asset acquisitions, we allocate the cost of the acquisition, which includes cash and non-cash consideration paid to the seller 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, rental growth rates and comparable sales data, including land sales, 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, 2022, we used discount rates ranging from 4.75% to 7.50% and exit capitalization rates ranging from 3.75% to 6.25%. 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, 2022, we used an estimated average lease-up period ranging from six months to twelve 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. Capitalization of Costs We capitalize direct costs incurred in developing, renovating, rehabilitating and improving real estate assets as part of the investment basis. This includes certain general and administrative costs, including payroll, bonus, and non-cash equity compensation of the personnel performing redevelopment, renovations and rehabilitation if such costs are identifiable to a specific activity to get the real estate asset ready for its intended use. During the redevelopment and construction periods of a project, we also capitalize interest, real estate taxes and insurance costs. We cease capitalization of costs upon substantial completion of the project, but no later than one year from cessation of major construction activity. If some portions of a project are substantially complete and ready for use and other portions have not yet reached that stage, we cease capitalizing costs on the completed portion of the project but continue to capitalize for the incomplete portion of the project. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. We capitalized interest costs of $12.2 million, $4.5 million and $3.9 million during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized real estate taxes and insurance aggregating $5.2 million, $2.2 million, and $1.2 million and during the years ended December 31, 2022, 2021 and 2020, respectively. We capitalized compensation costs for employees who provide construction services of $8.7 million, $6.1 million and $4.1 million during the years ended December 31, 2022, 2021 and 2020, respectively. Depreciation and Amortization Real estate, including land, building and land improvements, tenant improvements, furniture, fixtures and equipment and intangible lease assets and liabilities are stated at historical cost less accumulated depreciation and amortization, unless circumstances indicate that the cost cannot be recovered, in which case, the carrying value of the property is reduced to estimated fair value as discussed below in our policy with regard to impairment of long-lived assets. We estimate the depreciable portion of our real estate assets and related useful lives in order to record depreciation expense. The values allocated to buildings, site improvements, in-place lease intangibles and tenant improvements are depreciated on a straight-line basis using an estimated useful life that typically ranges from 10-30 years for buildings, 5-25 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 operating lease right-of-use assets (“ROU assets”), whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Recoverability of real estate assets and other long-lived 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. For office space ROU assets, the execution of a sublease where the remaining lease payments of the original office space lease exceed the sublease receipts reflects an indication of impairment which suggests the carrying value of the ROU asset may not be recoverable. 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 and other long-lived assets 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. During the years ended December 31, 2022, 2021 or 2020, there were no impairment charges recorded to the carrying value of our real estate properties. During the year ended December 31, 2021, in connection with the execution of a sublease for one of our office space leases, we recorded a $1.0 million impairment charge to reduce the carrying value of the related ROU asset. The impairment charge is presented in “Other expenses” in the consolidated statements of operations. See also “Note 6 – Leases” for details. |
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 for taxable years prior to 2018. We own and may acquire direct or indirect interests in one or more entities that have elected or will elect to be taxed as REITs under the Code (each, a “Subsidiary REIT”). A Subsidiary REIT is subject to the various REIT qualification requirements and other limitations described herein that are applicable to us. If a Subsidiary REIT were to fail to qualify as a REIT, then (i) that Subsidiary REIT would become subject to federal income tax, (ii) shares in such Subsidiary REIT would cease to be qualifying assets for purposes of the asset tests applicable to REITs, and (iii) it is possible that we would fail certain of the asset tests applicable to REITs, in which event we would fail to qualify as a REIT unless we could avail ourselves of certain relief provisions. We are subject to taxation by various state and local jurisdictions, including those in which we transact business or reside. Other than our Subsidiary REIT (a private REIT acquired on July 18, 2022), 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. Our taxable REIT subsidiary is a C-corporation subject to federal and state income tax. However, it has a cumulative unrecognized net operating loss carryforward. Accordingly, no income tax provision is included in the accompanying consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. We periodically evaluate our tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. As of December 31, 2022 and 2021, we have not established a liability for uncertain tax positions. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources and duration of our debt funding and through the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing and duration of our known or expected cash payments principally related to our borrowings. In accordance with ASC Topic 815: Derivatives and Hedging , 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. Our objectives in using interest rate derivatives are to add stability to interest expense and to manage exposure to interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional value. From time to time, we also utilize cash flow hedges to lock U.S. Treasury rates in anticipation of future fixed-rate debt issuances (“treasury rate lock agreements”). The gains or losses resulting from changes in fair value of derivatives that qualify as cash flow hedges are recognized in accumulated other comprehensive income/(loss) (“AOCI”). Upon the termination of a derivative for which cash flow hedging was being applied, the balance, which was recorded in AOCI, is amortized to interest expense over the remaining contractual term of the derivative as long as the hedged forecasted transactions continue to be probable of occurring. Upon the settlement of treasury rate lock agreements, amounts remaining in AOCI are amortized through earnings over the underlying term of the hedged transaction. Cash payments made to terminate or settle interest rate derivatives are presented in cash flows provided by operating activities in the accompanying consolidated statements of cash flows, given the nature of the underlying cash flows that the derivative was hedging. See “Note 7 – Interest Rate Derivatives” for details. |
Revenue Recognition | Revenue Recognition Our primary sources of income are rental income, management and leasing services and gains on sale of real estate. Rental Income We lease industrial space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum annual lease payments are recognized in rental income on a straight-line basis over the term of the related lease, regardless of when payments are contractually due, when collectability is probable. Rental revenue recognition commences when the tenant takes possession or controls the physical use of the leased space. Lease termination fees, which are included in rental income, are recognized when the related leases are canceled and we have no continuing obligation to provide services to such former tenants. Our lease agreements with tenants generally contain provisions that require tenants to reimburse us for certain property expenses. Estimated reimbursements from tenants for these property expenses, which include real estate taxes, insurance, common area maintenance and other recoverable operating expenses, are recognized as revenues in the period that the expenses are incurred. Subsequent to year-end, we perform final reconciliations on a lease-by-lease basis and bill or credit each tenant for any cumulative annual adjustments. As the timing and pattern of revenue recognition is the same and as the lease component would be classified as an operating lease if it were accounted for separately, rents and tenant reimbursements are treated as a combined lease component and presented as a single line item “Rental income” in our consolidated statements of operations. We record revenues and expenses on a gross basis for lessor costs (which include real estate taxes) when these costs are reimbursed to us by our tenants. Conversely, we record revenues and expenses on a net basis for lessor costs when they are paid by our tenants directly to the taxing authorities on our behalf. Management and leasing 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 reasonably certain, 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 | 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. Any changes in the collectability assessment for an operating lease is recognized as an adjustment, which can be a reduction or increase, to rental income in the consolidated statements of operations. As a result of our quarterly collectability assessments, we recognized $0.4 million as a net increase adjustment to rental income and $0.5 million and $5.0 million as a net reduction to rental income in the consolidated statements of operations for the years ended December 31, 2022, 2021, and 2020 respectively. |
Deferred Leasing Costs | Deferred Leasing Costs We capitalize the incremental direct costs of originating a lease that would not have been incurred had the lease not been executed. As a result, deferred leasing costs will generally only include third-party broker commissions. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs related to a recognized debt liability are presented in the balance sheet as a reduction from the carrying value of the debt liability. This offset against the debt liability is treated similarly to a debt discount, which effectively reduces the proceeds of a borrowing. For line of credit arrangements, we present debt issuance costs as an asset and amortize the cost over the term of the line of credit arrangement. See “Note 5 – Notes Payable” for details. |
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 of the equity instrument issued 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 |
Equity Offerings | Equity Offerings Underwriting commissions and offering costs incurred in connection with common stock offerings and our at-the-market equity offering programs 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. Under relevant accounting guidance, sales of our common stock under forward equity sale agreements (as discussed in “Note 11 – Stockholders’ Equity”) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock. |
Earnings Per Share | Earnings Per Share We calculate earnings per share (“EPS”) in accordance with ASC 260: Earnings Per Share (“ASC 260”). Under ASC 260, unvested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore, are included in the computation of basic EPS pursuant to the two-class method. The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Basic EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding determined for the basic EPS computation plus the potential effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested share-based awards under the treasury stock method. We include unvested shares of restricted stock and unvested LTIP units in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. We include unvested performance units as contingently issuable shares in the computation of diluted EPS once the market criteria are met, assuming that the end of the reporting period is the end of the contingency period. Any anti-dilutive securities are excluded from the diluted EPS calculation. See “Note 14 – Earnings Per Share” for details. |
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. |
Leases as a Lessee | Leases as a Lessee We determine if an arrangement is a lease at inception. Operating lease ROU assets are included in “Other assets” and lease liabilities are included in “Accounts payable, accrued expenses and other liabilities” in our consolidated balance sheets. ROU assets represent our right to use, or control the use of, a specified asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Because our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is generally recognized on a straight-line basis over the term of the lease through the amortization of the ROU assets and lease liabilities. Additionally, for our operating leases, we do not separate non-lease components, such as common area maintenance, from associated lease components. See “Note 6 – Leases” for additional lessee disclosures required under lease accounting standards. 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 London Interbank Offered Rate (“LIBOR”) indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. As of December 31, 2022, all our derivatives impacted by this guidance have been terminated. |
Recent Accounting Pronouncements | Adoption of New Accounting Pronouncements In August 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40) (“ASU 2020-06”). ASU 2020-06 eliminates two of the three accounting models that require separate accounting for embedded conversion features in convertible instruments, simplifies the contract assessment for equity classification, requires the use of the if-converted method for all convertible instruments in diluted EPS calculations and expands disclosure requirements. ASU 2020-06 is effective for fiscal periods beginning after December 15, 2021, including interim periods within those fiscal years. On January 1, 2022, we adopted ASU 2020-06. The adoption of ASU 2020-06 did not have any impact on our consolidated financial statements or overall EPS calculation. We continue to account for each of our various convertible instruments as a single equity instrument measured at historical cost as they do not have embedded features requiring bifurcation and separate accounting. See “Note 12 – Noncontrolling Interests” for additional information related to convertible instruments. Recent Accounting Pronouncements (Issued and Not Yet Adopted) In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies that contractual sale restrictions are not considered in measuring the fair value of equity securities, and requires specific disclosures for all entities with equity securities subject to a contractual sale restriction including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. In addition, ASU 2022-03 prohibits an entity from recognizing a contractual sale as a separate unit of account. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the potential impact of adopting ASU 2022-03. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | 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, 2022 and 2021 (in thousands): Year Ended December 31, 2022 2021 Cash and cash equivalents $ 43,987 $ 176,293 Restricted cash 11 1,230 Cash, cash equivalents and restricted cash, beginning of period $ 43,998 $ 177,523 Cash and cash equivalents $ 36,786 $ 43,987 Restricted cash — 11 Cash, cash equivalents and restricted cash, end of period $ 36,786 $ 43,998 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Summary of Acquired Wholly Owned Property Acquisitions | The following table summarizes the wholly-owned properties we acquired during the year ended December 31, 2022: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 444 Quay Avenue (2) Los Angeles - South Bay 1/14/2022 29,760 1 $ 10,760 18455 Figueroa Street Los Angeles - South Bay 1/31/2022 146,765 2 64,250 24903 Avenue Kearny Los Angeles - San Fernando Valley 2/1/2022 214,436 1 58,463 19475 Gramercy Place Los Angeles - South Bay 2/2/2022 47,712 1 11,300 14005 Live Oak Avenue Los Angeles - San Gabriel Valley 2/8/2022 56,510 1 25,000 13700-13738 Slover Ave (2) San Bernardino - Inland Empire West 2/10/2022 17,862 1 13,209 Meggitt Simi Valley Ventura 2/24/2022 285,750 3 57,000 21415-21605 Plummer Street Los Angeles - San Fernando Valley 2/25/2022 231,769 2 42,000 1501-1545 Rio Vista Avenue Los Angeles - Central 3/1/2022 54,777 2 28,000 17011-17027 Central Avenue Los Angeles - South Bay 3/9/2022 52,561 3 27,363 2843 Benet Road San Diego - North County 3/9/2022 35,000 1 12,968 14243 Bessemer Street Los Angeles - San Fernando Valley 3/9/2022 14,299 1 6,594 2970 East 50th Street Los Angeles - Central 3/9/2022 48,876 1 18,074 19900 Plummer Street Los Angeles - San Fernando Valley 3/11/2022 43,472 1 15,000 Long Beach Business Park (3) Los Angeles - South Bay 3/17/2022 123,532 4 24,000 13711 Freeway Drive (4) Los Angeles - Mid-Counties 3/18/2022 82,092 1 34,000 6245 Providence Way San Bernardino - Inland Empire West 3/22/2022 27,636 1 9,672 7815 Van Nuys Blvd Los Angeles - San Fernando Valley 4/19/2022 43,101 1 25,000 13535 Larwin Circle Los Angeles - Mid-Counties 4/21/2022 56,011 1 15,500 1154 Holt Blvd San Bernardino - Inland Empire West 4/29/2022 35,033 1 14,158 900-920 Allen Avenue Los Angeles - San Fernando Valley 5/3/2022 68,630 2 25,000 1550-1600 Champagne Avenue San Bernardino - Inland Empire West 5/6/2022 124,243 2 46,850 10131 Banana Avenue (2) San Bernardino - Inland Empire West 5/6/2022 — — 26,166 2020 Central Avenue Los Angeles - South Bay 5/20/2022 30,233 1 10,800 14200-14220 Arminta Street (5) Los Angeles - San Fernando Valley 5/25/2022 200,003 1 80,653 1172 Holt Blvd San Bernardino - Inland Empire West 5/25/2022 44,004 1 17,783 1500 Raymond Avenue (4) Orange County - North 6/1/2022 — — 45,000 2400 Marine Avenue Los Angeles - South Bay 6/2/2022 50,000 2 30,000 14434-14527 San Pedro Street (4) Los Angeles - South Bay 6/3/2022 118,923 1 49,105 20900 Normandie Avenue Los Angeles - South Bay 6/3/2022 74,038 1 39,980 15771 Red Hill Avenue Orange County - Airport 6/9/2022 100,653 1 46,000 14350 Arminta Street Los Angeles - San Fernando Valley 6/10/2022 18,147 1 8,400 29125 Avenue Paine Los Angeles - San Fernando Valley 6/14/2022 175,897 1 45,000 3935-3949 Heritage Oak Court Ventura 6/22/2022 186,726 1 56,400 620 Anaheim Street Los Angeles - South Bay 6/23/2022 34,555 1 17,100 400 Rosecrans Avenue (4) Los Angeles - South Bay 7/6/2022 28,006 1 8,500 Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 3547-3555 Voyager Street Los Angeles - South Bay 7/12/2022 60,248 3 20,900 6996-7044 Bandini Blvd Los Angeles - Central 7/13/2022 111,515 2 40,500 4325 Etiwanda Avenue Riverside / San Bernardino - Inland Empire West 7/15/2022 124,258 1 47,500 Merge-West Riverside / San Bernardino - Inland Empire West 7/18/2022 1,057,419 6 470,000 6000-6052 & 6027-6029 Bandini Blvd Los Angeles - Central 7/22/2022 182,782 2 91,500 3901 Via Oro Avenue Los Angeles - South Bay 8/12/2022 53,817 1 20,000 15650 Don Julian Road Los Angeles - San Gabriel Valley 8/12/2022 43,392 1 16,226 15700 Don Julian Road Los Angeles - San Gabriel Valley 8/12/2022 40,453 1 15,127 17000 Gale Avenue Los Angeles - San Gabriel Valley 8/12/2022 29,888 1 11,176 17909 & 17929 Susana Road Los Angeles - South Bay 8/17/2022 57,376 2 26,100 2880 Ana Street Los Angeles - South Bay 8/25/2022 80,850 1 34,600 920 Pacific Coast Highway Los Angeles - South Bay 9/1/2022 148,186 1 100,000 21022 & 21034 Figueroa Street Los Angeles - South Bay 9/7/2022 51,185 1 24,200 13301 Main Street Los Angeles - South Bay 9/14/2022 106,969 1 51,150 20851 Currier Road (4) Los Angeles - San Gabriel Valley 10/5/2022 59,412 1 21,800 3131 Harcourt Street & 18031 Susana Road Los Angeles - South Bay 11/15/2022 73,000 2 27,500 14400 Figueroa Street Los Angeles - South Bay 11/22/2022 121,062 4 49,000 2130-2140 Del Amo Blvd Los Angeles - South Bay 12/16/2022 99,064 2 41,900 19145 Gramercy Place Los Angeles - South Bay 12/16/2022 102,143 1 37,000 20455 Reeves Avenue Los Angeles - South Bay 12/16/2022 110,075 1 48,950 14874 Jurupa Avenue San Bernardino - Inland Empire West 12/16/2022 158,119 1 59,250 10660 Mulberry Avenue San Bernardino - Inland Empire West 12/16/2022 49,530 1 10,950 755 Trademark Circle San Bernardino - Inland Empire West 12/23/2022 34,427 1 10,500 4500 Azusa Canyon Road Los Angeles - San Gabriel Valley 12/29/2022 77,266 1 40,000 7817 Haskell Avenue Los Angeles - San Fernando Valley 12/29/2022 7,327 1 11,050 Total 2022 Property Acquisitions 5,940,775 87 $ 2,391,927 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $27.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $2.42 billion. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents acquisition of an industrial outdoor storage site. (3) The acquisition of the Long Beach Business Park was funded through a combination of cash on hand and the issuance of 164,998 3.00% Cumulative Redeemable Convertible Preferred Units of partnership interest in the Operating Partnership. See “Note 12 – Noncontrolling Interests – Preferred Units – Series 3 CPOP Units” for additional details. (4) Represents acquisition of a current or near-term redevelopment site. (5) On May 25, 2022, we acquired the property located at 14200-14220 Arminta Street for a purchase price of $80.7 million, exclusive of closing costs. The acquisition was funded through a combination of cash on hand and the issuance of 954,000 common units of limited partnership interests in the Operating Partnership valued at $56.2 million. The following table summarizes the wholly-owned industrial properties we acquired during the year ended December 31, 2021: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 15010 Don Julian Road (2) Los Angeles - San Gabriel Valley 1/5/2021 92,925 1 $ 22,200 5002-5018 Lindsay Court San Bernardino - Inland Empire West 1/11/2021 64,960 1 12,650 514 East C Street (3) Los Angeles - South Bay 1/14/2021 3,436 1 9,950 17907-18001 Figueroa Street Los Angeles - South Bay 1/26/2021 74,810 6 20,200 7817 Woodley Avenue (4) Los Angeles - San Fernando Valley 1/27/2021 36,900 1 9,963 8888-8892 Balboa Avenue (2) San Diego - Central 2/4/2021 86,637 2 19,800 9920-10020 Pioneer Boulevard Los Angeles - Mid-Counties 2/19/2021 157,669 7 23,500 2553 Garfield Avenue Los Angeles - Central 3/19/2021 25,615 1 3,900 6655 East 26th Street Los Angeles - Central 3/19/2021 47,500 1 6,500 560 Main Street Orange County - North 3/19/2021 17,000 1 2,600 4225 Etiwanda Avenue San Bernardino - Inland Empire West 3/23/2021 134,500 1 32,250 12118 Bloomfield Avenue (2) Los Angeles - Mid-Counties 4/14/2021 63,000 4 16,650 256 Alondra Boulevard (3) Los Angeles - South Bay 4/15/2021 2,456 1 11,250 19007 Reyes Avenue (2)(3) Los Angeles - South Bay 4/23/2021 — — 16,350 19431 Santa Fe Avenue (3) Los Angeles - South Bay 4/30/2021 14,793 3 10,500 4621 Guasti Road San Bernardino - Inland Empire West 5/21/2021 64,512 1 13,335 12838 Saticoy Street Los Angeles - San Fernando Valley 6/15/2021 100,390 1 27,250 19951 Mariner Avenue Los Angeles - South Bay 6/15/2021 89,272 1 27,400 East 12th Street Los Angeles - Central 6/17/2021 257,976 4 93,600 29120 Commerce Center Drive Los Angeles - San Fernando Valley 6/22/2021 135,258 1 27,052 20304 Alameda Street Los Angeles - South Bay 6/24/2021 77,758 2 13,500 4181 Ruffin Road San Diego - Central 7/8/2021 150,144 1 35,750 12017 Greenstone Avenue (3) Los Angeles - Mid-Counties 7/16/2021 — 1 13,500 1901 Via Burton (2) Orange County - North 7/26/2021 — 1 24,211 1555 Cucamonga Avenue San Bernardino - Inland Empire West 8/4/2021 107,023 2 21,000 1800 Lomita Boulevard (3) Los Angeles - South Bay 8/6/2021 — — 70,000 8210-8240 Haskell Avenue Los Angeles - San Fernando Valley 8/17/2021 53,248 3 12,425 3100 Lomita Boulevard Los Angeles - South Bay 8/20/2021 575,976 5 202,469 (5) 2401-2421 Glassell Street Orange County - North 8/25/2021 191,127 4 70,025 2390-2444 American Way (2) Orange County - North 8/26/2021 — — 16,700 500 Dupont Avenue San Bernardino - Inland Empire West 8/26/2021 276,000 1 58,500 1801 St. Andrew Place Orange County - Airport 9/10/2021 370,374 1 105,300 5772 Jurupa Street San Bernardino - Inland Empire West 9/17/2021 360,000 1 54,000 2500 Victoria Street (3) Los Angeles - South Bay 9/30/2021 — — 232,067 (6) 1010 Belmont Street San Bernardino - Inland Empire West 10/1/2021 61,824 1 14,500 21515 Western Avenue (2)(7) Los Angeles - South Bay 10/12/2021 56,199 1 18,950 12027 Greenstone Avenue (3) Los Angeles - Mid-Counties 10/28/2021 7,780 1 8,125 6027 Eastern Avenue (2) Los Angeles - Central 11/16/2021 82,922 1 23,250 Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (1) (in thousands) 340-344 Bonnie Circle San Bernadino - Inland Empire West 11/16/2021 98,000 1 27,000 14100 Vine Place Los Angeles - Mid Counties 11/18/2021 119,145 1 48,501 2280 Ward Avenue Ventura - Ventura 11/30/2021 242,101 1 46,411 20481 Crescent Bay Drive Orange County - South 11/30/2021 88,355 1 19,500 334 El Encanto Road Los Angeles - San Gabriel Valley 12/02/2021 64,368 1 10,675 17031-17037 Green Drive Los Angeles - San Gabriel Valley 12/10/2021 51,000 1 13,770 13512 Marlay Avenue San Bernadino - Inland Empire West 12/16/2021 199,363 1 51,000 14940 Proctor Road Los Angeles - San Gabriel Valley 12/17/2021 111,927 1 28,596 2800 Casitas Avenue Los Angeles - San Fernando Valley 12/22/2021 117,000 1 43,000 4240 190th Street Los Angeles - South Bay 12/23/2021 307,487 1 75,300 2391-2393 Bateman Avenue Los Angeles - San Gabriel Valley 12/28/2021 65,605 1 23,077 1168 Sherborn Street San Bernardino - Inland Empire West 12/29/2021 79,515 1 23,445 3071 Coronado Street (2) Orange County - North 12/30/2021 109,908 1 28,000 8911 Aviation Blvd Los Angeles - South Bay 12/30/2021 100,000 1 32,000 1020 Bixby Drive Los Angeles - San Gabriel Valley 12/31/2021 56,915 1 16,350 Total 2021 Property Acquisitions 5,650,673 80 $ 1,887,797 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. Including $17.7 million of capitalized closing costs and acquisition related costs, the total aggregate initial investment was $1.9 billion. Each acquisition was funded with available cash on hand unless otherwise noted. (2) Represents acquisition of a current or near-term redevelopment site. (3) Represents acquisition of an industrial outdoor storage site. (4) The acquisition of 7817 Woodley Avenue was funded through a combination of cash on hand and the assumption of $3.2 million of debt. This property is the remaining asset in the Van Nuys Airport Industrial Center Portfolio that we acquired in December 2020. (5) In connection with the acquisition of 3100 Lomita Boulevard, we prepaid an existing loan on the property and incurred a $20.4 million prepayment fee at closing. The acquisition price in the table above reflects this prepayment fee in addition to the $182.0 million contractual purchase price. (6) In connection with the acquisition of 2500 Victoria Street, we entered into a long-term sale lease-back agreement with the seller/tenant. At the end of the lease, the tenant will be required to restore the site by removing all above and below ground improvements to prepare the property for subsequent development by us. The acquisition price in the table above reflects the $217.1 million contractual purchase price plus additional consideration of $15.0 million, which is payable to the tenant at the end of the lease, subject to the tenant completing its restoration obligations under the lease. The $15.0 million has been recorded in security deposits in the consolidated balance sheets. (7) The acquisition of 21515 Western Avenue was funded through a combination of cash on hand and the assumption of $13.2 million of debt. |
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): 2022 2021 Assets: Land $ 1,698,173 $ 1,514,933 Buildings and improvements 687,358 359,970 Tenant improvements 9,987 37,173 Acquired lease intangible assets (1) 82,539 71,919 Right of use asset - ground lease (2) 4,787 — Other acquired assets (3) 558 519 Total assets acquired $ 2,483,402 $ 1,984,514 Liabilities: Acquired lease intangible liabilities (4) $ 54,085 $ 76,992 Notes payable (5) — 16,512 Deferred rent liability (6) 4,339 1,554 Lease liability - ground lease (2) 4,787 — Other assumed liabilities (3) 15,652 26,975 Total liabilities assumed $ 78,863 $ 122,033 Net assets acquired $ 2,404,539 $ 1,862,481 (1) For the 2022 acquisitions, acquired lease intangible assets are comprised of $63.7 million of in-place lease intangibles with a weighted average amortization period of 5.8 years, $5.9 million of above-market lease intangibles with a weighted average amortization period of 6.9 years and a $13.0 million below-market ground lease intangible with an amortization period of 78.9 years. For the 2021 acquisitions, acquired lease intangible assets are comprised of $67.8 million of in-place lease intangibles with a weighted average amortization period of 7.2 years and $4.1 million of above-market lease intangibles with a weighted average amortization period of 9.0 years. (2) The ROU asset and lease liability relate to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street. (3) Includes other working capital assets acquired and liabilities assumed at the time of acquisition. (4) Represents below-market lease intangibles with a weighted average amortization period of 8.9 years and 7.5 years, for the 2022 and 2021 acquisitions, respectively. (5) In connection with the acquisition of properties, during the year ended December 31, 2021, we assumed two mortgage loans from the sellers. See “Note 5 – Notes Payable” for details. |
Summary of the Properties Sold | The following table summarizes information related to the properties that we sold during the years ended December 31, 2022, 2021, and 2020 (dollars in thousands). Property Submarket Date of Disposition Rentable Square Feet Contractual Sales Price (1) (in thousands) Gain Recorded 2022 Dispositions: 28159 Avenue Stanford Los Angeles - San Fernando Valley 1/13/2022 79,247 $ 16,500 $ 8,486 2021 Dispositions: 14723-14825.25 Oxnard Street Los Angeles - San Fernando Valley 2/12/2021 77,790 $ 19,250 $ 9,906 6760 Central Avenue, Unit B San Bernardino - Inland Empire East 3/15/2021 9,943 1,530 954 11529-11547 Tuxford Street Los Angeles - San Fernando Valley 5/20/2021 29,730 8,176 2,750 5803 Newton Drive San Diego - North 9/15/2021 71,602 18,600 13,702 2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard Los Angeles - San Fernando Valley 11/01/2021 31,619 11,700 6,617 Total 220,684 $ 59,256 $ 33,929 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 Street (2) Orange County - Airport 9/30/2020 116,575 20,400 3,268 6750 Central Avenue San Bernardino - 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 (1) Represents the gross contractual sales price before commissions, prorations, credits 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. (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 “Gains 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 property classified as held for sale as of December 31, 2021 (dollars in thousands). December 31, 2021 Land $ 1,849 Building and improvements 10,753 Tenant improvements 1,059 Real estate held for sale 13,661 Accumulated depreciation (6,657) Real estate held for sale, net 7,004 Other assets associated with real estate held for sale 209 Total assets associated with real estate held for sale, net $ 7,213 Tenant security deposits $ 177 Other liabilities associated with real estate held for sale 54 Total liabilities associated with real estate held for sale $ 231 |
Acquired Lease Intangibles (Tab
Acquired Lease Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 tenant leases, above-market tenant leases and a below-market ground lease, and our acquisition-related intangible liabilities, including below-market tenant leases (in thousands): December 31, 2022 2021 Acquired Lease Intangible Assets: In-place lease intangibles $ 315,842 $ 256,902 Accumulated amortization (172,883) (135,415) In-place lease intangibles, net $ 142,959 $ 121,487 Above-market tenant leases $ 26,851 $ 21,065 Accumulated amortization (12,671) (10,394) Above-market tenant leases, net $ 14,180 $ 10,671 Below-market ground lease (1) $ 12,977 $ — Accumulated amortization (1) $ (130) $ — Below-market ground lease, net $ 12,847 $ — Acquired lease intangible assets, net $ 169,986 $ 132,158 Acquired Lease Intangible Liabilities: Below-market tenant leases $ (220,646) $ (174,686) Accumulated accretion 73,262 47,669 Below-market tenant leases, net $ (147,384) $ (127,017) Acquired lease intangible liabilities, net $ (147,384) $ (127,017) (1) The below-market lease intangible relates to a ground lease that we assumed in March 2022 in connection with the acquisition of 2970 East 50th Street. |
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, 2022 2021 2020 In-place lease intangibles (1) $ 42,202 $ 30,136 $ 22,903 Net below market tenant leases (2) $ (31,339) $ (15,443) $ (10,533) Below-market ground leases (3) $ 130 $ — $ — (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 amortization of the below-market ground lease is recorded as an increase 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, 2022, for the next five years and thereafter (in thousands): Year Ending In-place Leases (1) Net Above/(Below) (2) Below Market (3) 2023 $ 38,044 $ (27,386) $ 164 2024 25,988 (21,398) 164 2025 19,430 (15,519) 164 2026 15,041 (12,568) 164 2027 10,629 (8,104) 164 Thereafter 33,827 (48,229) 12,027 Total $ 142,959 $ (133,204) $ 12,847 (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. (3) Estimated amounts of amortization will be recorded as an increase to property expenses in the consolidated statements of operations for the periods presented. |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable | The following table summarizes the components and significant terms of our indebtedness as of December 31, 2022 and 2021 (dollars in thousands): December 31, 2022 December 31, 2021 Margin Above SOFR Interest Rate (1) Contractual Unsecured and Secured Debt: Unsecured Debt: Revolving Credit Facility $ — $ — S+0.725 % (2) 5.125 % (3) 5/26/2026 (4) $400M Term Loan 400,000 — S+0.800 % (2) 5.258 % 7/19/2024 (4) $150M Term Loan Facility (5) — 150,000 n/a n/a 5/22/2025 $100M Notes 100,000 100,000 n/a 4.290 % 8/6/2025 $300M Term Loan 300,000 — S+0.800 % (2) 3.717 % (6) 5/26/2027 $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 due 2030 400,000 400,000 n/a 2.125 % 12/1/2030 $400M Senior Notes due 2031 (green bond) 400,000 400,000 n/a 2.150 % 9/1/2031 $75M Series 2019B Notes 75,000 75,000 n/a 4.030 % 7/16/2034 Total Unsecured Debt $ 1,825,000 $ 1,275,000 Secured Debt: 2601-2641 Manhattan Beach Boulevard (7) $ 3,832 $ 3,951 n/a 4.080 % 4/5/2023 $60M Term Loan (8) — 58,108 n/a n/a 8/1/2023 960-970 Knox Street (7) 2,307 2,399 n/a 5.000 % 11/1/2023 7612-7642 Woodwind Drive (7) 3,712 3,806 n/a 5.240 % 1/5/2024 11600 Los Nietos Road (7) 2,462 2,626 n/a 4.190 % 5/1/2024 $60M Term Loan Facility (9) 60,000 — S+1.250 % 5.708 % 10/27/2024 5160 Richton Street (7) 4,153 4,272 n/a 3.790 % 11/15/2024 22895 Eastpark Drive (7) 2,612 2,682 n/a 4.330 % 11/15/2024 701-751 Kingshill Place (10) 7,100 7,100 n/a 3.900 % 1/5/2026 13943-13955 Balboa Boulevard (7) 14,965 15,320 n/a 3.930 % 7/1/2027 2205 126th Street (11) 5,200 5,200 n/a 3.910 % 12/1/2027 2410-2420 Santa Fe Avenue (11) 10,300 10,300 n/a 3.700 % 1/1/2028 11832-11954 La Cienega Boulevard (7) 3,928 4,002 n/a 4.260 % 7/1/2028 Gilbert/La Palma (7) 1,935 2,119 n/a 5.125 % 3/1/2031 7817 Woodley Avenue (7) 3,009 3,132 n/a 4.140 % 8/1/2039 2515 Western Avenue (12) — 13,104 n/a 4.500 % 9/1/2042 Total Secured Debt $ 125,515 $ 138,121 Total Unsecured and Secured Debt $ 1,950,515 $ 1,413,121 Less: Unamortized premium/discount and debt issuance costs (13) (14,134) (13,556) Total $ 1,936,381 $ 1,399,565 (1) Reflects the contractual interest rate under the terms of each loan as of December 31, 2022 and includes the effect of interest rate swaps that were effective as of December 31, 2022. See footnote (6) 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 daily Secured Overnight Financing Rate (“SOFR”) for the unsecured revolving credit facility and 1-month term SOFR (“Term SOFR”) for the $300.0 million and $400.0 million unsecured term loans (in each case increased by a 0.10% SOFR adjustment) plus an applicable margin ranging from 0.725% to 1.400% per annum for the unsecured revolving credit facility and 0.80% to 1.60% per annum for the $300.0 million and $400.0 million unsecured term loans, depending on our investment grade ratings, leverage ratio and sustainability performance metrics, which may change from time to time. These loans are also subject to a 0% SOFR floor. In August 2022, our credit ratings were upgraded by two credit rating agencies and as a result, the applicable margin on the unsecured revolving credit facility was lowered to 0.725% from 0.775% and the applicable margin on the $300.0 million and $400.0 million unsecured term loans was lowered to 0.80% from 0.85%. (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 0.300% per annum depending upon our investment grade ratings, leverage ratio and sustainability performance metrics. (4) The unsecured revolving credit facility has two six-month extensions and the $400.0 million unsecured term loan has two one-year extensions available at the borrower’s option, subject to certain terms and conditions. (5) In May 2022, we repaid in full the outstanding principal balance on this unsecured debt. (6) As of December 31, 2022, Term SOFR related to $300.0 million of our variable rate debt has been effectively fixed through the use of interest rate swaps. Including the impact of these interest rate swaps, the hedged effective interest rate on the $300.0 million unsecured term loan is 3.717%. See Note 7 for details related to our interest rate swaps. (7) Fixed monthly payments of interest and principal until maturity as follows: 2601-2641 Manhattan Beach Boulevard ($23,138), 960-970 Knox Street ($17,538), 7612-7642 Woodwind Drive ($24,270), 11600 Los Nietos ($22,637), 5160 Richton Street ($23,270), 22895 Eastpark Drive ($15,396), 13943-13955 Balboa Boulevard ($79,198), 11832-11954 La Cienega Boulevard ($20,194), Gilbert/La Palma ($24,008) and 7817 Woodley Avenue ($20,855). (8) In October 2022, we repaid in full the outstanding principal balance on this secured debt. (9) Loan has interest-only payment terms bearing interest at Term SOFR increased by a 0.10% SOFR adjustment plus an applicable margin of 1.25% per annum. The loan is secured by six properties and has three one-year extensions available at the borrower’s option, subject to certain terms and conditions. (10) 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. (11) Fixed monthly payments of interest only. (12) In June 2022, we repaid in full the outstanding principal balance on this secured debt and incurred no penalty for the prepayment in advance of its maturity date of September 1, 2042. (13) 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 premiums/discounts and debt issuance costs, as of December 31, 2022, and does not consider extension options available to us as noted in the table above (in thousands): 2023 $ 7,490 2024 473,403 2025 100,973 2026 7,587 2027 444,078 Thereafter 916,984 Total $ 1,950,515 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 (in thousands): For the year ending December 31, 2023 $ 513,582 2024 447,083 2025 381,133 2026 305,315 2027 223,512 Thereafter 817,465 Total $ 2,688,090 |
Lease Cost | The tables below present financial and supplemental information associated with our leases. Year Ended December 31, Lease Cost (1) (in thousands) 2022 2021 2020 Operating lease cost $ 1,845 $ 1,598 $ 1,354 Variable lease cost 113 63 39 Sublease income (268) — — Total lease cost $ 1,690 $ 1,661 $ 1,393 (1) Amounts are included in “General and administrative” and “Property expenses” in the accompanying consolidated statement of operations. Year Ended December 31, Other Information (in thousands) 2022 2021 2020 Cash paid for amounts included in the measurement of operating lease liabilities $ 2,016 $ 1,471 $ 1,127 Right-of-use assets obtained in exchange for new operating lease liabilities $ 6,363 $ — $ 3,204 Lease Term and Discount Rate December 31, 2022 December 31, 2021 Weighted-average remaining lease term (1) 36.5 years 3.3 years Weighted-average discount rate (2) 3.77 % 2.95 % (1) Includes the impact of extension options that we are reasonably certain to exercise. The weighted average remaining lease term as of December 31, 2022 includes the ground lease we assumed in the acquisition of 2970 East 50th Street in March 2022, which has a remaining lease term of approximately 78 years (including the four additional ten-year renewal options). Excluding this ground lease, the weighted average remaining lease term as of December 31, 2022, is 3.3 years. (2) 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 | The following table summarizes the maturity of operating lease liabilities under our corporate office leases and ground leases as of December 31, 2022 (in thousands): 2023 $ 2,308 2024 2,297 2025 1,122 2026 681 2027 696 Thereafter 20,051 Total undiscounted lease payments $ 27,155 Less imputed interest (16,266) Total lease liabilities $ 10,889 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Swap Agreement | The following table sets forth a summary of the terms and fair value of our interest rate swaps as of December 31, 2022 and 2021 (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. Notional Value (2) Fair Value of Interest Rate Derivative Assets/ (Liabilities) (3) Derivative Instrument Effective Date Maturity Date Interest Strike Rate (1) December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Interest Rate Swap 7/27/2022 5/26/2027 2.8170 % $ 150,000 $ — $ 5,720 $ — Interest Rate Swap 7/27/2022 5/26/2027 2.8175 % $ 150,000 $ — $ 5,702 $ — Interest Rate Swap 7/22/2019 11/22/2024 2.7625 % $ — $ 150,000 $ — $ (7,482) (1) As of December 31, 2022, our interest rate swaps were indexed to 1-month SOFR. As of December 31, 2021, our interest rate swap was indexed to 1-month LIBOR. (2) 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 financial statements for the periods presented (in thousands): Year Ended December 31, 2022 2021 2020 Interest Rate Swaps in Cash Flow Hedging Relationships: Amount of gain (loss) recognized in AOCI on derivatives $ 17,227 $ 263 $ (17,212) Amount of loss reclassified from AOCI into earnings as “Interest expense” (1) $ (1,619) $ (8,070) $ (6,332) Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) $ 48,496 $ 40,139 $ 30,849 (1) Includes amounts that are being amortized from AOCI into interest expense on a straight-line basis related to (i) the T-Locks that were settled in August 2021, (ii) the interest the interest rate swaps that were terminated in November 2020 and August 2021 and for which amounts have been fully reclassified into interest expense as of the original maturity date of each interest rate swap, which was in August 2021 and January 2022, respectively, and (iii) the interest rate swap that was terminated in May 2022, as discussed above. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, 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, 2022 Interest Rate Swap Asset $ 11,422 $ — $ 11,422 $ — December 31, 2021 Interest Rate Swap Liability $ (7,482) $ — $ (7,482) $ — |
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, 2022 and 2021 (in thousands). Fair Value Measurement Using Liabilities Total Fair Value Quoted Price in Active Significant Other Significant Carrying Value Notes Payable at: December 31, 2022 $ 1,740,745 $ — $ — $ 1,740,745 $ 1,936,381 December 31, 2021 $ 1,404,680 $ — $ — $ 1,404,680 $ 1,399,565 |
Stockholder's Equity (Tables)
Stockholder's Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Cumulative Preferred Shares | As of December 31, 2022 and 2021, we had the following series of Cumulative Preferred Shares (“Preferred Stock”) outstanding (dollars in thousands): December 31, 2022 December 31, 2021 Series Earliest Redemption Date Dividend Rate Shares Outstanding Liquidation Preference Shares Outstanding Liquidation Preference 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 6,450,000 $ 161,250 6,450,000 $ 161,250 |
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, 2022 and 2021, which consists solely of adjustments related to our cash flow hedges: Year Ended December 31, 2022 2021 Accumulated other comprehensive loss - beginning balance $ (9,874) $ (17,709) Other comprehensive income before reclassifications 17,227 263 Amounts reclassified from accumulated other comprehensive loss to interest expense (1) 1,619 8,070 Net current period other comprehensive income 18,846 8,333 Less: other comprehensive income attributable to noncontrolling interests (725) (498) Other comprehensive income attributable to common stockholders 18,121 7,835 Accumulated other comprehensive income (loss) - ending balance $ 8,247 $ (9,874) (1) Amounts include $0.3 million and $2.2 million reclassifications from AOCI into interest expense for the years ended December 31, 2022 and 2021, respectively, related to terminated swaps. See “Note 7 – Interest Rate Derivatives” for additional information. |
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, 2022, 2021 and 2020: Common Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.203386 100.00 % $ 1.049243 100.00 % $ 0.834238 100.00 % Total $ 1.203386 100.00 % $ 1.049243 100.00 % $ 0.834238 100.00 % Series A Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ — — % $ 0.917970 100.00 % $ 1.468752 100.00 % Total $ — — % $ 0.917970 100.00 % $ 1.468752 100.00 % Series B Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Total $ 1.468752 100.00 % $ 1.468752 100.00 % $ 1.468752 100.00 % Series C Preferred Stock Year Ended December 31, 2022 2021 2020 Ordinary Income $ 1.406252 100.00 % $ 1.406252 100.00 % $ 1.406252 100.00 % Total $ 1.406252 100.00 % $ 1.406252 100.00 % $ 1.406252 100.00 % |
Incentive Award Plan (Tables)
Incentive Award Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 LTIP Award 2021 LTIP Award 2020 LTIP Award Valuation date November 8, 2022 December 23, 2021 December 22, 2020 Closing share price of common stock $ 53.94 $ 77.50 $ 48.58 Discount for post-vesting restrictions and book-up events 7.4 % 7.8 % 7.6 % Grant date fair value (in thousands) $ 8,353 $ 6,648 $ 5,437 |
Schedule of LTIP Unit Activity | The following table sets forth our unvested LTIP Unit activity for the years ended December 31, 2022, 2021 and 2020: Number of Unvested LTIP Units Weighted-Average Grant Date Fair Value per Unit 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 Granted 148,533 $ 62.45 Vested (145,470) $ 40.65 Balance at December 31, 2021 239,709 $ 54.99 Granted 215,058 $ 54.14 Vested (141,716) $ 54.04 Balance at December 31, 2022 313,051 $ 54.84 |
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 2022 Performance Award 204,394 204,394 204,394 60,006 673,188 2021 Performance Award 113,871 113,871 113,871 24,391 366,004 2020 Performance Award 148,030 148,030 148,027 32,828 476,915 (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”). |
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 2022 Award <18% — % < 35th Percentile — % < 10% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 10 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 14 % 33.4 % See Note (1) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 18 % 66.7 % “Maximum Level” ≥40% 100 % ≥ 90th Percentile 100 % ≥24% 100 % 2021 Award < 18% — % < 35th Percentile — % < 10% — % “Threshold Level” 18 % 16.7 % 35th Percentile 16.7 % 10 % 16.7 % “Target Level” 24 % 33.4 % 55th Percentile 33.4 % 14 % 33.4 % See Note (2) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 18 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥ 24% 100 % 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 (3) “ High Level” 30 % 66.7 % 75th Percentile 66.7 % 21 % 66.7 % “Maximum Level” ≥ 40% 100 % ≥ 90th Percentile 100 % ≥ 26% 100 % (1) The performance period for the 2022 Market Performance Award is November 8, 2022 through November 7, 2025, and the performance period for the 2022 FFO Per-Share Award is January 1, 2023 through December 31, 2025. (2) The performance period for the 2021 Market Performance Award is December 23, 2021 through December 22, 2024, and the performance period for the 2021 FFO Per-Share Award is January 1, 2022 through December 31, 2024. (3) 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. 2022 Market Performance Award 2021 Market Performance Award 2020 Market Performance Award Valuation date November 8, 2022 December 23, 2021 December 22, 2020 Expected share price volatility for the Company 34.0 % 31.0 % 31.0 % Expected share price volatility for peer group companies - low end of range (1) 18.0 % 17.0 % 17.0 % Expected share price volatility for peer group companies - high end of range (1) 100.0 % 100.0 % 100.0 % Expected dividend yield 1.90 % 1.70 % 1.90 % Risk-free interest rate 4.57 % 0.98 % 0.19 % Grant date fair value (in thousands) $ 11,869 $ 8,962 $ 6,928 |
Schedule of Unvested Restricted Stock Activity | The following table sets forth our unvested restricted stock activity for the years ended December 31, 2022, 2021 and 2020: Number of Unvested Shares of Restricted Common Stock Weighted-Average Grant Date Fair Value per Share 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 Granted 132,537 $ 50.62 Forfeited (23,763) $ 42.69 Vested (1)(2) (92,494) $ 35.45 Balance at December 31, 2021 249,179 $ 45.62 Granted 134,984 $ 67.98 Forfeited (11,442) $ 56.24 Vested (1)(2) (98,305) $ 43.55 Balance at December 31, 2022 274,416 $ 56.92 (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 $6.6 million, $4.6 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022 2021 2020 Expensed share-based compensation (1) $ 28,426 $ 19,506 $ 12,871 Capitalized share-based compensation (2) 610 357 223 Total share-based compensation $ 29,036 $ 19,863 $ 13,094 (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, 2022 | |
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, 2022 2021 2020 Numerator: Net income $ 177,157 $ 136,246 $ 80,895 Less: Preferred stock dividends (9,258) (12,563) (14,545) Less: Original issuance costs of redeemed preferred stock — (3,349) — Less: Net income attributable to noncontrolling interests (9,573) (8,005) (4,492) Less: Net income attributable to participating securities (845) (568) (509) Net income attributable to common stockholders $ 157,481 $ 111,761 $ 61,349 Denominator: Weighted average shares of common stock outstanding - basic 170,467,365 139,294,882 120,873,624 Effect of dilutive securities 510,907 780,807 304,686 Weighted average shares of common stock outstanding - diluted 170,978,272 140,075,689 121,178,310 Earnings per share - Basic Net income attributable to common stockholders $ 0.92 $ 0.80 $ 0.51 Earnings per share - Diluted Net income attributable to common stockholders $ 0.92 $ 0.80 $ 0.51 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Summary of Acquired Wholly Owned Property Acquisitions | The following table summarizes the properties we acquired subsequent to December 31, 2022: Property Submarket Date of Acquisition Rentable Square Feet Number of Buildings Contractual Purchase Price (in thousands) (1) 16752 Armstrong Avenue Orange County - Airport 1/6/2023 81,600 1 $ 40,000 10545 Production Avenue San Bernardino - Inland Empire West 1/30/2023 1,101,840 1 365,000 Total 1,183,440 2 $ 405,000 (1) Represents the gross contractual purchase price before credits, prorations, closing costs and other acquisition related costs. |
Dividends Declared | On February 6, 2023, our board of directors declared the following quarterly cash dividends/distributions: Security Amount per Share/Unit Record Date Payment Date Common stock $ 0.380 March 31, 2023 April 17, 2023 OP Units $ 0.380 March 31, 2023 April 17, 2023 5.875% Series B Cumulative Redeemable Preferred Stock $ 0.367188 March 15, 2023 March 31, 2023 5.625% Series C Cumulative Redeemable Preferred Stock $ 0.351563 March 15, 2023 March 31, 2023 4.43937% Cumulative Redeemable Convertible Preferred Units $ 0.505085 March 15, 2023 March 31, 2023 4.00% Cumulative Redeemable Convertible Preferred Units $ 0.450000 March 15, 2023 March 31, 2023 3.00% Cumulative Redeemable Convertible Preferred Units $ 0.545462 March 15, 2023 March 31, 2023 |
Organization - Additional Infor
Organization - Additional Information (Detail) ft² in Millions | Dec. 31, 2022 ft² property |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of real estate properties | property | 356 |
Area of real estate property (square feet) | ft² | 42.4 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment of right-of-use asset | $ 0 | $ 992 | $ 0 | |
Cash and cash equivalents | 36,786 | 43,987 | 176,293 | |
Restricted cash | 0 | 11 | 1,230 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 36,786 | 43,998 | 177,523 | $ 78,857 |
Interest costs capitalized | 12,200 | 4,500 | 3,900 | |
Real estate taxes and insurance costs capitalized | $ 5,200 | 2,200 | 1,200 | |
REIT annual taxable income distribution requirement percentage | 90% | |||
Provision for doubtful accounts | $ 400 | (500) | (5,000) | |
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 | 25 years | |||
Construction Employees | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Compensation costs capitalized | $ 8,700 | $ 6,100 | $ 4,100 | |
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 | 7.50% | |||
Measurement Input, Cap Rate | Minimum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value inputs, discount rate | 3.75% | |||
Measurement Input, Cap Rate | Maximum | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Fair value inputs, discount rate | 6.25% | |||
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 | 12 months |
Investments in Real Estate - Su
Investments in Real Estate - Summary of Acquired Wholly Owned Industrial Properties (Details) | 4 Months Ended | 12 Months Ended | ||||||||||
May 25, 2022 USD ($) shares | Mar. 17, 2022 shares | Oct. 12, 2021 USD ($) | Sep. 30, 2021 USD ($) | Aug. 20, 2021 USD ($) | Jan. 27, 2021 USD ($) | Nov. 17, 2020 USD ($) shares | Mar. 05, 2020 USD ($) building shares | Jun. 19, 2020 USD ($) building | Dec. 31, 2022 USD ($) ft² property building | Dec. 31, 2021 USD ($) ft² building | Dec. 31, 2020 USD ($) | |
Real Estate [Line Items] | ||||||||||||
Rentable Square Feet | ft² | 5,940,775 | 5,650,673 | ||||||||||
Number of buildings | building | 87 | 80 | ||||||||||
Contractual purchase price | $ 2,391,927,000 | $ 1,887,797,000 | ||||||||||
Asset Acquisition, Consideration Transferred, Transaction Cost | 27,700,000 | 17,700,000 | ||||||||||
Asset Acquisition, Consideration Transferred Including Transaction Costs | 2,420,000,000 | 1,900,000,000 | ||||||||||
Issuance of OP Units | 56,167,000 | $ 179,262,000 | ||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | 0 | 16,512,000 | 65,264,000 | |||||||||
Long-term Debt, Gross | $ 1,950,515,000 | $ 1,413,121,000 | ||||||||||
15010 Don Julian Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 05, 2021 | |||||||||||
Rentable Square Feet | ft² | 92,925 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 22,200,000 | |||||||||||
5002-5018 Lindsay Court | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 11, 2021 | |||||||||||
Rentable Square Feet | ft² | 64,960 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 12,650,000 | |||||||||||
514 East C Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 14, 2021 | |||||||||||
Rentable Square Feet | ft² | 3,436 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 9,950,000 | |||||||||||
17907-18001 Figueroa Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 26, 2021 | |||||||||||
Rentable Square Feet | ft² | 74,810 | |||||||||||
Number of buildings | building | 6 | |||||||||||
Contractual purchase price | $ 20,200,000 | |||||||||||
7817 Woodley Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 27, 2021 | |||||||||||
Rentable Square Feet | ft² | 36,900 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 9,963,000 | |||||||||||
8888-8992 Balboa Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 04, 2021 | |||||||||||
Rentable Square Feet | ft² | 86,637 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 19,800,000 | |||||||||||
9920-10020 Pioneer Boulevard | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 19, 2021 | |||||||||||
Rentable Square Feet | ft² | 157,669 | |||||||||||
Number of buildings | building | 7 | |||||||||||
Contractual purchase price | $ 23,500,000 | |||||||||||
2553 Garfield Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 19, 2021 | |||||||||||
Rentable Square Feet | ft² | 25,615 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 3,900,000 | |||||||||||
6655 East 26th Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 19, 2021 | |||||||||||
Rentable Square Feet | ft² | 47,500 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 6,500,000 | |||||||||||
560 Main Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 19, 2021 | |||||||||||
Rentable Square Feet | ft² | 17,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 2,600,000 | |||||||||||
4225 Etiwanda Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 23, 2021 | |||||||||||
Rentable Square Feet | ft² | 134,500 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 32,250,000 | |||||||||||
12118 Bloomfield Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 14, 2021 | |||||||||||
Rentable Square Feet | ft² | 63,000 | |||||||||||
Number of buildings | building | 4 | |||||||||||
Contractual purchase price | $ 16,650,000 | |||||||||||
256 Alondra Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 15, 2021 | |||||||||||
Rentable Square Feet | ft² | 2,456 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 11,250,000 | |||||||||||
19007 Reyes Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 23, 2021 | |||||||||||
Rentable Square Feet | ft² | 0 | |||||||||||
Number of buildings | building | 0 | |||||||||||
Contractual purchase price | $ 16,350,000 | |||||||||||
19431 Santa Fe Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 30, 2021 | |||||||||||
Rentable Square Feet | ft² | 14,793 | |||||||||||
Number of buildings | building | 3 | |||||||||||
Contractual purchase price | $ 10,500,000 | |||||||||||
4621 Guasti Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 21, 2021 | |||||||||||
Rentable Square Feet | ft² | 64,512 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 13,335,000 | |||||||||||
12838 Saticoy Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 15, 2021 | |||||||||||
Rentable Square Feet | ft² | 100,390 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 27,250,000 | |||||||||||
19951 Mariner Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 15, 2021 | |||||||||||
Rentable Square Feet | ft² | 89,272 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 27,400,000 | |||||||||||
East 12th Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 17, 2021 | |||||||||||
Rentable Square Feet | ft² | 257,976 | |||||||||||
Number of buildings | building | 4 | |||||||||||
Contractual purchase price | $ 93,600,000 | |||||||||||
29120 Commerce Center Drive | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 22, 2021 | |||||||||||
Rentable Square Feet | ft² | 135,258 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 27,052,000 | |||||||||||
20304 Alameda Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 24, 2021 | |||||||||||
Rentable Square Feet | ft² | 77,758 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 13,500,000 | |||||||||||
4181 Ruffin Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 08, 2021 | |||||||||||
Rentable Square Feet | ft² | 150,144 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 35,750,000 | |||||||||||
12017 Greenstone Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 16, 2021 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 13,500,000 | |||||||||||
1901 Via Burton | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 26, 2021 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 24,211,000 | |||||||||||
1555 Cucamonga Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 04, 2021 | |||||||||||
Rentable Square Feet | ft² | 107,023 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 21,000,000 | |||||||||||
1800 Lomita Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 06, 2021 | |||||||||||
Contractual purchase price | $ 70,000,000 | |||||||||||
8210-8240 Haskell Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 17, 2021 | |||||||||||
Rentable Square Feet | ft² | 53,248 | |||||||||||
Number of buildings | building | 3 | |||||||||||
Contractual purchase price | $ 12,425,000 | |||||||||||
3100 Lomita Boulevard | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 20, 2021 | |||||||||||
Rentable Square Feet | ft² | 575,976 | |||||||||||
Number of buildings | building | 5 | |||||||||||
Contractual purchase price | $ 182,000,000 | $ 202,469,000 | ||||||||||
Asset Acquisition, Loan Prepayment Fee | $ 20,400,000 | |||||||||||
2401-2421 Glassell Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 25, 2021 | |||||||||||
Rentable Square Feet | ft² | 191,127 | |||||||||||
Number of buildings | building | 4 | |||||||||||
Contractual purchase price | $ 70,025,000 | |||||||||||
2390-2444 American Way | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 26, 2021 | |||||||||||
Contractual purchase price | $ 16,700,000 | |||||||||||
500 Dupont Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 26, 2021 | |||||||||||
Rentable Square Feet | ft² | 276,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 58,500,000 | |||||||||||
1801 St. Andrew Place | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 10, 2021 | |||||||||||
Rentable Square Feet | ft² | 370,374 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 105,300,000 | |||||||||||
5772 Jurupa Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 17, 2021 | |||||||||||
Rentable Square Feet | ft² | 360,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 54,000,000 | |||||||||||
2500 Victoria Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 30, 2021 | |||||||||||
Contractual purchase price | $ 217,100,000 | $ 232,067,000 | ||||||||||
Asset Acquisition, Security Deposit | $ 15,000,000 | |||||||||||
1010 Belmont Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Oct. 01, 2021 | |||||||||||
Rentable Square Feet | ft² | 61,824 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 14,500,000 | |||||||||||
21515 Western Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Oct. 12, 2021 | |||||||||||
Rentable Square Feet | ft² | 56,199 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 18,950,000 | |||||||||||
12027 Greenstone Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Oct. 28, 2021 | |||||||||||
Rentable Square Feet | ft² | 7,780 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 8,125,000 | |||||||||||
6027 Eastern Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 16, 2021 | |||||||||||
Rentable Square Feet | ft² | 82,922 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 23,250,000 | |||||||||||
340-344 Bonnie Circle | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 16, 2021 | |||||||||||
Rentable Square Feet | ft² | 98,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 27,000,000 | |||||||||||
14100 Vine Place | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 18, 2021 | |||||||||||
Rentable Square Feet | ft² | 119,145 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 48,501,000 | |||||||||||
2280 Ward Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 30, 2021 | |||||||||||
Rentable Square Feet | ft² | 242,101 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 46,411,000 | |||||||||||
20481 Crescent Bay Drive | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 30, 2021 | |||||||||||
Rentable Square Feet | ft² | 88,355 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 19,500,000 | |||||||||||
334 El Encanto Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 02, 2021 | |||||||||||
Rentable Square Feet | ft² | 64,368 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 10,675,000 | |||||||||||
17031-17037 Green Drive | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 10, 2021 | |||||||||||
Rentable Square Feet | ft² | 51,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 13,770,000 | |||||||||||
13512 Marlay Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2021 | |||||||||||
Rentable Square Feet | ft² | 199,363 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 51,000,000 | |||||||||||
14940 Proctor Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 17, 2021 | |||||||||||
Rentable Square Feet | ft² | 111,927 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 28,596,000 | |||||||||||
2800 Casitas Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 22, 2021 | |||||||||||
Rentable Square Feet | ft² | 117,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 43,000,000 | |||||||||||
4240 190th Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 23, 2021 | |||||||||||
Rentable Square Feet | ft² | 307,487 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 75,300,000 | |||||||||||
2391-2393 Bateman Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 28, 2021 | |||||||||||
Rentable Square Feet | ft² | 65,605 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 23,077,000 | |||||||||||
1168 Sherborn Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 29, 2021 | |||||||||||
Rentable Square Feet | ft² | 79,515 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 23,445,000 | |||||||||||
3071 Coronado Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 30, 2021 | |||||||||||
Rentable Square Feet | ft² | 109,908 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 28,000,000 | |||||||||||
8911 Aviation Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 30, 2021 | |||||||||||
Rentable Square Feet | ft² | 100,000 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 32,000,000 | |||||||||||
1020 Bixby Drive | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 31, 2021 | |||||||||||
Rentable Square Feet | ft² | 56,915 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 16,350,000 | |||||||||||
13943-13955 Balboa Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Contractual purchase price | $ 45,300,000 | |||||||||||
Issuance of OP Units | $ 27,800,000 | |||||||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 592,186 | |||||||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Number of buildings | building | 10 | 1 | ||||||||||
Contractual purchase price | $ 214,200,000 | |||||||||||
444 Quay Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 14, 2022 | |||||||||||
Rentable Square Feet | ft² | 29,760 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 10,760,000 | |||||||||||
18455 Figueroa Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jan. 31, 2022 | |||||||||||
Rentable Square Feet | ft² | 146,765 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 64,250,000 | |||||||||||
24903 Avenue Kearny | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 01, 2022 | |||||||||||
Rentable Square Feet | ft² | 214,436 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 58,463,000 | |||||||||||
19475 Gramercy Place | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 02, 2022 | |||||||||||
Rentable Square Feet | ft² | 47,712 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 11,300,000 | |||||||||||
14005 Live Oak Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 08, 2022 | |||||||||||
Rentable Square Feet | ft² | 56,510 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 25,000,000 | |||||||||||
13700-13738 Slover Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 10, 2022 | |||||||||||
Rentable Square Feet | ft² | 17,862 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 13,209,000 | |||||||||||
Meggitt Simi Valley | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 24, 2022 | |||||||||||
Rentable Square Feet | ft² | 285,750 | |||||||||||
Number of buildings | property | 3 | |||||||||||
Contractual purchase price | $ 57,000,000 | |||||||||||
21415-21605 Plummer Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Feb. 25, 2022 | |||||||||||
Rentable Square Feet | ft² | 231,769 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 42,000,000 | |||||||||||
1501-1545 Rio Vista Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 01, 2022 | |||||||||||
Rentable Square Feet | ft² | 54,777 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 28,000,000 | |||||||||||
17011-17027 Central Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 09, 2022 | |||||||||||
Rentable Square Feet | ft² | 52,561 | |||||||||||
Number of buildings | property | 3 | |||||||||||
Contractual purchase price | $ 27,363,000 | |||||||||||
2843 Benet Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 09, 2022 | |||||||||||
Rentable Square Feet | ft² | 35,000 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 12,968,000 | |||||||||||
14243 Bessemer Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 09, 2022 | |||||||||||
Rentable Square Feet | ft² | 14,299 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 6,594,000 | |||||||||||
2970 East 50th Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 09, 2022 | |||||||||||
Rentable Square Feet | ft² | 48,876 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 18,074,000 | |||||||||||
19900 Plummer Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 11, 2022 | |||||||||||
Rentable Square Feet | ft² | 43,472 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 15,000,000 | |||||||||||
Long Beach Business Park | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 17, 2022 | |||||||||||
Rentable Square Feet | ft² | 123,532 | |||||||||||
Number of buildings | property | 4 | |||||||||||
Contractual purchase price | $ 24,000,000 | |||||||||||
13711 Freeway Drive | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 18, 2022 | |||||||||||
Rentable Square Feet | ft² | 82,092 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 34,000,000 | |||||||||||
6245 Providence Way | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Mar. 22, 2022 | |||||||||||
Rentable Square Feet | ft² | 27,636 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 9,672,000 | |||||||||||
7815 Van Nuys Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 19, 2022 | |||||||||||
Rentable Square Feet | ft² | 43,101 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 25,000,000 | |||||||||||
13535 Larwin Circle | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 21, 2022 | |||||||||||
Rentable Square Feet | ft² | 56,011 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 15,500,000 | |||||||||||
1154 Holt Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Apr. 29, 2022 | |||||||||||
Rentable Square Feet | ft² | 35,033 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 14,158,000 | |||||||||||
900-920 Allen Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 03, 2022 | |||||||||||
Rentable Square Feet | ft² | 68,630 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 25,000,000 | |||||||||||
1550-1600 Champagne Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 06, 2022 | |||||||||||
Rentable Square Feet | ft² | 124,243 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 46,850,000 | |||||||||||
10131 Banana Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 06, 2022 | |||||||||||
Rentable Square Feet | ft² | 0 | |||||||||||
Number of buildings | property | 0 | |||||||||||
Contractual purchase price | $ 26,166,000 | |||||||||||
2020 Central Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 20, 2022 | |||||||||||
Rentable Square Feet | ft² | 30,233 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 10,800,000 | |||||||||||
14200-14220 Arminta Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 25, 2022 | |||||||||||
Rentable Square Feet | ft² | 200,003 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 80,700,000 | $ 80,653,000 | ||||||||||
1172 Holt Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | May 25, 2022 | |||||||||||
Rentable Square Feet | ft² | 44,004 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 17,783,000 | |||||||||||
1500 Raymond Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 01, 2022 | |||||||||||
Rentable Square Feet | ft² | 0 | |||||||||||
Number of buildings | property | 0 | |||||||||||
Contractual purchase price | $ 45,000,000 | |||||||||||
2400 Marine Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 02, 2022 | |||||||||||
Rentable Square Feet | ft² | 50,000 | |||||||||||
Number of buildings | property | 2 | |||||||||||
Contractual purchase price | $ 30,000,000 | |||||||||||
400 Rosecrans Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 06, 2022 | |||||||||||
Rentable Square Feet | ft² | 28,006 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 8,500,000 | |||||||||||
3547-3555 Voyager Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 12, 2022 | |||||||||||
Rentable Square Feet | ft² | 60,248 | |||||||||||
Number of buildings | building | 3 | |||||||||||
Contractual purchase price | $ 20,900,000 | |||||||||||
6996-7044 Bandini Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 13, 2022 | |||||||||||
Rentable Square Feet | ft² | 111,515 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 40,500,000 | |||||||||||
4325 Etiwanda Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 15, 2022 | |||||||||||
Rentable Square Feet | ft² | 124,258 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 47,500,000 | |||||||||||
Merge-West | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 18, 2022 | |||||||||||
Rentable Square Feet | ft² | 1,057,419 | |||||||||||
Number of buildings | building | 6 | |||||||||||
Contractual purchase price | $ 470,000,000 | |||||||||||
6000-6052 & 6027-6029 Bandini Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jul. 22, 2022 | |||||||||||
Rentable Square Feet | ft² | 182,782 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 91,500,000 | |||||||||||
14434-14527 San Pedro Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 03, 2022 | |||||||||||
Rentable Square Feet | ft² | 118,923 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 49,105,000 | |||||||||||
20900 Normandie Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 03, 2022 | |||||||||||
Rentable Square Feet | ft² | 74,038 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 39,980,000 | |||||||||||
15771 Red Hill Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 09, 2022 | |||||||||||
Rentable Square Feet | ft² | 100,653 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 46,000,000 | |||||||||||
14350 Arminta Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 10, 2022 | |||||||||||
Rentable Square Feet | ft² | 18,147 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 8,400,000 | |||||||||||
29125 Avenue Paine | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 14, 2022 | |||||||||||
Rentable Square Feet | ft² | 175,897 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 45,000,000 | |||||||||||
3935-3949 Heritage Oak Court | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 22, 2022 | |||||||||||
Rentable Square Feet | ft² | 186,726 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 56,400,000 | |||||||||||
620 Anaheim Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Jun. 23, 2022 | |||||||||||
Rentable Square Feet | ft² | 34,555 | |||||||||||
Number of buildings | property | 1 | |||||||||||
Contractual purchase price | $ 17,100,000 | |||||||||||
3901 Via Oro Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 12, 2022 | |||||||||||
Rentable Square Feet | ft² | 53,817 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 20,000,000 | |||||||||||
15650 Don Julian Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 12, 2022 | |||||||||||
Rentable Square Feet | ft² | 43,392 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 16,226,000 | |||||||||||
15700 Don Julian Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 12, 2022 | |||||||||||
Rentable Square Feet | ft² | 40,453 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 15,127,000 | |||||||||||
17000 Gale Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 12, 2022 | |||||||||||
Rentable Square Feet | ft² | 29,888 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 11,176,000 | |||||||||||
17909 & 17929 Susana Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 17, 2022 | |||||||||||
Rentable Square Feet | ft² | 57,376 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 26,100,000 | |||||||||||
2880 Ana Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Aug. 25, 2022 | |||||||||||
Rentable Square Feet | ft² | 80,850 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 34,600,000 | |||||||||||
920 Pacific Coast Highway | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 01, 2022 | |||||||||||
Rentable Square Feet | ft² | 148,186 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 100,000,000 | |||||||||||
21022 & 21034 Figueroa Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 07, 2022 | |||||||||||
Rentable Square Feet | ft² | 51,185 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 24,200,000 | |||||||||||
13301 Main Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Sep. 14, 2022 | |||||||||||
Rentable Square Feet | ft² | 106,969 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 51,150,000 | |||||||||||
20851 Currier Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Oct. 05, 2022 | |||||||||||
Rentable Square Feet | ft² | 59,412 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 21,800,000 | |||||||||||
3131 Harcourt Street & 18031 Susana Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 15, 2022 | |||||||||||
Rentable Square Feet | ft² | 73,000 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 27,500,000 | |||||||||||
14400 Figueroa Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Nov. 22, 2022 | |||||||||||
Rentable Square Feet | ft² | 121,062 | |||||||||||
Number of buildings | building | 4 | |||||||||||
Contractual purchase price | $ 49,000,000 | |||||||||||
2130-2140 Del Amo Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2022 | |||||||||||
Rentable Square Feet | ft² | 99,064 | |||||||||||
Number of buildings | building | 2 | |||||||||||
Contractual purchase price | $ 41,900,000 | |||||||||||
19145 Gramercy Place | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2022 | |||||||||||
Rentable Square Feet | ft² | 102,143 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 37,000,000 | |||||||||||
20455 Reeves Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2022 | |||||||||||
Rentable Square Feet | ft² | 110,075 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 48,950,000 | |||||||||||
14874 Jurupa Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2022 | |||||||||||
Rentable Square Feet | ft² | 158,119 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 59,250,000 | |||||||||||
10660 Mulberry Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 16, 2022 | |||||||||||
Rentable Square Feet | ft² | 49,530 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 10,950,000 | |||||||||||
755 Trademark Circle | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 23, 2022 | |||||||||||
Rentable Square Feet | ft² | 34,427 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 10,500,000 | |||||||||||
4500 Azusa Canyon Road | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 29, 2022 | |||||||||||
Rentable Square Feet | ft² | 77,266 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 40,000,000 | |||||||||||
7817 Haskell Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Date of Acquisition | Dec. 29, 2022 | |||||||||||
Rentable Square Feet | ft² | 7,327 | |||||||||||
Number of buildings | building | 1 | |||||||||||
Contractual purchase price | $ 11,050,000 | |||||||||||
Secured Debt | 7817 Woodley Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 3,200,000 | |||||||||||
Secured Debt | 21515 Western Avenue | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 13,200,000 | |||||||||||
Noncontrolling Interests | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Issuance of OP Units | 56,167,000 | $ 179,262,000 | ||||||||||
Noncontrolling Interests | Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Issuance of OP Units | $ 67,500,000 | |||||||||||
Noncontrolling Interests | Operating Partnership | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Limited Partners' Capital Account, Units Issued | shares | 1,406,170 | |||||||||||
Noncontrolling Interests | Operating Partnership | 14200-14220 Arminta Street | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Limited Partners' Capital Account, Units Issued | shares | 954,000 | |||||||||||
Issuance of OP Units | $ 56,200,000 | |||||||||||
Fixed Rate Debt | 13943-13955 Balboa Blvd | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Long-term Debt, Gross | $ 14,965,000 | $ 15,320,000 | ||||||||||
Series 2 CPOP Units | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Dividend Rate | 3% | 4% | 4% | |||||||||
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% | |||||||||||
Series 3 CPOP Units | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Dividend Rate | 3% | |||||||||||
Series 3 CPOP Units | Long Beach Business Park | ||||||||||||
Real Estate [Line Items] | ||||||||||||
Acquisition, Preferred Units, Issued | shares | 164,998 | |||||||||||
Dividend Rate | 3% |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) loan | |
Assets: | ||
Land | $ 1,698,173 | $ 1,514,933 |
Buildings and improvements | 687,358 | 359,970 |
Tenant improvements | 9,987 | 37,173 |
Acquired lease intangible assets | 82,539 | 71,919 |
Right-of-use assets - ground lease | 4,787 | 0 |
Other acquired assets | 558 | 519 |
Total assets acquired | 2,483,402 | 1,984,514 |
Liabilities: | ||
Acquired lease intangible liabilities | 54,085 | 76,992 |
Notes payable | 0 | 16,512 |
Deferred rent liability | 4,339 | 1,554 |
Lease liability - ground lease | 4,787 | 0 |
Other assumed liabilities | 15,652 | 26,975 |
Total liabilities assumed | 78,863 | 122,033 |
Net assets acquired | $ 2,404,539 | $ 1,862,481 |
Below Market Lease, Weighted Average Useful Life | 8 years 10 months 24 days | 7 years 6 months |
Number of mortgage loans assumed | loan | 2 | |
In-place Lease Intangibles | ||
Liabilities: | ||
Finite-Lived Intangible Asset, Acquired-in-Place Leases | $ 63,700 | $ 67,800 |
Amortization period of acquired intangible assets | 5 years 9 months 18 days | 7 years 2 months 12 days |
Above-market tenant leases | ||
Liabilities: | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | $ 5,900 | $ 4,100 |
Amortization period of acquired intangible assets | 6 years 10 months 24 days | 9 years |
Below-market leases | ||
Liabilities: | ||
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross | $ 13,000 | |
Amortization period of acquired intangible assets | 78 years 10 months 24 days |
Investments in Real Estate - _3
Investments in Real Estate - Summary of the Properties Sold (Detail) $ in Thousands | 12 Months Ended | ||||
Sep. 30, 2020 USD ($) | Sep. 09, 2020 USD ($) | Dec. 31, 2022 USD ($) ft² | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) ft² | |
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 5,940,775 | 5,650,673 | |||
Gains (Losses) on Sales of Investment Real Estate | $ 8,486 | $ 33,929 | $ 13,617 | ||
Gain on sale recognized due to lease relcassification | $ 3,800 | $ 0 | $ 0 | $ 3,822 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Property Dispositions [Line Items] | |||||
Rentable Square Feet | ft² | 220,684 | 256,726 | |||
Contract sales price | $ 59,256 | $ 47,354 | |||
Gains (Losses) on Sales of Investment Real Estate | $ 33,929 | $ 13,617 | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 28159 Avenue Stanford | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Jan. 13, 2022 | ||||
Rentable Square Feet | ft² | 79,247 | ||||
Contract sales price | $ 16,500 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 8,486 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 14723-14825.25 Oxnard Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Feb. 12, 2021 | ||||
Rentable Square Feet | ft² | 77,790 | ||||
Contract sales price | $ 19,250 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 9,906 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 6760 Central Avenue, Unit B | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Mar. 15, 2021 | ||||
Rentable Square Feet | ft² | 9,943 | ||||
Contract sales price | $ 1,530 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 954 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 11529-11547 Tuxford Street | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | May 20, 2021 | ||||
Rentable Square Feet | ft² | 29,730 | ||||
Contract sales price | $ 8,176 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 2,750 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 5803 Newton Drive | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Sep. 15, 2021 | ||||
Rentable Square Feet | ft² | 71,602 | ||||
Contract sales price | $ 18,600 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 13,702 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2670-2674 East Walnut Street and 89-91 San Gabriel Boulevard | |||||
Property Dispositions [Line Items] | |||||
Date of Disposition | Nov. 01, 2021 | ||||
Rentable Square Feet | ft² | 31,619 | ||||
Contract sales price | $ 11,700 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 6,617 | ||||
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 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 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 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 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 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 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 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 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 | ||||
Gains (Losses) on Sales of Investment Real Estate | $ 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 | ||||
Gains (Losses) on Sales of Investment Real Estate | (910) | ||||
Purchase price | $ 2,800 |
Investments in Real Estate - Re
Investments in Real Estate - Real Estate Held for Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | $ 13,661 | |
Accumulated depreciation | (6,657) | |
Real estate held for sale, net | 7,004 | |
Other assets associated with real estate held for sale | 209 | |
Total assets associated with real estate held for sale, net | $ 0 | 7,213 |
Tenant security deposits | 177 | |
Other liabilities associated with real estate held for sale | 54 | |
Total liabilities associated with real estate held for sale | $ 0 | 231 |
Land | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | 1,849 | |
Building and improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | 10,753 | |
Tenant improvements | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Real estate held for sale | $ 1,059 |
Acquired Lease Intangibles - Su
Acquired Lease Intangibles - Summary of Acquired Lease Intangible Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total | $ 169,986 | $ 132,158 |
Acquired lease intangible liabilities, net | (147,384) | (127,017) |
In-place lease intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 315,842 | 256,902 |
Accumulated amortization | (172,883) | (135,415) |
Total | 142,959 | 121,487 |
Above-market tenant leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 26,851 | 21,065 |
Accumulated amortization | (12,671) | (10,394) |
Total | 14,180 | 10,671 |
Below Market Ground Lease | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible assets, gross | 12,977 | 0 |
Accumulated amortization | (130) | 0 |
Total | 12,847 | 0 |
Below-market tenant leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Acquired lease intangible liabilities, gross | (220,646) | (174,686) |
Accumulated accretion | 73,262 | 47,669 |
Acquired lease intangible liabilities, net | $ (147,384) | $ (127,017) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of (below) above market lease intangibles, net | $ (31,209) | $ (15,443) | $ (10,533) |
In-place Lease Intangibles | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of in-place lease intangibles | 42,202 | 30,136 | 22,903 |
Net above (below) market tenant leases | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of (below) above market lease intangibles, net | (31,339) | (15,443) | (10,533) |
Below Market Ground Lease | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization of in-place lease intangibles | $ 130 | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total | $ 169,986 | $ 132,158 |
In-place Lease Intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2023 | 38,044 | |
2024 | 25,988 | |
2025 | 19,430 | |
2026 | 15,041 | |
2027 | 10,629 | |
Thereafter | 33,827 | |
Total | 142,959 | |
Net Above/(Below) Market Operating Leases | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2023 | 27,386 | |
2024 | 21,398 | |
2025 | 15,519 | |
2026 | 12,568 | |
2027 | 8,104 | |
Thereafter | 48,229 | |
Total | 133,204 | |
Below Market Ground Lease | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
2023 | 164 | |
2024 | 164 | |
2025 | 164 | |
2026 | 164 | |
2027 | 164 | |
Thereafter | 12,027 | |
Total | $ 12,847 | $ 0 |
Notes Payable - Summary of Note
Notes Payable - Summary of Notes Payable (Detail) | 1 Months Ended | 12 Months Ended | ||||||||
Jul. 19, 2022 USD ($) | Feb. 13, 2020 extension | Oct. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) property Extension extension | Oct. 27, 2022 USD ($) | May 26, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 11, 2021 USD ($) | Aug. 09, 2021 USD ($) | Aug. 04, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 1,950,515,000 | $ 1,413,121,000 | ||||||||
Unsecured Debt | 1,825,000,000 | 1,275,000,000 | ||||||||
Secured Debt | 125,515,000 | 138,121,000 | ||||||||
Less: unamortized discount and debt issuance costs | (14,134,000) | (13,556,000) | ||||||||
Notes payable | $ 1,936,381,000 | 1,399,565,000 | ||||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extensions | Extension | 2 | |||||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 0 | 0 | ||||||||
Maturity date | May 26, 2026 | |||||||||
$225 Million Term Loan Facility | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 225,000,000 | $ 225,000,000 | ||||||||
$150 Million term loan facility | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 0 | 150,000,000 | ||||||||
Maturity date | May 22, 2025 | |||||||||
$150 Million term loan facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | |||||||||
Long-term Debt, Gross | $ 150,000,000 | |||||||||
Senior Notes Due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||
Fixed interest rate | 2.15% | |||||||||
$60 Million Term Loan | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 0 | $ 60,000,000 | 58,108,000 | |||||||
Maturity date | Aug. 01, 2023 | |||||||||
Number Of Properties Securing Loan | property | 6 | |||||||||
Write off of Deferred Debt Issuance Cost | $ 38,000 | |||||||||
$300 Million Unsecured Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||||
Long-term Debt, Gross | $ 300,000,000 | 0 | ||||||||
Maturity date | May 26, 2027 | |||||||||
Effective Interest Rate | 3.717% | |||||||||
$60 Million Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Extension period | 1 year | |||||||||
$60 Million Term Loan Facility | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 60,000,000 | $ 60,000,000 | 0 | |||||||
Maturity date | Oct. 27, 2024 | |||||||||
Number Of Properties Securing Loan | property | 6 | |||||||||
Number of extensions | extension | 3 | |||||||||
$60 Million Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.25% | |||||||||
LIBOR | Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.725% | |||||||||
Fixed interest rate | 5.125% | |||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $300 Million Unsecured Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.80% | |||||||||
Fixed interest rate | 3.717% | |||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.25% | |||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.25% | |||||||||
Fixed interest rate | 5.708% | |||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1% | |||||||||
Senior Notes | $100 Million Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 100,000,000 | 100,000,000 | ||||||||
Fixed interest rate | 4.29% | |||||||||
Maturity date | Aug. 06, 2025 | |||||||||
Senior Notes | $125 Million Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 125,000,000 | 125,000,000 | ||||||||
Fixed interest rate | 3.93% | |||||||||
Maturity date | Jul. 13, 2027 | |||||||||
Senior Notes | Series 2019A Guaranteed Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 25,000,000 | 25,000,000 | ||||||||
Fixed interest rate | 3.88% | |||||||||
Maturity date | Jul. 16, 2029 | |||||||||
Senior Notes | $400M Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | ||||||||
Fixed interest rate | 2.125% | |||||||||
Maturity date | Dec. 01, 2030 | |||||||||
Senior Notes | Senior Notes Due 2031 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | ||||||||
Fixed interest rate | 2.15% | |||||||||
Maturity date | Sep. 01, 2031 | |||||||||
Senior Notes | Series 2019B Guaranteed Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 75,000,000 | 75,000,000 | ||||||||
Fixed interest rate | 4.03% | |||||||||
Maturity date | Jul. 16, 2034 | |||||||||
Fixed Rate Debt | 2601-2641 Manhattan Beach Blvd | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 3,832,000 | 3,951,000 | ||||||||
Fixed interest rate | 4.08% | |||||||||
Maturity date | Apr. 05, 2023 | |||||||||
Debt Instrument, Periodic Payment | $ 23,138 | |||||||||
Fixed Rate Debt | 960-970 Knox Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 2,307,000 | 2,399,000 | ||||||||
Fixed interest rate | 5% | |||||||||
Maturity date | Nov. 01, 2023 | |||||||||
Debt Instrument, Periodic Payment | $ 17,538 | |||||||||
Fixed Rate Debt | 7612-7642 Woodwind Drive | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 3,712,000 | 3,806,000 | ||||||||
Fixed interest rate | 5.24% | |||||||||
Maturity date | Jan. 05, 2024 | |||||||||
Debt Instrument, Periodic Payment | $ 24,270 | |||||||||
Fixed Rate Debt | 11600 Los Nietos Road | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 2,462,000 | 2,626,000 | ||||||||
Fixed interest rate | 4.19% | |||||||||
Maturity date | May 01, 2024 | |||||||||
Debt Instrument, Periodic Payment | $ 22,637 | |||||||||
Fixed Rate Debt | 5160 Richton Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 4,153,000 | 4,272,000 | ||||||||
Fixed interest rate | 3.79% | |||||||||
Maturity date | Nov. 15, 2024 | |||||||||
Debt Instrument, Periodic Payment | $ 23,270 | |||||||||
Fixed Rate Debt | 22895 Eastpark Drive | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 2,612,000 | 2,682,000 | ||||||||
Fixed interest rate | 4.33% | |||||||||
Maturity date | Nov. 15, 2024 | |||||||||
Debt Instrument, Periodic Payment | $ 15,396 | |||||||||
Fixed Rate Debt | 701-751 Kingshill Place | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 7,100,000 | 7,100,000 | ||||||||
Fixed interest rate | 3.90% | |||||||||
Maturity date | Jan. 05, 2026 | |||||||||
Debt Instrument, Periodic Payment | $ 33,488 | |||||||||
Fixed Rate Debt | 13943-13955 Balboa Blvd | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 14,965,000 | 15,320,000 | ||||||||
Fixed interest rate | 3.93% | |||||||||
Maturity date | Jul. 01, 2027 | |||||||||
Debt Instrument, Periodic Payment | $ 79,198 | |||||||||
Fixed Rate Debt | 2205 126th Street | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 5,200,000 | 5,200,000 | ||||||||
Fixed interest rate | 3.91% | |||||||||
Maturity date | Dec. 01, 2027 | |||||||||
Fixed Rate Debt | 2410-2420 Santa Fe Avenue | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 10,300,000 | 10,300,000 | ||||||||
Fixed interest rate | 3.70% | |||||||||
Maturity date | Jan. 01, 2028 | |||||||||
Fixed Rate Debt | 11832-11954 La Cienega Blvd | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 3,928,000 | 4,002,000 | ||||||||
Fixed interest rate | 4.26% | |||||||||
Maturity date | Jul. 01, 2028 | |||||||||
Debt Instrument, Periodic Payment | $ 20,194 | |||||||||
Fixed Rate Debt | Gilbert La Palma | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 1,935,000 | 2,119,000 | ||||||||
Fixed interest rate | 5.125% | |||||||||
Maturity date | Mar. 01, 2031 | |||||||||
Debt Instrument, Periodic Payment | $ 24,008 | |||||||||
Fixed Rate Debt | 7817 Woodley Avenue | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 3,009,000 | 3,132,000 | ||||||||
Fixed interest rate | 4.14% | |||||||||
Maturity date | Aug. 01, 2039 | |||||||||
Debt Instrument, Periodic Payment | $ 20,855 | |||||||||
Fixed Rate Debt | 21515 Western Avenue | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term Debt, Gross | $ 0 | 13,104,000 | ||||||||
Fixed interest rate | 4.50% | |||||||||
Maturity date | Sep. 01, 2042 | |||||||||
Senior Unsecured Term Loan | $400 Million Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||
Long-term Debt, Gross | $ 400,000,000 | $ 0 | ||||||||
Maturity date | Jul. 19, 2024 | |||||||||
Number of extensions | Extension | 2 | |||||||||
Extension period | 1 year | 1 year | ||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $400 Million Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.80% | |||||||||
Fixed interest rate | 5.258% | |||||||||
Line of Credit | Revolving Credit Facility | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extensions | extension | 6 | |||||||||
Line of Credit | Senior Unsecured Revolving Credit Facility, $1 Billion | Senior Unsecured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of extensions | extension | 2 | |||||||||
Extension period | 6 months | |||||||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||||||
Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1% | |||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||||||
Minimum | $700 million, Amended Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee percentage investment grade rating pricing structure | 0.125% | |||||||||
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.725% | |||||||||
Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $300 Million Unsecured Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.80% | |||||||||
Minimum | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0% | |||||||||
Minimum | Line of Credit | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior Unsecured Revolving Credit Facility, $1 Billion | Senior Unsecured Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.775% | |||||||||
Maximum | $700 million, Amended Revolver | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Commitment fee percentage investment grade rating pricing structure | 0.30% | |||||||||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.40% | |||||||||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $400 Million Unsecured Term Loan | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.85% | |||||||||
Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $300 Million Unsecured Term Loan Facility | Senior Unsecured Term Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 1.60% |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Future Minimum Payments of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 7,490 | |
2024 | 473,403 | |
2025 | 100,973 | |
2026 | 7,587 | |
2027 | 444,078 | |
Thereafter | 916,984 | |
Total | $ 1,950,515 | $ 1,413,121 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Oct. 27, 2022 USD ($) | Jul. 19, 2022 USD ($) | Oct. 12, 2021 USD ($) | Aug. 09, 2021 USD ($) | Aug. 04, 2021 USD ($) | Jan. 27, 2021 USD ($) | Feb. 13, 2020 extension | Oct. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) Extension extension | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) | May 26, 2022 USD ($) | Aug. 11, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 1,950,515,000 | $ 1,413,121,000 | ||||||||||||
Loss on extinguishment of debt | 915,000 | 505,000 | $ 104,000 | |||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | 0 | 16,512,000 | 65,264,000 | |||||||||||
Total Fair Value | 0 | $ 16,512,000 | ||||||||||||
Number of mortgage loans assumed | loan | 2 | |||||||||||||
Repayments of Long-term Debt | $ 2,176,606,000 | $ 1,095,280,000 | $ 175,671,000 | |||||||||||
Series A Preferred Stock | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Dividend Rate | 5.875% | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 5.875% | |||||||||||||
Secured Debt | 7817 Woodley Avenue | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 3,200,000 | |||||||||||||
Total Fair Value | 3,300,000 | |||||||||||||
Unamortized premium | $ 100,000 | |||||||||||||
Secured Debt | 21515 Western Avenue | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Assumption of debt in connection with acquisition of real estate including loan premium | $ 13,200,000 | |||||||||||||
Senior Notes Due 2031 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||
Fixed interest rate | 2.15% | |||||||||||||
Debt Instrument, Discount, Percentage Of Principal Amount | 99.014% | |||||||||||||
Debt Instrument, Redemption Price, Percentage | 100% | |||||||||||||
Senior Notes Due 2030 And 2031 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum ratio of total indebtedness to total asset value | 60% | |||||||||||||
Maximum ratio of secured debt to total asset value | 40% | |||||||||||||
Debt service coverage ratio | 150% | |||||||||||||
Unencumbered assets to unsecured debt ratio | 150% | |||||||||||||
$60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Extension period | 1 year | |||||||||||||
Minimum | $700 million, Amended Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee percentage investment grade rating pricing structure | 0.125% | |||||||||||||
Maximum | $700 million, Amended Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Commitment fee percentage investment grade rating pricing structure | 0.30% | |||||||||||||
Senior Notes | Senior Notes Due 2031 | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 2.15% | |||||||||||||
Maturity date | Sep. 01, 2031 | |||||||||||||
Long-term Debt, Gross | $ 400,000,000 | $ 400,000,000 | ||||||||||||
Senior Notes | $400M Senior Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 2.125% | |||||||||||||
Maturity date | Dec. 01, 2030 | |||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 400,000,000 | ||||||||||||
Fixed Rate Debt | 7817 Woodley Avenue | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 4.14% | |||||||||||||
Maturity date | Aug. 01, 2039 | |||||||||||||
Long-term Debt, Gross | $ 3,009,000 | 3,132,000 | ||||||||||||
Fixed Rate Debt | 13943-13955 Balboa Blvd | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 3.93% | |||||||||||||
Maturity date | Jul. 01, 2027 | |||||||||||||
Long-term Debt, Gross | $ 14,965,000 | 15,320,000 | ||||||||||||
Amended Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum ratio of total indebtedness to total asset value | 60% | |||||||||||||
Minimum ratio of EBITDA to fixed charges | 1.5 | |||||||||||||
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 60% | |||||||||||||
Minimum ratio of NOI unsecured interest expense | 1.75 | |||||||||||||
Distribution Maximum Funds From Operations Percentage | 95% | |||||||||||||
$225 and $150 Million Term Loan Facilities | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum ratio of secured debt to total asset value | 45% | |||||||||||||
Senior Notes, 100 and 125 Million | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum ratio of secured debt to total asset value | 40% | |||||||||||||
Maximum ratio of recourse debt to total asset | 15% | |||||||||||||
Minimum tangible net worth required | $ 760,740,750 | |||||||||||||
Maximum debt to tangible net worth ratio required for equity proceeds | 75% | |||||||||||||
Senior Unsecured Term Loan | $400 Million Unsecured Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 400,000,000 | |||||||||||||
Maturity date | Jul. 19, 2024 | |||||||||||||
Long-term Debt, Gross | $ 400,000,000 | 0 | ||||||||||||
Number of extensions | Extension | 2 | |||||||||||||
Extension period | 1 year | 1 year | ||||||||||||
Base Rate | Minimum | $700 million, Amended Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate investment grade rating pricing structure | 0% | |||||||||||||
Base Rate | Maximum | $700 million, Amended Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate investment grade rating pricing structure | 0.40% | |||||||||||||
Federal Funds Rate | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||
Federal Funds Rate | Line of Credit | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.50% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1% | |||||||||||||
Debt Instrument, Interest Rate, Increase (Decrease) | 0.10% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit | Minimum | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0% | |||||||||||||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Senior Unsecured Term Loan | $400 Million Unsecured Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 5.258% | |||||||||||||
Basis spread on variable rate | 0.80% | |||||||||||||
Applicable Margin | Line of Credit | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1% | |||||||||||||
Term Loan | $225 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Long-term Debt, Gross | $ 225,000,000 | $ 225,000,000 | ||||||||||||
Loss on extinguishment of debt | $ (500,000) | |||||||||||||
Term Loan | $150 Million term loan facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | May 22, 2025 | |||||||||||||
Long-term Debt, Gross | $ 0 | 150,000,000 | ||||||||||||
Term Loan | $60 Million Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | Aug. 01, 2023 | |||||||||||||
Long-term Debt, Gross | $ 60,000,000 | $ 0 | 58,108,000 | |||||||||||
Write off of Deferred Debt Issuance Cost | $ 38,000 | |||||||||||||
Repayments of Long-term Debt | 57,500,000 | |||||||||||||
Term Loan | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | Oct. 27, 2024 | |||||||||||||
Long-term Debt, Gross | $ 60,000,000 | $ 60,000,000 | 0 | |||||||||||
Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 5.708% | |||||||||||||
Basis spread on variable rate | 1.25% | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of extensions | Extension | 2 | |||||||||||||
Revolving Credit Facility | $700 million, Amended Revolver | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | $ 700,000,000 | |||||||||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maturity date | May 26, 2026 | |||||||||||||
Long-term Debt, Gross | $ 0 | 0 | ||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Number of extensions | extension | 6 | |||||||||||||
Revolving Credit Facility | Line of Credit | Senior Unsecured Revolving Credit Facility, $1 Billion | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum borrowing capacity | 1,000,000,000 | |||||||||||||
Revolving Credit Facility | Unsecured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Additional availability | $ 1,000,000,000 | |||||||||||||
Revolving Credit Facility | LIBOR | Revolving Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 5.125% | |||||||||||||
Basis spread on variable rate | 0.725% | |||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.725% | |||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.40% | |||||||||||||
Unsecured Credit Facility | Senior Unsecured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Contingent additional borrowings | $ 800,000,000 | |||||||||||||
Senior Unsecured Term Loan | $150 Million term loan facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | 150,000,000 | |||||||||||||
Long-term Debt, Gross | $ 150,000,000 | |||||||||||||
Loss on extinguishment of debt | $ 700,000 | |||||||||||||
Senior Unsecured Term Loan | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.25% | |||||||||||||
Senior Unsecured Term Loan | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||||||||
Maturity date | May 26, 2027 | |||||||||||||
Long-term Debt, Gross | $ 300,000,000 | $ 0 | ||||||||||||
Senior Unsecured Term Loan | Base Rate | Minimum | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0% | |||||||||||||
Senior Unsecured Term Loan | Base Rate | Maximum | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.60% | |||||||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $60 Million Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1% | |||||||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Fixed interest rate | 3.717% | |||||||||||||
Basis spread on variable rate | 0.80% | |||||||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Minimum | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.80% | |||||||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | $300 Million Unsecured Term Loan Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.60% | |||||||||||||
Senior Unsecured Term Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Maximum | $400 Million Unsecured Term Loan | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.85% | |||||||||||||
Senior Unsecured Credit Facility | Line of Credit | Senior Unsecured Revolving Credit Facility, $1 Billion | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Loss on extinguishment of debt | $ 200,000 | |||||||||||||
Number of extensions | extension | 2 | |||||||||||||
Extension period | 6 months | |||||||||||||
Senior Unsecured Credit Facility | Line of Credit | Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Maximum ratio of total indebtedness to total asset value | 35% | |||||||||||||
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Applicable Margin | 0.04% | |||||||||||||
Credit Agreement, Sustainability Linked Pricing Component, Decrease In Credit Facility Fee | 0.01% | |||||||||||||
Credit Agreement, Sustainability Linked Pricing Component, Increase In Applicable Margin | (0.04%) | |||||||||||||
Credit Agreement, Sustainability Linked Pricing Component, Increase In Credit Facility Fee | (0.01%) | |||||||||||||
Senior Unsecured Credit Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Line of Credit | Minimum | Senior Unsecured Revolving Credit Facility, $1 Billion | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.775% |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2021 USD ($) | Sep. 30, 2020 USD ($) | Sep. 09, 2020 USD ($) | Jun. 30, 2020 ft² | Dec. 31, 2022 USD ($) ft² renewal_option lease | Dec. 31, 2021 USD ($) ft² | Dec. 31, 2020 USD ($) ft² | |
Lessee, Lease, Description [Line Items] | |||||||
Operating lease, fixed and variable lease payments | $ 599,200 | $ 436,300 | $ 318,800 | ||||
Lease income, lease payments | 491,100 | 360,200 | 266,100 | ||||
Variable lease payments | $ 108,100 | $ 76,100 | 52,700 | ||||
Lessor, Operating Lease, Term of Contract | 5 years | ||||||
Rentable Square Feet | ft² | 5,940,775 | 5,650,673 | |||||
Lessor, Operating Lease, Lessee Option To Purchase Underlying Asset, Purchase Price | 20,400 | ||||||
Sales-type Lease, Lease Receivable | $ 20,300 | ||||||
Gain on sale recognized due to lease relcassification | $ 3,800 | $ 0 | $ 0 | 3,822 | |||
Gains on sale of real estate | 8,486 | 33,929 | 13,617 | ||||
Lessee, Operating Lease, Sublease, Term Of Contract | 3 years 9 months | ||||||
Lessee, Operating Lease, Sublease, Annual Lease Payment | $ 300 | ||||||
Impairment of right-of-use asset | $ 0 | $ 992 | $ 0 | ||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable, accrued expenses and other liabilities | Accounts payable, accrued expenses and other liabilities | |||||
Right-of-use assets | $ 8,500 | $ 3,500 | |||||
Lease liabilities | $ 10,889 | $ 5,000 | |||||
Fairview Street, 2722 | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Lessor, Operating Lease, Rentable Square Feet | ft² | 58,802 | ||||||
Rentable Square Feet | ft² | 116,757 | ||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Rentable Square Feet | ft² | 220,684 | 256,726 | |||||
Gains on sale of real estate | $ 33,929 | $ 13,617 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2700-2722 South Fairview Street | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Rentable Square Feet | ft² | 116,575 | ||||||
Sales Of Investment Real Estate, Transaction Costs | $ 600 | ||||||
Gains on sale of real estate | $ 3,300 | $ 3,268 | |||||
Land | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Lessee, Operating Lease, Number Of Renewal Options | renewal_option | 2 | ||||||
Lessee, Operating Lease, Number Of Leases | lease | 2 | ||||||
Land | 2970 East 50th Street | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 38 years | ||||||
Renewal term | 10 years | ||||||
Lessee, Operating Lease, Number Of Renewal Options | renewal_option | 4 | ||||||
Land | Ground Lease Two | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 1 year | ||||||
Renewal term | 10 years | ||||||
Minimum | Office Building | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Remaining lease term | 2 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, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 513,582 |
2024 | 447,083 |
2025 | 381,133 |
2026 | 305,315 |
2027 | 223,512 |
Thereafter | 817,465 |
Total | $ 2,688,090 |
Leases - Lease Cost (Detail)
Leases - Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating lease cost | $ 1,845 | $ 1,598 | $ 1,354 |
Variable lease cost | 113 | 63 | 39 |
Sublease Income | (268) | 0 | 0 |
Total lease cost | $ 1,690 | $ 1,661 | $ 1,393 |
Leases - Other Information (Det
Leases - Other Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 2,016 | $ 1,471 | $ 1,127 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,363 | $ 0 | $ 3,204 |
Leases - Lease Term and Discoun
Leases - Lease Term and Discount Rate (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Weighted-average remaining lease term(1) | 36 years 6 months | 3 years 3 months 18 days |
Weighted-average discount rate | 3.77% | 2.95% |
Operating Lease, Weighted Average Remaining Lease Term, Excluding Ground Lease | 3 years 3 months 18 days | |
2970 East 50th Street | Land | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Remaining Term Of Contract Including Renewal Options | 78 years |
Leases - Lease Liability Maturi
Leases - Lease Liability Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 2,308 | |
2024 | 2,297 | |
2025 | 1,122 | |
2026 | 681 | |
2027 | 696 | |
Thereafter | 20,051 | |
Total undiscounted lease payments | 27,155 | |
Less imputed interest | (16,266) | |
Total lease liabilities | $ 10,889 | $ 5,000 |
Interest Rate Derivatives - Sum
Interest Rate Derivatives - Summary of Interest Rate Swap Agreements (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Jul. 21, 2022 | Dec. 31, 2021 | |
Interest Rate Swap $125M Notional Effective February 14, 2018 | |||
Derivative [Line Items] | |||
Effective Date | Jul. 27, 2022 | ||
Maturity Date | May 26, 2027 | ||
Interest Strike Rate(1) | 2.817% | ||
Current Notional Amount | $ 150,000 | $ 0 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ 5,720 | 0 | |
Interest Rate Swap $100M Notional Effective August 14, 2018 | |||
Derivative [Line Items] | |||
Effective Date | Jul. 27, 2022 | ||
Maturity Date | May 26, 2027 | ||
Interest Strike Rate(1) | 2.8175% | ||
Current Notional Amount | $ 150,000 | 0 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ 5,702 | 0 | |
Interest Rate Swap $150M Notional Effective July 22, 2019 | |||
Derivative [Line Items] | |||
Effective Date | Jul. 22, 2019 | ||
Maturity Date | Nov. 22, 2024 | ||
Interest Strike Rate(1) | 2.7625% | ||
Current Notional Amount | $ 0 | 150,000 | |
Fair Value of Interest Rate Derivative Assets/(Derivative Liabilities) | $ 0 | $ (7,482) | |
Interest Rate Swap | |||
Derivative [Line Items] | |||
Current Notional Amount | $ 300,000 |
Interest Rate Derivatives - Imp
Interest Rate Derivatives - Impact of Derivative Instruments on Consolidated and Combined Statements of Operations - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Amount of gain (loss) recognized in AOCI on derivatives | $ 17,227 | $ 263 | $ (17,212) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) | Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) | Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) |
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | $ (1,619) | $ (8,070) | $ (6,332) |
Total interest expense presented in the Consolidated Statement of Operations in which the effects of cash flow hedges are recorded (line item “Interest expense”) | $ 48,496 | $ 40,139 | $ 30,849 |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Detail) | 12 Months Ended | |||||||
May 26, 2022 USD ($) | Aug. 11, 2021 USD ($) derivative_instrument | Aug. 09, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Jul. 21, 2022 USD ($) derivative_instrument | Jul. 13, 2021 USD ($) derivative_instrument | |
Derivative [Line Items] | ||||||||
Payments For Termination Of Cash Flow Swap, Operating | $ 589,000 | $ 4,045,000 | $ 1,239,000 | |||||
Long-term Debt, Gross | 1,950,515,000 | 1,413,121,000 | ||||||
Accumulated other comprehensive income (loss) | 8,247,000 | (9,874,000) | ||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (5,300,000) | |||||||
Term Loan | $225 Million Term Loan Facility | ||||||||
Derivative [Line Items] | ||||||||
Long-term Debt, Gross | $ 225,000,000 | $ 225,000,000 | ||||||
Treasury Lock | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments | derivative_instrument | 3 | |||||||
Derivative, Notional Amount | $ 150,000,000 | |||||||
Derivative, Average Fixed Interest Rate | 1.38179% | |||||||
Payments For Termination Of Cash Flow Swap, Operating | $ 2,800,000 | |||||||
Interest Rate Swaps $225 Notional | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | 225,000,000 | |||||||
Payments For Termination Of Cash Flow Swap, Operating | 1,300,000 | |||||||
Accumulated other comprehensive income (loss) | $ 1,300,000 | |||||||
Interest Rate Swap | ||||||||
Derivative [Line Items] | ||||||||
Number of derivative instruments | derivative_instrument | 5 | |||||||
Derivative, Notional Amount | $ 300,000,000 | |||||||
Derivative, Average Fixed Interest Rate | 2.81725% | |||||||
Payments For Termination Of Cash Flow Swap, Operating | $ 600,000 | |||||||
Derivative, Number Of Instruments Terminated | derivative_instrument | 2 | |||||||
Accumulated other comprehensive income (loss) | $ (600,000) | |||||||
Interest Rate Swap $100M Notional Effective August 14, 2018 | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Notional Amount | $ 150,000,000 | $ 0 |
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, 2022 | Dec. 31, 2021 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | $ 11,422 | $ 0 |
Interest Rate Swap Liability | 0 | (7,482) |
Total Fair Value | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 11,422 | |
Interest Rate Swap Liability | (7,482) | |
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 | |
Interest Rate Swap Liability | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | 11,422 | |
Interest Rate Swap Liability | (7,482) | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest Rate Swap Asset | $ 0 | |
Interest Rate Swap Liability | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Value and Estimated Fair Value of Notes Payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | $ 0 | $ 16,512 |
Notes payable | 1,936,381 | 1,399,565 |
Fair Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total Fair Value | 1,740,745 | 1,404,680 |
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 | 1,740,745 | 1,404,680 |
Carrying Value | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Notes payable | $ 1,936,381 | $ 1,399,565 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Revenue from management and leasing services | $ 0.6 | $ 0.5 | $ 0.4 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 USD ($) tenant | |
Commitments And Contingencies [Line Items] | |
Commitments for tenant improvement and construction work | $ 114,200,000 |
Cash, FDIC insured amount | $ 250,000 |
Total Rental Revenues | Customer Concentration Risk | |
Commitments And Contingencies [Line Items] | |
Concentration Risk, Number of Major Customers | tenant | 0 |
Concentration Risk, Threshold Percentage | 5% |
Stockholder's Equity - Summary
Stockholder's Equity - Summary of Cumulative Preferred Stock (Details) - USD ($) | 12 Months Ended | ||
Aug. 04, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||
Shares outstanding (shares) | 6,450,000 | 6,450,000 | |
Liquidation Preference | $ 161,250,000 | $ 161,250,000 | |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend Rate | 5.875% | ||
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 ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 4 Months Ended | 12 Months Ended | 14 Months Ended | 17 Months Ended | ||||||||||||||||
May 27, 2022 | Jan. 13, 2022 | Sep. 27, 2021 | Aug. 16, 2021 | Aug. 04, 2021 | May 24, 2021 | Nov. 09, 2020 | Jun. 13, 2019 | Jan. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Jun. 30, 2020 | May 27, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 12, 2022 | Nov. 08, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Preferred Stock Redemption Premium | $ 0 | $ 3,349 | $ 0 | |||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Proceeds Remaining For Settlement | $ 35,000 | $ 35,000 | $ 35,000 | |||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement | 636,884 | 636,884 | 636,884 | |||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Shares Remaining For Settlement, Net Forward Sales price | $ 55 | $ 55 | $ 55 | |||||||||||||||||||
September 2021 Equity Offering | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement | 9,600,000 | |||||||||||||||||||||
Issuance of stock (shares) | 3,100,000 | |||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Gross Offering Value | $ 181,800 | |||||||||||||||||||||
Common stock share price (in dollars per share) | $ 58.65 | |||||||||||||||||||||
September 2021 Equity Offering, Forward Sale Agreement | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement | 6,500,000 | |||||||||||||||||||||
Issuance of stock (shares) | 6,500,000 | |||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Initial Forward Price | $ 58.32 | $ 58.65 | ||||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 379,100 | |||||||||||||||||||||
May 2021 Equity Offering Forward Sale Agreement | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of stock (shares) | 7,190,474 | 1,809,526 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Initial Forward Price | $ 55.29 | |||||||||||||||||||||
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers | 9,000,000 | |||||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 395,000 | $ 100,000 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 54.93 | $ 55.26 | ||||||||||||||||||||
At The Market Equity Offering Program, $750 Million [Member] | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement | 23,519,219 | 8,589,572 | ||||||||||||||||||||
At The Market Equity Offering Program, $1 Billion | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Maximum aggregate offering amount | $ 1,000,000 | |||||||||||||||||||||
Common stock, shares available under ATM | $ 165,400 | $ 165,400 | $ 165,400 | |||||||||||||||||||
At The Market Equity Offering Program 2022, $750 Million | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Maximum aggregate offering amount | $ 750,000 | |||||||||||||||||||||
Proceeds from issuance of common stock | $ 697,500 | |||||||||||||||||||||
At The Market Equity Offering Program 2020, $750 Million | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Maximum aggregate offering amount | $ 750,000 | |||||||||||||||||||||
Proceeds from issuance of common stock | $ 743,900 | |||||||||||||||||||||
At The Market Equity Offering Program 2022, $1Billion and$750 Million | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Initial Forward Price | $ 64.29 | $ 62.87 | ||||||||||||||||||||
2022 Forward Equity Offering | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of stock (shares) | 3,554,704 | 8,291,721 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Initial Forward Price | $ 55.74 | |||||||||||||||||||||
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers | 11,846,425 | 11,846,425 | 11,846,425 | |||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 198,700 | $ 461,400 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 55.90 | $ 55.65 | ||||||||||||||||||||
Purchase of Common Stock, Option Exercised by Underwriters, Shares | 346,425 | |||||||||||||||||||||
2022 Forward Equity Offering | Subsequent Event | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of stock (shares) | 7,617,013 | |||||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 425,000 | |||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 55.80 | |||||||||||||||||||||
2020 Offerings | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Number Of Shares Subject To Forward Sale Agreement | 6,900,000 | 7,187,500 | ||||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 325,000 | $ 285,000 | ||||||||||||||||||||
Sale of Stock, Common Stock Underwriters Price | $ 47.15 | $ 39.67 | ||||||||||||||||||||
Sale of Stock, Common Units Exchanged for Partnership Interest | 6,900,000 | 7,187,500 | ||||||||||||||||||||
Purchase of Common Stock, Option Exercised by Underwriters, Shares | 900,000 | 937,500 | ||||||||||||||||||||
At The Market Equity Offering Program 2019, $550 Million | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Maximum aggregate offering amount | $ 550,000 | |||||||||||||||||||||
Proceeds from issuance of common stock | $ 296,500 | |||||||||||||||||||||
ATM Programs | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Gross Offering Value | $ 167,300 | $ 126,500 | $ 167,300 | $ 126,500 | ||||||||||||||||||
Sale Of Stock, Number Of Shares Sold And Borrowed By Forward Purchasers | 3,201,560 | 3,165,661 | 3,201,560 | 3,165,661 | ||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 165,200 | $ 124,700 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 52.27 | $ 39.96 | ||||||||||||||||||||
2022 and 2021 Forward Equity Sales Agreement | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Issuance of stock (shares) | 24,788,691 | 6,683,216 | ||||||||||||||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ 1,600,000 | $ 405,300 | ||||||||||||||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 65.02 | $ 60.65 | ||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Liquidation preference (in dollars per share) | $ 25 | $ 25 | $ 25 | |||||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||||||||||
Stock redeemed (in shares) | 3,600,000 | |||||||||||||||||||||
Dividend Rate | 5.875% | |||||||||||||||||||||
Preferred stock, redemption price per share (in dollars per share) | $ 25 | |||||||||||||||||||||
Preferred stock, dividends per share (in dollars per share) | 0.183594 | |||||||||||||||||||||
Preferred stock, redemption price per share, including dividends (in dollars per sahre) | $ 25.183594 | |||||||||||||||||||||
Preferred stock, redemption amount | $ 90,700 | |||||||||||||||||||||
Preferred Stock Redemption Premium | $ 3,300 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 5,067,695 | $ 3,530,592 | $ 2,622,449 |
Other comprehensive income before reclassifications | 17,227 | 263 | |
Amounts reclassified from accumulated other comprehensive loss to interest expense | 1,619 | 8,070 | |
Net current period other comprehensive income | 18,846 | 8,333 | (10,880) |
Less: other comprehensive income attributable to noncontrolling interests | (725) | (498) | |
Other comprehensive income attributable to common stockholders | 18,121 | 7,835 | |
Ending Balance | 6,923,342 | 5,067,695 | 3,530,592 |
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | (1,619) | (8,070) | (6,332) |
Interest Rate Swap | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount of (loss) gain reclassified from AOCI into earnings as “Interest expense” | 300 | 2,200 | |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (9,874) | (17,709) | (7,542) |
Net current period other comprehensive income | 18,121 | 7,835 | (10,167) |
Ending Balance | $ 8,247 | $ (9,874) | $ (17,709) |
Stockholder's Equity - Federal
Stockholder's Equity - Federal Tax Treatment of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.203386 | $ 1.049243 | $ 0.834238 |
Dividend, federal income tax treatment | 100% | 100% | 100% |
Common Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.203386 | $ 1.049243 | $ 0.834238 |
Dividend, federal income tax treatment | 100% | 100% | 100% |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0.917970 | $ 1.468752 |
Dividend, federal income tax treatment | 0% | 100% | 100% |
Series A Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 0 | $ 0.917970 | $ 1.468752 |
Dividend, federal income tax treatment | 0% | 100% | 100% |
Series B 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% | 100% | 100% |
Series B Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.468752 |
Dividend, federal income tax treatment | 100% | 100% | 100% |
Series C Preferred Stock | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.406252 | $ 1.406252 | $ 1.406252 |
Dividend, federal income tax treatment | 100% | 100% | 100% |
Series C Preferred Stock | Ordinary Income | |||
Class of Stock [Line Items] | |||
Dividend, federal income tax treatment (in dollars per share) | $ 1.406252 | $ 1.406252 | $ 1.406252 |
Dividend, federal income tax treatment | 100% | 100% | 100% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | 4 Months Ended | 12 Months Ended | ||||||||
Jul. 18, 2022 USD ($) $ / shares shares | Mar. 17, 2022 shares | Dec. 31, 2020 USD ($) | Nov. 17, 2020 USD ($) shares | Mar. 05, 2020 USD ($) building $ / shares shares | Apr. 10, 2019 shares | Jun. 19, 2020 USD ($) building | Dec. 31, 2022 USD ($) building property $ / shares shares | Dec. 31, 2021 USD ($) building shares | Dec. 31, 2020 USD ($) shares | |
Noncontrolling Interest [Line Items] | ||||||||||
Number of buildings | building | 87 | 80 | ||||||||
Contractual purchase price | $ 2,391,927,000 | $ 1,887,797,000 | ||||||||
Issuance of OP Units | 56,167,000 | $ 179,262,000 | ||||||||
Conversion of OP Units to common stock | 0 | 0 | 0 | |||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | 12,000,000 | 40,787,000 | ||||||||
Liquidation Preference | $ 161,250,000 | $ 161,250,000 | ||||||||
Convertible Preferred Units, Common Units Issued Upon Conversion | shares | 0.7722 | |||||||||
13943-13955 Balboa Blvd | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Contractual purchase price | $ 45,300,000 | |||||||||
Issuance of OP Units | $ 27,800,000 | |||||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 592,186 | |||||||||
Properties Acquired on December 31, 2020 | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Number of buildings | building | 4 | |||||||||
Contractual purchase price | $ 84,000,000 | |||||||||
Acquisition,OperatingPartnershipUnitsIssued | shares | 1,800,000 | |||||||||
Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Number of buildings | building | 10 | 1 | ||||||||
Contractual purchase price | $ 214,200,000 | |||||||||
Long Beach Business Park | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Number of buildings | property | 4 | |||||||||
Contractual purchase price | $ 24,000,000 | |||||||||
Noncontrolling Interests | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Issuance of OP Units | 56,167,000 | 179,262,000 | ||||||||
Conversion of OP Units to common stock | (6,238,000) | $ (17,466,000) | (7,660,000) | |||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | $ 12,000,000 | $ 40,787,000 | ||||||||
Noncontrolling Interests | Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Issuance of OP Units | $ 67,500,000 | |||||||||
Noncontrolling Interests | Operating Partnership | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Noncontrolling interest percentage ownership in Operating Partnership | 3.80% | |||||||||
Noncontrolling Interests | Operating Partnership | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Issuance of operating partnership units (shares) | shares | 5,821,146 | |||||||||
Limited Partners' Capital Account, Units Issued | shares | 1,406,170 | |||||||||
Noncontrolling Interests | Operating Partnership | LTIP Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Issuance of operating partnership units (shares) | shares | 763,762 | |||||||||
Noncontrolling Interests | Operating Partnership | Performance Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Issuance of operating partnership units (shares) | shares | 976,352 | |||||||||
Common Stock | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Conversion of units to common stock (shares) | shares | 167,286 | 521,199 | 296,313 | |||||||
Conversion of OP Units to common stock | $ 2,000 | $ 5,000 | $ 3,000 | |||||||
Total Stockholders’ Equity | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Conversion of OP Units to common stock | $ 6,238,000 | $ 17,466,000 | $ 7,660,000 | |||||||
Series C Preferred Stock | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Dividend Rate | 5.625% | 5.625% | ||||||||
Liquidation Preference | $ 86,250,000 | $ 86,250,000 | ||||||||
Cumulative Redeemable Non-Voting Preferred Units | Private REIT Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Dividend Rate | 12% | |||||||||
Preferred stock, redemption amount | $ 122,000 | |||||||||
Preferred Stock, Redemption Premium Per Share | $ / shares | $ 100 | |||||||||
Asset Acquisition, Number Of Units Acquired | shares | 122 | |||||||||
Preferred stock, redemption price per share (in dollars per share) | $ / shares | $ 1,000 | |||||||||
Series 2 CPOP Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Dividend Rate | 3% | 4% | 4% | |||||||
Series 2 CPOP Units | Properties Acquired on March 5, 2020 and June 19, 2020 | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Acquisition, Preferred Units, Issued | shares | 906,374 | |||||||||
Dividend Rate | 4% | |||||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | $ 40,800,000 | |||||||||
Liquidation Preference | $ 40,800,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 45 | |||||||||
Series 1 CPOP Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Liquidation Preference | $ 27,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 45.50952 | |||||||||
Series 1 CPOP Units | 1515 15th Street | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Acquisition, Preferred Units, Issued | shares | 593,960 | |||||||||
Dividend Rate | 4.43937% | |||||||||
Series A Preferred Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Dividend Rate | 5.875% | |||||||||
Series 3 CPOP Units | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Dividend Rate | 3% | |||||||||
Series 3 CPOP Units | Properties Acquired on March 17, 2022 | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Acquisition, Preferred Units, Issued | shares | 164,998 | |||||||||
Dividend Rate | 3% | |||||||||
Issuance of 4.00% cumulative redeemable convertible preferred units | $ 12,000,000 | |||||||||
Liquidation Preference | $ 12,000,000 | |||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 72.73 | |||||||||
Series 3 CPOP Units | Long Beach Business Park | ||||||||||
Noncontrolling Interest [Line Items] | ||||||||||
Acquisition, Preferred Units, Issued | shares | 164,998 | |||||||||
Dividend Rate | 3% |
Incentive Award Plan - Addition
Incentive Award Plan - Additional Information (Detail) | 12 Months Ended | |||||||||||||
Jan. 17, 2023 shares | Dec. 31, 2022 USD ($) shares | Dec. 15, 2022 shares | Nov. 08, 2022 USD ($) $ / shares shares | Jan. 18, 2022 shares | Dec. 31, 2021 | Dec. 23, 2021 USD ($) $ / shares shares | Dec. 14, 2021 shares | Jan. 27, 2021 shares | Dec. 22, 2020 USD ($) $ / shares shares | Dec. 14, 2020 shares | Dec. 31, 2022 USD ($) installment $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 USD ($) $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation cost for all equity-based compensation arrangements | $ | $ 54,400,000 | $ 54,400,000 | ||||||||||||
Weighted average remaining vesting period | 27 months | |||||||||||||
Second Amended and Restated 2013 Incentive Award Plan | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Common stock reserved for future issuance (in shares) | 1,661,609 | 1,661,609 | ||||||||||||
Performance Units | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Unvested performance unit distribution sharing percentage | 10% | |||||||||||||
Performance period | 3 years | |||||||||||||
Distributions accruing during performance period | 90% | |||||||||||||
Grant date fair value | $ | $ 11,869,000 | $ 8,962,000 | $ 6,928,000 | |||||||||||
Units vested in period (shares) | 231,453 | 170,413 | 184,502 | |||||||||||
Performance Units | Executive Officers | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Equity instruments other than options granted in period (shares) | 673,188 | 366,004 | 476,915 | 673,188 | 366,004 | 476,915 | ||||||||
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) | 215,058 | 148,533 | 157,404 | |||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 54.04 | $ 40.65 | $ 34.31 | |||||||||||
Units vested in period (shares) | 141,716 | 145,470 | 196,375 | |||||||||||
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) | 167,221 | 93,030 | 121,112 | |||||||||||
Grant date fair value | $ | $ 8,353,000 | $ 6,648,000 | $ 5,437,000 | |||||||||||
Compensation expense | $ | $ 2,300,000 | $ 1,900,000 | $ 1,500,000 | |||||||||||
LTIP Units | Howard Schwimmer | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Equity instruments other than options granted in period (shares) | 12,824 | 15,288 | ||||||||||||
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) | 19,367 | |||||||||||||
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) | 12,824 | 15,288 | ||||||||||||
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) | 19,367 | |||||||||||||
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) | 204,394 | 113,871 | 148,030 | |||||||||||
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) | 204,394 | 113,871 | 148,030 | |||||||||||
Performance period | 3 years | |||||||||||||
FFO Base Units | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Grant date fair value | $ | $ 3,700,000 | $ 2,900,000 | $ 2,400,000 | |||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 53.94 | $ 77.50 | $ 48.58 | |||||||||||
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) | 204,394 | 113,871 | 148,027 | |||||||||||
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) | 60,006 | 24,391 | 32,828 | |||||||||||
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) | 134,984 | 132,537 | 126,865 | |||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 43.55 | $ 35.45 | $ 28.50 | |||||||||||
Units vested in period (shares) | 98,305 | 92,494 | 90,383 | |||||||||||
Number of vesting installment period | installment | 4 | |||||||||||||
Number of units canceled (shares) | 11,442 | 23,763 | 16,128 | |||||||||||
Restricted stock | Other Employees | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Equity instruments other than options granted in period (shares) | 120,662 | 120,734 | 107,648 | |||||||||||
Grant date fair value | $ | $ 8,300,000 | $ 5,600,000 | $ 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 | $ 52.97 | $ 48.14 | $ 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 | $ 76.55 | $ 62.19 | $ 50.18 | |||||||||||
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) | 2,387 | 1,873 | 2,507 | |||||||||||
Grant date fair value | $ | $ 139,998 | $ 109,964 | $ 100,000 | |||||||||||
Closing share price of common stock (in dollars per share) | $ / shares | $ 58.65 | $ 58.71 | $ 39.88 | |||||||||||
2013 Incentive Award Plan | Performance Units | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Unvested performance unit distribution sharing percentage | 10% | |||||||||||||
2013 Incentive Award Plan | Performance Award, 2018 | ||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||||||
Performance period | 3 years | |||||||||||||
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 | |||||||||||||
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% |
Incentive Award Plan - LTIP Uni
Incentive Award Plan - LTIP Units and Performance Units (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Nov. 08, 2022 | Dec. 23, 2021 | Dec. 22, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
LTIP Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Closing share price of common stock (in dollars per share) | $ 54.14 | $ 62.45 | $ 45.86 | |||
Equity instruments other than options granted in period (shares) | 215,058 | 148,533 | 157,404 | |||
Number of units canceled (shares) | 22,795 | |||||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Forfeited (in dollars per share) | $ 38.89 | |||||
Performance Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Grant date fair value | $ 11,869 | $ 8,962 | $ 6,928 | |||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Expected price volatility | 34% | 31% | 31% | |||
Expected price volatility, minimum | 18% | 17% | 17% | |||
Expected price volatility, maximum | 100% | 100% | 100% | |||
Expected dividend yield | 1.90% | 1.70% | 1.90% | |||
Risk free interest rate | 4.57% | 0.98% | 0.19% | |||
FFO Base Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Grant date fair value | $ 3,700 | $ 2,900 | $ 2,400 | |||
Market Performance Award 2021 | ||||||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Expected volatility rate, median for peer group companies | 47% | |||||
Expected volatility rate, average for peer group companies | 50.60% | |||||
2020 Market Performance Award | ||||||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Expected volatility rate, median for peer group companies | 45% | |||||
Expected volatility rate, average for peer group companies | 47.90% | |||||
2019 Market Performance Award | ||||||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Expected volatility rate, median for peer group companies | 45% | |||||
Expected volatility rate, average for peer group companies | 47.40% | |||||
Restricted stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Closing share price of common stock (in dollars per share) | $ 67.98 | $ 50.62 | $ 45.94 | |||
Equity instruments other than options granted in period (shares) | 134,984 | 132,537 | 126,865 | |||
Number of units canceled (shares) | 11,442 | 23,763 | 16,128 | |||
Fair Value Assumptions and Methodology [Abstract] | ||||||
Forfeited (in dollars per share) | $ 56.24 | $ 42.69 | $ 37.25 | |||
Executive Officers | LTIP Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Discount for post-vesting restrictions and book-up events | 7.40% | 7.80% | 7.60% | |||
Grant date fair value | $ 8,353 | $ 6,648 | $ 5,437 | |||
Equity instruments other than options granted in period (shares) | 167,221 | 93,030 | 121,112 | |||
Executive Officers | Performance Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity instruments other than options granted in period (shares) | 673,188 | 366,004 | 476,915 | 673,188 | 366,004 | 476,915 |
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) | 204,394 | 113,871 | 148,030 | |||
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) | 204,394 | 113,871 | 148,030 | |||
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) | 204,394 | 113,871 | 148,027 | |||
Executive Officers | Distribution Equivalents | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity instruments other than options granted in period (shares) | 60,006 | 24,391 | 32,828 | |||
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% | 18% | 18% | |||
Absolute TSR Vesting Percentage | 0% | 0% | 0% | |||
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% | 18% | 18% | |||
Absolute TSR Vesting Percentage | 16.70% | 16.70% | 16.70% | |||
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% | 24% | 24% | |||
Absolute TSR Vesting Percentage | 33.40% | 33.40% | 33.40% | |||
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% | 30% | 30% | |||
Absolute TSR Vesting Percentage | 66.70% | 66.70% | 66.70% | |||
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% | 40% | 40% | |||
Absolute TSR Vesting Percentage | 100% | 100% | 100% | |||
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% | 0% | 0% | |||
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% | 16.70% | 16.70% | |||
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% | 33.40% | 33.40% | |||
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% | 66.70% | 66.70% | |||
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% | 0.90% | 0.90% | |||
Relative TSR Vesting Percentage | 100% | 100% | 100% | |||
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 | 10% | 10% | 12% | |||
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 | 10% | 10% | 12% | |||
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 | 14% | 14% | 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 | 18% | 18% | 21% | |||
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 | 24% | 24% | 26% | |||
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% | 0% | 0% | |||
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% | 16.70% | 16.70% | |||
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% | 33.40% | 33.40% | |||
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% | 66.70% | 66.70% | |||
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% | 100% | 100% | |||
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) | $ 53.94 | $ 77.50 | $ 48.58 |
Incentive Award Plan - Schedule
Incentive Award Plan - Schedule of Non-Option Activity (Detail) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
LTIP Units | |||
Number of Unvested Shares of Non-Options | |||
Beginning balance (shares) | 239,709 | 236,646 | 298,412 |
Granted (shares) | 215,058 | 148,533 | 157,404 |
Forfeited (shares) | (22,795) | ||
Vested (shares) | (141,716) | (145,470) | (196,375) |
Ending balance (shares) | 313,051 | 239,709 | 236,646 |
Weighted-Average Grant Date Fair Value per Share | |||
Beginning balance (in dollars per share) | $ 54.99 | $ 41.49 | $ 34.26 |
Granted (in dollars per share) | 54.14 | 62.45 | 45.86 |
Forfeited (in dollars per share) | 38.89 | ||
Vested (in dollars per share) | 54.04 | 40.65 | 34.31 |
Ending balance (in dollars per share) | $ 54.84 | $ 54.99 | $ 41.49 |
Restricted stock | |||
Number of Unvested Shares of Non-Options | |||
Beginning balance (shares) | 249,179 | 232,899 | 212,545 |
Granted (shares) | 134,984 | 132,537 | 126,865 |
Forfeited (shares) | (11,442) | (23,763) | (16,128) |
Vested (shares) | (98,305) | (92,494) | (90,383) |
Ending balance (shares) | 274,416 | 249,179 | 232,899 |
Weighted-Average Grant Date Fair Value per Share | |||
Beginning balance (in dollars per share) | $ 45.62 | $ 38.43 | $ 29.64 |
Granted (in dollars per share) | 67.98 | 50.62 | 45.94 |
Forfeited (in dollars per share) | 56.24 | 42.69 | 37.25 |
Vested (in dollars per share) | 43.55 | 35.45 | 28.50 |
Ending balance (in dollars per share) | $ 56.92 | $ 45.62 | $ 38.43 |
Fair value of vested shares | $ 6.6 | $ 4.6 | $ 4.1 |
Shares tendered for tax withholding requirements (shares) | 31,576 | 29,305 | 27,473 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expensed share-based compensation | $ 28,426 | $ 19,506 | $ 12,871 |
Capitalized share-based compensation | 610 | 357 | 223 |
Total share-based compensation | $ 29,036 | $ 19,863 | $ 13,094 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | |||
Net income | $ 177,157 | $ 136,246 | $ 80,895 |
Less: Preferred stock dividends | (9,258) | (12,563) | (14,545) |
Less: Original issuance costs of redeemed preferred stock | 0 | (3,349) | 0 |
Less: Net income attributable to noncontrolling interests | (9,573) | (8,005) | (4,492) |
Less: Net income attributable to participating securities | (845) | (568) | (509) |
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 157,481 | $ 111,761 | $ 61,349 |
Denominator: | |||
Weighted average shares of common stock outstanding - basic (in shares) | 170,467,365 | 139,294,882 | 120,873,624 |
Effect of dilutive securities - performance units (in shares) | 510,907 | 780,807 | 304,686 |
Weighted average shares of common stock outstanding - diluted (in shares) | 170,978,272 | 140,075,689 | 121,178,310 |
Net income attributable to common stockholders | |||
Earnings per share- Basic (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.51 |
Earnings per share- Diluted (in dollars per share) | $ 0.92 | $ 0.80 | $ 0.51 |
Performance Units | |||
Net income attributable to common stockholders | |||
Performance period | 3 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Feb. 06, 2023 $ / shares | Jan. 30, 2023 USD ($) ft² property | Jan. 06, 2023 USD ($) ft² property | Feb. 10, 2023 USD ($) ft² property | Jan. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) ft² building $ / shares shares | Dec. 31, 2022 USD ($) ft² building $ / shares shares | Dec. 31, 2021 USD ($) ft² building $ / shares | Dec. 31, 2020 USD ($) $ / shares | |
Subsequent Event [Line Items] | |||||||||
Rentable square feet | ft² | 5,940,775 | 5,940,775 | 5,650,673 | ||||||
Number of buildings | building | 87 | 87 | 80 | ||||||
Contractual purchase price | $ | $ 2,391,927 | $ 1,887,797 | |||||||
Common stock dividends declared (in dollars per share) | $ 1.26 | $ 0.96 | $ 0.86 | ||||||
Issuance of common stock, net | $ | $ 1,809,231 | $ 1,626,091 | $ 734,096 | ||||||
2022 Forward Equity Offering | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of stock (shares) | shares | 3,554,704 | 8,291,721 | |||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ | $ 198,700 | $ 461,400 | |||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 55.90 | $ 55.65 | |||||||
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Rentable square feet | ft² | 1,183,440 | ||||||||
Number of buildings | property | 2 | ||||||||
Contractual purchase price | $ | $ 405,000 | ||||||||
Subsequent Event | 2022 Forward Equity Offering | |||||||||
Subsequent Event [Line Items] | |||||||||
Issuance of stock (shares) | shares | 7,617,013 | ||||||||
Sale Of Stock, Net Proceeds From Settlement Of Forward Sale Agreement | $ | $ 425,000 | ||||||||
Sale Of Stock, Forward Sale Agreement, Net Forward Sale Price Per Share | $ 55.80 | ||||||||
Common Stock | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock dividends declared (in dollars per share) | $ 0.380 | ||||||||
Dividends Payable, Date of Record | Mar. 31, 2023 | ||||||||
Dividends Payable, Date to be Paid | Apr. 17, 2023 | ||||||||
Operating Partnership Units | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash distribution (in dollars per share) | $ 0.380 | ||||||||
Dividends Payable, Date of Record | Mar. 31, 2023 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Apr. 17, 2023 | ||||||||
Series B Preferred Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 5.875% | 5.875% | |||||||
Preferred stock dividends declared (in dollars per share) | $ 1.468752 | $ 1.468752 | $ 1.468752 | ||||||
Series B Preferred Stock | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred stock dividends declared (in dollars per share) | $ 0.367188 | ||||||||
Dividends Payable, Date of Record | Mar. 15, 2023 | ||||||||
Dividends Payable, Date to be Paid | Mar. 31, 2023 | ||||||||
Series C Preferred Stock | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 5.625% | 5.625% | |||||||
Preferred stock dividends declared (in dollars per share) | $ 1.406252 | $ 1.406252 | $ 1.406252 | ||||||
Series C Preferred Stock | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Preferred stock dividends declared (in dollars per share) | $ 0.351563 | ||||||||
Dividends Payable, Date of Record | Mar. 15, 2023 | ||||||||
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) | $ 0.505085 | ||||||||
Dividends Payable, Date of Record | Mar. 15, 2023 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Mar. 31, 2023 | ||||||||
Series 2 CPOP Units | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 3% | 4% | 4% | ||||||
Series 2 CPOP Units | Series 2 CPOP Units | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 4% | ||||||||
Series 2 CPOP Units | Series 2 CPOP Units | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash distribution (in dollars per share) | $ 0.450000 | ||||||||
Dividends Payable, Date of Record | Mar. 15, 2023 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Mar. 31, 2023 | ||||||||
Series 3 CPOP Units | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 3% | ||||||||
Series 3 CPOP Units | Series 3 CPOP Units | |||||||||
Subsequent Event [Line Items] | |||||||||
Dividend Rate | 3% | ||||||||
Series 3 CPOP Units | Series 3 CPOP Units | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Quarterly cash distribution (in dollars per share) | $ 0.545462 | ||||||||
Dividends Payable, Date of Record | Mar. 15, 2023 | ||||||||
Distribution Made to Limited Partner, Distribution Date | Mar. 31, 2023 | ||||||||
16752 Armstrong Avenue | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Rentable square feet | ft² | 81,600 | ||||||||
Number of buildings | property | 1 | ||||||||
Contractual purchase price | $ | $ 40,000 | ||||||||
10545 Production Avenue | Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
Rentable square feet | ft² | 1,101,840 | ||||||||
Number of buildings | property | 1 | ||||||||
Contractual purchase price | $ | $ 365,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Oct. 27, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 65,515 | ||||
Land, Initial Cost | 5,843,731 | ||||
Buildings and Improvements, Initial Cost | 3,050,968 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 580,212 | ||||
Land, Gross Amounts | 5,841,195 | ||||
Buildings and Improvements, Gross Amounts | 3,629,192 | ||||
Total, Gross | 9,470,387 | ||||
Accumulated Depreciation | (614,332) | $ (473,382) | $ (375,423) | $ (296,777) | |
Long-term Debt, Gross | 1,950,515 | 1,413,121 | |||
Term Loan | $60 Million Term Loan | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Long-term Debt, Gross | $ 0 | $ 60,000 | $ 58,108 | ||
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 | 10,078 | ||||
Land, Gross Amounts | 3,875 | ||||
Buildings and Improvements, Gross Amounts | 12,485 | ||||
Total, Gross | 16,360 | ||||
Accumulated Depreciation | $ (8,386) | ||||
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 | 10,151 | ||||
Land, Gross Amounts | 4,150 | ||||
Buildings and Improvements, Gross Amounts | 13,201 | ||||
Total, Gross | 17,351 | ||||
Accumulated Depreciation | $ (8,313) | ||||
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 | 1,090 | ||||
Land, Gross Amounts | 2,317 | ||||
Buildings and Improvements, Gross Amounts | 3,624 | ||||
Total, Gross | 5,941 | ||||
Accumulated Depreciation | $ (2,639) | ||||
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 | 4,929 | ||||
Land, Gross Amounts | 868 | ||||
Buildings and Improvements, Gross Amounts | 4,929 | ||||
Total, Gross | 5,797 | ||||
Accumulated Depreciation | $ (2,356) | ||||
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 | 3,656 | ||||
Land, Gross Amounts | 2,539 | ||||
Buildings and Improvements, Gross Amounts | 5,676 | ||||
Total, Gross | 8,215 | ||||
Accumulated Depreciation | $ (3,680) | ||||
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 | 2,334 | ||||
Land, Gross Amounts | 6,817 | ||||
Buildings and Improvements, Gross Amounts | 8,423 | ||||
Total, Gross | 15,240 | ||||
Accumulated Depreciation | $ (5,145) | ||||
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 | 7,151 | ||||
Land, Gross Amounts | 2,525 | ||||
Buildings and Improvements, Gross Amounts | 10,531 | ||||
Total, Gross | 13,056 | ||||
Accumulated Depreciation | $ (5,788) | ||||
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 | 3,908 | ||||
Land, Gross Amounts | 2,666 | ||||
Buildings and Improvements, Gross Amounts | 7,251 | ||||
Total, Gross | 9,917 | ||||
Accumulated Depreciation | $ (4,257) | ||||
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 | 2,803 | ||||
Land, Gross Amounts | 2,346 | ||||
Buildings and Improvements, Gross Amounts | 7,325 | ||||
Total, Gross | 9,671 | ||||
Accumulated Depreciation | $ (4,587) | ||||
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 | 3,995 | ||||
Land, Gross Amounts | 4,711 | ||||
Buildings and Improvements, Gross Amounts | 7,194 | ||||
Total, Gross | 11,905 | ||||
Accumulated Depreciation | $ (2,737) | ||||
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 | 2,173 | ||||
Land, Gross Amounts | 1,784 | ||||
Buildings and Improvements, Gross Amounts | 5,147 | ||||
Total, Gross | 6,931 | ||||
Accumulated Depreciation | $ (3,187) | ||||
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 | 7,228 | ||||
Land, Gross Amounts | 3,740 | ||||
Buildings and Improvements, Gross Amounts | 7,488 | ||||
Total, Gross | 11,228 | ||||
Accumulated Depreciation | $ (3,162) | ||||
Year Build / Year Renovated | 1982 / 2009 | ||||
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 | 81 | ||||
Land, Gross Amounts | 3,604 | ||||
Buildings and Improvements, Gross Amounts | 5,137 | ||||
Total, Gross | 8,741 | ||||
Accumulated Depreciation | $ (3,060) | ||||
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 | 5,049 | ||||
Land, Gross Amounts | 5,470 | ||||
Buildings and Improvements, Gross Amounts | 12,357 | ||||
Total, Gross | 17,827 | ||||
Accumulated Depreciation | $ (7,710) | ||||
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 | 4,264 | ||||
Land, Gross Amounts | 5,001 | ||||
Buildings and Improvements, Gross Amounts | 11,922 | ||||
Total, Gross | 16,923 | ||||
Accumulated Depreciation | $ (7,777) | ||||
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 | 2,060 | ||||
Land, Gross Amounts | 3,473 | ||||
Buildings and Improvements, Gross Amounts | 7,179 | ||||
Total, Gross | 10,652 | ||||
Accumulated Depreciation | $ (4,189) | ||||
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 | 3,394 | ||||
Land, Gross Amounts | 3,647 | ||||
Buildings and Improvements, Gross Amounts | 15,261 | ||||
Total, Gross | 18,908 | ||||
Accumulated Depreciation | $ (9,686) | ||||
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 | 1,091 | ||||
Land, Gross Amounts | 3,013 | ||||
Buildings and Improvements, Gross Amounts | 3,252 | ||||
Total, Gross | 6,265 | ||||
Accumulated Depreciation | $ (1,316) | ||||
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 | 5,642 | ||||
Land, Gross Amounts | 6,304 | ||||
Buildings and Improvements, Gross Amounts | 8,638 | ||||
Total, Gross | 14,942 | ||||
Accumulated Depreciation | $ (5,122) | ||||
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 | 1,802 | ||||
Land, Gross Amounts | 7,015 | ||||
Buildings and Improvements, Gross Amounts | 8,880 | ||||
Total, Gross | 15,895 | ||||
Accumulated Depreciation | $ (4,950) | ||||
Year Build / Year Renovated | 1961, 1983 / 2008-2010 | ||||
Year Acquired | 2007 | ||||
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 | 753 | ||||
Land, Gross Amounts | 6,974 | ||||
Buildings and Improvements, Gross Amounts | 3,655 | ||||
Total, Gross | 10,629 | ||||
Accumulated Depreciation | $ (1,971) | ||||
Year Build / Year Renovated | 2008 | ||||
Year Acquired | 2009 | ||||
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 | 933 | ||||
Land, Gross Amounts | 2,678 | ||||
Buildings and Improvements, Gross Amounts | 4,661 | ||||
Total, Gross | 7,339 | ||||
Accumulated Depreciation | $ (2,683) | ||||
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 | 1,098 | ||||
Land, Gross Amounts | 3,028 | ||||
Buildings and Improvements, Gross Amounts | 2,156 | ||||
Total, Gross | 5,184 | ||||
Accumulated Depreciation | $ (1,305) | ||||
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 | $ 1,564 | ||||
Buildings and Improvements, Initial Cost | 584 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 677 | ||||
Land, Gross Amounts | 678 | ||||
Buildings and Improvements, Gross Amounts | 1,014 | ||||
Total, Gross | 1,692 | ||||
Accumulated Depreciation | $ (642) | ||||
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 | 753 | ||||
Land, Gross Amounts | 3,092 | ||||
Buildings and Improvements, Gross Amounts | 2,653 | ||||
Total, Gross | 5,745 | ||||
Accumulated Depreciation | $ (1,025) | ||||
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 | 2,304 | ||||
Land, Gross Amounts | 4,298 | ||||
Buildings and Improvements, Gross Amounts | 7,379 | ||||
Total, Gross | 11,677 | ||||
Accumulated Depreciation | $ (2,864) | ||||
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 | 188 | ||||
Land, Gross Amounts | 3,481 | ||||
Buildings and Improvements, Gross Amounts | 3,718 | ||||
Total, Gross | 7,199 | ||||
Accumulated Depreciation | $ (1,588) | ||||
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 | 2,388 | ||||
Land, Gross Amounts | 4,179 | ||||
Buildings and Improvements, Gross Amounts | 7,746 | ||||
Total, Gross | 11,925 | ||||
Accumulated Depreciation | $ (1,792) | ||||
Year Build / Year Renovated | 1973 / 2022 | ||||
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 | 1,029 | ||||
Land, Gross Amounts | 1,582 | ||||
Buildings and Improvements, Gross Amounts | 2,885 | ||||
Total, Gross | 4,467 | ||||
Accumulated Depreciation | $ (736) | ||||
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 | 1,569 | ||||
Land, Gross Amounts | 3,158 | ||||
Buildings and Improvements, Gross Amounts | 6,429 | ||||
Total, Gross | 9,587 | ||||
Accumulated Depreciation | $ (2,685) | ||||
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 | 786 | ||||
Land, Gross Amounts | 3,608 | ||||
Buildings and Improvements, Gross Amounts | 3,485 | ||||
Total, Gross | 7,093 | ||||
Accumulated Depreciation | $ (1,438) | ||||
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 | 766 | ||||
Land, Gross Amounts | 3,253 | ||||
Buildings and Improvements, Gross Amounts | 2,371 | ||||
Total, Gross | 5,624 | ||||
Accumulated Depreciation | $ (1,036) | ||||
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 | 780 | ||||
Land, Gross Amounts | 3,720 | ||||
Buildings and Improvements, Gross Amounts | 3,421 | ||||
Total, Gross | 7,141 | ||||
Accumulated Depreciation | $ (1,419) | ||||
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 | 195 | ||||
Land, Gross Amounts | 1,396 | ||||
Buildings and Improvements, Gross Amounts | 1,120 | ||||
Total, Gross | 2,516 | ||||
Accumulated Depreciation | $ (436) | ||||
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 | 10 | ||||
Land, Gross Amounts | 3,266 | ||||
Buildings and Improvements, Gross Amounts | 2,971 | ||||
Total, Gross | 6,237 | ||||
Accumulated Depreciation | $ (1,748) | ||||
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 | $ (636) | ||||
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 | 1,186 | ||||
Land, Gross Amounts | 3,082 | ||||
Buildings and Improvements, Gross Amounts | 7,416 | ||||
Total, Gross | 10,498 | ||||
Accumulated Depreciation | $ (2,904) | ||||
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 | 4,690 | ||||
Land, Gross Amounts | 17,978 | ||||
Buildings and Improvements, Gross Amounts | 44,161 | ||||
Total, Gross | 62,139 | ||||
Accumulated Depreciation | $ (15,918) | ||||
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 | $ (2,593) | ||||
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 | 719 | ||||
Land, Gross Amounts | 1,389 | ||||
Buildings and Improvements, Gross Amounts | 4,591 | ||||
Total, Gross | 5,980 | ||||
Accumulated Depreciation | $ (1,819) | ||||
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 | 1,747 | ||||
Land, Gross Amounts | 2,497 | ||||
Buildings and Improvements, Gross Amounts | 7,241 | ||||
Total, Gross | 9,738 | ||||
Accumulated Depreciation | $ (2,660) | ||||
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 | $ 1,935 | ||||
Land, Initial Cost | 4,582 | ||||
Buildings and Improvements, Initial Cost | 5,135 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,093 | ||||
Land, Gross Amounts | 4,582 | ||||
Buildings and Improvements, Gross Amounts | 8,228 | ||||
Total, Gross | 12,810 | ||||
Accumulated Depreciation | $ (3,095) | ||||
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 | 210 | ||||
Land, Gross Amounts | 8,001 | ||||
Buildings and Improvements, Gross Amounts | 17,944 | ||||
Total, Gross | 25,945 | ||||
Accumulated Depreciation | $ (5,968) | ||||
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 | $ (2,745) | ||||
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 | 1,289 | ||||
Land, Gross Amounts | 1,517 | ||||
Buildings and Improvements, Gross Amounts | 3,122 | ||||
Total, Gross | 4,639 | ||||
Accumulated Depreciation | $ (1,193) | ||||
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 | 2,452 | ||||
Land, Gross Amounts | 3,117 | ||||
Buildings and Improvements, Gross Amounts | 4,346 | ||||
Total, Gross | 7,463 | ||||
Accumulated Depreciation | $ (1,224) | ||||
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 | 869 | ||||
Land, Gross Amounts | 2,260 | ||||
Buildings and Improvements, Gross Amounts | 6,912 | ||||
Total, Gross | 9,172 | ||||
Accumulated Depreciation | $ (2,747) | ||||
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 | 6,053 | ||||
Land, Gross Amounts | 2,428 | ||||
Buildings and Improvements, Gross Amounts | 10,324 | ||||
Total, Gross | 12,752 | ||||
Accumulated Depreciation | $ (2,651) | ||||
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 | 2,080 | ||||
Land, Gross Amounts | 2,315 | ||||
Buildings and Improvements, Gross Amounts | 3,633 | ||||
Total, Gross | 5,948 | ||||
Accumulated Depreciation | $ (1,154) | ||||
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 | $ (3,614) | ||||
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 | $ (2,902) | ||||
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 | 418 | ||||
Land, Gross Amounts | 2,181 | ||||
Buildings and Improvements, Gross Amounts | 4,430 | ||||
Total, Gross | 6,611 | ||||
Accumulated Depreciation | $ (1,591) | ||||
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 | 4,483 | ||||
Land, Gross Amounts | 9,305 | ||||
Buildings and Improvements, Gross Amounts | 6,598 | ||||
Total, Gross | 15,903 | ||||
Accumulated Depreciation | $ (2,237) | ||||
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 | 469 | ||||
Land, Gross Amounts | 3,725 | ||||
Buildings and Improvements, Gross Amounts | 6,614 | ||||
Total, Gross | 10,339 | ||||
Accumulated Depreciation | $ (2,366) | ||||
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 | 89 | ||||
Land, Gross Amounts | 1,863 | ||||
Buildings and Improvements, Gross Amounts | 3,300 | ||||
Total, Gross | 5,163 | ||||
Accumulated Depreciation | $ (1,152) | ||||
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 | 799 | ||||
Land, Gross Amounts | 2,733 | ||||
Buildings and Improvements, Gross Amounts | 5,840 | ||||
Total, Gross | 8,573 | ||||
Accumulated Depreciation | $ (1,810) | ||||
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 | 1,130 | ||||
Land, Gross Amounts | 4,311 | ||||
Buildings and Improvements, Gross Amounts | 7,256 | ||||
Total, Gross | 11,567 | ||||
Accumulated Depreciation | $ (2,478) | ||||
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 | 302 | ||||
Land, Gross Amounts | 2,413 | ||||
Buildings and Improvements, Gross Amounts | 3,753 | ||||
Total, Gross | 6,166 | ||||
Accumulated Depreciation | $ (1,262) | ||||
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 | 600 | ||||
Land, Gross Amounts | 4,423 | ||||
Buildings and Improvements, Gross Amounts | 7,399 | ||||
Total, Gross | 11,822 | ||||
Accumulated Depreciation | $ (2,708) | ||||
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 | 1,297 | ||||
Land, Gross Amounts | 5,125 | ||||
Buildings and Improvements, Gross Amounts | 6,306 | ||||
Total, Gross | 11,431 | ||||
Accumulated Depreciation | $ (2,233) | ||||
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 | 1,800 | ||||
Land, Gross Amounts | 5,240 | ||||
Buildings and Improvements, Gross Amounts | 6,865 | ||||
Total, Gross | 12,105 | ||||
Accumulated Depreciation | $ (2,662) | ||||
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 | $ (2,787) | ||||
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 | 8,533 | ||||
Land, Gross Amounts | 7,638 | ||||
Buildings and Improvements, Gross Amounts | 13,479 | ||||
Total, Gross | 21,117 | ||||
Accumulated Depreciation | $ (3,746) | ||||
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 | 3,489 | ||||
Land, Gross Amounts | 3,761 | ||||
Buildings and Improvements, Gross Amounts | 10,218 | ||||
Total, Gross | 13,979 | ||||
Accumulated Depreciation | $ (3,089) | ||||
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 | 3,534 | ||||
Land, Gross Amounts | 7,230 | ||||
Buildings and Improvements, Gross Amounts | 12,592 | ||||
Total, Gross | 19,822 | ||||
Accumulated Depreciation | $ (4,158) | ||||
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 | 1,065 | ||||
Land, Gross Amounts | 4,773 | ||||
Buildings and Improvements, Gross Amounts | 7,035 | ||||
Total, Gross | 11,808 | ||||
Accumulated Depreciation | $ (2,474) | ||||
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 | $ (1,373) | ||||
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 | 817 | ||||
Land, Gross Amounts | 9,224 | ||||
Buildings and Improvements, Gross Amounts | 20,163 | ||||
Total, Gross | 29,387 | ||||
Accumulated Depreciation | $ (6,163) | ||||
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 | 2,604 | ||||
Land, Gross Amounts | 8,495 | ||||
Buildings and Improvements, Gross Amounts | 18,552 | ||||
Total, Gross | 27,047 | ||||
Accumulated Depreciation | $ (5,599) | ||||
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 | 1,622 | ||||
Land, Gross Amounts | 1,723 | ||||
Buildings and Improvements, Gross Amounts | 6,389 | ||||
Total, Gross | 8,112 | ||||
Accumulated Depreciation | $ (1,799) | ||||
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 | 1,726 | ||||
Land, Gross Amounts | 3,505 | ||||
Buildings and Improvements, Gross Amounts | 6,963 | ||||
Total, Gross | 10,468 | ||||
Accumulated Depreciation | $ (2,182) | ||||
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 | 1,153 | ||||
Land, Gross Amounts | 2,812 | ||||
Buildings and Improvements, Gross Amounts | 5,892 | ||||
Total, Gross | 8,704 | ||||
Accumulated Depreciation | $ (1,757) | ||||
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 | 4,235 | ||||
Land, Gross Amounts | 2,064 | ||||
Buildings and Improvements, Gross Amounts | 7,910 | ||||
Total, Gross | 9,974 | ||||
Accumulated Depreciation | $ (2,167) | ||||
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 | 1,564 | ||||
Land, Gross Amounts | 2,616 | ||||
Buildings and Improvements, Gross Amounts | 9,875 | ||||
Total, Gross | 12,491 | ||||
Accumulated Depreciation | $ (3,438) | ||||
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 | 81 | ||||
Land, Gross Amounts | 842 | ||||
Buildings and Improvements, Gross Amounts | 2,290 | ||||
Total, Gross | 3,132 | ||||
Accumulated Depreciation | $ (827) | ||||
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 | 604 | ||||
Land, Gross Amounts | 1,128 | ||||
Buildings and Improvements, Gross Amounts | 3,330 | ||||
Total, Gross | 4,458 | ||||
Accumulated Depreciation | $ (1,322) | ||||
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 | 921 | ||||
Land, Gross Amounts | 3,487 | ||||
Buildings and Improvements, Gross Amounts | 10,510 | ||||
Total, Gross | 13,997 | ||||
Accumulated Depreciation | $ (3,477) | ||||
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 | 639 | ||||
Land, Gross Amounts | 3,478 | ||||
Buildings and Improvements, Gross Amounts | 8,473 | ||||
Total, Gross | 11,951 | ||||
Accumulated Depreciation | $ (2,704) | ||||
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 | 3,127 | ||||
Land, Gross Amounts | 10,805 | ||||
Buildings and Improvements, Gross Amounts | 21,553 | ||||
Total, Gross | 32,358 | ||||
Accumulated Depreciation | $ (7,385) | ||||
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 | 418 | ||||
Land, Gross Amounts | 5,462 | ||||
Buildings and Improvements, Gross Amounts | 7,096 | ||||
Total, Gross | 12,558 | ||||
Accumulated Depreciation | $ (2,055) | ||||
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 | 2,080 | ||||
Land, Gross Amounts | 9,427 | ||||
Buildings and Improvements, Gross Amounts | 10,183 | ||||
Total, Gross | 19,610 | ||||
Accumulated Depreciation | $ (3,559) | ||||
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 | 1,512 | ||||
Land, Gross Amounts | 3,326 | ||||
Buildings and Improvements, Gross Amounts | 5,532 | ||||
Total, Gross | 8,858 | ||||
Accumulated Depreciation | $ (1,584) | ||||
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 | 11,730 | ||||
Land, Gross Amounts | 8,508 | ||||
Buildings and Improvements, Gross Amounts | 12,864 | ||||
Total, Gross | 21,372 | ||||
Accumulated Depreciation | $ (324) | ||||
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 | 1,828 | ||||
Land, Gross Amounts | 2,979 | ||||
Buildings and Improvements, Gross Amounts | 5,032 | ||||
Total, Gross | 8,011 | ||||
Accumulated Depreciation | $ (1,186) | ||||
Year Build / Year Renovated | 1979 / 2021 | ||||
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 | $ (3,102) | ||||
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 | $ (1,067) | ||||
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 | 273 | ||||
Land, Gross Amounts | 3,502 | ||||
Buildings and Improvements, Gross Amounts | 9,552 | ||||
Total, Gross | 13,054 | ||||
Accumulated Depreciation | $ (3,329) | ||||
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 | 910 | ||||
Land, Gross Amounts | 6,902 | ||||
Buildings and Improvements, Gross Amounts | 9,859 | ||||
Total, Gross | 16,761 | ||||
Accumulated Depreciation | $ (3,665) | ||||
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 | 448 | ||||
Land, Gross Amounts | 3,446 | ||||
Buildings and Improvements, Gross Amounts | 1,689 | ||||
Total, Gross | 5,135 | ||||
Accumulated Depreciation | $ (610) | ||||
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 | 2,254 | ||||
Land, Gross Amounts | 3,310 | ||||
Buildings and Improvements, Gross Amounts | 8,060 | ||||
Total, Gross | 11,370 | ||||
Accumulated Depreciation | $ (2,885) | ||||
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 | 190 | ||||
Land, Gross Amounts | 3,357 | ||||
Buildings and Improvements, Gross Amounts | 3,717 | ||||
Total, Gross | 7,074 | ||||
Accumulated Depreciation | $ (1,188) | ||||
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 | 595 | ||||
Land, Gross Amounts | 4,590 | ||||
Buildings and Improvements, Gross Amounts | 8,367 | ||||
Total, Gross | 12,957 | ||||
Accumulated Depreciation | $ (2,509) | ||||
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 | 1,400 | ||||
Land, Gross Amounts | 3,503 | ||||
Buildings and Improvements, Gross Amounts | 4,604 | ||||
Total, Gross | 8,107 | ||||
Accumulated Depreciation | $ (1,615) | ||||
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 | $ (1,322) | ||||
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 | 1,338 | ||||
Land, Gross Amounts | 5,479 | ||||
Buildings and Improvements, Gross Amounts | 8,374 | ||||
Total, Gross | 13,853 | ||||
Accumulated Depreciation | $ (2,864) | ||||
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 | 4,189 | ||||
Land, Gross Amounts | 10,038 | ||||
Buildings and Improvements, Gross Amounts | 8,569 | ||||
Total, Gross | 18,607 | ||||
Accumulated Depreciation | $ (2,823) | ||||
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 | 1,168 | ||||
Land, Gross Amounts | 3,481 | ||||
Buildings and Improvements, Gross Amounts | 1,944 | ||||
Total, Gross | 5,425 | ||||
Accumulated Depreciation | $ (571) | ||||
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 | 5 | ||||
Land, Gross Amounts | 7,988 | ||||
Buildings and Improvements, Gross Amounts | 8,733 | ||||
Total, Gross | 16,721 | ||||
Accumulated Depreciation | $ (2,660) | ||||
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 | 1,030 | ||||
Land, Gross Amounts | 4,038 | ||||
Buildings and Improvements, Gross Amounts | 5,085 | ||||
Total, Gross | 9,123 | ||||
Accumulated Depreciation | $ (1,685) | ||||
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 | 393 | ||||
Land, Gross Amounts | 5,150 | ||||
Buildings and Improvements, Gross Amounts | 10,059 | ||||
Total, Gross | 15,209 | ||||
Accumulated Depreciation | $ (2,872) | ||||
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 | 325 | ||||
Land, Gross Amounts | 12,576 | ||||
Buildings and Improvements, Gross Amounts | 9,142 | ||||
Total, Gross | 21,718 | ||||
Accumulated Depreciation | $ (3,462) | ||||
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 | 1,284 | ||||
Land, Gross Amounts | 18,803 | ||||
Buildings and Improvements, Gross Amounts | 7,313 | ||||
Total, Gross | 26,116 | ||||
Accumulated Depreciation | $ (2,034) | ||||
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 | 4,861 | ||||
Land, Gross Amounts | 15,077 | ||||
Buildings and Improvements, Gross Amounts | 16,010 | ||||
Total, Gross | 31,087 | ||||
Accumulated Depreciation | $ (4,335) | ||||
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 | 633 | ||||
Land, Gross Amounts | 13,724 | ||||
Buildings and Improvements, Gross Amounts | 9,998 | ||||
Total, Gross | 23,722 | ||||
Accumulated Depreciation | $ (2,957) | ||||
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 | 19 | ||||
Land, Gross Amounts | 7,855 | ||||
Buildings and Improvements, Gross Amounts | 12,075 | ||||
Total, Gross | 19,930 | ||||
Accumulated Depreciation | $ (3,368) | ||||
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 | $ (2,269) | ||||
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 | $ (2,587) | ||||
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 | 1,353 | ||||
Land, Gross Amounts | 4,433 | ||||
Buildings and Improvements, Gross Amounts | 4,314 | ||||
Total, Gross | 8,747 | ||||
Accumulated Depreciation | $ (1,364) | ||||
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 | 213 | ||||
Land, Gross Amounts | 3,830 | ||||
Buildings and Improvements, Gross Amounts | 4,100 | ||||
Total, Gross | 7,930 | ||||
Accumulated Depreciation | $ (1,203) | ||||
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 | 14,991 | ||||
Land, Gross Amounts | 13,791 | ||||
Buildings and Improvements, Gross Amounts | 25,008 | ||||
Total, Gross | 38,799 | ||||
Accumulated Depreciation | $ (6,085) | ||||
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 | 5,465 | ||||
Land, Gross Amounts | 26,659 | ||||
Buildings and Improvements, Gross Amounts | 18,138 | ||||
Total, Gross | 44,797 | ||||
Accumulated Depreciation | $ (5,679) | ||||
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 | 17,063 | ||||
Land, Gross Amounts | 13,463 | ||||
Buildings and Improvements, Gross Amounts | 18,743 | ||||
Total, Gross | 32,206 | ||||
Accumulated Depreciation | $ (3,770) | ||||
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 | 5,136 | ||||
Land, Gross Amounts | 7,126 | ||||
Buildings and Improvements, Gross Amounts | 10,864 | ||||
Total, Gross | 17,990 | ||||
Accumulated Depreciation | $ (2,390) | ||||
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 | $ (4,187) | ||||
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 | 738 | ||||
Land, Gross Amounts | 8,497 | ||||
Buildings and Improvements, Gross Amounts | 6,360 | ||||
Total, Gross | 14,857 | ||||
Accumulated Depreciation | $ (2,109) | ||||
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 | 18,497 | ||||
Land, Gross Amounts | 10,620 | ||||
Buildings and Improvements, Gross Amounts | 25,007 | ||||
Total, Gross | 35,627 | ||||
Accumulated Depreciation | $ (2,528) | ||||
Year Build / Year Renovated | 1999 / 2018, 2022 | ||||
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 | 1,292 | ||||
Land, Gross Amounts | 5,624 | ||||
Buildings and Improvements, Gross Amounts | 11,337 | ||||
Total, Gross | 16,961 | ||||
Accumulated Depreciation | $ (3,206) | ||||
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 | 9,487 | ||||
Land, Gross Amounts | 50,807 | ||||
Buildings and Improvements, Gross Amounts | 95,552 | ||||
Total, Gross | 146,359 | ||||
Accumulated Depreciation | $ (24,678) | ||||
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 | $ (3,405) | ||||
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 | $ (583) | ||||
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 | 1,142 | ||||
Land, Gross Amounts | 22,938 | ||||
Buildings and Improvements, Gross Amounts | 7,880 | ||||
Total, Gross | 30,818 | ||||
Accumulated Depreciation | $ (2,098) | ||||
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 | 3,150 | ||||
Land, Gross Amounts | 11,980 | ||||
Buildings and Improvements, Gross Amounts | 17,589 | ||||
Total, Gross | 29,569 | ||||
Accumulated Depreciation | $ (5,031) | ||||
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 | $ (1,388) | ||||
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 | 14,739 | ||||
Land, Gross Amounts | 121,329 | ||||
Buildings and Improvements, Gross Amounts | 101,515 | ||||
Total, Gross | 222,844 | ||||
Accumulated Depreciation | $ (22,941) | ||||
Year Build / Year Renovated | 1989 / 2021 | ||||
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 | 692 | ||||
Land, Gross Amounts | 9,405 | ||||
Buildings and Improvements, Gross Amounts | 10,532 | ||||
Total, Gross | 19,937 | ||||
Accumulated Depreciation | $ (2,592) | ||||
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 | 9 | ||||
Land, Gross Amounts | 5,330 | ||||
Buildings and Improvements, Gross Amounts | 8,865 | ||||
Total, Gross | 14,195 | ||||
Accumulated Depreciation | $ (1,982) | ||||
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 | 212 | ||||
Land, Gross Amounts | 2,129 | ||||
Buildings and Improvements, Gross Amounts | 1,527 | ||||
Total, Gross | 3,656 | ||||
Accumulated Depreciation | $ (349) | ||||
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 | $ (144) | ||||
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 | $ (155) | ||||
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 | 787 | ||||
Land, Gross Amounts | 3,255 | ||||
Buildings and Improvements, Gross Amounts | 2,035 | ||||
Total, Gross | 5,290 | ||||
Accumulated Depreciation | $ (424) | ||||
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 | 1,089 | ||||
Land, Gross Amounts | 8,681 | ||||
Buildings and Improvements, Gross Amounts | 1,665 | ||||
Total, Gross | 10,346 | ||||
Accumulated Depreciation | $ (514) | ||||
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 | $ (3,118) | ||||
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 | 255 | ||||
Land, Gross Amounts | 6,859 | ||||
Buildings and Improvements, Gross Amounts | 7,440 | ||||
Total, Gross | 14,299 | ||||
Accumulated Depreciation | $ (1,558) | ||||
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 | $ (1,361) | ||||
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 | 1,973 | ||||
Land, Gross Amounts | 11,691 | ||||
Buildings and Improvements, Gross Amounts | 10,263 | ||||
Total, Gross | 21,954 | ||||
Accumulated Depreciation | $ (2,352) | ||||
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 | $ (1,095) | ||||
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 | 174 | ||||
Land, Gross Amounts | 5,293 | ||||
Buildings and Improvements, Gross Amounts | 6,551 | ||||
Total, Gross | 11,844 | ||||
Accumulated Depreciation | $ (1,501) | ||||
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 | 1,084 | ||||
Land, Gross Amounts | 10,214 | ||||
Buildings and Improvements, Gross Amounts | 6,211 | ||||
Total, Gross | 16,425 | ||||
Accumulated Depreciation | $ (1,928) | ||||
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 | 506 | ||||
Land, Gross Amounts | 9,927 | ||||
Buildings and Improvements, Gross Amounts | 7,454 | ||||
Total, Gross | 17,381 | ||||
Accumulated Depreciation | $ (1,538) | ||||
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 | 830 | ||||
Land, Gross Amounts | 9,476 | ||||
Buildings and Improvements, Gross Amounts | 12,224 | ||||
Total, Gross | 21,700 | ||||
Accumulated Depreciation | $ (2,576) | ||||
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 | 13,397 | ||||
Land, Gross Amounts | 6,717 | ||||
Buildings and Improvements, Gross Amounts | 13,397 | ||||
Total, Gross | 20,114 | ||||
Accumulated Depreciation | $ (904) | ||||
Year Build / Year Renovated | 1968 / 2021 | ||||
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 | 44 | ||||
Land, Gross Amounts | 4,230 | ||||
Buildings and Improvements, Gross Amounts | 3,357 | ||||
Total, Gross | 7,587 | ||||
Accumulated Depreciation | $ (680) | ||||
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 | 2,197 | ||||
Land, Gross Amounts | 5,252 | ||||
Buildings and Improvements, Gross Amounts | 4,693 | ||||
Total, Gross | 9,945 | ||||
Accumulated Depreciation | $ (864) | ||||
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 | 355 | ||||
Land, Gross Amounts | 6,307 | ||||
Buildings and Improvements, Gross Amounts | 6,928 | ||||
Total, Gross | 13,235 | ||||
Accumulated Depreciation | $ (1,515) | ||||
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 | 233 | ||||
Land, Gross Amounts | 3,583 | ||||
Buildings and Improvements, Gross Amounts | 2,663 | ||||
Total, Gross | 6,246 | ||||
Accumulated Depreciation | $ (536) | ||||
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 | $ (11,472) | ||||
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 | 40 | ||||
Land, Gross Amounts | 3,815 | ||||
Buildings and Improvements, Gross Amounts | 4,332 | ||||
Total, Gross | 8,147 | ||||
Accumulated Depreciation | $ (806) | ||||
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 | $ (1,182) | ||||
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 | $ (1,258) | ||||
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 | 2,914 | ||||
Land, Gross Amounts | 10,762 | ||||
Buildings and Improvements, Gross Amounts | 4,481 | ||||
Total, Gross | 15,243 | ||||
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 | $ (2,662) | ||||
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 | 943 | ||||
Land, Gross Amounts | 10,114 | ||||
Buildings and Improvements, Gross Amounts | 13,710 | ||||
Total, Gross | 23,824 | ||||
Accumulated Depreciation | $ (2,289) | ||||
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 | 269 | ||||
Land, Gross Amounts | 5,646 | ||||
Buildings and Improvements, Gross Amounts | 5,235 | ||||
Total, Gross | 10,881 | ||||
Accumulated Depreciation | $ (983) | ||||
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 | 1,826 | ||||
Land, Gross Amounts | 3,094 | ||||
Buildings and Improvements, Gross Amounts | 8,293 | ||||
Total, Gross | 11,387 | ||||
Accumulated Depreciation | $ (1,017) | ||||
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 | 3,724 | ||||
Land, Gross Amounts | 10,013 | ||||
Buildings and Improvements, Gross Amounts | 7,003 | ||||
Total, Gross | 17,016 | ||||
Accumulated Depreciation | $ (981) | ||||
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 | 511 | ||||
Land, Gross Amounts | 3,816 | ||||
Buildings and Improvements, Gross Amounts | 6,659 | ||||
Total, Gross | 10,475 | ||||
Accumulated Depreciation | $ (1,130) | ||||
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 | 113 | ||||
Land, Gross Amounts | 10,545 | ||||
Buildings and Improvements, Gross Amounts | 11,972 | ||||
Total, Gross | 22,517 | ||||
Accumulated Depreciation | $ (2,252) | ||||
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 | $ (719) | ||||
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 | $ (742) | ||||
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 | $ (257) | ||||
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 | $ (483) | ||||
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 | $ (609) | ||||
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 | 452 | ||||
Land, Gross Amounts | 11,414 | ||||
Buildings and Improvements, Gross Amounts | 2,954 | ||||
Total, Gross | 14,368 | ||||
Accumulated Depreciation | $ (632) | ||||
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 | 1,521 | ||||
Land, Gross Amounts | 11,789 | ||||
Buildings and Improvements, Gross Amounts | 6,735 | ||||
Total, Gross | 18,524 | ||||
Accumulated Depreciation | $ (1,480) | ||||
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 | 330 | ||||
Land, Gross Amounts | 12,191 | ||||
Buildings and Improvements, Gross Amounts | 7,819 | ||||
Total, Gross | 20,010 | ||||
Accumulated Depreciation | $ (1,407) | ||||
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 | 16,406 | ||||
Land, Gross Amounts | 17,896 | ||||
Buildings and Improvements, Gross Amounts | 19,230 | ||||
Total, Gross | 37,126 | ||||
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 | 126 | ||||
Land, Gross Amounts | 2,395 | ||||
Buildings and Improvements, Gross Amounts | 5,592 | ||||
Total, Gross | 7,987 | ||||
Accumulated Depreciation | $ (884) | ||||
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 | 1,860 | ||||
Land, Gross Amounts | 38,877 | ||||
Buildings and Improvements, Gross Amounts | 66,581 | ||||
Total, Gross | 105,458 | ||||
Accumulated Depreciation | $ (10,393) | ||||
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 | 219 | ||||
Land, Gross Amounts | 4,273 | ||||
Buildings and Improvements, Gross Amounts | 2,185 | ||||
Total, Gross | 6,458 | ||||
Accumulated Depreciation | $ (506) | ||||
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 | 2,166 | ||||
Land, Gross Amounts | 3,245 | ||||
Buildings and Improvements, Gross Amounts | 4,518 | ||||
Total, Gross | 7,763 | ||||
Accumulated Depreciation | $ (569) | ||||
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 | 2,424 | ||||
Land, Gross Amounts | 23,363 | ||||
Buildings and Improvements, Gross Amounts | 7,632 | ||||
Total, Gross | 30,995 | ||||
Accumulated Depreciation | $ (979) | ||||
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 | 119 | ||||
Land, Gross Amounts | 25,642 | ||||
Buildings and Improvements, Gross Amounts | 14,735 | ||||
Total, Gross | 40,377 | ||||
Accumulated Depreciation | $ (2,377) | ||||
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 | 503 | ||||
Land, Gross Amounts | 9,084 | ||||
Buildings and Improvements, Gross Amounts | 8,789 | ||||
Total, Gross | 17,873 | ||||
Accumulated Depreciation | $ (1,395) | ||||
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 | 2,926 | ||||
Land, Gross Amounts | 8,102 | ||||
Buildings and Improvements, Gross Amounts | 11,105 | ||||
Total, Gross | 19,207 | ||||
Accumulated Depreciation | $ (2,184) | ||||
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 | 255 | ||||
Land, Gross Amounts | 2,901 | ||||
Buildings and Improvements, Gross Amounts | 4,500 | ||||
Total, Gross | 7,401 | ||||
Accumulated Depreciation | $ (722) | ||||
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 | 896 | ||||
Land, Gross Amounts | 19,556 | ||||
Buildings and Improvements, Gross Amounts | 10,463 | ||||
Total, Gross | 30,019 | ||||
Accumulated Depreciation | $ (1,652) | ||||
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 | 37 | ||||
Land, Gross Amounts | 18,989 | ||||
Buildings and Improvements, Gross Amounts | 10,104 | ||||
Total, Gross | 29,093 | ||||
Accumulated Depreciation | $ (1,813) | ||||
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 | 138 | ||||
Land, Gross Amounts | 12,367 | ||||
Buildings and Improvements, Gross Amounts | 4,996 | ||||
Total, Gross | 17,363 | ||||
Accumulated Depreciation | $ (922) | ||||
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 | 32 | ||||
Land, Gross Amounts | 16,407 | ||||
Buildings and Improvements, Gross Amounts | 9,604 | ||||
Total, Gross | 26,011 | ||||
Accumulated Depreciation | $ (1,629) | ||||
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 | $ (847) | ||||
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 | 5,463 | ||||
Land, Gross Amounts | 12,280 | ||||
Buildings and Improvements, Gross Amounts | 14,661 | ||||
Total, Gross | 26,941 | ||||
Accumulated Depreciation | $ (1,439) | ||||
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 | 381 | ||||
Land, Gross Amounts | 11,576 | ||||
Buildings and Improvements, Gross Amounts | 2,646 | ||||
Total, Gross | 14,222 | ||||
Accumulated Depreciation | $ (561) | ||||
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 | $ (868) | ||||
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 | $ (218) | ||||
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 | 262 | ||||
Land, Gross Amounts | 19,075 | ||||
Buildings and Improvements, Gross Amounts | 8,323 | ||||
Total, Gross | 27,398 | ||||
Accumulated Depreciation | $ (1,495) | ||||
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 | 31,554 | ||||
Land, Gross Amounts | 23,848 | ||||
Buildings and Improvements, Gross Amounts | 31,554 | ||||
Total, Gross | 55,402 | ||||
Accumulated Depreciation | $ (2,840) | ||||
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 | $ (63) | ||||
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 | 332 | ||||
Land, Gross Amounts | 6,543 | ||||
Buildings and Improvements, Gross Amounts | 2,064 | ||||
Total, Gross | 8,607 | ||||
Accumulated Depreciation | $ (453) | ||||
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 | 194 | ||||
Land, Gross Amounts | 7,142 | ||||
Buildings and Improvements, Gross Amounts | 970 | ||||
Total, Gross | 8,112 | ||||
Accumulated Depreciation | $ (216) | ||||
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 | 4 | ||||
Land, Gross Amounts | 15,997 | ||||
Buildings and Improvements, Gross Amounts | 3,040 | ||||
Total, Gross | 19,037 | ||||
Accumulated Depreciation | $ (509) | ||||
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 | 39 | ||||
Land, Gross Amounts | 33,006 | ||||
Buildings and Improvements, Gross Amounts | 34,478 | ||||
Total, Gross | 67,484 | ||||
Accumulated Depreciation | $ (5,311) | ||||
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 | 1,669 | ||||
Land, Gross Amounts | 9,766 | ||||
Buildings and Improvements, Gross Amounts | 2,534 | ||||
Total, Gross | 12,300 | ||||
Accumulated Depreciation | $ (389) | ||||
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 | 425 | ||||
Land, Gross Amounts | 14,960 | ||||
Buildings and Improvements, Gross Amounts | 2,482 | ||||
Total, Gross | 17,442 | ||||
Accumulated Depreciation | $ (482) | ||||
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 | 647 | ||||
Land, Gross Amounts | 42,178 | ||||
Buildings and Improvements, Gross Amounts | 22,634 | ||||
Total, Gross | 64,812 | ||||
Accumulated Depreciation | $ (3,262) | ||||
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 | 1,425 | ||||
Land, Gross Amounts | 8,330 | ||||
Buildings and Improvements, Gross Amounts | 15,729 | ||||
Total, Gross | 24,059 | ||||
Accumulated Depreciation | $ (2,320) | ||||
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 | 730 | ||||
Land, Gross Amounts | 27,809 | ||||
Buildings and Improvements, Gross Amounts | 12,184 | ||||
Total, Gross | 39,993 | ||||
Accumulated Depreciation | $ (1,854) | ||||
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 | 357 | ||||
Land, Gross Amounts | 8,283 | ||||
Buildings and Improvements, Gross Amounts | 3,141 | ||||
Total, Gross | 11,424 | ||||
Accumulated Depreciation | $ (467) | ||||
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 | 530 | ||||
Land, Gross Amounts | 6,990 | ||||
Buildings and Improvements, Gross Amounts | 1,880 | ||||
Total, Gross | 8,870 | ||||
Accumulated Depreciation | $ (384) | ||||
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 | 1,626 | ||||
Land, Gross Amounts | 21,047 | ||||
Buildings and Improvements, Gross Amounts | 6,192 | ||||
Total, Gross | 27,239 | ||||
Accumulated Depreciation | $ (1,074) | ||||
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 | 10,880 | ||||
Land, Gross Amounts | 7,364 | ||||
Buildings and Improvements, Gross Amounts | 10,880 | ||||
Total, Gross | 18,244 | ||||
Accumulated Depreciation | $ (74) | ||||
Year Build / Year Renovated | 1956 / 2022 | ||||
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 | 97 | ||||
Land, Gross Amounts | 10,742 | ||||
Buildings and Improvements, Gross Amounts | 4,477 | ||||
Total, Gross | 15,219 | ||||
Accumulated Depreciation | $ (659) | ||||
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 | 13,182 | ||||
Land, Gross Amounts | 29,404 | ||||
Buildings and Improvements, Gross Amounts | 17,444 | ||||
Total, Gross | 46,848 | ||||
Accumulated Depreciation | $ (655) | ||||
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 | 298 | ||||
Land, Gross Amounts | 67,623 | ||||
Buildings and Improvements, Gross Amounts | 19,260 | ||||
Total, Gross | 86,883 | ||||
Accumulated Depreciation | $ (3,429) | ||||
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 | 136 | ||||
Land, Gross Amounts | 10,035 | ||||
Buildings and Improvements, Gross Amounts | 2,209 | ||||
Total, Gross | 12,244 | ||||
Accumulated Depreciation | $ (405) | ||||
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 | $ (451) | ||||
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 | 3,897 | ||||
Land, Gross Amounts | 23,016 | ||||
Buildings and Improvements, Gross Amounts | 14,241 | ||||
Total, Gross | 37,257 | ||||
Accumulated Depreciation | $ (1,573) | ||||
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 | $ 3,832 | ||||
Land, Initial Cost | 30,333 | ||||
Buildings and Improvements, Initial Cost | 9,427 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,288 | ||||
Land, Gross Amounts | 30,333 | ||||
Buildings and Improvements, Gross Amounts | 14,715 | ||||
Total, Gross | 45,048 | ||||
Accumulated Depreciation | $ (1,615) | ||||
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 | 6 | ||||
Land, Gross Amounts | 24,310 | ||||
Buildings and Improvements, Gross Amounts | 13,134 | ||||
Total, Gross | 37,444 | ||||
Accumulated Depreciation | $ (1,556) | ||||
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 | $ 2,462 | ||||
Land, Initial Cost | 12,033 | ||||
Buildings and Improvements, Initial Cost | 4,666 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 6,165 | ||||
Land, Gross Amounts | 12,033 | ||||
Buildings and Improvements, Gross Amounts | 10,831 | ||||
Total, Gross | 22,864 | ||||
Accumulated Depreciation | $ (274) | ||||
Year Build / Year Renovated | 1976 / 2022 | ||||
Year Acquired | 2020 | ||||
5160 Richton Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Montclair, CA | ||||
Encumbrances | $ 4,153 | ||||
Land, Initial Cost | 7,199 | ||||
Buildings and Improvements, Initial Cost | 8,203 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 817 | ||||
Land, Gross Amounts | 7,199 | ||||
Buildings and Improvements, Gross Amounts | 9,020 | ||||
Total, Gross | 16,219 | ||||
Accumulated Depreciation | $ (1,073) | ||||
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 | 747 | ||||
Land, Gross Amounts | 11,407 | ||||
Buildings and Improvements, Gross Amounts | 7,581 | ||||
Total, Gross | 18,988 | ||||
Accumulated Depreciation | $ (1,072) | ||||
Year Build / Year Renovated | 1998 | ||||
Year Acquired | 2020 | ||||
11832-11954 La Cienega Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Hawthorne, CA | ||||
Encumbrances | $ 3,928 | ||||
Land, Initial Cost | 13,625 | ||||
Buildings and Improvements, Initial Cost | 5,721 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 876 | ||||
Land, Gross Amounts | 13,625 | ||||
Buildings and Improvements, Gross Amounts | 6,597 | ||||
Total, Gross | 20,222 | ||||
Accumulated Depreciation | $ (963) | ||||
Year Build / Year Renovated | 1999 | ||||
Year Acquired | 2020 | ||||
7612-7642 Woodwind Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Huntington Beach, CA | ||||
Encumbrances | $ 3,712 | ||||
Land, Initial Cost | 10,634 | ||||
Buildings and Improvements, Initial Cost | 2,901 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 133 | ||||
Land, Gross Amounts | 10,634 | ||||
Buildings and Improvements, Gross Amounts | 3,034 | ||||
Total, Gross | 13,668 | ||||
Accumulated Depreciation | $ (420) | ||||
Year Build / Year Renovated | 2001 | ||||
Year Acquired | 2020 | ||||
960-970 Knox Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Encumbrances | $ 2,307 | ||||
Land, Initial Cost | 7,324 | ||||
Buildings and Improvements, Initial Cost | 2,380 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,174 | ||||
Land, Gross Amounts | 7,324 | ||||
Buildings and Improvements, Gross Amounts | 3,554 | ||||
Total, Gross | 10,878 | ||||
Accumulated Depreciation | $ (470) | ||||
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 | 831 | ||||
Land, Gross Amounts | 4,358 | ||||
Buildings and Improvements, Gross Amounts | 1,898 | ||||
Total, Gross | 6,256 | ||||
Accumulated Depreciation | $ (175) | ||||
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 | $ (332) | ||||
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 | 445 | ||||
Land, Gross Amounts | 14,501 | ||||
Buildings and Improvements, Gross Amounts | 6,498 | ||||
Total, Gross | 20,999 | ||||
Accumulated Depreciation | $ (745) | ||||
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 | 6,557 | ||||
Land, Gross Amounts | 11,970 | ||||
Buildings and Improvements, Gross Amounts | 6,557 | ||||
Total, Gross | 18,527 | ||||
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 | $ 2,612 | ||||
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 | $ (200) | ||||
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 | 1,590 | ||||
Land, Gross Amounts | 6,471 | ||||
Buildings and Improvements, Gross Amounts | 3,141 | ||||
Total, Gross | 9,612 | ||||
Accumulated Depreciation | $ (405) | ||||
Year Build / Year Renovated | 1974 / 2021 | ||||
Year Acquired | 2020 | ||||
15850 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 | 55 | ||||
Land, Gross Amounts | 3,634 | ||||
Buildings and Improvements, Gross Amounts | 6,507 | ||||
Total, Gross | 10,141 | ||||
Accumulated Depreciation | $ (643) | ||||
Year Build / Year Renovated | 2020 | ||||
Year Acquired | 2020 | ||||
15650-15700 Avalon Blvd | |||||
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 | 9,241 | ||||
Land, Gross Amounts | 22,353 | ||||
Buildings and Improvements, Gross Amounts | 15,229 | ||||
Total, Gross | 37,582 | ||||
Accumulated Depreciation | $ (307) | ||||
Year Build / Year Renovated | 1962 - 1978 / 2022 | ||||
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 | 321 | ||||
Land, Gross Amounts | 15,884 | ||||
Buildings and Improvements, Gross Amounts | 11,490 | ||||
Total, Gross | 27,374 | ||||
Accumulated Depreciation | $ (1,239) | ||||
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 | 1,143 | ||||
Land, Gross Amounts | 3,217 | ||||
Buildings and Improvements, Gross Amounts | 2,589 | ||||
Total, Gross | 5,806 | ||||
Accumulated Depreciation | $ (202) | ||||
Year Build / Year Renovated | 1974 | ||||
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 | 5,486 | ||||
Land, Gross Amounts | 5,900 | ||||
Buildings and Improvements, Gross Amounts | 6,377 | ||||
Total, Gross | 12,277 | ||||
Accumulated Depreciation | $ (34) | ||||
Year Build / Year Renovated | 1967 | ||||
Year Acquired | 2020 | ||||
12772 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 | 894 | ||||
Land, Gross Amounts | 17,302 | ||||
Buildings and Improvements, Gross Amounts | 4,726 | ||||
Total, Gross | 22,028 | ||||
Accumulated Depreciation | $ (454) | ||||
Year Build / Year Renovated | 1964 / 2013 | ||||
Year Acquired | 2020 | ||||
15601 Avalon Blvd | |||||
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 | 13,235 | ||||
Land, Gross Amounts | 15,776 | ||||
Buildings and Improvements, Gross Amounts | 13,235 | ||||
Total, Gross | 29,011 | ||||
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 | 1,150 | ||||
Land, Gross Amounts | 132,659 | ||||
Buildings and Improvements, Gross Amounts | 155,400 | ||||
Total, Gross | 288,059 | ||||
Accumulated Depreciation | $ (12,750) | ||||
Year Build / Year Renovated | 2005 - 2006 | ||||
Year Acquired | 2020 | ||||
13943-13955 Balboa Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Sylmar, CA | ||||
Encumbrances | $ 14,965 | ||||
Land, Initial Cost | 26,795 | ||||
Buildings and Improvements, Initial Cost | 18,484 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,942 | ||||
Land, Gross Amounts | 26,795 | ||||
Buildings and Improvements, Gross Amounts | 20,426 | ||||
Total, Gross | 47,221 | ||||
Accumulated Depreciation | $ (1,747) | ||||
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 | 2,262 | ||||
Land, Gross Amounts | 91,894 | ||||
Buildings and Improvements, Gross Amounts | 60,887 | ||||
Total, Gross | 152,781 | ||||
Accumulated Depreciation | $ (5,322) | ||||
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 | 72 | ||||
Land, Gross Amounts | 12,829 | ||||
Buildings and Improvements, Gross Amounts | 15,557 | ||||
Total, Gross | 28,386 | ||||
Accumulated Depreciation | $ (1,319) | ||||
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 | 838 | ||||
Land, Gross Amounts | 19,779 | ||||
Buildings and Improvements, Gross Amounts | 28,024 | ||||
Total, Gross | 47,803 | ||||
Accumulated Depreciation | $ (2,202) | ||||
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 | 190 | ||||
Land, Gross Amounts | 8,878 | ||||
Buildings and Improvements, Gross Amounts | 12,515 | ||||
Total, Gross | 21,393 | ||||
Accumulated Depreciation | $ (1,032) | ||||
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 | 172 | ||||
Land, Gross Amounts | 12,513 | ||||
Buildings and Improvements, Gross Amounts | 16,549 | ||||
Total, Gross | 29,062 | ||||
Accumulated Depreciation | $ (1,359) | ||||
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 | $ (270) | ||||
Year Acquired | 2020 | ||||
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 | 431 | ||||
Land, Gross Amounts | 40,332 | ||||
Buildings and Improvements, Gross Amounts | 22,273 | ||||
Total, Gross | 62,605 | ||||
Accumulated Depreciation | $ (2,037) | ||||
Year Build / Year Renovated | 1961 - 2004 | ||||
Year Acquired | 2020 | ||||
2750 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 | 723 | ||||
Land, Gross Amounts | 24,644 | ||||
Buildings and Improvements, Gross Amounts | 6,494 | ||||
Total, Gross | 31,138 | ||||
Accumulated Depreciation | $ (740) | ||||
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 | 976 | ||||
Land, Gross Amounts | 7,401 | ||||
Buildings and Improvements, Gross Amounts | 9,144 | ||||
Total, Gross | 16,545 | ||||
Accumulated Depreciation | $ (728) | ||||
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 | 3 | ||||
Land, Gross Amounts | 10,499 | ||||
Buildings and Improvements, Gross Amounts | 13,835 | ||||
Total, Gross | 24,334 | ||||
Accumulated Depreciation | $ (1,134) | ||||
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 | 48 | ||||
Land, Gross Amounts | 9,675 | ||||
Buildings and Improvements, Gross Amounts | 10,441 | ||||
Total, Gross | 20,116 | ||||
Accumulated Depreciation | $ (932) | ||||
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 | 106 | ||||
Land, Gross Amounts | 14,288 | ||||
Buildings and Improvements, Gross Amounts | 8,025 | ||||
Total, Gross | 22,313 | ||||
Accumulated Depreciation | $ (684) | ||||
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 | 1,997 | ||||
Land, Gross Amounts | 16,984 | ||||
Buildings and Improvements, Gross Amounts | 3,516 | ||||
Total, Gross | 20,500 | ||||
Accumulated Depreciation | $ (166) | ||||
Year Build / Year Renovated | 1956 / 2022 | ||||
Year Acquired | 2020 | ||||
15010 Don Julian Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 24,017 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,871 | ||||
Land, Gross Amounts | 24,017 | ||||
Buildings and Improvements, Gross Amounts | 1,871 | ||||
Total, Gross | 25,888 | ||||
Accumulated Depreciation | $ (4) | ||||
Year Build / Year Renovated | 1963 | ||||
Year Acquired | 2021 | ||||
5002-5018 Lindsay Court | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Chino, CA | ||||
Land, Initial Cost | $ 6,996 | ||||
Buildings and Improvements, Initial Cost | 5,658 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 541 | ||||
Land, Gross Amounts | 6,996 | ||||
Buildings and Improvements, Gross Amounts | 6,199 | ||||
Total, Gross | 13,195 | ||||
Accumulated Depreciation | $ (518) | ||||
Year Build / Year Renovated | 1986 | ||||
Year Acquired | 2021 | ||||
514 East C Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 9,114 | ||||
Buildings and Improvements, Initial Cost | 1,205 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | ||||
Land, Gross Amounts | 9,114 | ||||
Buildings and Improvements, Gross Amounts | 1,209 | ||||
Total, Gross | 10,323 | ||||
Accumulated Depreciation | $ (135) | ||||
Year Build / Year Renovated | 2019 | ||||
Year Acquired | 2021 | ||||
17907-18001 Figueroa Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 18,065 | ||||
Buildings and Improvements, Initial Cost | 1,829 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 523 | ||||
Land, Gross Amounts | 18,065 | ||||
Buildings and Improvements, Gross Amounts | 2,352 | ||||
Total, Gross | 20,417 | ||||
Accumulated Depreciation | $ (274) | ||||
Year Build / Year Renovated | 1954 - 1960 | ||||
Year Acquired | 2021 | ||||
7817 Woodley Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Van Nuys, CA | ||||
Encumbrances | $ 3,009 | ||||
Land, Initial Cost | 5,496 | ||||
Buildings and Improvements, Initial Cost | 4,615 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 5,496 | ||||
Buildings and Improvements, Gross Amounts | 4,615 | ||||
Total, Gross | 10,111 | ||||
Accumulated Depreciation | $ (171) | ||||
Year Build / Year Renovated | 1974 | ||||
Year Acquired | 2021 | ||||
8888-8992 Balboa Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | San Diego, CA | ||||
Land, Initial Cost | $ 20,033 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,322 | ||||
Land, Gross Amounts | 20,033 | ||||
Buildings and Improvements, Gross Amounts | 3,322 | ||||
Total, Gross | 23,355 | ||||
Accumulated Depreciation | $ (3) | ||||
Year Build / Year Renovated | 1967 | ||||
Year Acquired | 2021 | ||||
9920-10020 Pioneer Boulevard | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 21,345 | ||||
Buildings and Improvements, Initial Cost | 2,118 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 6,977 | ||||
Land, Gross Amounts | 21,345 | ||||
Buildings and Improvements, Gross Amounts | 9,095 | ||||
Total, Gross | 30,440 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1973 - 1978 | ||||
Year Acquired | 2021 | ||||
2553 Garfield Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Commerce, CA | ||||
Land, Initial Cost | $ 3,846 | ||||
Buildings and Improvements, Initial Cost | 649 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 133 | ||||
Land, Gross Amounts | 3,846 | ||||
Buildings and Improvements, Gross Amounts | 782 | ||||
Total, Gross | 4,628 | ||||
Accumulated Depreciation | $ (102) | ||||
Year Build / Year Renovated | 1954 | ||||
Year Acquired | 2021 | ||||
6655 East 26th Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Commerce, CA | ||||
Land, Initial Cost | $ 5,195 | ||||
Buildings and Improvements, Initial Cost | 1,780 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 200 | ||||
Land, Gross Amounts | 5,195 | ||||
Buildings and Improvements, Gross Amounts | 1,980 | ||||
Total, Gross | 7,175 | ||||
Accumulated Depreciation | $ (170) | ||||
Year Build / Year Renovated | 1965 | ||||
Year Acquired | 2021 | ||||
560 Main Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Orange, CA | ||||
Land, Initial Cost | $ 2,660 | ||||
Buildings and Improvements, Initial Cost | 432 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 130 | ||||
Land, Gross Amounts | 2,660 | ||||
Buildings and Improvements, Gross Amounts | 562 | ||||
Total, Gross | 3,222 | ||||
Accumulated Depreciation | $ (71) | ||||
Year Build / Year Renovated | 1973 | ||||
Year Acquired | 2021 | ||||
4225 Etiwanda Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Jurupa Valley, CA | ||||
Land, Initial Cost | $ 16,287 | ||||
Buildings and Improvements, Initial Cost | 15,537 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 104 | ||||
Land, Gross Amounts | 16,287 | ||||
Buildings and Improvements, Gross Amounts | 15,641 | ||||
Total, Gross | 31,928 | ||||
Accumulated Depreciation | $ (1,203) | ||||
Year Build / Year Renovated | 1998 | ||||
Year Acquired | 2021 | ||||
12118 Bloomfield Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 16,809 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,392 | ||||
Land, Gross Amounts | 16,809 | ||||
Buildings and Improvements, Gross Amounts | 1,392 | ||||
Total, Gross | 18,201 | ||||
Accumulated Depreciation | $ (4) | ||||
Year Build / Year Renovated | 1955 | ||||
Year Acquired | 2021 | ||||
256 Alondra Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Carson, CA | ||||
Land, Initial Cost | $ 10,377 | ||||
Buildings and Improvements, Initial Cost | 371 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 250 | ||||
Land, Gross Amounts | 10,377 | ||||
Buildings and Improvements, Gross Amounts | 621 | ||||
Total, Gross | 10,998 | ||||
Accumulated Depreciation | $ (99) | ||||
Year Build / Year Renovated | 1954 | ||||
Year Acquired | 2021 | ||||
19007 Reyes Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Rancho Dominguez, CA | ||||
Land, Initial Cost | $ 16,673 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,115 | ||||
Land, Gross Amounts | 16,673 | ||||
Buildings and Improvements, Gross Amounts | 2,115 | ||||
Total, Gross | 18,788 | ||||
Accumulated Depreciation | $ (7) | ||||
Year Build / Year Renovated | 1969 / 2021 | ||||
Year Acquired | 2021 | ||||
19431 Santa Fe Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Rancho Dominguez, CA | ||||
Land, Initial Cost | $ 10,066 | ||||
Buildings and Improvements, Initial Cost | 638 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 788 | ||||
Land, Gross Amounts | 10,066 | ||||
Buildings and Improvements, Gross Amounts | 1,426 | ||||
Total, Gross | 11,492 | ||||
Accumulated Depreciation | $ (48) | ||||
Year Build / Year Renovated | 1963 | ||||
Year Acquired | 2021 | ||||
4621 Guasti Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 8,198 | ||||
Buildings and Improvements, Initial Cost | 5,231 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 429 | ||||
Land, Gross Amounts | 8,198 | ||||
Buildings and Improvements, Gross Amounts | 5,660 | ||||
Total, Gross | 13,858 | ||||
Accumulated Depreciation | $ (370) | ||||
Year Build / Year Renovated | 1988 | ||||
Year Acquired | 2021 | ||||
12838 Saticoy Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | North Hollywood, CA | ||||
Land, Initial Cost | $ 25,550 | ||||
Buildings and Improvements, Initial Cost | 2,185 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 25,550 | ||||
Buildings and Improvements, Gross Amounts | 2,185 | ||||
Total, Gross | 27,735 | ||||
Accumulated Depreciation | $ (264) | ||||
Year Build / Year Renovated | 1954 | ||||
Year Acquired | 2021 | ||||
19951 Mariner Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 17,009 | ||||
Buildings and Improvements, Initial Cost | 7,674 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3 | ||||
Land, Gross Amounts | 17,009 | ||||
Buildings and Improvements, Gross Amounts | 7,677 | ||||
Total, Gross | 24,686 | ||||
Accumulated Depreciation | $ (736) | ||||
Year Build / Year Renovated | 1986 | ||||
Year Acquired | 2021 | ||||
East 12th Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 48,409 | ||||
Buildings and Improvements, Initial Cost | 40,756 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5,290 | ||||
Land, Gross Amounts | 48,409 | ||||
Buildings and Improvements, Gross Amounts | 46,046 | ||||
Total, Gross | 94,455 | ||||
Accumulated Depreciation | $ (2,645) | ||||
Year Build / Year Renovated | 1988 | ||||
Year Acquired | 2021 | ||||
29120 Commerce Center Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Valencia, CA | ||||
Land, Initial Cost | $ 11,121 | ||||
Buildings and Improvements, Initial Cost | 15,799 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 73 | ||||
Land, Gross Amounts | 11,121 | ||||
Buildings and Improvements, Gross Amounts | 15,872 | ||||
Total, Gross | 26,993 | ||||
Accumulated Depreciation | $ (1,026) | ||||
Year Build / Year Renovated | 2002 | ||||
Year Acquired | 2021 | ||||
20304 Alameda Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Rancho Dominguez, CA | ||||
Land, Initial Cost | $ 11,987 | ||||
Buildings and Improvements, Initial Cost | 1,663 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 12 | ||||
Land, Gross Amounts | 11,987 | ||||
Buildings and Improvements, Gross Amounts | 1,675 | ||||
Total, Gross | 13,662 | ||||
Accumulated Depreciation | $ (164) | ||||
Year Build / Year Renovated | 1974 | ||||
Year Acquired | 2021 | ||||
4181 Ruffin Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | San Diego, CA | ||||
Land, Initial Cost | $ 30,395 | ||||
Buildings and Improvements, Initial Cost | 3,530 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 116 | ||||
Land, Gross Amounts | 30,395 | ||||
Buildings and Improvements, Gross Amounts | 3,646 | ||||
Total, Gross | 34,041 | ||||
Accumulated Depreciation | $ (573) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2021 | ||||
12017 Greenstone Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 13,408 | ||||
Buildings and Improvements, Initial Cost | 205 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,697 | ||||
Land, Gross Amounts | 13,408 | ||||
Buildings and Improvements, Gross Amounts | 1,902 | ||||
Total, Gross | 15,310 | ||||
Accumulated Depreciation | $ (54) | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2021 | ||||
1901 Via Burton | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fullerton, CA | ||||
Land, Initial Cost | $ 24,461 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4,137 | ||||
Land, Gross Amounts | 24,461 | ||||
Buildings and Improvements, Gross Amounts | 4,137 | ||||
Total, Gross | 28,598 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1960 | ||||
Year Acquired | 2021 | ||||
1555 Cucamonga Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 20,153 | ||||
Buildings and Improvements, Initial Cost | 2,134 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 55 | ||||
Land, Gross Amounts | 20,153 | ||||
Buildings and Improvements, Gross Amounts | 2,189 | ||||
Total, Gross | 22,342 | ||||
Accumulated Depreciation | $ (279) | ||||
Year Build / Year Renovated | 1973 | ||||
Year Acquired | 2021 | ||||
1800 Lomita Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Wilmington, CA | ||||
Land, Initial Cost | $ 89,711 | ||||
Buildings and Improvements, Initial Cost | 542 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 304 | ||||
Land, Gross Amounts | 89,711 | ||||
Buildings and Improvements, Gross Amounts | 846 | ||||
Total, Gross | 90,557 | ||||
Accumulated Depreciation | $ (107) | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2021 | ||||
8210-8240 Haskell Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Van Nuys, CA | ||||
Land, Initial Cost | $ 9,219 | ||||
Buildings and Improvements, Initial Cost | 3,331 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,137 | ||||
Land, Gross Amounts | 9,219 | ||||
Buildings and Improvements, Gross Amounts | 6,468 | ||||
Total, Gross | 15,687 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1962 - 1964 | ||||
Year Acquired | 2021 | ||||
3100 Lomita Boulevard | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 124,313 | ||||
Buildings and Improvements, Initial Cost | 65,282 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | (1,493) | ||||
Land, Gross Amounts | 124,313 | ||||
Buildings and Improvements, Gross Amounts | 63,789 | ||||
Total, Gross | 188,102 | ||||
Accumulated Depreciation | $ (4,922) | ||||
Year Build / Year Renovated | 1967 - 1998 | ||||
Year Acquired | 2021 | ||||
2401-2421 Glassell Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Orange, CA | ||||
Land, Initial Cost | $ 54,554 | ||||
Buildings and Improvements, Initial Cost | 16,599 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 164 | ||||
Land, Gross Amounts | 54,554 | ||||
Buildings and Improvements, Gross Amounts | 16,763 | ||||
Total, Gross | 71,317 | ||||
Accumulated Depreciation | $ (1,555) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2021 | ||||
2390-2444 American Way | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Orange, CA | ||||
Land, Initial Cost | $ 17,214 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,454 | ||||
Land, Gross Amounts | 17,214 | ||||
Buildings and Improvements, Gross Amounts | 2,454 | ||||
Total, Gross | 19,668 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2021 | ||||
500 Dupont Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 36,810 | ||||
Buildings and Improvements, Initial Cost | 26,489 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 461 | ||||
Land, Gross Amounts | 36,810 | ||||
Buildings and Improvements, Gross Amounts | 26,950 | ||||
Total, Gross | 63,760 | ||||
Accumulated Depreciation | $ (1,432) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2021 | ||||
1801 St. Andrew Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Ana, CA | ||||
Land, Initial Cost | $ 75,978 | ||||
Buildings and Improvements, Initial Cost | 24,522 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,793 | ||||
Land, Gross Amounts | 75,978 | ||||
Buildings and Improvements, Gross Amounts | 26,315 | ||||
Total, Gross | 102,293 | ||||
Accumulated Depreciation | $ (1,991) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2021 | ||||
5772 Jurupa Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 36,590 | ||||
Buildings and Improvements, Initial Cost | 20,010 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 11 | ||||
Land, Gross Amounts | 36,590 | ||||
Buildings and Improvements, Gross Amounts | 20,021 | ||||
Total, Gross | 56,611 | ||||
Accumulated Depreciation | $ (1,138) | ||||
Year Build / Year Renovated | 1992 | ||||
Year Acquired | 2021 | ||||
2500 Victoria Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 232,902 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 232,902 | ||||
Buildings and Improvements, Gross Amounts | 0 | ||||
Total, Gross | 232,902 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2021 | ||||
1010 Belmont Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 9,078 | ||||
Buildings and Improvements, Initial Cost | 5,751 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 30 | ||||
Land, Gross Amounts | 9,078 | ||||
Buildings and Improvements, Gross Amounts | 5,781 | ||||
Total, Gross | 14,859 | ||||
Accumulated Depreciation | $ (306) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2021 | ||||
21515 Western Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 19,280 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,422 | ||||
Land, Gross Amounts | 19,280 | ||||
Buildings and Improvements, Gross Amounts | 1,422 | ||||
Total, Gross | 20,702 | ||||
Accumulated Depreciation | $ (1) | ||||
Year Build / Year Renovated | 1991 | ||||
Year Acquired | 2021 | ||||
12027 Greenstone Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 8,952 | ||||
Buildings and Improvements, Initial Cost | 469 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 143 | ||||
Land, Gross Amounts | 8,952 | ||||
Buildings and Improvements, Gross Amounts | 612 | ||||
Total, Gross | 9,564 | ||||
Accumulated Depreciation | $ (49) | ||||
Year Build / Year Renovated | 1975 | ||||
Year Acquired | 2021 | ||||
6027 Eastern Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Commerce, CA | ||||
Land, Initial Cost | $ 23,494 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 2,667 | ||||
Land, Gross Amounts | 23,494 | ||||
Buildings and Improvements, Gross Amounts | 2,667 | ||||
Total, Gross | 26,161 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1946 | ||||
Year Acquired | 2021 | ||||
340-344 Bonnie Circle | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Corona, CA | ||||
Land, Initial Cost | $ 18,044 | ||||
Buildings and Improvements, Initial Cost | 9,506 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 4 | ||||
Land, Gross Amounts | 18,044 | ||||
Buildings and Improvements, Gross Amounts | 9,510 | ||||
Total, Gross | 27,554 | ||||
Accumulated Depreciation | $ (483) | ||||
Year Build / Year Renovated | 1994 | ||||
Year Acquired | 2021 | ||||
14100 Vine Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Cerritos, CA | ||||
Land, Initial Cost | $ 40,458 | ||||
Buildings and Improvements, Initial Cost | 8,660 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3,573 | ||||
Land, Gross Amounts | 40,458 | ||||
Buildings and Improvements, Gross Amounts | 12,233 | ||||
Total, Gross | 52,691 | ||||
Accumulated Depreciation | $ (448) | ||||
Year Build / Year Renovated | 1979 / 2022 | ||||
Year Acquired | 2021 | ||||
2280 Ward Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Simi Valley, CA | ||||
Land, Initial Cost | $ 23,301 | ||||
Buildings and Improvements, Initial Cost | 24,832 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 5 | ||||
Land, Gross Amounts | 23,301 | ||||
Buildings and Improvements, Gross Amounts | 24,837 | ||||
Total, Gross | 48,138 | ||||
Accumulated Depreciation | $ (1,262) | ||||
Year Build / Year Renovated | 1995 | ||||
Year Acquired | 2021 | ||||
20481 Crescent Bay Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Lake Forest, CA | ||||
Land, Initial Cost | $ 16,164 | ||||
Buildings and Improvements, Initial Cost | 6,054 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 3 | ||||
Land, Gross Amounts | 16,164 | ||||
Buildings and Improvements, Gross Amounts | 6,057 | ||||
Total, Gross | 22,221 | ||||
Accumulated Depreciation | $ (312) | ||||
Year Build / Year Renovated | 1996 | ||||
Year Acquired | 2021 | ||||
334 El Encanto Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 9,227 | ||||
Buildings and Improvements, Initial Cost | 1,272 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 123 | ||||
Land, Gross Amounts | 9,227 | ||||
Buildings and Improvements, Gross Amounts | 1,395 | ||||
Total, Gross | 10,622 | ||||
Accumulated Depreciation | $ (96) | ||||
Year Build / Year Renovated | 1960 | ||||
Year Acquired | 2021 | ||||
17031-17037 Green Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 10,781 | ||||
Buildings and Improvements, Initial Cost | 3,302 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 76 | ||||
Land, Gross Amounts | 10,781 | ||||
Buildings and Improvements, Gross Amounts | 3,378 | ||||
Total, Gross | 14,159 | ||||
Accumulated Depreciation | $ (184) | ||||
Year Build / Year Renovated | 1968 | ||||
Year Acquired | 2021 | ||||
13512 Marlay Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fontana, CA | ||||
Land, Initial Cost | $ 37,018 | ||||
Buildings and Improvements, Initial Cost | 15,365 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 160 | ||||
Land, Gross Amounts | 37,018 | ||||
Buildings and Improvements, Gross Amounts | 15,525 | ||||
Total, Gross | 52,543 | ||||
Accumulated Depreciation | $ (744) | ||||
Year Build / Year Renovated | 1960 | ||||
Year Acquired | 2021 | ||||
14940 Proctor Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 28,861 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 70 | ||||
Land, Gross Amounts | 28,861 | ||||
Buildings and Improvements, Gross Amounts | 70 | ||||
Total, Gross | 28,931 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1962 | ||||
Year Acquired | 2021 | ||||
2800 Casitas Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 33,154 | ||||
Buildings and Improvements, Initial Cost | 10,833 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 253 | ||||
Land, Gross Amounts | 33,154 | ||||
Buildings and Improvements, Gross Amounts | 11,086 | ||||
Total, Gross | 44,240 | ||||
Accumulated Depreciation | $ (461) | ||||
Year Build / Year Renovated | 1999 | ||||
Year Acquired | 2021 | ||||
4240 190th Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 67,982 | ||||
Buildings and Improvements, Initial Cost | 9,882 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 18 | ||||
Land, Gross Amounts | 67,982 | ||||
Buildings and Improvements, Gross Amounts | 9,900 | ||||
Total, Gross | 77,882 | ||||
Accumulated Depreciation | $ (517) | ||||
Year Build / Year Renovated | 1966 | ||||
Year Acquired | 2021 | ||||
2391-2393 Bateman Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Irwindale, CA | ||||
Land, Initial Cost | $ 13,363 | ||||
Buildings and Improvements, Initial Cost | 9,811 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 13,363 | ||||
Buildings and Improvements, Gross Amounts | 9,811 | ||||
Total, Gross | 23,174 | ||||
Accumulated Depreciation | $ (397) | ||||
Year Build / Year Renovated | 2005 | ||||
Year Acquired | 2021 | ||||
1168 Sherborn Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Corona, CA | ||||
Land, Initial Cost | $ 13,747 | ||||
Buildings and Improvements, Initial Cost | 9,796 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7 | ||||
Land, Gross Amounts | 13,747 | ||||
Buildings and Improvements, Gross Amounts | 9,803 | ||||
Total, Gross | 23,550 | ||||
Accumulated Depreciation | $ (400) | ||||
Year Build / Year Renovated | 2004 | ||||
Year Acquired | 2021 | ||||
3071 Coronado Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Anaheim, CA | ||||
Land, Initial Cost | $ 29,862 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 564 | ||||
Land, Gross Amounts | 29,862 | ||||
Buildings and Improvements, Gross Amounts | 564 | ||||
Total, Gross | 30,426 | ||||
Accumulated Depreciation | $ (3) | ||||
Year Build / Year Renovated | 1973 | ||||
Year Acquired | 2021 | ||||
8911 Aviation Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 27,138 | ||||
Buildings and Improvements, Initial Cost | 4,780 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 310 | ||||
Land, Gross Amounts | 27,138 | ||||
Buildings and Improvements, Gross Amounts | 5,090 | ||||
Total, Gross | 32,228 | ||||
Accumulated Depreciation | $ (241) | ||||
Year Build / Year Renovated | 1971 | ||||
Year Acquired | 2021 | ||||
1020 Bixby Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 10,067 | ||||
Buildings and Improvements, Initial Cost | 6,046 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 19 | ||||
Land, Gross Amounts | 10,067 | ||||
Buildings and Improvements, Gross Amounts | 6,065 | ||||
Total, Gross | 16,132 | ||||
Accumulated Depreciation | $ (274) | ||||
Year Build / Year Renovated | 1977 | ||||
Year Acquired | 2021 | ||||
444 Quay Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 10,926 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 359 | ||||
Land, Gross Amounts | 10,926 | ||||
Buildings and Improvements, Gross Amounts | 359 | ||||
Total, Gross | 11,285 | ||||
Accumulated Depreciation | $ (4) | ||||
Year Build / Year Renovated | 1992 | ||||
Year Acquired | 2022 | ||||
18455 Figueroa Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 57,186 | ||||
Buildings and Improvements, Initial Cost | 7,420 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 24 | ||||
Land, Gross Amounts | 57,186 | ||||
Buildings and Improvements, Gross Amounts | 7,444 | ||||
Total, Gross | 64,630 | ||||
Accumulated Depreciation | $ (423) | ||||
Year Build / Year Renovated | 1978 | ||||
Year Acquired | 2022 | ||||
24903 Avenue Kearny | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Clarita, CA | ||||
Land, Initial Cost | $ 22,468 | ||||
Buildings and Improvements, Initial Cost | 34,074 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 316 | ||||
Land, Gross Amounts | 22,468 | ||||
Buildings and Improvements, Gross Amounts | 34,390 | ||||
Total, Gross | 56,858 | ||||
Accumulated Depreciation | $ (1,195) | ||||
Year Build / Year Renovated | 1988 | ||||
Year Acquired | 2022 | ||||
19475 Gramercy Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 9,753 | ||||
Buildings and Improvements, Initial Cost | 1,678 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,772 | ||||
Land, Gross Amounts | 9,753 | ||||
Buildings and Improvements, Gross Amounts | 3,450 | ||||
Total, Gross | 13,203 | ||||
Accumulated Depreciation | $ (65) | ||||
Year Build / Year Renovated | 1982 / 2022 | ||||
Year Acquired | 2022 | ||||
14005 Live Oak Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Irwindale, CA | ||||
Land, Initial Cost | $ 20,387 | ||||
Buildings and Improvements, Initial Cost | 4,324 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 133 | ||||
Land, Gross Amounts | 20,387 | ||||
Buildings and Improvements, Gross Amounts | 4,457 | ||||
Total, Gross | 24,844 | ||||
Accumulated Depreciation | $ (377) | ||||
Year Build / Year Renovated | 1992 | ||||
Year Acquired | 2022 | ||||
13700-13738 Slover Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fontana, CA | ||||
Land, Initial Cost | $ 14,457 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 216 | ||||
Land, Gross Amounts | 14,457 | ||||
Buildings and Improvements, Gross Amounts | 216 | ||||
Total, Gross | 14,673 | ||||
Accumulated Depreciation | $ (2) | ||||
Year Build / Year Renovated | 1982 | ||||
Year Acquired | 2022 | ||||
Meggitt Simi Valley | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Simi Valley, CA | ||||
Land, Initial Cost | $ 32,102 | ||||
Buildings and Improvements, Initial Cost | 26,338 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 32,102 | ||||
Buildings and Improvements, Gross Amounts | 26,338 | ||||
Total, Gross | 58,440 | ||||
Accumulated Depreciation | $ (947) | ||||
Year Build / Year Renovated | 1984 / 2005 | ||||
Year Acquired | 2022 | ||||
21415-21605 Plummer Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Chatsworth, CA | ||||
Land, Initial Cost | $ 33,119 | ||||
Buildings and Improvements, Initial Cost | 4,724 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 24 | ||||
Land, Gross Amounts | 33,119 | ||||
Buildings and Improvements, Gross Amounts | 4,748 | ||||
Total, Gross | 37,867 | ||||
Accumulated Depreciation | $ (444) | ||||
Year Build / Year Renovated | 1986 | ||||
Year Acquired | 2022 | ||||
1501-1545 Rio Vista Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 16,138 | ||||
Buildings and Improvements, Initial Cost | 11,951 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 351 | ||||
Land, Gross Amounts | 16,138 | ||||
Buildings and Improvements, Gross Amounts | 12,302 | ||||
Total, Gross | 28,440 | ||||
Accumulated Depreciation | $ (382) | ||||
Year Build / Year Renovated | 2003 | ||||
Year Acquired | 2022 | ||||
17011-17027 Central Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Carson, CA | ||||
Land, Initial Cost | $ 22,235 | ||||
Buildings and Improvements, Initial Cost | 8,241 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 22,235 | ||||
Buildings and Improvements, Gross Amounts | 8,241 | ||||
Total, Gross | 30,476 | ||||
Accumulated Depreciation | $ (267) | ||||
Year Build / Year Renovated | 1979 | ||||
Year Acquired | 2022 | ||||
2843 Benet Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Oceanside, CA | ||||
Land, Initial Cost | $ 3,459 | ||||
Buildings and Improvements, Initial Cost | 11,559 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 3,459 | ||||
Buildings and Improvements, Gross Amounts | 11,559 | ||||
Total, Gross | 15,018 | ||||
Accumulated Depreciation | $ (347) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2022 | ||||
14243 Bessemer Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Van Nuys, CA | ||||
Land, Initial Cost | $ 5,229 | ||||
Buildings and Improvements, Initial Cost | 1,807 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 5,229 | ||||
Buildings and Improvements, Gross Amounts | 1,807 | ||||
Total, Gross | 7,036 | ||||
Accumulated Depreciation | $ (61) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2022 | ||||
2970 East 50th Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Vernon, CA | ||||
Land, Initial Cost | $ 0 | ||||
Buildings and Improvements, Initial Cost | 6,082 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 0 | ||||
Buildings and Improvements, Gross Amounts | 6,082 | ||||
Total, Gross | 6,082 | ||||
Accumulated Depreciation | $ (192) | ||||
Year Build / Year Renovated | 1949 | ||||
Year Acquired | 2022 | ||||
19900 Plummer Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Chatsworth, CA | ||||
Land, Initial Cost | $ 13,845 | ||||
Buildings and Improvements, Initial Cost | 890 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 260 | ||||
Land, Gross Amounts | 13,845 | ||||
Buildings and Improvements, Gross Amounts | 1,150 | ||||
Total, Gross | 14,995 | ||||
Accumulated Depreciation | $ (103) | ||||
Year Build / Year Renovated | 1983 | ||||
Year Acquired | 2022 | ||||
Long Beach Business Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Long Beach, CA | ||||
Land, Initial Cost | $ 21,664 | ||||
Buildings and Improvements, Initial Cost | 2,960 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 147 | ||||
Land, Gross Amounts | 21,664 | ||||
Buildings and Improvements, Gross Amounts | 3,107 | ||||
Total, Gross | 24,771 | ||||
Accumulated Depreciation | $ (182) | ||||
Year Build / Year Renovated | 1973 - 1976 | ||||
Year Acquired | 2022 | ||||
13711 Freeway Drive | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 34,175 | ||||
Buildings and Improvements, Initial Cost | 892 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 212 | ||||
Land, Gross Amounts | 34,175 | ||||
Buildings and Improvements, Gross Amounts | 1,104 | ||||
Total, Gross | 35,279 | ||||
Accumulated Depreciation | $ (38) | ||||
Year Build / Year Renovated | 1963 | ||||
Year Acquired | 2022 | ||||
6245 Providence Way | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Eastvale, CA | ||||
Land, Initial Cost | $ 6,075 | ||||
Buildings and Improvements, Initial Cost | 3,777 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 6,075 | ||||
Buildings and Improvements, Gross Amounts | 3,777 | ||||
Total, Gross | 9,852 | ||||
Accumulated Depreciation | $ (133) | ||||
Year Build / Year Renovated | 2018 | ||||
Year Acquired | 2022 | ||||
7815 Van Nuys Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Panorama City, CA | ||||
Land, Initial Cost | $ 19,837 | ||||
Buildings and Improvements, Initial Cost | 6,450 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 48 | ||||
Land, Gross Amounts | 19,837 | ||||
Buildings and Improvements, Gross Amounts | 6,498 | ||||
Total, Gross | 26,335 | ||||
Accumulated Depreciation | $ (211) | ||||
Year Build / Year Renovated | 1960 | ||||
Year Acquired | 2022 | ||||
13535 Larwin Circle | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Santa Fe Springs, CA | ||||
Land, Initial Cost | $ 14,580 | ||||
Buildings and Improvements, Initial Cost | 2,750 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 21 | ||||
Land, Gross Amounts | 14,580 | ||||
Buildings and Improvements, Gross Amounts | 2,771 | ||||
Total, Gross | 17,351 | ||||
Accumulated Depreciation | $ (101) | ||||
Year Build / Year Renovated | 1987 | ||||
Year Acquired | 2022 | ||||
1154 Holt Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 7,222 | ||||
Buildings and Improvements, Initial Cost | 7,009 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 12 | ||||
Land, Gross Amounts | 7,222 | ||||
Buildings and Improvements, Gross Amounts | 7,021 | ||||
Total, Gross | 14,243 | ||||
Accumulated Depreciation | $ (188) | ||||
Year Build / Year Renovated | 2021 | ||||
Year Acquired | 2022 | ||||
900-920 Allen Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Glendale, CA | ||||
Land, Initial Cost | $ 20,499 | ||||
Buildings and Improvements, Initial Cost | 6,176 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 20,499 | ||||
Buildings and Improvements, Gross Amounts | 6,176 | ||||
Total, Gross | 26,675 | ||||
Accumulated Depreciation | $ (180) | ||||
Year Build / Year Renovated | 1942 - 1995 | ||||
Year Acquired | 2022 | ||||
1550-1600 Champagne Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 29,768 | ||||
Buildings and Improvements, Initial Cost | 19,702 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 10 | ||||
Land, Gross Amounts | 29,768 | ||||
Buildings and Improvements, Gross Amounts | 19,712 | ||||
Total, Gross | 49,480 | ||||
Accumulated Depreciation | $ (509) | ||||
Year Build / Year Renovated | 1989 | ||||
Year Acquired | 2022 | ||||
10131 Banana Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fontana, CA | ||||
Land, Initial Cost | $ 25,795 | ||||
Buildings and Improvements, Initial Cost | 1,248 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 36 | ||||
Land, Gross Amounts | 25,795 | ||||
Buildings and Improvements, Gross Amounts | 1,284 | ||||
Total, Gross | 27,079 | ||||
Accumulated Depreciation | $ (67) | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2022 | ||||
2020 Central Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Compton, CA | ||||
Land, Initial Cost | $ 11,402 | ||||
Buildings and Improvements, Initial Cost | 676 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 11,402 | ||||
Buildings and Improvements, Gross Amounts | 676 | ||||
Total, Gross | 12,078 | ||||
Accumulated Depreciation | $ (41) | ||||
Year Build / Year Renovated | 1972 | ||||
Year Acquired | 2022 | ||||
14200-14220 Arminta Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Panorama, CA | ||||
Land, Initial Cost | $ 50,184 | ||||
Buildings and Improvements, Initial Cost | 33,691 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 50,184 | ||||
Buildings and Improvements, Gross Amounts | 33,691 | ||||
Total, Gross | 83,875 | ||||
Accumulated Depreciation | $ (846) | ||||
Year Build / Year Renovated | 2006 | ||||
Year Acquired | 2022 | ||||
1172 Holt Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Ontario, CA | ||||
Land, Initial Cost | $ 9,439 | ||||
Buildings and Improvements, Initial Cost | 8,504 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 11 | ||||
Land, Gross Amounts | 9,439 | ||||
Buildings and Improvements, Gross Amounts | 8,515 | ||||
Total, Gross | 17,954 | ||||
Accumulated Depreciation | $ (214) | ||||
Year Build / Year Renovated | 2021 | ||||
Year Acquired | 2022 | ||||
1500 Raymond Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fullerton, CA | ||||
Land, Initial Cost | $ 46,117 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 1,832 | ||||
Land, Gross Amounts | 46,117 | ||||
Buildings and Improvements, Gross Amounts | 1,832 | ||||
Total, Gross | 47,949 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | n/a | ||||
Year Acquired | 2022 | ||||
2400 Marine Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Redondo Beach, CA | ||||
Land, Initial Cost | $ 21,686 | ||||
Buildings and Improvements, Initial Cost | 7,290 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7 | ||||
Land, Gross Amounts | 21,686 | ||||
Buildings and Improvements, Gross Amounts | 7,297 | ||||
Total, Gross | 28,983 | ||||
Accumulated Depreciation | $ (316) | ||||
Year Build / Year Renovated | 1964 | ||||
Year Acquired | 2022 | ||||
14434-14527 San Pedro Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 50,239 | ||||
Buildings and Improvements, Initial Cost | 1,985 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 329 | ||||
Land, Gross Amounts | 50,239 | ||||
Buildings and Improvements, Gross Amounts | 2,314 | ||||
Total, Gross | 52,553 | ||||
Accumulated Depreciation | $ (85) | ||||
Year Build / Year Renovated | 1971 | ||||
Year Acquired | 2022 | ||||
20900 Normandie Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 26,136 | ||||
Buildings and Improvements, Initial Cost | 13,942 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 7 | ||||
Land, Gross Amounts | 26,136 | ||||
Buildings and Improvements, Gross Amounts | 13,949 | ||||
Total, Gross | 40,085 | ||||
Accumulated Depreciation | $ (327) | ||||
Year Build / Year Renovated | N/A | ||||
Year Acquired | 2022 | ||||
15771 Red Hill Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Tustin, CA | ||||
Land, Initial Cost | $ 31,853 | ||||
Buildings and Improvements, Initial Cost | 8,431 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 9 | ||||
Land, Gross Amounts | 31,853 | ||||
Buildings and Improvements, Gross Amounts | 8,440 | ||||
Total, Gross | 40,293 | ||||
Accumulated Depreciation | $ (306) | ||||
Year Build / Year Renovated | 1979 / 2016 | ||||
Year Acquired | 2022 | ||||
14350 Arminta Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Panorama City, CA | ||||
Land, Initial Cost | $ 5,715 | ||||
Buildings and Improvements, Initial Cost | 2,880 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 5,715 | ||||
Buildings and Improvements, Gross Amounts | 2,880 | ||||
Total, Gross | 8,595 | ||||
Accumulated Depreciation | $ (67) | ||||
Year Build / Year Renovated | 2006 | ||||
Year Acquired | 2022 | ||||
29125 Avenue Paine | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Valencia, CA | ||||
Land, Initial Cost | $ 20,388 | ||||
Buildings and Improvements, Initial Cost | 24,125 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 20,388 | ||||
Buildings and Improvements, Gross Amounts | 24,125 | ||||
Total, Gross | 44,513 | ||||
Accumulated Depreciation | $ (557) | ||||
Year Build / Year Renovated | 2006 | ||||
Year Acquired | 2022 | ||||
3935-3949 Heritage Oak Court | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Simi Valley, CA | ||||
Land, Initial Cost | $ 23,693 | ||||
Buildings and Improvements, Initial Cost | 33,149 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 23,693 | ||||
Buildings and Improvements, Gross Amounts | 33,149 | ||||
Total, Gross | 56,842 | ||||
Accumulated Depreciation | $ (730) | ||||
Year Build / Year Renovated | 1999 | ||||
Year Acquired | 2022 | ||||
620 Anaheim Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 15,550 | ||||
Buildings and Improvements, Initial Cost | 2,230 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 732 | ||||
Land, Gross Amounts | 15,550 | ||||
Buildings and Improvements, Gross Amounts | 2,962 | ||||
Total, Gross | 18,512 | ||||
Accumulated Depreciation | $ (56) | ||||
Year Build / Year Renovated | 1984 | ||||
Year Acquired | 2022 | ||||
400 Rosecrans Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Gardena, CA | ||||
Land, Initial Cost | $ 8,642 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 349 | ||||
Land, Gross Amounts | 8,642 | ||||
Buildings and Improvements, Gross Amounts | 349 | ||||
Total, Gross | 8,991 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1967 | ||||
Year Acquired | 2022 | ||||
3547-3555 Voyager Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 19,809 | ||||
Buildings and Improvements, Initial Cost | 924 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 49 | ||||
Land, Gross Amounts | 19,809 | ||||
Buildings and Improvements, Gross Amounts | 973 | ||||
Total, Gross | 20,782 | ||||
Accumulated Depreciation | $ (33) | ||||
Year Build / Year Renovated | 1986 | ||||
Year Acquired | 2022 | ||||
6996-7044 Bandini Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Commerce, CA | ||||
Land, Initial Cost | $ 39,403 | ||||
Buildings and Improvements, Initial Cost | 1,574 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 39,403 | ||||
Buildings and Improvements, Gross Amounts | 1,574 | ||||
Total, Gross | 40,977 | ||||
Accumulated Depreciation | $ (47) | ||||
Year Build / Year Renovated | 1968 | ||||
Year Acquired | 2022 | ||||
4325 Etiwanda Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Jurupa Valley, CA | ||||
Land, Initial Cost | $ 31,286 | ||||
Buildings and Improvements, Initial Cost | 18,730 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 31,286 | ||||
Buildings and Improvements, Gross Amounts | 18,730 | ||||
Total, Gross | 50,016 | ||||
Accumulated Depreciation | $ (357) | ||||
Year Build / Year Renovated | 1998 | ||||
Year Acquired | 2022 | ||||
Merge-West | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Eastvale, CA | ||||
Land, Initial Cost | $ 251,443 | ||||
Buildings and Improvements, Initial Cost | 206,055 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 251,443 | ||||
Buildings and Improvements, Gross Amounts | 206,055 | ||||
Total, Gross | 457,498 | ||||
Accumulated Depreciation | $ (3,647) | ||||
Year Build / Year Renovated | 2022 | ||||
Year Acquired | 2022 | ||||
6000-6052 & 6027-6029 Bandini Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Commerce, CA | ||||
Land, Initial Cost | $ 69,162 | ||||
Buildings and Improvements, Initial Cost | 25,490 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 69,162 | ||||
Buildings and Improvements, Gross Amounts | 25,490 | ||||
Total, Gross | 94,652 | ||||
Accumulated Depreciation | $ (501) | ||||
Year Build / Year Renovated | 2016 | ||||
Year Acquired | 2022 | ||||
3901 Via Oro Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Long Beach, CA | ||||
Land, Initial Cost | $ 18,519 | ||||
Buildings and Improvements, Initial Cost | 953 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 123 | ||||
Land, Gross Amounts | 18,519 | ||||
Buildings and Improvements, Gross Amounts | 1,076 | ||||
Total, Gross | 19,595 | ||||
Accumulated Depreciation | $ (104) | ||||
Year Build / Year Renovated | 1983 | ||||
Year Acquired | 2022 | ||||
15650 Don Julian Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 9,867 | ||||
Buildings and Improvements, Initial Cost | 5,818 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 9,867 | ||||
Buildings and Improvements, Gross Amounts | 5,818 | ||||
Total, Gross | 15,685 | ||||
Accumulated Depreciation | $ (93) | ||||
Year Build / Year Renovated | 2003 | ||||
Year Acquired | 2022 | ||||
15700 Don Julian Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 10,252 | ||||
Buildings and Improvements, Initial Cost | 5,996 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 10,252 | ||||
Buildings and Improvements, Gross Amounts | 5,996 | ||||
Total, Gross | 16,248 | ||||
Accumulated Depreciation | $ (96) | ||||
Year Build / Year Renovated | 2001 | ||||
Year Acquired | 2022 | ||||
17000 Gale Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 7,190 | ||||
Buildings and Improvements, Initial Cost | 4,929 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 7,190 | ||||
Buildings and Improvements, Gross Amounts | 4,929 | ||||
Total, Gross | 12,119 | ||||
Accumulated Depreciation | $ (77) | ||||
Year Build / Year Renovated | 2008 | ||||
Year Acquired | 2022 | ||||
17909 & 17929 Susana Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Compton, CA | ||||
Land, Initial Cost | $ 26,786 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 91 | ||||
Land, Gross Amounts | 26,786 | ||||
Buildings and Improvements, Gross Amounts | 91 | ||||
Total, Gross | 26,877 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1970 - 1973 | ||||
Year Acquired | 2022 | ||||
2880 Ana Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Rancho Dominguez, CA | ||||
Land, Initial Cost | $ 34,987 | ||||
Buildings and Improvements, Initial Cost | 0 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 62 | ||||
Land, Gross Amounts | 34,987 | ||||
Buildings and Improvements, Gross Amounts | 62 | ||||
Total, Gross | 35,049 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1970 | ||||
Year Acquired | 2022 | ||||
920 Pacific Coast Highway | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Wilmington, CA | ||||
Land, Initial Cost | $ 80,121 | ||||
Buildings and Improvements, Initial Cost | 21,516 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 80,121 | ||||
Buildings and Improvements, Gross Amounts | 21,516 | ||||
Total, Gross | 101,637 | ||||
Accumulated Depreciation | $ (254) | ||||
Year Build / Year Renovated | 1954 | ||||
Year Acquired | 2022 | ||||
21022 & 21034 Figueroa Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Carson, CA | ||||
Land, Initial Cost | $ 15,551 | ||||
Buildings and Improvements, Initial Cost | 8,871 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 15,551 | ||||
Buildings and Improvements, Gross Amounts | 8,871 | ||||
Total, Gross | 24,422 | ||||
Accumulated Depreciation | $ (96) | ||||
Year Build / Year Renovated | 2002 | ||||
Year Acquired | 2022 | ||||
13301 Main Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 40,434 | ||||
Buildings and Improvements, Initial Cost | 11,915 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 40,434 | ||||
Buildings and Improvements, Gross Amounts | 11,915 | ||||
Total, Gross | 52,349 | ||||
Accumulated Depreciation | $ (140) | ||||
Year Build / Year Renovated | 1989 | ||||
Year Acquired | 2022 | ||||
20851 Currier Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | City of Industry, CA | ||||
Land, Initial Cost | $ 12,549 | ||||
Buildings and Improvements, Initial Cost | 9,471 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 292 | ||||
Land, Gross Amounts | 12,549 | ||||
Buildings and Improvements, Gross Amounts | 9,763 | ||||
Total, Gross | 22,312 | ||||
Accumulated Depreciation | $ 0 | ||||
Year Build / Year Renovated | 1999 | ||||
Year Acquired | 2022 | ||||
3131 Harcourt Street & 18031 Susana Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Compton, CA | ||||
Land, Initial Cost | $ 26,268 | ||||
Buildings and Improvements, Initial Cost | 1,419 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 26,268 | ||||
Buildings and Improvements, Gross Amounts | 1,419 | ||||
Total, Gross | 27,687 | ||||
Accumulated Depreciation | $ (13) | ||||
Year Build / Year Renovated | 1970 | ||||
Year Acquired | 2022 | ||||
14400 Figueroa Street | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Los Angeles, CA | ||||
Land, Initial Cost | $ 43,929 | ||||
Buildings and Improvements, Initial Cost | 6,011 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 43,929 | ||||
Buildings and Improvements, Gross Amounts | 6,011 | ||||
Total, Gross | 49,940 | ||||
Accumulated Depreciation | $ (36) | ||||
Year Build / Year Renovated | 1967 | ||||
Year Acquired | 2022 | ||||
2130-2140 Del Amo Blvd | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Carson, CA | ||||
Land, Initial Cost | $ 35,494 | ||||
Buildings and Improvements, Initial Cost | 5,246 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 35,494 | ||||
Buildings and Improvements, Gross Amounts | 5,246 | ||||
Total, Gross | 40,740 | ||||
Accumulated Depreciation | $ (10) | ||||
Year Build / Year Renovated | 1980 | ||||
Year Acquired | 2022 | ||||
19145 Gramercy Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Torrance, CA | ||||
Land, Initial Cost | $ 32,965 | ||||
Buildings and Improvements, Initial Cost | 5,894 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 32,965 | ||||
Buildings and Improvements, Gross Amounts | 5,894 | ||||
Total, Gross | 38,859 | ||||
Accumulated Depreciation | $ (15) | ||||
Year Build / Year Renovated | 1977 | ||||
Year Acquired | 2022 | ||||
20455 Reeves Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Carson, CA | ||||
Land, Initial Cost | $ 40,291 | ||||
Buildings and Improvements, Initial Cost | 6,050 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 40,291 | ||||
Buildings and Improvements, Gross Amounts | 6,050 | ||||
Total, Gross | 46,341 | ||||
Accumulated Depreciation | $ (13) | ||||
Year Build / Year Renovated | 1982 | ||||
Year Acquired | 2022 | ||||
14874 Jurupa Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fontana, CA | ||||
Land, Initial Cost | $ 29,738 | ||||
Buildings and Improvements, Initial Cost | 29,627 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 29,738 | ||||
Buildings and Improvements, Gross Amounts | 29,627 | ||||
Total, Gross | 59,365 | ||||
Accumulated Depreciation | $ (47) | ||||
Year Build / Year Renovated | 2019 | ||||
Year Acquired | 2022 | ||||
10660 Mulberry Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Fontana, CA | ||||
Land, Initial Cost | $ 8,744 | ||||
Buildings and Improvements, Initial Cost | 3,024 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 8,744 | ||||
Buildings and Improvements, Gross Amounts | 3,024 | ||||
Total, Gross | 11,768 | ||||
Accumulated Depreciation | $ (6) | ||||
Year Build / Year Renovated | 1990 | ||||
Year Acquired | 2022 | ||||
755 Trademark Circle | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Corona, CA | ||||
Land, Initial Cost | $ 5,685 | ||||
Buildings and Improvements, Initial Cost | 4,910 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 5,685 | ||||
Buildings and Improvements, Gross Amounts | 4,910 | ||||
Total, Gross | 10,595 | ||||
Accumulated Depreciation | $ (8) | ||||
Year Build / Year Renovated | 2001 | ||||
Year Acquired | 2022 | ||||
4500 Azusa Canyon Road | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Irwindale, CA | ||||
Land, Initial Cost | $ 35,173 | ||||
Buildings and Improvements, Initial Cost | 4,991 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 35,173 | ||||
Buildings and Improvements, Gross Amounts | 4,991 | ||||
Total, Gross | 40,164 | ||||
Accumulated Depreciation | $ (13) | ||||
Year Build / Year Renovated | 1950 | ||||
Year Acquired | 2022 | ||||
7817 Haskell Avenue | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Location | Van Nuys, CA | ||||
Land, Initial Cost | $ 10,565 | ||||
Buildings and Improvements, Initial Cost | 976 | ||||
Buildings and Improvements Costs Capitalized Subsequent to Acquisition | 0 | ||||
Land, Gross Amounts | 10,565 | ||||
Buildings and Improvements, Gross Amounts | 976 | ||||
Total, Gross | 11,541 | ||||
Accumulated Depreciation | $ (3) | ||||
Year Build / Year Renovated | 1960 | ||||
Year Acquired | 2022 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Textual (Detail) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) building property | Oct. 27, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2011 USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | ||||
Federal income tax basis | $ 8,800,000 | |||
Real estate investment cumulative impairment | 9,500 | $ 19,600 | ||
Long-term Debt, Gross | 1,950,515 | $ 1,413,121 | ||
Term Loan | $60 Million Term Loan | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Long-term Debt, Gross | $ 0 | $ 60,000 | $ 58,108 | |
Number Of Properties Securing Loan | property | 6 | |||
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 | $ 2,400 | |||
Building and improvements | ||||
Real Estate And Accumulated Depreciation [Line Items] | ||||
Real estate investment cumulative impairment | $ 2,100 | |||
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 | 25 years |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance, beginning of year | $ 6,931,072 | $ 4,947,955 | $ 3,698,390 |
Acquisition of investment in real estate | 2,395,518 | 1,912,076 | 1,210,289 |
Construction costs and improvements | 146,508 | 106,721 | 84,392 |
Disposition of investment in real estate(1) | 0 | (20,034) | (34,068) |
Properties held for sale(1) | 0 | (13,661) | (10,353) |
Write-off of fully depreciated assets | (2,711) | (1,985) | (695) |
Balance, End of Year | 9,470,387 | 6,931,072 | 4,947,955 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | (473,382) | (375,423) | (296,777) |
Depreciation of investment in real estate | (143,661) | (112,679) | (86,159) |
Disposition of investment in real estate(1) | 0 | 6,078 | 5,270 |
Properties held for sale(1) | 0 | 6,657 | 1,548 |
Write-off of fully depreciated assets | 2,711 | 1,985 | 695 |
Balance, end of year | $ (614,332) | $ (473,382) | $ (375,423) |